UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORMN-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-07619
Nuveen Investment Trust
(Exact name of registrant as specified in charter)
Nuveen Investments
333 West Wacker Drive, Chicago, IL 60606
(Address of principal executive offices) (Zip code)
Christopher M. Rohrbacher
Vice President and Secretary
333 West Wacker Drive,
Chicago, IL 60606
(Name and address of agent for service)
Registrant’s telephone number, including area code:(312) 917-7700
Date of fiscal year end: August 31
Date of reporting period: August 31, 2019
FormN-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule30e-1 under the Investment Company Act of 1940 (17 CFR270.30e-1). The Commission may use the information provided on FormN-CSR in its regulatory, disclosure review, inspection, and policy making roles.
A registrant is required to disclose the information specified by FormN-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in FormN-CSR 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 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. ss.3507.
ITEM 1. REPORTS TO STOCKHOLDERS.
Fund Name | Class A | Class C | Class R3 | Class R6 | Class I |
Nuveen Large Cap Value Fund | NNGAX | NNGCX | NMMTX | NNGFX | NNGRX |
Nuveen Large Cap Core Fund | NLACX | NLCDX | — | NLCFX | NLCIX |
Nuveen Large Cap Growth Fund | NLAGX | NLCGX | — | NLAFX | NLIGX |
Nuveen Equity Long/Short Fund | NELAX | NELCX | — | — | NELIX |
Nuveen Equity Market Neutral Fund | NMAEX | NMECX | — | — | NIMEX |
Average Annual | |||
1-Year | 5-Year | 10-Year | |
Class A Shares at NAV | (13.60)% | 3.78% | 9.76% |
Class A Shares at maximum Offering Price | (18.57)% | 2.55% | 9.11% |
Russell 1000® Value Index | 0.62% | 6.59% | 11.49% |
Lipper Multi-Cap Value Funds Classification Average | (4.37)% | 5.09% | 10.20% |
Class C Shares | (14.24)% | 3.00% | 8.94% |
Class R3 Shares | (13.81)% | 3.52% | 9.48% |
Class I Shares | (13.40)% | 4.03% | 10.03% |
Average Annual | ||
1-Year | Since Inception | |
Class R6 Shares | (13.35)% | 8.14% |
Average Annual | |||
1-Year | 5-Year | 10-Year | |
Class A Shares at NAV | (9.53)% | 5.22% | 9.82% |
Class A Shares at maximum Offering Price | (14.74)% | 3.99% | 9.17% |
Class C Shares | (10.21)% | 4.43% | 9.00% |
Class R3 Shares | (9.76)% | 4.96% | 9.55% |
Class I Shares | (9.30)% | 5.49% | 10.10% |
Average Annual | ||
1-Year | Since Inception | |
Class R6 Shares | (9.25)% | 9.26% |
Share Class | |||||
Class A | Class C | Class R3 | Class R6 | Class I | |
Gross Expense Ratios | 1.05% | 1.80% | 1.30% | 0.76% | 0.80% |
Net Expense Ratios | 1.00% | 1.75% | 1.25% | 0.71% | 0.75% |
Average Annual | |||
1-Year | 5-Year | Since Inception | |
Class A Shares at NAV | (13.31)% | 5.94% | 10.06% |
Class A Shares at maximum Offering Price | (18.29)% | 4.69% | 9.01% |
Russell 1000® Index | 2.49% | 9.85% | 11.96% |
Lipper Multi-Cap Core Funds Classification Average | (0.32)% | 7.33% | 9.74% |
Class C Shares | (13.98)% | 5.15% | 9.23% |
Class I Shares | (13.09)% | 6.20% | 10.33% |
Average Annual | ||
1-Year | Since Inception | |
Class R6 Shares | (13.02)% | 10.04% |
Average Annual | |||
1-Year | 5-Year | Since Inception | |
Class A Shares at NAV | (10.82)% | 6.93% | 10.31% |
Class A Shares at maximum Offering Price | (15.95)% | 5.68% | 9.28% |
Class C Shares | (11.49)% | 6.14% | 9.49% |
Class I Shares | (10.59)% | 7.21% | 10.59% |
Average Annual | ||
1-Year | Since Inception | |
Class R6 Shares | (10.52)% | 10.55% |
Share Class | ||||
Class A | Class C | Class R6 | Class I | |
Gross Expense Ratios | 1.01% | 1.76% | 0.71% | 0.76% |
Net Expense Ratios | 0.98% | 1.73% | 0.68% | 0.73% |
Average Annual | |||
1-Year | 5-Year | Since Inception | |
Class A Shares at NAV | (6.86)% | 8.12% | 11.67% |
Class A Shares at maximum Offering Price | (12.21)% | 6.84% | 10.61% |
Russell 1000® Growth Index | 4.27% | 13.06% | 14.87% |
Lipper Multi-Cap Growth Funds Classification Average | 2.52% | 10.15% | 12.47% |
Class C Shares | (7.55)% | 7.31% | 10.84% |
Class I Shares | (6.62)% | 8.39% | 11.95% |
Average Annual | ||
1-Year | Since Inception | |
Class R6 Shares | (6.54)% | 13.60% |
Average Annual | |||
1-Year | 5-Year | Since Inception | |
Class A Shares at NAV | (4.58)% | 9.03% | 11.84% |
Class A Shares at maximum Offering Price | (10.06)% | 7.75% | 10.79% |
Class C Shares | (5.30)% | 8.22% | 11.00% |
Class I Shares | (4.34)% | 9.31% | 12.11% |
Average Annual | ||
1-Year | Since Inception | |
Class R6 Shares | (4.27)% | 13.88% |
Share Class | ||||
Class A | Class C | Class R6 | Class I | |
Gross Expense Ratios | 1.12% | 1.87% | 0.78% | 0.87% |
Net Expense Ratios | 0.99% | 1.74% | 0.65% | 0.74% |
Average Annual | |||
1-Year | 5-Year | 10-Year | |
Class A Shares at NAV | (7.65)% | 5.74% | 8.59% |
Class A Shares at maximum Offering Price | (12.96)% | 4.49% | 7.94% |
Russell 1000® Index | 2.49% | 9.85% | 13.49% |
Lipper Alternative Long/Short Equity Funds Classification Average | (1.96)% | 3.03% | 5.69% |
Class C Shares | (8.33)% | 4.95% | 7.77% |
Class I Shares | (7.44)% | 6.00% | 8.85% |
Average Annual | |||
1-Year | 5-Year | 10-Year | |
Class A Shares at NAV | (8.04)% | 5.92% | 8.27% |
Class A Shares at maximum Offering Price | (13.33)% | 4.68% | 7.63% |
Class C Shares | (8.71)% | 5.13% | 7.46% |
Class I Shares | (7.81)% | 6.19% | 8.54% |
Share Class | |||
Class A | Class C | Class I | |
Gross Expense Ratios | 2.73% | 3.47% | 2.47% |
Net Expense Ratios | 2.63% | 3.37% | 2.37% |
Average Annual | |||
1-Year | 5-Year | Since Inception | |
Class A Shares at NAV | (3.35)% | 2.99% | 3.57% |
Class A Shares at maximum Offering Price | (8.91)% | 1.78% | 2.59% |
ICE BofAML 3-Month U.S. Treasury Bill Index | 2.36% | 0.95% | 0.77% |
Lipper Alternative Equity Market Neutral Funds Classification Average | (3.65)% | (1.40)% | 1.07% |
Class C Shares | (4.05)% | 2.23% | 2.81% |
Class I Shares | (3.11)% | 3.24% | 3.83% |
Average Annual | |||
1-Year | 5-Year | Since Inception | |
Class A Shares at NAV | (3.46)% | 2.97% | 3.59% |
Class A Shares at maximum Offering Price | (9.01)% | 1.76% | 2.62% |
Class C Shares | (4.16)% | 2.20% | 2.82% |
Class I Shares | (3.21)% | 3.23% | 3.85% |
Share Class | |||
Class A | Class C | Class I | |
Gross Expense Ratios | 2.71% | 3.46% | 2.45% |
Net Expense Ratios | 2.55% | 3.30% | 2.29% |
Fund Allocation (% of net assets) | |
Common Stocks | 98.8% |
Repurchase Agreements | 1.0% |
Other Assets Less Liabilities | 0.2% |
Net Assets | 100% |
Portfolio Composition (% of net assets) | |
Banks | 9.3% |
Machinery | 8.1% |
Consumer Finance | 5.5% |
Insurance | 4.5% |
Technology Hardware, Storage & Peripherals | 4.4% |
Semiconductors & Semiconductor Equipment | 4.1% |
Capital Markets | 3.9% |
Pharmaceuticals | 3.5% |
IT Services | 3.5% |
Oil, Gas & Consumable Fuels | 3.4% |
Health Care Providers & Services | 3.3% |
Metals & Mining | 3.2% |
Diversified Telecommunication Services | 3.0% |
Specialty Retail | 2.9% |
Automobiles | 2.7% |
Biotechnology | 2.4% |
Media | 2.4% |
Airlines | 2.2% |
Household Durables | 2.2% |
Containers & Packaging | 2.1% |
Internet & Direct Marketing Retail | 2.0% |
Road & Rail | 2.0% |
Other | 18.2% |
Repurchase Agreements | 1.0% |
Other Assets Less Liabilities | 0.2% |
Net Assets | 100% |
Top Five Common Stock Holdings (% of net assets) | |
AT&T Inc | 3.0% |
Bank of America Corp | 2.8% |
Wells Fargo & Co | 2.4% |
Citigroup Inc. | 2.2% |
Intel Corp | 2.1% |
Fund Allocation (% of net assets) | |
Common Stocks | 99.8% |
Repurchase Agreements | 0.0% |
Other Assets Less Liabilities | 0.2% |
Net Assets | 100% |
Portfolio Composition (% of net assets) | |
Biotechnology | 6.8% |
Machinery | 5.7% |
Technology Hardware, Storage & Peripherals | 5.6% |
Internet & Direct Marketing Retail | 5.6% |
IT Services | 5.4% |
Software | 5.4% |
Semiconductors & Semiconductor Equipment | 4.5% |
Health Care Providers & Services | 4.3% |
Consumer Finance | 4.2% |
Interactive Media & Services | 4.0% |
Oil, Gas & Consumable Fuels | 3.9% |
Capital Markets | 2.8% |
Insurance | 2.7% |
Hotels, Restaurants & Leisure | 2.6% |
Real Estate Management & Development | 2.1% |
Metals & Mining | 2.1% |
Containers & Packaging | 2.1% |
Media | 2.1% |
Road & Rail | 2.1% |
Entertainment | 1.9% |
Specialty Retail | 1.9% |
Communications Equipment | 1.7% |
Banks | 1.6% |
Other | 18.7% |
Repurchase Agreements | 0.0% |
Other Assets Less Liabilities | 0.2% |
Net Assets | 100% |
Top Five Common Stock Holdings (% of net assets) | |
Microsoft Corp | 3.3% |
Apple Inc. | 2.6% |
Mastercard Inc. | 1.9% |
Amazoncom Inc. | 1.9% |
Alphabet Inc. | 1.8% |
Fund Allocation (% of net assets) | |
Common Stocks | 99.2% |
Repurchase Agreements | 0.7% |
Other Assets Less Liabilities | 0.1% |
Net Assets | 100% |
Portfolio Composition (% of net assets) | |
Software | 9.9% |
Biotechnology | 9.2% |
Internet & Direct Marketing Retail | 7.9% |
IT Services | 7.6% |
Technology Hardware, Storage & Peripherals | 7.1% |
Interactive Media & Services | 6.1% |
Semiconductors & Semiconductor Equipment | 5.6% |
Machinery | 3.2% |
Capital Markets | 3.2% |
Media | 3.2% |
Hotels, Restaurants & Leisure | 3.0% |
Consumer Finance | 3.0% |
Pharmaceuticals | 2.8% |
Health Care Providers & Services | 2.7% |
Communications Equipment | 2.5% |
Household Durables | 2.2% |
Real Estate Management & Development | 2.1% |
Other | 17.9% |
Repurchase Agreements | 0.7% |
Other Assets Less Liabilities | 0.1% |
Net Assets | 100% |
Top Five Common Stock Holdings (% of net assets) | |
Microsoft Corp | 7.3% |
Apple Inc. | 6.1% |
Alphabet Inc. | 3.5% |
Amazoncom Inc. | 3.5% |
Mastercard Inc. | 2.8% |
Fund Allocation (% of net assets) | |
Long-Term Investments | |
Common Stocks | 133.4% |
Total Long Exposure | 133.4% |
Short-Term Investments | |
Repurchase Agreements | 18.8% |
Total Investments | 152.2% |
Securities Sold Short | |
Common Stocks Sold Short | (68.4)% |
Total Short Exposure | (68.4)% |
Other Assets Less Liabilities | 16.2% |
Net Assets | 100% |
Top Five Holdings - Long Exposure (% of net assets) | |
Microsoft Corp | 3.8% |
Apple Inc. | 1.8% |
Mastercard Inc. | 1.8% |
Merck & Co Inc. | 1.7% |
Comcast Corp | 1.6% |
Top Five Holdings - Short Exposure (% of net assets) | |
Weyerhaeuser Co | (0.8)% |
Air Lease Corp | (0.8)% |
United Parcel Service Inc. | (0.8)% |
JB Hunt Transport Services Inc. | (0.8)% |
Sirius Xm Holdings Inc. | (0.8)% |
Portfolio Composition Long Exposure (% of net assets) | |
IT Services | 10.7% |
Software | 10.1% |
Biotechnology | 6.7% |
Machinery | 6.1% |
Banks | 5.3% |
Interactive Media & Services | 5.3% |
Pharmaceuticals | 5.2% |
Internet & Direct Marketing Retail | 5.0% |
Hotels, Restaurants & Leisure | 4.8% |
Media | 4.5% |
Health Care Providers & Services | 4.4% |
Capital Markets | 4.2% |
Food & Staples Retailing | 3.9% |
Specialty Retail | 3.2% |
Semiconductors & Semiconductor Equipment | 2.9% |
Metals & Mining | 2.9% |
Technology Hardware, Storage & Peripherals | 2.9% |
Building Products | 2.7% |
Communications Equipment | 2.7% |
Industrial Conglomerates | 2.6% |
Equity Real Estate Investment Trust | 2.6% |
Oil, Gas & Consumable Fuels | 2.4% |
Independent Power & Renewable Electricity Producers | 2.2% |
Real Estate Management & Development | 2.2% |
Household Durables | 2.2% |
Airlines | 2.2% |
Health Care Equipment & Supplies | 2.0% |
Consumer Finance | 2.0% |
Other | 19.5% |
Total | 133.4% |
Portfolio Composition Short Exposure (% of net assets) | |
Software | (6.8)% |
Food Products | (5.0)% |
Entertainment | (3.4)% |
Biotechnology | (3.4)% |
Health Care Equipment & Supplies | (3.2)% |
Electronic Equipment, Instruments & Components | (3.0)% |
Road & Rail | (2.9)% |
Specialty Retail | (2.9)% |
IT Services | (2.8)% |
Multiline Retail | (2.1)% |
Energy Equipment & Services | (1.9)% |
Machinery | (1.9)% |
Oil, Gas & Consumable Fuels | (1.9)% |
Air Freight & Logistics | (1.5)% |
Leisure Products | (1.5)% |
Trading Companies & Distributors | (1.5)% |
Capital Markets | (1.5)% |
Household Products | (1.5)% |
Other | (19.7)% |
Total | (68.4)% |
Fund Allocation (% of net assets) | |
Long-Term Investments | |
Common Stocks | 84.1% |
Total Long Exposure | 84.1% |
Short-Term Investments | |
Repurchase Agreements | 16.5% |
Total Investments | 100.6% |
Securities Sold Short | |
Common Stocks Sold Short | (79.7)% |
Total Short Exposure | (79.7)% |
Other Assets Less Liabilities | 79.1% |
Net Assets | 100% |
Top Five Holdings - Long Exposure (% of net assets) | |
NVR Inc. | 1.1% |
Allison Transmission Holdings Inc. | 1.0% |
International Paper Co | 1.0% |
AGCO Corp | 1.0% |
FleetCor Technologies Inc. | 1.0% |
Top Five Holdings - Short Exposure (% of net assets) | |
Targa Resources Corp | (1.0)% |
Virtu Financial Inc. | (1.0)% |
Rollins Inc. | (1.0)% |
Hess Corp | (1.0)% |
Brunswick Corp | (1.0)% |
Portfolio Composition Long Exposure (% of net assets) | |
Machinery | 6.0% |
Biotechnology | 4.5% |
Consumer Finance | 4.5% |
Insurance | 4.1% |
IT Services | 4.0% |
Health Care Providers & Services | 3.7% |
Semiconductors & Semiconductor Equipment | 3.6% |
Metals & Mining | 3.6% |
Media | 3.6% |
Oil, Gas & Consumable Fuels | 3.3% |
Capital Markets | 3.1% |
Household Durables | 2.9% |
Technology Hardware, Storage & Peripherals | 2.9% |
Internet & Direct Marketing Retail | 2.7% |
Pharmaceuticals | 2.1% |
Containers & Packaging | 1.9% |
Hotels, Restaurants & Leisure | 1.8% |
Entertainment | 1.8% |
Real Estate Management & Development | 1.7% |
Construction & Engineering | 1.5% |
Software | 1.3% |
Other | 19.5% |
Total | 84.1% |
Portfolio Composition Short Exposure (% of net assets) | |
Software | (6.5)% |
Food Products | (5.1)% |
Entertainment | (4.5)% |
Biotechnology | (4.1)% |
Health Care Equipment & Supplies | (3.8)% |
Specialty Retail | (3.6)% |
Road & Rail | (3.5)% |
Oil, Gas & Consumable Fuels | (2.8)% |
Electronic Equipment, Instruments & Components | (2.7)% |
Machinery | (2.7)% |
Energy Equipment & Services | (2.4)% |
Chemicals | (2.0)% |
Leisure Products | (1.9)% |
Commercial Services & Supplies | (1.9)% |
Hotels, Restaurants & Leisure | (1.8)% |
Air Freight & Logistics | (1.8)% |
Multi-Utilities | (1.8)% |
Media | (1.7)% |
Semiconductors & Semiconductor Equipment | (1.7)% |
Multiline Retail | (1.7)% |
Household Durables | (1.7)% |
Other | (19.9)% |
Total | (79.7)% |
Share Class | |||||
Class A | Class C | Class R3 | Class R6 | Class I | |
Actual Performance | |||||
Beginning Account Value | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value | $948.24 | $944.65 | $947.09 | $949.84 | $949.35 |
Expenses Incurred During the Period | $4.91 | $8.58 | $6.13 | $3.39 | $3.69 |
Hypothetical Performance (5% annualized return before expenses) | |||||
Beginning Account Value | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value | $1,020.16 | $1,016.38 | $1,018.90 | $1,021.73 | $1,021.42 |
Expenses Incurred During the Period | $5.09 | $8.89 | $6.36 | $3.52 | $3.82 |
Share Class | ||||
Class A | Class C | Class R6 | Class I | |
Actual Performance | ||||
Beginning Account Value | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value | $963.19 | $959.55 | $964.75 | $964.37 |
Expenses Incurred During the Period | $4.85 | $8.54 | $3.27 | $3.61 |
Hypothetical Performance (5% annualized return before expenses) | ||||
Beginning Account Value | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value | $1,020.27 | $1,016.48 | $1,021.88 | $1,021.53 |
Expenses Incurred During the Period | $4.99 | $8.79 | $3.36 | $3.72 |
Share Class | ||||
Class A | Class C | Class R6 | Class I | |
Actual Performance | ||||
Beginning Account Value | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value | $1,021.58 | $1,017.84 | $1,023.46 | $1,023.11 |
Expenses Incurred During the Period | $5.04 | $8.85 | $3.32 | $3.77 |
Hypothetical Performance (5% annualized return before expenses) | ||||
Beginning Account Value | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value | $1,020.21 | $1,016.43 | $1,021.93 | $1,021.48 |
Expenses Incurred During the Period | $5.04 | $8.84 | $3.31 | $3.77 |
Share Class | |||
Class A | Class C | Class I | |
Actual Performance | |||
Beginning Account Value | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value | $1,015.00 | $1,011.17 | $1,016.30 |
Expenses Incurred During the Period | $13.92 | $17.69 | $12.65 |
Hypothetical Performance (5% annualized return before expenses) | |||
Beginning Account Value | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value | $1,011.39 | $1,007.61 | $1,012.65 |
Expenses Incurred During the Period | $13.89 | $17.66 | $12.63 |
Share Class | |||
Class A | Class C | Class I | |
Actual Performance | |||
Beginning Account Value | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value | $996.19 | $992.49 | $997.50 |
Expenses Incurred During the Period | $13.74 | $17.48 | $12.44 |
Hypothetical Performance (5% annualized return before expenses) | |||
Beginning Account Value | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value | $1,011.44 | $1,007.66 | $1,012.75 |
Expenses Incurred During the Period | $13.84 | $17.61 | $12.53 |
Shares | Description (1) | Value | ||||
LONG-TERM INVESTMENTS – 98.8% | ||||||
COMMON STOCKS – 98.8% | ||||||
Aerospace & Defense – 1.0% | ||||||
46,000 | Spirit AeroSystems Holdings Inc. | $3,707,600 | ||||
Airlines – 2.2% | ||||||
80,000 | Southwest Airlines Co | 4,185,600 | ||||
48,000 | United Airlines Holdings Inc., (2) | 4,046,880 | ||||
Total Airlines | 8,232,480 | |||||
Automobiles – 2.7% | ||||||
546,000 | Ford Motor Co | 5,006,820 | ||||
139,000 | General Motors Co | 5,155,510 | ||||
Total Automobiles | 10,162,330 | |||||
Banks – 9.3% | ||||||
378,000 | Bank of America Corp | 10,398,780 | ||||
10,000 | CIT Group Inc. | 425,900 | ||||
126,000 | Citigroup Inc. | 8,108,100 | ||||
23,000 | JPMorgan Chase & Co | 2,526,780 | ||||
74,000 | Popular Inc | 3,890,180 | ||||
192,000 | Wells Fargo & Co | 8,941,440 | ||||
Total Banks | 34,291,180 | |||||
Biotechnology – 2.4% | ||||||
19,000 | Amgen Inc. | 3,963,780 | ||||
20,000 | Biogen Inc., (2) | 4,395,000 | ||||
26,000 | Exelixis Inc., (2) | 516,100 | ||||
Total Biotechnology | 8,874,880 | |||||
Building Products – 1.0% | ||||||
90,000 | Masco Corp | 3,665,700 | ||||
Capital Markets – 3.9% | ||||||
32,000 | Ameriprise Financial Inc | 4,127,360 | ||||
110,000 | Legg Mason Inc. | 4,046,900 | ||||
123,000 | Morgan Stanley | 5,103,270 | ||||
11,000 | T Rowe Price Group Inc | 1,216,820 | ||||
Total Capital Markets | 14,494,350 | |||||
Communications Equipment – 1.0% | ||||||
76,000 | Cisco Systems Inc. | 3,557,560 |
Shares | Description (1) | Value | ||||
Consumer Finance – 5.5% | ||||||
55,000 | Capital One Financial Corp | $4,764,100 | ||||
8,000 | Credit Acceptance Corp, (2) | 3,621,200 | ||||
52,000 | Discover Financial Services | 4,158,440 | ||||
294,000 | Navient Corp | 3,745,560 | ||||
127,000 | Synchrony Financial | 4,070,350 | ||||
Total Consumer Finance | 20,359,650 | |||||
Containers & Packaging – 2.1% | ||||||
93,000 | Berry Global Group Inc., (2) | 3,640,020 | ||||
101,000 | International Paper Co | 3,949,100 | ||||
Total Containers & Packaging | 7,589,120 | |||||
Diversified Consumer Services – 0.9% | ||||||
137,000 | H&R Block Inc | 3,318,140 | ||||
Diversified Financial Services – 1.0% | ||||||
19,000 | Berkshire Hathaway Inc, (2) | 3,864,790 | ||||
Diversified Telecommunication Services – 3.0% | ||||||
310,000 | AT&T Inc | 10,930,600 | ||||
Electrical Equipment – 1.1% | ||||||
55,000 | Regal Beloit Corp | 3,899,500 | ||||
Electronic Equipment, Instruments & Components – 1.1% | ||||||
141,000 | Jabil Inc. | 4,062,210 | ||||
Entertainment – 2.0% | ||||||
143,000 | Viacom Inc. | 3,572,140 | ||||
652,000 | Zynga Inc., (2) | 3,722,920 | ||||
Total Entertainment | 7,295,060 | |||||
Food & Staples Retailing – 0.2% | ||||||
7,000 | Walmart Inc. | 799,820 | ||||
Health Care Providers & Services – 3.3% | ||||||
4,900 | AmerisourceBergen Corp | 403,123 | ||||
90,000 | Cardinal Health Inc. | 3,881,700 | ||||
31,000 | HCA Inc. | 3,726,200 | ||||
31,000 | McKesson Corp | 4,286,370 | ||||
Total Health Care Providers & Services | 12,297,393 | |||||
Household Durables – 2.2% | ||||||
114,000 | PulteGroup Inc. | 3,853,200 | ||||
30,000 | Whirlpool Corp | 4,172,700 | ||||
Total Household Durables | 8,025,900 |
Shares | Description (1) | Value | ||||
Household Products – 0.2% | ||||||
5,000 | Procter & Gamble Co | $601,150 | ||||
Independent Power & Renewable Electricity Producers – 1.1% | ||||||
260,000 | AES Corp | 3,985,800 | ||||
Industrial Conglomerates – 1.0% | ||||||
26,000 | Carlisle Cos Inc. | 3,768,960 | ||||
Insurance – 4.5% | ||||||
90,000 | Aflac Inc | 4,516,200 | ||||
87,000 | Assured Guaranty Ltd | 3,701,850 | ||||
68,000 | Lincoln National Corp | 3,595,840 | ||||
110,000 | MetLife Inc. | 4,873,000 | ||||
1,000 | Primerica Inc. | 119,170 | ||||
Total Insurance | 16,806,060 | |||||
Internet & Direct Marketing Retail – 2.0% | ||||||
96,000 | eBay Inc. | 3,867,840 | ||||
28,000 | Expedia Group Inc. | 3,642,800 | ||||
Total Internet & Direct Marketing Retail | 7,510,640 | |||||
IT Services – 3.5% | ||||||
