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: October 31, 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.
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Fund Name | Class A | Class C | Class R3 | Class R6 | Class I |
Nuveen Dividend Value Fund | FFEIX | FFECX | FEISX | FFEFX | FAQIX |
Nuveen Mid Cap Value Fund | FASEX | FACSX | FMVSX | — | FSEIX |
Nuveen Small Cap Value Fund | FSCAX | FSCVX | FSVSX | FSCWX | FSCCX |
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Average Annual | |||
1-Year | 5-Year | 10-Year | |
Class A Shares at NAV | 3.72% | 7.73% | 11.50% |
Class A Shares at maximum Offering Price | (2.27)% | 6.46% | 10.84% |
Russell 1000® Value Index | 3.03% | 8.61% | 11.30% |
S&P 500® Index | 7.35% | 11.34% | 13.24% |
Lipper Equity Income Funds Classification Average | 3.14% | 7.65% | 10.81% |
Class C Shares | 2.98% | 6.94% | 10.66% |
Class R3 Shares | 3.53% | 7.48% | 11.21% |
Class I Shares | 4.02% | 8.01% | 11.78% |
Average Annual | |||
1-Year | 5-Year | Since Inception | |
Class R6 Shares | 4.15% | 8.13% | 10.39% |
Class T Shares at NAV* | 3.75% | N/A | 7.11% |
Class T Shares at maximum Offering Price* | 1.14% | N/A | 5.24% |
Average Annual | |||
1-Year | 5-Year | 10-Year | |
Class A Shares at NAV | 12.91% | 10.29% | 10.69% |
Class A Shares at maximum Offering Price | 6.42% | 9.00% | 10.03% |
Class C Shares | 12.13% | 9.47% | 9.87% |
Class R3 Shares | 12.60% | 10.00% | 10.41% |
Class I Shares | 13.19% | 10.56% | 10.97% |
Average Annual | |||
1-Year | 5-Year | Since Inception | |
Class R6 Shares | 13.35% | 10.69% | 12.12% |
Class T Shares at NAV* | 12.90% | N/A | 14.13% |
Class T Shares at maximum Offering Price* | 10.11% | N/A | 12.01% |
Share Class | |||||
Class A | Class C | Class R3 | Class R6 | Class I | |
Expense Ratios | 1.08% | 1.83% | 1.33% | 0.73% | 0.83% |
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* | Class T Shares are not available for public offering. On December 12, 2018, subsequent to the end of the reporting period, the Fund's Class T Shares were liquidated. |
Average Annual | |||
1-Year | 5-Year | 10-Year | |
Class A Shares at NAV | (0.65)% | 8.07% | 11.45% |
Class A Shares at maximum Offering Price | (6.36)% | 6.80% | 10.79% |
Russell Midcap® Value Index | 0.16% | 8.11% | 13.35% |
Lipper Mid-Cap Value Funds Classification Average | (1.79)% | 6.27% | 12.28% |
Class C Shares | (1.41)% | 7.26% | 10.62% |
Class R3 Shares | (0.90)% | 7.80% | 11.17% |
Class I Shares | (0.40)% | 8.35% | 11.72% |
Cumulative | ||
Since Inception | ||
Class R6 Shares | (8.77)% |
Average Annual | |||
1-Year | 5-Year | 10-Year | |
Class A Shares at NAV | 12.65% | 11.39% | 10.33% |
Class A Shares at maximum Offering Price | 6.18% | 10.08% | 9.68% |
Class C Shares | 11.80% | 10.55% | 9.51% |
Class R3 Shares | 12.36% | 11.11% | 10.06% |
Class I Shares | 12.93% | 11.67% | 10.61% |
Cumulative | ||
Since Inception | ||
Class R6 Shares | 1.73% |
Share Class | |||||
Class A | Class C | Class R3 | Class R6 | Class I | |
Gross Expense Ratios | 1.32% | 2.07% | 1.57% | 0.98% | 1.07% |
Net Expense Ratios | 1.17% | 1.92% | 1.42% | 0.83% | 0.92% |
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Average Annual | |||
1-Year | 5-Year | 10-Year | |
Class A Shares at NAV | (8.12)% | 7.41% | 11.77% |
Class A Shares at maximum Offering Price | (13.42)% | 6.14% | 11.11% |
Russell 2000® Value Index | (0.59)% | 7.18% | 10.95% |
Lipper Small-Cap Value Funds Classification Average | (2.40)% | 5.36% | 11.35% |
Class C Shares | (8.80)% | 6.61% | 10.94% |
Class R3 Shares | (8.34)% | 7.14% | 11.50% |
Class I Shares | (7.88)% | 7.68% | 12.05% |
Average Annual | ||
1-Year | Since Inception | |
Class R6 Shares | (7.73)% | 7.06% |
Class T Shares at NAV* | (8.14)% | (0.51)% |
Class T Shares at maximum Offering Price* | (10.44)% | (2.27)% |
Average Annual | |||
1-Year | 5-Year | 10-Year | |
Class A Shares at NAV | 4.13% | 10.50% | 10.78% |
Class A Shares at maximum Offering Price | (1.84)% | 9.20% | 10.13% |
Class C Shares | 3.33% | 9.67% | 9.96% |
Class R3 Shares | 3.85% | 10.21% | 10.51% |
Class I Shares | 4.36% | 10.77% | 11.06% |
Average Annual | ||
1-Year | Since Inception | |
Class R6 Shares | 4.56% | 12.68% |
Class T Shares at NAV* | 4.12% | 8.03% |
Class T Shares at maximum Offering Price* | 1.51% | 6.00% |
Share Class | |||||
Class A | Class C | Class R3 | Class R6 | Class I | |
Gross Expense Ratios | 1.26% | 2.01% | 1.51% | 0.85% | 1.01% |
Net Expense Ratios | 1.20% | 1.95% | 1.45% | 0.79% | 0.95% |
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* | Class T Shares are not available for public offering. On December 12, 2018, subsequent to the end of the reporting period, the Fund's Class T Shares were liquidated. |
Fund Allocation (% of net assets) | |
Common Stocks | 99.2% |
Money Market Funds | 1.2% |
Other Assets Less Liabilities | (0.4)% |
Net Assets | 100% |
Portfolio Composition (% of net assets) | |
Banks | 15.5% |
Oil, Gas & Consumable Fuels | 9.2% |
Health Care Providers & Services | 5.6% |
Equity Real Estate Investment Trust | 5.0% |
Pharmaceuticals | 4.7% |
Communications Equipment | 4.3% |
Energy Equipment & Services | 3.7% |
Food Products | 3.6% |
Diversified Telecommunication Services | 3.3% |
Electric Utilities | 3.3% |
Capital Markets | 3.1% |
Semiconductors & Semiconductor Equipment | 3.0% |
Media | 3.0% |
Chemicals | 2.9% |
Technology Hardware, Storage & Peripherals | 2.6% |
Biotechnology | 2.6% |
Insurance | 2.5% |
Tobacco | 2.4% |
Other | 18.9% |
Money Market Funds | 1.2% |
Other Assets Less Liabilities | (0.4)% |
Net Assets | 100% |
Top Five Common Stock Holdings (% of net assets) | |
Pfizer Inc. | 4.7% |
JPMorgan Chase & Co. | 4.4% |
Cisco Systems, Inc. | 4.3% |
Chevron Corp | 3.7% |
AT&T Inc. | 3.3% |
Fund Allocation (% of net assets) | |
Common Stocks | 98.1% |
Investments Purchased with Collateral from Securities Lending | 0.7% |
Money Market Funds | 2.7% |
Other Assets Less Liabilities | (1.5)% |
Net Assets | 100% |
Portfolio Composition (% of net assets) | |
Equity Real Estate Investment Trust | 7.8% |
Banks | 6.3% |
Multi-Utilities | 6.3% |
Oil, Gas & Consumable Fuels | 6.2% |
Capital Markets | 5.1% |
Real Estate Management & Development | 4.9% |
Machinery | 4.9% |
Insurance | 4.8% |
IT Services | 4.5% |
Hotels, Restaurants & Leisure | 3.5% |
Health Care Equipment & Supplies | 3.2% |
Chemicals | 3.2% |
Electric Utilities | 3.1% |
Entertainment | 2.8% |
Household Durables | 2.4% |
Software | 2.4% |
Health Care Providers & Services | 2.4% |
Aerospace & Defense | 2.1% |
Food Products | 1.9% |
Independent Power & Renewable Electricity Producers | 1.9% |
Other | 18.4% |
Investments Purchased with Collateral from Securities Lending | 0.7% |
Money Market Funds | 2.7% |
Other Assets Less Liabilities | (1.5)% |
Net Assets | 100% |
Top Five Common Stock Holdings (% of net assets) | |
L3 Technologies Inc. | 2.1% |
Public Service Enterprise Group Inc | 1.9% |
Conagra Brands Inc. | 1.9% |
Ameren Corp | 1.9% |
NRG Energy Inc | 1.9% |
Fund Allocation (% of net assets) | |
Common Stocks | 99.2% |
Investments Purchased with Collateral from Securities Lending | 2.0% |
Money Market Funds | 0.6% |
Other Assets Less Liabilities | (1.8)% |
Net Assets | 100% |
Portfolio Composition (% of net assets) | |
Banks | 17.9% |
Equity Real Estate Investment Trust | 7.9% |
Thrifts & Mortgage Finance | 4.9% |
Communications Equipment | 4.7% |
Oil, Gas & Consumable Fuels | 4.3% |
Insurance | 4.2% |
Commercial Services & Supplies | 3.1% |
Construction & Engineering | 3.1% |
Metals & Mining | 3.1% |
Electronic Equipment, Instruments & Components | 2.9% |
Energy Equipment & Services | 2.8% |
Gas Utilities | 2.6% |
Household Durables | 2.5% |
Capital Markets | 2.5% |
Health Care Providers & Services | 2.2% |
Auto Components | 2.0% |
Machinery | 2.0% |
Building Products | 1.9% |
Interactive Media & Services | 1.7% |
Specialty Retail | 1.7% |
Real Estate Management & Development | 1.6% |
Other | 19.6% |
Investments Purchased with Collateral from Securities Lending | 2.0% |
Money Market Funds | 0.6% |
Other Assets Less Liabilities | (1.8)% |
Net Assets | 100% |
Top Five Common Stock Holdings (% of net assets) | |
Banner Corporation | 2.0% |
IBERIABANK Corporation | 1.9% |
ProPetro Holding Corporation | 1.9% |
Gibraltar Industries Inc. | 1.9% |
Cathay General Bancorp | 1.7% |
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 | $ 987.10 | $ 983.70 | $ 986.40 | $ 989.40 | $ 988.60 | $ 986.70 |
Expenses Incurred During the Period | $ 5.41 | $ 9.15 | $ 6.66 | $ 3.61 | $ 4.16 | $ 5.41 |
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 | $1,019.76 | $1,015.98 | $1,018.50 | $1,021.58 | $1,021.02 | $1,019.76 |
Expenses Incurred During the Period | $ 5.50 | $ 9.30 | $ 6.77 | $ 3.67 | $ 4.23 | $ 5.50 |
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 | $ 956.50 | $ 952.80 | $ 955.40 | $ 912.30 | $ 957.80 |
Expenses Incurred During the Period | $ 5.77 | $ 9.45 | $ 7.00 | $ 2.75 | $ 4.54 |
Hypothetical Performance (5% annualized return before expenses) | |||||
Beginning Account Value | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value | $1,019.31 | $1,015.53 | $1,018.05 | $1,015.34 | $1,020.57 |
Expenses Incurred During the Period | $ 5.96 | $ 9.75 | $ 7.22 | $ 2.90 | $ 4.69 |
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 | $ 916.90 | $ 913.30 | $ 915.90 | $ 919.00 | $ 918.20 | $ 916.70 |
Expenses Incurred During the Period | $ 5.80 | $ 9.40 | $ 7.00 | $ 3.77 | $ 4.59 | $ 5.80 |
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 | $1,019.16 | $1,015.38 | $1,017.90 | $1,021.27 | $1,020.42 | $1,019.16 |
Expenses Incurred During the Period | $ 6.11 | $ 9.91 | $ 7.37 | $ 3.97 | $ 4.84 | $ 6.11 |
Shares | Description (1) | Value | ||||
LONG-TERM INVESTMENTS – 99.2% | ||||||
COMMON STOCKS – 99.2% | ||||||
Aerospace & Defense – 1.6% | ||||||
102,879 | General Dynamics Corporation | $ 17,754,858 | ||||
Banks – 15.5% | ||||||
904,743 | Bank of America Corporation | 24,880,433 | ||||
180,445 | CIT Group Inc. | 8,549,484 | ||||
456,347 | Citigroup Inc. | 29,872,475 | ||||
260,258 | East West Bancorp Inc. | 13,647,930 | ||||
553,845 | Home BancShares Inc. | 10,545,209 | ||||
1,427,064 | Huntington Bancshares Inc. | 20,449,827 | ||||
450,565 | JPMorgan Chase & Co. | 49,120,596 | ||||
831,402 | KeyCorp | 15,098,260 | ||||
Total Banks | 172,164,214 | |||||
Biotechnology – 2.6% | ||||||
145,816 | AbbVie Inc. | 11,351,776 | ||||
251,222 | Gilead Sciences Inc. | 17,128,316 | ||||
Total Biotechnology | 28,480,092 | |||||
Capital Markets – 3.1% | ||||||
281,035 | Morgan Stanley | 12,832,058 | ||||
278,366 | Raymond James Financial Inc. | 21,347,889 | ||||
Total Capital Markets | 34,179,947 | |||||
Chemicals – 2.9% | ||||||
78,326 | Celanese Corp | 7,592,923 | ||||
324,755 | CF Industries Holdings Inc. | 15,597,983 | ||||
53,637 | Linde PLC | 8,875,315 | ||||
Total Chemicals | 32,066,221 | |||||
Communications Equipment – 4.3% | ||||||
1,054,780 | Cisco Systems, Inc. | 48,256,185 | ||||
Diversified Telecommunication Services – 3.3% | ||||||
1,203,574 | AT&T Inc. | 36,925,650 | ||||
Electric Utilities – 3.3% | ||||||
211,247 | Evergy Inc. | 11,827,720 | ||||
143,068 | NextEra Energy Inc. | 24,679,230 | ||||
Total Electric Utilities | 36,506,950 | |||||
Electrical Equipment – 0.7% | ||||||
80,460 | Hubbell Inc. | 8,182,782 |
Shares | Description (1) | Value | ||||
Energy Equipment & Services – 3.7% | ||||||
366,735 | Chevron Corp | $ 40,945,963 | ||||
Equity Real Estate Investment Trust – 5.0% | ||||||
180,630 | Crown Castle International Corp | 19,641,707 | ||||
156,024 | Digital Realty Trust Inc. | 16,111,039 | ||||
701,745 | Park Hotels & Resorts Inc. | 20,399,727 | ||||
Total Equity Real Estate Investment Trust | 56,152,473 | |||||
Food Products – 3.6% | ||||||
595,860 | Conagra Brands Inc. | 21,212,616 | ||||
440,130 | Mondelez International Inc. | 18,476,658 | ||||
Total Food Products | 39,689,274 | |||||
Health Care Equipment & Supplies – 1.5% | ||||||
152,620 | Zimmer Biomet Holdings Inc. | 17,336,106 | ||||
Health Care Providers & Services – 5.6% | ||||||
85,988 | Cigna Corporation | 18,385,095 | ||||
418,151 | CVS Health Corporation | 30,269,951 | ||||
52,142 | UnitedHealth Group Inc. | 13,627,312 | ||||
Total Health Care Providers & Services | 62,282,358 | |||||
Hotels, Restaurants & Leisure – 2.1% | ||||||
172,708 | Hilton Worldwide Holdings Inc. | 12,291,629 | ||||
206,533 | Six Flags Entertainment Corp | 11,123,868 | ||||
Total Hotels, Restaurants & Leisure | 23,415,497 | |||||
Household Durables – 0.9% | ||||||
625,592 | Newell Brands Inc. | 9,934,401 | ||||
Insurance – 2.5% | ||||||
623,677 | Old Republic International Corp | 13,752,078 | ||||
153,647 | Prudential Financial Inc. | 14,409,015 | ||||
Total Insurance | 28,161,093 | |||||
IT Services – 1.4% | ||||||
208,050 | DXC Technology Co | 15,152,282 | ||||
Machinery – 1.5% | ||||||
136,669 | Caterpillar Inc. | 16,580,684 | ||||
Media – 3.0% | ||||||
864,524 | Comcast Corporation, Class A | 32,972,946 | ||||
Mortgage Real Estate Investment Trust – 1.6% | ||||||
826,836 | Starwood Property Trust Inc. | 17,958,878 | ||||
Multi-Utilities – 1.4% | ||||||
327,394 | CMS Energy Corp | 16,212,551 |
Shares | Description (1) | Value | ||||
Oil, Gas & Consumable Fuels – 9.2% | ||||||
186,716 | Anadarko Petroleum Corporation | $9,933,292 | ||||
220,552 | HollyFrontier Corporation | 14,874,027 | ||||
908,998 | Marathon Oil Corporation | 17,261,872 | ||||
185,162 | Marathon Petroleum Corporation | 13,044,663 | ||||
313,285 | Occidental Petroleum Corporation | 21,012,025 | ||||
263,934 | Targa Resources Corporation | 13,637,469 | ||||
537,788 | Williams Cos Inc. | 13,084,382 | ||||
Total Oil, Gas & Consumable Fuels | 102,847,730 | |||||
Personal Products – 0.9% | ||||||
180,774 | Unilever NV | 9,722,026 | ||||
Pharmaceuticals – 4.7% | ||||||
1,210,519 | Pfizer Inc. | 52,124,948 | ||||
Road & Rail – 2.0% | ||||||
316,858 | CSX Corporation | 21,818,842 | ||||
Semiconductors & Semiconductor Equipment – 3.0% | ||||||
49,063 | Broadcom Inc. | 10,965,090 | ||||
60,429 | Lam Research Corporation | 8,564,602 | ||||
161,424 | Xilinx Inc. | 13,780,767 | ||||
Total Semiconductors & Semiconductor Equipment | 33,310,459 | |||||
Software – 2.0% | ||||||
208,723 | Microsoft Corporation | 22,293,704 | ||||
Specialty Retail – 1.3% | ||||||
152,763 | Lowe's Cos Inc. | 14,546,093 | ||||
Technology Hardware, Storage & Peripherals – 2.6% | ||||||
63,411 | Apple, Inc. | 13,878,132 | ||||
613,942 | HP Inc. | 14,820,560 | ||||
Total Technology Hardware, Storage & Peripherals | 28,698,692 | |||||
Tobacco – 2.4% | ||||||
411,449 | Altria Group Inc. | 26,760,643 | ||||
Total Long-Term Investments (cost $881,966,844) | 1,103,434,542 |
Shares | Description (1) | Coupon | Value | |||
SHORT-TERM INVESTMENTS – 1.2% | ||||||
Money Market Funds – 1.2% | ||||||
13,571,521 | First American Treasury Obligations Fund, Class Z | 2.075% (2) | $ 13,571,521 | |||
Total Short-Term Investments (cost $13,571,521) | 13,571,521 | |||||
Total Investments (cost $895,538,365) – 100.4% | 1,117,006,063 | |||||
Other Assets Less Liabilities – (0.4)% | (4,372,445) | |||||
Net Assets – 100% | $ 1,112,633,618 |
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 – 98.1% | ||||||
COMMON STOCKS – 98.1% | ||||||
Aerospace & Defense – 2.1% | ||||||
22,835 | L3 Technologies Inc. | $ 4,326,547 | ||||
Air Freight & Logistics – 0.8% | ||||||
17,446 | XPO Logistics Inc., (2) | 1,559,323 | ||||
Airlines – 1.7% | ||||||
42,200 | United Continental Holdings Inc, (2) | 3,608,522 | ||||
Banks – 6.3% | ||||||
171,439 | Home BancShares Inc. | 3,264,199 | ||||
244,154 | Huntington Bancshares Inc. | 3,498,727 | ||||
175,890 | KeyCorp | 3,194,162 | ||||
64,676 | Western Alliance Bancorp, (2) | 3,119,970 | ||||
Total Banks | 13,077,058 | |||||
Capital Markets – 5.1% | ||||||
65,116 | E*TRADE Financial Corporation | 3,218,033 | ||||
32,206 | Evercore Inc., Class A | 2,630,908 | ||||
30,114 | Nasdaq Inc. | 2,611,185 | ||||
26,459 | Raymond James Financial Inc. | 2,029,141 | ||||
Total Capital Markets | 10,489,267 | |||||
Chemicals – 3.2% | ||||||
31,702 | Celanese Corp | 3,073,192 | ||||
72,202 | CF Industries Holdings Inc. | 3,467,862 | ||||
Total Chemicals | 6,541,054 | |||||
Construction & Engineering – 1.0% | ||||||
48,941 | Fluor Corp | 2,146,552 | ||||
Consumer Finance – 1.4% | ||||||
41,479 | Discover Financial Services | 2,889,842 | ||||
Electric Utilities – 3.1% | ||||||
56,175 | Evergy Inc. | 3,145,238 | ||||
89,926 | FirstEnergy Corp | 3,352,442 | ||||
Total Electric Utilities | 6,497,680 | |||||
Electrical Equipment – 0.6% | ||||||
12,680 | Hubbell Inc. | 1,289,556 |
Shares | Description (1) | Value | ||||
Energy Equipment & Services – 1.1% | ||||||
57,236 | Apergy Corp, (2) | $ 2,231,632 | ||||
Entertainment – 2.8% | ||||||
142,726 | Lions Gate Entertainment Corp., (3) | 2,734,630 | ||||
24,427 | Take-Two Interactive Software Inc., (2) | 3,147,908 | ||||
Total Entertainment | 5,882,538 | |||||
Equity Real Estate Investment Trust – 7.8% | ||||||
248,686 | Brandywine Realty Trust | 3,496,525 | ||||
36,210 | Digital Realty Trust Inc. | 3,739,045 | ||||
106,665 | First Industrial Realty Trust Inc | 3,274,615 | ||||
36,520 | Mid-America Apartment Communities Inc | 3,568,369 | ||||
70,195 | Park Hotels & Resorts Inc. | 2,040,569 | ||||
Total Equity Real Estate Investment Trust | 16,119,123 | |||||
Food Products – 1.9% | ||||||
110,699 | Conagra Brands Inc. | 3,940,884 | ||||
Health Care Equipment & Supplies – 3.2% | ||||||
12,752 | Teleflex Inc. | 3,069,916 | ||||
31,769 | Zimmer Biomet Holdings Inc. | 3,608,641 | ||||
Total Health Care Equipment & Supplies | 6,678,557 | |||||
Health Care Providers & Services – 2.4% | ||||||
23,051 | Centene Corporation, (2) | 3,004,006 | ||||
8,658 | Cigna Corporation | 1,851,167 | ||||
Total Health Care Providers & Services | 4,855,173 | |||||
Hotels, Restaurants & Leisure – 3.5% | ||||||
30,840 | Hyatt Hotels Corp | 2,134,128 | ||||
91,281 | MGM Resorts International | 2,435,377 | ||||
62,187 | Norwegian Cruise Line Holdings Ltd, (2) | 2,740,581 | ||||
Total Hotels, Restaurants & Leisure | 7,310,086 | |||||
Household Durables – 2.4% | ||||||
72,358 | DR Horton Inc. | 2,601,994 | ||||
145,770 | Newell Brands Inc. | 2,314,827 | ||||
Total Household Durables | 4,916,821 | |||||
Independent Power & Renewable Electricity Producers – 1.9% | ||||||
105,782 | NRG Energy Inc | 3,828,251 | ||||
Insurance – 4.8% | ||||||
76,156 | Hartford Financial Services Group Inc/The | 3,459,005 | ||||
157,699 | Old Republic International Corp | 3,477,263 | ||||
20,673 | Willis Towers Watson PLC | 2,959,547 | ||||
Total Insurance | 9,895,815 |
Shares | Description (1) | Value | ||||
IT Services – 4.5% | ||||||
42,516 | DXC Technology Co | $3,096,440 | ||||
170,033 | First Data Corporation, Class A, (2) | 3,186,419 | ||||
125,204 | Perspecta Inc. | 3,066,246 | ||||
Total IT Services | 9,349,105 | |||||
Leisure Products – 1.7% | ||||||
69,095 | Brunswick Corporation | 3,592,249 | ||||
Life Sciences Tools & Services – 1.1% | ||||||
35,687 | Agilent Technologies Inc. | 2,312,161 | ||||
Machinery – 4.9% | ||||||
35,063 | Crane Co | 3,051,884 | ||||
16,277 | Ingersoll-Rand PLC | 1,561,615 | ||||
13,778 | Parker-Hannifin Corporation | 2,089,158 | ||||
28,586 | Stanley Black & Decker Inc | 3,330,841 | ||||
Total Machinery | 10,033,498 | |||||
Media – 0.8% | ||||||
142,252 | TEGNA Inc | 1,641,588 | ||||
Mortgage Real Estate Investment Trust – 1.7% | ||||||
165,036 | Starwood Property Trust Inc. | 3,584,582 | ||||
Multi-Utilities – 6.3% | ||||||
60,715 | Ameren Corp | 3,920,975 | ||||
85,183 | CenterPoint Energy Inc | 2,300,793 | ||||
112,129 | NiSource Inc | 2,843,591 | ||||
74,375 | Public Service Enterprise Group Inc | 3,973,856 | ||||
Total Multi-Utilities | 13,039,215 | |||||
Oil, Gas & Consumable Fuels – 6.2% | ||||||
23,175 | Anadarko Petroleum Corporation | 1,232,910 | ||||
39,650 | HollyFrontier Corporation | 2,673,996 | ||||
173,859 | Marathon Oil Corporation | 3,301,583 | ||||
120,407 | Newfield Exploration Company, (2) | 2,432,221 | ||||
60,607 | Targa Resources Corporation | 3,131,564 | ||||
Total Oil, Gas & Consumable Fuels | 12,772,274 | |||||
Pharmaceuticals – 1.4% | ||||||
93,009 | Mylan NV, (2) | 2,906,531 | ||||
Real Estate Management & Development – 4.9% | ||||||
23,708 | Jones Lang LaSalle Inc | 3,135,620 | ||||
38,564 | SL Green Realty Corp | 3,519,351 | ||||
123,858 | Washington Real Estate Investment Trust | 3,451,922 | ||||
Total Real Estate Management & Development | 10,106,893 |
Shares | Description (1) | Value | ||||
Road & Rail – 1.3% | ||||||
32,911 | Genesee & Wyoming Inc., Class A, (2) | $ 2,607,539 | ||||
Semiconductors & Semiconductor Equipment – 1.1% | ||||||
178,731 | Cypress Semiconductor Corp | 2,312,779 | ||||
Software – 2.4% | ||||||
16,446 | Autodesk Inc., (2) | 2,125,644 | ||||
33,763 | PTC Inc., (2) | 2,782,409 | ||||
Total Software | 4,908,053 | |||||
Specialty Retail – 1.3% | ||||||
37,626 | Best Buy Co Inc | 2,639,840 | ||||
Technology Hardware, Storage & Peripherals – 1.4% | ||||||
36,340 | NetApp Inc. | 2,852,327 | ||||
Total Long-Term Investments (cost $202,907,803) | 202,742,915 |
Shares | Description (1) | Coupon | Value | |||
INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 0.7% | ||||||
Money Market Funds – 0.7% | ||||||
1,425,000 | First American Government Obligations Fund, Class X, (4) | 2.090% (5) | $ 1,425,000 | |||
Total Investments Purchased with Collateral from Securities Lending (cost $1,425,000) | 1,425,000 |
Shares | Description (1) | Coupon | Value | |||
SHORT-TERM INVESTMENTS – 2.7% | ||||||
Money Market Funds – 2.7% | ||||||
5,511,584 | First American Treasury Obligations Fund, Class Z | 2.075% (5) | $ 5,511,584 | |||
Total Short-Term Investments (cost $5,511,584) | 5,511,584 | |||||
Total Investments (cost $209,844,387) – 101.5% | 209,679,499 | |||||
Other Assets Less Liabilities – (1.5)% | (3,110,114) | |||||
Net Assets – 100% | $ 206,569,385 |
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 $1,437,000. | |
(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. |
Shares | Description (1) | Value | ||||
LONG-TERM INVESTMENTS – 99.2% | ||||||
COMMON STOCKS – 99.2% | ||||||
Air Freight & Logistics – 1.1% | ||||||
1,340,989 | Air Transport Services Group Inc, (2) | $ 26,283,384 | ||||
Auto Components – 2.0% | ||||||
846,965 | Cooper Tire & Rubber Co | 26,162,749 | ||||
1,392,877 | Dana Incorporated | 21,687,095 | ||||
Total Auto Components | 47,849,844 | |||||
Banks – 17.9% | ||||||
805,601 | Banner Corporation | 46,579,850 | ||||
743,557 | Berkshire Hills Bancorp Inc | 24,812,497 | ||||
1,086,968 | Cathay General Bancorp | 40,946,085 | ||||
32,028 | Customers Bancorp Inc, (2) | 656,254 | ||||
1,126,950 | First Busey Corp | 31,464,444 | ||||
695,717 | Heartland Financial USA Inc | 36,970,401 | ||||
1,264,660 | Home BancShares Inc. | 24,079,126 | ||||
583,682 | IBERIABANK Corporation | 43,478,472 | ||||
734,396 | Preferred Bank Los Angeles | 37,755,298 | ||||
995,734 | Renasant Corporation | 34,731,202 | ||||
2,060,726 | Sterling Bancorp | 37,051,854 | ||||
493,437 | Western Alliance Bancorp, (2) | 23,803,401 | ||||
494,878 | Wintrust Financial Corporation | 37,680,011 | ||||
Total Banks | 420,008,895 | |||||
Beverages – 0.9% | ||||||
1,225,891 | Primo Water Corp, (2) | 20,435,603 | ||||
Building Products – 1.9% | ||||||
1,217,557 | Gibraltar Industries Inc. | 43,393,732 | ||||
Capital Markets – 2.5% | ||||||
375,527 | Evercore Inc., Class A | 30,676,801 | ||||
388,003 | Piper Jaffray Cos | 26,919,648 | ||||
Total Capital Markets | 57,596,449 | |||||
Chemicals – 1.5% | ||||||
183,564 | Kraton Corp, (2) | 5,055,353 | ||||
556,100 | Minerals Technologies Inc | 30,446,475 | ||||
Total Chemicals | 35,501,828 | |||||
