N-Q 1 a13-7275_20nq.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:

3/31/2013

 

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)

 

 

 

 

 

March 31, 2013

 

 

 

 

Shares

 

Description (1)

 

Value

 

 

 

Common Stocks - 48.2% (35.0% of Total Investments)

 

 

 

 

 

 

 

 

 

 

 

Air Freight & Logistics - 1.2%

 

 

 

20,339

 

Oesterreichische Post AG

 

$       875,874

 

1,577,682

 

Singapore Post Limited

 

1,583,597

 

 

 

Total Air Freight & Logistics

 

2,459,471

 

 

 

Construction & Engineering - 0.9%

 

 

 

40,556

 

Vinci S.A.

 

1,827,074

 

 

 

Electric Utilities - 4.5%

 

 

 

20,503

 

PPL Corporation

 

641,949

 

40,735

 

SP Ausnet

 

50,681

 

3,509,529

 

Spark Infrastructure Group

 

6,065,553

 

1,917

 

Terna-Rete Elettrica Nazionale SpA

 

7,937

 

156,598

 

Transmissora Alianca de Energia Eletrica S.A.

 

1,743,637

 

35,144

 

Unitil Corp.

 

988,601

 

 

 

Total Electric Utilities

 

9,498,358

 

 

 

Gas Utilities - 1.1%

 

 

 

3,831,297

 

Cityspring Infrastructure Trust

 

1,436,331

 

307,833

 

Infraestructura Energetica Nova SAB de CV, (2)

 

980,713

 

 

 

Total Gas Utilities

 

2,417,044

 

 

 

Independent Power Producers & Energy Traders - 1.1%

 

 

 

83,802

 

Brookfield Renewable Energy Partners LP

 

2,455,860

 

 

 

Multi-Utilities - 5.2%

 

 

 

132,084

 

Centrica PLC

 

737,955

 

1,338,729

 

DUET Group

 

3,205,782

 

53,261

 

E.ON SE

 

929,874

 

69,709

 

National Grid PLC, Sponsored ADR

 

4,043,819

 

883,272

 

Vector Limited

 

2,106,245

 

 

 

Total Multi-Utilities

 

11,023,675

 

 

 

Oil, Gas & Consumable Fuels - 2.4%

 

 

 

14,823

 

Access Midstream Partners L.P.

 

598,404

 

1,640

 

Enbridge Energy Partners L.P.

 

49,430

 

14,796

 

Holly Energy Partners L.P.

 

593,320

 

15,658

 

Kinder Morgan Energy Partners L.P.

 

1,405,619

 

48,197

 

Williams Partners L.P.

 

2,496,605

 

 

 

Total Oil, Gas & Consumable Fuels

 

5,143,378

 

 

 

Real Estate Investment Trust - 23.4%

 

 

 

28,436

 

AmREIT Inc., Class B Shares

 

553,365

 

166,137

 

Apollo Commercial Real Estate Finance

 

2,922,350

 

790,530

 

Ascendas Real Estate Investment Trust

 

1,657,095

 

40,909

 

Aviv REIT, Inc., (2)

 

984,271

 

251,122

 

Campus Crest Communities Inc.

 

3,490,596

 

203,699

 

CapitaMall Trust

 

343,234

 

142,655

 

Colony Financial Inc.

 

3,166,941

 

88,394

 

Government Properties Income Trust

 

2,274,378

 

31,895

 

Hospitality Properties Trust

 

875,199

 

96,189

 

Kite Realty Group Trust

 

2,495,143

 

174,307

 

Lexington Corporate Properties Trust

 

2,056,823

 

45,535

 

Liberty Property Trust

 

1,810,016

 

15,747

 

Mack-Cali Realty Corporation

 

450,522

 

1,006,758

 

Mapletree Logistics Trust

 

986,182

 

101,071

 

Monmouth Real Estate Investment Corp

 

1,126,942

 

127,612

 

National Retail Properties, Inc.

 

4,615,726

 

1,017,300

 

Parkway Life REIT

 

2,075,034

 

46,522

 

Pebblebrook Hotel Trust

 

1,272,377

 

41,085

 

Select Income REIT

 

1,086,698

 

6,744

 

Senior Housing Properties Trust

 

180,942

 

52,465

 

STAG Industrial Inc.