50,000 | Booz Allen Hamilton Holding Corp | 3,775,500 | ||||
37,000 | International Business Machines Corp | 5,014,610 | ||||
20,000 | VeriSign Inc., (2) | 4,077,000 | ||||
Total IT Services | 12,867,110 | |||||
Machinery – 8.1% | ||||||
56,000 | AGCO Corp | 3,870,720 | ||||
44,000 | Caterpillar Inc | 5,236,000 | ||||
30,000 | Cummins Inc. | 4,478,100 | ||||
54,000 | Oshkosh Corp | 3,794,580 | ||||
69,000 | PACCAR Inc. | 4,523,640 | ||||
26,000 | Parker-Hannifin Corp | 4,310,020 | ||||
94,000 | Timken Co | 3,776,920 | ||||
Total Machinery | 29,989,980 | |||||
Media – 2.4% | ||||||
22,000 | Comcast Corp | 973,720 | ||||
143,000 | Discovery Inc., (2) | 3,946,800 | ||||
50,000 | Omnicom Group Inc. | 3,803,000 | ||||
Total Media | 8,723,520 | |||||
Metals & Mining – 3.2% | ||||||
81,000 | Nucor Corp | 3,967,380 | ||||
42,000 | Reliance Steel & Aluminum Co | 4,083,660 |
Shares | Description (1) | Value | ||||
Metals & Mining (continued) | ||||||
138,000 | Steel Dynamics Inc. | $3,726,000 | ||||
Total Metals & Mining | 11,777,040 | |||||
Multiline Retail – 1.4% | ||||||
49,000 | Target Corp | 5,244,960 | ||||
Oil, Gas & Consumable Fuels – 3.4% | ||||||
15,000 | ConocoPhillips | 782,700 | ||||
102,000 | CONSOL Energy Inc, (2) | 1,709,520 | ||||
298,000 | EQT Corp | 3,030,660 | ||||
885,000 | Extraction Oil & Gas Inc., (2) | 3,566,550 | ||||
13,000 | Exxon Mobil Corp | 890,240 | ||||
378,000 | Gulfport Energy Corp, (2) | 907,200 | ||||
101,000 | Parsley Energy Inc. | 1,808,910 | ||||
Total Oil, Gas & Consumable Fuels | 12,695,780 | |||||
Paper & Forest Products – 0.6% | ||||||
63,000 | Domtar Corp | 2,075,850 | ||||
Pharmaceuticals – 3.5% | ||||||
104,000 | Bristol-Myers Squibb Co | 4,999,280 | ||||
28,000 | Jazz Pharmaceuticals PLC, (2) | 3,588,200 | ||||
8,000 | Johnson & Johnson | 1,026,880 | ||||
38,000 | Merck & Co Inc. | 3,285,860 | ||||
Total Pharmaceuticals | 12,900,220 | |||||
Professional Services – 1.1% | ||||||
49,000 | ManpowerGroup Inc. | 4,005,260 | ||||
Real Estate Management & Development – 1.3% | ||||||
79,000 | CBRE Group Inc., (2) | 4,129,330 | ||||
6,000 | Jones Lang LaSalle Inc. | 804,300 | ||||
Total Real Estate Management & Development | 4,933,630 | |||||
Road & Rail – 2.0% | ||||||
34,000 | Genesee & Wyoming Inc., (2) | 3,769,920 | ||||
22,000 | Union Pacific Corp | 3,563,120 | ||||
Total Road & Rail | 7,333,040 | |||||
Semiconductors & Semiconductor Equipment – 4.1% | ||||||
167,000 | Intel Corp | 7,917,470 | ||||
18,000 | Lam Research Corp | 3,789,180 | ||||
35,000 | NXP Semiconductors NV | 3,574,900 | ||||
Total Semiconductors & Semiconductor Equipment | 15,281,550 | |||||
Software – 0.3% | ||||||
8,000 | VMware Inc., (2) | 1,131,520 |
Shares | Description (1) | Value | ||||
Specialty Retail – 2.9% | ||||||
3,000 | AutoZone Inc., (2) | $3,305,070 | ||||
61,000 | Best Buy Co Inc. | 3,882,650 | ||||
39,000 | Murphy USA Inc., (2) | 3,486,600 | ||||
Total Specialty Retail | 10,674,320 | |||||
Technology Hardware, Storage & Peripherals – 4.4% | ||||||
76,000 | Dell Technologies Inc., (2) | 3,916,280 | ||||
313,000 | Hewlett Packard Enterprise Co | 4,325,660 | ||||
232,000 | HP Inc | 4,243,280 | ||||
116,000 | NCR Corp, (2) | 3,655,160 | ||||
Total Technology Hardware, Storage & Peripherals | 16,140,380 | |||||
Thrifts & Mortgage Finance – 1.0% | ||||||
299,000 | MGIC Investment Corp | 3,782,350 | ||||
Wireless Telecommunication Services – 0.9% | ||||||
132,000 | Telephone & Data Systems Inc. | 3,326,400 | ||||
Total Long-Term Investments (cost $360,138,249) | 364,983,783 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Value | ||
SHORT-TERM INVESTMENTS – 1.0% | ||||||
REPURCHASE AGREEMENTS – 1.0% | ||||||
$3,528 | Repurchase Agreement with Fixed Income Clearing Corporation, dated 8/30/19, repurchase price $3,528,038, collateralized by $3,410,000 U.S. Treasury Notes, 2.750%, due 4/30/23, value $3,598,212 | 1.050% | 9/03/19 | $3,527,626 | ||
Total Short-Term Investments (cost $3,527,626) | 3,527,626 | |||||
Total Investments (cost $363,665,875) – 99.8% | 368,511,409 | |||||
Other Assets Less Liabilities – 0.2% | 720,792 | |||||
Net Assets – 100% | $369,232,201 |
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. |
Shares | Description (1) | Value | ||||
LONG-TERM INVESTMENTS – 99.8% | ||||||
COMMON STOCKS – 99.8% | ||||||
Airlines – 1.1% | ||||||
179,000 | Southwest Airlines Co | $9,365,280 | ||||
Automobiles – 1.2% | ||||||
14,000 | Ford Motor Co | 128,380 | ||||
277,000 | General Motors Co | 10,273,930 | ||||
Total Automobiles | 10,402,310 | |||||
Banks – 1.6% | ||||||
392,000 | Bank of America Corp | 10,783,920 | ||||
30,000 | JPMorgan Chase & Co | 3,295,800 | ||||
Total Banks | 14,079,720 | |||||
Biotechnology – 6.8% | ||||||
178,000 | AbbVie Inc. | 11,701,720 | ||||
47,000 | Amgen Inc. | 9,805,140 | ||||
44,000 | Biogen Inc., (2) | 9,669,000 | ||||
109,000 | Celgene Corp, (2) | 10,551,200 | ||||
397,000 | Exelixis Inc., (2) | 7,880,450 | ||||
111,000 | Incyte Corp, (2) | 9,082,020 | ||||
Total Biotechnology | 58,689,530 | |||||
Building Products – 0.6% | ||||||
123,000 | Masco Corp | 5,009,790 | ||||
Capital Markets – 2.8% | ||||||
113,000 | Evercore Inc. | 9,012,880 | ||||
158,000 | Legg Mason Inc. | 5,812,820 | ||||
124,000 | LPL Financial Holdings Inc. | 9,293,800 | ||||
Total Capital Markets | 24,119,500 | |||||
Commercial Services & Supplies – 1.1% | ||||||
36,000 | Cintas Corp | 9,496,800 | ||||
Communications Equipment – 1.7% | ||||||
313,000 | Cisco Systems Inc. | 14,651,530 | ||||
Construction & Engineering – 0.5% | ||||||
129,000 | Arcosa Inc. | 4,191,210 | ||||
Consumer Finance – 4.2% | ||||||
19,000 | Credit Acceptance Corp, (2) | 8,600,350 |
Shares | Description (1) | Value | ||||
Consumer Finance (continued) | ||||||
114,000 | Discover Financial Services | $9,116,580 | ||||
686,000 | Navient Corp | 8,739,640 | ||||
288,000 | Synchrony Financial | 9,230,400 | ||||
Total Consumer Finance | 35,686,970 | |||||
Containers & Packaging – 2.1% | ||||||
224,000 | Berry Global Group Inc., (2) | 8,767,360 | ||||
240,000 | International Paper Co | 9,384,000 | ||||
Total Containers & Packaging | 18,151,360 | |||||
Diversified Consumer Services – 0.7% | ||||||
251,000 | H&R Block Inc | 6,079,220 | ||||
Diversified Financial Services – 0.5% | ||||||
21,000 | Berkshire Hathaway Inc, (2) | 4,271,610 | ||||
Diversified Telecommunication Services – 0.8% | ||||||
205,000 | AT&T Inc | 7,228,300 | ||||
Electrical Equipment – 1.0% | ||||||
117,000 | Regal Beloit Corp | 8,295,300 | ||||
Electronic Equipment, Instruments & Components – 1.1% | ||||||
328,000 | Jabil Inc. | 9,449,680 | ||||
Entertainment – 1.9% | ||||||
307,000 | Viacom Inc. | 7,668,860 | ||||
1,581,000 | Zynga Inc., (2) | 9,027,510 | ||||
Total Entertainment | 16,696,370 | |||||
Food & Staples Retailing – 1.1% | ||||||
131,000 | Sysco Corp | 9,737,230 | ||||
Health Care Providers & Services – 4.3% | ||||||
108,000 | AmerisourceBergen Corp | 8,885,160 | ||||
214,000 | Cardinal Health Inc. | 9,229,820 | ||||
75,000 | HCA Inc. | 9,015,000 | ||||
69,000 | McKesson Corp | 9,540,630 | ||||
Total Health Care Providers & Services | 36,670,610 | |||||
Hotels, Restaurants & Leisure – 2.6% | ||||||
101,000 | Hilton Worldwide Holdings Inc. | 9,329,370 | ||||
130,000 | Starbucks Corp | 12,552,800 | ||||
Total Hotels, Restaurants & Leisure | 21,882,170 | |||||
Household Durables – 1.2% | ||||||
2,000 | NVR Inc., (2) | 7,198,000 |
Shares | Description (1) | Value | ||||
Household Durables (continued) | ||||||
24,000 | Whirlpool Corp | $3,338,160 | ||||
Total Household Durables | 10,536,160 | |||||
Household Products – 0.1% | ||||||
8,000 | Procter & Gamble Co | 961,840 | ||||
Industrial Conglomerates – 1.1% | ||||||
63,000 | Carlisle Cos Inc. | 9,132,480 | ||||
Insurance – 2.7% | ||||||
57,000 | Assured Guaranty Ltd | 2,425,350 | ||||
74,000 | Athene Holding Ltd, (2) | 2,875,640 | ||||
151,000 | Lincoln National Corp | 7,984,880 | ||||
219,000 | MetLife Inc. | 9,701,700 | ||||
Total Insurance | 22,987,570 | |||||
Interactive Media & Services – 4.0% | ||||||
13,000 | Alphabet Inc., (2) | 15,476,890 | ||||
33,000 | Facebook Inc., (2) | 6,127,110 | ||||
18,000 | IAC/InterActiveCorp | 4,583,520 | ||||
99,000 | Match Group Inc., (2) | 8,395,200 | ||||
Total Interactive Media & Services | 34,582,720 | |||||
Internet & Direct Marketing Retail – 5.6% | ||||||
9,000 | Amazoncom Inc., (2) | 15,986,610 | ||||
6,000 | Booking Holdings Inc., (2) | 11,798,460 | ||||
246,000 | eBay Inc. | 9,911,340 | ||||
76,000 | Expedia Group Inc. | 9,887,600 | ||||
Total Internet & Direct Marketing Retail | 47,584,010 | |||||
IT Services – 5.4% | ||||||
119,000 | Booz Allen Hamilton Holding Corp | 8,985,690 | ||||
33,000 | FleetCor Technologies Inc., (2) | 9,847,200 | ||||
59,000 | Mastercard Inc. | 16,600,830 | ||||
46,000 | VeriSign Inc., (2) | 9,377,100 | ||||
8,000 | Visa Inc | 1,446,560 | ||||
Total IT Services | 46,257,380 | |||||
Machinery – 5.7% | ||||||
136,000 | AGCO Corp | 9,400,320 | ||||
214,000 | Allison Transmission Holdings Inc. | 9,508,020 | ||||
63,000 | Cummins Inc. | 9,404,010 | ||||
121,000 | Oshkosh Corp | 8,502,670 | ||||
142,000 | PACCAR Inc. | 9,309,520 | ||||
63,000 | Timken Co | 2,531,340 | ||||
Total Machinery | 48,655,880 |
Shares | Description (1) | Value | ||||
Media – 2.1% | ||||||
162,000 | AMC Networks Inc., (2) | $7,857,000 | ||||
170,000 | Discovery Inc., (2) | 4,692,000 | ||||
69,000 | Omnicom Group Inc. | 5,248,140 | ||||
Total Media | 17,797,140 | |||||
Metals & Mining – 2.1% | ||||||
189,000 | Nucor Corp | 9,257,220 | ||||
330,000 | Steel Dynamics Inc. | 8,910,000 | ||||
Total Metals & Mining | 18,167,220 | |||||
Multiline Retail – 0.3% | ||||||
25,000 | Target Corp | 2,676,000 | ||||
Oil, Gas & Consumable Fuels – 3.9% | ||||||
145,000 | CONSOL Energy Inc, (2) | 2,430,200 | ||||
860,000 | EQT Corp | 8,746,200 | ||||
1,889,000 | Extraction Oil & Gas Inc., (2) | 7,612,670 | ||||
16,000 | Exxon Mobil Corp | 1,095,680 | ||||
523,000 | Gulfport Energy Corp, (2) | 1,255,200 | ||||
470,000 | Parsley Energy Inc. | 8,417,700 | ||||
1,006,000 | Range Resources Corp | 3,581,360 | ||||
Total Oil, Gas & Consumable Fuels | 33,139,010 | |||||
Paper & Forest Products – 0.5% | ||||||
134,000 | Domtar Corp | 4,415,300 | ||||
Personal Products – 1.2% | ||||||
50,000 | Estee Lauder Cos Inc. | 9,899,500 | ||||
Pharmaceuticals – 1.3% | ||||||
6,000 | Bristol-Myers Squibb Co | 288,420 | ||||
67,000 | Jazz Pharmaceuticals PLC, (2) | 8,586,050 | ||||
21,000 | Johnson & Johnson | 2,695,560 | ||||
Total Pharmaceuticals | 11,570,030 | |||||
Professional Services – 1.1% | ||||||
112,000 | ManpowerGroup Inc. | 9,154,880 | ||||
Real Estate Management & Development – 2.1% | ||||||
182,000 | CBRE Group Inc., (2) | 9,513,140 | ||||
66,000 | Jones Lang LaSalle Inc. | 8,847,300 | ||||
Total Real Estate Management & Development | 18,360,440 | |||||
Road & Rail – 2.1% | ||||||
77,000 | Genesee & Wyoming Inc., (2) | 8,537,760 | ||||
56,000 | Union Pacific Corp | 9,069,760 | ||||
Total Road & Rail | 17,607,520 |
Shares | Description (1) | Value | ||||
Semiconductors & Semiconductor Equipment – 4.5% | ||||||
46,000 | Lam Research Corp | $9,683,460 | ||||
87,000 | NXP Semiconductors NV | 8,886,180 | ||||
445,000 | ON Semiconductor Corp, (2) | 7,921,000 | ||||
155,000 | QUALCOMM Inc. | 12,054,350 | ||||
Total Semiconductors & Semiconductor Equipment | 38,544,990 | |||||
Software – 5.4% | ||||||
37,000 | Intuit Inc. | 10,669,320 | ||||
204,000 | Microsoft Corp | 28,123,440 | ||||
50,000 | VMware Inc., (2) | 7,072,000 | ||||
Total Software | 45,864,760 | |||||
Specialty Retail – 1.9% | ||||||
8,000 | AutoZone Inc., (2) | 8,813,520 | ||||
88,000 | Murphy USA Inc., (2) | 7,867,200 | ||||
Total Specialty Retail | 16,680,720 | |||||
Technology Hardware, Storage & Peripherals – 5.6% | ||||||
108,000 | Apple Inc. | 22,543,920 | ||||
177,000 | Dell Technologies Inc., (2) | 9,120,810 | ||||
669,000 | Hewlett Packard Enterprise Co | 9,245,580 | ||||
383,000 | HP Inc | 7,005,070 | ||||
Total Technology Hardware, Storage & Peripherals | 47,915,380 | |||||
Textiles, Apparel & Luxury Goods – 0.7% | ||||||
191,000 | Skechers USA Inc, (2) | 6,047,060 | ||||
Thrifts & Mortgage Finance – 0.6% | ||||||
392,000 | MGIC Investment Corp | 4,958,800 | ||||
Wireless Telecommunication Services – 0.9% | ||||||
291,000 | Telephone & Data Systems Inc. | 7,333,200 | ||||
Total Long-Term Investments (cost $807,835,105) | 854,984,480 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Value | ||
SHORT-TERM INVESTMENTS – 0.0% | ||||||
REPURCHASE AGREEMENTS – 0.0% | ||||||
$349 | Repurchase Agreement with Fixed Income Clearing Corporation, dated 8/30/19, repurchase price $349,407, collateralized by $335,000 U.S. Treasury Notes, 2.625%, due 1/31/26, value $359,298 | 1.050% | 9/03/19 | $349,366 | ||
Total Short-Term Investments (cost $349,366) | 349,366 | |||||
Total Investments (cost $808,184,471) – 99.8% | 855,333,846 | |||||
Other Assets Less Liabilities – 0.2% | 1,320,036 | |||||
Net Assets – 100% | $856,653,882 |
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. |
Shares | Description (1) | Value | ||||
LONG-TERM INVESTMENTS – 99.2% | ||||||
COMMON STOCKS – 99.2% | ||||||
Aerospace & Defense – 1.1% | ||||||
43,000 | Spirit AeroSystems Holdings Inc. | $3,465,800 | ||||
Airlines – 1.1% | ||||||
65,000 | Southwest Airlines Co | 3,400,800 | ||||
Biotechnology – 9.2% | ||||||
82,000 | AbbVie Inc. | 5,390,680 | ||||
27,000 | Amgen Inc. | 5,632,740 | ||||
16,000 | Biogen Inc., (2) | 3,516,000 | ||||
46,000 | Celgene Corp, (2) | 4,452,800 | ||||
147,000 | Exelixis Inc., (2) | 2,917,950 | ||||
47,000 | Gilead Sciences Inc. | 2,986,380 | ||||
42,000 | Incyte Corp, (2) | 3,436,440 | ||||
Total Biotechnology | 28,332,990 | |||||
Capital Markets – 3.2% | ||||||
24,000 | Ameriprise Financial Inc | 3,095,520 | ||||
41,000 | Evercore Inc. | 3,270,160 | ||||
46,000 | LPL Financial Holdings Inc. | 3,447,700 | ||||
Total Capital Markets | 9,813,380 | |||||
Commercial Services & Supplies – 1.2% | ||||||
14,000 | Cintas Corp | 3,693,200 | ||||
Communications Equipment – 2.5% | ||||||
161,000 | Cisco Systems Inc. | 7,536,410 | ||||
Consumer Finance – 3.0% | ||||||
7,000 | Credit Acceptance Corp, (2) | 3,168,550 | ||||
36,000 | Discover Financial Services | 2,878,920 | ||||
101,000 | Synchrony Financial | 3,237,050 | ||||
Total Consumer Finance | 9,284,520 | |||||
Containers & Packaging – 2.0% | ||||||
77,000 | Berry Global Group Inc., (2) | 3,013,780 | ||||
81,000 | International Paper Co | 3,167,100 | ||||
Total Containers & Packaging | 6,180,880 | |||||
Diversified Consumer Services – 0.9% | ||||||
113,000 | H&R Block Inc | 2,736,860 |
Shares | Description (1) | Value | ||||
Electronic Equipment, Instruments & Components – 1.1% | ||||||
118,000 | Jabil Inc. | $3,399,580 | ||||
Entertainment – 1.0% | ||||||
566,000 | Zynga Inc., (2) | 3,231,860 | ||||
Equity Real Estate Investment Trust – 0.6% | ||||||
8,000 | American Tower Corp | 1,841,520 | ||||
Food & Staples Retailing – 0.4% | ||||||
15,000 | Sysco Corp | 1,114,950 | ||||
Health Care Providers & Services – 2.7% | ||||||
41,000 | AmerisourceBergen Corp | 3,373,070 | ||||
7,551 | Cardinal Health Inc. | 325,675 | ||||
22,000 | McKesson Corp | 3,041,940 | ||||
7,000 | UnitedHealth Group Inc. | 1,638,000 | ||||
Total Health Care Providers & Services | 8,378,685 | |||||
Health Care Technology – 0.3% | ||||||
6,000 | Veeva Systems Inc., (2) | 962,280 | ||||
Hotels, Restaurants & Leisure – 3.0% | ||||||
40,000 | Hilton Worldwide Holdings Inc. | 3,694,800 | ||||
58,000 | Starbucks Corp | 5,600,480 | ||||
Total Hotels, Restaurants & Leisure | 9,295,280 | |||||
Household Durables – 2.2% | ||||||
1,000 | NVR Inc., (2) | 3,599,000 | ||||
90,000 | PulteGroup Inc. | 3,042,000 | ||||
Total Household Durables | 6,641,000 | |||||
Industrial Conglomerates – 1.7% | ||||||
24,000 | Carlisle Cos Inc. | 3,479,040 | ||||
11,344 | Honeywell International Inc. | 1,867,449 | ||||
Total Industrial Conglomerates | 5,346,489 | |||||
Insurance – 1.5% | ||||||
39,000 | Athene Holding Ltd, (2) | 1,515,540 | ||||
26,000 | Primerica Inc. | 3,098,420 | ||||
Total Insurance | 4,613,960 | |||||
Interactive Media & Services – 6.1% | ||||||
9,000 | Alphabet Inc., (2) | 10,714,770 | ||||
37,000 | Facebook Inc., (2) | 6,869,790 | ||||
14,000 | Match Group Inc., (2) | 1,187,200 | ||||
Total Interactive Media & Services | 18,771,760 |
Shares | Description (1) | Value | ||||
Internet & Direct Marketing Retail – 7.9% | ||||||
6,000 | Amazoncom Inc., (2) | $10,657,740 | ||||
3,000 | Booking Holdings Inc., (2) | 5,899,230 | ||||
99,000 | eBay Inc. | 3,988,710 | ||||
28,000 | Expedia Group Inc. | 3,642,800 | ||||
Total Internet & Direct Marketing Retail | 24,188,480 | |||||
IT Services – 7.6% | ||||||
47,000 | Booz Allen Hamilton Holding Corp | 3,548,970 | ||||
13,000 | FleetCor Technologies Inc., (2) | 3,879,200 | ||||
31,000 | Mastercard Inc. | 8,722,470 | ||||
16,000 | VeriSign Inc., (2) | 3,261,600 | ||||
21,000 | Visa Inc | 3,797,220 | ||||
Total IT Services | 23,209,460 | |||||
Machinery – 3.2% | ||||||
76,000 | Allison Transmission Holdings Inc. | 3,376,680 | ||||
21,000 | Cummins Inc. | 3,134,670 | ||||
20,000 | Parker-Hannifin Corp | 3,315,400 | ||||
Total Machinery | 9,826,750 | |||||
Media – 3.2% | ||||||
66,000 | AMC Networks Inc., (2) | 3,201,000 | ||||
46,000 | Omnicom Group Inc. | 3,498,760 | ||||
153,000 | The Interpublic Group of Cos Inc. | 3,041,640 | ||||
Total Media | 9,741,400 | |||||
Metals & Mining – 0.9% | ||||||
108,000 | Steel Dynamics Inc. | 2,916,000 | ||||
Oil, Gas & Consumable Fuels – 0.7% | ||||||
285,000 | Antero Resources Corp, (2) | 903,450 | ||||
55,000 | EQT Corp | 559,350 | ||||
245,000 | Gulfport Energy Corp, (2) | 588,000 | ||||
Total Oil, Gas & Consumable Fuels | 2,050,800 | |||||
Personal Products – 1.4% | ||||||
21,000 | Estee Lauder Cos Inc. | 4,157,790 | ||||
Pharmaceuticals – 2.8% | ||||||
77,000 | Bristol-Myers Squibb Co | 3,701,390 | ||||
25,000 | Jazz Pharmaceuticals PLC, (2) | 3,203,750 | ||||
20,000 | Merck & Co Inc. | 1,729,400 | ||||
Total Pharmaceuticals | 8,634,540 | |||||
Real Estate Management & Development – 2.1% | ||||||
64,000 | CBRE Group Inc., (2) | 3,345,280 |
Shares | Description (1) | Value | ||||
Real Estate Management & Development (continued) | ||||||
24,000 | Jones Lang LaSalle Inc. | $3,217,200 | ||||
Total Real Estate Management & Development | 6,562,480 | |||||
Road & Rail – 1.0% | ||||||
28,000 | Genesee & Wyoming Inc., (2) | 3,104,640 | ||||
Semiconductors & Semiconductor Equipment – 5.6% | ||||||
18,000 | Lam Research Corp | 3,789,180 | ||||
72,000 | Micron Technology Inc, (2) | 3,259,440 | ||||
30,000 | NXP Semiconductors NV | 3,064,200 | ||||
99,000 | ON Semiconductor Corp, (2) | 1,762,200 | ||||
68,000 | QUALCOMM Inc. | 5,288,360 | ||||
Total Semiconductors & Semiconductor Equipment | 17,163,380 | |||||
Software – 9.9% | ||||||
22,000 | Cadence Design Systems Inc., (2) | 1,506,560 | ||||
5,000 | Fair Isaac Corp | 1,763,600 | ||||
16,000 | Intuit Inc. | 4,613,760 | ||||
163,000 | Microsoft Corp | 22,471,180 | ||||
Total Software | 30,355,100 | |||||
Specialty Retail – 1.0% | ||||||
48,000 | Best Buy Co Inc. | 3,055,200 | ||||
Technology Hardware, Storage & Peripherals – 7.1% | ||||||
89,000 | Apple Inc. | 18,577,860 | ||||
102,000 | NCR Corp, (2) | 3,214,020 | ||||
Total Technology Hardware, Storage & Peripherals | 21,791,880 | |||||
Total Long-Term Investments (cost $243,359,761) | 304,800,104 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Value | ||
SHORT-TERM INVESTMENTS – 0.7% | ||||||
REPURCHASE AGREEMENTS – 0.7% | ||||||
$2,010 | Repurchase Agreement with Fixed Income Clearing Corporation, dated 8/30/19, repurchase price $2,010,666, collateralized by $1,945,000 U.S. Treasury Notes, 2.750%, due 4/30/23, value $2,052,352 | 1.050% | 9/03/19 | $2,010,431 | ||
Total Short-Term Investments (cost $2,010,431) | 2,010,431 | |||||
Total Investments (cost $245,370,192) – 99.9% | 306,810,535 | |||||
Other Assets Less Liabilities – 0.1% | 344,272 | |||||
Net Assets – 100% | $307,154,807 |
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. |
Shares | Description (1) | Value | ||||
LONG-TERM INVESTMENTS – 133.4% | ||||||
COMMON STOCKS – 133.4% | ||||||
Airlines – 2.2% | ||||||
70,000 | Southwest Airlines Co | $3,662,400 | ||||
41,500 | United Airlines Holdings Inc., (2) | 3,498,865 | ||||
Total Airlines | 7,161,265 | |||||
Automobiles – 0.9% | ||||||
84,000 | General Motors Co | 3,115,560 | ||||
Banks – 5.3% | ||||||
196,000 | Bank of America Corp | 5,391,960 | ||||
73,000 | CIT Group Inc. | 3,109,070 | ||||
67,000 | Citigroup Inc. | 4,311,450 | ||||
43,500 | JPMorgan Chase & Co | 4,778,910 | ||||
Total Banks | 17,591,390 | |||||
Biotechnology – 6.7% | ||||||
34,000 | AbbVie Inc. | 2,235,160 | ||||
23,000 | Amgen Inc. | 4,798,260 | ||||
17,500 | Biogen Inc., (2) | 3,845,625 | ||||
170,000 | Exelixis Inc., (2) | 3,374,500 | ||||
68,000 | Gilead Sciences Inc. | 4,320,720 | ||||
45,000 | Incyte Corp, (2) | 3,681,900 | ||||
