Nuveen Equity Long/Short Fund
Portfolio of Investments November 30, 2019
(Unaudited)
| Shares | Description (1) | Value | ||||
| LONG-TERM INVESTMENTS – 140.1% | ||||||
| COMMON STOCKS – 140.1% | ||||||
| Aerospace & Defense – 0.8% | ||||||
| 7,500 | Northrop Grumman Corp | $2,638,275 | ||||
| Air Freight & Logistics – 1.1% | ||||||
| 42,000 | XPO Logistics Inc, (2) | 3,472,980 | ||||
| Airlines – 2.2% | ||||||
| 63,000 | Southwest Airlines Co | 3,631,320 | ||||
| 36,000 | United Airlines Holdings Inc, (2) | 3,340,800 | ||||
| Total Airlines | 6,972,120 | |||||
| Automobiles – 0.5% | ||||||
| 42,000 | General Motors Co | 1,512,000 | ||||
| Banks – 3.9% | ||||||
| 167,000 | Bank of America Corp | 5,564,440 | ||||
| 64,000 | Citigroup Inc | 4,807,680 | ||||
| 13,000 | JPMorgan Chase & Co | 1,712,880 | ||||
| Total Banks | 12,085,000 | |||||
| Biotechnology – 7.6% | ||||||
| 52,500 | AbbVie Inc | 4,605,825 | ||||
| 19,500 | Amgen Inc | 4,577,040 | ||||
| 13,500 | Biogen Inc, (2) | 4,047,435 | ||||
| 162,000 | Exelixis Inc, (2) | 2,694,060 | ||||
| 62,000 | Gilead Sciences Inc | 4,168,880 | ||||
| 40,000 | Incyte Corp, (2) | 3,766,400 | ||||
| Total Biotechnology | 23,859,640 | |||||
| Building Products – 3.4% | ||||||
| 56,000 | Fortune Brands Home & Security Inc | 3,542,560 | ||||
| 77,500 | Masco Corp | 3,607,625 | ||||
| 52,000 | Owens Corning | 3,487,120 | ||||
| Total Building Products | 10,637,305 | |||||
| Capital Markets – 3.3% | ||||||
| 88,000 | Legg Mason Inc | 3,439,040 | ||||
| 38,300 | LPL Financial Holdings Inc | 3,537,005 | ||||
| 13,000 | MSCI Inc | 3,369,470 | ||||
| Total Capital Markets | 10,345,515 |
1
Nuveen Equity Long/Short Fund (continued)
Portfolio of Investments November 30, 2019
(Unaudited)
| Shares | Description (1) | Value | ||||
| Chemicals – 2.0% | ||||||
| 64,000 | Cabot Corp | $3,007,360 | ||||
| 26,000 | Celanese Corp | 3,264,820 | ||||
| Total Chemicals | 6,272,180 | |||||
| Commercial Services & Supplies – 1.2% | ||||||
| 14,000 | Cintas Corp | 3,598,840 | ||||
| Communications Equipment – 1.1% | ||||||
| 81,000 | EchoStar Corp, (2) | 3,407,670 | ||||
| Construction & Engineering – 1.1% | ||||||
| 82,000 | AECOM, (2) | 3,553,060 | ||||
| Construction Materials – 1.1% | ||||||
| 38,000 | Eagle Materials Inc | 3,497,140 | ||||
| Consumer Finance – 5.9% | ||||||
| 115,000 | Ally Financial Inc | 3,661,600 | ||||
| 40,500 | Capital One Financial Corp | 4,050,405 | ||||
| 44,500 | Discover Financial Services | 3,776,715 | ||||
| 372,000 | SLM Corp | 3,173,160 | ||||
| 100,000 | Synchrony Financial | 3,741,000 | ||||
| Total Consumer Finance | 18,402,880 | |||||
| Containers & Packaging – 1.0% | ||||||
| 69,000 | Berry Global Group Inc, (2) | 3,221,610 | ||||
| Diversified Consumer Services – 1.0% | ||||||
| 69,000 | frontdoor Inc, (2) | 3,122,940 | ||||
| Diversified Financial Services – 1.1% | ||||||
| 58,000 | Voya Financial Inc | 3,380,240 | ||||
| Diversified Telecommunication Services – 1.8% | ||||||
| 148,000 | AT&T Inc | 5,532,240 | ||||
