Nuveen Equity Long/Short Fund
Portfolio of Investments May 31, 2020
(Unaudited)
Shares | Description (1) | Value | ||||
LONG-TERM INVESTMENTS – 120.8% | ||||||
COMMON STOCKS – 120.8% | ||||||
Air Freight & Logistics – 2.1% | ||||||
23,700 | CH Robinson Worldwide Inc | $1,922,781 | ||||
25,200 | XPO Logistics Inc, (2) | 1,986,012 | ||||
Total Air Freight & Logistics | 3,908,793 | |||||
Banks – 2.1% | ||||||
7,500 | JPMorgan Chase & Co | 729,825 | ||||
25,500 | Popular Inc | 1,006,995 | ||||
87,000 | Sterling Bancorp/DE | 1,070,100 | ||||
28,000 | Western Alliance Bancorp | 1,068,200 | ||||
Total Banks | 3,875,120 | |||||
Beverages – 0.5% | ||||||
25,200 | Molson Coors Beverage Co, (2) | 956,592 | ||||
Biotechnology – 8.9% | ||||||
30,200 | AbbVie Inc | 2,798,634 | ||||
16,800 | Alexion Pharmaceuticals Inc, (2) | 2,014,320 | ||||
11,300 | Amgen Inc | 2,595,610 | ||||
6,900 | Biogen Inc, (2) | 2,118,921 | ||||
29,300 | Gilead Sciences Inc | 2,280,419 | ||||
18,000 | United Therapeutics Corp, (2) | 2,123,100 | ||||
8,500 | Vertex Pharmaceuticals Inc, (2) | 2,447,660 | ||||
Total Biotechnology | 16,378,664 | |||||
Building Products – 0.8% | ||||||
28,500 | Owens Corning | 1,496,250 | ||||
Capital Markets – 4.5% | ||||||
27,000 | LPL Financial Holdings Inc | 1,927,530 | ||||
51,500 | Morgan Stanley | 2,276,300 | ||||
26,000 | Northern Trust Corp | 2,054,260 | ||||
35,200 | State Street Corp | 2,145,792 | ||||
Total Capital Markets | 8,403,882 | |||||
Commercial Services & Supplies – 1.7% | ||||||
166,000 | ADT Inc | 1,175,280 | ||||
7,600 | Cintas Corp | 1,884,496 | ||||
Total Commercial Services & Supplies | 3,059,776 |
1
Nuveen Equity Long/Short Fund (continued)
Portfolio of Investments May 31, 2020
(Unaudited)
Shares | Description (1) | Value | ||||
Construction & Engineering – 2.0% | ||||||
53,000 | AECOM, (2) | $2,054,810 | ||||
44,400 | Quanta Services Inc | 1,639,692 | ||||
Total Construction & Engineering | 3,694,502 | |||||
Construction Materials – 1.1% | ||||||
30,000 | Eagle Materials Inc, (2) | 2,002,800 | ||||
Containers & Packaging – 1.1% | ||||||
45,300 | Berry Global Group Inc, (2) | 2,034,423 | ||||
Diversified Consumer Services – 1.7% | ||||||
47,000 | frontdoor Inc, (2) | 2,145,550 | ||||
60,500 | H&R Block Inc | 1,028,500 | ||||
Total Diversified Consumer Services | 3,174,050 | |||||
Electric Utilities – 0.9% | ||||||
25,800 | Evergy Inc | 1,591,602 | ||||
Electrical Equipment – 1.8% | ||||||
11,900 | Hubbell Inc | 1,456,798 | ||||
23,000 | Regal Beloit Corp | 1,829,420 | ||||
Total Electrical Equipment | 3,286,218 | |||||
Electronic Equipment, Instruments & Components – 1.3% | ||||||
16,000 | Arrow Electronics Inc, (2) | 1,105,280 | ||||
46,000 | Jabil Inc | 1,376,320 | ||||
Total Electronic Equipment, Instruments & Components | 2,481,600 | |||||
Entertainment – 2.5% | ||||||
18,500 | Electronic Arts Inc, (2) | 2,273,280 | ||||
256,000 | Zynga Inc, (2) | 2,342,400 | ||||
Total Entertainment | 4,615,680 | |||||
Food & Staples Retailing – 2.3% | ||||||
7,300 | Costco Wholesale Corp | 2,251,831 | ||||
