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 811-08333
Nuveen Investment Trust II
(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: July 31
Date of reporting period: January 31, 2019
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 Santa Barbara Dividend Growth Fund | NSBAX | NSBCX | NBDRX | NSBFX | NSBRX | ||
Nuveen Santa Barbara Global Dividend Growth Fund | NUGAX | NUGCX | NUGRX | — | NUGIX | ||
Nuveen Santa Barbara International Dividend Growth Fund | NUIAX | NUICX | NUIRX | — | NUIIX |
Cumulative | Average Annual | ||||
6-Month | 1-Year | 5-Year | 10-Year | ||
Class A Shares at NAV | (2.36)% | (3.05)% | 9.12% | 12.55% | |
Class A Shares at maximum Offering Price | (7.98)% | (8.63)% | 7.83% | 11.89% | |
S&P 500 Index | (3.00)% | (2.31)% | 10.96% | 15.00% | |
Lipper Equity Income Funds Classification Average | (3.73)% | (4.49)% | 7.60% | 12.32% | |
Class C Shares | (2.73)% | (3.78)% | 8.30% | 11.71% | |
Class I Shares | (2.24)% | (2.80)% | 9.39% | 12.84% |
Cumulative | Average Annual | ||||
6-Month | 1-Year | 5-Year | Since Inception | ||
Class R3 Shares | (2.50)% | (3.30)% | 8.84% | 14.09% | |
Class R6 Shares | (2.21)% | (2.76)% | 9.47% | 10.20% |
Cumulative | Average Annual | ||||
6-Month | 1-Year | 5-Year | 10-Year | ||
Class A Shares at NAV | (4.81)% | (4.36)% | 6.89% | 10.88% | |
Class A Shares at maximum Offering Price | (10.29)% | (9.87)% | 5.64% | 10.23% | |
Class C Shares | (5.16)% | (5.08)% | 6.10% | 10.06% | |
Class I Shares | (4.68)% | (4.11)% | 7.17% | 11.17% |
Cumulative | Average Annual | ||||
6-Month | 1-Year | 5-Year | Since Inception | ||
Class R3 Shares | (4.95)% | (4.60)% | 6.63% | 13.48% | |
Class R6 Shares | (4.65)% | (4.03)% | 7.25% | 9.13% |
Share Class | |||||
Class A | Class C | Class R3 | Class R6 | Class I | |
Expense Ratios | 0.96% | 1.71% | 1.21% | 0.64% | 0.71% |
Cumulative | Average Annual | ||||
6-Month | 1-Year | 5-Year | Since Inception | ||
Class A Shares at NAV | (5.89)% | (7.06)% | 6.14% | 8.58% | |
Class A Shares at maximum Offering Price | (11.30)% | (12.41)% | 4.89% | 7.62% | |
MSCI World Index | (5.00)% | (6.54)% | 6.94% | 10.57% | |
Lipper Global Equity Income Funds Classification Average | (4.71)% | (7.22)% | 4.69% | 7.62% | |
Class C Shares | (6.24)% | (7.73)% | 5.36% | 7.78% | |
Class R3 Shares | (6.00)% | (7.29)% | 5.89% | 8.31% | |
Class I Shares | (5.77)% | (6.79)% | 6.41% | 8.85% |
Cumulative | Average Annual | ||||
6-Month | 1-Year | 5-Year | Since Inception | ||
Class A Shares at NAV | (9.03)% | (9.17)% | 3.82% | 7.62% | |
Class A Shares at maximum Offering Price | (14.26)% | (14.39)% | 2.60% | 6.66% | |
Class C Shares | (9.37)% | (9.85)% | 3.05% | 6.83% | |
Class R3 Shares | (9.13)% | (9.39)% | 3.57% | 7.35% | |
Class I Shares | (8.92)% | (8.98)% | 4.07% | 7.89% |
Share Class | ||||
Class A | Class C | Class R3 | Class I | |
Gross Expense Ratios | 1.88% | 2.63% | 2.13% | 1.61% |
Net Expense Ratios | 1.15% | 1.90% | 1.40% | 0.90% |
Cumulative | Average Annual | ||||
6-Month | 1-Year | 5-Year | Since Inception | ||
Class A Shares at NAV | (6.12)% | (9.57)% | 2.54% | 6.31% | |
Class A Shares at maximum Offering Price | (11.52)% | (14.77)% | 1.33% | 5.37% | |
MSCI EAFE Index | (7.80)% | (12.51)% | 2.66% | 7.42% | |
Lipper International Equity Income Funds Classification Average | (5.56)% | (11.30)% | 2.00% | 5.44% | |
Class C Shares | (6.48)% | (10.25)% | 1.77% | 5.51% | |
Class R3 Shares | (6.27)% | (9.81)% | 2.28% | 6.04% | |
Class I Shares | (6.00)% | (9.33)% | 2.79% | 6.57% |
Cumulative | Average Annual | ||||
6-Month | 1-Year | 5-Year | Since Inception | ||
Class A Shares at NAV | (9.55)% | (11.67)% | 0.06% | 5.46% | |
Class A Shares at maximum Offering Price | (14.75)% | (16.75)% | (1.11)% | 4.51% | |
Class C Shares | (9.89)% | (12.37)% | (0.69)% | 4.67% | |
Class R3 Shares | (9.67)% | (11.91)% | (0.19)% | 5.19% | |
Class I Shares | (9.46)% | (11.46)% | 0.31% | 5.72% |
Share Class | ||||
Class A | Class C | Class R3 | Class I | |
Gross Expense Ratios | 3.56% | 4.33% | 3.83% | 3.32% |
Net Expense Ratios | 1.15% | 1.90% | 1.40% | 0.90% |
Fund Allocation (% of net assets) | |
Common Stocks | 98.4% |
Repurchase Agreements | 1.5% |
Other Assets Less Liabilities | 0.1% |
Net Assets | 100% |
Portfolio Composition (% of net assets) | |
Health Care Providers & Services | 5.8% |
IT Services | 5.6% |
Insurance | 4.4% |
Equity Real Estate Investment Trust | 4.4% |
Energy Equipment & Services | 4.2% |
Health Care Equipment & Supplies | 4.1% |
Software | 4.1% |
Capital Markets | 4.0% |
Pharmaceuticals | 3.8% |
Technology Hardware, Storage & Peripherals | 3.7% |
Diversified Financial Services | 3.2% |
Semiconductors & Semiconductor Equipment | 3.2% |
Electric Utilities | 3.2% |
Specialty Retail | 3.0% |
Oil, Gas & Consumable Fuels | 2.7% |
Media | 2.7% |
Road & Rail | 2.7% |
Containers & Packaging | 2.5% |
Communications Equipment | 2.5% |
Industrial Conglomerates | 2.4% |
Beverages | 2.4% |
Multi-Utilities | 2.3% |
Machinery | 2.2% |
Other | 19.3% |
Repurchase Agreements | 1.5% |
Other Assets Less Liabilities | 0.1% |
Net Assets | 100% |
Top Five Common Stock Holdings (% of net assets) | |
Microsoft Corp | 4.1% |
UnitedHealth Group Inc. | 3.8% |
Apple Inc. | 3.7% |
JPMorgan Chase & Co | 3.2% |
Texas Instruments Inc. | 3.2% |
Fund Allocation (% of net assets) | |
Common Stocks | 97.8% |
Repurchase Agreements | 2.0% |
Other Assets Less Liabilities | 0.2% |
Net Assets | 100% |
Top Five Common Stock Holdings (% of net assets) | |
Microsoft Corp | 3.6% |
JPMorgan Chase & Co | 2.6% |
Comcast Corporation, Class A | 2.6% |
Amcor Ltd/Australia | 2.5% |
SAP SE | 2.4% |
Portfolio Composition (% of net assets) | |
Banks | 7.5% |
Software | 6.0% |
Oil, Gas & Consumable Fuels | 5.8% |
Pharmaceuticals | 5.4% |
Containers & Packaging | 4.8% |
Aerospace & Defense | 4.0% |
Electric Utilities | 4.0% |
Personal Products | 3.8% |
IT Services | 3.4% |
Diversified Financial Services | 3.4% |
Hotels, Restaurants & Leisure | 3.4% |
Energy Equipment & Services | 3.3% |
Capital Markets | 3.3% |
Media | 3.3% |
Beverages | 3.2% |
Wireless Telecommunication Services | 2.8% |
Diversified Telecommunication Services | 2.6% |
Technology Hardware, Storage & Peripherals | 2.5% |
Health Care Equipment & Supplies | 2.4% |
Health Care Providers & Services | 2.4% |
Road & Rail | 2.3% |
Other | 18.2% |
Repurchase Agreements | 2.0% |
Other Assets Less Liabilities | 0.2% |
Net Assets | 100% |
Country Allocation1 (% of net assets) | |
United States | 56.5% |
United Kingdom | 11.3% |
France | 9.5% |
Japan | 5.3% |
Australia | 4.5% |
Canada | 4.1% |
Germany | 3.7% |
China | 2.3% |
Hong Kong | 1.4% |
Netherlands | 1.2% |
Other Assets Less Liabilities | 0.2% |
Net Assets | 100% |
1 | Includes 2.3% (as a percentage of net assets) in emerging market countries. |
Fund Allocation (% of net assets) | |
Common Stocks | 96.4% |
Other Assets Less Liabilities | 3.6% |
Net Assets | 100% |
Top Five Common Stock Holdings (% of net assets) | |
Safran SA | 4.6% |
ITOCHU Corp | 4.2% |
Linde PLC | 4.0% |
Red Electrica Corp SA | 3.8% |
HKT Trust & HKT Ltd | 3.7% |
Portfolio Composition (% of net assets) | |
Banks | 12.5% |
Chemicals | 7.0% |
Oil, Gas & Consumable Fuels | 6.8% |
Electric Utilities | 6.2% |
Hotels, Restaurants & Leisure | 5.9% |
Wireless Telecommunication Services | 4.7% |
Aerospace & Defense | 4.7% |
Personal Products | 4.4% |
Trading Companies & Distributors | 4.2% |
Diversified Telecommunication Services | 3.7% |
Pharmaceuticals | 3.3% |
Real Estate Management & Development | 3.3% |
Containers & Packaging | 3.2% |
Software | 3.1% |
Automobiles | 3.1% |
Capital Markets | 3.0% |
Other | 17.3% |
Other Assets Less Liabilities | 3.6% |
Net Assets | 100% |
Country Allocation1 (% of net assets) | |
United Kingdom | 22.5% |
France | 16.1% |
Japan | 11.3% |
Canada | 7.1% |
Australia | 6.2% |
Germany | 6.2% |
Spain | 6.1% |
Netherlands | 5.2% |
Hong Kong | 3.7% |
Singapore | 3.3% |
Other | 8.7% |
Other Assets Less Liabilities | 3.6% |
Net Assets | 100% |
1 | Includes 3.2% (as a percentage of net assets) in emerging market countries. |
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 | $976.40 | $972.70 | $975.00 | $977.90 | $977.60 |
Expenses Incurred During the Period | $4.83 | $8.55 | $6.07 | $3.24 | $3.59 |
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 | $1,020.32 | $1,016.53 | $1,019.06 | $1,021.93 | $1,021.58 |
Expenses Incurred During the Period | $4.94 | $8.74 | $6.21 | $3.31 | $3.67 |
Share Class | ||||
Class A | Class C | Class R3 | Class I | |
Actual Performance | ||||
Beginning Account Value | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value | $941.10 | $937.60 | $940.00 | $942.30 |
Expenses Incurred During the Period | $5.63 | $9.28 | $6.85 | $4.41 |
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 | $1,019.41 | $1,015.63 | $1,018.15 | $1,020.67 |
Expenses Incurred During the Period | $5.85 | $9.65 | $7.12 | $4.58 |
Share Class | ||||
Class A | Class C | Class R3 | Class I | |
Actual Performance | ||||
Beginning Account Value | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value | $938.80 | $935.20 | $937.30 | $940.00 |
Expenses Incurred During the Period | $5.62 | $9.27 | $6.84 | $4.40 |
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 | $1,019.41 | $1,015.63 | $1,018.15 | $1,020.67 |
Expenses Incurred During the Period | $5.85 | $9.65 | $7.12 | $4.58 |
Shares | Description (1) | Value | ||||
LONG-TERM INVESTMENTS – 98.4% | ||||||
COMMON STOCKS – 98.4% | ||||||
Aerospace & Defense – 2.1% | ||||||
233,795 | Lockheed Martin Corp | $67,728,074 | ||||
Banks – 1.9% | ||||||
500,310 | PNC Financial Services Group Inc. | 61,373,028 | ||||
Beverages – 2.4% | ||||||
674,307 | PepsiCo Inc. | 75,974,170 | ||||
Capital Markets – 4.0% | ||||||
144,169 | BlackRock Inc. | 59,841,669 | ||||
373,087 | CME Group Inc. | 68,006,298 | ||||
Total Capital Markets | 127,847,967 | |||||
Chemicals – 2.1% | ||||||
406,638 | Linde PLC | 66,286,060 | ||||
Communications Equipment – 2.5% | ||||||
1,702,761 | Cisco Systems Inc. | 80,523,568 | ||||
Containers & Packaging – 2.5% | ||||||
862,238 | Packaging Corp of America | 81,326,288 | ||||
Diversified Financial Services – 3.2% | ||||||
1,000,421 | JPMorgan Chase & Co | 103,543,574 | ||||
Diversified Telecommunication Services – 2.1% | ||||||
2,279,288 | AT&T Inc. | 68,515,397 | ||||
Electric Utilities – 3.2% | ||||||
572,781 | NextEra Energy Inc. | 102,516,343 | ||||
Energy Equipment & Services – 4.2% | ||||||
555,248 | Chevron Corp | 63,659,183 | ||||
1,597,899 | Schlumberger Ltd | 70,643,115 | ||||
Total Energy Equipment & Services | 134,302,298 | |||||
Entertainment – 2.0% | ||||||
570,406 | Walt Disney Co | 63,611,677 | ||||
Equity Real Estate Investment Trust – 4.4% | ||||||
1,382,272 | CyrusOne Inc. | 74,919,142 |
Shares | Description (1) | Value | ||||
Equity Real Estate Investment Trust (continued) | ||||||
959,823 | Realty Income Corp | $65,930,242 | ||||
Total Equity Real Estate Investment Trust | 140,849,384 | |||||
Food Products – 2.1% | ||||||
1,480,661 | Mondelez International Inc. | 68,495,378 | ||||
Health Care Equipment & Supplies – 4.1% | ||||||
265,855 | Becton Dickinson and Co | 66,320,188 | ||||
741,305 | Medtronic PLC | 65,523,949 | ||||
Total Health Care Equipment & Supplies | 131,844,137 | |||||
Health Care Providers & Services – 5.8% | ||||||
993,602 | CVS Health Corp | 65,130,611 | ||||
450,042 | UnitedHealth Group Inc. | 121,601,348 | ||||
Total Health Care Providers & Services | 186,731,959 | |||||
Hotels, Restaurants & Leisure – 1.8% | ||||||
1,014,530 | Carnival Corp | 58,416,637 | ||||
Household Durables – 1.3% | ||||||
299,065 | Whirlpool Corp | 39,778,636 | ||||
Household Products – 1.8% | ||||||
886,479 | Colgate-Palmolive Co | 57,337,462 | ||||
Industrial Conglomerates – 2.4% | ||||||
532,843 | Honeywell International Inc. | 76,532,240 | ||||
Insurance – 4.4% | ||||||
428,669 | Chubb Ltd | 57,034,410 | ||||
952,689 | Marsh & McLennan Cos Inc. | 84,017,643 | ||||
Total Insurance | 141,052,053 | |||||
IT Services – 5.6% | ||||||
552,316 | Accenture PLC, Class A | 84,808,122 | ||||
897,155 | Fidelity National Information Services Inc. | 93,779,612 | ||||
Total IT Services | 178,587,734 | |||||
Machinery – 2.2% | ||||||
702,340 | Ingersoll-Rand PLC | 70,262,094 | ||||
Media – 2.7% | ||||||
2,376,964 | Comcast Corporation, Class A | 86,925,573 | ||||
Multi-Utilities – 2.3% | ||||||
1,024,774 | WEC Energy Group Inc. | 74,839,245 | ||||
Oil, Gas & Consumable Fuels – 2.7% | ||||||
913,688 | Phillips 66 | 87,174,972 |
Shares | Description (1) | Value | ||||
Pharmaceuticals – 3.8% | ||||||
446,074 | Allergan PLC | $64,225,735 | ||||
439,251 | Johnson & Johnson | 58,455,523 | ||||
Total Pharmaceuticals | 122,681,258 | |||||
Road & Rail – 2.7% | ||||||
538,753 | Union Pacific Corp | 85,699,440 | ||||
Semiconductors & Semiconductor Equipment – 3.2% | ||||||
1,020,346 | Texas Instruments Inc. | 102,728,435 | ||||
Software – 4.1% | ||||||
1,249,149 | Microsoft Corp | 130,448,630 | ||||
Specialty Retail – 3.0% | ||||||
1,005,697 | Lowe's Cos Inc. | 96,707,824 | ||||
Technology Hardware, Storage & Peripherals – 3.7% | ||||||
718,899 | Apple Inc. | 119,653,550 | ||||
Tobacco – 2.1% | ||||||
856,007 | Philip Morris International Inc. | 65,672,857 | ||||
Total Long-Term Investments (cost $2,251,066,109) | 3,155,967,942 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Value | ||
SHORT-TERM INVESTMENTS – 1.5% | ||||||
REPURCHASE AGREEMENTS – 1.5% | ||||||
$46,508 | Repurchase Agreement with Fixed Income Clearing Corporation, dated 1/31/19, repurchase price $46,509,259, collateralized by $46,395,000 U.S. Treasury Notes, 2.875%, due 5/31/25, value $47,441,486 | 1.200% | 2/01/19 | $46,507,709 | ||
Total Short-Term Investments (cost $46,507,709) | 46,507,709 | |||||
Total Investments (cost $2,297,573,818) – 99.9% | 3,202,475,651 | |||||
Other Assets Less Liabilities – 0.1% | 4,793,789 | |||||
Net Assets – 100% | $3,207,269,440 |
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. |
Shares | Description (1) | Value | ||||
LONG-TERM INVESTMENTS – 97.8% | ||||||
COMMON STOCKS – 97.8% | ||||||
Aerospace & Defense – 4.0% | ||||||
1,341 | Lockheed Martin Corp | $388,474 | ||||
3,261 | Safran SA, (2) | 428,460 | ||||
Total Aerospace & Defense | 816,934 | |||||
Automobiles – 1.3% | ||||||
4,395 | Daimler AG, (2) | 260,355 | ||||
Banks – 7.5% | ||||||
119,200 | BOC Hong Kong Holdings Ltd, (2) | 460,579 | ||||
444,991 | Lloyds Banking Group PLC, (2) | 339,245 | ||||
2,389 | PNC Financial Services Group Inc. | 293,059 | ||||
7,600 | The Toronto-Dominion Bank | 428,022 | ||||
Total Banks | 1,520,905 | |||||
Beverages – 3.2% | ||||||
2,812 | Heineken NV, (2) | 252,571 | ||||
3,416 | PepsiCo Inc. | 384,881 | ||||
Total Beverages | 637,452 | |||||
Capital Markets – 3.3% | ||||||
670 | BlackRock Inc. | 278,104 | ||||
4,617 | Macquarie Group Ltd, (2) | 392,665 | ||||
Total Capital Markets | 670,769 | |||||
Containers & Packaging – 4.8% | ||||||
51,393 | Amcor Ltd/Australia, (2) | 510,266 | ||||
4,774 | Packaging Corp of America | 450,284 | ||||
Total Containers & Packaging | 960,550 | |||||
Diversified Financial Services – 3.4% | ||||||
5,101 | JPMorgan Chase & Co | 527,953 | ||||
10,900 | ORIX Corp, (2) | 164,414 | ||||
Total Diversified Financial Services | 692,367 | |||||
Diversified Telecommunication Services – 2.6% | ||||||
8,068 | AT&T Inc. | 242,524 | ||||
188,487 | HKT Trust & HKT Ltd, (2) | 277,974 | ||||
Total Diversified Telecommunication Services | 520,498 | |||||
Electric Utilities – 4.0% | ||||||
2,549 | NextEra Energy Inc. | 456,220 |
Shares | Description (1) | Value | ||||
Electric Utilities (continued) | ||||||
23,324 | SSE PLC, (2) | $358,560 | ||||
Total Electric Utilities | 814,780 | |||||
Electronic Equipment, Instruments & Components – 1.2% | ||||||
11,800 | Alps Alpine Co Ltd, (2) | 248,752 | ||||
Energy Equipment & Services – 3.3% | ||||||
2,950 | Chevron Corp | 338,218 | ||||
7,624 | Schlumberger Ltd | 337,057 | ||||
Total Energy Equipment & Services | 675,275 | |||||
Equity Real Estate Investment Trust – 1.3% | ||||||
4,940 | CyrusOne Inc. | 267,748 | ||||
Food Products – 1.9% | ||||||
5,369 | Danone SA, (2) | 390,712 | ||||
Health Care Equipment & Supplies – 2.4% | ||||||
1,948 | Becton Dickinson and Co | 485,948 | ||||
Health Care Providers & Services – 2.4% | ||||||
1,763 | UnitedHealth Group Inc. | 476,363 | ||||
Hotels, Restaurants & Leisure – 3.4% | ||||||
7,220 | Carnival PLC, (2) | 408,500 | ||||
13,064 | Compass Group PLC, (2) | 279,551 | ||||
Total Hotels, Restaurants & Leisure | 688,051 | |||||
Household Durables – 0.9% | ||||||
1,359 | Whirlpool Corp | 180,761 | ||||
Household Products – 1.3% | ||||||
3,519 | Reckitt Benckiser Group PLC, (2) | 270,768 | ||||
Industrial Conglomerates – 2.3% | ||||||
3,248 | Honeywell International Inc. | 466,510 | ||||
IT Services – 3.4% | ||||||
1,985 | Accenture PLC, Class A | 304,797 | ||||
3,751 | Fidelity National Information Services Inc. | 392,092 | ||||
Total IT Services | 696,889 | |||||
Media – 3.3% | ||||||
14,239 | Comcast Corporation, Class A | 520,720 | ||||
12,624 | WPP PLC, (2) | 144,463 | ||||
Total Media | 665,183 | |||||
Oil, Gas & Consumable Fuels – 5.8% | ||||||
10,800 | Enbridge Inc. | 394,618 |
Shares | Description (1) | Value | ||||
Oil, Gas & Consumable Fuels (continued) | ||||||
4,059 | Phillips 66 | $387,269 | ||||
7,168 | TOTAL SA, (2) | 392,958 | ||||
Total Oil, Gas & Consumable Fuels | 1,174,845 | |||||
Personal Products – 3.8% | ||||||
1,313 | L'Oreal SA, (2) | 316,466 | ||||
8,605 | Unilever PLC, (2) | 452,055 | ||||
Total Personal Products | 768,521 | |||||
Pharmaceuticals – 5.4% | ||||||
2,635 | Allergan PLC | 379,387 | ||||
2,293 | Johnson & Johnson | 305,152 | ||||
4,595 | Sanofi, (2) | 399,388 | ||||
Total Pharmaceuticals | 1,083,927 | |||||
Professional Services – 1.1% | ||||||
8,441 | Experian PLC, (2) | 211,933 | ||||
Road & Rail – 2.3% | ||||||
2,967 | Union Pacific Corp | 471,961 | ||||
Semiconductors & Semiconductor Equipment – 2.0% | ||||||
4,058 | Texas Instruments Inc. | 408,559 | ||||
Software – 6.0% | ||||||
6,953 | Microsoft Corp | 726,102 | ||||
4,806 | SAP SE, (2) | 496,965 | ||||
Total Software | 1,223,067 | |||||
Specialty Retail – 1.7% | ||||||
3,521 | Lowe's Cos Inc. | 338,579 | ||||
Technology Hardware, Storage & Peripherals – 2.5% | ||||||
2,979 | Apple Inc. | 495,825 | ||||
Tobacco – 1.5% | ||||||
4,032 | Philip Morris International Inc. | 309,335 | ||||
Trading Companies & Distributors – 1.7% | ||||||
18,325 | ITOCHU Corp, (2) | 336,157 | ||||
Wireless Telecommunication Services – 2.8% | ||||||
13,400 | KDDI Corp, (2) | 334,794 | ||||
123,427 | Vodafone Group PLC, (2) | 225,104 | ||||
Total Wireless Telecommunication Services | 559,898 | |||||
Total Long-Term Investments (cost $17,035,249) | 19,790,177 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Value | ||
SHORT-TERM INVESTMENTS – 2.0% | ||||||
REPURCHASE AGREEMENTS – 2.0% | ||||||
$407 | Repurchase Agreement with Fixed Income Clearing Corporation, dated 1/31/19, repurchase price $406,858, collateralized by $405,000 U.S. Treasury Notes, 2.875%, due 4/30/25, value $415,139 | 1.200% | 2/01/19 | $406,844 | ||
Total Short-Term Investments (cost $406,844) | 406,844 | |||||
Total Investments (cost $17,442,093) – 99.8% | 20,197,021 | |||||
Other Assets Less Liabilities – 0.2% | 38,820 | |||||
Net Assets – 100% | $20,235,841 |
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) | For fair value measurement disclosure purposes, investment classified as Level 2. See Notes to Financial Statements, Note 2 - Investment Valuation and Fair Value Measurements for more information. |
Shares | Description (1) | Value | ||||
LONG-TERM INVESTMENTS – 96.4% | ||||||
COMMON STOCKS – 96.4% | ||||||
Aerospace & Defense – 4.7% | ||||||
1,693 | Safran SA, (2) | $222,442 | ||||
Automobiles – 3.1% | ||||||
2,488 | Daimler AG, (2) | 147,386 | ||||
Banks – 12.5% | ||||||
39,500 | BOC Hong Kong Holdings Ltd, (2) | 152,625 | ||||