Commercial Services & Supplies – 3.1% | ||||||
511,397 | Brink's Co/The | 33,915,849 |
Shares | Description (1) | Value | ||||
Commercial Services & Supplies (continued) | ||||||
954,512 | Quad/Graphics Inc | $14,728,120 | ||||
782,138 | SP Plus Corp, (2) | 24,997,131 | ||||
Total Commercial Services & Supplies | 73,641,100 | |||||
Communications Equipment – 4.7% | ||||||
553,497 | NETGEAR Inc., (2) | 30,708,013 | ||||
686,044 | Plantronics Inc. | 40,456,015 | ||||
1,683,347 | Radware, Limited, (2) | 39,070,484 | ||||
Total Communications Equipment | 110,234,512 | |||||
Construction & Engineering – 3.1% | ||||||
1,431,470 | Aegion Corp, (2) | 27,713,259 | ||||
374,134 | EMCOR Group Inc | 26,556,031 | ||||
1,161,035 | Tutor Perini Corporation, (2) | 17,996,043 | ||||
Total Construction & Engineering | 72,265,333 | |||||
Diversified Telecommunication Services – 1.0% | ||||||
1,800,536 | Vonage Holdings Corporation, (2) | 23,875,107 | ||||
Electric Utilities – 1.1% | ||||||
450,642 | El Paso Electric Co | 25,709,126 | ||||
Electrical Equipment – 0.8% | ||||||
249,644 | Regal Beloit Corp | 17,899,475 | ||||
Electronic Equipment, Instruments & Components – 2.9% | ||||||
852,012 | Arlo Technologies Inc., (2), (3) | 11,578,843 | ||||
390,169 | SYNNEX Corp | 30,281,016 | ||||
2,272,763 | TTM Technologies Inc, (2) | 26,591,327 | ||||
Total Electronic Equipment, Instruments & Components | 68,451,186 | |||||
Energy Equipment & Services – 2.8% | ||||||
592,978 | Apergy Corp, (2) | 23,120,212 | ||||
2,460,948 | ProPetro Holding Corp., (2) | 43,435,732 | ||||
Total Energy Equipment & Services | 66,555,944 | |||||
Equity Real Estate Investment Trust – 7.9% | ||||||
2,520,041 | Brandywine Realty Trust | 35,431,776 | ||||
1,457,850 | Kite Realty Group Trust | 23,092,344 | ||||
1,251,910 | Preferred Apartment Communities Inc | 21,094,684 | ||||
1,878,505 | RLJ Lodging Trust | 36,518,137 | ||||
1,402,729 | STAG Industrial Inc. | 37,116,209 | ||||
2,763,409 | Summit Hotel Properties Inc. | 31,834,472 | ||||
Total Equity Real Estate Investment Trust | 185,087,622 | |||||
Gas Utilities – 2.6% | ||||||
740,164 | South Jersey Industries Inc | 21,864,445 |
Shares | Description (1) | Value | ||||
Gas Utilities (continued) | ||||||
530,559 | Spire Inc | $ 38,507,972 | ||||
Total Gas Utilities | 60,372,417 | |||||
Health Care Equipment & Supplies – 1.0% | ||||||
753,005 | Natus Medical Inc, (2) | 22,499,789 | ||||
Health Care Providers & Services – 2.2% | ||||||
439,457 | AMN Healthcare Services Inc., (2) | 22,245,313 | ||||
827,505 | Tivity Health Inc., (2) | 28,474,447 | ||||
Total Health Care Providers & Services | 50,719,760 | |||||
Household Durables – 2.5% | ||||||
1,098,850 | La-Z-Boy Inc. | 30,548,030 | ||||
1,123,824 | M/I Homes, Inc. | 27,162,826 | ||||
Total Household Durables | 57,710,856 | |||||
Insurance – 4.2% | ||||||
362,742 | American Equity Investment Life Holding Co | 11,324,805 | ||||
261,741 | AMERISAFE Inc, (3) | 17,036,722 | ||||
377,975 | Argo Group International Holdings Ltd | 23,287,040 | ||||
1,923,702 | CNO Financial Group Inc. | 36,357,968 | ||||
284,316 | Horace Mann Educators Corp | 11,167,932 | ||||
Total Insurance | 99,174,467 | |||||
Interactive Media & Services – 1.7% | ||||||
1,516,606 | Cars.com Inc, (2) | 39,598,583 | ||||
Leisure Products – 0.5% | ||||||
245,490 | Brunswick Corporation | 12,763,025 | ||||
Machinery – 2.0% | ||||||
2,507,118 | Milacron Holdings Corporation, (2) | 35,099,652 | ||||
997,294 | NN Inc. | 11,568,610 | ||||
Total Machinery | 46,668,262 | |||||
Media – 1.0% | ||||||
453,814 | Meredith Corp, (3) | 23,398,650 | ||||
Metals & Mining – 3.1% | ||||||
1,175,140 | Allegheny Technologies Inc | 30,424,375 | ||||
632,341 | Commercial Metals Co | 12,052,419 | ||||
2,592,772 | SunCoke Energy Inc | 29,039,046 | ||||
Total Metals & Mining | 71,515,840 | |||||
Mortgage Real Estate Investment Trust – 1.3% | ||||||
2,048,412 | Invesco Mortgage Capital Inc | 30,890,053 | ||||
Multiline Retail – 1.1% | ||||||
646,296 | Big Lots Inc., (3) | 26,834,210 |
Shares | Description (1) | Value | ||||
Multi-Utilities – 1.5% | ||||||
607,854 | Black Hills Corporation | $ 36,167,313 | ||||
Oil, Gas & Consumable Fuels – 4.3% | ||||||
2,408,747 | Callon Petroleum Co, (2) | 24,015,208 | ||||
972,231 | Delek US Holdings Inc. | 35,700,322 | ||||
2,214,492 | HighPoint Resources Corp., (2) | 8,237,910 | ||||
3,200,848 | Southwestern Energy Co, (2) | 17,092,528 | ||||
1,006,465 | WPX Energy Inc., (2) | 16,143,699 | ||||
Total Oil, Gas & Consumable Fuels | 101,189,667 | |||||
Pharmaceuticals – 1.1% | ||||||
706,410 | Prestige Consumer Healthcare Inc., (2) | 25,543,786 | ||||
Professional Services – 1.2% | ||||||
601,341 | Korn Ferry International | 27,144,533 | ||||
Real Estate Management & Development – 1.6% | ||||||
1,321,506 | Washington Real Estate Investment Trust | 36,830,372 | ||||
Semiconductors & Semiconductor Equipment – 1.4% | ||||||
1,280,315 | Cypress Semiconductor Corp | 16,567,276 | ||||
218,892 | MKS Instruments Inc | 16,130,152 | ||||
Total Semiconductors & Semiconductor Equipment | 32,697,428 | |||||
Software – 1.5% | ||||||
3,240,762 | TiVo Corporation | 35,648,382 | ||||
Specialty Retail – 1.7% | ||||||
839,265 | Aaron's Inc. | 39,554,559 | ||||
Textiles, Apparel & Luxury Goods – 0.3% | ||||||
316,982 | Culp Inc | 7,338,133 | ||||
Thrifts & Mortgage Finance – 4.9% | ||||||
1,214,435 | Flagstar Bancorp Inc, (2) | 37,392,454 | ||||
902,283 | Ladder Capital Corp | 15,194,446 | ||||
1,824,223 | Radian Group Inc. | 35,006,839 | ||||
643,408 | WSFS Financial Corp | 27,364,142 | ||||
Total Thrifts & Mortgage Finance | 114,957,881 | |||||
Water Utilities – 1.3% | ||||||
721,799 | California Water Service Group | 30,315,558 | ||||
Total Long-Term Investments (cost $2,439,285,337) | 2,324,322,664 |
Shares | Description (1) | Coupon | Value | |||
INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 2.0% | ||||||
Money Market Funds – 2.0% | ||||||
47,355,841 | First American Government Obligations Fund, Class X, (4) | 2.090% (5) | $ 47,355,841 | |||
Total Investments Purchased with Collateral from Securities Lending (cost $47,355,841) | 47,355,841 |
Shares | Description (1) | Coupon | Value | |||
SHORT-TERM INVESTMENTS – 0.6% | ||||||
Money Market Funds – 0.6% | ||||||
13,064,360 | First American Treasury Obligations Fund, Class Z | 2.075% (5) | $ 13,064,360 | |||
Total Short-Term Investments (cost $13,064,360) | 13,064,360 | |||||
Total Investments (cost $2,499,705,538) – 101.8% | 2,384,742,865 | |||||
Other Assets Less Liabilities – (1.8)% | (41,926,877) | |||||
Net Assets – 100% | $ 2,342,815,988 |
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 $45,833,315. | |
(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 $881,966,844, $202,907,803 and $2,439,285,337, respectively) | $1,103,434,542 | $202,742,915 | $2,324,322,664 |
Investment purchased with collateral from securities lending, at value (cost approximates value) | — | 1,425,000 | 47,355,841 |
Short-term investments, at value (cost approximates value) | 13,571,521 | 5,511,584 | 13,064,360 |
Receivable for: | |||
Dividends | 1,755,681 | 130,971 | 165,989 |
Due from broker | 248 | 51 | 29,711 |
Interest | 16,238 | 6,655 | 36,619 |
Investments sold | — | 2,210,767 | 11,494,986 |
Reclaims | — | 1,223 | — |
Shares sold | 2,927,671 | 2,395,510 | 5,528,383 |
Other assets | 135,002 | 53,848 | 109,712 |
Total assets | 1,121,840,903 | 214,478,524 | 2,402,108,265 |
Liabilities | |||
Payable for: | |||
Collateral from securities lending program | — | 1,425,000 | 47,355,841 |
Investments purchased | 5,893,840 | 6,085,446 | 2,967,822 |
Shares redeemed | 2,053,603 | 130,284 | 5,990,399 |
Accrued expenses: | |||
Directors fees | 88,413 | 9,693 | 42,456 |
Management fees | 651,958 | 116,523 | 1,438,688 |
12b-1 distribution and service fees | 96,222 | 20,389 | 149,889 |
Other | 423,249 | 121,804 | 1,347,182 |
Total liabilities | 9,207,285 | 7,909,139 | 59,292,277 |
Net assets | $1,112,633,618 | $206,569,385 | $2,342,815,988 |
Dividend Value | Mid Cap Value | Small Cap Value | |
Class A Shares | |||
Net assets | $ 264,270,672 | $ 51,201,943 | $ 291,121,562 |
Shares outstanding | 18,452,714 | 1,315,796 | 12,678,965 |
Net asset value ("NAV") per share | $ 14.32 | $ 38.91 | $ 22.96 |
Offering price per share (NAV per share plus maximum sales charge of 5.75% of offering price) | $ 15.19 | $ 41.28 | $ 24.36 |
Class C Shares | |||
Net assets | $ 31,111,355 | $ 6,898,870 | $ 70,077,211 |
Shares outstanding | 2,213,367 | 187,819 | 3,614,003 |
NAV and offering price per share | $ 14.06 | $ 36.73 | $ 19.39 |
Class R3 Shares | |||
Net assets | $ 27,927,268 | $ 7,670,168 | $ 47,205,463 |
Shares outstanding | 1,959,033 | 198,992 | 2,104,752 |
NAV and offering price per share | $ 14.26 | $ 38.55 | $ 22.43 |
Class R6 Shares | |||
Net assets | $ 172,214,512 | $ 957,901 | $ 121,943,298 |
Shares outstanding | 11,790,434 | 24,499 | 5,117,712 |
NAV and offering price per share | $ 14.61 | $ 39.10 | $ 23.83 |
Class I Shares | |||
Net assets | $ 617,085,622 | $139,840,503 | $1,812,443,826 |
Shares outstanding | 42,532,403 | 3,578,109 | 76,187,447 |
NAV and offering price per share | $ 14.51 | $ 39.08 | $ 23.79 |
Class T Shares(1) | |||
Net assets | $ 24,189 | $ — | $ 24,628 |
Shares outstanding | 1,667 | — | 1,036 |
NAV per share | $ 14.51 | $ — | $ 23.76 |
Offering price per share (NAV per share plus maximum sales charge of 2.50% of offering price) | $ 14.88 | $ — | $ 24.37 |
Fund level net assets consist of: | |||
Capital paid-in | $ 810,516,022 | $196,794,326 | $2,392,143,479 |
Total distributable earnings | 302,117,596 | 9,775,059 | (49,327,491) |
Fund level net assets | $1,112,633,618 | $206,569,385 | $2,342,815,988 |
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 | |||
Dividends | $ 31,700,594 | $ 2,554,523 | $ 38,959,154 |
Interest | 127,338 | 37,390 | 456,349 |
Securities lending income | 10,844 | 951 | 206,028 |
Foreign tax withheld on dividend income | (55,591) | (2,420) | — |
Total investment income | 31,783,185 | 2,590,444 | 39,621,531 |
Expenses | |||
Management fees | 7,654,933 | 1,106,613 | 18,286,520 |
12b-1 service fees - Class A Shares | 703,817 | 112,927 | 819,940 |
12b-1 distibution and service fees - Class C Shares | 374,407 | 78,146 | 786,738 |
12b-1 distibution and service fees - Class R3 Shares | 162,318 | 28,982 | 260,145 |
12b-1 distibution and service fees - Class T Shares(1) | 64 | — | 69 |
Shareholder servicing agent fees | 1,187,581 | 210,412 | 4,040,167 |
Custodian fees | 117,406 | 18,479 | 245,377 |
Directors fees | 32,612 | 3,998 | 68,163 |
Professional fees | 80,699 | 36,066 | 161,969 |
Shareholder reporting expenses | 101,920 | 28,052 | 374,091 |
Federal and state registration fees | 110,140 | 68,310 | 279,174 |
Other | 14,276 | 3,176 | 24,058 |
Total expenses before fee waiver/expense reimbursement | 10,540,173 | 1,695,161 | 25,346,411 |
Fee waiver/expense reimbursement | — | (199,918) | (955,770) |
Net expenses | 10,540,173 | 1,495,243 | 24,390,641 |
Net investment income (loss) | 21,243,012 | 1,095,201 | 15,230,890 |
Realized and Unrealized Gain (Loss) | |||
Net realized gain (loss) from investments and foreign currency | 89,289,516 | 10,169,487 | 69,259,453 |
Change in net unrealized appreciation (depreciation) of investments and foreign currency | (66,520,545) | (20,528,631) | (307,403,692) |
Net realized and unrealized gain (loss) | 22,768,971 | (10,359,144) | (238,144,239) |
Net increase (decrease) in net assets from operations | $ 44,011,983 | $ (9,263,943) | $(222,913,349) |
(1) | Class T Shares are not available for public offering. |
Dividend Value | Mid Cap Value | Small Cap Value | ||||||
Year Ended 10/31/18 | Year Ended(1) 10/31/17 | Year Ended 10/31/18 | Year Ended(1) 10/31/17 | Year Ended 10/31/18 | Year Ended(1) 10/31/17 | |||
Operations | ||||||||
Net investment income (loss) | $ 21,243,012 | $ 17,146,833 | $ 1,095,201 | $ 797,334 | $ 15,230,890 | $ 8,153,212 | ||
Net realized gain (loss) from investments and foreign currency | 89,289,516 | 133,532,827 | 10,169,487 | 8,474,802 | 69,259,453 | 12,900,252 | ||
Change in net unrealized appreciation (depreciation) of investments and foreign currency | (66,520,545) | 55,058,476 | (20,528,631) | 14,105,600 | (307,403,692) | 168,215,350 | ||
Net increase (decrease) in net assets from operations | 44,011,983 | 205,738,136 | (9,263,943) | 23,377,736 | (222,913,349) | 189,268,814 | ||
Distributions to Shareholders(2) | ||||||||
Dividends (3) | ||||||||
Class A Shares | (34,728,444) | (40,843,271) | (2,999,640) | (1,294,938) | (2,578,153) | (5,555,137) | ||
Class C Shares | (4,635,415) | (6,307,165) | (562,327) | (220,455) | (346,671) | (896,363) | ||
Class R3 Shares | (4,035,422) | (5,107,072) | (390,060) | (181,989) | (248,991) | (793,391) | ||
Class R6 Shares(4) | (23,647,109) | (8,364,844) | — | — | (610,197) | (588,604) | ||
Class I Shares | (73,268,294) | (100,917,665) | (4,709,016) | (2,147,086) | (16,222,943) | (13,890,254) | ||
Class T Shares(5) | (3,267) | (145) | — | — | (218) | — | ||
Decrease in net assets from distributions to shareholders | (140,317,951) | (161,540,162) | (8,661,043) | (3,844,468) | (20,007,173) | (21,723,749) | ||
Fund Share Transactions | ||||||||
Proceeds from sale of shares | 323,024,720 | 340,459,426 | 144,755,470 | 13,994,130 | 1,445,452,753 | 1,688,046,899 | ||
Proceeds from shares issued to shareholders due to reinvestment of distributions | 116,630,287 | 126,821,472 | 6,501,180 | 2,797,219 | 15,787,250 | 17,976,778 | ||
439,655,007 | 467,280,898 | 151,256,650 | 16,791,349 | 1,461,240,003 | 1,706,023,677 | |||
Cost of shares redeemed | (322,670,588) | (459,391,430) | (37,204,641) | (25,479,246) | (813,996,405) | (545,225,086) | ||
Net increase (decrease) in net assets from Fund share transactions | 116,984,419 | 7,889,468 | 114,052,009 | (8,687,897) | 647,243,598 | 1,160,798,591 | ||
Net increase (decrease) in net assets | 20,678,451 | 52,087,442 | 96,127,023 | 10,845,371 | 404,323,076 | 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 | $1,112,633,618 | $1,091,955,167 | $206,569,385 | $110,442,362 | $2,342,815,988 | $1,938,492,912 |
(1) | Prior period amounts have been conformed to current year presentation. See Notes to Financial Statements, Note 9 - New Accounting Pronouncements for further details. |
(2) | The composition and per share amounts of the Fund's distributions are presented in the Financial Highlights. The distribution information for the Fund as of its most recent tax year end is presented within the Notes to Financial Statements, Note 6 - Income Tax Information. |
(3) | For the fiscal year ended October 31, 2017, the Funds' distributions to shareholders were paid from net investment income and accumulated net realized gains. |
(4) | Mid Cap Value’s Class R6 Shares were established on June 20, 2018. |
(5) | 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 | $15.67 | $0.25 | $ 0.35 | $ 0.60 | $(0.24) | $(1.71) | $(1.95) | $14.32 | |
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 | |
Class C (02/99) | |||||||||
2018 | 15.41 | 0.14 | 0.35 | 0.49 | (0.13) | (1.71) | (1.84) | 14.06 | |
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 | |
Class R3 (09/01) | |||||||||
2018 | 15.60 | 0.22 | 0.36 | 0.58 | (0.21) | (1.71) | (1.92) | 14.26 | |
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 | |
Class R6 (02/13) | |||||||||
2018 | 15.93 | 0.32 | 0.36 | 0.68 | (0.29) | (1.71) | (2.00) | 14.61 | |
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 | |
Class I (08/94) | |||||||||
2018 | 15.85 | 0.30 | 0.36 | 0.66 | (0.29) | (1.71) | (2.00) | 14.51 | |
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 | |
Class T (05/17)(e) | |||||||||
2018 | 15.85 | 0.26 | 0.36 | 0.62 | (0.25) | (1.71) | (1.96) | 14.51 | |
2017(f) | 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) | |
3.72% | $ 264,271 | 1.08% | 1.68% | 1.08% | 1.68% | 68% | |
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 | |
2.98 | 31,111 | 1.83 | 0.95 | 1.83 | 0.95 | 68 | |
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 | |
3.53 | 27,927 | 1.33 | 1.44 | 1.33 | 1.44 | 68 | |
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 | |
4.15 | 172,215 | 0.72 | 2.05 | 0.72 | 2.05 | 68 | |
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 | |
4.02 | 617,086 | 0.83 | 1.94 | 0.83 | 1.94 | 68 | |
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 | |
3.75 | 24 | 1.07 | 1.70 | 1.07 | 1.70 | 68 | |
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, where applicable. See Note 7 – Management Fees and Other Transactions with Affiliates, Management Fees for more information. |
(d) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period. |
(e) | Class T Shares are not available for public offering. |
(f) | 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 | $42.32 | $ 0.29 | $(0.46) | $(0.17) | $(0.26) | $(2.98) | $(3.24) | $38.91 | |
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 | |
Class C (02/99) | |||||||||
2018 | 40.17 | —* | (0.46) | (0.46) | — | (2.98) | (2.98) | 36.73 | |
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 | |
Class R3 (09/01) | |||||||||
2018 | 41.95 | 0.18 | (0.44) | (0.26) | (0.16) | (2.98) | (3.14) | 38.55 | |
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 | |
Class R6 (06/18) | |||||||||
2018(e) | 42.86 | 0.11 | (3.87) | (3.76) | — | — | — | 39.10 | |
Class I (02/94) | |||||||||
2018 | 42.49 | 0.40 | (0.47) | (0.07) | (0.36) | (2.98) | (3.34) | 39.08 | |
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 |
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) | |
(0.65)% | $ 51,202 | 1.31% | 0.55% | 1.17% | 0.69% | 49% | |
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 | |
(1.41) | 6,899 | 2.06 | (0.14) | 1.92 | —** | 49 | |
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 | |
(0.90) | 7,670 | 1.56 | 0.30 | 1.42 | 0.44 | 49 | |
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 | |
(8.77) | 958 | 0.93*** | 0.56*** | 0.79*** | 0.71*** | 49 | |
(0.40) | 139,841 | 1.07 | 0.80 | 0.92 | 0.95 | 49 | |
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 |
(a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
(b) | Total return is the combination of changes in NAV without any sales charge, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. Total returns are not annualized. |
(c) | After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Note 7 – Management Fees and Other Transactions with Affiliates, Management Fees for more information. |
(d) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period. |
(e) | For the period June 20, 2018 (commencement of operations) through October 31, 2018. |
* | Rounds to less than $(0.01). |
** | 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 | $25.19 | $ 0.12 | $(2.15) | $(2.03) | $(0.10) | $(0.10) | $(0.20) | $22.96 | |
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 | |
Class C (02/99) | |||||||||
2018 | 21.36 | (0.06) | (1.81) | (1.87) | — | (0.10) | (0.10) | 19.39 | |
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 | |
Class R3 (09/01) | |||||||||
2018 | 24.61 | 0.05 | (2.09) | (2.04) | (0.04) | (0.10) | (0.14) | 22.43 | |
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 | |
Class R6 (06/16) | |||||||||
2018 | 26.09 | 0.23 | (2.22) | (1.99) | (0.17) | (0.10) | (0.27) | 23.83 | |
2017 | 21.71 | 0.21 | 4.84 | 5.05 | (0.16) | (0.51) | (0.67) | 26.09 | |
2016(e) | 21.08 | 0.07 | 0.56 | 0.63 | — | —* | —* | 21.71 | |
Class I (08/94) | |||||||||
2018 | 26.09 | 0.19 | (2.22) | (2.03) | (0.17) | (0.10) | (0.27) | 23.79 | |
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 | |
Class T (05/17)(f) | |||||||||
2018 | 26.06 | 0.13 | (2.22) | (2.09) | (0.11) | (0.10) | (0.21) | 23.76 | |
2017(g) | 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) | |
(8.12)% | $ 291,122 | 1.24% | 0.43% | 1.20% | 0.47% | 35% | |
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 | |
(8.80) | 70,077 | 1.99 | (0.32) | 1.95 | (0.28) | 35 | |
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 | |
(8.34) | 47,205 | 1.49 | 0.17 | 1.45 | 0.21 | 35 | |
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 | |
(7.73) | 121,943 | 0.82 | 0.82 | 0.78 | 0.86 | 35 | |
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 | |
(7.88) | 1,812,444 | 0.99 | 0.67 | 0.95 | 0.71 | 35 | |
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 | |
(8.14) | 25 | 1.23 | 0.44 | 1.20 | 0.47 | 35 | |
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, where applicable. See Note 7 – Management Fees and Other Transactions with Affiliates, Management Fees for more information. |
(d) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period. |
(e) | For the period June 30, 2016 (commencement of operations) through October 31, 2016. |
(f) | Class T Shares are not available for public offering. |
(g) | 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 | $1,103,434,542 | $ — | $ — | $1,103,434,542 |
Short-Term Investments: | ||||
Money Market Funds | 13,571,521 | — | — | 13,571,521 |
Total | $1,117,006,063 | $ — | $ — | $1,117,006,063 |
Mid Cap Value | Level 1 | Level 2 | Level 3 | Total |
Long-Term Investments: | ||||
Common Stocks | $202,742,915 | $ — | $ — | $202,742,915 |
Investments Purchased with Collateral from Securities Lending | 1,425,000 | — | — | 1,425,000 |
Short-Term Investments: | ||||
Money Market Funds | 5,511,584 | — | — | 5,511,584 |
Total | $209,679,499 | $ — | $ — | $209,679,499 |
Small Cap Value | Level 1 | Level 2 | Level 3 | Total |
Long-Term Investments: | ||||
Common Stocks | $2,324,322,664 | $ — | $ — | $2,324,322,664 |
Investments Purchased with Collateral from Securities Lending | 47,355,841 | — | — | 47,355,841 |
Short-Term Investments: | ||||
Money Market Funds | 13,064,360 | — | — | 13,064,360 |
Total | $2,384,742,865 | $ — | $ — | $2,384,742,865 |
Fund | Asset Class out on Loan | Long-Term Investments, at Value | Collateral Pledged (From) Counterparty* | Net Exposure |
Mid Cap Value | Common Stocks | $ 1,437,000 | $ (1,437,000) | $ – |
Small Cap Value | Common Stocks | 45,833,315 | (45,833,315)** | – |
Year Ended 10/31/18 | Year Ended 10/31/17 | ||||
Dividend Value | Shares | Amount | Shares | Amount | |
Shares sold: | |||||
Class A | 5,789,126 | $ 86,271,698 | 3,252,832 | $ 48,611,811 | |
Class A – automatic conversion of Class C Shares | 29,018 | 427,811 | — | — | |
Class C | 253,170 | 3,702,096 | 332,592 | 4,902,772 | |
Class R3 | 155,234 | 2,316,358 | 393,118 | 5,887,630 | |
Class R6 | 794,027 | 12,158,135 | 9,153,787 | 142,649,915 | |
Class I | 14,229,038 | 218,148,622 | 9,093,037 | 138,382,298 | |
Class T | — | — | 1,667 | 25,000 | |
Shares issued to shareholders due to reinvestment of distributions: | |||||
Class A | 2,163,746 | 31,854,985 | 2,554,462 | 37,112,083 | |
Class C | 288,294 | 4,159,311 | 393,367 | 5,609,078 | |
Class R3 | 246,914 | 3,617,734 | 316,160 | 4,574,632 | |
Class R6 | 1,569,413 | 23,552,126 | 548,889 | 8,143,032 | |
Class I | 3,579,638 | 53,446,131 | 4,856,847 | 71,382,647 | |
Class T | — | — | — | — | |
29,097,618 | 439,655,007 | 30,896,758 | 467,280,898 | ||
Shares redeemed: | |||||
Class A | (6,701,785) | (100,566,373) | (5,797,330) | (86,652,729) | |
Class C | (883,400) | (13,014,741) | (1,033,018) | (15,342,862) | |
Class C – automatic conversion to Class A Shares | (29,560) | (427,811) | — | — | |
Class R3 | (599,099) | (9,023,109) | (659,159) | (9,817,501) | |
Class R6 | (2,395,873) | (36,553,415) | (1,181,408) | (18,260,611) | |
Class I | (10,671,696) | (163,085,139) | (21,445,903) | (329,317,727) | |
Class T | — | — | — | — | |
(21,281,413) | (322,670,588) | (30,116,818) | (459,391,430) | ||
Net increase (decrease) | 7,816,205 | $ 116,984,419 | 779,940 | $ 7,889,468 |
Year Ended 10/31/18 | Year Ended 10/31/17 | ||||
Mid Cap Value | Shares | Amount | Shares | Amount | |
