N-Q 1 d93320dnq.htm NUVEEN REAL ASSET INCOME AND GROWTH FUND Nuveen Real Asset Income and Growth Fund

 

 

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:       December 31      

Date of reporting period:  September 30, 2015  

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

 

 


JRI

 

Nuveen Real Asset Income and Growth Fund   
Portfolio of Investments    September 30, 2015 (Unaudited)

 

Shares          Description (1)                  Value  
   

LONG-TERM INVESTMENTS – 142.2% (99.4% of Total Investments)

       
   

COMMON STOCKS – 62.0% (43.4% of Total Investments)

       
          Air Freight & Logistics – 1.2%                  
  65,464       

BPost SA, (5)

        $ 1,556,708   
  12,917         

Oesterreichische Post AG, (5)

                443,497   
   

Total Air Freight & Logistics

                2,000,205   
          Commercial Services & Supplies – 0.7%                  
  68,788         

Covanta Holding Corporation

                1,200,351   
          Diversified Telecommunication Services – 1.0%                  
  1,400,435         

HKBN Limited, (2), (5)

                1,615,498   
          Electric Utilities – 8.1%                  
  69,011       

Alupar Investimento SA

          256,409   
  458,362       

AusNet Services, (5)

          440,573   
  31,017       

Brookfield Infrastructure Partners LP, (4)

          1,140,495   
  515,108       

Contact Energy Limited, (5)

          1,634,667   
  59,943       

Endesa S.A, (2), (5)

          1,264,100   
  2,763       

Hafslund ASA, Class B Shares

          18,500   
  1,905,819       

HK Electric Investments Limited, (5)

          1,363,201   
  641,161       

Infratil Limited, (5)

          1,255,436   
  10,880       

PPL Corporation

          357,843   
  155,034       

Scottish and Southern Energy PLC, (5)

          3,508,887   
  5,491       

Southern Company

          245,448   
  1,028,172       

Spark Infrastructure Group, (5)

          1,357,816   
  193,113         

Transmissora Alianca de Energia Eletrica SA

                929,885   
   

Total Electric Utilities

                13,773,260   
          Gas Utilities – 1.3%                  
  15,851       

AmeriGas Partners, LP, (4)

          658,292   
  16,398       

Enagas, (5)

          470,221   
  223,357         

Snam Rete Gas S.p.A, (5)

                1,147,135   
   

Total Gas Utilities

                2,275,648   
          Independent Power & Renewable Electricity Producers – 2.8%                  
  90,841       

Pattern Energy Group Inc.

          1,734,155   
  493,863       

Renewables Infrastructure Group Limited

          760,165   
  110,413       

Saeta Yield S.A, (2), (5)

          1,018,594   
  148,643         

TransAlta Renewables Inc.

                1,145,036   
   

Total Independent Power & Renewable Electrity Producers

                4,657,950   
          Multi-Utilities – 7.9%                  
  593,698       

Centrica PLC, (5)

          2,062,521   
  1,094,364       

Duet Group, (5)

          1,663,088   
  168,287       

Engie, (5)

          2,722,964   
  61,233       

National Grid PLC ADR, (4)

          4,263,654   
  440,433       

Redes Energeticas Nacionais SA, (5)

          1,320,461   
  649,190         

Vector Limited

                1,307,335   
   

Total Multi-Utilities

                13,340,023   
          Oil, Gas & Consumable Fuels – 2.2%                  
  8,669       

Arc Logisitics Partners LP

          116,511   
  63,328       

BlueKnight Energy Partners LP

          357,803   
  40,104       

Enbridge Energy Partners LP

          991,371   
  7,769       

Enbridge Income Fund Holdings Inc.

          182,334   
  8,560       

Enviva Partners, LP

          107,000   

 

Nuveen Investments     1   


JRI    Nuveen Real Asset Income and Growth Fund
   Portfolio of Investments (continued)    September 30, 2015 (Unaudited)

 

Shares

         Description (1)                  Value  
          Oil, Gas & Consumable Fuels (continued)                  
  18,459       

Kinder Morgan, Inc., (4)

        $ 510,945   
  2,723       

TC Pipelines LP

          129,642   
  5,264       

USD Partners LP

          42,165   
  91,042       

Veresen Inc.

          695,862   
  8,440       

Williams Companies, Inc.

          311,014   
  10,241         

Williams Partners LP

                326,893   
   

Total Oil, Gas & Consumable Fuels

                3,771,540   
          Real Estate Investment Trust – 26.4%                  
  26,181       

Agree Realty Corporation

          781,503   
  107,938       

Apollo Commercial Real Estate Finance, Inc.

