UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-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, 2020
Form N-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 Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policy making roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-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 |
Total Returns as of August 31, 2020* | |||||||
Average Annual | Expense Ratios** | ||||||
Inception Date | 1-Year | 5-Year | 10-Year | Gross | Net | ||
Class A Shares at NAV | 8/07/96 | (2.01)% | 4.59% | 9.25% | 1.03% | 1.00% | |
Class A Shares at maximum Offering Price | 8/07/96 | (7.66)% | 3.35% | 8.60% | - | - | |
Russell 1000® Value Index | - | 0.84% | 7.53% | 11.05% | - | - | |
Lipper Multi-Cap Value Funds Classification Average | - | (0.55)% | 5.91% | 9.58% | - | - | |
Class C Shares | 8/07/96 | (2.77)% | 3.80% | 8.43% | 1.78% | 1.75% | |
Class R3 Shares | 8/04/08 | (2.29)% | 4.32% | 8.97% | 1.28% | 1.25% | |
Class I Shares | 8/07/96 | (1.76)% | 4.85% | 9.52% | 0.78% | 0.75% |
Total Returns as of August 31, 2020* | ||||||
Average Annual | Expense Ratios** | |||||
Inception Date | 1-Year | Since Inception | Gross | Net | ||
Class R6 Shares | 6/30/16 | (1.77)% | 5.68% | 0.72% | 0.69% |
Total Returns as of August 31, 2020* | |||||||
Average Annual | Expense Ratios** | ||||||
Inception Date | 1-Year | 5-Year | Since Inception | Gross | Net | ||
Class A Shares at NAV | 6/17/13 | 15.92% | 9.50% | 10.85% | 1.01% | 0.98% | |
Class A Shares at maximum Offering Price | 6/17/13 | 9.26% | 8.21% | 9.95% | - | - | |
Russell 1000® Index | - | 22.50% | 14.31% | 13.37% | - | - | |
Lipper Multi-Cap Core Funds Classification Average | - | 15.60% | 10.78% | 10.64% | - | - | |
Class C Shares | 6/17/13 | 15.07% | 8.68% | 10.03% | 1.76% | 1.73% | |
Class I Shares | 6/17/13 | 16.23% | 9.77% | 11.13% | 0.76% | 0.73% |
Total Returns as of August 31, 2020* | ||||||
Average Annual | Expense Ratios** | |||||
Inception Date | 1-Year | Since Inception | Gross | Net | ||
Class R6 Shares | 6/30/16 | 16.01% | 11.44% | 0.69% | 0.66% |
Total Returns as of August 31, 2020* | |||||||
Average Annual | Expense Ratios** | ||||||
Inception Date | 1-Year | 5-Year | Since Inception | Gross | Net | ||
Class A Shares at NAV | 6/17/13 | 29.11% | 13.78% | 13.94% | 1.11% | 0.99% | |
Class A Shares at maximum Offering Price | 6/17/13 | 21.68% | 12.44% | 13.01% | - | - | |
Russell 1000 Growth Index | - | 44.34% | 20.66% | 18.56% | - | - | |
Lipper Multi-Cap Growth Funds Classification Average | - | 36.26% | 16.60% | 15.37% | - | - | |
Class C Shares | 6/17/13 | 28.11% | 12.93% | 13.09% | 1.86% | 1.74% | |
Class I Shares | 6/17/13 | 29.40% | 14.07% | 14.22% | 0.86% | 0.74% |
Total Returns as of August 31, 2020* | ||||||
Average Annual | Expense Ratios** | |||||
Inception Date | 1-Year | Since Inception | Gross | Net | ||
Class R6 Shares | 6/30/16 | 29.26% | 17.17% | 0.77% | 0.65% |
Total Returns as of August 31, 2020* | |||||||
Average Annual | Expense Ratios** | ||||||
Inception Date | 1-Year | 5-Year | 10-Year | Gross | Net | ||
Class A Shares at NAV | 12/30/08 | 1.95% | 5.51% | 8.71% | 2.72% | 2.64% | |
Class A Shares at maximum Offering Price | 12/30/08 | (3.92)% | 4.27% | 8.07% | - | - | |
Russell 1000 Index | - | 22.50% | 14.31% | 15.19% | - | - | |
Lipper Alternative Long/Short Equity Funds Classification Average | - | 4.04% | 4.17% | 5.89% | - | - | |
Class C Shares | 12/30/08 | 1.19% | 4.72% | 7.89% | 3.48% | 3.39% | |
Class I Shares | 12/30/08 | 2.23% | 5.78% | 8.98% | 2.47% | 2.39% |
Total Returns as of August 31, 2020* | |||||||
Average Annual | Expense Ratios** | ||||||
Inception Date | 1-Year | 5-Year | Since Inception | Gross | Net | ||
Class A Shares at NAV | 6/17/13 | (9.67)% | 0.74% | 1.62% | 2.61% | 2.54% | |
Class A Shares at maximum Offering Price | 6/17/13 | (14.87)% | (0.44)% | 0.79% | - | - | |
ICE BofAML 3-Month U.S. Treasury Bill Index | - | 1.26% | 1.20% | 0.84% | - | - | |
Lipper Alternative Equity Market Neutral Funds Classification Average | - | (6.75)% | (2.79)% | 1.35% | - | - | |
Class C Shares | 6/17/13 | (10.37)% | (0.01)% | 0.87% | 3.37% | 3.30% | |
Class I Shares | 6/17/13 | (9.45)% | 0.99% | 1.88% | 2.37% | 2.30% |
Fund Allocation (% of net assets) | |
Common Stocks | 98.2% |
Repurchase Agreements | 1.5% |
Other Assets Less Liabilities | 0.3% |
Net Assets | 100% |
Portfolio Composition (% of net assets) | |
Health Care Providers & Services | 8.5% |
Capital Markets | 6.9% |
Biotechnology | 6.4% |
Pharmaceuticals | 6.3% |
Specialty Retail | 5.2% |
Software | 4.6% |
Insurance | 4.3% |
Oil, Gas & Consumable Fuels | 3.7% |
IT Services | 3.5% |
Technology Hardware, Storage & Peripherals | 3.4% |
Tobacco | 3.1% |
Diversified Telecommunication Services | 3.0% |
Interactive Media & Services | 2.6% |
Multiline Retail | 2.4% |
Household Durables | 2.4% |
Semiconductors & Semiconductor Equipment | 2.2% |
Food & Staples Retailing | 2.1% |
Metals & Mining | 2.0% |
Electrical Equipment | 2.0% |
Media | 2.0% |
Banks | 1.9% |
Other | 19.7% |
Repurchase Agreements | 1.5% |
Other Assets Less Liabilities | 0.3% |
Net Assets | 100% |
Top Five Common Stock Holdings (% of net assets) | |
Alphabet Inc | 2.6% |
Pfizer Inc | 2.3% |
Intel Corp | 2.2% |
Home Depot Inc | 2.0% |
AT&T Inc | 1.9% |
Fund Allocation (% of net assets) | |
Common Stocks | 99.8% |
Repurchase Agreements | 0.3% |
Other Assets Less Liabilities | (0.1)% |
Net Assets | 100% |
Portfolio Composition (% of net assets) | |
Software | 15.3% |
Technology Hardware, Storage & Peripherals | 9.7% |
Biotechnology | 7.5% |
Health Care Providers & Services | 7.5% |
Specialty Retail | 7.3% |
Internet & Direct Marketing Retail | 6.2% |
Interactive Media & Services | 5.7% |
Insurance | 2.8% |
Pharmaceuticals | 2.7% |
IT Services | 2.5% |
Multiline Retail | 2.2% |
Food & Staples Retailing | 2.1% |
Entertainment | 2.0% |
Electrical Equipment | 1.9% |
Metals & Mining | 1.9% |
Oil, Gas & Consumable Fuels | 1.7% |
Media | 1.6% |
Other | 19.2% |
Repurchase Agreements | 0.3% |
Other Assets Less Liabilities | (0.1)% |
Net Assets | 100% |
Top Five Common Stock Holdings (% of net assets) | |
Apple Inc | 7.6% |
Microsoft Corp | 6.3% |
Amazoncom Inc | 3.8% |
Facebook Inc | 3.2% |
Alphabet Inc | 2.5% |
Fund Allocation (% of net assets) | |
Common Stocks | 99.1% |
Repurchase Agreements | 1.4% |
Other Assets Less Liabilities | (0.5)% |
Net Assets | 100% |
Portfolio Composition (% of net assets) | |
Software | 20.3% |
Technology Hardware, Storage & Peripherals | 16.2% |
Internet & Direct Marketing Retail | 9.6% |
Interactive Media & Services | 8.9% |
Health Care Providers & Services | 7.4% |
Biotechnology | 6.9% |
Specialty Retail | 3.7% |
IT Services | 3.6% |
Pharmaceuticals | 2.8% |
Other | 19.7% |
Repurchase Agreements | 1.4% |
Other Assets Less Liabilities | (0.5)% |
Net Assets | 100% |
Top Five Common Stock Holdings (% of net assets) | |
Apple Inc | 13.2% |
Microsoft Corp | 10.7% |
Amazoncom Inc | 6.9% |
Facebook Inc | 5.0% |
Alphabet Inc | 3.9% |
Fund Allocation (% of net assets) | |
Long-Term Investments | |
Common Stocks | 121.3% |
Total Long Exposure | 121.3% |
Short-Term Investments | |
Repurchase Agreements | 26.1% |
Total Investments | 147.4% |
Securities Sold Short | |
Common Stocks Sold Short | (51.8)% |
Total Short Exposure | (51.8)% |
Other Assets Less Liabilities | 4.4% |
Net Assets | 100% |
Top Five Holdings - Long Exposure (% of net assets) | |
Apple Inc | 5.7% |
Microsoft Corp | 4.7% |
Amazoncom Inc | 3.0% |
Facebook Inc | 2.6% |
Alphabet Inc | 2.6% |
Top Five Holdings - Short Exposure (% of net assets) | |
Nutanix Inc | (0.7)% |
HEICO Corp | (0.7)% |
Toro Co | (0.7)% |
Stericycle Inc | (0.7)% |
Ball Corp | (0.7)% |
Portfolio Composition Long Exposure (% of net assets) | |
Software | 12.1% |
Technology Hardware, Storage & Peripherals | 7.8% |
Health Care Providers & Services | 6.8% |
Biotechnology | 6.7% |
Capital Markets | 6.4% |
Specialty Retail | 6.2% |
Internet & Direct Marketing Retail | 6.1% |
Interactive Media & Services | 5.2% |
IT Services | 4.5% |
Oil, Gas & Consumable Fuels | 4.1% |
Household Durables | 3.9% |
Pharmaceuticals | 3.8% |
Electrical Equipment | 2.7% |
Electronic Equipment, Instruments & Components | 2.6% |
Semiconductors & Semiconductor Equipment | 2.5% |
Multiline Retail | 2.5% |
Construction & Engineering | 2.3% |
Air Freight & Logistics | 2.2% |
Entertainment | 2.2% |
Personal Products | 2.1% |
Road & Rail | 2.1% |
Household Products | 2.1% |
Machinery | 2.0% |
Hotels, Restaurants & Leisure | 1.5% |
Wireless Telecommunication Services | 1.4% |
Other | 19.5% |
Total | 121.3% |
Portfolio Composition Short Exposure (% of net assets) | |
Health Care Equipment & Supplies | (3.9)% |
Software | (3.4)% |
Electric Utilities | (2.9)% |
Aerospace & Defense | (2.8)% |
Entertainment | (2.6)% |
Insurance | (2.5)% |
Multi-Utilities | (2.4)% |
Hotels, Restaurants & Leisure | (2.3)% |
Food Products | (2.1)% |
Capital Markets | (2.1)% |
Textiles, Apparel & Luxury Goods | (1.8)% |
IT Services | (1.8)% |
Specialty Retail | (1.7)% |
Other | (19.5)% |
Total | (51.8)% |
Fund Allocation (% of net assets) | |
Long-Term Investments | |
Common Stocks | 82.2% |
Total Long Exposure | 82.2% |
Short-Term Investments | |
Repurchase Agreements | 24.3% |
Total Investments | 106.5% |
Securities Sold Short | |
Common Stocks Sold Short | (98.0)% |
Total Short Exposure | (98.0)% |
Other Assets Less Liabilities | 91.5% |
Net Assets | 100% |
Top Five Holdings - Long Exposure (% of net assets) | |
Alexion Pharmaceuticals Inc | 1.0% |
Biogen Inc | 0.9% |
Arrow Electronics Inc | 0.9% |
Qurate Retail Inc | 0.9% |
Anthem Inc | 0.9% |
Top Five Holdings - Short Exposure (% of net assets) | |
Intuitive Surgical Inc | (1.2)% |
Alleghany Corp | (1.1)% |
Seaboard Corp | (1.1)% |
Netflix Inc | (1.1)% |
HEICO Corp | (1.1)% |
Portfolio Composition Long Exposure (% of net assets) | |
Oil, Gas & Consumable Fuels | 6.8% |
Health Care Providers & Services | 6.8% |
Specialty Retail | 6.0% |
Software | 5.5% |
Biotechnology | 3.6% |
Electronic Equipment, Instruments & Components | 3.5% |
Household Durables | 3.5% |
Technology Hardware, Storage & Peripherals | 3.4% |
Media | 2.6% |
Electrical Equipment | 2.6% |
Construction & Engineering | 2.6% |
Machinery | 2.6% |
Internet & Direct Marketing Retail | 1.8% |
Wireless Telecommunication Services | 1.8% |
Household Products | 1.8% |
Metals & Mining | 1.7% |
Personal Products | 1.7% |
Banks | 1.6% |
Hotels, Restaurants & Leisure | 1.6% |
Insurance | 1.4% |
Other | 19.3% |
Total | 82.2% |
Portfolio Composition Short Exposure (% of net assets) | |
Hotels, Restaurants & Leisure | (7.7)% |
Electric Utilities | (6.3)% |
Entertainment | (6.2)% |
Software | (5.8)% |
Health Care Equipment & Supplies | (5.3)% |
Aerospace & Defense | (4.9)% |
Insurance | (4.0)% |
Food Products | (4.0)% |
Consumer Finance | (3.7)% |
Capital Markets | (3.2)% |
Multi-Utilities | (3.1)% |
Chemicals | (3.0)% |
Specialty Retail | (3.0)% |
Oil, Gas & Consumable Fuels | (3.0)% |
IT Services | (2.9)% |
Road & Rail | (2.0)% |
Food & Staples Retailing | (2.0)% |
Beverages | (2.0)% |
Professional Services | (2.0)% |
Textiles, Apparel & Luxury Goods | (1.9)% |
Water Utilities | (1.9)% |
Semiconductors & Semiconductor Equipment | (1.8)% |
Other | (18.3)% |
Total | (98.0)% |
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 | $1,010.91 | $1,006.78 | $1,009.80 | $1,013.33 | $1,012.35 |
Expenses Incurred During the Period | $ 5.00 | $ 8.78 | $ 6.26 | $ 2.88 | $ 3.74 |
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 | $1,016.39 | $1,018.90 | $1,022.27 | $1,021.42 |
Expenses Incurred During the Period | $ 5.03 | $ 8.82 | $ 6.29 | $ 2.90 | $ 3.76 |
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 | $1,181.35 | $1,176.66 | $1,180.16 | $1,182.54 |
Expenses Incurred During the Period | $ 5.43 | $ 9.52 | $ 3.51 | $ 4.06 |
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 | $1,020.16 | $1,016.39 | $1,021.92 | $1,021.42 |
Expenses Incurred During the Period | $ 5.03 | $ 8.82 | $ 3.25 | $ 3.76 |
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 | $1,251.00 | $1,246.16 | $1,253.49 | $1,252.49 |
Expenses Incurred During the Period | $ 5.66 | $ 9.88 | $ 3.51 | $ 4.25 |
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 | $1,020.11 | $1,016.34 | $1,022.02 | $1,021.37 |
Expenses Incurred During the Period | $ 5.08 | $ 8.87 | $ 3.15 | $ 3.81 |
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 | $1,109.03 | $1,105.00 | $1,110.53 |
Expenses Incurred During the Period | $ 15.27 | $ 19.15 | $ 14.01 |
Hypothetical Performance (5% annualized return before expenses) | |||
Beginning Account Value | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value | $1,010.66 | $1,006.94 | $1,011.86 |
Expenses Incurred During the Period | $ 14.56 | $ 18.26 | $ 13.35 |
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 | $ 996.72 | $ 992.60 | $ 997.69 |
Expenses Incurred During the Period | $ 14.45 | $ 18.23 | $ 13.31 |
Hypothetical Performance (5% annualized return before expenses) | |||
Beginning Account Value | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value | $1,010.66 | $1,006.84 | $1,011.81 |
Expenses Incurred During the Period | $ 14.56 | $ 18.36 | $ 13.40 |
December 4, 2020.