Total Biotechnology | 22,256,165 | |||||
Building Products – 2.7% | ||||||
40,000 | Fortune Brands Home & Security Inc. | 2,042,400 | ||||
95,000 | Masco Corp | 3,869,350 | ||||
55,000 | Owens Corning | 3,154,800 | ||||
Total Building Products | 9,066,550 | |||||
Capital Markets – 4.2% | ||||||
39,000 | Evercore Inc. | 3,110,640 | ||||
102,000 | Legg Mason Inc. | 3,752,580 | ||||
41,500 | LPL Financial Holdings Inc. | 3,110,425 | ||||
16,250 | MSCI Inc. | 3,812,738 | ||||
Total Capital Markets | 13,786,383 | |||||
Chemicals – 1.1% | ||||||
33,000 | Celanese Corp | 3,741,210 |
Shares | Description (1) | Value | ||||
Commercial Services & Supplies – 1.2% | ||||||
14,500 | Cintas Corp | $3,825,100 | ||||
Communications Equipment – 2.7% | ||||||
115,000 | Cisco Systems Inc. | 5,383,150 | ||||
80,000 | EchoStar Corp, (2) | 3,380,000 | ||||
Total Communications Equipment | 8,763,150 | |||||
Construction & Engineering – 1.2% | ||||||
109,000 | AECOM, (2) | 3,867,320 | ||||
Consumer Finance – 2.0% | ||||||
366,000 | SLM Corp | 3,089,040 | ||||
106,000 | Synchrony Financial | 3,397,300 | ||||
Total Consumer Finance | 6,486,340 | |||||
Containers & Packaging – 1.1% | ||||||
90,000 | Sealed Air Corp | 3,583,800 | ||||
Diversified Consumer Services – 1.0% | ||||||
137,000 | H&R Block Inc | 3,318,140 | ||||
Diversified Financial Services – 1.0% | ||||||
69,000 | Voya Financial Inc. | 3,403,080 | ||||
Electric Utilities – 0.8% | ||||||
43,000 | Evergy Inc. | 2,795,000 | ||||
Electrical Equipment – 1.0% | ||||||
45,000 | Regal Beloit Corp | 3,190,500 | ||||
Electronic Equipment, Instruments & Components – 0.7% | ||||||
82,000 | Jabil Inc. | 2,362,420 | ||||
Entertainment – 1.1% | ||||||
620,000 | Zynga Inc., (2) | 3,540,200 | ||||
Equity Real Estate Investment Trust – 2.6% | ||||||
20,000 | American Tower Corp | 4,603,800 | ||||
15,000 | SBA Communications Corp | 3,936,450 | ||||
Total Equity Real Estate Investment Trust | 8,540,250 | |||||
Food & Staples Retailing – 3.9% | ||||||
22,000 | Casey's General Stores Inc. | 3,692,700 | ||||
54,000 | Sysco Corp | 4,013,820 | ||||
44,000 | Walmart Inc. | 5,027,440 | ||||
Total Food & Staples Retailing | 12,733,960 | |||||
Food Products – 1.6% | ||||||
41,000 | Campbell Soup Co | 1,845,000 |
Shares | Description (1) | Value | ||||
Food Products (continued) | ||||||
150,000 | Flowers Foods Inc. | $3,420,000 | ||||
Total Food Products | 5,265,000 | |||||
Health Care Equipment & Supplies – 2.0% | ||||||
25,000 | Danaher Corp | 3,552,250 | ||||
29,000 | Hill-Rom Holdings Inc. | 3,122,720 | ||||
Total Health Care Equipment & Supplies | 6,674,970 | |||||
Health Care Providers & Services – 4.4% | ||||||
8,000 | Chemed Corp | 3,435,440 | ||||
26,000 | HCA Inc. | 3,125,200 | ||||
23,000 | McKesson Corp | 3,180,210 | ||||
20,500 | UnitedHealth Group Inc. | 4,797,000 | ||||
Total Health Care Providers & Services | 14,537,850 | |||||
Health Care Technology – 1.1% | ||||||
23,000 | Veeva Systems Inc., (2) | 3,688,740 | ||||
Hotels, Restaurants & Leisure – 4.8% | ||||||
44,500 | Dunkin' Brands Group Inc. | 3,668,580 | ||||
41,000 | Hilton Worldwide Holdings Inc. | 3,787,170 | ||||
49,000 | Starbucks Corp | 4,731,440 | ||||
85,000 | Wyndham Destinations Inc | 3,768,900 | ||||
Total Hotels, Restaurants & Leisure | 15,956,090 | |||||
Household Durables – 2.2% | ||||||
111,000 | PulteGroup Inc. | 3,751,800 | ||||
25,000 | Whirlpool Corp | 3,477,250 | ||||
Total Household Durables | 7,229,050 | |||||
Independent Power & Renewable Electricity Producers – 2.2% | ||||||
224,000 | AES Corp | 3,433,920 | ||||
155,000 | Vistra Energy Corp | 3,867,250 | ||||
Total Independent Power & Renewable Electricity Producers | 7,301,170 | |||||
Industrial Conglomerates – 2.6% | ||||||
26,500 | Carlisle Cos Inc. | 3,841,440 | ||||
29,000 | Honeywell International Inc. | 4,773,980 | ||||
Total Industrial Conglomerates | 8,615,420 | |||||
Interactive Media & Services – 5.3% | ||||||
2,450 | Alphabet Inc., (2) | 2,916,798 | ||||
20,000 | Facebook Inc., (2) | 3,713,400 | ||||
15,000 | IAC/InterActiveCorp | 3,819,600 | ||||
35,000 | Match Group Inc., (2) | 2,968,000 | ||||
93,000 | Twitter Inc., (2) | 3,966,450 | ||||
Total Interactive Media & Services | 17,384,248 |
Shares | Description (1) | Value | ||||
Internet & Direct Marketing Retail – 5.0% | ||||||
1,800 | Amazoncom Inc., (2) | $3,197,322 | ||||
900 | Booking Holdings Inc., (2) | 1,769,769 | ||||
99,000 | eBay Inc. | 3,988,710 | ||||
68,000 | Etsy Inc., (2) | 3,589,720 | ||||
29,500 | Expedia Group Inc. | 3,837,950 | ||||
Total Internet & Direct Marketing Retail | 16,383,471 | |||||
IT Services – 10.7% | ||||||
50,000 | Booz Allen Hamilton Holding Corp | 3,775,500 | ||||
29,000 | Broadridge Financial Solutions Inc. | 3,753,760 | ||||
17,500 | CACI International Inc., (2) | 3,890,075 | ||||
33,000 | Fiserv Inc., (2) | 3,529,020 | ||||
13,000 | FleetCor Technologies Inc., (2) | 3,879,200 | ||||
22,500 | International Business Machines Corp | 3,049,425 | ||||
20,500 | Mastercard Inc. | 5,768,085 | ||||
44,000 | PayPal Holdings Inc., (2) | 4,798,200 | ||||
183,000 | Switch Inc. | 3,001,200 | ||||
Total IT Services | 35,444,465 | |||||
Machinery – 6.1% | ||||||
44,000 | AGCO Corp | 3,041,280 | ||||
72,000 | Allison Transmission Holdings Inc. | 3,198,960 | ||||
21,500 | Cummins Inc. | 3,209,305 | ||||
38,000 | Oshkosh Corp | 2,670,260 | ||||
20,000 | PACCAR Inc. | 1,311,200 | ||||
23,500 | Parker-Hannifin Corp | 3,895,595 | ||||
73,000 | Timken Co | 2,933,140 | ||||
Total Machinery | 20,259,740 | |||||
Media – 4.5% | ||||||
129,000 | Altice USA Inc., (2) | 3,725,520 | ||||
122,000 | Comcast Corp | 5,399,720 | ||||
83,000 | Discovery Inc., (2) | 2,290,800 | ||||
45,000 | Omnicom Group Inc. | 3,422,700 | ||||
Total Media | 14,838,740 | |||||
Metals & Mining – 2.9% | ||||||
62,000 | Nucor Corp | 3,036,760 | ||||
37,500 | Reliance Steel & Aluminum Co | 3,646,125 | ||||
107,000 | Steel Dynamics Inc. | 2,889,000 | ||||
Total Metals & Mining | 9,571,885 | |||||
Multiline Retail – 1.2% | ||||||
38,000 | Target Corp | 4,067,520 |
Shares | Description (1) | Value | ||||
Oil, Gas & Consumable Fuels – 2.4% | ||||||
54,000 | ConocoPhillips | $2,817,720 | ||||
140,000 | EQT Corp | 1,423,800 | ||||
212,000 | Parsley Energy Inc. | 3,796,920 | ||||
Total Oil, Gas & Consumable Fuels | 8,038,440 | |||||
Personal Products – 1.2% | ||||||
20,000 | Estee Lauder Cos Inc. | 3,959,800 | ||||
Pharmaceuticals – 5.2% | ||||||
90,000 | Bristol-Myers Squibb Co | 4,326,300 | ||||
134,000 | Horizon Therapeutics PLC, (2) | 3,702,420 | ||||
27,000 | Jazz Pharmaceuticals PLC, (2) | 3,460,050 | ||||
65,000 | Merck & Co Inc. | 5,620,550 | ||||
Total Pharmaceuticals | 17,109,320 | |||||
Professional Services – 0.9% | ||||||
18,000 | Verisk Analytics Inc. | 2,907,720 | ||||
Real Estate Management & Development – 2.2% | ||||||
74,000 | CBRE Group Inc., (2) | 3,867,980 | ||||
25,500 | Jones Lang LaSalle Inc. | 3,418,275 | ||||
Total Real Estate Management & Development | 7,286,255 | |||||
Road & Rail – 1.2% | ||||||
31,000 | Kansas City Southern | 3,899,800 | ||||
Semiconductors & Semiconductor Equipment – 2.9% | ||||||
19,000 | Lam Research Corp | 3,999,690 | ||||
24,000 | NXP Semiconductors NV | 2,451,360 | ||||
178,000 | ON Semiconductor Corp, (2) | 3,168,400 | ||||
Total Semiconductors & Semiconductor Equipment | 9,619,450 | |||||
Software – 10.1% | ||||||
55,500 | Cadence Design Systems Inc., (2) | 3,800,640 | ||||
36,000 | Citrix Systems Inc. | 3,347,280 | ||||
11,000 | Fair Isaac Corp | 3,879,920 | ||||
15,000 | Intuit Inc. | 4,325,400 | ||||
91,500 | Microsoft Corp | 12,614,190 | ||||
14,700 | Paycom Software Inc., (2) | 3,676,764 | ||||
12,000 | VMware Inc., (2) | 1,697,280 | ||||
Total Software | 33,341,474 | |||||
Specialty Retail – 3.2% | ||||||
3,500 | AutoZone Inc., (2) | 3,855,915 | ||||
59,000 | Best Buy Co Inc. | 3,755,350 | ||||
30,000 | Tractor Supply Co | 3,056,400 | ||||
Total Specialty Retail | 10,667,665 |
Shares | Description (1) | Value | ||||
Technology Hardware, Storage & Peripherals – 2.9% | ||||||
28,000 | Apple Inc. | $5,844,720 | ||||
117,000 | NCR Corp, (2) | 3,686,670 | ||||
Total Technology Hardware, Storage & Peripherals | 9,531,390 | |||||
Textiles, Apparel & Luxury Goods – 1.2% | ||||||
21,000 | Lululemon Athletica Inc., (2) | 3,878,070 | ||||
Total Long-Term Investments (cost $409,767,241) | 440,585,526 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Value | ||
SHORT-TERM INVESTMENTS – 18.8% | ||||||
REPURCHASE AGREEMENTS – 18.8% | ||||||
$61,890 | Repurchase Agreement with Fixed Income Clearing Corporation, dated 8/30/19, repurchase price $61,897,072, collateralized by $62,045,000 U.S. Treasury Notes, 1.875%, due 3/31/22, value $63,132,463 | 1.050% | 9/03/19 | $61,889,852 | ||
Total Short-Term Investments (cost $61,889,852) | 61,889,852 | |||||
Total Investments (cost $471,657,093) – 152.2% | 502,475,378 |
Shares | Description (1) | Value | ||||
COMMON STOCKS SOLD SHORT – (68.4)% (3) | ||||||
Air Freight & Logistics – (1.5)% | ||||||
(15,500) | FedEx Corp | $(2,458,455) | ||||
(21,000) | United Parcel Service Inc. | (2,491,860) | ||||
Total Air Freight & Logistics | (4,950,315) | |||||
Automobiles – (0.6)% | ||||||
(8,500) | Tesla Inc., (2) | (1,917,685) | ||||
Biotechnology – (3.4)% | ||||||
(29,000) | Alnylam Pharmaceuticals Inc., (2) | (2,340,010) | ||||
(31,500) | BioMarin Pharmaceutical Inc., (2) | (2,364,390) | ||||
(22,500) | Bluebird Bio Inc., (2) | (2,324,475) | ||||
(22,000) | Neurocrine Biosciences Inc., (2) | (2,187,240) | ||||
(21,500) | Sarepta Therapeutics Inc., (2) | (1,938,225) | ||||
Total Biotechnology | (11,154,340) | |||||
Capital Markets – (1.5)% | ||||||
(467,000) | BGC Partners Inc. | (2,381,700) | ||||
(130,000) | Virtu Financial Inc. | (2,444,000) | ||||
Total Capital Markets | (4,825,700) | |||||
Chemicals – (1.4)% | ||||||
(39,000) | Albemarle Corp | (2,407,470) | ||||
(21,500) | International Flavors & Fragrances Inc. | (2,359,625) | ||||
Total Chemicals | (4,767,095) |
Shares | Description (1) | Value | ||||
Commercial Services & Supplies – (1.5)% | ||||||
(73,000) | Rollins Inc. | $(2,395,130) | ||||
(53,500) | Stericycle Inc., (2) | (2,401,615) | ||||
Total Commercial Services & Supplies | (4,796,745) | |||||
Diversified Consumer Services – (0.5)% | ||||||
(12,500) | Grand Canyon Education Inc., (2) | (1,570,000) | ||||
Electric Utilities – (0.3)% | ||||||
(19,000) | Alliant Energy Corp | (996,550) | ||||
Electronic Equipment, Instruments & Components – (3.0)% | ||||||
(45,000) | Cognex Corp | (2,028,600) | ||||
(9,000) | Coherent Inc., (2) | (1,304,640) | ||||
(20,000) | IPG Photonics Corp, (2) | (2,474,600) | ||||
(29,000) | SYNNEX Corp | (2,430,490) | ||||
(44,000) | Trimble Inc., (2) | (1,650,880) | ||||
Total Electronic Equipment, Instruments & Components | (9,889,210) | |||||
Energy Equipment & Services – (1.9)% | ||||||
(113,000) | Halliburton Co | (2,128,920) | ||||
(107,000) | National Oilwell Varco Inc. | (2,186,010) | ||||
(462,000) | Transocean Ltd | (2,102,100) | ||||
Total Energy Equipment & Services | (6,417,030) | |||||
Entertainment – (3.4)% | ||||||
(50,000) | Liberty Media Corp-Liberty Formula One, (2) | (2,087,000) | ||||
(233,000) | Lions Gate Entertainment Corp | (2,103,990) | ||||
(5,000) | Netflix Inc., (2) | (1,468,750) | ||||
(17,000) | Spotify Technology SA, (2) | (2,294,150) | ||||
(7,000) | Walt Disney Co | (960,820) | ||||
(32,500) | World Wrestling Entertainment Inc. | (2,321,475) | ||||
Total Entertainment | (11,236,185) | |||||
Equity Real Estate Investment Trust – (0.8)% | ||||||
(96,000) | Weyerhaeuser Co | (2,525,760) | ||||
Food Products – (5.0)% | ||||||
(62,000) | Archer-Daniels-Midland Co | (2,359,100) | ||||
(86,000) | Conagra Brands Inc. | (2,438,960) | ||||
(127,000) | Hain Celestial Group Inc., (2) | (2,419,350) | ||||
(56,000) | Hormel Foods Corp | (2,386,160) | ||||
(37,000) | Kellogg Co | (2,323,600) | ||||
(92,000) | Kraft Heinz Co | (2,347,840) | ||||
(34,000) | Lamb Weston Holdings Inc. | (2,393,260) | ||||
Total Food Products | (16,668,270) |
Shares | Description (1) | Value | ||||
Gas Utilities – (0.3)% | ||||||
(10,000) | Atmos Energy Corp | $(1,102,300) | ||||
Health Care Equipment & Supplies – (3.2)% | ||||||
(12,000) | ABIOMED Inc., (2) | (2,316,840) | ||||
(19,000) | Cantel Medical Corp | (1,746,670) | ||||
(14,500) | ICU Medical Inc., (2) | (2,345,375) | ||||
(3,600) | Intuitive Surgical Inc., (2) | (1,840,824) | ||||
(16,000) | Penumbra Inc., (2) | (2,328,800) | ||||
Total Health Care Equipment & Supplies | (10,578,509) | |||||
Health Care Providers & Services – (1.4)% | ||||||
(89,000) | Acadia Healthcare Co Inc., (2) | (2,354,940) | ||||
(177,000) | Covetrus Inc., (2) | (2,352,330) | ||||
Total Health Care Providers & Services | (4,707,270) | |||||
Hotels, Restaurants & Leisure – (1.4)% | ||||||
(53,500) | Carnival Corp | (2,358,280) | ||||
(10,500) | Domino's Pizza Inc. | (2,381,820) | ||||
Total Hotels, Restaurants & Leisure | (4,740,100) | |||||
Household Durables – (1.4)% | ||||||
(63,000) | Leggett & Platt Inc. | (2,342,970) | ||||
(20,500) | Mohawk Industries Inc., (2) | (2,437,245) | ||||
Total Household Durables | (4,780,215) | |||||
Household Products – (1.5)% | ||||||
(15,000) | Clorox Co | (2,372,400) | ||||
(63,000) | Energizer Holdings Inc. | (2,425,500) | ||||
Total Household Products | (4,797,900) | |||||
Industrial Conglomerates – (0.7)% | ||||||
(285,000) | General Electric Co | (2,351,250) | ||||
Insurance – (0.5)% | ||||||
(48,000) | Brighthouse Financial Inc., (2) | (1,692,480) | ||||
Interactive Media & Services – (0.7)% | ||||||
(70,000) | Zillow Group Inc., (2) | (2,410,100) | ||||
Internet & Direct Marketing Retail – (0.7)% | ||||||
(41,000) | GrubHub Inc., (2) | (2,432,940) | ||||
IT Services – (2.8)% | ||||||
(19,000) | Alliance Data Systems Corp | (2,336,050) | ||||
(36,500) | GoDaddy Inc., (2) | (2,311,910) | ||||
(16,000) | Jack Henry & Associates Inc. | (2,319,360) | ||||
(37,000) | Square Inc., (2) | (2,288,080) | ||||
Total IT Services | (9,255,400) |
Shares | Description (1) | Value | ||||
Leisure Products – (1.5)% | ||||||
(53,000) | Brunswick Corp | $(2,469,800) | ||||
(249,000) | Mattel Inc. | (2,440,200) | ||||
Total Leisure Products | (4,910,000) | |||||
Machinery – (1.9)% | ||||||
(141,000) | Trinity Industries Inc. | (2,463,270) | ||||
(35,000) | Wabtec Corp | (2,422,350) | ||||
(90,000) | Welbilt Inc., (2) | (1,416,600) | ||||
Total Machinery | (6,302,220) | |||||
Marine – (0.7)% | ||||||
(33,500) | Kirby Corp, (2) | (2,465,265) | ||||
Media – (0.8)% | ||||||
(402,000) | Sirius XM Holdings Inc. | (2,480,340) | ||||
Mortgage Real Estate Investment Trust – (0.6)% | ||||||
(220,000) | Annaly Capital Management Inc. | (1,826,000) | ||||
Multiline Retail – (2.1)% | ||||||
(51,000) | Kohl's Corp | (2,410,260) | ||||
(157,000) | Macy's Inc. | (2,317,320) | ||||
(41,000) | Ollie's Bargain Outlet Holdings Inc., (2) | (2,273,450) | ||||
Total Multiline Retail | (7,001,030) | |||||
Multi-Utilities – (1.1)% | ||||||
(29,000) | Dominion Energy Inc. | (2,251,270) | ||||
(45,000) | NiSource Inc. | (1,329,750) | ||||
Total Multi-Utilities | (3,581,020) | |||||
Oil, Gas & Consumable Fuels – (1.9)% | ||||||
(291,000) | Antero Midstream Corp | (2,069,010) | ||||
(33,000) | Hess Corp | (2,077,350) | ||||
(59,500) | Targa Resources Corp. | (2,149,140) | ||||
Total Oil, Gas & Consumable Fuels | (6,295,500) | |||||
Personal Products – (0.7)% | ||||||
(53,000) | Nu Skin Enterprises Inc | (2,152,860) | ||||
Pharmaceuticals – (0.7)% | ||||||
(90,000) | Elanco Animal Health Inc., (2) | (2,341,800) | ||||
Professional Services – (0.7)% | ||||||
(16,000) | Equifax Inc. | (2,342,080) |
Shares | Description (1) | Value | ||||
Road & Rail – (2.9)% | ||||||
(23,000) | JB Hunt Transport Services Inc. | $(2,484,920) | ||||
(47,000) | Lyft Inc., (2) | (2,301,590) | ||||
(51,000) | Ryder System Inc. | (2,456,670) | ||||
(70,000) | Uber Technologies Inc., (2) | (2,279,900) | ||||
Total Road & Rail | (9,523,080) | |||||
Semiconductors & Semiconductor Equipment – (0.8)% | ||||||
(23,000) | First Solar Inc., (2) | (1,427,610) | ||||
(7,000) | NVIDIA Corp | (1,172,570) | ||||
Total Semiconductors & Semiconductor Equipment | (2,600,180) | |||||
Software – (6.8)% | ||||||
(133,000) | 2U Inc., (2) | (2,378,040) | ||||
(36,000) | DocuSign Inc, (2) | (1,680,840) | ||||
(181,000) | FireEye Inc., (2) | (2,430,830) | ||||
(24,500) | Guidewire Software Inc., (2) | (2,356,410) | ||||
(41,000) | New Relic Inc., (2) | (2,350,940) | ||||
(97,000) | Nutanix Inc., (2) | (2,350,310) | ||||
(43,000) | Pagerduty Inc., (2) | (1,688,610) | ||||
(150,000) | Pluralsight Inc., (2) | (2,415,000) | ||||
(35,500) | PTC Inc., (2) | (2,324,185) | ||||
(77,000) | Teradata Corp, (2) | (2,376,990) | ||||
Total Software | (22,352,155) | |||||
Specialty Retail – (2.9)% | ||||||
(17,000) | Advance Auto Parts Inc. | (2,345,150) | ||||
(11,500) | Burlington Stores Inc., (2) | (2,328,635) | ||||
(19,500) | Five Below Inc., (2) | (2,395,965) | ||||
(28,000) | Tiffany & Co | (2,376,360) | ||||
Total Specialty Retail | (9,446,110) | |||||
Technology Hardware, Storage & Peripherals – (0.7)% | ||||||
(149,000) | Pure Storage Inc., (2) | (2,425,720) | ||||
Textiles, Apparel & Luxury Goods – (0.7)% | ||||||
(89,000) | Capri Holdings Ltd, (2) | (2,347,820) | ||||
Trading Companies & Distributors – (1.5)% | ||||||
(60,000) | Air Lease Corp | (2,492,400) | ||||
(77,000) | Fastenal Co | (2,357,740) | ||||
Total Trading Companies & Distributors | (4,850,140) | |||||
Total Common Stocks Sold Short (proceeds $257,626,380) | (225,806,669) | |||||
Other Assets Less Liabilities – 16.2% | 53,498,631 | |||||
Net Assets – 100% | $330,167,340 |
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) | The Fund may pledge up to 100% of its eligible long-term investments in the Portfolio of Investments as collateral for Common Stocks Sold Short. As of the end of the reporting period, long-term investments with a value of $267,231,586 have been pledged as collateral for Common Stocks Sold Short. |
Shares | Description (1) | Value | ||||
LONG-TERM INVESTMENTS – 84.1% | ||||||
COMMON STOCKS – 84.1% | ||||||
Aerospace & Defense – 0.9% | ||||||
74,000 | Spirit AeroSystems Holdings Inc. | $5,964,400 | ||||
Airlines – 0.9% | ||||||
113,000 | Southwest Airlines Co | 5,912,160 | ||||
Automobiles – 0.9% | ||||||
166,000 | General Motors Co | 6,156,940 | ||||
Banks – 0.3% | ||||||
31,000 | Citigroup Inc. | 1,994,850 | ||||
Biotechnology – 4.5% | ||||||
97,000 | AbbVie Inc. | 6,376,780 | ||||
27,000 | Biogen Inc., (2) | 5,933,250 | ||||
60,000 | Celgene Corp, (2) | 5,808,000 | ||||
274,000 | Exelixis Inc., (2) | 5,438,900 | ||||
76,000 | Incyte Corp, (2) | 6,218,320 | ||||
Total Biotechnology | 29,775,250 | |||||
Building Products – 0.9% | ||||||
144,000 | Masco Corp | 5,865,120 | ||||
Capital Markets – 3.1% | ||||||
81,000 | Evercore Inc. | 6,460,560 | ||||
172,000 | Legg Mason Inc. | 6,327,880 | ||||
86,000 | LPL Financial Holdings Inc. | 6,445,700 | ||||
6,000 | MSCI Inc. | 1,407,780 | ||||
Total Capital Markets | 20,641,920 | |||||
Chemicals – 0.3% | ||||||
100,000 | Olin Corp | 1,698,000 | ||||
Commercial Services & Supplies – 0.9% | ||||||
23,000 | Cintas Corp | 6,067,400 | ||||
Communications Equipment – 0.9% | ||||||
125,000 | Cisco Systems Inc. | 5,851,250 | ||||
Construction & Engineering – 1.5% | ||||||
105,000 | AECOM, (2) | 3,725,400 |
Shares | Description (1) | Value | ||||
Construction & Engineering (continued) | ||||||
183,000 | Arcosa Inc. | $5,945,670 | ||||
Total Construction & Engineering | 9,671,070 | |||||
Consumer Finance – 4.5% | ||||||
13,000 | Credit Acceptance Corp, (2) | 5,884,450 | ||||
484,000 | Navient Corp | 6,166,160 | ||||
234,000 | Santander Consumer USA Holdings Inc. | 6,109,740 | ||||
607,000 | SLM Corp | 5,123,080 | ||||
184,000 | Synchrony Financial | 5,897,200 | ||||
Total Consumer Finance | 29,180,630 | |||||
Containers & Packaging – 1.9% | ||||||
156,000 | Berry Global Group Inc., (2) | 6,105,840 | ||||
168,000 | International Paper Co | 6,568,800 | ||||
Total Containers & Packaging | 12,674,640 | |||||
Diversified Consumer Services – 0.9% | ||||||
117,000 | frontdoor Inc., (2) | 6,006,780 | ||||
Electrical Equipment – 1.1% | ||||||
66,000 | GrafTech International Ltd | 804,540 | ||||
87,000 | Regal Beloit Corp | 6,168,300 | ||||
Total Electrical Equipment | 6,972,840 | |||||
Electronic Equipment, Instruments & Components – 1.3% | ||||||
57,000 | Avnet Inc. | 2,387,730 | ||||
225,000 | Jabil Inc. | 6,482,250 | ||||
Total Electronic Equipment, Instruments & Components | 8,869,980 | |||||
Entertainment – 1.8% | ||||||
210,000 | Viacom Inc. | 5,245,800 | ||||
1,099,000 | Zynga Inc., (2) | 6,275,290 | ||||
Total Entertainment | 11,521,090 | |||||
Food & Staples Retailing – 0.9% | ||||||
80,000 | Sysco Corp | 5,946,400 | ||||
Health Care Providers & Services – 3.7% | ||||||
72,000 | AmerisourceBergen Corp | 5,923,440 | ||||
143,000 | Cardinal Health Inc. | 6,167,590 | ||||
48,000 | HCA Inc. | 5,769,600 | ||||