171,596 | Lloyds Banking Group PLC, (2) | 130,818 | ||||
6,246 | Swedbank AB, (2) | 141,887 | ||||
3,078 | The Toronto-Dominion Bank | 173,349 | ||||
Total Banks | 598,679 | |||||
Beverages – 2.1% | ||||||
1,136 | Heineken NV, (2) | 102,034 | ||||
Biotechnology – 2.4% | ||||||
6,060 | Grifols SA, (2) | 113,422 | ||||
Capital Markets – 3.0% | ||||||
1,680 | Macquarie Group Ltd, (2) | 142,880 | ||||
Chemicals – 7.0% | ||||||
1,565 | Koninklijke DSM NV, (2) | 146,353 | ||||
1,172 | Linde PLC | 190,086 | ||||
Total Chemicals | 336,439 | |||||
Containers & Packaging – 3.2% | ||||||
15,619 | Amcor Ltd/Australia, (2) | 155,077 | ||||
Diversified Financial Services – 2.7% | ||||||
8,500 | ORIX Corp, (2) | 128,212 | ||||
Diversified Telecommunication Services – 3.7% | ||||||
120,000 | HKT Trust & HKT Ltd, (2) | 176,972 | ||||
Electric Utilities – 6.2% | ||||||
7,821 | Red Electrica Corp SA, (2), (3) | 180,238 | ||||
7,477 | SSE PLC, (2) | 114,944 | ||||
Total Electric Utilities | 295,182 | |||||
Electronic Equipment, Instruments & Components – 1.7% | ||||||
3,800 | Alps Alpine Co Ltd, (2) | 80,107 |
Shares | Description (1) | Value | ||||
Food Products – 2.6% | ||||||
1,696 | Danone SA, (2) | $123,421 | ||||
Hotels, Restaurants & Leisure – 5.9% | ||||||
2,127 | Carnival PLC, (2) | 120,344 | ||||
7,453 | Compass Group PLC, (2) | 159,483 | ||||
Total Hotels, Restaurants & Leisure | 279,827 | |||||
Household Products – 1.7% | ||||||
1,055 | Reckitt Benckiser Group PLC, (2) | 81,177 | ||||
Media – 1.4% | ||||||
5,809 | WPP PLC, (2) | 66,475 | ||||
Oil, Gas & Consumable Fuels – 6.8% | ||||||
4,520 | Enbridge Inc. | 165,155 | ||||
2,926 | TOTAL SA, (2) | 160,406 | ||||
Total Oil, Gas & Consumable Fuels | 325,561 | |||||
Personal Products – 4.4% | ||||||
421 | L'Oreal SA, (2) | 101,472 | ||||
2,101 | Unilever PLC, (2) | 110,374 | ||||
Total Personal Products | 211,846 | |||||
Pharmaceuticals – 3.3% | ||||||
1,842 | Sanofi, (2) | 160,103 | ||||
Professional Services – 2.7% | ||||||
5,092 | Experian PLC, (2) | 127,848 | ||||
Real Estate Management & Development – 3.3% | ||||||
63,700 | CapitaLand Ltd, (2) | 157,926 | ||||
Software – 3.1% | ||||||
1,436 | SAP SE, (2) | 148,490 | ||||
Trading Companies & Distributors – 4.2% | ||||||
10,900 | ITOCHU Corp, (2) | 199,952 | ||||
Wireless Telecommunication Services – 4.7% | ||||||
5,200 | KDDI Corp, (2) | 129,920 | ||||
51,550 | Vodafone Group PLC, (2) | 94,016 | ||||
Total Wireless Telecommunication Services | 223,936 | |||||
Total Long-Term Investments (cost $3,967,835) | 4,605,394 | |||||
Other Assets Less Liabilities – 3.6% | 174,140 | |||||
Net Assets – 100% | $4,779,534 |
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) | For fair value measurement disclosure purposes, investment classified as Level 2. See Notes to Financial Statements, Note 2 - Investment Valuation and Fair Value Measurements for more information. | |
(3) | Non-income producing; issuer has not declared a dividend within the past twelve months. |
Santa Barbara Dividend Growth | Santa Barbara Global Dividend Growth | Santa Barbara International Dividend Growth | |
Assets | |||
Long-term investments, at value (cost $2,251,066,109, $17,035,249 and $3,967,835, respectively) | $3,155,967,942 | $19,790,177 | $4,605,394 |
Short-term investments, at value (cost approximates value) | 46,507,709 | 406,844 | — |
Cash | — | — | 91,376 |
Cash denominated in foreign currencies (cost $—, $3,291 and $1,333, respectively) | — | 3,294 | 1,334 |
Receivable for: | |||
Dividends | 4,200,838 | 31,926 | 8,884 |
Interest | 1,550 | 14 | — |
Investments sold | — | — | 66,297 |
From Adviser | — | 1,834 | 13,343 |
Reclaims | 262,251 | 23,371 | 9,018 |
Shares sold | 6,296,531 | 249 | — |
Other assets | 299,526 | 20,573 | 34,549 |
Total assets | 3,213,536,347 | 20,278,282 | 4,830,195 |
Liabilities | |||
Payable for shares redeemed | 3,127,236 | 4,808 | — |
Accrued expenses: | |||
Custodian fees | 101,563 | 12,269 | 18,184 |
Management fees | 1,590,792 | — | — |
Professional fees | 55,272 | 9,586 | 9,365 |
Shareholder reporting expenses | 152,957 | 8,309 | 21,141 |
Shareholder servicing agent fees | 507,347 | 3,331 | 875 |
Trustees fees | 201,332 | 53 | 12 |
12b-1 distribution and service fees | 505,054 | 3,878 | 894 |
Other | 25,354 | 207 | 190 |
Total liabilities | 6,266,907 | 42,441 | 50,661 |
Net assets | $3,207,269,440 | $20,235,841 | $4,779,534 |
Santa Barbara Dividend Growth | Santa Barbara Global Dividend Growth | Santa Barbara International Dividend Growth | |
Class A Shares | |||
Net assets | $514,556,859 | $7,558,770 | $2,223,946 |
Shares outstanding | 13,054,173 | 298,593 | 87,577 |
Net asset value ("NAV") per share | $39.42 | $25.31 | $25.39 |
Offering price per share (NAV per share plus maximum sales charge of 5.75% of offering price) | $41.82 | $26.85 | $26.94 |
Class C Shares | |||
Net assets | $480,692,612 | $2,760,402 | $466,186 |
Shares outstanding | 12,207,332 | 109,378 | 18,544 |
NAV and offering price per share | $39.38 | $25.24 | $25.14 |
Class R3 Shares | |||
Net assets | $20,150,973 | $104,895 | $96,995 |
Shares outstanding | 507,333 | 4,154 | 3,834 |
NAV and offering price per share | $39.72 | $25.25 | $25.30 |
Class R6 Shares | |||
Net assets | $78,043,378 | $ — | $ — |
Shares outstanding | 1,962,171 | — | — |
NAV and offering price per share | $39.77 | $ — | $ — |
Class I Shares | |||
Net assets | $2,113,825,618 | $9,811,774 | $1,992,407 |
Shares outstanding | 53,680,266 | 387,669 | 78,362 |
NAV and offering price per share | $39.38 | $25.31 | $25.43 |
Fund level net assets consist of: | |||
Capital paid-in | $2,247,723,115 | $17,546,784 | $4,545,916 |
Total distributable earnings | 959,546,325 | 2,689,057 | 233,618 |
Fund level net assets | $3,207,269,440 | $20,235,841 | $4,779,534 |
Authorized shares - per class | Unlimited | Unlimited | Unlimited |
Par value per share | $0.01 | $0.01 | $0.01 |
Santa Barbara Dividend Growth | Santa Barbara Global Dividend Growth | Santa Barbara International Dividend Growth | |
Investment Income | |||
Dividends | $41,074,342 | $288,419 | $61,011 |
Foreign tax withheld on dividend income | — | (2,258) | (3,392) |
Total investment income | 41,074,342 | 286,161 | 57,619 |
Expenses | |||
Management fees | 9,801,972 | 76,487 | 17,081 |
12b-1 service fees - Class A Shares | 612,592 | 10,585 | 2,524 |
12b-1 distibution and service fees - Class C Shares | 2,467,283 | 14,973 | 2,698 |
12b-1 distibution and service fees - Class R3 Shares | 53,864 | 269 | 246 |
Shareholder servicing agent fees | 1,172,102 | 6,699 | 1,843 |
Custodian fees | 155,466 | 18,417 | 25,148 |
Trustees fees | 47,554 | 318 | 71 |
Professional fees | 78,844 | 15,073 | 14,686 |
Shareholder reporting expenses | 155,588 | 8,036 | 7,026 |
Federal and state registration fees | 87,327 | 42,586 | 24,814 |
Other | 38,293 | 3,176 | 3,065 |
Total expenses before fee waiver/expense reimbursement | 14,670,885 | 196,619 | 99,202 |
Fee waiver/expense reimbursement | — | (73,820) | (72,079) |
Net expenses | 14,670,885 | 122,799 | 27,123 |
Net investment income (loss) | 26,403,457 | 163,362 | 30,496 |
Realized and Unrealized Gain (Loss) | |||
Net realized gain (loss) from investments and foreign currency | 95,996,140 | 44,638 | (76,527) |
Change in net unrealized appreciation (depreciation) of investments and foreign currency | (200,535,134) | (1,599,900) | (251,168) |
Net realized and unrealized gain (loss) | (104,538,994) | (1,555,262) | (327,695) |
Net increase (decrease) in net assets from operations | $(78,135,537) | $(1,391,900) | $(297,199) |
Santa Barbara Dividend Growth | Santa Barbara Global Dividend Growth | ||||
Six Months Ended 1/31/19 | Year Ended(1) 7/31/18 | Six Months Ended 1/31/19 | Year Ended(1) 7/31/18 | ||
Operations | |||||
Net investment income (loss) | $26,403,457 | $44,944,869 | $163,362 | $363,473 | |
Net realized gain (loss) from investments and foreign currency | 95,996,140 | 139,703,865 | 44,638 | 550,982 | |
Change in net unrealized appreciation (depreciation) of investments and foreign currency | (200,535,134) | 229,450,418 | (1,599,900) | 1,137,702 | |
Net increase (decrease) in net assets from operations | (78,135,537) | 414,099,152 | (1,391,900) | 2,052,157 | |
Distributions to Common Shareholders(2) | |||||
Dividends(3) | |||||
Class A Shares | (25,248,148) | (20,248,969) | (261,310) | (856,820) | |
Class C Shares | (23,899,438) | (18,414,820) | (81,573) | (369,745) | |
Class R3 Shares | (1,156,894) | (943,764) | (3,301) | (13,486) | |
Class R6 Shares | (3,783,251) | (2,687,956) | — | — | |
Class I Shares | (119,216,246) | (92,240,199) | (333,719) | (1,291,287) | |
Class T Shares(4) | (1,203) | (1,176) | — | — | |
Decrease in net assets from distributions to shareholders | (173,305,180) | (134,536,884) | (679,903) | (2,531,338) | |
Fund Share Transactions | |||||
Fund reorganization(5) | 118,099,400 | — | — | — | |
Proceeds from sale of shares | 473,809,972 | 757,973,776 | 2,356,539 | 10,932,569 | |
Proceeds from shares issued to shareholders due to reinvestment of distributions | 103,427,234 | 79,593,134 | 635,558 | 2,338,493 | |
695,336,606 | 837,566,910 | 2,992,097 | 13,271,062 | ||
Cost of shares redeemed | (411,487,768) | (802,286,407) | (3,079,448) | (8,354,582) | |
Net increase (decrease) in net assets from Fund share transactions | 283,848,838 | 35,280,503 | (87,351) | 4,916,480 | |
Net increase (decrease) in net assets | 32,408,121 | 314,842,771 | (2,159,154) | 4,437,299 | |
Net assets at the beginning of period | 3,174,861,319 | 2,860,018,548 | 22,394,995 | 17,957,696 | |
Net assets at the end of period | $3,207,269,440 | $3,174,861,319 | $20,235,841 | $22,394,995 |
(1) | Prior period amounts have been conformed to current year presentation. See Notes to Financial Statements, Note 10- New Accounting Pronouncements for further details. |
(2) | The composition and per share amounts of the Fund's distributions are presented in the Financial Highlights. The distribution information for the Fund as of its most recent tax year end is presented within the Notes to Financial Statements, Note 6 - Income Tax Information. |
(3) | For the fiscal year ended July 31, 2018, Santa Barbara Dividend Growth's and Santa Barbara Global Dividend Growth's distributions to shareholders were paid from net investment income and accumulated net realized gains, while Santa Barbara International Dividend Growth's distributions where paid from net investment income. |
(4) | Class T Shares were not available for public offering. |
(5) | Refer to Note 1 – General Information and Significant Accounting Policies, Fund Reorganization and Note 9 – Fund Reorganization for further details. |
Santa Barbara International Dividend Growth | ||
Six Months Ended 1/31/19 | Year Ended(1) 7/31/18 | |
Operations | ||
Net investment income (loss) | $30,496 | $126,566 |
Net realized gain (loss) from investments and foreign currency | (76,527) | (20,835) |
Change in net unrealized appreciation (depreciation) of investments and foreign currency | (251,168) | 88,893 |
Net increase (decrease) in net assets from operations | (297,199) | 194,624 |
Distributions to Common Shareholders(2) | ||
Dividends(3) | ||
Class A Shares | (18,049) | (50,524) |
Class C Shares | (2,677) | (13,476) |
Class R3 Shares | (747) | (2,206) |
Class R6 Shares | — | — |
Class I Shares | (21,554) | (62,379) |
Class T Shares(4) | — | — |
Decrease in net assets from distributions to shareholders | (43,027) | (128,585) |
Fund Share Transactions | ||
Fund reorganization(5) | — | — |
Proceeds from sale of shares | 641,288 | 2,256,193 |
Proceeds from shares issued to shareholders due to reinvestment of distributions | 30,411 | 93,636 |
671,699 | 2,349,829 | |
Cost of shares redeemed | (670,954) | (2,746,950) |
Net increase (decrease) in net assets from Fund share transactions | 745 | (397,121) |
Net increase (decrease) in net assets | (339,481) | (331,082) |
Net assets at the beginning of period | 5,119,015 | 5,450,097 |
Net assets at the end of period | $4,779,534 | $5,119,015 |
(1) | Prior period amounts have been conformed to current year presentation. See Notes to Financial Statements, Note 10- New Accounting Pronouncements for further details. |
(2) | The composition and per share amounts of the Fund's distributions are presented in the Financial Highlights. The distribution information for the Fund as of its most recent tax year end is presented within the Notes to Financial Statements, Note 6 - Income Tax Information. |
(3) | For the fiscal year ended July 31, 2018, Santa Barbara Dividend Growth's and Santa Barbara Global Dividend Growth's distributions to shareholders were paid from net investment income and accumulated net realized gains, while Santa Barbara International Dividend Growth's distributions where paid from net investment income. |
(4) | Class T Shares were not available for public offering. |
(5) | Refer to Note 1 – General Information and Significant Accounting Policies, Fund Reorganization and Note 9 – Fund Reorganization for further details. |
Selected data for a share outstanding throughout each period:
Investment Operations | Less Distributions | ||||||||
Class (Commencement Date) Year Ended July 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 (03/06) | |||||||||
2019(e) | $42.61 | $0.32 | $(1.27) | $(0.95) | $(0.30) | $(1.94) | $(2.24) | $39.42 | |
2018 | 38.84 | 0.58 | 4.98 | 5.56 | (0.56) | (1.23) | (1.79) | 42.61 | |
2017 | 35.52 | 0.58 | 3.30 | 3.88 | (0.56) | — | (0.56) | 38.84 | |
2016 | 36.39 | 0.53 | 0.55 | 1.08 | (0.53) | (1.42) | (1.95) | 35.52 | |
2015 | 34.21 | 0.49 | 3.25 | 3.74 | (0.50) | (1.06) | (1.56) | 36.39 | |
2014 | 30.54 | 0.54 | 3.85 | 4.39 | (0.53) | (0.19) | (0.72) | 34.21 | |
Class C (03/06) | |||||||||
2019(e) | 42.53 | 0.17 | (1.27) | (1.10) | (0.11) | (1.94) | (2.05) | 39.38 | |
2018 | 38.77 | 0.27 | 4.98 | 5.25 | (0.26) | (1.23) | (1.49) | 42.53 | |
2017 | 35.46 | 0.30 | 3.30 | 3.60 | (0.29) | — | (0.29) | 38.77 | |
2016 | 36.33 | 0.27 | 0.55 | 0.82 | (0.27) | (1.42) | (1.69) | 35.46 | |
2015 | 34.16 | 0.22 | 3.24 | 3.46 | (0.23) | (1.06) | (1.29) | 36.33 | |
2014 | 30.49 | 0.29 | 3.85 | 4.14 | (0.28) | (0.19) | (0.47) | 34.16 | |
Class R3 (03/09) | |||||||||
2019(e) | 42.89 | 0.27 | (1.29) | (1.02) | (0.21) | (1.94) | (2.15) | 39.72 | |
2018 | 39.09 | 0.48 | 5.02 | 5.50 | (0.47) | (1.23) | (1.70) | 42.89 | |
2017 | 35.79 | 0.49 | 3.33 | 3.82 | (0.52) | — | (0.52) | 39.09 | |
2016 | 36.65 | 0.44 | 0.57 | 1.01 | (0.45) | (1.42) | (1.87) | 35.79 | |
2015 | 34.45 | 0.41 | 3.26 | 3.67 | (0.41) | (1.06) | (1.47) | 36.65 | |
2014 | 30.75 | 0.45 | 3.89 | 4.34 | (0.45) | (0.19) | (0.64) | 34.45 | |
Class R6 (03/13) | |||||||||
2019(e) | 43.03 | 0.39 | (1.29) | (0.90) | (0.42) | (1.94) | (2.36) | 39.77 | |
2018 | 39.19 | 0.70 | 5.04 | 5.74 | (0.67) | (1.23) | (1.90) | 43.03 | |
2017 | 35.81 | 0.70 | 3.34 | 4.04 | (0.66) | — | (0.66) | 39.19 | |
2016 | 36.64 | 0.64 | 0.57 | 1.21 | (0.62) | (1.42) | (2.04) | 35.81 | |
2015 | 34.42 | 0.61 | 3.26 | 3.87 | (0.59) | (1.06) | (1.65) | 36.64 | |
2014 | 30.69 | 0.64 | 3.89 | 4.53 | (0.61) | (0.19) | (0.80) | 34.42 | |
Class I (03/06) | |||||||||
2019(e) | 42.64 | 0.37 | (1.27) | (0.90) | (0.42) | (1.94) | (2.36) | 39.38 | |
2018 | 38.87 | 0.68 | 4.99 | 5.67 | (0.67) | (1.23) | (1.90) | 42.64 | |
2017 | 35.54 | 0.66 | 3.32 | 3.98 | (0.65) | — | (0.65) | 38.87 | |
2016 | 36.41 | 0.61 | 0.55 | 1.16 | (0.61) | (1.42) | (2.03) | 35.54 | |
2015 | 34.23 | 0.58 | 3.25 | 3.83 | (0.59) | (1.06) | (1.65) | 36.41 | |
2014 | 30.55 | 0.62 | 3.86 | 4.48 | (0.61) | (0.19) | (0.80) | 34.23 |
Ratios/Supplemental Data | ||||
Ratios to Average Net Assets(c) | ||||
Total Return(b) | Ending Net Assets (000) | Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate(d) |
(2.36)% | $514,557 | 0.97%* | 1.58%* | 25% |
14.56 | 464,170 | 0.96 | 1.42 | 28 |
11.04 | 449,109 | 0.97 | 1.61 | 22 |
3.47 | 667,299 | 0.99 | 1.57 | 28 |
11.21 | 700,058 | 1.00 | 1.37 | 28 |
14.50 | 691,389 | 1.01 | 1.64 | 29 |
(2.73) | 480,693 | 1.72* | 0.83* | 25 |
13.70 | 491,639 | 1.71 | 0.67 | 28 |
10.21 | 507,089 | 1.72 | 0.83 | 22 |
2.69 | 556,889 | 1.74 | 0.81 | 28 |
10.37 | 533,430 | 1.75 | 0.62 | 28 |
13.65 | 449,211 | 1.76 | 0.89 | 29 |
(2.50) | 20,151 | 1.22* | 1.33* | 25 |
14.27 | 23,080 | 1.21 | 1.17 | 28 |
10.77 | 22,881 | 1.22 | 1.33 | 22 |
3.22 | 21,662 | 1.24 | 1.30 | 28 |
10.92 | 17,046 | 1.25 | 1.14 | 28 |
14.23 | 21,565 | 1.26 | 1.38 | 29 |
(2.21) | 78,043 | 0.65* | 1.90* | 25 |
14.91 | 64,717 | 0.64 | 1.69 | 28 |
11.41 | 26,984 | 0.65 | 1.91 | 22 |
3.80 | 35,219 | 0.66 | 1.89 | 28 |
11.57 | 32,186 | 0.67 | 1.70 | 28 |
14.92 | 36,352 | 0.68 | 1.94 | 29 |
(2.24) | 2,113,826 | 0.72* | 1.83* | 25 |
14.84 | 2,131,227 | 0.71 | 1.66 | 28 |
11.34 | 1,853,930 | 0.72 | 1.81 | 22 |
3.73 | 1,483,520 | 0.74 | 1.82 | 28 |
11.48 | 1,483,962 | 0.75 | 1.62 | 28 |
14.81 | 1,236,645 | 0.76 | 1.89 | 29 |
(a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
(b) | 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. |
(c) | The Fund has a contractual fee waiver/expense reimbursement agreement with the Adviser, but did not receive a fee waiver/expense reimbursement during the periods presented herein. See Note 7 - Management Fees and Other Transactions with Affiliates, Management Fees for more information. |
(d) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period. |
(e) | For the six months ended January 31, 2019. |
* | Annualized. |
Selected data for a share outstanding throughout each period:
Investment Operations | Less Distributions | ||||||||
Class (Commencement Date) Year Ended July 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 (06/12) | |||||||||
2019(e) | $27.81 | $0.20 | $(1.87) | $(1.67) | $(0.25) | $(0.58) | $(0.83) | $25.31 | |
2018 | 28.67 | 0.48 | 2.34 | 2.82 | (0.43) | (3.25) | (3.68) | 27.81 | |
2017 | 26.65 | 0.51 | 2.53 | 3.04 | (0.99) | (0.03) | (1.02) | 28.67 | |
2016 | 26.90 | 0.43 | (0.31) | 0.12 | (0.37) | — | (0.37) | 26.65 | |
2015 | 25.63 | 0.48 | 1.60 | 2.08 | (0.51) | (0.30) | (0.81) | 26.90 | |
2014 | 24.20 | 0.99 | 1.46 | 2.45 | (0.85) | (0.17) | (1.02) | 25.63 | |
Class C (06/12) | |||||||||
2019(e) | 27.73 | 0.10 | (1.86) | (1.76) | (0.15) | (0.58) | (0.73) | 25.24 | |
2018 | 28.59 | 0.26 | 2.35 | 2.61 | (0.22) | (3.25) | (3.47) | 27.73 | |
2017 | 26.57 | 0.32 | 2.51 | 2.83 | (0.78) | (0.03) | (0.81) | 28.59 | |
2016 | 26.87 | 0.25 | (0.33) | (0.08) | (0.22) | — | (0.22) | 26.57 | |
2015 | 25.61 | 0.28 | 1.60 | 1.88 | (0.32) | (0.30) | (0.62) | 26.87 | |
2014 | 24.18 | 0.78 | 1.48 | 2.26 | (0.66) | (0.17) | (0.83) | 25.61 | |
Class R3 (06/12) | |||||||||
2019(e) | 27.74 | 0.16 | (1.85) | (1.69) | (0.22) | (0.58) | (0.80) | 25.25 | |
2018 | 28.61 | 0.40 | 2.34 | 2.74 | (0.36) | (3.25) | (3.61) | 27.74 | |
2017 | 26.62 | 0.45 | 2.52 | 2.97 | (0.95) | (0.03) | (0.98) | 28.61 | |
2016 | 26.89 | 0.37 | (0.32) | 0.05 | (0.32) | — | (0.32) | 26.62 | |
2015 | 25.62 | 0.39 | 1.62 | 2.01 | (0.44) | (0.30) | (0.74) | 26.89 | |
2014 | 24.19 | 0.89 | 1.49 | 2.38 | (0.78) | (0.17) | (0.95) | 25.62 | |
Class I (06/12) | |||||||||
2019(e) | 27.81 | 0.23 | (1.86) | (1.63) | (0.29) | (0.58) | (0.87) | 25.31 | |
2018 | 28.67 | 0.53 | 2.36 | 2.89 | (0.50) | (3.25) | (3.75) | 27.81 | |
2017 | 26.65 | 0.60 | 2.50 | 3.10 | (1.05) | (0.03) | (1.08) | 28.67 | |
2016 | 26.91 | 0.55 | (0.38) | 0.17 | (0.43) | — | (0.43) | 26.65 | |
2015 | 25.64 | 0.50 | 1.64 | 2.14 | (0.57) | (0.30) | (0.87) | 26.91 | |
2014 | 24.20 | 1.02 | 1.50 | 2.52 | (0.91) | (0.17) | (1.08) | 25.64 |
Ratios/Supplemental Data | |||||||
Ratios to Average Net Assets Before Waiver/Reimbursement | Ratios to Average Net Assets After Waiver/Reimbursement(c) | ||||||
Total Return(b) | Ending Net Assets (000) | Expenses | Net Investment Income (Loss) | Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate(d) | |
(5.89)% | $7,559 | 1.83%* | 0.84%* | 1.15%* | 1.52%* | 14% | |
10.35 | 8,961 | 1.88 | 0.99 | 1.15 | 1.73 | 48 | |
11.55 | 6,188 | 1.25 | 1.78 | 1.15 | 1.88 | 33 | |
0.51 | 6,861 | 1.81 | 1.16 | 1.27 | 1.71 | 19 | |
