UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-05309
Nuveen Investment Funds, Inc.
(Exact name of registrant as specified in charter)
Nuveen Investments
333 West Wacker Drive, Chicago, IL 60606
(Address of principal executive offices) (Zip code)
Christopher M. Rohrbacher
Vice President and Secretary
333 West Wacker Drive, Chicago, IL 60606
(Name and address of agent for service)
Registrant’s telephone number, including area code: (312) 917-7700
Date of fiscal year end: October 31
Date of reporting period: April 30, 2019
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policy making roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss.3507.
Item 1. Reports to Stockholders.
![](https://capedge.com/proxy/N-CSRS/0001193125-19-190238/g742212img872911021.gif)
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 | FMVQX | FSEIX |
Nuveen Small Cap Value Fund | FSCAX | FSCVX | FSVSX | FSCWX | FSCCX |
![](https://capedge.com/proxy/N-CSRS/0001193125-19-190238/g742212img872911021.gif)
![](https://capedge.com/proxy/N-CSRS/0001193125-19-190238/g742212img1e10cde02.jpg)
![](https://capedge.com/proxy/N-CSRS/0001193125-19-190238/g742212imgb4e9d8b93.jpg)
Cumulative | Average Annual | ||||
6-Month | 1-Year | 5-Year | 10-Year | ||
Class A Shares at NAV | 6.41% | 5.03% | 7.77% | 12.90% | |
Class A Shares at maximum Offering Price | 0.31% | (1.00)% | 6.50% | 12.23% | |
Russell 1000® Value Index | 7.90% | 9.06% | 8.27% | 13.76% | |
S&P 500® Index | 9.76% | 13.49% | 11.63% | 15.32% | |
Lipper Equity Income Funds Classification Average | 7.38% | 8.48% | 7.70% | 12.59% | |
Class C Shares | 5.94% | 4.21% | 6.95% | 12.04% | |
Class R3 Shares | 6.22% | 4.78% | 7.49% | 12.60% | |
Class I Shares | 6.48% | 5.26% | 8.03% | 13.17% |
Cumulative | Average Annual | ||||
6-Month | 1-Year | 5-Year | Since Inception | ||
Class R6 Shares | 6.59% | 5.46% | 8.16% | 10.65% |
Cumulative | Average Annual | ||||
6-Month | 1-Year | 5-Year | 10-Year | ||
Class A Shares at NAV | (6.24)% | 1.93% | 6.84% | 13.29% | |
Class A Shares at maximum Offering Price | (11.65)% | (3.96)% | 5.58% | 12.63% | |
Class C Shares | (6.67)% | 1.15% | 6.04% | 12.43% | |
Class R3 Shares | (6.39)% | 1.66% | 6.58% | 13.00% | |
Class I Shares | (6.15)% | 2.19% | 7.11% | 13.57% |
Cumulative | Average Annual | ||||
6-Month | 1-Year | 5-Year | Since Inception | ||
Class R6 Shares | (6.16)% | 2.26% | 7.22% | 9.92% |
Share Class | |||||
Class A | Class C | Class R3 | Class R6 | Class I | |
Expense Ratios | 1.08% | 1.83% | 1.33% | 0.72% | 0.83% |
Cumulative | Average Annual | ||||
6-Month | 1-Year | 5-Year | 10-Year | ||
Class A Shares at NAV | 6.70% | 2.06% | 7.83% | 12.37% | |
Class A Shares at maximum Offering Price | 0.58% | (3.80)% | 6.56% | 11.71% | |
Russell Midcap® Value Index | 8.28% | 5.76% | 7.83% | 14.98% | |
Lipper Mid-Cap Value Funds Classification Average | 6.99% | 2.28% | 6.03% | 13.12% | |
Class C Shares | 6.32% | 1.30% | 7.03% | 11.53% | |
Class R3 Shares | 6.57% | 1.82% | 7.57% | 12.09% | |
Class I Shares | 6.84% | 2.33% | 8.11% | 12.64% |
Cumulative | ||
6-Month | Since Inception | |
Class R6 Shares | 6.91% | (2.86)% |
Cumulative | Average Annual | ||||
6-Month | 1-Year | 5-Year | 10-Year | ||
Class A Shares at NAV | (7.89)% | (0.04)% | 6.84% | 13.29% | |
Class A Shares at maximum Offering Price | (13.19)% | (5.79)% | 5.58% | 12.62% | |
Class C Shares | (8.24)% | (0.82)% | 6.03% | 12.43% | |
Class R3 Shares | (8.02)% | (0.30)% | 6.57% | 13.01% | |
Class I Shares | (7.80)% | 0.18% | 7.10% | 13.56% |
Cumulative | ||
6-Month | Since Inception | |
Class R6 Shares | (7.72)% | (6.13)% |
Share Class | |||||
Class A | Class C | Class R3 | Class R6 | Class I | |
Gross Expense Ratios | 1.31% | 2.06% | 1.56% | 0.98% | 1.07% |
Net Expense Ratios | 1.17% | 1.92% | 1.42% | 0.83% | 0.92% |
Cumulative | Average Annual | ||||
6-Month | 1-Year | 5-Year | 10-Year | ||
Class A Shares at NAV | 4.47% | (4.21)% | 6.82% | 13.56% | |
Class A Shares at maximum Offering Price | (1.53)% | (9.72)% | 5.56% | 12.88% | |
Russell 2000® Value Index | 3.77% | 2.19% | 6.94% | 12.87% | |
Lipper Small-Cap Value Funds Classification Average | 3.56% | 0.37% | 5.02% | 12.59% | |
Class C Shares | 4.06% | (4.96)% | 6.02% | 12.71% | |
Class R3 Shares | 4.32% | (4.45)% | 6.55% | 13.27% | |
Class I Shares | 4.58% | (3.97)% | 7.08% | 13.82% |
Cumulative | Average Annual | |||
6-Month | 1-Year | Since Inception | ||
Class R6 Shares | 4.71% | (3.77)% | 7.52% |
Cumulative | Average Annual | ||||
6-Month | 1-Year | 5-Year | 10-Year | ||
Class A Shares at NAV | (10.38)% | (7.79)% | 5.36% | 14.52% | |
Class A Shares at maximum Offering Price | (15.53)% | (13.10)% | 4.12% | 13.85% | |
Class C Shares | (10.73)% | (8.49)% | 4.58% | 13.67% | |
Class R3 Shares | (10.53)% | (8.07)% | 5.09% | 14.23% | |
Class I Shares | (10.29)% | (7.57)% | 5.63% | 14.80% |
Cumulative | Average Annual | |||
6-Month | 1-Year | Since Inception | ||
Class R6 Shares | (10.20)% | (7.41)% | 6.04% |
Share Class | |||||
Class A | Class C | Class R3 | Class R6 | Class I | |
Gross Expense Ratios | 1.24% | 1.99% | 1.49% | 0.82% | 0.99% |
Net Expense Ratios | 1.20% | 1.95% | 1.45% | 0.78% | 0.95% |
Fund Allocation (% of net assets) | |
Common Stocks | 99.4% |
Investments Purchased with Collateral from Securities Lending | 0.0% |
Money Market Funds | 0.6% |
Other Assets Less Liabilities | 0.0% |
Net Assets | 100% |
Portfolio Composition (% of net assets) | |
Banks | 12.5% |
Oil, Gas & Consumable Fuels | 10.0% |
Semiconductors & Semiconductor Equipment | 7.6% |
Capital Markets | 6.0% |
Communications Equipment | 5.1% |
Equity Real Estate Investment Trust | 5.1% |
Pharmaceuticals | 4.5% |
Chemicals | 4.1% |
Diversified Telecommunication Services | 3.5% |
Hotels, Restaurants & Leisure | 3.5% |
Electric Utilities | 3.4% |
Multi-Utilities | 3.4% |
Media | 3.2% |
Health Care Providers & Services | 3.1% |
Consumer Finance | 3.1% |
Machinery | 2.5% |
Other | 18.8% |
Investments Purchased with Collateral from Securities Lending | 0.0% |
Money Market Funds | 0.6% |
Other Assets Less Liabilities | 0.0% |
Net Assets | 100% |
Top Five Common Stock Holdings (% of net assets) | |
Cisco Systems Inc | 4.0% |
AT&T Inc | 3.5% |
QUALCOMM Inc | 3.4% |
Citigroup Inc. | 3.4% |
Comcast Corp | 3.2% |
Fund Allocation (% of net assets) | |
Common Stocks | 99.3% |
Money Market Funds | 0.8% |
Other Assets Less Liabilities | (0.1)% |
Net Assets | 100% |
Portfolio Composition (% of net assets) | |
Equity Real Estate Investment Trust | 12.7% |
Multi-Utilities | 6.0% |
Banks | 5.9% |
Oil, Gas & Consumable Fuels | 5.5% |
Capital Markets | 5.2% |
Insurance | 4.7% |
Chemicals | 4.0% |
Hotels, Restaurants & Leisure | 3.9% |
Software | 3.9% |
IT Services | 3.5% |
Electric Utilities | 3.5% |
Airlines | 2.7% |
Health Care Equipment & Supplies | 2.5% |
Machinery | 2.5% |
Entertainment | 2.3% |
Household Durables | 2.1% |
Aerospace & Defense | 2.1% |
Mortgage Real Estate Investment Trust | 2.1% |
Health Care Providers & Services | 1.9% |
Electrical Equipment | 1.8% |
Consumer Finance | 1.7% |
Other | 18.8% |
Money Market Funds | 0.8% |
Other Assets Less Liabilities | (0.1)% |
Net Assets | 100% |
Top Five Common Stock Holdings (% of net assets) | |
L3 Technologies Inc. | 2.1% |
CF Industries Holdings Inc | 2.1% |
Starwood Property Trust Inc. | 2.1% |
FirstEnergy Corp | 2.0% |
Digital Realty Trust Inc. | 2.0% |
Fund Allocation (% of net assets) | |
Common Stocks | 99.3% |
Investments Purchased with Collateral from Securities Lending | 0.9% |
Money Market Funds | 0.4% |
Other Assets Less Liabilities | (0.6)% |
Net Assets | 100% |
Portfolio Composition (% of net assets) | |
Banks | 17.0% |
Equity Real Estate Investment Trust | 9.6% |
Communications Equipment | 4.6% |
Thrifts & Mortgage Finance | 4.4% |
Electronic Equipment, Instruments & Components | 3.7% |
Commercial Services & Supplies | 3.6% |
Insurance | 3.6% |
Construction & Engineering | 3.1% |
Capital Markets | 3.1% |
Oil, Gas & Consumable Fuels | 2.9% |
Metals & Mining | 2.8% |
Household Durables | 2.7% |
Energy Equipment & Services | 2.7% |
Mortgage Real Estate Investment Trust | 2.5% |
Gas Utilities | 2.5% |
Auto Components | 2.3% |
Software | 1.9% |
Building Products | 1.8% |
Textiles, Apparel & Luxury Goods | 1.7% |
Semiconductors & Semiconductor Equipment | 1.7% |
Machinery | 1.7% |
Other | 19.4% |
Investments Purchased with Collateral from Securities Lending | 0.9% |
Money Market Funds | 0.4% |
Other Assets Less Liabilities | (0.6)% |
Net Assets | 100% |
Top Five Common Stock Holdings (% of net assets) | |
Plantronics Inc. | 2.0% |
IBERIABANK Corp | 2.0% |
Radware Ltd | 1.9% |
Gibraltar Industries Inc | 1.8% |
Brink's Co/The | 1.8% |
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 | $1,064.10 | $1,059.40 | $1,062.20 | $1,065.90 | $1,064.80 |
Expenses Incurred During the Period | $5.68 | $9.50 | $6.95 | $3.69 | $4.35 |
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 | $1,019.29 | $1,015.57 | $1,018.05 | $1,021.22 | $1,020.58 |
Expenses Incurred During the Period | $5.56 | $9.30 | $6.80 | $3.61 | $4.26 |
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 | $1,067.00 | $1,063.20 | $1,065.70 | $1,069.10 | $1,068.40 |
Expenses Incurred During the Period | $6.00 | $9.82 | $7.27 | $4.00 | $4.72 |
Hypothetical Performance (5% annualized return before expenses) | |||||
Beginning Account Value | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value | $1,018.99 | $1,015.27 | $1,017.75 | $1,020.93 | $1,020.23 |
Expenses Incurred During the Period | $5.86 | $9.59 | $7.10 | $3.91 | $4.61 |
Share Class | |||||
Class A | Class C | Class R3 | Class R6 | Class I | |
Actual Performance | |||||
Beginning Account Value | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value | $1,044.70 | $1,040.60 | $1,043.20 | $1,047.10 | $1,045.80 |
Expenses Incurred During the Period | $6.08 | $9.87 | $7.35 | $3.55 | $4.82 |
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 | $1,018.84 | $1,015.12 | $1,017.60 | $1,021.32 | $1,020.08 |
Expenses Incurred During the Period | $6.01 | $9.74 | $7.25 | $3.51 | $4.76 |
Shares | Description (1) | Value | ||||
LONG-TERM INVESTMENTS – 99.4% | ||||||
COMMON STOCKS – 99.4% | ||||||
Aerospace & Defense – 1.3% | ||||||
85,276 | Harris Corp | $14,369,006 | ||||
Airlines – 1.2% | ||||||
211,481 | Alaska Air Group Inc | 13,090,674 | ||||
Banks – 12.5% | ||||||
1,090,382 | Bank of America Corp | 33,343,882 | ||||
539,215 | Citigroup Inc. | 38,122,501 | ||||
334,082 | East West Bancorp Inc. | 17,198,541 | ||||
302,227 | JPMorgan Chase & Co | 35,073,443 | ||||
1,034,526 | KeyCorp | 18,155,931 | ||||
Total Banks | 141,894,298 | |||||
Biotechnology – 0.9% | ||||||
161,163 | Gilead Sciences Inc. | 10,482,041 | ||||
Capital Markets – 6.0% | ||||||
397,296 | E*TRADE Financial Corp | 20,127,015 | ||||
521,559 | Morgan Stanley | 25,165,222 | ||||
243,581 | Raymond James Financial Inc. | 22,304,712 | ||||
Total Capital Markets | 67,596,949 | |||||
Chemicals – 4.1% | ||||||
131,738 | Celanese Corp | 14,213,213 | ||||
317,531 | CF Industries Holdings Inc | 14,219,038 | ||||
100,826 | Linde PLC | 18,174,895 | ||||
Total Chemicals | 46,607,146 | |||||
Communications Equipment – 5.1% | ||||||
803,225 | Cisco Systems Inc | 44,940,439 | ||||
92,446 | Motorola Solutions Inc | 13,396,350 | ||||
Total Communications Equipment | 58,336,789 | |||||
Consumer Finance – 3.1% | ||||||
145,404 | American Express Co | 17,045,711 | ||||
222,602 | Discover Financial Services | 18,139,837 | ||||
Total Consumer Finance | 35,185,548 | |||||
Diversified Telecommunication Services – 3.5% | ||||||
1,299,806 | AT&T Inc | 40,241,994 |
Shares | Description (1) | Value | ||||
Electric Utilities – 3.4% | ||||||
358,851 | Evergy Inc | $20,748,765 | ||||
417,329 | FirstEnergy Corp | 17,540,338 | ||||
Total Electric Utilities | 38,289,103 | |||||
Electrical Equipment – 0.9% | ||||||
78,671 | Hubbell Inc. | 10,038,420 | ||||
Equity Real Estate Investment Trust – 5.1% | ||||||
176,614 | Crown Castle International Corp | 22,214,509 | ||||
116,989 | Digital Realty Trust Inc. | 13,770,775 | ||||
686,137 | Park Hotels & Resorts Inc. | 22,011,275 | ||||
Total Equity Real Estate Investment Trust | 57,996,559 | |||||
Food Products – 1.7% | ||||||
260,520 | Tyson Foods Inc | 19,541,605 | ||||
Health Care Providers & Services – 3.1% | ||||||
71,120 | Cigna Corp | 11,296,701 | ||||
104,780 | UnitedHealth Group Inc | 24,421,074 | ||||
Total Health Care Providers & Services | 35,717,775 | |||||
Hotels, Restaurants & Leisure – 3.5% | ||||||
128,044 | Hilton Worldwide Holdings Inc. | 11,138,562 | ||||
502,672 | MGM Resorts International | 13,386,155 | ||||
122,695 | Royal Caribbean Cruises Ltd | 14,838,733 | ||||
Total Hotels, Restaurants & Leisure | 39,363,450 | |||||
Household Durables – 1.4% | ||||||
1,108,340 | Newell Brands Inc., (2) | 15,937,929 | ||||
Insurance – 1.4% | ||||||
711,978 | Old Republic International Corp | 15,919,828 | ||||
IT Services – 1.1% | ||||||
188,521 | DXC Technology Co | 12,393,370 | ||||
Machinery – 2.5% | ||||||
81,787 | Caterpillar Inc. | 11,402,744 | ||||