Large Cap Value | Large Cap Growth | |
To approve consolidation of the Target Fund into Nuveen Winslow Large-Cap Growth ESG Fund | ||
For | 3,716,813 | – |
Against | 64,381 | – |
Abstain | 172,443 | – |
Total | 3,953,637 | – |
To approve consolidation of the Target Fund into Nuveen Dividend Value Fund | ||
For | – | 5,855,690 |
Against | – | 266,588 |
Abstain | – | 385,840 |
Total | – | 6,508,118 |
Shares | Description (1) | Value | ||||
LONG-TERM INVESTMENTS – 98.2% | ||||||
COMMON STOCKS – 98.2% | ||||||
Banks – 1.9% | ||||||
75,000 | Bank of America Corp | $1,930,500 | ||||
65,000 | Popular Inc | 2,407,600 | ||||
11,000 | Truist Financial Corp | 426,910 | ||||
Total Banks | 4,765,010 | |||||
Biotechnology – 6.4% | ||||||
28,000 | AbbVie Inc | 2,681,560 | ||||
25,000 | Alexion Pharmaceuticals Inc, (2) | 2,855,500 | ||||
7,000 | Amgen Inc | 1,773,240 | ||||
11,000 | Biogen Inc, (2) | 3,164,040 | ||||
53,000 | Gilead Sciences Inc | 3,537,750 | ||||
21,000 | United Therapeutics Corp, (2) | 2,246,160 | ||||
Total Biotechnology | 16,258,250 | |||||
Capital Markets – 6.9% | ||||||
83,000 | Bank of New York Mellon Corp | 3,069,340 | ||||
17,000 | Goldman Sachs Group Inc | 3,482,790 | ||||
41,000 | Morgan Stanley | 2,142,660 | ||||
9,000 | S&P Global Inc | 3,297,780 | ||||
41,000 | State Street Corp | 2,791,690 | ||||
21,000 | T Rowe Price Group Inc | 2,923,410 | ||||
Total Capital Markets | 17,707,670 | |||||
Chemicals – 1.2% | ||||||
70,000 | Dow Inc | 3,158,400 | ||||
Commercial Services & Supplies – 1.0% | ||||||
8,000 | Cintas Corp | 2,665,920 | ||||
Communications Equipment – 0.4% | ||||||
22,000 | Cisco Systems Inc | 928,840 | ||||
Construction & Engineering – 1.0% | ||||||
62,000 | AECOM, (2) | 2,449,620 | ||||
Containers & Packaging – 1.0% | ||||||
74,000 | International Paper Co | 2,683,980 | ||||
Diversified Financial Services – 0.8% | ||||||
9,000 | Berkshire Hathaway Inc, (2) | 1,962,360 |
Shares | Description (1) | Value | ||||
Diversified Telecommunication Services – 3.0% | ||||||
165,000 | AT&T Inc | $4,918,650 | ||||
255,000 | CenturyLink Inc | 2,741,250 | ||||
Total Diversified Telecommunication Services | 7,659,900 | |||||
Electrical Equipment – 2.0% | ||||||
366,000 | GrafTech International Ltd | 2,437,560 | ||||
27,000 | Regal Beloit Corp | 2,669,220 | ||||
Total Electrical Equipment | 5,106,780 | |||||
Electronic Equipment, Instruments & Components – 1.7% | ||||||
22,000 | Arrow Electronics Inc, (2) | 1,728,320 | ||||
75,000 | Jabil Inc | 2,561,250 | ||||
Total Electronic Equipment, Instruments & Components | 4,289,570 | |||||
Entertainment – 1.3% | ||||||
23,000 | Electronic Arts Inc, (2) | 3,207,810 | ||||
Food & Staples Retailing – 2.1% | ||||||
87,000 | Kroger Co | 3,104,160 | ||||
93,000 | Sprouts Farmers Market Inc, (2) | 2,171,550 | ||||
Total Food & Staples Retailing | 5,275,710 | |||||
Food Products – 1.2% | ||||||
84,000 | Kraft Heinz Co | 2,943,360 | ||||
Health Care Providers & Services – 8.5% | ||||||
4,900 | AmerisourceBergen Corp | 475,447 | ||||
12,000 | Anthem Inc | 3,378,240 | ||||
47,000 | Cardinal Health Inc | 2,385,720 | ||||
18,000 | Cigna Corp | 3,192,660 | ||||
60,000 | CVS Health Corp | 3,727,200 | ||||
30,000 | DaVita Inc, (2) | 2,602,800 | ||||
8,000 | Humana Inc | 3,321,360 | ||||
17,000 | McKesson Corp | 2,608,480 | ||||
Total Health Care Providers & Services | 21,691,907 | |||||
Hotels, Restaurants & Leisure – 1.0% | ||||||
224,000 | International Game Technology PLC, (2) | 2,493,120 | ||||
Household Durables – 2.4% | ||||||
145,000 | Newell Brands Inc | 2,317,100 | ||||
13,000 | Tempur Sealy International Inc, (2) | 1,112,020 | ||||
15,000 | Whirlpool Corp | 2,665,800 | ||||
Total Household Durables | 6,094,920 | |||||
Independent Power & Renewable Electricity Producers – 1.1% | ||||||
140,000 | Vistra Corp | 2,692,200 |
Shares | Description (1) | Value | ||||
Industrial Conglomerates – 1.0% | ||||||
20,000 | Carlisle Cos Inc | $ 2,619,000 | ||||
Insurance – 4.3% | ||||||
84,000 | Aflac Inc | 3,050,880 | ||||
32,000 | Allstate Corp | 2,976,000 | ||||
85,000 | Assured Guaranty Ltd | 1,823,250 | ||||
80,000 | MetLife Inc | 3,076,800 | ||||
Total Insurance | 10,926,930 | |||||
Interactive Media & Services – 2.6% | ||||||
4,000 | Alphabet Inc, (2) | 6,518,120 | ||||
Internet & Direct Marketing Retail – 1.0% | ||||||
48,000 | eBay Inc | 2,629,440 | ||||
IT Services – 3.5% | ||||||
46,000 | Cognizant Technology Solutions Corp | 3,075,560 | ||||
63,000 | Genpact Ltd | 2,657,340 | ||||
5,000 | International Business Machines Corp | 616,550 | ||||
12,000 | VeriSign Inc, (2) | 2,577,600 | ||||
Total IT Services | 8,927,050 | |||||
Machinery – 1.2% | ||||||
10,000 | Crane Co | 565,400 | ||||
46,000 | Timken Co | 2,492,740 | ||||
Total Machinery | 3,058,140 | |||||
Media – 2.0% | ||||||
4,000 | Charter Communications Inc, (2) | 2,462,440 | ||||
114,000 | Discovery Inc, (2) | 2,515,410 | ||||
Total Media | 4,977,850 | |||||
Metals & Mining – 2.0% | ||||||
25,000 | Reliance Steel & Aluminum Co | 2,621,750 | ||||
88,000 | Steel Dynamics Inc | 2,597,760 | ||||
Total Metals & Mining | 5,219,510 | |||||
Multiline Retail – 2.4% | ||||||
12,000 | Dollar General Corp | 2,422,560 | ||||
25,000 | Target Corp | 3,780,250 | ||||
Total Multiline Retail | 6,202,810 | |||||
Oil, Gas & Consumable Fuels – 3.7% | ||||||
102,000 | CONSOL Energy Inc, (2) | 527,340 | ||||
63,000 | EOG Resources Inc | 2,856,420 | ||||
151,000 | EQT Corp, (2) | 2,396,370 | ||||
378,000 | Gulfport Energy Corp, (2) | 266,754 | ||||
721,000 | Kosmos Energy Ltd, (2) | 1,059,870 |
Shares | Description (1) | Value | ||||
Oil, Gas & Consumable Fuels (continued) | ||||||
429,000 | Marathon Oil Corp, (2) | $ 2,265,120 | ||||
Total Oil, Gas & Consumable Fuels | 9,371,874 | |||||
Personal Products – 1.0% | ||||||
52,000 | Nu Skin Enterprises Inc | 2,458,040 | ||||
Pharmaceuticals – 6.3% | ||||||
67,000 | Bristol-Myers Squibb Co | 4,167,400 | ||||
21,000 | Jazz Pharmaceuticals PLC, (2) | 2,822,190 | ||||
20,000 | Johnson & Johnson | 3,068,200 | ||||
158,000 | Pfizer Inc | 5,970,820 | ||||
Total Pharmaceuticals | 16,028,610 | |||||
Professional Services – 0.9% | ||||||
31,000 | ManpowerGroup Inc | 2,272,610 | ||||
Real Estate Management & Development – 0.4% | ||||||
23,000 | CBRE Group Inc, (2) | 1,081,690 | ||||
Semiconductors & Semiconductor Equipment – 2.2% | ||||||
112,000 | Intel Corp | 5,706,400 | ||||
Software – 4.6% | ||||||
12,000 | Autodesk Inc, (2) | 2,948,400 | ||||
3,000 | Citrix Systems Inc | 435,600 | ||||
88,000 | Nuance Communications Inc, (2) | 2,636,480 | ||||
49,000 | Oracle Corp | 2,803,780 | ||||
13,000 | Synopsys Inc, (2) | 2,876,900 | ||||
Total Software | 11,701,160 | |||||
Specialty Retail – 5.2% | ||||||
41,000 | AutoNation Inc, (2) | 2,331,260 | ||||
26,000 | Best Buy Co Inc | 2,883,660 | ||||
18,000 | Home Depot Inc | 5,130,720 | ||||
19,000 | Murphy USA Inc, (2) | 2,562,340 | ||||
5,000 | Williams-Sonoma Inc | 438,800 | ||||
Total Specialty Retail | 13,346,780 | |||||
Technology Hardware, Storage & Peripherals – 3.4% | ||||||
40,000 | Dell Technologies Inc, (2) | 2,643,200 | ||||
158,000 | HP Inc | 3,088,900 | ||||
58,000 | NCR Corp, (2) | 1,185,520 | ||||
96,000 | Xerox Holdings Corp | 1,810,560 | ||||
Total Technology Hardware, Storage & Peripherals | 8,728,180 | |||||
Thrifts & Mortgage Finance – 1.0% | ||||||
280,000 | MGIC Investment Corp | 2,567,600 |
Shares | Description (1) | Value | ||||
Tobacco – 3.1% | ||||||
79,000 | Altria Group Inc | $3,455,460 | ||||
57,000 | Philip Morris International Inc | 4,548,030 | ||||
Total Tobacco | 8,003,490 | |||||
Trading Companies & Distributors – 0.5% | ||||||
73,000 | Univar Solutions Inc, (2) | 1,327,870 | ||||
Wireless Telecommunication Services – 1.0% | ||||||
106,000 | Telephone and Data Systems Inc | 2,451,780 | ||||
Total Long-Term Investments (cost $236,420,655) | 250,160,261 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Value | ||
SHORT-TERM INVESTMENTS – 1.5% | ||||||
REPURCHASE AGREEMENTS – 1.5% | ||||||
$ 3,980 | Repurchase Agreement with Fixed Income Clearing Corporation dated 8/31/20, repurchase price $3,979,691, collateralized by $3,002,000 U.S. Treasury Bonds, 3.000%, due 2/15/49, value $4,059,311 | 0.000% | 6/01/20 | $ 3,979,691 | ||
Total Short-Term Investments (cost $3,979,691) | 3,979,691 | |||||
Total Investments (cost $240,400,346) – 99.7% | 254,139,952 | |||||
Other Assets Less Liabilities – 0.3% | 656,376 | |||||
Net Assets – 100% | $ 254,796,328 |
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% | ||||||
Air Freight & Logistics – 0.9% | ||||||
44,000 | XPO Logistics Inc, (2) | $ 3,883,880 | ||||
Banks – 0.9% | ||||||
113,000 | Popular Inc | 4,185,520 | ||||
Biotechnology – 7.5% | ||||||
71,000 | AbbVie Inc | 6,799,670 | ||||
47,000 | Alexion Pharmaceuticals Inc, (2) | 5,368,340 | ||||
25,000 | Amgen Inc | 6,333,000 | ||||
19,000 | Biogen Inc, (2) | 5,465,160 | ||||
8,000 | Gilead Sciences Inc | 534,000 | ||||
40,000 | United Therapeutics Corp, (2) | 4,278,400 | ||||
20,000 | Vertex Pharmaceuticals Inc, (2) | 5,582,400 | ||||
Total Biotechnology | 34,360,970 | |||||
Capital Markets – 1.2% | ||||||
15,000 | S&P Global Inc | 5,496,300 | ||||
Construction & Engineering – 0.9% | ||||||
51,000 | AECOM, (2) | 2,015,010 | ||||
49,000 | Arcosa Inc | 2,268,210 | ||||
Total Construction & Engineering | 4,283,220 | |||||
Diversified Financial Services – 0.3% | ||||||
7,000 | Berkshire Hathaway Inc, (2) | 1,526,280 | ||||
Diversified Telecommunication Services – 1.1% | ||||||
450,000 | CenturyLink Inc | 4,837,500 | ||||
Electrical Equipment – 1.9% | ||||||
653,000 | GrafTech International Ltd | 4,348,980 | ||||
46,000 | Regal Beloit Corp | 4,547,560 | ||||
Total Electrical Equipment | 8,896,540 | |||||
Electronic Equipment, Instruments & Components – 1.0% | ||||||
132,000 | Jabil Inc | 4,507,800 | ||||
Entertainment – 2.0% | ||||||
37,000 | Electronic Arts Inc, (2) | 5,160,390 | ||||
429,000 | Zynga Inc, (2) | 3,886,740 | ||||
Total Entertainment | 9,047,130 |
Shares | Description (1) | Value | ||||
Food & Staples Retailing – 2.1% | ||||||
141,000 | Kroger Co | $5,030,880 | ||||
186,000 | Sprouts Farmers Market Inc, (2) | 4,343,100 | ||||
Total Food & Staples Retailing | 9,373,980 | |||||
Health Care Providers & Services – 7.5% | ||||||
45,000 | AmerisourceBergen Corp | 4,366,350 | ||||
20,000 | Anthem Inc | 5,630,400 | ||||
80,000 | Cardinal Health Inc | 4,060,800 | ||||
6,000 | Cigna Corp | 1,064,220 | ||||
51,000 | DaVita Inc, (2) | 4,424,760 | ||||
12,000 | Humana Inc | 4,982,040 | ||||
6,000 | McKesson Corp | 920,640 | ||||
28,000 | UnitedHealth Group Inc | 8,751,400 | ||||
Total Health Care Providers & Services | 34,200,610 | |||||
Hotels, Restaurants & Leisure – 1.0% | ||||||
393,000 | International Game Technology PLC, (2) | 4,374,090 | ||||
Household Durables – 1.4% | ||||||
21,000 | Tempur Sealy International Inc, (2) | 1,796,340 | ||||
26,000 | Whirlpool Corp | 4,620,720 | ||||
Total Household Durables | 6,417,060 | |||||
Independent Power & Renewable Electricity Producers – 0.9% | ||||||
225,000 | Vistra Corp | 4,326,750 | ||||
Industrial Conglomerates – 1.0% | ||||||
35,000 | Carlisle Cos Inc | 4,583,250 | ||||
Insurance – 2.8% | ||||||
53,000 | Allstate Corp | 4,929,000 | ||||
126,000 | Assured Guaranty Ltd | 2,702,700 | ||||
131,000 | MetLife Inc | 5,038,260 | ||||
Total Insurance | 12,669,960 | |||||
Interactive Media & Services – 5.7% | ||||||
7,000 | Alphabet Inc, (2) | 11,406,710 | ||||
50,000 | Facebook Inc, (2) | 14,660,000 | ||||
Total Interactive Media & Services | 26,066,710 | |||||
Internet & Direct Marketing Retail – 6.2% | ||||||
5,000 | Amazoncom Inc, (2) | 17,254,800 | ||||
3,000 | Booking Holdings Inc, (2) | 5,731,350 | ||||
94,000 | eBay Inc | 5,149,320 | ||||
Total Internet & Direct Marketing Retail | 28,135,470 | |||||
IT Services – 2.5% | ||||||
2,000 | GoDaddy Inc, (2) | 167,360 |
Shares | Description (1) | Value | ||||
IT Services (continued) | ||||||
25,000 | Mastercard Inc | $8,954,750 | ||||
9,000 | PayPal Holdings Inc, (2) | 1,837,260 | ||||
2,000 | Visa Inc | 423,980 | ||||
Total IT Services | 11,383,350 | |||||
Machinery – 0.8% | ||||||
104,000 | Gates Industrial Corp PLC, (2) | 1,174,160 | ||||
50,000 | Timken Co | 2,709,500 | ||||
Total Machinery | 3,883,660 | |||||
Media – 1.6% | ||||||
64,000 | AMC Networks Inc, (2) | 1,554,560 | ||||
3,000 | Charter Communications Inc, (2) | 1,846,830 | ||||
170,000 | Discovery Inc, (2) | 3,751,050 | ||||
Total Media | 7,152,440 | |||||
Metals & Mining – 1.9% | ||||||
43,000 | Reliance Steel & Aluminum Co | 4,509,410 | ||||
148,000 | Steel Dynamics Inc | 4,368,960 | ||||
Total Metals & Mining | 8,878,370 | |||||
Multiline Retail – 2.2% | ||||||
22,000 | Dollar General Corp | 4,441,360 | ||||
37,000 | Target Corp | 5,594,770 | ||||
Total Multiline Retail | 10,036,130 | |||||
Oil, Gas & Consumable Fuels – 1.7% | ||||||
5,000 | Diamondback Energy Inc | 194,800 | ||||
264,000 | EQT Corp, (2) | 4,189,680 | ||||
1,047,000 | Extraction Oil & Gas Inc, (2) | 86,849 | ||||
523,000 | Gulfport Energy Corp, (2) | 369,081 | ||||
279,000 | Kosmos Energy Ltd, (2) | 410,130 | ||||
80,000 | Marathon Oil Corp, (2) | 422,400 | ||||
400,000 | WPX Energy Inc, (2) | �� | 2,224,000 | |||
Total Oil, Gas & Consumable Fuels | 7,896,940 | |||||
Personal Products – 1.4% | ||||||
42,000 | Herbalife Nutrition Ltd, (2) | 2,064,300 | ||||
92,000 | Nu Skin Enterprises Inc | 4,348,840 | ||||
Total Personal Products | 6,413,140 | |||||
Pharmaceuticals – 2.7% | ||||||
42,000 | Eli Lilly and Co | 6,232,380 | ||||
37,000 | Jazz Pharmaceuticals PLC, (2) | 4,972,430 | ||||
8,000 | Johnson & Johnson | 1,227,280 | ||||
Total Pharmaceuticals | 12,432,090 |
Shares | Description (1) | Value | ||||
Professional Services – 1.0% | ||||||
60,000 | ManpowerGroup Inc | $ 4,398,600 | ||||
Real Estate Management & Development – 0.3% | ||||||
28,000 | CBRE Group Inc, (2) | 1,316,840 | ||||
Semiconductors & Semiconductor Equipment – 0.8% | ||||||
75,000 | Intel Corp | 3,821,250 | ||||
Software – 15.3% | ||||||
10,000 | Adobe Inc, (2) | 5,133,900 | ||||
22,000 | Autodesk Inc, (2) | 5,405,400 | ||||
33,000 | Citrix Systems Inc | 4,791,600 | ||||
33,000 | Fortinet Inc, (2) | 4,356,165 | ||||
17,000 | Intuit Inc | 5,871,630 | ||||
127,000 | Microsoft Corp | 28,642,310 | ||||
164,000 | Nuance Communications Inc, (2) | 4,913,440 | ||||
108,000 | Oracle Corp | 6,179,760 | ||||
32,000 | VMware Inc, (2) | 4,622,080 | ||||
Total Software | 69,916,285 | |||||
Specialty Retail – 7.3% | ||||||
16,000 | AutoNation Inc, (2) | 909,760 | ||||
44,000 | Best Buy Co Inc | 4,880,040 | ||||
85,000 | Dick's Sporting Goods Inc | 4,600,200 | ||||
31,000 | Home Depot Inc | 8,836,240 | ||||
40,000 | Lowe's Cos Inc | 6,587,600 | ||||
33,000 | Murphy USA Inc, (2) | 4,450,380 | ||||
35,000 | Williams-Sonoma Inc | 3,071,600 | ||||
Total Specialty Retail | 33,335,820 | |||||
Technology Hardware, Storage & Peripherals – 9.7% | ||||||
268,000 | Apple Inc | 34,582,720 | ||||
75,000 | Dell Technologies Inc, (2) | 4,956,000 | ||||
251,000 | HP Inc | 4,907,050 | ||||
Total Technology Hardware, Storage & Peripherals | 44,445,770 | |||||
Thrifts & Mortgage Finance – 1.0% | ||||||
490,000 | MGIC Investment Corp | 4,493,300 | ||||
Tobacco – 1.3% | ||||||
134,000 | Altria Group Inc | 5,861,160 | ||||
Trading Companies & Distributors – 1.0% | ||||||
246,000 | Univar Solutions Inc, (2) | 4,474,740 |
Shares | Description (1) | Value | ||||
Wireless Telecommunication Services – 1.0% | ||||||
196,000 | Telephone and Data Systems Inc | $ 4,533,480 | ||||
Total Long-Term Investments (cost $346,477,192) | 455,846,385 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Value | ||
SHORT-TERM INVESTMENTS – 0.3% | ||||||
REPURCHASE AGREEMENTS – 0.3% | ||||||
$ 1,299 | Repurchase Agreement with Fixed Income Clearing Corporation dated 8/31/20, repurchase price $1,298,793, collateralized by $998,300 U.S. Treasury Bonds, 6.875% due 8/15/25, value $1,324,835 | 0.000% | 9/01/20 | $ 1,298,793 | ||