44,000 | McKesson Corp | 6,083,880 | ||||
Total Health Care Providers & Services | 23,944,510 | |||||
Hotels, Restaurants & Leisure – 1.8% | ||||||
64,000 | Hilton Worldwide Holdings Inc. | 5,911,680 | ||||
64,000 | Starbucks Corp | 6,179,840 | ||||
Total Hotels, Restaurants & Leisure | 12,091,520 |
Shares | Description (1) | Value | ||||
Household Durables – 2.9% | ||||||
2,000 | NVR Inc., (2) | $7,198,000 | ||||
174,000 | PulteGroup Inc. | 5,881,200 | ||||
43,000 | Whirlpool Corp | 5,980,870 | ||||
Total Household Durables | 19,060,070 | |||||
Industrial Conglomerates – 1.0% | ||||||
45,000 | Carlisle Cos Inc. | 6,523,200 | ||||
Insurance – 4.1% | ||||||
140,000 | Assured Guaranty Ltd | 5,957,000 | ||||
154,000 | Athene Holding Ltd, (2) | 5,984,440 | ||||
52,000 | Lincoln National Corp | 2,749,760 | ||||
135,000 | MetLife Inc. | 5,980,500 | ||||
50,000 | Primerica Inc. | 5,958,500 | ||||
Total Insurance | 26,630,200 | |||||
Interactive Media & Services – 0.9% | ||||||
69,000 | Match Group Inc., (2) | 5,851,200 | ||||
Internet & Direct Marketing Retail – 2.7% | ||||||
3,000 | Booking Holdings Inc., (2) | 5,899,230 | ||||
149,000 | eBay Inc. | 6,003,210 | ||||
46,000 | Expedia Group Inc. | 5,984,600 | ||||
Total Internet & Direct Marketing Retail | 17,887,040 | |||||
IT Services – 4.0% | ||||||
80,000 | Booz Allen Hamilton Holding Corp | 6,040,800 | ||||
22,000 | FleetCor Technologies Inc., (2) | 6,564,800 | ||||
29,000 | International Business Machines Corp | 3,930,370 | ||||
22,000 | Mastercard Inc. | 6,190,140 | ||||
18,000 | VeriSign Inc., (2) | 3,669,300 | ||||
Total IT Services | 26,395,410 | |||||
Machinery – 6.0% | ||||||
95,000 | AGCO Corp | 6,566,400 | ||||
150,000 | Allison Transmission Holdings Inc. | 6,664,500 | ||||
42,000 | Cummins Inc. | 6,269,340 | ||||
84,000 | Oshkosh Corp | 5,902,680 | ||||
92,000 | PACCAR Inc. | 6,031,520 | ||||
11,000 | Parker-Hannifin Corp | 1,823,470 | ||||
156,000 | Timken Co | 6,268,080 | ||||
Total Machinery | 39,525,990 | |||||
Media – 3.6% | ||||||
125,000 | AMC Networks Inc., (2) | 6,062,500 | ||||
217,000 | Discovery Inc., (2) | 5,989,200 |
Shares | Description (1) | Value | ||||
Media (continued) | ||||||
74,000 | Omnicom Group Inc. | $5,628,440 | ||||
283,000 | The Interpublic Group of Cos Inc. | 5,626,040 | ||||
Total Media | 23,306,180 | |||||
Metals & Mining – 3.6% | ||||||
290,000 | Alcoa Corp | 5,199,700 | ||||
126,000 | Nucor Corp | 6,171,480 | ||||
64,000 | Reliance Steel & Aluminum Co | 6,222,720 | ||||
228,000 | Steel Dynamics Inc. | 6,156,000 | ||||
Total Metals & Mining | 23,749,900 | |||||
Multiline Retail – 0.9% | ||||||
55,000 | Target Corp | 5,887,200 | ||||
Oil, Gas & Consumable Fuels – 3.3% | ||||||
593,000 | EQT Corp | 6,030,810 | ||||
1,307,000 | Extraction Oil & Gas Inc., (2) | 5,267,210 | ||||
316,000 | Parsley Energy Inc. | 5,659,560 | ||||
1,257,000 | Range Resources Corp | 4,474,920 | ||||
Total Oil, Gas & Consumable Fuels | 21,432,500 | |||||
Paper & Forest Products – 0.7% | ||||||
143,000 | Domtar Corp | 4,711,850 | ||||
Personal Products – 0.9% | ||||||
30,000 | Estee Lauder Cos Inc. | 5,939,700 | ||||
Pharmaceuticals – 2.1% | ||||||
113,000 | Bristol-Myers Squibb Co | 5,431,910 | ||||
49,000 | Jazz Pharmaceuticals PLC, (2) | 6,279,350 | ||||
21,000 | Merck & Co Inc. | 1,815,870 | ||||
Total Pharmaceuticals | 13,527,130 | |||||
Professional Services – 1.0% | ||||||
78,000 | ManpowerGroup Inc. | 6,375,720 | ||||
Real Estate Management & Development – 1.7% | ||||||
119,000 | CBRE Group Inc., (2) | 6,220,130 | ||||
38,000 | Jones Lang LaSalle Inc. | 5,093,900 | ||||
Total Real Estate Management & Development | 11,314,030 | |||||
Road & Rail – 0.8% | ||||||
28,000 | Genesee & Wyoming Inc., (2) | 3,104,640 | ||||
20,000 | Landstar System Inc. | 2,230,400 | ||||
Total Road & Rail | 5,335,040 | |||||
Semiconductors & Semiconductor Equipment – 3.6% | ||||||
29,000 | Lam Research Corp | 6,104,790 |
Shares | Description (1) | Value | ||||
Semiconductors & Semiconductor Equipment (continued) | ||||||
62,000 | NXP Semiconductors NV | $6,332,680 | ||||
292,000 | ON Semiconductor Corp, (2) | 5,197,600 | ||||
81,000 | QUALCOMM Inc. | 6,299,370 | ||||
Total Semiconductors & Semiconductor Equipment | 23,934,440 | |||||
Software – 1.3% | ||||||
13,000 | Intuit Inc. | 3,748,680 | ||||
32,000 | VMware Inc., (2) | 4,526,080 | ||||
Total Software | 8,274,760 | |||||
Specialty Retail – 1.2% | ||||||
85,000 | Best Buy Co Inc. | 5,410,250 | ||||
26,000 | Murphy USA Inc., (2) | 2,324,400 | ||||
Total Specialty Retail | 7,734,650 | |||||
Technology Hardware, Storage & Peripherals – 2.9% | ||||||
124,000 | Dell Technologies Inc., (2) | 6,389,720 | ||||
433,000 | Hewlett Packard Enterprise Co | 5,984,060 | ||||
202,000 | NCR Corp, (2) | 6,365,020 | ||||
Total Technology Hardware, Storage & Peripherals | 18,738,800 | |||||
Thrifts & Mortgage Finance – 1.0% | ||||||
500,000 | MGIC Investment Corp | 6,325,000 | ||||
Wireless Telecommunication Services – 0.9% | ||||||
235,000 | Telephone & Data Systems Inc. | 5,922,000 | ||||
Total Long-Term Investments (cost $552,534,863) | 551,188,760 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Value | ||
SHORT-TERM INVESTMENTS – 16.5% | ||||||
REPURCHASE AGREEMENTS – 16.5% | ||||||
$107,960 | Repurchase Agreement with Fixed Income Clearing Corporation, dated 8/30/19, repurchase price $107,972,359, collateralized by $104,360,000 U.S. Treasury Notes, 2.750%, due 4/30/23, value $110,120,046 | 1.050% | 9/03/19 | $107,959,764 | ||
Total Short-Term Investments (cost $107,959,764) | 107,959,764 | |||||
Total Investments (cost $660,494,627) – 100.6% | 659,148,524 |
Shares | Description (1) | Value | ||||
COMMON STOCKS SOLD SHORT – (79.7)% (3) | ||||||
Aerospace & Defense – (0.9)% | ||||||
(96,000) | BWX Technologies Inc. | $(5,683,200) |
Shares | Description (1) | Value | ||||
Air Freight & Logistics – (1.8)% | ||||||
(38,000) | FedEx Corp | $(6,027,180) | ||||
(48,000) | United Parcel Service Inc. | (5,695,680) | ||||
Total Air Freight & Logistics | (11,722,860) | |||||
Automobiles – (0.9)% | ||||||
(26,000) | Tesla Inc., (2) | (5,865,860) | ||||
Biotechnology – (4.1)% | ||||||
(97,000) | Agios Pharmaceuticals Inc., (2) | (3,681,150) | ||||
(67,000) | Alnylam Pharmaceuticals Inc., (2) | (5,406,230) | ||||
(19,000) | BioMarin Pharmaceutical Inc., (2) | (1,426,140) | ||||
(49,000) | Bluebird Bio Inc., (2) | (5,062,190) | ||||
(57,000) | Neurocrine Biosciences Inc., (2) | (5,666,940) | ||||
(62,000) | Sarepta Therapeutics Inc., (2) | (5,589,300) | ||||
Total Biotechnology | (26,831,950) | |||||
Capital Markets – (1.3)% | ||||||
(454,000) | BGC Partners Inc. | (2,315,400) | ||||
(336,000) | Virtu Financial Inc. | (6,316,800) | ||||
Total Capital Markets | (8,632,200) | |||||
Chemicals – (2.0)% | ||||||
(94,000) | Albemarle Corp | (5,802,620) | ||||
(50,000) | International Flavors & Fragrances Inc. | (5,487,500) | ||||
(31,000) | WR Grace & Co | (2,099,010) | ||||
Total Chemicals | (13,389,130) | |||||
Commercial Services & Supplies – (1.9)% | ||||||
(192,000) | Rollins Inc. | (6,299,520) | ||||
(130,000) | Stericycle Inc., (2) | (5,835,700) | ||||
Total Commercial Services & Supplies | (12,135,220) | |||||
Diversified Telecommunication Services – (0.5)% | ||||||
(57,000) | GCI Liberty Inc., (2) | (3,547,680) | ||||
Electric Utilities – (0.8)% | ||||||
(106,000) | Alliant Energy Corp | (5,559,700) | ||||
Electronic Equipment, Instruments & Components – (2.7)% | ||||||
(80,000) | Cognex Corp | (3,606,400) | ||||
(50,000) | IPG Photonics Corp, (2) | (6,186,500) | ||||
(70,000) | SYNNEX Corp | (5,866,700) | ||||
(63,000) | Trimble Inc., (2) | (2,363,760) | ||||
Total Electronic Equipment, Instruments & Components | (18,023,360) |
Shares | Description (1) | Value | ||||
Energy Equipment & Services – (2.4)% | ||||||
(304,000) | Halliburton Co | $(5,727,360) | ||||
(300,000) | National Oilwell Varco Inc. | (6,129,000) | ||||
(838,000) | Transocean Ltd | (3,812,900) | ||||
Total Energy Equipment & Services | (15,669,260) | |||||
Entertainment – (4.5)% | ||||||
(139,000) | Liberty Media Corp-Liberty Formula One, (2) | (5,801,860) | ||||
(593,000) | Lions Gate Entertainment Corp | (5,354,790) | ||||
(21,000) | Netflix Inc., (2) | (6,168,750) | ||||
(20,000) | Spotify Technology SA, (2) | (2,699,000) | ||||
(26,000) | Walt Disney Co | (3,568,760) | ||||
(83,000) | World Wrestling Entertainment Inc. | (5,928,690) | ||||
Total Entertainment | (29,521,850) | |||||
Equity Real Estate Investment Trust – (0.9)% | ||||||
(222,000) | Weyerhaeuser Co | (5,840,820) | ||||
Food Products – (5.1)% | ||||||
(107,000) | Archer-Daniels-Midland Co | (4,071,350) | ||||
(207,000) | Conagra Brands Inc. | (5,870,520) | ||||
(317,000) | Hain Celestial Group Inc., (2) | (6,038,850) | ||||
(142,000) | Hormel Foods Corp | (6,050,620) | ||||
(191,000) | Kraft Heinz Co | (4,874,320) | ||||
(81,000) | Lamb Weston Holdings Inc. | (5,701,590) | ||||
(200) | Seaboard Corp | (826,036) | ||||
Total Food Products | (33,433,286) | |||||
Gas Utilities – (0.9)% | ||||||
(52,000) | Atmos Energy Corp | (5,731,960) | ||||
Health Care Equipment & Supplies – (3.8)% | ||||||
(23,000) | ABIOMED Inc., (2) | (4,440,610) | ||||
(19,000) | Align Technology Inc., (2) | (3,479,090) | ||||
(62,000) | Cantel Medical Corp | (5,699,660) | ||||
(17,000) | ICU Medical Inc., (2) | (2,749,750) | ||||
(7,000) | Intuitive Surgical Inc., (2) | (3,579,380) | ||||
(36,000) | Penumbra Inc., (2) | (5,239,800) | ||||
Total Health Care Equipment & Supplies | (25,188,290) | |||||
Health Care Providers & Services – (1.4)% | ||||||
(214,000) | Acadia Healthcare Co Inc., (2) | (5,662,440) | ||||
(246,000) | Covetrus Inc., (2) | (3,269,340) | ||||
Total Health Care Providers & Services | (8,931,780) |
Shares | Description (1) | Value | ||||
Hotels, Restaurants & Leisure – (1.8)% | ||||||
(140,000) | Carnival Corp | $(6,171,200) | ||||
(55,000) | Royal Caribbean Cruises Ltd | (5,735,400) | ||||
Total Hotels, Restaurants & Leisure | (11,906,600) | |||||
Household Durables – (1.7)% | ||||||
(153,000) | Leggett & Platt Inc. | (5,690,070) | ||||
(44,000) | Mohawk Industries Inc., (2) | (5,231,160) | ||||
Total Household Durables | (10,921,230) | |||||
Household Products – (0.9)% | ||||||
(160,000) | Energizer Holdings Inc. | (6,160,000) | ||||
Industrial Conglomerates – (0.8)% | ||||||
(606,000) | General Electric Co | (4,999,500) | ||||
Insurance – (0.9)% | ||||||
(159,000) | Brighthouse Financial Inc., (2) | (5,606,340) | ||||
Interactive Media & Services – (0.7)% | ||||||
(131,000) | Zillow Group Inc., (2) | (4,510,330) | ||||
Internet & Direct Marketing Retail – (1.6)% | ||||||
(98,000) | GrubHub Inc., (2) | (5,815,320) | ||||
(39,000) | Wayfair Inc., (2) | (4,396,860) | ||||
Total Internet & Direct Marketing Retail | (10,212,180) | |||||
IT Services – (0.8)% | ||||||
(90,000) | Square Inc., (2) | (5,565,600) | ||||
Leisure Products – (1.9)% | ||||||
(134,000) | Brunswick Corp | (6,244,400) | ||||
(607,000) | Mattel Inc. | (5,948,600) | ||||
Total Leisure Products | (12,193,000) | |||||
Machinery – (2.7)% | ||||||
(344,000) | Trinity Industries Inc. | (6,009,680) | ||||
(83,000) | Wabtec Corp | (5,744,430) | ||||
(367,000) | Welbilt Inc., (2) | (5,776,580) | ||||
Total Machinery | (17,530,690) | |||||
Marine – (0.9)% | ||||||
(83,000) | Kirby Corp, (2) | (6,107,970) | ||||
Media – (1.7)% | ||||||
(54,000) | Liberty Broadband Corp, (2) | (5,693,760) | ||||
(908,000) | Sirius XM Holdings Inc. | (5,602,360) | ||||
Total Media | (11,296,120) |
Shares | Description (1) | Value | ||||
Mortgage Real Estate Investment Trust – (0.8)% | ||||||
(607,000) | Annaly Capital Management Inc. | $(5,038,100) | ||||
Multiline Retail – (1.7)% | ||||||
(388,000) | Macy's Inc. | (5,726,880) | ||||
(99,114) | Ollie's Bargain Outlet Holdings Inc., (2) | (5,495,871) | ||||
Total Multiline Retail | (11,222,751) | |||||
Multi-Utilities – (1.8)% | ||||||
(76,000) | Dominion Energy Inc. | (5,899,880) | ||||
(196,000) | NiSource Inc. | (5,791,800) | ||||
Total Multi-Utilities | (11,691,680) | |||||
Oil, Gas & Consumable Fuels – (2.8)% | ||||||
(829,000) | Antero Midstream Corp | (5,894,190) | ||||
(100,000) | Hess Corp | (6,295,000) | ||||
(175,000) | Targa Resources Corp. | (6,321,000) | ||||
Total Oil, Gas & Consumable Fuels | (18,510,190) | |||||
Pharmaceuticals – (0.7)% | ||||||
(88,000) | Catalent Inc., (2) | (4,641,120) | ||||
Professional Services – (0.9)% | ||||||
(41,000) | Equifax Inc. | (6,001,580) | ||||
Road & Rail – (3.5)% | ||||||
(56,000) | JB Hunt Transport Services Inc. | (6,050,240) | ||||
(114,000) | Lyft Inc., (2) | (5,582,580) | ||||
(125,000) | Ryder System Inc. | (6,021,250) | ||||
(172,000) | Uber Technologies Inc., (2) | (5,602,040) | ||||
Total Road & Rail | (23,256,110) | |||||
Semiconductors & Semiconductor Equipment – (1.7)% | ||||||
(90,000) | First Solar Inc., (2) | (5,586,300) | ||||
(34,000) | NVIDIA Corp | (5,695,340) | ||||
Total Semiconductors & Semiconductor Equipment | (11,281,640) | |||||
Software – (6.5)% | ||||||
(323,000) | 2U Inc., (2) | (5,775,240) | ||||
(431,000) | FireEye Inc., (2) | (5,788,330) | ||||
(63,000) | New Relic Inc., (2) | (3,612,420) | ||||
(235,000) | Nutanix Inc., (2) | (5,694,050) | ||||
(98,000) | Pagerduty Inc., (2) | (3,848,460) | ||||
(364,000) | Pluralsight Inc., (2) | (5,860,400) | ||||
(94,000) | PTC Inc., (2) | (6,154,180) | ||||
(180,000) | Teradata Corp, (2) | (5,556,600) | ||||
Total Software | (42,289,680) |
Shares | Description (1) | Value | ||||
Specialty Retail – (3.6)% | ||||||
(42,000) | Advance Auto Parts Inc. | $(5,793,900) | ||||
(50,000) | Five Below Inc., (2) | (6,143,500) | ||||
(116,000) | Floor & Decor Holdings Inc., (2) | (5,709,520) | ||||
(72,000) | Tiffany & Co | (6,110,640) | ||||
Total Specialty Retail | (23,757,560) | |||||
Technology Hardware, Storage & Peripherals – (0.7)% | ||||||
(275,000) | Pure Storage Inc., (2) | (4,477,000) | ||||
Textiles, Apparel & Luxury Goods – (0.9)% | ||||||
(214,000) | Capri Holdings Ltd, (2) | (5,645,320) | ||||
Trading Companies & Distributors – (0.9)% | ||||||
(143,000) | Air Lease Corp | (5,940,220) | ||||
Water Utilities – (0.9)% | ||||||
(127,000) | Aqua America Inc. | (5,624,830) | ||||
Total Common Stocks Sold Short (proceeds $572,409,972) | (522,095,747) | |||||
Other Assets Less Liabilities – 79.1% | 518,049,388 | |||||
Net Assets – 100% | $655,102,165 |
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) | The Fund may pledge up to 100% of its eligible long-term investments in the Portfolio of Investments as collateral for Common Stocks Sold Short. As of the end of the reporting period, long-term investments with a value of $108,586,760 have been pledged as collateral for Common Stocks Sold Short. |
Large Cap Value | Large Cap Core | Large Cap Growth | Equity Long/Short | Equity Market Neutral | |
Assets | |||||
Long-term investments, at value (cost $360,138,249, $807,835,105, $243,359,761, $409,767,241 and $552,534,863, respectively) | $364,983,783 | $854,984,480 | $304,800,104 | $440,585,526 | $551,188,760 |
Short-term investments, at value (cost approximates value) | 3,527,626 | 349,366 | 2,010,431 | 61,889,852 | 107,959,764 |
Cash | — | 1,759,879 | — | — | 996,930 |
Cash collateral at brokers for common stocks sold short(1) | — | — | — | 52,647,518 | 522,865,631 |
Receivable for: | |||||
Dividends | 749,960 | 1,156,003 | 403,058 | 591,215 | 828,907 |
Interest | 206 | 20 | 117 | 3,610 | 6,298 |
Investments sold | 737,103 | 5,639,807 | 6,501,180 | 6,199,236 | 22,786,273 |
Shares sold | 58,318 | 577,883 | 181,593 | 712,429 | 1,826,141 |
Other assets | 171,724 | 57,452 | 65,494 | 32,650 | 103,118 |
Total assets | 370,228,720 | 864,524,890 | 313,961,977 | 562,662,036 | 1,208,561,822 |
Liabilities | |||||
Common stocks sold short, at value (proceeds $—, $—, $—, $257,626,380 and $572,409,972, respectively) | — | — | — | 225,806,669 | 522,095,747 |
Payable for: | |||||
Dividends on common stocks sold short | — | — | — | 308,998 | 650,932 |
Investments purchased | 138,081 | 4,542,014 | 5,994,023 | 5,163,876 | 24,357,812 |
Shares redeemed | 320,346 | 2,430,041 | 392,760 | 649,742 | 5,261,749 |
Accrued expenses: | |||||
Management fees | 195,235 | 454,971 | 155,446 | 333,165 | 687,356 |
Shareholder servicing agent fees | 75,513 | 176,230 | 113,806 | 117,143 | 217,061 |
Trustees fees | 130,263 | 17,837 | 30,937 | 4,015 | 6,114 |
12b-1 distribution and service fees | 60,160 | 106,482 | 49,909 | 28,150 | 19,339 |
Other | 76,921 | 143,433 | 70,289 | 82,938 | 163,547 |
Total liabilities | 996,519 | 7,871,008 | 6,807,170 | 232,494,696 | 553,459,657 |
Net assets | $369,232,201 | $856,653,882 | $307,154,807 | $330,167,340 | $655,102,165 |
Large Cap Value | Large Cap Core | Large Cap Growth | Equity Long/Short | Equity Market Neutral | |
Class A Shares | |||||
Net assets | $217,693,856 | $100,314,911 | $110,191,433 | $52,855,696 | $43,489,396 |
Shares outstanding | 10,332,639 | 3,363,094 | 4,231,043 | 1,301,655 | 1,846,661 |
Net asset value ("NAV") per share | $21.07 | $29.83 | $26.04 | $40.61 | $23.55 |
Offering price per share (NAV per share plus maximum sales charge of 5.75% of offering price) | $22.36 | $31.65 | $27.63 | $43.09 | $24.99 |
Class C Shares | |||||
Net assets | $14,781,450 | $96,998,594 | $29,778,687 | $19,961,006 | $11,857,539 |
Shares outstanding | 740,245 | 3,323,739 | 1,186,443 | 537,639 | 527,981 |
NAV and offering price per share | $19.97 | $29.18 | $25.10 | $37.13 | $22.46 |
Class R3 Shares | |||||
Net assets | $475,479 | $ — | $ — | $ — | $ — |
Shares outstanding | 22,326 | — | — | — | — |
NAV and offering price per share | $21.30 | $ — | $ — | $ — | $ — |
Class R6 Shares | |||||
Net assets | $14,848,851 | $126,554,158 | $23,159,493 | $ — | $ — |
Shares outstanding | 700,139 | 4,242,568 | 885,067 | — | — |
NAV and offering price per share | $21.21 | $29.83 | $26.17 | $ — | $ — |
Class I Shares | |||||
Net assets | $121,432,565 | $532,786,219 | $144,025,194 | $257,350,638 | $599,755,230 |
Shares outstanding | 5,733,394 | 17,894,647 | 5,513,856 | 6,160,890 | 25,060,357 |
NAV and offering price per share | $21.18 | $29.77 | $26.12 | $41.77 | $23.93 |
Fund level net assets consist of: | |||||
Capital paid-in | $391,673,013 | $868,347,426 | $232,551,073 | $327,027,839 | $681,157,572 |
Total distributable earnings | (22,440,812) | (11,693,544) | 74,603,734 | 3,139,501 | (26,055,407) |
Fund level net assets | $369,232,201 | $856,653,882 | $307,154,807 | $330,167,340 | $655,102,165 |
Authorized shares - per class | Unlimited | Unlimited | Unlimited | Unlimited | Unlimited |
Par value per share | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 |
(1) | Cash pledged as collateral for common stocks sold short is in addition to the Fund's securities pledged as collateral as noted in the Portfolio of Investments. |
Large Cap Value | Large Cap Core | Large Cap Growth | Equity Long/Short | Equity Market Neutral | |
Investment Income | |||||
Dividends | $9,974,789 | $16,696,484 | $5,346,694 | $8,578,648 | $6,671,816 |
Interest | 32,902 | 16,733 | 26,266 | 383,659 | 1,745,369 |
Other | — | — | — | 471,478 | 7,305,638 |
Tax withheld | (12,012) | (14,313) | (4,275) | (7,788) | (6,113) |
Total investment income | 9,995,679 | 16,698,904 | 5,368,685 | 9,425,997 | 15,716,710 |
Expenses | |||||
Management fees | 2,829,566 | 5,934,449 | 2,557,816 | 4,704,369 | 7,107,946 |
12b-1 service fees - Class A Shares | 622,846 | 264,933 | 313,386 | 138,008 | 97,256 |
12b-1 distibution and service fees - Class C Shares | 182,745 | 1,077,958 | 375,415 | 208,013 | 104,775 |
12b-1 distibution and service fees - Class R3 Shares | 2,154 | — | — | — | — |
Dividends expense on common stocks sold short | — | — | — | 3,873,890 | 5,384,039 |
Shareholder servicing agent fees | 306,764 | 619,784 | 386,285 | 441,043 | 643,544 |
Custodian fees | 77,188 | 109,572 | 62,002 | 71,950 | 80,601 |
Professional fees | 34,408 | 59,789 | 32,226 | 37,641 | 50,599 |
Trustees fees | 12,590 | 27,096 | 10,851 | 11,186 | 16,466 |
Shareholder reporting expenses | 48,861 | 117,925 | 46,576 | 74,791 | 117,016 |
Federal and state registration fees | 89,454 | 148,748 | 119,745 | 86,238 | 185,148 |
Other | 6,612 | 18,656 | 20,375 | 13,299 | 11,061 |
Total expenses before fee waiver/expense reimbursement | 4,213,188 | 8,378,910 | 3,924,677 | 9,660,428 | 13,798,451 |
Fee waiver/expense reimbursement | (125,641) | (284,930) | (452,366) | (307,196) | (416,719) |
Net expenses | 4,087,547 | 8,093,980 | 3,472,311 | 9,353,232 | 13,381,732 |
Net investment income (loss) | 5,908,132 | 8,604,924 | 1,896,374 | 72,765 | 2,334,978 |
Realized and Unrealized Gain (Loss) | |||||
Net realized gain (loss) from: | |||||
Investments | (20,123,916) | (55,476,641) | 41,686,822 | (39,996,456) | (19,927,639) |
Common stocks sold short | — | — | — | (16,860,059) | (52,413,835) |
Change in net unrealized appreciation (depreciation) of: | |||||
Investments | (53,079,747) | (83,623,051) | (83,190,169) | (13,915,850) | (17,522,970) |