| Electrical Equipment – 1.1% | ||||||
| 42,000 | Regal Beloit Corp | 3,432,660 | ||||
| Electronic Equipment, Instruments & Components – 0.9% | ||||||
| 70,000 | Jabil Inc | 2,718,800 | ||||
| Entertainment – 2.3% | ||||||
| 37,000 | Electronic Arts Inc, (2) | 3,737,370 | ||||
| 565,000 | Zynga Inc., Class A, (2) | 3,519,950 | ||||
| Total Entertainment | 7,257,320 |
2
| Shares | Description (1) | Value | ||||
| Equity Real Estate Investment Trust – 1.2% | ||||||
| 17,500 | American Tower Corp | $3,745,525 | ||||
| Food & Staples Retailing – 4.2% | ||||||
| 20,500 | Casey's General Stores Inc | 3,562,285 | ||||
| 15,000 | Costco Wholesale Corp | 4,497,150 | ||||
| 41,000 | Walmart Inc | 4,882,690 | ||||
| Total Food & Staples Retailing | 12,942,125 | |||||
| Food Products – 1.1% | ||||||
| 74,000 | Campbell Soup Co | 3,446,180 | ||||
| Health Care Equipment & Supplies – 0.6% | ||||||
| 18,000 | Hill-Rom Holdings Inc | 1,929,780 | ||||
| Health Care Providers & Services – 6.1% | ||||||
| 6,500 | Anthem Inc | 1,876,290 | ||||
| 7,700 | Chemed Corp | 3,311,154 | ||||
| 24,500 | HCA Inc | 3,397,170 | ||||
| 11,200 | Humana Inc | 3,821,776 | ||||
| 23,500 | McKesson Corp | 3,399,040 | ||||
| 11,000 | UnitedHealth Group Inc | 3,078,570 | ||||
| Total Health Care Providers & Services | 18,884,000 | |||||
| Hotels, Restaurants & Leisure – 6.8% | ||||||
| 81,000 | Aramark | 3,534,840 | ||||
| 43,500 | Dunkin' Brands Group Inc | 3,329,925 | ||||
| 36,000 | Hilton Worldwide Holdings Inc | 3,780,000 | ||||
| 113,000 | MGM Resorts International | 3,610,350 | ||||
| 65,000 | Norwegian Cruise Line Holdings Ltd, (2) | 3,486,600 | ||||
| 72,000 | Wyndham Destinations Inc | 3,492,000 | ||||
| Total Hotels, Restaurants & Leisure | 21,233,715 | |||||
| Household Durables – 2.1% | ||||||
| 80,000 | PulteGroup Inc | 3,172,000 | ||||
| 22,500 | Whirlpool Corp | 3,219,750 | ||||
| Total Household Durables | 6,391,750 | |||||
| Independent Power & Renewable Electricity Producers – 1.1% | ||||||
| 130,000 | Vistra Energy Corp | 3,448,900 | ||||
| Industrial Conglomerates – 1.9% | ||||||
| 22,000 | Carlisle Cos Inc | 3,431,560 | ||||
| 14,000 | Honeywell International Inc | 2,499,700 | ||||
| Total Industrial Conglomerates | 5,931,260 |
3
Nuveen Equity Long/Short Fund (continued)
Portfolio of Investments November 30, 2019
(Unaudited)
| Shares | Description (1) | Value | ||||
| Insurance – 2.2% | ||||||
| 26,000 | Hanover Insurance Group Inc | $3,534,180 | ||||
| 25,000 | Primerica Inc | 3,346,000 | ||||
| Total Insurance | 6,880,180 | |||||
| Interactive Media & Services – 2.9% | ||||||
| 2,350 | Alphabet Inc., Class A, (2) | 3,064,611 | ||||
| 30,000 | Facebook Inc., Class A, (2) | 6,049,200 | ||||
| Total Interactive Media & Services | 9,113,811 | |||||
| Internet & Direct Marketing Retail – 4.2% | ||||||
| 1,625 | Amazon.com Inc, (2) | 2,926,300 | ||||
| 2,025 | Booking Holdings Inc, (2) | 3,855,661 | ||||
| 97,000 | eBay Inc | 3,445,440 | ||||
| 27,000 | Expedia Group Inc | 2,744,820 | ||||
| Total Internet & Direct Marketing Retail | 12,972,221 | |||||