92,702 | Parker-Hannifin Corp | 16,786,478 | ||||
Total Machinery | 28,189,222 | |||||
Media – 3.2% | ||||||
845,296 | Comcast Corp | 36,795,735 | ||||
Mortgage Real Estate Investment Trust – 1.6% | ||||||
808,446 | Starwood Property Trust Inc. | 18,634,680 | ||||
Multi-Utilities – 3.4% | ||||||
189,143 | Ameren Corp | 13,763,936 |
Shares | Description (1) | Value | ||||
Multi-Utilities (continued) | ||||||
410,070 | Public Service Enterprise Group Inc. | $24,460,676 | ||||
Total Multi-Utilities | 38,224,612 | |||||
Oil, Gas & Consumable Fuels – 10.0% | ||||||
298,913 | Chevron Corp | 35,887,495 | ||||
215,645 | HollyFrontier Corp | 10,292,736 | ||||
627,692 | Marathon Oil Corp | 10,695,872 | ||||
264,176 | Marathon Petroleum Corp | 16,080,393 | ||||
208,294 | Occidental Petroleum Corp | 12,264,351 | ||||
45,342 | Pioneer Natural Resources Co | 7,547,629 | ||||
737,261 | Williams Cos Inc/The | 20,886,604 | ||||
Total Oil, Gas & Consumable Fuels | 113,655,080 | |||||
Personal Products – 1.5% | ||||||
275,287 | Unilever NV | 16,657,616 | ||||
Pharmaceuticals – 4.5% | ||||||
125,374 | Allergan PLC | 18,429,978 | ||||
800,865 | Pfizer Inc | 32,523,128 | ||||
Total Pharmaceuticals | 50,953,106 | |||||
Road & Rail – 2.2% | ||||||
309,809 | CSX Corp | 24,670,091 | ||||
Semiconductors & Semiconductor Equipment – 7.6% | ||||||
64,155 | Broadcom Inc | 20,426,952 | ||||
71,820 | Lam Research Corp | 14,897,623 | ||||
449,380 | QUALCOMM Inc | 38,705,099 | ||||
104,064 | Xilinx Inc. | 12,502,249 | ||||
Total Semiconductors & Semiconductor Equipment | 86,531,923 | |||||
Software – 1.8% | ||||||
154,802 | Microsoft Corp | 20,217,141 | ||||
Tobacco – 1.8% | ||||||
375,803 | Altria Group Inc | 20,417,377 | ||||
Total Long-Term Investments (cost $903,805,700) | 1,127,949,067 |
Shares | Description (1) | Coupon | Value | |||
INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 0.0% | ||||||
MONEY MARKET FUNDS – 0.0% | ||||||
314,175 | First American Government Obligations Fund, Class X, (3) | 2.356% (4) | $314,175 | |||
Total Investments Purchased with Collateral from Securities Lending (cost $314,175) | 314,175 |
Shares | Description (1) | Coupon | Value | |||
SHORT-TERM INVESTMENTS – 0.6% | ||||||
MONEY MARKET FUNDS – 0.6% | ||||||
6,060,910 | First American Treasury Obligations Fund, Class Z | 2.324% (4) | $6,060,910 | |||
Total Short-Term Investments (cost $6,060,910) | 6,060,910 | |||||
Total Investments (cost $910,180,785) – 100.0% | 1,134,324,152 | |||||
Other Assets Less Liabilities – 0.0% | 135,560 | |||||
Net Assets – 100% | $1,134,459,712 |
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) | 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 $306,294. | |
(3) | 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. | |
(4) | 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 – 99.3% | ||||||
COMMON STOCKS – 99.3% | ||||||
Aerospace & Defense – 2.1% | ||||||
33,743 | L3 Technologies Inc. | $7,375,545 | ||||
Airlines – 2.7% | ||||||
69,053 | Alaska Air Group Inc | 4,274,381 | ||||
58,660 | United Continental Holdings Inc, (2) | 5,212,527 | ||||
Total Airlines | 9,486,908 | |||||
Auto Components – 0.7% | ||||||
57,454 | BorgWarner Inc. | 2,399,854 | ||||
Banks – 5.9% | ||||||
117,976 | East West Bancorp Inc. | 6,073,405 | ||||
334,966 | KeyCorp | 5,878,653 | ||||
14,983 | SVB Financial Group, (2) | 3,771,521 | ||||
100,727 | Western Alliance Bancorp, (2) | 4,812,736 | ||||
Total Banks | 20,536,315 | |||||
Building Products – 1.3% | ||||||
118,178 | Masco Corp | 4,616,033 | ||||
Capital Markets – 5.2% | ||||||
90,293 | E*TRADE Financial Corp | 4,574,243 | ||||
41,060 | Evercore Inc. | 4,000,476 | ||||
43,255 | Nasdaq Inc | 3,988,111 | ||||
58,367 | Raymond James Financial Inc. | 5,344,666 | ||||
Total Capital Markets | 17,907,496 | |||||
Chemicals – 4.0% | ||||||
61,444 | Celanese Corp | 6,629,193 | ||||
163,209 | CF Industries Holdings Inc | 7,308,499 | ||||
Total Chemicals | 13,937,692 | |||||
Construction & Engineering – 0.5% | ||||||
46,421 | Fluor Corp | 1,844,306 | ||||
Consumer Finance – 1.7% | ||||||
72,007 | Discover Financial Services | 5,867,850 | ||||
Diversified Financial Services – 1.5% | ||||||
96,618 | Voya Financial Inc. | 5,303,362 |
Shares | Description (1) | Value | ||||
Electric Utilities – 3.5% | ||||||
89,343 | Evergy Inc | $5,165,812 | ||||
168,871 | FirstEnergy Corp | 7,097,648 | ||||
Total Electric Utilities | 12,263,460 | |||||
Electrical Equipment – 1.8% | ||||||
45,380 | AMETEK Inc | 4,001,154 | ||||
17,543 | Hubbell Inc. | 2,238,487 | ||||
Total Electrical Equipment | 6,239,641 | |||||
Energy Equipment & Services – 0.8% | ||||||
67,283 | Apergy Corp, (2) | 2,670,462 | ||||
Entertainment – 2.3% | ||||||
245,750 | Lions Gate Entertainment Corp | 3,585,492 | ||||
44,495 | Take-Two Interactive Software Inc., (2) | 4,308,451 | ||||
Total Entertainment | 7,893,943 | |||||
Equity Real Estate Investment Trust – 12.7% | ||||||
303,690 | Brandywine Realty Trust | 4,673,789 | ||||
58,595 | Digital Realty Trust Inc. | 6,897,217 | ||||
20,866 | Essex Property Trust Inc | 5,894,645 | ||||
162,684 | First Industrial Realty Trust Inc | 5,737,865 | ||||
47,850 | Mid-America Apartment Communities Inc. | 5,235,268 | ||||
148,807 | Park Hotels & Resorts Inc. | 4,773,729 | ||||
64,574 | SL Green Realty Corp | 5,704,467 | ||||
178,770 | Washington Real Estate Investment Trust | 5,048,465 | ||||
Total Equity Real Estate Investment Trust | 43,965,445 | |||||
Food Products – 1.2% | ||||||
56,265 | Tyson Foods Inc | 4,220,438 | ||||
Health Care Equipment & Supplies – 2.5% | ||||||
11,555 | Teleflex Inc. | 3,306,810 | ||||
44,177 | Zimmer Biomet Holdings Inc | 5,440,839 | ||||
Total Health Care Equipment & Supplies | 8,747,649 | |||||
Health Care Providers & Services – 1.9% | ||||||
80,387 | Centene Corp, (2) | 4,144,754 | ||||
14,364 | Cigna Corp | 2,281,578 | ||||
Total Health Care Providers & Services | 6,426,332 | |||||
Hotels, Restaurants & Leisure – 3.9% | ||||||
32,276 | Hyatt Hotels Corp | 2,476,537 | ||||
191,812 | MGM Resorts International | 5,107,954 | ||||
107,323 | Norwegian Cruise Line Holdings Ltd, (2) | 6,051,944 | ||||
Total Hotels, Restaurants & Leisure | 13,636,435 |
Shares | Description (1) | Value | ||||
Household Durables – 2.1% | ||||||
91,055 | DR Horton Inc | $4,034,647 | ||||
236,430 | Newell Brands Inc. | 3,399,864 | ||||
Total Household Durables | 7,434,511 | |||||
Independent Power & Renewable Electricity Producers – 1.4% | ||||||
121,944 | NRG Energy Inc | 5,020,435 | ||||
Insurance – 4.7% | ||||||
115,327 | Hartford Financial Services Group Inc/The | 6,032,755 | ||||
268,140 | Old Republic International Corp | 5,995,611 | ||||
22,606 | Willis Towers Watson PLC | 4,167,190 | ||||
Total Insurance | 16,195,556 | |||||
IT Services – 3.5% | ||||||
39,230 | DXC Technology Co | 2,578,980 | ||||
193,896 | First Data Corp, (2) | 5,014,151 | ||||
202,855 | Perspecta Inc | 4,681,893 | ||||
Total IT Services | 12,275,024 | |||||
Leisure Products – 1.7% | ||||||
111,867 | Brunswick Corp/DE | 5,728,709 | ||||
Life Sciences Tools & Services – 1.2% | ||||||
51,208 | Agilent Technologies Inc. | 4,019,828 | ||||
Machinery – 2.5% | ||||||
46,798 | Crane Co | 3,980,170 | ||||
22,435 | Ingersoll-Rand PLC | 2,750,755 | ||||
10,062 | Parker-Hannifin Corp | 1,822,027 | ||||
Total Machinery | 8,552,952 | |||||
Media – 1.4% | ||||||
300,727 | TEGNA Inc. | 4,787,574 | ||||
Mortgage Real Estate Investment Trust – 2.1% | ||||||
314,119 | Starwood Property Trust Inc. | 7,240,443 | ||||
Multiline Retail – 1.5% | ||||||
40,441 | Dollar General Corp | 5,099,206 | ||||
Multi-Utilities – 6.0% | ||||||
73,117 | Ameren Corp | 5,320,724 | ||||
109,271 | CenterPoint Energy Inc | 3,387,401 | ||||
214,058 | NiSource Inc. | 5,946,531 | ||||
101,787 | Public Service Enterprise Group Inc. | 6,071,595 | ||||
Total Multi-Utilities | 20,726,251 |
Shares | Description (1) | Value | ||||
Oil, Gas & Consumable Fuels – 5.5% | ||||||
48,636 | Anadarko Petroleum Corp | $3,543,133 | ||||
477,754 | Encana Corp | 3,310,835 | ||||
66,575 | HollyFrontier Corp | 3,177,625 | ||||
280,166 | Marathon Oil Corp | 4,774,029 | ||||
151,295 | Williams Cos Inc/The | 4,286,187 | ||||
Total Oil, Gas & Consumable Fuels | 19,091,809 | |||||
Pharmaceuticals – 1.5% | ||||||
53,633 | Elanco Animal Health Inc, (2) | 1,689,440 | ||||
125,094 | Mylan NV, (2) | 3,376,287 | ||||
Total Pharmaceuticals | 5,065,727 | |||||
Real Estate Management & Development – 1.1% | ||||||
25,434 | Jones Lang LaSalle Inc. | 3,931,333 | ||||
Road & Rail – 0.7% | ||||||
28,633 | Genesee & Wyoming Inc., (2) | 2,538,315 | ||||
Semiconductors & Semiconductor Equipment – 0.9% | ||||||
191,762 | Cypress Semiconductor Corp | 3,294,471 | ||||
Software – 3.9% | ||||||
24,080 | Autodesk Inc., (2) | 4,291,297 | ||||
43,357 | PTC Inc., (2) | 3,922,507 | ||||
44,098 | Synopsys Inc, (2) | 5,339,386 | ||||
Total Software | 13,553,190 | |||||
Specialty Retail – 1.4% | ||||||
66,465 | Best Buy Co Inc. | 4,945,661 | ||||
Total Long-Term Investments (cost $316,068,397) | 344,840,161 |
Shares | Description (1) | Coupon | Value | |||
SHORT-TERM INVESTMENTS – 0.8% | ||||||
MONEY MARKET FUNDS – 0.8% | ||||||
2,751,653 | First American Treasury Obligations Fund, Class Z | 2.324% (3) | $2,751,653 | |||
Total Short-Term Investments (cost $2,751,653) | 2,751,653 | |||||
Total Investments (cost $318,820,050) – 100.1% | 347,591,814 | |||||
Other Assets Less Liabilities – (0.1)% | (390,322) | |||||
Net Assets – 100% | $347,201,492 |
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 – 99.3% | ||||||
COMMON STOCKS – 99.3% | ||||||
Air Freight & Logistics – 1.4% | ||||||
1,167,034 | Air Transport Services Group Inc, (2) | $27,460,310 | ||||
Auto Components – 2.3% | ||||||
599,027 | Cooper Tire & Rubber Co | 17,886,946 | ||||
1,443,701 | Dana Inc | 28,152,170 | ||||
Total Auto Components | 46,039,116 | |||||
Banks – 17.0% | ||||||
662,875 | Banner Corp | 35,145,632 | ||||
641,245 | Berkshire Hills Bancorp Inc | 19,230,938 | ||||
991,880 | Cathay General Bancorp | 36,491,265 | ||||
1,080,319 | First Busey Corp | 27,915,443 | ||||
598,611 | Heartland Financial USA Inc. | 26,877,634 | ||||
497,002 | IBERIABANK Corp | 39,511,659 | ||||
491,298 | Pinnacle Financial Partners Inc. | 28,529,675 | ||||
618,063 | Preferred Bank/Los Angeles CA | 30,402,519 | ||||
789,533 | Renasant Corp | 28,628,467 | ||||
994,343 | Sterling Bancorp/DE | 21,298,827 | ||||
451,866 | Western Alliance Bancorp, (2) | 21,590,157 | ||||
388,681 | Wintrust Financial Corp | 29,617,492 | ||||
Total Banks | 345,239,708 | |||||
Beverages – 1.4% | ||||||
1,754,211 | Primo Water Corp, (2) | 27,628,823 | ||||
Building Products – 1.8% | ||||||
937,833 | Gibraltar Industries Inc | 37,203,835 | ||||
Capital Markets – 3.1% | ||||||
347,452 | Evercore Inc. | 33,852,248 | ||||
364,363 | Piper Jaffray Cos | 29,367,658 | ||||
Total Capital Markets | 63,219,906 | |||||
Chemicals – 1.5% | ||||||
488,039 | Minerals Technologies Inc. | 30,634,208 | ||||
Commercial Services & Supplies – 3.6% | ||||||
463,459 | Brink's Co/The | 37,044,278 | ||||
920,102 | Quad/Graphics Inc | 11,234,446 |
Shares | Description (1) | Value | ||||
Commercial Services & Supplies (continued) | ||||||
744,943 | SP Plus Corp, (2) | $25,715,432 | ||||
Total Commercial Services & Supplies | 73,994,156 | |||||
Communications Equipment – 4.6% | ||||||
480,899 | NETGEAR Inc, (2) | 14,922,296 | ||||
776,614 | Plantronics Inc. | 39,980,089 | ||||
1,460,960 | Radware Ltd, (2) | 38,116,446 | ||||
Total Communications Equipment | 93,018,831 | |||||
Construction & Engineering – 3.1% | ||||||
989,737 | Aegion Corp, (2) | 19,705,664 | ||||
320,221 | EMCOR Group Inc. | 26,943,395 | ||||
843,034 | Tutor Perini Corp, (2) | 16,835,389 | ||||
Total Construction & Engineering | 63,484,448 | |||||
Diversified Telecommunication Services – 1.0% | ||||||
2,149,799 | Vonage Holdings Corp, (2) | 20,896,046 | ||||
Electric Utilities – 1.0% | ||||||
344,310 | El Paso Electric Co | 21,040,784 | ||||
Electronic Equipment, Instruments & Components – 3.7% | ||||||
437,905 | Avnet Inc | 21,286,562 | ||||
302,252 | SYNNEX Corp | 32,606,946 | ||||
1,659,067 | TTM Technologies Inc, (2) | 21,966,047 | ||||
Total Electronic Equipment, Instruments & Components | 75,859,555 | |||||
Energy Equipment & Services – 2.7% | ||||||
503,903 | Apergy Corp, (2) | 19,999,910 | ||||
1,529,856 | ProPetro Holding Corp, (2) | 33,855,713 | ||||
Total Energy Equipment & Services | 53,855,623 | |||||
Equity Real Estate Investment Trust – 9.6% | ||||||
1,977,879 | Brandywine Realty Trust | 30,439,558 | ||||
1,020,752 | Kite Realty Group Trust | 16,117,674 | ||||
1,212,636 | Preferred Apartment Communities Inc | 18,965,627 | ||||
1,837,226 | RLJ Lodging Trust | 33,823,331 | ||||
1,179,027 | STAG Industrial Inc | 33,932,397 | ||||
2,486,476 | Summit Hotel Properties Inc | 28,867,986 | ||||
1,137,742 | Washington Real Estate Investment Trust | 32,129,834 | ||||
Total Equity Real Estate Investment Trust | 194,276,407 | |||||