Shares sold: | |||||
Class A | 504,154 | $ 21,150,656 | 141,881 | $ 5,511,280 | |
Class A – automatic conversion of Class C Shares | 3,862 | 162,100 | — | — | |
Class C | 131,905 | 5,251,382 | 39,217 | 1,427,985 | |
Class R3 | 111,702 | 4,715,378 | 29,494 | 1,139,951 | |
Class R6(1) | 24,807 | 1,070,916 | — | — | |
Class I | 2,648,894 | 112,405,038 | 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 R6(1) | — | — | — | — | |
Class I | 64,012 | 2,601,397 | 29,825 | 1,123,733 | |
3,586,635 | 151,256,650 | 435,268 | 16,791,349 | ||
Shares redeemed: | |||||
Class A | (217,896) | (9,165,758) | (195,036) | (7,584,798) | |
Class C | (140,592) | (5,586,483) | (53,872) | (2,014,401) | |
Class C – automatic conversion to Class A Shares | (4,081) | (162,100) | — | — | |
Class R3 | (48,404) | (2,017,859) | (57,433) | (2,233,082) | |
Class R6(1) | (308) | (13,342) | — | — | |
Class I | (484,850) | (20,259,099) | (346,426) | (13,646,965) | |
(896,131) | (37,204,641) | (652,767) | (25,479,246) | ||
Net increase (decrease) | 2,690,504 | $114,052,009 | (217,499) | $ (8,687,897) |
(1) | Mid Cap Value’s Class R6 Shares were established on June 20, 2018. |
Year Ended 10/31/18 | Year Ended 10/31/17 | ||||
Small Cap Value | Shares | Amount | Shares | Amount | |
Shares sold: | |||||
Class A | 5,230,243 | $ 134,186,274 | 11,940,955 | $ 289,250,390 | |
Class A – automatic conversion of Class C Shares | 35 | 911 | — | — | |
Class C | 1,117,851 | 24,391,147 | 2,413,454 | 49,746,569 | |
Class R3 | 1,165,064 | 29,195,083 | 1,036,530 | 24,488,752 | |
Class R6 | 4,035,887 | 108,067,191 | 1,553,098 | 38,559,281 | |
Class I | 43,274,349 | 1,149,612,147 | 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 | 8,226 | 207,560 | 28,763 | 685,693 | |
Class R6 | 22,803 | 610,196 | 23,271 | 588,604 | |
Class I | 468,758 | 12,542,978 | 427,849 | 10,814,561 | |
Class T | — | — | — | — | |
55,419,342 | 1,461,240,003 | 69,041,440 | 1,706,023,677 | ||
Shares redeemed: | |||||
Class A | (5,595,699) | (143,396,780) | (7,187,583) | (172,634,105) | |
Class C | (884,376) | (19,196,642) | (582,747) | (11,946,909) | |
Class C – automatic conversion to Class A Shares | (41) | (911) | — | — | |
Class R3 | (814,893) | (20,471,841) | (611,222) | (14,373,106) | |
Class R6 | (953,783) | (25,396,792) | (483,203) | (12,005,971) | |
Class I | (22,927,932) | (605,533,439) | (13,428,683) | (334,264,995) | |
Class T | — | — | — | — | |
(31,176,724) | (813,996,405) | (22,293,438) | (545,225,086) | ||
Net increase (decrease) | 24,242,618 | $ 647,243,598 | 46,748,002 | $1,160,798,591 |
Dividend Value | Mid Cap Value | Small Cap Value | |
Purchases | $772,655,539 | $171,644,430 | $1,445,048,538 |
Sales | 772,155,153 | 67,470,872 | 795,808,097 |
Dividend Value | Mid Cap Value | Small Cap Value | |
Tax cost of investments | $897,189,356 | $210,031,448 | $2,503,846,696 |
Gross unrealized: | |||
Appreciation | $261,884,244 | $ 11,573,178 | $ 105,751,770 |
Depreciation | (42,067,537) | (11,925,127) | (224,855,601) |
Net unrealized appreciation (depreciation) of investments | $219,816,707 | $ (351,949) | $ (119,103,831) |
Dividend Value | Mid Cap Value | Small Cap Value | |
Undistributed net ordinary income1 | $ 3,786,653 | $1,108,350 | $17,888,912 |
Undistributed net long-term capital gains | 78,600,137 | 9,027,947 | 51,924,244 |
1 | Net ordinary income consists of net taxable income derived from dividends, interest, and net short-term capital gains, if any. |
2018 | Dividend Value | Mid Cap Value | Small Cap Value |
Distributions from net ordinary income1 | $43,461,880 | $1,864,112 | $12,080,019 |
Distributions from net long-term capital gains | 96,856,071 | 6,796,931 | 7,927,154 |
2017 | 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 | 0.1982% |
Mid Cap Value | 0.2000% |
Small Cap Value | 0.1610% |
Fund | Expense Cap | Expense Cap Expiration Date |
Mid Cap Value | 0.92% | July 31, 2020 |
Small Cap Value | 0.99 | July 31, 2020 |
Dividend Value | Mid Cap Value | Small Cap Value | |
Sales charges collected (Unaudited) | $98,900 | $89,495 | $543,952 |
Paid to financial intermediaries (Unaudited) | 87,857 | 79,545 | 484,806 |
Dividend Value | Mid Cap Value | Small Cap Value | |
Commission advances (Unaudited) | $29,818 | $52,082 | $301,707 |
Dividend Value | Mid Cap Value | Small Cap Value | |
12b-1 fees retained (Unaudited) | $17,496 | $19,633 | $308,164 |
Dividend Value | Mid Cap Value | Small Cap Value | |
CDSC retained (Unaudited) | $2,140 | $1,797 | $17,533 |
Dividend Value | Small Cap Value | |
Class T Shares | 1,667 | 1,036 |
Dividend Value | Small Cap Value | |
Maximum Outstanding Balance | $6,000,000 | $4,400,000 |
Dividend Value | Small Cap Value | |
Average daily balance outstanding | $6,000,000 | $4,400,000 |
Average annual interest rate | 2.90% | 3.28% |
Dividend Value | Mid Cap Value | Small Cap Value | |
Distributions to Shareholders | |||
From net investment income: | |||
Class A Shares | $ (4,068,899) | $ (315,526) | $ (919,855) |
Class C Shares | (319,081) | (11,958) | — |
Class R3 Shares | (471,943) | (34,019) | (63,889) |
Class R6 Shares | (1,445,501) | — | (140,387) |
Class I Shares | (10,974,020) | (617,928) | (3,306,782) |
Class T Shares(1) | (145) | — | — |
From accumulated net realized gains: | |||
Class A Shares | (36,774,372) | (979,412) | (4,635,282) |
Class C Shares | (5,988,084) | (208,497) | (896,363) |
Class R3 Shares | (4,635,129) | (147,970) | (729,502) |
Class R6 Shares | (6,919,343) | — | (448,217) |
Class I Shares | (89,943,645) | (1,529,158) | (10,583,472) |
Class T Shares(1) | — | — | — |
Total distributions to shareholders: | |||
Class A Shares | (40,843,271) | (1,294,938) | (5,555,137) |
Class C Shares | (6,307,165) | (220,455) | (896,363) |
Class R3 Shares | (5,107,072) | (181,989) | (793,391) |
Class R6 Shares | (8,364,844) | — | (588,604) |
Class I Shares | (100,917,665) | (2,147,086) | (13,890,254) |
Class T Shares(1) | (145) | — | — |
(1) | Class T Shares are not available for public offering. Class T Shares commenced operations on May 31, 2017. |
Dividend Value | Mid Cap Value | Small Cap Value | |
UNII at the end of period | $2,095,053 | $790,014 | $6,500,624 |
Dividend Value | Mid Cap Value | Small Cap Value | |
Long-term capital gain dividends | $107,056,219 | $8,008,666 | $19,675,527 |
Dividend Value | Mid Cap Value | Small Cap Value | |
% of QDI | 61.3% | 100.0% | 100.0% |
% of DRD | 61.3% | 100.0% | 100.0% |
• | Fund Rationalizations - continuing efforts to rationalize the product line through mergers, liquidations and repositionings in seeking to enhance shareholder value over the years through increased efficiency, reduced costs, improved performance and revised investment approaches more relevant to current shareholder needs; |
• | Product Innovations - developing product innovations and launching new products that will help the Nuveen fund complex offer a variety of products that will attract new investors and retain existing investors, such as launching the target term funds, exchange-traded funds (“ETFs”) and multi-asset class funds; |
• | Risk Management Enhancements - continuing efforts to enhance risk management, including enhancing reporting to increase the efficiency of risk monitoring, implementing programs to strengthen the ability to detect and mitigate operational risks, dedicating resources and staffing necessary to create standards to help ensure compliance with new liquidity requirements, and implementing a price verification system; |
• | Additional Compliance Services – the continuing investment of significant resources, time and additional staffing to meet the various new regulatory requirements affecting the Nuveen funds over the past several years, the further implementation of unified compliance policies and processes, the development of additional compliance training modules, and the reorganization of the compliance team adding further depth to its senior leadership; and |
• | Expanded Dividend Management Services – as the Nuveen fund complex has grown, the additional services necessary to manage the distributions of the varied funds offered and investing in automated systems to assist in this process. |
Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed (1) | Principal Occupation(s) Including other Directorships During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Director |
Independent Directors: | ||||
Terence J. Toth 1959 333 W. Wacker Drive Chicago, IL 60606 | Chairman and Director | 2008 | Formerly, a Co-Founding Partner, Promus Capital (2008-2017); Director, Fulcrum IT Service LLC (since 2010) and Quality Control Corporation (since 2012); member: Catalyst Schools of Chicago Board (since 2008) and Mather Foundation Board (since 2012), and chair of its investment committee; formerly, Director, Legal & General Investment Management America, Inc. (2008-2013); formerly, CEO and President, Northern Trust Global Investments (2004-2007); Executive Vice President, Quantitative Management & Securities Lending (2000-2004); prior thereto, various positions with Northern Trust Company (since 1994); formerly, Member, Northern Trust Mutual Funds Board (2005-2007), Northern Trust Global Investments Board (2004-2007), Northern Trust Japan Board (2004-2007), Northern Trust Securities Inc. Board (2003- 2007) and Northern Trust Hong Kong Board (1997-2004). | 169 |
Jack B. Evans 1948 333 W. Wacker Drive Chicago, IL 60606 | Director | 1999 | President, The Hall-Perrine Foundation, a private philanthropic corporation (since 1996); Director and Chairman, United Fire Group, a publicly held company; Director, Public member, American Board of Orthopaedic Surgery (since 2015); Life Trustee of Coe College and the Iowa College Foundation; formerly, President Pro-Tem of the Board of Regents for the State of Iowa University System; formerly, Director, Alliant Energy and The Gazette Company; formerly, Director, Federal Reserve Bank of Chicago; formerly, President and Chief Operating Officer, SCI Financial Group, Inc., a regional financial services firm. | 169 |
Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed (1) | Principal Occupation(s) Including other Directorships During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Director |
William C. Hunter 1948 333 W. Wacker Drive Chicago, IL 60606 | Director | 2003 | Dean Emeritus, formerly, Dean, Tippie College of Business, University of Iowa (2006-2012); Director of Wellmark, Inc. (since 2009); past Director (2005-2015), and past President (2010- 2014) Beta Gamma Sigma, Inc., The International Business Honor Society; formerly, Director (2004-2018) of Xerox Corporation; Dean and Distinguished Professor of Finance, School of Business at the University of Connecticut (2003-2006); previously, Senior Vice President and Director of Research at the Federal Reserve Bank of Chicago (1995-2003); formerly, Director (1997-2007), Credit Research Center at Georgetown University. | 169 |
Albin F. Moschner 1952 333 W. Wacker Drive Chicago, IL 60606 | Director | 2016 | Founder and Chief Executive Officer, Northcroft Partners, LLC, a management consulting firm (since 2012); Director, USA Technologies, Inc., a provider of solutions and services to facilitate electronic payment transactions (since 2012); formerly, Director, Wintrust Financial Corporation (1996-2016); previously, held positions at Leap Wireless International, Inc., including Consultant (2011-2012), Chief Operating Officer (2008-2011), and Chief Marketing Officer (2004-2008); formerly, President, Verizon Card Services division of Verizon Communications, Inc. (2000-2003); formerly, President, One Point Services at One Point Communications (1999-2000); formerly, Vice Chairman of the Board, Diba, Incorporated (1996-1997); formerly, various executive positions with Zenith Electronics Corporation (1991-1996). | 169 |
John K. Nelson 1962 333 W. Wacker Drive Chicago, IL 60606 | Director | 2013 | Member of Board of Directors of Core12 LLC (since 2008), a private firm which develops branding, marketing and communications strategies for clients; Director of The Curran Center for Catholic American Studies (since 2009) and The President's Council, Fordham University (since 2010); formerly senior external advisor to the financial services practice of Deloitte Consulting LLP (2012-2014); formerly, Chairman of the Board of Trustees of Marian University (2010 as trustee, 2011- 2014 as Chairman); formerly, Chief Executive Officer of ABN AMRO N.V. North America, and Global Head of its Financial Markets Division (2007-2008); prior senior positions held at ABN AMRO include Corporate Executive Vice President and Head of Global Markets-the Americas (2006-2007), CEO of Wholesale Banking-North America and Global Head of Foreign Exchange and Futures Markets (2001-2006), and Regional Commercial Treasurer and Senior Vice President Trading-North America (1996-2001); formerly, Trustee at St. Edmund Preparatory School in New York City. | 169 |
William J. Schneider(1) 1944 333 W. Wacker Drive Chicago, IL 60606 | Director | 1996 | Chairman of Miller-Valentine Partners, a real estate investment company; Board Member of WDPR Public Radio station; formerly, Senior Partner and Chief Operating Officer (retired (2004) of Miller-Valentine Group; formerly, Board member, Business Advisory Council of the Cleveland Federal Reserve Bank and University of Dayton Business School Advisory Council; past Chair and Director, Dayton Development Coalition. | 169 |
Judith M. Stockdale 1947 333 W. Wacker Drive Chicago, IL 60606 | Director | 1997 | Board Member, Land Trust Alliance (since 2013) and U.S. Endowment for Forestry and Communities (since 2013); formerly, Executive Director (1994-2012), Gaylord and Dorothy Donnelley Foundation; prior thereto, Executive Director, Great Lakes Protection Fund (1990-1994). | 169 |
Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed (1) | Principal Occupation(s) Including other Directorships During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Director |
Carole E. Stone 1947 333 W. Wacker Drive Chicago, IL 60606 | Director | 2007 | Former Director, Chicago Board Options Exchange (2006-2017), and C2 Options Exchange, Incorporated (2009-2017); Director, CBOE Global Markets, Inc., formerly, CBOE Holdings, Inc. (since 2010); formerly, Commissioner, New York State Commission on Public Authority Reform (2005-2010). | 169 |
Margaret L. Wolff 1955 333 W. Wacker Drive Chicago, IL 60606 | Director | 2016 | Formerly, member of the Board of Directors (2013-2017) of Travelers Insurance Company of Canada and The Dominion of Canada General Insurance Company (each, a part of Travelers Canada, the Canadian operation of The Travelers Companies, Inc.); formerly, Of Counsel, Skadden, Arps, Slate, Meagher & Flom LLP (Mergers & Acquisitions Group) (2005-2014); Member of the Board of Trustees of New York-Presbyterian Hospital (since 2005); Member (since 2004) and Chair (since 2015) of the Board of Trustees of The John A. Hartford Foundation (a philanthropy dedicated to improving the care of older adults); formerly, Member (2005-2015) and Vice Chair (2011-2015) of the Board of Trustees of Mt. Holyoke College. | 169 |
Robert L. Young(2) 1963 333 W. Wacker Drive Chicago, IL 60606 | Director | 2017 | Formerly, Chief Operating Officer and Director, J.P. Morgan Investment Management Inc. (2010-2016); formerly, President and Principal Executive Officer (2013-2016), and Senior Vice President and Chief Operating Officer (2005-2010), of J.P. Morgan Funds; formerly, Director and various officer positions for J.P. Morgan Investment Management Inc. (formerly, JPMorgan Funds Management, Inc. and formerly, One Group Administrative Services) and JPMorgan Distribution Services, Inc. (formerly, One Group Dealer Services, Inc.) (1999-2017). | 167 |
Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed (1) | Principal Occupation(s) Including other Directorships During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Director |
Interested Director: | ||||
Margo L. Cook(3) 1964 333 W. Wacker Drive Chicago, IL 60606 | Director | 2016 | President (since 2017), formerly, Co-Chief Executive Officer and Co-President (2016-2017), formerly, Senior Executive Vice President of Nuveen Investments, Inc; Executive Vice President (since 2017) of Nuveen, LLC; President, Global Products and Solutions (since 2017), and Co-Chief Executive Officer (since 2015), formerly, Executive Vice President (2013-2015) of Nuveen Securities, LLC; President (since 2017), formerly, Co-President (2016-2017), formerly Senior Executive Vice President (2015-2016) of Nuveen Fund Advisors, LLC (Executive Vice President 2011-2015); President (since 2017), Nuveen Alternative Investments, LLC; Chartered Financial Analyst. | 169 |
Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed (4) | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Officer |
Officers of the Funds: | ||||
Greg A. Bottjer 1971 333 W. Wacker Drive Chicago, IL 60606 | Chief Administrative Officer | 2016 | Senior (since 2017) Managing Director (since 2011), formerly, Senior Vice President (2007-2010) of Nuveen; Senior (since 2017) Managing Director (since 2016) of Nuveen Fund Advisors, LLC; Chartered Financial Analyst. | 83 |
Mark J. Czarniecki 1979 901 Marquette Avenue Minneapolis, MN 55402 | Vice President and Assistant Secretary | 2013 | Vice President and Assistant Secretary of Nuveen Securities, LLC (since 2016) and Nuveen Fund Advisors (since 2017); Vice President and Associate General Counsel of Nuveen (since 2013) and Vice President, Assistant Secretary and Associate General Counsel of Nuveen Asset Management (since March 2018). | 169 |
Stephen D. Foy 1954 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Controller | 1998 | Managing Director (since 2014), formerly, Senior Vice President (2013-2014) and Vice President (2005-2013) of Nuveen Fund Advisors, LLC; Managing Director (since 2016) of Nuveen Securities, LLC; Managing Director (since 2016) of Nuveen Alternative Investments, LLC; Certified Public Accountant. | 169 |
Diana R. Gonzalez 1978 333 West Wacker Drive Chicago, IL 60606 | Vice President and Assistant Secretary | 2017 | Vice President and Assistant Secretary of Nuveen Fund Advisors, LLC (since 2017); Vice President and Associate General Counsel of Nuveen (since 2017); Associate General Counsel of Jackson National Asset Management (2012-2017). | 169 |
Nathaniel T. Jones 1979 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Treasurer | 2016 | Managing Director (since 2017), formerly, Senior Vice President (2016-2017), formerly, Vice President (2011- 2016) of Nuveen; Managing Director of Nuveen Fund Advisors, LLC; Chartered Financial Analyst. | 169 |
Walter M. Kelly 1970 333 W. Wacker Drive Chicago, IL 60606 | Chief Compliance Officer and Vice President | 2003 | Managing Director (since 2017), formerly, Senior Vice President (2008-2017) of Nuveen Investments Holdings, Inc. | 169 |
Tina M. Lazar 1961 333 W. Wacker Drive Chicago, IL 60606 | Vice President | 2002 | Managing Director (since 2017), formerly, Senior Vice President (2014-2017) of Nuveen Securities, LLC. | 169 |
Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed (4) | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Officer |
Kevin J. McCarthy 1966 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Assistant Secretary | 2007 | Senior Managing Director (since 2017) and Secretary and General Counsel (since 2016) of Nuveen Investments, Inc., formerly, Executive Vice President (2016-2017) and Managing Director and Assistant Secretary (2008-2016); Senior Managing Director (since 2017) and Assistant Secretary (since 2008) of Nuveen Securities, LLC, formerly Executive Vice President (2016-2017) and Managing Director (2008-2016); Senior Managing Director (since 2017), Secretary (since 2016) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC, formerly, Executive Vice President (2016-2017), Managing Director (2008-2016) and Assistant Secretary (2007-2016); Senior Managing Director (since 2017), Secretary (since 2016) and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC, formerly Executive Vice President (2016-2017) and Managing Director and Assistant Secretary (2011-2016); Senior Managing Director (since 2017) and Secretary (since 2016) of Nuveen Investments Advisers, LLC, formerly Executive Vice President (2016-2017); Vice President (since 2007) and Secretary (since 2016), formerly, Assistant Secretary, of NWQ Investment Management Company, LLC, Symphony Asset Management, LLC, Santa Barbara Asset Management, LLC and Winslow Capital Management, LLC (since 2010). Senior Managing Director (since 2017) and Secretary (since 2016) of Nuveen Alternative Investments, LLC. | 169 |
Christopher M. Rohrbacher 1971 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Secretary | 2008 | Managing Director (since 2017) and Assistant Secretary of Nuveen Securities, LLC; Managing Director (since 2017), formerly, Senior Vice President (2016-2017) and Assistant Secretary (since 2016) of Nuveen Fund Advisors, LLC. | 169 |
William A. Siffermann 1975 333 W. Wacker Drive Chicago, IL 60606 | Vice President | 2017 | Managing Director (since 2017), formerly Senior Vice President (2016-2017) and Vice President (2011-2016) of Nuveen. | 169 |
Joel T. Slager 1978 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Assistant Secretary | 2013 | Fund Tax Director for Nuveen Funds (since 2013); previously, Vice President of Morgan Stanley Investment Management, Inc., Assistant Treasurer of the Morgan Stanley Funds (from 2010 to 2013). | 169 |
Gifford R. Zimmerman 1956 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Assistant Secretary | 1988 | Managing Director (since 2002), and Assistant Secretary of Nuveen Securities, LLC; Managing Director (since 2004) and Assistant Secretary (since 1994) of Nuveen Investments, Inc.; Managing Director (since 2002), Assistant Secretary (since 1997) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC; Managing Director, Assistant Secretary and Associate General Counsel of Nuveen Asset Management, LLC (since 2011); Vice President (since 2017), formerly, Managing Director (2003-2017) and Assistant Secretary (since 2003) of Symphony Asset Management LLC ; Managing Director and Assistant Secretary (since 2002) of Nuveen Investments Advisers, LLC; Vice President and Assistant Secretary of NWQ Investment Management Company, LLC (since 2002), Santa Barbara Asset Management, LLC (since 2006) and of Winslow Capital Management, LLC, (since 2010); Chartered Financial Analyst. | 169 |
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Serving Investors for Generations
![](https://capedge.com/proxy/N-CSR/0001193125-19-003412/g650051img035fc7ed1.gif)
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 |
![](https://capedge.com/proxy/N-CSR/0001193125-19-003412/g650051img035fc7ed1.gif)
![](https://capedge.com/proxy/N-CSR/0001193125-19-003412/g650051imgec36a5182.jpg)
![](https://capedge.com/proxy/N-CSR/0001193125-19-003412/g650051img3c8051853.jpg)
Average Annual | |||
1-Year | 5-Year | 10-Year | |
Class A Shares at NAV | 2.35% | 7.73% | 13.34% |
Class A Shares at maximum Offering Price | (3.53)% | 6.46% | 12.67% |
Russell Midcap® Growth Index | 6.14% | 10.10% | 15.10% |
Lipper Mid-Cap Growth Funds Classification Average | 6.34% | 9.00% | 13.41% |
Class C Shares | 1.60% | 6.92% | 12.50% |
Class R3 Shares | 2.09% | 7.46% | 13.06% |
Class I Shares | 2.61% | 8.00% | 13.62% |
Average Annual | |||
1-Year | 5-Year | Since Inception | |
Class R6 Shares | 2.75% | 8.15% | 10.67% |
Average Annual | |||
1-Year | 5-Year | 10-Year | |
Class A Shares at NAV | 17.28% | 10.81% | 12.31% |
Class A Shares at maximum Offering Price | 10.53% | 9.51% | 11.64% |
Class C Shares | 16.39% | 9.98% | 11.47% |
