N-Q 1 a13-22429_18nq.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:

9/30/2013

 

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)

 

 

 

 

 

September 30, 2013

 

 

 

 

Shares

 

Description (1)

 

Value

 

 

 

Long-Term Investments – 135.3% (95.4% of Total Investments)

 

 

 

 

 

Common Stocks – 59.3% (41.8% of Total Investments)

 

 

 

 

 

Air Freight & Logistics – 2.6%

 

 

 

122,716

 

BPost S.A., (2)

 

$    2,347,472

 

40,162

 

Oesterreichische Post AG, (3)

 

1,823,127

 

985,287

 

Singapore Post Limited (3)

 

993,764

 

 

 

Total Air Freight & Logistics

 

5,164,363

 

 

 

Commercial Services & Supplies – 0.7%

 

 

 

1,819,704

 

K-Green Trust, (3)

 

1,466,160

 

 

 

Construction & Engineering – 1.9%

 

 

 

208,109

 

Ferrovial S.A., (3)

 

3,748,133

 

 

 

Electric Utilities – 7.2%

 

 

 

25,071

 

American Electric Power Company, Inc.

 

1,086,828

 

30,032

 

Brookfield Infrastructure Partners LP

 

1,141,817

 

946

 

Hafslund ASA, Class B Shares

 

7,315

 

3,023

 

NRG Yield Inc., Class A Shares, (2)

 

91,567

 

186,467

 

Pepco Holdings, Inc.

 

3,442,181

 

49,318

 

Scottish and Southern Energy PLC, (3)

 

1,176,211

 

2,277,481

 

Spark Infrastructure Group, (3)

 

3,528,374

 

61,761

 

Terna-Rete Elettrica Nazionale S.p.A, (3)

 

278,813

 

12,294

 

Transmissora Alianca de Energia Eletrica S.A.

 

118,153

 

41,915

 

UIL Holdings Corporation

 

1,558,400

 

30,920

 

Unitil Corp.

 

905,028

 

35,324

 

Westar Energy Inc.

 

1,082,681

 

 

 

Total Electric Utilities

 

14,417,368

 

 

 

Gas Utilities – 0.8%

 

 

 

3,830,568

 

Cityspring Infrastructure Trust, (3)

 

1,435,213

 

34,772

 

Snam Rete Gas S.p.A, (3)

 

176,227

 

 

 

Total Gas Utilities

 

1,611,440

 

 

 

Independent Power Producers & Energy Traders – 1.1%

 

 

 

35,636

 

Pattern Energy Group Inc., (2)

 

833,882

 

143,052

 

TransAlta Renewables Inc.

 

1,426,284

 

 

 

Total Independent Power Producers & Energy Traders

 

2,260,166

 

 

 

Multi-Utilities – 8.3%

 

 

 

38,871

 

Centrica PLC, (3)

 

232,640

 

2,566,070

 

Duet Group, (3)

 

5,222,752

 

3,661

 

Hera SpA, (3)

 

7,379

 

13,998

 

Integrys Energy Group, Inc.

 

782,348

 

148,973

 

National Grid PLC

 

8,796,855

 

671,492

 

Vector Limited, (3)

 

1,478,387

 

 

 

Total Multi-Utilities

 

16,520,361

 

 

 

Oil, Gas & Consumable Fuels – 2.9%

 

 

 

41,923

 

Boardwalk Pipeline Partners, L.P.

 

1,273,202

 

32,203

 

DCP Midstream Partners L.P.

 

1,599,201

 

23,369

 

Holly Energy Partners L.P.

 

772,813

 

5,597

 

Kinder Morgan Energy Partners Limited Partnership

 

446,809

 

9,486

 

QEP Midstream Partners L.P., (2)

 

214,763

 

47,958

 

Rose Rock Midstream Limited Partnership

 

1,532,258

 

 

 

Total Oil, Gas & Consumable Fuels

 

5,839,046

 

 

 

Real Estate Investment Trust – 23.6%

 

 

 

64,227

 

AmREIT Inc., Class B Shares

 

1,114,338

 

100,960

 

Apollo Commercial Real Estate Finance, Inc.