Food Products – 1.2% | ||||||
1,863,363 | Hostess Brands Inc, (2) | 24,969,064 | ||||
Gas Utilities – 2.5% | ||||||
587,562 | South Jersey Industries Inc | 18,872,492 |
Shares | Description (1) | Value | ||||
Gas Utilities (continued) | ||||||
367,785 | Spire Inc | $30,963,819 | ||||
Total Gas Utilities | 49,836,311 | |||||
Health Care Equipment & Supplies – 0.9% | ||||||
713,125 | Natus Medical Inc, (2) | 19,083,225 | ||||
Health Care Providers & Services – 0.7% | ||||||
284,100 | AMN Healthcare Services Inc., (2) | 14,790,246 | ||||
Hotels, Restaurants & Leisure – 0.9% | ||||||
236,225 | Jack in the Box Inc. | 18,212,947 | ||||
Household Durables – 2.7% | ||||||
892,712 | La-Z-Boy Inc. | 29,280,953 | ||||
903,623 | M/I Homes Inc | 25,455,060 | ||||
Total Household Durables | 54,736,013 | |||||
Insurance – 3.6% | ||||||
223,477 | AMERISAFE Inc | 13,234,308 | ||||
272,736 | Argo Group International Holdings Ltd | 21,292,500 | ||||
1,724,044 | CNO Financial Group Inc | 28,532,928 | ||||
270,336 | Horace Mann Educators Corp | 10,429,563 | ||||
Total Insurance | 73,489,299 | |||||
Interactive Media & Services – 1.2% | ||||||
1,149,677 | Carscom Inc, (2) | 23,924,778 | ||||
Leisure Products – 0.6% | ||||||
234,938 | Brunswick Corp/DE | 12,031,175 | ||||
Machinery – 1.7% | ||||||
2,331,437 | Milacron Holdings Corp, (2) | 34,062,295 | ||||
Media – 1.1% | ||||||
361,531 | Meredith Corp, (3) | 21,330,329 | ||||
Metals & Mining – 2.8% | ||||||
1,288,541 | Allegheny Technologies Inc | 32,110,441 | ||||
2,750,852 | SunCoke Energy Inc | 23,684,836 | ||||
Total Metals & Mining | 55,795,277 | |||||
Mortgage Real Estate Investment Trust – 2.5% | ||||||
1,499,042 | Invesco Mortgage Capital Inc | 24,464,366 | ||||
1,482,873 | Ladder Capital Corp | 25,801,990 | ||||
Total Mortgage Real Estate Investment Trust | 50,266,356 | |||||
Multi-Utilities – 1.5% | ||||||
412,063 | Black Hills Corp | 29,981,704 |
Shares | Description (1) | Value | ||||
Oil, Gas & Consumable Fuels – 2.9% | ||||||
183,091 | Brigham Minerals Inc, (2) | $3,755,196 | ||||
2,651,367 | Callon Petroleum Co, (2) | 19,911,766 | ||||
648,392 | Delek US Holdings Inc. | 24,029,408 | ||||
2,979,212 | Southwestern Energy Co, (2) | 11,767,887 | ||||
Total Oil, Gas & Consumable Fuels | 59,464,257 | |||||
Pharmaceuticals – 0.9% | ||||||
647,303 | Prestige Consumer Healthcare Inc, (2) | 19,043,654 | ||||
Professional Services – 1.3% | ||||||
558,291 | Korn Ferry | 26,250,843 | ||||
Semiconductors & Semiconductor Equipment – 1.7% | ||||||
1,073,680 | Cypress Semiconductor Corp | 18,445,822 | ||||
172,049 | MKS Instruments Inc | 15,658,180 | ||||
Total Semiconductors & Semiconductor Equipment | 34,104,002 | |||||
Software – 1.9% | ||||||
241,234 | Alarmcom Holdings Inc, (2) | 17,098,666 | ||||
2,253,857 | TiVo Corp | 21,118,640 | ||||
Total Software | 38,217,306 | |||||
Specialty Retail – 1.5% | ||||||
533,759 | Aaron's Inc. | 29,725,039 | ||||
Textiles, Apparel & Luxury Goods – 1.7% | ||||||
309,482 | Culp Inc | 6,350,570 | ||||
674,619 | G-III Apparel Group Ltd, (2) | 29,109,810 | ||||
Total Textiles, Apparel & Luxury Goods | 35,460,380 | |||||
Thrifts & Mortgage Finance – 4.4% | ||||||
935,681 | Flagstar Bancorp Inc. | 33,450,596 | ||||
1,401,281 | Radian Group Inc | 32,818,001 | ||||
519,649 | WSFS Financial Corp | 22,438,444 | ||||
Total Thrifts & Mortgage Finance | 88,707,041 | |||||
Water Utilities – 1.3% | ||||||
511,768 | California Water Service Group | 25,787,990 | ||||
Total Long-Term Investments (cost $1,935,468,736) | 2,013,121,287 |
Shares | Description (1) | Coupon | Value | |||
INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 0.9% | ||||||
MONEY MARKET FUNDS – 0.9% | ||||||
17,720,500 | First American Government Obligations Fund, Class X, (4) | 2.356% (5) | $17,720,500 | |||
Total Investments Purchased with Collateral from Securities Lending (cost $17,720,500) | 17,720,500 |
Shares | Description (1) | Coupon | Value | |||
SHORT-TERM INVESTMENTS – 0.4% | ||||||
MONEY MARKET FUNDS – 0.4% | ||||||
8,451,301 | First American Treasury Obligations Fund, Class Z | 2.324% (5) | $8,451,301 | |||
Total Short-Term Investments (cost $8,451,301) | 8,451,301 | |||||
Total Investments (cost $1,961,640,537) – 100.6% | 2,039,293,088 | |||||
Other Assets Less Liabilities – (0.6)% | (13,034,097) | |||||
Net Assets – 100% | $2,026,258,991 |
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 $17,139,500. | |
(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 $903,805,700, $316,068,397 and $1,935,468,736, respectively) | $1,127,949,067 | $344,840,161 | $2,013,121,287 |
Investment purchased with collateral from securities lending, at value (cost approximates value) | 314,175 | — | 17,720,500 |
Short-term investments, at value (cost approximates value) | 6,060,910 | 2,751,653 | 8,451,301 |
Receivable for: | |||
Dividends | 1,049,626 | 130,531 | 140,501 |
Due from broker | 35 | 13 | 1,724 |
Interest | 16,355 | 5,584 | 38,099 |
Investments sold | — | 3,481,075 | 7,178,599 |
Reclaims | — | 275 | — |
Shares sold | 1,359,017 | 476,332 | 4,499,985 |
Other assets | 120,514 | 60,900 | 110,051 |
Total assets | 1,136,869,699 | 351,746,524 | 2,051,262,047 |
Liabilities | |||
Payable for: | |||
Collateral from securities lending program | 314,175 | — | 17,720,500 |
Investments purchased | — | 3,488,138 | — |
Shares redeemed | 853,942 | 654,855 | 4,717,210 |
Accrued expenses: | |||
Directors fees | 85,315 | 11,304 | 54,908 |
Management fees | 611,110 | 226,436 | 1,141,434 |
Shareholder servicing agent fees | 369,194 | 101,145 | 967,110 |
12b-1 distribution and service fees | 77,987 | 22,710 | 119,142 |
Other | 98,264 | 40,444 | 282,752 |
Total liabilities | 2,409,987 | 4,545,032 | 25,003,056 |
Net assets | $1,134,459,712 | $347,201,492 | $2,026,258,991 |
Dividend Value | Mid Cap Value | Small Cap Value | |
Class A Shares | |||
Net assets | $223,344,987 | $59,239,804 | $260,024,408 |
Shares outstanding | 16,081,471 | 1,489,536 | 11,267,318 |
Net asset value ("NAV") per share | $13.89 | $39.77 | $23.08 |
Offering price per share (NAV per share plus maximum sales charge of 5.75% of offering price) | $14.74 | $42.20 | $24.49 |
Class C Shares | |||
Net assets | $26,992,210 | $8,304,273 | $58,031,787 |
Shares outstanding | 1,982,906 | 222,005 | 2,986,456 |
NAV and offering price per share | $13.61 | $37.41 | $19.43 |
Class R3 Shares | |||
Net assets | $26,002,006 | $9,587,020 | $43,653,989 |
Shares outstanding | 1,881,489 | 243,124 | 1,934,239 |
NAV and offering price per share | $13.82 | $39.43 | $22.57 |
Class R6 Shares | |||
Net assets | $182,401,402 | $11,391,594 | $118,274,134 |
Shares outstanding | 12,849,337 | 285,317 | 4,936,205 |
NAV and offering price per share | $14.20 | $39.93 | $23.96 |
Class I Shares | |||
Net assets | $675,719,107 | $258,678,801 | $1,546,274,673 |
Shares outstanding | 47,978,488 | 6,486,607 | 64,724,524 |
NAV and offering price per share | $14.08 | $39.88 | $23.89 |
Fund level net assets consist of: | |||
Capital paid-in | $856,556,191 | $322,910,381 | $2,076,871,749 |
Total distributable earnings | 277,903,521 | 24,291,111 | (50,612,758) |
Fund level net assets | $1,134,459,712 | $347,201,492 | $2,026,258,991 |
Authorized shares - per class | 2 billion | 2 billion | 2 billion |
Par value per share | $0.0001 | $0.0001 | $0.0001 |
Dividend Value | Mid Cap Value | Small Cap Value | |
Investment Income | |||
Dividends | $15,251,011 | $2,875,698 | $19,132,926 |
Interest | 95,021 | 55,112 | 164,363 |
Securities lending income | 341 | 938 | 57,990 |
Foreign tax withheld on dividend income | (30,427) | (1,344) | — |
Total investment income | 15,315,946 | 2,930,404 | 19,355,279 |
Expenses | |||
Management fees | 3,565,255 | 1,119,605 | 7,948,385 |
12b-1 service fees - Class A Shares | 281,381 | 67,402 | 322,345 |
12b-1 distibution and service fees - Class C Shares | 138,997 | 36,646 | 303,463 |
12b-1 distibution and service fees - Class R3 Shares | 64,463 | 21,235 | 109,999 |
Shareholder servicing agent fees | 644,693 | 172,991 | 2,464,222 |
Custodian fees | 54,810 | 16,981 | 105,772 |
Professional fees | 38,273 | 22,001 | 61,165 |
Directors fees | 16,418 | 4,321 | 31,315 |
Shareholder reporting expenses | 47,928 | 32,270 | 229,145 |
Federal and state registration fees | 55,466 | 51,130 | 78,500 |
Other | 9,085 | 1,748 | 21,208 |
Total expenses before fee waiver/expense reimbursement | 4,916,769 | 1,546,330 | 11,675,519 |
Fee waiver/expense reimbursement | — | (122,211) | (1,279,267) |
Net expenses | 4,916,769 | 1,424,119 | 10,396,252 |
Net investment income (loss) | 10,399,177 | 1,506,285 | 8,959,027 |
Realized and Unrealized Gain (Loss) | |||
Net realized gain (loss) from investments and foreign currency | 54,789,708 | (5,786,619) | (125,759,458) |
Change in net unrealized appreciation (depreciation) of investments and foreign currency | 2,675,669 | 28,936,652 | 192,615,224 |
Net realized and unrealized gain (loss) | 57,465,377 | 23,150,033 | 66,855,766 |
Net increase (decrease) in net assets from operations | $67,864,554 | $24,656,318 | $75,814,793 |
Dividend Value | Mid Cap Value | Small Cap Value | ||||||
Six Months Ended 4/30/19 | Year Ended 10/31/18 | Six Months Ended 4/30/19 | Year Ended 10/31/18 | Six Months Ended 4/30/19 | Year Ended 10/31/18 | |||
Operations | ||||||||
Net investment income (loss) | $10,399,177 | $21,243,012 | $1,506,285 | $1,095,201 | $8,959,027 | $15,230,890 | ||
Net realized gain (loss) from investments and foreign currency | 54,789,708 | 89,289,516 | (5,786,619) | 10,169,487 | (125,759,458) | 69,259,453 | ||
Change in net unrealized appreciation (depreciation) of investments and foreign currency | 2,675,669 | (66,520,545) | 28,936,652 | (20,528,631) | 192,615,224 | (307,403,692) | ||
Net increase (decrease) in net assets from operations | 67,864,554 | 44,011,983 | 24,656,318 | (9,263,943) | 75,814,793 | (222,913,349) | ||
Distributions to Shareholders | ||||||||
Dividends | ||||||||
Class A Shares | (19,607,046) | (34,728,444) | (2,090,136) | (2,999,640) | (9,218,364) | (2,578,153) | ||
Class C Shares | (2,446,987) | (4,635,415) | (269,609) | (562,327) | (2,213,805) | (346,671) | ||
Class R3 Shares | (2,237,229) | (4,035,422) | (305,976) | (390,060) | (1,486,197) | (248,991) | ||
Class R6 Shares(1) | (14,520,410) | (23,647,109) | (150,144) | — | (4,532,713) | (610,197) | ||
Class I Shares | (53,266,972) | (73,268,294) | (7,324,416) | (4,709,016) | (59,648,995) | (16,222,943) | ||
Class T Shares(2) | — | (3,267) | — | — | — | (218) | ||
Decrease in net assets from distributions to shareholders | (92,078,644) | (140,317,951) | (10,140,281) | (8,661,043) | (77,100,074) | (20,007,173) | ||
Fund Share Transactions | ||||||||
Proceeds from sale of shares | 134,471,168 | 323,024,720 | 156,546,125 | 144,755,470 | 434,787,145 | 1,445,452,753 | ||
Proceeds from shares issued to shareholders due to reinvestment of distributions | 81,113,868 | 116,630,287 | 9,082,541 | 6,501,180 | 61,854,103 | 15,787,250 | ||
215,585,036 | 439,655,007 | 165,628,666 | 151,256,650 | 496,641,248 | 1,461,240,003 | |||
Cost of shares redeemed | (169,544,852) | (322,670,588) | (39,512,596) | (37,204,641) | (811,912,964) | (813,996,405) | ||
Net increase (decrease) in net assets from Fund share transactions | 46,040,184 | 116,984,419 | 126,116,070 | 114,052,009 | (315,271,716) | 647,243,598 | ||
Net increase (decrease) in net assets | 21,826,094 | 20,678,451 | 140,632,107 | 96,127,023 | (316,556,997) | 404,323,076 | ||
Net assets at the beginning of period | 1,112,633,618 | 1,091,955,167 | 206,569,385 | 110,442,362 | 2,342,815,988 | 1,938,492,912 | ||
Net assets at the end of period | $1,134,459,712 | $1,112,633,618 | $347,201,492 | $206,569,385 | $2,026,258,991 | $2,342,815,988 |
(1) | Mid Cap Value’s Class R6 Shares were established on June 20, 2018. |
(2) | Class T Shares were not available for public offering. |
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) | |||||||||
2019(d) | $14.32 | $0.12 | $0.66 | $0.78 | $(0.16) | $(1.05) | $(1.21) | $13.89 | |
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) | |||||||||
2019(d) | 14.06 | 0.07 | 0.63 | 0.70 | (0.10) | (1.05) | (1.15) | 13.61 | |
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) | |||||||||
2019(d) | 14.26 | 0.10 | 0.65 | 0.75 | (0.14) | (1.05) | (1.19) | 13.82 | |
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) | |||||||||
2019(d) | 14.61 | 0.15 | 0.67 | 0.82 | (0.18) | (1.05) | (1.23) | 14.20 | |
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) | |||||||||
2019(d) | 14.51 | 0.14 | 0.66 | 0.80 | (0.18) | (1.05) | (1.23) | 14.08 | |
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 |
Ratios/Supplemental Data | ||||
Ratios to Average Net Assets | ||||
Total Return(b) | Ending Net Assets (000) | Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate(c) |
6.41% | $223,345 | 1.11%* | 1.80%* | 41% |
3.72 | 264,271 | 1.08 | 1.68 | 68 |
20.95 | 269,063 | 1.08 | 1.46 | 56 |
5.33 | 259,457 | 1.14 | 1.69 | 67 |
(0.87) | 310,055 | 1.15 | 1.72 | 53 |
10.78 | 371,703 | 1.15 | 2.19 | 27 |
5.94 | 26,992 | 1.86* | 1.07* | 41 |