| IT Services – 9.0% | ||||||
| 48,000 | Booz Allen Hamilton Holding Corp | 3,492,480 | ||||
| 30,000 | Broadridge Financial Solutions Inc | 3,711,300 | ||||
| 15,500 | CACI International Inc, (2) | 3,709,460 | ||||
| 12,500 | FleetCor Technologies Inc, (2) | 3,836,500 | ||||
| 31,000 | International Business Machines Corp | 4,167,950 | ||||
| 19,000 | Mastercard Inc., Class A | 5,552,370 | ||||
| 19,000 | Visa Inc., Class A | 3,505,690 | ||||
| Total IT Services | 27,975,750 | |||||
| Leisure Products – 1.1% | ||||||
| 35,000 | Polaris Inc | 3,419,500 | ||||
| Machinery – 5.6% | ||||||
| 44,000 | AGCO Corp | 3,437,720 | ||||
| 20,500 | Cummins Inc | 3,748,630 | ||||
| 39,000 | Oshkosh Corp | 3,527,940 | ||||
| 18,500 | Parker-Hannifin Corp | 3,677,615 | ||||
| 61,000 | Timken Co | 3,207,990 | ||||
| Total Machinery | 17,599,895 | |||||
| Media – 2.7% | ||||||
| 113,000 | Comcast Corp | 4,988,950 | ||||
| 44,000 | Omnicom Group Inc | 3,497,120 | ||||
| Total Media | 8,486,070 | |||||
| Metals & Mining – 4.5% | ||||||
| 150,000 | Alcoa Corp, (2) | 3,052,500 | ||||
| 63,000 | Nucor Corp | 3,550,680 |
4
| Shares | Description (1) | Value | ||||
| Metals & Mining (continued) | ||||||
| 30,500 | Reliance Steel & Aluminum Co | $3,598,390 | ||||
| 110,000 | Steel Dynamics Inc | 3,710,300 | ||||
| Total Metals & Mining | 13,911,870 | |||||
| Multiline Retail – 1.2% | ||||||
| 31,000 | Target Corp | 3,875,310 | ||||
| Oil, Gas & Consumable Fuels – 5.1% | ||||||
| 64,000 | ConocoPhillips | 3,836,160 | ||||
| 144,000 | Devon Energy Corp | 3,152,160 | ||||
| 261,000 | EQT Corp | 2,278,530 | ||||
| 59,500 | Marathon Petroleum Corp | 3,608,080 | ||||
| 199,000 | Parsley Energy Inc., Class A | 2,981,020 | ||||
| Total Oil, Gas & Consumable Fuels | 15,855,950 | |||||
| Pharmaceuticals – 4.2% | ||||||
| 72,000 | Bristol-Myers Squibb Co | 4,099,680 | ||||
| 24,000 | Jazz Pharmaceuticals PLC, (2) | 3,626,880 | ||||
| 62,000 | Merck & Co Inc | 5,405,160 | ||||
| Total Pharmaceuticals | 13,131,720 | |||||
| Real Estate Management & Development – 2.4% | ||||||
| 66,000 | CBRE Group Inc., Class A, (2) | 3,763,320 | ||||
| 22,000 | Jones Lang LaSalle Inc | 3,659,260 | ||||
| Total Real Estate Management & Development | 7,422,580 | |||||
| Road & Rail – 2.1% | ||||||
| 21,500 | Kansas City Southern | 3,277,030 | ||||
| 30,500 | Landstar System Inc | 3,398,005 | ||||
| Total Road & Rail | 6,675,035 | |||||
| Semiconductors & Semiconductor Equipment – 2.5% | ||||||
| 167,000 | ON Semiconductor Corp, (2) | 3,585,490 | ||||
| 48,500 | QUALCOMM Inc | 4,052,175 | ||||
| Total Semiconductors & Semiconductor Equipment | 7,637,665 | |||||
| Software – 10.3% | ||||||
| 53,000 | Cadence Design Systems Inc, (2) | 3,723,250 | ||||
| 32,000 | Citrix Systems Inc | 3,609,920 | ||||
| 8,000 | Fair Isaac Corp, (2) | 2,942,000 | ||||
| 34,500 | Fortinet Inc, (2) | 3,626,295 | ||||
| 8,000 | Intuit Inc | 2,071,120 | ||||
| 80,500 | Microsoft Corp | 12,186,090 | ||||
| 73,000 | Oracle Corp., Class A | 4,098,220 | ||||