 

1,115,931

 

88,352

 

Starwood Property Trust Inc.

 

2,452,651

 

41,220

 

Sun Communities Inc.

 

2,033,383

 

35,780

 

Sunstone Hotel Investors Inc.

 

954,610

 

469

 

Universal Health Realty Income Trust

 

27,066

 

141,699

 

Urstadt Biddle Properties Inc.

 

3,083,370

 

1,765,651

 

Westfield Realty Trust

 

5,551,691

 

 

 

Total Real Estate Investment Trust

 

49,642,536

 

 

 

Real Estate Management & Development - 0.3%

 

 

 

837,062

 

Ascendas India Trust

 

556,759

 

 

 

Transportation Infrastructure - 8.1%

 

 

 

151,211

 

Abertis Infraestructuras S.A.

 

2,541,110

 

80,201

 

Atlantia SpA

 

1,266,566

 

4,818,337

 

Hutchison Port Holdings Trust

 

4,095,586

 

101,957

 

Jiangsu Expressway Company Limited

 

102,449

 

502

 

Kobenhavns Lufthavne

 

206,448

 

609,005

 

SATS Limited

 

1,492,623

 

274,633

 

Societa Iniziative Autostradali e Servizi SpA, (WI/DD)

 

2,571,641

 

1,305,662

 

Sydney Airport

 

4,458,801

 

87,124

 

Transuburban Group

 

578,725

 

 

 

Total Transportation Infrastructure

 

17,313,949

 

 

 

Total Common Stocks (cost $93,911,951)

 

102,338,104

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

Description (1)

 

Coupon

 

 

 

Ratings (3)

 

Value

 

 

 

Convertible Preferred Securities - 2.6% (1.9% of Total Investments)

 

 

 

 

 

 

 

 

 

Electric Utilities - 1.1%

 

 

 

 

 

 

 

 

 

19,244

 

NextEra Energy Inc.

 

5.889%

 

 

 

BBB

 

$    1,049,760

 

23,306

 

PPL Corporation

 

8.750%

 

 

 

N/R

 

1,299,310

 

 

 

Total Electric Utilities

 

 

 

 

 

 

 

2,349,070

 

 

 

Real Estate Investment Trust - 1.5%

 

 

 

 

 

 

 

 

 

76,628

 

Alexandria Real Estate Equities Inc., (4)

 

7.000%

 

 

 

N/R

 

2,078,534

 

16,456

 

Ramco-Gershenson Properties Trust

 

7.250%

 

 

 

N/R

 

1,020,272

 

 

 

Total Real Estate Investment Trust

 

 

 

 

 

 

 

3,098,806

 

 

 

Total Convertible Preferred Securities (cost $4,977,465)

 

 

 

 

 

 

 

5,447,876

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

Description (1)

 

Coupon

 

 

 

Ratings (3)

 

Value

 

 

 

$25 Par (or similar) Retail Structures - 43.2% (31.4% of Total Investments)

 

 

 

 

 

 

 

Electric Utilities - 4.6%

 

 

 

 

 

 

 

 

 

1,032,220

 

First Philipine Holdings Corporation, (5)

 

8.723%

 

 

 

N/R

 

$    2,529,331

 

111,036

 

NextEra Energy Inc.

 

5.000%

 

 

 

BBB

 

2,750,362

 

121,595

 

PPL Capital Funding, Inc.

 

5.900%

 

 

 

BB+

 

3,066,626

 

55,256

 

SCE Trust II

 

5.100%

 

 

 

BBB+

 

1,380,847

 

 

 

Total Electric Utilities

 

 

 

 

 

 

 

9,727,166

 

 

 

Multi-Utilities - 0.5%

 

 

 

 

 

 

 

 

 

700,000

 

RWE AG, (5)

 

7.000%

 

 

 

Baa2

 

1,138,068

 

 

 

Oil, Gas & Consumable Fuels - 1.3%

 

 

 

 

 

 

 

 

 

104,469

 

NuStar Logistics, L.P.