2.98 | 31,111 | 1.83 | 0.95 | 68 |
20.09 | 39,825 | 1.83 | 0.72 | 56 |
4.46 | 43,097 | 1.89 | 0.94 | 67 |
(1.59) | 53,507 | 1.90 | 0.98 | 53 |
10.01 | 65,366 | 1.90 | 1.43 | 27 |
6.22 | 26,002 | 1.36* | 1.54* | 41 |
3.53 | 27,927 | 1.33 | 1.44 | 68 |
20.64 | 33,639 | 1.33 | 1.21 | 56 |
5.01 | 31,758 | 1.39 | 1.49 | 67 |
(1.12) | 42,618 | 1.40 | 1.45 | 53 |
10.59 | 48,476 | 1.40 | 1.92 | 27 |
6.59 | 182,401 | 0.72* | 2.16* | 41 |
4.15 | 172,215 | 0.72 | 2.05 | 68 |
21.40 | 188,356 | 0.73 | 1.63 | 56 |
5.63 | 50,588 | 0.79 | 2.04 | 67 |
(0.51) | 56,123 | 0.81 | 2.03 | 53 |
11.23 | 62,309 | 0.81 | 2.52 | 27 |
6.48 | 675,719 | 0.85* | 2.01* | 41 |
4.02 | 617,086 | 0.83 | 1.94 | 68 |
21.25 | 561,047 | 0.83 | 1.73 | 56 |
5.56 | 654,967 | 0.89 | 1.95 | 67 |
(0.64) | 930,850 | 0.90 | 1.99 | 53 |
11.11 | 1,178,972 | 0.90 | 2.42 | 27 |
(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) | 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. |
(d) | For the six months ended April 30, 2019. |
* | 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) | |||||||||
2019(e) | $38.91 | $0.17 | $2.22 | $2.39 | $(0.09) | $(1.44) | $(1.53) | $39.77 | |
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) | |||||||||
2019(e) | 36.73 | 0.03 | 2.09 | 2.12 | — | (1.44) | (1.44) | 37.41 | |
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) | |||||||||
2019(e) | 38.55 | 0.12 | 2.20 | 2.32 | — | (1.44) | (1.44) | 39.43 | |
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) | |||||||||
2019(e) | 39.10 | 0.21 | 2.25 | 2.46 | (0.19) | (1.44) | (1.63) | 39.93 | |
2018(f) | 42.86 | 0.11 | (3.87) | (3.76) | — | — | — | 39.10 | |
Class I (02/94) | |||||||||
2019(e) | 39.08 | 0.22 | 2.21 | 2.43 | (0.19) | (1.44) | (1.63) | 39.88 | |
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) | |
6.70% | $59,240 | 1.26%*** | 0.82%*** | 1.17%*** | 0.91%*** | 18% | |
(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 | |
6.32 | 8,304 | 2.01*** | 0.07*** | 1.92*** | 0.16*** | 18 | |
(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 | |
6.57 | 9,587 | 1.51*** | 0.57*** | 1.42*** | 0.66*** | 18 | |
(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 | |
6.91 | 11,392 | 0.86*** | 1.04*** | 0.78*** | 1.12*** | 18 | |
(8.77) | 958 | 0.93*** | 0.56*** | 0.79*** | 0.71*** | 49 | |
6.84 | 258,679 | 1.00*** | 1.06*** | 0.92*** | 1.15*** | 18 | |
(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, when applicable. See Note 7 – Management Fees and Other Transactions with Affiliates, Management Fees for more information. |
(d) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period. |
(e) | For the six months ended April 30, 2019. |
(f) | 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) | |||||||||
2019(e) | $22.96 | $0.07 | $0.83 | $0.90 | $(0.13) | $(0.65) | $(0.78) | $23.08 | |
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) | |||||||||
2019(e) | 19.39 | (0.01) | 0.70 | 0.69 | — | (0.65) | (0.65) | 19.43 | |
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) | |||||||||
2019(e) | 22.43 | 0.04 | 0.82 | 0.86 | (0.07) | (0.65) | (0.72) | 22.57 | |
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) | |||||||||
2019(e) | 23.83 | 0.13 | 0.85 | 0.98 | (0.20) | (0.65) | (0.85) | 23.96 | |
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(f) | 21.08 | 0.07 | 0.56 | 0.63 | — | —* | —* | 21.71 | |
Class I (08/94) | |||||||||
2019(e) | 23.79 | 0.11 | 0.84 | 0.95 | (0.20) | (0.65) | (0.85) | 23.89 | |
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 |
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) | |
4.47% | $260,024 | 1.33%** | 0.54%** | 1.20%** | 0.67%** | 14% | |
(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 | |
4.06 | 58,032 | 2.08** | (0.19)** | 1.95** | (0.06)** | 14 | |
(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 | |
4.32 | 43,654 | 1.57** | 0.30** | 1.45** | 0.42** | 14 | |
(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 | |
4.71 | 118,274 | 0.83** | 1.05** | 0.70** | 1.17** | 14 | |
(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 | |
4.58 | 1,546,275 | 1.08** | 0.80** | 0.95** | 0.93** | 14 | |
(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 |
(a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
(b) | Total return is the combination of changes in NAV without any sales charge, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. Total returns are not annualized. |
(c) | After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Note 7 – Management Fees and Other Transactions with Affiliates, Management Fees for more information. |
(d) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period. |
(e) | For the six months ended April 30, 2019. |
(f) | For the period June 30, 2016 (commencement of operations) through October 31, 2016. |
* | Rounds to less than $(0.01). |
** | Annualized. |
Dividend Value | Level 1 | Level 2 | Level 3 | Total |
Long-Term Investments*: | ||||
Common Stocks | $1,127,949,067 | $ — | $ — | $1,127,949,067 |
Investments Purchased with Collateral from Securities Lending | 314,175 | — | — | 314,175 |
Short-Term Investments: | ||||
Money Market Funds | 6,060,910 | — | — | 6,060,910 |
Total | $1,134,324,152 | $ — | $ — | $1,134,324,152 |
Mid Cap Value | Level 1 | Level 2 | Level 3 | Total |
Long-Term Investments*: | ||||
Common Stocks | $344,840,161 | $ — | $ — | $344,840,161 |
Short-Term Investments: | ||||
Money Market Funds | 2,751,653 | — | — | 2,751,653 |
Total | $347,591,814 | $ — | $ — | $347,591,814 |
Small Cap Value | Level 1 | Level 2 | Level 3 | Total |
Long-Term Investments*: | ||||
Common Stocks | $2,013,121,287 | $ — | $ — | $2,013,121,287 |
Investments Purchased with Collateral from Securities Lending | 17,720,500 | — | — | 17,720,500 |
Short-Term Investments: | ||||
Money Market Funds | 8,451,301 | — | — | 8,451,301 |
Total | $2,039,293,088 | $ — | $ — | $2,039,293,088 |
* | 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 |
Dividend Value | Common Stocks | $306,294 | $(306,294) | $ – |
Small Cap Value | Common Stocks | 17,139,500 | (17,139,500) | – |
Six Months Ended 4/30/19 | Year Ended 10/31/18 | ||||
Dividend Value | Shares | Amount | Shares | Amount | |
Shares sold: | |||||
Class A | 1,070,624 | $14,037,367 | 5,789,126 | $86,271,698 | |
Class A – automatic conversion of Class C Shares | 40 | 503 | 29,018 | 427,811 | |
Class C | 196,416 | 2,478,660 | 253,170 | 3,702,096 | |
Class R3 | 62,203 | 803,102 | 155,234 | 2,316,358 | |
Class R6 | 672,369 | 8,705,864 | 794,027 | 12,158,135 | |
Class I | 8,017,910 | 108,445,672 | 14,229,038 | 218,148,622 | |
Shares issued to shareholders due to reinvestment of distributions: | |||||
Class A | 1,447,117 | 18,148,068 | 2,163,746 | 31,854,985 | |
Class C | 182,487 | 2,239,125 | 288,294 | 4,159,311 | |
Class R3 | 170,532 | 2,126,660 | 246,914 | 3,617,734 | |
Class R6 | 1,132,751 | 14,515,471 | 1,569,413 | 23,552,126 | |
Class I | 3,464,127 | 44,084,544 | 3,579,638 | 53,446,131 | |
16,416,576 | 215,585,036 | 29,097,618 | 439,655,007 | ||
Shares redeemed: | |||||
Class A | (4,889,024) | (67,658,721) | (6,701,785) | (100,566,373) | |
Class C | (609,323) | (7,823,744) | (883,400) | (13,014,741) | |
Class C – automatic conversion to Class A Shares | (41) | (503) | (29,560) | (427,811) | |
Class R3 | (310,279) | (4,134,238) | (599,099) | (9,023,109) | |
Class R6 | (746,217) | (10,251,781) | (2,395,873) | (36,553,415) | |
Class I | (6,035,952) | (79,652,082) | (10,671,696) | (163,085,139) | |
Class T | (1,667) | (23,783) | — | — | |
(12,592,503) | (169,544,852) | (21,281,413) | (322,670,588) | ||
Net increase (decrease) | 3,824,073 | $46,040,184 | 7,816,205 | $116,984,419 |
Six Months Ended 4/30/19 | Year Ended 10/31/18 | ||||
Mid Cap Value | Shares | Amount | Shares | Amount | |
Shares sold: | |||||
Class A | 373,102 | $13,896,314 | 504,154 | $21,150,656 | |
Class A – automatic conversion of Class C Shares | 152 | 5,812 | 3,862 | 162,100 | |
Class C | 50,918 | 1,755,428 | 131,905 | 5,251,382 | |
Class R3 | 63,115 | 2,304,424 | 111,702 | 4,715,378 | |
Class R6 | 292,417 | 10,832,495 | 24,807 | 1,070,916 | |
Class I | 3,431,025 | 127,751,652 | 2,648,894 | 112,405,038 | |
Shares issued to shareholders due to reinvestment of distributions: | |||||
Class A | 57,804 | 2,013,596 | 73,053 | 2,956,152 | |
Class C | 8,113 | 266,263 | 14,507 | 553,571 | |
Class R3 | 8,859 | 305,976 | 9,739 | 390,060 | |
Class R6 | 4,274 | 149,193 | — | — | |
Class I | 181,850 | 6,347,513 | 64,012 | 2,601,397 | |
4,471,629 | 165,628,666 | 3,586,635 | 151,256,650 | ||
Shares redeemed: | |||||
Class A | (257,318) | (9,631,373) | (217,896) | (9,165,758) | |
Class C | (24,684) | (873,348) | (140,592) | (5,586,483) | |
Class C – automatic conversion to Class A Shares | (161) | (5,812) | (4,081) | (162,100) | |
Class R3 | (27,842) | (1,021,011) | (48,404) | (2,017,859) | |
Class R6 | (35,873) | (1,396,351) | (308) | (13,342) | |
Class I | (704,377) | (26,584,701) | (484,850) | (20,259,099) | |
(1,050,255) | (39,512,596) | (896,131) | (37,204,641) | ||
Net increase (decrease) | 3,421,374 | $126,116,070 | 2,690,504 | $114,052,009 |
Six Months Ended 4/30/19 | Year Ended 10/31/18 | ||||
Small Cap Value | Shares | Amount | Shares | Amount | |
Shares sold: | |||||
Class A | 1,776,958 | $38,674,896 | 5,230,243 | $134,186,274 | |
Class A – automatic conversion of Class C Shares | 13 | 286 | 35 | 911 | |
Class C | 192,986 | 3,542,611 | 1,117,851 | 24,391,147 | |
Class R3 | 198,841 | 4,222,557 | 1,165,064 | 29,195,083 | |
Class R6 | 1,633,876 | 37,330,628 | 4,035,887 | 108,067,191 | |
Class I | 15,616,605 | 351,016,167 | 43,274,349 | 1,149,612,147 | |
Shares issued to shareholders due to reinvestment of distributions: | |||||
Class A | 369,605 | 7,401,118 | 81,794 | 2,113,652 | |
Class C | 119,856 | 2,024,376 | 14,332 | 312,864 | |
Class R3 | 69,740 | 1,366,231 | 8,226 | 207,560 | |
Class R6 | 193,478 | 4,015,160 | 22,803 | 610,196 | |
Class I | 2,270,710 | 47,047,218 | 468,758 | 12,542,978 | |
22,442,668 | 496,641,248 | 55,419,342 | 1,461,240,003 | ||
Shares redeemed: | |||||
Class A | (3,558,223) | (77,921,489) | (5,595,699) | (143,396,780) | |
Class C | (940,374) | (17,218,219) | (884,376) | (19,196,642) | |
Class C – automatic conversion to Class A Shares | (15) | (286) | (41) | (911) | |
Class R3 | (439,094) | (9,525,469) | (814,893) | (20,471,841) | |
Class R6 | (2,008,861) | (45,621,979) | (953,783) | (25,396,792) | |
Class I | (29,350,238) | (661,602,191) | (22,927,932) | (605,533,439) | |
Class T | (1,036) | (23,331) | — | — | |
(36,297,841) | (811,912,964) | (31,176,724) | (813,996,405) | ||
Net increase (decrease) | (13,855,173) | $(315,271,716) | 24,242,618 | $647,243,598 |
Dividend Value | Mid Cap Value | Small Cap Value | |
Purchases | $441,731,609 | $169,735,593 | $285,976,052 |
Sales | 470,823,900 | 50,499,158 | 663,079,200 |
Dividend Value | Mid Cap Value | Small Cap Value | |
Tax cost of investments | $911,831,776 | $319,007,111 | $1,965,781,695 |
Gross unrealized: | |||
Appreciation | $246,209,686 | $36,346,114 | $197,524,574 |
Depreciation | (23,717,310) | (7,761,411) | (124,013,181) |
Net unrealized appreciation (depreciation) of investments | $222,492,376 | $28,584,703 | $73,511,393 |
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. |
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 |
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 | 0.1971% |
Mid Cap Value | 0.1945% |
Small Cap Value | 0.1602% |
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 | $42,482 | $37,465 | $85,224 |
Paid to financial intermediaries | 37,770 | 33,435 | 75,742 |
Dividend Value | Mid Cap Value | Small Cap Value | |
Commission advances | $14,119 | $16,987 | $35,704 |
Dividend Value | Mid Cap Value | Small Cap Value | |
12b-1 fees retained | $9,295 | $19,115 | $63,958 |
Dividend Value | Mid Cap Value | Small Cap Value | |
CDSC retained | $2,195 | $1,436 | $19,201 |
Dividend Value | Small Cap Value | |
Maximum outstanding balance | $1,828,444 | $5,500,000 |
Dividend Value | Small Cap Value | |
Average daily balance outstanding | $1,828,444 | $5,400,000 |
Average annual interest rate | 3.50% | 3.41% |
![](https://capedge.com/proxy/N-CSRS/0001193125-19-190238/g742212img872911021.gif)
Serving Investors for Generations
![](https://capedge.com/proxy/N-CSRS/0001193125-19-190238/g742254img59e6d80c1.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-CSRS/0001193125-19-190238/g742254img59e6d80c1.gif)
![](https://capedge.com/proxy/N-CSRS/0001193125-19-190238/g742254img2a79dae52.jpg)
![](https://capedge.com/proxy/N-CSRS/0001193125-19-190238/g742254img324678cb3.jpg)
Cumulative | Average Annual | ||||
6-Month | 1-Year | 5-Year | 10-Year | ||
Class A Shares at NAV | 14.23% | 11.21% | 9.58% | 14.49% | |
Class A Shares at maximum Offering Price | 7.68% | 4.81% | 8.29% | 13.81% | |
Russell Midcap® Growth Index | 16.55% | 17.64% | 12.20% | 16.56% | |
Lipper Mid-Cap Growth Funds Classification Average | 14.31% | 15.14% | 11.14% | 15.02% | |
Class C Shares | 13.80% | 10.34% | 8.76% | 13.63% | |
