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 811-05309
Nuveen Investment Funds, Inc.
(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: October 31
Date of reporting period: April 30, 2018
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.
Mutual Funds
30 April
2018
Nuveen Equity Funds
Fund Name | Class A | Class C | Class R3 | Class R6 | Class I | Class T | ||||||
Nuveen Dividend Value Fund | FFEIX | FFECX | FEISX | FFEFX | FAQIX | FFETX | ||||||
Nuveen Mid Cap Value Fund | FASEX | FACSX | FMVSX | — | FSEIX | FACUX | ||||||
Nuveen Small Cap Value Fund | FSCAX | FSCVX | FSVSX | FSCWX | FSCCX | FSCUX |
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NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE
Fund Name | Class A | Class C | Class R3 | Class R6 | Class I | Class T |
Nuveen Dividend Value Fund | FFEIX | FFECX | FEISX | FFEFX | FAQIX | FFETX |
Nuveen Mid Cap Value Fund | FASEX | FACSX | FMVSX | — | FSEIX | FACUX |
Nuveen Small Cap Value Fund | FSCAX | FSCVX | FSVSX | FSCWX | FSCCX | FSCUX |
performance?
performance?
performance?
Cumulative | Average Annual | ||||
6-Month | 1-Year | 5-Year | 10-Year | ||
Class A Shares at NAV | 5.08% | 11.50% | 10.27% | 8.25% | |
Class A Shares at maximum Offering Price | (0.99)% | 5.06% | 8.96% | 7.61% | |
Russell 1000® Value Index | 1.94% | 7.50% | 10.52% | 7.30% | |
S&P 500® Index | 3.82% | 13.27% | 12.96% | 9.02% | |
Lipper Equity Income Funds Classification Average | 2.15% | 8.57% | 9.15% | 7.32% | |
Class C Shares | 4.68% | 10.73% | 9.45% | 7.43% | |
Class R3 Shares | 4.96% | 11.26% | 9.99% | 7.96% | |
Class I Shares | 5.22% | 11.79% | 10.54% | 8.51% |
Cumulative | Average Annual | ||||
6-Month | 1-Year | 5-Year | Since Inception | ||
Class R6 Shares | 5.27% | 11.89% | 10.64% | 11.69% | |
Class T Shares at NAV* | 5.16% | N/A | N/A | 11.73% | |
Class T Shares at maximum Offering Price* | 2.50% | N/A | N/A | 8.97% |
Cumulative | Average Annual | ||||
6-Month | 1-Year | 5-Year | 10-Year | ||
Class A Shares at NAV | 3.87% | 9.81% | 10.41% | 8.46% | |
Class A Shares at maximum Offering Price | (2.10)% | 3.52% | 9.11% | 7.82% | |
Class C Shares | 3.46% | 8.95% | 9.59% | 7.65% | |
Class R3 Shares | 3.68% | 9.50% | 10.13% | 8.18% | |
Class I Shares | 3.96% | 10.05% | 10.68% | 8.73% |
Cumulative | Average Annual | ||||
6-Month | 1-Year | 5-Year | Since Inception | ||
Class R6 Shares | 4.02% | 10.15% | 10.79% | 11.49% | |
Class T Shares at NAV* | 3.83% | N/A | N/A | 9.70% | |
Class T Shares at maximum Offering Price* | 1.26% | N/A | N/A | 6.99% |
Share Class | ||||||
Class A | Class C | Class R3 | Class R6 | Class I | Class T* | |
Expense Ratios | 1.08% | 1.83% | 1.33% | 0.73% | 0.83% | 1.08% |
* | Class T Shares are not available for public offering. |
Cumulative | Average Annual | ||||
6-Month | 1-Year | 5-Year | 10-Year | ||
Class A Shares at NAV | 3.87% | 13.03% | 12.05% | 7.79% | |
Class A Shares at maximum Offering Price | (2.10)% | 6.54% | 10.73% | 7.16% | |
Russell Midcap® Value Index | 2.55% | 6.83% | 10.97% | 9.22% | |
Lipper Mid-Cap Value Funds Classification Average | 2.74% | 7.36% | 9.96% | 8.40% | |
Class C Shares | 3.47% | 12.19% | 11.22% | 6.99% | |
Class R3 Shares | 3.73% | 12.73% | 11.78% | 7.52% | |
Class I Shares | 3.98% | 13.32% | 12.33% | 8.05% |
Cumulative | Average Annual | ||||
6-Month | 1-Year | 5-Year | 10-Year | ||
Class A Shares at NAV | 3.80% | 11.14% | 11.59% | 8.18% | |
Class A Shares at maximum Offering Price | (2.16)% | 4.76% | 10.27% | 7.54% | |
Class C Shares | 3.43% | 10.32% | 10.76% | 7.37% | |
Class R3 Shares | 3.66% | 10.86% | 11.31% | 7.91% | |
Class I Shares | 3.94% | 11.43% | 11.87% | 8.45% |
Share Class | ||||
Class A | Class C | Class R3 | Class I | |
Gross Expense Ratios | 1.32% | 2.07% | 1.57% | 1.07% |
Net Expense Ratios | 1.17% | 1.92% | 1.42% | 0.92% |
Cumulative | Average Annual | ||||
6-Month | 1-Year | 5-Year | 10-Year | ||
Class A Shares at NAV | 0.20% | 4.43% | 12.44% | 9.86% | |
Class A Shares at maximum Offering Price | (5.57)% | (1.56)% | 11.11% | 9.21% | |
Russell 2000® Value Index | 0.94% | 6.53% | 10.36% | 8.46% | |
Lipper Small-Cap Value Funds Classification Average | 0.83% | 6.22% | 9.30% | 8.22% | |
Class C Shares | (0.15)% | 3.69% | 11.61% | 9.04% | |
Class R3 Shares | 0.08% | 4.19% | 12.15% | 9.58% | |
Class I Shares | 0.33% | 4.70% | 12.71% | 10.12% |
Cumulative | Average Annual | |||
6-Month | 1-Year | Since Inception | ||
Class R6 Shares | 0.40% | 4.86% | 14.23% | |
Class T Shares at NAV* | 0.21% | N/A | 8.31% | |
Class T Shares at maximum Offering Price* | (2.30)% | N/A | 5.59% |
Cumulative | Average Annual | ||||
6-Month | 1-Year | 5-Year | 10-Year | ||
Class A Shares at NAV | 1.21% | 3.41% | 12.24% | 10.22% | |
Class A Shares at maximum Offering Price | (4.60)% | (2.53)% | 10.93% | 9.57% | |
Class C Shares | 0.80% | 2.65% | 11.42% | 9.40% | |
Class R3 Shares | 1.07% | 3.20% | 11.96% | 9.95% | |
Class I Shares | 1.30% | 3.68% | 12.52% | 10.48% |
Cumulative | Average Annual | |||
6-Month | 1-Year | Since Inception | ||
Class R6 Shares | 1.42% | 3.88% | 14.59% | |
Class T Shares at NAV* | 1.18% | N/A | 7.72% | |
Class T Shares at maximum Offering Price* | (1.36)% | N/A | 5.02% |
Share Class | ||||||
Class A | Class C | Class R3 | Class R6 | Class I | Class T* | |
Gross Expense Ratios | 1.26% | 2.01% | 1.51% | 0.85% | 1.01% | 1.26% |
Net Expense Ratios | 1.20% | 1.95% | 1.45% | 0.79% | 0.95% | 1.20% |
* | Class T Shares are not available for public offering. |
Fund Allocation (% of net assets) | |
Common Stocks | 99.3% |
Money Market Funds | 0.8% |
Other Assets Less Liabilities | (0.1)% |
Net Assets | 100% |
Portfolio Composition (% of net assets) | |
Banks | 18.8% |
Oil, Gas & Consumable Fuels | 14.4% |
Insurance | 5.0% |
Pharmaceuticals | 4.3% |
Technology Hardware, Storage & Peripherals | 4.3% |
Communications Equipment | 4.2% |
Health Care Providers & Services | 3.9% |
Chemicals | 3.8% |
Equity Real Estate Investment Trust | 3.2% |
Biotechnology | 2.8% |
Capital Markets | 2.6% |
Tobacco | 2.6% |
Hotels, Restaurants & Leisure | 2.4% |
Electric Utilities | 2.4% |
Food & Staples Retailing | 2.4% |
Road & Rail | 2.1% |
Diversified Telecommunication Services | 1.9% |
Other | 18.2% |
Money Market Funds | 0.8% |
Other Assets Less Liabilities | (0.1)% |
Net Assets | 100% |
Top Five Common Stock Holdings (% of net assets) | |
JPMorgan Chase & Co. | 4.7% |
Chevron Corporation | 4.5% |
Pfizer Inc. | 4.4% |
Cisco Systems, Inc. | 4.2% |
Bank of America Corporation | 3.6% |
Fund Allocation (% of net assets) | |
Common Stocks | 98.7% |
Money Market Funds | 1.2% |
Other Assets Less Liabilities | 0.1% |
Net Assets | 100% |
Portfolio Composition (% of net assets) | |
Equity Real Estate Investment Trust | 8.5% |
Oil, Gas & Consumable Fuels | 8.3% |
Banks | 7.8% |
Capital Markets | 7.2% |
Machinery | 5.1% |
Insurance | 5.0% |
Hotels, Restaurants & Leisure | 3.7% |
Multi-Utilities | 3.3% |
IT Services | 3.3% |
Software | 3.2% |
Chemicals | 2.9% |
Household Durables | 2.7% |
Health Care Providers & Services | 2.7% |
Aerospace & Defense | 2.3% |
Food Products | 2.2% |
Specialty Retail | 2.0% |
Real Estate Management & Development | 1.9% |
Independent Power & Renewable Electricity Producers | 1.8% |
Health Care Equipment & Supplies | 1.8% |
Containers & Packaging | 1.8% |
Mortgage Real Estate Investment Trust | 1.7% |
Other | 19.5% |
Money Market Funds | 1.2% |
Other Assets Less Liabilities | 0.1% |
Net Assets | 100% |
Top Five Common Stock Holdings (% of net assets) | |
E*TRADE Financial Corporation | 2.5% |
HollyFrontier Corporation | 2.4% |
L-3 Communications Holdings, Inc. | 2.3% |
Marathon Oil Corporation | 2.2% |
Huntington BancShares Inc. | 2.1% |
Fund Allocation (% of net assets) | |
Common Stocks | 98.6% |
Investments Purchased with Collateral from Securities Lending | 2.9% |
Money Market Funds | 1.0% |
Other Assets Less Liabilities | (2.5)% |
Net Assets | 100% |
Portfolio Composition (% of net assets) | |
Banks | 20.1% |
Equity Real Estate Investment Trust | 6.8% |
Oil, Gas & Consumable Fuels | 4.9% |
Communications Equipment | 4.5% |
Insurance | 4.3% |
Commercial Services & Supplies | 4.1% |
Thrifts & Mortgage Finance | 3.7% |
Energy Equipment & Services | 3.3% |
Construction & Engineering | 3.1% |
Machinery | 2.7% |
Chemicals | 2.6% |
Household Durables | 2.6% |
Metals & Mining | 2.5% |
Health Care Providers & Services | 2.4% |
Capital Markets | 2.3% |
Specialty Retail | 2.3% |
Auto Components | 2.0% |
Mortgage Real Estate Investment Trust | 1.8% |
Building Products | 1.6% |
Internet Software & Services | 1.6% |
Other | 19.4% |
Investments Purchased with Collateral from Securities Lending | 2.9% |
Money Market Funds | 1.0% |
Other Assets Less Liabilities | (2.5)% |
Net Assets | 100% |
Top Five Common Stock Holdings (% of net assets) | |
Sterling Bancorp. | 1.9% |
Propetro Holding Corp. | 1.9% |
Wintrust Financial Corporation | 1.9% |
Renasant Corporation | 1.8% |
Invesco Mortgage Capital Inc. | 1.8% |
Share Class | ||||||
Class A | Class C | Class R3 | Class R6 | Class I | Class T* | |
Actual Performance | ||||||
Beginning Account Value | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value | $1,050.80 | $1,046.80 | $1,049.60 | $1,052.70 | $1,052.20 | $1,051.60 |
Expenses Incurred During the Period | $ 5.49 | $ 9.29 | $ 6.76 | $ 3.66 | $ 4.22 | $ 5.44 |
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 | $1,000.00 |
Ending Account Value | $1,019.44 | $1,015.72 | $1,018.20 | $1,021.22 | $1,020.68 | $1,019.49 |
Expenses Incurred During the Period | $ 5.41 | $ 9.15 | $ 6.66 | $ 3.61 | $ 4.16 | $ 5.36 |
* | Class T Shares are not available for public offering. |
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 | $1,038.70 | $1,034.70 | $1,037.30 | $1,039.80 |
Expenses Incurred During the Period | $ 5.91 | $ 9.69 | $ 7.17 | $ 4.65 |
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 | $1,018.99 | $1,015.27 | $1,017.75 | $1,020.23 |
Expenses Incurred During the Period | $ 5.86 | $ 9.59 | $ 7.10 | $ 4.61 |
Share Class | ||||||
Class A | Class C | Class R3 | Class R6 | Class I | Class T* | |
Actual Performance | ||||||
Beginning Account Value | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value | $1,002.00 | $ 998.50 | $1,000.80 | $1,004.00 | $1,003.30 | $1,002.10 |
Expenses Incurred During the Period | $ 5.96 | $ 9.66 | $ 7.19 | $ 3.88 | $ 4.72 | $ 5.96 |
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 | $1,000.00 |
Ending Account Value | $1,018.84 | $1,015.12 | $1,017.60 | $1,020.93 | $1,020.08 | $1,018.84 |
Expenses Incurred During the Period | $ 6.01 | $ 9.74 | $ 7.25 | $ 3.91 | $ 4.76 | $ 6.01 |
* | Class T Shares are not available for public offering. |
Shares | Description (1) | Value | ||||
LONG-TERM INVESTMENTS – 99.3% | ||||||
COMMON STOCKS – 99.3% | ||||||
Aerospace & Defense – 1.9% | ||||||
105,597 | General Dynamics Corporation | $ 21,257,732 | ||||
Banks – 18.8% | ||||||
1,365,531 | Bank of America Corporation | 40,856,688 | ||||
218,018 | CIT Group Inc. | 11,544,053 | ||||
478,909 | Citigroup Inc. | 32,695,117 | ||||
267,135 | East West Bancorp Inc. | 17,796,534 | ||||
425,068 | Home Bancshares, Inc. | 9,878,580 | ||||
1,654,735 | Huntington BancShares Inc. | 24,672,099 | ||||
489,447 | JPMorgan Chase & Co. | 53,242,045 | ||||
1,157,096 | KeyCorp. | 23,049,352 | ||||
Total Banks | 213,734,468 | |||||
Biotechnology – 2.8% | ||||||
123,145 | AbbVie Inc. | 11,889,650 | ||||
276,301 | Gilead Sciences, Inc. | 19,957,221 | ||||
Total Biotechnology | 31,846,871 | |||||
Capital Markets – 2.6% | ||||||
335,085 | Raymond James Financial Inc. | 30,073,879 | ||||
Chemicals – 3.8% | ||||||
95,560 | Celanese Corporation, Series A | 10,384,505 | ||||
134,288 | Eastman Chemical Company | 13,708,119 | ||||
91,574 | PPG Industries, Inc. | 9,695,855 | ||||
62,141 | Praxair, Inc. | 9,477,746 | ||||
Total Chemicals | 43,266,225 | |||||
Communications Equipment – 4.2% | ||||||
1,082,649 | Cisco Systems, Inc. | 47,950,524 | ||||
Containers & Packaging – 1.4% | ||||||
265,586 | WestRock Company | 15,712,068 | ||||
Diversified Telecommunication Services – 1.9% | ||||||
654,145 | AT&T Inc. | 21,390,541 | ||||
Electric Utilities – 2.4% | ||||||
165,257 | NextEra Energy Inc. | 27,087,275 | ||||
Electrical Equipment – 0.9% | ||||||
100,702 | Hubbell Inc. | 10,458,910 |
Shares | Description (1) | Value | ||||
Energy Equipment & Services – 1.1% | ||||||
244,098 | Halliburton Company | $ 12,934,753 | ||||
Equity Real Estate Investment Trust – 3.2% | ||||||
156,952 | Crown Castle International Corporation | 15,831,748 | ||||
720,286 | Park Hotels & Resorts, Inc. | 20,729,831 | ||||
Total Equity Real Estate Investment Trust | 36,561,579 | |||||
Food & Staples Retailing – 2.4% | ||||||
304,210 | Wal-Mart Stores, Inc. | 26,910,416 | ||||
Food Products – 1.6% | ||||||
484,657 | ConAgra Foods, Inc. | 17,966,235 | ||||
Health Care Equipment & Supplies – 1.3% | ||||||
132,195 | Zimmer Biomet Holdings, Inc. | 15,224,898 | ||||
Health Care Providers & Services – 3.9% | ||||||
72,313 | CIGNA Corporation | 12,424,820 | ||||
244,540 | CVS Health Corporation | 17,076,228 | ||||
64,890 | UnitedHealth Group Incorporated | 15,339,996 | ||||
Total Health Care Providers & Services | 44,841,044 | |||||
Hotels, Restaurants & Leisure – 2.4% | ||||||
205,790 | Hilton Worldwide Holdings Inc. | 16,224,496 | ||||
175,881 | Six Flags Entertainment Corporation | 11,122,715 | ||||
Total Hotels, Restaurants & Leisure | 27,347,211 | |||||
Insurance – 5.0% | ||||||
640,155 | Old Republic International Corporation | 13,059,162 | ||||
280,957 | Prudential Financial, Inc. | 29,871,348 | ||||
92,166 | Willis Towers Watson PLC | 13,687,573 | ||||
Total Insurance | 56,618,083 | |||||
IT Services – 1.2% | ||||||
133,974 | DXC Technology Company | 13,807,360 | ||||
Media – 1.8% | ||||||
211,636 | Time Warner Inc. | 20,063,093 | ||||
Mortgage Real Estate Investment Trust – 1.6% | ||||||
848,682 | Starwood Property Trust Inc. | 17,788,375 | ||||
Multi-Utilities – 1.7% | ||||||
398,448 | CMS Energy Corporation | 18,802,761 | ||||
Oil, Gas & Consumable Fuels – 14.4% | ||||||
492,130 | Anadarko Petroleum Corporation | 33,130,192 | ||||
410,089 | Chevron Corporation | 51,306,235 | ||||
436,863 | HollyFrontier Corporation | 26,513,215 |
Shares | Description (1) | Value | ||||
Oil, Gas & Consumable Fuels (continued) | ||||||
395,532 | Occidental Petroleum Corporation | $30,558,802 | ||||
211,098 | Targa Resources Corporation | 9,915,273 | ||||
451,113 | Williams Companies Inc. | 11,607,138 | ||||
Total Oil, Gas & Consumable Fuels | 163,030,855 | |||||
Personal Products – 1.2% | ||||||
230,676 | Unilever NV | 13,176,213 | ||||
Pharmaceuticals – 4.3% | ||||||
1,342,642 | Pfizer Inc. | 49,154,123 | ||||
Road & Rail – 2.1% | ||||||
406,479 | CSX Corporation | 24,140,788 | ||||
Semiconductors & Semiconductor Equipment – 0.7% | ||||||
126,575 | Xilinx, Inc. | 8,131,178 | ||||
Software – 1.8% | ||||||
214,238 | Microsoft Corporation | 20,035,538 | ||||
Technology Hardware, Storage & Peripherals – 4.3% | ||||||
65,087 | Apple, Inc. | 10,756,278 | ||||
1,227,597 | HP Inc. | 26,381,059 | ||||
147,144 | Western Digital Corporation | 11,593,476 | ||||
Total Technology Hardware, Storage & Peripherals | 48,730,813 | |||||
Tobacco – 2.6% | ||||||
519,107 | Altria Group, Inc. | 29,127,094 | ||||
Total Long-Term Investments (cost $838,759,524) | 1,127,170,903 |
Shares | Description (1) | Coupon | Value | |||
SHORT-TERM INVESTMENTS – 0.8% | ||||||
Money Market Funds – 0.8% | ||||||
8,727,433 | First American Treasury Obligations Fund, Class Z | 1.537% (2) | $ 8,727,433 | |||
Total Short-Term Investments (cost $8,727,433) | 8,727,433 | |||||
Total Investments (cost $847,486,957) – 100.1% | 1,135,898,336 | |||||
Other Assets Less Liabilities – (0.1)% | (952,132) | |||||
Net Assets – 100% | $ 1,134,946,204 |
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) | The rate shown is the annualized seven-day subsidized yield as of the end of the reporting period. |
Shares | Description (1) | Value | ||||
LONG-TERM INVESTMENTS – 98.7% | ||||||
COMMON STOCKS – 98.7% | ||||||
Aerospace & Defense – 2.3% | ||||||
13,921 | L-3 Communications Holdings, Inc. | $ 2,726,845 | ||||
Air Freight & Logistics – 1.0% | ||||||
11,987 | XPO Logistics, Incorporated, (2) | 1,164,657 | ||||
Airlines – 1.1% | ||||||
69,252 | JetBlue Airways Corporation, (2) | 1,328,946 | ||||
Banks – 7.8% | ||||||
33,573 | East West Bancorp Inc. | 2,236,633 | ||||
166,523 | Huntington BancShares Inc. | 2,482,858 | ||||
120,802 | KeyCorp. | 2,406,376 | ||||
37,497 | Western Alliance Bancorporation, (2) | 2,211,573 | ||||
Total Banks | 9,337,440 | |||||
Building Products – 0.8% | ||||||
14,641 | Owens Corning | 958,839 | ||||
Capital Markets – 7.2% | ||||||
49,719 | E*TRADE Financial Corporation, (2) | 3,016,949 | ||||
14,213 | Evercore Partners Inc. | 1,439,066 | ||||
21,269 | Nasdaq Stock Market, Inc. | 1,878,478 | ||||
24,710 | Raymond James Financial Inc. | 2,217,723 | ||||
Total Capital Markets | 8,552,216 | |||||
Chemicals – 2.9% | ||||||
12,469 | Celanese Corporation, Series A | 1,355,006 | ||||
20,601 | Eastman Chemical Company | 2,102,950 | ||||
Total Chemicals | 3,457,956 | |||||
Consumer Finance – 1.1% | ||||||
18,322 | Discover Financial Services | 1,305,442 | ||||
Containers & Packaging – 1.8% | ||||||
35,499 | WestRock Company | 2,100,121 | ||||
Electric Utilities – 1.4% | ||||||
31,281 | Westar Energy Inc. | 1,694,805 | ||||
Electrical Equipment – 1.2% | ||||||
13,995 | Hubbell Inc. | 1,453,521 |
Shares | Description (1) | Value | ||||
Energy Equipment & Services – 1.6% | ||||||
176,735 | Superior Energy Services, Inc. | $ 1,896,367 | ||||
Equity Real Estate Investment Trust – 8.5% | ||||||
83,360 | Brandywine Realty Trust | 1,342,929 | ||||
10,988 | Digital Realty Trust Inc. | 1,161,322 | ||||
70,406 | First Industrial Realty Trust, Inc. | 2,190,331 | ||||
23,797 | Mid-America Apartment Communities | 2,176,474 | ||||
58,910 | Park Hotels & Resorts, Inc. | 1,695,430 | ||||
55,091 | Washington Real Estate Investment Trust | 1,582,213 | ||||
Total Equity Real Estate Investment Trust | 10,148,699 | |||||
Food Products – 2.2% | ||||||
30,561 | ConAgra Foods, Inc. | 1,132,896 | ||||
24,950 | Pinnacle Foods Inc. | 1,506,980 | ||||
Total Food Products | 2,639,876 | |||||
Gas Utilities – 1.2% | ||||||
28,885 | National Fuel Gas Company | 1,483,245 | ||||
Health Care Equipment & Supplies – 1.8% | ||||||
18,954 | Zimmer Biomet Holdings, Inc. | 2,182,932 | ||||
Health Care Providers & Services – 2.7% | ||||||
16,136 | Centene Corporation, (2) | 1,752,047 | ||||
8,319 | CIGNA Corporation | 1,429,370 | ||||
Total Health Care Providers & Services | 3,181,417 | |||||
Hotels, Restaurants & Leisure – 3.7% | ||||||
15,571 | Hyatt Hotels Corporation, Class A | 1,196,943 | ||||
52,745 | MGM Resorts International Inc. | 1,657,248 | ||||