Total Short-Term Investments (cost $1,298,793) | 1,298,793 | |||||
Total Investments (cost $347,775,985) – 100.1% | 457,145,178 | |||||
Other Assets Less Liabilities – (0.1)% | (580,621) | |||||
Net Assets – 100% | $ 456,564,557 |
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 – 99.1% | ||||||
COMMON STOCKS – 99.1% | ||||||
Air Freight & Logistics – 1.1% | ||||||
30,000 | XPO Logistics Inc, (2) | $ 2,648,100 | ||||
Biotechnology – 6.9% | ||||||
50,000 | AbbVie Inc | 4,788,500 | ||||
24,000 | Alexion Pharmaceuticals Inc, (2) | 2,741,280 | ||||
6,000 | Amgen Inc | 1,519,920 | ||||
10,000 | Biogen Inc, (2) | 2,876,400 | ||||
23,000 | Exelixis Inc, (2) | 511,060 | ||||
23,000 | Gilead Sciences Inc | 1,535,250 | ||||
12,000 | Vertex Pharmaceuticals Inc, (2) | 3,349,440 | ||||
Total Biotechnology | 17,321,850 | |||||
Capital Markets – 0.8% | ||||||
31,000 | Evercore Inc | 1,918,280 | ||||
Construction & Engineering – 1.0% | ||||||
49,000 | Quanta Services Inc | 2,511,250 | ||||
Containers & Packaging – 0.9% | ||||||
59,000 | International Paper Co | 2,139,930 | ||||
Electronic Equipment, Instruments & Components – 2.1% | ||||||
73,000 | Jabil Inc | 2,492,950 | ||||
10,000 | Zebra Technologies Corp, (2) | 2,865,300 | ||||
Total Electronic Equipment, Instruments & Components | 5,358,250 | |||||
Entertainment – 0.9% | ||||||
252,000 | Zynga Inc, (2) | 2,283,120 | ||||
Food & Staples Retailing – 1.0% | ||||||
106,000 | Sprouts Farmers Market Inc, (2) | 2,475,100 | ||||
Health Care Providers & Services – 7.4% | ||||||
26,000 | AmerisourceBergen Corp | 2,522,780 | ||||
4,000 | Anthem Inc | 1,126,080 | ||||
18,000 | Cardinal Health Inc | 913,680 | ||||
14,000 | Cigna Corp | 2,483,180 | ||||
7,000 | Humana Inc | 2,906,190 | ||||
15,000 | McKesson Corp | 2,301,600 |
Shares | Description (1) | Value | ||||
Health Care Providers & Services (continued) | ||||||
20,000 | UnitedHealth Group Inc | $ 6,251,000 | ||||
Total Health Care Providers & Services | 18,504,510 | |||||
Household Durables – 1.0% | ||||||
30,000 | Tempur Sealy International Inc, (2) | 2,566,200 | ||||
Industrial Conglomerates – 1.0% | ||||||
19,000 | Carlisle Cos Inc | 2,488,050 | ||||
Interactive Media & Services – 8.9% | ||||||
6,000 | Alphabet Inc, (2) | 9,777,180 | ||||
43,000 | Facebook Inc, (2) | 12,607,600 | ||||
Total Interactive Media & Services | 22,384,780 | |||||
Internet & Direct Marketing Retail – 9.6% | ||||||
5,000 | Amazoncom Inc, (2) | 17,254,800 | ||||
2,000 | Booking Holdings Inc, (2) | 3,820,900 | ||||
54,000 | eBay Inc | 2,958,120 | ||||
Total Internet & Direct Marketing Retail | 24,033,820 | |||||
IT Services – 3.6% | ||||||
11,000 | FleetCor Technologies Inc, (2) | 2,765,950 | ||||
33,000 | GoDaddy Inc, (2) | 2,761,440 | ||||
6,000 | PayPal Holdings Inc, (2) | 1,224,840 | ||||
9,000 | VeriSign Inc, (2) | 1,933,200 | ||||
1,000 | Visa Inc | 211,990 | ||||
Total IT Services | 8,897,420 | |||||
Leisure Products – 1.0% | ||||||
24,000 | Polaris Inc | 2,424,960 | ||||
Life Sciences Tools & Services – 0.6% | ||||||
24,000 | Syneos Health Inc, (2) | 1,514,400 | ||||
Media – 2.6% | ||||||
95,000 | Altice USA Inc, (2) | 2,620,100 | ||||
75,000 | AMC Networks Inc, (2) | 1,821,750 | ||||
110,000 | Interpublic Group of Cos Inc | 1,953,600 | ||||
Total Media | 6,395,450 | |||||
Metals & Mining – 0.9% | ||||||
80,000 | Steel Dynamics Inc | 2,361,600 | ||||
Multiline Retail – 1.0% | ||||||
16,000 | Target Corp | 2,419,360 | ||||
Oil, Gas & Consumable Fuels – 1.0% | ||||||
43,000 | Diamondback Energy Inc | 1,675,280 |
Shares | Description (1) | Value | ||||
Oil, Gas & Consumable Fuels (continued) | ||||||
55,000 | EQT Corp, (2) | $872,850 | ||||
40,000 | Gulfport Energy Corp, (2) | 28,228 | ||||
Total Oil, Gas & Consumable Fuels | 2,576,358 | |||||
Personal Products – 0.4% | ||||||
23,000 | Herbalife Nutrition Ltd, (2) | 1,130,450 | ||||
Pharmaceuticals – 2.8% | ||||||
29,000 | Eli Lilly and Co | 4,303,310 | ||||
20,000 | Jazz Pharmaceuticals PLC, (2) | 2,687,800 | ||||
Total Pharmaceuticals | 6,991,110 | |||||
Road & Rail – 0.3% | ||||||
5,000 | JB Hunt Transport Services Inc | 702,700 | ||||
Semiconductors & Semiconductor Equipment – 0.7% | ||||||
1,000 | Broadcom Inc | 347,150 | ||||
11,000 | QUALCOMM Inc | 1,310,100 | ||||
2,000 | Teradyne Inc | 169,940 | ||||
Total Semiconductors & Semiconductor Equipment | 1,827,190 | |||||
Software – 20.3% | ||||||
7,000 | Adobe Inc, (2) | 3,593,730 | ||||
12,000 | Autodesk Inc, (2) | 2,948,400 | ||||
6,000 | Cadence Design Systems Inc, (2) | 665,460 | ||||
18,000 | Citrix Systems Inc | 2,613,600 | ||||
24,000 | Dropbox Inc, (2) | 508,080 | ||||
21,000 | Fortinet Inc, (2) | 2,772,105 | ||||
11,000 | Intuit Inc | 3,799,290 | ||||
119,000 | Microsoft Corp | 26,838,070 | ||||
71,000 | Oracle Corp | 4,062,620 | ||||
2,000 | Synopsys Inc, (2) | 442,600 | ||||
17,000 | VMware Inc, (2) | 2,455,480 | ||||
Total Software | 50,699,435 | |||||
Specialty Retail – 3.7% | ||||||
23,000 | Best Buy Co Inc | 2,550,930 | ||||
26,000 | Lowe's Cos Inc | 4,281,940 | ||||
28,000 | Williams-Sonoma Inc | 2,457,280 | ||||
Total Specialty Retail | 9,290,150 | |||||
Technology Hardware, Storage & Peripherals – 16.2% | ||||||
256,000 | Apple Inc | 33,034,240 | ||||
40,000 | Dell Technologies Inc, (2) | 2,643,200 | ||||
125,000 | HP Inc | 2,443,750 |
Shares | Description (1) | Value | ||||
Technology Hardware, Storage & Peripherals (continued) | ||||||
121,000 | NCR Corp, (2) | $ 2,473,240 | ||||
Total Technology Hardware, Storage & Peripherals | 40,594,430 | |||||
Textiles, Apparel & Luxury Goods – 0.1% | ||||||
14,000 | Hanesbrands Inc | 214,060 | ||||
Tobacco – 1.3% | ||||||
72,000 | Altria Group Inc | 3,149,280 | ||||
Total Long-Term Investments (cost $147,113,757) | 247,821,593 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Value | ||
SHORT-TERM INVESTMENTS – 1.4% | ||||||
REPURCHASE AGREEMENTS – 1.4% | ||||||
$ 3,422 | Repurchase Agreement with Fixed Income Clearing Corporation dated 8/31/20, repurchase price $3,421,647, collateralized by $2,581,100, U.S. Treasury Bonds 3.000%, due 2/15/49, value $3,490,169 | 0.000% | 9/01/20 | $ 3,421,647 | ||
Total Short-Term Investments (cost $3,421,647) | 3,421,647 | |||||
Total Investments (cost $150,535,404) – 100.5% | 251,243,240 | |||||
Other Assets Less Liabilities – (0.5)% | (1,200,271) | |||||
Net Assets – 100% | $ 250,042,969 |
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 – 121.3% | ||||||
COMMON STOCKS – 121.3% | ||||||
Air Freight & Logistics – 2.2% | ||||||
20,300 | CH Robinson Worldwide Inc | $1,995,490 | ||||
22,400 | XPO Logistics Inc, (2) | 1,977,248 | ||||
Total Air Freight & Logistics | 3,972,738 | |||||
Banks – 0.8% | ||||||
37,000 | Popular Inc | 1,370,480 | ||||
Biotechnology – 6.7% | ||||||
12,500 | AbbVie Inc | 1,197,126 | ||||
17,600 | Alexion Pharmaceuticals Inc, (2) | 2,010,272 | ||||
9,800 | Amgen Inc | 2,482,536 | ||||
7,100 | Biogen Inc, (2) | 2,042,244 | ||||
18,400 | United Therapeutics Corp, (2) | 1,968,064 | ||||
7,800 | Vertex Pharmaceuticals Inc, (2) | 2,177,136 | ||||
Total Biotechnology | 11,877,378 | |||||
Building Products – 1.1% | ||||||
29,400 | Owens Corning | 1,988,616 | ||||
Capital Markets – 6.4% | ||||||
12,300 | Ameriprise Financial Inc | 1,928,640 | ||||
10,600 | Goldman Sachs Group Inc | 2,171,622 | ||||
23,500 | LPL Financial Holdings Inc | 1,930,760 | ||||
3,150 | MarketAxess Holdings Inc | 1,530,711 | ||||
34,000 | Morgan Stanley | 1,776,840 | ||||
76,000 | Virtu Financial Inc | 1,963,080 | ||||
Total Capital Markets | 11,301,653 | |||||
Commercial Services & Supplies – 1.2% | ||||||
6,400 | Cintas Corp | 2,132,736 | ||||
Communications Equipment – 1.1% | ||||||
33,800 | Ciena Corp, (2) | 1,918,826 | ||||
Construction & Engineering – 2.3% | ||||||
52,000 | AECOM, (2) | 2,054,520 | ||||
39,000 | Quanta Services Inc | 1,998,750 | ||||
Total Construction & Engineering | 4,053,270 | |||||
Construction Materials – 1.1% | ||||||
24,200 | Eagle Materials Inc, (2) | 1,978,834 |
Shares | Description (1) | Value | ||||
Containers & Packaging – 1.1% | ||||||
37,500 | Berry Global Group Inc, (2) | $ 1,932,750 | ||||
Diversified Consumer Services – 0.8% | ||||||
14,200 | Grand Canyon Education Inc, (2) | 1,335,368 | ||||
Diversified Telecommunication Services – 0.6% | ||||||
100,000 | CenturyLink Inc | 1,075,000 | ||||
Electrical Equipment – 2.7% | ||||||
114,000 | GrafTech International Ltd | 759,240 | ||||
13,700 | Hubbell Inc | 1,985,404 | ||||
20,200 | Regal Beloit Corp | 1,996,972 | ||||
Total Electrical Equipment | 4,741,616 | |||||
Electronic Equipment, Instruments & Components – 2.6% | ||||||
16,000 | Arrow Electronics Inc, (2) | 1,256,960 | ||||
41,000 | Jabil Inc | 1,400,150 | ||||
15,100 | SYNNEX Corp, (2) | 1,919,965 | ||||
Total Electronic Equipment, Instruments & Components | 4,577,075 | |||||
Entertainment – 2.2% | ||||||
14,400 | Electronic Arts Inc, (2) | 2,008,368 | ||||
216,000 | Zynga Inc, (2) | 1,956,960 | ||||
Total Entertainment | 3,965,328 | |||||
Food & Staples Retailing – 1.1% | ||||||
83,000 | Sprouts Farmers Market Inc, (2) | 1,938,050 | ||||
Food Products – 1.2% | ||||||
59,000 | Kraft Heinz Co | 2,067,360 | ||||
Health Care Equipment & Supplies – 1.0% | ||||||
30,000 | Hologic Inc, (2) | 1,791,600 | ||||
Health Care Providers & Services – 6.8% | ||||||
19,200 | AmerisourceBergen Corp | 1,862,976 | ||||
6,400 | Cigna Corp | 1,135,168 | ||||
21,700 | DaVita Inc, (2) | 1,882,692 | ||||
5,200 | Humana Inc | 2,158,884 | ||||
12,000 | McKesson Corp | 1,841,280 | ||||
10,000 | UnitedHealth Group Inc | 3,125,500 | ||||
Total Health Care Providers & Services | 12,006,500 | |||||
Hotels, Restaurants & Leisure – 1.5% | ||||||
151,000 | International Game Technology PLC, (2) | 1,680,630 | ||||
32,000 | Wyndham Destinations Inc | 927,680 | ||||
Total Hotels, Restaurants & Leisure | 2,608,310 |
Shares | Description (1) | Value | ||||
Household Durables – 3.9% | ||||||
25,500 | DR Horton Inc | $1,819,935 | ||||
72,000 | Newell Brands Inc | 1,150,560 | ||||
22,900 | Tempur Sealy International Inc, (2) | 1,958,866 | ||||
10,800 | Whirlpool Corp | 1,919,376 | ||||
Total Household Durables | 6,848,737 | |||||
Household Products – 2.1% | ||||||
35,200 | Energizer Holdings Inc | 1,629,408 | ||||
33,500 | Spectrum Brands Holdings Inc | 1,996,600 | ||||
Total Household Products | 3,626,008 | |||||
Independent Power & Renewable Electricity Producers – 1.0% | ||||||
95,000 | Vistra Corp | 1,826,850 | ||||
Industrial Conglomerates – 1.0% | ||||||
13,200 | Carlisle Cos Inc | 1,728,540 | ||||
Insurance – 0.5% | ||||||
25,000 | MetLife Inc | 961,500 | ||||
Interactive Media & Services – 5.2% | ||||||
2,815 | Alphabet Inc, (2) | 4,587,127 | ||||
15,900 | Facebook Inc, (2) | 4,661,880 | ||||
Total Interactive Media & Services | 9,249,007 | |||||
Internet & Direct Marketing Retail – 6.1% | ||||||
1,510 | Amazoncom Inc, (2) | 5,210,949 | ||||
1,175 | Booking Holdings Inc, (2) | 2,244,779 | ||||
37,500 | eBay Inc | 2,054,250 | ||||
115,000 | Qurate Retail Inc, (2) | 1,270,750 | ||||
Total Internet & Direct Marketing Retail | 10,780,728 | |||||
IT Services – 4.5% | ||||||
21,000 | Booz Allen Hamilton Holding Corp | 1,849,260 | ||||
5,000 | FleetCor Technologies Inc, (2) | 1,257,250 | ||||
39,000 | Genpact Ltd | 1,645,020 | ||||
8,900 | Mastercard Inc | 3,187,891 | ||||
Total IT Services | 7,939,421 | |||||
Leisure Products – 1.1% | ||||||
18,800 | Polaris Inc | 1,899,552 | ||||
Life Sciences Tools & Services – 1.1% | ||||||
30,000 | Syneos Health Inc, (2) | 1,893,000 | ||||
Machinery – 2.0% | ||||||
139,000 | Gates Industrial Corp PLC, (2) | 1,569,310 |
Shares | Description (1) | Value | ||||
Machinery (continued) | ||||||
36,000 | Timken Co | $ 1,950,840 | ||||
Total Machinery | 3,520,150 | |||||
Metals & Mining – 1.1% | ||||||
19,300 | Reliance Steel & Aluminum Co | 2,023,991 | ||||
Multiline Retail – 2.5% | ||||||
10,700 | Dollar General Corp | 2,160,116 | ||||
14,600 | Target Corp | 2,207,666 | ||||
Total Multiline Retail | 4,367,782 | |||||
Oil, Gas & Consumable Fuels – 4.1% | ||||||
174,000 | Antero Midstream Corp | 1,177,980 | ||||
252,000 | Antero Resources Corp, (2) | 811,440 | ||||
50,500 | Cimarex Energy Co | 1,402,890 | ||||
30,600 | Diamondback Energy Inc | 1,192,176 | ||||
77,000 | EQT Corp, (2) | 1,221,990 | ||||
52,000 | Equitrans Midstream Corp | 534,560 | ||||
157,000 | WPX Energy Inc, (2) | 872,920 | ||||
Total Oil, Gas & Consumable Fuels | 7,213,956 | |||||
Personal Products – 2.1% | ||||||
38,400 | Herbalife Nutrition Ltd, (2) | 1,887,360 | ||||
38,500 | Nu Skin Enterprises Inc | 1,819,895 | ||||
Total Personal Products | 3,707,255 | |||||
Pharmaceuticals – 3.8% | ||||||
8,000 | Eli Lilly and Co | 1,187,120 | ||||
15,200 | Jazz Pharmaceuticals PLC, (2) | 2,042,728 | ||||
23,000 | Johnson & Johnson | 3,528,430 | ||||
Total Pharmaceuticals | 6,758,278 | |||||
Professional Services – 0.8% | ||||||
18,800 | ManpowerGroup Inc | 1,378,228 | ||||
Road & Rail – 2.1% | ||||||
11,000 | Kansas City Southern | 2,002,440 | ||||
60,000 | Schneider National Inc | 1,623,600 | ||||
Total Road & Rail | 3,626,040 | |||||
Semiconductors & Semiconductor Equipment – 2.5% | ||||||
15,700 | Qorvo Inc, (2) | 2,013,839 | ||||
19,800 | QUALCOMM Inc | 2,358,180 | ||||
Total Semiconductors & Semiconductor Equipment | 4,372,019 | |||||
Software – 12.1% | ||||||
8,600 | Autodesk Inc, (2) | 2,113,020 | ||||
19,100 | Cadence Design Systems Inc, (2) | 2,118,381 |
Shares | Description (1) | Value | ||||
Software (continued) | ||||||
9,100 | Citrix Systems Inc | $1,321,320 | ||||
93,000 | Dropbox Inc, (2) | 1,968,810 | ||||
4,300 | Fair Isaac Corp, (2) | 1,809,397 | ||||
4,700 | Intuit Inc | 1,623,333 | ||||
37,200 | Microsoft Corp | 8,389,716 | ||||
69,000 | Nuance Communications Inc, (2) | 2,067,240 | ||||
Total Software | 21,411,217 | |||||
Specialty Retail – 6.2% | ||||||
34,000 | AutoNation Inc, (2) | 1,933,240 | ||||
18,400 | Best Buy Co Inc | 2,040,744 | ||||
37,000 | Dick's Sporting Goods Inc | 2,002,440 | ||||
11,000 | Home Depot Inc | 3,135,440 | ||||
20,700 | Williams-Sonoma Inc | 1,816,632 | ||||
Total Specialty Retail | 10,928,496 | |||||
Technology Hardware, Storage & Peripherals – 7.8% | ||||||
78,200 | Apple Inc | 10,090,928 | ||||
33,500 | Dell Technologies Inc, (2) | 2,213,680 | ||||
76,000 | NCR Corp, (2) | 1,553,440 | ||||
Total Technology Hardware, Storage & Peripherals | 13,858,048 | |||||
Tobacco – 0.9% | ||||||
36,300 | Altria Group Inc | 1,587,762 | ||||
Trading Companies & Distributors – 0.9% | ||||||
91,000 | Univar Solutions Inc, (2) | 1,655,290 | ||||
Wireless Telecommunication Services – 1.4% | ||||||
69,000 | Telephone and Data Systems Inc | 1,595,970 | ||||
24,100 | United States Cellular Corp, (2) | 876,758 | ||||
Total Wireless Telecommunication Services | 2,472,728 | |||||
Total Long-Term Investments (cost $163,384,015) | 214,268,071 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Value | ||
SHORT-TERM INVESTMENTS – 26.1% | ||||||
REPURCHASE AGREEMENTS – 26.1% | ||||||
$ 46,120 | Repurchase Agreement with Fixed Income Clearing Corporation dated 8/31/20, repurchase price $46,119,743, collateralized by $47,094,800 U.S. Treasury Notes 0.250%, due 7/31/25, value $47,042,176 | 0.000% | 9/01/20 | $ 46,119,743 | ||
Total Short-Term Investments (cost $46,119,743) | 46,119,743 | |||||
Total Investments (cost $209,503,758) – 147.4% | 260,387,814 |
Shares | Description (1) | Value | ||||
COMMON STOCKS SOLD SHORT – (51.8)% (3) | ||||||
Aerospace & Defense – (2.8)% | ||||||
(2,850) | Boeing Co, (2) | $(489,687) | ||||
(19,300) | BWX Technologies Inc | (1,073,273) | ||||
(11,000) | HEICO Corp | (1,209,120) | ||||
(61,000) | Howmet Aerospace Inc, (2) | (1,068,720) | ||||
(14,800) | Mercury Systems Inc, (2) | (1,120,952) | ||||
Total Aerospace & Defense | (4,961,752) | |||||
Airlines – (0.4)% | ||||||
