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
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Nuveen Real Asset Income and Growth Fund | ||||||||
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(Exact name of registrant as specified in charter) | ||||||||
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333 West Wacker Drive, Chicago, Illinois 60606 |
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(Address of principal executive offices) (Zip code) |
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Kevin J. McCarthy—Vice President and Secretary |
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(Name and address of agent for service) |
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Registrant’s telephone number, including area code: |
312-917-7700 |
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Date of fiscal year end: |
12/31 |
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Date of reporting period: |
3/31/2015 |
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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
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Portfolio of Investments |
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Nuveen Real Asset Income and Growth Fund (JRI) |
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March 31, 2015(Unaudited) |
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Shares |
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Description (1) |
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Value |
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LONG-TERM INVESTMENTS - 137.5% (98.4% of Total Investments) |
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COMMON STOCKS - 69.4% (49.6% of Total Investments) |
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Air Freight & Logistics - 0.5% |
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23,476 |
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BPost SA, (5) |
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$ 658,871 |
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4,440 |
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Oesterreichische Post AG, (5) |
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218,713 |
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Total Air Freight & Logistics |
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877,584 |
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Commercial Services & Supplies - 1.2% |
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41,800 |
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Covanta Holding Corporation |
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937,574 |
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1,799,655 |
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K-Green Trust, (5) |
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1,435,382 |
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Total Commercial Services & Supplies |
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2,372,956 |
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Diversified Telecommunication Services - 0.2% |
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374,193 |
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HKBN Limited, (2) |
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465,771 |
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Electric Utilities - 5.5% |
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53,943 |
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Alupar Investimento SA |
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320,458 |
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336,817 |
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AusNet Services, (5) |
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373,810 |
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126,687 |
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EDP - Energias de Portugal, S.A., (5) |
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474,461 |
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2,947 |
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Electricite de France S.A, (5) |
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70,664 |
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34,364 |
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Endesa S.A, (2), (5) |
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663,392 |
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2,801 |
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Hafslund ASA, Class B |
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19,993 |
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1,905,819 |
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HK Electric Investments Limited, (5) |
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1,313,550 |
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442,826 |
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Infratil Limited |
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1,052,760 |
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10,930 |
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PPL Corporation |
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367,904 |
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48,921 |
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Scottish and Southern Energy PLC, (5) |
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1,085,700 |
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26,005 |
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Southern Company |
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1,151,501 |
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|
491,277 |
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Spark Infrastructure Group, (5) |
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739,369 |
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484,202 |
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Terna-Rete Elettrica Nazionale SpA, (5) |
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2,132,156 |
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|
154,617 |
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Transmissora Alianca de Energia Eletrica SA |
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1,026,565 |
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Total Electric Utilities |
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10,792,283 |
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Gas Utilities - 1.6% |
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19,758 |