30,050 | Norwegian Cruise Line Holdings Limited, (2) | 1,606,773 | ||||
Total Hotels, Restaurants & Leisure | 4,460,964 | |||||
Household Durables – 2.7% | ||||||
42,514 | D.R. Horton, Inc. | 1,876,568 | ||||
6,499 | Mohawk Industries Inc., (2) | 1,364,010 | ||||
Total Household Durables | 3,240,578 | |||||
Independent Power & Renewable Electricity Producers – 1.8% | ||||||
95,711 | Vistra Energy Corp., (2) | 2,186,996 | ||||
Insurance – 5.0% | ||||||
33,383 | Hartford Financial Services Group, Inc. | 1,797,341 | ||||
101,877 | Old Republic International Corporation | 2,078,291 | ||||
14,051 | Willis Towers Watson PLC | 2,086,714 | ||||
Total Insurance | 5,962,346 |
Shares | Description (1) | Value | ||||
IT Services – 3.3% | ||||||
18,007 | DXC Technology Company | $1,855,802 | ||||
112,101 | First Data Corporation, Class A, (2) | 2,029,028 | ||||
Total IT Services | 3,884,830 | |||||
Leisure Products – 0.6% | ||||||
8,447 | Hasbro, Inc. | 744,096 | ||||
Life Sciences Tools & Services – 0.9% | ||||||
16,671 | Agilent Technologies, Inc. | 1,095,952 | ||||
Machinery – 5.1% | ||||||
7,436 | Cummins Inc. | 1,188,719 | ||||
20,833 | Dover Corporation | 1,931,219 | ||||
15,585 | Ingersoll Rand Company Limited | 1,307,426 | ||||
10,315 | Parker Hannifin Corporation | 1,698,055 | ||||
Total Machinery | 6,125,419 | |||||
Media – 1.2% | ||||||
30,500 | Lions Gate Entertainment Corporation, Equity | 759,145 | ||||
60,110 | TEGNA Inc. | 635,363 | ||||
Total Media | 1,394,508 | |||||
Metals & Mining – 1.2% | ||||||
30,738 | Steel Dynamics Inc. | 1,377,370 | ||||
Mortgage Real Estate Investment Trust – 1.7% | ||||||
95,995 | Starwood Property Trust Inc. | 2,012,055 | ||||
Multi-Utilities – 3.3% | ||||||
74,189 | NiSource Inc. | 1,809,470 | ||||
41,727 | Public Service Enterprise Group Incorporated | 2,176,063 | ||||
Total Multi-Utilities | 3,985,533 | |||||
Oil, Gas & Consumable Fuels – 8.3% | ||||||
33,540 | Anadarko Petroleum Corporation | 2,257,913 | ||||
47,033 | HollyFrontier Corporation | 2,854,433 | ||||
144,450 | Marathon Oil Corporation | 2,636,212 | ||||
41,248 | Newfield Exploration Company, (2) | 1,229,190 | ||||
20,099 | Targa Resources Corporation | 944,050 | ||||
Total Oil, Gas & Consumable Fuels | 9,921,798 | |||||
Pharmaceuticals – 1.5% | ||||||
44,958 | Mylan NV, (2) | 1,742,572 | ||||
Real Estate Management & Development – 1.9% | ||||||
13,275 | Jones Lang LaSalle Inc. | 2,250,245 | ||||
Road & Rail – 1.2% | ||||||
19,587 | Genesee & Wyoming Inc., (2) | 1,394,594 |
Shares | Description (1) | Value | ||||
Semiconductors & Semiconductor Equipment – 0.9% | ||||||
70,666 | Cypress Semiconductor Corporation | $ 1,030,310 | ||||
Software – 3.2% | ||||||
8,654 | Autodesk, Inc., (2) | 1,089,539 | ||||
21,050 | Parametric Technology Corporation, (2) | 1,733,468 | ||||
10,102 | Take-Two Interactive Software, Inc., (2) | 1,007,270 | ||||
Total Software | 3,830,277 | |||||
Specialty Retail – 2.0% | ||||||
15,142 | Best Buy Co., Inc. | 1,158,817 | ||||
32,000 | Signet Jewelers Limited | 1,244,160 | ||||
Total Specialty Retail | 2,402,977 | |||||
Technology Hardware, Storage & Peripherals – 1.6% | ||||||
8,730 | NetApp, Inc. | 581,243 | ||||
17,039 | Western Digital Corporation | 1,342,503 | ||||
Total Technology Hardware, Storage & Peripherals | 1,923,746 | |||||
Thrifts & Mortgage Finance – 1.0% | ||||||
27,964 | BofI Holdings, Inc., (2) | 1,126,390 | ||||
Total Long-Term Investments (cost $99,712,133) | 117,706,880 |
Shares | Description (1) | Coupon | Value | |||
SHORT-TERM INVESTMENTS – 1.2% | ||||||
Money Market Funds – 1.2% | ||||||
1,391,289 | First American Treasury Obligations Fund, Class Z | 1.537% (3) | $ 1,391,289 | |||
Total Short-Term Investments (cost $1,391,289) | 1,391,289 | |||||
Total Investments (cost $101,103,422) – 99.9% | 119,098,169 | |||||
Other Assets Less Liabilities – 0.1% | 178,480 | |||||
Net Assets – 100% | $ 119,276,649 |
For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease. | ||
(1) | All percentages shown in the Portfolio of Investments are based on net assets. | |
(2) | Non-income producing; issuer has not declared a dividend within the past twelve months. | |
(3) | The rate shown is the annualized seven-day subsidized yield as of the end of the reporting period. |
Shares | Description (1) | Value | ||||
LONG-TERM INVESTMENTS – 98.6% | ||||||
COMMON STOCKS – 98.6% | ||||||
Air Freight & Logistics – 0.8% | ||||||
928,585 | Air Transport Servcies Group Inc., (2) | $ 18,794,560 | ||||
Auto Components – 2.0% | ||||||
802,715 | Cooper Tire & Rubber Company | 19,626,382 | ||||
1,227,784 | Dana Incorporated | 29,135,314 | ||||
Total Auto Components | 48,761,696 | |||||
Banks – 20.1% | ||||||
753,133 | Banner Corporation | 43,229,834 | ||||
724,944 | Berkshire Hills Bancorp, Inc. | 27,511,625 | ||||
874,108 | Cathay General Bancorp | 34,973,061 | ||||
697,784 | Customers Bancorp Inc., (2) | 20,110,135 | ||||
1,043,577 | First Busey Corporation | 30,942,058 | ||||
675,606 | Heartland Financial USA, Inc. | 36,246,262 | ||||
556,482 | IberiaBank Corporation, (3) | 41,708,326 | ||||
658,393 | Preferred Bank Los Angeles | 41,965,970 | ||||
972,700 | Renasant Corporation | 43,995,221 | ||||
1,940,017 | Sterling Bancorp. | 46,075,404 | ||||
689,622 | Webster Financial Corporation | 41,508,348 | ||||
456,019 | Western Alliance Bancorporation, (2) | 26,896,000 | ||||
504,443 | Wintrust Financial Corporation | 45,122,426 | ||||
Total Banks | 480,284,670 | |||||
Building Products – 1.6% | ||||||
1,114,836 | Gibraltar Industries Inc. | 39,186,485 | ||||
Capital Markets – 2.3% | ||||||
383,339 | Evercore Partners Inc. | 38,813,074 | ||||
226,760 | Piper Jaffray Companies | 15,884,538 | ||||
Total Capital Markets | 54,697,612 | |||||
Chemicals – 2.6% | ||||||
593,278 | Kraton Corporation, (2) | 27,095,006 | ||||
503,590 | Minerals Technologies Inc. | 34,772,890 | ||||
Total Chemicals | 61,867,896 | |||||
Commercial Services & Supplies – 4.1% | ||||||
420,839 | Brink's Company | 31,057,918 | ||||
1,212,367 | LSC Communications, Inc. | 21,192,175 | ||||
882,663 | Quad Graphics Inc. | 21,810,603 |
Shares | Description (1) | Value | ||||
Commercial Services & Supplies (continued) | ||||||
706,728 | SP Plus Corporation, (2) | $ 24,841,489 | ||||
Total Commercial Services & Supplies | 98,902,185 | |||||
Communications Equipment – 4.5% | ||||||
438,157 | Netgear, Inc., (2) | 24,230,082 | ||||
654,944 | Plantronics Inc., (3) | 42,669,602 | ||||
1,824,920 | Radware, Limited, (2) | 40,330,732 | ||||
Total Communications Equipment | 107,230,416 | |||||
Construction & Engineering – 3.1% | ||||||
1,360,844 | Aegion Corporation, (2) | 30,877,550 | ||||
300,547 | Emcor Group Inc. | 22,117,254 | ||||
1,073,653 | Tutor Perini Corporation, (2) | 22,170,935 | ||||
Total Construction & Engineering | 75,165,739 | |||||
Diversified Telecommunication Services – 1.1% | ||||||
2,298,612 | Vonage Holdings Corporation, (2) | 25,698,482 | ||||
Electric Utilities – 0.9% | ||||||
415,220 | El Paso Electric Company | 21,196,981 | ||||
Electrical Equipment – 1.0% | ||||||
349,216 | Regal-Beloit Corporation | 24,864,179 | ||||
Electronic Equipment, Instruments & Components – 1.2% | ||||||
2,015,652 | TTM Technologies, Inc., (2) | 28,098,189 | ||||
Energy Equipment & Services – 3.3% | ||||||
2,491,361 | ProPetro Holding Corp., (2), (3) | 45,591,906 | ||||
3,035,202 | Superior Energy Services, Inc. | 32,567,718 | ||||
Total Energy Equipment & Services | 78,159,624 | |||||
Equity Real Estate Investment Trust – 6.8% | ||||||
1,711,788 | Brandywine Realty Trust | 27,576,905 | ||||
1,033,379 | Kite Realty Group Trust | 15,211,339 | ||||
1,348,512 | RLJ Lodging Trust | 28,008,594 | ||||
1,194,117 | STAG Industrial Inc. | 29,339,455 | ||||
2,308,336 | Summit Hotel Properties Inc. | 33,424,705 | ||||
960,774 | Washington Real Estate Investment Trust | 27,593,429 | ||||
Total Equity Real Estate Investment Trust | 161,154,427 | |||||
Food & Staples Retailing – 0.1% | ||||||
130,866 | SpartanNash Co | 2,379,144 | ||||
Gas Utilities – 1.5% | ||||||
496,005 | Spire, Inc. | 35,786,761 | ||||
Health Care Equipment & Supplies – 1.5% | ||||||
234,536 | Globus Medical Inc., Class A, (2) | 12,005,898 |
Shares | Description (1) | Value | ||||
Health Care Equipment & Supplies (continued) | ||||||
706,258 | Natus Medical, Inc., (2) | $ 23,341,827 | ||||
Total Health Care Equipment & Supplies | 35,347,725 | |||||
Health Care Providers & Services – 2.4% | ||||||
302,949 | AMN Healthcare Services Inc., (2) | 20,252,141 | ||||
676,363 | Civitas Solutions Inc., (2) | 9,638,173 | ||||
766,913 | Tivity Health Inc., (3) | 27,570,522 | ||||
Total Health Care Providers & Services | 57,460,836 | |||||
Household Durables – 2.6% | ||||||
1,035,655 | La Z Boy Inc. | 29,826,864 | ||||
1,031,334 | M/I Homes, Inc. | 31,435,060 | ||||
Total Household Durables | 61,261,924 | |||||
Insurance – 4.3% | ||||||
555,291 | American Equity Investment Life Holding Company | 16,769,788 | ||||
412,944 | Amerisafe, Inc. | 24,487,580 | ||||
357,438 | Argo Group International Holdings Inc. | 20,892,251 | ||||
1,358,527 | CNO Financial Group Inc. | 29,126,819 | ||||
264,536 | Horace Mann Educators Corporation | 11,824,759 | ||||
Total Insurance | 103,101,197 | |||||
Internet Software & Services – 1.6% | ||||||
1,328,087 | Cars.com Incorporated, (2), (3) | 37,823,918 | ||||
IT Services – 0.6% | ||||||
788,774 | Evertec Inc. | 14,395,125 | ||||
Leisure Products – 1.1% | ||||||
439,120 | Brunswick Corporation | 26,294,506 | ||||
Machinery – 2.7% | ||||||
2,119,525 | Milacron Holdings Corporation, (2) | 38,215,036 | ||||
1,278,946 | NN Inc. | 25,962,604 | ||||
Total Machinery | 64,177,640 | |||||
Media – 0.8% | ||||||
364,239 | Meredith Corporation, (3) | 18,867,580 | ||||
Metals & Mining – 2.5% | ||||||
903,191 | Commercial Metals Company | 18,976,043 | ||||
3,591,594 | SunCoke Energy Inc. | 41,267,415 | ||||
Total Metals & Mining | 60,243,458 | |||||
Mortgage Real Estate Investment Trust – 1.8% | ||||||
2,676,484 | Invesco Mortgage Capital Inc. | 43,439,335 | ||||
Multiline Retail – 1.2% | ||||||
679,498 | Big Lots, Inc., (3) | 28,844,690 |
Shares | Description (1) | Value | ||||
Multi-Utilities – 1.3% | ||||||
568,002 | Black Hills Corporation | $ 32,194,353 | ||||
Oil, Gas & Consumable Fuels – 4.9% | ||||||
2,299,893 | Callon Petroleum Company, (2) | 31,991,512 | ||||
759,500 | Delek US Holdings Inc. | 35,977,515 | ||||
6,196,762 | Scorpio Tankers Inc. | 16,483,387 | ||||
1,843,703 | WPX Energy Inc., (2) | 31,508,884 | ||||
Total Oil, Gas & Consumable Fuels | 115,961,298 | |||||
Pharmaceuticals – 0.5% | ||||||
401,755 | Prestige Brands Holdings Inc., (2) | 11,827,667 | ||||
Professional Services – 1.3% | ||||||
561,071 | Korn Ferry International | 29,994,856 | ||||
Semiconductors & Semiconductor Equipment – 1.6% | ||||||
760,804 | Amkor Technology Inc., (2) | 6,299,457 | ||||
953,878 | Cypress Semiconductor Corporation | 13,907,541 | ||||
171,559 | MKS Instruments Inc. | 17,567,642 | ||||
Total Semiconductors & Semiconductor Equipment | 37,774,640 | |||||
Software – 1.6% | ||||||
2,627,382 | TiVo, Inc. | 37,177,455 | ||||
Specialty Retail – 2.3% | ||||||
907,902 | Aaron Rents Inc. | 37,923,067 | ||||
430,629 | Signet Jewelers Limited | 16,742,855 | ||||
Total Specialty Retail | 54,665,922 | |||||
Textiles, Apparel & Luxury Goods – 0.4% | ||||||
306,982 | Culp Inc. | 9,071,318 | ||||
Thrifts & Mortgage Finance – 3.7% | ||||||
1,060,840 | Flagstar Bancorp Inc., (2) | 36,652,022 | ||||
1,776,645 | Radian Group Inc. | 25,406,024 | ||||
546,432 | WSFS Financial Corporation | 27,376,243 | ||||
Total Thrifts & Mortgage Finance | 89,434,289 | |||||
Water Utilities – 0.9% | ||||||
568,998 | California Water Service Group | 22,048,672 | ||||
Total Long-Term Investments (cost $2,217,634,461) | 2,353,637,450 |
Shares | Description (1) | Coupon | Value | |||
INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 2.9% | ||||||
Money Market Funds – 2.9% | ||||||
68,463,910 | First American Government Obligations Fund, Class X, (4) | 1.581% (5) | $ 68,463,910 | |||
Total Investments Purchased with Collateral from Securities Lending (cost $68,463,910) | 68,463,910 |
Shares | Description (1) | Coupon | Value | |||
SHORT-TERM INVESTMENTS – 1.0% | ||||||
Money Market Funds – 1.0% | ||||||
23,660,969 | First American Treasury Obligations Fund, Class Z | 1.537% (5) | $ 23,660,969 | |||
Total Short-Term Investments (cost $23,660,969) | 23,660,969 | |||||
Total Investments (cost $2,309,759,340) – 102.5% | 2,445,762,329 | |||||
Other Assets Less Liabilities – (2.5)% | (58,734,759) | |||||
Net Assets – 100% | $ 2,387,027,570 |
For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease. | ||
(1) | All percentages shown in the Portfolio of Investments are based on net assets. | |
(2) | Non-income producing; issuer has not declared a dividend within the past twelve months. | |
(3) | Investment, or a portion of investment, is out on loan for securities lending. The total value of the securities out on loan as of the end of the reporting period was $66,045,264. | |
(4) | The Fund may loan securities representing up to one third of the fair value of its total assets (which includes collateral for securities on loan) to broker dealers, banks, and other institutions. The Fund maintains collateral equal to at least 100% of the fair value of the securities loaned. The cash collateral received by the Fund is invested in this money market fund. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Securities Lending for more information. | |
(5) | The rate shown is the annualized seven-day subsidized yield as of the end of the reporting period. |
Dividend Value | Mid Cap Value | Small Cap Value | |
Assets | |||
Long-term investments, at value (cost $838,759,524, $99,712,133 and $2,217,634,461, respectively) | $1,127,170,903 | $117,706,880 | $2,353,637,450 |
Investment purchased with collateral from securities lending, at value (cost approximates value) | — | — | 68,463,910 |
Short-term investments, at value (cost approximates value) | 8,727,433 | 1,391,289 | 23,660,969 |
Receivable for: | |||
Dividends | 1,235,018 | 60,079 | 141,303 |
Due from broker | 806 | 100 | 6,959 |
Interest | 5,152 | 1,821 | 38,708 |
Investments sold | 20,411,530 | — | 5,721,568 |
Reclaims | — | 275 | — |
Shares sold | 2,051,776 | 440,916 | 9,825,834 |
Other assets | 130,596 | 40,632 | 118,694 |
Total assets | 1,159,733,214 | 119,641,992 | 2,461,615,395 |
Liabilities | |||
Payable for: | |||
Collateral from securities lending program | — | — | 68,463,910 |
Investments purchased | 20,842,264 | — | 680,818 |
Shares redeemed | 2,721,159 | 213,906 | 2,656,714 |
Accrued expenses: | |||
Directors fees | 76,596 | 8,132 | 38,538 |
Management fees | 618,895 | 62,047 | 1,487,042 |
Shareholder servicing agent fees | 322,817 | 38,164 | 848,519 |
12b-1 distribution and service fees | 104,338 | 17,437 | 154,011 |
Other | 100,941 | 25,657 | 258,273 |
Total liabilities | 24,787,010 | 365,343 | 74,587,825 |
Net assets | $1,134,946,204 | $119,276,649 | $2,387,027,570 |
Dividend Value | Mid Cap Value | Small Cap Value | |
Class A Shares | |||
Net assets | $ 301,707,001 | $ 41,423,961 | $ 321,736,867 |
Shares outstanding | 20,637,133 | 1,018,354 | 12,849,013 |
Net asset value ("NAV") per share | $ 14.62 | $ 40.68 | $ 25.04 |
Offering price per share (NAV per share plus maximum sales charge of 5.75% of offering price) | $ 15.51 | $ 43.16 | $ 26.57 |
Class C Shares | |||
Net assets | $ 38,552,469 | $ 8,547,192 | $ 77,781,833 |
Shares outstanding | 2,686,773 | 221,736 | 3,664,403 |
NAV and offering price per share | $ 14.35 | $ 38.55 | $ 21.23 |
Class R3 Shares | |||
Net assets | $ 32,188,291 | $ 5,072,418 | $ 57,528,112 |
Shares outstanding | 2,211,904 | 125,736 | 2,349,069 |
NAV and offering price per share | $ 14.55 | $ 40.34 | $ 24.49 |
Class R6 Shares | |||
Net assets | $ 182,657,600 | $ — | $ 92,340,557 |
Shares outstanding | 12,257,965 | — | 3,561,102 |
NAV and offering price per share | $ 14.90 | $ — | $ 25.93 |
Class I Shares | |||
Net assets | $ 579,816,152 | $ 64,233,078 | $1,837,613,342 |
Shares outstanding | 39,150,461 | 1,574,248 | 70,921,559 |
NAV and offering price per share | $ 14.81 | $ 40.80 | $ 25.91 |
Class T Shares(1) | |||
Net assets | $ 24,691 | $ — | $ 26,859 |
Shares outstanding | 1,667 | — | 1,036 |
NAV per share | $ 14.81 | $ — | $ 25.91 |
Offering price per share (NAV per share plus maximum sales charge of 2.50%, – % and 2.50%, respectively, of offering price) | $ 15.19 | $ — | $ 26.57 |
Net assets consist of: | |||
Capital paid-in | $ 798,635,943 | $ 94,655,001 | $2,202,413,573 |
Undistributed (Over-distribution of) net investment income | 1,380,951 | 462,561 | 1,030,842 |
Accumulated net realized gain (loss) | 46,517,931 | 6,164,340 | 47,580,166 |
Net unrealized appreciation (depreciation) | 288,411,379 | 17,994,747 | 136,002,989 |
Net assets | $1,134,946,204 | $119,276,649 | $2,387,027,570 |
Authorized shares - per class | 2 billion | 2 billion | 2 billion |
Par value per share | $ 0.0001 | $ 0.0001 | $ 0.0001 |
(1) | Class T Shares are not available for public offering. |
Dividend Value | Mid Cap Value | Small Cap Value | |
Investment Income | |||
Dividend and interest income | $15,259,345 | $ 1,090,539 | $ 17,716,976 |
Securities lending income | 4,581 | 743 | 100,853 |
Foreign tax withheld on dividend income | (23,834) | (412) | — |
Total investment income | $15,240,092 | $ 1,090,870 | $ 17,817,829 |
Expenses | |||
Management fees | 3,794,631 | 456,705 | 8,386,424 |
12b-1 service fees - Class A Shares | 362,021 | 50,838 | 402,875 |
12b-1 distibution and service fees - Class C Shares | 196,238 | 40,084 | 380,517 |
12b-1 distibution and service fees - Class R3 Shares | 83,622 | 12,984 | 118,448 |
12b-1 distibution and service fees - Class T Shares(1) | 32 | — | 34 |
Shareholder servicing agent fees | 574,159 | 73,253 | 1,833,613 |
Custodian fees | 59,031 | 8,353 | 111,794 |
Directors fees | 15,439 | 1,547 | 29,670 |
Professional fees | 44,341 | 19,640 | 57,500 |
Shareholder reporting expenses | 59,159 | 14,309 | 203,097 |
Federal and state registration fees | 52,736 | 33,309 | 166,767 |
Other | 6,319 | 1,660 | 8,325 |
Total expenses before fee waiver/expense reimbursement | 5,247,728 | 712,682 | 11,699,064 |
Fee waiver/expense reimbursement | — | (83,453) | (491,472) |
Net expenses | 5,247,728 | 629,229 | 11,207,592 |
Net investment income (loss) | 9,992,364 | 461,641 | 6,610,237 |
Realized and Unrealized Gain (Loss) | |||
Net realized gain (loss) from investments and foreign currency | 47,151,367 | 6,189,823 | 48,606,329 |
Change in net unrealized appreciation (depreciation) of investments and foreign currency | 423,136 | (2,368,996) | (56,438,030) |
Net realized and unrealized gain (loss) | 47,574,503 | 3,820,827 | (7,831,701) |
