NPORT-EX 2 NLCC.htm
Nuveen Large Cap Core Fund
Portfolio of Investments    May 31, 2021
(Unaudited)
Shares   Description (1)       Value
    LONG-TERM INVESTMENTS – 99.0%        
    COMMON STOCKS – 99.0%        
    Air Freight & Logistics – 2.4%        
37,000   FedEx Corp       $11,647,970
    Automobiles – 0.4%        
3,000   Tesla Inc, (2)       1,875,660
    Banks – 4.6%        
68,000   JPMorgan Chase & Co       11,168,320
187,000   US Bancorp       11,365,860
    Total Banks       22,534,180
    Biotechnology – 2.8%        
73,000   AbbVie Inc       8,263,600
29,000   United Therapeutics Corp, (2)       5,391,100
    Total Biotechnology       13,654,700
    Building Products – 3.5%        
122,000   Carrier Global Corp       5,603,460
85,000   Johnson Controls International plc       5,655,900
32,000   Trane Technologies PLC       5,964,800
    Total Building Products       17,224,160
    Capital Markets – 4.2%        
32,000   Goldman Sachs Group Inc       11,904,640
96,000   Morgan Stanley       8,731,200
    Total Capital Markets       20,635,840
    Chemicals – 3.3%        
80,000   Dow Inc       5,473,600
26,000   Linde PLC       7,815,600
60,000   Olin Corp       2,933,400
    Total Chemicals       16,222,600
    Consumer Finance – 3.4%        
68,000   Capital One Financial Corp       10,933,040
120,000   Synchrony Financial       5,689,200
    Total Consumer Finance       16,622,240
    Electrical Equipment – 1.1%        
57,000   Emerson Electric Co       5,454,330
      0
Nuveen Large Cap Core Fund (continued)
Portfolio of Investments    May 31, 2021
(Unaudited)
Shares   Description (1)       Value
    Entertainment – 1.2%        
59,000   Activision Blizzard Inc       $5,737,750
    Food & Staples Retailing – 2.9%        
19,000   Costco Wholesale Corp       7,187,130
50,000   Walmart Inc       7,101,500
    Total Food & Staples Retailing       14,288,630
    Food Products – 1.9%        
143,000   Mondelez International Inc       9,084,790
    Health Care Equipment & Supplies – 2.0%        
39,000   Danaher Corp       9,989,460
    Health Care Providers & Services – 7.8%        
21,500   Anthem Inc       8,561,730
25,000   Cigna Corp       6,471,250
18,000   Humana Inc       7,878,600
26,000   McKesson Corp       5,002,140
25,000   UnitedHealth Group Inc       10,298,000
    Total Health Care Providers & Services       38,211,720
    Household Durables – 1.1%        
23,000   Whirlpool Corp       5,453,070
    Household Products – 1.0%        
57,000   Spectrum Brands Holdings Inc       5,066,730
    Insurance – 1.1%        
86,000   MetLife Inc       5,620,960
    Interactive Media & Services – 6.5%        
7,000   Alphabet Inc, (2)       16,497,950
47,000   Facebook Inc, (2)       15,450,310
    Total Interactive Media & Services       31,948,260
    Internet & Direct Marketing Retail – 2.6%        
4,000   Amazoncom Inc, (2)       12,892,280
    IT Services – 1.5%        
26,000   Accenture PLC       7,336,160
    Leisure Products – 1.0%        
47,000   Brunswick Corp/DE       4,804,810
    Machinery – 3.2%        
35,000   AGCO Corp       4,842,950
42,000   Oshkosh Corp       5,520,480
1      
Shares   Description (1)       Value
    Machinery (continued)        
17,000   Parker-Hannifin Corp       $5,238,550
    Total Machinery       15,601,980
    Media – 1.9%        
162,000   Comcast Corp       9,289,080
    Multiline Retail – 1.4%        
31,000   Target Corp       7,034,520
    Professional Services – 2.2%        
59,000   Booz Allen Hamilton Holding Corp       5,010,870
41,000   Jacobs Engineering Group Inc       5,825,280
    Total Professional Services       10,836,150
    Real Estate Management & Development – 1.1%        
63,000   CBRE Group Inc, (2)       5,530,140
    Road & Rail – 1.4%        