Common stocks sold short | — | — | — | 36,967,032 | 52,346,013 |
Net realized and unrealized gain (loss) | (73,203,663) | (139,099,692) | (41,503,347) | (33,805,333) | (37,518,431) |
Net increase (decrease) in net assets from operations | $(67,295,531) | $(130,494,768) | $(39,606,973) | $(33,732,568) | $(35,183,453) |
Large Cap Value | Large Cap Core | ||||
Year Ended 8/31/19 | Year Ended(1) 8/31/18 | Year Ended 8/31/19 | Year Ended(1) 8/31/18 | ||
Operations | |||||
Net investment income (loss) | $5,908,132 | $4,240,069 | $8,604,924 | $3,941,955 | |
Net realized gain (loss) from: | |||||
Investments | (20,123,916) | 54,782,217 | (55,476,641) | 54,147,131 | |
Common stocks sold short | — | — | — | — | |
Change in net unrealized appreciation (depreciation) of: | |||||
Investments | (53,079,747) | 24,433,997 | (83,623,051) | 81,839,690 | |
Common stocks sold short | — | — | — | — | |
Net increase (decrease) in net assets from operations | (67,295,531) | 83,456,283 | (130,494,768) | 139,928,776 | |
Distributions to Shareholders(2) | |||||
Dividends(3) | |||||
Class A Shares | (32,419,502) | (25,387,711) | (1,136,128) | (8,490,964) | |
Class C Shares | (2,326,746) | (1,833,854) | (733,665) | (8,277,269) | |
Class R3 Shares | (56,892) | (20,410) | — | — | |
Class R6 Shares | (1,953,723) | (1,853,000) | (1,680,547) | (14,864,621) | |
Class I Shares | (21,259,721) | (11,166,791) | (8,165,566) | (40,174,843) | |
Class T Shares(4) | — | (2,637) | — | (3,216) | |
Decrease in net assets from distributions to shareholders | (58,016,584) | (40,264,403) | (11,715,906) | (71,810,913) | |
Fund Share Transactions | |||||
Fund reorganization | — | 39,210,690 | — | 148,253,727 | |
Proceeds from sale of shares | 85,709,773 | 64,019,304 | 525,004,319 | 383,440,637 | |
Proceeds from shares issued to shareholders due to reinvestment of distributions | 47,974,878 | 32,834,854 | 9,495,942 | 57,618,109 | |
133,684,651 | 136,064,848 | 534,500,261 | 589,312,473 | ||
Cost of shares redeemed | (136,127,816) | (92,306,082) | (399,498,773) | (182,443,505) | |
Net increase (decrease) in net assets from Fund share transactions | (2,443,165) | 43,758,766 | 135,001,488 | 406,868,968 | |
Net increase (decrease) in net assets | (127,755,280) | 86,950,646 | (7,209,186) | 474,986,831 | |
Net assets at the beginning of period | 496,987,481 | 410,036,835 | 863,863,068 | 388,876,237 | |
Net assets at the end of period | $369,232,201 | $496,987,481 | $856,653,882 | $863,863,068 |
(1) | Prior period amounts have been conformed to current year presentation. See Notes to Financial Statements, Note 2 - Significant Accounting Policies, New Accounting Pronouncements and Rule Issuances for further details. |
(2) | The composition and per share amounts of the Funds' distributions are presented in the Financial Highlights. The distribution information for the Funds as of their most recent tax year end is presented within the Notes to Financial Statements, Note 6 - Income Tax Information. |
(3) | For the fiscal year ended August 31, 2018, Large Cap Value's, Large Cap Core's and Large Cap Growth's distributions to shareholders were paid from net investment income and accumulated net realized gains, while Equity Long/Short's and Equity Market Neutral's distributions were paid from accumulated net realized gains. |
(4) | Class T Shares were not available for public offering. |
Large Cap Growth | Equity Long/Short | ||||
Year Ended 8/31/19 | Year Ended(1) 8/31/18 | Year Ended 8/31/19 | Year Ended(1) 8/31/18 | ||
Operations | |||||
Net investment income (loss) | $1,896,374 | $892,888 | $72,765 | $(1,007,444) | |
Net realized gain (loss) from: | |||||
Investments | 41,686,822 | 63,645,646 | (39,996,456) | 18,816,655 | |
Common stocks sold short | — | — | (16,860,059) | (14,451,946) | |
Change in net unrealized appreciation (depreciation) of: | |||||
Investments | (83,190,169) | 6,796,727 | (13,915,850) | 31,815,981 | |
Common stocks sold short | — | — | 36,967,032 | (6,578,608) | |
Net increase (decrease) in net assets from operations | (39,606,973) | 71,335,261 | (33,732,568) | 28,594,638 | |
Distributions to Shareholders(2) | |||||
Dividends(3) | |||||
Class A Shares | (10,931,273) | (17,418,849) | (723,620) | (513,454) | |
Class C Shares | (3,606,164) | (3,468,934) | (300,346) | (172,650) | |
Class R3 Shares | — | — | — | — | |
Class R6 Shares | (2,056,913) | (2,323,597) | — | — | |
Class I Shares | (17,669,250) | (32,120,226) | (4,267,198) | (1,469,822) | |
Class T Shares(4) | — | — | — | — | |
Decrease in net assets from distributions to shareholders | (34,263,600) | (55,331,606) | (5,291,164) | (2,155,926) | |
Fund Share Transactions | |||||
Fund reorganization | — | 453,660,930 | — | — | |
Proceeds from sale of shares | 48,576,983 | 65,989,401 | 265,600,346 | 279,381,542 | |
Proceeds from shares issued to shareholders due to reinvestment of distributions | 29,302,916 | 43,692,434 | 5,279,420 | 2,150,344 | |
77,879,899 | 563,342,765 | 270,879,766 | 281,531,886 | ||
Cost of shares redeemed | (201,275,961) | (155,530,927) | (276,408,392) | (38,931,086) | |
Net increase (decrease) in net assets from Fund share transactions | (123,396,062) | 407,811,838 | (5,528,626) | 242,600,800 | |
Net increase (decrease) in net assets | (197,266,635) | 423,815,493 | (44,552,358) | 269,039,512 | |
Net assets at the beginning of period | 504,421,442 | 80,605,949 | 374,719,698 | 105,680,186 | |
Net assets at the end of period | $307,154,807 | $504,421,442 | $330,167,340 | $374,719,698 |
(1) | Prior period amounts have been conformed to current year presentation. See Notes to Financial Statements, Note 2 - Significant Accounting Policies, New Accounting Pronouncements and Rule Issuances for further details. |
(2) | The composition and per share amounts of the Funds' distributions are presented in the Financial Highlights. The distribution information for the Funds as of their most recent tax year end is presented within the Notes to Financial Statements, Note 6 - Income Tax Information. |
(3) | For the fiscal year ended August 31, 2018, Large Cap Value's, Large Cap Core's and Large Cap Growth's distributions to shareholders were paid from net investment income and accumulated net realized gains, while Equity Long/Short's and Equity Market Neutral's distributions were paid from accumulated net realized gains. |
(4) | Class T Shares were not available for public offering. |
Equity Market Neutral | ||
Year Ended 8/31/19 | Year Ended(1) 8/31/18 | |
Operations | ||
Net investment income (loss) | $2,334,978 | $(624,908) |
Net realized gain (loss) from: | ||
Investments | (19,927,639) | 9,314,648 |
Common stocks sold short | (52,413,835) | (7,540,338) |
Change in net unrealized appreciation (depreciation) of: | ||
Investments | (17,522,970) | 11,439,713 |
Common stocks sold short | 52,346,013 | (6,422,092) |
Net increase (decrease) in net assets from operations | (35,183,453) | 6,167,023 |
Distributions to Shareholders(2) | ||
Dividends(3) | ||
Class A Shares | (190,467) | (229,852) |
Class C Shares | (55,467) | (48,318) |
Class R3 Shares | — | — |
Class R6 Shares | — | — |
Class I Shares | (2,400,973) | (1,526,839) |
Class T Shares(4) | — | — |
Decrease in net assets from distributions to shareholders | (2,646,907) | (1,805,009) |
Fund Share Transactions | ||
Fund reorganization | — | — |
Proceeds from sale of shares | 929,416,578 | 214,500,477 |
Proceeds from shares issued to shareholders due to reinvestment of distributions | 2,553,219 | 1,548,107 |
931,969,797 | 216,048,584 | |
Cost of shares redeemed | (495,781,465) | (30,944,613) |
Net increase (decrease) in net assets from Fund share transactions | 436,188,332 | 185,103,971 |
Net increase (decrease) in net assets | 398,357,972 | 189,465,985 |
Net assets at the beginning of period | 256,744,193 | 67,278,208 |
Net assets at the end of period | $655,102,165 | $256,744,193 |
(1) | Prior period amounts have been conformed to current year presentation. See Notes to Financial Statements, Note 2 - Significant Accounting Policies, New Accounting Pronouncements and Rule Issuances for further details. |
(2) | The composition and per share amounts of the Funds' distributions are presented in the Financial Highlights. The distribution information for the Funds as of their most recent tax year end is presented within the Notes to Financial Statements, Note 6 - Income Tax Information. |
(3) | For the fiscal year ended August 31, 2018, Large Cap Value's, Large Cap Core's and Large Cap Growth's distributions to shareholders were paid from net investment income and accumulated net realized gains, while Equity Long/Short's and Equity Market Neutral's distributions were paid from accumulated net realized gains. |
(4) | Class T Shares were not available for public offering. |
Equity Long/Short | Equity Market Neutral | |
Cash Flows from Operating Activities: | ||
Net Increase (Decrease) in Net Assets from Operations | $(33,732,568) | $(35,183,453) |
Adjustments to reconcile the net increase (decrease) in net assets from operations to net cash provided by (used in) operating activities: | ||
Purchases of investments | (870,544,036) | (1,103,590,549) |
Purchases of common stock sold short | (582,039,194) | (564,386,374) |
Proceeds from sales | 844,146,987 | 641,326,039 |
Proceeds from sales of common stock sold short | 568,919,050 | 950,224,321 |
Proceeds from (Purchase of) short-term investments, net | (61,889,852) | (18,839,214) |
Securities litigation | 29 | 18,596 |
(Increase) Decrease in: | ||
Receivable for dividends | (88,702) | (675,373) |
Receivable for interest | (3,610) | (4,070) |
Receivable for investments sold | 4,947,123 | (22,666,697) |
Other assets | 12,028 | (53,548) |
Increase (Decrease) in: | ||
Payable for dividends on common stock sold short | 83,373 | 518,065 |
Payable for investments purchased | (7,194,250) | 21,128,420 |
Accrued management fees | (21,636) | 444,365 |
Accrued trustees fees | 3,006 | 5,293 |
Accrued shareholder servicing agent fees | 117,143 | 217,061 |
Accrued 12b-1 distribution and service fees | 918 | 9,929 |
Accrued other expenses | (70,961) | 38,224 |
Net realized (gain) loss from: | ||
Investments | 39,996,456 | 19,927,639 |
Common stocks sold short | 16,860,059 | 52,413,835 |
Change in net unrealized (appreciation) depreciation of: | ||
Investments | 13,915,850 | 17,522,970 |
Common stocks sold short | (36,967,032) | (52,346,013) |
Net cash provided by (used in) operating activities | (103,549,819) | (93,950,534) |
Cash Flows from Financing Activities: | ||
Cash distributions paid to shareholders | (11,744) | (93,688) |
Proceeds from sale of shares | 270,134,501 | 929,957,458 |
Cost of shares redeemed | (276,015,871) | (490,951,617) |
Net cash provided by (used in) financing activities | (5,893,114) | 438,912,153 |
Net Increase (Decrease) in Cash and Cash Collateral at Brokers | (109,442,933) | 344,961,619 |
Cash and cash collateral at brokers at the beginning of period | 162,090,451 | 178,900,942 |
Cash and cash collateral at brokers at the end of period | 52,647,518 | 523,862,561 |
Supplemental Disclosure of Cash Flow Information | Equity Long/Short | Equity Market Neutral |
Non-cash financing activities not included herein consists of reinvestments of share distributions | $5,279,420 | $2,553,219 |
Selected data for a share outstanding throughout each period:
Investment Operations | Less Distributions | ||||||||
Class (Commencement Date) Year Ended August 31, | Beginning NAV | Net Investment Income (Loss)(a) | Net Realized/ Unrealized Gain (Loss) | Total | From Net Investment Income | From Accumulated Net Realized Gains | Total | Ending NAV | |
Class A (08/96) | |||||||||
2019 | $28.18 | $0.30 | $(4.25) | $(3.95) | $(0.24) | $(2.92) | $(3.16) | $21.07 | |
2018 | 25.94 | 0.24 | 4.63 | 4.87 | (0.36) | (2.27) | (2.63) | 28.18 | |
2017 | 22.73 | 0.23 | 3.31 | 3.54 | (0.33) | — | (0.33) | 25.94 | |
2016 | 23.58 | 0.32 | 0.98 | 1.30 | (0.24) | (1.91) | (2.15) | 22.73 | |
2015 | 28.36 | 0.27 | (1.77) | (1.50) | (0.21) | (3.07) | (3.28) | 23.58 | |
Class C (08/96) | |||||||||
2019 | 26.84 | 0.12 | (4.03) | (3.91) | (0.04) | (2.92) | (2.96) | 19.97 | |
2018 | 24.77 | 0.03 | 4.43 | 4.46 | (0.12) | (2.27) | (2.39) | 26.84 | |
2017 | 21.72 | 0.05 | 3.16 | 3.21 | (0.16) | — | (0.16) | 24.77 | |
2016 | 22.60 | 0.15 | 0.93 | 1.08 | (0.05) | (1.91) | (1.96) | 21.72 | |
2015 | 27.31 | 0.07 | (1.70) | (1.63) | (0.01) | (3.07) | (3.08) | 22.60 | |
Class R3 (08/08) | |||||||||
2019 | 28.43 | 0.24 | (4.27) | (4.03) | (0.18) | (2.92) | (3.10) | 21.30 | |
2018 | 26.10 | 0.17 | 4.67 | 4.84 | (0.24) | (2.27) | (2.51) | 28.43 | |
2017 | 22.87 | 0.16 | 3.34 | 3.50 | (0.27) | — | (0.27) | 26.10 | |
2016 | 23.71 | 0.28 | 0.97 | 1.25 | (0.18) | (1.91) | (2.09) | 22.87 | |
2015 | 28.50 | 0.19 | (1.76) | (1.57) | (0.15) | (3.07) | (3.22) | 23.71 | |
Class R6 (06/16) | |||||||||
2019 | 28.35 | 0.37 | (4.28) | (3.91) | (0.31) | (2.92) | (3.23) | 21.21 | |
2018 | 26.12 | 0.32 | 4.67 | 4.99 | (0.49) | (2.27) | (2.76) | 28.35 | |
2017 | 22.88 | 0.31 | 3.34 | 3.65 | (0.41) | — | (0.41) | 26.12 | |
2016(e) | 21.66 | 0.06 | 1.16 | 1.22 | — | — | — | 22.88 | |
Class I (08/96) | |||||||||
2019 | 28.33 | 0.36 | (4.28) | (3.92) | (0.31) | (2.92) | (3.23) | 21.18 | |
2018 | 26.12 | 0.30 | 4.67 | 4.97 | (0.49) | (2.27) | (2.76) | 28.33 | |
2017 | 22.88 | 0.29 | 3.33 | 3.62 | (0.38) | — | (0.38) | 26.12 | |
2016 | 23.73 | 0.37 | 0.99 | 1.36 | (0.30) | (1.91) | (2.21) | 22.88 | |
2015 | 28.52 | 0.34 | (1.78) | (1.44) | (0.28) | (3.07) | (3.35) | 23.73 |
Ratios/Supplemental Data | |||||||
Ratios to Average Net Assets Before Waiver/Reimbursement | Ratios to Average Net Assets After Waiver/Reimbursement(c) | ||||||
Total Return(b) | Ending Net Assets (000) | Expenses | Net Investment Income (Loss) | Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate(d) | |
(13.60)% | $217,694 | 1.03% | 1.25% | 1.00% | 1.28% | 145% | |
20.30 | 293,656 | 1.05 | 0.87 | 1.03 | 0.89 | 169 | |
15.63 | 252,902 | 1.05 | 0.92 | 1.05 | 0.92 | 152 | |
6.26 | 240,572 | 1.10 | 1.44 | 1.10 | 1.44 | 141 | |
(5.75) | 267,337 | 1.12 | 1.01 | 1.12 | 1.01 | 158 | |
(14.24) | 14,781 | 1.78 | 0.50 | 1.75 | 0.52 | 145 | |
19.38 | 21,195 | 1.80 | 0.09 | 1.78 | 0.12 | 169 | |
14.79 | 19,868 | 1.80 | 0.19 | 1.80 | 0.19 | 152 | |
5.46 | 27,588 | 1.85 | 0.70 | 1.85 | 0.70 | 141 | |
(6.45) | 31,516 | 1.87 | 0.26 | 1.87 | 0.26 | 158 | |
(13.81) | 475 | 1.28 | 1.00 | 1.25 | 1.04 | 145 | |
19.99 | 208 | 1.30 | 0.62 | 1.28 | 0.64 | 169 | |
15.38 | 211 | 1.29 | 0.63 | 1.29 | 0.63 | 152 | |
5.97 | 186 | 1.34 | 1.25 | 1.34 | 1.25 | 141 | |
(5.99) | 232 | 1.37 | 0.73 | 1.37 | 0.73 | 158 | |
(13.35) | 14,849 | 0.72 | 1.55 | 0.69 | 1.58 | 145 | |
20.69 | 17,514 | 0.76 | 1.18 | 0.73 | 1.20 | 169 | |
16.02 | 17,991 | 0.73 | 1.23 | 0.73 | 1.23 | 152 | |
5.63 | 19,773 | 0.73* | 1.48* | 0.73* | 1.48* | 141 | |
(13.40) | 121,433 | 0.78 | 1.50 | 0.75 | 1.53 | 145 | |
20.60 | 164,387 | 0.80 | 1.10 | 0.77 | 1.13 | 169 | |
15.92 | 119,038 | 0.80 | 1.17 | 0.80 | 1.17 | 152 | |
6.53 | 99,927 | 0.85 | 1.69 | 0.85 | 1.69 | 141 | |
(5.52) | 103,342 | 0.86 | 1.29 | 0.86 | 1.29 | 158 |
(a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
(b) | Total return is the combination of changes in NAV without any sales charge, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. Total returns are not annualized. |
(c) | After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Note 7 – Management Fees and Other Transactions with Affiliates, Management Fees for more information. |
(d) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 4 – Portfolio Securities and Investments in Derivatives, Investment Transactions) divided by the average long-term market value during the period. |
(e) | For the period June 30, 2016 (commencement of operations) through August 31, 2016. |
* | Annualized. |
Selected data for a share outstanding throughout each period:
Investment Operations | Less Distributions | ||||||||
Class (Commencement Date) Year Ended August 31, | Beginning NAV | Net Investment Income (Loss)(a) | Net Realized/ Unrealized Gain (Loss) | Total | From Net Investment Income | From Accumulated Net Realized Gains | Total | Ending NAV | |
Class A (06/13) | |||||||||
2019 | $34.81 | $0.25 | $(4.90) | $(4.65) | $(0.12) | $(0.21) | $(0.33) | $29.83 | |
2018 | 31.25 | 0.18 | 7.24 | 7.42 | (0.19) | (3.67) | (3.86) | 34.81 | |
2017 | 27.03 | 0.18 | 4.24 | 4.42 | (0.20) | — | (0.20) | 31.25 | |
2016 | 25.64 | 0.22 | 1.71 | 1.93 | (0.15) | (0.39) | (0.54) | 27.03 | |
2015 | 26.67 | 0.23 | (0.69) | (0.46) | (0.02) | (0.55) | (0.57) | 25.64 | |
Class C (06/13) | |||||||||
2019 | 34.17 | 0.01 | (4.79) | (4.78) | — | (0.21) | (0.21) | 29.18 | |
2018 | 30.78 | (0.07) | 7.13 | 7.06 | — | (3.67) | (3.67) | 34.17 | |
2017 | 26.64 | (0.05) | 4.19 | 4.14 | —** | — | —** | 30.78 | |
2016 | 25.32 | 0.02 | 1.69 | 1.71 | — | (0.39) | (0.39) | 26.64 | |
2015 | 26.51 | 0.02 | (0.66) | (0.64) | — | (0.55) | (0.55) | 25.32 | |
Class R6 (06/16) | |||||||||
2019 | 34.80 | 0.35 | (4.90) | (4.55) | (0.21) | (0.21) | (0.42) | 29.83 | |
2018 | 31.33 | 0.28 | 7.24 | 7.52 | (0.38) | (3.67) | (4.05) | 34.80 | |
2017 | 27.08 | 0.27 | 4.26 | 4.53 | (0.28) | — | (0.28) | 31.33 | |
2016(e) | 25.46 | 0.05 | 1.57 | 1.62 | — | — | — | 27.08 | |
Class I (06/13) | |||||||||
2019 | 34.76 | 0.33 | (4.90) | (4.57) | (0.21) | (0.21) | (0.42) | 29.77 | |
2018 | 31.31 | 0.27 | 7.23 | 7.50 | (0.38) | (3.67) | (4.05) | 34.76 | |
2017 | 27.08 | 0.24 | 4.25 | 4.49 | (0.26) | — | (0.26) | 31.31 | |
2016 | 25.69 | 0.28 | 1.72 | 2.00 | (0.22) | (0.39) | (0.61) | 27.08 | |
2015 | 26.71 | 0.30 | (0.68) | (0.38) | (0.09) | (0.55) | (0.64) | 25.69 |
Ratios/Supplemental Data | |||||||
Ratios to Average Net Assets Before Waiver/Reimbursement | Ratios to Average Net Assets After Waiver/Reimbursement(c) | ||||||
Total Return(b) | Ending Net Assets (000) | Expenses | Net Investment Income (Loss) | Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate(d) | |
(13.31)% | $100,315 | 1.01% | 0.77% | 0.98% | 0.80% | 127% | |
25.00 | 104,779 | 1.01 | 0.53 | 1.00 | 0.55 | 117 | |
16.41 | 55,756 | 1.06 | 0.56 | 1.01 | 0.60 | 121 | |
7.66 | 47,518 | 1.11 | 0.84 | 1.11 | 0.85 | 132 | |
(1.76) | 37,684 | 1.14 | 0.84 | 1.14 | 0.84 | 110 | |
(13.98) | 96,999 | 1.76 | 0.02 | 1.73 | 0.05 | 127 | |
24.06 | 110,300 | 1.76 | (0.22) | 1.75 | (0.20) | 117 | |
15.55 | 59,610 | 1.81 | (0.21) | 1.76 | (0.16) | 121 | |
6.86 | 47,805 | 1.86 | 0.09 | 1.85 | 0.10 | 132 | |
(2.47) | 38,591 | 1.89 | 0.09 | 1.89 | 0.09 | 110 | |
(13.02) | 126,554 | 0.69 | 1.08 | 0.66 | 1.11 | 127 | |
25.36 | 139,631 | 0.71 | 0.81 | 0.70 | 0.82 | 117 | |
16.81 | 17,095 | 0.74 | 0.87 | 0.70 | 0.91 | 121 | |
6.36 | 18,489 | 0.74* | 1.05* | 0.69* | 1.10* | 132 | |
(13.09) | 532,786 | 0.76 | 1.02 | 0.73 | 1.05 | 127 | |
25.31 | 509,125 | 0.76 | 0.79 | 0.75 | 0.80 | 117 | |
16.68 | 256,389 | 0.81 | 0.79 | 0.76 | 0.83 | 121 | |
7.93 | 140,976 | 0.86 | 1.09 | 0.86 | 1.10 | 132 | |
(1.49) | 153,632 | 0.89 | 1.11 | 0.89 | 1.11 | 110 |
(a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
(b) | Total return is the combination of changes in NAV without any sales charge, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. Total returns are not annualized. |
(c) | After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Note 7 – Management Fees and Other Transactions with Affiliates, Management Fees for more information. |
(d) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 4 – Portfolio Securities and Investments in Derivatives, Investment Transactions) divided by the average long-term market value during the period. |
(e) | For the period June 30, 2016 (commencement of operations) through August 31, 2016. |
* | Annualized. |
** | Rounds to less than $.01 per share. |
Selected data for a share outstanding throughout each period:
Investment Operations | Less Distributions | ||||||||
Class (Commencement Date) Year Ended August 31, | Beginning NAV | Net Investment Income (Loss)(a) | Net Realized/ Unrealized Gain (Loss) | Total | From Net Investment Income | From Accumulated Net Realized Gains | Total | Ending NAV | |
Class A (06/13) | |||||||||
2019 | $30.82 | $0.11 | $(2.51) | $(2.40) | $ — | $(2.38) | $(2.38) | $26.04 | |
2018 | 30.34 | 0.06 | 7.39 | 7.45 | (0.12) | (6.85) | (6.97) | 30.82 | |
2017 | 25.69 | 0.09 | 4.75 | 4.84 | (0.19) | — | (0.19) | 30.34 | |
2016 | 25.28 | 0.13 | 1.24 | 1.37 | (0.09) | (0.87) | (0.96) | 25.69 | |
2015 | 26.34 | 0.15 | (0.15) | — | (0.03) | (1.03) | (1.06) | 25.28 | |
Class C (06/13) | |||||||||
2019 | 30.02 | (0.08) | (2.46) | (2.54) | — | (2.38) | (2.38) | 25.10 | |
2018 | 29.80 | (0.18) | 7.25 | 7.07 | — | (6.85) | (6.85) | 30.02 | |
2017 | 25.25 | (0.13) | 4.68 | 4.55 | —** | — | —** | 29.80 | |
2016 | 24.96 | (0.05) | 1.21 | 1.16 | — | (0.87) | (0.87) | 25.25 | |
2015 | 26.18 | (0.06) | (0.13) | (0.19) | — | (1.03) | (1.03) | 24.96 | |
Class R6 (06/16) | |||||||||
2019 | 30.89 | 0.21 | (2.53) | (2.32) | (0.02) | (2.38) | (2.40) | 26.17 | |
2018 | 30.40 | 0.17 | 7.41 | 7.58 | (0.24) | (6.85) | (7.09) | 30.89 | |