Class R3 Shares | 16.99% | 10.54% | 12.03% |
Class I Shares | 17.57% | 11.09% | 12.59% |
Average Annual | |||
1-Year | 5-Year | Since Inception | |
Class R6 Shares | 17.71% | 11.25% | 13.16% |
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% |
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Average Annual | |||
1-Year | 5-Year | 10-Year | |
Class A Shares at NAV | 7.89% | 8.60% | 14.26% |
Class A Shares at maximum Offering Price | 1.70% | 7.32% | 13.59% |
Russel 2000® Growth Index | 4.13% | 8.75% | 13.89% |
Lipper Small-Cap Growth Funds Classification Average | 10.11% | 8.72% | 14.06% |
Class C Shares | 7.05% | 7.79% | 13.42% |
Class R3 Shares | 7.60% | 8.32% | 13.98% |
Class I Shares | 8.14% | 8.86% | 14.55% |
Average Annual | ||
1-Year | Since Inception | |
Class R6 Shares | 8.24% | 16.98% |
Average Annual | |||
1-Year | 5-Year | 10-Year | |
Class A Shares at NAV | 23.80% | 11.74% | 12.90% |
Class A Shares at maximum Offering Price | 16.66% | 10.43% | 12.23% |
Class C Shares | 22.88% | 10.92% | 12.05% |
Class R3 Shares | 23.52% | 11.46% | 12.61% |
Class I Shares | 24.16% | 12.02% | 13.18% |
Average Annual | ||
1-Year | Since Inception | |
Class R6 Shares | 24.26% | 24.82% |
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% |
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Fund Allocation (% of net assets) | |
Common Stocks | 98.5% |
Exchange-Traded Funds | 0.6% |
Investments Purchased with Collateral from Securities Lending | 0.7% |
Money Market Funds | 0.2% |
Other Assets Less Liabilities | (0.0)% |
Net Assets | 100% |
Portfolio Composition (% of net assets) | |
IT Services | 13.5% |
Software | 10.5% |
Capital Markets | 8.6% |
Health Care Equipment & Supplies | 6.7% |
Specialty Retail | 6.3% |
Health Care Providers & Services | 4.9% |
Aerospace & Defense | 4.6% |
Life Sciences Tools & Services | 4.1% |
Hotels, Restaurants & Leisure | 3.8% |
Interactive Media & Services | 2.6% |
Electrical Equipment | 2.4% |
Semiconductors & Semiconductor Equipment | 2.3% |
Chemicals | 2.1% |
Internet & Direct Marketing Retail | 2.1% |
Media | 1.9% |
Entertainment | 1.9% |
Technology Hardware, Storage & Peripherals | 1.9% |
Other | 18.9% |
Investments Purchased with Collateral from Securities Lending | 0.7% |
Money Market Funds | 0.2% |
Other Assets Less Liabilities | (0.0)% |
Net Assets | 100% |
Top Five Common Stock Holdings (% of net assets) | |
First Data Corporation, Class A | 2.9% |
Total System Services Inc. | 2.2% |
Edwards Lifesciences Corp | 2.1% |
Expedia Group Inc. | 2.1% |
Centene Corporation | 2.1% |
Fund Allocation (% of net assets) | |
Common Stocks | 99.0% |
Investments Purchased with Collateral from Securities Lending | 4.2% |
Money Market Funds | 2.8% |
Other Assets Less Liabilities | (6.0)% |
Net Assets | 100% |
Portfolio Composition (% of net assets) | |
Health Care Equipment & Supplies | 8.9% |
Software | 8.8% |
Biotechnology | 6.8% |
Hotels, Restaurants & Leisure | 5.5% |
Specialty Retail | 5.0% |
Commercial Services & Supplies | 4.6% |
Health Care Technology | 4.2% |
Chemicals | 4.2% |
Semiconductors & Semiconductor Equipment | 4.0% |
Banks | 3.6% |
Oil, Gas & Consumable Fuels | 3.4% |
Health Care Providers & Services | 3.2% |
Communications Equipment | 3.2% |
Machinery | 2.9% |
Life Sciences Tools & Services | 2.8% |
Textiles, Apparel & Luxury Goods | 2.7% |
Building Products | 2.5% |
Electronic Equipment, Instruments & Components | 1.9% |
Construction & Engineering | 1.7% |
Other | 19.1% |
Investments Purchased with Collateral from Securities Lending | 4.2% |
Money Market Funds | 2.8% |
Other Assets Less Liabilities | (6.0)% |
Net Assets | 100% |
Top Five Common Stock Holdings (% of net assets) | |
Merit Medical Systems Inc. | 1.9% |
Vocera Communications Inc. | 1.7% |
Ingevity Corporation | 1.7% |
MasTec Inc. | 1.7% |
Plantronics Inc. | 1.7% |
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 | $ 973.50 | $ 969.70 | $ 972.10 | $ 975.30 | $ 974.60 |
Expenses Incurred During the Period | $ 5.82 | $ 9.53 | $ 7.06 | $ 3.88 | $ 4.58 |
Hypothetical Performance (5% annualized return before expenses) | |||||
Beginning Account Value | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value | $1,019.31 | $1,015.53 | $1,018.05 | $1,021.27 | $1,020.57 |
Expenses Incurred During the Period | $ 5.96 | $ 9.75 | $ 7.22 | $ 3.97 | $ 4.69 |
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 | $1,019.00 | $1,015.20 | $1,017.90 | $1,020.50 | $1,020.20 |
Expenses Incurred During the Period | $ 6.31 | $ 10.11 | $ 7.58 | $ 4.53 | $ 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 | $1,018.95 | $1,015.17 | $1,017.69 | $1,020.72 | $1,020.21 |
Expenses Incurred During the Period | $ 6.31 | $ 10.11 | $ 7.58 | $ 4.53 | $ 5.04 |
Shares | Description (1) | Value | ||||
LONG-TERM INVESTMENTS – 99.1% | ||||||
COMMON STOCKS – 98.5% | ||||||
Aerospace & Defense – 4.6% | ||||||
46,970 | L3 Technologies Inc. | $8,899,406 | ||||
140,685 | Textron Inc. | 7,544,936 | ||||
36,904 | TransDigm Group Inc., (2) | 12,187,546 | ||||
Total Aerospace & Defense | 28,631,888 | |||||
Air Freight & Logistics – 1.1% | ||||||
75,143 | XPO Logistics Inc., (2) | 6,716,281 | ||||
Banks – 1.8% | ||||||
113,194 | East West Bancorp Inc. | 5,935,893 | ||||
112,700 | Western Alliance Bancorp, (2) | 5,436,648 | ||||
Total Banks | 11,372,541 | |||||
Capital Markets – 8.6% | ||||||
229,692 | E*TRADE Financial Corporation | 11,351,379 | ||||
41,440 | Evercore Inc., Class A | 3,385,234 | ||||
49,388 | Moody's Corp | 7,184,966 | ||||
46,534 | MSCI Inc. | 6,997,783 | ||||
104,373 | Nasdaq Inc. | 9,050,183 | ||||
105,541 | Raymond James Financial Inc. | 8,093,939 | ||||
133,080 | TD Ameritrade Holding Corp | 6,882,897 | ||||
Total Capital Markets | 52,946,381 | |||||
Chemicals – 2.1% | ||||||
63,401 | Celanese Corp | 6,146,093 | ||||
147,470 | CF Industries Holdings Inc. | 7,082,984 | ||||
Total Chemicals | 13,229,077 | |||||
Communications Equipment – 1.4% | ||||||
47,867 | Palo Alto Networks Inc., (2) | 8,761,576 | ||||
Consumer Finance – 0.5% | ||||||
46,149 | Discover Financial Services | 3,215,201 | ||||
Diversified Consumer Services – 1.5% | ||||||
72,614 | Grand Canyon Education Inc., (2) | 9,054,966 | ||||
Electrical Equipment – 2.4% | ||||||
88,195 | AMETEK Inc. | 5,916,121 | ||||
54,251 | Rockwell Automation Inc. | 8,936,767 | ||||
Total Electrical Equipment | 14,852,888 |
Shares | Description (1) | Value | ||||
Electronic Equipment, Instruments & Components – 1.8% | ||||||
123,804 | Amphenol Corp | $ 11,080,458 | ||||
Energy Equipment & Services – 0.3% | ||||||
47,753 | Apergy Corp, (2) | 1,861,890 | ||||
Entertainment – 1.9% | ||||||
91,175 | Take-Two Interactive Software Inc., (2) | 11,749,722 | ||||
Health Care Equipment & Supplies – 6.7% | ||||||
34,460 | DexCom Inc., (2) | 4,575,254 | ||||
88,509 | Edwards Lifesciences Corp, (2) | 13,063,929 | ||||
59,206 | Insulet Corporation, (2) | 5,222,561 | ||||
202,250 | Novocure Limited, (2) | 6,702,565 | ||||
31,258 | Teleflex Inc. | 7,525,051 | ||||
39,059 | Zimmer Biomet Holdings Inc. | 4,436,712 | ||||
Total Health Care Equipment & Supplies | 41,526,072 | |||||
Health Care Providers & Services – 4.9% | ||||||
98,037 | Centene Corporation, (2) | 12,776,182 | ||||
51,301 | Cigna Corporation | 10,968,667 | ||||
72,993 | HealthEquity Inc., (2) | 6,700,757 | ||||
Total Health Care Providers & Services | 30,445,606 | |||||
Health Care Technology – 1.3% | ||||||
32,190 | Tabula Rasa HealthCare Inc., (2) | 2,378,197 | ||||
78,755 | Teladoc, Inc., (2) | 5,460,872 | ||||
Total Health Care Technology | 7,839,069 | |||||
Hotels, Restaurants & Leisure – 3.8% | ||||||
380,505 | MGM Resorts International | 10,151,873 | ||||
138,001 | Norwegian Cruise Line Holdings Ltd, (2) | 6,081,704 | ||||
72,215 | Wynn Resorts Ltd | 7,264,829 | ||||
Total Hotels, Restaurants & Leisure | 23,498,406 | |||||
Household Durables – 0.7% | ||||||
126,849 | DR Horton Inc. | 4,561,490 | ||||
Industrial Conglomerates – 1.1% | ||||||
22,863 | Roper Technologies Inc. | 6,467,943 | ||||
Interactive Media & Services – 2.6% | ||||||
49,577 | IAC/InterActiveCorp | 9,746,342 | ||||
189,120 | Twitter Inc., (2) | 6,571,920 | ||||
Total Interactive Media & Services | 16,318,262 | |||||
Internet & Direct Marketing Retail – 2.1% | ||||||
101,914 | Expedia Group Inc. | 12,783,073 |
Shares | Description (1) | Value | ||||
IT Services – 13.5% | ||||||
86,455 | DXC Technology Co | $6,296,518 | ||||
952,135 | First Data Corporation, Class A, (2) | 17,843,010 | ||||
53,797 | FleetCor Technologies Inc., (2) | 10,761,014 | ||||
93,690 | GoDaddy Inc., (2) | 6,855,297 | ||||
325,915 | Perspecta Inc. | 7,981,658 | ||||
23,814 | Shopify Inc., (2) | 3,289,904 | ||||
151,291 | Total System Services Inc. | 13,790,175 | ||||
45,483 | Wix.com Limited, (2) | 4,427,770 | ||||
130,736 | Worldpay Inc., Class A, (2) | 12,006,794 | ||||
Total IT Services | 83,252,140 | |||||
Life Sciences Tools & Services – 4.1% | ||||||
420,086 | Accelerate Diagnostics Inc., (2) | 6,276,085 | ||||
65,528 | IQVIA Holdings Inc., (2) | 8,055,357 | ||||
56,713 | Waters Corp, (2) | 10,757,889 | ||||
Total Life Sciences Tools & Services | 25,089,331 | |||||
Machinery – 0.9% | ||||||
41,643 | IDEX Corp | 5,281,165 | ||||
Media – 1.9% | ||||||
130,249 | GCI Liberty Inc., (2) | 6,164,685 | ||||
136,669 | Liberty Media Corp-Liberty SiriusXM, (2) | 5,636,230 | ||||
Total Media | 11,800,915 | |||||
Multiline Retail – 1.3% | ||||||
74,084 | Dollar General Corp | 8,251,476 | ||||
Oil, Gas & Consumable Fuels – 1.4% | ||||||
466,092 | Marathon Oil Corporation | 8,851,087 | ||||
Professional Services – 1.5% | ||||||
174,430 | IHS Markit Ltd, (2) | 9,162,808 | ||||
Road & Rail – 1.7% | ||||||
42,057 | JB Hunt Transport Services Inc. | 4,651,925 | ||||
59,454 | Kansas City Southern | 6,061,930 | ||||
Total Road & Rail | 10,713,855 | |||||
Semiconductors & Semiconductor Equipment – 2.3% | ||||||
54,080 | Lam Research Corporation | 7,664,758 | ||||
55,817 | Monolithic Power Systems Inc. | 6,593,104 | ||||
Total Semiconductors & Semiconductor Equipment | 14,257,862 | |||||
Software – 10.5% | ||||||
21,982 | Atlassian Corp PLC, (2) | 1,668,654 | ||||
80,785 | Autodesk Inc., (2) | 10,441,461 | ||||
253,239 | Cadence Design Systems Inc., (2) | 11,286,862 |
Shares | Description (1) | Value | ||||
Software (continued) | ||||||
252,293 | Dropbox Inc., (2) | $5,921,317 | ||||
104,875 | PTC Inc., (2) | 8,642,749 | ||||
45,649 | Red Hat Inc., (2) | 7,835,194 | ||||
61,860 | ServiceNow Inc., (2) | 11,199,134 | ||||
81,422 | Splunk Inc., (2) | 8,129,173 | ||||
Total Software | 65,124,544 | |||||
Specialty Retail – 6.3% | ||||||
34,463 | O'Reilly Automotive Inc., (2) | 11,054,007 | ||||
98,961 | Ross Stores Inc. | 9,797,139 | ||||
102,209 | Tractor Supply Co | 9,391,985 | ||||
31,074 | Ulta Beauty Inc., (2) | 8,530,435 | ||||
Total Specialty Retail | 38,773,566 | |||||
Technology Hardware, Storage & Peripherals – 1.9% | ||||||
146,286 | NetApp Inc. | 11,481,988 | ||||
Total Common Stocks (cost $527,163,444) | 608,953,527 |
Shares | Description (1), (3) | Value | ||||
EXCHANGE-TRADED FUNDS – 0.6% | ||||||
52,884 | SPDR S&P Biotech ETF, (4) | $ 4,183,653 | ||||
Total Exchange-Traded Funds (cost $4,400,194) | 4,183,653 | |||||
Total Long-Term Investments (cost $531,563,638) | 613,137,180 |
Shares | Description (1) | Coupon | Value | |||
INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 0.7% | ||||||
Money Market Funds – 0.7% | ||||||
4,224,480 | First American Government Obligations Fund, Class X, (5) | 2.090% (6) | $ 4,224,480 | |||
Total Investments Purchased with Collateral from Securities Lending (cost $4,224,480) | 4,224,480 |
Shares | Description (1) | Coupon | Value | |||
SHORT-TERM INVESTMENTS – 0.2% | ||||||
Money Market Funds – 0.2% | ||||||
1,151,909 | First American Treasury Obligations Fund, Class Z | 2.075% (6) | $ 1,151,909 | |||
Total Short-Term Investments (cost $1,151,909) | 1,151,909 | |||||
Total Investments (cost $536,940,027) – 100.0% | 618,513,569 | |||||
Other Assets Less Liabilities – (0.0)% | (289,496) | |||||
Net Assets – 100% | $ 618,224,073 |
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) | A copy of the most recent financial statements for these exchange-traded funds can be obtained directly from the Securities and Exchange Commission on its website at http://www.sec.gov. | |
(4) | 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 $4,177,483. | |
(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 – 99.0% | ||||||
COMMON STOCKS – 99.0% | ||||||
Aerospace & Defense – 1.3% | ||||||
30,091 | Mercury Systems Inc., (2) | $ 1,410,064 | ||||
Banks – 3.6% | ||||||
30,465 | Cathay General Bancorp | 1,147,617 | ||||
74,241 | Home BancShares Inc. | 1,413,549 | ||||
27,728 | Preferred Bank Los Angeles | 1,425,496 | ||||
Total Banks | 3,986,662 | |||||
Biotechnology – 6.8% | ||||||
21,692 | Autolus Therapeutics PLC, (2), (3) | 618,222 | ||||
51,818 | Fate Therapeutics Inc., (2) | 645,652 | ||||
33,844 | Immunomedics Inc., (2), (3) | 762,505 | ||||
6,043 | Ligand Pharmaceuticals Inc., (2) | 995,947 | ||||
5,299 | Loxo Oncology Inc., (2) | 808,945 | ||||
57,937 | Natera Inc., (2) | 1,272,297 | ||||
24,184 | Repligen Corporation, (2) | 1,311,256 | ||||
4,326 | Sage Therapeutics Inc., (2) | 556,670 | ||||
41,250 | Viking Therapeutics Inc., (2), (3) | 561,000 | ||||
Total Biotechnology | 7,532,494 | |||||
Building Products – 2.5% | ||||||
30,681 | CSW Industrials Inc., (2) | 1,412,246 | ||||
37,662 | Gibraltar Industries Inc. | 1,342,274 | ||||
Total Building Products | 2,754,520 | |||||
Capital Markets – 1.3% | ||||||
18,106 | Evercore Inc., Class A | 1,479,079 | ||||
Chemicals – 4.2% | ||||||
91,246 | Ferro Corporation | 1,545,707 | ||||
44,327 | GCP Applied Technologies Inc., (2) | 1,151,172 | ||||
21,042 | Ingevity Corporation, (2) | 1,916,506 | ||||
Total Chemicals | 4,613,385 | |||||
Commercial Services & Supplies – 4.6% | ||||||
38,300 | Casella Waste Systems Inc., Class A, (2) | 1,247,048 | ||||
40,409 | HNI Corporation | 1,531,097 | ||||
77,403 | Interface Inc. | 1,260,895 | ||||
9,967 | MSA Safety Inc. | 1,040,953 | ||||
Total Commercial Services & Supplies | 5,079,993 |
Shares | Description (1) | Value | ||||
Communications Equipment – 3.2% | ||||||
51,854 | Ciena Corporation, (2) | $1,620,956 | ||||
31,996 | Plantronics Inc. | 1,886,804 | ||||
Total Communications Equipment | 3,507,760 | |||||
Construction & Engineering – 1.7% | ||||||
43,441 | �� | MasTec Inc., (2) | 1,890,118 | |||
Consumer Finance – 1.0% | ||||||
14,548 | Green Dot Corp, (2) | 1,101,866 | ||||
Diversified Consumer Services – 1.3% | ||||||
11,155 | Grand Canyon Education Inc., (2) | 1,391,029 | ||||
Electronic Equipment, Instruments & Components – 1.9% | ||||||
56,608 | Arlo Technologies Inc., (2) | 769,303 | ||||
25,176 | Belden Inc. | 1,360,763 | ||||
Total Electronic Equipment, Instruments & Components | 2,130,066 | |||||
Food Products – 1.4% | ||||||
82,376 | Nomad Foods Ltd, (2) | 1,573,382 | ||||
Health Care Equipment & Supplies – 8.9% | ||||||
41,891 | AtriCure, Inc., (2) | 1,332,553 | ||||
17,792 | Insulet Corporation, (2) | 1,569,432 | ||||
17,439 | iRhythm Technologies Inc., (2) | 1,347,337 | ||||
11,133 | LivaNova PLC, (2) | 1,246,785 | ||||
37,056 | Merit Medical Systems Inc., (2) | 2,116,639 | ||||
35,913 | Novocure Limited, (2) | 1,190,157 | ||||
24,342 | STAAR Surgical Co, (2) | 976,357 | ||||
Total Health Care Equipment & Supplies | 9,779,260 | |||||
Health Care Providers & Services – 3.2% | ||||||
11,309 | Amedisys Inc., (2) | 1,243,990 | ||||
21,781 | AMN Healthcare Services Inc., (2) | 1,102,554 | ||||
13,084 | LHC Group Inc., (2) | 1,196,270 | ||||
Total Health Care Providers & Services | 3,542,814 | |||||
Health Care Technology – 4.2% | ||||||
19,368 | Omnicell Inc., (2) | 1,369,318 | ||||
18,943 | Tabula Rasa HealthCare Inc., (2) | 1,399,509 | ||||
55,247 | Vocera Communications Inc., (2) | 1,917,623 | ||||
Total Health Care Technology | 4,686,450 | |||||
Hotels, Restaurants & Leisure – 5.5% | ||||||
17,410 | BJ's Restaurants Inc. | 1,065,144 | ||||
39,665 | Eldorado Resorts Inc., (2) | 1,447,773 | ||||
18,295 | Jack in the Box Inc. | 1,444,024 | ||||
16,332 | Papa John's International Inc. | 890,747 |
Shares | Description (1) | Value | ||||
Hotels, Restaurants & Leisure (continued) | ||||||
20,200 | Wingstop Inc., (3) | $ 1,264,924 | ||||
Total Hotels, Restaurants & Leisure | 6,112,612 | |||||
Household Durables – 1.2% | ||||||
47,890 | La-Z-Boy Inc. | 1,331,342 | ||||
Insurance – 1.1% | ||||||
20,387 | Kinsale Capital Group Inc. | 1,217,308 | ||||
Internet & Direct Marketing Retail – 1.6% | ||||||
40,688 | Etsy Inc., (2) | 1,730,054 | ||||
IT Services – 1.4% | ||||||
25,483 | Interxion Holding NV, (2) | 1,500,184 | ||||
Leisure Products – 1.0% | ||||||
28,918 | Malibu Boats Inc., (2) | 1,162,504 | ||||
Life Sciences Tools & Services – 2.8% | ||||||
48,068 | Accelerate Diagnostics Inc., (2) | 718,136 | ||||
22,499 | Cambrex Corporation, (2) | 1,198,971 | ||||
11,602 | PRA Health Sciences Inc., (2) | 1,123,886 | ||||
Total Life Sciences Tools & Services | 3,040,993 | |||||
Machinery – 2.9% | ||||||
48,655 | Kennametal Inc. | 1,724,820 | ||||
82,087 | Welbilt Inc., (2) | 1,536,668 | ||||
Total Machinery | 3,261,488 | |||||
Multiline Retail – 1.5% | ||||||
17,741 | Ollie's Bargain Outlet Holdings, Inc., (2), (3) | 1,648,139 | ||||
Oil, Gas & Consumable Fuels – 3.4% | ||||||
117,540 | Callon Petroleum Co, (2) | 1,171,874 | ||||
69,722 | Centennial Resource Development Inc., (2), (3) | 1,335,874 | ||||
44,347 | Matador Resources Co, (2) | 1,278,967 | ||||
Total Oil, Gas & Consumable Fuels | 3,786,715 | |||||
Pharmaceuticals – 0.6% | ||||||
12,954 | MyoKardia Inc., (2) | 685,785 | ||||
Professional Services – 1.3% | ||||||
30,824 | Korn Ferry International | 1,391,395 | ||||
Road & Rail���– 1.1% | ||||||
37,480 | Knight-Swift Transportation Holdings Inc., Class A | 1,199,360 | ||||
Semiconductors & Semiconductor Equipment – 4.0% | ||||||
46,441 | Brooks Automation Inc. | 1,441,064 |
Shares | Description (1) | Value | ||||
Semiconductors & Semiconductor Equipment (continued) | ||||||
54,315 | Entegris Inc. | $1,441,520 | ||||
12,866 | Monolithic Power Systems Inc. | 1,519,732 | ||||
Total Semiconductors & Semiconductor Equipment | 4,402,316 | |||||
Software – 8.8% | ||||||
23,856 | Blackline Inc., (2) | 1,106,441 | ||||
43,454 | Mimecast Ltd, (2) | 1,514,807 | ||||
19,837 | New Relic Inc., (2) | 1,770,452 | ||||
38,215 | Rapid7 Inc., (2) | 1,384,912 | ||||
25,034 | RealPage Inc., (2) | 1,326,802 | ||||
39,826 | SendGrid Inc., (2) | 1,446,480 | ||||
18,386 | Varonis Systems Inc., (2) | 1,122,833 | ||||
591,081 | VideoPropulsion Inc., (2), (4) | 1 | ||||
Total Software | 9,672,728 | |||||
Specialty Retail – 5.0% | ||||||
37,617 | Aaron's Inc. | 1,772,889 | ||||
61,846 | American Eagle Outfitters Inc. | 1,426,169 | ||||
31,986 | Camping World Holdings Inc., Class A, (3) | 548,560 | ||||
12,174 | Children's Place Inc. | 1,818,795 | ||||
Total Specialty Retail | 5,566,413 | |||||
Technology Hardware, Storage & Peripherals – 0.8% | ||||||
44,701 | Pure Storage Inc., (2) | 902,066 | ||||
Textiles, Apparel & Luxury Goods – 2.7% | ||||||
14,193 | Oxford Industries Inc. | 1,262,893 | ||||
55,786 | Steven Madden Ltd | 1,744,428 | ||||
Total Textiles, Apparel & Luxury Goods | 3,007,321 | |||||
Trading Companies & Distributors – 1.2% | ||||||
18,973 | SiteOne Landscape Supply Inc., (2) | 1,290,923 | ||||
Total Long-Term Investments (cost $98,639,194) | 109,368,588 |
Shares | Description (1) | Coupon | Value | |||
INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 4.2% | ||||||
Money Market Funds – 4.2% | ||||||
4,645,978 | First American Government Obligations Fund, Class X, (5) | 2.090% (6) | $ 4,645,978 | |||
Total Investments Purchased with Collateral from Securities Lending (cost $4,645,978) | 4,645,978 |
Shares | Description (1) | Coupon | Value | |||
SHORT-TERM INVESTMENTS – 2.8% | ||||||
Money Market Funds – 2.8% | ||||||
3,119,268 | First American Treasury Obligations Fund, Class Z | 2.075% (6) | $ 3,119,268 | |||
Total Short-Term Investments (cost $3,119,268) | 3,119,268 | |||||
Total Investments (cost $106,404,440) – 106.0% | 117,133,834 | |||||
Other Assets Less Liabilities – (6.0)% | (6,667,020) | |||||
Net Assets – 100% | $ 110,466,814 |
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 $4,615,164. | |
(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) | 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. |
Mid Cap Growth Opportunities | Small Cap Growth Opportunities | |
Assets | ||
Long-term investments, at value (cost $531,563,638 and $98,639,194, respectively) | $613,137,180 | $109,368,588 |
Investment purchased with collateral from securities lending, at value (cost approximates value) | 4,224,480 | 4,645,978 |
Short-term investments, at value (cost approximates value) | 1,151,909 | 3,119,268 |
Receivable for: | ||
Dividends | 93,224 | 8,628 |
Due from broker | 5,840 | 27,103 |
Interest | 2,871 | 4,436 |
Investments sold | 10,378,201 | 1,374,441 |
Shares sold | 186,420 | 209,014 |
Other assets | 111,787 | 42,551 |
Total assets | 629,291,912 | 118,800,007 |
Liabilities | ||
Payable for: | ||
Collateral from securities lending program | 4,224,480 | 4,645,978 |
Investments purchased | 5,029,744 | 3,440,820 |
Shares redeemed | 973,978 | 99,159 |
Accrued expenses: | ||
Directors fees | 70,955 | 268 |
Management fees | 402,625 | 72,346 |
12b-1 distribution and service fees | 62,282 | 10,413 |
Other | 303,775 | 64,209 |
Total liabilities | 11,067,839 | 8,333,193 |
Net assets | $618,224,073 | $110,466,814 |
Mid Cap Growth Opportunities | Small Cap Growth Opportunities | |
Class A Shares | ||
Net assets | $196,211,886 | $ 36,452,225 |
Shares outstanding | 5,332,936 | 1,548,730 |
Net asset value ("NAV") per share | $ 36.79 | $ 23.54 |
Offering price per share (NAV per share plus maximum sales charge of 5.75% of offering price) | $ 39.03 | $ 24.98 |
Class C Shares | ||
Net assets | $ 7,935,868 | $ 2,140,606 |
Shares outstanding | 295,565 | 118,868 |
NAV and offering price per share | $ 26.85 | $ 18.01 |
Class R3 Shares | ||
Net assets | $ 26,098,248 | $ 1,205,570 |
Shares outstanding | 765,445 | 54,410 |
NAV and offering price per share | $ 34.10 | $ 22.16 |
Class R6 Shares | ||
Net assets | $ 56,250,346 | $ 14,474,808 |
Shares outstanding | 1,251,548 | 519,187 |
NAV and offering price per share | $ 44.94 | $ 27.88 |
Class I Shares | ||
Net assets | $331,727,725 | $ 56,193,605 |
Shares outstanding | 7,456,703 | 2,021,941 |
NAV and offering price per share | $ 44.49 | $ 27.79 |
Fund level net assets consist of: | ||
Capital paid-in | $451,891,054 | $ 86,360,989 |
Total distributable earnings | 166,333,019 | 24,105,825 |
Fund level net assets | $618,224,073 | $110,466,814 |
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 | ||
Dividends | $ 4,884,992 | $ 467,948 |
Interest | 43,573 | 31,796 |
Securities lending income | 134,135 | 77,063 |
Total investment income | 5,062,700 | 576,807 |
Expenses | ||
Management fees | 5,911,157 | 932,421 |
12b-1 service fees - Class A Shares | 593,043 | 93,441 |
12b-1 distibution and service fees - Class C Shares | 137,287 | 21,881 |
12b-1 distibution and service fees - Class R3 Shares | 166,473 | 7,333 |
Shareholder servicing agent fees | 1,097,355 | 123,899 |
Custodian fees | 81,908 | 17,212 |
Directors fees | 21,666 | 3,152 |
Professional fees | 61,304 | 30,814 |
Shareholder reporting expenses | 69,790 | 27,936 |
Federal and state registration fees | 86,231 | 81,496 |
Other | 21,332 | 2,993 |
Total expenses before fee waiver/expense reimbursement | 8,247,546 | 1,342,578 |
Fee waiver/expense reimbursement | (434,856) | (153,329) |
Net expenses | 7,812,690 | 1,189,249 |