Net increase (decrease) in net assets from operations | $57,566,867 | $ 4,282,468 | $ (1,221,464) |
(1) | Class T Shares are not available for public offering. |
Dividend Value | Mid Cap Value | Small Cap Value | ||||||
Six Months Ended 4/30/18 | Year Ended 10/31/17 | Six Months Ended 4/30/18 | Year Ended 10/31/17 | Six Months Ended 4/30/18 | Year Ended 10/31/17 | |||
Operations | ||||||||
Net investment income (loss) | $ 9,992,364 | $ 17,146,833 | $ 461,641 | $ 797,334 | $ 6,610,237 | $ 8,153,212 | ||
Net realized gain (loss) from investments and foreign currency | 47,151,367 | 133,532,827 | 6,189,823 | 8,474,802 | 48,606,329 | 12,900,252 | ||
Change in net unrealized appreciation (depreciation) of investments and foreign currency | 423,136 | 55,058,476 | (2,368,996) | 14,105,600 | (56,438,030) | 168,215,350 | ||
Net increase (decrease) in net assets from operations | 57,566,867 | 205,738,136 | 4,282,468 | 23,377,736 | (1,221,464) | 189,268,814 | ||
Distributions to Shareholders | ||||||||
From net investment income: | ||||||||
Class A Shares | (2,536,381) | (4,068,899) | (253,410) | (315,526) | (1,317,746) | (919,855) | ||
Class C Shares | (184,845) | (319,081) | — | (11,958) | — | — | ||
Class R3 Shares | (245,322) | (471,943) | (20,719) | (34,019) | (74,384) | (63,889) | ||
Class R6 Shares | (1,933,214) | (1,445,501) | — | — | (396,268) | (140,387) | ||
Class I Shares | (5,806,489) | (10,974,020) | (514,965) | (617,928) | (10,291,508) | (3,306,782) | ||
Class T Shares(1) | (215) | (145) | — | — | (113) | — | ||
From accumulated net realized gains: | ||||||||
Class A Shares | (30,143,243) | (36,774,372) | (2,746,230) | (979,412) | (1,260,408) | (4,635,282) | ||
Class C Shares | (4,310,378) | (5,988,084) | (562,327) | (208,497) | (346,671) | (896,363) | ||
Class R3 Shares | (3,590,253) | (4,635,129) | (369,341) | (147,970) | (174,607) | (729,502) | ||
Class R6 Shares | (20,058,515) | (6,919,343) | — | — | (213,929) | (448,217) | ||
Class I Shares | (61,782,138) | (89,943,645) | (4,194,051) | (1,529,158) | (5,931,434) | (10,583,472) | ||
Class T Shares(1) | (2,855) | — | — | — | (105) | — | ||
Decrease in net assets from distributions to shareholders | (130,593,848) | (161,540,162) | (8,661,043) | (3,844,468) | (20,007,173) | (21,723,749) | ||
Fund Share Transactions | ||||||||
Proceeds from sale of shares | 169,309,540 | 340,459,426 | 20,637,347 | 13,994,130 | 815,395,737 | 1,688,046,899 | ||
Proceeds from shares issued to shareholders due to reinvestment of distributions | 108,542,154 | 126,821,472 | 6,501,180 | 2,797,219 | 15,787,250 | 17,976,778 | ||
277,851,694 | 467,280,898 | 27,138,527 | 16,791,349 | 831,182,987 | 1,706,023,677 | |||
Cost of shares redeemed | (161,833,676) | (459,391,430) | (13,925,665) | (25,479,246) | (361,419,692) | (545,225,086) | ||
Net increase (decrease) in net assets from Fund share transactions | 116,018,018 | 7,889,468 | 13,212,862 | (8,687,897) | 469,763,295 | 1,160,798,591 | ||
Net increase (decrease) in net assets | 42,991,037 | 52,087,442 | 8,834,287 | 10,845,371 | 448,534,658 | 1,328,343,656 | ||
Net assets at the beginning of period | 1,091,955,167 | 1,039,867,725 | 110,442,362 | 99,596,991 | 1,938,492,912 | 610,149,256 | ||
Net assets at the end of period | $1,134,946,204 | $1,091,955,167 | $119,276,649 | $110,442,362 | $2,387,027,570 | $1,938,492,912 | ||
Undistributed (Over-distribution of) net investment income at the end of period | $ 1,380,951 | $ 2,095,053 | $ 462,561 | $ 790,014 | $ 1,030,842 | $ 6,500,624 |
(1) | Class T Shares are not available for public offering. Class T Shares commenced operations on May 31, 2017. |
Selected data for a share outstanding throughout each period:
Investment Operations | Less Distributions | ||||||||
Class (Commencement Date) Year Ended October 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 (12/92) | |||||||||
2018(e) | $15.67 | $0.12 | $ 0.67 | $ 0.79 | $(0.13) | $(1.71) | $(1.84) | $14.62 | |
2017 | 15.12 | 0.22 | 2.72 | 2.94 | (0.22) | (2.17) | (2.39) | 15.67 | |
2016 | 15.81 | 0.25 | 0.48 | 0.73 | (0.30) | (1.12) | (1.42) | 15.12 | |
2015 | 17.44 | 0.28 | (0.44) | (0.16) | (0.34) | (1.13) | (1.47) | 15.81 | |
2014 | 17.79 | 0.37 | 1.36 | 1.73 | (0.38) | (1.70) | (2.08) | 17.44 | |
2013 | 14.60 | 0.30 | 3.59 | 3.89 | (0.30) | (0.40) | (0.70) | 17.79 | |
Class C (02/99) | |||||||||
2018(e) | 15.41 | 0.06 | 0.66 | 0.72 | (0.07) | (1.71) | (1.78) | 14.35 | |
2017 | 14.90 | 0.11 | 2.68 | 2.79 | (0.11) | (2.17) | (2.28) | 15.41 | |
2016 | 15.60 | 0.14 | 0.47 | 0.61 | (0.19) | (1.12) | (1.31) | 14.90 | |
2015 | 17.23 | 0.16 | (0.44) | (0.28) | (0.22) | (1.13) | (1.35) | 15.60 | |
2014 | 17.59 | 0.24 | 1.34 | 1.58 | (0.24) | (1.70) | (1.94) | 17.23 | |
2013 | 14.42 | 0.18 | 3.57 | 3.75 | (0.18) | (0.40) | (0.58) | 17.59 | |
Class R3 (09/01) | |||||||||
2018(e) | 15.60 | 0.10 | 0.67 | 0.77 | (0.11) | (1.71) | (1.82) | 14.55 | |
2017 | 15.08 | 0.18 | 2.71 | 2.89 | (0.20) | (2.17) | (2.37) | 15.60 | |
2016 | 15.77 | 0.22 | 0.47 | 0.69 | (0.26) | (1.12) | (1.38) | 15.08 | |
2015 | 17.41 | 0.24 | (0.45) | (0.21) | (0.30) | (1.13) | (1.43) | 15.77 | |
2014 | 17.75 | 0.33 | 1.36 | 1.69 | (0.33) | (1.70) | (2.03) | 17.41 | |
2013 | 14.58 | 0.26 | 3.57 | 3.83 | (0.26) | (0.40) | (0.66) | 17.75 | |
Class R6 (02/13) | |||||||||
2018(e) | 15.93 | 0.15 | 0.68 | 0.83 | (0.15) | (1.71) | (1.86) | 14.90 | |
2017 | 15.32 | 0.25 | 2.79 | 3.04 | (0.26) | (2.17) | (2.43) | 15.93 | |
2016 | 15.99 | 0.30 | 0.49 | 0.79 | (0.34) | (1.12) | (1.46) | 15.32 | |
2015 | 17.62 | 0.34 | (0.45) | (0.11) | (0.39) | (1.13) | (1.52) | 15.99 | |
2014 | 17.93 | 0.43 | 1.38 | 1.81 | (0.42) | (1.70) | (2.12) | 17.62 | |
2013(f) | 15.36 | 0.22 | 2.60 | 2.82 | (0.25) | — | (0.25) | 17.93 | |
Class I (08/94) | |||||||||
2018(e) | 15.85 | 0.14 | 0.68 | 0.82 | (0.15) | (1.71) | (1.86) | 14.81 | |
2017 | 15.27 | 0.26 | 2.75 | 3.01 | (0.26) | (2.17) | (2.43) | 15.85 | |
2016 | 15.95 | 0.29 | 0.49 | 0.78 | (0.34) | (1.12) | (1.46) | 15.27 | |
2015 | 17.60 | 0.33 | (0.46) | (0.13) | (0.39) | (1.13) | (1.52) | 15.95 | |
2014 | 17.93 | 0.42 | 1.37 | 1.79 | (0.42) | (1.70) | (2.12) | 17.60 | |
2013 | 14.72 | 0.35 | 3.61 | 3.96 | (0.35) | (0.40) | (0.75) | 17.93 | |
Class T (05/17)(g) | |||||||||
2018(e) | 15.85 | 0.12 | 0.68 | 0.80 | (0.13) | (1.71) | (1.84) | 14.81 | |
2017(h) | 15.00 | 0.09 | 0.85 | 0.94 | (0.09) | — | (0.09) | 15.85 |
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) | |
5.08% | $ 301,707 | 1.08%* | 1.60%* | 1.08%* | 1.60%* | 39% | |
20.95 | 269,063 | 1.08 | 1.46 | 1.08 | 1.46 | 56 | |
5.33 | 259,457 | 1.14 | 1.69 | 1.14 | 1.69 | 67 | |
(0.87) | 310,055 | 1.15 | 1.72 | 1.15 | 1.72 | 53 | |
10.78 | 371,703 | 1.15 | 2.19 | 1.15 | 2.19 | 27 | |
27.72 | 384,226 | 1.13 | 1.88 | 1.12 | 1.89 | 44 | |
4.68 | 38,552 | 1.83* | 0.86* | 1.83* | 0.86* | 39 | |
20.09 | 39,825 | 1.83 | 0.72 | 1.83 | 0.72 | 56 | |
4.46 | 43,097 | 1.89 | 0.94 | 1.89 | 0.94 | 67 | |
(1.59) | 53,507 | 1.90 | 0.98 | 1.90 | 0.98 | 53 | |
10.01 | 65,366 | 1.90 | 1.43 | 1.90 | 1.43 | 27 | |
26.95 | 59,753 | 1.88 | 1.09 | 1.87 | 1.10 | 44 | |
4.96 | 32,188 | 1.33* | 1.36* | 1.33* | 1.36* | 39 | |
20.64 | 33,639 | 1.33 | 1.21 | 1.33 | 1.21 | 56 | |
5.01 | 31,758 | 1.39 | 1.49 | 1.39 | 1.49 | 67 | |
(1.12) | 42,618 | 1.40 | 1.45 | 1.40 | 1.45 | 53 | |
10.59 | 48,476 | 1.40 | 1.92 | 1.40 | 1.92 | 27 | |
27.30 | 38,589 | 1.38 | 1.61 | 1.37 | 1.62 | 44 | |
5.27 | 182,658 | 0.72* | 1.97* | 0.72* | 1.97* | 39 | |
21.40 | 188,356 | 0.73 | 1.63 | 0.73 | 1.63 | 56 | |
5.63 | 50,588 | 0.79 | 2.04 | 0.79 | 2.04 | 67 | |
(0.51) | 56,123 | 0.81 | 2.03 | 0.81 | 2.03 | 53 | |
11.23 | 62,309 | 0.81 | 2.52 | 0.81 | 2.52 | 27 | |
18.52 | 67,620 | 0.80* | 1.98* | 0.80* | 1.98* | 44 | |
5.22 | 579,816 | 0.83* | 1.85* | 0.83* | 1.85* | 39 | |
21.25 | 561,047 | 0.83 | 1.73 | 0.83 | 1.73 | 56 | |
5.56 | 654,967 | 0.89 | 1.95 | 0.89 | 1.95 | 67 | |
(0.64) | 930,850 | 0.90 | 1.99 | 0.90 | 1.99 | 53 | |
11.11 | 1,178,972 | 0.90 | 2.42 | 0.90 | 2.42 | 27 | |
27.96 | 1,151,408 | 0.88 | 2.16 | 0.87 | 2.16 | 44 | |
5.16 | 25 | 1.07* | 1.62* | 1.07* | 1.62* | 39 | |
6.26 | 26 | 1.09* | 1.47* | 1.09* | 1.47* | 56 |
(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, when 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 April 30, 2018. |
(f) | For the period February 28, 2013 (commencement of operations) through October 31, 2013. |
(g) | Class T Shares are not available for public offering. |
(h) | For the period May 31, 2017 (commencement of operations) through October 31, 2017. |
* | Annualized. |
Selected data for a share outstanding throughout each period:
Investment Operations | Less Distributions | ||||||||
Class (Commencement Date) Year Ended October 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 (12/87) | |||||||||
2018(e) | $42.32 | $ 0.15 | $1.45 | $1.60 | $(0.26) | $(2.98) | $(3.24) | $40.68 | |
2017 | 35.23 | 0.26 | 8.17 | 8.43 | (0.32) | (1.02) | (1.34) | 42.32 | |
2016 | 35.39 | 0.30 | 0.72 | 1.02 | (0.09) | (1.09) | (1.18) | 35.23 | |
2015 | 35.37 | 0.10 | 0.22 | 0.32 | (0.30) | — | (0.30) | 35.39 | |
2014 | 31.00 | 0.23 | 4.30 | 4.53 | (0.16) | — | (0.16) | 35.37 | |
2013 | 23.22 | 0.12 | 7.91 | 8.03 | (0.25) | — | (0.25) | 31.00 | |
Class C (02/99) | |||||||||
2018(e) | 40.17 | —* | 1.36 | 1.36 | — | (2.98) | (2.98) | 38.55 | |
2017 | 33.50 | (0.03) | 7.78 | 7.75 | (0.06) | (1.02) | (1.08) | 40.17 | |
2016 | 33.86 | 0.04 | 0.69 | 0.73 | — | (1.09) | (1.09) | 33.50 | |
2015 | 33.86 | (0.16) | 0.20 | 0.04 | (0.04) | — | (0.04) | 33.86 | |
2014 | 29.76 | (0.02) | 4.12 | 4.10 | — | — | — | 33.86 | |
2013 | 22.29 | (0.08) | 7.62 | 7.54 | (0.07) | — | (0.07) | 29.76 | |
Class R3 (09/01) | |||||||||
2018(e) | 41.95 | 0.10 | 1.43 | 1.53 | (0.16) | (2.98) | (3.14) | 40.34 | |
2017 | 34.94 | 0.17 | 8.09 | 8.26 | (0.23) | (1.02) | (1.25) | 41.95 | |
2016 | 35.17 | 0.21 | 0.65 | 0.86 | — | (1.09) | (1.09) | 34.94 | |
2015 | 35.15 | 0.02 | 0.21 | 0.23 | (0.21) | — | (0.21) | 35.17 | |
2014 | 30.82 | 0.15 | 4.27 | 4.42 | (0.09) | — | (0.09) | 35.15 | |
2013 | 23.08 | 0.06 | 7.87 | 7.93 | (0.19) | — | (0.19) | 30.82 | |
Class I (02/94) | |||||||||
2018(e) | 42.49 | 0.20 | 1.45 | 1.65 | (0.36) | (2.98) | (3.34) | 40.80 | |
2017 | 35.36 | 0.36 | 8.20 | 8.56 | (0.41) | (1.02) | (1.43) | 42.49 | |
2016 | 35.52 | 0.38 | 0.73 | 1.11 | (0.18) | (1.09) | (1.27) | 35.36 | |
2015 | 35.50 | 0.20 | 0.20 | 0.40 | (0.38) | — | (0.38) | 35.52 | |
2014 | 31.10 | 0.32 | 4.31 | 4.63 | (0.23) | — | (0.23) | 35.50 | |
2013 | 23.29 | 0.19 | 7.93 | 8.12 | (0.31) | — | (0.31) | 31.10 |
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) | |
3.87% | $41,424 | 1.32%** | 0.59%** | 1.17%** | 0.74%** | 26% | |
24.43 | 40,319 | 1.32 | 0.52 | 1.17 | 0.67 | 43 | |
3.12 | 34,230 | 1.39 | 0.73 | 1.26 | 0.86 | 44 | |
0.89 | 36,378 | 1.41 | 0.20 | 1.32 | 0.29 | 111 | |
14.65 | 39,858 | 1.42 | 0.61 | 1.34 | 0.69 | 127 | |
34.93 | 35,719 | 1.39 | 0.40 | 1.33 | 0.45 | 118 | |
3.47 | 8,547 | 2.07** | (0.16)** | 1.92** | (0.01)** | 26 | |
23.52 | 7,474 | 2.07 | (0.23) | 1.92 | (0.08) | 43 | |
2.32 | 6,529 | 2.14 | (0.02) | 2.01 | 0.11 | 44 | |
0.15 | 7,379 | 2.16 | (0.55) | 2.07 | (0.46) | 111 | |
13.78 | 8,066 | 2.17 | (0.14) | 2.09 | (0.06) | 127 | |
33.94 | 8,042 | 2.14 | (0.35) | 2.08 | (0.29) | 118 | |
3.73 | 5,072 | 1.56** | 0.36** | 1.42** | 0.50** | 26 | |
24.11 | 5,284 | 1.57 | 0.28 | 1.42 | 0.43 | 43 | |
2.86 | 5,206 | 1.64 | 0.48 | 1.51 | 0.61 | 44 | |
0.65 | 6,942 | 1.66 | (0.04) | 1.57 | 0.05 | 111 | |
14.35 | 8,401 | 1.67 | 0.37 | 1.59 | 0.46 | 127 | |
34.63 | 8,401 | 1.64 | 0.16 | 1.58 | 0.22 | 118 | |
3.98 | 64,233 | 1.07** | 0.84** | 0.92** | 0.99** | 26 | |
24.75 | 57,365 | 1.07 | 0.77 | 0.92 | 0.92 | 43 | |
3.38 | 53,631 | 1.14 | 0.98 | 1.01 | 1.11 | 44 | |
1.12 | 67,834 | 1.16 | 0.46 | 1.07 | 0.55 | 111 | |
14.95 | 75,981 | 1.17 | 0.86 | 1.09 | 0.94 | 127 | |
35.29 | 90,212 | 1.13 | 0.66 | 1.08 | 0.71 | 118 |
(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, when 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 April 30, 2018. |
* | Rounds to less than $(0.01). |
** | Annualized. |
Selected data for a share outstanding throughout each period:
Investment Operations | Less Distributions | ||||||||
Class (Commencement Date) Year Ended October 31, | Beginning NAV | Net Investment Income (Loss)(a) | Net Realized/ Unrealized Gain (Loss) | Total | From Net Investment Income | From Accumulated Net Realized Gains | Total | Ending NAV | |
Class A (08/94) | |||||||||
2018(e) | $25.19 | $ 0.06 | $(0.01) | $ 0.05 | $(0.10) | $(0.10) | $(0.20) | $25.04 | |
2017 | 20.98 | 0.11 | 4.70 | 4.81 | (0.09) | (0.51) | (0.60) | 25.19 | |
2016 | 19.95 | 0.14 | 1.20 | 1.34 | (0.01) | (0.30) | (0.31) | 20.98 | |
2015 | 18.55 | 0.07 | 1.40 | 1.47 | (0.07) | — | (0.07) | 19.95 | |
2014 | 16.98 | 0.05 | 1.58 | 1.63 | (0.06) | — | (0.06) | 18.55 | |
2013 | 12.63 | 0.06 | 4.34 | 4.40 | (0.05) | — | (0.05) | 16.98 | |
Class C (02/99) | |||||||||
2018(e) | 21.36 | (0.03) | —* | (0.03) | — | (0.10) | (0.10) | 21.23 | |
2017 | 17.92 | (0.06) | 4.01 | 3.95 | — | (0.51) | (0.51) | 21.36 | |
2016 | 17.20 | (0.01) | 1.03 | 1.02 | — | (0.30) | (0.30) | 17.92 | |
2015 | 16.06 | (0.07) | 1.21 | 1.14 | — | — | — | 17.20 | |
2014 | 14.76 | (0.07) | 1.37 | 1.30 | — | — | — | 16.06 | |
2013 | 11.02 | (0.05) | 3.79 | 3.74 | — | — | — | 14.76 | |
Class R3 (09/01) | |||||||||
2018(e) | 24.61 | 0.02 | —* | 0.02 | (0.04) | (0.10) | (0.14) | 24.49 | |
2017 | 20.51 | 0.05 | 4.60 | 4.65 | (0.04) | (0.51) | (0.55) | 24.61 | |
2016 | 19.56 | 0.09 | 1.16 | 1.25 | — | (0.30) | (0.30) | 20.51 | |
2015 | 18.19 | 0.02 | 1.38 | 1.40 | (0.03) | — | (0.03) | 19.56 | |
2014 | 16.65 | 0.01 | 1.55 | 1.56 | (0.02) | — | (0.02) | 18.19 | |
2013 | 12.39 | 0.01 | 4.27 | 4.28 | (0.02) | — | (0.02) | 16.65 | |
Class R6 (06/16) | |||||||||
2018(e) | 26.09 | 0.10 | 0.01 | 0.11 | (0.17) | (0.10) | (0.27) | 25.93 | |
2017 | 21.71 | 0.21 | 4.84 | 5.05 | (0.16) | (0.51) | (0.67) | 26.09 | |
2016(f) | 21.08 | 0.07 | 0.56 | 0.63 | — | —* | —* | 21.71 | |
Class I (08/94) | |||||||||
2018(e) | 26.09 | 0.09 | —* | 0.09 | (0.17) | (0.10) | (0.27) | 25.91 | |
2017 | 21.70 | 0.17 | 4.88 | 5.05 | (0.15) | (0.51) | (0.66) | 26.09 | |
2016 | 20.63 | 0.19 | 1.24 | 1.43 | (0.06) | (0.30) | (0.36) | 21.70 | |
2015 | 19.18 | 0.12 | 1.45 | 1.57 | (0.12) | — | (0.12) | 20.63 | |
2014 | 17.55 | 0.10 | 1.63 | 1.73 | (0.10) | — | (0.10) | 19.18 | |
2013 | 13.06 | 0.10 | 4.48 | 4.58 | (0.09) | — | (0.09) | 17.55 | |
Class T (05/17)(g) | |||||||||
2018(e) | 26.06 | 0.06 | —* | 0.06 | (0.11) | (0.10) | (0.21) | 25.91 | |
2017(h) | 24.12 | 0.05 | 1.89 | 1.94 | — | — | — | 26.06 |
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) | |
0.20% | $ 321,737 | 1.25%** | 0.47%** | 1.20%** | 0.51%** | 19% | |
23.06 | 326,495 | 1.26 | 0.43 | 1.22 | 0.46 | 29 | |
6.85 | 167,840 | 1.34 | 0.65 | 1.30 | 0.68 | 40 | |
7.95 | 48,656 | 1.40 | 0.32 | 1.39 | 0.34 | 49 | |
9.61 | 44,739 | 1.47 | 0.25 | 1.43 | 0.28 | 55 | |
34.98 | 45,225 | 1.47 | 0.37 | 1.46 | 0.38 | 56 | |
(0.15) | 77,782 | 2.00** | (0.35)** | 1.95** | (0.31)** | 19 | |
22.14 | 71,902 | 2.01 | (0.33) | 1.97 | (0.29) | 29 | |
6.08 | 26,815 | 2.09 | (0.11) | 2.05 | (0.08) | 40 | |
7.10 | 4,507 | 2.15 | (0.44) | 2.14 | (0.42) | 49 | |
8.81 | 3,008 | 2.21 | (0.51) | 2.18 | (0.48) | 55 | |
33.94 | 3,297 | 2.22 | (0.43) | 2.20 | (0.42) | 56 | |
0.08 | 57,528 | 1.50** | 0.12** | 1.45** | 0.17** | 19 | |
22.79 | 42,975 | 1.51 | 0.18 | 1.47 | 0.22 | 29 | |
6.58 | 26,510 | 1.59 | 0.43 | 1.56 | 0.46 | 40 | |
7.62 | 14,516 | 1.65 | 0.07 | 1.64 | 0.09 | 49 | |
9.38 | 11,530 | 1.72 | 0.01 | 1.68 | 0.04 | 55 | |
34.59 | 8,549 | 1.72 | 0.06 | 1.71 | 0.07 | 56 | |
0.40 | 92,341 | 0.83** | 0.73** | 0.78** | 0.78** | 19 | |
23.40 | 52,508 | 0.85 | 0.82 | 0.81 | 0.86 | 29 | |
3.00 | 19,967 | 0.89** | 0.85** | 0.83** | 0.91** | 40 | |
0.33 | 1,837,613 | 1.00** | 0.63** | 0.95** | 0.67** | 19 | |
23.40 | 1,444,587 | 1.01 | 0.66 | 0.97 | 0.70 | 29 | |
7.09 | 369,016 | 1.09 | 0.90 | 1.05 | 0.93 | 40 | |
8.22 | 91,044 | 1.15 | 0.58 | 1.14 | 0.59 | 49 | |
9.89 | 71,521 | 1.22 | 0.51 | 1.18 | 0.54 | 55 | |
35.34 | 48,281 | 1.22 | 0.64 | 1.21 | 0.65 | 56 | |
0.21 | 27 | 1.24** | 0.41** | 1.20** | 0.45** | 19 | |
8.08 | 27 | 1.24** | 0.45** | 1.20** | 0.50** | 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) | After fee waiver and/or expense reimbursement from the Adviser, when 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 April 30, 2018. |
(f) | For the period June 30, 2016 (commencement of operations) through October 31, 2016. |
(g) | Class T Shares are not available for public offering. |
(h) | For the period May 31, 2017 (commencement of operations) through October 31, 2017. |
* | Rounds to less than $(0.01). |
** | Annualized. |
Dividend Value | Level 1 | Level 2 | Level 3 | Total |
Long-Term Investments*: | ||||
Common Stocks | $1,127,170,903 | $ — | $ — | $1,127,170,903 |
Short-Term Investments: | ||||
Money Market Funds | 8,727,433 | — | — | 8,727,433 |
Total | $1,135,898,336 | $ — | $ — | $1,135,898,336 |
Mid Cap Value | Level 1 | Level 2 | Level 3 | Total |
Long-Term Investments*: | ||||
Common Stocks | $117,706,880 | $ — | $ — | $117,706,880 |
Short-Term Investments: | ||||
Money Market Funds | 1,391,289 | — | — | 1,391,289 |
Total | $119,098,169 | $ — | $ — | $119,098,169 |
Small Cap Value | Level 1 | Level 2 | Level 3 | Total |
Long-Term Investments*: | ||||
Common Stocks | $2,353,637,450 | $ — | $ — | $2,353,637,450 |
Investments Purchased with Collateral from Securities Lending | 68,463,910 | — | — | 68,463,910 |
Short-Term Investments: | ||||
Money Market Funds | 23,660,969 | — | — | 23,660,969 |
Total | $2,445,762,329 | $ — | $ — | $2,445,762,329 |
* | Refer to the Fund's Portfolio of Investments for industry classifications. |
(i) | If available, fair value determinations shall be derived by extrapolating from recent transactions or quoted prices for identical or comparable securities. |
(ii) | If such information is not available, an analytical valuation methodology may be used based on other available information including, but not limited to: analyst appraisals, research reports, corporate action information, issuer financial statements and shelf registration statements. Such analytical valuation methodologies may include, but are not limited to: multiple of earnings, discount from market value of a similar freely- traded security, discounted cash flow analysis, book value or a multiple thereof, risk premium/yield analysis, yield to maturity and/or fundamental investment analysis. |
Fund | Asset Class out on Loan | Long-Term Investments, at Value | Collateral Pledged (From) Counterparty* | Net Exposure |
Small Cap Value | Common Stocks | $66,045,264 | $(66,045,264) | $ – |
Six Months Ended 4/30/18 | Year Ended 10/31/17 | ||||
Dividend Value | Shares | Amount | Shares | Amount | |
Shares sold: | |||||
Class A | 3,741,440 | $ 55,958,385 | 3,252,832 | $ 48,611,811 | |