| Total Software | 32,256,895 |
5
Nuveen Equity Long/Short Fund (continued)
Portfolio of Investments November 30, 2019
(Unaudited)
| Shares | Description (1) | Value | ||||
| Specialty Retail – 2.2% | ||||||
| 66,000 | AutoNation Inc, (2) | $3,371,940 | ||||
| 45,000 | Best Buy Co Inc | 3,628,800 | ||||
| Total Specialty Retail | 7,000,740 | |||||
| Technology Hardware, Storage & Peripherals – 7.3% | ||||||
| 48,000 | Apple Inc | 12,828,000 | ||||
| 64,000 | Dell Technologies Inc., Class C, (2) | 3,103,360 | ||||
| 104,000 | NCR Corp, (2) | 3,414,320 | ||||
| 91,000 | Xerox Holdings Corp | 3,542,630 | ||||
| Total Technology Hardware, Storage & Peripherals | 22,888,310 | |||||
| Thrifts & Mortgage Finance – 1.1% | ||||||
| 232,000 | MGIC Investment Corp | 3,343,120 | ||||
| Total Long-Term Investments (cost $386,971,976) | 437,320,272 |
| Principal Amount (000) | Description (1) | Coupon | Maturity | Value | ||
| SHORT-TERM INVESTMENTS – 23.4% | ||||||
| REPURCHASE AGREEMENTS – 23.4% | ||||||
| $72,958 | Repurchase Agreement with Fixed Income Clearing Corporation, dated 11/29/19, repurchase price $72,962,081, collateralized by $73,705,000 U.S. Treasury Notes, 1.750%, due 7/15/22, value $74,420,160 | 0.650% | 12/02/19 | $72,958,129 | ||
| Total Short-Term Investments (cost $72,958,129) | 72,958,129 | |||||
| Total Investments (cost $459,930,105) – 163.5% | 510,278,401 |
| Shares | Description (1) | Value | ||||
| COMMON STOCKS SOLD SHORT – (66.9)% (3) | ||||||
| Aerospace & Defense – (0.3)% | ||||||
| (2,700) | Boeing Co | $(988,686) | ||||
| Air Freight & Logistics – (0.7)% | ||||||
| (14,300) | FedEx Corp | (2,288,715) | ||||
| Automobiles – (0.6)% | ||||||
| (5,500) | Tesla Inc, (2) | (1,814,670) | ||||
| Banks – (0.7)% | ||||||
| (23,500) | Cullen/Frost Bankers Inc | (2,198,660) | ||||
| Biotechnology – (2.3)% | ||||||
| (28,000) | BioMarin Pharmaceutical Inc, (2) | (2,259,880) | ||||
| (27,500) | Bluebird Bio Inc, (2) | (2,225,850) | ||||
| (22,500) | Sarepta Therapeutics Inc, (2) | (2,531,025) | ||||
| Total Biotechnology | (7,016,755) |
6
| Shares | Description (1) | Value | ||||
| Capital Markets – (0.7)% | ||||||
| (138,000) | Virtu Financial Inc., Class A | $(2,290,800) | ||||
| Chemicals – (1.5)% | ||||||
| (34,000) | Albemarle Corp | (2,222,920) | ||||
| (17,000) | International Flavors & Fragrances Inc | (2,400,910) | ||||
| Total Chemicals | (4,623,830) | |||||
| Commercial Services & Supplies – (1.4)% | ||||||
| (62,500) | Rollins Inc | (2,240,625) | ||||
| (36,000) | Stericycle Inc, (2) | (2,261,520) | ||||
| Total Commercial Services & Supplies | (4,502,145) | |||||
| Electric Utilities – (0.8)% | ||||||
| (34,000) | Edison International | (2,349,400) | ||||
| Electronic Equipment, Instruments & Components – (1.4)% | ||||||
| (77,000) | Corning Inc | (2,236,080) | ||||
| (15,500) | IPG Photonics Corp, (2) | (2,202,395) | ||||
| Total Electronic Equipment, Instruments & Components | (4,438,475) | |||||
| Energy Equipment & Services – (1.2)% | ||||||