78,000 | Sprouts Farmers Market Inc, (2) | 1,960,140 | ||||
Total Food & Staples Retailing | 4,211,971 | |||||
Food Products – 0.9% | ||||||
57,000 | Kraft Heinz Co | 1,736,790 | ||||
Health Care Providers & Services – 7.9% | ||||||
23,300 | AmerisourceBergen Corp | 2,221,422 | ||||
11,900 | Cigna Corp | 2,348,108 | ||||
25,200 | DaVita Inc, (2) | 2,040,192 | ||||
5,950 | Humana Inc | 2,443,368 | ||||
14,000 | McKesson Corp | 2,221,380 |
2
Shares | Description (1) | Value | ||||
Health Care Providers & Services (continued) | ||||||
11,250 | UnitedHealth Group Inc | $3,429,562 | ||||
Total Health Care Providers & Services | 14,704,032 | |||||
Hotels, Restaurants & Leisure – 2.1% | ||||||
233,000 | International Game Technology PLC | 1,964,190 | ||||
58,500 | Wyndham Destinations Inc | 1,860,300 | ||||
Total Hotels, Restaurants & Leisure | 3,824,490 | |||||
Household Durables – 3.1% | ||||||
32,500 | DR Horton Inc | 1,797,250 | ||||
76,000 | Newell Brands Inc | 999,400 | ||||
31,900 | Tempur Sealy International Inc, (2) | 2,080,837 | ||||
7,400 | Whirlpool Corp | 901,468 | ||||
Total Household Durables | 5,778,955 | |||||
Household Products – 1.0% | ||||||
39,800 | Spectrum Brands Holdings Inc | 1,883,336 | ||||
Independent Power & Renewable Electricity Producers – 1.0% | ||||||
93,000 | Vistra Energy Corp | 1,900,920 | ||||
Industrial Conglomerates – 0.9% | ||||||
14,400 | Carlisle Cos Inc | 1,725,984 | ||||
Interactive Media & Services – 5.3% | ||||||
3,750 | Alphabet Inc, (2) | 5,375,700 | ||||
19,700 | Facebook Inc, (2) | 4,434,273 | ||||
Total Interactive Media & Services | 9,809,973 | |||||
Internet & Direct Marketing Retail – 4.4% | ||||||
1,465 | Amazoncom Inc, (2) | 3,578,072 | ||||
1,375 | Booking Holdings Inc, (2) | 2,254,203 | ||||
52,000 | eBay Inc | 2,368,080 | ||||
Total Internet & Direct Marketing Retail | 8,200,355 | |||||
IT Services – 4.8% | ||||||
26,200 | Booz Allen Hamilton Holding Corp | 2,089,712 | ||||
7,500 | CACI International Inc, (2) | 1,880,850 | ||||
20,000 | GoDaddy Inc, (2) | 1,545,000 | ||||
11,200 | Mastercard Inc | 3,369,968 | ||||
Total IT Services | 8,885,530 | |||||
Leisure Products – 1.0% | ||||||
32,000 | Brunswick Corp/DE | 1,760,320 | ||||
Machinery – 1.8% | ||||||
134,000 | Gates Industrial Corp PLC, (2) | 1,346,700 |
3
Nuveen Equity Long/Short Fund (continued)
Portfolio of Investments May 31, 2020
(Unaudited)
Shares | Description (1) | Value | ||||
Machinery (continued) | ||||||
45,500 | Timken Co | $1,935,570 | ||||
Total Machinery | 3,282,270 | |||||
Metals & Mining – 1.1% | ||||||
20,700 | Reliance Steel & Aluminum Co | 2,007,900 | ||||
Multiline Retail – 1.3% | ||||||
19,500 | Target Corp | 2,385,435 | ||||
Multi-Utilities – 1.1% | ||||||
119,000 | CenterPoint Energy Inc | 2,115,820 | ||||
Oil, Gas & Consumable Fuels – 3.2% | ||||||
229,000 | Antero Midstream Corp | 1,094,620 | ||||
284,000 | Antero Resources Corp, (2) | 849,160 | ||||
55,000 | Continental Resources Inc/OK, (2) | 672,650 | ||||
84,000 | EQT Corp, (2) | 1,120,560 | ||||
148,000 | Parsley Energy Inc | 1,352,720 | ||||