Class R3 Shares | 14.07% | 10.88% | 9.30% | 14.20% | |
Class I Shares | 14.37% | 11.47% | 9.85% | 14.78% |
Cumulative | Average Annual | ||||
6-Month | 1-Year | 5-Year | Since Inception | ||
Class R6 Shares | 14.44% | 11.60% | 10.00% | 12.20% |
Cumulative | Average Annual | ||||
6-Month | 1-Year | 5-Year | 10-Year | ||
Class A Shares at NAV | (3.07)% | 6.01% | 7.65% | 15.20% | |
Class A Shares at maximum Offering Price | (8.65)% | (0.07)% | 6.38% | 14.52% | |
Class C Shares | (3.43)% | 5.22% | 6.84% | 14.34% | |
Class R3 Shares | (3.17)% | 5.75% | 7.38% | 14.92% | |
Class I Shares | (2.95)% | 6.29% | 7.92% | 15.49% |
Cumulative | Average Annual | ||||
6-Month | 1-Year | 5-Year | Since Inception | ||
Class R6 Shares | (2.87)% | 6.43% | 8.07% | 11.48% |
Share Class | |||||
Class A | Class C | Class R3 | Class R6 | Class I | |
Gross Expense Ratios | 1.24% | 1.99% | 1.49% | 0.85% | 0.99% |
Net Expense Ratios | 1.18% | 1.93% | 1.43% | 0.79% | 0.93% |
Cumulative | Average Annual | ||||
6-Month | 1-Year | 5-Year | 10-Year | ||
Class A Shares at NAV | 6.93% | 8.97% | 9.33% | 15.02% | |
Class A Shares at maximum Offering Price | 0.77% | 2.70% | 8.05% | 14.34% | |
Russel 2000® Growth Index | 8.27% | 6.91% | 10.22% | 15.24% | |
Lipper Small-Cap Growth Funds Classification Average | 10.00% | 12.87% | 10.78% | 15.42% | |
Class C Shares | 6.56% | 8.18% | 8.52% | 14.17% | |
Class R3 Shares | 6.80% | 8.71% | 9.06% | 14.73% | |
Class I Shares | 7.07% | 9.23% | 9.60% | 15.31% |
Cumulative | Average Annual | |||
6-Month | 1-Year | Since Inception | ||
Class R6 Shares | 7.12% | 9.32% | 16.61% |
Cumulative | Average Annual | ||||
6-Month | 1-Year | 5-Year | 10-Year | ||
Class A Shares at NAV | (9.30)% | 6.74% | 7.54% | 16.44% | |
Class A Shares at maximum Offering Price | (14.51)% | 0.62% | 6.27% | 15.75% | |
Class C Shares | (9.66)% | 5.93% | 6.73% | 15.57% | |
Class R3 Shares | (9.42)% | 6.48% | 7.27% | 16.15% | |
Class I Shares | (9.19)% | 7.02% | 7.81% | 16.74% |
Cumulative | Average Annual | |||
6-Month | 1-Year | Since Inception | ||
Class R6 Shares | (9.13)% | 7.12% | 15.80% |
Share Class | |||||
Class A | Class C | Class R3 | Class R6 | Class I | |
Gross Expense Ratios | 1.39% | 2.14% | 1.64% | 1.04% | 1.14% |
Net Expense Ratios | 1.25% | 2.00% | 1.50% | 0.89% | 1.00% |
Fund Allocation (% of net assets) | |
Common Stocks | 99.2% |
Investments Purchased with Collateral from Securities Lending | 0.0% |
Money Market Funds | 0.9% |
Other Assets Less Liabilities | (0.1)% |
Net Assets | 100% |
Portfolio Composition (% of net assets) | |
Software | 14.9% |
IT Services | 12.5% |
Capital Markets | 8.6% |
Specialty Retail | 6.1% |
Semiconductors & Semiconductor Equipment | 5.4% |
Health Care Equipment & Supplies | 5.1% |
Hotels, Restaurants & Leisure | 4.6% |
Chemicals | 3.8% |
Electronic Equipment, Instruments & Components | 3.5% |
Machinery | 2.7% |
Biotechnology | 2.6% |
Life Sciences Tools & Services | 2.6% |
Multiline Retail | 2.4% |
Textiles, Apparel & Luxury Goods | 2.2% |
Entertainment | 2.1% |
Internet & Direct Marketing Retail | 1.9% |
Other | 18.2% |
Investments Purchased with Collateral from Securities Lending | 0.0% |
Money Market Funds | 0.9% |
Other Assets Less Liabilities | (0.1)% |
Net Assets | 100% |
Top Five Common Stock Holdings (% of net assets) | |
Lam Research Corp | 3.0% |
First Data Corp | 2.8% |
Autodesk Inc. | 2.5% |
Dollar General Corp | 2.3% |
Total System Services Inc | 2.2% |
Fund Allocation (% of net assets) | |
Common Stocks | 95.2% |
Exchange-Traded Funds | 2.4% |
Investments Purchased with Collateral from Securities Lending | 4.6% |
Money Market Funds | 8.5% |
Other Assets Less Liabilities | (10.7)% |
Net Assets | 100% |
Portfolio Composition (% of net assets) | |
Software | 10.8% |
Health Care Equipment & Supplies | 5.9% |
Hotels, Restaurants & Leisure | 5.2% |
Biotechnology | 5.2% |
Semiconductors & Semiconductor Equipment | 4.7% |
Building Products | 4.5% |
Chemicals | 4.0% |
Health Care Technology | 3.9% |
Aerospace & Defense | 3.8% |
Commercial Services & Supplies | 3.7% |
Specialty Retail | 3.6% |
Health Care Providers & Services | 3.5% |
Banks | 3.1% |
IT Services | 3.0% |
Communications Equipment | 2.8% |
Machinery | 2.8% |
Leisure Products | 2.5% |
Diversified Financial Services | 2.4% |
Oil, Gas & Consumable Fuels | 2.1% |
Pharmaceuticals | 2.0% |
Other | 18.1% |
Investments Purchased with Collateral from Securities Lending | 4.6% |
Money Market Funds | 8.5% |
Other Assets Less Liabilities | (10.7)% |
Net Assets | 100% |
Top Five Common Stock Holdings (% of net assets) | |
Ingevity Corporation | 1.8% |
Trex Co Inc | 1.7% |
MasTec Inc | 1.7% |
CSW Industrials Inc | 1.7% |
Lumentum Holdings Inc. | 1.6% |
Share Class | |||||
Class A | Class C | Class R3 | Class R6 | Class I | |
Actual Performance | |||||
Beginning Account Value | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value | $1,142.30 | $1,138.00 | $1,140.70 | $1,144.40 | $1,143.70 |
Expenses Incurred During the Period | $6.27 | $10.23 | $7.59 | $4.20 | $4.94 |
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 | $1,018.94 | $1,015.22 | $1,017.70 | $1,020.88 | $1,020.18 |
Expenses Incurred During the Period | $5.91 | $9.64 | $7.15 | $3.96 | $4.66 |
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 | $1,069.30 | $1,065.60 | $1,068.00 | $1,071.20 | $1,070.70 |
Expenses Incurred During the Period | $6.36 | $10.19 | $7.64 | $4.42 | $5.13 |
Hypothetical Performance (5% annualized return before expenses) | |||||
Beginning Account Value | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value | $1,018.65 | $1,014.93 | $1,017.41 | $1,020.53 | $1,019.84 |
Expenses Incurred During the Period | $6.21 | $9.94 | $7.45 | $4.31 | $5.01 |
Shares | Description (1) | Value | ||||
LONG-TERM INVESTMENTS – 99.2% | ||||||
COMMON STOCKS – 99.2% | ||||||
Aerospace & Defense – 1.8% | ||||||
18,258 | TransDigm Group Inc., (2) | $8,809,850 | ||||
Airlines – 1.1% | ||||||
90,390 | Alaska Air Group Inc | 5,595,141 | ||||
Banks – 1.0% | ||||||
95,116 | East West Bancorp Inc. | 4,896,572 | ||||
Biotechnology – 2.6% | ||||||
25,048 | Exact Sciences Corp, (2) | 2,471,987 | ||||
28,472 | Sage Therapeutics Inc., (2) | 4,789,844 | ||||
46,754 | Sarepta Therapeutics Inc, (2) | 5,467,413 | ||||
Total Biotechnology | 12,729,244 | |||||
Building Products – 0.7% | ||||||
47,790 | Trex Co Inc, (2) | 3,310,413 | ||||
Capital Markets – 8.6% | ||||||
158,507 | E*TRADE Financial Corp | 8,029,965 | ||||
51,585 | Evercore Inc. | 5,025,927 | ||||
44,173 | Moody's Corp | 8,685,295 | ||||
42,656 | MSCI Inc | 9,613,809 | ||||
48,412 | Nasdaq Inc | 4,463,586 | ||||
64,529 | Raymond James Financial Inc. | 5,908,921 | ||||
Total Capital Markets | 41,727,503 | |||||
Chemicals – 3.8% | ||||||
69,742 | Celanese Corp | 7,524,464 | ||||
159,637 | CF Industries Holdings Inc | 7,148,545 | ||||
34,053 | Ingevity Corporation, (2) | 3,916,436 | ||||
Total Chemicals | 18,589,445 | |||||
Communications Equipment – 1.0% | ||||||
79,840 | Lumentum Holdings Inc., (2) | 4,947,685 | ||||
Diversified Consumer Services – 1.1% | ||||||
48,122 | Grand Canyon Education Inc, (2) | 5,576,859 | ||||
Electrical Equipment – 1.5% | ||||||
82,859 | AMETEK Inc | 7,305,678 |
Shares | Description (1) | Value | ||||
Electronic Equipment, Instruments & Components – 3.5% | ||||||
89,774 | Amphenol Corp | $8,937,900 | ||||
78,799 | CDW Corp/DE | 8,321,174 | ||||
Total Electronic Equipment, Instruments & Components | 17,259,074 | |||||
Entertainment – 2.1% | ||||||
69,119 | Take-Two Interactive Software Inc., (2) | 6,692,793 | ||||
43,253 | World Wrestling Entertainment Inc | 3,626,764 | ||||
Total Entertainment | 10,319,557 | |||||
Food Products – 1.0% | ||||||
64,989 | Tyson Foods Inc | 4,874,825 | ||||
Health Care Equipment & Supplies – 5.1% | ||||||
46,379 | DexCom Inc., (2) | 5,615,106 | ||||
27,710 | Edwards Lifesciences Corp, (2) | 4,878,900 | ||||
50,653 | Insulet Corp, (2) | 4,368,821 | ||||
18,102 | Teleflex Inc. | 5,180,430 | ||||
38,774 | Zimmer Biomet Holdings Inc | 4,775,406 | ||||
Total Health Care Equipment & Supplies | 24,818,663 | |||||
Health Care Providers & Services – 1.8% | ||||||
170,084 | Centene Corp, (2) | 8,769,531 | ||||
Hotels, Restaurants & Leisure – 4.6% | ||||||
369,331 | MGM Resorts International | 9,835,285 | ||||
127,174 | Norwegian Cruise Line Holdings Ltd, (2) | 7,171,342 | ||||
37,063 | Wynn Resorts Ltd | 5,353,750 | ||||
Total Hotels, Restaurants & Leisure | 22,360,377 | |||||
Industrial Conglomerates – 1.3% | ||||||
17,635 | Roper Technologies Inc. | 6,343,309 | ||||
Interactive Media & Services – 1.0% | ||||||
21,738 | IAC/InterActiveCorp | 4,887,572 | ||||
Internet & Direct Marketing Retail – 1.9% | ||||||
70,317 | Expedia Group Inc | 9,129,959 | ||||
IT Services – 12.5% | ||||||
73,459 | DXC Technology Co | 4,829,195 | ||||
524,682 | First Data Corp, (2) | 13,568,276 | ||||
34,757 | FleetCor Technologies Inc, (2) | 9,069,839 | ||||
69,916 | GoDaddy Inc, Class A, (2) | 5,698,154 | ||||
51,532 | MAXIMUS Inc | 3,795,332 | ||||
44,753 | Okta Inc, (2) | 4,655,654 | ||||
21,559 | Shopify Inc, (2) | 5,250,263 | ||||
104,399 | Total System Services Inc | 10,673,754 |
Shares | Description (1) | Value | ||||
IT Services (continued) | ||||||
22,811 | Wixcom Ltd, (2) | $3,060,324 | ||||
Total IT Services | 60,600,791 | |||||
Life Sciences Tools & Services – 2.6% | ||||||
317,748 | Accelerate Diagnostics Inc, (2) | 6,196,086 | ||||
46,507 | IQVIA Holdings Inc., (2) | 6,459,822 | ||||
Total Life Sciences Tools & Services | 12,655,908 | |||||
Machinery – 2.7% | ||||||
42,441 | IDEX Corp | 6,648,807 | ||||
34,684 | Parker-Hannifin Corp | 6,280,579 | ||||
Total Machinery | 12,929,386 | |||||
Multiline Retail – 2.4% | ||||||
90,714 | Dollar General Corp | 11,438,128 | ||||
Oil, Gas & Consumable Fuels – 1.1% | ||||||
328,314 | Marathon Oil Corp | 5,594,470 | ||||
Pharmaceuticals – 1.4% | ||||||
211,982 | Elanco Animal Health Inc, (2) | 6,677,433 | ||||
Professional Services – 1.4% | ||||||
120,369 | IHS Markit Ltd, (2) | 6,892,329 | ||||
Road & Rail – 1.0% | ||||||
39,008 | Kansas City Southern | 4,803,445 | ||||
Semiconductors & Semiconductor Equipment – 5.4% | ||||||
69,397 | Lam Research Corp | 14,395,020 | ||||
280,358 | Marvell Technology Group Ltd | 7,014,557 | ||||
29,966 | Monolithic Power Systems Inc | 4,666,006 | ||||
Total Semiconductors & Semiconductor Equipment | 26,075,583 | |||||
Software – 14.9% | ||||||
48,959 | Atlassian Corp PLC, (2) | 5,392,834 | ||||
67,025 | Autodesk Inc., (2) | 11,944,525 | ||||
131,116 | Cadence Design Systems Inc., (2) | 9,096,828 | ||||
31,336 | Palo Alto Networks Inc, (2) | 7,797,337 | ||||
38,011 | Proofpoint Inc, (2) | 4,767,340 | ||||
55,400 | PTC Inc., (2) | 5,012,038 | ||||
91,568 | RealPage Inc, (2) | 5,971,149 | ||||
34,987 | ServiceNow Inc, (2) | 9,499,320 | ||||
58,147 | Splunk Inc, (2) | 8,026,612 | ||||
21,314 | Trade Desk Inc/The, (2) | 4,720,625 | ||||
Total Software | 72,228,608 |
Shares | Description (1) | Value | ||||
Specialty Retail – 6.1% | ||||||
28,521 | Five Below Inc., (2) | $4,175,189 | ||||
23,407 | O'Reilly Automotive Inc, (2) | 8,861,188 | ||||
72,675 | Tractor Supply Co, (3) | 7,521,863 | ||||
25,730 | Ulta Beauty Inc., (2) | 8,979,255 | ||||
Total Specialty Retail | 29,537,495 | |||||
Textiles, Apparel & Luxury Goods – 2.2% | ||||||
40,813 | Ralph Lauren Corp | 5,370,175 | ||||
53,971 | VF Corp | 5,095,402 | ||||
Total Textiles, Apparel & Luxury Goods | 10,465,577 | |||||
Total Long-Term Investments (cost $361,796,980) | 482,150,410 |
Shares | Description (1) | Coupon | Value | |||
INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 0.0% | ||||||
MONEY MARKET FUNDS – 0.0% | ||||||
139,100 | First American Government Obligations Fund, Class X, (4) | 2.356% (5) | $139,100 | |||
Total Investments Purchased with Collateral from Securities Lending (cost $139,100) | 139,100 |
Shares | Description (1) | Coupon | Value | |||
SHORT-TERM INVESTMENTS – 0.9% | ||||||
MONEY MARKET FUNDS – 0.9% | ||||||
4,306,902 | First American Treasury Obligations Fund, Class Z | 2.324% (5) | $4,306,902 | |||
Total Short-Term Investments (cost $4,306,902) | 4,306,902 | |||||
Total Investments (cost $366,242,982) – 100.1% | 486,596,412 | |||||
Other Assets Less Liabilities – (0.1)% | (621,418) | |||||
Net Assets – 100% | $485,974,994 |
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 $134,550. | |
(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 – 97.6% | ||||||
COMMON STOCKS – 95.2% | ||||||
Aerospace & Defense – 3.8% | ||||||
31,054 | Axon Enterprise Inc., (2) | $1,971,929 | ||||
30,469 | Mercury Systems Inc., (2) | 2,224,846 | ||||
25,057 | Moog Inc | 2,346,338 | ||||
Total Aerospace & Defense | 6,543,113 | |||||
Banks – 3.1% | ||||||
51,437 | Cathay General Bancorp | 1,892,367 | ||||
30,635 | Pinnacle Financial Partners Inc. | 1,778,975 | ||||
35,823 | Preferred Bank/Los Angeles CA | 1,762,133 | ||||
Total Banks | 5,433,475 | |||||
Biotechnology – 5.2% | ||||||
6,070 | Argenx SE, (2) | 777,385 | ||||
39,317 | Array BioPharma Inc, (2) | 888,957 | ||||