8.28 | 5,330 | 2.94 | 0.24 | 1.38 | 1.81 | 24 | |
10.21 | 3,618 | 2.69 | 2.64 | 1.42 | 3.91 | 42 | |
(6.24) | 2,760 | 2.58* | 0.09* | 1.90* | 0.77* | 14 | |
9.55 | 3,278 | 2.63 | 0.20 | 1.90 | 0.93 | 48 | |
10.75 | 2,856 | 2.00 | 1.08 | 1.90 | 1.18 | 33 | |
(0.25) | 2,116 | 2.55 | 0.47 | 2.02 | 1.00 | 19 | |
7.47 | 1,512 | 3.69 | (0.51) | 2.13 | 1.06 | 24 | |
9.41 | 810 | 3.39 | 1.86 | 2.17 | 3.09 | 42 | |
(6.00) | 105 | 2.08* | 0.56* | 1.40* | 1.24* | 14 | |
10.06 | 108 | 2.13 | 0.69 | 1.40 | 1.42 | 48 | |
11.30 | 100 | 1.50 | 1.57 | 1.40 | 1.67 | 33 | |
0.24 | 80 | 2.07 | 0.91 | 1.52 | 1.46 | 19 | |
8.01 | 69 | 3.16 | (0.06) | 1.63 | 1.47 | 24 | |
9.94 | 64 | 3.01 | 2.19 | 1.67 | 3.53 | 42 | |
(5.77) | 9,812 | 1.59* | 1.05* | 0.90* | 1.74* | 14 | |
10.63 | 10,049 | 1.61 | 1.19 | 0.90 | 1.90 | 48 | |
11.83 | 8,813 | 1.01 | 2.09 | 0.90 | 2.20 | 33 | |
0.73 | 53,796 | 1.13 | 2.04 | 1.01 | 2.16 | 19 | |
8.55 | 2,581 | 2.64 | 0.40 | 1.14 | 1.91 | 24 | |
10.52 | 3,020 | 2.50 | 2.70 | 1.17 | 4.03 | 42 |
(a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
(b) | 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. |
(c) | After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Note 7 – Management Fees and Other Transactions with Affiliates, Management Fees for more information. |
(d) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period. |
(e) | For the six months ended January 31, 2019. |
* | Annualized. |
Selected data for a share outstanding throughout each period:
Investment Operations | Less Distributions | |||||||||
Class (Commencement Date) Year Ended July 31, | Beginning NAV | Net Investment Income (Loss)(a) | Net Realized/ Unrealized Gain (Loss) | Total | From Net Investment Income | From Accumulated Net Realized Gains | Return of Capital | Total | Ending NAV | |
Class A (06/12) | ||||||||||
2019(e) | $27.30 | $0.16 | $(1.84) | $(1.68) | $(0.23) | $ — | $ — | $(0.23) | $25.39 | |
2018 | 26.90 | 0.59 | 0.45 | 1.04 | (0.64) | — | — | (0.64) | 27.30 | |
2017 | 24.85 | 0.73 | 2.10 | 2.83 | (0.78) | — | — | (0.78) | 26.90 | |
2016 | 26.35 | 0.51 | (1.55) | (1.04) | (0.46) | — | — | (0.46) | 24.85 | |
2015 | 26.46 | 0.49 | (0.03) | 0.46 | (0.49) | (0.06) | (0.02) | (0.57) | 26.35 | |
2014 | 25.59 | 1.07 | 1.11 | 2.18 | (0.81) | (0.50) | — | (1.31) | 26.46 | |
Class C (06/12) | ||||||||||
2019(e) | 27.02 | 0.07 | (1.82) | (1.75) | (0.13) | — | — | (0.13) | 25.14 | |
2018 | 26.67 | 0.42 | 0.40 | 0.82 | (0.47) | — | — | (0.47) | 27.02 | |
2017 | 24.64 | 0.58 | 2.04 | 2.62 | (0.59) | — | — | (0.59) | 26.67 | |
2016 | 26.18 | 0.30 | (1.52) | (1.22) | (0.32) | — | — | (0.32) | 24.64 | |
2015 | 26.33 | 0.27 | —* | 0.27 | (0.34) | (0.06) | (0.02) | (0.42) | 26.18 | |
2014 | 25.51 | 0.84 | 1.13 | 1.97 | (0.65) | (0.50) | — | (1.15) | 26.33 | |
Class R3 (06/12) | ||||||||||
2019(e) | 27.20 | 0.13 | (1.83) | (1.70) | (0.20) | — | — | (0.20) | 25.30 | |
2018 | 26.81 | 0.57 | 0.40 | 0.97 | (0.58) | — | — | (0.58) | 27.20 | |
2017 | 24.80 | 0.70 | 2.06 | 2.76 | (0.75) | — | — | (0.75) | 26.81 | |
2016 | 26.31 | 0.42 | (1.51) | (1.09) | (0.42) | — | — | (0.42) | 24.80 | |
2015 | 26.44 | 0.38 | 0.01 | 0.39 | (0.44) | (0.06) | (0.02) | (0.52) | 26.31 | |
2014 | 25.58 | 0.85 | 1.26 | 2.11 | (0.75) | (0.50) | — | (1.25) | 26.44 | |
Class I (06/12) | ||||||||||
2019(e) | 27.33 | 0.19 | (1.83) | (1.64) | (0.26) | — | — | (0.26) | 25.43 | |
2018 | 26.93 | 0.71 | 0.40 | 1.11 | (0.71) | — | — | (0.71) | 27.33 | |
2017 | 24.88 | 0.89 | 2.01 | 2.90 | (0.85) | — | — | (0.85) | 26.93 | |
2016 | 26.37 | 0.47 | (1.45) | (0.98) | (0.51) | — | — | (0.51) | 24.88 | |
2015 | 26.47 | 0.52 | —* | 0.52 | (0.54) | (0.06) | (0.02) | (0.62) | 26.37 | |
2014 | 25.59 | 1.04 | 1.21 | 2.25 | (0.87) | (0.50) | — | (1.37) | 26.47 |
Ratios/Supplemental Data | |||||||
Ratios to Average Net Assets Before Waiver/Reimbursement | Ratios to Average Net Assets After Waiver/Reimbursement(c) | ||||||
Total Return(b) | Ending Net Assets (000) | Expenses | Net Investment Income (Loss) | Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate(d) | |
(6.12)% | $2,224 | 4.14%** | (1.76)%** | 1.15%** | 1.23%** | 14% | |
3.92 | 2,049 | 3.56 | (0.27) | 1.15 | 2.14 | 31 | |
11.65 | 2,132 | 4.53 | (0.45) | 1.15 | 2.92 | 25 | |
(3.87) | 1,885 | 5.61 | (2.26) | 1.27 | 2.08 | 53 | |
1.86 | 1,077 | 5.58 | (2.29) | 1.37 | 1.91 | 15 | |
8.55 | 469 | 6.08 | (0.66) | 1.42 | 4.00 | 23 | |
(6.48) | 466 | 4.89** | (2.47)** | 1.90** | 0.52** | 14 | |
3.13 | 636 | 4.33 | (0.88) | 1.90 | 1.55 | 31 | |
10.81 | 785 | 5.19 | (0.98) | 1.90 | 2.31 | 25 | |
(4.60) | 580 | 6.33 | (3.06) | 2.02 | 1.25 | 53 | |
1.12 | 419 | 6.30 | (3.12) | 2.13 | 1.05 | 15 | |
7.77 | 309 | 6.61 | (1.27) | 2.17 | 3.17 | 23 | |
(6.27) | 97 | 4.39** | (2.01)** | 1.40** | 0.99** | 14 | |
3.66 | 104 | 3.83 | (0.36) | 1.40 | 2.07 | 31 | |
11.36 | 102 | 4.76 | (0.57) | 1.40 | 2.79 | 25 | |
(4.10) | 93 | 5.96 | (2.72) | 1.52 | 1.72 | 53 | |
1.59 | 66 | 5.85 | (2.75) | 1.63 | 1.47 | 15 | |
8.29 | 66 | 6.51 | (1.66) | 1.67 | 3.18 | 23 | |
(6.00) | 1,992 | 3.89** | (1.49)** | 0.90** | 1.50** | 14 | |
4.18 | 2,330 | 3.32 | 0.15 | 0.90 | 2.58 | 31 | |
11.92 | 2,431 | 4.14 | 0.28 | 0.90 | 3.52 | 25 | |
(3.64) | 1,310 | 5.43 | (2.47) | 1.03 | 1.93 | 53 | |
2.09 | 2,165 | 5.35 | (2.22) | 1.13 | 2.00 | 15 | |
8.86 | 1,979 | 5.94 | (0.90) | 1.17 | 3.88 | 23 |
(a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
(b) | 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. |
(c) | After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Note 7 – Management Fees and Other Transactions with Affiliates, Management Fees for more information. |
(d) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period. |
(e) | For the six months ended January 31, 2019. |
* | Rounds to less than $0.01 per share. |
** | Annualized. |
Santa Barbara Dividend Growth | Level 1 | Level 2 | Level 3 | Total |
Long-Term Investments*: | ||||
Common Stocks | $3,155,967,942 | $ — | $ — | $3,155,967,942 |
Short-Term Investments: | ||||
Repurchase Agreements | — | 46,507,709 | — | 46,507,709 |
Total | $3,155,967,942 | $46,507,709 | $ — | $3,202,475,651 |
Santa Barbara Global Dividend Growth | Level 1 | Level 2 | Level 3 | Total |
Long-Term Investments*: | ||||
Common Stocks | $11,436,522 | $8,353,655** | $ — | $19,790,177 |
Short-Term Investments: | ||||
Repurchase Agreements | — | 406,844 | — | 406,844 |
Total | $11,436,522 | $8,760,499 | $ — | $20,197,021 |
Santa Barbara International Dividend Growth | Level 1 | Level 2 | Level 3 | Total |
Long-Term Investments*: | ||||
Common Stocks | $528,590 | $4,076,804** | $ — | $4,605,394 |
* | Refer to the Fund's Portfolio of Investments for industry classifications. |
** | Refer to the Fund's Portfolio of Investments for securities classified as Level 2. |
Santa Barbara Global Dividend Growth | Value | % of Net Assets |
Country: | ||
United Kingdom | $2,281,679 | 11.3% |
France | 1,927,984 | 9.5 |
Japan | 1,084,117 | 5.3 |
Australia | 902,931 | 4.5 |
Canada | 822,640 | 4.1 |
Germany | 757,320 | 3.7 |
China | 460,579 | 2.3 |
Hong Kong | 277,974 | 1.4 |
Netherlands | 252,571 | 1.2 |
Total non-U.S. securities | $8,767,795 | 43.3% |
Santa Barbara International Dividend Growth | Value | % of Net Assets |
Country: | ||
United Kingdom | $1,075,221 | 22.5% |
France | 767,844 | 16.1 |
Japan | 538,191 | 11.3 |
Canada | 338,504 | 7.1 |
Australia | 297,957 | 6.2 |
Germany | 295,876 | 6.2 |
Spain | 293,660 | 6.1 |
Netherlands | 248,387 | 5.2 |
Hong Kong | 176,972 | 3.7 |
Singapore | 157,926 | 3.3 |
Other | 294,512 | 6.2 |
Total non-U.S. securities | $4,485,050 | 93.9% |
Fund | Counterparty | Short-Term Investments, at Value | Collateral Pledged (From) Counterparty* | Net Exposure |
Santa Barbara Dividend Growth | Fixed Income Clearing Corporation | $46,507,709 | $(46,507,709) | $ — |
Santa Barbara Global Dividend Growth | Fixed Income Clearing Corporation | 406,844 | (406,844) | — |
Six Months Ended 1/31/19 | Year Ended 7/31/18 | ||||
Santa Barbara Dividend Growth | Shares | Amount | Shares | Amount | |
Shares issued in the Reorganization(1): | |||||
Class A | 618,889 | $25,903,284 | — | $ — | |
Class C | 396,600 | 16,572,864 | — | — | |
Class R3 | — | — | — | — | |
Class R6 | 385,191 | 16,265,390 | — | — | |
Class I | 1,419,272 | 59,357,862 | — | — | |
Class T(2) | — | — | — | — | |
Shares sold: | |||||
Class A | 2,767,602 | 111,663,088 | 2,379,283 | 97,483,729 | |
Class A – automatic conversion of Class C Shares | 369 | 15,346 | 21,093 | 871,770 | |
Class C | 1,090,304 | 43,445,688 | 1,343,008 | 54,961,180 | |
Class R3 | 63,662 | 2,574,312 | 114,672 | 4,765,802 | |
Class R6 | 152,076 | 6,155,170 | 938,701 | 37,876,488 | |
Class I | 7,771,413 | 309,956,368 | 13,707,815 | 562,014,807 | |
Class T(2) | — | — | — | — | |
Shares issued to shareholders due to reinvestment of distributions: | |||||
Class A | 432,440 | 17,622,717 | 336,577 | 13,787,654 | |
Class C | 361,692 | 14,801,343 | 283,985 | 11,630,477 | |
Class R3 | 21,180 | 874,359 | 16,556 | 682,881 | |
Class R6 | 90,224 | 3,708,694 | 63,558 | 2,628,118 | |
Class I | 1,627,511 | 66,420,121 | 1,241,230 | 50,864,004 | |
Class T(2) | — | — | — | — | |
17,198,425 | 695,336,606 | 20,446,478 | 837,566,910 | ||
Shares redeemed: | |||||
Class A | (1,658,620) | (66,960,308) | (3,405,684) | (139,955,968) | |
Class C | (1,200,203) | (47,939,468) | (3,124,405) | (127,398,142) | |
Class C – automatic conversion to Class A Shares | (370) | (15,346) | (21,118) | (871,770) | |
Class R3 | (115,649) | (4,710,251) | (178,445) | (7,343,312) | |
Class R6 | (169,149) | (7,071,860) | (186,956) | (7,767,608) | |
Class I | (7,118,811) | (284,764,399) | (12,664,036) | (518,949,607) | |
Class T(2) | (656) | (26,136) | — | — | |
(10,263,458) | (411,487,768) | (19,580,644) | (802,286,407) | ||
Net increase (decrease) | 6,934,967 | $283,848,838 | 865,834 | $35,280,503 |
(1) | Refer to Note 9 - Fund Reorganization for further details. |
(2) | Class T Shares were not available for public offering. |
Six Months Ended 1/31/19 | Year Ended 7/31/18 | ||||
Santa Barbara Global Dividend Growth | Shares | Amount | Shares | Amount | |
Shares sold: | |||||
Class A | 15,169 | $378,158 | 112,084 | $3,120,972 | |
Class A – automatic conversion of Class C Shares | 200 | 5,574 | — | — | |
Class C | 6,693 | 179,105 | 35,271 | 983,613 | |
Class R3 | 235 | 6,517 | 246 | 7,221 | |
Class I | 67,624 | 1,787,185 | 236,692 | 6,820,763 | |
Shares issued to shareholders due to reinvestment of distributions: | |||||
Class A | 10,453 | 259,218 | 31,245 | 847,617 | |
Class C | 3,215 | 78,967 | 13,241 | 357,447 | |
Class R3 | 52 | 1,296 | 165 | 4,462 | |
Class I | 11,942 | 296,077 | 41,545 | 1,128,967 | |
115,583 | 2,992,097 | 470,489 | 13,271,062 | ||
Shares redeemed: | |||||
Class A | (49,441) | (1,223,090) | (36,938) | (1,054,343) | |
Class C | (18,551) | (490,035) | (30,191) | (831,231) | |
Class C – automatic conversion to Class A Shares | (201) | (5,574) | — | — | |
Class R3 | (14) | (361) | (26) | (733) | |
Class I | (53,274) | (1,360,388) | (224,269) | (6,468,275) | |
(121,481) | (3,079,448) | (291,424) | (8,354,582) | ||
Net increase (decrease) | (5,898) | $(87,351) | 179,065 | $4,916,480 |
Six Months Ended 1/31/19 | Year Ended 7/31/18 | ||||
Santa Barbara International Dividend Growth | Shares | Amount | Shares | Amount | |
Shares sold: | |||||
Class A | 24,286 | $598,385 | 36,765 | $1,017,942 | |
Class C | — | — | 8,842 | 240,035 | |
Class R3 | — | — | — | — | |
Class I | 1,777 | 42,903 | 36,345 | 998,216 | |
Shares issued to shareholders due to reinvestment of distributions: | |||||
Class A | 688 | 17,478 | 1,816 | 48,921 | |
Class C | 87 | 2,238 | 446 | 11,870 | |
Class R3 | 10 | 259 | 28 | 756 | |
Class I | 408 | 10,436 | 1,189 | 32,089 | |
27,256 | 671,699 | 85,431 | 2,349,829 | ||
Shares redeemed: | |||||
Class A | (12,462) | (315,397) | (42,782) | (1,174,369) | |
Class C | (5,062) | (128,438) | (15,214) | (411,818) | |
Class R3 | — | — | — | — | |
Class I | (9,069) | (227,119) | (42,535) | (1,160,763) | |
(26,593) | (670,954) | (100,531) | (2,746,950) | ||
Net increase (decrease) | 663 | $745 | (15,100) | $(397,121) |
Santa Barbara Dividend Growth | Santa Barbara Global Dividend Growth | Santa Barbara International Dividend Growth | |
Purchases | $780,161,590 | $2,990,871 | $665,904 |
Sales | 771,667,735 | 2,961,315 | 702,826 |
Santa Barbara Dividend Growth | Santa Barbara Global Dividend Growth | Santa Barbara International Dividend Growth | |
Tax cost of investments | $2,306,738,446 | $17,558,941 | $4,126,551 |
Gross unrealized: | |||
Appreciation | $944,124,235 | $3,646,315 | $807,159 |
Depreciation | (48,387,030) | (1,008,235) | (328,316) |
Net unrealized appreciation (depreciation) of investments | $895,737,205 | $2,638,080 | $478,843 |
Santa Barbara Dividend Growth | Santa Barbara Global Dividend Growth | Santa Barbara International Dividend Growth | |
Capital paid-in | $14,060,396 | $ — | $(809) |
Undistributed (Over-distribution of) net investment income | — | 30,572 | 736 |
Accumulated net realized gain (loss) | (14,060,396) | (30,572) | 73 |
Santa Barbara Dividend Growth | Santa Barbara Global Dividend Growth | Santa Barbara International Dividend Growth | |
Undistributed net ordinary income1 | $5,718,238 | $130,489 | $16,807 |
Undistributed net long-term capital gains | 108,996,465 | 391,155 | — |
1 | Net ordinary income consists of net taxable income derived from dividends, interest, and net short-term capital gains, if any. |
Santa Barbara Dividend Growth | Santa Barbara Global Dividend Growth | Santa Barbara International Dividend Growth | |
Distributions from net ordinary income1 | $47,456,844 | $896,359 | $128,585 |
Distributions from net long-term capital gains | 87,080,040 | 1,634,979 | — |
1 | Net ordinary income consists of net taxable income derived from dividends, interest, and net short-term capital gains, if any. |
Santa Barbara International Dividend Growth | |
Not subject to expiration: | |
Short-term | $83,056 |
Long-term | 90,161 |
Total | $173,217 |
Average Daily Net Assets | Santa Barbara Dividend Growth | Santa Barbara Global Dividend Growth | Santa Barbara International Dividend Growth |
For the first $125 million | 0.5000% | 0.5500% | 0.5500% |
For the next $125 million | 0.4875 | 0.5375 | 0.5375 |
For the next $250 million | 0.4750 | 0.5250 | 0.5250 |
For the next $500 million | 0.4625 | 0.5125 | 0.5125 |
For the next $1 billion | 0.4500 | 0.5000 | 0.5000 |
For the next $3 billion | 0.4250 | 0.4750 | 0.4750 |
For the next $2.5 billion | 0.4000 | 0.4500 | 0.4500 |
For the next $2.5 billion | 0.3875 | 0.4375 | 0.4375 |
For net assets over $10 billion | 0.3750 | 0.4250 | 0.4250 |
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 | Temporary Expense Cap | Temporary Expense Cap Expiration Date | Permanent Expense Cap |
Santa Barbara Dividend Growth | N/A | N/A | 1.25% |
Santa Barbara Global Dividend Growth | 0.94% | July 31, 2020 | N/A |
Santa Barbara International Dividend Growth | 0.94% | July 31, 2020 | N/A |
Santa Barbara Dividend Growth | Santa Barbara Global Dividend Growth | Santa Barbara International Dividend Growth | |
Sales charges collected | $529,514 | $3,453 | $1,079 |
Paid to financial intermediaries | 469,224 | 3,072 | 982 |
Santa Barbara Dividend Growth | Santa Barbara Global Dividend Growth | Santa Barbara International Dividend Growth | |
Commission advances | $329,398 | $1,780 | $45 |
Santa Barbara Dividend Growth | Santa Barbara Global Dividend Growth | Santa Barbara International Dividend Growth | |
12b-1 fees retained | $237,164 | $3,232 | $462 |
Santa Barbara Dividend Growth | Santa Barbara Global Dividend Growth | Santa Barbara International Dividend Growth | |
CDSC retained | $21,036 | $ — | $52 |
Santa Barbara Global Dividend Growth | Santa Barbara International Dividend Growth | |
Class A Shares | 2,500 | 2,500 |
Class C Shares | 2,500 | 2,500 |
Class R3 Shares | 2,500 | 2,500 |
Class I Shares | 42,500 | 42,500 |
Nuveen Symphony Low Volatility Equity Fund | |
Cost of Investments | $115,546,047 |
Fair value of Investments | 124,311,103 |
Net unrealized appreciation (depreciation) of Investments | 8,765,056 |
Target Fund - Prior to the Reorganization | Shares Outstanding | Net Assets | NAV per Share |
Nuveen Symphony Low Volatility Equity Fund | |||
Class A | 1,055,787 | $25,903,284 | $24.53 |
Class C | 707,357 | 16,572,864 | 23.43 |
Class R6 | 660,217 | 16,265,390 | 24.64 |
Class I | 2,416,086 | 59,357,862 | 24.57 |
Acquiring Fund - Prior to the Reorganization | Shares Outstanding | Net Assets | NAV per Share |
Santa Barbara Dividend Growth | |||
Class A | 11,199,267 | $468,739,513 | $41.85 |
Class C | 11,918,725 | 498,052,856 | 41.79 |
Class R3 | 561,766 | 23,687,161 | 42.17 |
Class R6 | 1,548,683 | 65,395,778 | 42.23 |
Class I | 51,113,129 | 2,137,695,531 | 41.82 |
Class T | 656 | 27,494 | 41.89 |
Acquiring Fund - After the Reorganization | Shares Outstanding | Net Assets | NAV per Share |
Santa Barbara Dividend Growth | |||
Class A | 11,818,156 | $494,642,797 | $41.85 |
Class C | 12,315,325 | 514,625,720 | 41.79 |
Class R3 | 561,766 | 23,687,161 | 42.17 |
Class R6 | 1,933,875 | 81,661,168 | 42.23 |
Class I | 52,532,401 | 2,197,053,393 | 41.82 |
Class T | 656 | 27,494 | 41.89 |
Pro Forma Results | Nuveen Symphony Low Volatility Equity Fund |
Net investment income (loss) | $27,287,902 |
Net realized and charge in unrealized gains (losses) | (83,822,819) |
Change in net assets resuliting from operations | (56,534,917) |
Santa Barbara Dividend Growth | Santa Barbara Global Dividend Growth | |
From net investment income: | ||
Class A Shares | $(6,398,924) | $(122,530) |
Class C Shares | (3,211,120) | (25,682) |
Class R3 Shares | (263,345) | (1,364) |
Class R6 Shares | (955,761) | — |
Class I Shares | (32,925,720) | (195,782) |
Class T Shares(1) | (370) | — |
From accumulated net realized gains: | ||
Class A Shares | (13,850,045) | (734,290) |
Class C Shares | (15,203,700) | (344,063) |
Class R3 Shares | (680,419) | (12,122) |
Class R6 Shares | (1,732,195) | — |
Class I Shares | (59,314,479) | (1,095,505) |
Class T Shares(1) | (806) | — |
Total distributions to shareholders: | ||
Class A Shares | (20,248,969) | (856,820) |
Class C Shares | (18,414,820) | (369,745) |
Class R3 Shares | (943,764) | (13,486) |
Class R6 Shares | (2,687,956) | — |
Class I Shares | (92,240,199) | (1,291,287) |
Class T Shares(1) | (1,176) | — |
(1) | Class T Shares were not available for public offering. |
Santa Barbara Dividend Growth | Santa Barbara Global Dividend Growth | Santa Barbara International Dividend Growth | |
UNII at the end of period | $4,531,406 | $39,407 | $(5,258) |
Serving Investors for Generations
Fund Name | Class A | Class C | Class R3 | Class R6 | Class I | |
Nuveen Winslow International Small Cap Fund | NWAIX | NWSCX | — | NWIFX | NWPIX | |
Nuveen Winslow Large-Cap Growth Fund | NWCAX | NWCCX | NWCRX | NWCFX | NVLIX |
Cumulative | Average Annual | |||
6-Month | 1-Year | Since Inception | ||
Class A Shares at NAV | (3.79)% | (7.59)% | (2.65)% | |
Class A Shares at maximum Offering Price | (9.32)% | (12.90)% | (7.65)% | |
MSCI World ex USA Small Cap Index | (10.33)% | (15.08)% | (8.22)% | |
Lipper International Small/Mid-Cap Classification Average | (11.69)% | (16.57)% | (9.42)% | |
Class C Shares | (4.14)% | (8.29)% | (3.39)% | |
Class R6 Shares | (3.66)% | (7.37)% | (2.40)% | |
Class I Shares | (3.71)% | (7.42)% | (2.45)% |
Cumulative | Average Annual | |||
6-Month | 1-Year | Since Inception | ||
Class A Shares at NAV | (11.72)% | (12.16)% | (10.80)% | |
Class A Shares at maximum Offering Price | (16.80)% | (17.21)% | (15.75)% | |
Class C Shares | (12.08)% | (12.86)% | (11.54)% | |
Class R6 Shares | (11.61)% | (11.96)% | (10.61)% | |
Class I Shares | (11.61)% | (11.96)% | (10.61)% |
Share Class | ||||
Class A | Class C | Class R6 | Class I | |
Gross Expense Ratios | 4.49% | 5.12% | 4.19% | 4.47% |
Net Expense Ratios | 1.20% | 1.95% | 0.94% | 0.95% |
Cumulative | Average Annual | ||||