(53,000) | American Airlines Group Inc, (2) | (691,650) | ||||
Banks – (1.0)% | ||||||
(10,000) | Cullen/Frost Bankers Inc | (694,600) | ||||
(93,000) | Umpqua Holdings Corp | (1,049,040) | ||||
Total Banks | (1,743,640) | |||||
Beverages – (0.6)% | ||||||
(10,600) | Coca-Cola Co | (525,018) | ||||
(3,900) | PepsiCo Inc | (546,234) | ||||
Total Beverages | (1,071,252) | |||||
Biotechnology – (0.3)% | ||||||
(8,100) | Exact Sciences Corp, (2) | (609,849) | ||||
Capital Markets – (2.1)% | ||||||
(23,500) | Apollo Global Management Inc | (1,101,445) | ||||
(27,000) | Ares Management Corp | (1,092,150) | ||||
(31,500) | Carlyle Group Inc | (813,015) | ||||
(4,000) | CME Group Inc | (703,480) | ||||
Total Capital Markets | (3,710,090) | |||||
Chemicals – (1.4)% | ||||||
(1,800) | Air Products and Chemicals Inc | (526,068) | ||||
(10,800) | Albemarle Corp | (982,908) | ||||
(45,800) | Valvoline Inc | (934,320) | ||||
Total Chemicals | (2,443,296) | |||||
Commercial Services & Supplies – (1.1)% | ||||||
(6,700) | Copart Inc, (2) | (692,244) | ||||
(18,700) | Stericycle Inc, (2) | (1,198,857) | ||||
Total Commercial Services & Supplies | (1,891,101) | |||||
Construction & Engineering – (0.3)% | ||||||
(6,000) | Jacobs Engineering Group Inc | (541,620) |
Shares | Description (1) | Value | ||||
Consumer Finance – (1.4)% | ||||||
(10,100) | American Express Co | $(1,026,059) | ||||
(1,100) | Credit Acceptance Corp, (2) | (425,480) | ||||
(61,000) | Santander Consumer USA Holdings Inc | (1,049,810) | ||||
Total Consumer Finance | (2,501,349) | |||||
Containers & Packaging – (0.7)% | ||||||
(14,700) | Ball Corp | (1,181,439) | ||||
Diversified Telecommunication Services – (0.6)% | ||||||
(13,100) | GCI Liberty Inc, (2) | (1,058,218) | ||||
Electric Utilities – (2.9)% | ||||||
(20,500) | Edison International | (1,075,840) | ||||
(11,700) | Eversource Energy | (1,002,807) | ||||
(38,000) | FirstEnergy Corp | (1,086,420) | ||||
(16,500) | Southern Co | (860,970) | ||||
(16,000) | Xcel Energy Inc | (1,111,600) | ||||
Total Electric Utilities | (5,137,637) | |||||
Electronic Equipment, Instruments & Components – (0.4)% | ||||||
(6,400) | CDW Corp/DE | (727,360) | ||||
Entertainment – (2.6)% | ||||||
(27,000) | Liberty Media Corp-Liberty Formula One, (2) | (1,052,460) | ||||
(20,000) | Live Nation Entertainment Inc, (2) | (1,136,000) | ||||
(7,000) | Madison Square Garden Sports Corp, (2) | (1,148,000) | ||||
(4,300) | Roku Inc, (2) | (745,964) | ||||
(12,000) | World Wrestling Entertainment Inc | (528,840) | ||||
Total Entertainment | (4,611,264) | |||||
Food & Staples Retailing – (0.3)% | ||||||
(10,000) | Sysco Corp | (601,400) | ||||
Food Products – (2.1)% | ||||||
(3,900) | Beyond Meat Inc, (2) | (529,815) | ||||
(25,200) | Bunge Ltd | (1,149,624) | ||||
(22,300) | Hormel Foods Corp | (1,136,854) | ||||
(4,700) | McCormick & Co Inc/MD | (969,140) | ||||
Total Food Products | (3,785,433) | |||||
Gas Utilities – (0.4)% | ||||||
(6,500) | Atmos Energy Corp | (648,830) |
Shares | Description (1) | Value | ||||
Health Care Equipment & Supplies – (3.9)% | ||||||
(2,700) | Align Technology Inc, (2) | $(801,846) | ||||
(3,700) | Cooper Cos Inc | (1,163,206) | ||||
(1,350) | Intuitive Surgical Inc, (2) | (986,634) | ||||
(10,500) | Novocure Ltd, (2) | (868,875) | ||||
(5,000) | Penumbra Inc, (2) | (1,045,750) | ||||
(4,400) | Stryker Corp | (871,904) | ||||
(6,500) | Varian Medical Systems Inc, (2) | (1,128,855) | ||||
Total Health Care Equipment & Supplies | (6,867,070) | |||||
Health Care Providers & Services – (0.5)% | ||||||
(9,500) | Guardant Health Inc, (2) | (907,250) | ||||
Health Care Technology – (0.6)% | ||||||
(76,000) | Change Healthcare Inc, (2) | (1,075,400) | ||||
Hotels, Restaurants & Leisure – (2.3)% | ||||||
(27,000) | Aramark | (744,120) | ||||
(8,400) | Darden Restaurants Inc, (2) | (728,028) | ||||
(22,000) | Las Vegas Sands Corp, (2) | (1,115,620) | ||||
(7,200) | Marriott International Inc/MD, (2) | (740,952) | ||||
(8,400) | Starbucks Corp | (709,548) | ||||
Total Hotels, Restaurants & Leisure | (4,038,268) | |||||
Insurance – (2.5)% | ||||||
(1,950) | Alleghany Corp, (2) | (1,081,392) | ||||
(5,500) | Aon PLC | (1,099,945) | ||||
(13,100) | Cincinnati Financial Corp | (1,040,271) | ||||
(18,000) | W R Berkley Corp | (1,116,900) | ||||
Total Insurance | (4,338,508) | |||||
Interactive Media & Services – (0.9)% | ||||||
(46,000) | TripAdvisor Inc, (2) | (1,075,020) | ||||
(6,000) | Zillow Group Inc, (2) | (514,560) | ||||
Total Interactive Media & Services | (1,589,580) | |||||
IT Services – (1.8)% | ||||||
(7,400) | Fidelity National Information Services Inc | (1,116,290) | ||||
(8,600) | Fiserv Inc, (2) | (856,388) | ||||
(68,000) | Switch Inc | (1,169,600) | ||||
Total IT Services | (3,142,278) | |||||
Leisure Products – (0.4)% | ||||||
(9,000) | Hasbro Inc | (710,460) | ||||
Life Sciences Tools & Services – (0.5)% | ||||||
(23,000) | Adaptive Biotechnologies Corp, (2) | (957,030) |
Shares | Description (1) | Value | ||||
Machinery – (1.1)% | ||||||
(12,400) | Graco Inc | $(719,448) | ||||
(16,000) | Toro Co | (1,204,480) | ||||
Total Machinery | (1,923,928) | |||||
Multiline Retail – (0.3)% | ||||||
(5,700) | Ollie's Bargain Outlet Holdings Inc, (2) | (544,578) | ||||
Multi-Utilities – (2.4)% | ||||||
(9,000) | Ameren Corp | (711,990) | ||||
(11,700) | Consolidated Edison Inc | (834,678) | ||||
(11,000) | Dominion Energy Inc | (862,840) | ||||
(7,500) | Sempra Energy | (927,375) | ||||
(9,600) | WEC Energy Group Inc | (903,168) | ||||
Total Multi-Utilities | (4,240,051) | |||||
Oil, Gas & Consumable Fuels – (0.9)% | ||||||
(17,600) | Hess Corp | (810,304) | ||||
(26,500) | ONEOK Inc | (728,220) | ||||
Total Oil, Gas & Consumable Fuels | (1,538,524) | |||||
Pharmaceuticals – (0.6)% | ||||||
(38,800) | Elanco Animal Health Inc, (2) | (1,127,528) | ||||
Professional Services – (0.5)% | ||||||
(5,650) | Equifax Inc | (950,726) | ||||
Road & Rail – (1.5)% | ||||||
(2,550) | AMERCO, (2) | (904,969) | ||||
(31,000) | Lyft Inc, (2) | (919,770) | ||||
(23,800) | Uber Technologies Inc, (2) | (800,394) | ||||
Total Road & Rail | (2,625,133) | |||||
Semiconductors & Semiconductor Equipment – (1.3)% | ||||||
(9,000) | First Solar Inc, (2) | (689,310) | ||||
(2,600) | Monolithic Power Systems Inc | (694,538) | ||||
(4,500) | SolarEdge Technologies Inc, (2) | (995,175) | ||||
Total Semiconductors & Semiconductor Equipment | (2,379,023) | |||||
Software – (3.4)% | ||||||
(9,000) | Anaplan Inc, (2) | (551,250) | ||||
(76,500) | FireEye Inc, (2) | (1,123,020) | ||||
(9,800) | Guidewire Software Inc, (2) | (1,100,638) | ||||
(16,000) | Medallia Inc, (2) | (579,040) | ||||
(43,000) | Nutanix Inc, (2) | (1,234,530) | ||||
(34,500) | Pluralsight Inc, (2) | (660,330) | ||||
(2,900) | Workday Inc, (2) | (695,159) | ||||
Total Software | (5,943,967) |
Shares | Description (1) | Value | ||||
Specialty Retail – (1.7)% | ||||||
(8,400) | Five Below Inc, (2) | $(919,380) | ||||
(12,400) | Ross Stores Inc, (2) | (1,129,392) | ||||
(16,500) | TJX Cos Inc, (2) | (904,035) | ||||
Total Specialty Retail | (2,952,807) | |||||
Textiles, Apparel & Luxury Goods – (1.8)% | ||||||
(12,100) | Columbia Sportswear Co, (2) | (1,035,397) | ||||
(36,000) | Skechers USA Inc, (2) | (1,074,600) | ||||
(16,700) | VF Corp | (1,098,025) | ||||
Total Textiles, Apparel & Luxury Goods | (3,208,022) | |||||
Thrifts & Mortgage Finance – (0.6)% | ||||||
(3,300) | LendingTree Inc, (2) | (1,019,502) | ||||
Trading Companies & Distributors – (0.3)% | ||||||
(11,000) | Fastenal Co | (537,460) | ||||
Water Utilities – (0.6)% | ||||||
(24,100) | Essential Utilities Inc | (1,024,250) | ||||
Total Common Stocks Sold Short (proceeds $84,999,213) | (91,558,523) | |||||
Other Assets Less Liabilities – 4.4% | 7,818,559 | |||||
Net Assets – 100% | $ 176,647,850 |
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 $140,054,867 have been pledged as collateral for Common Stocks Sold Short. |
Shares | Description (1) | Value | ||||
LONG-TERM INVESTMENTS – 82.2% | ||||||
COMMON STOCKS – 82.2% | ||||||
Automobiles – 0.7% | ||||||
17,000 | Thor Industries Inc | $ 1,605,310 | ||||
Banks – 1.6% | ||||||
77,000 | Citizens Financial Group Inc | 1,991,990 | ||||
54,000 | Popular Inc | 2,000,160 | ||||
Total Banks | 3,992,150 | |||||
Biotechnology – 3.6% | ||||||
21,000 | Alexion Pharmaceuticals Inc, (2) | 2,398,620 | ||||
8,000 | Biogen Inc, (2) | 2,301,120 | ||||
81,000 | Exelixis Inc, (2) | 1,799,820 | ||||
21,000 | United Therapeutics Corp, (2) | 2,246,160 | ||||
Total Biotechnology | 8,745,720 | |||||
Capital Markets – 0.5% | ||||||
56,000 | Franklin Resources Inc | 1,179,360 | ||||
Commercial Services & Supplies – 0.6% | ||||||
25,000 | Clean Harbors Inc, (2) | 1,527,500 | ||||
Construction & Engineering – 2.6% | ||||||
54,000 | AECOM, (2) | 2,133,540 | ||||
46,000 | Arcosa Inc | 2,129,340 | ||||
39,000 | Quanta Services Inc | 1,998,750 | ||||
Total Construction & Engineering | 6,261,630 | |||||
Diversified Telecommunication Services – 0.9% | ||||||
194,000 | CenturyLink Inc | 2,085,500 | ||||
Electric Utilities – 0.8% | ||||||
221,000 | PG&E Corp, (2) | 2,046,460 | ||||
Electrical Equipment – 2.6% | ||||||
18,000 | Acuity Brands Inc | 1,967,220 | ||||
323,000 | GrafTech International Ltd | 2,151,180 | ||||
22,000 | Regal Beloit Corp | 2,174,920 | ||||
Total Electrical Equipment | 6,293,320 | |||||
Electronic Equipment, Instruments & Components – 3.5% | ||||||
29,000 | Arrow Electronics Inc, (2) | 2,278,240 | ||||
78,000 | Avnet Inc | 2,145,780 |
Shares | Description (1) | Value | ||||
Electronic Equipment, Instruments & Components (continued) | ||||||
63,000 | Jabil Inc | $2,151,450 | ||||
16,000 | SYNNEX Corp, (2) | 2,034,400 | ||||
Total Electronic Equipment, Instruments & Components | 8,609,870 | |||||
Energy Equipment & Services – 0.7% | ||||||
467,000 | Patterson-UTI Energy Inc | 1,797,950 | ||||
Entertainment – 0.8% | ||||||
204,000 | Zynga Inc, (2) | 1,848,240 | ||||
Food & Staples Retailing – 0.9% | ||||||
91,000 | Sprouts Farmers Market Inc, (2) | 2,124,850 | ||||
Health Care Providers & Services – 6.8% | ||||||
21,000 | AmerisourceBergen Corp | 2,037,630 | ||||
8,000 | Anthem Inc | 2,252,160 | ||||
36,000 | Cardinal Health Inc | 1,827,360 | ||||
24,000 | DaVita Inc, (2) | 2,082,240 | ||||
5,000 | Humana Inc | 2,075,850 | ||||
14,000 | McKesson Corp | 2,148,160 | ||||
105,000 | MEDNAX Inc, (2) | 1,950,900 | ||||
7,000 | UnitedHealth Group Inc | 2,187,850 | ||||
Total Health Care Providers & Services | 16,562,150 | |||||
Hotels, Restaurants & Leisure – 1.6% | ||||||
172,000 | International Game Technology PLC, (2) | 1,914,360 | ||||
65,000 | Wyndham Destinations Inc | 1,884,350 | ||||
Total Hotels, Restaurants & Leisure | 3,798,710 | |||||
Household Durables – 3.5% | ||||||
21,000 | Mohawk Industries Inc, (2) | 1,938,930 | ||||
133,000 | Newell Brands Inc | 2,125,340 | ||||
26,000 | Tempur Sealy International Inc, (2) | 2,224,040 | ||||
12,000 | Whirlpool Corp | 2,132,640 | ||||
Total Household Durables | 8,420,950 | |||||
Household Products – 1.8% | ||||||
45,000 | Energizer Holdings Inc | 2,083,050 | ||||
37,000 | Spectrum Brands Holdings Inc | 2,205,200 | ||||
Total Household Products | 4,288,250 | |||||
Independent Power & Renewable Electricity Producers – 0.9% | ||||||
110,000 | Vistra Corp | 2,115,300 | ||||
Industrial Conglomerates – 0.9% | ||||||
17,000 | Carlisle Cos Inc | 2,226,150 |
Shares | Description (1) | Value | ||||
Insurance – 1.4% | ||||||
67,000 | Assured Guaranty Ltd | $1,437,150 | ||||
52,000 | MetLife Inc | 1,999,920 | ||||
Total Insurance | 3,437,070 | |||||
Interactive Media & Services – 0.8% | ||||||
7,000 | Facebook Inc, (2) | 2,052,400 | ||||
Internet & Direct Marketing Retail – 1.8% | ||||||
40,000 | eBay Inc | 2,191,200 | ||||
204,000 | Qurate Retail Inc, (2) | 2,254,200 | ||||
Total Internet & Direct Marketing Retail | 4,445,400 | |||||
IT Services – 0.8% | ||||||
24,000 | GoDaddy Inc, (2) | 2,008,320 | ||||
Leisure Products – 0.9% | ||||||
21,000 | Polaris Inc | 2,121,840 | ||||
Life Sciences Tools & Services – 0.9% | ||||||
34,000 | Syneos Health Inc, (2) | 2,145,400 | ||||
Machinery – 2.6% | ||||||
38,000 | Crane Co | 2,148,520 | ||||
186,000 | Gates Industrial Corp PLC, (2) | 2,099,940 | ||||
37,000 | Timken Co | 2,005,030 | ||||
Total Machinery | 6,253,490 | |||||
Media – 2.6% | ||||||
80,000 | Altice USA Inc, (2) | 2,206,400 | ||||
83,000 | AMC Networks Inc, (2) | 2,016,071 | ||||
97,000 | Discovery Inc, (2) | 2,140,305 | ||||
Total Media | 6,362,776 | |||||
Metals & Mining – 1.7% | ||||||
20,000 | Reliance Steel & Aluminum Co | 2,097,400 | ||||
69,000 | Steel Dynamics Inc | 2,036,880 | ||||
Total Metals & Mining | 4,134,280 | |||||
Multiline Retail – 0.9% | ||||||
14,000 | Target Corp | 2,116,940 | ||||
Oil, Gas & Consumable Fuels – 6.8% | ||||||
297,000 | Antero Midstream Corp | 2,010,690 | ||||
510,000 | Antero Resources Corp, (2) | 1,642,200 | ||||
2,326,000 | Centennial Resource Development Inc/DE, (2) | 1,689,141 | ||||
61,000 | Cimarex Energy Co | 1,694,580 | ||||
54,000 | Diamondback Energy Inc | 2,103,840 | ||||
1,303,000 | Kosmos Energy Ltd, (2) | 1,915,410 |
Shares | Description (1) | Value | ||||
Oil, Gas & Consumable Fuels (continued) | ||||||
350,000 | Marathon Oil Corp, (2) | $1,848,000 | ||||
151,000 | Murphy Oil Corp | 2,074,740 | ||||
302,000 | WPX Energy Inc, (2) | 1,679,120 | ||||
Total Oil, Gas & Consumable Fuels | 16,657,721 | |||||
Paper & Forest Products – 0.9% | ||||||
75,000 | Domtar Corp, (2) | 2,139,000 | ||||
Personal Products – 1.7% | ||||||
40,000 | Herbalife Nutrition Ltd, (2) | 1,966,000 | ||||
45,000 | Nu Skin Enterprises Inc | 2,127,150 | ||||
Total Personal Products | 4,093,150 | |||||
Pharmaceuticals – 1.1% | ||||||
4,000 | Eli Lilly and Co | 593,560 | ||||
15,000 | Jazz Pharmaceuticals PLC, (2) | 2,015,850 | ||||
Total Pharmaceuticals | 2,609,410 | |||||
Professional Services – 0.9% | ||||||
30,000 | ManpowerGroup Inc | 2,199,300 | ||||
Road & Rail – 0.9% | ||||||
54,000 | Ryder System Inc | 2,208,600 | ||||
Semiconductors & Semiconductor Equipment – 0.7% | ||||||
30,000 | Cirrus Logic Inc, (2) | 1,817,700 | ||||
Software – 5.5% | ||||||
3,000 | Adobe Inc, (2) | 1,540,170 | ||||
8,000 | Autodesk Inc, (2) | 1,965,600 | ||||
14,000 | Citrix Systems Inc | 2,032,800 | ||||
16,000 | Fortinet Inc, (2) | 2,112,080 | ||||
9,000 | Microsoft Corp | 2,029,770 | ||||
68,000 | Nuance Communications Inc, (2) | 2,037,280 | ||||
31,000 | Oracle Corp | 1,773,820 | ||||
Total Software | 13,491,520 | |||||
Specialty Retail – 6.0% | ||||||
35,000 | AutoNation Inc, (2) | 1,990,100 | ||||
19,000 | Best Buy Co Inc | 2,107,290 | ||||
40,000 | Dick's Sporting Goods Inc | 2,164,800 | ||||
13,000 | Lowe's Cos Inc | 2,140,970 | ||||
15,000 | Murphy USA Inc, (2) | 2,022,900 | ||||
14,000 | Tractor Supply Co | 2,083,620 | ||||
24,000 | Williams-Sonoma Inc | 2,106,240 | ||||
Total Specialty Retail | 14,615,920 |
Shares | Description (1) | Value | ||||
Technology Hardware, Storage & Peripherals – 3.4% | ||||||
16,000 | Apple Inc | $2,064,640 | ||||
31,000 | Dell Technologies Inc, (2) | 2,048,480 | ||||
107,000 | NCR Corp, (2) | 2,187,080 | ||||
99,000 | Xerox Holdings Corp | 1,867,140 | ||||
Total Technology Hardware, Storage & Peripherals | 8,167,340 | |||||
Textiles, Apparel & Luxury Goods – 0.8% | ||||||
129,000 | Hanesbrands Inc | 1,972,410 | ||||
Thrifts & Mortgage Finance – 0.8% | ||||||
221,000 | MGIC Investment Corp | 2,026,570 | ||||
Tobacco – 0.4% | ||||||
24,000 | Altria Group Inc | 1,049,760 | ||||
Trading Companies & Distributors – 0.8% | ||||||
106,000 | Univar Solutions Inc, (2) | 1,928,140 | ||||
Wireless Telecommunication Services – 1.8% | ||||||
93,000 | Telephone and Data Systems Inc | 2,151,090 | ||||
60,000 | United States Cellular Corp, (2) | 2,182,800 | ||||
Total Wireless Telecommunication Services | 4,333,890 | |||||