| (94,000) | Halliburton Co | (1,973,060) | ||||
| (83,000) | National Oilwell Varco Inc | (1,871,650) | ||||
| Total Energy Equipment & Services | (3,844,710) | |||||
| Entertainment – (4.3)% | ||||||
| (45,000) | Liberty Media Corp-Liberty Formula One, (2) | (2,029,050) | ||||
| (8,000) | Madison Square Garden Co, (2) | (2,254,240) | ||||
| (4,500) | Netflix Inc, (2) | (1,415,970) | ||||
| (14,500) | Roku Inc, (2) | (2,325,365) | ||||
| (16,000) | Spotify Technology SA, (2) | (2,280,800) | ||||
| (5,500) | Walt Disney Co | (833,690) | ||||
| (37,000) | World Wrestling Entertainment Inc | (2,294,740) | ||||
| Total Entertainment | (13,433,855) | |||||
| Food & Staples Retailing – (0.8)% | ||||||
| (72,000) | Grocery Outlet Holding Corp, (2) | (2,385,360) |
7
Nuveen Equity Long/Short Fund (continued)
Portfolio of Investments November 30, 2019
(Unaudited)
| Shares | Description (1) | Value | ||||
| Food Products – (5.1)% | ||||||
| (56,000) | Archer-Daniels-Midland Co | $(2,404,080) | ||||
| (28,500) | Beyond Meat Inc, (2) | (2,364,360) | ||||
| (74,000) | Hain Celestial Group Inc, (2) | (1,829,280) | ||||
| (55,000) | Hormel Foods Corp | (2,449,150) | ||||
| (29,000) | Lamb Weston Holdings Inc | (2,435,420) | ||||
| (22,000) | Post Holdings Inc, (2) | (2,323,200) | ||||
| (46,000) | TreeHouse Foods Inc, (2) | (2,248,940) | ||||
| Total Food Products | (16,054,430) | |||||
| Health Care Equipment & Supplies – (4.3)% | ||||||
| (12,000) | ABIOMED Inc, (2) | (2,354,160) | ||||
| (32,000) | Cantel Medical Corp | (2,460,800) | ||||
| (12,500) | ICU Medical Inc, (2) | (2,343,500) | ||||
| (2,500) | Intuitive Surgical Inc, (2) | (1,482,250) | ||||
| (14,000) | Penumbra Inc, (2) | (2,476,880) | ||||
| (17,000) | Varian Medical Systems Inc, (2) | (2,273,410) | ||||
| Total Health Care Equipment & Supplies | (13,391,000) | |||||
| Health Care Providers & Services – (2.3)% | ||||||
| (75,500) | Acadia Healthcare Co Inc, (2) | (2,428,080) | ||||
| (162,000) | Covetrus Inc, (2) | (2,318,220) | ||||
| (30,500) | Guardant Health Inc, (2) | (2,368,935) | ||||
| Total Health Care Providers & Services | (7,115,235) | |||||
| Health Care Technology – (0.8)% | ||||||
| (176,000) | Change Healthcare Inc, (2) | (2,354,880) | ||||
| Hotels, Restaurants & Leisure – (1.4)% | ||||||
| (54,000) | Carnival Corp | (2,434,320) | ||||
| (6,500) | Domino's Pizza Inc | (1,912,950) | ||||
| Total Hotels, Restaurants & Leisure | (4,347,270) | |||||
| Household Products – (1.3)% | ||||||
| (15,500) | Clorox Co | (2,297,565) | ||||
| (37,000) | Energizer Holdings Inc | (1,845,930) | ||||
| Total Household Products | (4,143,495) | |||||
| Industrial Conglomerates – (0.7)% | ||||||
| (202,000) | General Electric Co | (2,276,540) | ||||
| Interactive Media & Services – (0.7)% | ||||||
| (52,000) | Zillow Group Inc., Class C, (2) | (2,035,800) |
8
| Shares | Description (1) | Value | ||||
| Internet & Direct Marketing Retail – (1.5)% | ||||||
| (54,000) | Grubhub Inc, (2) | $(2,328,480) | ||||
| (27,000) | Wayfair Inc., Class A, (2) | (2,292,840) | ||||