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AmeriGas Partners, LP |
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943,247 |
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57,637 |
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Enagas, (5) |
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1,648,122 |
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89,308 |
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Snam Rete Gas S.p.A, (5) |
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433,513 |
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Total Gas Utilities |
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3,024,882 |
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Independent Power & Renewable Electricity Producers - 4.0% |
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24,001 |
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Brookfield Renewable Energy Partners LP |
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757,472 |
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98,214 |
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Pattern Energy Group Inc. |
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2,781,420 |
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138,807 |
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Saeta Yield S.A, (2) |
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1,559,686 |
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268,566 |
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TransAlta Renewables Inc. |
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2,661,169 |
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Total Independent Power & Renewable Electricity Producers |
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7,759,747 |
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Multi-Utilities - 6.5% |
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256,089 |
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Centrica PLC, (5) |
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957,851 |
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866,556 |
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Duet Group, (5) |
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1,680,322 |
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122,120 |
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GDF Suez, (5) |
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2,411,018 |
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70,413 |
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National Grid PLC, Sponsored ADR |
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4,549,384 |
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414,202 |
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Redes Energeticas Nacionais SA, (5) |
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1,216,664 |
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21,424 |
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TECO Energy, Inc. |
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415,626 |
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636,478 |
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Vector Limited, (5) |
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1,464,641 |
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Total Multi-Utilities |
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12,695,506 |
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Oil, Gas & Consumable Fuels - 2.7% |
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12,401 |
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Arc Logisitics Partners LP |
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239,091 |
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86,559 |
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BlueKnight Energy Partners LP |
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673,429 |
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4,133 |
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Crestwood Midstream Partners LP |
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59,970 |
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3,733 |
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DCP Midstream Partners LP |
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137,934 |
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7,166 |
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JP Energy Partners LP |
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79,829 |
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40,327 |
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Kinder Morgan, Inc., (3) |
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1,696,154 |
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2,597 |
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TC Pipelines LP |
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169,195 |
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23,303 |
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USD Partners LP |
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325,776 |
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70,885 |
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Veresen Inc. |
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933,530 |
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21,210 |
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Williams Partners LP |
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1,043,956 |
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Total Oil, Gas & Consumable Fuels |
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5,358,864 |
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Real Estate Investment Trust - 37.8% |
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| ||||||||
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56,419 |
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Agree Realty Corporation |
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1,860,134 |
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77,771 |
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American Realty Capital Properties Inc., (3) |
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766,044 |
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230,844 |
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Apollo Commercial Real Estate Finance, Inc. |
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3,965,900 |
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73,199 |