Class C | 157,864 | 2,291,371 | 332,592 | 4,902,772 | |
Class R3 | 108,314 | 1,613,192 | 393,118 | 5,887,630 | |
Class R6 | 472,486 | 7,195,793 | 9,153,787 | 142,649,915 | |
Class I | 6,649,578 | 102,250,799 | 9,093,037 | 138,382,298 | |
Class T | — | — | 1,667 | 25,000 | |
Shares issued to shareholders due to reinvestment of distributions: | |||||
Class A | 2,040,506 | 29,997,859 | 2,554,462 | 37,112,083 | |
Class C | 279,800 | 4,033,602 | 393,367 | 5,609,078 | |
Class R3 | 234,666 | 3,433,933 | 316,160 | 4,574,632 | |
Class R6 | 1,461,917 | 21,900,125 | 548,889 | 8,143,032 | |
Class I | 3,300,496 | 49,176,635 | 4,856,847 | 71,382,647 | |
Class T | — | — | — | — | |
18,447,067 | 277,851,694 | 30,896,758 | 467,280,898 | ||
Shares redeemed: | |||||
Class A | (2,317,422) | (34,764,293) | (5,797,330) | (86,652,729) | |
Class C | (335,754) | (4,977,670) | (1,033,018) | (15,342,862) | |
Class R3 | (287,060) | (4,330,016) | (659,159) | (9,817,501) | |
Class R6 | (1,499,305) | (22,719,113) | (1,181,408) | (18,260,611) | |
Class I | (6,195,036) | (95,042,584) | (21,445,903) | (329,317,727) | |
Class T | — | — | — | — | |
(10,634,577) | (161,833,676) | (30,116,818) | (459,391,430) | ||
Net increase (decrease) | 7,812,490 | $ 116,018,018 | 779,940 | $ 7,889,468 |
Six Months Ended 4/30/18 | Year Ended 10/31/17 | ||||
Mid Cap Value | Shares | Amount | Shares | Amount | |
Shares sold: | |||||
Class A | 111,733 | $ 4,589,589 | 141,881 | $ 5,511,280 | |
Class C | 40,979 | 1,603,284 | 39,217 | 1,427,985 | |
Class R3 | 12,432 | 510,359 | 29,494 | 1,139,951 | |
Class I | 335,077 | 13,934,115 | 149,945 | 5,914,914 | |
Shares issued to shareholders due to reinvestment of distributions: | |||||
Class A | 73,053 | 2,956,152 | 34,180 | 1,283,003 | |
Class C | 14,507 | 553,571 | 5,839 | 208,494 | |
Class R3 | 9,739 | 390,060 | 4,887 | 181,989 | |
Class I | 64,012 | 2,601,397 | 29,825 | 1,123,733 | |
661,532 | 27,138,527 | 435,268 | 16,791,349 | ||
Shares redeemed: | |||||
Class A | (119,055) | (4,975,323) | (195,036) | (7,584,798) | |
Class C | (19,830) | (781,857) | (53,872) | (2,014,401) | |
Class R3 | (22,390) | (917,471) | (57,433) | (2,233,082) | |
Class I | (174,894) | (7,251,014) | (346,426) | (13,646,965) | |
(336,169) | (13,925,665) | (652,767) | (25,479,246) | ||
Net increase (decrease) | 325,363 | $ 13,212,862 | (217,499) | $ (8,687,897) |
Six Months Ended 4/30/18 | Year Ended 10/31/17 | ||||
Small Cap Value | Shares | Amount | Shares | Amount | |
Shares sold: | |||||
Class A | 3,037,719 | $ 77,637,030 | 11,940,955 | $ 289,250,390 | |
Class C | 716,350 | 15,556,532 | 2,413,454 | 49,746,569 | |
Class R3 | 964,004 | 24,115,659 | 1,036,530 | 24,488,752 | |
Class R6 | 1,956,390 | 52,122,983 | 1,553,098 | 38,559,281 | |
Class I | 24,488,584 | 645,963,533 | 51,369,412 | 1,285,976,907 | |
Class T | — | — | 1,036 | 25,000 | |
Shares issued to shareholders due to reinvestment of distributions: | |||||
Class A | 81,794 | 2,113,652 | 208,118 | 5,080,399 | |
Class C | 14,332 | 312,864 | 38,954 | 807,521 | |
Class R3 | 8,227 | 207,560 | 28,763 | 685,693 | |
Class R6 | 22,803 | 610,196 | 23,271 | 588,604 | |
Class I | 468,759 | 12,542,978 | 427,849 | 10,814,561 | |
Class T | — | — | — | — | |
31,758,962 | 831,182,987 | 69,041,440 | 1,706,023,677 | ||
Shares redeemed: | |||||
Class A | (3,233,092) | (83,003,210) | (7,187,583) | (172,634,105) | |
Class C | (432,516) | (9,363,705) | (582,747) | (11,946,909) | |
Class R3 | (369,517) | (9,201,974) | (611,222) | (14,373,106) | |
Class R6 | (430,896) | (11,426,333) | (483,203) | (12,005,971) | |
Class I | (9,408,056) | (248,424,470) | (13,428,683) | (334,264,995) | |
Class T | — | — | — | — | |
(13,874,077) | (361,419,692) | (22,293,438) | (545,225,086) | ||
Net increase (decrease) | 17,884,885 | $ 469,763,295 | 46,748,002 | $1,160,798,591 |
Dividend Value | Mid Cap Value | Small Cap Value | |
Purchases | $439,435,567 | $34,718,712 | $848,017,053 |
Sales | 441,071,135 | 29,861,906 | 399,774,695 |
Dividend Value | Mid Cap Value | Small Cap Value | |
Tax cost of investments | $848,124,910 | $101,127,566 | $2,310,782,662 |
Gross unrealized: | |||
Appreciation | $297,305,423 | $ 21,144,423 | $ 241,675,980 |
Depreciation | (9,531,997) | (3,173,820) | (106,696,313) |
Net unrealized appreciation (depreciation) of investments | $287,773,426 | $ 17,970,603 | $ 134,979,667 |
Dividend Value | Mid Cap Value | Small Cap Value | |
Capital paid-in | $ 9,693,960 | $ 572,151 | $ 5,516,484 |
Undistributed (Over-distribution of) net investment income | 2,157,186 | 58 | 131,868 |
Accumulated net realized gain (loss) | (11,851,146) | (572,209) | (5,648,352) |
Dividend Value | Mid Cap Value | Small Cap Value | |
Undistributed net ordinary income1 | $25,199,866 | $1,872,084 | $6,515,245 |
Undistributed net long-term capital gains | 96,859,271 | 6,796,135 | 7,924,313 |
1 | Net ordinary income consists of net taxable income derived from dividends, interest, and net short-term capital gains, if any. |
Dividend Value | Mid Cap Value | Small Cap Value | |
Distributions from net ordinary income1 | $ 17,279,589 | $ 979,431 | $14,522,340 |
Distributions from net long-term capital gains | 144,260,573 | 2,865,037 | 7,201,409 |
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 | Dividend Value | Mid Cap Value | Small Cap Value |
For the first $125 million | 0.5000% | 0.6000% | 0.6500% |
For the next $125 million | 0.4875 | 0.5875 | 0.6375 |
For the next $250 million | 0.4750 | 0.5750 | 0.6250 |
For the next $500 million | 0.4625 | 0.5625 | 0.6125 |
For the next $1 billion | 0.4500 | 0.5500 | 0.6000 |
For the next $3 billion | 0.4250 | 0.5250 | 0.5750 |
For the next $2.5 billion | 0.4000 | 0.5000 | 0.5500 |
For the next $2.5 billion | 0.3875 | 0.4875 | 0.5375 |
For net assets over $10 billion | 0.3750 | 0.4750 | 0.5250 |
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 |
Dividend Value | 0.1967% |
Mid Cap Value | 0.2000% |
Small Cap Value | 0.1610% |
Fund | Expense Cap | Expense Cap Expiration Date |
Mid Cap Value | 0.92% | July 31, 2019 |
Small Cap Value | 0.99 | July 31, 2019 |
Dividend Value | Mid Cap Value | Small Cap Value | |
Sales charges collected | $58,171 | $27,035 | $357,466 |
Paid to financial intermediaries | 51,306 | 23,943 | 319,057 |
Dividend Value | Mid Cap Value | Small Cap Value | |
Commission advances | $13,875 | $12,960 | $198,218 |
Dividend Value | Mid Cap Value | Small Cap Value | |
12b-1 fees retained | $7,998 | $5,299 | $176,011 |
Dividend Value | Mid Cap Value | Small Cap Value | |
CDSC retained | $303 | $1,313 | $12,007 |
Dividend Value | Small Cap Value | |
Class T Shares | 1,667 | 1,036 |
Serving Investors for Generations
Nuveen:
Serving Investors for Generations
Since 1898, financial advisors and their clients have relied on Nuveen to provide dependable investment solutions through continued adherence to proven, long-term investing principles. Today, we offer a range of high quality solutions designed to be integral components of a well-diversified core portfolio.
Focused on meeting investor needs.
Nuveen is the investment manager of TIAA. We have grown into one of the world’s premier global asset managers, with specialist knowledge across all major asset classes and particular strength in solutions that provide income for investors and that draw on our expertise in alternatives and responsible investing. Nuveen is driven not only by the independent investment processes across the firm, but also the insights, risk management, analytics and other tools and resources that a truly world-class platform provides. As a global asset manager, our mission is to work in partnership with our clients to create solutions which help them secure their financial future.
Find out how we can help you.
To learn more about how the products and services of Nuveen may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.
Learn more about Nuveen Funds at: www.nuveen.com/mf
Securities offered through Nuveen Securities, LLC, member FINRA and SIPC | 333 West Wacker Drive | Chicago, IL 60606 | www.nuveen.com | MAN-FSTK-1017P |
Mutual Funds
30 April
2018
Nuveen Equity Funds
Fund Name | Class A | Class C | Class R3 | Class R6 | Class I | |||||
Nuveen Mid Cap Growth Opportunities Fund | FRSLX | FMECX | FMEYX | FMEFX | FISGX | |||||
Nuveen Small Cap Growth Opportunities Fund | FRMPX | FMPCX | FMPYX | FMPFX | FIMPX |
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Fund Name | Class A | Class C | Class R3 | Class R6 | Class I |
Nuveen Mid Cap Growth Opportunities Fund | FRSLX | FMECX | FMEYX | FMEFX | FISGX |
Nuveen Small Cap Growth Opportunities Fund | FRMPX | FMPCX | FMPYX | FMPFX | FIMPX |
performance?
performance?
Cumulative | Average Annual | ||||
6-Month | 1-Year | 5-Year | 10-Year | ||
Class A Shares at NAV | 5.14% | 16.92% | 11.57% | 8.68% | |
Class A Shares at maximum Offering Price | (0.91)% | 10.21% | 10.25% | 8.04% | |
Russell Midcap® Growth Index | 5.16% | 16.87% | 12.76% | 9.74% | |
Lipper Multi-Cap Growth Funds Classification Average | 5.86% | 16.81% | 12.12% | 8.60% | |
Class C Shares | 4.78% | 16.06% | 10.73% | 7.87% | |
Class R3 Shares | 5.03% | 16.66% | 11.29% | 8.41% | |
Class I Shares | 5.29% | 17.23% | 11.85% | 8.95% |
Cumulative | Average Annual | ||||
6-Month | 1-Year | 5-Year | Since Inception | ||
Class R6 Shares | 5.36% | 17.38% | 12.00% | 12.32% |
Cumulative | Average Annual | ||||
6-Month | 1-Year | 5-Year | 10-Year | ||
Class A Shares at NAV | 7.22% | 19.05% | 11.74% | 9.44% | |
Class A Shares at maximum Offering Price | 1.05% | 12.21% | 10.43% | 8.79% | |
Class C Shares | 6.82% | 18.14% | 10.91% | 8.62% | |
Class R3 Shares | 7.11% | 18.76% | 11.47% | 9.17% | |
Class I Shares | 7.35% | 19.35% | 12.02% | 9.71% |
Cumulative | Average Annual | ||||
6-Month | 1-Year | 5-Year | Since Inception | ||
Class R6 Shares | 7.42% | 19.52% | 12.18% | 12.50% |
Share Class | |||||
Class A | Class C | Class R3 | Class R6 | Class I | |
Gross Expense Ratios | 1.23% | 1.98% | 1.48% | 0.84% | 0.98% |
Net Expense Ratios | 1.17% | 1.92% | 1.42% | 0.78% | 0.92% |
Cumulative | Average Annual | ||||
6-Month | 1-Year | 5-Year | 10-Year | ||
Class A Shares at NAV | 5.88% | 13.73% | 12.32% | 10.11% | |
Class A Shares at maximum Offering Price | (0.20)% | 7.17% | 11.00% | 9.46% | |
Russell 2000® Growth Index | 5.46% | 16.60% | 13.07% | 10.41% | |
Lipper Small-Cap Growth Funds Classification Average | 6.84% | 18.17% | 12.28% | 9.72% | |
Class C Shares | 5.45% | 12.86% | 11.48% | 9.29% | |
Class R3 Shares | 5.71% | 13.41% | 12.04% | 9.83% | |
Class I Shares | 6.00% | 14.00% | 12.60% | 10.39% |
Cumulative | Average Annual | |||
6-Month | 1-Year | Since Inception | ||
Class R6 Shares | 6.06% | 14.17% | 20.79% |
Cumulative | Average Annual | ||||
6-Month | 1-Year | 5-Year | 10-Year | ||
Class A Shares at NAV | 5.20% | 14.33% | 11.45% | 10.73% | |
Class A Shares at maximum Offering Price | (0.87)% | 7.78% | 10.14% | 10.08% | |
Class C Shares | 4.80% | 13.43% | 10.63% | 9.91% | |
Class R3 Shares | 5.08% | 14.03% | 11.17% | 10.46% | |
Class I Shares | 5.35% | 14.59% | 11.73% | 11.01% |
Cumulative | Average Annual | |||
6-Month | 1-Year | Since Inception | ||
Class R6 Shares | 5.41% | 14.73% | 21.07% |
Share Class | |||||
Class A | Class C | Class R3 | Class R6 | Class I | |
Gross Expense Ratios | 1.42% | 2.17% | 1.67% | 1.05% | 1.17% |
Net Expense Ratios | 1.25% | 2.00% | 1.50% | 0.88% | 1.00% |
Fund Allocation (% of net assets) | |
Common Stocks | 98.3% |
Exchange-Traded Funds | 1.3% |
Investments Purchased with Collateral from Securities Lending | 2.6% |
Other Assets Less Liabilities | (2.2)% |
Net Assets | 100% |
Portfolio Composition (% of net assets) | |
IT Services | 10.9% |
Software | 10.6% |
Capital Markets | 8.5% |
Machinery | 6.0% |
Life Sciences Tools & Services | 5.9% |
Hotels, Restaurants & Leisure | 5.2% |
Health Care Providers & Services | 5.2% |
Aerospace & Defense | 4.3% |
Semiconductors & Semiconductor Equipment | 3.7% |
Internet Software & Services | 3.4% |
Health Care Equipment & Supplies | 3.4% |
Oil, Gas & Consumable Fuels | 3.3% |
Chemicals | 2.2% |
Auto Components | 2.1% |
Media | 2.1% |
Road & Rail | 2.0% |
Technology Hardware, Storage & Peripherals | 1.8% |
Other | 19.0% |
Investments Purchased with Collateral from Securities Lending | 2.6% |
Other Assets Less Liabilities | (2.2)% |
Net Assets | 100% |
Top Five Common Stock Holdings (% of net assets) | |
First Data Corporation, Class A | 2.5% |
DXC Technology Company | 2.2% |
Total System Services Inc. | 2.1% |
FleetCor Technologies Inc. | 2.1% |
Worldpay, Inc. | 2.0% |
Fund Allocation (% of net assets) | |
Common Stocks | 96.4% |
Exchange-Traded Funds | 1.2% |
Investments Purchased with Collateral from Securities Lending | 4.8% |
Money Market Funds | 2.7% |
Other Assets Less Liabilities | (5.1)% |
Net Assets | 100% |
Portfolio Composition (% of net assets) | |
Software | 11.0% |
Health Care Equipment & Supplies | 7.4% |
Biotechnology | 5.9% |
Banks | 5.3% |
Internet Software & Services | 4.1% |
Chemicals | 4.1% |
Building Products | 3.9% |
Health Care Providers & Services | 3.8% |
Pharmaceuticals | 3.5% |
Commercial Services & Supplies | 3.4% |
Hotels, Restaurants & Leisure | 3.3% |
Semiconductors & Semiconductor Equipment | 3.2% |
Machinery | 3.0% |
Communications Equipment | 3.0% |
Textiles, Apparel & Luxury Goods | 2.9% |
IT Services | 2.8% |
Road & Rail | 2.6% |
Life Sciences Tools & Services | 2.4% |
Specialty Retail | 2.2% |
Other | 19.8% |
Investments Purchased with Collateral from Securities Lending | 4.8% |
Money Market Funds | 2.7% |
Other Assets Less Liabilities | (5.1)% |
Net Assets | 100% |
Top Five Common Stock Holdings (% of net assets) | |
Cathay General Bancorp | 2.0% |
Evercore Partners Inc. | 1.8% |
MSA Safety Inc. | 1.7% |
Aspen Technology Inc. | 1.6% |
Interface, Inc. | 1.6% |
Share Class | |||||
Class A | Class C | Class R3 | Class R6 | Class I | |
Actual Performance | |||||
Beginning Account Value | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value | $1,051.40 | $1,047.80 | $1,050.30 | $1,053.60 | $1,052.90 |
Expenses Incurred During the Period | $ 5.95 | $ 9.75 | $ 7.22 | $ 3.97 | $ 4.68 |
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 | $1,018.99 | $1,015.27 | $1,017.75 | $1,020.93 | $1,020.23 |
Expenses Incurred During the Period | $ 5.86 | $ 9.59 | $ 7.10 | $ 3.91 | $ 4.61 |
Share Class | |||||
Class A | Class C | Class R3 | Class R6 | Class I | |
Actual Performance | |||||
Beginning Account Value | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value | $1,058.80 | $1,054.50 | $1,057.10 | $1,060.60 | $1,060.00 |
Expenses Incurred During the Period | $ 6.33 | $ 10.14 | $ 7.60 | $ 4.44 | $ 5.06 |
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 | $1,018.65 | $1,014.93 | $1,017.41 | $1,020.48 | $1,019.89 |
Expenses Incurred During the Period | $ 6.21 | $ 9.94 | $ 7.45 | $ 4.36 | $ 4.96 |
Shares | Description (1) | Value | ||||
LONG-TERM INVESTMENTS – 99.6% | ||||||
COMMON STOCKS – 98.3% | ||||||
Aerospace & Defense – 4.3% | ||||||
49,079 | L-3 Communications Holdings, Inc. | $9,613,595 | ||||
160,079 | Textron Inc. | 9,947,309 | ||||
40,586 | TransDigm Group Inc., (2) | 13,010,654 | ||||
Total Aerospace & Defense | 32,571,558 | |||||
Air Freight & Logistics – 1.2% | ||||||
88,330 | XPO Logistics, Incorporated, (2) | 8,582,143 | ||||
Auto Components – 2.1% | ||||||
192,246 | BorgWarner Inc. | 9,408,519 | ||||
137,942 | Delphi Technologies PLC | 6,677,740 | ||||
Total Auto Components | 16,086,259 | |||||
Banks – 1.7% | ||||||
134,207 | East West Bancorp Inc. | 8,940,871 | ||||
63,594 | FCB Financial Holdings, Inc., Class A Shares, (2) | 3,675,733 | ||||
Total Banks | 12,616,604 | |||||
Capital Markets – 8.5% | ||||||
204,877 | E*TRADE Financial Corporation, (2) | 12,431,936 | ||||
56,610 | Evercore Partners Inc. | 5,731,763 | ||||
91,823 | Moody's Corporation | 14,893,691 | ||||
57,427 | MSCI Inc., Class A Shares | 8,604,287 | ||||
115,155 | Raymond James Financial Inc. | 10,335,161 | ||||
205,332 | TD Ameritrade Holding Corporation | 11,927,736 | ||||
Total Capital Markets | 63,924,574 | |||||
Chemicals – 2.2% | ||||||
82,749 | Celanese Corporation, Series A | 8,992,334 | ||||
19,610 | Sherwin-Williams Company | 7,209,812 | ||||
Total Chemicals | 16,202,146 | |||||
Communications Equipment – 1.4% | ||||||
12,971 | Arista Networks Inc., (2) | 3,431,478 | ||||
35,388 | Palo Alto Networks, Incorporated, (2) | 6,812,544 | ||||
Total Communications Equipment | 10,244,022 | |||||
Containers & Packaging – 1.7% | ||||||
94,124 | Berry Plastics Corporation, (2) | 5,176,820 | ||||
124,733 | WestRock Company | 7,379,204 | ||||
Total Containers & Packaging | 12,556,024 |
Shares | Description (1) | Value | ||||
Electrical Equipment – 1.6% | ||||||
169,241 | Ametek Inc. | $ 11,813,022 | ||||
Electronic Equipment, Instruments & Components – 1.6% | ||||||
143,979 | Amphenol Corporation, Class A | 12,052,482 | ||||
Health Care Equipment & Supplies – 3.4% | ||||||
41,955 | Cooper Companies, Inc. | 9,595,528 | ||||
76,952 | Insulet Corporation, (2) | 6,617,872 | ||||
334,929 | Novocure Limited, (2) | 9,143,562 | ||||
Total Health Care Equipment & Supplies | 25,356,962 | |||||
Health Care Providers & Services – 5.2% | ||||||
119,727 | Centene Corporation, (2) | 12,999,958 | ||||
55,097 | CIGNA Corporation | 9,466,767 | ||||
121,845 | HealthEquity, Inc., (2) | 8,001,561 | ||||
28,230 | Humana Inc. | 8,304,701 | ||||
Total Health Care Providers & Services | 38,772,987 | |||||
Health Care Technology – 0.6% | ||||||
111,898 | Teladoc, Inc., (2), (3) | 4,811,614 | ||||
Hotels, Restaurants & Leisure – 5.2% | ||||||
116,110 | Hilton Worldwide Holdings Inc. | 9,154,112 | ||||
97,773 | Hyatt Hotels Corporation, Class A | 7,515,810 | ||||
376,787 | MGM Resorts International Inc. | 11,838,648 | ||||
55,704 | Wynn Resorts Ltd | 10,371,528 | ||||
Total Hotels, Restaurants & Leisure | 38,880,098 | |||||
Household Durables – 1.5% | ||||||
252,780 | D.R. Horton, Inc. | 11,157,709 | ||||
Internet & Direct Marketing Retail – 1.0% | ||||||
67,427 | Expedia, Inc. | 7,763,545 | ||||
Internet Software & Services – 3.4% | ||||||
135,419 | GoDaddy, Inc., Class A Shares, (2) | 8,742,651 | ||||
65,804 | IAC/InterActiveCorp. | 10,669,460 | ||||
57,750 | LogMeIn Inc. | 6,364,050 | ||||
Total Internet Software & Services | 25,776,161 | |||||
IT Services – 10.9% | ||||||
162,686 | DXC Technology Company | 16,766,419 | ||||
1,009,513 | First Data Corporation, Class A, (2) | 18,272,185 | ||||
75,967 | FleetCor Technologies Inc., (2) | 15,746,440 | ||||
187,422 | Total System Services Inc. | 15,754,693 | ||||
187,476 | Worldpay, Inc., (2) | 15,226,801 | ||||
Total IT Services | 81,766,538 |
Shares | Description (1) | Value | ||||
Leisure Products – 1.5% | ||||||
105,880 | Polaris Industries Inc. | $ 11,098,342 | ||||
Life Sciences Tools & Services – 5.9% | ||||||