 

7.625%

 

 

 

Ba2

 

2,800,814

 

 

 

Real Estate Investment Trust - 33.4%

 

 

 

 

 

 

 

 

 

7,514

 

Apollo Commercial Real Estate Finance

 

8.625%

 

 

 

N/R

 

197,243

 

106,466

 

Cedar Shopping Centers Inc., Series A

 

7.250%

 

 

 

N/R

 

2,677,620

 

83,124

 

Coresite Realty Corporation

 

7.250%

 

 

 

N/R

 

2,177,849

 

26,032

 

Cousins Property Inc.

 

7.500%

 

 

 

N/R

 

660,172

 

14,335

 

Cousins Property Inc.

 

7.750%

 

 

 

N/R

 

367,549

 

77,296

 

Developers Diversified Realty Corporation, (2), (WI/DD)

 

6.250%

 

 

 

Ba1

 

1,920,806

 

157,569

 

Developers Diversified Realty Corporation

 

6.500%

 

 

 

Ba1

 

3,984,920

 

109,517

 

Equity Lifestyle Properties Inc.

 

6.750%

 

 

 

N/R

 

2,825,539

 

30,049

 

Excel Trust Inc.

 

8.125%

 

 

 

N/R

 

783,978

 

18,079

 

First Industrial Realty Trust, Inc., Series J

 

7.250%

 

 

 

B+

 

455,952

 

36,098

 

First Potomac Realty Trust

 

7.750%

 

 

 

N/R

 

938,548

 

144,132

 

General Growth Properties, Inc., (2)

 

6.375%

 

 

 

B

 

3,596,093

 

98,260

 

Glimcher Realty Trust, Series I, (5)

 

6.875%

 

 

 

B2

 

2,474,924

 

137,713

 

Glimcher Realty Trust, Series H

 

7.500%

 

 

 

B2

 

3,616,343

 

113,410

 

Hersha Hospitality Trust, (2)

 

6.875%

 

 

 

N/R

 

2,907,832

 

55,153

 

Hersha Hospitality Trust

 

8.000%

 

 

 

N/R

 

1,449,421

 

100,045

 

Investors Real Estate Trust

 

7.950%

 

 

 

N/R

 

2,632,184

 

50,151

 

Monmouth Real Estate Investment Corp.

 

7.875%

 

 

 

N/R

 

1,326,995

 

83,449

 

Pebblebrook Hotel Trust

 

6.500%

 

 

 

N/R

 

2,057,018

 

9,135

 

Pebblebrook Hotel Trust

 

7.875%

 

 

 

N/R

 

243,265

 

76,167

 

Penn Real Estate Investment Trust

 

7.375%

 

 

 

N/R

 

1,956,730

 

40,111

 

Penn Real Estate Investment Trust

 

8.250%

 

 

 

N/R

 

1,065,749

 

13,258

 

Post Properties, Inc., Series A

 

8.500%

 

 

 

Baa3

 

835,519

 

114,068

 

Retail Properties of America

 

7.000%

 

 

 

N/R

 

2,887,061

 

73,971

 

Sabra Health Care REIT, Inc., (5)

 

7.125%

 

 

 

B3

 

1,865,460

 

123,241

 

Saul Centers, Inc.

 

6.875%

 

 

 

N/R

 

3,225,217

 

117,940

 

SL Green Realty Corporation

 

6.500%

 

 

 

Ba2

 

3,052,287

 

227,449

 

Summit Hotel Properties Inc., (2)

 

7.125%

 

 

 

N/R

 

5,749,911

 

168,742

 

Summit Hotel Properties Inc., (2)

 

7.875%

 

 

 

N/R

 

4,378,855

 

44,248

 

Summit Hotel Properties Inc.

 

9.250%

 

 

 

N/R

 

1,214,165

 

55,295

 

Taubman Centers Incorporated, Series J

 

6.500%

 

 

 

N/R

 

1,437,117

 

119,468

 

Taubman Centers Incorporated, Series K, (2)

 

6.250%

 

 

 

N/R

 

2,985,505

 

60,005

 

Terreno Realty Corporation

 

7.750%

 

 

 

N/R

 

1,591,933

 

52,727

 

Urstadt Biddle Properties, Inc.