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Ares Commercial Real Estate Corporation |
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808,849 |
| ||||||||
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173,889 |
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Armada Hoffler Properties Inc. |
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1,853,657 |
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24,803 |
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Artis Real Estate Investment Trust |
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293,355 |
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221,169 |
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Ascendas Real Estate Investment Trust, (5) |
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417,176 |
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44,578 |
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Blackstone Mortgage Trust Inc, Class A |
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1,264,678 |
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216,659 |
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CapitaMall Trust, (5) |
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346,853 |
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72,662 |
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CBL & Associates Properties Inc. |
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1,438,708 |
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113,030 |
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Colony Financial Inc. |
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2,929,738 |
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38,540 |
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Cominar Real Estate Investment Trust |
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583,935 |
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53,148 |
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Corrections Corporation of America |
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2,139,738 |
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22,609 |
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Digital Realty Trust Inc. |
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1,491,290 |
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96,668 |
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Easterly Government Properties, Inc., (2) |
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1,551,521 |
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35,285 |
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Entertainment Properties Trust |
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2,118,159 |
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185,515 |
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Excel Trust Inc. |
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2,600,920 |
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112,087 |
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Franklin Street Properties Corporation, (3) |
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1,436,955 |
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61,475 |
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Geo Group Inc. |
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2,688,917 |
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36,471 |
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GPT Group, (5) |
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126,677 |
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223,018 |
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Independence Realty Trust |
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2,116,441 |
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224,159 |
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Inland Real Estate Corporation |
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2,396,260 |
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72,499 |
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Investors Real Estate Trust |
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543,743 |
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774,920 |
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Keppel DC REIT, (2) |
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581,606 |
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191,850 |
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Lexington Corporate Properties Trust |
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1,885,886 |
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46,695 |
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Liberty Property Trust |
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1,667,012 |
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24,408 |
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LTC Properties Inc. |
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1,122,768 |
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246,605 |
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Mapletree Logistics Trust, (5) |
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223,744 |
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179,995 |
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Medical Properties Trust Inc. |
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2,653,126 |
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57,255 |
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Monmouth Real Estate Investment Corporation |
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636,103 |
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13,386 |
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National Health Investors Inc. |
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950,540 |
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127,623 |
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Northstar Realty Finance Corporation |
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2,312,529 |
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41,978 |
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Omega Healthcare Investors Inc. |
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1,703,047 |
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400,406 |
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Parkway Life Real Estate Investment Trust |
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688,569 |
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236,943 |
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Physicians Realty Trust |