2017 | 25.73 | 0.17 | 4.77 | 4.94 | (0.27) | — | (0.27) | 30.40 | |
2016(e) | 24.27 | 0.03 | 1.43 | 1.46 | — | — | — | 25.73 | |
Class I (06/13) | |||||||||
2019 | 30.86 | 0.18 | (2.52) | (2.34) | (0.02) | (2.38) | (2.40) | 26.12 | |
2018 | 30.39 | 0.14 | 7.42 | 7.56 | (0.24) | (6.85) | (7.09) | 30.86 | |
2017 | 25.73 | 0.15 | 4.76 | 4.91 | (0.25) | — | (0.25) | 30.39 | |
2016 | 25.33 | 0.20 | 1.23 | 1.43 | (0.16) | (0.87) | (1.03) | 25.73 | |
2015 | 26.38 | 0.21 | (0.14) | 0.07 | (0.09) | (1.03) | (1.12) | 25.33 |
Ratios/Supplemental Data | |||||||
Ratios to Average Net Assets Before Waiver/Reimbursement | Ratios to Average Net Assets After Waiver/Reimbursement(c) | ||||||
Total Return(b) | Ending Net Assets (000) | Expenses | Net Investment Income (Loss) | Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate(d) | |
(6.86)% | $110,191 | 1.11% | 0.31% | 0.99% | 0.43% | 126% | |
26.31 | 155,549 | 1.12 | 0.08 | 1.01 | 0.19 | 128 | |
18.94 | 11,933 | 1.18 | 0.15 | 1.02 | 0.32 | 136 | |
5.57 | 13,654 | 1.22 | 0.47 | 1.15 | 0.53 | 117 | |
0.00 | 31,442 | 1.24 | 0.49 | 1.16 | 0.56 | 118 | |
(7.55) | 29,779 | 1.86 | (0.43) | 1.74 | (0.32) | 126 | |
25.39 | 49,303 | 1.87 | (0.66) | 1.76 | (0.55) | 128 | |
18.04 | 10,130 | 1.94 | (0.62) | 1.77 | (0.46) | 136 | |
4.77 | 9,344 | 1.98 | (0.30) | 1.89 | (0.22) | 117 | |
(0.74) | 7,621 | 1.99 | (0.29) | 1.91 | (0.22) | 118 | |
(6.54) | 23,159 | 0.77 | 0.66 | 0.65 | 0.78 | 126 | |
26.76 | 27,417 | 0.78 | 0.43 | 0.67 | 0.54 | 128 | |
19.31 | 31 | 0.89 | 0.43 | 0.72 | 0.60 | 136 | |
6.02 | 27 | 0.85* | 0.65* | 0.70* | 0.81* | 117 | |
(6.62) | 144,025 | 0.86 | 0.55 | 0.74 | 0.67 | 126 | |
26.69 | 272,152 | 0.87 | 0.31 | 0.76 | 0.43 | 128 | |
19.22 | 58,512 | 0.94 | 0.38 | 0.77 | 0.54 | 136 | |
5.80 | 47,945 | 0.97 | 0.71 | 0.89 | 0.79 | 117 | |
0.28 | 58,478 | 0.99 | 0.72 | 0.91 | 0.79 | 118 |
(a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
(b) | Total return is the combination of changes in NAV without any sales charge, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. Total returns are not annualized. |
(c) | After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Note 7 – Management Fees and Other Transactions with Affiliates, Management Fees for more information. |
(d) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 4 – Portfolio Securities and Investments in Derivatives, Investment Transactions) divided by the average long-term market value during the period. |
(e) | For the period June 30, 2016 (commencement of operations) through August 31, 2016. |
* | Annualized. |
** | Rounds to less than $.01 per share. |
Selected data for a share outstanding throughout each period:
Investment Operations | Less Distributions | ||||||||
Class (Commencement Date) Year Ended August 31, | Beginning NAV | Net Investment Income (Loss)(a) | Net Realized/ Unrealized Gain (Loss) | Total | From Net Investment Income | From Accumulated Net Realized Gains | Total | Ending NAV | |
Class A (12/08) | |||||||||
2019 | $44.58 | $(0.06) | $(3.36) | $(3.42) | $ — | $(0.55) | $(0.55) | $40.61 | |
2018 | 38.60 | (0.30) | 6.94 | 6.64 | — | (0.66) | (0.66) | 44.58 | |
2017 | 32.61 | (0.39) | 6.38 | 5.99 | — | — | — | 38.60 | |
2016 | 32.61 | (0.11) | 0.11 | — | — | — | — | 32.61 | |
2015 | 31.72 | (0.26) | 1.23 | 0.97 | — | (0.08) | (0.08) | 32.61 | |
Class C (12/08) | |||||||||
2019 | 41.11 | (0.34) | (3.09) | (3.43) | — | (0.55) | (0.55) | 37.13 | |
2018 | 35.91 | (0.56) | 6.42 | 5.86 | — | (0.66) | (0.66) | 41.11 | |
2017 | 30.57 | (0.62) | 5.96 | 5.34 | — | — | — | 35.91 | |
2016 | 30.80 | (0.33) | 0.10 | (0.23) | — | — | — | 30.57 | |
2015 | 30.19 | (0.48) | 1.17 | 0.69 | — | (0.08) | (0.08) | 30.80 | |
Class I (12/08) | |||||||||
2019 | 45.73 | 0.05 | (3.46) | (3.41) | — | (0.55) | (0.55) | 41.77 | |
2018 | 39.48 | (0.17) | 7.08 | 6.91 | — | (0.66) | (0.66) | 45.73 | |
2017 | 33.27 | (0.31) | 6.52 | 6.21 | — | — | — | 39.48 | |
2016 | 33.18 | (0.06) | 0.15 | 0.09 | — | — | — | 33.27 | |
2015 | 32.20 | (0.16) | 1.22 | 1.06 | — | (0.08) | (0.08) | 33.18 |
Ratios/Supplemental Data | |||||||
Ratios to Average Net Assets Before Waiver/Reimbursement(d) | Ratios to Average Net Assets After Waiver/Reimbursement(c) (d) | ||||||
Total Return(b) | Ending Net Assets (000) | Expenses | Net Investment Income (Loss) | Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate(e) | |
(7.65)% | $52,856 | 2.72% | (0.24)% | 2.64% | (0.16)% | 188% | |
17.35 | 55,183 | 2.73 | (0.81) | 2.63 | (0.70) | 213 | |
18.37 | 26,802 | 3.54 | (1.27) | 3.36 | (1.09) | 186 | |
0.00 | 26,012 | 3.78 | (0.53) | 3.58 | (0.33) | 224 | |
3.06 | 24,821 | 3.76 | (1.03) | 3.53 | (0.79) | 222 | |
(8.33) | 19,961 | 3.48 | (0.99) | 3.39 | (0.91) | 188 | |
16.47 | 19,561 | 3.47 | (1.54) | 3.37 | (1.44) | 213 | |
17.47 | 8,596 | 4.28 | (2.04) | 4.10 | (1.86) | 186 | |
(0.75) | 8,236 | 4.53 | (1.29) | 4.34 | (1.09) | 224 | |
2.28 | 8,087 | 4.52 | (1.76) | 4.29 | (1.53) | 222 | |
(7.44) | 257,351 | 2.47 | 0.03 | 2.39 | 0.12 | 188 | |
17.65 | 299,977 | 2.47 | (0.49) | 2.37 | (0.39) | 213 | |
18.67 | 70,282 | 3.26 | (1.04) | 3.08 | (0.86) | 186 | |
0.27 | 48,905 | 3.52 | (0.37) | 3.33 | (0.18) | 224 | |
3.29 | 53,559 | 3.52 | (0.72) | 3.28 | (0.48) | 222 |
(a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
(b) | Total return is the combination of changes in NAV without any sales charge, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. Total returns are not annualized. |
(c) | After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Note 7 – Management Fees and Other Transactions with Affiliates, Management Fees for more information. |
(d) | Each ratio includes the effect of dividends expense on common stocks sold short and prime broker expenses as shown in the following table. In the event the Fund earn credits as an element of its prime broker fee agreement, and such earned credits exceed prime brokerage fees, the Fund's prime broker expense for the reporting period will be zero. See Note 4 - Portfolio Securities and Investments in Derivatives, Short Sale Transactions for more information. |
Ratios of Dividends Expense on Common Stocks Sold Short to Average Net Assets | Ratios of Prime Broker Expenses to Average Net Assets | ||||||
Year Ended August 31, | Class A | Class C | Class I | Class A | Class C | Class I | |
2019 | 1.03% | 1.03% | 1.03% | —% | —% | —% | |
2018 | 1.01 | 1.01 | 1.00 | — | — | — | |
2017 | 1.18 | 1.17 | 1.18 | 0.56 | 0.56 | 0.54 | |
2016 | 1.19 | 1.20 | 1.20 | 0.77 | 0.77 | 0.77 | |
2015 | 1.17 | 1.19 | 1.17 | 0.74 | 0.74 | 0.75 |
(e) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 4 – Portfolio Securities and Investments in Derivatives, Investment Transactions) divided by the average long-term market value during the period. |
Selected data for a share outstanding throughout each period:
Investment Operations | Less Distributions | ||||||||
Class (Commencement Date) Year Ended August 31, | Beginning NAV | Net Investment Income (Loss)(a) | Net Realized/ Unrealized Gain (Loss) | Total | From Net Investment Income | From Accumulated Net Realized Gains | Total | Ending NAV | |
Class A (06/13) | |||||||||
2019 | $24.50 | $0.04 | $(0.85) | $(0.81) | $ — | $(0.14) | $(0.14) | $23.55 | |
2018 | 23.31 | (0.16) | 1.85 | 1.69 | — | (0.50) | (0.50) | 24.50 | |
2017 | 21.64 | (0.33) | 2.00 | 1.67 | — | — | — | 23.31 | |
2016 | 21.39 | (0.28) | 0.90 | 0.62 | — | (0.37) | (0.37) | 21.64 | |
2015 | 21.27 | (0.32) | 0.50 | 0.18 | — | (0.06) | (0.06) | 21.39 | |
Class C (06/13) | |||||||||
2019 | 23.54 | (0.13) | (0.81) | (0.94) | — | (0.14) | (0.14) | 22.46 | |
2018 | 22.59 | (0.33) | 1.78 | 1.45 | — | (0.50) | (0.50) | 23.54 | |
2017 | 21.13 | (0.48) | 1.94 | 1.46 | — | — | — | 22.59 | |
2016 | 21.04 | (0.44) | 0.90 | 0.46 | — | (0.37) | (0.37) | 21.13 | |
2015 | 21.08 | (0.47) | 0.49 | 0.02 | — | (0.06) | (0.06) | 21.04 | |
Class I (06/13) | |||||||||
2019 | 24.83 | 0.11 | (0.87) | (0.76) | — | (0.14) | (0.14) | 23.93 | |
2018 | 23.57 | (0.10) | 1.86 | 1.76 | — | (0.50) | (0.50) | 24.83 | |
2017 | 21.82 | (0.26) | 2.01 | 1.75 | — | — | — | 23.57 | |
2016 | 21.51 | (0.23) | 0.91 | 0.68 | — | (0.37) | (0.37) | 21.82 | |
2015 | 21.34 | (0.27) | 0.50 | 0.23 | — | (0.06) | (0.06) | 21.51 |
Ratios/Supplemental Data | |||||||
Ratios to Average Net Assets Before Waiver/Reimbursement(d) | Ratios to Average Net Assets After Waiver/Reimbursement(c) (d) | ||||||
Total Return(b) | Ending Net Assets (000) | Expenses | Net Investment Income (Loss) | Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate(e) | |
(3.35)% | $43,489 | 2.61% | 0.11% | 2.54% | 0.18% | 205% | |
7.28 | 23,725 | 2.71 | (0.81) | 2.55 | (0.65) | 156 | |
7.72 | 6,146 | 3.32 | (1.70) | 3.05 | (1.44) | 159 | |
2.86 | 9,289 | 3.29 | (1.47) | 3.10 | (1.28) | 187 | |
0.86 | 8,972 | 3.49 | (1.73) | 3.24 | (1.48) | 173 | |
(4.05) | 11,858 | 3.37 | (0.63) | 3.30 | (0.55) | 205 | |
6.44 | 5,186 | 3.46 | (1.56) | 3.30 | (1.40) | 156 | |
6.91 | 2,110 | 4.03 | (2.44) | 3.76 | (2.17) | 159 | |
2.14 | 2,109 | 4.06 | (2.23) | 3.87 | (2.04) | 187 | |
0.10 | 1,835 | 4.22 | (2.49) | 3.97 | (2.24) | 173 | |
(3.11) | 599,755 | 2.37 | 0.37 | 2.30 | 0.44 | 205 | |
7.50 | 227,833 | 2.45 | (0.55) | 2.29 | (0.40) | 156 | |
8.02 | 59,022 | 3.02 | (1.43) | 2.75 | (1.16) | 159 | |
3.12 | 49,990 | 3.06 | (1.23) | 2.87 | (1.04) | 187 | |
1.09 | 35,162 | 3.21 | (1.51) | 2.97 | (1.26) | 173 |
(a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
(b) | Total return is the combination of changes in NAV without any sales charge, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. Total returns are not annualized. |
(c) | After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Note 7 – Management Fees and Other Transactions with Affiliates, Management Fees for more information. |
(d) | Each ratio includes the effect of dividends expense on common stocks sold short and prime broker expenses as shown in the following table. In the event the Fund earn credits as an element of its prime broker fee agreement, and such earned credits exceed prime brokerage fees, the Fund's prime broker expense for the reporting period will be zero. See Note 4 - Portfolio Securities and Investments in Derivatives, Short Sale Transactions for more information. |
Ratios of Dividends Expense on Common Stocks Sold Short to Average Net Assets | Ratios of Prime Broker Expenses to Average Net Assets | ||||||
Year Ended August 31, | Class A | Class C | Class I | Class A | Class C | Class I | |
2019 | 0.93% | 0.94% | 0.94% | —% | —% | —% | |
2018 | 0.94 | 0.94 | 0.93 | — | — | — | |
2017 | 1.40 | 1.39 | 1.39 | 0.05 | 0.01 | — | |
2016 | 1.03 | 1.04 | 1.04 | 0.46 | 0.46 | 0.46 | |
2015 | 1.04 | 1.03 | 1.03 | 0.59 | 0.58 | 0.57 |
(e) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 4 – Portfolio Securities and Investments in Derivatives, Investment Transactions) divided by the average long-term market value during the period. |
Large Cap Value | Large Cap Core | Large Cap Growth | Equity Long/Short | Equity Market Neutral | |
From net investment income: | |||||
Class A Shares | $(3,572,110) | $(374,207) | $(173,001) | $ — | $ — |
Class C Shares | (89,550) | — | — | — | — |
Class R3 Shares | (1,972) | — | — | — | — |
Class R6 Shares | (335,427) | (1,390,769) | (41,420) | — | — |
Class I Shares | (2,104,498) | (3,383,572) | (795,187) | — | — |
Class T Shares(1) | (366) | (161) | — | — | — |
From accumulated net realized gains: | |||||
Class A Shares | (21,815,601) | (8,116,757) | (17,245,848) | (513,454) | (229,852) |
Class C Shares | (1,744,304) | (8,277,269) | (3,468,934) | (172,650) | (48,318) |
Class R3 Shares | (18,438) | — | — | — | — |
Class R6 Shares | (1,517,573) | (13,473,852) | (2,282,177) | — | — |
Class I Shares | (9,062,293) | (36,791,271) | (31,325,039) | (1,469,822) | (1,526,839) |
Class T Shares(1) | (2,271) | (3,055) | — | — | — |
Total distributions to shareholders: | |||||
Class A Shares | (25,387,711) | (8,490,964) | (17,418,849) | (513,454) | (229,852) |
Class C Shares | (1,833,854) | (8,277,269) | (3,468,934) | (172,650) | (48,318) |
Class R3 Shares | (20,410) | — | — | — | — |
Class R6 Shares | (1,853,000) | (14,864,621) | (2,323,597) | — | — |
Class I Shares | (11,166,791) | (40,174,843) | (32,120,226) | (1,469,822) | (1,526,839) |
Class T Shares(1) | (2,637) | (3,216) | — | — | — |
(1) | Class T Shares were not available for public offering. |
Large Cap Value | Large Cap Core | Large Cap Growth | Equity Long/Short | Equity Market Neutral | |
UNII at the end of period | $2,196,185 | $926,854 | $164,000 | $(532,538) | $(447,890) |
Large Cap Value | Level 1 | Level 2 | Level 3 | Total |
Long-Term Investments*: | ||||
Common Stocks | $364,983,783 | $ — | $ — | $364,983,783 |
Short-Term Investments: | ||||
Repurchase Agreements | — | 3,527,626 | — | 3,527,626 |
Total | $364,983,783 | $3,527,626 | $ — | $368,511,409 |
Large Cap Core | Level 1 | Level 2 | Level 3 | Total |
Long-Term Investments*: | ||||
Common Stocks | $854,984,480 | $ — | $ — | $854,984,480 |
Short-Term Investments: | ||||
Repurchase Agreements | — | 349,366 | — | 349,366 |
Total | $854,984,480 | $349,366 | $ — | $855,333,846 |
Large Cap Growth | Level 1 | Level 2 | Level 3 | Total |
Long-Term Investments*: | ||||
Common Stocks | $304,800,104 | $ — | $ — | $304,800,104 |
Short-Term Investments: | ||||
Repurchase Agreements | — | 2,010,431 | — | 2,010,431 |
Total | $304,800,104 | $2,010,431 | $ — | $306,810,535 |
Equity Long/Short | Level 1 | Level 2 | Level 3 | Total |
Long-Term Investments*: | ||||
Common Stocks | $440,585,526 | $ — | $ — | $440,585,526 |
Short-Term Investments: | ||||
Repurchase Agreements | — | 61,889,852 | — | 61,889,852 |
Common Stocks Sold Short* | (225,806,669) | — | — | (225,806,669) |
Total | $214,778,857 | $61,889,852 | $ — | $276,668,709 |
Equity Market Neutral | Level 1 | Level 2 | Level 3 | Total |
Long-Term Investments*: | ||||
Common Stocks | $551,188,760 | $ — | $ — | $551,188,760 |
Short-Term Investments: | ||||
Repurchase Agreements | — | 107,959,764 | — | 107,959,764 |
Common Stocks Sold Short* | (522,095,747) | — | — | (522,095,747) |
Total | $29,093,013 | $107,959,764 | $ — | $137,052,777 |
* | Refer to the Fund's Portfolio of Investments for industry classifications. |
Fund | Counterparty | Short-Term Investments, at Value | Collateral Pledged (From) Counterparty* | Net Exposure |
Large Cap Value | Fixed Income Clearing Corporation | $3,527,626 | $(3,527,626) | $ — |
Large Cap Core | Fixed Income Clearing Corporation | 349,366 | (349,366) | — |
Large Cap Growth | Fixed Income Clearing Corporation | 2,010,431 | (2,010,431) | — |
Equity Long/Short | Fixed Income Clearing Corporation | 61,889,852 | (61,889,852) | — |
Equity Market Neutral | Fixed Income Clearing Corporation | 107,959,764 | (107,959,764) | — |
Large Cap Value | Large Cap Core | Large Cap Growth | Equity Long/Short | Equity Market Neutral | |
Purchases | $631,668,987 | $1,309,724,022 | $478,797,758 | $1,452,583,230 | $1,667,976,923 |
Sales | 688,116,660 | 1,177,945,742 | 634,311,593 | 1,413,066,037 | 1,591,550,360 |
Year Ended 8/31/19 | Year Ended 8/31/18 | ||||
Large Cap Value | Shares | Amount | Shares | Amount | |
Shares issued in the Reorganization: | |||||
Class A | — | $ — | 580,980 | $14,242,279 | |
Class C | — | — | 237,890 | 5,574,510 | |
Class R3 | — | — | — | — | |
Class R6 | — | — | — | — | |
Class I | — | — | 786,664 | 19,393,901 | |
Class T(1) | — | — | — | — | |
Shares sold: | |||||
Class A | 661,307 | 14,496,878 | 594,677 | 15,689,988 | |
Class A – automatic conversion of Class C Shares | 773 | 19,862 | 27,659 | 744,042 | |
Class C | 242,217 | 5,063,761 | 114,280 | 2,904,189 | |
Class R3 | 15,971 | 417,750 | 437 | 11,551 | |
Class R6 | 27,487 | 684,734 | 11,494 | 310,409 | |
Class I | 2,768,026 | 65,026,788 | 1,651,716 | 44,359,125 | |
Class T(1) | — | — | — | — | |
Shares issued to shareholders due to reinvestment of distributions: | |||||
Class A | 1,348,085 | 27,679,730 | 873,279 | 21,477,611 | |
Class C | 100,355 | 1,949,039 | 65,991 | 1,548,816 | |
Class R3 | 2,325 | 48,232 | 554 | 13,741 | |
Class R6 | 92,422 | 1,909,868 | 74,813 | 1,853,000 | |
Class I | 793,579 | 16,388,009 | 320,413 | 7,941,686 | |
Class T(1) | — | — | — | — | |
6,052,547 | 133,684,651 | 5,340,847 | 136,064,848 | ||
Shares redeemed: | |||||
Class A | (2,098,500) | (46,703,261) | (1,405,063) | (36,996,177) | |
Class C | (391,179) | (8,152,916) | (401,683) | (10,179,463) | |
Class C – automatic conversion to Class A Shares | (812) | (19,862) | (29,007) | (744,042) | |
Class R3 | (3,292) | (82,580) | (1,753) | (44,313) | |
Class R6 | (37,619) | (1,048,525) | (157,187) | (4,260,000) | |
Class I | (3,631,131) | (80,095,802) | (1,513,316) | (40,082,087) | |
Class T(1) | (1,000) | (24,870) | — | — | |
(6,163,533) | (136,127,816) | (3,508,009) | (92,306,082) | ||
Net increase (decrease) | (110,986) | $(2,443,165) | 1,832,838 | $43,758,766 |
(1) | Class T Shares were not available for public offering. |
Year Ended 8/31/19 | Year Ended 8/31/18 | ||||
Large Cap Core | Shares | Amount | Shares | Amount | |
Shares issued in the Reorganization: | |||||
Class A | — | $ — | 659,181 | $21,159,921 | |
Class C | — | — | 916,116 | 29,041,632 | |
Class R6 | — | — | 2,450 | 81,048 | |
Class I | — | — | 3,082,534 | 97,971,126 | |
Class T(1) | — | — | — | — | |
Shares sold: | |||||
Class A | 1,418,001 | 44,208,502 | 860,899 | 29,375,443 | |
Class A – automatic conversion of Class C Shares | 724 | 25,046 | 7,416 | 260,368 | |
Class C | 1,147,610 | 34,946,409 | 768,016 | 25,597,584 | |
Class R6 | 823,121 | 25,587,354 | 3,654,755 | 115,394,189 | |
Class I | 13,420,162 | 420,237,008 | 6,266,704 | 212,813,053 | |
Class T(1) | — | — | — | — | |
Shares issued to shareholders due to reinvestment of distributions: | |||||
Class A | 36,644 | 1,037,388 | 233,701 | 7,650,424 | |
Class C | 22,401 | 627,236 | 214,759 | 6,925,442 | |
Class R6 | 59,599 | 1,680,197 | 455,924 | 14,861,029 | |
Class I | 218,413 | 6,151,121 | 859,363 | 28,181,214 | |
Class T(1) | — | — | — | — | |
17,146,675 | 534,500,261 | 17,981,818 | 589,312,473 | ||
Shares redeemed: | |||||
Class A | (1,102,391) | (33,260,523) | (535,269) | (17,744,802) | |
Class C | (1,073,817) | (32,240,709) | (599,971) | (19,594,948) | |
Class C – automatic conversion to Class A Shares | (738) | (25,046) | (7,545) | (260,368) | |
Class R6 | (652,146) | (20,573,151) | (646,804) | (22,063,321) | |
Class I | (10,389,593) | (313,374,053) | (3,751,272) | (122,780,066) | |
Class T(1) | (833) | (25,291) | — | — | |
(13,219,518) | (399,498,773) | (5,540,861) | (182,443,505) | ||
Net increase (decrease) | 3,927,157 | $135,001,488 | 12,440,957 | $406,868,968 |
(1) | Class T Shares were not available for public offering. |
Year Ended 8/31/19 | Year Ended 8/31/18 | ||||
Large Cap Growth | Shares | Amount | Shares | Amount | |
Shares issued in the Reorganization: | |||||
Class A | — | $ — | 4,470,934 | $134,673,605 | |
Class C | — | — | 1,375,543 | 40,735,068 | |
Class R6 | — | — | 490,697 | 14,685,460 | |
Class I | — | — | 8,731,582 | 263,566,797 | |
Shares sold: | |||||
Class A | 440,764 | 11,525,091 | 283,577 | 9,133,184 | |
Class A – automatic conversion of Class C Shares | 490 | 13,332 | 5,326 | 177,253 | |
Class C | 171,874 | 4,329,693 | 112,282 | 3,455,037 | |
Class R6 | 16,039 | 480,232 | 458,749 | 14,169,009 | |
Class I | 1,239,923 | 32,228,635 | 1,230,354 | 39,054,918 | |
Shares issued to shareholders due to reinvestment of distributions: | |||||
Class A | 456,158 | 10,591,996 | 553,415 | 16,831,068 | |
Class C | 141,691 | 3,188,043 | 90,161 | 2,674,849 | |
Class R6 | 88,195 | 2,054,440 | 75,933 | 2,315,155 | |
Class I | 578,920 | 13,468,437 | 718,461 | 21,871,362 | |
3,134,054 | 77,879,899 | 18,597,014 | 563,342,765 | ||
Shares redeemed: | |||||
Class A | (1,712,696) | (44,562,013) | (660,255) | (21,147,708) | |
Class C | (769,001) | (19,336,226) | (270,102) | (8,513,360) | |
Class C – automatic conversion to Class A Shares | (505) | (13,332) | (5,452) | (177,253) | |
Class R6 | (106,887) | (3,012,439) | (138,689) | (4,527,310) | |
Class I | (5,123,392) | (134,351,951) | (3,787,307) | (121,165,296) | |
(7,712,481) | (201,275,961) | (4,861,805) | (155,530,927) | ||
Net increase (decrease) | (4,578,427) | $(123,396,062) | 13,735,209 | $407,811,838 |
Year Ended 8/31/19 | Year Ended 8/31/18 | ||||
Equity Long/Short | Shares | Amount | Shares | Amount | |
Shares sold: | |||||
Class A | 613,330 | $25,320,568 | 786,531 | $33,513,623 | |
Class A – automatic conversion of Class C Shares | 183 | 7,468 | 12 | 498 | |
Class C | 182,255 | 6,987,309 | 264,772 | 10,489,016 | |
Class I | 5,485,729 | 233,285,001 | 5,360,093 | 235,378,405 | |
Shares issued to shareholders due to reinvestment of distributions: | |||||
Class A | 18,177 | 723,620 | 12,465 | 513,454 | |
Class C | 8,170 | 298,942 | 4,499 | 171,805 | |
Class I | 104,130 | 4,256,858 | 34,734 | 1,465,085 | |
6,411,974 | 270,879,766 | 6,463,106 | 281,531,886 | ||
Shares redeemed: | |||||
Class A | (567,931) | (23,095,237) | (255,509) | (10,791,326) | |
