PORTFOLIO OF INVESTMENTS – as of December 31, 2019 (Unaudited)
Loomis Sayles Small Cap Growth Fund
Shares | Description | Value (†) | ||||||||
Common Stocks – 96.5% of Net Assets | ||||||||||
Aerospace & Defense – 4.1% |
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406,259 | AAR Corp. | $ | 18,322,281 | |||||||
307,645 | Hexcel Corp. | 22,553,455 | ||||||||
646,795 | Kratos Defense & Security Solutions, Inc.(a) | 11,648,778 | ||||||||
339,650 | Mercury Systems, Inc.(a) | 23,473,211 | ||||||||
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75,997,725 | ||||||||||
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Air Freight & Logistics – 0.6% |
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480,370 | Air Transport Services Group, Inc.(a) | 11,269,480 | ||||||||
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Auto Components – 1.7% |
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217,032 | Fox Factory Holding Corp.(a) | 15,098,916 | ||||||||
547,280 | Stoneridge, Inc.(a) | 16,046,250 | ||||||||
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31,145,166 | ||||||||||
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Banks – 0.8% |
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332,349 | TCF Financial Corp. | 15,553,933 | ||||||||
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Biotechnology – 7.1% |
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556,481 | Aimmune Therapeutics, Inc.(a) | 18,625,419 | ||||||||
133,619 | Argenx SE, ADR(a) | 21,448,522 | ||||||||
159,223 | Blueprint Medicines Corp.(a) | 12,755,355 | ||||||||
914,334 | Epizyme, Inc.(a) | 22,492,616 | ||||||||
735,408 | Halozyme Therapeutics, Inc.(a) | 13,038,784 | ||||||||
358,090 | Portola Pharmaceuticals, Inc.(a) | 8,551,189 | ||||||||
249,237 | PTC Therapeutics, Inc.(a) | 11,970,853 | ||||||||
332,548 | Xencor, Inc.(a) | 11,436,326 | ||||||||
311,246 | Y-mAbs Therapeutics, Inc.(a) | 9,726,437 | ||||||||
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130,045,501 | ||||||||||
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Building Products – 3.8% |
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391,057 | AAON, Inc. | 19,322,126 | ||||||||
363,753 | Advanced Drainage Systems, Inc. | 14,128,167 | ||||||||
300,244 | Trex Co., Inc.(a) | 26,985,931 | ||||||||
208,730 | Universal Forest Products, Inc. | 9,956,421 | ||||||||
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70,392,645 | ||||||||||
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Capital Markets – 1.6% |
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485,471 | AssetMark Financial Holdings, Inc.(a) | 14,088,369 | ||||||||
249,837 | Hamilton Lane, Inc., Class A | 14,890,285 | ||||||||
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28,978,654 | ||||||||||
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Commercial Services & Supplies – 2.5% |
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470,669 | Casella Waste Systems, Inc., Class A(a) | 21,664,894 | ||||||||
444,465 | Harsco Corp.(a) | 10,227,140 | ||||||||
174,925 | McGrath RentCorp | 13,388,759 | ||||||||
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45,280,793 | ||||||||||
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Construction & Engineering – 0.7% |
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601,388 | Primoris Services Corp. | 13,374,869 | ||||||||
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Shares | Description | Value (†) | ||||||||
Common Stocks – continued | ||||||||||
Distributors – 1.3% |
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112,629 | POOL CORP. | $ | 23,920,147 | |||||||
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Diversified Consumer Services – 1.2% |
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1,244,282 | Laureate Education, Inc., Class A(a) | 21,911,806 | ||||||||
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Diversified Telecommunication Services – 1.1% |
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321,647 | Cogent Communications Holdings, Inc. | 21,167,589 | ||||||||
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Electrical Equipment – 1.2% |
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216,491 | Generac Holdings, Inc.(a) | 21,776,830 | ||||||||
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Electronic Equipment, Instruments & Components – 2.2% |
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115,116 | Itron, Inc.(a) | 9,663,988 | ||||||||
230,033 | Novanta, Inc.(a) | 20,344,119 | ||||||||
82,011 | Rogers Corp.(a) | 10,229,232 | ||||||||
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40,237,339 | ||||||||||
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Energy Equipment & Services – 1.8% |
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457,367 | Apergy Corp.(a) | 15,449,857 | ||||||||
498,872 | Cactus, Inc., Class A | 17,121,287 | ||||||||
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32,571,144 | ||||||||||
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Entertainment – 0.9% |
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792,216 | IMAX Corp.(a) | 16,184,973 | ||||||||
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Food & Staples Retailing – 1.0% |
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502,774 | Chefs’ Warehouse, Inc. (The)(a) | 19,160,717 | ||||||||