          1,695,706   
  100,951       

Armada Hoffler Properties Inc.

          986,291   
  65,180       

Blackstone Mortgage Trust Inc, Class A

          1,788,539   
  213,782       

CapitaMall Trust, (5)

          285,863   
  63,185       

CareTrust REIT Inc.

          717,150   
  67,802       

CBL & Associates Properties Inc.

          932,278   
  63,849       

Colony Financial Inc.

          1,248,886   
  25,253       

Community Healthcare Trust Inc.

          401,523   
  14,574       

Corrections Corporation of America

          430,516   
  38,396       

Crombie Real Estate Investment Trust

          368,855   
  19,859       

Digital Realty Trust Inc.

          1,297,190   
  5,813       

Dupont Fabros Technology Inc.

          150,440   
  46,515       

Easterly Government Properties, Inc., (4)

          741,914   
  23,483       

Entertainment Properties Trust

          1,211,018   
  18,396       

Franklin Street Properties Corporation

          197,757   
  1,246,638       

Frasers Centrepoint Trust, (5)

          1,669,989   
  15,640       

Geo Group Inc.

          465,134   
  118,503       

Independence Realty Trust

          854,407   
  219,738       

Inland Real Estate Corporation

          1,779,878   
  95,360       

InnVest Real Estate Investment Trust

          355,858   
  737,659       

Keppel DC REIT, (5)

          529,151   
  43,953       

Lexington Corporate Properties Trust

          356,019   
  85,740       

Liberty Property Trust

          2,701,667   
  16,294       

LTC Properties Inc.

          695,265   
  1,653,128       

Mapletree Greater China Commercial Trust, (5)

          1,082,182   
  235,388       

Mapletree Logistics Trust, (5)

          162,211   
  192,659       

Medical Properties Trust Inc.

          2,130,809   
  46,606       

Monmouth Real Estate Investment Corporation

          454,409   
  3,482       

National Retail Properties, Inc.

          126,292   
  29,154       

National Storage Affiliates Trust

          395,037   
  41,514       

Omega Healthcare Investors Inc., (4)

          1,459,217   
  82,033       

OneREIT

          190,560   
  400,406       

Parkway Life Real Estate Investment Trust, (5)

          647,841   
  165,855       

Physicians Realty Trust

          2,502,752   
  334,074       

Plaza Retail REIT

          1,108,991   
  241,302       

Pure Industrial Real Estate Trust

          802,833   
  9,461       

Realty Income Corporation

          448,357   
  154,859       

Scentre Group, (5)

          426,218   
  25,651       

Smart Real Estate Investment Trust

          587,791   
  145,741       

STAG Industrial Inc.

          2,653,944   
  56,838       

Starwood Property Trust Inc.

          1,166,316   
  69,624       

STORE Capital Corporation

          1,438,432   
  448,805       

TF Administradora Industrial S de RL de CV

          818,765   
  11,249       

Universal Health Realty Income Trust

          528,028   
  17,937       

Urstadt Biddle Properties Inc.

          336,139   
  435       

Ventas Inc.

          24,386   
  700       

Welltower Inc.

          47,404   
  15,218       

WP Carey Inc.

          879,753   
  88,119       

WP GLIMCHER, Inc.

          1,027,468   
  43,359         

WPT Industrial Real Estate Investment Trust

                494,726   
   

Total Real Estate Investment Trust

                44,583,658   
          Real Estate Management & Development – 0.7%                  
  157,566         

Killam Properties Inc.

                1,174,808   

 

  2      Nuveen Investments


Shares

         Description (1)                      Value  
          Transportation Infrastructure – 9.4%                      
  791,200       

China Merchants Holdings Pacific Limited, (5)

        $ 495,600   
  16,329       

Grupo Aeroportuario Centro Norte, SA, ADR

          647,608   
  3,978,715       

Hopewell Highway Infrastructure Limited, (5)

          1,984,898   
  3,064,665       

Hutchison Port Holdings Trust, (5)

          1,687,389   
  228,664       

Jiangsu Expressway Company Limited, (5)

          293,797   
  238       

Kobenhavns Lufthavne, (5)

          114,744   
  15,508       

Macquarie Infrastructure Corporation

          1,157,827   
  806,124       

Sydney Airport, (5)

          3,387,953   
  870,927         

Transurban Group, (5)

                        6,100,665   
   

Total Transportation Infrastructure

                        15,870,481   
          Water Utilities – 0.3%                      
  409,155         

Inversiones Aguas Metropolitanas SA

                        566,669   
   

Total Common Stocks (cost $111,425,388)