 

1,541,659

 

405

 

Armada Hoffler Properties Inc.

 

4,014

 

70,672

 

Artis Real Estate Investment Trust

 

974,952

 

716,266

 

Ascendas Real Estate Investment Trust, (3)

 

1,303,238

 

27,968

 

Aviv REIT Inc.

 

637,670

 

131,844

 

Blackstone Mortgage Trust Inc, Class A

 

3,321,150

 

286,036

 

CapitaMall Trust, (3)

 

446,910

 

63,208

 

Colony Financial Inc.

 

1,262,896

 

56,312

 

Corrections Corporation of America

 

1,945,580

 

53,504

 

Franklin Street Properties Corporation

 

681,641

 

25,467

 

Healthcare Realty Trust, Inc.

 

588,542

 

69,152

 

Healthcare Trust of America Inc., Class A

 

727,479

 

71,751

 

Kite Realty Group Trust

 

1,832,521

 

123,665

 

Liberty Property Trust

 

4,402,473

 

12,195

 

LTC Properties Inc.

 

463,166

 

773,099

 

Mapletree Logistics Trust, (3)

 

659,982

 

55,327

 

Medical Properties Trust Inc.

 

673,330

 

186,782

 

Monmouth Real Estate Investment Corporation

 

1,694,113

 

94,597

 

National Retail Properties, Inc.

 

3,010,077

 

675,300

 

Parkway Life Real Estate Investment Trust, (3)

 

1,261,412

 

85,291

 

Pebblebrook Hotel Trust

 

2,202,214

 

33,528

 

Penn Real Estate Investment Trust

 

796,625

 

54,730

 

Select Income REIT

 

1,412,034

 

189,078

 

Starwood Property Trust Inc.

 

4,532,199

 

145,643

 

Summit Hotel Properties Inc.

 

1,338,459

 

27,063

 

Summit Hotel Properties Inc.

 

722,582

 

39,008

 

Sunstone Hotel Investors Inc.

 

979,101

 

32,074

 

Trade Street Residential Inc.

 

223,235

 

12,316

 

Universal Health Realty Income Trust

 

515,671

 

105,993

 

Urstadt Biddle Properties Inc.

 

2,107,141

 

1,312,247

 

Westfield Realty Trust, (3)

 

3,637,649

 

 

 

Total Real Estate Investment Trust

 

47,014,053

 

 

 

Real Estate Management & Development – 1.8%

 

 

 

62,116

 

Brookfield Property Partners

 

1,203,808

 

4,490,267

 

Langham Hospitality Investments Limited, (2), (3)

 

2,269,823

 

 

 

Total Real Estate Management & Development

 

3,473,631

 

 

 

Transportation Infrastructure – 6.9%

 

 

 

70,338

 

Abertis Infraestructuras S.A., (3)

 

1,367,031

 

107,761

 

Atlantia S.p.A, (3)

 

2,194,323

 

5,082,512

 

Hutchison Port Holdings Trust, (3)

 

3,966,896

 

502

 

Kobenhavns Lufthavne

 

258,599

 

669,509

 

Sydney Airport, (3)

 

2,455,844

 

535,157

 

Transurban Group, (3)

 

3,397,362

 

 

 

Total Transportation Infrastructure

 

13,640,055

 

 

 

Water Utilities – 1.5%

 

 

 

271,898

 

United Utilities PLC, (3)

 

3,041,127

 

 

 

Total Common Stocks (cost $117,088,216)

 

118,195,903

 

 

 

 

 

 

 

Shares

 

Description (1)

 

Value

 

 

 

Common Stock Rights – 0.0% (0.0% of Total Investments)

 

 

 

70,338

 

Abertis Infraestucturas S.A., (2)

 

$          68,418

 

 

 

Total Common Stock Rights (cost $59,311)

 

68,418

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

Description (1)

 

Coupon

 

 

 

Ratings (4)

 

Value

 

 

 

Convertible Preferred Securities – 3.7% (2.6% of Total Investments)

 

 

 

 

 

 

 

 

 

Electric Utilities – 1.3%

 

 

 

 

 

 

 

 

 

32,210

 

NextEra Energy Inc., (2)

 

5.799%

 

 

 

N/R 

 

$      1,558,964

 

19,797

 

PPL Corporation

 

8.750%

 

 

 

N/R 

 

1,063,693

 

 

 

Total Electric Utilities

 

 

 

 

 

 

 

2,622,657

 

 

 

Multi-Utilities – 0.7%

 

 

 

 

 

 

 

 

 

24,970

 

Dominion Resources Inc.