| Total Internet & Direct Marketing Retail | (4,621,320) | |||||
| IT Services – (2.8)% | ||||||
| (31,000) | GoDaddy Inc, (2) | (2,057,780) | ||||
| (15,000) | MongoDB Inc, (2) | (2,230,500) | ||||
| (33,000) | Square Inc., Class A, (2) | (2,280,960) | ||||
| (21,000) | Twilio Inc., Class A, (2) | (2,168,880) | ||||
| Total IT Services | (8,738,120) | |||||
| Leisure Products – (0.7)% | ||||||
| (189,000) | Mattel Inc, (2) | (2,211,300) | ||||
| Machinery – (1.4)% | ||||||
| (105,000) | Trinity Industries Inc | (2,209,200) | ||||
| (29,000) | Westinghouse Air Brake Technologies Corp | (2,278,530) | ||||
| Total Machinery | (4,487,730) | |||||
| Marine – (0.7)% | ||||||
| (26,000) | Kirby Corp, (2) | (2,193,620) | ||||
| Media – (0.7)% | ||||||
| (56,000) | ViacomCBS Inc., Class B | (2,261,280) | ||||
| Mortgage Real Estate Investment Trust – (0.6)% | ||||||
| (192,000) | Annaly Capital Management Inc | (1,791,360) | ||||
| Multiline Retail – (0.7)% | ||||||
| (34,500) | Ollie's Bargain Outlet Holdings Inc, (2) | (2,256,300) | ||||
| Multi-Utilities – (1.4)% | ||||||
| (27,000) | Dominion Energy Inc | (2,243,970) | ||||
| (85,000) | NiSource Inc | (2,248,250) | ||||
| Total Multi-Utilities | (4,492,220) | |||||
| Oil, Gas & Consumable Fuels – (1.2)% | ||||||
| (30,000) | Hess Corp | (1,862,700) | ||||
| (48,000) | Targa Resources Corp | (1,753,440) | ||||
| Total Oil, Gas & Consumable Fuels | (3,616,140) | |||||
| Pharmaceuticals – (0.8)% | ||||||
| (86,000) | Elanco Animal Health Inc, (2) | (2,383,060) | ||||
| Professional Services – (0.7)% | ||||||
| (15,000) | Equifax Inc | (2,094,600) |
9
Nuveen Equity Long/Short Fund (continued)
Portfolio of Investments November 30, 2019
(Unaudited)
| Shares | Description (1) | Value | ||||
| Road & Rail – (2.9)% | ||||||
| (19,000) | JB Hunt Transport Services Inc | $(2,196,780) | ||||
| (48,000) | Lyft Inc., Class A, (2) | (2,351,040) | ||||
| (43,500) | Ryder System Inc | (2,283,315) | ||||
| (74,000) | Uber Technologies Inc, (2) | (2,190,400) | ||||
| Total Road & Rail | (9,021,535) | |||||
| Semiconductors & Semiconductor Equipment – (2.1)% | ||||||
| (50,000) | Cree Inc, (2) | (2,210,500) | ||||
| (37,000) | First Solar Inc, (2) | (2,043,880) | ||||
| (13,500) | Monolithic Power Systems Inc | (2,169,180) | ||||
| Total Semiconductors & Semiconductor Equipment | (6,423,560) | |||||
| Software – (10.0)% | ||||||
| (101,000) | 2U Inc, (2) | (2,518,940) | ||||
| (29,000) | Elastic NV, (2) | (2,302,890) | ||||
| (135,000) | FireEye Inc, (2) | (2,262,600) | ||||
| (15,500) | Guidewire Software Inc, (2) | (1,888,365) | ||||
| (15,500) | HubSpot Inc, (2) | (2,340,500) | ||||
| (34,000) | New Relic Inc, (2) | (2,312,680) | ||||
| (64,000) | Nutanix Inc., Class A, (2) | (2,390,400) | ||||
| (58,000) | PagerDuty Inc, (2) | (1,510,900) | ||||
| (134,000) | Pluralsight Inc., Class A, (2) | (2,276,660) | ||||
| (31,000) | PTC Inc, (2) | (2,374,600) | ||||
| (13,000) | Splunk Inc, (2) | (1,939,860) | ||||
| (13,500) | Workday Inc., Class A, (2) | (2,418,120) | ||||