                        104,830,091   
Shares          Description (1)   Coupon          Ratings (3)     Value  
          CONVERTIBLE PREFERRED SECURITIES – 6.9% (4.8% of Total Investments)                  
   

Electric Utilities – 2.2%

       
  78,694       

Exelon Corporation, (4)

    6.500%          BBB-      $ 3,434,993   
  4,607         

NextEra Energy Inc., Convertible, (4)

    5.799%            BBB        245,138   
   

Total Electric Utilities

                        3,680,131   
          Independent Power & Renewable Electrivity Producers – 0.5%                      
  11,622         

Dynegy Inc., Convertible Preferred

    5.375%            N/R        907,911   
          Oil, Gas & Consumable Fuels – 0.9%                      
  40,362         

Anadarko Petroleum Corporation, (4)

    7.500%            N/R        1,510,750   
          Real Estate Investment Trust – 3.3%                      
  41,077       

Alexandria Real Estate Equities Inc., Convertible Bonds, (5)

    7.000%          N/R        1,109,079   
  7,293       

American Homes 4 Rent

    5.000%          N/R        181,669   
  30,376       

American Tower Corporation, Convertible Preferred, (4)

    0.000%          N/R        2,923,082   
  9,780       

Equity Commonwealth, Convertble Debt

    6.500%          Ba1        237,654   
  3,881       

Lexington Corporate Properties Trust, Series B

    6.500%          N/R        184,076   
  17,163         

Ramco-Gershenson Properties Trust

    7.250%            N/R        955,464   
   

Total Real Estate Investment Trust

                        5,591,024   
   

Total Convertible Preferred Securities (cost $13,039,273)

                        11,689,816   
Shares          Description (1)   Coupon          Ratings (3)     Value  
   

$25 PAR (OR SIMILAR) RETAIL PREFERRED – 38.1% (26.7% of Total Investments)

       
          Electric Utilities – 8.0%                      
  7,270       

APT Pipelines Limited, (5)

    6.693%          N/R      $ 533,244   
  78,694       

Entergy Arkansas Inc., (5)

    6.450%          BB+        1,977,187   
  43,372       

Entergy Texas Inc.

    5.625%          A-        1,099,046   
  25,699       

Integrys Energy Group Inc.

    6.000%          Baa1        691,303   
  52,273       

NextEra Energy Inc.

    6.371%          BBB        2,689,446   
  28,134       

NextEra Energy Inc.

    5.700%          BBB        702,225   
  28,477       

NextEra Energy Inc.

    5.625%          BBB        703,382   
  42,461       

NextEra Energy Inc.

    5.000%          BBB        996,560   
  17,903       

Pacific Gas & Electric Corporation

    6.000%          BBB+        511,131   
  79,661       

PPL Capital Funding, Inc.

    5.900%          BBB        2,007,457   
  43,982       

SCE Trust I

    5.625%          Baa1        1,078,439   
  17,479         

SCE Trust IV

    0.000%            Baa1        450,084   
   

Total Electric Utilities

                        13,439,504   

 

Nuveen Investments     3   


JRI    Nuveen Real Asset Income and Growth Fund
   Portfolio of Investments (continued)    September 30, 2015 (Unaudited)

 

Shares

         Description (1)   Coupon          Ratings (3)     Value  
          Gas Utilities – 0.2%                      
  6,181         

Laclede Group, Inc., (5)

    6.750%            N/R      $ 324,441   
          Multi-Utilities – 2.7%                      
  92,190         

Dominion Resources Inc.

    0.000%            Baa3        4,573,546   
          Oil, Gas & Consumable Fuels – 0.2%                      
  17,013         

Nustar Logistics Limited Partnership

    7.625%            Ba2        421,752   
          Real Estate Investment Trust – 27.0%                      
  17,567       

American Homes 4 Rent

    5.000%          N/R        436,540   
  10,048       

Apartment Investment & Management Company

    6.875%          BB        266,774   
  25,649       

Apollo Commercial Real Estate Finance

    8.625%          N/R        646,611   
  30,221       

Arbor Realty Trust Incorporated

    7.375%          N/R        718,051   
  25,401       

Campus Crest Communities

    8.000%          N/R        618,006   
  29,758       

CBL & Associates Properties Inc.

    7.375%          BB        744,843   
  87,369       

CBL & Associates Properties Inc.