 

6.125%

 

 

 

BBB 

 

1,331,900

 

 

 

Real Estate Investment Trust – 1.7%

 

 

 

 

 

 

 

 

 

102,597

 

Alexandria Real Estate Equities Inc., Series D, (5)

 

7.000%

 

 

 

N/R 

 

2,622,636

 

13,749

 

Ramco-Gershenson Properties Trust

 

7.250%

 

 

 

N/R 

 

808,991

 

 

 

Total Real Estate Investment Trust

 

 

 

 

 

 

 

3,431,627

 

 

 

Total Convertible Preferred Securities (cost $7,180,191)

 

 

 

 

 

 

 

7,386,184

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

Description (1)

 

Coupon

 

 

 

Ratings (4)

 

Value

 

 

 

$25 Par (or similar) Retail Structures – 34.5% (24.3% of Total Investments)

 

 

 

 

 

 

 

 

Electric Utilities – 4.5%

 

 

 

 

 

 

 

 

 

46,032

 

Alabama Power Company, (6)

 

6.450%

 

 

 

A- 

 

$      1,189,642

 

7,270

 

APT Pipelines Limited, (2), (6)

 

7.308%

 

 

 

N/R

 

713,486

 

117,417

 

Integrys Energy Group Inc.

 

6.000%

 

 

 

BBB 

 

2,855,581

 

73,093

 

NextEra Energy Inc.

 

5.000%

 

 

 

BBB 

 

1,385,112

 

93,034

 

PPL Capital Funding, Inc.

 

5.900%

 

 

 

BB+ 

 

1,983,485

 

43,205

 

SCE Trust II

 

5.100%

 

 

 

BBB+ 

 

827,376

 

 

 

Total Electric Utilities

 

 

 

 

 

 

 

8,954,682

 

 

 

Multi-Utilities – 0.3%

 

 

 

 

 

 

 

 

 

22,587

 

DTE Energy Company

 

6.500%

 

 

 

Baa2 

 

555,640

 

 

 

Oil, Gas & Consumable Fuels – 0.6%

 

 

 

 

 

 

 

 

 

46,256

 

Nustar Logistics Limited Partnership

 

7.625%

 

 

 

Ba2 

 

1,167,501

 

 

 

Real Estate Investment Trust – 28.6%

 

 

 

 

 

 

 

 

 

50,704

 

Alexandria Real Estate Equities Inc., Series B

 

6.450%

 

 

 

Baa3 

 

1,178,361

 

18,940

 

Apartment Investment & Management Company

 

7.000%

 

 

 

BB 

 

473,879

 

28,342

 

Apollo Commercial Real Estate Finance

 

8.625%

 

 

 

N/R

 

711,384

 

35,259

 

CBL & Associates Properties Inc.

 

7.375%

 

 

 

BB 

 

880,770

 

101,197

 

Cedar Shopping Centers Inc., Series A

 

7.250%

 

 

 

N/R

 

2,327,531

 

37,497

 

Colony Financial Inc.

 

8.500%

 

 

 

N/R

 

952,424

 

524

 

Corporate Office Properties Trust

 

7.375%

 

 

 

BB 

 

13,032

 

14,232

 

Cousins Property Inc.

 

7.500%

 

 

 

N/R

 

355,800

 

157,537

 

DDR Corporation

 

6.500%

 

 

 

Ba1 

 

3,468,965

 

77,296

 

DDR Corporation

 

6.250%

 

 

 

Ba1 

 

1,627,854

 

1,596

 

Digital Realty Trust Inc.