6-Month | 1-Year | 5-Year | Since Inception | ||
Class A Shares at NAV | (2.86)% | 2.56% | 11.99% | 15.22% | |
Class A Shares at maximum Offering Price | (8.44)% | (3.34)% | 10.67% | 14.52% | |
Russell 1000® Growth Index | (2.77)% | 0.24% | 12.97% | 16.22% | |
Lipper Large-Cap Growth Funds Classification Average | (2.82)% | 0.32% | 11.47% | 14.91% | |
Class C Shares | (3.19)% | 1.81% | 11.16% | 14.36% | |
Class R3 Shares | (2.94)% | 2.35% | 11.71% | 14.93% | |
Class R6 Shares | (2.60)% | 3.05% | 12.46% | 14.66% | |
Class I Shares | (2.71)% | 2.84% | 12.27% | 15.51% |
Cumulative | Average Annual | ||||
6-Month | 1-Year | 5-Year | Since Inception | ||
Class A Shares at NAV | (9.26)% | 3.29% | 9.41% | 14.29% | |
Class A Shares at maximum Offering Price | (14.47)% | (2.65)% | 8.12% | 13.59% | |
Class C Shares | (9.61)% | 2.49% | 8.59% | 13.44% | |
Class R3 Shares | (9.38)% | 3.04% | 9.13% | 14.01% | |
Class R6 Shares | (9.08)% | 3.72% | 9.86% | 13.09% | |
Class I Shares | (9.17)% | 3.54% | 9.67% | 14.57% |
Share Class | |||||
Class A | Class C | Class R3 | Class R6 | Class I | |
Gross Expense Ratios | 1.18% | 1.93% | 1.43% | 0.75% | 0.93% |
Net Expense Ratios | 0.98% | 1.73% | 1.23% | 0.55% | 0.73% |
Fund Allocation (% of net assets) | |
Common Stocks | 96.4% |
Repurchase Agreements | 3.3% |
Other Assets Less Liabilities | 0.3% |
Net Assets | 100% |
Top Five Common Stock Holdings (% of net assets) | |
Kirkland Lake Gold Ltd | 2.7% |
Gaztransport Et Technigaz SA | 2.3% |
Israel Discount Bank Ltd | 1.9% |
SSP Group Plc | 1.8% |
TAG Immobilien AG | 1.8% |
Portfolio Composition (% of net assets) | |
Machinery | 6.1% |
Real Estate Management & Development | 6.0% |
Equity Real Estate Investment Trust | 5.5% |
Trading Companies & Distributors | 4.9% |
Electronic Equipment, Instruments & Components | 4.9% |
Chemicals | 4.4% |
Food Products | 4.2% |
Banks | 4.0% |
Metals & Mining | 3.8% |
Health Care Equipment & Supplies | 3.5% |
Insurance | 3.5% |
Beverages | 3.4% |
Oil, Gas & Consumable Fuels | 3.3% |
Household Durables | 3.2% |
IT Services | 2.9% |
Specialty Retail | 2.6% |
Pharmaceuticals | 2.6% |
Diversified Financial Services | 2.1% |
Leisure Products | 2.1% |
Hotels, Restaurants & Leisure | 1.8% |
Software | 1.6% |
Distributors | 1.6% |
Other | 18.4% |
Repurchase Agreements | 3.3% |
Other Assets Less Liabilities | 0.3% |
Net Assets | 100% |
Country Allocation (% of net assets) | |
Japan | 24.9% |
United Kingdom | 16.1% |
Canada | 8.6% |
Germany | 5.9% |
Australia | 5.2% |
France | 4.2% |
Hong Kong | 4.0% |
Sweden | 3.9% |
Italy | 3.7% |
Israel | 3.6% |
Other | 19.6% |
Other Assets Less Liabilities | 0.3% |
Net Assets | 100% |
Fund Allocation (% of net assets) | |
Common Stocks | 99.2% |
Repurchase Agreements | 1.7% |
Other Assets Less Liabilities | (0.9)% |
Net Assets | 100% |
Portfolio Composition (% of net assets) | |
IT Services | 17.0% |
Software | 14.7% |
Internet & Direct Marketing Retail | 9.9% |
Health Care Equipment & Supplies | 8.4% |
Interactive Media & Services | 6.2% |
Aerospace & Defense | 5.4% |
Life Sciences Tools & Services | 4.3% |
Health Care Providers & Services | 4.1% |
Capital Markets | 3.5% |
Entertainment | 3.5% |
Textiles, Apparel & Luxury Goods | 2.8% |
Other | 19.4% |
Repurchase Agreements | 1.7% |
Other Assets Less Liabilities | (0.9)% |
Net Assets | 100% |
Top Five Common Stock Holdings (% of net assets) | |
Microsoft Corp | 6.7% |
Amazon.com Inc | 6.4% |
Visa Inc | 4.6% |
UnitedHealth Group Inc. | 4.0% |
salesforce.com Inc. | 3.4% |
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 | $962.10 | $958.60 | $963.40 | $962.90 |
Expenses Incurred During the Period | $5.93 | $9.63 | $4.55 | $4.70 |
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 | $1,019.16 | $1,015.38 | $1,020.57 | $1,020.42 |
Expenses Incurred During the Period | $6.11 | $9.91 | $4.69 | $4.84 |
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 | $971.40 | $968.10 | $970.60 | $974.00 | $972.90 |
Expenses Incurred During the Period | $4.87 | $8.58 | $6.11 | $2.74 | $3.63 |
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 | $1,020.27 | $1,016.48 | $1,019.00 | $1,022.43 | $1,021.53 |
Expenses Incurred During the Period | $4.99 | $8.79 | $6.26 | $2.80 | $3.72 |
Shares | Description (1) | Value | ||||
LONG-TERM INVESTMENTS – 96.4% | ||||||
COMMON STOCKS – 96.4% | ||||||
Aerospace & Defense – 1.6% | ||||||
29,150 | CAE Inc | $619,406 | ||||
Banks – 4.0% | ||||||
21,400 | Fukuoka Financial Group Inc, (2) | 472,778 | ||||
210,827 | Israel Discount Bank Ltd, (2) | 745,661 | ||||
15,436 | Van Lanschot Kempen NV, (2) | 360,945 | ||||
Total Banks | 1,579,384 | |||||
Beverages – 3.4% | ||||||
58,869 | Britvic PLC, (2) | 679,993 | ||||
8,472 | Royal Unibrew A/S, (2) | 638,054 | ||||
Total Beverages | 1,318,047 | |||||
Biotechnology – 1.5% | ||||||
32,848 | Abcam PLC, (2) | 572,531 | ||||
Building Products – 1.2% | ||||||
233,195 | GWA Group Ltd, (2) | 474,208 | ||||
Capital Markets – 1.5% | ||||||
9,543 | Euronext NV, (2) | 587,864 | ||||
Chemicals – 4.4% | ||||||
55,350 | Daicel Corp, (2) | 580,529 | ||||
94,989 | DuluxGroup Ltd, (2) | 473,680 | ||||
111,120 | Israel Chemicals Ltd, (2) | 644,949 | ||||
Total Chemicals | 1,699,158 | |||||
Construction Materials – 1.5% | ||||||
17,100 | Taiheiyo Cement Corp, (2) | 587,107 | ||||
Distributors – 1.6% | ||||||
13,050 | Paltac Corporation, (2) | 628,903 | ||||
Diversified Financial Services – 2.1% | ||||||
92,600 | Mitsubishi UFJ Lease & Finance Co Ltd, (2) | 474,010 | ||||
9,700 | Zenkoku Hosho Co Ltd, (2) | 340,113 | ||||
Total Diversified Financial Services | 814,123 | |||||
Diversified Telecommunication Services – 1.1% | ||||||
129,769 | Chorus Ltd, (2) | 440,584 |
Shares | Description (1) | Value | ||||
Electric Utilities – 1.1% | ||||||
250,469 | Spark Infrastructure Group, (2) | $440,112 | ||||
Electronic Equipment, Instruments & Components – 4.9% | ||||||
37,700 | Anritsu Corp, (2) | 672,096 | ||||
33,991 | Halma PLC, (2) | 625,160 | ||||
17,625 | Spectris PLC, (2) | 601,712 | ||||
Total Electronic Equipment, Instruments & Components | 1,898,968 | |||||
Equity Real Estate Investment Trust – 5.5% | ||||||
33,200 | Alstria Office AG, REIT, (2) | 499,661 | ||||
19,500 | Canadian Apartment Properties REIT | 694,547 | ||||
568 | Japan Hotel, REIT Investment Corporation, (2) | 435,721 | ||||
499,400 | Mapletree Logistics Trust, (2) | 508,915 | ||||
Total Equity Real Estate Investment Trust | 2,138,844 | |||||
Food & Staples Retailing – 0.9% | ||||||
10,700 | Sundrug Co Ltd, (2) | 342,424 | ||||
Food Products – 4.2% | ||||||
18,700 | Fuji Oil Holdings Inc, (2) | 590,019 | ||||
10,800 | S Foods Inc, (2) | 391,997 | ||||
158,000 | Vitasoy International Holdings Ltd, (2) | 642,775 | ||||
Total Food Products | 1,624,791 | |||||
Health Care Equipment & Supplies – 3.5% | ||||||
5,621 | DiaSorin SpA, (2) | 514,734 | ||||
47,109 | Fisher & Paykel Healthcare Corp Ltd, (2) | 409,990 | ||||
14,450 | Nihon Kohden Corp, (2) | 455,263 | ||||
Total Health Care Equipment & Supplies | 1,379,987 | |||||
Hotels, Restaurants & Leisure – 1.8% | ||||||
82,210 | SSP Group Plc, (2) | 719,554 | ||||
Household Durables – 3.2% | ||||||
40,000 | Haseko Corp, (2) | 443,654 | ||||
10,111 | Kaufman & Broad SA, (2) | 407,994 | ||||
29,800 | Sumitomo Forestry Co Ltd, (2) | 388,683 | ||||
Total Household Durables | 1,240,331 | |||||
Industrial Conglomerates – 1.5% | ||||||
5,784 | Rheinmetall AG, (2) | 600,785 | ||||
Insurance – 3.5% | ||||||
55,530 | Beazley PLC, (2) | 360,398 | ||||
12,674 | Topdanmark A/S, (2) | 603,845 | ||||
43,770 | UNIQA Insurance Group AG, (2) | 399,616 | ||||
Total Insurance | 1,363,859 |
Shares | Description (1) | Value | ||||
Interactive Media & Services – 1.4% | ||||||
85,570 | Rightmove PLC, (2) | $529,883 | ||||
Internet & Direct Marketing Retail – 1.3% | ||||||
114,400 | Trade Me Group Ltd, (2) | 501,883 | ||||
IT Services – 2.9% | ||||||
12,900 | DTS Corp, (2) | 456,587 | ||||
27,500 | Nihon Unisys Ltd, (2) | 657,359 | ||||
Total IT Services | 1,113,946 | |||||
Leisure Products – 2.1% | ||||||
23,710 | Beneteau SA, (2) | 336,028 | ||||
23,200 | Thule Group AB, (2) | 473,668 | ||||
Total Leisure Products | 809,696 | |||||
Machinery – 6.1% | ||||||
9,400 | Daifuku Co Ltd, (2) | 472,406 | ||||
450 | Georg Fischer AG, (2) | 398,877 | ||||
16,432 | Jungheinrich AG, (2) | 498,747 | ||||
3,500 | Kardex AG, (2), (3) | 461,608 | ||||
6,377 | Spirax-Sarco Engineering PLC, (2) | 536,309 | ||||
Total Machinery | 2,367,947 | |||||
Marine – 1.2% | ||||||
52,700 | Seaspan Corp | 490,110 | ||||
Metals & Mining – 3.8% | ||||||
33,050 | Kirkland Lake Gold Ltd | 1,063,224 | ||||
191,700 | Nippon Light Metal Holdings Co Ltd, (2) | 425,383 | ||||
Total Metals & Mining | 1,488,607 | |||||
Multiline Retail – 1.4% | ||||||
55,610 | Tokmanni Group Corp | 542,308 | ||||
Oil, Gas & Consumable Fuels – 3.3% | ||||||
10,576 | Gaztransport Et Technigaz SA, (2) | 893,318 | ||||
186,601 | Saras SpA, (2) | 397,592 | ||||
Total Oil, Gas & Consumable Fuels | 1,290,910 | |||||
Pharmaceuticals – 2.6% | ||||||
15,827 | Dechra Pharmaceuticals PLC, (2) | 491,727 | ||||
14,187 | Recordati SpA, (2) | 514,085 | ||||
Total Pharmaceuticals | 1,005,812 | |||||
Professional Services – 1.2% | ||||||
26,550 | Persol Holdings Co Ltd, (2) | 472,743 |
Shares | Description (1) | Value | ||||
Real Estate Management & Development – 6.0% | ||||||
32,376 | Castellum AB, (2) | $613,786 | ||||
771,100 | K Wah International Holdings Ltd, (2) | 425,302 | ||||
52,818 | Savills PLC, (2) | 577,201 | ||||
28,374 | TAG Immobilien AG, (2) | 717,118 | ||||
Total Real Estate Management & Development | 2,333,407 | |||||
Software – 1.6% | ||||||
35,221 | Altium Ltd, (2) | 643,608 | ||||
Specialty Retail – 2.6% | ||||||
51,675 | Bilia AB, (2) | 454,612 | ||||
22,175 | WH Smith PLC, (2) | 569,229 | ||||
Total Specialty Retail | 1,023,841 | |||||
Trading Companies & Distributors – 4.9% | ||||||
60,000 | BOC Aviation Ltd,144A, (2) | 510,182 | ||||
13,000 | Nishio Rent All Co Ltd, (2) | 408,188 | ||||
22,300 | Russel Metals Inc | 394,253 | ||||
13,300 | Toromont Industries Ltd | 591,032 | ||||
Total Trading Companies & Distributors | 1,903,655 | |||||
Total Long-Term Investments (cost $38,463,848) | 37,589,326 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Value | ||
SHORT-TERM INVESTMENTS – 3.3% | ||||||
REPURCHASE AGREEMENTS – 3.3% | ||||||
$1,285 | Repurchase Agreement with Fixed Income Clearing Corporation, dated 1/31/19, repurchase price $1,284,579, collateralized by $1,280,000 U.S. Treasury Notes, 2.875%, due 4/30/25, value $1,312,044 | 1.200% | 2/01/19 | $1,284,536 | ||
Total Short-Term Investments (cost $1,284,536) | 1,284,536 | |||||
Total Investments (cost $39,748,384) – 99.7% | 38,873,862 | |||||
Other Assets Less Liabilities – 0.3% | 98,867 | |||||
Net Assets – 100% | $38,972,729 |
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) | For fair value measurement disclosure purposes, investment classified as Level 2. See Notes to Financial Statements, Note 2 - Investment Valuation and Fair Value Measurements for more information. | |
(3) | Non-income producing; issuer has not declared a dividend within the past twelve months. | |
144A | Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. | |
REIT | Real Estate Investment Trust |
Shares | Description (1) | Value | ||||
LONG-TERM INVESTMENTS – 99.2% | ||||||
COMMON STOCKS – 99.2% | ||||||
Aerospace & Defense – 5.4% | ||||||
43,650 | Boeing Co/The | $16,832,313 | ||||
31,350 | Northrop Grumman Corporation | 8,638,492 | ||||
45,700 | Raytheon Co | 7,529,532 | ||||
Total Aerospace & Defense | 33,000,337 | |||||
Automobiles – 1.7% | ||||||
80,900 | Ferrari NV | 10,217,670 | ||||
Capital Markets – 3.5% | ||||||
127,900 | Intercontinental Exchange Inc. | 9,817,604 | ||||
74,500 | Moody's Corp | 11,808,995 | ||||
Total Capital Markets | 21,626,599 | |||||
Chemicals – 2.7% | ||||||
63,600 | Linde PLC | 10,367,436 | ||||
14,310 | Sherwin-Williams Co/The | 6,031,951 | ||||
Total Chemicals | 16,399,387 | |||||
Entertainment – 3.5% | ||||||
79,700 | Electronic Arts Inc, (2) | 7,351,528 | ||||
41,350 | Netflix Inc, (2) | 14,038,325 | ||||
Total Entertainment | 21,389,853 | |||||
Equity Real Estate Investment Trust – 2.0% | ||||||
71,700 | American Tower Corporation, REIT | 12,392,628 | ||||
Health Care Equipment & Supplies – 8.4% | ||||||
111,300 | Abbott Laboratories | 8,122,674 | ||||
18,250 | ABIOMED Inc, (2) | 6,407,028 | ||||
29,400 | Align Technology Inc, (2) | 7,319,130 | ||||
37,750 | Becton Dickinson and Co | 9,417,115 | ||||
17,430 | Intuitive Surgical Inc, (2) | 9,127,045 | ||||
63,350 | Stryker Corp | 11,249,059 | ||||
Total Health Care Equipment & Supplies | 51,642,051 | |||||
Health Care Providers & Services – 4.1% | ||||||
91,800 | UnitedHealth Group Inc. | 24,804,360 | ||||
Health Care Technology – 1.3% | ||||||
70,900 | Veeva Systems Inc, (2) | 7,732,354 |
Shares | Description (1) | Value | ||||
Industrial Conglomerates – 1.1% | ||||||
48,500 | Honeywell International Inc. | $6,966,055 | ||||
Interactive Media & Services – 6.2% | ||||||
17,140 | Alphabet Inc., Class A, (2) | 19,134,582 | ||||
16,900 | Alphabet Inc., Class A, (2) | 19,027,541 | ||||
Total Interactive Media & Services | 38,162,123 | |||||
Internet & Direct Marketing Retail – 9.9% | ||||||
36,950 | Alibaba Group Holding Ltd, Sponsored ADR, (2) | 6,225,706 | ||||
22,860 | Amazon.com Inc, (2) | 39,290,168 | ||||
4,710 | Booking Holdings Inc., (2) | 8,632,535 | ||||
55,070 | Expedia Group Inc | 6,567,097 | ||||
Total Internet & Direct Marketing Retail | 60,715,506 | |||||
IT Services – 17.0% | ||||||
66,400 | Automatic Data Processing Inc | 9,285,376 | ||||
71,350 | Fidelity National Information Services Inc. | 7,458,216 | ||||
126,800 | Fiserv Inc, (2) | 10,515,524 | ||||
101,400 | GoDaddy Inc, Class A, (2) | 6,959,082 | ||||
85,550 | Mastercard Inc. | 18,062,171 | ||||
284,800 | Pagseguro Digital Ltd, (2) | 6,143,136 | ||||
201,500 | PayPal Holdings Inc., (2) | 17,885,140 | ||||
206,900 | Visa Inc | 27,933,569 | ||||
Total IT Services | 104,242,214 | |||||
Life Sciences Tools & Services – 4.3% | ||||||
99,400 | Agilent Technologies Inc. | 7,559,370 | ||||
30,750 | Illumina Inc, (2) | 8,603,543 | ||||
42,150 | Thermo Fisher Scientific Inc | 10,354,990 | ||||
Total Life Sciences Tools & Services | 26,517,903 | |||||
Machinery – 1.2% | ||||||
93,750 | Fortive Corp | 7,030,313 | ||||
Pharmaceuticals – 2.6% | ||||||
50,400 | Eli Lilly & Co | 6,040,944 | ||||
115,150 | Zoetis Inc. | 9,921,324 | ||||
Total Pharmaceuticals | 15,962,268 | |||||
Professional Services – 1.0% | ||||||
16,370 | CoStar Group Inc, (2) | 6,396,414 | ||||
Road & Rail – 1.6% | ||||||
60,250 | Union Pacific Corp | 9,583,968 | ||||
Semiconductors & Semiconductor Equipment – 2.0% | ||||||
111,900 | Xilinx Inc. | 12,526,086 |
Shares | Description (1) | Value | ||||
Software – 14.7% | ||||||
53,150 | Adobe Inc., (2) | $13,171,633 | ||||
57,650 | Intuit Inc. | 12,442,023 | ||||
394,600 | Microsoft Corp | 41,208,078 | ||||
136,000 | salesforce.com Inc., (2) | 20,667,920 | ||||
14,250 | Workday Inc, (2) | 2,586,802 | ||||
Total Software | 90,076,456 | |||||
Specialty Retail – 2.2% | ||||||
139,600 | Lowe's Cos Inc. | 13,423,936 | ||||
Textiles, Apparel & Luxury Goods – 2.8% | ||||||
207,100 | NIKE Inc., Class B | 16,957,348 | ||||
Total Long-Term Investments (cost $369,641,613) | 607,765,829 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Value | ||
SHORT-TERM INVESTMENTS – 1.7% | ||||||
REPURCHASE AGREEMENTS – 1.7% | ||||||
$10,726 | Repurchase Agreement with Fixed Income Clearing Corporation, dated 1/31/19, repurchase price $10,726,282 collateralized by $10,675,000 U.S. Treasury Notes, 2.875%, due 4/30/25, value $10,942,238 | 1.200% | 2/01/19 | $10,725,924 | ||
Total Short-Term Investments (cost $10,725,924) | 10,725,924 | |||||
Total Investments (cost $380,367,537) – 100.9% | 618,491,753 | |||||
Other Assets Less Liabilities – (0.9)% | (5,525,253) | |||||
Net Assets – 100% | $612,966,500 |
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. | |
ADR | American Depositary Receipt | |
REIT | Real Estate Investment Trust |
Winslow International Small Cap | Winslow Large-Cap Growth | |
Assets | ||
Long-term investments, at value (cost $38,463,848 and $369,641,613, respectively) | $37,589,326 | $607,765,829 |
Short-term investments, at value (cost approximates value) | 1,284,536 | 10,725,924 |
Cash | 35,844 | — |
Cash denominated in foreign currencies (cost $10,865 and $—, respectively) | 10,876 | — |
Receivable for: | ||
Dividends | 42,775 | 150,595 |
Interest | 43 | 358 |
Investments sold | — | 1,699,004 |
From Adviser | 2,476 | — |
Reclaims | 3,021 | — |
Shares sold | 59,960 | 809,726 |
Other assets | 13,451 | 100,218 |
Total assets | 39,042,308 | 621,251,654 |
Liabilities | ||
Payable for: | ||
Investments purchased | — | 7,243,130 |
Shares redeemed | — | 305,009 |
Accrued expenses: | ||
Custodian fees | 29,715 | 28,552 |
Federal and state registration fees | 3,989 | — |
Management fees | — | 244,176 |
Professional fees | 27,173 | 34,945 |
Shareholder reporting expenses | 7,620 | 50,668 |
Trustees fees | 91 | 68,646 |
12b-1 distribution and service fees | 99 | 5,521 |
Other | 892 | 304,507 |
Total liabilities | 69,579 | 8,285,154 |
Net assets | $38,972,729 | $612,966,500 |
Winslow International Small Cap | Winslow Large-Cap Growth | |
Class A Shares | ||
Net assets | $396,129 | $18,160,681 |
Shares outstanding | 20,474 | 517,171 |
Net asset value ("NAV") per share | $19.35 | $35.12 |
Offering price per share (NAV per share plus maximum sales charge of 5.75% of offering price) | $20.53 | $37.26 |
Class C Shares | ||
Net assets | $24,044 | $2,161,870 |
Shares outstanding | 1,250 | 71,025 |
NAV and offering price per share | $19.24 | $30.44 |
Class R3 Shares | ||
Net assets | $ — | $499,506 |
Shares outstanding | — | 14,881 |
NAV and offering price per share | $ — | $33.57 |
Class R6 Shares | ||
Net assets | $30,654,889 | $93,563,594 |
Shares outstanding | 1,584,653 | 2,530,410 |
NAV and offering price per share | $19.34 | $36.98 |
Class I Shares | ||
Net assets | $7,897,667 | $498,580,849 |
Shares outstanding | 408,318 | 13,688,554 |
NAV and offering price per share | $19.34 | $36.42 |
Fund level net assets consist of: | ||
Capital paid-in | $40,761,182 | $363,127,110 |
Total distributable earnings | (1,788,453) | 249,839,390 |
Fund level net assets | $38,972,729 | $612,966,500 |
Authorized shares - per class | Unlimited | Unlimited |
Par value per share | $0.01 | $0.01 |
Winslow International Small Cap | Winslow Large-Cap Growth | |
Investment Income | ||
Dividends | $303,364 | $2,735,838 |
Foreign tax withheld on dividend income | (23,383) | — |
Total investment income | 279,981 | 2,735,838 |
Expenses | ||
Management fees | 116,789 | 2,269,761 |
12b-1 service fees - Class A Shares | 485 | 22,283 |
12b-1 distibution and service fees - Class C Shares | 119 | 8,909 |
12b-1 distibution and service fees - Class R3 Shares | — | 1,250 |
Shareholder servicing agent fees | 1,533 | 529,138 |
Custodian fees | 73,055 | 40,567 |
Trustees fees | 401 | 9,703 |
Professional fees | 21,795 | 35,346 |
Shareholder reporting expenses | 6,528 | 39,519 |
Federal and state registration fees | 36,059 | 43,569 |
Other | 1,253 | 9,505 |
Total expenses before fee waiver/expense reimbursement | 258,017 | 3,009,550 |
Fee waiver/expense reimbursement | (131,800) | (651,604) |
Net expenses | 126,217 | 2,357,946 |
Net investment income (loss) | 153,764 | 377,892 |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) from investments and foreign currency | (827,422) | 22,772,979 |
Change in net unrealized appreciation (depreciation) of investments and foreign currency | (839,132) | (43,887,656) |
Net realized and unrealized gain (loss) | (1,666,554) | (21,114,677) |
Net increase (decrease) in net assets from operations | $(1,512,790) | $(20,736,785) |
Winslow International Small Cap | Winslow Large-Cap Growth | ||||