    6.625%          BB        2,164,130   
  114,336       

Cedar Shopping Centers Inc., Series A

    7.250%          N/R        2,762,358   
  3,861       

Chesapeake Lodging Trust

    7.750%          N/R        100,386   
  91,292       

Colony Financial Inc.

    7.125%          N/R        1,995,643   
  21,345       

Colony Financial Inc.

    0.000%          N/R        545,365   
  19,445       

Colony Financial Inc.

    0.000%          N/R        480,875   
  28,253       

Coresite Realty Corporation

    7.250%          N/R        723,277   
  6,874       

Corporate Office Properties Trust

    7.375%          BB        175,287   
  18,777       

DDR Corporation

    6.500%          Baa3        471,866   
  7,624       

DDR Corporation

    6.250%          Baa3        188,008   
  83,518       

Digital Realty Trust Inc.

    6.350%          Baa3        2,066,235   
  64,485       

EPR Properties Inc.

    9.000%          BB        1,962,923   
  13,924       

EPR Properties Inc.

    5.750%          BB        308,556   
  638       

Equity Commonwealth

    5.750%          BBB-        15,331   
  706       

FelCor Lodging Trust Inc., Series A., Convertible Bond

    0.000%          CCC        17,530   
  50,452       

General Growth Properties

    6.375%          N/R        1,223,966   
  42,832       

Gramercy Property Trust Inc.

    7.125%          N/R        1,092,216   
  7,580       

Hersha Hospitality Trust

    8.000%          N/R        191,016   
  54,196       

Hersha Hospitality Trust

    6.875%          N/R        1,359,236   
  12,084       

Hudson Pacific Properties Inc.

    8.375%          BB        305,484   
  489       

Inland Real Estate Corporation

    8.125%          N/R        12,469   
  77,729       

Inland Real Estate Corporation

    6.950%          N/R        1,947,111   
  49,005       

Investors Real Estate Trust

    7.950%          N/R        1,262,369   
  23,359       

Kimco Realty Corporation,

    6.000%          Baa2        589,348   
  25,213       

Kimco Realty Corporation,

    5.500%          Baa2        609,650   
  12,255       

Kite Realty Group Trust

    8.250%          N/R        310,787   
  295       

LaSalle Hotel Properties

    7.500%          N/R        7,410   
  22,958       

LaSalle Hotel Properties

    6.375%          N/R        577,394   
  8,180       

Monmouth Real Estate Investment Corp

    7.875%          N/R        215,134   
  16,661       

National Retail Properties Inc.

    5.700%          Baa2        408,028   
  4,193       

Northstar Realty Finance Corporation

    8.875%          N/R        101,974   
  64,080       

Northstar Realty Finance Corporation

    8.750%          N/R        1,552,658   
  11,921       

Pebblebrook Hotel Trust

    8.000%          N/R        307,800   
  90,103       

Pebblebrook Hotel Trust

    6.500%          N/R        2,207,524   
  13,590       

Post Properties, Inc., Series A

    8.500%          Baa3        903,735   
  27,273       

PS Business Parks, Inc.

    5.750%          BBB        650,461   
  3,810       

PS Business Parks, Inc.

    5.700%          BBB        90,792   
  13,832       

Rait Financial Trust

    7.125%          N/R        301,676   
  8,819       

Regency Centers Corporation

    6.000%          Baa2        218,711   
  34,098       

Retail Properties of America

    7.000%          BB        872,909   
  11,531       

Sabra Health Care Real Estate Investement Trust

    7.125%          BB-        294,848   
  14,387       

Saul Centers, Inc.

    6.875%          N/R        370,465   
  3,670       

SL Green Realty Corporation

    6.500%          Ba1        90,869   
  10,092       

Summit Hotel Properties Inc.

    9.250%          N/R        266,933   
  34,187       

Summit Hotel Properties Inc.

    7.875%          N/R        888,862   
  66,627       

Summit Hotel Properties Inc.

    7.125%          N/R        1,665,675   

 

  4      Nuveen Investments


Shares

         Description (1)   Coupon            Ratings (3)     Value  
          Real Estate Investment Trust (continued)                        
  610       

Sun Communities Inc.

    7.125%          N/R      $ 15,701   
  37,403       

Sunstone Hotel Investors Inc.

    8.000%          N/R        953,777   
  34,809       

Taubman Centers Incorporated, Series K

    6.250%          N/R        865,352   
  50,411       

Taubman Centers Incorporated., Series J

    6.500%          N/R        1,260,779   
  8,329       

Terreno Realty Corporation

    7.750%          BB        214,055   
  20,676       

Urstadt Biddle Properties

    7.125%          N/R        539,644   
  50,701       

Urstadt Biddle Properties

    6.750%          N/R        1,292,875   
  453       

VEREIT, Inc.