 

5.875%

 

 

 

Baa3 

 

31,521

 

1,873

 

Duke-Weeks Realty Corporation

 

6.625%

 

 

 

Baa3 

 

46,413

 

103,770

 

Equity Lifestyle Properties Inc.

 

6.750%

 

 

 

N/R

 

2,397,087

 

18,909

 

Essex Property Trust

 

7.125%

 

 

 

BBB- 

 

474,238

 

153,036

 

General Growth Properties

 

6.375%

 

 

 

 

3,362,201

 

137,376

 

Glimcher Realty Trust

 

7.500%

 

 

 

B1 

 

3,324,499

 

98,260

 

Glimcher Realty Trust

 

6.875%

 

 

 

B1 

 

2,284,545

 

48,170

 

Health Care REIT, Inc.

 

6.500%

 

 

 

Baa3 

 

1,115,136

 

48,510

 

Hersha Hospitality Trust

 

8.000%

 

 

 

N/R

 

1,232,154

 

108,910

 

Hersha Hospitality Trust

 

6.875%

 

 

 

N/R

 

2,517,999

 

78,679

 

Investors Real Estate Trust

 

7.950%

 

 

 

N/R

 

2,025,984

 

64,599

 

Kilroy Realty Corporation

 

6.875%

 

 

 

Ba1 

 

1,547,146

 

79,585

 

LaSalle Hotel Properties

 

7.250%

 

 

 

N/R

 

1,919,590

 

33,300

 

Monmouth Real Estate Investment Corp

 

7.875%

 

 

 

N/R

 

843,822

 

321

 

National Retail Properties Inc.

 

6.625%

 

 

 

Baa3 

 

7,367

 

5,689

 

Pebblebrook Hotel Trust

 

7.875%

 

 

 

N/R

 

147,061

 

83,449

 

Pebblebrook Hotel Trust

 

6.500%

 

 

 

N/R

 

1,781,636

 

15,246

 

Post Properties, Inc., Series A

 

8.500%

 

 

 

Baa3 

 

920,249

 

3,834

 

Public Storage, Inc.

 

6.875%

 

 

 

 

97,384

 

114,068

 

Retail Properties of America

 

7.000%

 

 

 

N/R

 

2,597,328

 

110,020

 

Saul Centers, Inc.

 

6.875%

 

 

 

N/R

 

2,578,869

 

82,895

 

SL Green Realty Corporation

 

6.500%

 

 

 

Ba2 

 

1,923,164

 

33,462

 

STAG Industrial Inc.

 

6.625%

 

 

 

BB 

 

734,826

 

105,600

 

Summit Hotel Properties Inc.

 

7.875%

 

 

 

N/R

 

2,692,800

 

208,805

 

Summit Hotel Properties Inc.

 

7.125%

 

 

 

N/R

 

4,900,652

 

34,461

 

Taubman Centers Incorporated, Series J

 

6.500%

 

 

 

N/R

 

817,415

 

78,578

 

Taubman Centers Incorporated, Series K

 

6.250%

 

 

 

N/R

 

1,757,004

 

1,023

 

Terreno Realty Corporation

 

7.750%

 

 

 

N/R

 

25,401

 

40,770

 

Urstadt Biddle Properties

 

7.125%

 

 

 

N/R

 

976,034

 

 

 

Total Real Estate Investment Trust

 

 

 

 

 

 

 

57,069,525

 

 

 

Specialty Retail – 0.5%

 

 

 

 

 

 

 

 

 

38,055

 

TravelCenters of America LLC

 

8.250%

 

 

 

N/R 

 

976,110

 

 

 

Total $25 Par (or similar) Retail Structures (cost $73,269,207)

 

 

 

 

 

68,723,458

 

 

 

 

 

 

 

 

 

 

 

 

 

Principal

 

 

 

 

 

 

 

 

 

 

 

Amount (000)

 

Description (1)

 

Coupon

 

Maturity

 

Ratings (4)

 

Value

 

 

 

Corporate Bonds – 27.2% (19.2% of Total Investments)

 

 

 

 

 

 

 

 

 

 

 

Building Products – 0.8%

 

 

 

 

 

 

 

 

 

$      1,525

 

Associated Asphalt Partners Limited Liability Corporation, 144A

 

8.500%

 

2/15/18

 

 

$      1,525,000

 

 

 

Commercial Services & Supplies – 1.9%

 

 

 

 

 

 

 

 

 

1,720

 

ADS Waste Holdings Inc., 144A

 

8.250%

 

10/01/20

 

CCC+ 

 

1,814,600

 

1,925

 

Casella Waste Systems Inc.