30,000   Union Pacific Corp       6,741,900
    Semiconductors & Semiconductor Equipment – 4.9%        
51,000   Applied Materials Inc       7,044,630
22,000   Broadcom Inc       10,391,260
10,000   Lam Research Corp       6,498,500
    Total Semiconductors & Semiconductor Equipment       23,934,390
    Software – 11.7%        
7,000   Autodesk Inc, (2)       2,001,020
75,000   Cadence Design Systems Inc, (2)       9,524,250
12,000   HubSpot Inc, (2)       6,052,560
96,000   Microsoft Corp       23,969,280
11,800   ServiceNow Inc, (2)       5,591,784
41,000   Synopsys Inc, (2)       10,427,940
    Total Software       57,566,834
    Specialty Retail – 4.4%        
41,000   Best Buy Co Inc       4,765,840
29,000   Home Depot Inc       9,248,390
38,000   Lowe's Cos Inc       7,403,540
    Total Specialty Retail       21,417,770
    Technology Hardware, Storage & Peripherals – 8.1%        
236,000   Apple Inc       29,407,960
56,000   Dell Technologies Inc, (2)       5,523,840
170,000   HP Inc       4,969,100
    Total Technology Hardware, Storage & Peripherals       39,900,900
      2
Nuveen Large Cap Core Fund (continued)
Portfolio of Investments    May 31, 2021
(Unaudited)
Shares   Description (1)       Value
    Textiles, Apparel & Luxury Goods – 1.0%        
90,000   Capri Holdings Ltd, (2)       $5,103,900
    Tobacco – 1.4%        
71,000   Philip Morris International Inc       6,846,530
    Total Long-Term Investments (cost $354,070,512)       486,110,394
    
Principal Amount (000)   Description (1) Coupon Maturity   Value
    SHORT-TERM INVESTMENTS – 1.0%        
    REPURCHASE AGREEMENTS – 1.0%        
$4,972   Repurchase Agreement with Fixed Income Clearing Corporation, dated 5/28/21, repurchase price $4,971,850, collateralized by $3,978,300, U.S. Treasury Bond, 3.750%, due 11/15/43, value $5,071,389 0.000% 6/01/21   $4,971,850
    Total Short-Term Investments (cost $4,971,850)       4,971,850
    Total Investments (cost $359,042,362) – 100.0%       491,082,244
    Other Assets Less Liabilities – (0.0)%       (4,482)
    Net Assets – 100%       $491,077,762
Part F of Form N-PORT was prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and in conformity with the applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) related to interim filings. Part F of Form N-PORT does not include all information and footnotes required by U.S. GAAP for complete financial statements. Certain footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted from this report pursuant to the rules of the SEC. For a full set of the Fund’s notes to financial statements, please refer to the Fund’s most recently filed annual or semi-annual report.
Fair Value Measurements
The Fund's investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Board of Directors/Trustees. Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. U.S. GAAP establishes the three-tier hierarchy which is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect management’s assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
Level 1  –     Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
Level 2  –     Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit spreads, etc.).
Level 3  –     Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments).
3      
The following table summarizes the market value of the Fund's investments as of the end of the reporting period, based on the inputs used to value them:
  Level 1 Level 2 Level 3 Total
Long-Term Investments:        
Common Stocks $486,110,394 $ — $ — $486,110,394
Short-Term Investments:        
Repurchase Agreements  — 4,971,850  — 4,971,850
Total $486,110,394 $4,971,850 $ — $491,082,244
    
  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 an ex-dividend date within the past twelve months.  