155,000 | WPX Energy Inc, (2) | 878,850 | ||||
Total Oil, Gas & Consumable Fuels | 5,968,560 | |||||
Pharmaceuticals – 5.9% | ||||||
16,700 | Eli Lilly and Co | 2,554,265 | ||||
17,100 | Jazz Pharmaceuticals PLC, (2) | 2,040,372 | ||||
23,300 | Johnson & Johnson | 3,465,875 | ||||
35,400 | Merck & Co Inc | 2,857,488 | ||||
Total Pharmaceuticals | 10,918,000 | |||||
Professional Services – 0.6% | ||||||
15,600 | ManpowerGroup Inc | 1,078,584 | ||||
Real Estate Management & Development – 0.4% | ||||||
16,000 | CBRE Group Inc, (2) | 703,680 | ||||
Road & Rail – 3.1% | ||||||
13,500 | Kansas City Southern | 2,032,020 | ||||
18,000 | Landstar System Inc | 2,092,680 | ||||
64,500 | Schneider National Inc | 1,558,965 | ||||
Total Road & Rail | 5,683,665 | |||||
Semiconductors & Semiconductor Equipment – 4.1% | ||||||
53,500 | Intel Corp | 3,366,755 | ||||
19,000 | Qorvo Inc, (2) | 1,990,060 | ||||
27,500 | QUALCOMM Inc | 2,224,200 | ||||
Total Semiconductors & Semiconductor Equipment | 7,581,015 |
4
Shares | Description (1) | Value | ||||
Software – 16.1% | ||||||
7,400 | Adobe Inc, (2) | $2,860,840 | ||||
10,900 | Autodesk Inc, (2) | 2,293,142 | ||||
12,000 | Cadence Design Systems Inc, (2) | 1,095,480 | ||||
14,700 | Citrix Systems Inc | 2,177,364 | ||||
92,500 | Dropbox Inc, (2) | 2,087,725 | ||||
5,300 | Fair Isaac Corp, (2) | 2,134,045 | ||||
14,500 | Fortinet Inc, (2) | 2,018,400 | ||||
46,400 | Microsoft Corp | 8,502,800 | ||||
103,000 | NortonLifeLock Inc | 2,346,340 | ||||
90,000 | Nuance Communications Inc, (2) | 2,059,200 | ||||
43,000 | Oracle Corp | 2,312,110 | ||||
Total Software | 29,887,446 | |||||
Specialty Retail – 5.3% | ||||||
26,300 | Best Buy Co Inc | 2,053,767 | ||||
10,000 | Burlington Stores Inc, (2) | 2,096,700 | ||||
13,400 | Home Depot Inc | 3,329,632 | ||||
28,200 | Williams-Sonoma Inc | 2,346,522 | ||||
Total Specialty Retail | 9,826,621 | |||||
Technology Hardware, Storage & Peripherals – 6.2% | ||||||
25,700 | Apple Inc | 8,171,058 | ||||
46,500 | Dell Technologies Inc, (2) | 2,308,260 | ||||
67,000 | HP Inc | 1,014,380 | ||||
Total Technology Hardware, Storage & Peripherals | 11,493,698 | |||||
Textiles, Apparel & Luxury Goods – 1.1% | ||||||
23,400 | Carter's Inc, (2) | 2,010,294 | ||||
Tobacco – 0.6% | ||||||
28,000 | Altria Group Inc | 1,093,400 | ||||
Wireless Telecommunication Services – 1.2% | ||||||
21,700 | T-Mobile US Inc, (2) | 2,170,868 | ||||
Total Long-Term Investments (cost $189,275,281) | 223,589,864 |
5
Nuveen Equity Long/Short Fund (continued)
Portfolio of Investments May 31, 2020
(Unaudited)
Principal Amount (000) | Description (1) | Coupon | Maturity | Value | ||
SHORT-TERM INVESTMENTS – 16.9% | ||||||
REPURCHASE AGREEMENTS – 16.9% | ||||||
$31,286 | Repurchase Agreement with Fixed Income Clearing Corporation, dated 5/29/20, repurchase price $31,286,446, collateralized by $29,125,000 U.S. Treasury Notes, 2.000%, due 11/15/26, value $31,915,175 | 0.000% | 6/01/20 | $31,286,446 | ||
Total Short-Term Investments (cost $31,286,446) | 31,286,446 | |||||
Total Investments (cost $220,561,727) – 137.7% | 254,876,310 |