6,187 | Ascendis Pharma A/S, (2) | 689,108 | ||||
14,320 | Blueprint Medicines Corp, (2) | 1,082,735 | ||||
36,866 | CareDx Inc, (2) | 1,003,124 | ||||
48,903 | Fate Therapeutics Inc, (2) | 821,570 | ||||
12,386 | FibroGen Inc., (2) | 578,798 | ||||
8,711 | Intercept Pharmaceuticals Inc., (2) | 750,714 | ||||
57,204 | Iovance Biotherapeutics Inc, (2) | 652,126 | ||||
24,765 | Repligen Corp, (2) | 1,668,666 | ||||
Total Biotechnology | 8,913,183 | |||||
Building Products – 4.5% | ||||||
47,522 | CSW Industrials Inc | 2,848,944 | ||||
49,356 | Gibraltar Industries Inc | 1,957,953 | ||||
42,701 | Trex Co Inc, (2) | 2,957,898 | ||||
Total Building Products | 7,764,795 | |||||
Capital Markets – 1.4% | ||||||
24,748 | Evercore Inc. | 2,411,198 | ||||
Chemicals – 4.0% | ||||||
103,525 | Ferro Corp | 1,849,992 | ||||
68,397 | GCP Applied Technologies Inc, (2) | 1,969,150 | ||||
26,934 | Ingevity Corporation, (2) | 3,097,679 | ||||
Total Chemicals | 6,916,821 |
Shares | Description (1) | Value | ||||
Commercial Services & Supplies – 3.7% | ||||||
65,787 | Casella Waste Systems Inc, (2) | $2,455,171 | ||||
88,384 | Interface Inc. | 1,417,679 | ||||
22,734 | MSA Safety Inc. | 2,498,694 | ||||
Total Commercial Services & Supplies | 6,371,544 | |||||
Communications Equipment – 2.8% | ||||||
45,762 | Lumentum Holdings Inc., (2) | 2,835,871 | ||||
38,771 | Plantronics Inc. | 1,995,931 | ||||
Total Communications Equipment | 4,831,802 | |||||
Construction & Engineering – 1.7% | ||||||
57,344 | MasTec Inc, (2) | 2,904,473 | ||||
Consumer Finance – 1.2% | ||||||
33,168 | Green Dot Corp, (2) | 2,115,123 | ||||
Entertainment – 1.5% | ||||||
31,085 | World Wrestling Entertainment Inc | 2,606,477 | ||||
Food Products – 1.4% | ||||||
114,366 | Nomad Foods Ltd | 2,378,813 | ||||
Health Care Equipment & Supplies – 5.9% | ||||||
75,970 | AtriCure Inc., (2) | 2,280,619 | ||||
25,054 | Insulet Corp, (2) | 2,160,908 | ||||
26,358 | iRhythm Technologies Inc., (2), (3) | 2,011,379 | ||||
35,432 | Merit Medical Systems Inc., (2) | 1,990,570 | ||||
53,873 | STAAR Surgical Co, (2) | 1,749,795 | ||||
Total Health Care Equipment & Supplies | 10,193,271 | |||||
Health Care Providers & Services – 3.5% | ||||||
13,782 | Amedisys Inc, (2) | 1,761,615 | ||||
50,128 | AMN Healthcare Services Inc., (2) | 2,609,664 | ||||
15,785 | LHC Group Inc, (2) | 1,753,871 | ||||
Total Health Care Providers & Services | 6,125,150 | |||||
Health Care Technology – 3.9% | ||||||
31,084 | Omnicell Inc, (2) | 2,497,910 | ||||
32,748 | Teladoc Health Inc., (2) | 1,862,706 | ||||
74,050 | Vocera Communications Inc., (2) | 2,358,493 | ||||
Total Health Care Technology | 6,719,109 | |||||
Hotels, Restaurants & Leisure – 5.2% | ||||||
55,521 | Eldorado Resorts Inc, (2) | 2,741,072 | ||||
26,280 | Jack in the Box Inc. | 2,026,188 | ||||
38,272 | Papa John's International Inc, (3) | 1,957,996 |
Shares | Description (1) | Value | ||||
Hotels, Restaurants & Leisure (continued) | ||||||
29,442 | Wingstop Inc, (3) | $2,216,099 | ||||
Total Hotels, Restaurants & Leisure | 8,941,355 | |||||
Household Durables – 1.6% | ||||||
43,123 | La-Z-Boy Inc. | 1,414,434 | ||||
19,193 | LGI Homes Inc., (2), (3) | 1,330,267 | ||||
Total Household Durables | 2,744,701 | |||||
Insurance – 1.4% | ||||||
34,363 | Kinsale Capital Group Inc | 2,494,754 | ||||
Internet & Direct Marketing Retail – 1.6% | ||||||
41,318 | Etsy Inc., (2) | 2,790,618 | ||||
IT Services – 3.0% | ||||||
36,374 | InterXion Holding NV, (2) | 2,516,717 | ||||
36,308 | MAXIMUS Inc | 2,674,084 | ||||
Total IT Services | 5,190,801 | |||||
Leisure Products – 2.5% | ||||||
123,367 | Callaway Golf Co | 2,166,324 | ||||
50,453 | Malibu Boats Inc, (2) | 2,099,854 | ||||
Total Leisure Products | 4,266,178 | |||||
Machinery – 2.8% | ||||||
59,574 | Altra Industrial Motion Corp | 2,233,429 | ||||
63,025 | Kennametal Inc | 2,565,118 | ||||
Total Machinery | 4,798,547 | |||||
Multiline Retail – 1.4% | ||||||
26,271 | Ollie's Bargain Outlet Holdings Inc, (2) | 2,512,558 | ||||
Oil, Gas & Consumable Fuels – 2.1% | ||||||
15,760 | Brigham Minerals Inc, (2) | 323,238 | ||||
212,969 | Callon Petroleum Co, (2) | 1,599,397 | ||||
86,248 | Matador Resources Co, (2) | 1,698,223 | ||||
Total Oil, Gas & Consumable Fuels | 3,620,858 | |||||
Pharmaceuticals – 2.0% | ||||||
86,009 | Horizon Pharma Plc, (2) | 2,195,810 | ||||
13,758 | MyoKardia Inc., (2) | 660,109 | ||||
7,874 | Reata Pharmaceuticals Inc., (2) | 617,794 | ||||
Total Pharmaceuticals | 3,473,713 | |||||
Professional Services – 1.3% | ||||||
49,403 | Korn Ferry | 2,322,929 | ||||
Road & Rail – 1.0% | ||||||
51,898 | Knight-Swift Transportation Holdings Inc, (3) | 1,730,798 |
Shares | Description (1) | Value | ||||
Semiconductors & Semiconductor Equipment – 4.7% | ||||||
52,210 | Brooks Automation Inc | $1,958,397 | ||||
61,772 | Entegris Inc. | 2,524,004 | ||||
134,616 | Lattice Semiconductor Corp, (2) | 1,743,277 | ||||
11,905 | Monolithic Power Systems Inc | 1,853,728 | ||||
Total Semiconductors & Semiconductor Equipment | 8,079,406 | |||||
Software – 10.8% | ||||||
142,351 | Carbon Black Inc, (2) | 1,955,903 | ||||
22,880 | Coupa Software Inc., (2) | 2,364,190 | ||||
35,889 | Mimecast Ltd, (2) | 1,848,642 | ||||
23,840 | New Relic Inc., (2) | 2,508,922 | ||||
39,840 | Rapid7 Inc, (2) | 2,164,906 | ||||
33,826 | RealPage Inc, (2) | 2,205,793 | ||||
73,415 | SailPoint Technologies Holding Inc, (2) | 2,074,708 | ||||
32,288 | Smartsheet Inc, (2) | 1,366,751 | ||||
30,879 | Varonis Systems Inc, (2) | 2,197,041 | ||||
591,081 | Videopropulsion Inc, (2), (4) | — | ||||
Total Software | 18,686,856 | |||||
Specialty Retail – 3.6% | ||||||
32,153 | Aaron's Inc. | 1,790,601 | ||||
85,450 | American Eagle Outfitters Inc | 2,032,001 | ||||
21,116 | Children's Place Inc/The, (3) | 2,382,307 | ||||
Total Specialty Retail | 6,204,909 | |||||
Technology Hardware, Storage & Peripherals – 1.3% | ||||||
94,837 | Pure Storage Inc, (2) | 2,167,974 | ||||
Textiles, Apparel & Luxury Goods – 1.3% | ||||||
59,834 | Steven Madden Ltd | 2,174,966 | ||||
Total Common Stocks (cost $145,812,067) | 164,430,268 |
Shares | Description (1), (5) | Value | ||||
EXCHANGE-TRADED FUNDS – 2.4% | ||||||
49,551 | SPDR S&P Biotech ETF, (3) | $4,221,745 | ||||
Total Exchange-Traded Funds (cost $4,062,382) | 4,221,745 | |||||
Total Long-Term Investments (cost $149,874,449) | 168,652,013 |
Shares | Description (1) | Coupon | Value | |||
INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 4.6% | ||||||
MONEY MARKET FUNDS – 4.6% | ||||||
8,022,531 | First American Government Obligations Fund, Class X, (6) | 2.356% (7) | $8,022,531 | |||
Total Investments Purchased with Collateral from Securities Lending (cost $8,022,531) | 8,022,531 |
Shares | Description (1) | Coupon | Value | |||
SHORT-TERM INVESTMENTS – 8.5% | ||||||
MONEY MARKET FUNDS – 8.5% | ||||||
14,666,812 | First American Treasury Obligations Fund, Class Z | 2.324% (7) | $14,666,812 | |||
Total Short-Term Investments (cost $14,666,812) | 14,666,812 | |||||
Total Investments (cost $172,563,792) – 110.7% | 191,341,356 | |||||
Other Assets Less Liabilities – (10.7)% | (18,539,771) | |||||
Net Assets – 100% | $172,801,585 |
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 $7,773,856. | |
(4) | Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment classified as Level 3. See Notes to Financial Statements, Note 2 - Investment Valuation and Fair Value Measurements for more information. | |
(5) | A copy of the most recent financial statements for the exchange-traded funds in which the Fund invests can be obtained directly from the Securities and Exchange Commission on its website at http://www.sec.gov. | |
(6) | The Fund may loan securities representing up to one third of the fair value of its total assets (which includes collateral for securities on loan) to broker dealers, banks, and other institutions. The Fund maintains collateral equal to at least 100% of the fair value of the securities loaned. The cash collateral received by the Fund is invested in this money market fund. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Securities Lending for more information. | |
(7) | The rate shown is the annualized seven-day subsidized yield as of the end of the reporting period. | |
ETF | Exchange-Traded Fund | |
SPDR | Standard & Poor's Depositary Receipt |
Mid Cap Growth Opportunities | Small Cap Growth Opportunities | |
Assets | ||
Long-term investments, at value (cost $361,796,980 and $149,874,449, respectively) | $482,150,410 | $168,652,013 |
Investment purchased with collateral from securities lending, at value (cost approximates value) | 139,100 | 8,022,531 |
Short-term investments, at value (cost approximates value) | 4,306,902 | 14,666,812 |
Receivable for: | ||
Dividends | 69,397 | 4,324 |
Due from broker | 8 | 3,146 |
Interest | 5,850 | 14,448 |
Investments sold | 7,245,556 | 1,270,568 |
Shares sold | 197,684 | 975,735 |
Other assets | 97,869 | 38,605 |
Total assets | 494,212,776 | 193,648,182 |
Liabilities | ||
Payable for: | ||
Collateral from securities lending program | 139,100 | 8,022,531 |
Investments purchased | 6,871,237 | 12,621,443 |
Shares redeemed | 537,699 | 53,165 |
Accrued expenses: | ||
Directors fees | 65,135 | 805 |
Management fees | 305,296 | 75,053 |
12b-1 distribution and service fees | 57,411 | 9,601 |
Other | 261,904 | 63,999 |
Total liabilities | 8,237,782 | 20,846,597 |
Net assets | $485,974,994 | $172,801,585 |
Mid Cap Growth Opportunities | Small Cap Growth Opportunities | |
Class A Shares | ||
Net assets | $199,784,866 | $36,696,777 |
Shares outstanding | 5,895,454 | 1,727,919 |
Net asset value ("NAV") per share | $33.89 | $21.24 |
Offering price per share (NAV per share plus maximum sales charge of 5.75% of offering price) | $35.96 | $22.54 |
Class C Shares | ||
Net assets | $7,258,783 | $2,007,629 |
Shares outstanding | 323,484 | 131,506 |
NAV and offering price per share | $22.44 | $15.27 |
Class R3 Shares | ||
Net assets | $26,383,414 | $1,287,440 |
Shares outstanding | 857,542 | 65,224 |
NAV and offering price per share | $30.77 | $19.74 |
Class R6 Shares | ||
Net assets | $35,207,843 | $4,333,000 |
Shares outstanding | 813,427 | 167,098 |
NAV and offering price per share | $43.28 | $25.93 |
Class I Shares | ||
Net assets | $217,340,088 | $128,476,739 |
Shares outstanding | 5,086,159 | 4,975,586 |
NAV and offering price per share | $42.73 | $25.82 |
Fund level net assets consist of: | ||
Capital paid-in | $351,782,550 | $154,483,353 |
Total distributable earnings | 134,192,444 | 18,318,232 |
Fund level net assets | $485,974,994 | $172,801,585 |
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 | $1,729,979 | $207,342 |
Interest | 23,868 | 28,424 |
Securities lending income | 2,567 | 20,228 |
Total investment income | 1,756,414 | 255,994 |
Expenses | ||
Management fees | 1,991,295 | 436,551 |
12b-1 service fees - Class A Shares | 233,967 | 43,645 |
12b-1 distibution and service fees - Class C Shares | 35,648 | 9,852 |
12b-1 distibution and service fees - Class R3 Shares | 61,663 | 3,032 |
Shareholder servicing agent fees | 365,421 | 72,011 |
Custodian fees | 27,504 | 8,145 |
Professional fees | 19,065 | 9,102 |
Directors fees | 7,876 | 1,522 |
Shareholder reporting expenses | 22,444 | 13,273 |
Federal and state registration fees | 45,939 | 43,148 |
Other | 30,404 | 11,842 |
Total expenses before fee waiver/expense reimbursement | 2,841,226 | 652,123 |
Fee waiver/expense reimbursement | (183,451) | (89,142) |
Net expenses | 2,657,775 | 562,981 |
Net investment income (loss) | (901,361) | (306,987) |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) from investments | 20,510,430 | 5,670 |
Change in net unrealized appreciation (depreciation) of investments | 38,779,888 | 8,048,170 |
Net realized and unrealized gain (loss) | 59,290,318 | 8,053,840 |
Net increase (decrease) in net assets from operations | $58,388,957 | $7,746,853 |
Mid Cap Growth Opportunities | Small Cap Growth Opportunities | ||||
Six Months Ended 4/30/19 | Year Ended 10/31/18 | Six Months Ended 4/30/19 | Year Ended 10/31/18 | ||
Operations | |||||
Net investment income (loss) | $(901,361) | $(2,749,990) | $(306,987) | $(612,442) | |
Net realized gain (loss) from investments | 20,510,430 | 105,271,433 | 5,670 | 15,615,021 | |
Change in net unrealized appreciation (depreciation) of investments | 38,779,888 | (71,584,251) | 8,048,170 | (7,650,523) | |
Net increase (decrease) in net assets from operations | 58,388,957 | 30,937,192 | 7,746,853 | 7,352,056 | |
Distributions to Shareholders | |||||
Dividends | |||||
Class A Shares | (33,688,439) | (42,671,318) | (5,069,833) | (4,209,121) | |
Class C Shares | (1,845,779) | (3,566,386) | (375,076) | (324,846) | |
Class R3 Shares | (4,617,500) | (6,636,934) | (170,130) | (201,526) | |
Class R6 Shares | (7,948,730) | (10,590,712) | (1,183,722) | (2,000,545) | |
Class I Shares | (42,429,099) | (63,162,628) | (6,735,700) | (4,579,909) | |
Decrease in net assets from distributions to shareholders | (90,529,547) | (126,627,978) | (13,534,461) | (11,315,947) | |