390,507 | Accelerate Diagnostics Inc., (2) | 8,669,255 | ||||
95,332 | Agilent Technologies, Inc. | 6,267,126 | ||||
36,437 | Illumina Inc., (2) | 8,778,767 | ||||
100,207 | Iqvia Holdings, Inc., (2) | 9,595,822 | ||||
59,268 | Waters Corporation, (2) | 11,166,684 | ||||
Total Life Sciences Tools & Services | 44,477,654 | |||||
Machinery – 6.0% | ||||||
94,345 | Dover Corporation | 8,745,781 | ||||
52,513 | IDEX Corporation, (3) | 7,018,888 | ||||
63,696 | Parker Hannifin Corporation | 10,485,636 | ||||
53,870 | Stanley Black & Decker Inc. | 7,627,453 | ||||
88,253 | WABCO Holdings Inc. | 11,383,754 | ||||
Total Machinery | 45,261,512 | |||||
Media – 2.1% | ||||||
107,734 | GCI Liberty Inc., (2) | 4,804,936 | ||||
260,378 | Liberty Sirius Group, Class-A Shares, (2) | 10,875,989 | ||||
Total Media | 15,680,925 | |||||
Metals & Mining – 0.8% | ||||||
139,186 | Steel Dynamics Inc. | 6,236,925 | ||||
Oil, Gas & Consumable Fuels – 3.3% | ||||||
69,553 | Cimarex Energy Company | 6,996,336 | ||||
73,857 | Diamondback Energy, (3) | 9,486,932 | ||||
455,817 | Marathon Oil Corporation | 8,318,660 | ||||
Total Oil, Gas & Consumable Fuels | 24,801,928 | |||||
Road & Rail – 2.0% | ||||||
72,838 | J.B. Hunt Transports Services Inc. | 8,553,366 | ||||
63,084 | Kansas City Southern Industries | 6,726,647 | ||||
Total Road & Rail | 15,280,013 | |||||
Semiconductors & Semiconductor Equipment – 3.7% | ||||||
70,137 | Lam Research Corporation | 12,979,553 | ||||
337,124 | Marvell Technology Group Ltd. | 6,762,707 | ||||
45,235 | Microchip Technology Incorporated, (3) | 3,784,360 | ||||
37,686 | Monolithic Power Systems, Inc. | 4,413,031 | ||||
Total Semiconductors & Semiconductor Equipment | 27,939,651 | |||||
Software – 10.6% | ||||||
99,696 | Autodesk, Inc., (2) | 12,551,726 | ||||
273,699 | Cadence Design Systems, Inc., (2) | 10,964,382 |
Shares | Description (1) | Value | ||||
Software (continued) | ||||||
62,696 | Electronic Arts Inc., (2) | $7,396,874 | ||||
82,270 | Parametric Technology Corporation, (2) | 6,774,935 | ||||
82,673 | Red Hat, Inc., (2) | 13,480,659 | ||||
75,778 | ServiceNow Inc., (2) | 12,589,757 | ||||
53,534 | Splunk Inc., (2) | 5,495,265 | ||||
105,593 | Take-Two Interactive Software, Inc., (2) | 10,528,678 | ||||
Total Software | 79,782,276 | |||||
Specialty Retail – 1.0% | ||||||
124,293 | CarMax, Inc., (2) | 7,768,313 | ||||
Technology Hardware, Storage & Peripherals – 1.8% | ||||||
204,086 | NetApp, Inc. | 13,588,046 | ||||
Textiles, Apparel & Luxury Goods – 1.0% | ||||||
77,983 | Carter's Inc. | 7,823,255 | ||||
Thrifts & Mortgage Finance – 1.1% | ||||||
202,240 | BofI Holdings, Inc., (2) | 8,146,227 | ||||
Total Common Stocks (cost $599,057,310) | 738,819,515 |
Shares | Description (1), (4) | Value | ||||
EXCHANGE-TRADED FUNDS – 1.3% | ||||||
111,784 | SPDR S&P Biotech ETF, (3) | $ 9,722,972 | ||||
Total Exchange-Traded Funds (cost $9,305,150) | 9,722,972 | |||||
Total Long-Term Investments (cost $608,362,460) | 748,542,487 |
Shares | Description (1) | Coupon | Value | |||
INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 2.6% | ||||||
Money Market Funds – 2.6% | ||||||
19,896,097 | First American Government Obligations Fund, Class X, (5) | 1.581% (6) | $ 19,896,097 | |||
Total Investments Purchased with Collateral from Securities Lending (cost $19,896,097) | 19,896,097 | |||||
Total Investments (cost $628,258,557) – 102.2% | 768,438,584 | |||||
Other Assets Less Liabilities – (2.2)% | (16,602,920) | |||||
Net Assets – 100% | $ 751,835,664 |
For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease. | ||
(1) | All percentages shown in the Portfolio of Investments are based on net assets. | |
(2) | Non-income producing; issuer has not declared a dividend within the past twelve months. | |
(3) | Investment, or a portion of investment, is out on loan for securities lending. The total value of the securities out on loan as of the end of the reporting period was $19,299,527. | |
(4) | A copy of the most recent financial statements for the exchange-traded funds in which the Fund invests can be obtained directly from the Securities and Exchange Commission on its website at http://www.sec.gov. | |
(5) | The Fund may loan securities representing up to one third of the fair value of its total assets (which includes collateral for securities on loan) to broker dealers, banks, and other institutions. The Fund maintains collateral equal to at least 100% of the fair value of the securities loaned. The cash collateral received by the Fund is invested in this money market fund. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Securities Lending for more information. | |
(6) | The rate shown is the annualized seven-day subsidized yield as of the end of the reporting period. | |
ETF | Exchange-Traded Fund | |
SPDR | Standard & Poor's Depositary Receipt |
Shares | Description (1) | Value | ||||
LONG-TERM INVESTMENTS – 97.6% | ||||||
COMMON STOCKS – 96.4% | ||||||
Aerospace & Defense – 0.8% | ||||||
25,333 | Mercury Computer Systems Inc., (2) | $ 812,683 | ||||
Banks – 5.3% | ||||||
49,396 | Cathay General Bancorp | 1,976,334 | ||||
47,791 | Home Bancshares, Inc. | 1,110,663 | ||||
12,704 | Texas Capital BancShares, Inc., (2) | 1,253,250 | ||||
17,228 | Western Alliance Bancorporation, (2) | 1,016,107 | ||||
Total Banks | 5,356,354 | |||||
Biotechnology – 5.9% | ||||||
10,344 | Blueprint Medicines Corporation, (2) | 793,592 | ||||
21,919 | EXACT Sciences Corporation, (2) | 1,096,169 | ||||
36,189 | Fate Therapeutics, Inc., (2) | 365,509 | ||||
30,792 | Halozyme Therapeutics, Inc., (2) | 582,893 | ||||
7,165 | Ligand Pharmaceuticals Inc., (2) | 1,109,500 | ||||
3,231 | Loxo Oncology Inc., (2) | 406,815 | ||||
21,246 | Repligen Corporation, (2) | 786,102 | ||||
6,269 | Sage Therapeutics, Inc., (2) | 902,234 | ||||
Total Biotechnology | 6,042,814 | |||||
Building Products – 3.9% | ||||||
48,745 | Continental Building Products Inc., (2) | 1,369,735 | ||||
38,685 | Gibraltar Industries Inc. | 1,359,778 | ||||
44,121 | Jeld-Wen Holding, Inc., (2) | 1,240,241 | ||||
Total Building Products | 3,969,754 | |||||
Capital Markets – 1.8% | ||||||
17,747 | Evercore Partners Inc. | 1,796,884 | ||||
Chemicals – 4.1% | ||||||
70,749 | Ferro Corporation | 1,557,186 | ||||
38,284 | GCP Applied Technologies, Inc., (2) | 1,096,837 | ||||
19,874 | Ingevity Corporation, (2) | 1,526,919 | ||||
Total Chemicals | 4,180,942 | |||||
Commercial Services & Supplies – 3.4% | ||||||
74,978 | Interface, Inc. | 1,649,516 | ||||
20,386 | MSA Safety Inc. | 1,770,320 | ||||
Total Commercial Services & Supplies | 3,419,836 |
Shares | Description (1) | Value | ||||
Communications Equipment – 3.0% | ||||||
53,520 | Ciena Corporation, (2) | $1,378,140 | ||||
25,032 | Plantronics Inc. | 1,630,835 | ||||
Total Communications Equipment | 3,008,975 | |||||
Construction & Engineering – 1.4% | ||||||
31,527 | MasTec Inc., (2) | 1,387,188 | ||||
Diversified Consumer Services – 1.1% | ||||||
10,934 | Grand Canyon Education Inc., (2) | 1,137,027 | ||||
Electronic Equipment, Instruments & Components – 1.0% | ||||||
16,115 | Belden Inc. | 992,684 | ||||
Health Care Equipment & Supplies – 7.4% | ||||||
56,707 | AtriCure, Inc., (2) | 1,260,597 | ||||
18,572 | Insulet Corporation, (2) | 1,597,192 | ||||
17,514 | iRhythm Technologies, Inc., (2) | 1,018,439 | ||||
55,894 | K2M Group Holdings Inc., (2) | 1,067,575 | ||||
33,159 | Merit Medical Systems, Inc., (2) | 1,608,212 | ||||
35,127 | Novocure Limited, (2) | 958,967 | ||||
Total Health Care Equipment & Supplies | 7,510,982 | |||||
Health Care Providers & Services – 3.8% | ||||||
21,508 | Amedisys, Inc., (2) | 1,421,463 | ||||
18,187 | AMN Healthcare Services Inc., (2) | 1,215,801 | ||||
17,059 | LHC Group, Inc., (2) | 1,269,531 | ||||
Total Health Care Providers & Services | 3,906,795 | |||||
Health Care Technology – 1.1% | ||||||
26,446 | Teladoc, Inc., (2), (3) | 1,137,178 | ||||
Hotels, Restaurants & Leisure – 3.3% | ||||||
20,446 | BJ's Restaurants, Inc. | 1,141,909 | ||||
34,345 | Planet Fitness Inc., (2) | 1,383,760 | ||||
16,958 | Wingstop Inc. | 828,568 | ||||
Total Hotels, Restaurants & Leisure | 3,354,237 | |||||
Household Durables – 1.4% | ||||||
24,589 | Installed Building Products Inc., (2) | 1,418,785 | ||||
Internet Software & Services – 4.1% | ||||||
13,046 | 2U Inc., (2) | 1,050,073 | ||||
7,849 | GrubHub Inc., (2), (3) | 793,848 | ||||
26,985 | Mimecast Limited, (2) | 1,026,779 | ||||
31,067 | Twilio, Inc., (2), (3) | 1,311,338 | ||||
Total Internet Software & Services | 4,182,038 |
Shares | Description (1) | Value | ||||
IT Services – 2.8% | ||||||
13,878 | EPAM Systems Inc., (2) | $1,586,949 | ||||
18,959 | Interxion Holdings NV, (2) | 1,232,714 | ||||
Total IT Services | 2,819,663 | |||||
Leisure Products – 1.0% | ||||||
31,340 | Malibu Boats Inc., Class A, (2) | 1,056,158 | ||||
Life Sciences Tools & Services – 2.4% | ||||||
41,889 | Accelerate Diagnostics Inc., (2) | 929,936 | ||||
18,204 | PRA Health Sciences, Inc., (2) | 1,495,822 | ||||
Total Life Sciences Tools & Services | 2,425,758 | |||||
Machinery – 3.0% | ||||||
38,683 | Evoqua Water Technologies Co, (2) | 790,293 | ||||
37,722 | Kennametal Inc. | 1,374,967 | ||||
46,880 | Welbilt Incorporation, (2) | 898,221 | ||||
Total Machinery | 3,063,481 | |||||
Media – 1.1% | ||||||
18,457 | Nexstar Broadcasting Group, Inc. | 1,148,948 | ||||
Multiline Retail – 2.2% | ||||||
22,512 | Big Lots, Inc. | 955,634 | ||||
21,238 | Ollie's Bargain Outlet Holdings, Inc., (2) | 1,321,004 | ||||
Total Multiline Retail | 2,276,638 | |||||
Oil, Gas & Consumable Fuels – 1.9% | ||||||
79,787 | Callon Petroleum Company, (2) | 1,109,837 | ||||
42,843 | Centennial Resource Development Inc., (2) | 792,596 | ||||
Total Oil, Gas & Consumable Fuels | 1,902,433 | |||||
Pharmaceuticals – 3.5% | ||||||
35,893 | Intersect ENT, Inc., (2) | 1,433,925 | ||||
8,086 | MyoKardia Inc., (2) | 399,448 | ||||
10,524 | Nektar Therapeutics, (2) | 880,438 | ||||
29,820 | Prestige Brands Holdings Inc., (2) | 877,901 | ||||
Total Pharmaceuticals | 3,591,712 | |||||
Professional Services – 1.0% | ||||||
19,119 | Korn Ferry International | 1,022,102 | ||||
Road & Rail – 2.6% | ||||||
33,043 | Knight-Swift Transportation Holdings Inc. | 1,289,007 | ||||
40,329 | Werner Enterprises, Inc. | 1,383,285 | ||||
Total Road & Rail | 2,672,292 | |||||
Semiconductors & Semiconductor Equipment – 3.2% | ||||||
16,036 | MKS Instruments Inc. | 1,642,086 |
Shares | Description (1) | Value | ||||
Semiconductors & Semiconductor Equipment (continued) | ||||||
14,029 | Monolithic Power Systems, Inc. | $ 1,642,796 | ||||
Total Semiconductors & Semiconductor Equipment | 3,284,882 | |||||
Software – 11.0% | ||||||
18,854 | Aspen Technology Inc., (2), (3) | 1,654,438 | ||||
28,065 | BlackLine, Inc., (2) | 1,161,891 | ||||
21,434 | CommVault Systems, Inc., (2), (3) | 1,499,308 | ||||
13,600 | Proofpoint, Incorporated, (2) | 1,603,984 | ||||
44,462 | Rapid7 Inc., (2) | 1,255,607 | ||||
26,775 | RealPage Inc., (2) | 1,432,462 | ||||
48,906 | SailPoint Technologies Holdings, (2) | 1,178,146 | ||||
20,993 | Varonis Systems Inc., (2) | 1,371,893 | ||||
591,081 | VideoPropulsion Inc., (2), (4) | 1 | ||||
Total Software | 11,157,730 | |||||
Specialty Retail – 2.2% | ||||||
25,580 | Aaron Rents Inc. | 1,068,477 | ||||
9,508 | Childrens Place Retail Stores Inc. | 1,212,745 | ||||
Total Specialty Retail | 2,281,222 | |||||
Technology Hardware, Storage & Peripherals – 1.5% | ||||||
74,785 | Pure Storage Inc., Class A Shares, (2) | 1,512,901 | ||||
Textiles, Apparel & Luxury Goods – 2.9% | ||||||
17,039 | Oxford Industries Inc. | 1,312,685 | ||||
33,194 | Steven Madden Limited | 1,601,610 | ||||
Total Textiles, Apparel & Luxury Goods | 2,914,295 | |||||
Trading Companies & Distributors – 1.3% | ||||||
72,596 | MRC Global Inc., (2), (3) | 1,359,723 | ||||
Total Common Stocks (cost $79,308,286) | 98,105,094 |
Shares | Description (1), (5) | Value | ||||
EXCHANGE-TRADED FUNDS – 1.2% | ||||||
6,591 | iShares Russell 2000 Growth ETF, (3) | $ 1,258,815 | ||||
Total Exchange-Traded Funds (cost $1,293,109) | 1,258,815 | |||||
Total Long-Term Investments (cost $80,601,395) | 99,363,909 |
Shares | Description (1) | Coupon | Value | |||
INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 4.8% | ||||||
Money Market Funds – 4.8% | ||||||
4,813,963 | First American Government Obligations Fund, Class X, (6) | 1.581% (7) | $ 4,813,963 | |||
Total Investments Purchased with Collateral from Securities Lending (cost $4,813,963) | 4,813,963 |
Shares | Description (1) | Coupon | Value | |||
SHORT-TERM INVESTMENTS – 2.7% | ||||||
Money Market Funds – 2.7% | ||||||
2,766,480 | First American Treasury Obligations Fund, Class Z | 1.537% (7) | $ 2,766,480 | |||
Total Short-Term Investments (cost $2,766,480) | 2,766,480 | |||||
Total Investments (cost $88,181,838) – 105.1% | 106,944,352 | |||||
Other Assets Less Liabilities – (5.1)% | (5,156,526) | |||||
Net Assets – 100% | $ 101,787,826 |
For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease. | ||
(1) | All percentages shown in the Portfolio of Investments are based on net assets. | |
(2) | Non-income producing; issuer has not declared a dividend within the past twelve months. | |
(3) | Investment, or a portion of investment, is out on loan for securities lending. The total value of the securities out on loan as of the end of the reporting period was $4,731,754. | |
(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. | |
(5) | A copy of the most recent financial statements for the exchange-traded funds in which the Fund invests can be obtained directly from the Securities and Exchange Commission on its website at http://www.sec.gov. | |
(6) | The Fund may loan securities representing up to one third of the fair value of its total assets (which includes collateral for securities on loan) to broker dealers, banks, and other institutions. The Fund maintains collateral equal to at least 100% of the fair value of the securities loaned. The cash collateral received by the Fund is invested in this money market fund. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Securities Lending for more information. | |
(7) | The rate shown is the annualized seven-day subsidized yield as of the end of the reporting period. | |
ETF | Exchange-Traded Fund |
Mid Cap Growth Opportunities | Small Cap Growth Opportunities | |
Assets | ||
Long-term investments, at value (cost $608,362,460 and $80,601,395, respectively) | $748,542,487 | $ 99,363,909 |
Investment purchased with collateral from securities lending, at value (cost approximates value) | 19,896,097 | 4,813,963 |
Short-term investments, at value (cost approximates value) | — | 2,766,480 |
Receivable for: | ||
Dividends | 105,462 | 8,616 |
Due from broker | 8,870 | 1,658 |
Interest | 2,457 | 2,557 |
Investments sold | 14,136,272 | 379,562 |
Shares sold | 731,955 | 337,745 |
Other assets | 97,820 | 41,012 |
Total assets | 783,521,420 | 107,715,502 |
Liabilities | ||
Cash overdraft | 804,528 | — |
Payable for: | ||
Collateral from securities lending program | 19,896,097 | 4,813,963 |
Investments purchased | 8,972,485 | 940,416 |
Shares redeemed | 1,064,979 | 46,569 |
Accrued expenses: | ||
Directors fees | 61,592 | 823 |
Management fees | 446,933 | 56,191 |
12b-1 distribution and service fees | 75,224 | 9,668 |
Other | 363,918 | 60,046 |
Total liabilities | 31,685,756 | 5,927,676 |
Net assets | $751,835,664 | $101,787,826 |
Mid Cap Growth Opportunities | Small Cap Growth Opportunities | |
Class A Shares | ||
Net assets | $234,103,469 | $ 35,567,780 |
Shares outstanding | 6,193,978 | 1,539,631 |
Net asset value ("NAV") per share | $ 37.79 | $ 23.10 |
Offering price per share (NAV per share plus maximum sales charge of 5.75% of offering price) | $ 40.10 | $ 24.51 |
Class C Shares | ||
Net assets | $ 14,949,505 | $ 2,066,390 |
Shares outstanding | 539,867 | 116,468 |
NAV and offering price per share | $ 27.69 | $ 17.74 |
Class R3 Shares | ||
Net assets | $ 32,677,392 | $ 1,556,455 |
Shares outstanding | 931,790 | 71,481 |
NAV and offering price per share | $ 35.07 | $ 21.77 |
Class R6 Shares | ||
Net assets | $ 61,638,131 | $ 18,210,880 |
Shares outstanding | 1,337,684 | 666,659 |
NAV and offering price per share | $ 46.08 | $ 27.32 |
Class I Shares | ||
Net assets | $408,467,167 | $ 44,386,321 |
Shares outstanding | 8,949,333 | 1,629,255 |
NAV and offering price per share | $ 45.64 | $ 27.24 |
Net assets consist of: | ||
Capital paid-in | $560,730,022 | $ 77,922,026 |
Undistributed (Over-distribution of) net investment income | (1,596,711) | (283,946) |
Accumulated net realized gain (loss) | 52,522,326 | 5,387,232 |
Net unrealized appreciation (depreciation) | 140,180,027 | 18,762,514 |
Net assets | $751,835,664 | $101,787,826 |
Authorized shares - per class | 2 billion | 2 billion |
Par value per share | $ 0.0001 | $ 0.0001 |
Mid Cap Growth Opportunities | Small Cap Growth Opportunities | |
Investment Income | ||
Dividend and interest income | $ 2,433,796 | $ 246,835 |
Securities lending income | 78,402 | 12,134 |
Total investment income | 2,512,198 | 258,969 |
Expenses | ||
Management fees | 3,056,563 | 425,493 |
12b-1 service fees - Class A Shares | 306,390 | 43,822 |
12b-1 distibution and service fees - Class C Shares | 79,458 | 10,629 |
12b-1 distibution and service fees - Class R3 Shares | 87,092 | 4,022 |
Shareholder servicing agent fees | 568,479 | 61,884 |
Custodian fees | 41,921 | 8,174 |
Directors fees | 10,730 | 1,345 |
Professional fees | 36,668 | 19,267 |
Shareholder reporting expenses | 45,396 | 18,534 |
Federal and state registration fees | 41,645 | 40,833 |
Other | 8,733 | 1,557 |
Total expenses before fee waiver/expense reimbursement | 4,283,075 | 635,560 |
Fee waiver/expense reimbursement | (233,733) | (92,645) |
Net expenses | 4,049,342 | 542,915 |
Net investment income (loss) | (1,537,144) | (283,946) |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) from investments | 55,884,003 | 5,675,544 |
Change in net unrealized appreciation (depreciation) of investments | (12,977,766) | 382,597 |
Net realized and unrealized gain (loss) | 42,906,237 | 6,058,141 |
Net increase (decrease) in net assets from operations | $ 41,369,093 | $5,774,195 |
Mid Cap Growth Opportunities | Small Cap Growth Opportunities | ||||
Six Months Ended 4/30/18 | Year Ended 10/31/17 | Six Months Ended 4/30/18 | Year Ended 10/31/17 | ||
Operations | |||||
Net investment income (loss) | $ (1,537,144) | $ (2,405,897) | $ (283,946) | $ (519,619) | |
Net realized gain (loss) from investments | 55,884,003 | 147,239,993 | 5,675,544 | 13,336,050 | |
Change in net unrealized appreciation (depreciation) of investments | (12,977,766) | 50,051,609 | 382,597 | 8,799,437 | |
Net increase (decrease) in net assets from operations | 41,369,093 | 194,885,705 | 5,774,195 | 21,615,868 | |