Total Long-Term Investments (cost $175,966,422) | 199,917,717 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Value | ||
SHORT-TERM INVESTMENTS – 24.3% | ||||||
REPURCHASE AGREEMENTS – 24.3% | ||||||
$ 59,135 | Repurchase Agreement with Fixed Income Clearing Corporation dated 8/31/20, repurchase price $59,135,075, collateralized by $44,607,100, U.S. Treasury Bonds 3.000%, due 2/15/49, value $60,317,825 | 0.000% | 9/01/20 | $ 59,135,075 | ||
Total Short-Term Investments (cost $59,135,075) | 59,135,075 | |||||
Total Investments (cost $235,101,497) – 106.5% | 259,052,792 |
Shares | Description (1) | Value | ||||
COMMON STOCKS SOLD SHORT – (98.0)% (3) | ||||||
Aerospace & Defense – (4.9)% | ||||||
(6,000) | Axon Enterprise Inc, (2) | $(514,080) | ||||
(14,000) | Boeing Co, (2) | (2,405,480) | ||||
(41,000) | BWX Technologies Inc | (2,280,010) | ||||
(15,000) | General Dynamics Corp | (2,240,250) | ||||
(24,000) | HEICO Corp | (2,638,080) | ||||
(104,000) | Howmet Aerospace Inc, (2) | (1,822,080) | ||||
Total Aerospace & Defense | (11,899,980) |
Shares | Description (1) | Value | ||||
Air Freight & Logistics – (1.0)% | ||||||
(11,000) | FedEx Corp | $ (2,418,240) | ||||
Airlines – (0.7)% | ||||||
(132,000) | American Airlines Group Inc, (2) | (1,722,600) | ||||
Banks – (1.2)% | ||||||
(8,000) | Cullen/Frost Bankers Inc | (555,680) | ||||
(208,000) | Umpqua Holdings Corp | (2,346,240) | ||||
Total Banks | (2,901,920) | |||||
Beverages – (2.0)% | ||||||
(50,000) | Coca-Cola Co | (2,476,500) | ||||
(17,000) | PepsiCo Inc | (2,381,020) | ||||
Total Beverages | (4,857,520) | |||||
Biotechnology – (0.8)% | ||||||
(25,000) | Exact Sciences Corp, (2) | (1,882,250) | ||||
Capital Markets – (3.2)% | ||||||
(53,000) | Apollo Global Management Inc | (2,484,110) | ||||
(63,000) | Ares Management Corp | (2,548,350) | ||||
(91,000) | Carlyle Group Inc | (2,348,710) | ||||
(3,000) | CME Group Inc | (527,610) | ||||
Total Capital Markets | (7,908,780) | |||||
Chemicals – (3.0)% | ||||||
(9,000) | Air Products and Chemicals Inc | (2,630,340) | ||||
(26,000) | Albemarle Corp | (2,366,260) | ||||
(115,000) | Valvoline Inc | (2,346,000) | ||||
Total Chemicals | (7,342,600) | |||||
Commercial Services & Supplies – (1.0)% | ||||||
(37,000) | Stericycle Inc, (2) | (2,372,070) | ||||
Construction & Engineering – (0.6)% | ||||||
(17,000) | Jacobs Engineering Group Inc | (1,534,590) | ||||
Consumer Finance – (3.7)% | ||||||
(24,000) | American Express Co | (2,438,160) | ||||
(5,000) | Credit Acceptance Corp, (2) | (1,934,000) | ||||
(46,000) | Discover Financial Services | (2,441,680) | ||||
(129,000) | Santander Consumer USA Holdings Inc | (2,220,090) | ||||
Total Consumer Finance | (9,033,930) | |||||
Containers & Packaging – (0.0)% | ||||||
(1,000) | Ball Corp | (80,370) |
Shares | Description (1) | Value | ||||
Diversified Financial Services – (1.0)% | ||||||
(11,000) | Berkshire Hathaway Inc, (2) | $ (2,398,440) | ||||
Diversified Telecommunication Services – (1.0)% | ||||||
(29,000) | GCI Liberty Inc, (2) | (2,342,620) | ||||
Electric Utilities – (6.3)% | ||||||
(45,000) | Alliant Energy Corp | (2,436,750) | ||||
(28,000) | American Electric Power Co Inc | (2,207,240) | ||||
(46,000) | Edison International | (2,414,080) | ||||
(28,000) | Eversource Energy | (2,399,880) | ||||
(63,000) | FirstEnergy Corp | (1,801,170) | ||||
(29,000) | Southern Co | (1,513,220) | ||||
(35,000) | Xcel Energy Inc | (2,431,625) | ||||
Total Electric Utilities | (15,203,965) | |||||
Electronic Equipment, Instruments & Components – (0.5)% | ||||||
(35,000) | FLIR Systems Inc | (1,291,500) | ||||
Entertainment – (6.2)% | ||||||
(63,000) | Liberty Media Corp-Liberty Formula One, (2) | (2,455,740) | ||||
(6,000) | Live Nation Entertainment Inc, (2) | (340,800) | ||||
(15,000) | Madison Square Garden Sports Corp, (2) | (2,460,000) | ||||
(5,000) | Netflix Inc, (2) | (2,647,800) | ||||
(14,000) | Roku Inc, (2) | (2,428,720) | ||||
(19,000) | Walt Disney Co, (2) | (2,505,530) | ||||
(51,000) | World Wrestling Entertainment Inc | (2,247,570) | ||||
Total Entertainment | (15,086,160) | |||||
Food & Staples Retailing – (2.0)% | ||||||
(42,000) | Sysco Corp | (2,525,880) | ||||
(96,000) | US Foods Holding Corp, (2) | (2,337,600) | ||||
Total Food & Staples Retailing | (4,863,480) | |||||
Food Products – (4.0)% | ||||||
(16,000) | Beyond Meat Inc, (2) | (2,173,600) | ||||
(54,000) | Bunge Ltd | (2,463,480) | ||||
(48,000) | Hormel Foods Corp | (2,447,040) | ||||
(1,000) | Seaboard Corp | (2,683,000) | ||||
Total Food Products | (9,767,120) | |||||
Gas Utilities – (0.9)% | ||||||
(22,000) | Atmos Energy Corp | (2,196,040) |
Shares | Description (1) | Value | ||||
Health Care Equipment & Supplies – (5.3)% | ||||||
(8,000) | Cooper Cos Inc | $(2,515,040) | ||||
(4,000) | Intuitive Surgical Inc, (2) | (2,923,360) | ||||
(3,000) | Novocure Ltd, (2) | (248,250) | ||||
(11,000) | Penumbra Inc, (2) | (2,300,650) | ||||
(12,000) | Stryker Corp | (2,377,920) | ||||
(14,000) | Varian Medical Systems Inc, (2) | (2,431,380) | ||||
Total Health Care Equipment & Supplies | (12,796,600) | |||||
Health Care Providers & Services – (1.0)% | ||||||
(26,000) | Guardant Health Inc, (2) | (2,483,000) | ||||
Health Care Technology – (1.0)% | ||||||
(173,000) | Change Healthcare Inc, (2) | (2,447,950) | ||||
Hotels, Restaurants & Leisure – (7.7)% | ||||||
(59,000) | Aramark | (1,626,040) | ||||
(29,000) | Darden Restaurants Inc, (2) | (2,513,430) | ||||
(48,000) | Las Vegas Sands Corp, (2) | (2,434,080) | ||||
(25,000) | Marriott International Inc/MD, (2) | (2,572,750) | ||||
(136,000) | Norwegian Cruise Line Holdings Ltd, (2) | (2,326,960) | ||||
(29,000) | Starbucks Corp | (2,449,630) | ||||
(28,000) | Wynn Resorts Ltd, (2) | (2,448,600) | ||||
(25,000) | Yum! Brands Inc | (2,396,250) | ||||
Total Hotels, Restaurants & Leisure | (18,767,740) | |||||
Insurance – (4.0)% | ||||||
(5,000) | Alleghany Corp, (2) | (2,772,800) | ||||
(30,000) | Cincinnati Financial Corp | (2,382,300) | ||||
(2,000) | Markel Corp, (2) | (2,173,660) | ||||
(40,000) | W R Berkley Corp | (2,482,000) | ||||
Total Insurance | (9,810,760) | |||||
Interactive Media & Services – (1.0)% | ||||||
(28,000) | Zillow Group Inc, (2) | (2,401,280) | ||||
IT Services – (2.9)% | ||||||
(47,000) | Alliance Data Systems Corp | (2,120,170) | ||||
(16,000) | Fidelity National Information Services Inc | (2,413,600) | ||||
(25,000) | Fiserv Inc, (2) | (2,489,500) | ||||
Total IT Services | (7,023,270) | |||||
Leisure Products – (1.1)% | ||||||
(33,000) | Hasbro Inc | (2,605,020) | ||||
Life Sciences Tools & Services – (0.3)% | ||||||
(17,000) | Adaptive Biotechnologies Corp, (2) | (707,370) |
Shares | Description (1) | Value | ||||
Machinery – (1.0)% | ||||||
(42,000) | Graco Inc | $ (2,436,840) | ||||
Media – (1.0)% | ||||||
(18,000) | Liberty Broadband Corp, (2) | (2,521,620) | ||||
Multi-Utilities – (3.1)% | ||||||
(4,000) | Ameren Corp | (316,440) | ||||
(23,000) | Consolidated Edison Inc | (1,640,820) | ||||
(29,000) | Dominion Energy Inc | (2,274,760) | ||||
(19,000) | Sempra Energy | (2,349,350) | ||||
(11,000) | WEC Energy Group Inc | (1,034,880) | ||||
Total Multi-Utilities | (7,616,250) | |||||
Oil, Gas & Consumable Fuels – (3.0)% | ||||||
(53,000) | Exxon Mobil Corp | (2,116,820) | ||||
(52,000) | Hess Corp | (2,394,080) | ||||
(85,000) | ONEOK Inc | (2,335,800) | ||||
(6,000) | Phillips 66 | (350,820) | ||||
Total Oil, Gas & Consumable Fuels | (7,197,520) | |||||
Pharmaceuticals – (1.0)% | ||||||
(84,000) | Elanco Animal Health Inc, (2) | (2,441,040) | ||||
Professional Services – (2.0)% | ||||||
(14,000) | Equifax Inc | (2,355,780) | ||||
(30,000) | IHS Markit Ltd | (2,397,600) | ||||
Total Professional Services | (4,753,380) | |||||
Road & Rail – (2.0)% | ||||||
(78,000) | Lyft Inc, (2) | (2,314,260) | ||||
(77,000) | Uber Technologies Inc, (2) | (2,589,510) | ||||
Total Road & Rail | (4,903,770) | |||||
Semiconductors & Semiconductor Equipment – (1.8)% | ||||||
(33,000) | Cree Inc, (2) | (2,082,300) | ||||
(30,000) | First Solar Inc, (2) | (2,297,700) | ||||
Total Semiconductors & Semiconductor Equipment | (4,380,000) | |||||
Software – (5.8)% | ||||||
(39,000) | Anaplan Inc, (2) | (2,388,750) | ||||
(151,000) | FireEye Inc, (2) | (2,216,680) | ||||
(68,000) | Medallia Inc, (2) | (2,460,920) | ||||
(86,000) | Nutanix Inc, (2) | (2,469,060) | ||||
(109,000) | Pluralsight Inc, (2) | (2,086,260) | ||||
(10,000) | Workday Inc, (2) | (2,397,100) | ||||
Total Software | (14,018,770) |
Shares | Description (1) | Value | ||||
Specialty Retail – (3.0)% | ||||||
(22,000) | Five Below Inc, (2) | $(2,407,900) | ||||
(27,000) | Ross Stores Inc, (2) | (2,459,160) | ||||
(44,000) | TJX Cos Inc, (2) | (2,410,760) | ||||
Total Specialty Retail | (7,277,820) | |||||
Textiles, Apparel & Luxury Goods – (1.9)% | ||||||
(28,000) | Columbia Sportswear Co, (2) | (2,395,960) | ||||
(229,000) | Under Armour Inc, (2) | (2,246,490) | ||||
Total Textiles, Apparel & Luxury Goods | (4,642,450) | |||||
Thrifts & Mortgage Finance – (1.2)% | ||||||
(8,000) | LendingTree Inc, (2) | (2,471,520) | ||||
(28,000) | TFS Financial Corp | (432,600) | ||||
Total Thrifts & Mortgage Finance | (2,904,120) | |||||
Trading Companies & Distributors – (1.0)% | ||||||
(49,000) | Fastenal Co | (2,394,140) | ||||
Water Utilities – (1.9)% | ||||||
(16,000) | American Water Works Co Inc | (2,261,440) | ||||
(55,000) | Essential Utilities Inc | (2,337,500) | ||||
Total Water Utilities | (4,598,940) | |||||
Total Common Stocks Sold Short (proceeds $231,287,200) | (238,233,825) | |||||
Other Assets Less Liabilities – 91.5% | 222,353,122 | |||||
Net Assets – 100% | $ 243,172,089 |
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 $86,258,675 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 $236,420,655, $346,477,192, $147,113,757, $163,384,015 and $175,966,422, respectively) | $250,160,261 | $455,846,385 | $247,821,593 | $214,268,071 | $199,917,717 |
Short-term investments, at value (cost approximates value) | 3,979,691 | 1,298,793 | 3,421,647 | 46,119,743 | 59,135,075 |
Cash | — | 357,559 | — | — | — |
Cash collateral at brokers for common stocks sold short(1) | — | — | — | 7,896,333 | 214,194,401 |
Receivable for: | |||||
Dividends | 637,313 | 593,845 | 240,593 | 336,456 | 357,770 |
Due from affiliate | 40,335 | 116,430 | 19,278 | 72,793 | 191,744 |
Investments sold | 630,255 | 4,081,939 | 1,974,093 | 9,081,915 | 15,830,635 |
Shares sold | 144,796 | 91,264 | 90,673 | 138,051 | 310,766 |
Other assets | 168,170 | 50,161 | 63,178 | 29,294 | 35,941 |
Total assets | 255,760,821 | 462,436,376 | 253,631,055 | 277,942,656 | 489,974,049 |
Liabilities | |||||
Common stocks sold short, at value (proceeds $—, $—, $—, $84,999,213 and $231,287,200, respectively) | — | — | — | 91,558,523 | 238,233,825 |
Cash overdraft | — | — | — | 2,346,698 | — |
Payable for: | |||||
Dividends | — | 367 | — | — | — |
Dividends on common stocks sold short | — | — | — | 86,063 | 293,792 |
Investments purchased - regular settlement | 231,251 | 3,508,256 | 2,735,661 | 6,551,898 | 7,256,303 |
Shares redeemed | 292,300 | 1,795,370 | 503,547 | 345,485 | 422,834 |
Accrued expenses: | |||||
Management fees | 129,781 | 232,031 | 126,900 | 172,412 | 235,246 |
Shareholder servicing agent fees | 86,428 | 151,255 | 97,640 | 147,896 | 261,430 |
Trustees fees | 130,422 | 22,033 | 32,365 | 6,056 | 9,075 |
12b-1 distribution and service fees | 45,422 | 76,284 | 46,041 | 17,870 | 7,723 |
Other | 48,889 | 86,223 | 45,932 | 61,905 | 81,732 |
Total liabilities | 964,493 | 5,871,819 | 3,588,086 | 101,294,806 | 246,801,960 |
Net assets | $254,796,328 | $456,564,557 | $250,042,969 | $176,647,850 | $243,172,089 |
Large Cap Value | Large Cap Core | Large Cap Growth | Equity Long/Short | Equity Market Neutral | |
Class A Shares | |||||
Net assets | $181,214,272 | $ 87,595,752 | $120,517,811 | $ 33,015,671 | $ 14,482,530 |
Shares outstanding | 8,887,707 | 2,551,295 | 3,843,776 | 797,405 | 681,895 |
Net asset value ("NAV") per share | $ 20.39 | $ 34.33 | $ 31.35 | $ 41.40 | $ 21.24 |
Offering price per share (NAV per share plus maximum sales charge of 5.75% of offering price) | $ 21.63 | $ 36.42 | $ 33.26 | $ 43.93 | $ 22.54 |
Class C Shares | |||||
Net assets | $ 8,357,314 | $ 70,364,966 | $ 26,263,983 | $ 12,761,163 | $ 5,013,746 |
Shares outstanding | 432,710 | 2,095,746 | 874,732 | 339,646 | 249,040 |
NAV and offering price per share | $ 19.31 | $ 33.58 | $ 30.03 | $ 37.57 | $ 20.13 |
Class R3 Shares | |||||
Net assets | $ 121,205 | $ — | $ — | $ — | $ — |
Shares outstanding | 5,884 | — | — | — | — |
NAV and offering price per share | $ 20.60 | $ — | $ — | $ — | $ — |
Class R6 Shares | |||||
Net assets | $ 203,085 | $ 2,033,119 | $ 1,181,667 | $ — | $ — |
Shares outstanding | 9,898 | 59,335 | 37,565 | — | — |
NAV and offering price per share | $ 20.52 | $ 34.27 | $ 31.46 | $ — | $ — |
Class I Shares | |||||
Net assets | $ 64,900,452 | $296,570,720 | $102,079,508 | $130,871,016 | $223,675,813 |
Shares outstanding | 3,165,858 | 8,652,380 | 3,245,079 | 3,065,082 | 10,364,205 |
NAV and offering price per share | $ 20.50 | $ 34.28 | $ 31.46 | $ 42.70 | $ 21.58 |
Fund level net assets consist of: | |||||
Capital paid-in | $287,616,482 | $394,551,306 | $129,767,210 | $177,553,532 | $317,933,516 |
Total distributable earnings | (32,820,154) | 62,013,251 | 120,275,759 | (905,682) | (74,761,427) |
Fund level net assets | $254,796,328 | $456,564,557 | $250,042,969 | $176,647,850 | $243,172,089 |
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 | $ 7,409,556 | $11,042,777 | $ 3,154,841 | $ 4,930,354 | $ 7,218,666 |
Interest | 14,199 | 2,046 | 8,648 | 290,349 | 178,522 |
Other | — | — | 2,452 | — | 2,054,976 |
Payment from affiliate | 64,325 | 185,680 | 30,744 | 116,088 | 305,788 |
Tax withheld | (11,659) | (11,640) | (1,688) | (2,258) | (8,126) |
Total investment income | 7,476,421 | 11,218,863 | 3,194,997 | 5,334,533 | 9,749,826 |
Expenses | |||||
Management fees | 2,006,518 | 4,181,775 | 1,799,420 | 3,108,772 | 5,289,817 |
12b-1 service fees - Class A Shares | 502,957 | 224,573 | 268,999 | 109,200 | 71,692 |
12b-1 distribution and service fees - Class C Shares | 120,867 | 805,274 | 267,670 | 157,262 | 83,597 |
12b-1 distribution and service fees - Class R3 Shares | 1,288 | — | — | — | — |
Dividends expense on common stocks sold short | — | — | — | 2,086,377 | 5,774,895 |
Prime broker expenses | — | — | — | 1,334,824 | — |
Shareholder servicing agent fees | 256,901 | 440,213 | 255,498 | 300,739 | 493,606 |
Custodian fees | 64,055 | 87,312 | 55,137 | 64,636 | 81,846 |
Professional fees | 41,723 | 65,628 | 37,927 | 35,975 | 48,219 |
Trustees fees | 8,121 | 17,118 | 7,009 | 6,424 | 11,097 |
Shareholder reporting expenses | 38,099 | 59,776 | 42,700 | 60,247 | 71,129 |
Federal and state registration fees | 84,518 | 84,245 | 72,775 | 65,210 | 98,924 |
Other | 13,489 | 44,031 | 13,138 | 13,414 | 15,564 |
Total expenses before fee waiver/expense reimbursement | 3,138,536 | 6,009,945 | 2,820,273 | 7,343,080 | 12,040,386 |
Fee waiver/expense reimbursement | (202,666) | (249,145) | (337,070) | (276,281) | (332,690) |
Net expenses | 2,935,870 | 5,760,800 | 2,483,203 | 7,066,799 | 11,707,696 |
Net investment income (loss) | 4,540,551 | 5,458,063 | 711,794 | (1,732,266) | (1,957,870) |
Realized and Unrealized Gain (Loss) | |||||
Net realized gain (loss) from: | |||||
Investments | (18,988,077) | 12,901,356 | 25,471,841 | 12,642,550 | (7,062,752) |
Common stocks sold short | — | — | — | 2,249,852 | (6,081,395) |
Change in net unrealized appreciation (depreciation) of: | |||||
Investments | 8,894,072 | 62,219,818 | 39,267,493 | 20,065,771 | 25,297,398 |
Common stocks sold short | — | — | — | (38,379,021) | (57,260,850) |
Net realized and unrealized gain (loss) | (10,094,005) | 75,121,174 | 64,739,334 | (3,420,848) | (45,107,599) |
Net increase (decrease) in net assets from operations | $ (5,553,454) | $80,579,237 | $65,451,128 | $ (5,153,114) | $(47,065,469) |