Shares | Description (1) | Value | ||||
COMMON STOCKS SOLD SHORT – (55.4)% (3) | ||||||
Aerospace & Defense – (1.1)% | ||||||
(4,700) | Boeing Co, (2) | $(685,495) | ||||
(13,000) | HEICO Corp | (1,309,880) | ||||
Total Aerospace & Defense | (1,995,375) | |||||
Air Freight & Logistics – (0.7)% | ||||||
(10,000) | FedEx Corp | (1,305,600) | ||||
Automobiles – (0.2)% | ||||||
(475) | Tesla Inc, (2) | (396,625) | ||||
Banks – (0.6)% | ||||||
(95,000) | Umpqua Holdings Corp | (1,082,050) | ||||
Biotechnology – (0.5)% | ||||||
(11,900) | Exact Sciences Corp, (2) | (1,021,972) | ||||
Building Products – (0.7)% | ||||||
(5,800) | Lennox International Inc | (1,240,272) | ||||
Capital Markets – (0.7)% | ||||||
(4,050) | FactSet Research Systems Inc | (1,245,415) | ||||
Chemicals – (2.8)% | ||||||
(4,100) | Air Products and Chemicals Inc | (990,765) | ||||
(17,500) | Albemarle Corp | (1,339,100) | ||||
(5,300) | International Flavors & Fragrances Inc | (705,907) | ||||
(66,000) | Valvoline Inc | (1,211,100) | ||||
(19,500) | WR Grace & Co | (1,017,900) | ||||
Total Chemicals | (5,264,772) |
6
Shares | Description (1) | Value | ||||
Commercial Services & Supplies – (2.1)% | ||||||
(15,100) | Copart Inc, (2) | $(1,349,789) | ||||
(29,000) | IAA Inc, (2) | (1,189,000) | ||||
(23,100) | Stericycle Inc, (2) | (1,266,573) | ||||
Total Commercial Services & Supplies | (3,805,362) | |||||
Communications Equipment – (0.3)% | ||||||
(4,100) | Motorola Solutions Inc | (554,853) | ||||
Consumer Finance – (0.7)% | ||||||
(3,500) | Credit Acceptance Corp, (2) | (1,294,370) | ||||
Containers & Packaging – (1.0)% | ||||||
(30,000) | Sealed Air Corp | (963,000) | ||||
(19,000) | Sonoco Products Co | (984,390) | ||||
Total Containers & Packaging | (1,947,390) | |||||
Diversified Consumer Services – (1.3)% | ||||||
(10,800) | Bright Horizons Family Solutions Inc, (2) | (1,208,304) | ||||
(13,100) | Grand Canyon Education Inc, (2) | (1,278,429) | ||||
Total Diversified Consumer Services | (2,486,733) | |||||
Diversified Telecommunication Services – (0.6)% | ||||||
(16,000) | GCI Liberty Inc, (2) | (1,107,040) | ||||
Electric Utilities – (2.2)% | ||||||
(16,100) | Edison International | (935,571) | ||||
(12,800) | Eversource Energy | (1,071,360) | ||||
(16,500) | Southern Co | (941,655) | ||||
(18,000) | Xcel Energy Inc | (1,170,540) | ||||
Total Electric Utilities | (4,119,126) | |||||
Electronic Equipment, Instruments & Components – (1.9)% | ||||||
(47,500) | Corning Inc | (1,082,525) | ||||
(22,500) | FLIR Systems Inc | (1,039,500) | ||||
(8,500) | IPG Photonics Corp, (2) | (1,320,900) | ||||
Total Electronic Equipment, Instruments & Components | (3,442,925) | |||||
Entertainment – (1.6)% | ||||||
(28,000) | Liberty Media Corp-Liberty Formula One, (2) | (970,200) | ||||
(7,500) | Madison Square Garden Sports C, (2) | (1,279,725) | ||||
(17,000) | World Wrestling Entertainment Inc | (786,590) | ||||
Total Entertainment | (3,036,515) | |||||
Equity Real Estate Investment Trust – (0.6)% | ||||||
(29,000) | UDR Inc | (1,072,420) |