 

7.750%

 

2/15/19

 

Caa1 

 

1,915,375

 

3,645

 

Total Commercial Services & Supplies

 

 

 

 

 

 

 

3,729,975

 

 

 

Communications Equipment – 0.4%

 

 

 

 

 

 

 

 

 

750

 

Goodman Networks Inc., 144A

 

12.875%

 

7/01/18

 

 

791,250

 

 

 

Diversified Financial Services – 0.6%

 

 

 

 

 

 

 

 

 

1,150

 

Jefferies Loancore Finance, 144A

 

6.875%

 

6/01/20

 

 

1,127,000

 

5

 

SinOceanic II ASA, 144A

 

10.000%

 

2/17/15

 

N/R 

 

4,678

 

1,155

 

Total Diversified Financial Services

 

 

 

 

 

 

 

1,131,678

 

 

 

Diversified Telecommunication Services – 0.9%

 

 

 

 

 

 

 

 

 

1,800

 

IntelSat Limited

 

8.125%

 

6/01/23

 

CCC+ 

 

1,899,000

 

 

 

Electric Utilities – 1.8%

 

 

 

 

 

 

 

 

 

1,900

 

Intergen NV, 144A

 

7.000%

 

6/30/23

 

B+ 

 

1,900,000

 

1,700

 

Star Energy Geothermal Wayang Windu Limited, 144A

 

6.125%

 

3/27/20

 

B+ 

 

1,602,250

 

3,600

 

Total Electric Utilities

 

 

 

 

 

 

 

3,502,250

 

 

 

Energy Equipment & Services – 2.1%

 

 

 

 

 

 

 

 

 

2,990

 

Origin Energy Finance Limited

 

7.875%

 

6/16/71

 

BB+ 

 

4,216,936

 

 

 

Gas Utilities – 0.7%

 

 

 

 

 

 

 

 

 

1,500

 

LBC Tank Terminals Holdings Netherlands BV, 144A

 

6.875%

 

5/15/23

 

 

1,507,500

 

 

 

Health Care Equipment & Supplies – 0.3%

 

 

 

 

 

 

 

 

 

600

 

Community Health Systems, Inc.

 

7.125%

 

7/15/20

 

 

606,000

 

 

 

Health Care Providers & Services – 3.0%

 

 

 

 

 

 

 

 

 

800

 

Kindred Healthcare Inc., Term Loan

 

8.250%

 

6/01/19

 

B- 

 

852,000

 

1,975

 

National Mentor Holdings, 144A

 

12.500%

 

2/15/18

 

CCC+ 

 

2,113,250

 

1,625

 

Select Medical Corporation, 144A

 

6.375%

 

6/01/21

 

B- 

 

1,539,688

 

1,500

 

Tenet Healthcare Corporation

 

6.750%

 

2/01/20

 

B3 

 

1,496,250

 

5,900

 

Total Health Care Providers & Services

 

 

 

 

 

 

 

6,001,188

 

 

 

Independent Power Producers & Energy Traders – 1.0%

 

 

 

 

 

 

 

 

 

1,850

 

Mirant Americas Generation LLC

 

8.500%

 

10/01/21

 

BB- 

 

1,961,000

 

 

 

Industrial Conglomerates – 0.7%

 

 

 

 

 

 

 

 

 

1,570

 

OAS Financial Limited, 144A

 

8.875%

 

7/25/63

 

BB- 

 

1,428,700

 

 

 

Internet Software & Services – 0.6%

 

 

 

 

 

 

 

 

 

1,200

 

Equinix Inc.