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Food Products – 2.7% |
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498,872 | Freshpet, Inc.(a) | 29,478,346 | ||||||||
699,703 | Simply Good Foods Co. (The)(a) | 19,969,524 | ||||||||
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49,447,870 | ||||||||||
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Health Care Equipment & Supplies – 4.7% |
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310,745 | AtriCure, Inc.(a) | 10,102,320 | ||||||||
238,335 | CONMED Corp. | 26,653,003 | ||||||||
414,460 | CryoLife, Inc.(a) | 11,227,721 | ||||||||
88,413 | Penumbra, Inc.(a) | 14,523,604 | ||||||||
197,029 | Quidel Corp.(a) | 14,783,086 | ||||||||
254,237 | STAAR Surgical Co.(a) | 8,941,515 | ||||||||
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86,231,249 | ||||||||||
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Health Care Providers & Services – 3.5% |
| |||||||||
146,721 | Amedisys, Inc.(a) | 24,490,669 | ||||||||
337,649 | BioTelemetry, Inc.(a) | 15,633,149 | ||||||||
176,626 | LHC Group, Inc.(a) | 24,331,998 | ||||||||
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64,455,816 | ||||||||||
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Health Care Technology – 2.0% |
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836,422 | Inovalon Holdings, Inc., Class A(a) | 15,741,462 | ||||||||
156,428 | Inspire Medical Systems, Inc.(a) | 11,608,522 |
Shares | Description | Value (†) | ||||||||
Common Stocks – continued | ||||||||||
Health Care Technology – continued |
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356,235 | Phreesia, Inc.(a) | $ | 9,490,100 | |||||||
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36,840,084 | ||||||||||
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Hotels, Restaurants & Leisure – 1.9% |
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233,034 | Planet Fitness, Inc., Class A(a) | 17,402,979 | ||||||||
205,330 | Wingstop, Inc. | 17,705,606 | ||||||||
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35,108,585 | ||||||||||
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Insurance – 3.5% |
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534,578 | Goosehead Insurance, Inc., Series A | 22,666,107 | ||||||||
295,743 | Kinsale Capital Group, Inc. | 30,065,234 | ||||||||
234,435 | Palomar Holdings, Inc.(a) | 11,836,623 | ||||||||
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64,567,964 | ||||||||||
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IT Services – 6.1% |
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430,763 | EVERTEC, Inc. | 14,663,172 | ||||||||
712,204 | Evo Payments, Inc., Class A(a) | 18,809,308 | ||||||||
345,150 | InterXion Holding NV(a) | 28,927,021 | ||||||||
747,088 | NIC, Inc. | 16,697,417 | ||||||||
497,572 | WNS Holdings Ltd., ADR(a) | 32,914,388 | ||||||||
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112,011,306 | ||||||||||
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Leisure Products – 0.9% |
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828,821 | Callaway Golf Co. | 17,571,005 | ||||||||
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Life Sciences Tools & Services – 3.2% |
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571,284 | NeoGenomics, Inc.(a) | 16,710,057 | ||||||||
255,337 | PRA Health Sciences, Inc.(a) | 28,380,708 | ||||||||
157,420 | Repligen Corp.(a) | 14,561,350 | ||||||||
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59,652,115 | ||||||||||
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Machinery – 5.6% |
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320,047 | Albany International Corp., Class A | 24,297,968 | ||||||||
266,639 | Chart Industries, Inc.(a) | 17,995,466 | ||||||||
572,984 | Kornit Digital Ltd.(a) | 19,613,242 | ||||||||
158,223 | Proto Labs, Inc.(a) | 16,067,546 | ||||||||
154,122 | RBC Bearings, Inc.(a) | 24,403,678 | ||||||||
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102,377,900 | ||||||||||
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Pharmaceuticals – 3.8% |
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539,579 | Horizon Therapeutics PLC(a) | 19,532,760 | ||||||||
174,226 | MyoKardia, Inc.(a) | 12,698,462 | ||||||||
299,544 | Pacira BioSciences, Inc.(a) | 13,569,343 | ||||||||
66,209 | Reata Pharmaceuticals, Inc., Class A(a) | 13,535,106 | ||||||||
216,432 | Zogenix, Inc.(a) | 11,282,600 | ||||||||
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70,618,271 | ||||||||||
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Professional Services – 3.3% |
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197,251 | ASGN, Inc.(a) | 13,998,904 | ||||||||
338,449 | Huron Consulting Group, Inc.(a) | 23,258,215 |
Shares | Description | Value (†) | ||||||||
Common Stocks – continued | ||||||||||
Professional Services – continued |
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247,937 | ICF International, Inc. | $ | 22,715,988 | |||||||
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59,973,107 | ||||||||||
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Semiconductors & Semiconductor Equipment – 3.8% |
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149,022 | Monolithic Power Systems, Inc. | 26,528,897 | ||||||||
819,619 | Rambus, Inc.(a) | 11,290,252 | ||||||||