    6.700%          N/R        10,963   
  10,617       

Vornado Realty Trust

    5.400%          BBB-        238,670   
  13,545       

Wells Fargo REIT

    6.375%          BBB+        347,294   
  25,224       

WP GLIMCHER, Inc.

    7.500%          Ba1        640,690   
  38,882         

WP GLIMCHER, Inc.

    6.875%                Ba1        966,607   
   

Total Real Estate Investment Trust

                            45,652,512   
   

Total $25 Par (or similar) Retail Preferred (cost $64,296,343)

                            64,411,755   
Principal
Amount (000)
    (6)   Description (1)   Coupon     Maturity     Ratings (3)     Value  
   

CORPORATE BONDS – 23.9% (16.7% of Total Investments)

       
   

Commercial Services & Supplies – 2.3%

       
$ 870       

ADS Waste Holdings Inc.

    8.250%        10/01/20        CCC+      $ 867,825   
  840       

Casella Waste Systems Inc.

    7.750%        2/15/19        B-        823,200   
  910       

Covanta Holding Corporation

    5.875%        3/01/24        Ba3        866,775   
  1,143      CAD  

GFL Environmental Corporation, 144A

    7.500%        6/18/18        B        847,936   
  465      EUR  

Waste Italia SPA, 144A

    10.500%        11/15/19        B3        384,549   
   

Total Commercial Services & Supplies

                            3,790,285   
          Communications Equipment – 0.2%                        
  710         

Goodman Networks Inc.

    12.125%        7/01/18        B-        362,100   
          Construction & Engineering – 1.0%                        
  705       

AECOM Technology Corporation, 144A, (4)

    5.875%        10/15/24        BB-        710,287   
  9,000      NOK  

VV Holding AS, 144A

    6.500%        7/10/19        N/R        1,042,504   
   

Total Construction & Engineering

                            1,752,791   
          Consumer Finance – 0.4%                        
  580         

Covenant Surgical Partners Inc., 144A

    8.750%        8/01/19        B-        581,450   
          Diversified Financial Services – 0.5%                        
  925         

Jefferies LoanCore LLC Finance Corporation, 144A

    6.875%        6/01/20        B        883,375   
          Diversified Telecommunication Services – 1.4%                        
  845       

CyrusOne LP Finance, 144A

    6.375%        11/15/22        B+        859,787   
  845       

IntelSat Jackson Holdings

    7.500%        4/01/21        B+        779,513   
  710         

Qualitytech LP/QTS Finance Corp.

    5.875%        8/01/22        BB-        710,000   
   

Total Diversified Telecommunication Services

                            2,349,300   
          Electric Utilities – 1.0%                        
  1,010       

Intergen NV, 144A

    7.000%        6/30/23        B+        858,500   
  945         

PPL Energy Supply LLC, 144A, (5)

    6.500%        6/01/25        Ba3        812,700   
   

Total Electric Utilities

                            1,671,200   
          Energy Equipment & Services – 0.8%                        
  850       

Compressco Partners LP / Compressco Finance Corporation

    7.250%        8/15/22        B        692,750   
  850         

Exterran Partners LP / EXLP Finance Corporation

    6.000%        10/01/22        B1        711,875   
   

Total Energy Equipment & Services

                            1,404,625   

 

Nuveen Investments     5   


JRI    Nuveen Real Asset Income and Growth Fund
   Portfolio of Investments (continued)    September 30, 2015 (Unaudited)

 

Principal
Amount (000)
    (6)   Description (1)   Coupon     Maturity     Ratings (3)     Value  
          Gas Utilities – 1.7%                        
$ 495       

AmeriGas Finance LLC

    7.000%        5/20/22        Ba2      $ 507,375   
  1,077       

Ferrellgas LP, (5)

    6.750%        1/15/22        B+        1,001,610   
  870       

LBC Tank Terminals Holdings Netherlands BV, 144A

    6.875%        5/15/23        B        902,625   
  400         

Suburban Propane Partners LP

    5.750%        3/01/25        BB-        379,000   
   

Total Gas Utilities

                            2,790,610   
          Health Care Equipment & Supplies – 0.3%                        
  505         

Tenet Healthcare Corporation

    6.750%        2/01/20        B3        510,050   
          Health Care Providers & Services – 2.3%                        
  170       

Acadia Healthcare, 144A

    5.625%        2/15/23        B-        170,850   
  520       

Acadia Healthcare

    5.625%        2/15/23        B-        522,600   
  350       

HCA Inc.