Fund Share Transactions | |||||
Proceeds from sale of shares | 28,440,628 | 74,478,107 | 84,784,635 | 31,341,482 | |
Proceeds from shares issued to shareholders due to reinvestment of distributions | 82,717,140 | 118,019,725 | 10,691,877 | 9,469,803 | |
111,157,768 | 192,497,832 | 95,476,512 | 40,811,285 | ||
Cost of shares redeemed | (211,266,257) | (279,032,792) | (27,354,133) | (27,769,950) | |
Net increase (decrease) in net assets from Fund share transactions | (100,108,489) | (86,534,960) | 68,122,379 | 13,041,335 | |
Net increase (decrease) in net assets | (132,249,079) | (182,225,746) | 62,334,771 | 9,077,444 | |
Net assets at the beginning of period | 618,224,073 | 800,449,819 | 110,466,814 | 101,389,370 | |
Net assets at the end of period | $485,974,994 | $618,224,073 | $172,801,585 | $110,466,814 |
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) | |||||||||
2019(e) | $36.79 | $(0.08) | $3.67 | $3.59 | $ — | $(6.49) | $(6.49) | $33.89 | |
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) | |||||||||
2019(e) | 26.85 | (0.13) | 2.21 | 2.08 | — | (6.49) | (6.49) | 22.44 | |
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) | |||||||||
2019(e) | 34.10 | (0.11) | 3.27 | 3.16 | — | (6.49) | (6.49) | 30.77 | |
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) | |||||||||
2019(e) | 44.94 | (0.02) | 4.85 | 4.83 | — | (6.49) | (6.49) | 43.28 | |
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) | |||||||||
2019(e) | 44.49 | (0.05) | 4.78 | 4.73 | — | (6.49) | (6.49) | 42.73 | |
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) | |
14.23% | $199,785 | 1.25%* | (0.56)%* | 1.18%* | (0.49)%* | 45% | |
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 | |
13.80 | 7,259 | 2.00* | (1.31)* | 1.93* | (1.24)* | 45 | |
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 | |
14.07 | 26,383 | 1.50* | (0.82)* | 1.43* | (0.74)* | 45 | |
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 | |
14.44 | 35,208 | 0.85* | (0.14)* | 0.79* | (0.08)* | 45 | |
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 | |
14.37 | 217,340 | 1.00* | (0.31)* | 0.93* | (0.23)* | 45 | |
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. |
(e) | For the six months ended April 30, 2019. |
* | Annualized. |
Selected data for a share outstanding throughout each period:
Investment Operations | Less Distributions | ||||||||
Class (Commencement Date) Year Ended October 31, | Beginning NAV | Net Investment Income (Loss)(a) | Net Realized/ Unrealized Gain (Loss) | Total | From Net Investment Income | From Accumulated Net Realized Gains | Total | Ending NAV | |
Class A (08/95) | |||||||||
2019(e) | $23.54 | $(0.08) | $1.06 | $0.98 | $ — | $(3.28) | $(3.28) | $21.24 | |
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) | |||||||||
2019(e) | 18.01 | (0.11) | 0.65 | 0.54 | — | (3.28) | (3.28) | 15.27 | |
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) | |||||||||
2019(e) | 22.16 | (0.10) | 0.96 | 0.86 | — | (3.28) | (3.28) | 19.74 | |
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) | |||||||||
2019(e) | 27.88 | (0.03) | 1.36 | 1.33 | — | (3.28) | (3.28) | 25.93 | |
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(f) | 21.63 | (0.02) | 1.35 | 1.33 | — | — | — | 22.96 | |
Class I (08/95) | |||||||||
2019(e) | 27.79 | (0.06) | 1.37 | 1.31 | — | (3.28) | (3.28) | 25.82 | |
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) | |
6.93% | $36,697 | 1.42%* | (0.92)%* | 1.24%* | (0.74)%* | 52% | |
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 | |
6.56 | 2,008 | 2.17* | (1.66)* | 1.99* | (1.48)* | 52 | |
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 | |
6.80 | 1,287 | 1.67* | (1.20)* | 1.49* | (1.03)* | 52 | |
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 | |
7.12 | 4,333 | 1.03* | (0.37)* | 0.86* | (0.20)* | 52 | |
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 | |
7.07 | 128,477 | 1.17* | (0.69)* | 1.00* | (0.52)* | 52 | |
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 six months ended April 30, 2019. |
(f) | For the period June 30, 2016 (commencement of operations) through October 31, 2016. |
* | Annualized. |
Mid Cap Growth Opportunities | Level 1 | Level 2 | Level 3 | Total |
Long-Term Investments*: | ||||
Common Stocks | $482,150,410 | $ — | $ — | $482,150,410 |
Investments Purchased with Collateral from Securities Lending | 139,100 | — | — | 139,100 |
Short-Term Investments: | ||||
Money Market Funds | 4,306,902 | — | — | 4,306,902 |
Total | $486,596,412 | $ — | $ — | $486,596,412 |
Small Cap Growth Opportunities | Level 1 | Level 2 | Level 3 | Total |
Long-Term Investments*: | ||||
Common Stocks | $164,430,268 | $ — | $ —** | $164,430,268 |
Exchange-Traded Funds | 4,221,745 | — | — | 4,221,745 |
Investments Purchased with Collateral from Securities Lending | 8,022,531 | — | — | 8,022,531 |
Short-Term Investments: | ||||
Money Market Funds | 14,666,812 | — | — | 14,666,812 |
Total | $191,341,356 | $ — | $ — | $191,341,356 |
* | 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. Value equals zero as of the end of the reporting period. |
Fund | Asset Class out on Loan | Long-Term Investments, at Value | Collateral Pledged (From) Counterparty* | Net Exposure |
Mid Cap Growth Opportunities | Common Stocks | $134,550 | $(134,550) | $ — |
Small Cap Growth Opportunities | ||||
Common Stocks | $4,235,330 | $(4,235,330) | $ — | |
Exchange-Traded Funds | 3,538,526 | (3,538,526) | — | |
Total | $7,773,856 | $(7,773,856) | $ — |
Six Months Ended 4/30/19 | Year Ended 10/31/18 | ||||
Mid Cap Growth Opportunities | Shares | Amount | Shares | Amount | |
Shares sold: | |||||
Class A | 233,575 | $7,107,217 | 532,312 | $20,896,061 | |
Class A – automatic conversion of Class C Shares | — | — | 5,815 | 227,664 | |
Class C | 36,643 | 716,883 | 39,840 | 1,128,803 | |
Class R3 | 106,418 | 2,935,753 | 152,474 | 5,555,412 | |
Class R6 | 55,902 | 2,270,191 | 139,147 | 6,652,732 | |
Class I | 392,512 | 15,410,584 | 841,306 | 40,017,435 | |
Shares issued to shareholders due to reinvestment of distributions: | |||||
Class A | 1,226,272 | 33,170,652 | 1,152,716 | 42,051,063 | |
Class C | 99,901 | 1,794,220 | 127,561 | 3,418,634 | |
Class R3 | 184,336 | 4,530,984 | 192,865 | 6,534,257 | |
Class R6 | 230,398 | 7,948,731 | 238,476 | 10,590,712 | |
Class I | 1,034,992 | 35,272,553 | 1,259,374 | 55,425,059 | |
3,600,949 | 111,157,768 | 4,681,886 | 192,497,832 | ||
Shares redeemed: | |||||
Class A | (897,329) | (27,741,524) | (2,133,046) | (84,523,328) | |
Class C | (108,625) | (2,196,791) | (343,445) | (9,877,658) | |
Class C – automatic conversion to Class A Shares | — | — | (7,948) | (227,664) | |
Class R3 | (198,657) | (5,963,433) | (445,516) | (16,156,519) | |
Class R6 | (724,421) | (25,719,639) | (545,088) | (25,796,215) | |
Class I | (3,798,048) | (149,644,870) | (3,004,604) | (142,451,408) | |
(5,727,080) | (211,266,257) | (6,479,647) | (279,032,792) | ||
Net increase (decrease) | (2,126,131) | $(100,108,489) | (1,797,761) | $(86,534,960) |
Six Months Ended 4/30/19 | Year Ended 10/31/18 | ||||
Small Cap Growth Opportunities | Shares | Amount | Shares | Amount | |
Shares sold: | |||||
Class A | 65,401 | $1,322,967 | 137,003 | $3,379,320 | |
Class A – automatic conversion of Class C Shares | — | — | 35 | 897 | |
Class C | 14,740 | 219,689 | 43,035 | 814,308 | |
Class R3 | 57,061 | 987,282 | 38,662 | 861,790 | |
Class R6 | 365 | 9,285 | 5,382 | 169,074 | |
Class I | 3,254,739 | 82,245,412 | 894,685 | 26,116,093 | |
Shares issued to shareholders due to reinvestment of distributions: | |||||
Class A | 278,640 | 4,940,279 | 183,808 | 4,069,501 | |
Class C | 29,198 | 373,153 | 18,965 | 323,348 | |
Class R3 | 10,176 | 167,910 | 9,604 | 200,538 | |
Class R6 | 54,751 | 1,183,722 | 76,532 | 2,000,545 | |
Class I | 186,946 | 4,026,813 | 110,271 | 2,875,871 | |
3,952,017 | 95,476,512 | 1,517,982 | 40,811,285 | ||
Shares redeemed: | |||||
Class A | (164,852) | (3,227,613) | (181,677) | (4,419,661) | |
Class C | (31,300) | (476,797) | (53,326) | (1,002,662) | |
Class C – automatic conversion to Class A Shares | — | — | (46) | (897) | |
Class R3 | (56,423) | (1,034,637) | (62,133) | (1,375,752) | |
Class R6 | (407,205) | (10,884,935) | (228,134) | (6,741,215) | |
Class I | (488,040) | (11,730,151) | (502,646) | (14,229,763) | |
(1,147,820) | (27,354,133) | (1,027,962) | (27,769,950) | ||
Net increase (decrease) | 2,804,197 | $68,122,379 | 490,020 | $13,041,335 |
Mid Cap Growth Opportunities | Small Cap Growth Opportunities | |
Purchases | $233,058,681 | $108,862,025 |
Sales | 423,251,661 | 57,509,053 |
Mid Cap Growth Opportunities | Small Cap Growth Opportunities | |
Tax cost of investments | $371,940,977 | $172,720,300 |
Gross unrealized: | ||
Appreciation | $122,716,570 | $21,882,008 |
Depreciation | (8,061,135) | (3,260,952) |
Net unrealized appreciation (depreciation) of investments | $114,655,435 | $18,621,056 |
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. |
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 |
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 | Complex-Level Fee |
Mid Cap Growth Opportunities | 0.2000% |
Small Cap Growth Opportunities | 0.1883% |
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 | $17,288 | $16,042 |
Paid to financial intermediaries | 15,218 | 14,193 |
Mid Cap Growth Opportunities | Small Cap Growth Opportunities | |
Commission advances | $2,243 | $2,043 |
Mid Cap Growth Opportunities | Small Cap Growth Opportunities | |
12b-1 fees retained | $1,531 | $1,120 |
Mid Cap Growth Opportunities | Small Cap Growth Opportunities | |
CDSC retained | $25 | $659 |
![](https://capedge.com/proxy/N-CSRS/0001193125-19-190238/g742254img59e6d80c1.gif)
Serving Investors for Generations
![](https://capedge.com/proxy/N-CSRS/0001193125-19-190238/g743215img22b562e41.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-CSRS/0001193125-19-190238/g743215img22b562e41.gif)
![](https://capedge.com/proxy/N-CSRS/0001193125-19-190238/g743215img4963e5e22.jpg)
![](https://capedge.com/proxy/N-CSRS/0001193125-19-190238/g743215img07fd90f23.jpg)
Cumulative | Average Annual | ||||
6-Month | 1-Year | 5-Year | 10-Year | ||
Class A Shares at NAV | 8.26% | 7.63% | 11.43% | 14.61% | |
Class A Shares at maximum Offering Price | 2.04% | 1.45% | 10.12% | 13.94% | |
S&P 500® Index | 9.76% | 13.49% | 11.63% | 15.32% | |
Lipper Large-Cap Core Funds Classification Average | 9.34% | 11.62% | 10.09% | 13.91% | |
Class C Shares | 7.88% | 6.88% | 10.60% | 13.75% | |
Class I Shares | 8.40% | 7.92% | 11.71% | 14.90% |
Cumulative | Average Annual | ||||
6-Month | 1-Year | 5-Year | 10-Year | ||
Class A Shares at NAV | (8.07)% | 3.02% | 9.81% | 14.90% | |
Class A Shares at maximum Offering Price | (13.35)% | (2.90)% | 8.51% | 14.23% | |
Class C Shares | (8.39)% | 2.30% | 8.98% | 14.05% | |
Class I Shares | (7.94)% | 3.29% | 10.08% | 15.20% |
Share Class | |||
Class A | Class C | Class I | |
Gross Expense Ratios | 1.16% | 1.91% | 0.91% |
Net Expense Ratios | 1.14% | 1.89% | 0.89% |
Cumulative | Average Annual | ||||
6-Month | 1-Year | 5-Year | 10-Year | ||
Class A Shares at NAV | 6.54% | 4.73% | 8.70% | 13.04% | |
Class A Shares at maximum Offering Price | 0.46% | (1.25)% | 7.42% | 12.38% | |
Russell 2000® Index | 6.06% | 4.61% | 8.63% | 14.10% | |
Lipper Small-Cap Core Funds Classification Average | 5.83% | 3.41% | 7.07% | 13.27% | |
Class C Shares | 6.09% | 4.01% | 7.89% | 12.20% | |
Class R3 Shares | 6.49% | 4.61% | 8.46% | 12.78% | |
Class I Shares | 6.72% | 5.04% | 8.98% | 13.33% |
Cumulative | Average Annual | |||
6-Month | 1-Year | Since Inception | ||
Class R6 Shares | 6.71% | 5.20% | 6.10% |
Cumulative | Average Annual | ||||
6-Month | 1-Year | 5-Year | 10-Year | ||
Class A Shares at NAV | (9.01)% | 1.99% | 7.14% | 14.15% | |
Class A Shares at maximum Offering Price | (14.21)% | (3.92)% | 5.88% | 13.47% | |
Class C Shares | (9.39)% | 1.28% | 6.34% | 13.30% | |
Class R3 Shares | (9.03)% | 1.82% | 6.89% | 13.89% | |
Class I Shares | (8.93)% | 2.30% | 7.39% | 14.44% |
Cumulative | Average Annual | |||
6-Month | 1-Year | Since Inception | ||
Class R6 Shares | (8.69)% | 2.49% | 2.53% |
Share Class | |||||
Class A | Class C | Class R3 | Class R6 | Class I | |
Gross Expense Ratios | 1.43% | 2.18% | 1.68% | 1.03% | 1.18% |
Net Expense Ratios | 1.24% | 1.99% | 1.49% | 0.85% | 0.99% |
Fund Allocation (% of net assets) | |
Common Stocks | 100.8% |
Other Assets Less Liabilities | (0.8)% |
Net Assets | 100% |
Portfolio Composition (% of net assets) | |
Software | 13.5% |
Semiconductors & Semiconductor Equipment | 7.7% |
IT Services | 7.6% |
Banks | 6.9% |
Capital Markets | 6.8% |
Interactive Media & Services | 5.6% |
Health Care Providers & Services | 5.5% |
Hotels, Restaurants & Leisure | 4.1% |
Pharmaceuticals | 3.8% |
Internet & Direct Marketing Retail | 3.6% |
Chemicals | 3.5% |
Communications Equipment | 3.2% |
Oil, Gas & Consumable Fuels | 3.1% |
Machinery | 3.0% |
Equity Real Estate Investment Trust | 2.9% |
Media | 2.6% |
Other | 17.4% |
Other Assets Less Liabilities | (0.8)% |