Large Cap Value | Large Cap Core | ||||
Year Ended 8/31/20 | Year Ended 8/31/19 | Year Ended 8/31/20 | Year Ended 8/31/19 | ||
Operations | |||||
Net investment income (loss) | $ 4,540,551 | $ 5,908,132 | $ 5,458,063 | $ 8,604,924 | |
Net realized gain (loss) from: | |||||
Investments | (18,988,077) | (20,123,916) | 12,901,356 | (55,476,641) | |
Common stocks sold short | — | — | — | — | |
Change in net unrealized appreciation (depreciation) of: | |||||
Investments | 8,894,072 | (53,079,747) | 62,219,818 | (83,623,051) | |
Common stocks sold short | — | — | — | — | |
Net increase (decrease) in net assets from operations | (5,553,454) | (67,295,531) | 80,579,237 | (130,494,768) | |
Distributions to Shareholders | |||||
Dividends: | |||||
Class A Shares | (2,936,378) | (32,419,502) | (749,742) | (1,136,128) | |
Class C Shares | (81,057) | (2,326,746) | (22,882) | (733,665) | |
Class R3 Shares | (5,360) | (56,892) | — | — | |
Class R6 Shares | (4,232) | (1,953,723) | (1,279,868) | (1,680,547) | |
Class I Shares | (1,798,861) | (21,259,721) | (4,819,950) | (8,165,566) | |
Decrease in net assets from distributions to shareholders | (4,825,888) | (58,016,584) | (6,872,442) | (11,715,906) | |
Fund Share Transactions | |||||
Proceeds from sale of shares | 25,016,554 | 85,709,773 | 102,308,752 | 525,004,319 | |
Proceeds from shares issued to shareholders due to reinvestment of distributions | 3,893,505 | 47,974,878 | 5,635,521 | 9,495,942 | |
28,910,059 | 133,684,651 | 107,944,273 | 534,500,261 | ||
Cost of shares redeemed | (132,966,590) | (136,127,816) | (581,740,393) | (399,498,773) | |
Net increase (decrease) in net assets from Fund share transactions | (104,056,531) | (2,443,165) | (473,796,120) | 135,001,488 | |
Net increase (decrease) in net assets | (114,435,873) | (127,755,280) | (400,089,325) | (7,209,186) | |
Net assets at the beginning of period | 369,232,201 | 496,987,481 | 856,653,882 | 863,863,068 | |
Net assets at the end of period | $ 254,796,328 | $ 369,232,201 | $ 456,564,557 | $ 856,653,882 |
Large Cap Growth | Equity Long/Short | ||||
Year Ended 8/31/20 | Year Ended 8/31/19 | Year Ended 8/31/20 | Year Ended 8/31/19 | ||
Operations | |||||
Net investment income (loss) | $ 711,794 | $ 1,896,374 | $ (1,732,266) | $ 72,765 | |
Net realized gain (loss) from: | |||||
Investments | 25,471,841 | 41,686,822 | 12,642,550 | (39,996,456) | |
Common stocks sold short | — | — | 2,249,852 | (16,860,059) | |
Change in net unrealized appreciation (depreciation) of: | |||||
Investments | 39,267,493 | (83,190,169) | 20,065,771 | (13,915,850) | |
Common stocks sold short | — | — | (38,379,021) | 36,967,032 | |
Net increase (decrease) in net assets from operations | 65,451,128 | (39,606,973) | (5,153,114) | (33,732,568) | |
Distributions to Shareholders | |||||
Dividends: | |||||
Class A Shares | (7,668,446) | (10,931,273) | — | (723,620) | |
Class C Shares | (1,966,361) | (3,606,164) | — | (300,346) | |
Class R3 Shares | — | — | — | — | |
Class R6 Shares | (90,517) | (2,056,913) | — | — | |
Class I Shares | (9,723,399) | (17,669,250) | — | (4,267,198) | |
Decrease in net assets from distributions to shareholders | (19,448,723) | (34,263,600) | — | (5,291,164) | |
Fund Share Transactions | |||||
Proceeds from sale of shares | 33,102,652 | 48,576,983 | 53,133,837 | 265,600,346 | |
Proceeds from shares issued to shareholders due to reinvestment of distributions | 16,380,278 | 29,302,916 | — | 5,279,420 | |
49,482,930 | 77,879,899 | 53,133,837 | 270,879,766 | ||
Cost of shares redeemed | (152,597,173) | (201,275,961) | (201,500,213) | (276,408,392) | |
Net increase (decrease) in net assets from Fund share transactions | (103,114,243) | (123,396,062) | (148,366,376) | (5,528,626) | |
Net increase (decrease) in net assets | (57,111,838) | (197,266,635) | (153,519,490) | (44,552,358) | |
Net assets at the beginning of period | 307,154,807 | 504,421,442 | 330,167,340 | 374,719,698 | |
Net assets at the end of period | $ 250,042,969 | $ 307,154,807 | $ 176,647,850 | $ 330,167,340 |
Equity Market Neutral | ||
Year Ended 8/31/20 | Year Ended 8/31/19 | |
Operations | ||
Net investment income (loss) | $ (1,957,870) | $ 2,334,978 |
Net realized gain (loss) from: | ||
Investments | (7,062,752) | (19,927,639) |
Common stocks sold short | (6,081,395) | (52,413,835) |
Change in net unrealized appreciation (depreciation) of: | ||
Investments | 25,297,398 | (17,522,970) |
Common stocks sold short | (57,260,850) | 52,346,013 |
Net increase (decrease) in net assets from operations | (47,065,469) | (35,183,453) |
Distributions to Shareholders | ||
Dividends: | ||
Class A Shares | (53,215) | (190,467) |
Class C Shares | — | (55,467) |
Class R3 Shares | — | — |
Class R6 Shares | — | — |
Class I Shares | (1,919,186) | (2,400,973) |
Decrease in net assets from distributions to shareholders | (1,972,401) | (2,646,907) |
Fund Share Transactions | ||
Proceeds from sale of shares | 131,570,430 | 929,416,578 |
Proceeds from shares issued to shareholders due to reinvestment of distributions | 1,598,290 | 2,553,219 |
133,168,720 | 931,969,797 | |
Cost of shares redeemed | (496,060,926) | (495,781,465) |
Net increase (decrease) in net assets from Fund share transactions | (362,892,206) | 436,188,332 |
Net increase (decrease) in net assets | (411,930,076) | 398,357,972 |
Net assets at the beginning of period | 655,102,165 | 256,744,193 |
Net assets at the end of period | $ 243,172,089 | $ 655,102,165 |
Equity Long/Short | Equity Market Neutral | |
Cash Flows from Operating Activities: | ||
Net Increase (Decrease) in Net Assets from Operations | $ (5,153,114) | $ (47,065,469) |
Adjustments to reconcile the net increase (decrease) in net assets from operations to net cash provided by (used in) operating activities: | ||
Purchases of investments | (414,668,694) | (591,200,331) |
Purchases of common stock sold short | (435,811,742) | (904,265,486) |
Proceeds from sales and maturities of investments | 673,694,470 | 960,700,815 |
Proceeds from sales of common stock sold short | 265,434,427 | 557,061,319 |
Proceeds from (purchase of) short-term investments, net | 15,770,109 | 48,824,689 |
Proceeds from litigation settlement | — | 5,205 |
(Increase) Decrease in: | ||
Receivable for dividends | 254,759 | 471,137 |
Receivable for due from affiliates | (72,793) | (191,744) |
Receivable for interest | 3,610 | 6,298 |
Receivable for investments sold | (2,882,679) | 6,955,638 |
Other assets | 3,356 | 67,177 |
Increase (Decrease) in: | ||
Payable for dividends on common stock sold short | (222,935) | (357,140) |
Payable for investments purchased - regular settlement | 1,388,022 | (17,101,509) |
Accrued management fees | (160,753) | (452,110) |
Accrued trustees fees | 2,041 | 2,961 |
Accrued shareholder servicing agent fees | 30,753 | 44,369 |
Accrued 12b-1 distribution and service fees | (10,280) | (11,616) |
Accrued other expenses | (21,033) | (81,815) |
Net realized (gain) loss from: | ||
Investments | (12,642,550) | 7,062,752 |
Common stocks sold short | (2,249,852) | 6,081,395 |
Change in net unrealized (appreciation) depreciation of: | ||
Investments | (20,065,771) | (25,297,398) |
Common stocks sold short | 38,379,021 | 57,260,850 |
Net cash provided by (used in) operating activities | 100,998,372 | 58,519,987 |
Cash Flows from Financing Activities: | ||
Increase (Decrease) in cash overdraft | 2,346,698 | — |
Cash distributions paid to shareholders | — | (374,111) |
Proceeds from sale of shares | 53,708,215 | 133,085,805 |
Cost of shares redeemed | (201,804,470) | (500,899,841) |
Net cash provided by (used in) financing activities | (145,749,557) | (368,188,147) |
Net Increase (Decrease) in Cash and Cash Collateral at Brokers | (44,751,185) | (309,668,160) |
Cash and cash collateral at brokers at the beginning of period | 52,647,518 | 523,862,561 |
Cash and cash collateral at brokers at the end of period | $ 7,896,333 | $ 214,194,401 |
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 | $ — | $ 1,598,290 |
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) | |||||||||
2020 | $21.07 | $0.30 | $(0.68) | $(0.38) | $(0.30) | $ — | $(0.30) | $20.39 | |
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 | |
Class C (08/96) | |||||||||
2020 | 19.97 | 0.13 | (0.66) | (0.53) | (0.13) | — | (0.13) | 19.31 | |
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 | |
Class R3 (08/08) | |||||||||
2020 | 21.30 | 0.25 | (0.70) | (0.45) | (0.25) | — | (0.25) | 20.60 | |
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 | |
Class R6 (06/16) | |||||||||
2020 | 21.21 | 0.27 | (0.60) | (0.33) | (0.36) | — | (0.36) | 20.52 | |
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(f) | 21.66 | 0.06 | 1.16 | 1.22 | — | — | — | 22.88 | |
Class I (08/96) | |||||||||
2020 | 21.18 | 0.35 | (0.67) | (0.32) | (0.36) | — | (0.36) | 20.50 | |
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 |
Ratios/Supplemental Data | |||||||||
Ratios to Average Net Assets Before Waiver/Reimbursement | Ratios to Average Net Assets After Waiver/Reimbursement(d) | ||||||||
Total Return(b), (c) | Ending Net Assets (000) | Expenses | Net Investment Income (Loss) | Net Investment Income (Loss) Excluding Payment From Affiliates | Expenses | Net Investment Income (Loss) | Net Investment Income (Loss) Excluding Payment From Affiliates | Portfolio Turnover Rate(e) | |
(2.01)% | $181,214 | 1.06% | 1.36% | 1.34% | 1.00% | 1.43% | 1.41% | 137% | |
(13.60) | 217,694 | 1.03 | 1.25 | N/A | 1.00 | 1.28 | N/A | 145 | |
20.30 | 293,656 | 1.05 | 0.87 | N/A | 1.03 | 0.89 | N/A | 169 | |
15.63 | 252,902 | 1.05 | 0.92 | N/A | 1.05 | 0.92 | N/A | 152 | |
6.26 | 240,572 | 1.10 | 1.44 | N/A | 1.10 | 1.44 | N/A | 141 | |
(2.77) | 8,357 | 1.81 | 0.59 | 0.57 | 1.75 | 0.66 | 0.64 | 137 | |
(14.24) | 14,781 | 1.78 | 0.50 | N/A | 1.75 | 0.52 | N/A | 145 | |
19.38 | 21,195 | 1.80 | 0.09 | N/A | 1.78 | 0.12 | N/A | 169 | |
14.79 | 19,868 | 1.80 | 0.19 | N/A | 1.80 | 0.19 | N/A | 152 | |
5.46 | 27,588 | 1.85 | 0.70 | N/A | 1.85 | 0.70 | N/A | 141 | |
(2.29) | 121 | 1.31 | 1.08 | 1.07 | 1.25 | 1.14 | 1.13 | 137 | |
(13.81) | 475 | 1.28 | 1.00 | N/A | 1.25 | 1.04 | N/A | 145 | |
19.99 | 208 | 1.30 | 0.62 | N/A | 1.28 | 0.64 | N/A | 169 | |
15.38 | 211 | 1.29 | 0.63 | N/A | 1.29 | 0.63 | N/A | 152 | |
5.97 | 186 | 1.34 | 1.25 | N/A | 1.34 | 1.25 | N/A | 141 | |
(1.77) | 203 | 0.74 | 1.19 | 1.18 | 0.68 | 1.25 | 1.25 | 137 | |
(13.35) | 14,849 | 0.72 | 1.55 | N/A | 0.69 | 1.58 | N/A | 145 | |
20.69 | 17,514 | 0.76 | 1.18 | N/A | 0.73 | 1.20 | N/A | 169 | |
16.02 | 17,991 | 0.73 | 1.23 | N/A | 0.73 | 1.23 | N/A | 152 | |
5.63 | 19,773 | 0.73* | 1.48* | N/A | 0.73* | 1.48* | N/A | 141 | |
(1.76) | 64,900 | 0.81 | 1.59 | 1.57 | 0.75 | 1.65 | 1.63 | 137 | |
(13.40) | 121,433 | 0.78 | 1.50 | N/A | 0.75 | 1.53 | N/A | 145 | |
20.60 | 164,387 | 0.80 | 1.10 | N/A | 0.77 | 1.13 | N/A | 169 | |
15.92 | 119,038 | 0.80 | 1.17 | N/A | 0.80 | 1.17 | N/A | 152 | |
6.53 | 99,927 | 0.85 | 1.69 | N/A | 0.85 | 1.69 | N/A | 141 |
(a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
(b) | During the fiscal year ended August 31, 2020, the Fund began receiving voluntary compensation from the Adviser. The Fund’s Total Return for each share class would decrease by an amount equaling less than 0.01% if such voluntary compensation were excluded. See Note 7-Management Fees and Other Transactions with Affiliates, for more information. |
(c) | 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. |
(d) | After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Note 7 – Management Fees and Other Transactions with Affiliates for more information. |
(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) divided by the average long-term market value during the period. |
(f) | For the period June 30, 2016 (commencement of operations) through August 31, 2016. |
* | Annualized. |
N/A | Fund did not have Payments from Affiliates for periods prior to the fiscal year ended August 31, 2020. |
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) | |||||||||
2020 | $29.83 | $ 0.22 | $ 4.52 | $ 4.74 | $(0.24) | $ — | $(0.24) | $34.33 | |
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 | |
Class C (06/13) | |||||||||
2020 | 29.18 | (0.01) | 4.42 | 4.41 | (0.01) | — | (0.01) | 33.58 | |
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 | |
Class R6 (06/16) | |||||||||
2020 | 29.83 | 0.33 | 4.44 | 4.77 | (0.33) | — | (0.33) | 34.27 | |
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(f) | 25.46 | 0.05 | 1.57 | 1.62 | — | — | — | 27.08 | |
Class I (06/13) | |||||||||
2020 | 29.77 | 0.30 | 4.53 | 4.83 | (0.32) | — | (0.32) | 34.28 | |
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 |
Ratios/Supplemental Data | |||||||||
Ratios to Average Net Assets Before Waiver/Reimbursement | Ratios to Average Net Assets After Waiver/Reimbursement(d) | ||||||||
Total Return(b), (c) | Ending Net Assets (000) | Expenses | Net Investment Income (Loss) | Net Investment Income (Loss) Excluding Payment From Affiliates | Expenses | Net Investment Income (Loss) | Net Investment Income (Loss) Excluding Payment From Affiliates | Portfolio Turnover Rate(e) | |
15.92% | $ 87,596 | 1.02% | 0.69% | 0.65% | 0.98% | 0.72% | 0.69% | 107% | |
(13.31) | 100,315 | 1.01 | 0.77 | N/A | 0.98 | 0.80 | N/A | 127 | |
25.00 | 104,779 | 1.01 | 0.53 | N/A | 1.00 | 0.55 | N/A | 117 | |
16.41 | 55,756 | 1.06 | 0.56 | N/A | 1.01 | 0.60 | N/A | 121 | |
7.66 | 47,518 | 1.11 | 0.84 | N/A | 1.11 | 0.85 | N/A | 132 | |
15.07 | 70,365 | 1.77 | (0.07) | (0.10) | 1.73 | (0.03) | (0.06) | 107 | |
(13.98) | 96,999 | 1.76 | 0.02 | N/A | 1.73 | 0.05 | N/A | 127 | |
24.06 | 110,300 | 1.76 | (0.22) | N/A | 1.75 | (0.20) | N/A | 117 | |
15.55 | 59,610 | 1.81 | (0.21) | N/A | 1.76 | (0.16) | N/A | 121 | |
6.86 | 47,805 | 1.86 | 0.09 | N/A | 1.85 | 0.10 | N/A | 132 | |
16.01 | 2,033 | 0.69 | 1.06 | 1.04 | 0.65 | 1.10 | 1.07 | 107 | |
(13.02) | 126,554 | 0.69 | 1.08 | N/A | 0.66 | 1.11 | N/A | 127 | |
25.36 | 139,631 | 0.71 | 0.81 | N/A | 0.70 | 0.82 | N/A | 117 | |
16.81 | 17,095 | 0.74 | 0.87 | N/A | 0.70 | 0.91 | N/A | 121 | |
6.36 | 18,489 | 0.74* | 1.05* | N/A | 0.69* | 1.10* | N/A | 132 | |
16.23 | 296,571 | 0.77 | 0.93 | 0.90 | 0.73 | 0.97 | 0.94 | 107 | |
(13.09) | 532,786 | 0.76 | 1.02 | N/A | 0.73 | 1.05 | N/A | 127 | |
25.31 | 509,125 | 0.76 | 0.79 | N/A | 0.75 | 0.80 | N/A | 117 | |
16.68 | 256,389 | 0.81 | 0.79 | N/A | 0.76 | 0.83 | N/A | 121 | |
7.93 | 140,976 | 0.86 | 1.09 | N/A | 0.86 | 1.10 | N/A | 132 |
(a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
(b) | During the fiscal year ended August 31, 2020, the Fund began receiving voluntary compensation from the Adviser. The Fund’s Total Return would decrease by an amount equaling 0.03%, 0.03%, 0.03% and 0.03% for Class A, C, R6 and I Shares, respectively, if such voluntary compensation were excluded. See Note 7-Management Fees and Other Transactions with Affiliates, for more information. |
(c) | 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. |
(d) | After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Note 7 – Management Fees and Other Transactions with Affiliates for more information. |
(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) divided by the average long-term market value during the period. |
(f) | For the period June 30, 2016 (commencement of operations) through August 31, 2016. |
* | Annualized. |
** | Rounds to less than $.01 per share. |
N/A | Fund did not have Payments from Affiliates for periods prior to the fiscal year ended August 31, 2020. |
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) | |||||||||
2020 | $26.04 | $ 0.06 | $ 7.23 | $ 7.29 | $(0.11) | $(1.87) | $(1.98) | $31.35 | |
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 | |
Class C (06/13) | |||||||||
2020 | 25.10 | (0.13) | 6.93 | 6.80 | — | (1.87) | (1.87) | 30.03 | |
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 | |
Class R6 (06/16) | |||||||||