    5.375%        2/01/25        BB        346,500   
  425       

Iasis Healthcare Capital Corporation

    8.375%        5/15/19        CCC+        437,219   
  770       

Kindred Healthcare Inc., (4)

    6.375%        4/15/22        B2        764,225   
  704       

Select Medical Corporation

    6.375%        6/01/21        B-        686,400   
  965         

Surgical Care Affiliates Inc., 144A

    6.000%        4/01/23        B-        955,350   
   

Total Health Care Providers & Services

                            3,883,144   
          Independent Power & Renewable Electricity Producers – 1.1%                        
  865       

Dynegy Inc.

    7.625%        11/01/24        B+        873,650   
  1,060       

GenOn Energy Inc.

    9.500%        10/15/18        B-        980,500   
  50         

TerraForm Power Operating LLC, 144A

    5.875%        2/01/23        BB-        44,125   
   

Total Independent Power & Renewable Electricity Producers

                            1,898,275   
          Internet Software & Services – 0.5%                        
  810         

Equinix Inc.

    5.750%        1/01/25        BB        803,925   
          IT Services – 0.5%                        
  910         

Zayo Group LLC / Zayo Capital Inc., 144A

    6.000%        4/01/23        B-        882,700   
          Marine – 0.6%                        
  1,010         

Navios South American Logisitics Inc., Finance US Inc., 144A

    7.250%        5/01/22        B+        909,000   
          Multi-Utilities – 0.6%                        
  700      GBP  

RWE AG, Reg S

    7.000%        12/31/49        BBB-        1,032,452   
          Oil, Gas & Consumable Fuels – 5.7%                        
  990       

Calumet Specialty Products

    7.625%        1/15/22        B+        920,700   
  890       

Crestwood Midstream Partners LP

    6.125%        3/01/22        BB        770,473   
  915       

Energy Transfer Equity LP

    5.500%        6/01/27        BB+        759,450   
  955       

Gibson Energy, 144A

    6.750%        7/15/21        BB        917,994   
  805       

Global Partners LP/GLP Finance

    6.250%        7/15/22        B+        708,400   
  920       

Martin Mid-Stream Partners LP Finance

    7.250%        2/15/21        B-        851,000   
  662       

NGL Energy Partners LP/Fin Co

    5.125%        7/15/19        BB-        602,420   
  255       

NGL Energy Partners LP/Fin Co

    6.875%        10/15/21        BB-        239,700   
  785       

Niska Gas Storage Canada ULC Finance Corporation

    6.500%        4/01/19        CCC+        690,800   
  270       

PBF Holding Company LLC

    8.250%        2/15/20        BBB-        276,210   
  620       

Rose Rock Midstream LP / Rose Rock Finance Corporation

    5.625%        7/15/22        B1        545,600   
  470       

Sabine Pass Liquefaction LLC

    6.250%        3/15/22        BB+        437,100   
  700       

Summit Midstream Holdings LLC Finance

    7.500%        7/01/21        B        672,000   
  415       

Tesoro Logistics LP Finance Corporation, 144A

    6.250%        10/15/22        BB        404,625   
  905         

Western Refining Inc.

    6.250%        4/01/21        B+        877,850   
   

Total Oil, Gas & Consumable Fuels

                            9,674,322   
          Real Estate Investment Trust – 1.2%                        
  770       

Communications Sales & Leasing Inc.

    8.250%        10/15/23        BB        658,350   
  655       

Corporate Office Properties LP

    5.000%        7/01/25        BBB-        656,697   
  765         

DuPont Fabros Technology LP

    5.625%        6/15/23        Ba1        768,825   
   

Total Real Estate Investment Trust

                            2,083,872   

 

  6      Nuveen Investments


Principal
Amount (000)
    (6)   Description (1)   Coupon     Maturity     Ratings (3)     Value  
          Real Estate Management & Development – 0.7%                        
$ 540       

Hunt Companies Inc., 144A

    9.625%        3/01/21        N/R      $ 507,600   
  730         

Kennedy-Wilson Holdings Incorporated

    5.875%        4/01/24        BB-        713,575   
   

Total Real Estate Management & Development

                            1,221,175   
          Road & Rail – 0.5%                        
  885         

Watco Companies LLC Finance, 144A

    6.375%        4/01/23        B        876,150   
          Software – 0.5%                        
  880         

SixSigma Networks Mexico SA de CV, 144A

    8.250%        11/07/21        B+        826,100   
          Wireless Telecommunication Services – 0.1%                        
  200         

Inmarsat Finance PLC, 144A

    4.875%        5/15/22        BB+        194,500   
   

Total Corporate Bonds (cost $43,907,823)

                            40,381,401   
Principal
Amount (000)
         Description (1)   Coupon     Maturity     Ratings (3)     Value  
   

CONVERTIBLE BONDS – 1.1% (0.7% of Total Investments)

       
          Multi-Utilities – 0.6%                        
$ 985         

Dominion Resources Inc.