Net investment income (loss) | (2,749,990) | (612,442) |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) from investments | 105,271,433 | 15,615,021 |
Change in net unrealized appreciation (depreciation) of investments | (71,584,251) | (7,650,523) |
Net realized and unrealized gain (loss) | 33,687,182 | 7,964,498 |
Net increase (decrease) in net assets from operations | $ 30,937,192 | $ 7,352,056 |
Mid Cap Growth Opportunities | Small Cap Growth Opportunities | ||||
Year Ended 10/31/18 | Year Ended(1) 10/31/17 | Year Ended 10/31/18 | Year Ended(1) 10/31/17 | ||
Operations | |||||
Net investment income (loss) | $ (2,749,990) | $ (2,405,897) | $ (612,442) | $ (519,619) | |
Net realized gain (loss) from investments | 105,271,433 | 147,239,993 | 15,615,021 | 13,336,050 | |
Change in net unrealized appreciation (depreciation) of investments | (71,584,251) | 50,051,609 | (7,650,523) | 8,799,437 | |
Net increase (decrease) in net assets from operations | 30,937,192 | 194,885,705 | 7,352,056 | 21,615,868 | |
Distributions to Shareholders(2) | |||||
Dividends (3) | |||||
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 | 74,478,107 | 100,136,946 | 31,341,482 | 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 | |
192,497,832 | 134,784,359 | 40,811,285 | 15,721,316 | ||
Cost of shares redeemed | (279,032,792) | (387,175,355) | (27,769,950) | (24,411,376) | |
Net increase (decrease) in net assets from Fund share transactions | (86,534,960) | (252,390,996) | 13,041,335 | (8,690,060) | |
Net increase (decrease) in net assets | (182,225,746) | (94,704,918) | 9,077,444 | 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 | $ 618,224,073 | $ 800,449,819 | $110,466,814 | $101,389,370 |
(1) | Prior period amounts have been conformed to current year presentation. See Notes to Financial Statements, Note 9 - New Accounting Pronouncements for further details. |
(2) | The composition and per share amounts of the Fund's distributions are presented in the Financial Highlights. The distribution information for the Fund as of its most recent tax year end is presented within the Notes to Financial Statements, Note 6 - Income Tax Information. |
(3) | For the fiscal year ended October 31, 2017, the Fund's distributions to shareholders were paid from accumulated net realized gains. |
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 | $43.45 | $(0.20) | $ 1.16 | $ 0.96 | $ — | $(7.62) | $(7.62) | $36.79 | |
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 | |
Class C (09/01) | |||||||||
2018 | 33.94 | (0.36) | 0.89 | 0.53 | — | (7.62) | (7.62) | 26.85 | |
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 | |
Class R3 (12/00) | |||||||||
2018 | 40.90 | (0.28) | 1.10 | 0.82 | — | (7.62) | (7.62) | 34.10 | |
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 | |
Class R6 (02/13) | |||||||||
2018 | 51.24 | (0.05) | 1.37 | 1.32 | — | (7.62) | (7.62) | 44.94 | |
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 | |
Class I (12/89) | |||||||||
2018 | 50.85 | (0.12) | 1.38 | 1.26 | — | (7.62) | (7.62) | 44.49 | |
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 |
Ratios/Supplemental Data | |||||||
Ratios to Average Net Assets Before Waiver/Reimbursement | Ratios to Average Net Assets After Waiver/Reimbursement(c) | ||||||
Total Return(b) | Ending Net Assets (000) | Expenses | Net Investment Income (Loss) | Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate(d) | |
2.35% | $196,212 | 1.23% | (0.56)% | 1.17% | (0.51)% | 106% | |
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 | |
1.60 | 7,936 | 1.98 | (1.30) | 1.92 | (1.25) | 106 | |
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 | |
2.09 | 26,098 | 1.48 | (0.81) | 1.42 | (0.76) | 106 | |
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 | |
2.75 | 56,250 | 0.84 | (0.17) | 0.78 | (0.11) | 106 | |
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 | |
2.61 | 331,728 | 0.98 | (0.31) | 0.92 | (0.26) | 106 | |
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 |
(a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
(b) | Total return is the combination of changes in NAV without any sales charge, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. Total returns are not annualized. |
(c) | After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Note 7 – Management Fees and Other Transactions with Affiliates, Management Fees for more information. |
(d) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period. |
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 | $24.78 | $(0.17) | $1.94 | $ 1.77 | $ — | $(3.01) | $(3.01) | $23.54 | |
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 | |
Class C (09/01) | |||||||||
2018 | 19.79 | (0.27) | 1.50 | 1.23 | — | (3.01) | (3.01) | 18.01 | |
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 | |
Class R3 (12/00) | |||||||||
2018 | 23.56 | (0.22) | 1.83 | 1.61 | — | (3.01) | (3.01) | 22.16 | |
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 | |
Class R6 (06/16) | |||||||||
2018 | 28.72 | (0.10) | 2.27 | 2.17 | — | (3.01) | (3.01) | 27.88 | |
2017 | 22.96 | (0.08) | 5.94 | 5.86 | — | (0.10) | (0.10) | 28.72 | |
2016(e) | 21.63 | (0.02) | 1.35 | 1.33 | — | — | — | 22.96 | |
Class I (08/95) | |||||||||
2018 | 28.66 | (0.13) | 2.27 | 2.14 | — | (3.01) | (3.01) | 27.79 | |
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 |
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) | |
7.89% | $36,452 | 1.38% | (0.86)% | 1.24% | (0.72)% | 139% | |
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 | |
7.05 | 2,141 | 2.13 | (1.60) | 1.99 | (1.46) | 139 | |
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 | |
7.60 | 1,206 | 1.63 | (1.11) | 1.49 | (0.97) | 139 | |
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 | |
8.24 | 14,475 | 1.03 | (0.50) | 0.88 | (0.35) | 139 | |
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 | |
8.14 | 56,194 | 1.13 | (0.60) | 0.99 | (0.46) | 139 | |
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 |
(a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
(b) | Total return is the combination of changes in NAV without any sales charge, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. Total returns are not annualized. |
(c) | After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Note 7 – Management Fees and Other Transactions with Affiliates, Management Fees for more information. |
(d) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period. |
(e) | For the period 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 | $608,953,527 | $ — | $ — | $608,953,527 |
Exchange-Traded Funds | 4,183,653 | — | — | 4,183,653 |
Investments Purchased with Collateral from Securities Lending | 4,224,480 | — | — | 4,224,480 |
Short-Term Investments: | ||||
Money Market Funds | 1,151,909 | — | — | 1,151,909 |
Total | $618,513,569 | $ — | $ — | $618,513,569 |
Small Cap Growth Opportunities | Level 1 | Level 2 | Level 3 | Total |
Long-Term Investments*: | ||||
Common Stocks | $109,368,587 | $ — | $ 1** | $109,368,588 |
Investments Purchased with Collateral from Securities Lending | 4,645,978 | — | — | 4,645,978 |
Short-Term Investments: | ||||
Money Market Funds | 3,119,268 | — | — | 3,119,268 |
Total | $117,133,833 | $ — | $ 1 | $117,133,834 |
* | 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. |
Fund | Asset Class out on Loan | Long-Term Investments, at Value | Collateral Pledged (From) Counterparty* | Net Exposure |
Mid Cap Growth Opportunities | Exchange-Traded Funds | $4,177,483 | $(4,177,483) | $ – |
Small Cap Growth Opportunities | Common Stocks | 4,615,164 | (4,615,164) | – |
Year Ended 10/31/18 | Year Ended 10/31/17 | ||||
Mid Cap Growth Opportunities | Shares | Amount | Shares | Amount | |
Shares sold: | |||||
Class A | 532,312 | $ 20,896,061 | 599,732 | $ 23,211,270 | |
Class A – automatic conversion of Class C Shares | 5,815 | 227,664 | — | — | |
Class C | 39,840 | 1,128,803 | 31,633 | 966,677 | |
Class R3 | 152,474 | 5,555,412 | 206,167 | 7,572,310 | |
Class R6 | 139,147 | 6,652,732 | 659,180 | 28,826,884 | |
Class I | 841,306 | 40,017,435 | 866,620 | 39,559,805 | |
Shares issued to shareholders due to reinvestment of distributions: | |||||
Class A | 1,152,716 | 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 | |
4,681,886 | 192,497,832 | 3,245,763 | 134,784,359 | ||
Shares redeemed: | |||||
Class A | (2,133,046) | (84,523,328) | (2,941,519) | (112,861,968) | |
Class C | (343,445) | (9,877,658) | (172,357) | (5,236,118) | |
Class C – automatic conversion to Class A Shares | (7,948) | (227,664) | — | — | |
Class R3 | (445,516) | (16,156,519) | (1,030,127) | (37,314,487) | |
Class R6 | (545,088) | (25,796,215) | (488,649) | (22,975,747) | |
Class I | (3,004,604) | (142,451,408) | (4,643,529) | (208,787,035) | |
(6,479,647) | (279,032,792) | (9,276,181) | (387,175,355) | ||
Net increase (decrease) | (1,797,761) | $ (86,534,960) | (6,030,418) | $(252,390,996) |
Year Ended 10/31/18 | Year Ended 10/31/17 | ||||
Small Cap Growth Opportunities | Shares | Amount | Shares | Amount | |
Shares sold: | |||||
Class A | 137,003 | $ 3,379,320 | 113,239 | $ 2,567,846 | |
Class A – automatic conversion of Class C Shares | 35 | 897 | — | — | |
Class C | 43,035 | 814,308 | 20,459 | 371,311 | |
Class R3 | 38,662 | 861,790 | 22,228 | 479,017 | |
Class R6 | 5,382 | 169,074 | — | — | |
Class I | 894,685 | 26,116,093 | 458,134 | 11,977,142 | |
Shares issued to shareholders due to reinvestment of distributions: | |||||
Class A | 183,808 | 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 | |
1,517,982 | 40,811,285 | 628,034 | 15,721,316 | ||
Shares redeemed: | |||||
Class A | (181,677) | (4,419,661) | (280,941) | (6,347,802) | |
Class C | (53,326) | (1,002,662) | (33,860) | (623,759) | |
Class C – automatic conversion to Class A Shares | (46) | (897) | — | — | |
Class R3 | (62,133) | (1,375,752) | (40,281) | (858,266) | |
Class R6 | (228,134) | (6,741,215) | (187,954) | (4,955,000) | |
Class I | (502,646) | (14,229,763) | (444,348) | (11,626,549) | |
(1,027,962) | (27,769,950) | (987,384) | (24,411,376) | ||
Net increase (decrease) | 490,020 | $ 13,041,335 | (359,350) | $ (8,690,060) |
Mid Cap Growth Opportunities | Small Cap Growth Opportunities | |
Purchases | $ 793,978,825 | $149,885,843 |
Sales | 1,007,862,027 | 148,886,581 |
Mid Cap Growth Opportunities | Small Cap Growth Opportunities | |
Tax cost of investments | $542,638,022 | $106,560,948 |
Gross unrealized: | ||
Appreciation | $ 99,055,129 | $ 16,258,331 |
Depreciation | (23,179,582) | (5,685,445) |
Net unrealized appreciation (depreciation) of investments | $ 75,875,547 | $ 10,572,886 |
Mid Cap Growth Opportunities | Small Cap Growth Opportunities | |
Undistributed net ordinary income1 | $14,130,332 | $ 2,670,904 |
Undistributed net long-term capital gains | 76,396,571 | 10,862,035 |
1 | Net ordinary income consists of net taxable income derived from dividends, interest, and net short-term capital gains, if any. |
2018 | Mid Cap Growth Opportunities | Small Cap Growth Opportunities |
Distributions from net ordinary income1 | $ 24,962,249 | $5,294,904 |
Distributions from net long-term capital gains | 101,665,729 | 6,021,043 |
2017 | 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, 2020 |
Small Cap Growth Opportunities | 0.99% | July 31, 2020 |
Mid Cap Growth Opportunities | Small Cap Growth Opportunities | |
Sales charges collected (Unaudited) | $34,376 | $42,180 |
Paid to financial intermediaries (Unaudited) | 30,133 | 37,032 |
Mid Cap Growth Opportunities | Small Cap Growth Opportunities | |
Commission advances (Unaudited) | $4,221 | $2,822 |
Mid Cap Growth Opportunities | Small Cap Growth Opportunities | |
12b-1 fees retained (Unaudited) | $5,440 | $2,276 |
Mid Cap Growth Opportunities | Small Cap Growth Opportunities | |
CDSC retained (Unaudited) | $850 | $1,410 |
Mid Cap Growth Opportunities | Small Cap Growth Opportunities | |
UNII at the end of period | $(59,567) | $ — |
Mid Cap Growth Opportunities | Small Cap Growth Opportunities | |
Long-term capital gain dividends | $116,006,465 | $7,352,402 |
Mid Cap Growth Opportunities | Small Cap Growth Opportunities | |
% of QDI | 17.2% | 6.0% |
% of DRD | 19.7% | 6.0% |
• | Fund Rationalizations - continuing efforts to rationalize the product line through mergers, liquidations and repositionings in seeking to enhance shareholder value over the years through increased efficiency, reduced costs, improved performance and revised investment approaches more relevant to current shareholder needs; |
• | Product Innovations - developing product innovations and launching new products that will help the Nuveen fund complex offer a variety of products that will attract new investors and retain existing investors, such as launching the target term funds, exchange-traded funds (“ETFs”) and multi-asset class funds; |
• | Risk Management Enhancements - continuing efforts to enhance risk management, including enhancing reporting to increase the efficiency of risk monitoring, implementing programs to strengthen the ability to detect and mitigate operational risks, dedicating resources and staffing necessary to create standards to help ensure compliance with new liquidity requirements, and implementing a price verification system; |
• | Additional Compliance Services – the continuing investment of significant resources, time and additional staffing to meet the various new regulatory requirements affecting the Nuveen funds over the past several years, the further implementation of unified compliance policies and processes, the development of additional compliance training modules, and the reorganization of the compliance team adding further depth to its senior leadership; and |
• | Expanded Dividend Management Services – as the Nuveen fund complex has grown, the additional services necessary to manage the distributions of the varied funds offered and investing in automated systems to assist in this process. |
Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed (1) | Principal Occupation(s) Including other Directorships During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Director |
Independent Directors: | ||||
Terence J. Toth 1959 333 W. Wacker Drive Chicago, IL 60606 | Chairman and Director | 2008 | Formerly, a Co-Founding Partner, Promus Capital (2008-2017); Director, Fulcrum IT Service LLC (since 2010) and Quality Control Corporation (since 2012); member: Catalyst Schools of Chicago Board (since 2008) and Mather Foundation Board (since 2012), and chair of its investment committee; formerly, Director, Legal & General Investment Management America, Inc. (2008-2013); formerly, CEO and President, Northern Trust Global Investments (2004-2007); Executive Vice President, Quantitative Management & Securities Lending (2000-2004); prior thereto, various positions with Northern Trust Company (since 1994); formerly, Member, Northern Trust Mutual Funds Board (2005-2007), Northern Trust Global Investments Board (2004-2007), Northern Trust Japan Board (2004-2007), Northern Trust Securities Inc. Board (2003- 2007) and Northern Trust Hong Kong Board (1997-2004). | 169 |
Jack B. Evans 1948 333 W. Wacker Drive Chicago, IL 60606 | Director | 1999 | President, The Hall-Perrine Foundation, a private philanthropic corporation (since 1996); Director and Chairman, United Fire Group, a publicly held company; Director, Public member, American Board of Orthopaedic Surgery (since 2015); Life Trustee of Coe College and the Iowa College Foundation; formerly, President Pro-Tem of the Board of Regents for the State of Iowa University System; formerly, Director, Alliant Energy and The Gazette Company; formerly, Director, Federal Reserve Bank of Chicago; formerly, President and Chief Operating Officer, SCI Financial Group, Inc., a regional financial services firm. | 169 |
Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed (1) | Principal Occupation(s) Including other Directorships During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Director |
William C. Hunter 1948 333 W. Wacker Drive Chicago, IL 60606 | Director | 2003 | Dean Emeritus, formerly, Dean, Tippie College of Business, University of Iowa (2006-2012); Director of Wellmark, Inc. (since 2009); past Director (2005-2015), and past President (2010- 2014) Beta Gamma Sigma, Inc., The International Business Honor Society; formerly, Director (2004-2018) of Xerox Corporation; Dean and Distinguished Professor of Finance, School of Business at the University of Connecticut (2003-2006); previously, Senior Vice President and Director of Research at the Federal Reserve Bank of Chicago (1995-2003); formerly, Director (1997-2007), Credit Research Center at Georgetown University. | 169 |
Albin F. Moschner 1952 333 W. Wacker Drive Chicago, IL 60606 | Director | 2016 | Founder and Chief Executive Officer, Northcroft Partners, LLC, a management consulting firm (since 2012); Director, USA Technologies, Inc., a provider of solutions and services to facilitate electronic payment transactions (since 2012); formerly, Director, Wintrust Financial Corporation (1996-2016); previously, held positions at Leap Wireless International, Inc., including Consultant (2011-2012), Chief Operating Officer (2008-2011), and Chief Marketing Officer (2004-2008); formerly, President, Verizon Card Services division of Verizon Communications, Inc. (2000-2003); formerly, President, One Point Services at One Point Communications (1999-2000); formerly, Vice Chairman of the Board, Diba, Incorporated (1996-1997); formerly, various executive positions with Zenith Electronics Corporation (1991-1996). | 169 |
John K. Nelson 1962 333 W. Wacker Drive Chicago, IL 60606 | Director | 2013 | Member of Board of Directors of Core12 LLC (since 2008), a private firm which develops branding, marketing and communications strategies for clients; Director of The Curran Center for Catholic American Studies (since 2009) and The President's Council, Fordham University (since 2010); formerly senior external advisor to the financial services practice of Deloitte Consulting LLP (2012-2014); formerly, Chairman of the Board of Trustees of Marian University (2010 as trustee, 2011- 2014 as Chairman); formerly, Chief Executive Officer of ABN AMRO N.V. North America, and Global Head of its Financial Markets Division (2007-2008); prior senior positions held at ABN AMRO include Corporate Executive Vice President and Head of Global Markets-the Americas (2006-2007), CEO of Wholesale Banking-North America and Global Head of Foreign Exchange and Futures Markets (2001-2006), and Regional Commercial Treasurer and Senior Vice President Trading-North America (1996-2001); formerly, Trustee at St. Edmund Preparatory School in New York City. | 169 |
William J. Schneider(1) 1944 333 W. Wacker Drive Chicago, IL 60606 | Director | 1996 | Chairman of Miller-Valentine Partners, a real estate investment company; Board Member of WDPR Public Radio station; formerly, Senior Partner and Chief Operating Officer (retired (2004) of Miller-Valentine Group; formerly, Board member, Business Advisory Council of the Cleveland Federal Reserve Bank and University of Dayton Business School Advisory Council; past Chair and Director, Dayton Development Coalition. | 169 |
Judith M. Stockdale 1947 333 W. Wacker Drive Chicago, IL 60606 | Director | 1997 | Board Member, Land Trust Alliance (since 2013) and U.S. Endowment for Forestry and Communities (since 2013); formerly, Executive Director (1994-2012), Gaylord and Dorothy Donnelley Foundation; prior thereto, Executive Director, Great Lakes Protection Fund (1990-1994). | 169 |
Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed (1) | Principal Occupation(s) Including other Directorships During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Director |
Carole E. Stone 1947 333 W. Wacker Drive Chicago, IL 60606 | Director | 2007 | Former Director, Chicago Board Options Exchange (2006-2017), and C2 Options Exchange, Incorporated (2009-2017); Director, CBOE Global Markets, Inc., formerly, CBOE Holdings, Inc. (since 2010); formerly, Commissioner, New York State Commission on Public Authority Reform (2005-2010). | 169 |
Margaret L. Wolff 1955 333 W. Wacker Drive Chicago, IL 60606 | Director | 2016 | Formerly, member of the Board of Directors (2013-2017) of Travelers Insurance Company of Canada and The Dominion of Canada General Insurance Company (each, a part of Travelers Canada, the Canadian operation of The Travelers Companies, Inc.); formerly, Of Counsel, Skadden, Arps, Slate, Meagher & Flom LLP (Mergers & Acquisitions Group) (2005-2014); Member of the Board of Trustees of New York-Presbyterian Hospital (since 2005); Member (since 2004) and Chair (since 2015) of the Board of Trustees of The John A. Hartford Foundation (a philanthropy dedicated to improving the care of older adults); formerly, Member (2005-2015) and Vice Chair (2011-2015) of the Board of Trustees of Mt. Holyoke College. | 169 |
Robert L. Young(2) 1963 333 W. Wacker Drive Chicago, IL 60606 | Director | 2017 | Formerly, Chief Operating Officer and Director, J.P. Morgan Investment Management Inc. (2010-2016); formerly, President and Principal Executive Officer (2013-2016), and Senior Vice President and Chief Operating Officer (2005-2010), of J.P. Morgan Funds; formerly, Director and various officer positions for J.P. Morgan Investment Management Inc. (formerly, JPMorgan Funds Management, Inc. and formerly, One Group Administrative Services) and JPMorgan Distribution Services, Inc. (formerly, One Group Dealer Services, Inc.) (1999-2017). | 167 |
Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed (1) | Principal Occupation(s) Including other Directorships During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Director |
Interested Director: | ||||
Margo L. Cook(3) 1964 333 W. Wacker Drive Chicago, IL 60606 | Director | 2016 | President (since 2017), formerly, Co-Chief Executive Officer and Co-President (2016-2017), formerly, Senior Executive Vice President of Nuveen Investments, Inc; Executive Vice President (since 2017) of Nuveen, LLC; President, Global Products and Solutions (since 2017), and Co-Chief Executive Officer (since 2015), formerly, Executive Vice President (2013-2015) of Nuveen Securities, LLC; President (since 2017), formerly, Co-President (2016-2017), formerly Senior Executive Vice President (2015-2016) of Nuveen Fund Advisors, LLC (Executive Vice President 2011-2015); President (since 2017), Nuveen Alternative Investments, LLC; Chartered Financial Analyst. | 169 |
Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed (4) | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Officer |
Officers of the Funds: | ||||
Greg A. Bottjer 1971 333 W. Wacker Drive Chicago, IL 60606 | Chief Administrative Officer | 2016 | Senior (since 2017) Managing Director (since 2011), formerly, Senior Vice President (2007-2010) of Nuveen; Senior (since 2017) Managing Director (since 2016) of Nuveen Fund Advisors, LLC; Chartered Financial Analyst. | 83 |
Mark J. Czarniecki 1979 901 Marquette Avenue Minneapolis, MN 55402 | Vice President and Assistant Secretary | 2013 | Vice President and Assistant Secretary of Nuveen Securities, LLC (since 2016) and Nuveen Fund Advisors (since 2017); Vice President and Associate General Counsel of Nuveen (since 2013) and Vice President, Assistant Secretary and Associate General Counsel of Nuveen Asset Management (since March 2018). | 169 |
Stephen D. Foy 1954 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Controller | 1998 | Managing Director (since 2014), formerly, Senior Vice President (2013-2014) and Vice President (2005-2013) of Nuveen Fund Advisors, LLC; Managing Director (since 2016) of Nuveen Securities, LLC; Managing Director (since 2016) of Nuveen Alternative Investments, LLC; Certified Public Accountant. | 169 |