 

7.125%

 

 

 

N/R

 

1,421,520

 

 

 

Total Real Estate Investment Trust

 

 

 

 

 

 

 

70,961,280

 

 

 

Real Estate Management & Development - 2.0%

 

 

 

 

 

 

 

 

 

167,760

 

Forest City Enterprises Inc.

 

7.375%

 

 

 

BB-

 

4,266,137

 

 

 

Specialty Retail - 1.4%

 

 

 

 

 

 

 

 

 

116,675

 

TravelCenters of America LLC

 

8.250%

 

 

 

N/R

 

2,998,548

 

 

 

Total $25 Par (or similar) Retail Structures (cost $89,327,935)

 

 

 

 

 

91,892,013

 

 

 

 

 

 

 

 

 

 

 

 

 

Principal

 

 

 

 

 

 

 

 

 

 

 

Amount (000)

 

Description (1)

 

Coupon

 

Maturity

 

Ratings (3)

 

Value

 

 

 

Corporate Bonds - 29.4% (21.4% of Total Investments)

 

 

 

 

 

 

 

 

 

 

 

Building Products - 0.3%

 

 

 

 

 

 

 

 

 

$         600

 

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

 

9.875%

 

4/06/21

 

B+

 

$       561,000

 

 

 

Commercial Services & Supplies - 2.0%

 

 

 

 

 

 

 

 

 

1,720

 

ADS Waste Holdings Inc., 144A

 

8.250%

 

10/01/20

 

CCC+

 

1,853,300

 

2,425

 

Casella Waste Systems Inc.

 

7.750%

 

2/15/19

 

Caa1

 

2,309,812

 

4,145

 

Total Commercial Services & Supplies

 

 

 

 

 

 

 

4,163,112

 

 

 

Communications Equipment - 0.7%

 

 

 

 

 

 

 

 

 

750

 

Goodman Networks Inc., 144A

 

13.125%

 

7/01/18

 

B

 

832,500

 

550

 

IntelSat Jackson Holdings

 

7.500%

 

4/01/21

 

B

 

611,875

 

1,300

 

Total Communications Equipment

 

 

 

 

 

 

 

1,444,375

 

 

 

Diversified Financial Services - 4.6%

 

 

 

 

 

 

 

 

 

6,545

 

Origin Energy Finance Limited

 

7.875%

 

6/16/71

 

BB+

 

8,725,302

 

968

 

SinOceanic II ASA, 144A

 

10.000%

 

2/17/15

 

N/R

 

972,761

 

7,513

 

Total Diversified Financial Services

 

 

 

 

 

 

 

9,698,063

 

 

 

Diversified Telecommunication Services - 0.4%

 

 

 

 

 

 

 

 

 

750

 

CyrusOne LP Finance, 144A

 

6.375%

 

11/15/22

 

B+

 

785,625

 

 

 

Electric Utilities - 1.7%

 

 

 

 

 

 

 

 

 

727

 

APT Pipelines Limited

 

7.550%

 

9/30/72

 

N/R

 

791,735

 

1,700

 

Star Energy Geothermal (Wayang Windu) Limited, 144A

 

6.125%

 

3/27/20

 

N/R

 

1,695,750

 

850

 

TenneT Holding BV

 

6.655%

 

N/A (6)

 

BBB

 

1,182,971

 

3,277

 

Total Electric Utilities

 

 

 

 

 

 

 

3,670,456

 

 

 

Health Care Providers & Services - 4.8%

 

 

 

 

 

 

 

 

 

1,100

 

Acadia Healthcare, 144A

 

6.125%

 

3/15/21

 

B3

 

1,135,750

 

1,600

 

HCA Holdings Inc.

 

6.250%

 

2/15/21

 

B-

 

1,706,000

 

880

 

HealthSouth Corporation

 

5.750%

 

11/01/24

 

BB-

 

882,200

 

1,300

 

IASIS Healthcare Corporation

 

8.375%

 

5/15/19

 

CCC+

 

1,366,625

 

1,500

 

Kindred Healthcare Inc.