    5.750%        10/01/54        BBB      $ 1,010,856   
          Oil, Gas & Consumable Fuels – 0.5%                        
  1,005         

DCP Midstream LLC, 144A

    5.850%        5/21/43        BB-        804,000   
$ 1,990         

Total Convertible Bonds (cost $1,985,983)

                            1,814,856   
Principal
Amount (000)
    (6)   Description (1)   Coupon     Maturity     Ratings (3)     Value  
   

$1,000 PAR (OR SIMILAR) INSTITUTIONAL PREFERRED – 7.5% (5.2% of Total Investments)

  

   
          Construction & Engineering – 1.1%                        
$ 1,914         

PHBS Limited

    6.625%        N/A (7)        N/R      $ 1,928,776   
          Electric Utilities – 3.4%                        
  1,490       

AES Gener SA

    8.375%        12/18/73        BB        1,568,225   
  360       

Electricite de France

    5.625%        N/A (7)        Baa1        355,680   
  366       

Electricite de France

    5.250%        N/A (7)        Baa1        352,275   
  2,135       

Enel SpA, 144A

    8.750%        9/24/73        BBB-        2,449,315   
  595       

FPL Group Capital Inc.

    6.350%        10/01/66        BBB        477,487   
  330      GBP  

NGG Finance PLC, Reg S

    5.625%        6/18/73        BBB        522,920   
   

Total Electric Utilities

                            5,725,902   
          Energy Equipment & Services – 2.3%                        
  890      EUR  

Origin Energy Finance Limited, Reg S

    7.875%        6/16/71        BB        970,121   
  3,085         

Transcanada Trust

    5.625%        5/20/75        BBB        2,953,887   
   

Total Energy Equipment & Services

                            3,924,008   
          Transportation Infrastructure – 0.2%                        
  250      EUR  

Eurogate GmbH

    6.750%        N/A (7)        N/R        292,256   
          Water Utilities – 0.5%                        
  510      GBP  

Pennon Group PLC, Reg S

    6.750%        N/A (7)        N/R        795,511   
   

Total $1,000 Par (or similar) Institutional Preferred (cost $13,057,185)

  

                    12,666,453   
Shares          Description (1), (8)                        Value  
   

INVESTMENT COMPANIES – 2.7% (1.9% of Total Investments)

       
  394,965       

John Laing Infrastructure Fund

        $ 689,495   
  8,021,109       

Keppel Infrastructure Trust

          2,962,402   
  543,555         

Starwood European Real Estate Finance Limited

                            850,858   
   

Total Investment Companies (cost $4,631,024)

                            4,502,755   
   

Total Long-Term Investments (cost $252,343,019)

                            240,297,127   

 

Nuveen Investments     7   


JRI    Nuveen Real Asset Income and Growth Fund
   Portfolio of Investments (continued)    September 30, 2015 (Unaudited)

 

Principal
Amount (000)
         Description (1)   Coupon          Maturity     Value  
          SHORT-TERM INVESTMENTS – 0.8% (0.6% of Total Investments)                      
          REPURCHASE AGREEMENTS – 0.8%                      
$ 1,378         

Repurchase Agreement with Fixed Income Clearing Corporation, dated 9/30/15, repurchase price $1,377,686, collateralized by $1,415,000 U.S. Treasury Notes, 1.625%, due 11/15/22, value $1,406,156

    0.000%            10/01/2015      $ 1,377,686   
   

Total Short-Term Investments (cost $1,377,686)

                        1,377,686   
   

Total Investments (cost $253,720,705) – 143.0%

                        241,674,813   
   

Borrowings – (44.1)% (9), (10)

                        (74,500,000
   

Other Assets Less Liabilities – 1.1% (11)

                        1,780,600   
   

Net Assets Applicable to Common Shares – 100%

                      $ 168,955,413   

Investments in Derivatives as of September 30, 2015

Futures Contracts outstanding:

 

Description      Contract
Position
       Number of
Contracts
       Contract
Expiration
       Notional
Amount
at Value
       Variation
Margin
Receivable/
(Payable)
       Unrealized
Appreciation
(Depreciation)
 