189,028 | Silicon Laboratories, Inc.(a) | 21,923,467 | ||||||||
204,409 | Silicon Motion Technology Corp., ADR | 10,365,580 | ||||||||
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70,108,196 | ||||||||||
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Software – 9.7% |
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256,438 | Cornerstone OnDemand, Inc.(a) | 15,014,445 | ||||||||
319,846 | Envestnet, Inc.(a) | 22,270,877 | ||||||||
433,663 | Five9, Inc.(a) | 28,439,619 | ||||||||
172,791 | Globant S.A.(a) | 18,324,485 | ||||||||
407,060 | Mimecast Ltd.(a) | 17,658,263 | ||||||||
171,625 | PROS Holdings, Inc.(a) | 10,283,770 | ||||||||
307,345 | Q2 Holdings, Inc.(a) | 24,919,533 | ||||||||
407,559 | Rapid7, Inc.(a) | 22,831,455 | ||||||||
351,652 | RealPage, Inc.(a) | 18,901,295 | ||||||||
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178,643,742 | ||||||||||
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Specialty Retail – 1.7% |
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637,593 | National Vision Holdings, Inc.(a) | 20,677,141 | ||||||||
367,554 | Sonic Automotive, Inc., Class A | 11,394,174 | ||||||||
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32,071,315 | ||||||||||
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Textiles, Apparel & Luxury Goods – 2.1% |
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224,233 | Columbia Sportswear Co. | 22,465,904 | ||||||||
378,055 | Steven Madden Ltd. | 16,260,146 | ||||||||
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38,726,050 | ||||||||||
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Thrifts & Mortgage Finance – 2.7% |
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351,051 | Essent Group Ltd. | 18,251,142 | ||||||||
578,284 | NMI Holdings, Inc., Class A(a) | 19,187,463 | ||||||||
364,953 | PennyMac Financial Services, Inc. | 12,423,000 | ||||||||
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49,861,605 | ||||||||||
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Trading Companies & Distributors – 1.7% |
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350,851 | SiteOne Landscape Supply, Inc.(a) | 31,804,643 | ||||||||
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Total Common Stocks | 1,779,040,134 | |||||||||
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Principal Amount | ||||||||||
Short-Term Investments – 4.7% | ||||||||||
$ | 85,744,493 | Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/31/2019 at 0.900% to be repurchased at $85,748,781 on 1/02/2020 collateralized by $83,155,000 U.S. Treasury Note, 2.875% due 9/30/2023 valued at $87,459,934 including accrued interest(b) | 85,744,493 | |||||||
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Total Investments – 101.2% | 1,864,784,627 | |||||||||
Other assets less liabilities – (1.2)% | (21,448,444 | ) | ||||||||
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Net Assets – 100.0% | $ | 1,843,336,183 | ||||||||
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(†) | Fund securities and other investments are valued at market value based on market quotations obtained or determined by independent pricing services recommended by the adviser and approved by the Board of Trustees. Fund securities and other investments for which market quotations are not readily available are valued at fair value as determined in good faith by the adviser pursuant to procedures approved by the Board of Trustees, as described below. Market value is determined as follows: |
Listed equity securities (including shares ofclosed-end investment companies and exchange-traded funds) are valued at the last sale price quoted on the exchange where they are traded most extensively or, if there is no reported sale during the day, the closing bid quotation as reported by an independent pricing service. Securities traded on the NASDAQ Global Select Market, NASDAQ Global Market and NASDAQ Capital Market are valued at the NASDAQ Official Closing Price (“NOCP”), or if lacking an NOCP, at the most recent bid quotations on the applicable NASDAQ Market. Unlisted equity securities (except unlisted preferred equity securities) are valued at the last sale price quoted in the market where they are traded most extensively or, if there is no reported sale during the day, the closing bid quotation as reported by an independent pricing service. If there is no last sale price or closing bid quotation available, unlisted equity securities will be valued using evaluated bids furnished by an independent pricing service, if available. |
In some foreign markets, an official close price and a last sale price may be available from the foreign exchange or market. In those cases, the official close price is used. |
Debt securities and unlisted preferred equity securities are valued based on evaluated bids furnished to the Fund by an independent pricing service or bid prices obtained from broker-dealers. |
Broker-dealer bid prices may be used to value debt and unlisted equity securities where an independent pricing service is unable to price a security or where an independent pricing service does not provide a reliable price for the security. |