2020 | 26.17 | 0.07 | 7.29 | 7.36 | (0.20) | (1.87) | (2.07) | 31.46 | |
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(f) | 24.27 | 0.03 | 1.43 | 1.46 | — | — | — | 25.73 | |
Class I (06/13) | |||||||||
2020 | 26.12 | 0.13 | 7.25 | 7.38 | (0.17) | (1.87) | (2.04) | 31.46 | |
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 |
Ratios/Supplemental Data | |||||||||
Ratios to Average Net Assets Before Waiver/Reimbursement | Ratios to Average Net Assets After Waiver/Reimbursement(d) | ||||||||
Total Return(b), (c) | Ending Net Assets (000) | Expenses | Net Investment Income (Loss) | Net Investment Income (Loss) Excluding Payment From Affiliates | Expenses | Net Investment Income (Loss) | Net Investment Income (Loss) Excluding Payment From Affiliates | Portfolio Turnover Rate(e) | |
29.11% | $120,518 | 1.13% | 0.10% | 0.09% | 1.00% | 0.23% | 0.22% | 104% | |
(6.86) | 110,191 | 1.11 | 0.31 | N/A | 0.99 | 0.43 | N/A | 126 | |
26.31 | 155,549 | 1.12 | 0.08 | N/A | 1.01 | 0.19 | N/A | 128 | |
18.94 | 11,933 | 1.18 | 0.15 | N/A | 1.02 | 0.32 | N/A | 136 | |
5.57 | 13,654 | 1.22 | 0.47 | N/A | 1.15 | 0.53 | N/A | 117 | |
28.11 | 26,264 | 1.88 | (0.65) | (0.66) | 1.75 | (0.52) | (0.53) | 104 | |
(7.55) | 29,779 | 1.86 | (0.43) | N/A | 1.74 | (0.32) | N/A | 126 | |
25.39 | 49,303 | 1.87 | (0.66) | N/A | 1.76 | (0.55) | N/A | 128 | |
18.04 | 10,130 | 1.94 | (0.62) | N/A | 1.77 | (0.46) | N/A | 136 | |
4.77 | 9,344 | 1.98 | (0.30) | N/A | 1.89 | (0.22) | N/A | 117 | |
29.26 | 1,182 | 0.79 | 0.15 | 0.14 | 0.66 | 0.28 | 0.27 | 104 | |
(6.54) | 23,159 | 0.77 | 0.66 | N/A | 0.65 | 0.78 | N/A | 126 | |
26.76 | 27,417 | 0.78 | 0.43 | N/A | 0.67 | 0.54 | N/A | 128 | |
19.31 | 31 | 0.89 | 0.43 | N/A | 0.72 | 0.60 | N/A | 136 | |
6.02 | 27 | 0.85* | 0.65* | N/A | 0.70* | 0.81* | N/A | 117 | |
29.40 | 102,080 | 0.88 | 0.35 | 0.34 | 0.75 | 0.48 | 0.47 | 104 | |
(6.62) | 144,025 | 0.86 | 0.55 | N/A | 0.74 | 0.67 | N/A | 126 | |
26.69 | 272,152 | 0.87 | 0.31 | N/A | 0.76 | 0.43 | N/A | 128 | |
19.22 | 58,512 | 0.94 | 0.38 | N/A | 0.77 | 0.54 | N/A | 136 | |
5.80 | 47,945 | 0.97 | 0.71 | N/A | 0.89 | 0.79 | N/A | 117 |
(a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
(b) | During the fiscal year ended August 31, 2020, the Fund began receiving voluntary compensation from the Adviser. The Fund’s Total Return for each share class would decrease by an amount equaling less than 0.01% if such voluntary compensation were excluded. See Note 7-Management Fees and Other Transactions with Affiliates, for more information. |
(c) | 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. |
(d) | After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Note 7 – Management Fees and Other Transactions with Affiliates for more information. |
(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) divided by the average long-term market value during the period. |
(f) | For the period June 30, 2016 (commencement of operations) through August 31, 2016. |
* | Annualized. |
** | Rounds to less than $.01 per share. |
N/A | Fund did not have Payments from Affiliates for periods prior to the fiscal year ended August 31, 2020. |
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) | |||||||||
2020 | $40.61 | $(0.33) | $ 1.12 | $ 0.79 | $ — | $ — | $ — | $41.40 | |
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 | |
Class C (12/08) | |||||||||
2020 | 37.13 | (0.57) | 1.01 | 0.44 | — | — | — | 37.57 | |
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 | |
Class I (12/08) | |||||||||
2020 | 41.77 | (0.24) | 1.17 | 0.93 | — | — | — | 42.70 | |
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 |
Ratios/Supplemental Data | |||||||||
Ratios to Average Net Assets Before Waiver/Reimbursement(d) | Ratios to Average Net Assets After Waiver/Reimbursement(d), (e) | ||||||||
Total Return(b), (c) | Ending Net Assets (000) | Expenses | Net Investment Income (Loss) | Net Investment Income (Loss) Excluding Payment From Affiliates | Expenses | Net Investment Income (Loss) | Net Investment Income (Loss) Excluding Payment From Affiliates | Portfolio Turnover Rate(f) | |
1.95% | $ 33,016 | 3.09% | (0.95)% | (1.00)% | 2.98% | (0.84)% | (0.88)% | 168% | |
(7.65) | 52,856 | 2.72 | (0.24) | N/A | 2.64 | (0.16) | N/A | 188 | |
17.35 | 55,183 | 2.73 | (0.81) | N/A | 2.63 | (0.70) | N/A | 213 | |
18.37 | 26,802 | 3.54 | (1.27) | N/A | 3.36 | (1.09) | N/A | 186 | |
0.00 | 26,012 | 3.78 | (0.53) | N/A | 3.58 | (0.33) | N/A | 224 | |
1.19 | 12,761 | 3.84 | (1.69) | (1.74) | 3.72 | (1.58) | (1.63) | 168 | |
(8.33) | 19,961 | 3.48 | (0.99) | N/A | 3.39 | (0.91) | N/A | 188 | |
16.47 | 19,561 | 3.47 | (1.54) | N/A | 3.37 | (1.44) | N/A | 213 | |
17.47 | 8,596 | 4.28 | (2.04) | N/A | 4.10 | (1.86) | N/A | 186 | |
(0.75) | 8,236 | 4.53 | (1.29) | N/A | 4.34 | (1.09) | N/A | 224 | |
2.23 | 130,871 | 2.85 | (0.70) | (0.75) | 2.73 | (0.59) | (0.64) | 168 | |
(7.44) | 257,351 | 2.47 | 0.03 | N/A | 2.39 | 0.12 | N/A | 188 | |
17.65 | 299,977 | 2.47 | (0.49) | N/A | 2.37 | (0.39) | N/A | 213 | |
18.67 | 70,282 | 3.26 | (1.04) | N/A | 3.08 | (0.86) | N/A | 186 | |
0.27 | 48,905 | 3.52 | (0.37) | N/A | 3.33 | (0.18) | N/A | 224 |
(a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
(b) | During the fiscal year ended August 31, 2020, the Fund began receiving voluntary compensation from the Adviser. The Fund’s Total Return would decrease by an amount equaling 0.05%, 0.05% and 0.05% for Class A, C and I Shares, respectively, if such voluntary compensation were excluded. See Note 7-Management Fees and Other Transactions with Affiliates, for more information. |
(c) | 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. |
(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 3 - 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 | |
2020 | 0.84% | 0.84% | 0.84% | 0.54% | 0.53% | 0.54% | |
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 |
(e) | After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Note 7 – Management Fees and Other Transactions with Affiliates for more information. |
(f) | 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) divided by the average long-term market value during the period. |
N/A | Fund did not have Payments from Affiliates for periods prior to the fiscal year ended August 31, 2020. |
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) | |||||||||
2020 | $23.55 | $(0.15) | $(2.13) | $(2.28) | $(0.03) | $ — | $(0.03) | $21.24 | |
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 | |
Class C (06/13) | |||||||||
2020 | 22.46 | (0.31) | (2.02) | (2.33) | — | — | — | 20.13 | |
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 | |
Class I (06/13) | |||||||||
2020 | 23.93 | (0.10) | (2.15) | (2.25) | (0.10) | — | (0.10) | 21.58 | |
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 |
Ratios/Supplemental Data | |||||||||
Ratios to Average Net Assets Before Waiver/Reimbursement(d) | Ratios to Average Net Assets After Waiver/Reimbursement(d), (e) | ||||||||
Total Return(b), (c) | Ending Net Assets (000) | Expenses | Net Investment Income (Loss) | Net Investment Income (Loss) Excluding Payment From Affiliates | Expenses | Net Investment Income (Loss) | Net Investment Income (Loss) Excluding Payment From Affiliates | Portfolio Turnover Rate(f) | |
(9.67)% | $ 14,483 | 3.03% | (0.74)% | (0.81)% | 2.95% | (0.66)% | (0.73)% | 190% | |
(3.35) | 43,489 | 2.61 | 0.11 | N/A | 2.54 | 0.18 | N/A | 205 | |
7.28 | 23,725 | 2.71 | (0.81) | N/A | 2.55 | (0.65) | N/A | 156 | |
7.72 | 6,146 | 3.32 | (1.70) | N/A | 3.05 | (1.44) | N/A | 159 | |
2.86 | 9,289 | 3.29 | (1.47) | N/A | 3.10 | (1.28) | N/A | 187 | |
(10.37) | 5,014 | 3.79 | (1.54) | (1.62) | 3.71 | (1.46) | (1.54) | 190 | |
(4.05) | 11,858 | 3.37 | (0.63) | N/A | 3.30 | (0.55) | N/A | 205 | |
6.44 | 5,186 | 3.46 | (1.56) | N/A | 3.30 | (1.40) | N/A | 156 | |
6.91 | 2,110 | 4.03 | (2.44) | N/A | 3.76 | (2.17) | N/A | 159 | |
2.14 | 2,109 | 4.06 | (2.23) | N/A | 3.87 | (2.04) | N/A | 187 | |
(9.45) | 223,676 | 2.79 | (0.50) | (0.57) | 2.71 | (0.42) | (0.49) | 190 | |
(3.11) | 599,755 | 2.37 | 0.37 | N/A | 2.30 | 0.44 | N/A | 205 | |
7.50 | 227,833 | 2.45 | (0.55) | N/A | 2.29 | (0.40) | N/A | 156 | |
8.02 | 59,022 | 3.02 | (1.43) | N/A | 2.75 | (1.16) | N/A | 159 | |
3.12 | 49,990 | 3.06 | (1.23) | N/A | 2.87 | (1.04) | N/A | 187 |
(a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
(b) | During the fiscal year ended August 31, 2020, the Fund began receiving voluntary compensation from the Adviser. The Fund’s Total Return would decrease by an amount equaling 0.09%, 0.09% and 0.08% for Class A, C and I Shares, respectively, if such voluntary compensation were excluded. See Note 7-Management Fees and Other Transactions with Affiliates, for more information. |
(c) | 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. |
(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 3 - 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 | |
2020 | 1.35% | 1.35% | 1.36% | —% | —% | —% | |
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 |
(e) | After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Note 7 – Management Fees and Other Transactions with Affiliates for more information. |
(f) | 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) divided by the average long-term market value during the period. |
N/A | Fund did not have Payments from Affiliates for periods prior to the fiscal year ended August 31, 2020. |
Large Cap Value | Level 1 | Level 2 | Level 3 | Total |
Long-Term Investments*: | ||||
Common Stocks | $250,160,261 | $ — | $ — | $250,160,261 |
Short-Term Investments: | ||||
Repurchase Agreements | — | 3,979,691 | — | 3,979,691 |
Total | $250,160,261 | $3,979,691 | $ — | $254,139,952 |
Large Cap Core | Level 1 | Level 2 | Level 3 | Total |
Long-Term Investments*: | ||||
Common Stocks | $455,846,385 | $ — | $ — | $455,846,385 |
Short-Term Investments: | ||||
Repurchase Agreements | — | 1,298,793 | — | 1,298,793 |
Total | $455,846,385 | $1,298,793 | $ — | $457,145,178 |
Large Cap Growth | Level 1 | Level 2 | Level 3 | Total |
Long-Term Investments*: | ||||
Common Stocks | $247,821,593 | $ — | $ — | $247,821,593 |
Short-Term Investments: | ||||
Repurchase Agreements | — | 3,421,647 | — | 3,421,647 |
Total | $247,821,593 | $3,421,647 | $ — | $251,243,240 |
Equity Long/Short | Level 1 | Level 2 | Level 3 | Total |
Long-Term Investments*: | ||||
Common Stocks | $214,268,071 | $ — | $ — | $214,268,071 |
Short-Term Investments: | ||||
Repurchase Agreements | — | 46,119,743 | — | 46,119,743 |
Common Stocks Sold Short* | (91,558,523) | — | — | (91,558,523) |
Total | $122,709,548 | $46,119,743 | $ — | $168,829,291 |
Equity Market Neutral | Level 1 | Level 2 | Level 3 | Total |
Long-Term Investments*: | ||||
Common Stocks | $ 199,917,717 | $ — | $ — | $ 199,917,717 |
Short-Term Investments: | ||||
Repurchase Agreements | — | 59,135,075 | — | 59,135,075 |
Common Stocks Sold Short* | (238,233,825) | — | — | (238,233,825) |
Total | $ (38,316,108) | $59,135,075 | $ — | $ 20,818,967 |
* | 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 | $ 3,979,691 | $ (3,979,691) | $ — |
Large Cap Core | Fixed Income Clearing Corporation | 1,298,793 | (1,298,793) | — |
Large Cap Growth | Fixed Income Clearing Corporation | 3,421,647 | (3,421,647) | — |
Equity Long/Short | Fixed Income Clearing Corporation | 46,119,743 | (46,119,743) | — |
Equity Market Neutral | Fixed Income Clearing Corporation | 59,135,075 | (59,135,075) | — |
Large Cap Value | Large Cap Core | Large Cap Growth | Equity Long/Short | Equity Market Neutral | |
Purchases | $418,767,380 | $ 701,928,849 | $269,661,364 | $850,480,436 | $1,495,465,817 |
Sales | 523,386,887 | 1,171,166,285 | 387,401,283 | 939,128,897 | 1,517,762,134 |
Year Ended 8/31/20 | Year Ended 8/31/19 | ||||
Large Cap Value | Shares | Amount | Shares | Amount | |
Shares sold: | |||||
Class A | 559,509 | $ 10,196,334 | 661,307 | $ 14,496,878 | |
Class A – automatic conversion of Class C Shares | 283 | 1,939 | 773 | 19,862 | |
Class C | 61,540 | 1,239,414 | 242,217 | 5,063,761 | |
Class R3 | 500 | 11,111 | 15,971 | 417,750 | |
Class R6 | 6,294 | 124,828 | 27,487 | 684,734 | |
Class I | 630,525 | 13,442,928 | 2,768,026 | 65,026,788 | |
Class T | — | — | — | — | |
Shares issued to shareholders due to reinvestment of distributions: | |||||
Class A | 104,122 | 2,462,496 | 1,348,085 | 27,679,730 | |
Class C | 3,004 | 67,639 | 100,355 | 1,949,039 | |
Class R3 | 193 | 4,611 | 2,325 | 48,232 | |
Class R6 | 53 | 1,264 | 92,422 | 1,909,868 | |
Class I | 57,182 | 1,357,495 | 793,579 | 16,388,009 | |
Class T | — | — | — | — | |
1,423,205 | 28,910,059 | 6,052,547 | 133,684,651 | ||
Shares redeemed: | |||||
Class A | (2,108,846) | (42,520,581) | (2,098,500) | (46,703,261) | |
Class C | (371,780) | (7,185,897) | (391,179) | (8,152,916) | |
Class C – automatic conversion to Class A Shares | (298) | (1,939) | (812) | (19,862) | |
Class R3 | (17,135) | (407,419) | (3,292) | (82,580) | |
Class R6 | (696,588) | (15,101,408) | (37,619) | (1,048,525) | |
Class I | (3,255,243) | (67,749,346) | (3,631,131) | (80,095,802) | |
Class T | — | — | (1,000) | (24,870) | |
(6,449,890) | (132,966,590) | (6,163,533) | (136,127,816) | ||
Net increase (decrease) | (5,026,685) | $(104,056,531) | (110,986) | $ (2,443,165) |
Year Ended 8/31/20 | Year Ended 8/31/19 | ||||
Large Cap Core | Shares | Amount | Shares | Amount | |
Shares sold: | |||||
Class A | 496,583 | $ 14,818,280 | 1,418,001 | $ 44,208,502 | |
Class A – automatic conversion of Class C Shares | — | — | 724 | 25,046 | |
Class C | 130,506 | 3,809,909 | 1,147,610 | 34,946,409 | |
Class R6 | 932,625 | 27,382,422 | 823,121 | 25,587,354 | |
Class I | 1,865,007 | 56,298,141 | 13,420,162 | 420,237,008 | |
Class T | — | — | — | — | |
Shares issued to shareholders due to reinvestment of distributions: | |||||
Class A | 20,611 | 679,972 | 36,644 | 1,037,388 | |
Class C | 585 | 18,969 | 22,401 | 627,236 | |
Class R6 | 38,835 | 1,279,219 | 59,599 | 1,680,197 | |
Class I | 111,234 | 3,657,361 | 218,413 | 6,151,121 | |
Class T | — | — | — | — | |
3,595,986 | 107,944,273 | 17,146,675 | 534,500,261 | ||
Shares redeemed: | |||||
Class A | (1,328,993) | (39,713,251) | (1,102,391) | (33,260,523) | |
Class C | (1,359,084) | (39,867,047) | (1,073,817) | (32,240,709) | |
Class C – automatic conversion to Class A Shares | — | — | (738) | (25,046) | |
Class R6 | (5,154,693) | (161,755,513) | (652,146) | (20,573,151) | |
Class I | (11,218,508) | (340,404,582) | (10,389,593) | (313,374,053) | |
Class T | — | — | (833) | (25,291) | |
(19,061,278) | (581,740,393) | (13,219,518) | (399,498,773) | ||
Net increase (decrease) | (15,465,292) | $(473,796,120) | 3,927,157 | $ 135,001,488 |
Year Ended 8/31/20 | Year Ended 8/31/19 | ||||
Large Cap Growth | Shares | Amount | Shares | Amount | |
Shares sold: | |||||
Class A | 494,121 | $ 12,537,429 | 440,764 | $ 11,525,091 | |
Class A – automatic conversion of Class C Shares | 4,094 | 111,597 | 490 | 13,332 | |
Class C | 93,561 | 2,303,713 | 171,874 | 4,329,693 | |
Class R6 | 3,840 | 102,719 | 16,039 | 480,232 | |
Class I | 677,852 | 18,047,194 | 1,239,923 | 32,228,635 | |
Shares issued to shareholders due to reinvestment of distributions: | |||||
Class A | 270,806 | 7,401,736 | 456,158 | 10,591,996 | |
Class C | 66,996 | 1,755,972 | 141,691 | 3,188,043 | |
Class R6 | 3,221 | 88,393 | 88,195 | 2,054,440 | |
Class I | 260,095 | 7,134,177 | 578,920 | 13,468,437 | |
1,874,586 | 49,482,930 | 3,134,054 | 77,879,899 | ||
Shares redeemed: | |||||
Class A | (1,156,288) | (31,034,211) | (1,712,696) | (44,562,013) | |
Class C | (467,999) | (11,944,013) | (769,001) | (19,336,226) | |
Class C – automatic conversion to Class A Shares | (4,269) | (111,597) | (505) | (13,332) | |
Class R6 | (854,563) | (22,487,783) | (106,887) | (3,012,439) | |
Class I | (3,206,724) | (87,019,569) | (5,123,392) | (134,351,951) | |
(5,689,843) | (152,597,173) | (7,712,481) | (201,275,961) | ||