 

8.250%

 

6/01/19

 

B-

 

1,488,750

 

1,975

 

National Mentor Holdings, 144A

 

12.500%

 

2/15/18

 

CCC+

 

2,133,000

 

1,500

 

Tenet Healthcare Corporation, 144A

 

6.750%

 

2/01/20

 

B3

 

1,612,500

 

9,855

 

Total Health Care Providers & Services

 

 

 

 

 

 

 

10,324,825

 

 

 

Independent Power Producers & Energy Traders - 1.9%

 

 

 

 

 

 

 

 

 

1,417

 

Calpine Corporation, 144A

 

7.875%

 

1/15/23

 

BB

 

1,572,870

 

1,850

 

Mirant Americas Generation LLC

 

8.500%

 

10/01/21

 

BB-

 

2,169,125

 

300

 

NRG Energy Inc.

 

7.875%

 

5/15/21

 

BB

 

333,750

 

3,567

 

Total Independent Power Producers & Energy Traders

 

 

 

 

 

 

 

4,075,745

 

 

 

IT Services - 0.9%

 

 

 

 

 

 

 

 

 

1,675

 

Zayo Escrow Corporation, 144A

 

10.125%

 

7/01/20

 

CCC+

 

1,972,313

 

 

 

Marine - 0.9%

 

 

 

 

 

 

 

 

 

1,850

 

Navios Maritime Acquisition Corporation

 

8.625%

 

11/01/17

 

B

 

1,839,594

 

 

 

Metals & Mining - 0.7%

 

 

 

 

 

 

 

 

 

1,600

 

WPE International Cooperatief U.A., 144A

 

10.375%

 

9/30/20

 

B+

 

1,488,000

 

 

 

Oil, Gas & Consumable Fuels - 6.2%

 

 

 

 

 

 

 

 

 

1,525

 

Atlas Pipeline LP Finance, 144A

 

5.875%

 

8/01/23

 

B+

 

1,517,375

 

350

 

Cheniere Energy Inc., 144A

 

5.625%

 

2/01/21

 

BB+

 

363,125

 

600

 

Crosstex Energy Finance, 144A

 

7.125%

 

6/01/22

 

B+

 

636,000

 

1,250

 

Martin Mid-Stream Partners LP Finance, 144A

 

7.250%

 

2/15/21

 

B-

 

1,262,500

 

2,200

 

Niska Gas Storage US LLC

 

8.875%

 

3/15/18

 

B+

 

2,293,500

 

1,000

 

Northern Tier Energy LLC, 144A

 

7.125%

 

11/15/20

 

BB-

 

1,060,000

 

1,660

 

PBF Holding Company LLC, 144A

 

8.250%

 

2/15/20

 

BB+

 

1,826,000

 

2,000

 

United Refining Inc., 144A

 

10.500%

 

2/28/18

 

B+

 

2,260,000

 

2,000

 

Western Refining Inc., 144A

 

6.250%

 

4/01/21

 

BB-

 

2,045,000

 

12,585

 

Total Oil, Gas & Consumable Fuels

 

 

 

 

 

 

 

13,263,500

 

 

 

Real Estate Management & Development - 0.6%

 

 

 

 

 

 

 

 

 

350

 

Kennedy-Wilson Inc., 144A

 

8.750%

 

4/01/19

 

BB-

 

378,000

 

750

 

Kennedy-Wilson Inc.

 

8.750%

 

4/01/19

 

BB-

 

810,000

 

1,100

 

Total Real Estate Management & Development

 

 

 

 

 

 

 

1,188,000

 

 

 

Road & Rail - 1.9%

 

 

 

 

 

 

 

 

 

2,181

 

Inversiones Alsacia S.A., 144A

 

8.000%

 

8/18/18

 

Ba2

 

2,071,983

 

2,000

 

Watco Companies LLC Finance, 144A

 

6.375%

 

4/01/23

 

B3

 

2,057,500

 

4,181

 

Total Road & Rail

 

 

 

 

 

 

 

4,129,483

 

 

 

Transportation Infrastructure - 1.8%

 

 

 

 

 

 

 

 

 

3,200

 

Eurogate GmbH

 

6.750%

 

N/A (6)

 

N/R

 

3,896,826

 