Diana R. Gonzalez 1978 333 West Wacker Drive Chicago, IL 60606 | Vice President and Assistant Secretary | 2017 | Vice President and Assistant Secretary of Nuveen Fund Advisors, LLC (since 2017); Vice President and Associate General Counsel of Nuveen (since 2017); Associate General Counsel of Jackson National Asset Management (2012-2017). | 169 |
Nathaniel T. Jones 1979 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Treasurer | 2016 | Managing Director (since 2017), formerly, Senior Vice President (2016-2017), formerly, Vice President (2011- 2016) of Nuveen; Managing Director of Nuveen Fund Advisors, LLC; Chartered Financial Analyst. | 169 |
Walter M. Kelly 1970 333 W. Wacker Drive Chicago, IL 60606 | Chief Compliance Officer and Vice President | 2003 | Managing Director (since 2017), formerly, Senior Vice President (2008-2017) of Nuveen Investments Holdings, Inc. | 169 |
Tina M. Lazar 1961 333 W. Wacker Drive Chicago, IL 60606 | Vice President | 2002 | Managing Director (since 2017), formerly, Senior Vice President (2014-2017) of Nuveen Securities, LLC. | 169 |
Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed (4) | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Officer |
Kevin J. McCarthy 1966 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Assistant Secretary | 2007 | Senior Managing Director (since 2017) and Secretary and General Counsel (since 2016) of Nuveen Investments, Inc., formerly, Executive Vice President (2016-2017) and Managing Director and Assistant Secretary (2008-2016); Senior Managing Director (since 2017) and Assistant Secretary (since 2008) of Nuveen Securities, LLC, formerly Executive Vice President (2016-2017) and Managing Director (2008-2016); Senior Managing Director (since 2017), Secretary (since 2016) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC, formerly, Executive Vice President (2016-2017), Managing Director (2008-2016) and Assistant Secretary (2007-2016); Senior Managing Director (since 2017), Secretary (since 2016) and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC, formerly Executive Vice President (2016-2017) and Managing Director and Assistant Secretary (2011-2016); Senior Managing Director (since 2017) and Secretary (since 2016) of Nuveen Investments Advisers, LLC, formerly Executive Vice President (2016-2017); Vice President (since 2007) and Secretary (since 2016), formerly, Assistant Secretary, of NWQ Investment Management Company, LLC, Symphony Asset Management, LLC, Santa Barbara Asset Management, LLC and Winslow Capital Management, LLC (since 2010). Senior Managing Director (since 2017) and Secretary (since 2016) of Nuveen Alternative Investments, LLC. | 169 |
Christopher M. Rohrbacher 1971 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Secretary | 2008 | Managing Director (since 2017) and Assistant Secretary of Nuveen Securities, LLC; Managing Director (since 2017), formerly, Senior Vice President (2016-2017) and Assistant Secretary (since 2016) of Nuveen Fund Advisors, LLC. | 169 |
William A. Siffermann 1975 333 W. Wacker Drive Chicago, IL 60606 | Vice President | 2017 | Managing Director (since 2017), formerly Senior Vice President (2016-2017) and Vice President (2011-2016) of Nuveen. | 169 |
Joel T. Slager 1978 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Assistant Secretary | 2013 | Fund Tax Director for Nuveen Funds (since 2013); previously, Vice President of Morgan Stanley Investment Management, Inc., Assistant Treasurer of the Morgan Stanley Funds (from 2010 to 2013). | 169 |
Gifford R. Zimmerman 1956 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Assistant Secretary | 1988 | Managing Director (since 2002), and Assistant Secretary of Nuveen Securities, LLC; Managing Director (since 2004) and Assistant Secretary (since 1994) of Nuveen Investments, Inc.; Managing Director (since 2002), Assistant Secretary (since 1997) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC; Managing Director, Assistant Secretary and Associate General Counsel of Nuveen Asset Management, LLC (since 2011); Vice President (since 2017), formerly, Managing Director (2003-2017) and Assistant Secretary (since 2003) of Symphony Asset Management LLC ; Managing Director and Assistant Secretary (since 2002) of Nuveen Investments Advisers, LLC; Vice President and Assistant Secretary of NWQ Investment Management Company, LLC (since 2002), Santa Barbara Asset Management, LLC (since 2006) and of Winslow Capital Management, LLC, (since 2010); Chartered Financial Analyst. | 169 |
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Serving Investors for Generations
![](https://capedge.com/proxy/N-CSR/0001193125-19-003412/g650047imgf07dfa771.gif)
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 |
![](https://capedge.com/proxy/N-CSR/0001193125-19-003412/g650047imgf07dfa771.gif)
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![](https://capedge.com/proxy/N-CSR/0001193125-19-003412/g650047imgb1c817623.jpg)
Average Annual | |||
1-Year | 5-Year | 10-Year | |
Class A Shares at NAV | 5.47% | 10.73% | 12.94% |
Class A Shares at maximum Offering Price | (0.60)% | 9.42% | 12.27% |
S&P 500® Index | 7.35% | 11.34% | 13.24% |
Lipper Large-Cap Core Funds Classification Average | 5.58% | 9.65% | 12.05% |
Class C Shares | 4.65% | 9.90% | 12.09% |
Class I Shares | 5.74% | 11.00% | 13.22% |
Average Annual | |||
1-Year | 5-Year | 10-Year | |
Class A Shares at NAV | 20.65% | 13.95% | 11.97% |
Class A Shares at maximum Offering Price | 13.73% | 12.61% | 11.31% |
Class C Shares | 19.73% | 13.09% | 11.13% |
Class I Shares | 20.94% | 14.23% | 12.25% |
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% |
![](https://capedge.com/proxy/N-CSR/0001193125-19-003412/g650047img11fc5f1c4.gif)
Average Annual | |||
1-Year | 5-Year | 10-Year | |
Class A Shares at NAV | 3.48% | 7.66% | 12.33% |
Class A Shares at maximum Offering Price | (2.48)% | 6.38% | 11.67% |
Russell 2000® Index | 1.85% | 8.01% | 12.44% |
Lipper Small-Cap Core Funds Classification Average | (0.34)% | 6.86% | 12.13% |
Class C Shares | 2.78% | 6.87% | 11.49% |
Class R3 Shares | 3.34% | 7.39% | 12.06% |
Class I Shares | 3.77% | 7.92% | 12.61% |
Cumulative | ||
Since Inception | ||
Class R6 Shares | 0.42% |
Average Annual | |||
1-Year | 5-Year | 10-Year | |
Class A Shares at NAV | 15.31% | 11.07% | 11.31% |
Class A Shares at maximum Offering Price | 8.71% | 9.76% | 10.65% |
Class C Shares | 14.48% | 10.26% | 10.48% |
Class R3 Shares | 14.94% | 10.79% | 11.02% |
Class I Shares | 15.65% | 11.36% | 11.58% |
Cumulative | ||
Since Inception | ||
Class R6 Shares | 12.52% |
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% |
![](https://capedge.com/proxy/N-CSR/0001193125-19-003412/g650047img4ccde7285.gif)
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) | |
Software | 10.8% |
Health Care Providers & Services | 9.0% |
Banks | 8.7% |
IT Services | 8.2% |
Oil, Gas & Consumable Fuels | 7.8% |
Capital Markets | 5.5% |
Internet & Direct Marketing Retail | 4.3% |
Pharmaceuticals | 4.0% |
Technology Hardware, Storage & Peripherals | 3.0% |
Hotels, Restaurants & Leisure | 2.9% |
Road & Rail | 2.8% |
Interactive Media & Services | 2.6% |
Biotechnology | 2.6% |
Media | 2.5% |
Diversified Telecommunication Services | 2.2% |
Semiconductors & Semiconductor Equipment | 2.1% |
Other | 19.7% |
Money Market Funds | 1.2% |
Other Assets Less Liabilities | 0.1% |
Net Assets | 100% |
Top Five Common Stock Holdings (% of net assets) | |
Microsoft Corporation | 5.1% |
JPMorgan Chase & Co. | 4.2% |
Cigna Corporation | 3.6% |
Amazon.com Inc. | 3.2% |
Apple, Inc. | 3.0% |
Fund Allocation (% of net assets) | |
Common Stocks | 98.3% |
Exchange-Traded Funds | 0.5% |
Investments Purchased with Collateral from Securities Lending | 3.0% |
Money Market Funds | 2.1% |
Other Assets Less Liabilities | (3.9)% |
Net Assets | 100% |
Portfolio Composition (% of net assets) | |
Banks | 10.6% |
Software | 7.1% |
Biotechnology | 5.8% |
Specialty Retail | 5.1% |
Equity Real Estate Investment Trust | 4.9% |
Commercial Services & Supplies | 4.4% |
Health Care Providers & Services | 4.0% |
Hotels, Restaurants & Leisure | 3.9% |
Communications Equipment | 3.8% |
Oil, Gas & Consumable Fuels | 3.6% |
Health Care Equipment & Supplies | 3.2% |
Pharmaceuticals | 3.1% |
Chemicals | 3.0% |
Machinery | 2.8% |
Building Products | 2.5% |
Semiconductors & Semiconductor Equipment | 2.5% |
Insurance | 2.5% |
Textiles, Apparel & Luxury Goods | 2.1% |
Thrifts & Mortgage Finance | 2.1% |
Electronic Equipment, Instruments & Components | 2.0% |
Other | 19.8% |
Investments Purchased with Collateral from Securities Lending | 3.0% |
Money Market Funds | 2.1% |
Other Assets Less Liabilities | (3.9)% |
Net Assets | 100% |
Top Five Common Stock Holdings (% of net assets) | |
ProPetro Holding Corp. | 1.8% |
Children's Place Inc. | 1.7% |
Plantronics Inc. | 1.7% |
Southwest Gas Holdings Inc. | 1.7% |
Ingevity Corporation | 1.6% |
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 | $ 994.10 | $ 990.70 | $ 995.60 |
Expenses Incurred During the Period | $ 5.73 | $ 9.48 | $ 4.48 |
Hypothetical Performance (5% annualized return before expenses) | |||
Beginning Account Value | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value | $1,019.46 | $1,015.68 | $1,020.72 |
Expenses Incurred During the Period | $ 5.80 | $ 9.60 | $ 4.53 |
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 | $ 983.00 | $ 980.40 | $ 982.40 | $ 985.90 | $ 984.20 |
Expenses Incurred During the Period | $ 6.20 | $ 9.93 | $ 7.45 | $ 4.05 | $ 4.95 |
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 | $1,018.95 | $1,015.17 | $1,017.69 | $1,021.12 | $1,020.21 |
Expenses Incurred During the Period | $ 6.31 | $ 10.11 | $ 7.58 | $ 4.13 | $ 5.04 |
Shares | Description (1) | Value | ||||
LONG-TERM INVESTMENTS – 98.7% | ||||||
COMMON STOCKS – 98.7% | ||||||
Aerospace & Defense – 1.4% | ||||||
3,584 | Lockheed Martin Corporation | $ 1,053,158 | ||||
Air Freight & Logistics – 1.1% | ||||||
9,178 | XPO Logistics Inc., (2) | 820,330 | ||||
Airlines – 1.2% | ||||||
16,566 | Delta Air Lines Inc. | 906,657 | ||||
Banks – 8.7% | ||||||
57,798 | Bank of America Corporation | 1,589,445 | ||||
26,711 | Citigroup Inc. | 1,748,502 | ||||
28,136 | JPMorgan Chase & Co. | 3,067,387 | ||||
Total Banks | 6,405,334 | |||||
Biotechnology – 2.6% | ||||||
17,041 | Gilead Sciences Inc. | 1,161,855 | ||||
4,262 | Vertex Pharmaceuticals Inc., (2) | 722,239 | ||||
Total Biotechnology | 1,884,094 | |||||
Capital Markets – 5.5% | ||||||
41,711 | E*TRADE Financial Corporation | 2,061,357 | ||||
21,774 | Morgan Stanley | 994,201 | ||||
13,239 | Raymond James Financial Inc. | 1,015,299 | ||||
Total Capital Markets | 4,070,857 | |||||
Chemicals – 1.5% | ||||||
23,395 | CF Industries Holdings Inc. | 1,123,662 | ||||
Communications Equipment – 1.5% | ||||||
23,997 | Cisco Systems, Inc. | 1,097,863 | ||||
Diversified Telecommunication Services – 2.2% | ||||||
54,022 | AT&T Inc. | 1,657,395 | ||||
Electric Utilities – 1.8% | ||||||
29,638 | Exelon Corporation | 1,298,441 | ||||
Equity Real Estate Investment Trust – 1.5% | ||||||
2,885 | Equinix Inc. | 1,092,665 | ||||
Food Products – 2.0% | ||||||
40,973 | Conagra Brands Inc. | 1,458,639 |
Shares | Description (1) | Value | ||||
Health Care Equipment & Supplies – 2.0% | ||||||
41,675 | Boston Scientific Corporation, (2) | $ 1,506,134 | ||||
Health Care Providers & Services – 9.0% | ||||||
12,601 | Cigna Corporation | 2,694,220 | ||||
28,923 | CVS Health Corporation | 2,093,736 | ||||
5,796 | Humana Inc. | 1,857,096 | ||||
Total Health Care Providers & Services | 6,645,052 | |||||
Hotels, Restaurants & Leisure – 2.9% | ||||||
27,223 | MGM Resorts International | 726,310 | ||||
16,873 | Norwegian Cruise Line Holdings Ltd, (2) | 743,593 | ||||
6,577 | Wynn Resorts Ltd | 661,646 | ||||
Total Hotels, Restaurants & Leisure | 2,131,549 | |||||
Household Durables – 1.2% | ||||||
54,194 | Newell Brands Inc. | 860,601 | ||||
Insurance – 1.8% | ||||||
13,796 | Prudential Financial Inc. | 1,293,789 | ||||
Interactive Media & Services – 2.6% | ||||||
1,773 | Alphabet Inc., Class A, (2) | 1,933,598 | ||||
Internet & Direct Marketing Retail – 4.3% | ||||||
5,467 | Alibaba Group Holding Ltd, (2) | 777,845 | ||||
1,481 | Amazon.com Inc., (2) | 2,366,653 | ||||
Total Internet & Direct Marketing Retail | 3,144,498 | |||||
IT Services – 8.2% | ||||||
11,307 | DXC Technology Co | 823,489 | ||||
62,497 | First Data Corporation, Class A, (2) | 1,171,194 | ||||
7,720 | Mastercard Inc., Class A | 1,526,012 | ||||
12,042 | PayPal Holdings Inc., (2) | 1,013,816 | ||||
21,400 | Perspecta Inc. | 524,086 | ||||
10,985 | Worldpay Inc., Class A, (2) | 1,008,862 | ||||
Total IT Services | 6,067,459 | |||||
Machinery – 1.4% | ||||||
8,516 | Caterpillar Inc. | 1,033,161 | ||||
Media – 2.5% | ||||||
48,653 | Comcast Corporation, Class A | 1,855,625 | ||||
Oil, Gas & Consumable Fuels – 7.8% | ||||||
10,585 | Anadarko Petroleum Corporation | 563,122 | ||||
6,602 | Concho Resources Inc., (2) | 918,272 | ||||
45,269 | Marathon Oil Corporation | 859,658 | ||||
20,991 | Marathon Petroleum Corporation | 1,478,816 |
Shares | Description (1) | Value | ||||
Oil, Gas & Consumable Fuels (continued) | ||||||
18,678 | Occidental Petroleum Corporation | $1,252,734 | ||||
28,788 | Williams Cos Inc. | 700,412 | ||||
Total Oil, Gas & Consumable Fuels | 5,773,014 | |||||
Pharmaceuticals – 4.0% | ||||||
26,335 | Mylan NV, (2) | 822,969 | ||||
49,938 | Pfizer Inc. | 2,150,330 | ||||
Total Pharmaceuticals | 2,973,299 | |||||
Road & Rail – 2.8% | ||||||
13,457 | CSX Corporation | 926,649 | ||||
14,264 | Genesee & Wyoming Inc., Class A, (2) | 1,130,137 | ||||
Total Road & Rail | 2,056,786 | |||||
Semiconductors & Semiconductor Equipment – 2.1% | ||||||
2,037 | Broadcom Inc. | 455,249 | ||||
5,905 | Lam Research Corporation | 836,916 | ||||
15,636 | Marvell Technology Group Ltd | 256,587 | ||||
Total Semiconductors & Semiconductor Equipment | 1,548,752 | |||||
Software – 10.8% | ||||||
5,321 | Adobe Inc., (2) | 1,307,689 | ||||
8,845 | Autodesk Inc., (2) | 1,143,216 | ||||
4,692 | Intuit Inc. | 990,012 | ||||
35,111 | Microsoft Corporation | 3,750,206 | ||||
5,538 | salesforce.com Inc., (2) | 760,035 | ||||
Total Software | 7,951,158 | |||||
Specialty Retail – 1.3% | ||||||
9,896 | Lowe's Cos Inc. | 942,297 | ||||
Technology Hardware, Storage & Peripherals – 3.0% | ||||||
10,102 | Apple, Inc. | 2,210,924 | ||||
Total Long-Term Investments (cost $73,160,148) | 72,796,791 |
Shares | Description (1) | Coupon | Value | |||
SHORT-TERM INVESTMENTS – 1.2% | ||||||
Money Market Funds – 1.2% | ||||||
887,521 | First American Treasury Obligations Fund, Class Z | 2.075% (3) | $ 887,521 | |||
Total Short-Term Investments (cost $887,521) | 887,521 | |||||
Total Investments (cost $74,047,669) – 99.9% | 73,684,312 | |||||
Other Assets Less Liabilities – 0.1% | 59,352 | |||||
Net Assets – 100% | $ 73,743,664 |
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) | 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 – 98.8% | ||||||
COMMON STOCKS – 98.3% | ||||||
Auto Components – 1.1% | ||||||
40,045 | Cooper Tire & Rubber Co | $ 1,236,990 | ||||
Banks – 10.6% | ||||||
23,700 | Banner Corporation | 1,370,334 | ||||
36,600 | Cathay General Bancorp | 1,378,722 | ||||
79,700 | Home BancShares Inc. | 1,517,488 | ||||
19,800 | IBERIABANK Corporation | 1,474,902 | ||||
29,700 | Preferred Bank Los Angeles | 1,526,877 | ||||
36,300 | Renasant Corporation | 1,266,144 | ||||
78,900 | Sterling Bancorp | 1,418,622 | ||||
17,311 | Western Alliance Bancorp, (2) | 835,083 | ||||
14,300 | Wintrust Financial Corporation | 1,088,802 | ||||
Total Banks | 11,876,974 | |||||
Biotechnology – 5.8% | ||||||
15,890 | Autolus Therapeutics PLC, (2), (3) | 452,865 | ||||
26,200 | Emergent BioSolutions Inc., (2) | 1,603,178 | ||||
38,079 | Fate Therapeutics Inc., (2) | 474,464 | ||||
8,093 | FibroGen Inc., (2) | 346,947 | ||||
24,400 | Immunomedics Inc., (2) | 549,732 | ||||
3,950 | Ligand Pharmaceuticals Inc., (2) | 651,000 | ||||
2,800 | Loxo Oncology Inc., (2) | 427,448 | ||||
37,000 | Natera Inc., (2) | 812,520 | ||||
21,000 | Repligen Corporation, (2) | 1,138,620 | ||||
Total Biotechnology | 6,456,774 | |||||
Building Products – 2.5% | ||||||
28,900 | CSW Industrials Inc., (2) | 1,330,267 | ||||
39,900 | Gibraltar Industries Inc. | 1,422,036 | ||||
Total Building Products | 2,752,303 | |||||
Capital Markets – 1.5% | ||||||
20,070 | Evercore Inc., Class A | 1,639,518 | ||||
Chemicals – 3.0% | ||||||
91,800 | Ferro Corporation | 1,555,092 | ||||
19,891 | Ingevity Corporation, (2) | 1,811,672 | ||||
Total Chemicals | 3,366,764 | |||||
Commercial Services & Supplies – 4.4% | ||||||
35,800 | Casella Waste Systems Inc., Class A, (2) | 1,165,648 |
Shares | Description (1) | Value | ||||
Commercial Services & Supplies (continued) | ||||||
39,600 | HNI Corporation | $1,500,444 | ||||
83,500 | Interface Inc. | 1,360,215 | ||||
8,219 | MSA Safety Inc. | 858,392 | ||||
Total Commercial Services & Supplies | 4,884,699 | |||||
Communications Equipment – 3.8% | ||||||
50,800 | Ciena Corporation, (2) | 1,588,008 | ||||
13,750 | NETGEAR Inc., (2) | 762,850 | ||||
31,914 | Plantronics Inc. | 1,881,969 | ||||
Total Communications Equipment | 4,232,827 | |||||
Construction & Engineering – 1.6% | ||||||
40,554 | MasTec Inc., (2) | 1,764,505 | ||||
Electronic Equipment, Instruments & Components – 2.0% | ||||||
44,352 | Arlo Technologies Inc., (2), (3) | 602,744 | ||||
30,780 | Belden Inc. | 1,663,659 | ||||
Total Electronic Equipment, Instruments & Components | 2,266,403 | |||||
Energy Equipment & Services – 1.8% | ||||||
114,600 | ProPetro Holding Corp., (2) | 2,022,690 | ||||
Equity Real Estate Investment Trust – 4.9% | ||||||
90,700 | Brandywine Realty Trust | 1,275,242 | ||||
59,400 | Industrial Logistics Properties Trust | 1,282,446 | ||||
58,800 | STAG Industrial Inc. | 1,555,848 | ||||
119,989 | Summit Hotel Properties Inc. | 1,382,273 | ||||
Total Equity Real Estate Investment Trust | 5,495,809 | |||||
Food Products – 1.4% | ||||||
81,900 | Nomad Foods Ltd, (2) | 1,564,290 | ||||
Gas Utilities – 1.6% | ||||||
23,508 | Southwest Gas Holdings Inc. | 1,816,463 | ||||
Health Care Equipment & Supplies – 3.2% | ||||||
45,996 | AtriCure, Inc., (2) | 1,463,133 | ||||
10,500 | LivaNova PLC, (2) | 1,175,895 | ||||
28,500 | Novocure Limited, (2) | 944,490 | ||||
Total Health Care Equipment & Supplies | 3,583,518 | |||||
Health Care Providers & Services – 4.0% | ||||||
26,300 | AMN Healthcare Services Inc., (2) | 1,331,306 | ||||
16,023 | LHC Group Inc., (2) | 1,464,983 | ||||
47,400 | Tivity Health Inc., (2) | 1,631,034 | ||||
Total Health Care Providers & Services | 4,427,323 |
Shares | Description (1) | Value | ||||
Hotels, Restaurants & Leisure – 3.9% | ||||||
15,682 | BJ's Restaurants Inc. | $959,425 | ||||
25,800 | Dave & Buster's Entertainment Inc., (2) | 1,536,390 | ||||
11,000 | Papa John's International Inc. | 599,940 | ||||
53,300 | Penn National Gaming Inc., (2) | 1,294,124 | ||||
Total Hotels, Restaurants & Leisure | 4,389,879 | |||||
Household Durables – 1.2% | ||||||
49,115 | La-Z-Boy Inc. | 1,365,397 | ||||
Insurance – 2.5% | ||||||
35,480 | American Equity Investment Life Holding Co | 1,107,686 | ||||
85,969 | CNO Financial Group Inc. | 1,624,814 | ||||
Total Insurance | 2,732,500 | |||||
Internet & Direct Marketing Retail – 0.9% | ||||||
24,600 | Etsy Inc., (2) | 1,045,992 | ||||
IT Services – 1.0% | ||||||
19,500 | Interxion Holding NV, (2) | 1,147,965 | ||||
Life Sciences Tools & Services – 1.1% | ||||||
22,400 | Cambrex Corporation, (2) | 1,193,696 | ||||
Machinery – 2.8% | ||||||
45,558 | Kennametal Inc. | 1,615,031 | ||||
79,967 | Welbilt Inc., (2) | 1,496,982 | ||||
Total Machinery | 3,112,013 | |||||
Mortgage Real Estate Investment Trust – 1.0% | ||||||
162,000 | MFA Financial Inc. | 1,122,660 | ||||
Multiline Retail – 1.2% | ||||||
30,899 | Big Lots Inc. | 1,282,926 | ||||
Multi-Utilities – 1.4% | ||||||
26,195 | Black Hills Corporation | 1,558,602 | ||||
Oil, Gas & Consumable Fuels – 3.6% | ||||||
147,000 | Callon Petroleum Co, (2) | 1,465,590 | ||||
41,200 | Delek US Holdings Inc. | 1,512,864 | ||||
286,500 | HighPoint Resources Corp., (2) | 1,065,780 | ||||
Total Oil, Gas & Consumable Fuels | 4,044,234 | |||||
Pharmaceuticals – 3.1% | ||||||
89,000 | Horizon Pharma Plc, (2) | 1,620,690 | ||||
62,100 | Optinose Inc., (2), (3) | 657,018 | ||||
33,707 | Prestige Consumer Healthcare Inc., (2) | 1,218,845 | ||||
Total Pharmaceuticals | 3,496,553 |
Shares | Description (1) | Value | ||||
Professional Services – 1.4% | ||||||
33,800 | Korn Ferry International | $ 1,525,732 | ||||
Road & Rail – 1.1% | ||||||
38,622 | Knight-Swift Transportation Holdings Inc., Class A | 1,235,904 | ||||
Semiconductors & Semiconductor Equipment – 2.5% | ||||||
46,300 | Entegris Inc. | 1,228,802 | ||||
12,750 | Monolithic Power Systems Inc. | 1,506,030 | ||||
Total Semiconductors & Semiconductor Equipment | 2,734,832 | |||||
Software – 7.1% | ||||||
20,460 | Blackline Inc., (2) | 948,935 | ||||
27,300 | Mimecast Ltd, (2) | 951,678 | ||||
15,150 | New Relic Inc., (2) | 1,352,137 | ||||
38,912 | Rapid7 Inc., (2) | 1,410,171 | ||||
38,050 | SendGrid Inc., (2) | 1,381,976 | ||||
81,703 | TiVo Corporation | 898,733 | ||||
16,484 | Varonis Systems Inc., (2) | 1,006,678 | ||||
Total Software | 7,950,308 | |||||
Specialty Retail – 5.1% | ||||||
35,231 | Aaron's Inc. | 1,660,437 | ||||
44,000 | American Eagle Outfitters Inc. | 1,014,640 | ||||
65,500 | Camping World Holdings Inc., Class A, (3) | 1,123,325 | ||||
12,780 | Children's Place Inc. | 1,909,332 | ||||
Total Specialty Retail | 5,707,734 | |||||
Textiles, Apparel & Luxury Goods – 2.1% | ||||||
14,492 | Oxford Industries Inc. | 1,289,498 | ||||
34,940 | Steven Madden Ltd | 1,092,574 | ||||
Total Textiles, Apparel & Luxury Goods | 2,382,072 | |||||
Thrifts & Mortgage Finance – 2.1% | ||||||
99,600 | Bridgewater Bancshares Inc., (2) | 1,105,560 | ||||
61,400 | Radian Group Inc. | 1,178,266 | ||||
Total Thrifts & Mortgage Finance | 2,283,826 | |||||
Total Common Stocks (cost $104,216,618) | 109,700,675 |
Shares | Description (1), (4) | Value | ||||
EXCHANGE-TRADED FUNDS – 0.5% | ||||||
6,700 | SPDR S&P Biotech ETF, (3) | $ 530,037 | ||||
Total Exchange-Traded Funds (cost $632,659) | 530,037 | |||||
Total Long-Term Investments (cost $104,849,277) | 110,230,712 |
Shares | Description (1) | Coupon | Value | |||
INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 3.0% | ||||||
Money Market Funds – 3.0% | ||||||
3,332,276 | First American Government Obligations Fund, Class X, (5) | 2.090% (6) | $ 3,332,276 | |||
Total Investments Purchased with Collateral from Securities Lending (cost $3,332,276) | 3,332,276 |
Shares | Description (1) | Coupon | Value | |||
SHORT-TERM INVESTMENTS – 2.1% | ||||||
Money Market Funds – 2.1% | ||||||
2,354,947 | First American Treasury Obligations Fund, Class Z | 2.075% (6) | $ 2,354,947 | |||
Total Short-Term Investments (cost $2,354,947) | 2,354,947 | |||||
Total Investments (cost $110,536,500) – 103.9% | 115,917,935 | |||||
Other Assets Less Liabilities – (3.9)% | (4,336,223) | |||||
Net Assets – 100% | $ 111,581,712 |
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 $3,274,619. | |
(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 |
Large Cap Select | Small Cap Select | |
Assets | ||
Long-term investments, at value (cost $73,160,148 and $104,849,277, respectively) | $72,796,791 | $110,230,712 |
Investment purchased with collateral from securities lending, at value (cost approximates value) | — | 3,332,276 |
Short-term investments, at value (cost approximates value) | 887,521 | 2,354,947 |
Receivable for: | ||
Dividends | 71,265 | 49,551 |
Due from broker | — | 25,225 |
Interest | 783 | 2,958 |
Investments sold | 174,421 | 300,371 |