Net increase (decrease) | (3,815,257) | $(103,114,243) | (4,578,427) | $(123,396,062) |
Year Ended 8/31/20 | Year Ended 8/31/19 | ||||
Equity Long/Short | Shares | Amount | Shares | Amount | |
Shares sold: | |||||
Class A | 165,945 | $ 6,683,759 | 613,330 | $ 25,320,568 | |
Class A – automatic conversion of Class C Shares | 132 | 4,981 | 183 | 7,468 | |
Class C | 30,205 | 1,106,693 | 182,255 | 6,987,309 | |
Class I | 1,112,632 | 45,338,404 | 5,485,729 | 233,285,001 | |
Shares issued to shareholders due to reinvestment of distributions: | |||||
Class A | — | — | 18,177 | 723,620 | |
Class C | — | — | 8,170 | 298,942 | |
Class I | — | — | 104,130 | 4,256,858 | |
1,308,914 | 53,133,837 | 6,411,974 | 270,879,766 | ||
Shares redeemed: | |||||
Class A | (670,327) | (25,610,534) | (567,931) | (23,095,237) | |
Class C | (228,053) | (8,193,885) | (128,354) | (4,775,982) | |
Class C – automatic conversion to Class A Shares | (145) | (4,981) | (199) | (7,468) | |
Class I | (4,208,440) | (167,690,813) | (5,989,188) | (248,529,705) | |
(5,106,965) | (201,500,213) | (6,685,672) | (276,408,392) | ||
Net increase (decrease) | (3,798,051) | $(148,366,376) | (273,698) | $ (5,528,626) |
Year Ended 8/31/20 | Year Ended 8/31/19 | ||||
Equity Market Neutral | Shares | Amount | Shares | Amount | |
Shares sold: | |||||
Class A | 291,909 | $ 6,657,613 | 1,928,361 | $ 46,876,614 | |
Class C | 51,381 | 1,115,964 | 451,089 | 10,722,757 | |
Class I | 5,397,592 | 123,796,853 | 35,204,636 | 871,817,207 | |
Shares issued to shareholders due to reinvestment of distributions: | |||||
Class A | 2,248 | 51,645 | 7,597 | 190,467 | |
Class C | — | — | 2,280 | 54,802 | |
Class I | 66,380 | 1,546,645 | 90,721 | 2,307,950 | |
5,809,510 | 133,168,720 | 37,684,684 | 931,969,797 | ||
Shares redeemed: | |||||
Class A | (1,458,923) | (32,448,715) | (1,057,823) | (25,308,591) | |
Class C | (330,322) | (6,988,243) | (145,708) | (3,318,282) | |
Class I | (20,160,124) | (456,623,968) | (19,411,116) | (467,154,592) | |
(21,949,369) | (496,060,926) | (20,614,647) | (495,781,465) | ||
Net increase (decrease) | (16,139,859) | $(362,892,206) | 17,070,037 | $ 436,188,332 |
Large Cap Value | Large Cap Core | Large Cap Growth | Equity Long/Short | Equity Market Neutral | |
Tax cost of investments | $245,914,832 | $354,951,978 | $154,969,004 | $128,759,843 | $ 18,625,325 |
Gross unrealized: | |||||
Appreciation | $ 33,377,751 | $132,166,501 | $106,145,644 | $ 56,914,270 | $ 54,954,808 |
Depreciation | (25,152,631) | (29,973,301) | (9,871,408) | (16,844,822) | (52,761,166) |
Net unrealized appreciation (depreciation) of investments | $ 8,225,120 | $102,193,200 | $ 96,274,236 | $ 40,069,448 | $ 2,193,642 |
Large Cap Value | Large Cap Core | Large Cap Growth | Equity Long/Short | Equity Market Neutral | |
Undistributed net ordinary income1 | $2,672,936 | $2,785,075 | $ 2,377,057 | $ — | $ — |
Undistributed net long-term capital gains | — | — | 21,654,130 | — | — |
1 | Net ordinary income consists of net taxable income derived from dividends, interest, and net short-term capital gains, if any. |
2020 | Large Cap Value | Large Cap Core | Large Cap Growth | Equity Long/Short | Equity Market Neutral |
Distributions from net ordinary income1 | $4,825,888 | $6,872,442 | $ 1,309,408 | $ — | $1,972,401 |
Distributions from net long-term capital gains | — | — | 18,139,315 | — | — |
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 gains | 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. |
Large Cap Value | Large Cap Core | Equity Long/Short | Equity Market Neutral | |
Not subject to expiration: | ||||
Short-term | $39,137,017 | $42,965,024 | $40,174,391 | $64,688,809 |
Long-term | 4,581,193 | — | — | 10,776,757 |
Total | $43,718,210 | $42,965,024 | $40,174,391 | $75,465,566 |
Equity Long/Short | Equity Market Neutral | |
Post-October capital losses2 | $ — | $ — |
Late-year ordinary losses3 | 800,739 | 1,489,506 |
2 | Capital losses incurred from November 1, 2019 through August 31, 2020, the Funds' tax year end. |
3 | Ordinary losses incurred from January 1, 2020 through August 31, 2020, and/or specified losses incurred from November 1, 2019 through August 31, 2020. |
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 | 0.1574% |
Large Cap Core | 0.1574% |
Large Cap Growth | 0.2000% |
Equity Long/Short | 0.1574% |
Equity Market Neutral | 0.1574% |
Fund | Temporary Expense Cap | Temporary Expense Cap Expiration Date | Permanent Expense Cap |
Large Cap Value | 0.79% | July 31, 2022 | 1.20% |
Large Cap Core | 0.77 | July 31, 2022 | N/A |
Large Cap Growth | 0.75 | July 31, 2022 | N/A |
Equity Long/Short | 1.40 | July 31, 2022 | N/A |
Equity Market Neutral | 1.40 | July 31, 2022 | N/A |
Large Cap Value | Large Cap Core | Large Cap Growth | Equity Long/Short | Equity Market Neutral | |
Sales charges collected (Unaudited) | $34,645 | $138,102 | $58,630 | $70,214 | $51,602 |
Paid to financial intermediaries (Unaudited) | 30,549 | 122,242 | 51,728 | 63,634 | 46,502 |
Large Cap Value | Large Cap Core | Large Cap Growth | Equity Long/Short | Equity Market Neutral | |
Commission advances (Unaudited) | $10,565 | $35,589 | $10,402 | $26,420 | $20,593 |
Large Cap Value | Large Cap Core | Large Cap Growth | Equity Long/Short | Equity Market Neutral | |
12b-1 fees retained (Unaudited) | $12,827 | $97,087 | $9,300 | $22,765 | $29,701 |
Large Cap Value | Large Cap Core | Large Cap Growth | Equity Long/Short | Equity Market Neutral | |
CDSC retained (Unaudited) | $11,326 | $11,723 | $4,152 | $17,246 | $24,273 |
Large Cap Value | Large Cap Core | Large Cap Growth | |
Nuveen owned shares | —%* | —%* | —%* |
* | Rounds to less than 1%. |
Large Cap Core | |
Maximum outstanding balance | $130,000,000 |
Large Cap Core | |
Utilization period (days outstanding) | 6 |
Average daily balance outstanding | $86,726,902 |
Average annual interest rate | 1.72% |
Large Cap Growth | |
Long-term capital gain dividends | $18,469,695 |
Large Cap Value | Large Cap Core | Large Cap Growth | Equity Market Neutral | |
% of QDI | 100.0% | 100.0% | 100.0% | 100.0% |
% of DRD | 100.0% | 100.0% | 100.0% | 100.0% |
• | 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, rationalizing the product line and gaining efficiencies through mergers, repositionings and liquidations; launching new share classes; reviewing and updating investment policies and benchmarks; closing funds to new investments; rebranding the exchange-traded fund (“ETF”) product line; and integrating certain investment teams and changing the portfolio managers serving various funds; |
• | Capital Initiatives – continuing to invest capital to support new Nuveen funds with initial capital as well as to facilitate modifications to the strategies or structure of existing funds; |
• | Liquidity Management – implementing the liquidity risk management program which was designed to assess and manage the liquidity risk of the Nuveen funds. The Board noted that this program was particularly helpful in addressing the high volatility and liquidity challenges that arose in the market, particularly for the high yield municipal sector, during the first half of 2020; |
• | Compliance Program Initiatives – continuing efforts to mitigate compliance risk, increase operating efficiencies, strengthen key compliance program elements and support international business growth and other objectives through, among other things, integrating various investment teams across affiliates, consolidating marketing review functions, enhancing compliance related technologies and establishing and maintaining shared broad-based compliance policies throughout the organization and its affiliates; |
• | Risk Management and Valuation Services – continuing efforts to provide Nuveen with a more disciplined and consistent approach to identifying and mitigating the firm’s operational risks through, among other things, enhancing the interaction and reporting between the investment risk management team and various affiliates and adopting a risk operational framework across the complex; |
• | Regulatory Matters – continuing efforts to monitor regulatory trends and advocate on behalf of the Nuveen funds, to implement and comply with new or revised rules and mandates and to respond to regulatory inquiries and exams; |
• | Government Relations – continuing efforts of various Nuveen teams and affiliates to develop policy positions on a broad range of issues that may impact the Nuveen funds, advocate and communicate these positions to lawmakers and other regulatory authorities and work with trade associations to ensure these positions are represented; |
• | Business Continuity, Disaster Recovery and Information Services – continuing to periodically test business continuity and disaster recovery plans, maintain an information security program designed to identify and manage information security risks, and provide reports to the Board, at least annually, addressing, among other things, management’s security risk assessment, cyber risk profile, potential impact of new or revised laws and regulations, incident tracking and other relevant information technology risk-related reports; and |
• | Expanded Dividend Management Services – continuing to manage the dividends among the varying types of Nuveen funds within the Nuveen complex to be consistent with the respective fund’s product design and investing resources to develop systems to assist in the process for newer products such as target term funds and ETFs. |
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 (2): | ||||
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, 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, Fulcrum IT Services LLC (2010-2019); 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). | 155 |
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. | 155 |
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. | 155 |
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); formerly, Chairman (2019), and Director (2012-2019), USA Technologies, Inc., a provider of solutions and services to facilitate electronic payment transactions; 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. | 155 |
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; served The President's Council of Fordham University (2010-2019) and previously 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); former Chair of the Board of Trustees of Marian University (2010-2014 as trustee, 2011-2014 as Chair); formerly Chief Executive Officer of ABN AMRO Bank N.V., North America, and Global Head of the Financial Markets Division (2007-2008), with various executive leadership roles in ABN AMRO Bank N.V. between 1996 and 2007. | 155 |
Judith M. Stockdale 1947 333 W. Wacker Drive Chicago, IL 60606 | Trustee | 1997 | Board Member, Land Trust Alliance (since 2013); formerly, Board Member, U.S. Endowment for Forestry and Communities (2013-2019); formerly, Executive Director (1994-2012), Gaylord and Dorothy Donnelley Foundation; prior thereto, Executive Director, Great Lakes Protection Fund (1990-1994). | 155 |
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); former Director, Cboe Global Markets, Inc., formerly, CBOE Holdings, Inc. (2010-May 2020); formerly, Commissioner, New York State Commission on Public Authority Reform (2005-2010). | 155 |
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. | 155 |
Robert L. Young 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). | 155 |
Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed(3) | Principal Occupation(s) During Past 5 Years | |
Officers of the Funds: | ||||
Christopher E. Stickrod 1976 333 W. Wacker Drive Chicago, IL 60606 | Chief Administrative Officer | 2020 | Senior Managing Director (since 2017) and Head of Advisory Product (since 2020), formerly, Managing Director (2016-2017) and Senior Vice President (2013-2016) of Nuveen, LLC; Senior Managing Director of Nuveen Securities, LLC (since 2018) and of Nuveen Fund Advisors, LLC (since 2019). | |
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). | |
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 (since 2015) 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 2019) of Nuveen Fund Advisors, LLC; 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. |
Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed(3) | Principal Occupation(s) During Past 5 Years | |
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); Managing Director of Nuveen Fund Advisors, LLC (since 2019); 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. | |
Deann D. Morgan 1969 100 Park Avenue New York, NY 10016 | Vice President | 2020 | Executive Vice President, Global Head of Product at Nuveen (since November 2019); Co-Chief Executive Officer of Nuveen Securities, LLC (since March 2020); Managing Member MDR Collaboratory LLC (since 2018); Managing Director, Head of Wealth Management Product Structuring & COO Multi Asset Investing. The Blackstone Group (2013-2017). | |
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), Co-General Counsel (since 2019) and Assistant Secretary (since 2016) of Nuveen Fund Advisors, LLC; Managing Director (since 2017), formerly, Senior Vice President (2012-2017) and Associate General Counsel (since 2016), formerly, Assistant General Counsel (2008-2016) of Nuveen. | |
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. |
Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed(3) | Principal Occupation(s) During Past 5 Years | |
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/fund-governance. (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 Chair (or, in her absence, any other member of the Audit Committee).
Fiscal Year Ended August 31, 2020 | Audit Fees Billed to Funds 1 | Audit-Related Fees Billed to Funds 2 | Tax Fees Billed to Funds 3 | All Other Fees Billed to Funds 4 | ||||||||||||
Fund Name | ||||||||||||||||
Nuveen Equity Market Neutral Fund | 17,680 | 0 | 0 | 0 | ||||||||||||
Nuveen Large Cap Value Fund | 18,110 | 0 | 0 | 0 | ||||||||||||
Nuveen Large Cap Core Fund | 18,110 | 0 | 0 | 0 | ||||||||||||
Nuveen Large Cap Growth Fund | 18,100 | 0 | 0 | 0 | ||||||||||||
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|
|
|
|
|
|
| |||||||||
Total | $ | 72,000 | $ | 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, 2019 | Audit Fees Billed to Funds 1 | Audit-Related Fees Billed to Funds 2 | 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 | 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 | ||||||||||||
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|
|
|
|
|
| |||||||||
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, 2020 | 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 | 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, 2020 | 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, 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 | ||||||||||||
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|
|
|
|
|
|
| |||||||||
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 Chair for her 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 FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable to this registrant.
ITEM 8. | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable to this registrant.
ITEM 9. | PURCHASES OF EQUITY SECURITIES BY CLOSED-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 Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-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 Rule 30a-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.
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 6, 2020
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/ Christopher E. Stickrod | |
Christopher E. Stickrod | ||
Chief Administrative Officer | ||
(principal executive officer) |
Date: November 6, 2020
By (Signature and Title) | /s/ E. Scott Wickerham | |
E. Scott Wickerham | ||
Vice President and Controller | ||
(principal financial officer) |
Date: November 6, 2020