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4,172,566 |
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391,764 |
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Pure Industrial Real Estate Trust |
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1,562,045 |
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284,319 |
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Retrocom Real Estate Investment Trust |
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886,708 |
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11,614 |
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Sabra Health Care Real Estate Investment Trust Inc. |
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385,004 |
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150,827 |
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Scentre Group, (5) |
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428,475 |
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102,784 |
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Senior Housing Properties Trust |
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2,280,777 |
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145,822 |
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Spirit Realty Capital Inc. |
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1,761,530 |
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135,159 |
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STAG Industrial Inc. |
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3,178,940 |
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|
96,069 |
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Starwood Property Trust Inc. |
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2,334,477 |
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72,910 |
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STORE Capital Corporation |
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1,702,449 |
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441,184 |
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Suntec Real Estate Investment Trust, (5) |
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595,842 |
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212,649 |
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TF Administradora Industrial S de RL de CV |
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430,777 |
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|
13,460 |
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Universal Health Realty Income Trust |
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757,125 |
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|
18,605 |
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Urstadt Biddle Properties Inc. |
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429,031 |
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23,607 |
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WP Carey Inc. |
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1,605,276 |
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|
81,709 |
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WPT Industrial Real Estate Investment Trust |
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980,508 |
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Total Real Estate Investment Trust |
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73,656,108 |
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Real Estate Management & Development - 1.1% |
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| ||||||||
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194,785 |
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Killam Properties Inc. |
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1,699,399 |
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1,030,752 |
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Langham Hospitality Investments Limited, (5) |
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485,624 |
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9,810 |
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Road King Infrastructure Limited, (5) |
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8,979 |
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Total Real Estate Management & Development |
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2,194,002 |
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Transportation Infrastructure - 8.1% |
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| ||||||||
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31,077 |
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Grupo Aeroportuario Centro Norte, SA, ADR |
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1,208,894 |
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3,649,450 |
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Hopewell Highway Infrastructure Limited, (5) |
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1,737,037 |
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2,369,746 |
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Hutchison Port Holdings Trust, (5) |
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1,644,971 |
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|
373,121 |
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Jiangsu Expressway Company Limited, (5) |
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504,881 |
| ||||||||
|
491 |
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Kobenhavns Lufthavne, (5) |
|
236,941 |
| ||||||||
|
37,713 |
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Macquarie Infrastructure Company LLC |
|
3,103,403 |
| ||||||||
|
528,362 |
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Sydney Airport, (5) |
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2,079,197 |
| ||||||||
|
718,776 |
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Transurban Group, (5) |
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5,204,565 |
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Total Transportation Infrastructure |
|
15,719,889 |
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Water Utilities - 0.2% |
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| ||||||||
|
184,223 |
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Inversiones Aguas Metropolitanas SA |
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296,497 |
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|
287 |
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Severn Trent PLC, (5) |
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8,748 |