Six Months Ended 1/31/19 | For the Period 12/18/17 (commencement of operations) through(1) 7/31/18 | Six Months Ended 1/31/19 | Year Ended(1) 7/31/18 | ||
Operations | |||||
Net investment income (loss) | $153,764 | $55,923 | $377,892 | $88,176 | |
Net realized gain (loss) from investments and foreign currency | (827,422) | (101,441) | 22,772,979 | 115,821,324 | |
Change in net unrealized appreciation (depreciation) of investments and foreign currency | (839,132) | (34,757) | (43,887,656) | 30,033,769 | |
Net increase (decrease) in net assets from operations | (1,512,790) | (80,275) | (20,736,785) | 145,943,269 | |
Distributions to Shareholders(2) | |||||
Dividends(3) | |||||
Class A Shares | (1,031) | — | (2,621,671) | (2,312,574) | |
Class C Shares | — | — | (327,902) | (237,366) | |
Class R3 Shares | — | — | (76,986) | (84,926) | |
Class R6 Shares | (159,677) | — | (13,388,301) | (10,769,134) | |
Class I Shares | (34,810) | — | (72,679,657) | (81,286,743) | |
Decrease in net assets from distributions to shareholders | (195,518) | — | (89,094,517) | (94,690,743) | |
Fund Share Transactions | |||||
Proceeds from sale of shares | 33,649,468 | 7,563,485 | 102,790,352 | 123,454,716 | |
Proceeds from shares issued to shareholders due to reinvestment of distributions | 32,532 | — | 86,985,819 | 92,368,372 | |
33,682,000 | 7,563,485 | 189,776,171 | 215,823,088 | ||
Cost of shares redeemed | (471,357) | (12,816) | (174,597,098) | (227,072,929) | |
Net increase (decrease) in net assets from Fund share transactions | 33,210,643 | 7,550,669 | 15,179,073 | (11,249,841) | |
Net increase (decrease) in net assets | 31,502,335 | 7,470,394 | (94,652,229) | 40,002,685 | |
Net assets at the beginning of period | 7,470,394 | — | 707,618,729 | 667,616,044 | |
Net assets at the end of period | $38,972,729 | $7,470,394 | $612,966,500 | $707,618,729 |
(1) | Prior period amounts have been conformed to current year presentation. See Notes to Financial Statements, Note 9- New Accounting Pronouncements for further details. |
(2) | The composition and per share amounts of the Fund's distributions are presented in the Financial Highlights. The distribution information for the Fund as of its most recent tax year end is presented within the Notes to Financial Statements, Note 6 - Income Tax Information. |
(3) | For the fiscal year ended July 31, 2018, the Fund's distributions to shareholders were paid from net investment income and accumulated net realized gains. |
Selected data for a share outstanding throughout each period:
Investment Operations | Less Distributions | ||||||||
Class (Commencement Date) Year Ended July 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 (12/17) | |||||||||
2019(e) | $20.17 | $0.08 | $(0.85) | $(0.77) | $(0.05) | $— | $(0.05) | $19.35 | |
2018(f) | 20.00 | 0.23 | (0.06) | 0.17 | — | — | — | 20.17 | |
Class C (12/17) | |||||||||
2019(e) | 20.07 | —** | (0.83) | (0.83) | — | — | — | 19.24 | |
2018(f) | 20.00 | 0.08 | (0.01) | 0.07 | — | — | — | 20.07 | |
Class R6 (12/17) | |||||||||
2019(e) | 20.20 | 0.11 | (0.87) | (0.76) | (0.10) | — | (0.10) | 19.34 | |
2018(f) | 20.00 | 0.21 | (0.01) | 0.20 | — | — | — | 20.20 | |
Class I (12/17) | |||||||||
2019(e) | 20.20 | 0.10 | (0.86) | (0.76) | (0.10) | — | (0.10) | 19.34 | |
2018(f) | 20.00 | 0.24 | (0.04) | 0.20 | — | — | — | 20.20 |
Ratios/Supplemental Data | |||||||
Ratios to Average Net Assets Before Waiver/Reimbursement | Ratios to Average Net Assets After Waiver/Reimbursement(c) | ||||||
Total Return(b) | Ending Net Assets (000) | Expenses | Net Investment Income (Loss) | Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate(d) | |
(3.79)% | $396 | 2.17%* | (0.11)%* | 1.20%* | 0.86%* | 10% | |
0.85 | 234 | 4.49* | (1.47)* | 1.20* | 1.82* | 44 | |
(4.14) | 24 | 2.92* | (0.94)* | 1.95* | 0.03* | 10 | |
0.35 | 25 | 5.12* | (2.54)* | 1.95* | 0.63* | 44 | |
(3.66) | 30,655 | 1.89* | 0.20* | 0.92* | 1.17* | 10 | |
1.00 | 2,076 | 4.19* | (1.61)* | 0.94* | 1.64* | 44 | |
(3.71) | 7,898 | 1.92* | 0.02* | 0.95* | 1.00* | 10 | |
1.00 | 5,135 | 4.47* | (1.63)* | 0.95* | 1.89* | 44 |
(a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
(b) | 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. |
(c) | After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Note 7 – Management Fees and Other Transactions with Affiliates, Management Fees for more information. |
(d) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period. |
(e) | For the six months ended January 31, 2019. |
(f) | For the period December 18, 2017 (commencement of operations) through January 31, 2018. |
* | Annualized. |
** | Rounds to less than $0.01 per share. |
Selected data for a share outstanding throughout each period:
Investment Operations | Less Distributions | ||||||||
Class (Commencement Date) Year Ended July 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 (05/09) | |||||||||
2019(e) | $43.15 | $(0.03) | $(1.76) | $(1.79) | $ — | $(6.24) | $(6.24) | $35.12 | |
2018 | 40.73 | (0.10) | 9.57 | 9.47 | — | (7.05) | (7.05) | 43.15 | |
2017 | 40.08 | (0.04) | 6.49 | 6.45 | — | (5.80) | (5.80) | 40.73 | |
2016 | 47.26 | (0.08) | (0.93) | (1.01) | — | (6.17) | (6.17) | 40.08 | |
2015 | 44.39 | (0.11) | 7.60 | 7.49 | — | (4.62) | (4.62) | 47.26 | |
2014 | 39.38 | (0.13) | 7.34 | 7.21 | (0.05) | (2.15) | (2.20) | 44.39 | |
Class C (05/09) | |||||||||
2019(e) | 38.48 | (0.16) | (1.64) | (1.80) | — | (6.24) | (6.24) | 30.44 | |
2018 | 37.27 | (0.37) | 8.63 | 8.26 | — | (7.05) | (7.05) | 38.48 | |
2017 | 37.42 | (0.31) | 5.96 | 5.65 | — | (5.80) | (5.80) | 37.27 | |
2016 | 44.86 | (0.36) | (0.91) | (1.27) | — | (6.17) | (6.17) | 37.42 | |
2015 | 42.66 | (0.43) | 7.25 | 6.82 | — | (4.62) | (4.62) | 44.86 | |
2014 | 38.15 | (0.42) | 7.08 | 6.66 | — | (2.15) | (2.15) | 42.66 | |
Class R3 (05/09) | |||||||||
2019(e) | 41.61 | (0.08) | (1.72) | (1.80) | — | (6.24) | (6.24) | 33.57 | |
2018 | 39.60 | (0.20) | 9.26 | 9.06 | — | (7.05) | (7.05) | 41.61 | |
2017 | 39.22 | (0.14) | 6.32 | 6.18 | — | (5.80) | (5.80) | 39.60 | |
2016 | 46.49 | (0.18) | (0.92) | (1.10) | — | (6.17) | (6.17) | 39.22 | |
2015 | 43.84 | (0.22) | 7.49 | 7.27 | — | (4.62) | (4.62) | 46.49 | |
2014 | 38.97 | (0.21) | 7.23 | 7.02 | — | (2.15) | (2.15) | 43.84 | |
Class R6 (03/13) | |||||||||
2019(e) | 45.00 | 0.06 | (1.82) | (1.76) | (0.02) | (6.24) | (6.26) | 36.98 | |
2018 | 42.12 | 0.08 | 9.94 | 10.02 | (0.09) | (7.05) | (7.14) | 45.00 | |
2017 | 41.11 | 0.11 | 6.73 | 6.84 | (0.03) | (5.80) | (5.83) | 42.12 | |
2016 | 48.15 | 0.09 | (0.96) | (0.87) | —* | (6.17) | (6.17) | 41.11 | |
2015 | 44.96 | 0.08 | 7.73 | 7.81 | — | (4.62) | (4.62) | 48.15 | |
2014 | 39.81 | 0.04 | 7.41 | 7.45 | (0.15) | (2.15) | (2.30) | 44.96 | |
Class I (05/09) | |||||||||
2019(e) | 44.47 | 0.02 | (1.81) | (1.79) | (0.02) | (6.24) | (6.26) | 36.42 | |
2018 | 41.76 | —* | 9.85 | 9.85 | (0.09) | (7.05) | (7.14) | 44.47 | |
2017 | 40.88 | 0.05 | 6.66 | 6.71 | (0.03) | (5.80) | (5.83) | 41.76 | |
2016 | 47.98 | 0.02 | (0.95) | (0.93) | —* | (6.17) | (6.17) | 40.88 | |
2015 | 44.89 | 0.01 | 7.70 | 7.71 | — | (4.62) | (4.62) | 47.98 | |
2014 | 39.79 | (0.01) | 7.41 | 7.40 | (0.15) | (2.15) | (2.30) | 44.89 |
Ratios/Supplemental Data | |||||||
Ratios to Average Net Assets Before Waiver/Reimbursement | Ratios to Average Net Assets After Waiver/Reimbursement(c) | ||||||
Total Return(b) | Ending Net Assets (000) | Expenses | Net Investment Income (Loss) | Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate(d) | |
(2.86)% | $18,161 | 1.18%*** | (0.35)%*** | 0.98%*** | (0.15)%*** | 26% | |
25.97 | 17,709 | 1.18 | (0.44) | 0.98 | (0.24) | 56 | |
19.08 | 17,526 | 1.16 | (0.29) | 0.98 | (0.12) | 65 | |
(2.08) | 21,065 | 1.15 | (0.37) | 0.98 | (0.21) | 88 | |
18.11 | 30,763 | 1.16 | (0.38) | 1.01 | (0.24) | 64 | |
18.64 | 30,506 | 1.15 | (0.41) | 1.03 | (0.29) | 69 | |
(3.19) | 2,162 | 1.93*** | (1.11)*** | 1.73*** | (0.91)*** | 26 | |
25.01 | 1,460 | 1.93 | (1.18) | 1.73 | (0.99) | 56 | |
18.21 | 1,557 | 1.91 | (1.04) | 1.73 | (0.87) | 65 | |
(2.82) | 1,852 | 1.89 | (1.11) | 1.73 | (0.95) | 88 | |
17.22 | 2,222 | 1.90 | (1.13) | 1.76 | (0.99) | 64 | |
17.74 | 2,052 | 1.90 | (1.14) | 1.78 | (1.02) | 69 | |
(2.94) | 500 | 1.43*** | (0.59)*** | 1.23*** | (0.40)*** | 26 | |
25.62 | 510 | 1.43 | (0.69) | 1.23 | (0.49) | 56 | |
18.78 | 474 | 1.41 | (0.55) | 1.23 | (0.38) | 65 | |
(2.31) | 2,276 | 1.40 | (0.61) | 1.23 | (0.45) | 88 | |
17.79 | 2,626 | 1.40 | (0.64) | 1.26 | (0.49) | 64 | |
18.33 | 2,216 | 1.39 | (0.61) | 1.28 | (0.51) | 69 | |
(2.60) | 93,564 | 0.75*** | 0.06*** | 0.55*** | 0.27*** | 26 | |
26.50 | 81,125 | 0.75 | (0.02) | 0.55 | 0.18 | 56 | |
19.59 | 63,065 | 0.74 | 0.11 | 0.57 | 0.29 | 65 | |
(1.69) | 48,757 | 0.74 | 0.05 | 0.58 | 0.21 | 88 | |
18.59 | 53,851 | 0.74 | 0.02 | 0.59 | 0.17 | 64 | |
19.07 | 31,940 | 0.74 | 0.02 | 0.66 | 0.10 | 69 | |
(2.71) | 498,581 | 0.93*** | (0.09)*** | 0.73*** | 0.10*** | 26 | |
26.27 | 606,814 | 0.93 | (0.19) | 0.73 | —** | 56 | |
19.39 | 584,995 | 0.91 | (0.04) | 0.73 | 0.13 | 65 | |
(1.83) | 707,304 | 0.89 | (0.11) | 0.73 | 0.05 | 88 | |
18.39 | 1,090,885 | 0.91 | (0.14) | 0.76 | 0.01 | 64 | |
18.94 | 1,175,078 | 0.90 | (0.13) | 0.78 | (0.01) | 69 |
(a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
(b) | 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. |
(c) | After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Note 7 – Management Fees and Other Transactions with Affiliates, Management Fees for more information. |
(d) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period. |
(e) | For the six months ended January 31, 2019. |
* | Rounds to less than $0.01 per share. |
** | Rounds to less than 0.01%. |
*** | Annualized. |
Winslow International Small Cap | Level 1 | Level 2 | Level 3 | Total |
Long-Term Investments*: | ||||
Common Stocks | $5,895,581 | $31,693,745** | $ — | $37,589,326 |
Short-Term Investments: | ||||
Repurchase Agreements | — | 1,284,536 | — | 1,284,536 |
Total | $5,895,581 | $32,978,281 | $ — | $38,873,862 |
Winslow Large-Cap Growth | Level 1 | Level 2 | Level 3 | Total |
Long-Term Investments*: | ||||
Common Stocks | $607,765,829 | $ — | $ — | $607,765,829 |
Short-Term Investments: | ||||
Repurchase Agreements | — | 10,725,924 | — | 10,725,924 |
Total | $607,765,829 | $10,725,924 | $ — | $618,491,753 |
* | Refer to the Fund's Portfolio of Investments for industry classifications. |
** | Refer to the Fund's Portfolio of Investments for securities classified as Level 2. |
Winslow International Small Cap | Value | % of Net Assets |
Country: | ||
Japan | $9,695,963 | 24.9% |
United Kingdom | 6,263,697 | 16.1 |
Canada | 3,362,462 | 8.6 |
Germany | 2,316,311 | 5.9 |
Australia | 2,031,608 | 5.2 |
France | 1,637,340 | 4.2 |
Hong Kong | 1,558,187 | 4.0 |
Sweden | 1,542,066 | 3.9 |
Italy | 1,426,411 | 3.7 |
Israel | 1,390,610 | 3.6 |
Other | 6,364,671 | 16.3 |
Total non-U.S. securities | $37,589,326 | 96.4% |
Fund | Counterparty | Short-Term Investments, at Value | Collateral Pledged (From) Counterparty* | Net Exposure |
Winslow International Small Cap | Fixed Income Clearing Corporation | $1,284,536 | $(1,284,536) | $ — |
Winslow Large-Cap Growth | Fixed Income Clearing Corporation | $10,725,924 | $(10,725,924) | $ — |
Six Months Ended 1/31/19 | For the Period 12/18/17 (commencement of operations) through 7/31/18 | ||||
Winslow International Small Cap | Shares | Amount | Shares | Amount | |
Shares sold: | |||||
Class A | 16,088 | $322,566 | 12,234 | $253,504 | |
Class C | — | — | 1,250 | 25,000 | |
Class R6 | 1,481,774 | 30,161,226 | 102,796 | 2,056,037 | |
Class I | 170,657 | 3,165,676 | 254,263 | 5,228,944 | |
Shares issued to shareholders due to reinvestment of distributions: | |||||
Class A | 55 | 967 | — | — | |
Class C | — | — | — | — | |
Class R6 | 83 | 1,448 | — | — | |
Class I | 1,716 | 30,117 | — | — | |
1,670,373 | 33,682,000 | 370,543 | 7,563,485 | ||
Shares redeemed: | |||||
Class A | (7,268) | (141,109) | (635) | (12,816) | |
Class C | — | — | — | — | |
Class R6 | — | — | — | — | |
Class I | (18,318) | (330,248) | — | — | |
(25,586) | (471,357) | (635) | (12,816) | ||
Net increase (decrease) | 1,644,787 | $33,210,643 | 369,908 | $7,550,669 |
Six Months Ended 1/31/19 | Year Ended 7/31/18 | ||||
Winslow Large-Cap Growth | Shares | Amount | Shares | Amount | |
Shares sold: | |||||
Class A | 133,869 | $4,924,033 | 169,431 | $6,849,319 | |
Class C | 26,943 | 924,501 | 12,026 | 458,348 | |
Class R3 | 107 | 4,059 | 260 | 10,388 | |
Class R6 | 1,018,005 | 44,605,073 | 396,215 | 17,193,332 | |
Class I | 1,270,834 | 52,332,686 | 2,341,782 | 98,943,329 | |
Shares issued to shareholders due to reinvestment of distributions: | |||||
Class A | 33,352 | 1,071,279 | 18,014 | 672,828 | |
Class C | 11,527 | 321,262 | 7,032 | 235,302 | |
Class R3 | 2,507 | 76,986 | 2,354 | 84,926 | |
Class R6 | 395,889 | 13,388,300 | 275,488 | 10,724,273 | |
Class I | 2,164,167 | 72,127,992 | 2,093,856 | 80,651,043 | |
5,057,200 | 189,776,171 | 5,316,458 | 215,823,088 | ||
Shares redeemed: | |||||
Class A | (60,430) | (2,383,636) | (207,342) | (8,561,580) | |
Class C | (5,389) | (170,047) | (22,887) | (851,571) | |
Class R3 | — | — | (2,305) | (92,121) | |
Class R6 | (686,265) | (29,288,677) | (366,358) | (15,598,592) | |
Class I | (3,391,958) | (142,754,738) | (4,797,726) | (201,969,065) | |
(4,144,042) | (174,597,098) | (5,396,618) | (227,072,929) | ||
Net increase (decrease) | 913,158 | $15,179,073 | (80,160) | $(11,249,841) |
Winslow International Small Cap | Winslow Large-Cap Growth | |
Purchases | $34,627,704 | $168,138,923 |
Sales | 2,651,650 | 239,547,679 |
Winslow International Small Cap | Winslow Large-Cap Growth | |
Tax cost of investments | $39,753,136 | $382,312,037 |
Gross unrealized: | ||
Appreciation | $1,629,580 | $241,957,398 |
Depreciation | (2,508,854) | (5,777,682) |
Net unrealized appreciation (depreciation) of investments | $(879,274) | $236,179,716 |
Winslow International Small Cap | Winslow Large-Cap Growth | |
Capital paid-in | $(130) | $7,529,027 |
Undistributed (Over-distribution of) net investment income | 342 | 437,949 |
Accumulated net realized gain (loss) | (212) | (7,966,976) |
Winslow International Small Cap | Winslow Large-Cap Growth | |
Undistributed net ordinary income1 | $58,714 | $2,923,448 |
Undistributed net long-term capital gains | — | 76,679,872 |
1 | Net ordinary income consists of net taxable income derived from dividends, interest, and net short-term capital gains, if any. |
Winslow International Small Cap | Winslow Large-Cap Growth | |
Distributions from net ordinary income1 | $ — | $15,603,441 |
Distributions from net long-term capital gains | — | 79,087,302 |
1 | Net ordinary income consists of net taxable income derived from dividends, interest, and net short-term capital gains, if any. |
Average Daily Net Assets | Winslow International Small Cap | Winslow Large-Cap Growth |
For the first $125 million | 0.7000% | 0.5500% |
For the next $125 million | 0.6875 | 0.5375 |
For the next $250 million | 0.6750 | 0.5250 |
For the next $500 million | 0.6625 | 0.5125 |
For the next $1 billion | 0.6500 | 0.5000 |
For the next $3 billion | 0.6250 | 0.4750 |
For the next $2.5 billion | 0.6000 | 0.4500 |
For the next $2.5 billion | 0.5875 | 0.4375 |
For net assets over $10 billion | 0.5750 | 0.4250 |
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 | Temporary Expense Cap | Temporary Expense Cap Expiration Date | Permanent Expense Cap |
Winslow International Small Cap | 0.99% | July 31, 2020 | 1.00% |
Winslow Large-Cap Growth | 0.77% | July 31, 2020 | 1.25% |
Winslow International Small Cap | Winslow Large-Cap Growth | |
Sales charges collected | $ — | $35,992 |
Paid to financial intermediaries | — | 31,639 |
Winslow International Small Cap | Winslow Large-Cap Growth | |
Commission advances | $ — | $4,158 |
Winslow International Small Cap | Winslow Large-Cap Growth | |
12b-1 fees retained | $101 | $2,621 |
Winslow International Small Cap | Winslow Large-Cap Growth | |
CDSC retained | $ — | $ — |
Winslow Large-Cap Growth | |
From net investment income: | |
Class A Shares | $ — |
Class C Shares | — |
Class R3 Shares | — |
Class R6 Shares | (153,002) |
Class I Shares | (1,176,727) |
From accumulated net realized gains: | |
Class A Shares | (2,312,574) |
Class C Shares | (237,366) |
Class R3 Shares | (84,926) |
Class R6 Shares | (10,616,132) |
Class I Shares | (80,110,016) |
Total distributions to shareholders: | |
Class A Shares | (2,312,574) |
Class C Shares | (237,366) |
Class R3 Shares | (84,926) |
Class R6 Shares | (10,769,134) |
Class I Shares | (81,286,743) |
Winslow International Small Cap | Winslow Large-Cap Growth | |
UNII at the end of period | $56,265 | $ — |
• | Fund Rationalizations - continuing efforts to rationalize the product line through mergers, liquidations and repositionings in seeking to enhance shareholder value over the years through increased efficiency, reduced costs, improved performance and revised investment approaches more relevant to current shareholder needs; |
• | Product Innovations - developing product innovations and launching new products that will help the Nuveen fund complex offer a variety of products that will attract new investors and retain existing investors, such as launching the target term funds, exchange-traded funds (“ETFs”) and multi-asset class funds; |
• | Risk Management Enhancements - continuing efforts to enhance risk management, including enhancing reporting to increase the efficiency of risk monitoring, implementing programs to strengthen the ability to detect and mitigate operational risks, dedicating resources and staffing necessary to create standards to help ensure compliance with new liquidity requirements, and implementing a price verification system; |
• | Additional Compliance Services – the continuing investment of significant resources, time and additional staffing to meet the various new regulatory requirements affecting the Nuveen funds over the past several years, the further implementation of unified compliance policies and processes, the development of additional compliance training modules, and the reorganization of the compliance team adding further depth to its senior leadership; and |
• | Expanded Dividend Management Services – as the Nuveen fund complex has grown, the additional services necessary to manage the distributions of the varied funds offered and investing in automated systems to assist in this process. |
• | the nature, extent and quality of the services expected to be provided by the Fund Adviser; |
��� | the organization of the Fund Adviser, including the responsibilities of various departments and key personnel; |
• | the expertise and background of the Fund Adviser with respect to the Fund’s investment strategy; |
• | certain performance-related information (as described below); |
• | the profitability of Nuveen and its affiliates for their advisory activities; |
• | the proposed management fees of the Fund Adviser, including comparisons of such fees with the management fees of comparable funds; |
• | the expected expenses of the Fund, including comparisons of the Fund’s expected expense ratio with the expense ratios of comparable funds; and |
• | the soft dollar practices of the Fund Adviser, if any. |
Serving Investors for Generations
Fund Name | ||||||
Nuveen Winslow International Large Cap Fund |
Cumulative | |
Since Inception | |
Class A Shares at NAV | 5.25% |
Class A Shares at maximum Offering Price | (0.80)% |
MSCI ACWI ex USA Index | 3.68% |
Class C Shares | 5.15% |
Class R6 Shares | 5.30% |
Class I Shares | 5.30% |
Cumulative | |
Since Inception | |
Class A Shares at NAV | (2.40)% |
Class A Shares at maximum Offering Price | (8.01)% |
Class C Shares | (2.45)% |
Class R6 Shares | (2.40)% |
Class I Shares | (2.40)% |
Share Class | ||||
Class A | Class C | Class R6 | Class I | |
Gross Expense Ratios | 1.93% | 2.68% | 1.59% | 1.68% |
Net Expense Ratios | 1.19% | 1.94% | 0.85% | 0.94% |
Fund Allocation (% of net assets) | |
Common Stocks | 97.5% |
Repurchase Agreements | 2.0% |