      4
Nuveen Equity Market Neutral Fund
Portfolio of Investments    May 31, 2021
(Unaudited)
Shares   Description (1)       Value
    LONG-TERM INVESTMENTS – 28.7%        
    COMMON STOCKS – 28.7%        
    Aerospace & Defense – 0.5%        
600   Boeing Co, (2)       $148,212
3,100   Textron Inc       212,257
    Total Aerospace & Defense       360,469
    Air Freight & Logistics – 0.5%        
750   FedEx Corp       236,108
1,000   XPO Logistics Inc, (2)       146,930
    Total Air Freight & Logistics       383,038
    Banks – 1.3%        
5,500   Fifth Third Bancorp       231,770
1,300   JPMorgan Chase & Co       213,512
3,900   US Bancorp       237,042
4,500   Wells Fargo & Co       210,240
    Total Banks       892,564
    Beverages – 0.3%        
2,500   Monster Beverage Corp, (2)       235,675
    Biotechnology – 1.4%        
11,000   Alkermes PLC, (2)       249,370
1,600   Horizon Therapeutics Plc, (2)       146,656
1,000   Seagen Inc, (2)       155,350
1,150   United Therapeutics Corp, (2)       213,785
1,050   Vertex Pharmaceuticals Inc, (2)       219,061
    Total Biotechnology       984,222
    Building Products – 1.4%        
3,400   A O Smith Corp       241,638
5,200   Carrier Global Corp       238,836
2,400   Owens Corning       255,960
1,400   Trane Technologies PLC       260,960
    Total Building Products       997,394
    Capital Markets – 1.1%        
1,700   Evercore Inc       247,962
650   Goldman Sachs Group Inc       241,813
2,800   Morgan Stanley       254,660
    Total Capital Markets       744,435
5      
Shares   Description (1)       Value
    Chemicals – 0.6%        
3,500   Dow Inc       $239,470
4,200   Olin Corp       205,338
    Total Chemicals       444,808
    Communications Equipment – 0.3%        
4,500   Cisco Systems Inc       238,050
    Construction Materials – 0.3%        
1,600   Eagle Materials Inc, (2)       234,816
    Consumer Finance – 0.3%        
1,450   Capital One Financial Corp       233,131
    Containers & Packaging – 0.3%        
1,500   Packaging Corp of America       222,975
    Entertainment – 0.3%        
2,300   Activision Blizzard Inc       223,675
    Equity Real Estate Investment Trust – 1.4%        
950   American Tower Corp       242,687
1,700   Extra Space Storage Inc       254,677
1,900   Simon Property Group Inc       244,131
6,000   Weyerhaeuser Co       227,760
    Total Equity Real Estate Investment Trust       969,255
    Food & Staples Retailing – 0.3%        
1,600   Walmart Inc       227,248
    Food Products – 0.9%        
3,400   Archer-Daniels-Midland Co       226,202
2,500   Bunge Ltd       217,050
3,400   Mondelez International Inc       216,002
    Total Food Products       659,254
    Health Care Equipment & Supplies – 0.3%        
900   Danaher Corp       230,526
    Health Care Providers & Services – 1.5%        
600   Anthem Inc       238,932
1,800   Centene Corp, (2)       132,480
800   Cigna Corp       207,080
550   Humana Inc       240,735
1,500   Universal Health Services Inc       239,445
    Total Health Care Providers & Services       1,058,672
      6
Nuveen Equity Market Neutral Fund (continued)
Portfolio of Investments    May 31, 2021
(Unaudited)
Shares   Description (1)       Value
    Household Durables – 0.7%        
8,600   Newell Brands Inc       $246,734
1,000   Whirlpool Corp       237,090
    Total Household Durables       483,824
    Household Products – 0.6%        
3,500   Energizer Holdings Inc       161,140
2,700   Spectrum Brands Holdings Inc       240,003