 

5.375%

 

4/01/23

 

BB 

 

1,134,000

 

 

 

Metals & Mining – 0.4%

 

 

 

 

 

 

 

 

 

1,600

 

WPE International Cooperatief U.A, 144A

 

10.375%

 

9/30/20

 

B+ 

 

856,000

 

 

 

Multi-Utilities – 0.6%

 

 

 

 

 

 

 

 

 

700

 

RWE AG

 

7.000%

 

3/20/49

 

BBB- 

 

1,178,560

 

 

 

Oil, Gas & Consumable Fuels – 6.5%

 

 

 

 

 

 

 

 

 

1,525

 

Atlas Pipeline LP Finance, 144A

 

5.875%

 

8/01/23

 

B+ 

 

1,433,500

 

1,550

 

Calumet Specialty Products, 144A

 

9.625%

 

8/01/20

 

B+ 

 

1,712,750

 

1,000

 

Crosstex Energy Finance

 

7.125%

 

6/01/22

 

B+ 

 

1,030,000

 

1,300

 

Gibson Energy, 144A

 

6.750%

 

7/15/21

 

BB 

 

1,342,250

 

1,365

 

Martin Mid-Stream Partners LP Finance, 144A

 

7.250%

 

2/15/21

 

B- 

 

1,380,356

 

1,000

 

Northern Tier Energy LLC, 144A

 

7.125%

 

11/15/20

 

BB- 

 

1,000,000

 

750

 

NuStar Logistics LP

 

6.750%

 

2/01/21

 

BB+ 

 

763,125

 

1,660

 

PBF Holding Company LLC

 

8.250%

 

2/15/20

 

BB+ 

 

1,718,100

 

1,150

 

Summit Midstream Holdings LLC Finance, 144A

 

7.500%

 

7/01/21

 

 

1,187,375

 

1,500

 

Western Refining Inc., 144A

 

6.250%

 

4/01/21

 

BB- 

 

1,470,000

 

12,800

 

Total Oil, Gas & Consumable Fuels

 

 

 

 

 

 

 

13,037,456

 

 

 

Real Estate Investment Trust – 1.8%

 

 

 

 

 

 

 

 

 

1,300

 

Geo Group Inc., 144A, WI/DD

 

5.875%

 

1/15/22

 

B+ 

 

1,283,750

 

1,000

 

MPT Operating Partnership Finance

 

6.375%

 

2/15/22

 

Ba1 

 

1,012,500

 

1,250

 

Omega Healthcare Investors Inc.

 

5.875%

 

3/15/24

 

BBB- 

 

1,250,000

 

3,550

 

Total Real Estate Investment Trust

 

 

 

 

 

 

 

3,546,250

 

 

 

Road & Rail – 1.8%

 

 

 

 

 

 

 

 

 

2,063

 

Inversiones Alsacia S.A., 144A

 

8.000%

 

8/18/18

 

B2 

 

1,653,526

 

2,000

 

Watco Companies LLC Finance, 144A

 

6.375%

 

4/01/23

 

B3 

 

1,980,000

 

4,063

 

Total Road & Rail

 

 

 

 

 

 

 

3,633,526

 

 

 

Wireless Telecommunication Services – 1.3%

 

 

 

 

 

 

 

 

 

1,750

 

Crown Castle International Corporation

 

5.250%

 

1/15/23

 

BB- 

 

1,610,000

 

900

 

Goodman Networks Inc., 144A

 

12.125%

 

7/01/18

 

B3 

 

949,500

 

2,650

 

Total Wireless Telecommunication Services

 

 

 

 

 

 

 

2,559,500

 

$    53,448

 

Total Corporate Bonds (cost $55,095,232)

 

 

 

 

 

 

 

54,245,769

 

 

 

 

 

 

 

 

 

 

 

 

 

Principal

 

 

 

 

 

 

 

 

 

 

 

Amount (000)

 

Description (1)

 

Coupon

 

Maturity

 

Ratings (4)

 

Value

 

 

 

Convertible Bonds – 1.4% (1.0% of Total Investments)

 

 

 

 

 

 

 

 

 

 

 

Oil, Gas & Consumable Fuels – 1.4%

 

 

 

 

 

 

 

 

 