Other Assets Less Liabilities | 0.5% |
Net Assets | 100% |
Top Five Common Stock Holdings (% of net assets) | |
Nestle SA | 2.3% |
Toyota Motor Corp | 2.2% |
Novartis AG | 2.2% |
Neste Oyj | 2.1% |
BHP Group Ltd | 2.0% |
Portfolio Composition (% of net assets) | |
Banks | 14.9% |
Beverages | 6.8% |
Oil, Gas & Consumable Fuels | 6.3% |
Insurance | 5.0% |
Software | 4.4% |
Chemicals | 4.2% |
Pharmaceuticals | 3.9% |
Health Care Equipment & Supplies | 3.6% |
Metals & Mining | 3.2% |
Multi-Utilities | 2.7% |
Airlines | 2.7% |
Capital Markets | 2.4% |
Aerospace & Defense | 2.4% |
Hotels, Restaurants & Leisure | 2.4% |
Food Products | 2.3% |
Real Estate Management & Development | 2.3% |
Automobiles | 2.2% |
Auto Components | 2.1% |
Leisure Products | 1.8% |
IT Services | 1.6% |
Textiles, Apparel & Luxury Goods | 1.5% |
Other | 18.8% |
Repurchase Agreements | 2.0% |
Other Assets Less Liabilities | 0.5% |
Net Assets | 100% |
Country Allocation (% of net assets) | |
Japan | 18.1% |
United Kingdom | 14.4% |
Switzerland | 11.2% |
Australia | 8.9% |
Germany | 7.3% |
Canada | 6.3% |
France | 6.2% |
Israel | 4.4% |
Netherlands | 4.0% |
Singapore | 3.0% |
Other | 15.7% |
Other Assets Less Liabilities | 0.5% |
Net Assets | 100% |
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 | $1,052.50 | $1,051.50 | $1,053.00 | $1,053.00 |
Expenses Incurred During the Period | $1.65 | $2.72 | $1.29 | $1.29 |
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 | $1,005.38 | $1,004.33 | $1,005.73 | $1,005.73 |
Expenses Incurred During the Period | $1.61 | $2.66 | $1.26 | $1.26 |
Shares | Description (1) | Value | ||||
LONG-TERM INVESTMENTS – 97.5% | ||||||
COMMON STOCKS – 97.5% | ||||||
Aerospace & Defense – 2.4% | ||||||
9,825 | BAE Systems PLC, (2) | $66,096 | ||||
41 | Dassault Aviation SA | 61,054 | ||||
Total Aerospace & Defense | 127,150 | |||||
Air Freight & Logistics – 1.0% | ||||||
1,705 | Deutsche Post AG, (2) | 50,359 | ||||
Airlines – 2.7% | ||||||
8,720 | International Consolidated Airlines Group SA, (2), (3) | 73,584 | ||||
1,900 | Japan Airlines Co Ltd, (2) | 69,176 | ||||
Total Airlines | 142,760 | |||||
Auto Components – 2.1% | ||||||
1,200 | Aisin Seiki Co Ltd, (2) | 47,442 | ||||
560 | Cie Generale des Etablissements Michelin SCA, (2) | 60,828 | ||||
Total Auto Components | 108,270 | |||||
Automobiles – 2.2% | ||||||
1,900 | Toyota Motor Corp, (2) | 116,945 | ||||
Banks – 14.9% | ||||||
7,890 | Bank Hapoalim BM, (2) | 53,480 | ||||
8,000 | Bank Leumi Le-Israel BM, (2) | 52,891 | ||||
19,000 | BOC Hong Kong Holdings Ltd, (2) | 73,415 | ||||
850 | Canadian Imperial Bank of Commerce | 72,072 | ||||
5,000 | DBS Group Holdings Ltd, (2) | 89,113 | ||||
3,600 | DNB ASA, (2) | 63,897 | ||||
4,675 | ING Groep NV, (2) | 55,473 | ||||
700 | KBC Group NV, (2) | 47,523 | ||||
91,500 | Lloyds Banking Group PLC, (2) | 69,756 | ||||
900 | Royal Bank of Canada | 68,509 | ||||
1,900 | Sumitomo Mitsui Financial Group Inc., (2) | 70,684 | ||||
3,600 | United Overseas Bank Ltd, (2) | 67,468 | ||||
Total Banks | 784,281 | |||||
Beverages – 6.8% | ||||||
1,650 | Coca-Cola European Partners PLC | 78,507 | ||||
1,910 | Coca-Cola HBC AG, (2) | 64,193 | ||||
3,400 | Kirin Holdings Co Ltd, (2) | 81,171 | ||||
450 | Pernod Ricard SA, (2) | 74,661 |
Shares | Description (1) | Value | ||||
Beverages (continued) | ||||||
5,380 | Treasury Wine Estates Ltd, (2) | $60,547 | ||||
Total Beverages | 359,079 | |||||
Building Products – 1.4% | ||||||
1,860 | Kingspan Group PLC, (2) | 76,072 | ||||
Capital Markets – 2.4% | ||||||
5,515 | 3i Group PLC, (2) | 61,551 | ||||
790 | Macquarie Group Ltd, (2) | 67,188 | ||||
Total Capital Markets | 128,739 | |||||
Chemicals – 4.2% | ||||||
9,300 | Mitsubishi Chemical Holdings Corp, (2) | 79,920 | ||||
720 | Sika AG, (2) | 95,080 | ||||
1,100 | Umicore SA, (2) | 46,505 | ||||
Total Chemicals | 221,505 | |||||
Commercial Services & Supplies – 1.3% | ||||||
8,910 | Brambles Ltd, (2) | 69,132 | ||||
Construction & Engineering – 1.2% | ||||||
700 | Eiffage SA, (2) | 65,580 | ||||
Electric Utilities – 1.1% | ||||||
5,000 | CLP Holdings Ltd, (2) | 58,235 | ||||
Electrical Equipment – 1.0% | ||||||
4,100 | Mitsubishi Electric Corp, (2) | 51,591 | ||||
Energy Equipment & Services – 1.3% | ||||||
9,930 | BP PLC, (2) | 67,833 | ||||
Food & Staples Retailing – 1.4% | ||||||
2,855 | Koninklijke Ahold Delhaize NV, (2) | 75,218 | ||||
Food Products – 2.3% | ||||||
1,380 | Nestle SA, (2) | 120,314 | ||||
Health Care Equipment & Supplies – 3.6% | ||||||
4,900 | Smith & Nephew PLC, (2) | 92,310 | ||||
135 | Straumann Holding AG, (2) | 98,013 | ||||
Total Health Care Equipment & Supplies | 190,323 | |||||
Health Care Providers & Services – 1.0% | ||||||
3,000 | Sonic Healthcare Ltd, (2) | 50,321 | ||||
Hotels, Restaurants & Leisure – 2.4% | ||||||
3,190 | Aristocrat Leisure Ltd, (2) | 57,374 |
Shares | Description (1) | Value | ||||
Hotels, Restaurants & Leisure (continued) | ||||||
1,182 | InterContinental Hotels Group PLC, (2) | $67,170 | ||||
Total Hotels, Restaurants & Leisure | 124,544 | |||||
Household Durables – 0.9% | ||||||
2,900 | Sekisui Chemical Co Ltd, (2) | 45,012 | ||||
Insurance – 5.0% | ||||||
253 | Allianz SE, (2) | 53,679 | ||||
3,000 | Manulife Financial Corp | 48,198 | ||||
1,400 | Sompo Holdings Inc., (2) | 52,786 | ||||
127 | Swiss Life Holding AG, (2) | 52,394 | ||||
185 | Zurich Insurance Group AG, (2) | 58,063 | ||||
Total Insurance | 265,120 | |||||
IT Services – 1.6% | ||||||
504 | Wirecard AG, (2) | 83,572 | ||||
Leisure Products – 1.8% | ||||||
2,200 | Bandai Namco Holdings Inc., (2) | 97,189 | ||||
Life Sciences Tools & Services – 0.9% | ||||||
186 | Lonza Group AG, (2) | 49,141 | ||||
Metals & Mining – 3.2% | ||||||
4,130 | BHP Group Ltd, (2) | 105,451 | ||||
23,630 | South32 Ltd, (2) | 60,463 | ||||
Total Metals & Mining | 165,914 | |||||
Multiline Retail – 0.7% | ||||||
1,400 | Dollarama Inc. | 37,686 | ||||
Multi-Utilities – 2.7% | ||||||
3,200 | RWE AG, (2) | 79,589 | ||||
3,035 | Veolia Environnement SA, (2) | 64,117 | ||||
Total Multi-Utilities | 143,706 | |||||
Oil, Gas & Consumable Fuels – 6.3% | ||||||
1,230 | Neste Oyj, (2) | 112,693 | ||||
3,500 | Repsol SA, (2) | 61,435 | ||||
2,606 | Royal Dutch Shell PLC, (2) | 80,913 | ||||
16,500 | Snam SpA, (2) | 78,793 | ||||
Total Oil, Gas & Consumable Fuels | 333,834 | |||||
Paper & Forest Products – 1.1% | ||||||
2,390 | Mondi PLC, (2) | 57,798 | ||||
Personal Products – 1.2% | ||||||
1,155 | Unilever PLC, (2) | 60,677 |
Shares | Description (1) | Value | ||||
Pharmaceuticals – 3.9% | ||||||
540 | Bayer AG, (2) | $40,930 | ||||
1,325 | Novartis AG, (2) | 115,673 | ||||
1,070 | Novo Nordisk A/S, (2) | 50,147 | ||||
Total Pharmaceuticals | 206,750 | |||||
Real Estate Management & Development – 2.3% | ||||||
6,000 | CK Asset Holdings Ltd, (2) | 50,513 | ||||
500 | Daito Trust Construction Co Ltd, (2) | 69,446 | ||||
Total Real Estate Management & Development | 119,959 | |||||
Semiconductors & Semiconductor Equipment – 1.4% | ||||||
500 | Tokyo Electron Ltd, (2) | 73,010 | ||||
Software – 4.4% | ||||||
550 | Check Point Software Technologies Ltd, (3) | 61,556 | ||||
140 | Constellation Software Inc. | 104,484 | ||||
580 | Nice Ltd, (2) | 63,943 | ||||
Total Software | 229,983 | |||||
Technology Hardware, Storage & Peripherals – 0.8% | ||||||
2,600 | Brother Industries Ltd, (2) | 43,878 | ||||
Textiles, Apparel & Luxury Goods – 1.5% | ||||||
325 | adidas AG, (2) | 77,331 | ||||
Wireless Telecommunication Services – 1.1% | ||||||
700 | SoftBank Group Corp, (2) | 55,135 | ||||
Total Long-Term Investments (cost $4,868,956) | 5,133,946 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Value | ||
SHORT-TERM INVESTMENTS – 2.0% | ||||||
REPURCHASE AGREEMENTS – 2.0% | ||||||
$106 | Repurchase Agreement with Fixed Income Clearing Corporation, dated 1/31/19, repurchase price $1,284,579, collateralized by $1,280,000 U.S. Treasury Notes, 2.875%, due 4/30/25, value $1,312,044 | 1.200% | 2/01/19 | $106,111 | ||
Total Short-Term Investments (cost $106,111) | 106,111 | |||||
Total Investments (cost $4,975,067) – 99.5% | 5,240,057 | |||||
Other Assets Less Liabilities – 0.5% | 24,569 | |||||
Net Assets – 100% | $5,264,626 |
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) | For fair value measurement disclosure purposes, investment classified as Level 2. See Notes to Financial Statements, Note 2 - Investment Valuation and Fair Value Measurements for more information. | |
(3) | Non-income producing; issuer has not declared a dividend within the past twelve months. |
Assets | |
Long-term investments, at value (cost $4,868,956) | $5,133,946 |
Short-term investments, at value (cost approximates value) | 106,111 |
Cash | 4,216 |
Receivable for: | |
Dividends | 1,227 |
Investments sold | 109,975 |
From Adviser | 4,211 |
Reclaims | 226 |
Total assets | 5,359,912 |
Liabilities | |
Payable for investments purchased | 81,484 |
Accrued expenses: | |
Custodian fees | 6,623 |
Trustees fees | 7 |
12b-1 distribution and service fees | 27 |
Other | 7,145 |
Total liabilities | 95,286 |
Net assets | $5,264,626 |
Class A Shares | |
Net assets | $26,314 |
Shares outstanding | 1,250 |
Net asset value ("NAV") per share | $21.05 |
Offering price per share (NAV per share plus maximum sales charge of 5.75% of offering price) | $22.33 |
Class C Shares | |
Net assets | $26,286 |
Shares outstanding | 1,250 |
NAV and offering price per share | $21.03 |
Class R6 Shares | |
Net assets | $5,185,703 |
Shares outstanding | 246,250 |
NAV and offering price per share | $21.06 |
Class I Shares | |
Net assets | $26,323 |
Shares outstanding | 1,250 |
NAV and offering price per share | $21.06 |
Fund level net assets consist of: | |
Capital paid-in | $5,000,000 |
Total distributable earnings | 264,626 |
Fund level net assets | $5,264,626 |
Authorized shares - per class | Unlimited |
Par value per share | $0.01 |
Investment Income | |
Dividends | $14,336 |
Foreign tax withheld on dividend income | (896) |
Total investment income | 13,440 |
Expenses | |
Management fees | 5,307 |
12b-1 service fees - Class A Shares | 9 |
12b-1 distibution and service fees - Class C Shares | 35 |
Shareholder servicing agent fees | 478 |
Custodian fees | 6,623 |
Trustees fees | 27 |
Professional fees | 4,424 |
Shareholder reporting expenses | 1,741 |
Federal and state registration fees | 133 |
Other | 670 |
Total expenses before fee waiver/expense reimbursement | 19,447 |
Fee waiver/expense reimbursement | (13,117) |
Net expenses | 6,330 |
Net investment income (loss) | 7,110 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) from investments and foreign currency | (7,288) |
Change in net unrealized appreciation (depreciation) of investments and foreign currency | 264,804 |
Net realized and unrealized gain (loss) | 257,516 |
Net increase (decrease) in net assets from operations | $264,626 |
For the Period 12/12/18 (commencement of operations) through 1/31/19 | |
Operations | |
Net investment income (loss) | $7,110 |
Net realized gain (loss) from investments and foreign currency | (7,288) |
Change in net unrealized appreciation (depreciation) of investments and foreign currency | 264,804 |
Net increase (decrease) in net assets from operations | 264,626 |
Fund Share Transactions | |
Proceeds from sale of shares | 5,000,000 |
Net increase (decrease) in net assets from Fund share transactions | 5,000,000 |
Net increase (decrease) in net assets | 5,264,626 |
Net assets at the end of period | $5,264,626 |
Selected data for a share outstanding throughout each period:
Investment Operations | Less Distributions | ||||||||
Class (Commencement Date) Year Ended July 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 (12/18) | |||||||||
2019(e) | $20.00 | $0.02 | $1.03 | $1.05 | $— | $— | $— | $21.05 | |
Class C (12/18) | |||||||||
2019(e) | 20.00 | — | 1.03 | 1.03 | — | — | — | 21.03 | |
Class R6 (12/18) | |||||||||
2019(e) | 20.00 | 0.03 | 1.03 | 1.06 | — | — | — | 21.06 | |
Class I (12/18) | |||||||||
2019(e) | 20.00 | 0.03 | 1.03 | 1.06 | — | — | — | 21.06 |
Ratios/Supplemental Data | |||||||
Ratios to Average Net Assets Before Waiver/Reimbursement | Ratios to Average Net Assets After Waiver/Reimbursement(c) | ||||||
Total Return(b) | Ending Net Assets (000) | Expenses | Net Investment Income (Loss) | Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate(d) | |
5.25% | $26 | 3.04%* | (1.12)%* | 1.15%* | 0.77%* | 2% | |
5.15 | 26 | 3.78* | (1.86)* | 1.90* | 0.03* | 2 | |
5.30 | 5,186 | 2.78* | (0.85)* | 0.90* | 1.02* | 2 | |
5.30 | 26 | 2.78* | (0.86)* | 0.90* | 1.03* | 2 |
(a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
(b) | 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. |
(c) | After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Note 7 – Management Fees and Other Transactions with Affiliates, Management Fees for more information. |
(d) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period. |
(e) | For the period December 12, 2018 (commencement of operations) through January 31, 2019. |
* | Annualized. |
Level 1 | Level 2 | Level 3 | Total | |
Long-Term Investments*: | ||||
Common Stocks | $1,649,373 | $3,484,573** | $ — | $5,133,946 |
Short-Term Investments: | ||||
Repurchase Agreements | — | 106,111 | — | 106,111 |
Total | $1,649,373 | $3,590,684 | $ — | $5,240,057 |
* | Refer to the Fund's Portfolio of Investments for industry classifications. |
** | Refer to the Fund's Portfolio of Investments for securities classified as Level 2. |
Value | % of Net Assets | |
Country: | ||
Japan | $953,385 | 18.1% |
United Kingdom | 759,475 | 14.4 |
Switzerland | 588,678 | 11.2 |
Australia | 470,476 | 8.9 |
Germany | 385,460 | 7.3 |
Canada | 330,949 | 6.3 |
France | 326,240 | 6.2 |
Israel | 231,870 | 4.4 |
Netherlands | 211,604 | 4.0 |
Singapore | 156,581 | 3.0 |
Other | 719,228 | 13.7 |
Total non-U.S. securities | $5,133,946 | 97.5% |
Counterparty | Short-Term Investments, at Value | Collateral Pledged (From) Counterparty* | Net Exposure |
Fixed Income Clearing Corporation | $106,111 | $(106,111) | $ — |
For the Period 12/12/18 (commencement of operations) through 1/31/19 | ||
Shares | Amount | |
Shares sold: | ||
Class A | 1,250 | $25,000 |
Class C | 1,250 | 25,000 |
Class R6 | 246,250 | 4,925,000 |
Class I | 1,250 | 25,000 |
Net increase (decrease) | 250,000 | $5,000,000 |
Tax cost of investments | $4,975,067 |
Gross unrealized: | |
Appreciation | $288,190 |
Depreciation | (23,200) |
Net unrealized appreciation (depreciation) of investments | $264,990 |
Average Daily Net Assets | Fund-Level Fee |
For the first $125 million | 0.6000% |
For the next $125 million | 0.5875 |
For the next $250 million | 0.5750 |
For the next $500 million | 0.5625 |
For the next $1 billion | 0.5500 |
For the next $3 billion | 0.5250 |
For the next $2.5 billion | 0.5000 |
For the next $2.5 billion | 0.4875 |
For net assets over $10 billion | 0.4750 |
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 |
12b-1 fees retained | $31 |
• | the nature, extent and quality of the services expected to be provided by the Fund Adviser; |
• | the organization of the Fund Adviser, including the responsibilities of various departments and key personnel; |
• | the expertise and background of the Fund Adviser with respect to the Fund’s investment strategy; |
• | certain performance-related information (as described below); |
• | the profitability of Nuveen and its affiliates for their advisory activities; |
• | the proposed management fees of the Fund Adviser, including comparisons of such fees with the management fees of comparable funds; |
• | the expected expenses of the Fund, including comparisons of the Fund’s expected expense ratio with the expense ratios of comparable funds; and |
• | the soft dollar practices of the Fund Adviser, if any. |
Serving Investors for Generations
Fund Name | Class A | Class C | Class R3 | Class R6 | Class I | |
Nuveen Emerging Markets Equity Fund | NEKAX | NEKCX | — | NEKFX | NEKIX | |
Nuveen International Growth Fund | NBQAX | NBQCX | NBQBX | NBQFX | NBQIX |
Cumulative | |
Since Inception | |
Class A Shares at NAV | 6.80% |
Class A Shares at maximum Offering Price | 0.66% |
MSCI Emerging Markets Index | 7.46% |
Lipper Emerging Markets Funds Classification Average | 6.99% |
Class C Shares | 6.80% |
Class R6 Shares | 6.86% |
Class I Shares | 6.81% |
Cumulative | |
Since Inception | |
Class A Shares at NAV | (1.80) |
Class A Shares at maximum Offering Price | (7.45) |
Class C Shares | (1.90) |
Class R6 Shares | (1.80) |
Class I Shares | (1.80) |
Share Class | ||||
Class A | Class C | Class R6 | Class I | |
Gross Expense Ratios | 2.05% | 2.80% | 1.70% | 1.80% |
Net Expense Ratios | 1.24% | 1.99% | 0.89% | 0.99% |
Cumulative | Average Annual | ||||
6-Month | 1-Year | 5-Year | Since Inception | ||
Class A Shares at NAV | (12.63)% | (18.07)% | 1.30% | 10.27% | |
Class A Shares at maximum Offering Price | (17.65)% | (22.78)% | 0.11% | 9.60% | |
MSCI EAFE Index | (7.80)% | (12.51)% | 2.66% | 7.71% | |
Lipper International Multi-Cap Growth Funds Classification Average | (9.35)% | (13.85)% | 2.90% | 8.02% | |
Class C Shares | (12.96)% | (18.69)% | 0.54% | 9.45% | |
Class R3 Shares | (12.73)% | (18.27)% | 1.04% | 9.99% | |
Class I Shares | (12.51)% | (17.85)% | 1.56% | 10.54% |
Cumulative | Average Annual | |||
6-Month | 1-Year | Since Inception | ||
Class R6 Shares | (12.46)% | (17.78)% | 6.69% |
Cumulative | Average Annual | ||||
6-Month | 1-Year | 5-Year | Since Inception | ||
Class A Shares at NAV | (19.99)% | (20.21)% | (1.19)% | 9.30% | |
Class A Shares at maximum Offering Price | (24.59)% | (24.80)% | (2.35)% | 8.64% | |
Class C Shares | (20.30)% | (20.80)% | (1.93)% | 8.50% | |
Class R3 Shares | (20.10)% | (20.42)% | (1.44)% | 9.02% | |
Class I Shares | (19.88)% | (20.00)% | (0.94)% | 9.58% |
Cumulative | Average Annual | |||
6-Month | 1-Year | Since Inception | ||
Class R6 Shares | (19.86)% | (19.94)% | 3.00% |
Share Class | |||||
Class A | Class C | Class R3 | Class R6 | Class I | |
Gross Expense Ratios | 1.18% | 1.93% | 1.43% | 0.84% | 0.93% |
Net Expense Ratios | 1.13% | 1.88% | 1.38% | 0.79% | 0.88% |
Fund Allocation (% of net assets) | |
Common Stocks | 97.0% |
Repurchase Agreements | 3.2% |
Other Assets Less Liabilities | (0.2)% |
Net Assets | 100% |
Top Five Common Stock Holdings (% of net assets) | |
Tencent Holdings Ltd | 4.9% |
Alibaba Group Holding Ltd, Sponsored ADR | 4.6% |
Taiwan Semiconductor Manufacturing Co Ltd, Sponsored ADR | 3.0% |
Naspers Ltd | 2.0% |
Ping An Insurance Group Co of China Ltd | 1.9% |
Portfolio Composition (% of net assets) | |
Banks | 11.2% |
Insurance | 6.4% |
Internet & Direct Marketing Retail | 6.1% |
Interactive Media & Services | 6.0% |
Semiconductors & Semiconductor Equipment | 5.0% |
Oil, Gas & Consumable Fuels | 4.5% |
Wireless Telecommunication Services | 3.4% |
Hotels, Restaurants & Leisure | 2.8% |
Pharmaceuticals | 2.7% |
Real Estate Management & Development | 2.7% |
Health Care Providers & Services | 2.4% |
Electronic Equipment, Instruments & Components | 2.4% |
Beverages | 2.2% |
Media | 2.0% |
Diversified Telecommunication Services | 1.9% |
Entertainment | 1.8% |
Software | 1.8% |
Road & Rail | 1.8% |
Chemicals | 1.7% |
Multiline Retail | 1.7% |
Metals & Mining | 1.7% |
Construction & Engineering | 1.7% |
Electric Utilities | 1.6% |
IT Services | 1.4% |
Diversified Financial Services | 1.4% |
Other | 18.7% |
Repurchase Agreements | 3.2% |
Other Assets Less Liabilities | (0.2)% |
Net Assets | 100% |
Country Allocation1 (% of net assets) | |
China | 30.0% |
Brazil | 10.7% |
India | 7.6% |
Taiwan | 7.4% |
South Korea | 6.3% |
United States | 5.6% |
Thailand | 4.5% |
Philippines | 4.3% |
South Africa | 3.8% |
Indonesia | 3.2% |
Other | 16.8% |
Other Assets Less Liabilities | (0.2)% |
Net Assets | 100% |
1 | Includes 89.0% (as a percentage of net assets) in emerging market countries. |
Fund Allocation (% of net assets) | |
Common Stocks | 98.4% |
Repurchase Agreements | 0.7% |
Other Assets Less Liabilities | 0.9% |