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Total Water Utilities |
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305,245 |
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Total Common Stocks (cost $127,635,337) |
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135,222,837 |
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Shares |
|
Description (1) |
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Coupon |
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Ratings (4) |
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Value |
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CONVERTIBLE PREFERRED SECURITIES - 5.5% (3.9% of Total Investments) |
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Electric Utilities - 2.1% |
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|
|
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|
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|
78,694 |
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Exelon Corporation |
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6.500% |
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BBB- |
|
$ 3,828,463 |
| ||||
|
4,607 |
|
NextEra Energy Inc. |
|
5.799% |
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N/R |
|
256,840 |
| ||||
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Total Electric Utilities |
|
|
|
|
|
4,085,303 |
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Independent Power & Renewable Electricity Producers - 0.6% |
|
|
| ||||||||
|
11,386 |
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Dynegy Inc. |
|
5.375% |
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N/R |
|
1,242,782 |
| ||||
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Real Estate Investment Trust - 2.8% |
|
|
|
|
|
|
| ||||
|
23,038 |
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Alexandria Real Estate Equities Inc., (5) |
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7.000% |
|
N/R |
|
679,621 |
| ||||
|
11,024 |
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American Homes 4 Rent |
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5.000% |
|
N/R |
|
283,868 |
| ||||
|
36,488 |
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American Tower Corporation |
|
5.500% |
|
N/R |
|
3,620,704 |
| ||||
|
1,513 |
|
Equity Commonwealth |
|
6.500% |
|
Ba1 |
|
37,311 |
| ||||
|
3,980 |
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Lexington Corporate Properties Trust, Series B |
|
6.500% |
|
N/R |
|
195,816 |
| ||||
|
8,287 |
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Ramco-Gershenson Properties Trust |
|
7.250% |
|
N/R |
|
552,660 |
| ||||
|
|
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Total Real Estate Investment Trust |
|
|
|
|
|
5,369,980 |
| ||||
|
|
|
Total Convertible Preferred Securities (cost $10,461,890) |
|
|
|
|
|
10,698,065 |
| ||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
Shares |
|
Description (1) |
|
Coupon |
|
Ratings (4) |
|
Value |
| ||||
|
|
|
$25 PAR (OR SIMILAR) RETAIL PREFERRED - 29.9% (21.4% of Total Investments) |
|
|
| ||||||||
|
|
|
Banks - 0.5% |
|
|
|
|
|
|
| ||||
|
37,940 |
|
Wells Fargo REIT |
|
6.375% |
|
BBB+ |
|
$ 987,199 |
| ||||
|
|
|
Electric Utilities - 4.4% |
|
|
|
|
|
|
| ||||
|
7,270 |
|
APT Pipelines Limited, (5) |
|
7.198% |
|
N/R |
|
585,835 |
| ||||
|
82,675 |
|
Entergy Arkansas Inc., (5) |
|
6.450% |
|
BB+ |
|
2,077,209 |
| ||||
|
25,699 |
|
Integrys Energy Group Inc. |
|
6.000% |
|
Baa1 |
|
722,399 |
| ||||
|
16,295 |
|
NextEra Energy Inc. |
|
5.700% |
|
BBB |
|
415,360 |
| ||||
|
19,202 |
|
NextEra Energy Inc. |
|
5.625% |
|
BBB |
|
485,043 |
| ||||
|
42,461 |
|
NextEra Energy Inc. |
|
5.000% |
|
BBB |
|
1,034,775 |
| ||||
|
20,966 |
|
Pacific Gas & Electric Corporation |
|
6.000% |
|
BBB+ |
|
614,723 |
| ||||
|
78,504 |
|
PPL Capital Funding, Inc. |
|
5.900% |
|
BB+ |
|
2,004,992 |
| ||||
|
27,528 |
|
SCE Trust I |
|
5.625% |
|
Baa1 |
|
699,211 |
| ||||
|
|
|
Total Electric Utilities |
|
|
|
|
|
8,639,547 |
| ||||
|
|
|
Multi-Utilities - 2.2% |
|
|
|
|
|
|
| ||||
|
87,233 |
|
Dominion Resources Inc. |
|
6.375% |
|
Baa3 |
|
4,222,077 |
| ||||
|
|
|
Oil, Gas & Consumable Fuels - 0.2% |
|
|
|
|
|
|
| ||||
|
17,013 |
|
Nustar Logistics Limited Partnership |
|
7.625% |
|
Ba2 |
|
443,869 |
| ||||
|
|
|
Real Estate Investment Trust - 22.6% |
|
|
|
|
|
|
| ||||
|
9,659 |
|
American Homes 4 Rent |
|
5.000% |
|
N/R |
|
250,168 |
| ||||
|
453 |
|
American Realty Capital Properties Inc. |
|
6.700% |
|
N/R |
|
10,691 |
| ||||
|
28,112 |
|
Apartment Investment & Management Company |
|
6.875% |
|
BB |
|
752,277 |
| ||||
|
25,649 |
|
Apollo Commercial Real Estate Finance |
|
8.625% |
|
N/R |
|
679,186 |
| ||||
|
35,200 |
|
Arbor Realty Trust Incorporated |
|
7.375% |
|
N/R |
|
883,872 |
| ||||
|
25,401 |
|
Campus Crest Communities |
|
8.000% |
|
N/R |
|
643,407 |
| ||||
|
127,442 |
|
Cedar Shopping Centers Inc., Series A |
|
7.250% |
|
N/R |
|
3,266,336 |
| ||||
|
3,861 |
|
Chesapeake Lodging Trust |
|
7.750% |
|
N/R |
|
101,737 |
| ||||
|
24,643 |
|
Colony Financial Inc. |
|
8.500% |
|
N/R |
|
655,504 |
| ||||
|
46,730 |
|
Colony Financial Inc. |
|
7.500% |
|
N/R |
|
1,201,428 |
| ||||
|
28,253 |
|
Coresite Realty Corporation |
|
7.250% |
|
N/R |
|
734,578 |
| ||||
|
8,144 |
|
Corporate Office Properties Trust |
|
7.375% |
|
BB |
|
213,780 |
| ||||
|
18,777 |
|
DDR Corporation |
|
6.500% |
|
Baa3 |
|
479,565 |
| ||||
|
22,658 |
|
DDR Corporation |
|
6.250% |
|
Baa3 |
|
578,912 |
| ||||
|
19,055 |
|
Digital Realty Trust Inc. |
|
7.375% |
|
Baa3 |
|
526,109 |
| ||||
|
46 |
|
Digital Realty Trust Inc. |
|
6.625% |
|
Baa3 |
|
1,190 |
| ||||
|
1,208 |
|
Digital Realty Trust Inc. |
|
5.875% |
|
Baa3 |
|
29,306 |
| ||||
|
51,050 |
|
EPR Properties Inc. |
|
9.000% |
|
BB |
|
1,735,188 |
| ||||
|
670 |
|
EPR Properties Inc. |
|
6.625% |
|
Baa3 |
|
17,420 |
| ||||
|
13,835 |
|
Equity Commonwealth |
|
7.250% |
|
Ba1 |
|
360,678 |
| ||||
|
2,015 |
|
Equity Commonwealth |
|
5.750% |
|
BBB- |
|
48,723 |
| ||||
|
2,396 |
|
Equity Lifestyle Properties Inc. |
|
6.750% |
|
N/R |
|
63,015 |
| ||||
|
1,825 |
|
Excel Trust Inc. |
|
8.125% |
|
BB |
|
48,509 |
| ||||
|
47,399 |
|
General Growth Properties |
|
6.375% |
|
N/R |
|
1,208,675 |
| ||||
|
28,777 |
|
Gramercy Property Trust Inc. |
|
7.125% |
|
N/R |
|
759,713 |
| ||||
|
7,614 |
|
Hersha Hospitality Trust |
|
8.000% |
|
N/R |
|
198,345 |
| ||||
|
55,351 |
|
Hersha Hospitality Trust |
|
6.875% |
|
N/R |
|
1,398,720 |
| ||||
|
15,041 |
|
Hudson Pacific Properties Inc. |
|
8.375% |
|
N/R |
|
393,322 |
| ||||
|
580 |
|
Inland Real Estate Corporation |