    Total Household Products       401,143
    Industrial Conglomerates – 0.3%        
1,050   Carlisle Cos Inc       201,936
    Interactive Media & Services – 0.6%        
80   Alphabet Inc, (2)       188,548
750   Facebook Inc, (2)       246,547
    Total Interactive Media & Services       435,095
    Internet & Direct Marketing Retail – 0.3%        
1,050   Etsy Inc, (2)       172,967
    IT Services – 0.3%        
850   Accenture PLC       239,836
    Leisure Products – 0.3%        
2,200   Brunswick Corp/DE       224,906
    Life Sciences Tools & Services – 0.7%        
7,000   Avantor Inc, (2)       225,050
1,050   IQVIA Holdings Inc, (2)       252,168
    Total Life Sciences Tools & Services       477,218
    Machinery – 1.6%        
1,500   AGCO Corp       207,555
2,400   Crane Co       229,176
900   Cummins Inc       231,552
1,900   Oshkosh Corp       249,736
2,900   Westinghouse Air Brake Technologies Corp       240,004
    Total Machinery       1,158,023
    Multiline Retail – 0.4%        
1,100   Target Corp       249,612
    Multi-Utilities – 0.7%        
2,800   Ameren Corp       235,760
9,500   CenterPoint Energy Inc       240,350
    Total Multi-Utilities       476,110
7      
Shares   Description (1)       Value
    Oil, Gas & Consumable Fuels – 1.2%        
2,400   Diamondback Energy Inc       $192,168
4,100   Marathon Petroleum Corp       253,380
1,200   Pioneer Natural Resources Co       182,628
6,400   Targa Resources Corp       248,704
    Total Oil, Gas & Consumable Fuels       876,880
    Personal Products – 0.3%        
750   Estee Lauder Cos Inc       229,890
    Pharmaceuticals – 0.4%        
1,450   Jazz Pharmaceuticals PLC, (2)       258,289
    Professional Services – 0.7%        
2,900   Booz Allen Hamilton Holding Corp       246,297
1,750   Jacobs Engineering Group Inc       248,640
    Total Professional Services       494,937
    Real Estate Management & Development – 0.4%        
2,800   CBRE Group Inc, (2)       245,784
    Road & Rail – 0.3%        
1,000   Union Pacific Corp       224,730
    Semiconductors & Semiconductor Equipment – 1.5%        
1,750   Applied Materials Inc       241,728
550   Broadcom Inc       259,781
1,700   Cree Inc, (2)       170,017
2,900   Intel Corp       165,648
400   Lam Research Corp       259,940
    Total Semiconductors & Semiconductor Equipment       1,097,114
    Software – 2.0%        
2,400   Dolby Laboratories Inc       234,096
9,300   Dropbox Inc, (2)       254,355
450   HubSpot Inc, (2)       226,971
1,000   Microsoft Corp       249,680
400   ServiceNow Inc, (2)       189,552
950   Synopsys Inc, (2)       241,623
    Total Software       1,396,277
    Specialty Retail – 0.6%        
1,500   Best Buy Co Inc       174,360
1,250   Lowe's Cos Inc       243,537
    Total Specialty Retail       417,897
      8
Nuveen Equity Market Neutral Fund (continued)
Portfolio of Investments    May 31, 2021
(Unaudited)
Shares   Description (1)       Value
    Technology Hardware, Storage & Peripherals – 0.3%        
2,300   Dell Technologies Inc, (2)       $226,872
    Textiles, Apparel & Luxury Goods – 0.9%        
4,100   Capri Holdings Ltd, (2)       232,511
1,500   NIKE Inc       204,690
11,000   Under Armour Inc, (2)       209,660
    Total Textiles, Apparel & Luxury Goods       646,861
    Trading Companies & Distributors – 0.3%        
500   WW Grainger Inc       231,080
    Wireless Telecommunication Services – 0.3%        
1,500   T-Mobile US Inc, (2)       212,175