Net Assets | 100% |
Top Five Common Stock Holdings (% of net assets) | |
Burford Capital Ltd | 3.8% |
GDS Holdings Ltd, ADR | 2.6% |
Tencent Holdings Ltd | 2.5% |
Aroundtown SA | 2.4% |
Broadcom Inc | 2.3% |
Portfolio Composition (% of net assets) | |
IT Services | 10.0% |
Capital Markets | 7.2% |
Oil, Gas & Consumable Fuels | 6.9% |
Professional Services | 5.1% |
Textiles, Apparel & Luxury Goods | 5.0% |
Pharmaceuticals | 4.9% |
Insurance | 4.8% |
Entertainment | 4.8% |
Semiconductors & Semiconductor Equipment | 4.4% |
Real Estate Management & Development | 3.8% |
Machinery | 3.4% |
Banks | 3.3% |
Household Durables | 3.2% |
Software | 3.0% |
Internet & Direct Marketing Retail | 2.8% |
Interactive Media & Services | 2.5% |
Life Sciences Tools & Services | 1.9% |
Commercial Services & Supplies | 1.5% |
Other | 19.9% |
Repurchase Agreements | 0.7% |
Other Assets Less Liabilities | 0.9% |
Net Assets | 100% |
Country Allocation1 (% of net assets) | |
United Kingdom | 15.6% |
China | 14.7% |
Japan | 14.4% |
France | 10.2% |
Germany | 8.5% |
Canada | 7.3% |
United States | 3.9% |
Netherlands | 3.5% |
Israel | 2.9% |
India | 2.8% |
Other | 15.3% |
Other Assets Less Liabilities | 0.9% |
Net Assets | 100% |
1 | Includes 22.0% (as a percentage of net assets) in emerging market countries. |
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 | $1,068.00 | $1,068.00 | $1,068.60 | $1,068.10 |
Expenses Incurred During the Period | $2.26 | $3.65 | $1.74 | $1.78 |
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 | $1,006.85 | $1,005.52 | $1,007.36 | $1,007.32 |
Expenses Incurred During the Period | $2.20 | $3.54 | $1.69 | $1.72 |
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 | $873.70 | $870.40 | $872.70 | $875.40 | $874.90 |
Expenses Incurred During the Period | $5.34 | $8.86 | $6.51 | $3.69 | $4.16 |
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 | $1,019.51 | $1,015.73 | $1,018.25 | $1,021.27 | $1,020.77 |
Expenses Incurred During the Period | $5.75 | $9.55 | $7.02 | $3.97 | $4.48 |
Shares | Description (1) | Value | ||||
LONG-TERM INVESTMENTS – 97.0% | ||||||
COMMON STOCKS – 97.0% | ||||||
Aerospace & Defense – 0.8% | ||||||
16,915 | Aselsan Elektronik Sanayi Ve Ticaret AS, (2) | $84,178 | ||||
Air Freight & Logistics – 0.8% | ||||||
5,120 | ZTO Express Cayman Inc, ADR | 87,654 | ||||
Banks – 11.2% | ||||||
68,390 | Bank of the Philippine Islands, (2) | 119,709 | ||||
573,346 | Bank Rakyat Indonesia Persero Tbk PT, (2) | 158,926 | ||||
18,452 | China Merchants Bank Co Ltd, (2) | 81,350 | ||||
451 | Credicorp Ltd | 109,494 | ||||
1,544 | HDFC Bank Ltd, ADR | 151,652 | ||||
14,106 | ICICI Bank Ltd, Sponsored ADR | 144,022 | ||||
17,000 | Kasikornbank PCL, (2) | 109,099 | ||||
168,614 | Postal Savings Bank of China Co Ltd,144A, (2) | 94,888 | ||||
10,917 | Sberbank of Russia PJSC, Sponsored ADR, (2) | 148,253 | ||||
22,220 | Security Bank Corp, (2) | 76,437 | ||||
Total Banks | 1,193,830 | |||||
Beverages – 2.2% | ||||||
1,297 | Anheuser-Busch InBev SA/NV, (2) | 99,095 | ||||
4,067 | Coca-Cola HBC AG, (2) | 136,688 | ||||
Total Beverages | 235,783 | |||||
Biotechnology – 0.6% | ||||||
131 | Medy-Tox Inc, (2) | 61,359 | ||||
Capital Markets – 1.2% | ||||||
2,722 | Noah Holdings Ltd, (3) | 127,934 | ||||
Chemicals – 1.7% | ||||||
252 | LG Chem Ltd, (2) | 83,600 | ||||
3,345 | Sasol Ltd, (2) | 101,200 | ||||
Total Chemicals | 184,800 | |||||
Commercial Services & Supplies – 0.8% | ||||||
54,331 | Country Garden Services Holdings Co Ltd, (2), (3) | 84,164 | ||||
Construction & Engineering – 1.7% | ||||||
80,241 | China Railway Group Ltd, (2) | 75,145 |
Shares | Description (1) | Value | ||||
Construction & Engineering (continued) | ||||||
5,630 | Larsen & Toubro Ltd, GDR | $103,592 | ||||
Total Construction & Engineering | 178,737 | |||||
Consumer Finance – 0.9% | ||||||
62,436 | Muangthai Capital PCL, (2) | 95,223 | ||||
Diversified Financial Services – 1.4% | ||||||
41,000 | Chailease Holding Co Ltd, (2) | 153,132 | ||||
Diversified Telecommunication Services – 1.9% | ||||||
456,289 | China Tower Corp Ltd,144A, (2) | 97,988 | ||||
88,603 | China Unicom Hong Kong Ltd, (2) | 101,493 | ||||
Total Diversified Telecommunication Services | 199,481 | |||||
Electric Utilities – 1.6% | ||||||
584,915 | Enel Americas SA, (2) | 119,421 | ||||
1,489 | Pampa Energia SA, Sponsored ADR | 53,083 | ||||
Total Electric Utilities | 172,504 | |||||
Electrical Equipment – 0.9% | ||||||
16,000 | Bizlink Holding Inc, (2) | 95,591 | ||||
Electronic Equipment, Instruments & Components – 2.4% | ||||||
5,515 | Hollysys Automation Technologies Ltd | 113,719 | ||||
13,955 | Sunny Optical Technology Group Co Ltd, (2) | 138,492 | ||||
Total Electronic Equipment, Instruments & Components | 252,211 | |||||
Energy Equipment & Services – 0.9% | ||||||
108,445 | Serba Dinamik Holdings Bhd, (2) | 98,416 | ||||
Entertainment – 1.8% | ||||||
11,683 | Eros International PLC, (3) | 111,339 | ||||
6,157 | Sea Ltd, ADR, (3) | 86,260 | ||||
Total Entertainment | 197,599 | |||||
Food & Staples Retailing – 1.1% | ||||||
4,534 | Dino Polska SA,144A, (2) | 122,386 | ||||
Food Products – 1.4% | ||||||
127,054 | Ausnutria Dairy Corp Ltd, (2) | 146,057 | ||||
Gas Utilities – 0.6% | ||||||
21,454 | China Gas Holdings Ltd, (2) | 68,481 | ||||
Health Care Providers & Services – 2.4% | ||||||
3,940 | NMC Health PLC, (2) | 133,379 | ||||
27,851 | Odontoprev SA, (2) | 124,897 | ||||
Total Health Care Providers & Services | 258,276 |
Shares | Description (1) | Value | ||||
Hotels, Restaurants & Leisure – 2.8% | ||||||
14,074 | BK Brasil Operacao e Assessoria a Restaurantes SA | $84,895 | ||||
8,417 | GreenTree Hospitality Group Ltd, ADR, (3) | 96,038 | ||||
93,665 | Minor International PCL, (2) | 116,602 | ||||
Total Hotels, Restaurants & Leisure | 297,535 | |||||
Household Durables – 0.8% | ||||||
20,575 | MRV Engenharia e Participacoes SA, (2) | 84,685 | ||||
Household Products – 1.0% | ||||||
62,936 | Kimberly-Clark de Mexico SAB de CV, Class A | 105,419 | ||||
Insurance – 6.4% | ||||||
18,082 | AIA Group Ltd, (2) | 163,272 | ||||
5,258 | IRB Brasil Resseguros S/A | 122,915 | ||||
12,311 | Korean Reinsurance Co, (2) | 99,483 | ||||
20,780 | Ping An Insurance Group Co of China Ltd, (2) | 202,305 | ||||
11,176 | Sul America SA, (2) | 98,397 | ||||
Total Insurance | 686,372 | |||||
Interactive Media & Services – 6.0% | ||||||
11,814 | Tencent Holdings Ltd, (2) | 525,895 | ||||
3,431 | Yandex NV | 115,213 | ||||
Total Interactive Media & Services | 641,108 | |||||
Internet & Direct Marketing Retail – 6.1% | ||||||
2,900 | Alibaba Group Holding Ltd, Sponsored ADR, (3) | 488,621 | ||||
4,460 | Baozun Inc., Sponsored ADR, (3) | 159,668 | ||||
Total Internet & Direct Marketing Retail | 648,289 | |||||
IT Services – 1.4% | ||||||
5,457 | GDS Holdings Ltd, ADR, (3) | 154,979 | ||||
Life Sciences Tools & Services – 0.6% | ||||||
188 | Samsung Biologics Co Ltd,144A, (2), (3) | 67,850 | ||||
Machinery – 1.0% | ||||||
3,537 | Doosan Bobcat Inc, (2) | 105,781 | ||||
Media – 2.0% | ||||||
911 | Naspers Ltd, (2) | 210,736 | ||||
Metals & Mining – 1.7% | ||||||
1,945 | Anglo American Platinum Ltd, (2) | 93,885 | ||||
19,935 | Gerdau SA, (2) | 85,611 | ||||
Total Metals & Mining | 179,496 | |||||
Multiline Retail – 1.7% | ||||||
1,616 | Magazine Luiza SA, (2) | 79,444 |
Shares | Description (1) | Value | ||||
Multiline Retail (continued) | ||||||
10,000 | Poya International Co Ltd, (2) | $101,552 | ||||
Total Multiline Retail | 180,996 | |||||
Oil, Gas & Consumable Fuels – 4.5% | ||||||
147,616 | PetroChina Co Ltd, (2) | 95,274 | ||||
5,272 | Reliance Industries Ltd, Sponsored GDR,144A | 181,621 | ||||
802 | S-Oil Corp, (2) | 75,517 | ||||
8,540 | Ultrapar Participacoes SA, (2) | 134,025 | ||||
Total Oil, Gas & Consumable Fuels | 486,437 | |||||
Paper & Forest Products – 0.3% | ||||||
38,960 | Indah Kiat Pulp & Paper Corp Tbk PT, (2) | 36,480 | ||||
Personal Products – 1.1% | ||||||
8,000 | TCI Co Ltd, (2) | 117,554 | ||||
Pharmaceuticals – 2.7% | ||||||
72,441 | China Medical System Holdings Ltd, (2) | 75,390 | ||||
55,883 | CSPC Pharmaceutical Group Ltd, (2) | 96,409 | ||||
3,083 | Dr Reddy's Laboratories Ltd, ADR | 117,740 | ||||
Total Pharmaceuticals | 289,539 | |||||
Real Estate Management & Development – 2.7% | ||||||
126,289 | Ayala Land Inc., (2) | 107,902 | ||||
80,831 | Logan Property Holdings Co Ltd, (2) | 110,007 | ||||
717,189 | Megaworld Corp, (2) | 71,215 | ||||
Total Real Estate Management & Development | 289,124 | |||||
Road & Rail – 1.8% | ||||||
994 | Kansas City Southern | 105,116 | ||||
9,268 | Localiza Rent a Car SA, (2) | 84,732 | ||||
Total Road & Rail | 189,848 | |||||
Semiconductors & Semiconductor Equipment – 5.0% | ||||||
558 | Broadcom Inc | 149,684 | ||||
881 | Koh Young Technology Inc, (2) | 65,114 | ||||
8,502 | Taiwan Semiconductor Manufacturing Co Ltd, Sponsored ADR | 319,845 | ||||
Total Semiconductors & Semiconductor Equipment | 534,643 | |||||
Software – 1.8% | ||||||
1,178 | Globant SA | 79,633 | ||||
12,248 | TOTVS SA | 111,693 | ||||
Total Software | 191,326 | |||||
Specialty Retail – 0.7% | ||||||
161,955 | Com7 PCL, (2) | 79,012 |
Shares | Description (1) | Value | ||||
Technology Hardware, Storage & Peripherals – 1.1% | ||||||
2,869 | Samsung Electronics Co Ltd, (2) | $119,620 | ||||
Textiles, Apparel & Luxury Goods – 1.3% | ||||||
27,241 | ANTA Sports Products Ltd, (2) | 140,917 | ||||
Transportation Infrastructure – 0.8% | ||||||
40,109 | International Container Terminal Services Inc | 83,281 | ||||
Wireless Telecommunication Services – 3.4% | ||||||
2,349,610 | Sarana Menara Nusantara Tbk PT, (2) | 142,186 | ||||
40,769 | TIM Participacoes SA, (2) | 138,666 | ||||
29,179 | Turkcell Iletisim Hizmetleri AS, (2) | 81,932 | ||||
Total Wireless Telecommunication Services | 362,784 | |||||
Total Long-Term Investments (cost $9,681,419) | 10,381,607 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Value | ||
SHORT-TERM INVESTMENTS – 3.2% | ||||||
REPURCHASE AGREEMENTS – 3.2% | ||||||
$340 | Repurchase Agreement with Fixed Income Clearing Corporation, dated 1/31/19, repurchase price $339,966, collateralized by $340,000 U.S. Treasury Notes, 2.875%, due 5/31/25, value $347,669 | 1.200% | 2/01/19 | $339,955 | ||
Total Short-Term Investments (cost $339,955) | 339,955 | |||||
Total Investments (cost $10,021,374) – 100.2% | 10,721,562 | |||||
Other Assets Less Liabilities – (0.2)% | (17,832) | |||||
Net Assets – 100% | $10,703,730 |
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) | For fair value measurement disclosure purposes, investment classified as Level 2. See Notes to Financial Statements, Note 2 - Investment Valuation and Fair Value Measurements for more information. | |
(3) | Non-income producing; issuer has not declared a dividend within the past twelve months. | |
144A | Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. | |
ADR | American Depositary Receipt | |
GDR | Global Depositary Receipt |
Shares | Description (1) | Value | ||||
LONG-TERM INVESTMENTS – 98.4% | ||||||
COMMON STOCKS – 98.4% | ||||||
Aerospace & Defense – 1.1% | ||||||
39,620 | Thales SA, (2) | $4,381,548 | ||||
Banks – 3.3% | ||||||
2,161,340 | Bank of the Philippine Islands, (2) | 3,783,178 | ||||
107,413 | HDFC Bank Ltd, (2) | 3,133,063 | ||||
360,508 | ING Groep NV, (2) | 4,277,719 | ||||
562,950 | Security Bank Corp, (2) | 1,936,566 | ||||
Total Banks | 13,130,526 | |||||
Beverages – 1.0% | ||||||
53,129 | Anheuser-Busch InBev SA/NV, Sponsored ADR | 4,061,181 | ||||
Biotechnology – 0.3% | ||||||
531,282 | Biotoscana Investments SA, (3) | 1,274,599 | ||||
Capital Markets – 7.2% | ||||||
130,396 | Brookfield Asset Management Inc, Class A | 5,613,548 | ||||
630,782 | Burford Capital Ltd, (2) | 15,229,148 | ||||
69,346 | London Stock Exchange Group PLC, (2) | 4,170,534 | ||||
78,563 | Noah Holdings Ltd, (3) | 3,692,461 | ||||
Total Capital Markets | 28,705,691 | |||||
Commercial Services & Supplies – 1.5% | ||||||
538,586 | Atento SA | 2,127,415 | ||||
247,136 | Elis SA, (2) | 3,997,737 | ||||
Total Commercial Services & Supplies | 6,125,152 | |||||
Construction & Engineering – 0.9% | ||||||
39,007 | Eiffage SA, (2) | 3,654,417 | ||||
Diversified Telecommunication Services – 1.1% | ||||||
2,160,734 | SpeedCast International Ltd, (2) | 4,578,929 | ||||
Electronic Equipment, Instruments & Components – 1.1% | ||||||
8,700 | Keyence Corp, (2) | 4,477,151 | ||||
Entertainment – 4.8% | ||||||
537,833 | Eros International PLC, (3) | 5,125,548 | ||||
28,400 | Nintendo Co Ltd, (2) | 8,613,377 | ||||
60,527 | Ubisoft Entertainment SA, (2), (3) | 5,371,558 | ||||
Total Entertainment | 19,110,483 |
Shares | Description (1) | Value | ||||
Equity Real Estate Investment Trust – 1.0% | ||||||
326,315 | UNITE Group PLC/The, (2) | $3,897,174 | ||||
Food & Staples Retailing – 0.9% | ||||||
136,491 | Dino Polska SA,144A, (2), (3) | 3,684,290 | ||||
Food Products – 1.3% | ||||||
4,440,320 | Ausnutria Dairy Corp Ltd, (2) | 5,104,446 | ||||
Health Care Equipment & Supplies – 1.0% | ||||||
43,538 | LivaNova PLC, (3) | 4,019,428 | ||||
Health Care Providers & Services – 1.4% | ||||||
75,318 | Fresenius Medical Care AG & Co KGaA, (2) | 5,539,647 | ||||
Household Durables – 3.2% | ||||||
3,626,509 | Glenveagh Properties PLC,144A, (3) | 3,362,229 | ||||
205,656 | Neinor Homes SA,144A, (2), (3) | 2,948,347 | ||||
130,098 | Sony Corp, Sponsored ADR | 6,520,512 | ||||
Total Household Durables | 12,831,088 | |||||
Industrial Conglomerates – 1.5% | ||||||
71,924 | DCC PLC, (2) | 5,887,950 | ||||
Insurance – 4.8% | ||||||
772,250 | Beazley PLC, (2) | 5,012,020 | ||||
807,144 | Ping An Insurance Group Co of China Ltd, (2) | 7,857,997 | ||||
331,623 | Prudential PLC, (2) | 6,485,263 | ||||
Total Insurance | 19,355,280 | |||||
Interactive Media & Services – 2.5% | ||||||
224,402 | Tencent Holdings Ltd, (2) | 9,989,161 | ||||
Internet & Direct Marketing Retail – 2.8% | ||||||
27,354 | Alibaba Group Holding Ltd, Sponsored ADR, (3) | 4,608,876 | ||||
181,778 | Baozun Inc., Sponsored ADR, (3) | 6,507,652 | ||||
Total Internet & Direct Marketing Retail | 11,116,528 | |||||
IT Services – 10.0% | ||||||
862,584 | Altran Technologies SA, (2) | 8,148,631 | ||||
369,925 | GDS Holdings Ltd, ADR, (3) | 10,505,870 | ||||
88,434 | InterXion Holding NV, (3) | 5,309,578 | ||||
283,087 | Keywords Studios PLC, (2) | 4,449,123 | ||||
1,248,852 | NEXTDC Ltd, (2), (3) | 6,249,761 | ||||
31,769 | Wirecard AG, (2) | 5,267,867 | ||||
Total IT Services | 39,930,830 | |||||
Life Sciences Tools & Services – 1.9% | ||||||
19,409 | Eurofins Scientific SE, (2) | 7,800,233 |
Shares | Description (1) | Value | ||||
Machinery – 3.4% | ||||||
131,300 | Harmonic Drive Systems Inc, (2) | $4,613,255 | ||||
72,289 | KION Group AG, (2) | 4,173,860 | ||||
257,648 | Kornit Digital Ltd, (3) | 4,936,536 | ||||
Total Machinery | 13,723,651 | |||||
Oil, Gas & Consumable Fuels – 6.9% | ||||||
127,600 | Canadian Natural Resources Ltd | 3,425,132 | ||||
320,900 | Enerplus Corp | 2,776,843 | ||||
288,868 | Golar LNG Ltd | 6,433,090 | ||||
185,420 | Parkland Fuel Corp | 5,304,569 | ||||
140,900 | Royal Dutch Shell PLC, Class A, (2) | 4,367,959 | ||||
325,900 | Ultrapar Participacoes SA, (2) | 5,114,616 | ||||
Total Oil, Gas & Consumable Fuels | 27,422,209 | |||||
Personal Products – 0.8% | ||||||
773,400 | Kitanotatsujin Corp, (2) | 3,041,520 | ||||
Pharmaceuticals – 4.9% | ||||||
41,333 | AstraZeneca PLC, (2) | 2,994,240 | ||||
2,405,000 | China Animal Healthcare Ltd, (4) | — | ||||
3,421,231 | China Medical System Holdings Ltd, (2) | 3,560,510 | ||||
78,960 | Dr Reddy's Laboratories Ltd, ADR | 3,015,483 | ||||
130,986 | GlaxoSmithKline PLC, Sponsored ADR | 5,134,651 | ||||
118,600 | Takeda Pharmaceutical Co Ltd, (2) | 4,788,266 | ||||
Total Pharmaceuticals | 19,493,150 | |||||
Professional Services – 5.1% | ||||||
189,700 | en-japan Inc, (2) | 7,134,725 | ||||
180,139 | Experian PLC, (2) | 4,522,853 | ||||
325,000 | Recruit Holdings Co Ltd, (2) | 8,723,165 | ||||
Total Professional Services | 20,380,743 | |||||
Real Estate Management & Development – 3.8% | ||||||
1,080,991 | Aroundtown SA, (2) | 9,562,046 | ||||
193,500 | Katitas Co Ltd, (2) | 5,540,158 | ||||
Total Real Estate Management & Development | 15,102,204 | |||||
Road & Rail – 1.0% | ||||||
49,500 | Canadian National Railway Co | 4,130,808 | ||||
Semiconductors & Semiconductor Equipment – 4.4% | ||||||
74,235 | ams AG, (2) | 1,989,941 | ||||
34,025 | Broadcom Inc | 9,127,206 | ||||
448,629 | Tower Semiconductor Limited, (3) | 6,680,086 | ||||
Total Semiconductors & Semiconductor Equipment | 17,797,233 |
Shares | Description (1) | Value | ||||
Software – 3.0% | ||||||
219,111 | Open Text Corp | $7,809,116 | ||||
39,871 | SAP SE, (2) | 4,122,867 | ||||
Total Software | 11,931,983 | |||||
Specialty Retail – 0.9% | ||||||
135,358 | Industria de Diseno Textil SA, (2) | 3,786,397 | ||||
Technology Hardware, Storage & Peripherals – 1.3% | ||||||
147,663 | Logitech International SA, (2) | 5,387,147 | ||||
Textiles, Apparel & Luxury Goods – 5.0% | ||||||
23,020 | adidas AG, (2) | 5,477,404 | ||||
1,383,000 | ANTA Sports Products Ltd, (2) | 7,154,202 | ||||
13,603 | Puma SE | 7,574,799 | ||||
Total Textiles, Apparel & Luxury Goods | 20,206,405 | |||||
Tobacco – 1.3% | ||||||
144,561 | British American Tobacco PLC, (2) | 5,095,781 | ||||
Trading Companies & Distributors – 1.0% | ||||||
157,716 | Ashtead Group PLC, (2) | 4,000,461 | ||||
Wireless Telecommunication Services – 1.0% | ||||||
50,400 | SoftBank Group Corp, (2) | 3,969,692 | ||||
Total Long-Term Investments (cost $384,560,513) | 394,125,116 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Value | ||
SHORT-TERM INVESTMENTS – 0.7% | ||||||
REPURCHASE AGREEMENTS – 0.7% | ||||||
$2,575 | Repurchase Agreement with Fixed Income Clearing Corporation, dated 1/31/19, repurchase price $2,575,549, collateralized by $2,565,000 U.S. Treasury Notes, 2.875%, due 4/30/25, value $2,629,212 | 1.200% | 2/01/19 | $2,575,463 | ||
Total Short-Term Investments (cost $2,575,463) | 2,575,463 | |||||
Total Investments (cost $387,135,976) – 99.1% | 396,700,579 | |||||
Other Assets Less Liabilities – 0.9% | 3,690,025 | |||||
Net Assets – 100% | $400,390,604 |
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) | For fair value measurement disclosure purposes, investment classified as Level 2. See Notes to Financial Statements, Note 2 - Investment Valuation and Fair Value Measurements for more information. | |
(3) | Non-income producing; issuer has not declared a dividend within the past twelve months. | |
(4) | Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment classified as Level 3. See Notes to Financial Statements, Note 2 - Investment Valuation and Fair Value Measurements for more information. | |
144A | Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. | |
ADR | American Depositary Receipt |
Emerging Markets Equity | International Growth | |
Assets | ||
Long-term investments, at value (cost $9,681,419 and $384,560,513, respectively) | $10,381,607 | $394,125,116 |
Short-term investments, at value (cost approximates value) | 339,955 | 2,575,463 |
Cash denominated in foreign currencies (cost $219 and $76, respectively) | 219 | 76 |
Receivable for: | ||
Dividends | 3,719 | 145,762 |
Interest | 11 | 86 |
Investments sold | 74,702 | 3,478,904 |
Reclaims | — | 497,575 |
Shares sold | — | 1,131,410 |
Other assets | 1,530 | 52,066 |
Total assets | 10,801,743 | 402,006,458 |
Liabilities | ||
Payable for: | ||
Investments purchased | 74,833 | — |
Shares redeemed | — | 1,105,077 |
Accrued expenses: | ||
Custodian fees | 10,184 | 63,582 |
Management fees | 6,336 | 193,457 |
Professional fees | 5,015 | 31,750 |
Shareholder servicing agent fees | 175 | 100,159 |
Trustees fees | 19 | 28,630 |
12b-1 distribution and service fees | 28 | 22,888 |
Other | 1,423 | 70,311 |
Total liabilities | 98,013 | 1,615,854 |
Net assets | $10,703,730 | $400,390,604 |
Emerging Markets Equity | International Growth | |