7
Nuveen Equity Long/Short Fund (continued)
Portfolio of Investments May 31, 2020
(Unaudited)
Shares | Description (1) | Value | ||||
Food & Staples Retailing – (1.5)% | ||||||
(24,500) | Grocery Outlet Holding Corp, (2) | $(901,845) | ||||
(17,500) | Sysco Corp | (965,300) | ||||
(47,000) | US Foods Holding Corp, (2) | (885,625) | ||||
Total Food & Staples Retailing | (2,752,770) | |||||
Food Products – (3.1)% | ||||||
(33,500) | Archer-Daniels-Midland Co | (1,316,885) | ||||
(6,900) | Beyond Meat Inc, (2) | (885,201) | ||||
(32,100) | Bunge Ltd | (1,252,542) | ||||
(23,800) | Hormel Foods Corp | (1,162,154) | ||||
(6,400) | McCormick & Co Inc/MD | (1,121,024) | ||||
Total Food Products | (5,737,806) | |||||
Gas Utilities – (0.4)% | ||||||
(6,500) | Atmos Energy Corp | (668,070) | ||||
Health Care Equipment & Supplies – (2.9)% | ||||||
(28,600) | Cantel Medical Corp, (2) | (1,203,488) | ||||
(4,900) | ICU Medical Inc, (2) | (978,138) | ||||
(1,800) | Intuitive Surgical Inc, (2) | (1,044,054) | ||||
(5,300) | Penumbra Inc, (2) | (913,826) | ||||
(9,800) | Varian Medical Systems Inc, (2) | (1,189,622) | ||||
Total Health Care Equipment & Supplies | (5,329,128) | |||||
Health Care Technology – (0.7)% | ||||||
(101,000) | Change Healthcare Inc, (2) | (1,260,480) | ||||
Hotels, Restaurants & Leisure – (2.6)% | ||||||
(12,500) | Darden Restaurants Inc, (2) | (960,750) | ||||
(13,600) | Marriott International Inc/MD, (2) | (1,203,600) | ||||
(11,700) | Starbucks Corp | (912,483) | ||||
(26,100) | Yum China Holdings Inc, (2) | (1,209,474) | ||||
(6,300) | Yum! Brands Inc | (565,299) | ||||
Total Hotels, Restaurants & Leisure | (4,851,606) | |||||
Industrial Conglomerates – (0.3)% | ||||||
(3,200) | 3M Co | (500,608) | ||||
Insurance – (1.1)% | ||||||
(7,000) | Marsh & McLennan Cos Inc | (741,440) | ||||
(21,300) | WR Berkley Corp | (1,234,335) | ||||
Total Insurance | (1,975,775) | |||||
Interactive Media & Services – (0.5)% | ||||||
(16,000) | Zillow Group Inc, (2) | (927,840) |
8
Shares | Description (1) | Value | ||||
Internet & Direct Marketing Retail – (0.3)% | ||||||
(9,000) | Grubhub Inc, (2) | $(510,660) | ||||
IT Services – (1.1)% | ||||||
(22,500) | Alliance Data Systems Corp | (1,042,425) | ||||
(11,300) | Square Inc, (2) | (916,204) | ||||
Total IT Services | (1,958,629) | |||||
Leisure Products – (0.5)% | ||||||
(13,700) | Hasbro Inc | (1,007,087) | ||||
Machinery – (2.0)% | ||||||
(27,700) | Graco Inc | (1,335,417) | ||||
(9,300) | Snap-on Inc | (1,206,117) | ||||
(17,700) | Toro Co | (1,257,939) | ||||
Total Machinery | (3,799,473) | |||||
Metals & Mining – (0.3)% | ||||||
(60,000) | Freeport-McMoRan Inc, (2) | (544,200) | ||||
Multiline Retail – (1.3)% | ||||||
(11,700) | Dollar Tree Inc, (2) | (1,145,079) | ||||
(12,900) | Ollie's Bargain Outlet Holdings Inc, (2) | (1,179,705) | ||||
Total Multiline Retail | (2,324,784) | |||||
Multi-Utilities – (1.9)% | ||||||
(9,000) | Ameren Corp | (672,570) | ||||
(12,700) | Consolidated Edison Inc | (953,262) | ||||
(11,500) | Dominion Energy Inc | (977,615) | ||||