    Total Long-Term Investments (cost $17,458,541)       20,419,663
    
Principal Amount (000)   Description (1) Coupon Maturity   Value
    SHORT-TERM INVESTMENTS – 71.2%        
    REPURCHASE AGREEMENTS – 71.2%        
$50,626   Repurchase Agreement with Fixed Income Clearing Corporation, dated 5/28/21, repurchase price $50,626,066, collateralized by $45,682,900, U.S. Treasury Inflation Index Notes, 0.125%, due 1/15/30, value $51,638,679 0.000% 6/01/21   $50,626,066
    Total Short-Term Investments (cost $50,626,066)       50,626,066
    Total Investments (cost $68,084,607) – 99.9%       71,045,729
    
Shares   Description (1)       Value
    COMMON STOCKS SOLD SHORT – (28.0)% (3)        
    Aerospace & Defense – (1.0)%        
(1,500)   Axon Enterprise Inc, (2)       $(210,885)
(3,400)   BWX Technologies Inc       (212,636)
(1,500)   HEICO Corp       (210,690)
(1,700)   Mercury Systems Inc, (2)       (111,265)
    Total Aerospace & Defense       (745,476)
    Beverages – (0.6)%        
(200)   Boston Beer Co Inc, (2)       (211,632)
(3,000)   Brown-Forman Corp       (241,080)
    Total Beverages       (452,712)
    Biotechnology – (0.5)%        
(1,500)   Acceleron Pharma Inc, (2)       (196,335)
(2,100)   Incyte Corp, (2)       (175,938)
    Total Biotechnology       (372,273)
9      
Shares   Description (1)       Value
    Building Products – (0.4)%        
(2,300)   AZEK Co Inc, (2)       $(100,119)
(1,900)   Trex Co Inc, (2)       (185,079)
    Total Building Products       (285,198)
    Capital Markets – (0.6)%        
(3,500)   Apollo Global Management Inc       (200,690)
(5,300)   Carlyle Group Inc       (231,292)
    Total Capital Markets       (431,982)
    Chemicals – (0.9)%        
(650)   Air Products and Chemicals Inc       (194,779)
(1,400)   Albemarle Corp       (233,912)
(1,000)   Ecolab Inc       (215,080)
    Total Chemicals       (643,771)
    Commercial Services & Supplies – (0.6)%        
(1,800)   Copart Inc, (2)       (232,218)
(4,000)   IAA Inc, (2)       (227,880)
    Total Commercial Services & Supplies       (460,098)
    Consumer Finance – (0.3)%        
(950)   LendingTree Inc, (2)       (194,988)
    Containers & Packaging – (0.6)%        
(1,500)   AptarGroup Inc       (220,965)
(2,400)   Ball Corp       (197,184)
    Total Containers & Packaging       (418,149)
    Diversified Consumer Services – (0.5)%        
(1,400)   Bright Horizons Family Solutions Inc, (2)       (193,522)
(2,300)   Chegg Inc, (2)       (176,893)
    Total Diversified Consumer Services       (370,415)
    Electric Utilities – (0.6)%        
(2,300)   Duke Energy Corp       (230,506)
(19,000)   PG&E Corp, (2)       (192,660)
    Total Electric Utilities       (423,166)
    Electronic Equipment, Instruments & Components – (0.3)%        
(5,000)   National Instruments Corp       (204,000)
    Entertainment – (0.3)%        
(4,700)   Liberty Media Corp-Liberty Formula One, (2)       (209,855)
      10
Nuveen Equity Market Neutral Fund (continued)
Portfolio of Investments    May 31, 2021
(Unaudited)
Shares   Description (1)       Value
    Equity Real Estate Investment Trust – (1.2)%        
(1,300)   Alexandria Real Estate Equities Inc       $(231,738)
(5,700)   Americold Realty Trust       (216,714)
(1,300)   Digital Realty Trust Inc       (197,028)
(3,500)   Douglas Emmett Inc       (121,520)
(1,700)   Realty Income Corp       (116,280)
    Total Equity Real Estate Investment Trust       (883,280)
    Food & Staples Retailing – (0.3)%        
(5,700)   US Foods Holding Corp, (2)       (221,958)