Distributions to Shareholders | |||||
From net investment income: | |||||
Class A Shares | — | — | — | — | |
Class C Shares | — | — | — | — | |
Class R3 Shares | — | — | — | — | |
Class R6 Shares | — | — | — | — | |
Class I Shares | — | — | — | — | |
From accumulated net realized gains: | |||||
Class A Shares | (42,671,318) | (12,685,309) | (4,209,121) | (147,667) | |
Class C Shares | (3,566,386) | (947,963) | (324,846) | (11,170) | |
Class R3 Shares | (6,636,934) | (2,649,483) | (201,526) | (7,181) | |
Class R6 Shares | (10,590,712) | (1,941,793) | (2,000,545) | (75,588) | |
Class I Shares | (63,162,628) | (18,975,079) | (4,579,909) | (144,488) | |
Decrease in net assets from distributions to shareholders | (126,627,978) | (37,199,627) | (11,315,947) | (386,094) | |
Fund Share Transactions | |||||
Proceeds from sale of shares | 38,695,270 | 100,136,946 | 8,572,986 | 15,395,316 | |
Proceeds from shares issued to shareholders due to reinvestment of distributions | 118,019,725 | 34,647,413 | 9,469,803 | 326,000 | |
156,714,995 | 134,784,359 | 18,042,789 | 15,721,316 | ||
Cost of shares redeemed | (120,070,265) | (387,175,355) | (12,102,581) | (24,411,376) | |
Net increase (decrease) in net assets from Fund share transactions | 36,644,730 | (252,390,996) | 5,940,208 | (8,690,060) | |
Net increase (decrease) in net assets | (48,614,155) | (94,704,918) | 398,456 | 12,539,714 | |
Net assets at the beginning of period | 800,449,819 | 895,154,737 | 101,389,370 | 88,849,656 | |
Net assets at the end of period | $ 751,835,664 | $ 800,449,819 | $101,787,826 | $101,389,370 | |
Undistributed (Over-distribution of) net investment income at the end of period | $ (1,596,711) | $ (59,567) | $ (283,946) | $ — |
Selected data for a share outstanding throughout each period:
Investment Operations | Less Distributions | ||||||||
Class (Commencement Date) Year Ended October 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 (01/95) | |||||||||
2018(e) | $43.45 | $(0.10) | $ 2.06 | $ 1.96 | $ — | $(7.62) | $(7.62) | $37.79 | |
2017 | 36.09 | (0.17) | 9.20 | 9.03 | — | (1.67) | (1.67) | 43.45 | |
2016 | 40.91 | (0.12) | (1.36) | (1.48) | — | (3.34) | (3.34) | 36.09 | |
2015 | 47.67 | (0.31) | 1.72 | 1.41 | — | (8.17) | (8.17) | 40.91 | |
2014 | 51.11 | (0.38) | 6.09 | 5.71 | — | (9.15) | (9.15) | 47.67 | |
2013 | 42.38 | (0.17) | 12.05 | 11.88 | — | (3.15) | (3.15) | 51.11 | |
Class C (09/01) | |||||||||
2018(e) | 33.94 | (0.19) | 1.56 | 1.37 | — | (7.62) | (7.62) | 27.69 | |
2017 | 28.74 | (0.36) | 7.23 | 6.87 | — | (1.67) | (1.67) | 33.94 | |
2016 | 33.50 | (0.31) | (1.11) | (1.42) | — | (3.34) | (3.34) | 28.74 | |
2015 | 40.77 | (0.52) | 1.42 | 0.90 | — | (8.17) | (8.17) | 33.50 | |
2014 | 45.29 | (0.63) | 5.26 | 4.63 | — | (9.15) | (9.15) | 40.77 | |
2013 | 38.17 | (0.45) | 10.72 | 10.27 | — | (3.15) | (3.15) | 45.29 | |
Class R3 (12/00) | |||||||||
2018(e) | 40.90 | (0.14) | 1.93 | 1.79 | — | (7.62) | (7.62) | 35.07 | |
2017 | 34.14 | (0.25) | 8.68 | 8.43 | — | (1.67) | (1.67) | 40.90 | |
2016 | 38.98 | (0.20) | (1.30) | (1.50) | — | (3.34) | (3.34) | 34.14 | |
2015 | 45.90 | (0.40) | 1.65 | 1.25 | — | (8.17) | (8.17) | 38.98 | |
2014 | 49.65 | (0.49) | 5.89 | 5.40 | — | (9.15) | (9.15) | 45.90 | |
2013 | 41.35 | (0.27) | 11.72 | 11.45 | — | (3.15) | (3.15) | 49.65 | |
Class R6 (02/13) | |||||||||
2018(e) | 51.24 | (0.03) | 2.49 | 2.46 | — | (7.62) | (7.62) | 46.08 | |
2017 | 42.11 | (0.02) | 10.82 | 10.80 | — | (1.67) | (1.67) | 51.24 | |
2016 | 47.00 | 0.06 | (1.61) | (1.55) | — | (3.34) | (3.34) | 42.11 | |
2015 | 53.36 | (0.16) | 1.97 | 1.81 | — | (8.17) | (8.17) | 47.00 | |
2014 | 55.97 | (0.23) | 6.77 | 6.54 | — | (9.15) | (9.15) | 53.36 | |
2013(f) | 46.61 | (0.05) | 9.41 | 9.36 | — | — | — | 55.97 | |
Class I (12/89) | |||||||||
2018(e) | 50.85 | (0.07) | 2.48 | 2.41 | — | (7.62) | (7.62) | 45.64 | |
2017 | 41.87 | (0.08) | 10.73 | 10.65 | — | (1.67) | (1.67) | 50.85 | |
2016 | 46.81 | (0.04) | (1.56) | (1.60) | — | (3.34) | (3.34) | 41.87 | |
2015 | 53.24 | (0.23) | 1.97 | 1.74 | — | (8.17) | (8.17) | 46.81 | |
2014 | 55.93 | (0.29) | 6.75 | 6.46 | — | (9.15) | (9.15) | 53.24 | |
2013 | 45.97 | (0.06) | 13.17 | 13.11 | — | (3.15) | (3.15) | 55.93 |
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) | |
5.14% | $234,103 | 1.23%* | (0.59)%* | 1.17%* | (0.53)%* | 47% | |
25.89 | 250,908 | 1.23 | (0.48) | 1.17 | (0.43) | 136 | |
(3.78) | 280,681 | 1.29 | (0.35) | 1.27 | (0.33) | 89 | |
3.68 | 365,394 | 1.30 | (0.72) | 1.30 | (0.72) | 118 | |
12.89 | 371,601 | 1.30 | (0.81) | 1.30 | (0.81) | 106 | |
30.27 | 355,086 | 1.30 | (0.38) | 1.29 | (0.38) | 108 | |
4.78 | 14,950 | 1.98* | (1.34)* | 1.92* | (1.28)* | 47 | |
24.95 | 16,278 | 1.98 | (1.23) | 1.92 | (1.18) | 136 | |
(4.50) | 16,956 | 2.04 | (1.10) | 2.02 | (1.08) | 89 | |
2.91 | 22,284 | 2.05 | (1.47) | 2.05 | (1.47) | 118 | |
12.01 | 24,304 | 2.05 | (1.56) | 2.05 | (1.56) | 106 | |
29.33 | 22,181 | 2.05 | (1.14) | 2.04 | (1.13) | 108 | |
5.03 | 32,677 | 1.48* | (0.84)* | 1.42* | (0.78)* | 47 | |
25.60 | 35,402 | 1.48 | (0.72) | 1.42 | (0.66) | 136 | |
(4.04) | 55,093 | 1.54 | (0.59) | 1.52 | (0.57) | 89 | |
3.43 | 54,866 | 1.55 | (0.98) | 1.55 | (0.98) | 118 | |
12.59 | 64,262 | 1.55 | (1.10) | 1.55 | (1.10) | 106 | |
29.97 | 47,168 | 1.55 | (0.63) | 1.54 | (0.63) | 108 | |
5.36 | 61,638 | 0.84* | (0.19)* | 0.78* | (0.14)* | 47 | |
26.41 | 72,703 | 0.84 | (0.09) | 0.78 | (0.03) | 136 | |
(3.41) | 50,677 | 0.89 | 0.12 | 0.86 | 0.14 | 89 | |
4.09 | 31,167 | 0.92 | (0.33) | 0.92 | (0.33) | 118 | |
13.31 | 16,192 | 0.92 | (0.44) | 0.92 | (0.44) | 106 | |
20.12 | 25,874 | 0.92* | (0.14)* | 0.92* | (0.14)* | 108 | |
5.29 | 408,467 | 0.98* | (0.34)* | 0.92* | (0.28)* | 47 | |
26.20 | 425,158 | 0.98 | (0.23) | 0.92 | (0.18) | 136 | |
(3.54) | 491,747 | 1.04 | (0.10) | 1.02 | (0.08) | 89 | |
3.95 | 730,560 | 1.05 | (0.47) | 1.05 | (0.47) | 118 | |
13.15 | 814,636 | 1.05 | (0.56) | 1.05 | (0.56) | 106 | |
30.60 | 776,915 | 1.05 | (0.13) | 1.04 | (0.12) | 108 |
(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, when 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 April 30, 2018. |
(f) | For the period February 28, 2013 (commencement of operations) through October 31, 2013. |
* | Annualized. |
Selected data for a share outstanding throughout each period:
Investment Operations | Less Distributions | ||||||||
Class (Commencement Date) Year Ended October 31, | Beginning NAV | Net Investment Income (Loss)(a) | Net Realized/ Unrealized Gain (Loss) | Total | From Net Investment Income | From Accumulated Net Realized Gains | Total | Ending NAV | |
Class A (08/95) | |||||||||
2018(e) | $24.78 | $(0.08) | $1.41 | $ 1.33 | $ — | $(3.01) | $(3.01) | $23.10 | |
2017 | 19.90 | (0.16) | 5.14 | 4.98 | — | (0.10) | (0.10) | 24.78 | |
2016 | 21.57 | (0.10) | 0.45 | 0.35 | — | (2.02) | (2.02) | 19.90 | |
2015 | 24.41 | (0.22) | 0.33 | 0.11 | — | (2.95) | (2.95) | 21.57 | |
2014 | 27.13 | (0.26) | 2.35 | 2.09 | — | (4.81) | (4.81) | 24.41 | |
2013 | 21.25 | (0.26) | 7.93 | 7.67 | — | (1.79) | (1.79) | 27.13 | |
Class C (09/01) | |||||||||
2018(e) | 19.79 | (0.13) | 1.09 | 0.96 | — | (3.01) | (3.01) | 17.74 | |
2017 | 16.02 | (0.26) | 4.13 | 3.87 | — | (0.10) | (0.10) | 19.79 | |
2016 | 17.89 | (0.20) | 0.35 | 0.15 | — | (2.02) | (2.02) | 16.02 | |
2015 | 20.89 | (0.33) | 0.28 | (0.05) | — | (2.95) | (2.95) | 17.89 | |
2014 | 24.05 | (0.38) | 2.03 | 1.65 | — | (4.81) | (4.81) | 20.89 | |
2013 | 19.17 | (0.38) | 7.05 | 6.67 | — | (1.79) | (1.79) | 24.05 | |
Class R3 (12/00) | |||||||||
2018(e) | 23.56 | (0.11) | 1.33 | 1.22 | — | (3.01) | (3.01) | 21.77 | |
2017 | 18.97 | (0.21) | 4.90 | 4.69 | — | (0.10) | (0.10) | 23.56 | |
2016 | 20.71 | (0.14) | 0.42 | 0.28 | — | (2.02) | (2.02) | 18.97 | |
2015 | 23.60 | (0.27) | 0.33 | 0.06 | — | (2.95) | (2.95) | 20.71 | |
2014 | 26.45 | (0.31) | 2.27 | 1.96 | — | (4.81) | (4.81) | 23.60 | |
2013 | 20.81 | (0.30) | 7.73 | 7.43 | — | (1.79) | (1.79) | 26.45 | |
Class R6 (06/16) | |||||||||
2018(e) | 28.72 | (0.05) | 1.66 | 1.61 | — | (3.01) | (3.01) | 27.32 | |
2017 | 22.96 | (0.08) | 5.94 | 5.86 | — | (0.10) | (0.10) | 28.72 | |
2016(f) | 21.63 | (0.02) | 1.35 | 1.33 | — | — | — | 22.96 | |
Class I (08/95) | |||||||||
2018(e) | 28.66 | (0.06) | 1.65 | 1.59 | — | (3.01) | (3.01) | 27.24 | |
2017 | 22.94 | (0.12) | 5.94 | 5.82 | — | (0.10) | (0.10) | 28.66 | |
2016 | 24.51 | (0.06) | 0.51 | 0.45 | — | (2.02) | (2.02) | 22.94 | |
2015 | 27.26 | (0.19) | 0.39 | 0.20 | — | (2.95) | (2.95) | 24.51 | |
2014 | 29.68 | (0.23) | 2.62 | 2.39 | — | (4.81) | (4.81) | 27.26 | |
2013 | 23.03 | (0.21) | 8.65 | 8.44 | — | (1.79) | (1.79) | 29.68 |
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) | |
5.88% | $35,568 | 1.42%* | (0.91)%* | 1.24%* | (0.72)%* | 60% | |
25.07 | 34,934 | 1.41 | (0.80) | 1.30 | (0.69) | 95 | |
1.90 | 31,255 | 1.48 | (0.58) | 1.42 | (0.52) | 106 | |
0.72 | 33,922 | 1.50 | (1.00) | 1.47 | (0.97) | 128 | |
9.07 | 38,990 | 1.57 | (1.19) | 1.47 | (1.09) | 125 | |
39.22 | 40,965 | 1.55 | (1.17) | 1.46 | (1.09) | 119 | |
5.45 | 2,066 | 2.18* | (1.65)* | 1.99* | (1.47)* | 60 | |
24.21 | 2,181 | 2.16 | (1.55) | 2.05 | (1.44) | 95 | |
1.10 | 1,971 | 2.23 | (1.32) | 2.18 | (1.27) | 106 | |
(0.03) | 2,278 | 2.25 | (1.75) | 2.22 | (1.72) | 128 | |
8.26 | 2,250 | 2.32 | (1.94) | 2.22 | (1.84) | 125 | |
38.17 | 2,350 | 2.30 | (1.91) | 2.22 | (1.83) | 119 | |
5.71 | 1,556 | 1.68* | (1.17)* | 1.49* | (0.99)* | 60 | |
24.77 | 1,608 | 1.66 | (1.05) | 1.55 | (0.94) | 95 | |
1.62 | 1,631 | 1.73 | (0.83) | 1.67 | (0.78) | 106 | |
0.50 | 1,439 | 1.75 | (1.26) | 1.72 | (1.23) | 128 | |
8.77 | 2,077 | 1.82 | (1.44) | 1.72 | (1.34) | 125 | |
38.86 | 1,941 | 1.80 | (1.40) | 1.72 | (1.32) | 119 | |
6.06 | 18,211 | 1.06* | (0.53)* | 0.87* | (0.34)* | 60 | |
25.56 | 19,108 | 1.04 | (0.43) | 0.93 | (0.32) | 95 | |
6.15 | 19,524 | 1.02* | (0.29)* | 0.96* | (0.23)* | 106 | |
6.00 | 44,386 | 1.18* | (0.66)* | 0.99* | (0.48)* | 60 | |
25.41 | 43,557 | 1.16 | (0.56) | 1.05 | (0.44) | 95 | |
2.10 | 34,468 | 1.24 | (0.32) | 1.19 | (0.26) | 106 | |
1.00 | 62,403 | 1.25 | (0.75) | 1.22 | (0.71) | 128 | |
9.34 | 62,887 | 1.32 | (0.94) | 1.22 | (0.84) | 125 | |
39.55 | 48,141 | 1.30 | (0.90) | 1.22 | (0.82) | 119 |
(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, when 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 April 30, 2018. |
(f) | For the period June 30, 2016 (commencement of operations) through October 31, 2016. |
* | Annualized. |
Mid Cap Growth Opportunities | Level 1 | Level 2 | Level 3 | Total |
Long-Term Investments*: | ||||
Common Stocks | $738,819,515 | $ — | $ — | $738,819,515 |
Exchange-Traded Funds | 9,722,972 | — | — | 9,722,972 |
Investments Purchased with Collateral from Securities Lending | 19,896,097 | — | — | 19,896,097 |
Total | $768,438,584 | $ — | $ — | $768,438,584 |
Small Cap Growth Opportunities | Level 1 | Level 2 | Level 3 | Total |
Long-Term Investments*: | ||||
Common Stocks | $ 98,105,093 | $ — | $ 1** | $ 98,105,094 |
Exchange-Traded Funds | 1,258,815 | — | — | 1,258,815 |
Investments Purchased with Collateral from Securities Lending | 4,813,963 | — | — | 4,813,963 |
Short-Term Investments: | ||||
Money Market Funds | 2,766,480 | — | — | 2,766,480 |
Total | $106,944,351 | $ — | $ 1 | $106,944,352 |
* | Refer to the Fund's Portfolio of Investments for industry classifications. |
** | Refer to the Fund's Portfolio of Investments for securities classified as Level 3. |
(i) | If available, fair value determinations shall be derived by extrapolating from recent transactions or quoted prices for identical or comparable securities. |
(ii) | If such information is not available, an analytical valuation methodology may be used based on other available information including, but not limited to: analyst appraisals, research reports, corporate action information, issuer financial statements and shelf registration statements. Such analytical valuation methodologies may include, but are not limited to: multiple of earnings, discount from market value of a similar freely- traded security, discounted cash flow analysis, book value or a multiple thereof, risk premium/yield analysis, yield to maturity and/or fundamental investment analysis. |
Fund | Asset Class out on Loan | Long-Term Investments, at Value | Collateral Pledged (From) Counterparty* | Net Exposure |
Mid Cap Growth Opportunities | ||||
Common Stocks | $ 9,827,405 | $ (9,827,405) | $ — | |
Exchange-Traded Funds | 9,472,122 | (9,472,122) | — | |
Total | $19,299,527 | $(19,299,527) | $ — | |
Small Cap Growth Opportunities | ||||
Common Stocks | $ 4,349,774 | $ (4,349,774) | $ — | |
Exchange-Traded Funds | 381,980 | (381,980) | — | |
Total | $ 4,731,754 | $ (4,731,754) | $ — |
Six Months Ended 4/30/18 | Year Ended 10/31/17 | ||||
Mid Cap Growth Opportunities | Shares | Amount | Shares | Amount | |
Shares sold: | |||||
Class A | 203,374 | $ 7,916,349 | 599,732 | $ 23,211,270 | |
Class C | 28,495 | 799,699 | 31,633 | 966,677 | |
Class R3 | 80,317 | 2,913,663 | 206,167 | 7,572,310 | |
Class R6 | 78,221 | 3,688,941 | 659,180 | 28,826,884 | |
Class I | 494,471 | 23,376,618 | 866,620 | 39,559,805 | |
Shares issued to shareholders due to reinvestment of distributions: | |||||
Class A | 1,152,715 | 42,051,063 | 338,790 | 12,416,659 | |
Class C | 127,561 | 3,418,634 | 30,334 | 874,224 | |
Class R3 | 192,865 | 6,534,257 | 76,052 | 2,629,881 | |
Class R6 | 238,476 | 10,590,712 | 45,085 | 1,941,793 | |
Class I | 1,259,374 | 55,425,059 | 392,170 | 16,784,856 | |
3,855,869 | 156,714,995 | 3,245,763 | 134,784,359 | ||
Shares redeemed: | |||||
Class A | (937,250) | (36,866,101) | (2,941,519) | (112,861,968) | |
Class C | (95,746) | (2,758,212) | (172,357) | (5,236,118) | |
Class R3 | (207,014) | (7,365,777) | (1,030,127) | (37,314,487) | |
Class R6 | (398,026) | (18,648,182) | (488,649) | (22,975,747) | |
Class I | (1,165,139) | (54,431,993) | (4,643,529) | (208,787,035) | |
(2,803,175) | (120,070,265) | (9,276,181) | (387,175,355) | ||
Net increase (decrease) | 1,052,694 | $ 36,644,730 | (6,030,418) | $(252,390,996) |
Six Months Ended 4/30/18 | Year Ended 10/31/17 | ||||
Small Cap Growth Opportunities | Shares | Amount | Shares | Amount | |
Shares sold: | |||||
Class A | 46,323 | $ 1,088,749 | 113,239 | $ 2,567,846 | |
Class C | 7,114 | 124,767 | 20,459 | 371,311 | |
Class R3 | 24,259 | 518,422 | 22,228 | 479,017 | |
Class R6 | 201 | 5,502 | — | — | |
Class I | 249,002 | 6,835,546 | 458,134 | 11,977,142 | |
Shares issued to shareholders due to reinvestment of distributions: | |||||
Class A | 183,807 | 4,069,501 | 6,530 | 143,536 | |
Class C | 18,965 | 323,348 | 630 | 11,123 | |
Class R3 | 9,604 | 200,538 | 342 | 7,155 | |
Class R6 | 76,532 | 2,000,545 | 2,978 | 75,588 | |
Class I | 110,271 | 2,875,871 | 3,494 | 88,598 | |
726,078 | 18,042,789 | 628,034 | 15,721,316 | ||
Shares redeemed: | |||||
Class A | (100,060) | (2,330,671) | (280,941) | (6,347,802) | |
Class C | (19,851) | (354,927) | (33,860) | (623,759) | |
Class R3 | (30,659) | (648,939) | (40,281) | (858,266) | |
Class R6 | (75,481) | (2,070,276) | (187,954) | (4,955,000) | |
Class I | (249,649) | (6,697,768) | (444,348) | (11,626,549) | |
(475,700) | (12,102,581) | (987,384) | (24,411,376) | ||
Net increase (decrease) | 250,378 | $ 5,940,208 | (359,350) | $ (8,690,060) |
Mid Cap Growth Opportunities | Small Cap Growth Opportunities | |
Purchases | $370,587,986 | $60,146,897 |
Sales | 458,540,404 | 67,265,682 |
Mid Cap Growth Opportunities | Small Cap Growth Opportunities | |
Tax cost of investments | $631,579,509 | $88,481,700 |
Gross unrealized: | ||
Appreciation | $148,578,305 | $21,497,561 |
Depreciation | (11,719,230) | (3,034,909) |
Net unrealized appreciation (depreciation) of investments | $136,859,075 | $18,462,652 |
Mid Cap Growth Opportunities | Small Cap Growth Opportunities | |
Capital paid-in | $ 14,562,127 | $ 984,411 |
Undistributed (Over-distribution of) net investment income | 4,046,493 | 840,749 |
Accumulated net realized gain (loss) | (18,608,620) | (1,825,160) |
Mid Cap Growth Opportunities | Small Cap Growth Opportunities | |
Undistributed net ordinary income1 | $ 24,962,414 | $5,307,307 |
Undistributed net long-term capital gains | 101,624,839 | 6,020,190 |
1 | Net ordinary income consists of net taxable income derived from dividends, interest and net short-term capital gains, if any. |
Mid Cap Growth Opportunities | Small Cap Growth Opportunities | |
Distributions from net ordinary income1 | $ — | $ — |
Distributions from net long-term capital gains | 37,199,627 | 386,094 |
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 | Mid Cap Growth Opportunities | Small Cap Growth Opportunities |
For the first $125 million | 0.6000% | 0.6500% |
For the next $125 million | 0.5875 | 0.6375 |
For the next $250 million | 0.5750 | 0.6250 |
For the next $500 million | 0.5625 | 0.6125 |
For the next $1 billion | 0.5500 | 0.6000 |
For the next $3 billion | 0.5250 | 0.5750 |
For the next $2.5 billion | 0.5000 | 0.5500 |
For the next $2.5 billion | 0.4875 | 0.5375 |
For net assets over $10 billion | 0.4750 | 0.5250 |
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 | Expense Cap | Expense Cap Expiration Date |
Mid Cap Growth Opportunities | 0.92% | July 31, 2019 |
Small Cap Growth Opportunities | 0.99% | July 31, 2019 |
Mid Cap Growth Opportunities | Small Cap Growth Opportunities | |
Sales charges collected | $19,857 | $13,359 |
Paid to financial intermediaries | 17,414 | 11,790 |
Mid Cap Growth Opportunities | Small Cap Growth Opportunities | |
Commission advances | $2,864 | $769 |
Mid Cap Growth Opportunities | Small Cap Growth Opportunities | |
12b-1 fees retained | $2,860 | $1,249 |
Mid Cap Growth Opportunities | Small Cap Growth Opportunities | |
CDSC retained | $732 | $814 |
Serving Investors for Generations
Nuveen:
Serving Investors for Generations
Since 1898, financial advisors and their clients have relied on Nuveen to provide dependable investment solutions through continued adherence to proven, long-term investing principles. Today, we offer a range of high quality solutions designed to be integral components of a well-diversified core portfolio.
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Securities offered through Nuveen Securities, LLC, member FINRA and SIPC | 333 West Wacker Drive | Chicago, IL 60606 | www.nuveen.com | MAN-FCGO-1017P |
Mutual Funds
30 April
2018
Nuveen Equity Funds
Fund Name | Class A | Class C | Class R3 | Class I | ||||
Nuveen Large Cap Select Fund | FLRAX | FLYCX | — | FLRYX | ||||
Nuveen Small Cap Select Fund | EMGRX | FHMCX | ASEIX | ARSTX |
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Fund Name | Class A | Class C | Class R3 | Class R6 | Class I |
Nuveen Large Cap Select Fund | FLRAX | FLYCX | — | — | FLRYX |
Nuveen Small Cap Select Fund | EMGRX | FHMCX | ASEIX | ASEFX | ARSTX |
to Shareholders
performance?
performance?