|
8.125% |
|
N/R |
|
15,167 |
| ||||
|
76,154 |
|
Inland Real Estate Corporation |
|
6.950% |
|
N/R |
|
1,930,504 |
| ||||
|
48,055 |
|
Investors Real Estate Trust |
|
7.950% |
|
N/R |
|
1,259,041 |
| ||||
|
2,223 |
|
Kilroy Realty Corporation |
|
6.375% |
|
Ba1 |
|
56,753 |
| ||||
|
25,213 |
|
Kimco Realty Corporation, |
|
5.500% |
|
Baa2 |
|
612,676 |
| ||||
|
24,276 |
|
Kite Realty Group Trust |
|
8.250% |
|
N/R |
|
628,991 |
| ||||
|
369 |
|
LaSalle Hotel Properties |
|
7.500% |
|
N/R |
|
9,487 |
| ||||
|
11,325 |
|
Monmouth Real Estate Investment Corp |
|
7.875% |
|
N/R |
|
302,944 |
| ||||
|
4,193 |
|
Northstar Realty Finance Corporation |
|
8.875% |
|
N/R |
|
110,779 |
| ||||
|
100,179 |
|
Northstar Realty Finance Corporation, (3) |
|
8.750% |
|
N/R |
|
2,644,726 |
| ||||
|
18,626 |
|
Pebblebrook Hotel Trust |
|
8.000% |
|
N/R |
|
490,609 |
| ||||
|
90,103 |
|
Pebblebrook Hotel Trust |
|
6.500% |
|
N/R |
|
2,275,101 |
| ||||
|
15,615 |
|
Penn Real Estate Investment Trust |
|
8.250% |
|
N/R |
|
413,798 |
| ||||
|
3,497 |
|
Penn Real Estate Investment Trust |
|
7.375% |
|
N/R |
|
90,188 |
| ||||
|
13,590 |
|
Post Properties, Inc., Series A |
|
8.500% |
|
Baa3 |
|
885,389 |
| ||||
|
7,185 |
|
PS Business Parks, Inc. |
|
6.000% |
|
Baa2 |
|
179,553 |
| ||||
|
21,172 |
|
PS Business Parks, Inc. |
|
5.750% |
|
Baa2 |
|
517,867 |
| ||||
|
20,341 |
|
Rait Financial Trust |
|
7.125% |
|
N/R |
|
498,355 |
| ||||
|
8,819 |
|
Regency Centers Corporation |
|
6.000% |
|
Baa3 |
|
220,475 |
| ||||
|
44,369 |
|
Retail Properties of America |
|
7.000% |
|
BB |
|
1,163,799 |
| ||||
|
14,250 |
|
Sabra Health Care Real Estate Investment Trust |
|
7.125% |
|
BB- |
|
379,050 |
| ||||
|
23,540 |
|
Saul Centers, Inc. |
|
6.875% |
|
N/R |
|
619,337 |
| ||||
|
36,302 |
|
SL Green Realty Corporation |
|
6.500% |
|
Ba1 |
|
952,928 |
| ||||
|
13,021 |
|
STAG Industrial Inc. |
|
6.625% |
|
BB |
|
333,077 |
| ||||
|
17,994 |
|
Summit Hotel Properties Inc. |
|
9.250% |
|
N/R |
|
494,835 |
| ||||
|
52,040 |
|
Summit Hotel Properties Inc. |
|
7.875% |
|
N/R |
|
1,389,468 |
| ||||
|
68,409 |
|
Summit Hotel Properties Inc. |
|
7.125% |
|
N/R |
|
1,767,004 |
| ||||
|
127 |
|
Sun Communities Inc. |
|
7.125% |
|
N/R |
|
3,284 |
| ||||
|
57,976 |
|
Sunstone Hotel Investors Inc. |
|
8.000% |
|
N/R |
|
1,513,174 |
| ||||
|
34,809 |
|
Taubman Centers Incorporated, Series K |
|
6.250% |
|
N/R |
|
876,143 |
| ||||
|
4,819 |
|
Terreno Realty Corporation |
|
7.750% |
|
N/R |
|
125,969 |
| ||||
|
23,985 |
|
Urstadt Biddle Properties |
|
7.125% |
|
N/R |
|
635,842 |
| ||||
|
62,633 |
|
Urstadt Biddle Properties |
|
6.750% |
|
N/R |
|
1,629,084 |
| ||||
|
12,579 |
|
Vornado Realty Trust |
|
5.400% |
|
BBB- |
|
305,795 |
| ||||
|
25,224 |
|
WP GLIMCHER, Inc. |
|
7.500% |
|
BB+ |
|
663,643 |
| ||||
|
28,765 |
|
WP GLIMCHER, Inc. |
|
6.875% |
|
BB+ |
|
772,916 |
| ||||
|
|
|
Total Real Estate Investment Trust |
|
|
|
|
|
44,008,105 |
| ||||
|
|
|
Total $25 Par (or similar) Retail Preferred (cost $56,180,460) |
|
|
|
|
|
58,300,797 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Principal |
|
|
|
|
|
|
|
|
|
|
| ||
|
Amount (000) |
|
Description (1) |
|
Coupon |
|
Maturity |
|
Ratings (4) |
|
Value |
| ||
|
|
|
CONVERTIBLE BONDS - 0.9% (0.7% of Total Investments) |
|
|
|
|
|
|
| ||||
|
|
|
Multi-Utilities - 0.6% |
|
|
|
|
|
|
| ||||
|
$ 1,040 |
|
Dominion Resources Inc. |
|
5.750% |
|
10/01/54 |
|
BBB |
|
$ 1,111,031 |
| ||
|
|
|
Oil, Gas & Consumable Fuels - 0.3% |
|
|
|
|
|
|
| ||||
|
980 |
|
DCP Midstream LLC, 144A |
|
5.850% |
|
5/21/43 |
|
BB |
|
705,600 |
| ||
|
$ 2,020 |
|
Total Convertible Bonds (cost $2,020,000) |
|
|
|
|
|
|
|
1,816,631 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Principal |
|
|
|
|
|
|
|
|
|
|
| ||
|
Amount (000) |
(6) |
Description (1) |
|
Coupon |
|
Maturity |
|
Ratings (4) |
|
Value |
| ||
|
|
|
CORPORATE BONDS - 25.0% (17.9% of Total Investments) |
|
|
|
|
|
|
| ||||
|
|
|
Commercial Services & Supplies - 2.2% |
|
|
|
|
|
|
| ||||
|
935 |
|
ADS Waste Holdings Inc. |
|
8.250% |
|
10/01/20 |
|
CCC+ |
|
$ 977,075 |
| ||
|
1,040 |
|
Casella Waste Systems Inc. |
|
7.750% |
|
2/15/19 |
|
B- |
|
1,040,000 |
| ||
|
720 |
|
Covanta Holding Corporation |
|
5.875% |
|
3/01/24 |
|
Ba3 |
|
745,200 |
| ||
|
988 |
CAD |
GFL Environmental Corporation, 144A |
|
7.500% |
|
6/18/18 |
|
B |
|
768,527 |
| ||
|
685 |
EUR |
Waste Italia SPA, 144A |
|
10.500% |
|
11/15/19 |
|
B2 |
|
672,099 |
| ||
|
|
|
Total Commercial Services & Supplies |
|
|
|
|
|
|
|
4,202,901 |
| ||
|
|
|
Communications Equipment - 0.3% |
|
|
|
|
|
|
| ||||
|
710 |
|
Goodman Networks Inc. |
|
12.125% |
|
7/01/18 |
|
B |
|
660,300 |
| ||
|
|
|
Construction & Engineering - 0.7% |
|
|
|
|
|
|
| ||||
|
260 |
|
AECOM Technology Corporation, 144A |
|
5.875% |
|
10/15/24 |
|
BB- |
|
273,000 |
| ||
|
9,000 |
NOK |
VV Holding AS, 144A |
|
6.880% |
|
7/10/19 |
|
N/R |
|
1,086,498 |
| ||
|
|
|
Total Construction & Engineering |
|
|
|
|
|
|
|
1,359,498 |
| ||
|
|
|
Consumer Finance - 0.3% |
|
|
|
|
|
|
|
|
| ||
|
665 |
|
Covenant Surgical Partners Inc., 144A |
|
8.750% |
|
8/01/19 |
|
B- |
|
668,325 |
| ||
|
|
|
Diversified Financial Services - 0.6% |
|
|
|
|
|
|
| ||||
|
1,195 |
|
Jefferies LoanCore LLC Finance Corporation, 144A |
|
6.875% |
|
6/01/20 |
|
B |
|
1,108,363 |
| ||
|
|
|
Diversified Telecommunication Services - 1.7% |
|
|
|
|
| ||||||
|
585 |
|
CyrusOne LP Finance |
|
6.375% |
|
11/15/22 |
|
B+ |
|
621,563 |
| ||
|
965 |
|
IntelSat Jackson Holdings |
|
6.625% |
|
12/15/22 |
|
CCC+ |
|
931,225 |
| ||
|
940 |
|
Qualitytech LP/QTS Finance Corp., 144A |
|
5.875% |
|
8/01/22 |
|
B+ |
|
965,850 |
| ||
|
860 |
|
SBA Communications Corporation, 144A |
|
4.875% |
|
7/15/22 |
|
B |
|
842,422 |
| ||
|
|
|
Total Diversified Telecommunication Services |
|
|
|
|
|
|
|
3,361,060 |
| ||
|
|
|
Electric Utilities - 0.6% |
|
|
|
|
|
|
|
|
| ||
|
1,240 |
|
Intergen NV, 144A |
|
7.000% |
|
6/30/23 |
|
B+ |
|
1,199,700 |
| ||
|
|
|
Energy Equipment & Services - 0.8% |
|
|
|
|
| ||||||
|
845 |
|
Compressco Partners LP / Compressco Finance Corporation, 144A |
|
7.250% |
|
8/15/22 |
|
B |
|
735,150 |
| ||
|
850 |
|
Exterran Partners LP / EXLP Finance Corporation |
|
6.000% |
|
10/01/22 |
|
B1 |
|
773,500 |
| ||
|
|
|
Total Energy Equipment & Services |
|
|
|
|
|
|
|
1,508,650 |
| ||
|
|
|
Gas Utilities - 1.8% |
|
|
|
|
|
|
|
|
| ||
|
520 |
|
Ferrellgas LP |
|
8.625% |
|
6/15/20 |
|
B- |
|
536,900 |
| ||
|
702 |
|
Ferrellgas LP |
|
6.750% |
|
1/15/22 |
|
B+ |
|
714,215 |
| ||
|
840 |
|
LBC Tank Terminals Holdings Netherlands BV, 144A |
|
6.875% |
|
5/15/23 |
|
B |
|
858,900 |
| ||
|
125 |
|