    Food Products – (0.6)%        
(2,700)   Kellogg Co       (176,823)
(2,400)   McCormick & Co Inc/MD       (213,744)
    Total Food Products       (390,567)
    Gas Utilities – (0.3)%        
(2,200)   Atmos Energy Corp       (218,174)
    Health Care Equipment & Supplies – (1.6)%        
(650)   ABIOMED Inc, (2)       (184,977)
(2,200)   Edwards Lifesciences Corp, (2)       (210,980)
(800)   Penumbra Inc, (2)       (199,288)
(550)   ResMed Inc       (113,218)
(1,000)   STERIS PLC       (190,860)
(550)   Teleflex Inc       (221,204)
    Total Health Care Equipment & Supplies       (1,120,527)
    Health Care Providers & Services – (0.6)%        
(2,600)   Encompass Health Corp       (223,054)
(6,500)   Premier Inc       (214,500)
    Total Health Care Providers & Services       (437,554)
    Health Care Technology – (0.3)%        
(9,500)   Change Healthcare Inc, (2)       (222,680)
    Hotels, Restaurants & Leisure – (1.6)%        
(2,000)   Choice Hotels International Inc, (2)       (241,820)
(500)   Domino's Pizza Inc       (213,435)
(2,600)   Planet Fitness Inc, (2)       (204,802)
(1,900)   Starbucks Corp       (216,372)
(750)   Vail Resorts Inc, (2)       (245,160)
    Total Hotels, Restaurants & Leisure       (1,121,589)
    Household Products – (0.3)%        
(2,300)   Church & Dwight Co Inc       (197,179)
11      
Shares   Description (1)       Value
    Insurance – (0.6)%        
(800)   Aon PLC       $(202,696)
(18,400)   GoHealth Inc, (2)       (209,208)
    Total Insurance       (411,904)
    IT Services – (2.0)%        
(1,700)   Akamai Technologies Inc, (2)       (194,157)
(2,800)   Black Knight Inc, (2)       (205,492)
(1,200)   Broadridge Financial Solutions Inc       (191,376)
(1,000)   Globant SA, (2)       (217,870)
(1,200)   Jack Henry & Associates Inc       (184,980)
(2,200)   Leidos Holdings Inc       (226,050)
(11,000)   Switch Inc       (207,570)
    Total IT Services       (1,427,495)
    Life Sciences Tools & Services – (1.0)%        
(5,300)   Adaptive Biotechnologies Corp, (2)       (200,393)
(4,500)   Berkeley Lights Inc, (2)       (195,750)
(350)   Bio-Techne Corp       (144,840)
(1,000)   Repligen Corp, (2)       (182,610)
    Total Life Sciences Tools & Services       (723,593)
    Machinery – (0.9)%        
(2,600)   Graco Inc       (196,872)
(1,000)   IDEX Corp       (222,660)
(1,700)   Xylem Inc/NY       (200,804)
    Total Machinery       (620,336)
    Marine – (0.3)%        
(2,900)   Kirby Corp, (2)       (189,457)
    Media – (0.6)%        
(125)   Cable One Inc       (226,945)
(1,400)   Liberty Broadband Corp, (2)       (232,806)
    Total Media       (459,751)
    Multiline Retail – (0.3)%        
(1,000)   Dollar General Corp       (202,960)
    Multi-Utilities – (0.3)%        
(2,500)   Consolidated Edison Inc       (193,100)
    Oil, Gas & Consumable Fuels – (0.7)%        
(11,000)   APA Corp       (228,800)
(4,500)   ONEOK Inc       (237,330)
    Total Oil, Gas & Consumable Fuels       (466,130)
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Nuveen Equity Market Neutral Fund (continued)
Portfolio of Investments    May 31, 2021
(Unaudited)
Shares   Description (1)       Value
    Pharmaceuticals – (1.1)%        
(5,400)   Elanco Animal Health Inc, (2)       $(194,292)
(4,600)   Royalty Pharma PLC       (184,552)
(12,500)   Viatris Inc       (190,500)
(1,300)   Zoetis Inc       (229,684)
    Total Pharmaceuticals       (799,028)
    Professional Services – (0.9)%        
(250)   CoStar Group Inc, (2)       (213,500)