| (31,000) | Zendesk Inc, (2) | (2,449,000) | ||||
| (43,000) | Zscaler Inc, (2) | (2,241,590) | ||||
| Total Software | (31,227,105) | |||||
| Specialty Retail – (2.9)% | ||||||
| (14,000) | Advance Auto Parts Inc | (2,199,120) | ||||
| (18,000) | Five Below Inc, (2) | (2,226,780) | ||||
| (50,000) | Floor & Decor Holdings Inc, (2) | (2,400,500) | ||||
| (9,500) | Ulta Beauty Inc, (2) | (2,221,670) | ||||
| Total Specialty Retail | (9,048,070) | |||||
| Technology Hardware, Storage & Peripherals – (0.6)% | ||||||
| (119,000) | Pure Storage Inc., Class A, (2) | (1,912,330) | ||||
| Trading Companies & Distributors – (1.3)% | ||||||
| (40,000) | Air Lease Corp | (1,857,200) | ||||
| (63,000) | Fastenal Co | (2,237,760) | ||||
| Total Trading Companies & Distributors | (4,094,960) |
10
| Shares | Description (1) | Value | ||||
| Water Utilities – (0.6)% | ||||||
| (43,000) | Aqua America Inc | $(1,903,610) | ||||
| Total Common Stocks Sold Short (proceeds $215,617,542) | (208,672,931) | |||||
| Other Assets Less Liabilities – 3.4% | 10,499,093 | |||||
| Net Assets – 100% | $312,104,563 |
Part F of Form N-PORT was prepared
in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and in conformity with the applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”)
related to interim filings. Part F of Form N-PORT does not include all information and footnotes required by U.S. GAAP for complete financial statements. Certain footnote disclosures normally included in financial
statements prepared in accordance with U.S. GAAP have been condensed or omitted from this report pursuant to the rules of the SEC. For a full set of the Fund’s notes to financial statements, please refer to the
Fund’s most recently filed annual or semi-annual report.
Fair Value Measurements
The Fund's investments in securities
are recorded at their estimated fair value. Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the
principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of
fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from
sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable
inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
Level 1
– Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit spreads, etc.).
Level 3 – Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments).
The inputs or methodologies used for
valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of the Fund’s fair value measurements as of the end of the reporting period:
| Level 1 | Level 2 | Level 3 | Total | |
| Long-Term Investments: | ||||
| Common Stocks | $437,320,272 | $ — | $ — | $437,320,272 |
| Short-Term Investments: | ||||
| Repurchase Agreements | — | 72,958,129 | — | 72,958,129 |
| Common Stocks Sold Short | (208,672,931) | — | — | (208,672,931) |
| Total | $228,647,341 | $72,958,129 | $ — | $301,605,470 |
| 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 $291,328,226 have been pledged as collateral for Common Stocks Sold Short. |
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