Shares sold | 377,275 | 61,885 |
Other assets | 26,672 | 53,689 |
Total assets | 74,334,728 | 116,411,614 |
Liabilities | ||
Payable for: | ||
Collateral from securities lending program | — | 3,332,276 |
Investments purchased | 356,904 | 1,298,105 |
Shares redeemed | 139,398 | 21,702 |
Accrued expenses: | ||
Directors fees | 169 | 19,156 |
Management fees | 48,627 | 55,105 |
12b-1 distribution and service fees | 7,039 | 17,122 |
Other | 38,927 | 86,436 |
Total liabilities | 591,064 | 4,829,902 |
Net assets | $73,743,664 | $111,581,712 |
Class A Shares | ||
Net assets | $23,029,896 | $ 60,929,986 |
Shares outstanding | 797,638 | 6,579,847 |
Net asset value ("NAV") per share | $ 28.87 | $ 9.26 |
Offering price per share (NAV per share plus maximum sales charge of 5.75% of offering price) | $ 30.63 | $ 9.82 |
Class C Shares | ||
Net assets | $ 2,144,751 | $ 1,436,271 |
Shares outstanding | 80,117 | 239,386 |
NAV and offering price per share | $ 26.77 | $ 6.00 |
Class R3 Shares | ||
Net assets | $ — | $ 5,263,792 |
Shares outstanding | — | 629,004 |
NAV and offering price per share | $ — | $ 8.37 |
Class R6 Shares | ||
Net assets | $ — | $ 6,532,052 |
Shares outstanding | — | 550,503 |
NAV and offering price per share | $ — | $ 11.87 |
Class I Shares | ||
Net assets | $48,569,017 | $ 37,419,611 |
Shares outstanding | 1,667,311 | 3,157,782 |
NAV and offering price per share | $ 29.13 | $ 11.85 |
Fund level net assets consist of: | ||
Capital paid-in | $71,329,650 | $ 87,008,221 |
Total distributable earnings | 2,414,014 | 24,573,491 |
Fund level net assets | $73,743,664 | $111,581,712 |
Authorized shares - per class | 2 billion | 2 billion |
Par value per share | $ 0.0001 | $ 0.0001 |
Large Cap Select | Small Cap Select | |
Investment Income | ||
Dividends | $1,101,008 | $ 1,411,391 |
Interest | 7,493 | 26,324 |
Securities lending income | 582 | 54,357 |
Total investment income | 1,109,083 | 1,492,072 |
Expenses | ||
Management fees | 505,630 | 1,070,154 |
12b-1 service fees - Class A Shares | 51,432 | 168,934 |
12b-1 distibution and service fees - Class C Shares | 20,386 | 37,781 |
12b-1 distibution and service fees - Class R3 Shares | — | 28,767 |
Shareholder servicing agent fees | 40,083 | 206,319 |
Custodian fees | 11,871 | 17,847 |
Trustees fees | 2,064 | 3,592 |
Professional fees | 22,955 | 40,688 |
Shareholder reporting expenses | 17,231 | 60,075 |
Federal and state registration fees | 54,296 | 71,347 |
Other | 3,206 | 3,527 |
Total expenses before fee waiver/expense reimbursement | 729,154 | 1,709,031 |
Fee waiver/expense reimbursement | (13,901) | (234,128) |
Net expenses | 715,253 | 1,474,903 |
Net investment income (loss) | 393,830 | 17,169 |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) from investments | 2,534,718 | 23,382,920 |
Change in net unrealized appreciation (depreciation) of investments | 468,841 | (17,991,909) |
Net realized and unrealized gain (loss) | 3,003,559 | 5,391,011 |
Net increase (decrease) in net assets from operations | $3,397,389 | $ 5,408,180 |
Large Cap Select | Small Cap Select | ||||
Year Ended 10/31/18 | Year Ended(1) 10/31/17 | Year Ended 10/31/18 | Year Ended(1) 10/31/17 | ||
Operations | |||||
Net investment income (loss) | $ 393,830 | $ 330,935 | $ 17,169 | $ (142,265) | |
Net realized gain (loss) from investments | 2,534,718 | 18,059,345 | 23,382,920 | 16,820,611 | |
Change in net unrealized appreciation (depreciation) of investments | 468,841 | (3,775,464) | (17,991,909) | 8,983,886 | |
Net increase (decrease) in net assets from operations | 3,397,389 | 14,614,816 | 5,408,180 | 25,662,232 | |
Distributions to Shareholders(2) | |||||
Dividends (3) | |||||
Class A Shares | (77,536) | (36,515) | (7,904,269) | (7,312,832) | |
Class C Shares | — | — | (820,325) | (814,522) | |
Class R3 Shares | — | — | (706,127) | (626,460) | |
Class R6 Shares(4) | — | — | — | — | |
Class I Shares | (329,524) | (262,175) | (4,631,487) | (4,276,101) | |
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 | 29,873,879 | 18,056,178 | 24,737,441 | 20,053,706 | |
Proceeds from shares issued to shareholders due to reinvestment of distributions | 323,123 | 232,524 | 13,429,298 | 12,340,502 | |
30,197,002 | 18,288,702 | 38,166,739 | 32,394,208 | ||
Cost of shares redeemed | (21,209,894) | (17,493,108) | (44,779,473) | (42,115,810) | |
Net increase (decrease) in net assets from Fund share transactions | 8,987,108 | 795,594 | (6,612,734) | (9,721,602) | |
Net increase (decrease) in net assets | 11,977,437 | 15,111,720 | (15,266,762) | 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 | $ 73,743,664 | $ 61,766,227 | $111,581,712 | $126,848,474 |
(1) | Prior period amounts have been conformed to current year presentation. See Notes to Financial Statements, Note 9 - New Accounting Pronouncements for further details. |
(2) | The composition and per share amounts of the Fund's distributions are presented in the Financial Highlights. The distribution information for the Fund as of its most recent tax year end is presented within the Notes to Financial Statements, Note 6 - Income Tax Information. |
(3) | For the fiscal year ended October 31, 2017, Large Cap Select's distributions to shareholders were paid from net investment income, while Small Cap Select's distributions were paid from net investment income and accumulated net realized gains. |
(4) | 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 | $27.50 | $ 0.12 | $1.38 | $1.50 | $(0.13) | $ — | $(0.13) | $28.87 | |
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 | |
Class C (01/03) | |||||||||
2018 | 25.57 | (0.10) | 1.30 | 1.20 | — | — | — | 26.77 | |
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 | |
Class I (01/03) | |||||||||
2018 | 27.74 | 0.19 | 1.40 | 1.59 | (0.20) | — | (0.20) | 29.13 | |
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 |
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) | |
5.47% | $23,030 | 1.16% | 0.37% | 1.14% | 0.39% | 101% | |
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 | |
4.65 | 2,145 | 1.91 | (0.39) | 1.89 | (0.37) | 101 | |
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 | |
5.74 | 48,569 | 0.91 | 0.63 | 0.89 | 0.65 | 101 | |
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 |
(a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
(b) | Total return is the combination of changes in NAV without any sales charge, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. Total returns are not annualized. |
(c) | After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Note 7 – Management Fees and Other Transactions with Affiliates, Management Fees for more information. |
(d) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period. |
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 | $10.13 | $(0.01) | $0.35 | $0.34 | $ — | $(1.21) | $(1.21) | $ 9.26 | |
2017 | 9.21 | (0.02) | 1.97 | 1.95 | (0.01) | (1.02) | (1.03) | 10.13 | |
2016 | 11.01 | 0.01 | 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 | |
Class C (09/01) | |||||||||
2018 | 7.02 | (0.05) | 0.24 | 0.19 | — | (1.21) | (1.21) | 6.00 | |
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 | |
Class R3 (01/94) | |||||||||
2018 | 9.28 | (0.03) | 0.33 | 0.30 | — | (1.21) | (1.21) | 8.37 | |
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 | |
Class R6 (02/18) | |||||||||
2018(e) | 11.82 | 0.02 | 0.03 | 0.05 | — | — | — | 11.87 | |
Class I (05/92) | |||||||||
2018 | 12.60 | 0.03 | 0.43 | 0.46 | — | (1.21) | (1.21) | 11.85 | |
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 |
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) | |
3.48% | $ 60,930 | 1.43% | (0.24)% | 1.24% | (0.06)% | 95% | |
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 | |
2.78 | 1,436 | 2.18 | (1.00) | 1.99 | (0.81) | 95 | |
20.75 | 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 | |
3.34 | 5,264 | 1.68 | (0.50) | 1.49 | (0.31) | 95 | |
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 | |
0.42 | 6,532 | 1.03* | 0.06* | 0.85* | 0.24* | 95 | |
3.77 | 37,420 | 1.18 | 0.02 | 0.99 | 0.21 | 95 | |
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 |
(a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
(b) | Total return is the combination of changes in NAV without any sales charge, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. Total returns are not annualized. |
(c) | After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Note 7 – Management Fees and Other Transactions with Affiliates, Management Fees for more information. |
(d) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period. |
(e) | For the period February 28, 2018 (commencement of operations) through October 31, 2018. |
* | Annualized. |
Large Cap Select | Level 1 | Level 2 | Level 3 | Total |
Long-Term Investments*: | ||||
Common Stocks | $72,796,791 | $ — | $ — | $72,796,791 |
Short-Term Investments: | ||||
Money Market Funds | 887,521 | — | — | 887,521 |
Total | $73,684,312 | $ — | $ — | $73,684,312 |
Small Cap Select | Level 1 | Level 2 | Level 3 | Total |
Long-Term Investments*: | ||||
Common Stocks | $109,700,675 | $ — | $ — | $109,700,675 |
Exchange-Traded Funds | 530,037 | — | — | 530,037 |
Investments Purchased with Collateral from Securities Lending | 3,332,276 | — | — | 3,332,276 |
Short-Term Investments: | ||||
Money Market Funds | 2,354,947 | — | — | 2,354,947 |
Total | $115,917,935 | $ — | $ — | $115,917,935 |
* | Refer to the Fund's Portfolio of Investments for industry classifications. |
Fund | Asset Class out on Loan | Long-Term Investments, at Value | Collateral Pledged (From) Counterparty* | Net Exposure |
Small Cap Select | ||||
Common Stocks | $2,784,612 | $(2,784,612) | $ — | |
Exchange-Traded Funds | 490,007 | (490,007) | — | |
Total | $3,274,619 | $(3,274,619) | $ — |
Year Ended 10/31/18 | Year Ended 10/31/17 | ||||
Large Cap Select | Shares | Amount | Shares | Amount | |
Shares sold: | |||||
Class A | 490,873 | $ 14,638,432 | 462,290 | $ 11,669,178 | |
Class A – automatic conversion of Class C Shares | 3,810 | 113,047 | — | — | |
Class C | 44,357 | 1,217,285 | 28,450 | 647,110 | |
Class I | 458,551 | 13,905,115 | 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 | |
1,008,749 | 30,197,002 | 739,011 | 18,288,702 | ||
Shares redeemed: | |||||
Class A | (236,809) | (7,146,287) | (302,129) | (7,968,110) | |
Class C | (14,469) | (406,612) | (28,327) | (664,496) | |
Class C – automatic conversion to Class A Shares | (4,099) | (113,047) | — | — | |
Class I | (443,753) | (13,543,948) | (358,502) | (8,860,502) | |
(699,130) | (21,209,894) | (688,958) | (17,493,108) | ||
Net increase (decrease) | 309,619 | $ 8,987,108 | 50,053 | $ 795,594 |
Year Ended 10/31/18 | Year Ended 10/31/17 | ||||
Small Cap Select | Shares | Amount | Shares | Amount | |
Shares sold: | |||||
Class A | 730,822 | $ 7,286,992 | 648,177 | $ 6,333,971 | |
Class A – automatic conversion of Class C Shares | 13,328 | 135,169 | — | — | |
Class C | 102,695 | 653,752 | 77,361 | 523,403 | |
Class R3 | 136,209 | 1,201,053 | 176,814 | 1,591,400 | |
Class R6(1) – exchanges | 672,638 | 7,950,581 | — | — | |
Class I | 587,441 | 7,509,894 | 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 | |
3,666,525 | 38,166,739 | 3,121,002 | 32,394,208 | ||
Shares redeemed: | |||||
Class A | (1,674,637) | (16,498,345) | (2,069,028) | (20,083,916) | |
Class C | (679,246) | (4,428,929) | (334,996) | (2,278,119) | |
Class C – automatic conversion to Class A Shares | (20,540) | (135,169) | — | — | |
Class R3 | (171,553) | (1,526,690) | (290,786) | (2,594,939) | |
Class R6(1) | (122,135) | (1,595,000) | — | — | |
Class I | (1,006,854) | (12,644,759) | (1,426,998) | (17,158,836) | |
Class I – exchanges | (672,638) | (7,950,581) | — | — | |
(4,347,603) | (44,779,473) | (4,121,808) | (42,115,810) | ||
Net increase (decrease) | (681,078) | $ (6,612,734) | (1,000,806) | $ (9,721,602) |
(1) | Class R6 Shares were established on February 28, 2018. |
Large Cap Select | Small Cap Select | |
Purchases | $79,702,856 | $117,688,598 |
Sales | 71,383,185 | 137,791,086 |
Large Cap Select | Small Cap Select | |
Tax cost of investments | $74,080,503 | $111,153,789 |
Gross unrealized: | ||
Appreciation | $ 4,228,749 | $ 13,580,492 |
Depreciation | (4,624,940) | (8,816,346) |
Net unrealized appreciation (depreciation) of investments | $ (396,191) | $ 4,764,146 |
Large Cap Select | Small Cap Select | |
Undistributed net ordinary income1 | $2,678,168 | $ 5,551,437 |
Undistributed net long-term capital gains | 132,037 | 14,276,794 |
1 | Net ordinary income consists of net taxable income derived from dividends, interest, and net short-term capital gains, if any. |
2018 | Large Cap Select | Small Cap Select |
Distributions from net ordinary income1 | $407,060 | $6,542,236 |
Distributions from net long-term capital gains | — | 7,519,972 |
2017 | 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, 2020 |
Small Cap Select | 0.99 | July 31, 2020 |
Large Cap Select | Small Cap Select | |
Sales charges collected (Unaudited) | $111,903 | $28,699 |
Paid to financial intermediaries (Unaudited) | 100,894 | 25,163 |
Large Cap Select | Small Cap Select | |
Commission advances (Unaudited) | $31,537 | $2,607 |
Large Cap Select | Small Cap Select | |
12b-1 fees retained (Unaudited) | $6,367 | $2,582 |
Large Cap Select | Small Cap Select | |
CDSC retained (Unaudited) | $484 | $616 |
Small Cap Select | |
Distributions to Shareholders | |
From net investment income: | |
Class A Shares | $ (39,734) |
Class C Shares | — |
Class R3 Shares | — |
Class I Shares | (145,773) |
From accumulated net realized gains: | |
Class A Shares | (7,273,098) |
Class C Shares | (814,522) |
Class R3 Shares | (626,460) |
Class I Shares | (4,130,328) |
Total distributions to shareholders: | |
Class A Shares | (7,312,832) |
Class C Shares | (814,522) |
Class R3 Shares | (626,460) |
Class I Shares | (4,276,101) |
Large Cap Select | Small Cap Select | |
UNII at the end of period | $284,922 | $(16,622) |
Small Cap Select | |
Long-term capital gain dividends | $10,640,814 |
Large Cap Select | Small Cap Select | |
% of QDI | 100.0% | 15.4% |
% of DRD | 100.0% | 15.4% |
• | Fund Rationalizations - continuing efforts to rationalize the product line through mergers, liquidations and repositionings in seeking to enhance shareholder value over the years through increased efficiency, reduced costs, improved performance and revised investment approaches more relevant to current shareholder needs; |
• | Product Innovations - developing product innovations and launching new products that will help the Nuveen fund complex offer a variety of products that will attract new investors and retain existing investors, such as launching the target term funds, exchange-traded funds (“ETFs”) and multi-asset class funds; |
• | Risk Management Enhancements - continuing efforts to enhance risk management, including enhancing reporting to increase the efficiency of risk monitoring, implementing programs to strengthen the ability to detect and mitigate operational risks, dedicating resources and staffing necessary to create standards to help ensure compliance with new liquidity requirements, and implementing a price verification system; |
• | Additional Compliance Services – the continuing investment of significant resources, time and additional staffing to meet the various new regulatory requirements affecting the Nuveen funds over the past several years, the further implementation of unified compliance policies and processes, the development of additional compliance training modules, and the reorganization of the compliance team adding further depth to its senior leadership; and |
• | Expanded Dividend Management Services – as the Nuveen fund complex has grown, the additional services necessary to manage the distributions of the varied funds offered and investing in automated systems to assist in this process. |
Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed (1) | Principal Occupation(s) Including other Directorships During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Director |
Independent Directors: | ||||
Terence J. Toth 1959 333 W. Wacker Drive Chicago, IL 60606 | Chairman and Director | 2008 | Formerly, a Co-Founding Partner, Promus Capital (2008-2017); Director, Fulcrum IT Service LLC (since 2010) and Quality Control Corporation (since 2012); member: Catalyst Schools of Chicago Board (since 2008) and Mather Foundation Board (since 2012), and chair of its investment committee; formerly, Director, Legal & General Investment Management America, Inc. (2008-2013); formerly, CEO and President, Northern Trust Global Investments (2004-2007); Executive Vice President, Quantitative Management & Securities Lending (2000-2004); prior thereto, various positions with Northern Trust Company (since 1994); formerly, Member, Northern Trust Mutual Funds Board (2005-2007), Northern Trust Global Investments Board (2004-2007), Northern Trust Japan Board (2004-2007), Northern Trust Securities Inc. Board (2003- 2007) and Northern Trust Hong Kong Board (1997-2004). | 169 |
Jack B. Evans 1948 333 W. Wacker Drive Chicago, IL 60606 | Director | 1999 | President, The Hall-Perrine Foundation, a private philanthropic corporation (since 1996); Director and Chairman, United Fire Group, a publicly held company; Director, Public member, American Board of Orthopaedic Surgery (since 2015); Life Trustee of Coe College and the Iowa College Foundation; formerly, President Pro-Tem of the Board of Regents for the State of Iowa University System; formerly, Director, Alliant Energy and The Gazette Company; formerly, Director, Federal Reserve Bank of Chicago; formerly, President and Chief Operating Officer, SCI Financial Group, Inc., a regional financial services firm. | 169 |
Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed (1) | Principal Occupation(s) Including other Directorships During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Director |
William C. Hunter 1948 333 W. Wacker Drive Chicago, IL 60606 | Director | 2003 | Dean Emeritus, formerly, Dean, Tippie College of Business, University of Iowa (2006-2012); Director of Wellmark, Inc. (since 2009); past Director (2005-2015), and past President (2010- 2014) Beta Gamma Sigma, Inc., The International Business Honor Society; formerly, Director (2004-2018) of Xerox Corporation; Dean and Distinguished Professor of Finance, School of Business at the University of Connecticut (2003-2006); previously, Senior Vice President and Director of Research at the Federal Reserve Bank of Chicago (1995-2003); formerly, Director (1997-2007), Credit Research Center at Georgetown University. | 169 |
Albin F. Moschner 1952 333 W. Wacker Drive Chicago, IL 60606 | Director | 2016 | Founder and Chief Executive Officer, Northcroft Partners, LLC, a management consulting firm (since 2012); Director, USA Technologies, Inc., a provider of solutions and services to facilitate electronic payment transactions (since 2012); formerly, Director, Wintrust Financial Corporation (1996-2016); previously, held positions at Leap Wireless International, Inc., including Consultant (2011-2012), Chief Operating Officer (2008-2011), and Chief Marketing Officer (2004-2008); formerly, President, Verizon Card Services division of Verizon Communications, Inc. (2000-2003); formerly, President, One Point Services at One Point Communications (1999-2000); formerly, Vice Chairman of the Board, Diba, Incorporated (1996-1997); formerly, various executive positions with Zenith Electronics Corporation (1991-1996). | 169 |
John K. Nelson 1962 333 W. Wacker Drive Chicago, IL 60606 | Director | 2013 | Member of Board of Directors of Core12 LLC (since 2008), a private firm which develops branding, marketing and communications strategies for clients; Director of The Curran Center for Catholic American Studies (since 2009) and The President's Council, Fordham University (since 2010); formerly senior external advisor to the financial services practice of Deloitte Consulting LLP (2012-2014); formerly, Chairman of the Board of Trustees of Marian University (2010 as trustee, 2011- 2014 as Chairman); formerly, Chief Executive Officer of ABN AMRO N.V. North America, and Global Head of its Financial Markets Division (2007-2008); prior senior positions held at ABN AMRO include Corporate Executive Vice President and Head of Global Markets-the Americas (2006-2007), CEO of Wholesale Banking-North America and Global Head of Foreign Exchange and Futures Markets (2001-2006), and Regional Commercial Treasurer and Senior Vice President Trading-North America (1996-2001); formerly, Trustee at St. Edmund Preparatory School in New York City. | 169 |
William J. Schneider(1) 1944 333 W. Wacker Drive Chicago, IL 60606 | Director | 1996 | Chairman of Miller-Valentine Partners, a real estate investment company; Board Member of WDPR Public Radio station; formerly, Senior Partner and Chief Operating Officer (retired (2004) of Miller-Valentine Group; formerly, Board member, Business Advisory Council of the Cleveland Federal Reserve Bank and University of Dayton Business School Advisory Council; past Chair and Director, Dayton Development Coalition. | 169 |
Judith M. Stockdale 1947 333 W. Wacker Drive Chicago, IL 60606 | Director | 1997 | Board Member, Land Trust Alliance (since 2013) and U.S. Endowment for Forestry and Communities (since 2013); formerly, Executive Director (1994-2012), Gaylord and Dorothy Donnelley Foundation; prior thereto, Executive Director, Great Lakes Protection Fund (1990-1994). | 169 |
Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed (1) | Principal Occupation(s) Including other Directorships During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Director |
Carole E. Stone 1947 333 W. Wacker Drive Chicago, IL 60606 | Director | 2007 | Former Director, Chicago Board Options Exchange (2006-2017), and C2 Options Exchange, Incorporated (2009-2017); Director, CBOE Global Markets, Inc., formerly, CBOE Holdings, Inc. (since 2010); formerly, Commissioner, New York State Commission on Public Authority Reform (2005-2010). | 169 |
Margaret L. Wolff 1955 333 W. Wacker Drive Chicago, IL 60606 | Director | 2016 | Formerly, member of the Board of Directors (2013-2017) of Travelers Insurance Company of Canada and The Dominion of Canada General Insurance Company (each, a part of Travelers Canada, the Canadian operation of The Travelers Companies, Inc.); formerly, Of Counsel, Skadden, Arps, Slate, Meagher & Flom LLP (Mergers & Acquisitions Group) (2005-2014); Member of the Board of Trustees of New York-Presbyterian Hospital (since 2005); Member (since 2004) and Chair (since 2015) of the Board of Trustees of The John A. Hartford Foundation (a philanthropy dedicated to improving the care of older adults); formerly, Member (2005-2015) and Vice Chair (2011-2015) of the Board of Trustees of Mt. Holyoke College. | 169 |
Robert L. Young(2) 1963 333 W. Wacker Drive Chicago, IL 60606 | Director | 2017 | Formerly, Chief Operating Officer and Director, J.P. Morgan Investment Management Inc. (2010-2016); formerly, President and Principal Executive Officer (2013-2016), and Senior Vice President and Chief Operating Officer (2005-2010), of J.P. Morgan Funds; formerly, Director and various officer positions for J.P. Morgan Investment Management Inc. (formerly, JPMorgan Funds Management, Inc. and formerly, One Group Administrative Services) and JPMorgan Distribution Services, Inc. (formerly, One Group Dealer Services, Inc.) (1999-2017). | 167 |
Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed (1) | Principal Occupation(s) Including other Directorships During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Director |
Interested Director: | ||||