$      3,065

 

DCP Midstream LLC

 

5.850%

 

5/21/43

 

Baa3 

 

$      2,804,475

 

$      3,065

 

Total Convertible Bonds (cost $3,065,000)

 

 

 

 

 

 

 

2,804,475

 

 

 

 

 

 

 

 

 

 

 

 

 

Principal

 

 

 

 

 

 

 

 

 

 

 

Amount (000)

 

Description (1)

 

Coupon

 

Maturity

 

Ratings (4)

 

Value

 

 

 

$1,000 Par (or similar) Institutional Structures – 8.2% (5.8% of Total Investments)

 

 

 

 

 

 

 

Construction & Engineering – 1.9%

 

 

 

 

 

 

 

 

 

$      3,919

 

PHBS Limited

 

6.625%

 

N/A (7)

 

N/R

 

$      3,781,835

 

 

 

Diversified Financial Services – 2.1%

 

 

 

 

 

 

 

 

 

4,010

 

Royal Capital BV

 

8.375%

 

N/A (7)

 

N/R

 

4,125,488

 

 

 

Electric Utilities – 3.5%

 

 

 

 

 

 

 

 

 

2,566

 

Electricite de France, 144A

 

5.250%

 

N/A (7)

 

A3 

 

2,427,179

 

3,150

 

Enel S.p.A

 

8.750%

 

N/A (7)

 

BBB- 

 

3,206,329

 

1,010

 

Tennet Holding BV

 

6.655%

 

N/A (7)

 

BBB 

 

1,481,701

 

6,726

 

Total Electric Utilities

 

 

 

 

 

 

 

7,115,209

 

 

 

Transportation Infrastructure – 0.7%

 

 

 

 

 

 

 

 

 

1,050

 

Eurogate GmbH

 

6.750%

 

N/A (7)

 

N/R

 

1,399,186

 

$     15,705

 

Total $1,000 Par (or similar) Institutional Structures (cost $15,910,465)

 

 

 

 

 

16,421,718

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

Description (1), (12)

 

 

 

 

 

 

 

Value

 

 

 

Investment Companies – 1.0% (0.7% of Total Investments)

 

 

 

 

 

 

 

1,188,223

 

Starwood European Real Estate Finance Limited

 

 

 

 

 

 

 

$    1,953,064

 

 

 

Total Investment Companies (cost $1,906,068)

 

 

 

 

 

 

 

1,953,064

 

 

 

Total Long-Term Investments (cost $273,573,690)

 

 

 

 

 

 

 

269,798,989

 

 

 

 

 

 

 

 

 

 

 

 

 

Principal

 

 

 

 

 

 

 

 

 

 

 

Amount (000)

 

Description (1)

 

Coupon

 

Maturity

 

 

 

Value

 

 

 

Short-Term Investments – 6.4% (4.6% of Total Investments)

 

 

 

 

 

 

 

$     12,823

 

Repurchase Agreement with Fixed Income Clearing Corporation, dated 9/30/13, repurchase price $12,823,217, collateralized by $14,010,000 U.S. Treasury Notes, 1.750%, due 5/15/23, value $13,081,838

 

0.000%

 

10/01/13

 

 

 

$   12,823,217

 

 

 

Total Short-Term Investments (cost $12,823,217)

 

 

 

 

 

 

 

12,823,217

 

 

 

Total Investments (cost $286,396,907) – 141.7%

 

 

 

 

 

 

 

282,622,206

 

 

 

Borrowings – (43.9)% (8), (9)

 

 

 

 

 

 

 

(87,500,000

)

 

 

Other Assets Less Liabilities – 2.2% (10)

 

 

 

 

 

 

 

4,269,385

 

 

 

Net Assets Applicable to Common Shares – 100%

 

 

 

 

 

 

 

$  199,391,591

 

 

Investments in Derivatives as of September 30, 2013

 

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 (11)

 

Date

 

(Depreciation) (10)

 

JPMorgan

 

$  29,250,000

 

Receive

 

1-Month USD-LIBOR

 

1.255

%

Monthly

 

12/01/14

 

12/01/18

 