(7,800) | Sempra Energy | (985,218) | ||||
Total Multi-Utilities | (3,588,665) | |||||
Oil, Gas & Consumable Fuels – (1.6)% | ||||||
(9,500) | Exxon Mobil Corp | (431,965) | ||||
(22,500) | Hess Corp | (1,068,075) | ||||
(18,000) | ONEOK Inc | (660,420) | ||||
(10,500) | Phillips 66 | (821,730) | ||||
Total Oil, Gas & Consumable Fuels | (2,982,190) | |||||
Personal Products – (0.6)% | ||||||
(5,200) | Estee Lauder Cos Inc, (2) | (1,026,844) | ||||
Pharmaceuticals – (0.7)% | ||||||
(62,000) | Elanco Animal Health Inc, (2) | (1,327,420) | ||||
Professional Services – (0.5)% | ||||||
(5,650) | Equifax Inc | (867,614) |
9
Nuveen Equity Long/Short Fund (continued)
Portfolio of Investments May 31, 2020
(Unaudited)
Shares | Description (1) | Value | ||||
Road & Rail – (1.3)% | ||||||
(34,000) | Lyft Inc, (2) | $(1,062,840) | ||||
(36,000) | Uber Technologies Inc, (2) | (1,307,520) | ||||
Total Road & Rail | (2,370,360) | |||||
Semiconductors & Semiconductor Equipment – (1.3)% | ||||||
(26,800) | First Solar Inc, (2) | (1,249,416) | ||||
(5,900) | Monolithic Power Systems Inc | (1,237,525) | ||||
Total Semiconductors & Semiconductor Equipment | (2,486,941) | |||||
Software – (5.1)% | ||||||
(22,000) | Anaplan Inc, (2) | (1,010,240) | ||||
(11,200) | Elastic NV, (2) | (962,304) | ||||
(111,000) | FireEye Inc, (2) | (1,385,280) | ||||
(9,500) | New Relic Inc, (2) | (628,425) | ||||
(26,000) | Nutanix Inc, (2) | (625,560) | ||||
(45,000) | PagerDuty Inc, (2) | (1,194,750) | ||||
(45,000) | Pluralsight Inc, (2) | (937,350) | ||||
(6,000) | Splunk Inc, (2) | (1,115,040) | ||||
(4,000) | Workday Inc, (2) | (733,720) | ||||
(9,100) | Zendesk Inc, (2) | (780,325) | ||||
Total Software | (9,372,994) | |||||
Specialty Retail – (1.4)% | ||||||
(14,300) | CarMax Inc, (2) | (1,259,115) | ||||
(11,900) | Five Below Inc, (2) | (1,245,335) | ||||
Total Specialty Retail | (2,504,450) | |||||
Textiles, Apparel & Luxury Goods – (1.0)% | ||||||
(45,000) | Capri Holdings Ltd, (2) | (676,800) | ||||
(16,800) | Columbia Sportswear Co, (2) | (1,227,408) | ||||
Total Textiles, Apparel & Luxury Goods | (1,904,208) | |||||
Thrifts & Mortgage Finance – (0.6)% | ||||||
(4,600) | LendingTree Inc, (2) | (1,196,092) | ||||
Trading Companies & Distributors – (0.6)% | ||||||
(29,000) | Fastenal Co | (1,196,540) | ||||
Water Utilities – (0.6)% | ||||||
(24,900) | Essential Utilities Inc | (1,089,624) | ||||
Total Common Stocks Sold Short (proceeds $103,629,923) | (102,481,673) | |||||
Other Assets Less Liabilities – 17.7% | 32,685,229 | |||||
Net Assets – 100% | $185,079,866 |
10
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 | $223,589,864 | $ — | $ — | $223,589,864 |
Short-Term Investments: | ||||
Repurchase Agreements | — | 31,286,446 | — | 31,286,446 |
Common Stocks Sold Short | (102,481,673) | — | — | (102,481,673) |
Total | $121,108,191 | $31,286,446 | $ — | $152,394,637 |
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 $126,965,443 have been pledged as collateral for Common Stocks Sold Short. |
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