Class C | (128,354) | (4,775,982) | (32,882) | (1,293,290) | |
Class C – automatic conversion to Class A Shares | (199) | (7,468) | (12) | (498) | |
Class I | (5,989,188) | (248,529,705) | (614,944) | (26,845,972) | |
(6,685,672) | (276,408,392) | (903,347) | (38,931,086) | ||
Net increase (decrease) | (273,698) | $(5,528,626) | 5,559,759 | $242,600,800 |
Year Ended 8/31/19 | Year Ended 8/31/18 | ||||
Equity Market Neutral | Shares | Amount | Shares | Amount | |
Shares sold: | |||||
Class A | 1,928,361 | $46,876,614 | 1,060,785 | $25,801,483 | |
Class C | 451,089 | 10,722,757 | 164,730 | 3,881,118 | |
Class I | 35,204,636 | 871,817,207 | 7,474,327 | 184,817,876 | |
Shares issued to shareholders due to reinvestment of distributions: | |||||
Class A | 7,597 | 190,467 | 9,589 | 229,852 | |
Class C | 2,280 | 54,802 | 2,087 | 48,318 | |
Class I | 90,721 | 2,307,950 | 52,369 | 1,269,937 | |
37,684,684 | 931,969,797 | 8,763,887 | 216,048,584 | ||
Shares redeemed: | |||||
Class A | (1,057,823) | (25,308,591) | (365,456) | (8,914,754) | |
Class C | (145,708) | (3,318,282) | (39,908) | (937,073) | |
Class I | (19,411,116) | (467,154,592) | (854,997) | (21,092,786) | |
(20,614,647) | (495,781,465) | (1,260,361) | (30,944,613) | ||
Net increase (decrease) | 17,070,037 | $436,188,332 | 7,503,526 | $185,103,971 |
Large Cap Value | Large Cap Core | Large Cap Growth | Equity Long/Short | Equity Market Neutral | |
Tax cost of investments | $367,268,604 | $816,423,103 | $247,332,935 | $474,681,267 | $666,565,756 |
Gross unrealized: | |||||
Appreciation | $27,896,381 | $104,745,638 | $78,184,612 | $44,688,288 | $32,082,684 |
Depreciation | (26,653,576) | (65,834,895) | (18,707,012) | (16,894,177) | (39,499,916) |
Net unrealized appreciation (depreciation) of investments | $1,242,805 | $38,910,743 | $59,477,600 | $27,794,111 | $(7,417,232) |
Equity Long/Short | Equity Market Neutral | |
Tax proceeds from common stocks sold short | $(255,353,975) | $(564,295,791) |
Net unrealized appreciation (depreciation) of common stocks sold short | 29,547,306 | 42,200,044 |
Large Cap Value | Large Cap Core | Large Cap Growth | Equity Long/Short | Equity Market Neutral | |
Undistributed net ordinary income1 | $2,958,273 | $4,199,454 | $878,574 | $ — | $1,999,947 |
Undistributed net long-term capital gains | — | — | 14,277,179 | — | — |
1 | Net ordinary income consists of net taxable income derived from dividends, interest, and net short-term capital gains, if any. |
2019 | Large Cap Value | Large Cap Core | Large Cap Growth | Equity Long/Short | Equity Market Neutral |
Distributions from net ordinary income1 | $27,303,603 | $6,919,764 | $2,447,869 | $ — | $56 |
Distributions from net long-term capital gains2 | 30,712,981 | 4,796,142 | 31,815,731 | 5,291,164 | 2,646,851 |
1 | Net ordinary income consists of net taxable income derived from dividends, interest, and net short-term capital gains, if any. |
2 | The Funds designate as long-term capital gain dividend, pursuant to the Internal Revenue Code 852(b)(3), the amount necessary to reduce earnings and profits of the Funds related to net capital gain to zero for the tax year ended August 31, 2019. |
2018 | Large Cap Value | Large Cap Core | Large Cap Growth | Equity Long/Short | Equity Market Neutral |
Distributions from net ordinary income1 | $32,987,703 | $53,386,731 | $23,578,638 | $ — | $416,197 |
Distributions from net long-term capital gains | 7,276,700 | 18,424,182 | 31,752,968 | 2,155,926 | 1,388,812 |
1 | Net ordinary income consists of net taxable income derived from dividends, interest, and net short-term capital gains, if any. |
Equity Long/Short | Equity Market Neutral | |
Not subject to expiration: | ||
Short-term | $53,581,690 | $61,571,160 |
Long-term | — | — |
Total | $53,581,690 | $61,571,160 |
Large Cap Value | Large Cap Core | Equity Long/Short | |
Post-October capital losses3 | $26,641,890 | $54,803,741 | $ — |
Late-year ordinary losses4 | — | — | 269,917 |
3 | Capital losses incurred from November 1, 2018 through August 31, 2019, the Funds' tax year end. |
4 | Ordinary losses incurred from January 1, 2019 through August 31, 2019, and/or specified losses incurred from November 1, 2018 through August 31, 2019. |
Average Daily Net Assets | Large Cap Value | Large Cap Core | Large Cap Growth | Equity Long/Short | Equity Market Neutral |
For the first $125 million | 0.5000% | 0.5000% | 0.5000% | 1.1000% | 1.1000% |
For the next $125 million | 0.4875 | 0.4875 | 0.4875 | 1.0875 | 1.0875 |
For the next $250 million | 0.4750 | 0.4750 | 0.4750 | 1.0750 | 1.0750 |
For the next $500 million | 0.4625 | 0.4625 | 0.4625 | 1.0625 | 1.0625 |
For the next $1 billion | 0.4500 | 0.4500 | 0.4500 | 1.0500 | 1.0500 |
For the next $3 billion | 0.4250 | 0.4250 | 0.4250 | 1.0250 | 1.0250 |
For the next $2.5 billion | 0.4000 | 0.4000 | 0.4000 | 1.0000 | 1.0000 |
For the next $2.5 billion | 0.3875 | 0.3875 | 0.3875 | 0.9875 | 0.9875 |
For net assets over $10 billion | 0.3750 | 0.3750 | 0.3750 | 0.9750 | 0.9750 |
Complex-Level Eligible Asset Breakpoint Level* | Effective Complex-Level Fee Rate at Breakpoint Level |
$55 billion | 0.2000% |
$56 billion | 0.1996 |
$57 billion | 0.1989 |
$60 billion | 0.1961 |
$63 billion | 0.1931 |
$66 billion | 0.1900 |
$71 billion | 0.1851 |
$76 billion | 0.1806 |
$80 billion | 0.1773 |
$91 billion | 0.1691 |
$125 billion | 0.1599 |
$200 billion | 0.1505 |
$250 billion | 0.1469 |
$300 billion | 0.1445 |
Fund | Complex-Level Fee |
Large Cap Value | 0.1570% |
Large Cap Core | 0.1570% |
Large Cap Growth | 0.1927% |
Equity Long/Short | 0.1570% |
Equity Market Neutral | 0.1570% |
Fund | Temporary Expense Cap | Temporary Expense Cap Expiration Date | Permanent Expense Cap |
Large Cap Value | 0.79% | July 31, 2021 | 1.20% |
Large Cap Core | 0.77 | July 31, 2021 | N/A |
Large Cap Growth | 0.75 | July 31, 2021 | N/A |
Equity Long/Short | 1.40 | July 31, 2021 | N/A |
Equity Market Neutral | 1.40 | July 31, 2021 | N/A |
Large Cap Value | Large Cap Core | Large Cap Growth | Equity Long/Short | Equity Market Neutral | |
Sales charges collected (Unaudited) | $83,722 | $705,533 | $84,568 | $188,976 | $294,454 |
Paid to financial intermediaries (Unaudited) | 73,712 | 622,943 | 75,891 | 167,018 | 262,697 |
Large Cap Value | Large Cap Core | Large Cap Growth | Equity Long/Short | Equity Market Neutral | |
Commission advances (Unaudited) | $24,189 | $314,631 | $32,092 | $71,189 | $133,239 |
Large Cap Value | Large Cap Core | Large Cap Growth | Equity Long/Short | Equity Market Neutral | |
12b-1 fees retained (Unaudited) | $23,826 | $327,559 | $48,271 | $96,688 | $75,037 |
Large Cap Value | Large Cap Core | Large Cap Growth | Equity Long/Short | Equity Market Neutral | |
CDSC retained (Unaudited) | $2,558 | $24,971 | $4,045 | $5,519 | $7,037 |
Large Cap Value | Large Cap Core | Large Cap Growth | |
Class R3 Shares | 2,126 | — | — |
Class R6 Shares | — | 848 | 1,030 |
Large Cap Core | Large Cap Growth | |
Maximum outstanding balance | $9,340,133 | $490,949 |
Large Cap Core | Large Cap Growth | |
Average daily balance outstanding | $9,340,133 | $490,949 |
Average annual interest rate | 3.50% | 3.50% |
Large Cap Value | Large Cap Core | Large Cap Growth | |
% of QDI | 33.1% | 29.8% | 19.3% |
% of DRD | 32.5% | 29.7% | 18.7% |
• | Fund Improvements and Product Management Initiatives – continuing to proactively manage the Nuveen fund complex as a whole and at the individual fund level with an aim to enhance the shareholder outcomes through, among other things, repositioning funds, merging funds, introducing additional share classes, reviewing and updating investment policies and benchmarks, modifying the composition of certain portfolio management teams and analyzing various data to help devise such improvements; |
• | Capital Initiatives – continuing to invest capital to support new funds with initial capital as well as to facilitate modifications to the strategies or structure of existing funds; |
• | Compliance Program Initiatives – continuing efforts to enhance the compliance program through, among other things, internally integrating various portfolio management teams and aligning compliance support accordingly, completing a comprehensive review of existing policies and procedures and revising such policies and procedures as appropriate, enhancing compliance-related technologies and workflows, and optimizing compliance shared services across the organization and affiliates; |
• | Risk Management and Valuation Services - continuing efforts to strengthen the risk management functions, including through, among other things, enhancing the interaction and reporting between the investment risk management team and various affiliates, increasing the efficiency of risk monitoring performed on the Nuveen funds through improved reporting, continuing to implement risk programs designed to provide a more disciplined and consistent approach to identifying and mitigating operational risks, continuing progress on implementing a liquidity program that complies with the new liquidity regulatory requirements and continuing to oversee the daily valuation process; |
• | Additional Compliance Services – continuing investment of time and resources necessary to develop the compliance policies and procedures and other related tools necessary to meet the various new regulatory requirements affecting the Nuveen funds that have been adopted over recent years; |
• | Government Relations – continuing efforts of various Nuveen teams and affiliates to advocate and communicate their positions with lawmakers and other regulatory bodies on issues that will impact the Nuveen funds; |
• | Business Continuity, Disaster Recovery and Information Services – establishing an information security program to help identify and manage information security risks, periodically testing disaster recovery plans, maintaining and updating business continuity plans and providing reports to the Board, at least annually, addressing, among other things, management’s security risk assessment, cyber risk profile, incident tracking and other relevant information technology risk-related reports; and |
• | Expanded Dividend Management Services – continuing to expand the services necessary to manage the dividends among the varying types of Nuveen funds that have developed as the Nuveen complex has grown in size and scope. |
Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed (1) | Principal Occupation(s) Including other Directorships During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Trustee |
Independent Trustees: | ||||
Terence J. Toth 1959 333 W. Wacker Drive Chicago, IL 60606 | Chairman and Trustee | 2008 | Formerly, a Co-Founding Partner, Promus Capital (2008-2017); Director, Fulcrum IT Services LLC (2010-2019) and Quality Control Corporation (since 2012); member: Catalyst Schools of Chicago Board (since 2008) and Mather Foundation Board (since 2012), and chair of its investment committee; formerly, Director, Legal & General Investment Management America, Inc. (2008-2013); formerly, CEO and President, Northern Trust Global Investments (2004-2007); Executive Vice President, Quantitative Management & Securities Lending (2000-2004); prior thereto, various positions with Northern Trust Company (since 1994); formerly, Member, Northern Trust Mutual Funds Board (2005-2007), Northern Trust Global Investments Board (2004-2007), Northern Trust Japan Board (2004-2007), Northern Trust Securities Inc. Board (2003- 2007) and Northern Trust Hong Kong Board (1997-2004). | 161 |
Jack B. Evans 1948 333 W. Wacker Drive Chicago, IL 60606 | Trustee | 1999 | Chairman (since 2019), formerly, President (1996-2019), The Hall-Perrine Foundation, a private philanthropic corporation; Director and Chairman, United Fire Group, a publicly held company; Director, Public member, American Board of Orthopaedic Surgery (since 2015); Life Trustee of Coe College and the Iowa College Foundation; formerly, President Pro-Tem of the Board of Regents for the State of Iowa University System; formerly, Director, Alliant Energy and The Gazette Company; formerly, Director, Federal Reserve Bank of Chicago; formerly, President and Chief Operating Officer, SCI Financial Group, Inc., a regional financial services firm. | 161 |
Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed (1) | Principal Occupation(s) Including other Directorships During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Trustee |
William C. Hunter 1948 333 W. Wacker Drive Chicago, IL 60606 | Trustee | 2003 | Dean Emeritus, formerly, Dean, Tippie College of Business, University of Iowa (2006-2012); Director of Wellmark, Inc. (since 2009); past Director (2005-2015), and past President (2010- 2014) Beta Gamma Sigma, Inc., The International Business Honor Society; formerly, Director (2004-2018) of Xerox Corporation; Dean and Distinguished Professor of Finance, School of Business at the University of Connecticut (2003-2006); previously, Senior Vice President and Director of Research at the Federal Reserve Bank of Chicago (1995-2003); formerly, Director (1997-2007), Credit Research Center at Georgetown University. | 161 |
Albin F. Moschner 1952 333 W. Wacker Drive Chicago, IL 60606 | Trustee | 2016 | Founder and Chief Executive Officer, Northcroft Partners, LLC, a management consulting firm (since 2012); Chairman (since 2019), and Director (since 2012), USA Technologies, Inc., a provider of solutions and services to facilitate electronic payment transactions (since 2012); formerly, Director, Wintrust Financial Corporation (1996-2016); previously, held positions at Leap Wireless International, Inc., including Consultant (2011-2012), Chief Operating Officer (2008-2011), and Chief Marketing Officer (2004-2008); formerly, President, Verizon Card Services division of Verizon Communications, Inc. (2000-2003); formerly, President, One Point Services at One Point Communications (1999-2000); formerly, Vice Chairman of the Board, Diba, Incorporated (1996-1997); formerly, various executive positions (1991-1996) and Chief Executive Officer (1995-1996) of Zenith Electronics Corporation. | 161 |
John K. Nelson 1962 333 W. Wacker Drive Chicago, IL 60606 | Trustee | 2013 | Member of Board of Directors of Core12 LLC (since 2008), a private firm which develops branding, marketing and communications strategies for clients; serves on The President's Council, Fordham University (since 2010); and previously was a Director of The Curran Center for Catholic American Studies (2009-2018) formerly, senior external advisor to the financial services practice of Deloitte Consulting LLP (2012-2014); formerly, Chairman of the Board of Trustees of Marian University (2010 as trustee, 2011- 2014 as Chairman); formerly, Chief Executive Officer of ABN AMRO N.V. North America, and Global Head of its Financial Markets Division (2007-2008); prior senior positions held at ABN AMRO include Corporate Executive Vice President and Head of Global Markets-the Americas (2006-2007), CEO of Wholesale Banking-North America and Global Head of Foreign Exchange and Futures Markets (2001-2006), and Regional Commercial Treasurer and Senior Vice President Trading-North America (1996-2001); formerly, Trustee at St. Edmund Preparatory School in New York City. | 161 |
Judith M. Stockdale 1947 333 W. Wacker Drive Chicago, IL 60606 | Trustee | 1997 | Board Member, Land Trust Alliance (since 2013) and U.S. Endowment for Forestry and Communities (since 2013); formerly, Executive Director (1994-2012), Gaylord and Dorothy Donnelley Foundation; prior thereto, Executive Director, Great Lakes Protection Fund (1990-1994). | 161 |
Carole E. Stone 1947 333 W. Wacker Drive Chicago, IL 60606 | Trustee | 2007 | Former Director, Chicago Board Options Exchange (2006-2017), and C2 Options Exchange, Incorporated (2009-2017); Director, Cboe L.C. Global Markets, Inc., formerly, CBOE Holdings, Inc. (since 2010); formerly, Commissioner, New York State Commission on Public Authority Reform (2005-2010). | 161 |
Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed (1) | Principal Occupation(s) Including other Directorships During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Trustee |
Margaret L. Wolff 1955 333 W. Wacker Drive Chicago, IL 60606 | Trustee | 2016 | Formerly, member of the Board of Directors (2013-2017) of Travelers Insurance Company of Canada and The Dominion of Canada General Insurance Company (each, a part of Travelers Canada, the Canadian operation of The Travelers Companies, Inc.); formerly, Of Counsel, Skadden, Arps, Slate, Meagher & Flom LLP (Mergers & Acquisitions Group) (2005-2014); Member of the Board of Trustees of New York-Presbyterian Hospital (since 2005); Member (since 2004) and Chair (since 2015) of the Board of Trustees of The John A. Hartford Foundation (a philanthropy dedicated to improving the care of older adults); formerly, Member (2005-2015) and Vice Chair (2011-2015) of the Board of Trustees of Mt. Holyoke College. | 161 |
Robert L. Young(2) 1963 333 W. Wacker Drive Chicago, IL 60606 | Trustee | 2017 | Formerly, Chief Operating Officer and Director, J.P. Morgan Investment Management Inc. (2010-2016); formerly, President and Principal Executive Officer (2013-2016), and Senior Vice President and Chief Operating Officer (2005-2010), of J.P. Morgan Funds; formerly, Director and various officer positions for J.P. Morgan Investment Management Inc. (formerly, JPMorgan Funds Management, Inc. and formerly, One Group Administrative Services) and JPMorgan Distribution Services, Inc. (formerly, One Group Dealer Services, Inc.) (1999-2017). | 159 |
Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed (1) | Principal Occupation(s) Including other Directorships During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Trustee |
Interested Trustee: | ||||
Margo L. Cook(3) 1964 333 W. Wacker Drive Chicago, IL 60606 | Trustee | 2016 | President (since 2017), formerly, Co-Chief Executive Officer and Co-President (2016-2017), formerly, Senior Executive Vice President of Nuveen Investments, Inc; Executive Vice President (since 2017) of Nuveen, LLC; President, Global Products and Solutions (since 2017), and Co-Chief Executive Officer (since 2015), formerly, Executive Vice President (2013-2015) of Nuveen Securities, LLC; President (since 2017), formerly, Co-President (2016-2017), formerly Senior Executive Vice President (2015-2016) of Nuveen Fund Advisors, LLC (Executive Vice President 2011-2015); President (since 2017), Nuveen Alternative Investments, LLC; Chartered Financial Analyst. | 161 |
Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed (4) | Principal Occupation(s) During Past 5 Years | |
Officers of the Funds: | ||||
Greg A. Bottjer 1971 333 W. Wacker Drive Chicago, IL 60606 | Chief Administrative Officer | 2016 | Senior (since 2017) Managing Director (since 2011), formerly, Senior Vice President (2007-2010) of Nuveen; Senior (since 2017) Managing Director (since 2016) of Nuveen Fund Advisors, LLC; Chartered Financial Analyst. | |
Mark J. Czarniecki 1979 901 Marquette Avenue Minneapolis, MN 55402 | Vice President and Assistant Secretary | 2013 | Vice President and Assistant Secretary of Nuveen Securities, LLC (since 2016) and Nuveen Fund Advisors (since 2017); Vice President and Associate General Counsel of Nuveen (since 2013) and Vice President, Assistant Secretary and Associate General Counsel of Nuveen Asset Management (since 2018). |
Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed (4) | Principal Occupation(s) During Past 5 Years | |
Diana R. Gonzalez 1978 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Assistant Secretary | 2017 | Vice President and Assistant Secretary of Nuveen Fund Advisors, LLC (since 2017); Vice President and Associate General Counsel of Nuveen (since 2017); Associate General Counsel of Jackson National Asset Management (2012-2017). | |
Nathaniel T. Jones 1979 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Treasurer | 2016 | Managing Director (since 2017), formerly, Senior Vice President (2016-2017), formerly, Vice President (2011- 2016) of Nuveen; Managing Director of Nuveen Fund Advisors, LLC; Chartered Financial Analyst. | |
Walter M. Kelly 1970 333 W. Wacker Drive Chicago, IL 60606 | Chief Compliance Officer and Vice President | 2003 | Managing Director (since 2017), formerly, Senior Vice President (2008-2017) of Nuveen Investments Holdings, Inc. | |
Tina M. Lazar 1961 333 W. Wacker Drive Chicago, IL 60606 | Vice President | 2002 | Managing Director (since 2017), formerly, Senior Vice President (2014-2017) of Nuveen Securities, LLC. | |
Brian J. Lockhart 1974 333 W. Wacker Drive Chicago, IL 60606 | Vice President | 2019 | Managing Director (since 2017), formerly, Vice President (2010-2017) of Nuveen; Head of Investment Oversight (since 2017), formerly, Team Leader of Manager Oversight (2015-2017); Chartered Financial Analyst and Certified Financial Risk Manager. | |