Margo L. Cook(3) 1964 333 W. Wacker Drive Chicago, IL 60606 | Director | 2016 | President (since 2017), formerly, Co-Chief Executive Officer and Co-President (2016-2017), formerly, Senior Executive Vice President of Nuveen Investments, Inc; Executive Vice President (since 2017) of Nuveen, LLC; President, Global Products and Solutions (since 2017), and Co-Chief Executive Officer (since 2015), formerly, Executive Vice President (2013-2015) of Nuveen Securities, LLC; President (since 2017), formerly, Co-President (2016-2017), formerly Senior Executive Vice President (2015-2016) of Nuveen Fund Advisors, LLC (Executive Vice President 2011-2015); President (since 2017), Nuveen Alternative Investments, LLC; Chartered Financial Analyst. | 169 |
Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed (4) | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Officer |
Officers of the Funds: | ||||
Greg A. Bottjer 1971 333 W. Wacker Drive Chicago, IL 60606 | Chief Administrative Officer | 2016 | Senior (since 2017) Managing Director (since 2011), formerly, Senior Vice President (2007-2010) of Nuveen; Senior (since 2017) Managing Director (since 2016) of Nuveen Fund Advisors, LLC; Chartered Financial Analyst. | 83 |
Mark J. Czarniecki 1979 901 Marquette Avenue Minneapolis, MN 55402 | Vice President and Assistant Secretary | 2013 | Vice President and Assistant Secretary of Nuveen Securities, LLC (since 2016) and Nuveen Fund Advisors (since 2017); Vice President and Associate General Counsel of Nuveen (since 2013) and Vice President, Assistant Secretary and Associate General Counsel of Nuveen Asset Management (since March 2018). | 169 |
Stephen D. Foy 1954 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Controller | 1998 | Managing Director (since 2014), formerly, Senior Vice President (2013-2014) and Vice President (2005-2013) of Nuveen Fund Advisors, LLC; Managing Director (since 2016) of Nuveen Securities, LLC; Managing Director (since 2016) of Nuveen Alternative Investments, LLC; Certified Public Accountant. | 169 |
Diana R. Gonzalez 1978 333 West Wacker Drive Chicago, IL 60606 | Vice President and Assistant Secretary | 2017 | Vice President and Assistant Secretary of Nuveen Fund Advisors, LLC (since 2017); Vice President and Associate General Counsel of Nuveen (since 2017); Associate General Counsel of Jackson National Asset Management (2012-2017). | 169 |
Nathaniel T. Jones 1979 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Treasurer | 2016 | Managing Director (since 2017), formerly, Senior Vice President (2016-2017), formerly, Vice President (2011- 2016) of Nuveen; Managing Director of Nuveen Fund Advisors, LLC; Chartered Financial Analyst. | 169 |
Walter M. Kelly 1970 333 W. Wacker Drive Chicago, IL 60606 | Chief Compliance Officer and Vice President | 2003 | Managing Director (since 2017), formerly, Senior Vice President (2008-2017) of Nuveen Investments Holdings, Inc. | 169 |
Tina M. Lazar 1961 333 W. Wacker Drive Chicago, IL 60606 | Vice President | 2002 | Managing Director (since 2017), formerly, Senior Vice President (2014-2017) of Nuveen Securities, LLC. | 169 |
Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed (4) | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Officer |
Kevin J. McCarthy 1966 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Assistant Secretary | 2007 | Senior Managing Director (since 2017) and Secretary and General Counsel (since 2016) of Nuveen Investments, Inc., formerly, Executive Vice President (2016-2017) and Managing Director and Assistant Secretary (2008-2016); Senior Managing Director (since 2017) and Assistant Secretary (since 2008) of Nuveen Securities, LLC, formerly Executive Vice President (2016-2017) and Managing Director (2008-2016); Senior Managing Director (since 2017), Secretary (since 2016) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC, formerly, Executive Vice President (2016-2017), Managing Director (2008-2016) and Assistant Secretary (2007-2016); Senior Managing Director (since 2017), Secretary (since 2016) and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC, formerly Executive Vice President (2016-2017) and Managing Director and Assistant Secretary (2011-2016); Senior Managing Director (since 2017) and Secretary (since 2016) of Nuveen Investments Advisers, LLC, formerly Executive Vice President (2016-2017); Vice President (since 2007) and Secretary (since 2016), formerly, Assistant Secretary, of NWQ Investment Management Company, LLC, Symphony Asset Management, LLC, Santa Barbara Asset Management, LLC and Winslow Capital Management, LLC (since 2010). Senior Managing Director (since 2017) and Secretary (since 2016) of Nuveen Alternative Investments, LLC. | 169 |
Christopher M. Rohrbacher 1971 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Secretary | 2008 | Managing Director (since 2017) and Assistant Secretary of Nuveen Securities, LLC; Managing Director (since 2017), formerly, Senior Vice President (2016-2017) and Assistant Secretary (since 2016) of Nuveen Fund Advisors, LLC. | 169 |
William A. Siffermann 1975 333 W. Wacker Drive Chicago, IL 60606 | Vice President | 2017 | Managing Director (since 2017), formerly Senior Vice President (2016-2017) and Vice President (2011-2016) of Nuveen. | 169 |
Joel T. Slager 1978 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Assistant Secretary | 2013 | Fund Tax Director for Nuveen Funds (since 2013); previously, Vice President of Morgan Stanley Investment Management, Inc., Assistant Treasurer of the Morgan Stanley Funds (from 2010 to 2013). | 169 |
Gifford R. Zimmerman 1956 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Assistant Secretary | 1988 | Managing Director (since 2002), and Assistant Secretary of Nuveen Securities, LLC; Managing Director (since 2004) and Assistant Secretary (since 1994) of Nuveen Investments, Inc.; Managing Director (since 2002), Assistant Secretary (since 1997) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC; Managing Director, Assistant Secretary and Associate General Counsel of Nuveen Asset Management, LLC (since 2011); Vice President (since 2017), formerly, Managing Director (2003-2017) and Assistant Secretary (since 2003) of Symphony Asset Management LLC ; Managing Director and Assistant Secretary (since 2002) of Nuveen Investments Advisers, LLC; Vice President and Assistant Secretary of NWQ Investment Management Company, LLC (since 2002), Santa Barbara Asset Management, LLC (since 2006) and of Winslow Capital Management, LLC, (since 2010); Chartered Financial Analyst. | 169 |
Serving Investors for Generations
ITEM 2. CODE OF ETHICS.
As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There were no amendments to or waivers from the code during the period covered by this report. The registrant has posted the code of ethics on its website at www.nuveen.com/MutualFunds/ShareholderResources/FundGovernance.aspx. (To view the code, click on Code of Conduct.)
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
As of the end of the period covered by this report, the registrant’s Board of Directors or Trustees (“Board”) determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its Audit Committee. The registrant’s audit committee financial experts are Carole E. Stone, Jack B. Evans and William C. Hunter, who are “independent” for purposes of Item 3 of Form N-CSR.
Ms. Stone served for five years as Director of the New York State Division of the Budget. As part of her role as Director, Ms. Stone was actively involved in overseeing the development of the State’s operating, local assistance and capital budgets, its financial plan and related documents; overseeing the development of the State’s bond-related disclosure documents and certifying that they fairly presented the State’s financial position; reviewing audits of various State and local agencies and programs; and coordinating the State’s system of internal audit and control. Prior to serving as Director, Ms. Stone worked as a budget analyst/examiner with increasing levels of responsibility over a 30 year period, including approximately five years as Deputy Budget Director. Ms. Stone has also served as Chair of the New York State Racing Association Oversight Board, as Chair of the Public Authorities Control Board, as a Commissioner on the New York State Commission on Public Authority Reform and as a member of the Boards of Directors of several New York State public authorities. These positions have involved overseeing operations and finances of certain entities and assessing the adequacy of project/entity financing and financial reporting. Currently, Ms. Stone is on the Board of Directors of CBOE Holdings, Inc., of the Chicago Board Options Exchange, and of C2 Options Exchange. Ms. Stone’s position on the boards of these entities and as a member of both CBOE Holdings’ Audit Committee and its Finance Committee has involved, among other things, the oversight of audits, audit plans and preparation of financial statements.
Mr. Evans was formerly President and Chief Operating Officer of SCI Financial Group, Inc., a full service registered broker-dealer and registered investment adviser (“SCI”). As part of his role as President and Chief Operating Officer, Mr. Evans actively supervised the Chief Financial Officer (the “CFO”) and actively supervised the CFO’s preparation of financial statements and other filings with various regulatory authorities. In such capacity, Mr. Evans was actively involved in the preparation of SCI’s financial statements and the resolution of issues raised in connection therewith. Mr. Evans has also served on the audit committee of various reporting companies. At such companies, Mr. Evans was involved in the oversight of audits, audit plans, and the preparation of financial statements. Mr. Evans also formerly chaired the audit committee of the Federal Reserve Bank of Chicago.
Mr. Hunter was formerly a Senior Vice President at the Federal Reserve Bank of Chicago. As part of his role as Senior Vice President, Mr. Hunter was the senior officer responsible for all operations of each of the Economic Research, Statistics, and Community and Consumer Affairs units at the Federal Reserve Bank of Chicago. In such capacity, Mr. Hunter oversaw the subunits of the Statistics and Community and Consumer Affairs divisions responsible for the analysis and evaluation of bank and bank holding company financial statements and financial filings. Prior to serving as Senior Vice President at the Federal Reserve Bank of Chicago, Mr. Hunter was the Vice President of the Financial Markets unit at the Federal Reserve Bank of Atlanta where he supervised financial staff and bank holding company analysts who analyzed and evaluated bank and bank holding company financial statements. Mr. Hunter also currently serves on the Boards of Directors of Xerox Corporation and Wellmark, Inc. as well as on the Audit Committees of such Boards. As an Audit Committee member, Mr. Hunter’s responsibilities include, among other things, reviewing financial statements, internal audits and internal controls over financial reporting. Mr. Hunter also formerly was a Professor of Finance at the University of Connecticut School of Business and has authored numerous scholarly articles on the topics of finance, accounting and economics.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
The following tables show the amount of fees that Pricewaterhouse Coopers LLP, the Funds’ auditor, billed to the Funds’ during the Funds’ last two full fiscal years. The Audit Committee approved in advance all audit services and non-audit services that Pricewaterhouse Coopers LLP, provided to the Funds, except for those non-audit services that were subject to the pre-approval exception under Rule 2-01 of Regulation S-X (the “pre-approval exception”). The preapproval exception for services provided directly to the Funds waives the pre-approval requirement for services other than audit, review or attest services if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid by the Funds during the fiscal year in which the services are provided; (B) the Funds did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee’s attention, and the Committee (or its delegate) approves the services before the audit is completed.
The Audit Committee has delegated certain pre-approval responsibilities to its Chairman (or, in his absence, any other member of the Audit Committee).
Fiscal Year Ended October 31, 2018 | Audit Fees Billed to Funds 1 | Audit-Related Fees Billed to Funds 2 | Tax Fees Billed to Funds 3 | All Other Fees Billed to Funds 4 | ||||||||||||
Fund Name | ||||||||||||||||
Nuveen Dividend Value Fund | 19,071 | 0 | 2,979 | 0 | ||||||||||||
Nuveen Large Cap Select Fund | 14,523 | 0 | 0 | 0 | ||||||||||||
Nuveen Mid Cap Growth Opportunities Fund | 17,520 | 0 | 2,979 | 0 | ||||||||||||
Nuveen Mid Cap Value Fund | 14,712 | 3,500 | 2,979 | 0 | ||||||||||||
Nuveen Small Cap Growth Opportunities Fund | 14,647 | 0 | 2,979 | 0 | ||||||||||||
Nuveen Small Cap Select Fund | 14,752 | 3,500 | 2,979 | 0 | ||||||||||||
Nuveen Small Cap Value Fund | 23,593 | 0 | 2,169 | 0 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 118,818 | $ | 7,000 | $ | 17,064 | $ | 0 |
1 | “Audit Fees” are the aggregate fees billed for professional services for the audit of the Fund’s annual financial statements and services provided in connection with statutory and regulatory filings or engagements. |
2 | “Audit-Related Fees” are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of financial statements that are not reported under “Audit Fees”. These fees include offerings related to the Fund’s common shares and leverage. |
3 | “Tax Fees” are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: all global withholding tax services; excise and state tax reviews; capital gain, tax equalization and taxable basis calculations performed by the principal accountant. |
4 | “All Other Fees” are the aggregate fees billed for products and services other than “Audit Fees”, “Audit-Related Fees” and “Tax Fees”. These fees represent all “Agreed-Upon Procedures” engagements pertaining to the Fund’s use of leverage. |
Percentage Approved Pursuant to Pre-approval Exception | ||||||||||||||||
Audit Fees Billed to Funds | Audit-Related Fees Billed to Funds | Tax Fees Billed to Funds | All Other Fees Billed to Funds | |||||||||||||
Fund Name | ||||||||||||||||
Nuveen Dividend Value Fund | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen Large Cap Select Fund | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen Mid Cap Growth Opportunities Fund | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen Mid Cap Value Fund | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen Small Cap Growth Opportunities Fund | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen Small Cap Select Fund | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen Small Cap Value Fund | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Fiscal Year Ended October 31, 2017 | Audit Fees Billed to Funds 1 | Audit-Related Fees Billed to Funds 2 | Tax Fees Billed to Funds 3 | All Other Fees Billed to Funds 4 | ||||||||||||
Fund Name | ||||||||||||||||
Nuveen Dividend Value Fund | 18,640 | 0 | 9,421 | 0 | ||||||||||||
Nuveen Large Cap Select Fund | 14,009 | 0 | 2,845 | 0 | ||||||||||||
Nuveen Mid Cap Growth Opportunities Fund | 17,766 | 0 | 5,196 | 0 | ||||||||||||
Nuveen Mid Cap Value Fund | 14,259 | 0 | 7,196 | 0 | ||||||||||||
Nuveen Small Cap Growth Opportunities Fund | 14,204 | 1,375 | 5,196 | 0 | ||||||||||||
Nuveen Small Cap Select Fund | 14,369 | 0 | 7,196 | 0 | ||||||||||||
Nuveen Small Cap Value Fund | 19,336 | 1,375 | 6,741 | 0 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 112,583 | $ | 2,750 | $ | 43,791 | $ | 0 |
1 | “Audit Fees” are the aggregate fees billed for professional services for the audit of the Fund’s annual financial statements and services provided in connection with statutory and regulatory filings or engagements. |
2 | “Audit-Related Fees” are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of financial statements that are not reported under “Audit Fees”. These fees include offerings related to the Fund’s common shares and leverage. |
3 | “Tax Fees” are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: all global withholding tax services; excise and state tax reviews; capital gain, tax equalization and taxable basis calculations performed by the principal accountant. |
4 | “All Other Fees” are the aggregate fees billed for products and services other than “Audit Fees”, “Audit-Related Fees” and “Tax Fees”. These fees represent all “Agreed-Upon Procedures” engagements pertaining to the Fund’s use of leverage. |
Percentage Approved Pursuant to Pre-approval Exception | ||||||||||||||||
Audit Fees Billed to Funds | Audit-Related Fees Billed to Funds | Tax Fees Billed to Funds | All Other Fees Billed to Funds | |||||||||||||
Fund Name | ||||||||||||||||
Nuveen Dividend Value Fund | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen Large Cap Select Fund | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen Mid Cap Growth Opportunities Fund | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen Mid Cap Value Fund | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen Small Cap Growth Opportunities Fund | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen Small Cap Select Fund | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen Small Cap Value Fund | 0 | % | 0 | % | 0 | % | 0 | % |
Fiscal Year Ended October 31, 2018 | Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers | Tax Fees Billed to Adviser and Affiliated Fund Service Providers | All Other Fees Billed to Adviser and Affiliated Fund Service Providers | |||||||||
Nuveen Investment Funds, Inc. | $ | 0 | $ | 0 | $ | 0 | ||||||
Percentage Approved Pursuant to Pre-approval Exception | ||||||||||||
Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers | Tax Fees Billed to Adviser and Affiliated Fund Service Providers | All Other Fees Billed to Adviser and Affiliated Fund Service Providers | ||||||||||
0 | % | 0 | % | 0 | % | |||||||
Fiscal Year Ended October 31, 2017 | Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers | Tax Fees Billed to Adviser and Affiliated Fund Service Providers | All Other Fees Billed to Adviser and Affiliated Fund Service Providers | |||||||||
Nuveen Investment Funds, Inc. | $ | 0 | $ | 0 | $ | 0 | ||||||
Percentage Approved Pursuant to Pre-approval Exception | ||||||||||||
Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers | Tax Fees Billed to Adviser and Affiliated Fund Service Providers | All Other Fees Billed to Adviser and Affiliated Fund Service Providers | ||||||||||
0 | % | 0 | % | 0 | % |
Fiscal Year Ended October 31, 2018 | Total Non-Audit Fees Billed to Funds | Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Funds) | Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements) | |||||||||
Fund Name | ||||||||||||
Nuveen Dividend Value Fund | 2,979 | 0 | 0 | |||||||||
Nuveen Large Cap Select Fund | 0 | 0 | 0 | |||||||||
Nuveen Mid Cap Growth Opportunities Fund | 2,979 | 0 | 0 | |||||||||
Nuveen Mid Cap Value Fund | 2,979 | 0 | 0 | |||||||||
Nuveen Small Cap Growth Opportunities Fund | 2,979 | 0 | 0 | |||||||||
Nuveen Small Cap Select Fund | 2,979 | 0 | 0 | |||||||||
Nuveen Small Cap Value Fund | 2,169 | 0 | 0 | |||||||||
|
|
|
|
|
| |||||||
Total | $ | 17,064 | $ | 0 | $ | 0 |
“Non-Audit Fees billed to Fund” for both fiscal year ends represent “Tax Fees” and “All Other Fees” billed to Fund in their respective amounts from the previous table.
Less than 50 percent of the hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.
Fiscal Year Ended October 31, 2017 | Total Non-Audit Fees Billed to Funds | Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Funds) | Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements) | |||||||||
Fund Name | ||||||||||||
Nuveen Dividend Value Fund | 9,421 | 0 | 0 | |||||||||
Nuveen Large Cap Select Fund | 2,845 | 0 | 0 | |||||||||
Nuveen Mid Cap Growth Opportunities Fund | 5,196 | 0 | 0 | |||||||||
Nuveen Mid Cap Value Fund | 7,196 | 0 | 0 | |||||||||
Nuveen Small Cap Growth Opportunities Fund | 5,196 | 0 | 0 | |||||||||
Nuveen Small Cap Select Fund | 7,196 | 0 | 0 | |||||||||
Nuveen Small Cap Value Fund | 6,741 | 0 | 0 | |||||||||
|
|
|
|
|
| |||||||
Total | $ | 43,791 | $ | 0 | $ | 0 |
“Non-Audit Fees billed to Fund” for both fiscal year ends represent “Tax Fees” and “All Other Fees” billed to Fund in their respective amounts from the previous table.
Audit Committee Pre-Approval Policies and Procedures. Generally, the Audit Committee must approve (i) all non-audit services to be performed for the Funds by the Funds’ independent accountant and (ii) all audit and non-audit services to be performed by the Funds’ independent accountant for the Affiliated Fund Service Providers with respect to the operations and financial reporting of the Funds. Regarding tax and research projects conducted by the independent accountant for the Funds and Affiliated Fund Service Providers (with respect to operations and financial reports of the Trust), such engagements will be (i) pre-approved by the Audit Committee if they are expected to be for amounts greater than $10,000; (ii) reported to the Audit Committee Chairman for his verbal approval prior to engagement if they are expected to be for amounts under $10,000 but greater than $5,000; and (iii) reported to the Audit Committee at the next Audit Committee meeting if they are expected to be for an amount under $5,000.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable to this registrant.
ITEM 6. SCHEDULE OF INVESTMENTS.
a) | See Portfolio of Investments in Item 1. |
b) | Not applicable. |
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable to this registrant.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to this registrant.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
Not applicable to this registrant.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees implemented after the registrant last provided disclosure in response to this Item.
ITEM 11. CONTROLS AND PROCEDURES.
(a) | The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (17 CFR 240.13a-15(b) or 240.15d-15(b)). |
(b) | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 13. EXHIBITS.
File the exhibits listed below as part of this Form.
(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 because the code is posted on registrant���s website at www.nuveen.com/MutualFunds/ShareholderResources/FundGovernance.aspx and there were no amendments during the period covered by this report. (To view the code, click on Code of Conduct.) | |
(a)(2) | A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: See EX-99.CERT attached hereto. | |
(a)(3) | Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons: Not applicable to this registrant. | |
(a)(4) | Change in the registrant’s independent public accountant. Not applicable. | |
(b) | If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an Exhibit. A certification furnished pursuant to this paragraph will not be deemed “filed” for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registration specifically incorporates it by reference: See EX-99.906 CERT attached hereto. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Nuveen Investment Funds, Inc.
By (Signature and Title) | /s/ Christopher M. Rohrbacher | |
Christopher M. Rohrbacher | ||
Vice President and Secretary |
Date: January 7, 2019
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title) | /s/ Greg A. Bottjer | |
Greg A. Bottjer | ||
Chief Administrative Officer | ||
(principal executive officer) |
Date: January 7, 2019
By (Signature and Title) | /s/ Stephen D. Foy | |
Stephen D. Foy | ||
Vice President and Controller | ||
(principal financial officer) |
Date: January 7, 2019