Fund securities and other investments for which market quotations are not readily available are valued at fair value as determined in good faith by the adviser pursuant to procedures approved by the Board of Trustees. The Fund may also value securities and other investments at fair value in other circumstances such as when extraordinary events occur after the close of a foreign market but prior to the close of the New York Stock Exchange. This may include situations relating to a single issuer (such as a declaration of bankruptcy or a delisting of the issuer’s security from the primary market on which it has traded) as well as events affecting the securities markets in general (such as market disruptions or closings and significant fluctuations in U.S. and/or foreign markets). When fair valuing its securities or other investments, the Fund may, among other things, use modeling tools or other processes that may take into account factors such as securities or other market activity and/or significant events that occur after the close of the foreign market and before the time the Fund’s net asset value (“NAV”) is calculated. Fair value pricing may require subjective determinations about the value of a security, and fair values used to determine the Fund’s NAV may differ from quoted or published prices, or from prices that are used by others, for the same securities. In addition, the use of fair value pricing may not always result in adjustments to the prices of securities held by the Fund. |
The books and records of the Fund are maintained in U.S. dollars. The values of securities, currencies and other assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. |
(a) | Non-income producing security. |
(b) | The Fund may enter into repurchase agreements, under the terms of a Master Repurchase Agreement, under which the Fund acquires securities as collateral and agrees to resell the securities at an agreed upon time and at an agreed upon price. It is the Fund’s policy that the market value of the collateral for repurchase agreements be at least equal to 102% of the repurchase price, including interest. Certain repurchase agreements aretri-party arrangements whereby the collateral is held in a segregated account for the benefit of the Fund and on behalf of the counterparty. Repurchase agreements could involve certain risks in the event of default or insolvency of the counterparty, including possible delays or restrictions upon the Fund’s ability to dispose of the underlying securities. As of December 31, 2019, the Fund had an investment in a repurchase agreement for which the value of the related collateral exceeded the value of the repurchase agreement. |
ADR | An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. The values of ADRs may be significantly influenced by trading on exchanges not located in the United States. |
Fair Value Measurements
In accordance with accounting standards related to fair value measurements and disclosures, the Fund has categorized the inputs utilized in determining the value of the Fund’s assets or liabilities. These inputs are summarized in the three broad levels listed below:
• | Level 1 — quoted prices in active markets for identical assets or liabilities; |
• | Level 2 — prices determined using other significant inputs that are observable either directly, or indirectly through corroboration with observable market data (which could include quoted prices for similar assets or liabilities, interest rates, credit risk, etc.); and |
• | Level 3 — prices determined using significant unobservable inputs when quoted prices or observable inputs are unavailable such as when there is little or no market activity for an asset or liability (unobservable inputs reflect the Fund’s own assumptions in determining the fair value of assets or liabilities and would be based on the best information available). |
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used to value the Fund’s investments as of December 31, 2019, at value:
Asset Valuation Inputs
Description | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks* | $ | 1,779,040,134 | $ | — | $ | — | $ | 1,779,040,134 | ||||||||
Short-Term Investments | — | 85,744,493 | — | 85,744,493 | ||||||||||||
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Total | $ | 1,779,040,134 | $ | 85,744,493 | $ | — | $ | 1,864,784,627 | ||||||||
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* | Details of the major categories of the Fund’s investments are reflected within the Portfolio of Investments. |
For the period ended December 31, 2019, there were no transfers among Levels 1, 2 and 3.
Industry Summary at December 31, 2019 (Unaudited)
Software | 9.7 | % | ||
Biotechnology | 7.1 | |||
IT Services | 6.1 | |||
Machinery | 5.6 | |||
Health Care Equipment & Supplies | 4.7 | |||
Aerospace & Defense | 4.1 | |||
Pharmaceuticals | 3.8 | |||
Building Products | 3.8 | |||
Semiconductors & Semiconductor Equipment | 3.8 | |||
Insurance | 3.5 | |||
Health Care Providers & Services | 3.5 | |||
Professional Services | 3.3 | |||
Life Sciences Tools & Services | 3.2 | |||
Thrifts & Mortgage Finance | 2.7 | |||
Food Products | 2.7 | |||
Commercial Services & Supplies | 2.5 | |||
Electronic Equipment, Instruments & Components | 2.2 | |||
Textiles, Apparel & Luxury Goods | 2.1 | |||
Health Care Technology | 2.0 | |||
Other Investments, less than 2% each | 20.1 | |||
Short-Term Investments | 4.7 | |||
|
| |||
Total Investments | 101.2 | |||
Other assets less liabilities | (1.2 | ) | ||
|
| |||
Net Assets | 100.0 | % | ||
|
|