Suburban Propane Partners LP |
|
7.375% |
|
8/01/21 |
|
BB- |
|
134,375 |
| ||
|
1,165 |
|
Suburban Propane Partners LP |
|
5.500% |
|
6/01/24 |
|
BB- |
|
1,194,124 |
| ||
|
|
|
Total Gas Utilities |
|
|
|
|
|
|
|
3,438,514 |
| ||
|
|
|
Health Care Equipment & Supplies - 0.5% |
|
|
|
|
|
|
| ||||
|
975 |
|
Tenet Healthcare Corporation |
|
6.750% |
|
2/01/20 |
|
B3 |
|
1,028,625 |
| ||
|
|
|
Health Care Providers & Services - 2.9% |
|
|
|
|
|
|
| ||||
|
805 |
|
Acadia Healthcare, 144A |
|
5.625% |
|
2/15/23 |
|
B- |
|
819,088 |
| ||
|
970 |
|
Community Health Systems, Inc. |
|
6.875% |
|
2/01/22 |
|
B+ |
|
1,036,686 |
| ||
|
915 |
|
IASIS Healthcare Capital Corporation |
|
8.375% |
|
5/15/19 |
|
CCC+ |
|
951,600 |
| ||
|
1,210 |
|
Kindred Healthcare Inc. |
|
6.375% |
|
4/15/22 |
|
B2 |
|
1,220,588 |
| ||
|
879 |
|
Select Medical Corporation |
|
6.375% |
|
6/01/21 |
|
B- |
|
869,661 |
| ||
|
745 |
|
Surgical Care Affiliates Inc., 144A |
|
6.000% |
|
4/01/23 |
|
B- |
|
750,588 |
| ||
|
|
|
Total Health Care Providers & Services |
|
|
|
|
|
|
|
5,648,211 |
| ||
|
|
|
Independent Power & Renewable Electricity Producers - 1.9% |
|
|
| ||||||||
|
1,170 |
|
Dynegy Finance I Inc / Dynegy Finance II Inc., 144A |
|
7.625% |
|
11/01/24 |
|
B+ |
|
1,225,575 |
| ||
|
1,205 |
|
GenOn Energy Inc. |
|
9.500% |
|
10/15/18 |
|
B |
|
1,229,100 |
| ||
|
1,200 |
|
TerraForm Power Operating LLC, 144A |
|
5.875% |
|
2/01/23 |
|
BB- |
|
1,245,000 |
| ||
|
|
|
Total Independent Power & Renewable Electricity Producers |
|
|
|
|
3,699,675 |
| |||||
|
|
|
IT Services - 0.6% |
|
|
|
|
|
|
|
|
| ||
|
1,155 |
|
Zayo Group LLC / Zayo Capital Inc., 144A |
|
6.000% |
|
4/01/23 |
|
CCC+ |
|
1,160,775 |
| ||
|
|
|
Marine - 0.7% |
|
|
|
|
|
|
|
|
| ||
|
1,435 |
|
Navios South American Logisitics Inc., Finance US Inc., 144A |
|
7.250% |
|
5/01/22 |
|
B+ |
|
1,391,950 |
| ||
|
|
|
Multi-Utilities - 0.4% |
|
|
|
|
|
|
|
|
| ||
|
500 |
GBP |
RWE AG, Reg S |
|
7.000% |
|
12/31/49 |
|
BBB- |
|
804,745 |
| ||
|
|
|
Oil, Gas & Consumable Fuels - 6.2% |
|
|
|
|
| ||||||
|
770 |
|
Blue Racer Midstream LLC / Blue Racer Finance Corporation, 144A |
|
6.125% |
|
11/15/22 |
|
B |
|
791,175 |
| ||
|
1,485 |
|
Calumet Specialty Products |
|
7.625% |
|
1/15/22 |
|
B+ |
|
1,499,848 |
| ||
|
800 |
|
Crestwood Midstream Partners LP |
|
6.125% |
|
3/01/22 |
|
BB |
|
806,000 |
| ||
|
1,100 |
|
Gibson Energy, 144A |
|
6.750% |
|
7/15/21 |
|
BB |
|
1,122,000 |
| ||
|
805 |
|
Global Partners LP/GLP Finance, 144A |
|
6.250% |
|
7/15/22 |
|
B+ |
|
792,925 |
| ||
|
1,170 |
|
Martin Mid-Stream Partners LP Finance |
|
7.250% |
|
2/15/21 |
|
B- |
|
1,123,200 |
| ||
|
600 |
|
Niska Gas Storage Canada ULC Finance Corporation |
|
6.500% |
|
4/01/19 |
|
CCC+ |
|
445,500 |
| ||
|
1,080 |
|
PBF Holding Company LLC |
|
8.250% |
|
2/15/20 |
|
BB+ |
|
1,140,750 |
| ||
|
900 |
|
Rose Rock Midstream LP / Rose Rock Finance Corporation |
|
5.625% |
|
7/15/22 |
|
B1 |
|
886,500 |
| ||
|
850 |
|
Sabine Pass Liquefaction LLC |
|
6.250% |
|
3/15/22 |
|
BB+ |
|
878,688 |
| ||
|
775 |
|
Summit Midstream Holdings LLC Finance |
|
7.500% |
|
7/01/21 |
|
B |
|
806,000 |
| ||
|
620 |
|
Tesoro Logistics LP Finance Corporation, 144A |
|
6.250% |
|
10/15/22 |
|
BB |
|
641,700 |
| ||
|
1,180 |
|
Western Refining Inc. |
|
6.250% |
|
4/01/21 |
|
B+ |
|
1,174,100 |
| ||
|
|
|
Total Oil, Gas & Consumable Fuels |
|
|
|
|
|
|
|
12,108,386 |
| ||
|
|
|
Real Estate Investment Trust - 0.4% |
|
|
|
|
| ||||||
|
715 |
|
CTR Partnership LP/CareTrust Capital Corporation |
|
5.875% |
|
6/01/21 |
|
B+ |
|
729,300 |
| ||
|
|
|
Real Estate Management & Development - 0.8% |
|
|
|
|
| ||||||
|
490 |
|
Hunt Companies Inc., 144A |
|
9.625% |
|
3/01/21 |
|
N/R |
|
502,250 |
| ||
|
1,160 |
|
Kennedy-Wilson Holdings Incorporated |
|
5.875% |
|
4/01/24 |
|
BB- |
|
1,162,900 |
| ||
|
|
|
Total Real Estate Management & Development |
|
|
|
|
|
|
|
1,665,150 |
| ||
|
|
|
Road & Rail - 0.7% |
|
|
|
|
|
|
|
|
| ||
|
1,370 |
|
Watco Companies LLC Finance, 144A |
|
6.375% |
|
4/01/23 |
|
B3 |
|
1,370,000 |
| ||
|
|
|
Software - 0.6% |
|
|
|
|
|
|
|
|
| ||
|
1,090 |
|
SixSigma Networks Mexico SA de CV, 144A |
|
8.250% |
|
11/07/21 |
|
BB- |
|
1,139,377 |
| ||
|
|
|
Transportation Infrastructure - 0.3% |
|
|
|
|
|
|
| ||||
|
500 |
|
Aeropuerto Internacional de Tocumen SA |
|
5.750% |
|
10/09/23 |
|
BBB |
|
515,050 |
| ||
|
|
|
Total Corporate Bonds (cost $49,799,368) |
|
|
|
|
|
|
|
48,768,555 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Principal |
|
|
|
|
|
|
|
|
|
|
| ||
|
Amount (000) |
(6) |
Description (1) |
|
Coupon |
|
Maturity |
|
Ratings (4) |
|
Value |
| ||
|
|
|
$1,000 PAR (OR SIMILAR) INSTITUTIONAL PREFERRED - 5.7% (4.1% of Total Investments) |
|
|
| ||||||||
|
|
|
Commercial Services & Supplies - 0.7% |
|
|
|
|
| ||||||
|
1,205 |
|
Royal Capital BV, Reg S |
|
8.375% |
|
N/A (7) |
|
N/R |
|
$ 1,277,059 |
| ||
|
|
|
Construction & Engineering - 1.1% |
|
|
|
|
| ||||||
|
2,154 |
|
PHBS Limited |
|
6.625% |
|
N/A (7) |
|
N/R |
|
2,191,695 |
| ||
|
|
|
Electric Utilities - 2.9% |
|
|
|
|
|
|
|
|
| ||
|
1,490 |
|
AES Gener SA, 144A |
|
8.375% |
|
12/18/73 |
|
Ba2 |
|
1,631,700 |
| ||
|
360 |
|
Electricite de France, 144A |
|
5.625% |
|
N/A (7) |
|
A3 |
|
383,400 |
| ||
|
366 |
|
Electricite de France, 144A |
|
5.250% |
|
N/A (7) |
|
A3 |
|
381,921 |
| ||
|
1,720 |
|
Enel SpA, 144A |
|
8.750% |
|
9/24/73 |
|
BBB- |
|
2,069,975 |
| ||
|
560 |
|
FPL Group Capital Inc. |
|
6.350% |
|
10/01/66 |
|
BBB |
|
550,945 |
| ||
|
330 |
GBP |
NGG Finance PLC, Reg S |
|
5.625% |
|
6/18/73 |
|
BBB |
|
542,018 |
| ||
|
|
|
Total Electric Utilities |
|
|
|
|
|
|
|
5,559,959 |
| ||
|
|
|
Energy Equipment & Services - 0.5% |
|
|
|
|
| ||||||
|
890 |
EUR |
Origin Energy Finance Limited, Reg S |
|
7.875% |
|
6/16/71 |
|
BB+ |
|
1,034,009 |
| ||
|
|
|
Transportation Infrastructure - 0.1% |
|
|
|
|
|
|
| ||||
|
250 |
EUR |
Eurogate GmbH |
|
6.750% |
|
N/A (7) |
|
N/R |
|
286,296 |
| ||
|
|
|
Water Utilities - 0.4% |
|
|
|
|
|
|
|
|
| ||
|
510 |
GBP |
Pennon Group PLC, Reg S |
|
6.750% |
|
N/A (7) |
|
N/R |
|
806,868 |
| ||
|
|
|
Total $1,000 Par (or similar) Institutional Preferred (cost $10,896,193) |
|
|
|
|
|
11,155,886 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Shares |
|
Description (1), (8) |
|
|
|
|
|
|
|
Value |
| ||
|
|
|
INVESTMENT COMPANIES - 1.1% (0.8% of Total Investments) |
|
|
|
|
|
|
| ||||
|
1,256,955 |
|
Cityspring Infrastructure Trust |
|
|
|
|
|
|
|
$ 493,974 |
| ||
|
394,965 |
|
John Laing Infrastructure Fund |
|
|
|
|
|
|
|
738,809 |
| ||
|
601,036 |
|
Starwood European Real Estate Finance Limited |
|
|
|
|
|
|
|
923,716 |
| ||
|
|
|