and Expense Ratios
Cumulative | Average Annual | ||||
6-Month | 1-Year | 5-Year | 10-Year | ||
Class A Shares at NAV | 6.09% | 17.22% | 13.92% | 8.51% | |
Class A Shares at maximum Offering Price | (0.01)% | 10.47% | 12.58% | 7.87% | |
S&P 500® Index | 3.82% | 13.27% | 12.96% | 9.02% | |
Lipper Large-Cap Core Funds Classification Average | 3.41% | 12.23% | 11.48% | 7.98% | |
Class C Shares | 5.63% | 16.32% | 13.05% | 7.69% | |
Class I Shares | 6.21% | 17.52% | 14.21% | 8.78% |
Cumulative | Average Annual | ||||
6-Month | 1-Year | 5-Year | 10-Year | ||
Class A Shares at NAV | 7.67% | 16.51% | 13.73% | 8.99% | |
Class A Shares at maximum Offering Price | 1.50% | 9.82% | 12.40% | 8.35% | |
Class C Shares | 7.22% | 15.62% | 12.88% | 8.18% | |
Class I Shares | 7.78% | 16.78% | 14.03% | 9.26% |
Share Class | |||
Class A | Class C | Class I | |
Gross Expense Ratios | 1.19% | 1.94% | 0.94% |
Net Expense Ratios | 1.14% | 1.89% | 0.89% |
Cumulative | Average Annual | ||||
6-Month | 1-Year | 5-Year | 10-Year | ||
Class A Shares at NAV | 5.27% | 10.85% | 11.45% | 9.37% | |
Class A Shares at maximum Offering Price | (0.80)% | 4.45% | 10.15% | 8.72% | |
Russell 2000® Index | 3.27% | 11.54% | 11.74% | 9.49% | |
Lipper Small-Cap Core Funds Classification Average | 1.88% | 8.84% | 10.51% | 8.82% | |
Class C Shares | 4.83% | 9.84% | 10.60% | 8.54% | |
Class R3 Shares | 5.19% | 10.55% | 11.16% | 9.09% | |
Class I Shares | 5.44% | 11.08% | 11.73% | 9.64% |
Cumulative | ||
Since Inception | ||
Class R6 | 1.86% |
Cumulative | Average Annual | ||||
6-Month | 1-Year | 5-Year | 10-Year | ||
Class A Shares at NAV | 2.88% | 8.75% | 10.58% | 9.75% | |
Class A Shares at maximum Offering Price | (3.01)% | 2.48% | 9.28% | 9.09% | |
Class C Shares | 2.42% | 7.90% | 9.74% | 8.92% | |
Class R3 Shares | 2.70% | 8.50% | 10.29% | 9.47% | |
Class I Shares | 2.95% | 8.96% | 10.83% | 10.01% |
Cumulative | ||
Since Inception | ||
Class R6 | 0.25% |
Share Class | |||||
Class A | Class C | Class R3 | Class R6 | Class I | |
Gross Expense Ratios | 1.41% | 2.16% | 1.66% | 1.00% | 1.16% |
Net Expense Ratios | 1.24% | 1.99% | 1.49% | 0.83% | 0.99% |
Summaries as of April 30, 2018
Fund Allocation (% of net assets) | |
Common Stocks | 98.0% |
Money Market Funds | 0.3% |
Other Assets Less Liabilities | 1.7% |
Net Assets | 100% |
Portfolio Composition (% of net assets) | |
Banks | 11.2% |
Software | 9.7% |
Health Care Providers & Services | 8.1% |
Oil, Gas & Consumable Fuels | 8.0% |
IT Services | 7.3% |
Technology Hardware, Storage & Peripherals | 4.8% |
Capital Markets | 4.5% |
Pharmaceuticals | 3.8% |
Internet Software & Services | 3.6% |
Semiconductors & Semiconductor Equipment | 3.5% |
Aerospace & Defense | 3.3% |
Hotels, Restaurants & Leisure | 3.3% |
Biotechnology | 3.0% |
Internet & Direct Marketing Retail | 2.6% |
Communications Equipment | 2.4% |
Other | 18.9% |
Money Market Funds | 0.3% |
Other Assets Less Liabilities | 1.7% |
Net Assets | 100% |
Top Five Common Stock Holdings (% of net assets) | |
Microsoft Corporation | 5.1% |
JPMorgan Chase & Co. | 4.1% |
Anadarko Petroleum Corporation | 3.7% |
Alphabet Inc., Class A | 3.6% |
CIGNA Corporation | 2.9% |
Fund Allocation (% of net assets) | |
Common Stocks | 97.7% |
Exchange-Traded Funds | 0.7% |
Investments Purchased with Collateral from Securities Lending | 2.9% |
Money Market Funds | 1.5% |
Other Assets Less Liabilities | (2.8)% |
Net Assets | 100% |
Portfolio Composition (% of net assets) | |
Banks | 13.6% |
Software | 7.8% |
Health Care Providers & Services | 5.5% |
Equity Real Estate Investment Trust | 4.4% |
Biotechnology | 3.9% |
Machinery | 3.4% |
Building Products | 3.4% |
Commercial Services & Supplies | 3.2% |
Hotels, Restaurants & Leisure | 3.1% |
Oil, Gas & Consumable Fuels | 3.1% |
Pharmaceuticals | 2.8% |
Chemicals | 2.8% |
Communications Equipment | 2.7% |
Insurance | 2.5% |
Specialty Retail | 2.5% |
Internet Software & Services | 2.5% |
Semiconductors & Semiconductor Equipment | 2.4% |
Textiles, Apparel & Luxury Goods | 2.4% |
Road & Rail | 2.3% |
Capital Markets | 1.7% |
Thrifts & Mortgage Finance | 1.5% |
Construction & Engineering | 1.5% |
Other | 19.4% |
Investments Purchased with Collateral from Securities Lending | 2.9% |
Money Market Funds | 1.5% |
Other Assets Less Liabilities | (2.8)% |
Net Assets | 100% |
Top Five Common Stock Holdings (% of net assets) | |
MSA Safety Inc. | 1.7% |
Evercore Partners Inc. | 1.7% |
Summit Hotel Properties Inc. | 1.7% |
Plantronics Inc. | 1.6% |
Renasant Corporation | 1.6% |
Examples
Share Class | |||
Class A | Class C | Class I | |
Actual Performance | |||
Beginning Account Value | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value | $1,060.90 | $1,056.30 | $1,062.10 |
Expenses Incurred During the Period | $ 5.83 | $ 9.64 | $ 4.55 |
Hypothetical Performance (5% annualized return before expenses) | |||
Beginning Account Value | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value | $1,019.14 | $1,015.42 | $1,020.38 |
Expenses Incurred During the Period | $ 5.71 | $ 9.44 | $ 4.46 |
Share Class | |||||
Class A | Class C | Class R3 | Class R6 | Class I | |
Actual Performance | |||||
Beginning Account Value | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value | $1,052.70 | $1,048.30 | $1,051.90 | $1,018.60 | $1,054.40 |
Expenses Incurred During the Period | $ 6.31 | $ 10.11 | $ 7.58 | $ 1.57 | $ 5.04 |
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 | $1,018.65 | $1,014.93 | $1,017.41 | $1,006.80 | $1,019.89 |
Expenses Incurred During the Period | $ 6.21 | $ 9.94 | $ 7.45 | $ 1.56 | $ 4.96 |
Shares | Description (1) | Value | ||||
LONG-TERM INVESTMENTS – 98.0% | ||||||
COMMON STOCKS – 98.0% | ||||||
Aerospace & Defense – 3.3% | ||||||
3,256 | Boeing Company | $1,086,071 | ||||
4,014 | Lockheed Martin Corporation | 1,287,852 | ||||
Total Aerospace & Defense | 2,373,923 | |||||
Air Freight & Logistics – 1.2% | ||||||
8,797 | XPO Logistics, Incorporated, (2) | 854,716 | ||||
Airlines – 1.4% | ||||||
19,171 | Delta Air Lines, Inc. | 1,001,110 | ||||
Banks – 11.2% | ||||||
63,046 | Bank of America Corporation | 1,886,336 | ||||
29,523 | Citigroup Inc. | 2,015,535 | ||||
26,968 | JPMorgan Chase & Co. | 2,933,579 | ||||
58,382 | KeyCorp. | 1,162,970 | ||||
Total Banks | 7,998,420 | |||||
Biotechnology – 3.0% | ||||||
16,333 | Gilead Sciences, Inc. | 1,179,733 | ||||
6,422 | Vertex Pharmaceuticals Inc., (2) | 983,593 | ||||
Total Biotechnology | 2,163,326 | |||||
Capital Markets – 4.5% | ||||||
32,808 | E*TRADE Financial Corporation, (2) | 1,990,790 | ||||
13,559 | Raymond James Financial Inc. | 1,216,920 | ||||
Total Capital Markets | 3,207,710 | |||||
Chemicals – 1.1% | ||||||
7,731 | Eastman Chemical Company | 789,180 | ||||
Communications Equipment – 2.4% | ||||||
39,339 | Cisco Systems, Inc. | 1,742,324 | ||||
Containers & Packaging – 1.0% | ||||||
11,435 | WestRock Company | 676,495 | ||||
Electric Utilities – 1.1% | ||||||
19,101 | Exelon Corporation | 757,928 | ||||
Electrical Equipment – 0.9% | ||||||
6,464 | Hubbell Inc. | 671,351 |
Shares | Description (1) | Value | ||||
Energy Equipment & Services – 0.8% | ||||||
10,896 | Halliburton Company | $ 577,379 | ||||
Equity Real Estate Investment Trust – 1.0% | ||||||
1,681 | Equinix Inc. | 707,348 | ||||
Food & Staples Retailing – 1.6% | ||||||
12,645 | Wal-Mart Stores, Inc. | 1,118,577 | ||||
Food Products – 1.0% | ||||||
19,635 | ConAgra Foods, Inc. | 727,869 | ||||
Health Care Equipment & Supplies – 1.3% | ||||||
31,383 | Boston Scientific Corporation, (2) | 901,320 | ||||
Health Care Providers & Services – 8.1% | ||||||
12,077 | CIGNA Corporation | 2,075,070 | ||||
13,481 | CVS Health Corporation | 941,378 | ||||
15,173 | Express Scripts, Holding Company, (2) | 1,148,596 | ||||
5,557 | Humana Inc. | 1,634,759 | ||||
Total Health Care Providers & Services | 5,799,803 | |||||
Hotels, Restaurants & Leisure – 3.3% | ||||||
9,285 | Hyatt Hotels Corporation, Class A | 713,738 | ||||
30,735 | MGM Resorts International Inc. | 965,694 | ||||
12,699 | Norwegian Cruise Line Holdings Limited, (2) | 679,015 | ||||
Total Hotels, Restaurants & Leisure | 2,358,447 | |||||
Insurance – 1.4% | ||||||
9,671 | Prudential Financial, Inc. | 1,028,221 | ||||
Internet & Direct Marketing Retail – 2.6% | ||||||
714 | Amazon.com, Inc., (2) | 1,118,217 | ||||
2,346 | NetFlix.com Inc., (2) | 733,031 | ||||
Total Internet & Direct Marketing Retail | 1,851,248 | |||||
Internet Software & Services – 3.6% | ||||||
2,503 | Alphabet Inc., Class A, (2) | 2,549,506 | ||||
IT Services – 7.3% | ||||||
10,837 | DXC Technology Company | 1,116,861 | ||||
82,688 | First Data Corporation, Class A, (2) | 1,496,653 | ||||
3,630 | FleetCor Technologies Inc., (2) | 752,426 | ||||
10,143 | MasterCard, Inc. | 1,808,193 | ||||
Total IT Services | 5,174,133 | |||||
Machinery – 0.6% | ||||||
2,705 | Cummins Inc. | 432,421 |
Shares | Description (1) | Value | ||||
Media – 2.1% | ||||||
15,394 | Time Warner Inc. | $ 1,459,351 | ||||
Oil, Gas & Consumable Fuels – 8.0% | ||||||
38,804 | Anadarko Petroleum Corporation | 2,612,285 | ||||
13,475 | HollyFrontier Corporation | 817,798 | ||||
20,050 | Occidental Petroleum Corporation | 1,549,063 | ||||
15,840 | Targa Resources Corporation | 744,005 | ||||
Total Oil, Gas & Consumable Fuels | 5,723,151 | |||||
Pharmaceuticals – 3.8% | ||||||
25,240 | Mylan NV, (2) | 978,302 | ||||
47,863 | Pfizer Inc. | 1,752,265 | ||||
Total Pharmaceuticals | 2,730,567 | |||||
Road & Rail – 2.4% | ||||||
16,547 | CSX Corporation | 982,727 | ||||
10,336 | Genesee & Wyoming Inc., (2) | 735,923 | ||||
Total Road & Rail | 1,718,650 | |||||
Semiconductors & Semiconductor Equipment – 3.5% | ||||||
4,436 | Broadcom Inc. | 1,017,707 | ||||
4,347 | Lam Research Corporation | 804,456 | ||||
5,743 | Monolithic Power Systems, Inc. | 672,505 | ||||
Total Semiconductors & Semiconductor Equipment | 2,494,668 | |||||
Software – 9.7% | ||||||
5,665 | Adobe Systems Incorporated, (2) | 1,255,365 | ||||
6,271 | Autodesk, Inc., (2) | 789,519 | ||||
38,840 | Microsoft Corporation | 3,632,316 | ||||
7,630 | Red Hat, Inc., (2) | 1,244,148 | ||||
Total Software | 6,921,348 | |||||
Technology Hardware, Storage & Peripherals – 4.8% | ||||||
10,877 | Apple, Inc. | 1,797,533 | ||||
51,916 | Hewlett Packard Enterprise Co | 885,168 | ||||
32,742 | HP Inc. | 703,625 | ||||
Total Technology Hardware, Storage & Peripherals | 3,386,326 | |||||
Total Long-Term Investments (cost $67,171,456) | 69,896,816 |
Shares | Description (1) | Coupon | Value | |||
SHORT-TERM INVESTMENTS – 0.3% | ||||||
Money Market Funds – 0.3% | ||||||
194,270 | First American Treasury Obligations Fund, Class Z | 1.537% (3) | $ 194,270 | |||
Total Short-Term Investments (cost $194,270) | 194,270 | |||||
Total Investments (cost $67,365,726) – 98.3% | 70,091,086 | |||||
Other Assets Less Liabilities – 1.7% | 1,202,009 | |||||
Net Assets – 100% | $ 71,293,095 |
For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease. | ||
(1) | All percentages shown in the Portfolio of Investments are based on net assets. | |
(2) | Non-income producing; issuer has not declared a dividend within the past twelve months. | |
(3) | The rate shown is the annualized seven-day subsidized yield as of the end of the reporting period. |
Shares | Description (1) | Value | ||||
LONG-TERM INVESTMENTS – 98.4% | ||||||
COMMON STOCKS – 97.7% | ||||||
Auto Components – 0.9% | ||||||
45,960 | Cooper Tire & Rubber Company | $ 1,123,722 | ||||
Banks – 13.6% | ||||||
22,100 | Banner Corporation | 1,268,540 | ||||
33,723 | Cathay General Bancorp. | 1,349,257 | ||||
42,800 | Customers Bancorp Inc., (2) | 1,233,496 | ||||
73,000 | Home Bancshares, Inc. | 1,696,520 | ||||
21,800 | IberiaBank Corporation | 1,633,910 | ||||
27,806 | Preferred Bank Los Angeles | 1,772,355 | ||||
44,213 | Renasant Corporation | 1,999,754 | ||||
70,000 | Sterling Bancorp. | 1,662,500 | ||||
24,700 | Webster Financial Corporation | 1,486,693 | ||||
21,000 | Western Alliance Bancorporation, (2) | 1,238,580 | ||||
17,100 | Wintrust Financial Corporation | 1,529,595 | ||||
Total Banks | 16,871,200 | |||||
Biotechnology – 3.9% | ||||||
4,350 | Blueprint Medicines Corporation, (2) | 333,732 | ||||
27,993 | Emergent BioSolutions, Inc., (2) | 1,451,717 | ||||
14,581 | EXACT Sciences Corporation, (2) | 729,196 | ||||
39,200 | Fate Therapeutics, Inc., (2) | 395,920 | ||||
8,332 | FibroGen, Inc., (2) | 378,689 | ||||
3,737 | Ligand Pharmaceuticals Inc., (2) | 578,675 | ||||
4,750 | Sage Therapeutics, Inc., (2) | 683,620 | ||||
3,400 | Sarepta Therapeutics Inc., (2) | 259,624 | ||||
Total Biotechnology | 4,811,173 | |||||
Building Products – 3.4% | ||||||
43,000 | Continental Building Products Inc., (2) | 1,208,300 | ||||
46,800 | Gibraltar Industries Inc. | 1,645,020 | ||||
45,958 | Jeld-Wen Holding, Inc., (2) | 1,291,879 | ||||
Total Building Products | 4,145,199 | |||||
Capital Markets – 1.7% | ||||||
20,660 | Evercore Partners Inc. | 2,091,825 | ||||
Chemicals – 2.8% | ||||||
80,700 | Ferro Corporation | 1,776,207 | ||||
21,300 | Ingevity Corporation, (2) | 1,636,479 | ||||
Total Chemicals | 3,412,686 |
Shares | Description (1) | Value | ||||
Commercial Services & Supplies – 3.2% | ||||||
85,405 | Interface, Inc. | $1,878,910 | ||||
24,520 | MSA Safety Inc. | 2,129,317 | ||||
Total Commercial Services & Supplies | 4,008,227 | |||||
Communications Equipment – 2.7% | ||||||
52,200 | Ciena Corporation, (2) | 1,344,150 | ||||
31,000 | Plantronics Inc. | 2,019,650 | ||||
Total Communications Equipment | 3,363,800 | |||||
Construction & Engineering – 1.5% | ||||||
41,748 | MasTec Inc., (2) | 1,836,912 | ||||
Electronic Equipment, Instruments & Components – 1.4% | ||||||
28,775 | Belden Inc. | 1,772,540 | ||||
Energy Equipment & Services – 1.5% | ||||||
166,900 | Superior Energy Services, Inc. | 1,790,837 | ||||
Equity Real Estate Investment Trust – 4.4% | ||||||
60,341 | Brandywine Realty Trust | 972,093 | ||||
69,487 | Select Income REIT | 1,317,474 | ||||
46,779 | STAG Industrial Inc. | 1,149,360 | ||||
141,990 | Summit Hotel Properties Inc. | 2,056,015 | ||||
Total Equity Real Estate Investment Trust | 5,494,942 | |||||
Gas Utilities – 1.4% | ||||||
24,200 | Southwest Gas Holdings, Inc. | 1,766,358 | ||||
Health Care Equipment & Supplies – 0.8% | ||||||
49,125 | K2M Group Holdings Inc., (2) | 938,288 | ||||
Health Care Providers & Services – 5.5% | ||||||
22,400 | AMN Healthcare Services Inc., (2) | 1,497,440 | ||||
24,900 | Encompass Health Corporation. | 1,514,418 | ||||
21,500 | LHC Group, Inc., (2) | 1,600,030 | ||||
39,653 | Premier Inc., Class A, (2) | 1,308,153 | ||||
25,297 | Tivity Health Inc., (2) | 909,427 | ||||
Total Health Care Providers & Services | 6,829,468 | |||||
Hotels, Restaurants & Leisure – 3.1% | ||||||
25,100 | BJ's Restaurants, Inc. | 1,401,835 | ||||
27,900 | Dave & Buster's Entertainment Inc., (2) | 1,185,471 | ||||
31,000 | Planet Fitness Inc., (2) | 1,248,990 | ||||
Total Hotels, Restaurants & Leisure | 3,836,296 | |||||
Household Durables – 1.1% | ||||||
48,400 | La Z Boy Inc. | 1,393,920 |
Shares | Description (1) | Value | ||||
Insurance – 2.5% | ||||||
44,051 | American Equity Investment Life Holding Company | $1,330,340 | ||||
83,000 | CNO Financial Group Inc. | 1,779,520 | ||||
Total Insurance | 3,109,860 | |||||
Internet Software & Services – 2.5% | ||||||
13,500 | 2U Inc., (2) | 1,086,615 | ||||
5,700 | GrubHub Inc., (2), (3) | 576,498 | ||||
32,497 | Twilio, Inc., (2), (3) | 1,371,698 | ||||
Total Internet Software & Services | 3,034,811 | |||||
IT Services – 1.1% | ||||||
11,788 | EPAM Systems Inc., (2) | 1,347,958 | ||||
Leisure Products – 1.1% | ||||||
39,500 | Malibu Boats Inc., Class A, (2) | 1,331,150 | ||||
Life Sciences Tools & Services – 1.2% | ||||||
29,000 | Cambrex Corporation, (2) | 1,535,550 | ||||
Machinery – 3.4% | ||||||
55,750 | Evoqua Water Technologies Co, (2) | 1,138,972 | ||||
46,900 | Kennametal Inc. | 1,709,505 | ||||
68,072 | Welbilt Incorporation, (2) | 1,304,260 | ||||
Total Machinery | 4,152,737 | |||||
Media – 1.1% | ||||||
22,100 | Nexstar Broadcasting Group, Inc. | 1,375,725 | ||||
Mortgage Real Estate Investment Trust – 1.3% | ||||||
212,544 | MFA Mortgage Investments, Inc. | 1,598,331 | ||||
Multiline Retail – 1.0% | ||||||
28,000 | Big Lots, Inc., (3) | 1,188,600 | ||||
Multi-Utilities – 1.2% | ||||||
26,967 | Black Hills Corporation | 1,528,490 | ||||
Oil, Gas & Consumable Fuels – 3.1% | ||||||
102,400 | Callon Petroleum Company, (2) | 1,424,384 | ||||
28,650 | Delek US Holdings Inc. | 1,357,151 | ||||
144,641 | HighPoint Resources Corp, (2) | 999,469 | ||||
Total Oil, Gas & Consumable Fuels | 3,781,004 | |||||
Pharmaceuticals – 2.8% | ||||||
114,572 | Horizon Pharma Inc., (2) | 1,516,933 | ||||
9,051 | Nektar Therapeutics, (2) | 757,207 | ||||
41,100 | Prestige Brands Holdings Inc., (2) | 1,209,984 | ||||
Total Pharmaceuticals | 3,484,124 |
Shares | Description (1) | Value | ||||
Professional Services – 1.2% | ||||||
27,004 | Korn Ferry International | $ 1,443,634 | ||||
Road & Rail – 2.3% | ||||||
30,700 | Knight-Swift Transportation Holdings Inc. | 1,197,607 | ||||
47,900 | Werner Enterprises, Inc. | 1,642,970 | ||||
Total Road & Rail | 2,840,577 | |||||
Semiconductors & Semiconductor Equipment – 2.4% | ||||||
13,993 | MKS Instruments Inc. | 1,432,883 | ||||
13,400 | Monolithic Power Systems, Inc. | 1,569,140 | ||||
Total Semiconductors & Semiconductor Equipment | 3,002,023 | |||||
Software – 7.8% | ||||||
28,100 | BlackLine, Inc., (2) | 1,163,340 | ||||
22,531 | CommVault Systems, Inc., (2) | 1,576,043 | ||||
9,348 | Proofpoint, Incorporated, (2) | 1,102,503 | ||||
47,213 | Rapid7 Inc., (2) | 1,333,295 | ||||
57,264 | SailPoint Technologies Holdings, (2) | 1,379,490 | ||||
108,300 | TiVo, Inc. | 1,532,445 | ||||
24,000 | Varonis Systems Inc., (2) | 1,568,400 | ||||
Total Software | 9,655,516 | |||||
Specialty Retail – 2.5% | ||||||
39,100 | Aaron Rents Inc. | 1,633,207 | ||||
11,200 | Childrens Place Retail Stores Inc. | 1,428,560 | ||||
Total Specialty Retail | 3,061,767 | |||||
Technology Hardware, Storage & Peripherals – 1.1% | ||||||
69,700 | Pure Storage Inc., Class A Shares, (2) | 1,410,031 | ||||
Textiles, Apparel & Luxury Goods – 2.4% | ||||||
17,800 | Oxford Industries Inc. | 1,371,312 | ||||
31,838 | Steven Madden Limited | 1,536,183 | ||||
Total Textiles, Apparel & Luxury Goods | 2,907,495 | |||||
Thrifts & Mortgage Finance – 1.5% | ||||||
50,000 | Bridgewater Bancshares Inc., (2) | 650,500 | ||||
87,554 | Radian Group Inc. | 1,252,022 | ||||
Total Thrifts & Mortgage Finance | 1,902,522 | |||||
Trading Companies & Distributors – 1.3% | ||||||
87,041 | MRC Global Inc., (2) | 1,630,278 | ||||
Total Common Stocks (cost $102,223,479) | 120,809,576 |
Shares | Description (1), (4) | Value | ||||
EXCHANGE-TRADED FUNDS – 0.7% | ||||||
10,000 | SPDR S&P Biotech ETF, (3) | $ 869,800 | ||||
Total Exchange-Traded Funds (cost $963,050) | 869,800 | |||||
Total Long-Term Investments (cost $103,186,529) | 121,679,376 |
Shares | Description (1) | Coupon | Value | |||
INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 2.9% | ||||||
Money Market Funds – 2.9% | ||||||
3,511,263 | First American Government Obligations Fund, Class X, (5) | 1.581% (6) | $ 3,511,263 | |||
Total Investments Purchased with Collateral from Securities Lending (cost $3,511,263) | 3,511,263 |
Shares | Description (1) | Coupon | Value | |||
SHORT-TERM INVESTMENTS – 1.5% | ||||||
Money Market Funds – 1.5% | ||||||
1,900,458 | First American Treasury Obligations Fund, Class Z | 1.537% (6) | $ 1,900,458 | |||
Total Short-Term Investments (cost $1,900,458) | 1,900,458 | |||||
Total Investments (cost $108,598,250) – 102.8% | 127,091,097 | |||||
Other Assets Less Liabilities – (2.8)% | (3,407,614) | |||||
Net Assets – 100% | $ 123,683,483 |
For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease. | ||
(1) | All percentages shown in the Portfolio of Investments are based on net assets. | |
(2) | Non-income producing; issuer has not declared a dividend within the past twelve months. | |
(3) | Investment, or a portion of investment, is out on loan for securities lending. The total value of the securities out on loan as of the end of the reporting period was $3,430,836. | |
(4) | A copy of the most recent financial statements for the exchange-traded funds in which the Fund invests can be obtained directly from the Securities and Exchange Commission on its website at http://www.sec.gov. | |
(5) | The Fund may loan securities representing up to one third of the fair value of its total assets (which includes collateral for securities on loan) to broker dealers, banks, and other institutions. The Fund maintains collateral equal to at least 100% of the fair value of the securities loaned. The cash collateral received by the Fund is invested in this money market fund. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Securities Lending for more information. | |
(6) | The rate shown is the annualized seven-day subsidized yield as of the end of the reporting period. | |
ETF | Exchange-Traded Fund | |
REIT | Real Estate Investment Trust | |
SPDR | Standard & Poor's Depositary Receipt |
Large Cap Select | Small Cap Select | |
Assets | ||
Long-term investments, at value (cost $67,171,456 and $103,186,529, respectively) | $69,896,816 | $121,679,376 |