Class A Shares | ||
Net assets | $58,141 | $46,008,037 |
Shares outstanding | 2,722 | 1,141,175 |
Net asset value ("NAV") per share | $21.36 | $40.32 |
Offering price per share (NAV per share plus maximum sales charge of 5.75% of offering price) | $22.66 | $42.78 |
Class C Shares | ||
Net assets | $26,703 | $15,919,137 |
Shares outstanding | 1,250 | 414,522 |
NAV and offering price per share | $21.36 | $38.40 |
Class R3 Shares | ||
Net assets | $ — | $647,470 |
Shares outstanding | — | 16,255 |
NAV and offering price per share | $ — | $39.83 |
Class R6 Shares | ||
Net assets | $10,592,207 | $23,839,909 |
Shares outstanding | 496,250 | 585,192 |
NAV and offering price per share | $21.34 | $40.74 |
Class I Shares | ||
Net assets | $26,679 | $313,976,051 |
Shares outstanding | 1,250 | 7,727,926 |
NAV and offering price per share | $21.34 | $40.63 |
Fund level net assets consist of: | ||
Capital paid-in | $10,030,400 | $410,500,739 |
Total distributable earnings | 673,330 | (10,110,135) |
Fund level net assets | $10,703,730 | $400,390,604 |
Authorized shares - per class | Unlimited | Unlimited |
Par value per share | $0.01 | $0.01 |
Emerging Markets Equity* | International Growth | |
Investment Income | ||
Dividends | $19,590 | $2,623,958 |
Foreign tax withheld on dividend income | (2,194) | (159,797) |
Total investment income | 17,396 | 2,464,161 |
Expenses | ||
Management fees | 15,557 | 1,567,052 |
12b-1 service fees - Class A Shares | 12 | 61,422 |
12b-1 distibution and service fees - Class C Shares | 45 | 100,359 |
12b-1 distibution and service fees - Class R3 Shares | — | 1,958 |
Shareholder servicing agent fees | 177 | 228,397 |
Custodian fees | 10,184 | 110,328 |
Trustees fees | 75 | 6,406 |
Professional fees | 6,289 | 39,785 |
Shareholder reporting expenses | 902 | 41,709 |
Federal and state registration fees | 1,387 | 52,086 |
Other | 561 | 6,854 |
Total expenses before fee waiver/expense reimbursement | 35,189 | 2,216,356 |
Fee waiver/expense reimbursement | (18,263) | (139,796) |
Net expenses | 16,926 | 2,076,560 |
Net investment income (loss) | 470 | 387,601 |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) from investments and foreign currency | (17,427) | (16,335,712) |
Change in net unrealized appreciation (depreciation) of investments and foreign currency | 700,287 | (47,817,790) |
Net realized and unrealized gain (loss) | 682,860 | (64,153,502) |
Net increase (decrease) in net assets from operations | $683,330 | $(63,765,901) |
* | For the period November 27, 2018 (commencement of operations) through January 31, 2019. |
Emerging Markets Equity | International Growth | |||
For the Period 11/27/18 (commencement of operations) through 1/31/19 | Six Months Ended 1/31/19 | Year Ended(1) 7/31/18 | ||
Operations | ||||
Net investment income (loss) | $470 | $387,601 | $1,609,219 | |
Net realized gain (loss) from investments and foreign currency | (17,427) | (16,335,712) | 37,056,462 | |
Change in net unrealized appreciation (depreciation) of investments and foreign currency | 700,287 | (47,817,790) | 1,494,315 | |
Net increase (decrease) in net assets from operations | 683,330 | (63,765,901) | 40,159,996 | |
Distributions to Shareholders(2) | ||||
Dividends(3) | ||||
Class A Shares | — | (2,007,803) | (46,795) | |
Class C Shares | — | (680,907) | — | |
Class R3 Shares | — | (30,309) | — | |
Class R6 Shares | (9,975) | (1,287,537) | (90,816) | |
Class I Shares | (25) | (14,807,300) | (992,133) | |
Decrease in net assets from distributions to shareholders | (10,000) | (18,813,856) | (1,129,744) | |
Fund Share Transactions | ||||
Proceeds from sale of shares | 10,030,400 | 67,589,080 | 189,908,448 | |
Proceeds from shares issued to shareholders due to reinvestment of distributions | — | 15,900,695 | 940,097 | |
10,030,400 | 83,489,775 | 190,848,545 | ||
Cost of shares redeemed | — | (91,539,981) | (106,083,200) | |
Net increase (decrease) in net assets from Fund share transactions | 10,030,400 | (8,050,206) | 84,765,345 | |
Net increase (decrease) in net assets | 10,703,730 | (90,629,963) | 123,795,597 | |
Net assets at the beginning of period | — | 491,020,567 | 367,224,970 | |
Net assets at the end of period | $10,703,730 | $400,390,604 | $491,020,567 |
(1) | Prior period amounts have been conformed to current year presentation. See Notes to Financial Statements, Note 9- New Accounting Pronouncements for further details. |
(2) | The composition and per share amounts of the Fund's distributions are presented in the Financial Highlights. The distribution information for the Fund as of its most recent tax year end is presented within the Notes to Financial Statements, Note 6 - Income Tax Information. |
(3) | For the fiscal year ended July 31, 2018, the International Growth's distributions were paid from net investment income. |
Selected data for a share outstanding throughout each period:
Investment Operations | Less Distributions | ||||||||
Class (Commencement Date) Year Ended July 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 (11/18) | |||||||||
2019(e) | $20.00 | $(0.01) | $1.37 | $1.36 | $— | $— | $— | $21.36 | |
Class C (11/18) | |||||||||
2019(e) | 20.00 | (0.04) | 1.40 | 1.36 | — | — | — | 21.36 | |
Class R6 (11/18) | |||||||||
2019(e) | 20.00 | —* | 1.36 | 1.36 | (0.02) | — | (0.02) | 21.34 | |
Class I (11/18) | |||||||||
2019(e) | 20.00 | —* | 1.36 | 1.36 | (0.02) | — | (0.02) | 21.34 |
Ratios/Supplemental Data | |||||||
Ratios to Average Net Assets Before Waiver/Reimbursement | Ratios to Average Net Assets After Waiver/Reimbursement(c) | ||||||
Total Return(b) | Ending Net Assets (000) | Expenses | Net Investment Income (Loss) | Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate(d) | |
6.80% | $58 | 2.21%** | (1.20)%** | 1.21%** | (0.21)%** | —%*** | |
6.80 | 27 | 2.94** | (1.97)** | 1.95** | (0.97)** | —*** | |
6.86 | 10,592 | 1.94** | (0.98)** | 0.93** | 0.03** | —*** | |
6.81 | 27 | 1.95** | (0.97)** | 0.95** | 0.02** | —*** |
(a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
(b) | 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. |
(c) | After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Note 7 – Management Fees and Other Transactions with Affiliates, Management Fees for more information. |
(d) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period. |
(e) | For the period November 27, 2018 (commencement of operations) through January 31, 2019. |
* | Rounds to less than $0.01 per share. |
** | Annualized. |
*** | Rounds to less than 1%. |
Selected data for a share outstanding throughout each period:
Investment Operations | Less Distributions | ||||||||
Class (Commencement Date) Year Ended July 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 (04/09) | |||||||||
2019(e) | $48.43 | $ —* | $(6.28) | $(6.28) | $(0.47) | $(1.36) | $(1.83) | $40.32 | |
2018 | 43.68 | 0.09 | 4.70 | 4.79 | (0.04) | — | (0.04) | 48.43 | |
2017 | 37.61 | 0.06 | 6.01 | 6.07 | — | — | — | 43.68 | |
2016 | 41.73 | 0.06 | (3.77) | (3.71) | (0.41) | — | (0.41) | 37.61 | |
2015 | 39.42 | 0.02 | 2.45 | 2.47 | — | (0.16) | (0.16) | 41.73 | |
2014 | 34.98 | 0.03 | 5.27 | 5.30 | (0.14) | (0.72) | (0.86) | 39.42 | |
Class C (04/09) | |||||||||
2019(e) | 45.96 | (0.15) | (5.94) | (6.09) | (0.11) | (1.36) | (1.47) | 38.40 | |
2018 | 41.72 | (0.25) | 4.49 | 4.24 | — | — | — | 45.96 | |
2017 | 36.20 | (0.16) | 5.68 | 5.52 | — | — | — | 41.72 | |
2016 | 40.16 | (0.24) | (3.61) | (3.85) | (0.11) | — | (0.11) | 36.20 | |
2015 | 38.22 | (0.24) | 2.34 | 2.10 | — | (0.16) | (0.16) | 40.16 | |
2014 | 34.07 | (0.21) | 5.08 | 4.87 | — | (0.72) | (0.72) | 38.22 | |
Class R3 (04/09) | |||||||||
2019(e) | 47.78 | (0.05) | (6.19) | (6.24) | (0.35) | (1.36) | (1.71) | 39.83 | |
2018 | 43.16 | (0.03) | 4.65 | 4.62 | — | — | — | 47.78 | |
2017 | 37.26 | 0.06 | 5.84 | 5.90 | — | — | — | 43.16 | |
2016 | 41.33 | (0.01) | (3.75) | (3.76) | (0.31) | — | (0.31) | 37.26 | |
2015 | 39.14 | (0.06) | 2.41 | 2.35 | — | (0.16) | (0.16) | 41.33 | |
2014 | 34.77 | (0.34) | 5.48 | 5.14 | (0.05) | (0.72) | (0.77) | 39.14 | |
Class R6 (06/16) | |||||||||
2019(e) | 48.99 | 0.08 | (6.37) | (6.29) | (0.60) | (1.36) | (1.96) | 40.74 | |
2018 | 44.13 | 0.26 | 4.75 | 5.01 | (0.15) | — | (0.15) | 48.99 | |
2017 | 37.86 | 0.27 | 6.00 | 6.27 | — | — | — | 44.13 | |
2016(f) | 36.37 | (0.01) | 1.50 | 1.49 | — | — | — | 37.86 | |
Class I (04/09) | |||||||||
2019(e) | 48.89 | 0.05 | (6.36) | (6.31) | (0.59) | (1.36) | (1.95) | 40.63 | |
2018 | 44.08 | 0.21 | 4.75 | 4.96 | (0.15) | — | (0.15) | 48.89 | |
2017 | 37.86 | 0.23 | 5.99 | 6.22 | — | — | — | 44.08 | |
2016 | 42.00 | 0.14 | (3.77) | (3.63) | (0.51) | — | (0.51) | 37.86 | |
2015 | 39.66 | 0.13 | 2.45 | 2.58 | (0.08) | (0.16) | (0.24) | 42.00 | |
2014 | 35.18 | 0.07 | 5.36 | 5.43 | (0.23) | (0.72) | (0.95) | 39.66 |
Ratios/Supplemental Data | |||||||
Ratios to Average Net Assets Before Waiver/Reimbursement | Ratios to Average Net Assets After Waiver/Reimbursement(c) | ||||||
Total Return(b) | Ending Net Assets (000) | Expenses | Net Investment Income (Loss) | Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate(d) | |
(12.63)% | $46,008 | 1.19%** | (0.07)%** | 1.13%** | (0.01)%** | 35% | |
10.98 | 55,476 | 1.18 | 0.14 | 1.13 | 0.19 | 81 | |
16.11 | 51,018 | 1.26 | 0.03 | 1.14 | 0.16 | 318 | |
(8.91) | 102,083 | 1.31 | 0.06 | 1.21 | 0.16 | 351 | |
6.23 | 86,862 | 1.38 | (0.09) | 1.24 | 0.05 | 414 | |
15.21 | 69,253 | 1.52 | (0.04) | 1.42 | 0.07 | 326 | |
(12.96) | 15,919 | 1.94** | (0.79)** | 1.88** | (0.73)** | 35 | |
10.14 | 23,861 | 1.93 | (0.59) | 1.88 | (0.54) | 81 | |
15.28 | 17,131 | 2.00 | (0.56) | 1.89 | (0.45) | 318 | |
(9.60) | 20,065 | 2.06 | (0.76) | 1.96 | (0.66) | 351 | |
5.46 | 21,287 | 2.12 | (0.77) | 1.99 | (0.63) | 414 | |
14.33 | 9,723 | 2.28 | (0.65) | 2.17 | (0.54) | 326 | |
(12.73) | 647 | 1.45** | (0.29)** | 1.38** | (0.22)** | 35 | |
10.70 | 1,108 | 1.43 | (0.12) | 1.38 | (0.07) | 81 | |
15.83 | 1,119 | 1.49 | 0.05 | 1.39 | 0.15 | 318 | |
(9.14) | 991 | 1.57 | (0.14) | 1.46 | (0.03) | 351 | |
5.97 | 226 | 1.62 | (0.28) | 1.49 | (0.15) | 414 | |
14.85 | 181 | 1.79 | (0.97) | 1.67 | (0.85) | 326 | |
(12.46) | 23,840 | 0.84** | 0.29** | 0.78** | 0.36** | 35 | |
11.36 | 33,524 | 0.84 | 0.49 | 0.79 | 0.54 | 81 | |
16.56 | 30,400 | 0.88 | 0.60 | 0.77 | 0.71 | 318 | |
4.10 | 32,015 | 0.89** | (0.56)** | 0.76** | (0.43)** | 351 | |
(12.51) | 313,976 | 0.94** | 0.18** | 0.88** | 0.24** | 35 | |
11.25 | 377,051 | 0.93 | 0.39 | 0.88 | 0.44 | 81 | |
16.43 | 267,558 | 0.99 | 0.49 | 0.89 | 0.60 | 318 | |
(8.69) | 259,225 | 1.06 | 0.28 | 0.96 | 0.38 | 351 | |
6.50 | 282,197 | 1.13 | 0.18 | 0.99 | 0.32 | 414 | |
15.48 | 115,789 | 1.27 | 0.08 | 1.17 | 0.19 | 326 |
(a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
(b) | 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. |
(c) | After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Note 7 – Management Fees and Other Transactions with Affiliates, Management Fees for more information. |
(d) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period. |
(e) | For the six months ended January 31, 2019. |
(f) | For the period June 30, 2016 (commencement of operations) through July 31, 2016. |
* | Rounds to less than $(0.01). |
** | Annualized. |
Emerging Markets Equity | Level 1 | Level 2 | Level 3 | Total |
Long-Term Investments*: | ||||
Common Stocks | $3,565,110 | $6,816,497** | $ — | $10,381,607 |
Short-Term Investments: | ||||
Repurchase Agreements | — | 339,955 | — | 339,955 |
Total | $3,565,110 | $7,156,452 | $ — | $10,721,562 |
International Growth | Level 1 | Level 2 | Level 3 | Total |
Long-Term Investments*: | ||||
Common Stocks | $129,077,216 | $265,047,900** | $ —*** | $394,125,116 |
Short-Term Investments: | ||||
Repurchase Agreements | — | 2,575,463 | — | 2,575,463 |
Total | $129,077,216 | $267,623,363 | $ — | $396,700,579 |
* | Refer to the Fund's Portfolio of Investments for industry classifications. |
** | Refer to the Fund's Portfolio of Investments for securities classified as Level 2. |
*** | Refer to the Fund's Portfolio of Investments for securities classified as Level 3. Value equals zero as of the end of the reporting period. Value equals zero as of the end of the reporting period. |
Emerging Markets Equity | Value | % of Net Assets |
Country: | ||
China | $3,213,037 | 30.0% |
Brazil | 1,149,960 | 10.7 |
India | 809,966 | 7.6 |
Taiwan | 787,674 | 7.4 |
South Korea | 678,324 | 6.3 |
Thailand | 486,196 | 4.5 |
Philippines | 458,544 | 4.3 |
South Africa | 405,821 | 3.8 |
Indonesia | 337,592 | 3.2 |
Other | 1,799,693 | 16.8 |
Total non-U.S. securities | $10,126,807 | 94.6% |
International Growth | Value | % of Net Assets |
Country: | ||
United Kingdom | $62,430,075 | 15.6% |
China | 58,981,175 | 14.7 |
Japan | 57,421,821 | 14.4 |
France | 40,928,923 | 10.2 |
Germany | 34,143,691 | 8.5 |
Canada | 29,060,016 | 7.3 |
Netherlands | 13,955,256 | 3.5 |
Israel | 11,616,622 | 2.9 |
India | 11,274,094 | 2.8 |
Other | 61,166,809 | 15.3 |
Total non-U.S. securities | $380,978,482 | 95.2% |
Fund | Counterparty | Short-Term Investments, at Value | Collateral Pledged (From) Counterparty* | Net Exposure |
Emerging Markets Equity | Fixed Income Clearing Corporation | $339,955 | $(339,955) | $ — |
International Growth | Fixed Income Clearing Corporation | 2,575,463 | (2,575,463) | — |
For the Period 11/27/18 (commencement of operations) through 1/31/19 | ||
Emerging Markets Equity | Shares | Amount |
Shares sold: | ||
Class A | 2,722 | $55,400 |
Class C | 1,250 | 25,000 |
Class R6 | 496,250 | 9,925,000 |
Class I | 1,250 | 25,000 |
Net increase (decrease) | 501,472 | $10,030,400 |
Six Months Ended 1/31/19 | Year Ended 7/31/18 | ||||
International Growth | Shares | Amount | Shares | Amount | |
Shares sold: | |||||
Class A | 122,518 | $5,014,817 | 396,460 | $19,295,967 | |
Class A – automatic conversion of Class C Shares | 99 | 4,207 | — | — | |
Class C | 18,657 | 801,690 | 205,562 | 9,483,520 | |
Class R3 | 7,118 | 280,795 | 3,726 | 174,862 | |
Class R6 | 1,608 | 74,716 | 141,308 | 7,182,305 | |
Class I | 1,419,748 | 61,412,855 | 3,142,016 | 153,771,794 | |
Shares issued to shareholders due to reinvestment of distributions: | |||||
Class A | 51,874 | 1,924,517 | 935 | 45,147 | |
Class C | 17,835 | 628,140 | — | — | |
Class R3 | 827 | 30,310 | — | — | |
Class R6 | 34,327 | 1,287,536 | 1,862 | 90,816 | |
Class I | 321,536 | 12,030,192 | 16,515 | 804,134 | |
1,996,147 | 83,489,775 | 3,908,384 | 190,848,545 | ||
Shares redeemed: | |||||
Class A | (178,766) | (7,388,939) | (419,889) | (20,245,514) | |
Class C | (141,047) | (5,445,912) | (96,962) | (4,392,440) | |
Class C – automatic conversion to Class A Shares | (105) | (4,207) | — | — | |
Class R3 | (14,884) | (614,106) | (6,450) | (301,349) | |
Class R6 | (135,074) | (5,515,693) | (147,706) | (7,067,989) | |
Class I | (1,726,193) | (72,571,124) | (1,516,070) | (74,075,908) | |
(2,196,069) | (91,539,981) | (2,187,077) | (106,083,200) | ||
Net increase (decrease) | (199,922) | $(8,050,206) | 1,721,307 | $84,765,345 |
Emerging Markets Equity | International Growth | |
Purchases | $11,116,765 | $151,416,749 |
Sales | 1,433,317 | 165,282,710 |
Emerging Markets Equity | International Growth | |
Tax cost of investments | $10,021,374 | $389,380,668 |
Gross unrealized: | ||
Appreciation | $849,323 | $50,613,943 |
Depreciation | (149,135) | (43,294,032) |
Net unrealized appreciation (depreciation) of investments | $700,188 | $7,319,911 |
International Growth | |
Capital paid-in | $468,367 |
Undistributed (Over-distribution of) net investment income | 824,781 |
Accumulated net realized gain (loss) | (1,293,148) |
International Growth | |
Undistributed net ordinary income1 | $4,121,407 |
Undistributed net long-term capital gains | 13,261,395 |
1 | Net ordinary income consists of net taxable income derived from dividends, interest and net short-term capital gains, if any. |
International Growth | |
Distributions from net ordinary income1 | $1,129,744 |
Distributions from net long-term capital gains | — |
1 | Net ordinary income consists of net taxable income derived from dividends, interest and net short-term capital gains, if any. |
Average Daily Net Assets | Emerging Markets Equity | International Growth |
For the first $125 million | 0.7000% | 0.5500% |
For the next $125 million | 0.6875 | 0.5375 |
For the next $250 million | 0.6750 | 0.5250 |
For the next $500 million | 0.6625 | 0.5125 |
For the next $1 billion | 0.6500 | 0.5000 |
For the next $3 billion | 0.6250 | 0.4750 |
For the next $2.5 billion | 0.6000 | 0.4500 |
For the next $2.5 billion | 0.5875 | 0.4375 |
For net assets over $10 billion | 0.5750 | 0.4250 |
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 |
Emerging Markets Equity | 0.1595% |
International Growth | 0.1796% |
Fund | Temporary Expense Cap | Temporary Expense Cap Expiration Date | Permanent Expense Cap |
Emerging Markets Equity | 0.99% | July 31, 2021 | N/A |
International Growth | 0.90% | July 31, 2020 | 1.45% |
Emerging Markets Equity | International Growth | |
Sales charges collected | $45 | $23,666 |
Paid to financial intermediaries | 45 | 21,156 |
Emerging Markets Equity | International Growth | |
Commission advances | $45 | $6,039 |
Emerging Markets Equity | International Growth | |
12b-1 fees retained | $41 | $24,687 |
Emerging Markets Equity | International Growth | |
CDSC retained | $ — | $3,232 |
International Growth | |
UNII at the end of period | $2,263,415 |
• | the nature, extent and quality of the services expected to be provided by the Fund Adviser; |
• | the organization of the Fund Adviser, including the responsibilities of various departments and key personnel; |
• | the expertise and background of the Fund Adviser with respect to the Fund’s investment strategy; |
• | certain performance-related information (as described below); |
• | the profitability of Nuveen and its affiliates for their advisory activities; |
• | the proposed management fees of the Fund Adviser, including comparisons of such fees with the management fees of comparable funds; |
• | the expected expenses of the Fund, including comparisons of the Fund’s expected expense ratio with the expense ratios of comparable funds; and |
• | the soft dollar practices of the Fund Adviser, if any. |
Serving Investors for Generations
Item 2. Code of Ethics.
Not applicable to this filing.
Item 3. Audit Committee Financial Expert.
Not applicable to this filing.
Item 4. Principal Accountant Fees and Services.
Not applicable to this filing.
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 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 Rule30a-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 Rule30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules13a-15(b) or15d-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 Rule30a-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.
(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable to this filing.
(a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: See EX-99.CERT attached hereto.
(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons: Not applicable to this registrant.
(a)(4) Change in the registrant’s independent public accountant. Not applicable.
(b) If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an Exhibit. A certification furnished pursuant to this paragraph will not be deemed “filed” for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registration specifically incorporates it by reference: See EX-99.906 CERT attached hereto.
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 II
By | (Signature and Title) | /s/ Christopher M. Rohrbacher | ||||
Christopher M. Rohrbacher Vice President and Secretary |
Date: April 9, 2019
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/ Greg A. Bottjer | ||||
Greg A. Bottjer Chief Administrative Officer (principal executive officer) |
Date: April 9, 2019
By | (Signature and Title) | /s/ Stephen D. Foy | ||||
Stephen D. Foy Vice President and Controller (principal financial officer) |
Date: April 9, 2019