Total Investment Companies (cost $2,097,980) |
|
|
|
|
|
|
|
2,156,499 |
| ||
|
|
|
Total Long-Term Investments (cost $259,091,228) |
|
|
|
|
|
|
|
268,119,270 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Principal |
|
|
|
|
|
|
|
|
|
|
| ||
|
Amount (000) |
|
Description (1) |
|
Coupon |
|
Maturity |
|
|
|
Value |
| ||
|
|
|
SHORT-TERM INVESTMENTS - 2.3% (1.6% of Total Investments) |
|
|
|
|
|
|
| ||||
|
$ 4,379 |
|
Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/15, repurchase price $4,379,212, collateralized by $4,300,000 U.S. Treasury Notes, 2.375%, due 8/15/24, value $4,472,000 |
|
0.000% |
|
4/01/15 |
|
|
|
$ 4,379,212 |
| ||
|
|
|
Total Short-Term Investments (cost $4,379,212) |
|
|
|
|
|
|
|
4,379,212 |
| ||
|
|
|
Total Investments (cost $263,470,440) - 139.8% |
|
|
|
|
|
|
|
272,498,482 |
| ||
|
|
|
Borrowings - (41.8)% (9), (10) |
|
|
|
|
|
|
|
(81,500,000 |
) | ||
|
|
|
Other Assets Less Liabilities - 2.0% (11) |
|
|
|
|
|
|
|
3,977,367 |
| ||
|
|
|
Net Assets - 100% |
|
|
|
|
|
|
|
$ 194,975,849 |
| ||
Investments in Derivatives as of March 31, 2015
Futures Contracts outstanding:
|
|
|
|
|
|
|
|
|
|
|
Variation |
|
Unrealized |
|
|
|
|
Contract |
|
Number of |
|
Contract |
|
Notional |
|
Receivable/ |
|
Appreciation |
|
|
Description |
|
Position |
|
Contracts |
|
Expiration |
|
Amount at Value |
|
(Payable) |
|
(Depreciation) |
|
|
5-Year U.S. Treasury Note |
|
Short |
|
(75) |
|
6/15 |
|
$ (9,015,820) |
|
$ (15,234) |
|
$ (78,500) |
|
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 (12) |
|
Date |
|
(Depreciation) |
|
|
JPMorgan |
|
$ 29,250,000 |
|
Receive |
|
1-Month USD-LIBOR-BBA |
|
1.462% |
|
Monthly |
|
12/01/15 |
|
12/01/20 |
|
$ (305,103) |
|
|
JPMorgan |
|
29,250,000 |
|
Receive |
|
1-Month USD-LIBOR-BBA |
|
1.842 |
|
Monthly |
|
12/01/15 |
|
12/01/22 |
|
(564,892) |
|
|
|
|
$ 58,500,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ (869,995) |
|
|
|
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). | |||||||||||||||||||||||||
|
|
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 |
|
$ 102,194,928 |
|
$ 33,027,909 |
|
$ - |
|
$ 135,222,837 |
| |||||||||||||||
|
|
|
Convertible Preferred Securities |
|
10,018,444 |
|
679,621 |
|
- |
|
10,698,065 |
| |||||||||||||||
|
|
|
$25 Par (or similar) Retail Preferred |
|
55,637,753 |
|
2,663,044 |
|
- |
|
58,300,797 |
| |||||||||||||||
|
|
|
Convertible Bonds |
|
- |
|
1,816,631 |
|
- |
|
1,816,631 |
| |||||||||||||||
|
|
|
Corporate Bonds |
|
- |
|
48,768,555 |
|
- |
|
48,768,555 |
| |||||||||||||||
|
|
|
$1,000 Par (or similar) Institutional Preferred |
|
- |
|
11,155,886 |
|
- |
|
11,155,886 |
| |||||||||||||||
|
|
|
Investment Companies |
|
2,156,499 |
|
- |
|
- |
|
2,156,499 |
| |||||||||||||||
|
|
|
Short-Term Investments: |
|
|
|
|
|
|
|
|
| |||||||||||||||
|
|
|
Repurchase Agreements |
|
- |
|
4,379,212 |
|
- |
|
4,379,212 |
| |||||||||||||||
|
|
|
Investments in Derivatives: |
|
|
|
|
|
|
|
|
| |||||||||||||||
|
|
|
Futures Contracts* |
|
(78,500 |
) |
- |
|
- |
|
(78,500 |
) | |||||||||||||||
|
|
|
Interest Rate Swaps* |
|
- |
|
(869,995 |
) |
- |
|
(869,995 |
) | |||||||||||||||
|
|
|
Total |
|
$ 169,929,124 |
|
$ 101,620,863 |
|
$ - |
|
$ 271,549,987 |
| |||||||||||||||
|
|
|
* 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 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 the Adviser 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) |
| |||||||||||
|
|
|
Common Stocks |
|
$ 1,026,565 |
|
$ (1,654,095 |
) |
$ 1,654,095 |
|
$ (1,026,565 |
) |
$ — |
|
$ — |
| |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
|
|
|
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, 2015, the cost of investments (excluding investments in derivatives) was $264,589,902. | ||||||||||||||||||||||||
|
|
|
Gross unrealized appreciation and gross unrealized depreciation of investments (excluding investments in derivatives) as of March 31, 2015, were as follows: | ||||||||||||||||||||||||
|
|
|
| ||||||||||||||||||||||||
|
|
|
Gross unrealized: |
|
|
| |||||||||||||||||||||
|
|
|
Appreciation |
|
$ 14,572,957 |
| |||||||||||||||||||||
|
|
|
Depreciation |
|
(6,664,377 |
) | |||||||||||||||||||||
|
|
|
|
|
|
| |||||||||||||||||||||
|
|
|
Net unrealized appreciation (depreciation) of investments |
|
$ 7,908,580 |
| |||||||||||||||||||||
|
|
|
|
|
|
| |||||||||||||||||||||
|
|
|
|
|
|
| |||||||||||||||||||||
|
|
|
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) |
Investment, or portion of investment, is out on loan. The total value of investments out on loan as of the end of the reporting period was $209,600. | |||||||||||||||||||||||
|
|
|
(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, 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 on its website at http://www.sec.gov. | |||||||||||||||||||||||
|
|
|
(9) |
Borrowings as a percentage of Total Investments is 29.9%. | |||||||||||||||||||||||
|
|
|
(10) |
The Fund may pledge up to 100% of its eligible investments (excluding any investments separately pledged as collateral for specific investments in derivatives) in the Portfolio of Investments as collateral for Borrowings. As of the end of the reporting period, investments with a value of $167,739,569 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. | |||||||||||||||||||||||
|
|
|
(12) |
Effective date represents the date on which both the Fund and counterparty commence interest payment accruals on each contract. | |||||||||||||||||||||||
|
|
|
N/A |
Not applicable | |||||||||||||||||||||||
|
|
|
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 |
Pound Sterling | |||||||||||||||||||||||
|
|
|
NOK |
Norwegian Krone | |||||||||||||||||||||||
|
|
|
USD-LIBOR-BBA |
United States Dollar — London Inter-Bank Offered Rate British Bankers’ Association. | |||||||||||||||||||||||
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 29, 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.
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By (Signature and Title) |
/s/ Gifford R. Zimmerman |
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Gifford R. Zimmerman |
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Chief Administrative Officer (principal executive officer) |
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Date: May 29, 2015
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By (Signature and Title) |
/s/ Stephen D. Foy |
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Stephen D. Foy |
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Vice President and Controller (principal financial officer) |
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Date: May 29, 2015