U.S. Treasury 5-Year Note

       Short           (53        12/15         $ (6,387,328      $ 1,656         $ (37,176

Interest Rate Swaps outstanding:

 

Counterparty    Notional
Amount
     Fund
Pay/Receive
Floating Rate
     Floating Rate Index      Fixed Rate
(Annualized)
     Fixed Rate
Payment
Frequency
     Effective
Date (12)
     Termination
Date
     Unrealized
Appreciation
(Depreciation)
 

JPMorgan

   $ 29,250,000         Receive         1-Month USD-LIBOR-ICE         1.462      Monthly         12/01/15         12/01/20       $ (676,092

JPMorgan

     29,250,000         Receive         1-Month USD-LIBOR-ICE         1.842         Monthly         12/01/15         12/01/22         (1,026,391 )  
     $ 58,500,000                                                             $ (1,702,483

Fair Value Measurements

Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. 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).

 

  8      Nuveen 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

   $ 61,116,223       $ 43,713,868       $       $ 104,830,091   

Convertible Preferred Securities

     10,580,737         1,109,079                 11,689,816   

$25 Par (or similar) Retail Preferred

     61,576,883         2,834,872                 64,411,755   

Corporate Bonds

             40,381,401                 40,381,401   

Convertible Bonds

             1,184,856                 1,184,856   

$1,000 Par (or similar) Institutional Preferred

             12,666,453                 12,666,453   

Investment Companies

     4,502,755                         4,502,755   

Short-Term Investments:

           

Repurchase Agreements

             1,377,686                 1,377,686   

Investments in Derivatives:

           

Futures Contracts*

     (37,176                      (37,176

Interest Rate Swaps*

             (1,702,483              (1,702,483

Total

   $ 137,739,422       $ 102,195,732       $       $ 239,935,154   
* Represents net unrealized appreciation (depreciation).

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, 2015, the cost of investments (excluding investments in derivatives) was $254,852,294.

Gross unrealized appreciation and gross unrealized depreciation of investments (excluding investments in derivatives) as of September 30, 2015, were as follows:

 

Gross unrealized:

        

Appreciation

   $ 5,777,238   

Depreciation

     (18,954,719

Net unrealized appreciation (depreciation) of investments

   $ (13,177,481

 

Nuveen Investments     9   


JRI    Nuveen Real Asset Income and Growth Fund
   Portfolio of Investments (continued)    September 30, 2015 (Unaudited)

 

For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease.

 

(1) All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.

 

(2) Non-income producing; issuer has not declared 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) Investment, or portion of investments, is out on loan. The total value investments out on loan as of the end of the reporting period was $ 17,648,530.

 

(5) For fair value measurement disclosure purposes, investment classified as Level 2.

 

(6) Principal Amount (000) denominated in U.S. Dollars, unless otherwise noted.

 

(7) Perpetual Security. Maturity date is not applicable

 

(8) A copy of the most recent financial statements for these investment companies can be obtained directly from the Securities and Exchange Commission (SEC) on its website at http://www.sec.gov.

 

(9) Borrowings as a percentage of total investments in 30.8%

 

(10) The Fund may pledge up to 100% of its eligible investments (excluding any investments separately pledged as collateral for specific investments in derivatives, when applicable) in portfolio of Investments as collateral for Borrowings. As of the end of the reporting period, investments with a value of $157,387,386 have been pledged as collateral for Borrowings.

 

(11) Other assets less liabilities includes the unrealized appreciation (depreciation) of certain over-the-counter derivatives as well as the exchange-cleared and exchange-traded derivatives, when applicable. Other assets less liabilities also includes the value of options.

 

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

 

ADR American Depositary Receipt

 

REIT Real Estate Investment Trust

 

Reg S Regulation S allows U.S. companies to sell securities to persons or entities located outside of the United States without registering those securities with the Securities and Exchange Commission. Specifically, Regulation S provides a safe harbor from the registration requirements of the Securities Act for the offers and sales of securities by both foreign and domestic issuers that are made outside the United States.

 

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.

 

CAD Canadian Dollar

 

EUR Euro

 

GBP British Pound Sterling

 

NOK Norwegian Krone

 

USD-LIBOR-ICE United States Dollar – London Inter-Bank Offered Rate – Intercontinental Exchange

 

  10      Nuveen Investments


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, 2015

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, 2015      
By (Signature and Title)    /s/ Stephen D. Foy                                                                    
   Stephen D. Foy   
   Vice President and Controller (principal financial officer)   
Date: November 27, 2015