Investment purchased with collateral from securities lending, at value (cost approximates value) | — | 3,511,263 |
Short-term investments, at value (cost approximates value) | 194,270 | 1,900,458 |
Receivable for: | ||
Dividends | 42,064 | 50,379 |
Due from broker | — | 646 |
Interest | 476 | 1,932 |
Investments sold | 2,235,527 | 802,539 |
Shares sold | 1,244,860 | 83,926 |
Other assets | 25,397 | 46,710 |
Total assets | 73,639,410 | 128,077,229 |
Liabilities | ||
Payable for: | ||
Collateral from securities lending program | — | 3,511,263 |
Investments purchased | 2,221,051 | 647,449 |
Shares redeemed | 43,201 | 65,743 |
Accrued expenses: | ||
Directors fees | 577 | 16,447 |
Management fees | 40,751 | 74,107 |
12b-1 distribution and service fees | 5,737 | 19,824 |
Other | 34,998 | 58,913 |
Total liabilities | 2,346,315 | 4,393,746 |
Net assets | $71,293,095 | $123,683,483 |
Large Cap Select | Small Cap Select | |
Class A Shares | ||
Net assets | $21,410,327 | $ 66,031,334 |
Shares outstanding | 737,279 | 7,012,343 |
Net asset value ("NAV") per share | $ 29.04 | $ 9.42 |
Offering price per share (NAV per share plus maximum sales charge of 5.75% of offering price) | $ 30.81 | $ 9.99 |
Class C Shares | ||
Net assets | $ 2,071,199 | $ 4,651,275 |
Shares outstanding | 76,634 | 759,687 |
NAV and offering price per share | $ 27.03 | $ 6.12 |
Class R3 Shares | ||
Net assets | $ — | $ 5,799,209 |
Shares outstanding | — | 680,603 |
NAV and offering price per share | $ — | $ 8.52 |
Class R6 Shares | ||
Net assets | $ — | $ 7,925,739 |
Shares outstanding | — | 658,306 |
NAV and offering price per share | $ — | $ 12.04 |
Class I Shares | ||
Net assets | $47,811,569 | $ 39,275,926 |
Shares outstanding | 1,633,955 | 3,263,484 |
NAV and offering price per share | $ 29.26 | $ 12.03 |
Net assets consist of: | ||
Capital paid-in | $68,363,463 | $ 94,803,000 |
Undistributed (Over-distribution of) net investment income | 44,959 | (52,963) |
Accumulated net realized gain (loss) | 159,313 | 10,440,599 |
Net unrealized appreciation (depreciation) | 2,725,360 | 18,492,847 |
Net assets | $71,293,095 | $123,683,483 |
Authorized shares - per class | 2 billion | 2 billion |
Par value per share | $ 0.0001 | $ 0.0001 |
Large Cap Select | Small Cap Select | |
Investment Income | ||
Dividend and interest income | $ 496,231 | $ 698,192 |
Securities lending income | 582 | 6,056 |
Total investment income | 496,813 | 704,248 |
Expenses | ||
Management fees | 234,940 | 532,480 |
12b-1 service fees - Class A Shares | 22,055 | 83,244 |
12b-1 distibution and service fees - Class C Shares | 8,961 | 23,809 |
12b-1 distibution and service fees - Class R3 Shares | — | 13,978 |
Shareholder servicing agent fees | 23,607 | 80,118 |
Custodian fees | 5,619 | 9,539 |
Trustees fees | 905 | 1,701 |
Professional fees | 12,141 | 24,933 |
Shareholder reporting expenses | 10,259 | 23,669 |
Federal and state registration fees | 26,606 | 34,389 |
Other | 2,494 | 1,648 |
Total expenses before fee waiver/expense reimbursement | 347,587 | 829,508 |
Fee waiver/expense reimbursement | (17,871) | (88,919) |
Net expenses | 329,716 | 740,589 |
Net investment income (loss) | 167,097 | (36,341) |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) from investments | 167,415 | 11,506,421 |
Change in net unrealized appreciation (depreciation) of investments | 3,557,558 | (4,880,497) |
Net realized and unrealized gain (loss) | 3,724,973 | 6,625,924 |
Net increase (decrease) in net assets from operations | $3,892,070 | $ 6,589,583 |
Large Cap Select | Small Cap Select | ||||
Six Months Ended 4/30/18 | Year Ended 10/31/17 | Six Months Ended 4/30/18 | Year Ended 10/31/17 | ||
Operations | |||||
Net investment income (loss) | $ 167,097 | $ 330,935 | $ (36,341) | $ (142,265) | |
Net realized gain (loss) from investments | 167,415 | 18,059,345 | 11,506,421 | 16,820,611 | |
Change in net unrealized appreciation (depreciation) of investments | 3,557,558 | (3,775,464) | (4,880,497) | 8,983,886 | |
Net increase (decrease) in net assets from operations | 3,892,070 | 14,614,816 | 6,589,583 | 25,662,232 | |
Distributions to Shareholders | |||||
From net investment income: | |||||
Class A Shares | (77,536) | (36,515) | — | (39,734) | |
Class C Shares | — | — | — | — | |
Class R3 Shares | — | — | — | — | |
Class R6 Shares(1) | — | — | — | — | |
Class I Shares | (329,524) | (262,175) | — | (145,773) | |
From accumulated net realized gains: | |||||
Class A Shares | — | — | (7,904,269) | (7,273,098) | |
Class C Shares | — | — | (820,325) | (814,522) | |
Class R3 Shares | — | — | (706,127) | (626,460) | |
Class R6 Shares(1) | — | — | — | — | |
Class I Shares | — | — | (4,631,487) | (4,130,328) | |
Decrease in net assets from distributions to shareholders | (407,060) | (298,690) | (14,062,208) | (13,029,915) | |
Fund Share Transactions | |||||
Proceeds from sale of shares | 11,564,656 | 18,056,178 | 12,917,690 | 20,053,706 | |
Proceeds from shares issued to shareholders due to reinvestment of distributions | 323,123 | 232,524 | 13,429,298 | 12,340,502 | |
11,887,779 | 18,288,702 | 26,346,988 | 32,394,208 | ||
Cost of shares redeemed | (5,845,921) | (17,493,108) | (22,039,354) | (42,115,810) | |
Net increase (decrease) in net assets from Fund share transactions | 6,041,858 | 795,594 | 4,307,634 | (9,721,602) | |
Net increase (decrease) in net assets | 9,526,868 | 15,111,720 | (3,164,991) | 2,910,715 | |
Net assets at the beginning of period | 61,766,227 | 46,654,507 | 126,848,474 | 123,937,759 | |
Net assets at the end of period | $71,293,095 | $ 61,766,227 | $123,683,483 | $126,848,474 | |
Undistributed (Over-distribution of) net investment income at the end of period | $ 44,959 | $ 284,922 | $ (52,963) | $ (16,622) |
(1) | Small Cap Select's Class R6 Shares were established on February 28, 2018. |
Selected data for a share outstanding throughout each period:
Investment Operations | Less Distributions | ||||||||
Class (Commencement Date) Year Ended October 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 (01/03) | |||||||||
2018(e) | $27.50 | $ 0.05 | $1.62 | $1.67 | $(0.13) | $ — | $(0.13) | $29.04 | |
2017 | 21.24 | 0.10 | 6.25 | 6.35 | (0.09) | — | (0.09) | 27.50 | |
2016 | 20.59 | 0.09 | 0.61 | 0.70 | (0.05) | — | (0.05) | 21.24 | |
2015 | 20.13 | 0.08 | 0.46 | 0.54 | (0.08) | — | (0.08) | 20.59 | |
2014 | 17.65 | 0.05 | 2.48 | 2.53 | (0.05) | — | (0.05) | 20.13 | |
2013 | 13.42 | 0.07 | 4.22 | 4.29 | (0.06) | — | (0.06) | 17.65 | |
Class C (01/03) | |||||||||
2018(e) | 25.57 | (0.06) | 1.52 | 1.46 | — | — | — | 27.03 | |
2017 | 19.82 | (0.08) | 5.83 | 5.75 | — | — | — | 25.57 | |
2016 | 19.31 | (0.06) | 0.57 | 0.51 | — | — | — | 19.82 | |
2015 | 18.96 | (0.07) | 0.42 | 0.35 | — | — | — | 19.31 | |
2014 | 16.70 | (0.09) | 2.35 | 2.26 | — | — | — | 18.96 | |
2013 | 12.73 | (0.05) | 4.02 | 3.97 | — | — | — | 16.70 | |
Class I (01/03) | |||||||||
2018(e) | 27.74 | 0.09 | 1.63 | 1.72 | (0.20) | — | (0.20) | 29.26 | |
2017 | 21.42 | 0.16 | 6.30 | 6.46 | (0.14) | — | (0.14) | 27.74 | |
2016 | 20.76 | 0.14 | 0.62 | 0.76 | (0.10) | — | (0.10) | 21.42 | |
2015 | 20.30 | 0.13 | 0.46 | 0.59 | (0.13) | — | (0.13) | 20.76 | |
2014 | 17.79 | 0.09 | 2.51 | 2.60 | (0.09) | — | (0.09) | 20.30 | |
2013 | 13.52 | 0.11 | 4.26 | 4.37 | (0.10) | — | (0.10) | 17.79 |
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) | |
6.09% | $21,410 | 1.20%* | 0.27%* | 1.14%* | 0.32%* | 51% | |
29.99 | 14,778 | 1.19 | 0.36 | 1.14 | 0.40 | 276 | |
3.40 | 7,983 | 1.22 | 0.44 | 1.21 | 0.45 | 116 | |
2.66 | 7,383 | 1.25 | 0.36 | 1.25 | 0.36 | 124 | |
14.35 | 6,511 | 1.31 | 0.23 | 1.30 | 0.24 | 154 | |
32.14 | 4,625 | 1.33 | 0.43 | 1.33 | 0.43 | 117 | |
5.63 | 2,071 | 1.95* | (0.50)* | 1.89* | (0.45)* | 51 | |
29.06 | 1,389 | 1.94 | (0.39) | 1.89 | (0.34) | 276 | |
2.64 | 1,074 | 1.97 | (0.32) | 1.96 | (0.31) | 116 | |
1.85 | 684 | 2.00 | (0.38) | 2.00 | (0.38) | 124 | |
13.53 | 683 | 2.07 | (0.53) | 2.05 | (0.51) | 154 | |
31.08 | 518 | 2.07 | (0.34) | 2.07 | (0.34) | 117 | |
6.21 | 47,812 | 0.94* | 0.55* | 0.89* | 0.60* | 51 | |
30.31 | 45,599 | 0.94 | 0.61 | 0.89 | 0.66 | 276 | |
3.69 | 37,597 | 0.97 | 0.69 | 0.96 | 0.70 | 116 | |
2.88 | 34,615 | 1.00 | 0.63 | 1.00 | 0.63 | 124 | |
14.66 | 40,952 | 1.06 | 0.48 | 1.05 | 0.49 | 154 | |
32.43 | 34,444 | 1.08 | 0.72 | 1.08 | 0.72 | 117 |
(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, when 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 April 30, 2018. |
* | Annualized. |
Selected data for a share outstanding throughout each period:
Investment Operations | Less Distributions | ||||||||
Class (Commencement Date) Year Ended October 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 (05/92) | |||||||||
2018(e) | $10.13 | $(0.01) | $0.51 | $0.50 | $ — | $(1.21) | $(1.21) | $ 9.42 | |
2017 | 9.21 | (0.02) | 1.97 | 1.95 | (0.01) | (1.02) | (1.03) | 10.13 | |
2016 | 11.01 | 0.10 | 0.30 | 0.31 | — | (2.11) | (2.11) | 9.21 | |
2015 | 14.48 | (0.02) | 0.37 | 0.35 | — | (3.82) | (3.82) | 11.01 | |
2014 | 15.02 | (0.05) | 0.87 | 0.82 | (0.02) | (1.34) | (1.36) | 14.48 | |
2013 | 13.54 | —** | 3.63 | 3.63 | — | (2.15) | (2.15) | 15.02 | |
Class C (09/01) | |||||||||
2018(e) | 7.02 | (0.03) | 0.34 | 0.31 | — | (1.21) | (1.21) | 6.12 | |
2017 | 6.70 | (0.06) | 1.40 | 1.34 | — | (1.02) | (1.02) | 7.02 | |
2016 | 8.64 | (0.04) | 0.21 | 0.17 | — | (2.11) | (2.11) | 6.70 | |
2015 | 12.28 | (0.08) | 0.26 | 0.18 | — | (3.82) | (3.82) | 8.64 | |
2014 | 13.00 | (0.14) | 0.76 | 0.62 | — | (1.34) | (1.34) | 12.28 | |
2013 | 12.09 | (0.09) | 3.15 | 3.06 | — | (2.15) | (2.15) | 13.00 | |
Class R3 (01/94) | |||||||||
2018(e) | 9.28 | (0.02) | 0.47 | 0.45 | — | (1.21) | (1.21) | 8.52 | |
2017 | 8.53 | (0.04) | 1.81 | 1.77 | — | (1.02) | (1.02) | 9.28 | |
2016 | 10.38 | (0.01) | 0.27 | 0.26 | — | (2.11) | (2.11) | 8.53 | |
2015 | 13.91 | (0.04) | 0.33 | 0.29 | — | (3.82) | (3.82) | 10.38 | |
2014 | 14.49 | (0.08) | 0.84 | 0.76 | — | (1.34) | (1.34) | 13.91 | |
2013 | 13.17 | (0.03) | 3.50 | 3.47 | — | (2.15) | (2.15) | 14.49 | |
Class R6 (02/18) | |||||||||
2018(f) | 11.82 | (0.01) | 0.23 | 0.22 | — | — | — | 12.04 | |
Class I (05/92) | |||||||||
2018(e) | 12.60 | 0.01 | 0.63 | 0.64 | — | (1.21) | (1.21) | 12.03 | |
2017 | 11.24 | 0.01 | 2.40 | 2.41 | (0.03) | (1.02) | (1.05) | 12.60 | |
2016 | 12.93 | 0.04 | 0.38 | 0.42 | — | (2.11) | (2.11) | 11.24 | |
2015 | 16.30 | 0.02 | 0.43 | 0.45 | — | (3.82) | (3.82) | 12.93 | |
2014 | 16.73 | (0.02) | 0.99 | 0.97 | (0.06) | (1.34) | (1.40) | 16.30 | |
2013 | 14.82 | 0.04 | 4.02 | 4.06 | — | (2.15) | (2.15) | 16.73 |
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) | |
5.27% | $ 66,031 | 1.38%* | (0.26)%* | 1.24%* | (0.12)%* | 46% | |
21.76 | 67,405 | 1.41 | (0.24) | 1.33 | (0.16) | 66 | |
4.05 | 67,428 | 1.44 | 0.10 | 1.44 | 0.10 | 66 | |
4.08 | 82,080 | 1.42 | (0.14) | 1.42 | (0.14) | 75 | |
5.98 | 100,733 | 1.43 | (0.37) | 1.43 | (0.37) | 90 | |
31.74 | 161,488 | 1.34 | (0.01) | 1.33 | —*** | 78 | |
4.83 | 4,651 | 2.13* | (1.01)* | 1.99* | (0.86)* | 46 | |
20.750 | 4,913 | 2.16 | (0.99) | 2.09 | (0.91) | 66 | |
3.37 | 5,625 | 2.19 | (0.65) | 2.19 | (0.65) | 66 | |
3.19 | 8,036 | 2.17 | (0.88) | 2.17 | (0.88) | 75 | |
5.28 | 8,976 | 2.19 | (1.12) | 2.19 | (1.12) | 90 | |
30.67 | 10,331 | 2.09 | (0.75) | 2.08 | (0.74) | 78 | |
5.19 | 5,799 | 1.63* | (0.52)* | 1.49* | (0.38)* | 46 | |
21.40 | 5,381 | 1.66 | (0.49) | 1.59 | (0.41) | 66 | |
3.76 | 5,310 | 1.69 | (0.12) | 1.69 | (0.12) | 66 | |
3.75 | 7,794 | 1.67 | (0.38) | 1.67 | (0.38) | 75 | |
5.75 | 11,570 | 1.68 | (0.61) | 1.68 | (0.61) | 90 | |
31.37 | 19,673 | 1.59 | (0.25) | 1.58 | (0.25) | 78 | |
1.86 | 7,926 | 0.98* | (0.36)* | 0.93* | (0.32)* | 46 | |
5.44 | 39,276 | 1.14* | 0.02* | 0.99* | 0.16* | 46 | |
22.03 | 49,150 | 1.16 | 0.01 | 1.08 | 0.09 | 66 | |
4.33 | 45,574 | 1.19 | 0.36 | 1.19 | 0.36 | 66 | |
4.29 | 96,071 | 1.17 | 0.11 | 1.17 | 0.11 | 75 | |
6.23 | 156,292 | 1.18 | (0.11) | 1.18 | (0.11) | 90 | |
32.02 | 283,064 | 1.09 | 0.24 | 1.08 | 0.25 | 78 |
(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, when 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 April 30, 2018. |
(f) | For the period February 28, 2018 (commencement of operations) through April 30, 2018. |
* | Annualized. |
** | Rounds to less than $0.01 per share. |
*** | Rounds to less than 0.01%. |
Financial Statements
Large Cap Select | Level 1 | Level 2 | Level 3 | Total |
Long-Term Investments*: | ||||
Common Stocks | $69,896,816 | $ — | $ — | $69,896,816 |
Short-Term Investments: | ||||
Money Market Funds | 194,270 | — | — | 194,270 |
Total | $70,091,086 | $ — | $ — | $70,091,086 |
Small Cap Select | Level 1 | Level 2 | Level 3 | Total |
Long-Term Investments*: | ||||
Common Stocks | $120,809,576 | $ — | $ — | $120,809,576 |
Exchange-Traded Funds | 869,800 | — | — | 869,800 |
Investments Purchased with Collateral from Securities Lending | 3,511,263 | — | — | 3,511,263 |
Short-Term Investments: | ||||
Money Market Funds | 1,900,458 | — | — | 1,900,458 |
Total | $127,091,097 | $ — | $ — | $127,091,097 |
* | Refer to the Fund's Portfolio of Investments for industry classifications. |
(i) | If available, fair value determinations shall be derived by extrapolating from recent transactions or quoted prices for identical or comparable securities. |
(ii) | If such information is not available, an analytical valuation methodology may be used based on other available information including, but not limited to: analyst appraisals, research reports, corporate action information, issuer financial statements and shelf registration statements. Such analytical valuation methodologies may include, but are not limited to: multiple of earnings, discount from market value of a similar freely- traded security, discounted cash flow analysis, book value or a multiple thereof, risk premium/yield analysis, yield to maturity and/or fundamental investment analysis. |
Fund | Asset Class out on Loan | Long-Term Investments, at Value | Collateral Pledged (From) Counterparty* | Net Exposure |
Small Cap Select | ||||
Common Stocks | $2,656,714 | $(2,656,714) | $ — | |
Exchange-Traded Funds | 774,122 | (774,122) | — | |
Total | $3,430,836 | $(3,430,836) | $ — |
Six Months Ended 4/30/18 | Year Ended 10/31/17 | ||||
Large Cap Select | Shares | Amount | Shares | Amount | |
Shares sold: | |||||
Class A | 256,053 | $ 7,439,011 | 462,290 | $ 11,669,178 | |
Class C | 25,198 | 673,128 | 28,450 | 647,110 | |
Class I | 119,550 | 3,452,517 | 238,308 | 5,739,890 | |
Shares issued to shareholders due to reinvestment of distributions: | |||||
Class A | 2,430 | 70,008 | 1,347 | 31,263 | |
Class C | — | — | — | — | |
Class I | 8,728 | 253,115 | 8,616 | 201,261 | |
411,959 | 11,887,779 | 739,011 | 18,288,702 | ||
Shares redeemed: | |||||
Class A | (58,538) | (1,683,333) | (302,129) | (7,968,110) | |
Class C | (2,892) | (76,586) | (28,327) | (664,496) | |
Class I | (138,108) | (4,086,002) | (358,502) | (8,860,502) | |
(199,538) | (5,845,921) | (688,958) | (17,493,108) | ||
Net increase (decrease) | 212,421 | $ 6,041,858 | 50,053 | $ 795,594 |
Six Months Ended 4/30/18 | Year Ended 10/31/17 | ||||
Small Cap Select | Shares | Amount | Shares | Amount | |
Shares sold: | |||||
Class A | 187,678 | $ 1,795,694 | 648,177 | $ 6,333,971 | |
Class C | 42,410 | 257,682 | 77,361 | 523,403 | |
Class R3 | 76,581 | 659,480 | 176,814 | 1,591,400 | |
Class R6(1) – exchanges | 672,638 | 7,950,581 | — | — | |
Class I | 183,803 | 2,254,253 | 963,588 | 11,604,932 | |
Shares issued to shareholders due to reinvestment of distributions: | |||||
Class A | 853,337 | 7,825,098 | 756,259 | 7,237,272 | |
Class C | 136,617 | 816,971 | 117,522 | 785,044 | |
Class R3 | 84,805 | 704,732 | 71,215 | 625,978 | |
Class R6(1) | — | — | — | — | |
Class I | 348,633 | 4,082,497 | 310,066 | 3,692,208 | |
2,586,502 | 26,346,988 | 3,121,002 | 32,394,208 | ||
Shares redeemed: | |||||
Class A | (685,669) | (6,563,459) | (2,069,028) | (20,083,916) | |
Class C | (119,200) | (748,603) | (334,996) | (2,278,119) | |
Class R3 | (60,326) | (514,370) | (290,786) | (2,594,939) | |
Class R6(1) | (14,332) | (175,000) | — | — | |
Class I | (497,514) | (6,087,341) | (1,426,998) | (17,158,836) | |
Class I – exchanges | (672,638) | (7,950,581) | — | — | |
(2,049,679) | (22,039,354) | (4,121,808) | (42,115,810) | ||
Net increase (decrease) | 536,823 | $ 4,307,634 | (1,000,806) | $ (9,721,602) |
(1) | Class R6 Shares were established on February 28, 2018. |
Large Cap Select | Small Cap Select | |
Purchases | $39,010,565 | $57,239,118 |
Sales | 34,352,162 | 67,130,140 |
Large Cap Select | Small Cap Select | |
Tax cost of investments | $67,373,828 | $109,622,263 |
Gross unrealized: | ||
Appreciation | $ 4,244,380 | $ 23,474,196 |
Depreciation | (1,527,122) | (6,005,362) |
Net unrealized appreciation (depreciation) of investments | $ 2,717,258 | $ 17,468,834 |
Large Cap Select | Small Cap Select | |
Capital paid-in | $(34,511,521) | $ 1,900,759 |
Undistributed (Over-distribution of) net investment income | — | 144,564 |
Accumulated net realized gain (loss) | 34,511,521 | (2,045,323) |
Large Cap Select | Small Cap Select | |
Undistributed net ordinary income1 | 284,922 | 6,541,065 |
Undistributed net long-term capital gains | — | 7,479,334 |
1 | Net ordinary income consists of net taxable income derived from dividends, interest and net short-term capital gains, if any. |
Large Cap Select | Small Cap Select | |
Distributions from net ordinary income1 | $298,690 | $ 185,507 |
Distributions from net long-term capital gains | — | 12,844,408 |
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 | Large Cap Select | Small Cap Select |
For the first $125 million | 0.5000% | 0.6500% |
For the next $125 million | 0.4875 | 0.6375 |
For the next $250 million | 0.4750 | 0.6250 |
For the next $500 million | 0.4625 | 0.6125 |
For the next $1 billion | 0.4500 | 0.6000 |
For the next $3 billion | 0.4250 | 0.5750 |
For the next $2.5 billion | 0.4000 | 0.5500 |
For the next $2.5 billion | 0.3875 | 0.5375 |
For net assets over $10 billion | 0.3750 | 0.5250 |
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 | Expense Cap | Expense Cap Expiration Date |
Large Cap Select | 0.89% | July 31, 2019 |
Small Cap Select | 0.99 | July 31, 2019 |
Large Cap Select | Small Cap Select | |
Sales charges collected | $48,803 | $7,580 |
Large Cap Select | Small Cap Select | |
Paid to financial intermediaries | 45,144 | 6,660 |
Large Cap Select | Small Cap Select | |
Commission advances | $25,135 | $1,923 |
Large Cap Select | Small Cap Select | |
12b-1 fees retained | $1,972 | $1,107 |
Large Cap Select | Small Cap Select | |
CDSC retained | $ — | $51 |
Used in this Report
Serving Investors for Generations
Nuveen:
Serving Investors for Generations
Since 1898, financial advisors and their clients have relied on Nuveen to provide
dependable investment solutions through continued adherence to proven, long-term investing
principles. Today, we offer a range of high quality solutions designed to
be integral components of a well-diversified core portfolio.
Focused on meeting investor needs.
Nuveen is the investment manager of TIAA. We have grown into one of the world’s premier global asset managers, with specialist knowledge across all major asset classes and particular strength in solutions that provide income for investors and that draw on our expertise in alternatives and responsible investing. Nuveen is driven not only by the independent investment processes across the firm, but also the insights, risk management, analytics and other tools and resources that a truly world-class platform provides. As a global asset manager, our mission is to work in partnership with our clients to create solutions which help them secure their financial future.
Find out how we can help you.
To learn more about how the products and services of Nuveen
may be able to help you meet your financial goals, talk to your
financial advisor, or call us at (800) 257-8787. Please read the information
provided carefully before you invest. Investors should consider the
investment objective and policies, risk considerations, charges and
expenses of any investment carefully. Where applicable, be sure to obtain a
prospectus, which contains this and other relevant information. To obtain
a prospectus, please contact your securities representative or Nuveen
, 333 W. Wacker Dr., Chicago, IL 60606. Please read the
prospectus carefully before you invest or send money.
Learn more about Nuveen Funds at: www.nuveen.com/mutual-funds
Securities offered through Nuveen Securities, LLC, member FINRA and SIPC | 333 West Wacker Drive | Chicago, IL 60606 | www.nuveen.com | MAN-FSLCT-1017P |
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 Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (17 CFR 240.13a-15(b) or 240.15d-15(b)). |
(b) | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter of 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.
(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 Funds, Inc.
By | (Signature and Title) | /s/ Christopher M. Rohrbacher | ||||
Christopher M. Rohrbacher Vice President and Secretary |
Date: July 9, 2018
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: July 9, 2018
By | (Signature and Title) | /s/ Stephen D. Foy | ||||
Stephen D. Foy Vice President and Controller (principal financial officer) |
Date: July 9, 2018