$    725,209

 

JPMorgan

 

29,250,000

 

Receive

 

1-Month USD-LIBOR

 

1.673

 

Monthly

 

12/01/14

 

12/01/20

 

1,386,809

 

 

 

$  58,500,000

 

 

 

 

 

 

 

 

 

 

 

 

 

$ 2,112,018

 

 

 

 

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

 

$  70,627,126

 

$  47,568,777

 

$    —

 

$  118,195,903

 

 

 

Common Stock Rights

 

68,418

 

 

 

68,418

 

 

 

Convertible Preferred Securities

 

4,763,548

 

2,622,636

 

 

7,386,184

 

 

 

$25 Par (or similar) Retail Structures

 

66,820,330

 

1,903,128

 

 

68,723,458

 

 

 

Corporate Bonds

 

 

54,245,769

 

 

54,245,769

 

 

 

Convertible Bonds

 

 

2,804,475

 

 

2,804,475

 

 

 

$1,000 Par (or similar) Institutional Structures

 

 

16,421,718

 

 

16,421,718

 

 

 

Investment Companies

 

 

1,953,064

 

 

1,953,064

 

 

 

Short-Term Investments:

 

 

 

 

 

 

 

 

 

 

 

Repurchase Agreements

 

 

12,823,217

 

 

12,823,217

 

 

 

Derivatives:

 

 

 

 

 

 

 

 

 

 

 

Swaps*

 

 

2,112,018

 

 

2,112,018

 

 

 

Total

 

$  142,279,422

 

$  142,454,802

 

$   —

 

$  284,734,224

 

 

 

 

 

 

* Represents net unrealized appreciation (depreciation).

 

 

 

 

 

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 as of the end of the previous fiscal year. Changes in the leveling of investments are primarily due to changes in the observability of inputs or due to securities no longer being fair valued using methods determined in good faith by, or at the discretion of, the Board of Trustees.

 

 

 

 

 

 

 

Level 1

 

Level 2

 

Level 3

 

 

 

 

 

Transfers In

 

(Transfers Out)

 

Transfers In

 

(Transfers Out)

 

Transfers In

 

(Transfers Out)

 

 

 

Common Stocks

 

$

265,914

 

$

 

$

 

$

(265,914

)

$

 

$

 

 

 

Investment Companies

 

 

(1,953,064

)

1,953,064

 

 

 

 

 

 

 

 

 

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 September 30, 2013, the cost of investments (excluding investments in derivatives) was $287,128,434.

 

Gross unrealized appreciation and gross unrealized depreciation of investments (excluding investments in derivatives) as of September 30, 2013, were as follows:

 

 

 

 

 

 

 

 

 

 

 

Gross unrealized:

 

 

 

 

 

Appreciation

 

$   6,735,842

 

 

 

Depreciation

 

(11,242,070

)

 

 

 

 

 

 

 

 

Net unrealized appreciation (depreciation) of investments

 

$  (4,506,228

)

 

 

 

 

 

 

 

 

 

 

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)

 

For fair value measurement disclosure purposes, Common Stocks classified as Level 2.

 

 

(4)

 

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.

 

 

(5)

 

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

 

 

(6)

 

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

 

 

(7)

 

Perpetual security. Maturity date is not applicable.

 

 

(8)

 

Borrowings as a percentage of Total Investments is 31.0%.

 

 

(9)

 

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 $142,974,118 have been pledged as collateral for Borrowings.

 

 

(10)

 

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.

 

 

(11)

 

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

 

 

(12)

 

A copy of the most recent financial statements for the investment companies in which the Fund invests can be obtained directly from the Securities and Exchange Commission on its website at http://www.sec.gov.

 

 

N/A

 

Not applicable.

 

 

REIT

 

Real Estate Investment Trust.

 

 

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.

USD-LIBOR

 

United States Dollar - London Inter-Bank Offered Rate.

 



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 27, 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: November 27, 2013

 

 

By (Signature and Title)

/s/ Stephen D. Foy

 

 

Stephen D. Foy

 

 

Vice President and Controller (principal financial officer)

 

 

 

Date: November 27, 2013