Jacques M. Longerstaey 1963 8500 Andrew Carnegie Blvd. Charlotte, NC 28262 | Vice President | 2019 | Senior Managing Director, Chief Risk Officer, Nuveen, LLC (since May 2019); Senior Managing Director (since May 2019) of Nuveen Fund Advisors, LLC; formerly, Chief Investment and Model Risk Officer, Wealth & Investment Management Division, Wells Fargo Bank (NA) (from 2013-2019). | |
Kevin J. McCarthy 1966 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Assistant Secretary | 2007 | Senior Managing Director (since 2017) and Secretary and General Counsel (since 2016) of Nuveen Investments, Inc., formerly, Executive Vice President (2016-2017) and Managing Director and Assistant Secretary (2008-2016); Senior Managing Director (since 2017) and Assistant Secretary (since 2008) of Nuveen Securities, LLC, formerly Executive Vice President (2016-2017) and Managing Director (2008-2016); Senior Managing Director (since 2017), Secretary (since 2016) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC, formerly, Executive Vice President (2016-2017), Managing Director (2008-2016) and Assistant Secretary (2007-2016); Senior Managing Director (since 2017), Secretary (since 2016) and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC, formerly Executive Vice President (2016-2017) and Managing Director and Assistant Secretary (2011-2016); Senior Managing Director (since 2017) and Secretary (since 2016) of Nuveen Investments Advisers, LLC, formerly Executive Vice President (2016-2017); Vice President (since 2007) and Secretary (since 2016), formerly, Assistant Secretary, of NWQ Investment Management Company, LLC, Symphony Asset Management, LLC, Santa Barbara Asset Management, LLC and Winslow Capital Management, LLC (since 2010). Senior Managing Director (since 2017) and Secretary (since 2016) of Nuveen Alternative Investments, LLC. | |
Jon Scott Meissner 1973 8500 Andrew Carnegie Blvd. Charlotte, NC 28262 | Vice President | 2019 | Managing Director of Mutual Fund Tax and Financial Reporting groups at Nuveen (since 2017); Senior Director of Teachers Advisors, LLC and TIAA-CREF Investment Management, LLC (since 2016); Senior Director (since 2015) Mutual Fund Taxation to the TIAA-CREF Funds, the TIAA-CREF Life Funds, the TIAA Separate Account VA-1 and the CREF Accounts; has held various positions with TIAA since 2004. | |
Christopher M. Rohrbacher 1971 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Secretary | 2008 | Managing Director (since 2017) and Assistant Secretary of Nuveen Securities, LLC; Managing Director (since 2017), formerly, Senior Vice President (2016-2017) and Assistant Secretary (since 2016) of Nuveen Fund Advisors, LLC. |
Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed (4) | Principal Occupation(s) During Past 5 Years | |
William A. Siffermann 1975 333 W. Wacker Drive Chicago, IL 60606 | Vice President | 2017 | Managing Director (since 2017), formerly Senior Vice President (2016-2017) and Vice President (2011-2016) of Nuveen. | |
E. Scott Wickerham 1973 TIAA 730 Third Avenue New York, NY 10017 | Vice President and Controller | 2019 | Senior Managing Director, Head of Fund Administration at Nuveen, LLC (since 2019), formerly, Managing Director; Senior Managing Director (since 2019), Nuveen Fund Advisors, LLC; Principal Financial Officer, Principal Accounting Officer and Treasurer (since 2017) to the TIAA-CREF Funds, the TIAA-CREF Life Funds, the TIAA Separate Account VA-1 and the Treasurer (since 2017) to the CREF Accounts; Senior Director, TIAA-CREF Fund Administration (2014-2015); has held various positions with TIAA since 2006. | |
Gifford R. Zimmerman 1956 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Assistant Secretary | 1988 | Managing Director (since 2002), and Assistant Secretary of Nuveen Securities, LLC; Managing Director (since 2004) and Assistant Secretary (since 1994) of Nuveen Investments, Inc.; Managing Director (since 2002), Assistant Secretary (since 1997) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC; Managing Director, Assistant Secretary and Associate General Counsel of Nuveen Asset Management, LLC (since 2011); Vice President (since 2017), formerly, Managing Director (2003-2017) and Assistant Secretary (since 2003) of Symphony Asset Management LLC ; Managing Director and Assistant Secretary (since 2002) of Nuveen Investments Advisers, LLC; Vice President and Assistant Secretary of NWQ Investment Management Company, LLC (since 2002), Santa Barbara Asset Management, LLC (since 2006) and of Winslow Capital Management, LLC, (since 2010); Chartered Financial Analyst. |
Serving Investors for Generations
ITEM 2. CODE OF ETHICS.
As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There were no amendments to or waivers from the code during the period covered by this report. The registrant has posted the code of ethics on its website at www.nuveen.com/MutualFunds/ShareholderResources/FundGovernance.aspx. (To view the code, click on Code of Conduct.)
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
As of the end of the period covered by this report, the registrant’s Board of Directors or Trustees (“Board”) determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its Audit Committee. The registrant’s audit committee financial experts are Carole E. Stone, Jack B. Evans and William C. Hunter, who are “independent” for purposes of Item 3 of Form N-CSR.
Ms. Stone served for five years as Director of the New York State Division of the Budget. As part of her role as Director, Ms. Stone was actively involved in overseeing the development of the State’s operating, local assistance and capital budgets, its financial plan and related documents; overseeing the development of the State’s bond-related disclosure documents and certifying that they fairly presented the State’s financial position; reviewing audits of various State and local agencies and programs; and coordinating the State’s system of internal audit and control. Prior to serving as Director, Ms. Stone worked as a budget analyst/examiner with increasing levels of responsibility over a 30 year period, including approximately five years as Deputy Budget Director. Ms. Stone has also served as Chair of the New York State Racing Association Oversight Board, as Chair of the Public Authorities Control Board, as a Commissioner on the New York State Commission on Public Authority Reform and as a member of the Boards of Directors of several New York State public authorities. These positions have involved overseeing operations and finances of certain entities and assessing the adequacy of project/entity financing and financial reporting. Currently, Ms. Stone is on the Board of Directors of CBOE Holdings, Inc., of the Chicago Board Options Exchange, and of C2 Options Exchange. Ms. Stone’s position on the boards of these entities and as a member of both CBOE Holdings’ Audit Committee and its Finance Committee has involved, among other things, the oversight of audits, audit plans and preparation of financial statements.
Mr. Evans was formerly President and Chief Operating Officer of SCI Financial Group, Inc., a full service registered broker-dealer and registered investment adviser (“SCI”). As part of his role as President and Chief Operating Officer, Mr. Evans actively supervised the Chief Financial Officer (the “CFO”) and actively supervised the CFO’s preparation of financial statements and other filings with various regulatory authorities. In such capacity, Mr. Evans was actively involved in the preparation of SCI’s financial statements and the resolution of issues raised in connection therewith. Mr. Evans has also served on the audit committee of various reporting companies. At such companies, Mr. Evans was involved in the oversight of audits, audit plans, and the preparation of financial statements. Mr. Evans also formerly chaired the audit committee of the Federal Reserve Bank of Chicago.
Mr. Hunter was formerly a Senior Vice President at the Federal Reserve Bank of Chicago. As part of his role as Senior Vice President, Mr. Hunter was the senior officer responsible for all operations of each of the Economic Research, Statistics, and Community and Consumer Affairs units at the Federal Reserve Bank of Chicago. In such capacity, Mr. Hunter oversaw the subunits of the Statistics and Community and Consumer Affairs divisions responsible for the analysis and evaluation of bank and bank holding company financial statements and financial filings. Prior to serving as Senior Vice President at the Federal Reserve Bank of Chicago, Mr. Hunter was the Vice President of the Financial Markets unit at the Federal Reserve Bank of Atlanta where he supervised financial staff and bank holding company analysts who analyzed and evaluated bank and bank holding company financial statements. Mr. Hunter also currently serves on the Boards of Directors of Xerox Corporation and Wellmark, Inc. as well as on the Audit Committees of such Boards. As an Audit Committee member, Mr. Hunter’s responsibilities include, among other things, reviewing financial statements, internal audits and internal controls over financial reporting. Mr. Hunter also formerly was a Professor of Finance at the University of Connecticut School of Business and has authored numerous scholarly articles on the topics of finance, accounting and economics.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
The following tables show the amount of fees that KPMG LLP, the Funds’ auditor, billed to the Funds’ during the Funds’ last two full fiscal years. The Audit Committee approved in advance all audit services and non-audit services that KPMG LLP, provided to the Funds, except for those non-audit services that were subject to the pre-approval exception under Rule 2-01 of Regulation S-X (the “pre-approval exception”). The preapproval exception for services provided directly to the Funds waives the pre-approval requirement for services other than audit, review or attest services if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid by the Funds during the fiscal year in which the services are provided; (B) the Funds did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee’s attention, and the Committee (or its delegate) approves the services before the audit is completed.
The Audit Committee has delegated certain pre-approval responsibilities to its Chairman (or, in his absence, any other member of the Audit Committee).
Fiscal Year Ended August 31, 2019 | Audit Fees Billed to Funds1 | Audit-Related Fees Billed to Funds2 | Tax Fees Billed to Funds3 | All Other Fees Billed to Funds 4 | ||||||||||||
Fund Name | ||||||||||||||||
Nuveen Equity Market Neutral Fund | 17,340 | 0 | 0 | 0 | ||||||||||||
Nuveen Large Cap Value Fund | 17,760 | 0 | 0 | 0 | ||||||||||||
Nuveen Large Cap Core Fund | 17,760 | 0 | 0 | 0 | ||||||||||||
Nuveen Large Cap Growth Fund | 17,750 | 0 | 0 | 0 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 70,610 | $ | 0 | $ | 0 | $ | 0 |
1 | “Audit Fees” are the aggregate fees billed for professional services for the audit of the Fund’s annual financial statements and services provided in connection with statutory and regulatory filings or engagements. |
2 | “Audit-Related Fees” are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of financial statements that are not reported under “Audit Fees”. These fees include offerings related to the Fund’s common shares and leverage. |
3 | “Tax Fees” are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: all global withholding tax services; excise and state tax reviews; capital gain, tax equalization and taxable basis calculations performed by the principal accountant. |
4 | “All Other Fees” are the aggregate fees billed for products and services other than “Audit Fees”, “Audit-Related Fees” and “Tax Fees”. These fees represent all “Agreed-Upon Procedures” engagements pertaining to the Fund’s use of leverage. |
Percentage Approved Pursuant to Pre-approval Exception | ||||||||||||||||
Audit Fees Billed to Funds | Audit-Related Fees Billed to Funds | Tax Fees Billed to Funds | All Other Fees Billed to Funds | |||||||||||||
Fund Name | ||||||||||||||||
Nuveen Equity Market Neutral Fund | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen Large Cap Value Fund | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen Large Cap Core Fund | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen Large Cap Growth Fund | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Fiscal Year Ended August 31, 2018 | Audit Fees Billed to Funds1 | Audit-Related Fees Billed to Funds2 | Tax Fees Billed to Funds 3 | All Other Fees Billed to Funds 4 | ||||||||||||
Fund Name | ||||||||||||||||
Nuveen Equity Market Neutral Fund | 17,340 | 0 | 0 | 0 | ||||||||||||
Nuveen Large Cap Value Fund | 22,760 | 0 | 0 | 0 | ||||||||||||
Nuveen Large Cap Core Fund | 27,760 | 2,000 | 0 | 0 | ||||||||||||
Nuveen Large Cap Growth Fund | 32,750 | 0 | 0 | 0 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 100,610 | $ | 2,000 | $ | 0 | $ | 0 |
1 | “Audit Fees” are the aggregate fees billed for professional services for the audit of the Fund’s annual financial statements and services provided in connection with statutory and regulatory filings or engagements. |
2 | “Audit-Related Fees” are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of financial statements that are not reported under “Audit Fees”. These fees include offerings related to the Fund’s common shares and leverage. |
3 | “Tax Fees” are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: all global withholding tax services; excise and state tax reviews; capital gain, tax equalization and taxable basis calculations performed by the principal accountant. |
4 | “All Other Fees” are the aggregate fees billed for products and services other than “Audit Fees”, “Audit-Related Fees” and “Tax Fees”. These fees represent all “Agreed-Upon Procedures” engagements pertaining to the Fund’s use of leverage. |
Percentage Approved Pursuant to Pre-approval Exception | ||||||||||||||||
Audit Fees Billed to Funds | Audit-Related Fees Billed to Funds | Tax Fees Billed to Funds | All Other Fees Billed to Funds | |||||||||||||
Fund Name | ||||||||||||||||
Nuveen Equity Market Neutral Fund | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen Large Cap Value Fund | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen Large Cap Core Fund | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen Large Cap Growth Fund | 0 | % | 0 | % | 0 | % | 0 | % |
Fiscal Year Ended August 31, 2019 | Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers | Tax Fees Billed to Adviser and Affiliated Fund Service Providers | All Other Fees Billed to Adviser and Affiliated Fund Service Providers | |||||||||
Nuveen Investment Trust | $ | 0 | $ | 0 | $ | 0 | ||||||
Percentage Approved Pursuant to Pre-approval Exception | ||||||||||||
Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers | Tax Fees Billed to Adviser and Affiliated Fund Service Providers | All Other Fees Billed to Adviser and Affiliated Fund Service Providers | ||||||||||
0 | % | 0 | % | 0 | % | |||||||
Fiscal Year Ended August 31, 2018 | Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers | Tax Fees Billed to Adviser and Affiliated Fund Service Providers | All Other Fees Billed to Adviser and Affiliated Fund Service Providers | |||||||||
Nuveen Investment Trust | $ | 0 | $ | 0 | $ | 0 | ||||||
Percentage Approved Pursuant to Pre-approval Exception | ||||||||||||
Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers | Tax Fees Billed to Adviser and Affiliated Fund Service Providers | All Other Fees Billed to Adviser and Affiliated Fund Service Providers | ||||||||||
0 | % | 0 | % | 0 | % |
Fiscal Year Ended August 31, 2019 | Total Non-Audit Fees Billed to Trust | Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Trust) | Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements) | Total | ||||||||||||
Fund Name | ||||||||||||||||
Nuveen Equity Market Neutral Fund | 0 | 0 | 0 | 0 | ||||||||||||
Nuveen Large Cap Value Fund | 0 | 0 | 0 | 0 | ||||||||||||
Nuveen Large Cap Core Fund | 0 | 0 | 0 | 0 | ||||||||||||
Nuveen Large Cap Growth Fund | 0 | 0 | 0 | 0 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 0 | $ | 0 | $ | 0 | $ | 0 |
“Non-Audit Fees billed to Fund” for both fiscal year ends represent “Tax Fees” and “All Other Fees” billed to Fund in their respective amounts from the previous table.
Less than 50 percent of the hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.
Fiscal Year Ended August 31, 2018 | Total Non-Audit Fees Billed to Trust | Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Trust) | Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements) | Total | ||||||||||||
Fund Name | ||||||||||||||||
Nuveen Equity Market Neutral Fund | 0 | 0 | 0 | 0 | ||||||||||||
Nuveen Large Cap Value Fund | 0 | 0 | 0 | 0 | ||||||||||||
Nuveen Large Cap Core Fund | 0 | 0 | 0 | 0 | ||||||||||||
Nuveen Large Cap Growth Fund | 0 | 0 | 0 | 0 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 0 | $ | 0 | $ | 0 | $ | 0 |
“Non-Audit Fees billed to Fund” for both fiscal year ends represent “Tax Fees” and “All Other Fees” billed to Fund in their respective amounts from the previous table.
Audit Committee Pre-Approval Policies and Procedures. Generally, the Audit Committee must approve (i) all non-audit services to be performed for the Funds by the Funds’ independent accountant and (ii) all audit and non-audit services to be performed by the Funds’ independent accountant for the Affiliated Fund Service Providers with respect to the operations and financial reporting of the Funds. Regarding tax and research projects conducted by the independent accountant for the Funds and Affiliated Fund Service Providers (with respect to operations and financial reports of the Trust), such engagements will be (i) pre-approved by the Audit Committee if they are expected to be for amounts greater than $10,000; (ii) reported to the Audit Committee Chairman for his verbal approval prior to engagement if they are expected to be for amounts under $10,000 but greater than $5,000; and (iii) reported to the Audit Committee at the next Audit Committee meeting if they are expected to be for an amount under $5,000.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable to this registrant.
ITEM 6. SCHEDULE OF INVESTMENTS.
a) | See Portfolio of Investments in Item 1. |
b) | Not applicable. |
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FORCLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable to this registrant.
ITEM 8. PORTFOLIO MANAGERS OFCLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to this registrant.
ITEM 9. PURCHASES OF EQUITY SECURITIES BYCLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
Not applicable to this registrant.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees implemented after the registrant last provided disclosure in response to this Item.
ITEM 11. 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 Rule30a-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 Rule30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules13a-15(b) or15d-15(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (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 Rule30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 13. EXHIBITS.
File the exhibits listed below as part of this Form.
(a)(1) | Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable because the code is posted on registrant’s website at www.nuveen.com/MutualFunds/ShareholderResources/FundGovernance.aspx and there were no amendments during the period covered by this report. (To view the code, click on Code of Conduct.) | |
(a)(2) | A separate certification for each principal executive officer and principal financial officer of the registrant as required byRule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: SeeEX-99.CERT attached hereto. | |
(a)(3) | Any written solicitation to purchase securities under Rule23c-1 under the 1940 Act (17 CFR270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons: Not applicable to this registrant. | |
(a)(4) | Change in the registrant’s independent public accountant. Not applicable. | |
(b) | If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)), Rule13a-14(b) or Rule15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an Exhibit. A certification furnished pursuant to this paragraph will not be deemed “filed” for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registration specifically incorporates it by reference: SeeEX-99.906 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 Investment Trust
By (Signature and Title) | /s/ Christopher M. Rohrbacher | |
Christopher M. Rohrbacher | ||
Vice President and Secretary |
Date: November 7, 2019
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/ Greg A. Bottjer | |
Greg A. Bottjer | ||
Chief Administrative Officer | ||
(principal executive officer) |
Date: November 7, 2019
By (Signature and Title) | /s/ E. Scott Wickerham | |
E. Scott Wickerham | ||
Vice President and Controller | ||
(principal financial officer) |
Date: November 7, 2019