(9,100)   Dun & Bradstreet Holdings Inc, (2)       (195,377)
(1,900)   TransUnion       (203,300)
    Total Professional Services       (612,177)
    Semiconductors & Semiconductor Equipment – (1.5)%        
(2,600)   Advanced Micro Devices Inc, (2)       (208,208)
(1,400)   Analog Devices Inc       (230,440)
(2,300)   First Solar Inc, (2)       (175,053)
(1,700)   QUALCOMM Inc       (228,718)
(1,250)   Skyworks Solutions Inc       (212,500)
    Total Semiconductors & Semiconductor Equipment       (1,054,919)
    Software – (2.3)%        
(2,600)   Alteryx Inc, (2)       (202,202)
(3,500)   CDK Global Inc       (183,190)
(2,500)   Ceridian HCM Holding Inc, (2)       (223,650)
(2,600)   Cloudflare Inc, (2)       (213,356)
(4,900)   Duck Creek Technologies Inc, (2)       (192,619)
(6,000)   Jamf Holding Corp, (2)       (208,080)
(7,200)   NortonLifeLock Inc       (199,152)
(1,800)   Pegasystems Inc       (212,652)
    Total Software       (1,634,901)
    Specialty Retail – (0.3)%        
(4,900)   Vroom Inc, (2)       (216,629)
    Textiles, Apparel & Luxury Goods – (0.6)%        
(650)   Lululemon Athletica Inc, (2)       (210,035)
(4,300)   Skechers USA Inc, (2)       (204,250)
    Total Textiles, Apparel & Luxury Goods       (414,285)
13      
Shares   Description (1)       Value
    Water Utilities – (0.6)%        
(1,400)   American Water Works Co Inc       $(217,028)
(4,900)   Essential Utilities Inc       (234,220)
    Total Water Utilities       (451,248)
    Total Common Stocks Sold Short (proceeds $19,613,087)       (19,903,504)
    Other Assets Less Liabilities – 0.1%       55,794
    Net Assets – 100%       $71,101,523
Part F of Form N-PORT was prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and in conformity with the applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) related to interim filings. Part F of Form N-PORT does not include all information and footnotes required by U.S. GAAP for complete financial statements. Certain footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted from this report pursuant to the rules of the SEC. For a full set of the Fund’s notes to financial statements, please refer to the Fund’s most recently filed annual or semi-annual report.
Fair Value Measurements
The Fund's investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Board of Directors/Trustees. Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. U.S. GAAP establishes the three-tier hierarchy which is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect management’s assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
Level 1  –     Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
Level 2  –     Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit spreads, etc.).
Level 3  –     Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments).
The following table summarizes the market value of the Fund's investments as of the end of the reporting period, based on the inputs used to value them:
  Level 1 Level 2 Level 3 Total
Long-Term Investments:        
Common Stocks $20,419,663 $ — $ — $20,419,663
Short-Term Investments:        
Repurchase Agreements  — 50,626,066  — 50,626,066
Common Stocks Sold Short (19,903,504)  —  — (19,903,504)
Total $516,159 $50,626,066 $ — $51,142,225
    
  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 an ex-dividend date 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 $14,137,998 have been pledged as collateral for Common Stocks Sold Short.  
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