$       57,198

 

Total Corporate Bonds (cost $60,479,604)

 

 

 

 

 

 

 

62,500,917

 

 

 

 

 

 

 

 

 

 

 

 

 

Principal

 

 

 

 

 

 

 

 

 

 

 

Amount (000)

 

Description (1)

 

Coupon

 

Maturity

 

Ratings (3)

 

Value

 

 

 

$1,000 Par (or similar) Institutional Structures - 8.0% (5.8% of Total Investments)

 

 

 

 

 

 

 

Construction & Engineering - 4.7%

 

 

 

 

 

 

 

 

 

$       10,134

 

PHBS Limited

 

6.625%

 

N/A (6)

 

N/R

 

$    10,089,715

 

 

 

Diversified Financial Services - 1.8%

 

 

 

 

 

 

 

 

 

3,475

 

Royal Capital BV

 

8.375%

 

N/A (6)

 

N/R

 

3,776,456

 

 

 

Electric Utilities - 1.5%

 

 

 

 

 

 

 

 

 

3,166

 

Electricite de France S.A.

 

5.250%

 

N/A (6)

 

A3

 

3,145,231

 

$       16,775

 

Total $1,000 Par (or similar) Institutional Structures (cost $16,447,925)

 

 

 

 

 

17,011,402

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

Description (1)

 

 

 

 

 

 

 

Value

 

 

 

Investment Companies - 0.9% (0.7% of Total Investments)

 

 

 

 

 

 

 

 

 

 

 

Real Estate Management & Development - 0.9%

 

 

 

 

 

 

 

 

 

1,210,245

 

Starwood European Real Estate Finance Limited

 

 

 

 

 

 

 

$    1,926,254

 

 

 

Total Investment Companies (cost $1,950,492)

 

 

 

 

 

 

 

1,926,254

 

 

 

 

 

 

 

 

 

 

 

 

 

Principal

 

 

 

 

 

 

 

 

 

 

 

Amount (000)

 

Description (1)

 

Coupon

 

Maturity

 

Ratings (3)

 

Value

 

 

 

Short-Term Investments - 5.2% (3.8% of Total Investments)

 

 

 

 

 

 

 

 

 

 

 

U.S. Government and Agency Obligations - 0.0%

 

 

 

 

 

 

 

 

 

$        100

 

U.S. Treasury Bills

 

0.000%

 

6/27/13

 

Aaa

 

$         99,983

 

 

 

Repurchase Agreements - 5.2%

 

 

 

 

 

 

 

 

 

11,063

 

Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/28/13, repurchase price $11,063,485, collateralized by $11,340,000 U.S. Treasury Notes, 0.500%, due 7/31/17, value $11,287,643

 

0.010%

 

4/01/13

 

N/A

 

11,063,473

 

$   11,173

 

Total Short-Term Investments (cost $11,163,451)

 

 

 

 

 

 

 

11,163,456

 

 

 

Total Investments (cost $278,258,823) - 137.5%

 

 

 

 

 

 

 

292,280,022

 

 

 

Borrowings - (36.7)% (7), (8)

 

 

 

 

 

 

 

(78,000,000

)

 

 

Other Assets Less Liabilities - (0.8)% (9)

 

 

 

 

 

 

 

(1,770,827

)

 

 

Net Assets - 100%

 

 

 

 

 

 

 

$212,509,195

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments in Derivatives as of March 31, 2013

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Rate Swaps outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fund

 

 

 

 

 

Fixed Rate

 

 

 

 

 

Unrealized

 

 

 

Notional

 

Pay/Receive

 

 

 

Fixed Rate

 

Payment

 

Effective

 

Termination

 

Appreciation

 

Counterparty

 

Amount

 

Floating Rate

 

Floating Rate Index

 

(Annualized)

 

Frequency

 

Date (10)

 

Date

 

(Depreciation) (9)

 

JPMorgan

 

$29,250,000

 

Receive

 

1-Month USD-LIBOR-BBA

 

1.255

%

Monthly

 

12/01/14

 

12/01/18

 

$127,258

 

JPMorgan

 

29,250,000

 

Receive

 

1-Month USD-LIBOR-BBA

 

1.673

 

Monthly

 

12/01/14

 

12/01/20

 

337,774

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$465,032

 

 

 

 

 

 

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

 

$  102,338,104

 

$                  –

 

$      –

 

$  102,338,104

 

 

 

Convertible Preferred Securities

 

3,369,342

 

2,078,534

 

 

5,447,876

 

 

 

$25 Par (or similar) Retail Structures

 

83,884,230

 

8,007,783

 

 

91,892,013

 

 

 

Corporate Bonds

 

 

62,500,917

 

 

62,500,917

 

 

 

$1,000 Par (or similar) Institutional Structures

 

 

17,011,402

 

 

17,011,402

 

 

 

Investment Companies

 

1,926,254

 

 

 

1,926,254

 

 

 

Short-Term Investments:

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury Bills

 

 

99,983

 

 

99,983

 

 

 

Repurchase Agreements

 

 

11,063,473

 

 

11,063,473

 

 

 

Derivatives:

 

 

 

 

 

 

 

 

 

 

 

Interest Rate Swaps*

 

 

465,032

 

 

465,032

 

 

 

Total

 

$  191,517,930

 

$  101,227,124

 

$      –

 

$  292,745,054

 

 

 

 

 

 

* Represents net unrealized appreciation (depreciation) as reported in the Fund’s Portfolio of Investments.

 

 

 

 

 

The table below presents the transfers in and out of the three valuation levels for the Fund as of the end of the reporting period when compared to the valuation levels at the end of the previous fiscal year. Changes in valuation inputs or methodologies may result in transfers into or out of an assigned level within the fair value hierarchy. Transfers in or out of levels are generally due to the availability of publicly available information and to the significance or extent a manager determines that the valuation inputs or methodologies may impact the valuation of those securities.

 

 

 

 

Level 1

 

Level 2

 

Level 3

 

 

Transfers In

 

(Transfers Out)

 

Transfers In

 

(Transfers Out)

 

Transfers In

 

(Transfers Out)

 

 

$ 31,020,120

 

$                       –

 

$                 –

 

$   (31,020,120)

 

$                 –

 

$                       –

 

 

 

 

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 the recognition of premium amortization, and timing differences in recognizing certain gains and losses on investment transactions. 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 March 31, 2013, the cost of investments (excluding investments in derivatives) was $278,984,580.

 

Gross unrealized appreciation and gross unrealized depreciation of investments (excluding investments in derivatives) as of March 31, 2013, were as follows:

 

 

 

 

 

 

 

 

 

 

 

Gross unrealized:

 

 

 

 

 

Appreciation

 

$  14,575,246

 

 

 

Depreciation

 

(1,279,804

)

 

 

 

 

 

 

 

 

Net unrealized appreciation (depreciation) of investments

 

$  13,295,442

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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.

 

 

(2)

 

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

 

 

(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)

 

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

 

 

(5)

 

For fair value measurement disclosure purposes, $25 Par (or similar) Retail Structures classified as Level 2.

 

 

(6)

 

Perpetual security. Maturity date is not applicable.

 

 

(7)

 

Borrowings as a percentage of Total Investments is 26.7%.

 

 

(8)

 

The Fund may pledge up to 100% of its eligible investments in the Portfolio of Investments as collateral for Borrowings. As of the end of the reporting period, investments with a value of $150,715,953 have been pledged as collateral for Borrowings.

 

 

(9)

 

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.

 

 

(10)

 

Effective date represents the date on which both the Fund and Counterparty commence interest payment accruals on each swap contract.

 

 

N/A

 

Not applicable.

 

 

N/R

 

Not rated.

 

 

ADR

 

American Depositary Receipt.

 

 

REIT

 

Real Estate Investment Trust.

 

 

USD-LIBOR-BBA

 

United States Dollar-London Inter-Bank Offered Rate.

 

 

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.

 

 

WI/DD

 

Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.

 



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: May 30, 2013

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: May 30, 2013

 

 

By (Signature and Title)

/s/ Stephen D. Foy

 

 

Stephen D. Foy

 

 

Vice President and Controller (principal financial officer)

 

 

 

Date: May 30, 2013