Net Assets | 100% |
Top Five Common Stock Holdings (% of net assets) | |
Microsoft Corp | 5.3% |
Alphabet Inc., Class A | 4.1% |
Citigroup Inc. | 3.5% |
Mastercard Inc, Class A | 3.3% |
QUALCOMM Inc | 3.2% |
Fund Allocation (% of net assets) | |
Common Stocks | 97.0% |
Exchange-Traded Funds | 1.0% |
Investments Purchased with Collateral from Securities Lending | 3.4% |
Money Market Funds | 1.1% |
Other Assets Less Liabilities | (2.5)% |
Net Assets | 100% |
Portfolio Composition (% of net assets) | |
Banks | 10.5% |
Software | 7.3% |
Equity Real Estate Investment Trust | 6.2% |
Hotels, Restaurants & Leisure | 4.7% |
Commercial Services & Supplies | 4.0% |
Communications Equipment | 3.8% |
Specialty Retail | 3.6% |
Biotechnology | 3.5% |
Semiconductors & Semiconductor Equipment | 3.4% |
Health Care Providers & Services | 3.3% |
Building Products | 3.1% |
Oil, Gas & Consumable Fuels | 2.9% |
Machinery | 2.8% |
Chemicals | 2.7% |
IT Services | 2.7% |
Insurance | 2.4% |
Pharmaceuticals | 2.3% |
Household Durables | 2.2% |
Thrifts & Mortgage Finance | 2.2% |
Health Care Equipment & Supplies | 2.1% |
Food Products | 1.6% |
Multi-Utilities | 1.6% |
Investments Purchased with Collateral from Securities Lending | 3.4% |
Other | 19.1% |
Money Market Funds | 1.1% |
Other Assets Less Liabilities | (2.5)% |
Net Assets | 100% |
Top Five Common Stock Holdings (% of net assets) | |
Ingevity Corporation | 1.7% |
CSW Industrials Inc | 1.6% |
Casella Waste Systems Inc | 1.6% |
Nomad Foods Ltd | 1.6% |
Black Hills Corp | 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 | $1,082.60 | $1,078.80 | $1,084.00 |
Expenses Incurred During the Period | $5.94 | $9.79 | $4.65 |
Hypothetical Performance (5% annualized return before expenses) | |||
Beginning Account Value | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value | $1,019.09 | $1,015.37 | $1,020.33 |
Expenses Incurred During the Period | $5.76 | $9.49 | $4.51 |
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 | $1,065.40 | $1,060.90 | $1,064.90 | $1,067.10 | $1,067.20 |
Expenses Incurred During the Period | $6.35 | $10.17 | $7.63 | $4.36 | $5.07 |
Hypothetical Performance (5% annualized return before expenses) | |||||
Beginning Account Value | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value | $1,018.65 | $1,014.93 | $1,017.41 | $1,020.58 | $1,019.89 |
Expenses Incurred During the Period | $6.21 | $9.94 | $7.45 | $4.26 | $4.96 |
Shares | Description (1) | Value | ||||
LONG-TERM INVESTMENTS – 100.8% | ||||||
COMMON STOCKS – 100.8% | ||||||
Aerospace & Defense – 1.2% | ||||||
4,977 | Harris Corp | $838,624 | ||||
Airlines – 1.6% | ||||||
11,971 | United Continental Holdings Inc, (2) | 1,063,743 | ||||
Banks – 6.9% | ||||||
51,032 | Bank of America Corp | 1,560,558 | ||||
33,911 | Citigroup Inc. | 2,397,508 | ||||
15,497 | East West Bancorp Inc. | 797,786 | ||||
Total Banks | 4,755,852 | |||||
Biotechnology – 2.3% | ||||||
10,580 | Gilead Sciences Inc. | 688,123 | ||||
5,198 | Vertex Pharmaceuticals Inc., (2) | 878,358 | ||||
Total Biotechnology | 1,566,481 | |||||
Capital Markets – 6.8% | ||||||
33,347 | E*TRADE Financial Corp | 1,689,359 | ||||
39,633 | Morgan Stanley | 1,912,292 | ||||
11,655 | Raymond James Financial Inc. | 1,067,249 | ||||
Total Capital Markets | 4,668,900 | |||||
Chemicals – 3.5% | ||||||
24,339 | CF Industries Holdings Inc | 1,089,900 | ||||
7,281 | Linde PLC | 1,312,473 | ||||
Total Chemicals | 2,402,373 | |||||
Communications Equipment – 3.2% | ||||||
25,846 | Cisco Systems Inc | 1,446,084 | ||||
5,156 | Motorola Solutions Inc | 747,156 | ||||
Total Communications Equipment | 2,193,240 | |||||
Consumer Finance – 2.0% | ||||||
14,397 | Capital One Financial Corp | 1,336,473 | ||||
Diversified Telecommunication Services – 2.4% | ||||||
53,372 | AT&T Inc | 1,652,397 | ||||
Electric Utilities – 1.9% | ||||||
26,167 | Exelon Corp | 1,333,209 |
Shares | Description (1) | Value | ||||
Equity Real Estate Investment Trust – 2.9% | ||||||
5,272 | American Tower Corp | $1,029,621 | ||||
2,088 | Equinix Inc | 949,414 | ||||
Total Equity Real Estate Investment Trust | 1,979,035 | |||||
Food Products – 1.3% | ||||||
11,528 | Tyson Foods Inc | 864,715 | ||||
Health Care Providers & Services – 5.5% | ||||||
12,671 | Cigna Corp | 2,012,662 | ||||
6,805 | Humana Inc. | 1,738,065 | ||||
Total Health Care Providers & Services | 3,750,727 | |||||
Hotels, Restaurants & Leisure – 4.1% | ||||||
48,272 | MGM Resorts International | 1,285,483 | ||||
11,413 | Norwegian Cruise Line Holdings Ltd, (2) | 643,579 | ||||
6,057 | Wynn Resorts Ltd | 874,934 | ||||
Total Hotels, Restaurants & Leisure | 2,803,996 | |||||
Household Durables – 1.4% | ||||||
67,833 | Newell Brands Inc. | 975,438 | ||||
Insurance – 1.7% | ||||||
10,997 | Prudential Financial Inc | 1,162,493 | ||||
Interactive Media & Services – 5.6% | ||||||
2,325 | Alphabet Inc., Class A, (2) | 2,787,582 | ||||
21,591 | Tencent Holdings Ltd | 1,063,141 | ||||
Total Interactive Media & Services | 3,850,723 | |||||
Internet & Direct Marketing Retail – 3.6% | ||||||
5,775 | Alibaba Group Holding Ltd, Sponsored ADR, (2) | 1,071,667 | ||||
708 | Amazoncom Inc, (2) | 1,363,976 | ||||
Total Internet & Direct Marketing Retail | 2,435,643 | |||||
IT Services – 7.6% | ||||||
15,656 | DXC Technology Co | 1,029,225 | ||||
74,833 | First Data Corp, (2) | 1,935,181 | ||||
8,882 | Mastercard Inc, Class A | 2,258,160 | ||||
Total IT Services | 5,222,566 | |||||
Machinery – 3.0% | ||||||
9,298 | Caterpillar Inc. | 1,296,327 | ||||
4,080 | Parker-Hannifin Corp | 738,807 | ||||
Total Machinery | 2,035,134 | |||||
Media – 2.6% | ||||||
41,273 | Comcast Corp | 1,796,614 |
Shares | Description (1) | Value | ||||
Oil, Gas & Consumable Fuels – 3.1% | ||||||
11,973 | Marathon Petroleum Corp | $728,796 | ||||
10,593 | Occidental Petroleum Corp | 623,716 | ||||
4,608 | Pioneer Natural Resources Co | 767,048 | ||||
Total Oil, Gas & Consumable Fuels | 2,119,560 | |||||
Pharmaceuticals – 3.8% | ||||||
8,443 | Allergan PLC | 1,241,121 | ||||
21,897 | Elanco Animal Health Inc, (2) | 689,756 | ||||
25,465 | Mylan NV, (2) | 687,300 | ||||
Total Pharmaceuticals | 2,618,177 | |||||
Road & Rail – 1.6% | ||||||
13,388 | CSX Corp | 1,066,086 | ||||
Semiconductors & Semiconductor Equipment – 7.7% | ||||||
3,973 | Broadcom Inc | 1,265,003 | ||||
4,994 | Lam Research Corp | 1,035,906 | ||||
7,747 | Microchip Technology Inc. | 773,848 | ||||
25,170 | QUALCOMM Inc | 2,167,892 | ||||
Total Semiconductors & Semiconductor Equipment | 5,242,649 | |||||
Software – 13.5% | ||||||
4,698 | Adobe Inc., (2) | 1,358,896 | ||||
7,389 | Autodesk Inc., (2) | 1,316,794 | ||||
3,727 | Intuit Inc. | 935,701 | ||||
28,060 | Microsoft Corp | 3,664,636 | ||||
6,595 | salesforcecom Inc., (2) | 1,090,483 | ||||
3,305 | ServiceNow Inc, (2) | 897,341 | ||||
Total Software | 9,263,851 | |||||
Total Long-Term Investments (cost $62,231,047) | 68,998,699 | |||||
Other Assets Less Liabilities – (0.8)% | (518,596) | |||||
Net Assets – 100% | $68,480,103 |
For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease. | ||
(1) | All percentages shown in the Portfolio of Investments are based on net assets. | |
(2) | Non-income producing; issuer has not declared a dividend within the past twelve months. | |
ADR | American Depositary Receipt |
Shares | Description (1) | Value | ||||
LONG-TERM INVESTMENTS – 98.0% | ||||||
COMMON STOCKS – 97.0% | ||||||
Aerospace & Defense – 1.4% | ||||||
16,000 | Moog Inc | $1,498,240 | ||||
Auto Components – 1.0% | ||||||
37,237 | Cooper Tire & Rubber Co | 1,111,897 | ||||
Banks – 10.5% | ||||||
22,930 | Banner Corp | 1,215,749 | ||||
36,188 | Cathay General Bancorp | 1,331,356 | ||||
20,700 | IBERIABANK Corp | 1,645,650 | ||||
18,300 | Pinnacle Financial Partners Inc. | 1,062,681 | ||||
25,800 | Preferred Bank/Los Angeles CA | 1,269,102 | ||||
35,300 | Renasant Corp | 1,279,978 | ||||
52,700 | Sterling Bancorp/DE | 1,128,834 | ||||
23,900 | Western Alliance Bancorp, (2) | 1,141,942 | ||||
14,300 | Wintrust Financial Corp | 1,089,660 | ||||
Total Banks | 11,164,952 | |||||
Biotechnology – 3.5% | ||||||
23,300 | Array BioPharma Inc, (2) | 526,813 | ||||
3,100 | Blueprint Medicines Corp, (2) | 234,391 | ||||
23,600 | Emergent BioSolutions Inc, (2) | 1,219,648 | ||||
27,200 | Fate Therapeutics Inc, (2) | 456,960 | ||||
4,700 | FibroGen Inc., (2) | 219,631 | ||||
2,200 | Intercept Pharmaceuticals Inc., (2) | 189,596 | ||||
9,000 | Repligen Corp, (2) | 606,420 | ||||
3,900 | Ultragenyx Pharmaceutical Inc., (2) | 257,400 | ||||
Total Biotechnology | 3,710,859 | |||||
Building Products – 3.1% | ||||||
28,900 | CSW Industrials Inc | 1,732,555 | ||||
39,900 | Gibraltar Industries Inc | 1,582,833 | ||||
Total Building Products | 3,315,388 | |||||
Capital Markets – 1.6% | ||||||
17,000 | Evercore Inc. | 1,656,310 | ||||
Chemicals – 2.7% | ||||||
64,767 | Ferro Corp | 1,157,386 |
Shares | Description (1) | Value | ||||
Chemicals (continued) | ||||||
15,357 | Ingevity Corporation, (2) | $1,766,209 | ||||
Total Chemicals | 2,923,595 | |||||
Commercial Services & Supplies – 4.0% | ||||||
46,170 | Casella Waste Systems Inc, (2) | 1,723,064 | ||||
83,500 | Interface Inc. | 1,339,340 | ||||
11,316 | MSA Safety Inc. | 1,243,742 | ||||
Total Commercial Services & Supplies | 4,306,146 | |||||
Communications Equipment – 3.8% | ||||||
18,370 | Lumentum Holdings Inc., (2) | 1,138,389 | ||||
39,365 | NETGEAR Inc, (2) | 1,221,496 | ||||
32,735 | Plantronics Inc. | 1,685,198 | ||||
Total Communications Equipment | 4,045,083 | |||||
Construction & Engineering – 1.6% | ||||||
33,254 | MasTec Inc, (2) | 1,684,315 | ||||
Electronic Equipment, Instruments & Components – 0.8% | ||||||
15,203 | Belden Inc. | 844,527 | ||||
Energy Equipment & Services – 1.1% | ||||||
54,084 | ProPetro Holding Corp, (2) | 1,196,879 | ||||
Equity Real Estate Investment Trust – 6.2% | ||||||
84,400 | Brandywine Realty Trust | 1,298,916 | ||||
56,031 | CareTrust REIT Inc | 1,358,752 | ||||
59,400 | Industrial Logistics Properties Trust | 1,179,090 | ||||
48,700 | STAG Industrial Inc | 1,401,586 | ||||
119,989 | Summit Hotel Properties Inc | 1,393,072 | ||||
Total Equity Real Estate Investment Trust | 6,631,416 | |||||
Food Products – 1.6% | ||||||
81,900 | Nomad Foods Ltd, (2) | 1,703,520 | ||||
Gas Utilities – 1.6% | ||||||
20,061 | Southwest Gas Holdings Inc. | 1,668,875 | ||||
Health Care Equipment & Supplies – 2.1% | ||||||
41,910 | AtriCure Inc., (2) | 1,258,138 | ||||
11,500 | Insulet Corp, (2) | 991,875 | ||||
Total Health Care Equipment & Supplies | 2,250,013 | |||||
Health Care Providers & Services – 3.3% | ||||||
23,700 | AMN Healthcare Services Inc., (2) | 1,233,822 | ||||
9,379 | LHC Group Inc, (2) | 1,042,101 | ||||
55,922 | Tivity Health Inc., (2) | 1,209,033 | ||||
Total Health Care Providers & Services | 3,484,956 |
Shares | Description (1) | Value | ||||
Hotels, Restaurants & Leisure – 4.7% | ||||||
21,594 | Dave & Buster's Entertainment Inc., (2) | $1,227,403 | ||||
15,559 | Jack in the Box Inc. | 1,199,599 | ||||
24,700 | Papa John's International Inc, (3) | 1,263,652 | ||||
58,039 | Penn National Gaming Inc, (2) | 1,257,705 | ||||
Total Hotels, Restaurants & Leisure | 4,948,359 | |||||
Household Durables – 2.2% | ||||||
38,715 | La-Z-Boy Inc. | 1,269,852 | ||||
21,335 | Meritage Homes Corp, (2) | 1,091,285 | ||||
Total Household Durables | 2,361,137 | |||||
Insurance – 2.4% | ||||||
95,200 | CNO Financial Group Inc | 1,575,560 | ||||
14,141 | Kinsale Capital Group Inc | 1,026,637 | ||||
Total Insurance | 2,602,197 | |||||
IT Services – 2.7% | ||||||
19,500 | InterXion Holding NV, (2) | 1,349,205 | ||||
20,354 | MAXIMUS Inc | 1,499,072 | ||||
Total IT Services | 2,848,277 | |||||
Leisure Products – 1.2% | ||||||
75,330 | Callaway Golf Co | 1,322,795 | ||||
Life Sciences Tools & Services – 1.5% | ||||||
36,000 | Cambrex Corp, (2) | 1,548,720 | ||||
Machinery – 2.8% | ||||||
40,500 | Altra Industrial Motion Corp | 1,518,345 | ||||
36,953 | Kennametal Inc | 1,503,987 | ||||
Total Machinery | 3,022,332 | |||||
Media – 1.0% | ||||||
33,475 | New York Times Co/The | 1,109,696 | ||||
Mortgage Real Estate Investment Trust – 1.1% | ||||||
162,000 | MFA Financial Inc | 1,216,620 | ||||
Multi-Utilities – 1.6% | ||||||
23,179 | Black Hills Corp | 1,686,504 | ||||
Oil, Gas & Consumable Fuels – 2.9% | ||||||
20,770 | Brigham Minerals Inc, (2) | 425,993 | ||||
147,000 | Callon Petroleum Co, (2) | 1,103,970 | ||||
41,200 | Delek US Holdings Inc. | 1,526,872 | ||||
Total Oil, Gas & Consumable Fuels | 3,056,835 |
Shares | Description (1) | Value | ||||
Paper & Forest Products – 0.8% | ||||||
16,781 | Domtar Corp | $820,591 | ||||
Pharmaceuticals – 2.3% | ||||||
63,500 | Horizon Pharma Plc, (2) | 1,621,155 | ||||
27,193 | Prestige Consumer Healthcare Inc, (2) | 800,018 | ||||
Total Pharmaceuticals | 2,421,173 | |||||
Professional Services – 1.5% | ||||||
33,800 | Korn Ferry | 1,589,276 | ||||
Road & Rail – 1.0% | ||||||
31,692 | Knight-Swift Transportation Holdings Inc | 1,056,928 | ||||
Semiconductors & Semiconductor Equipment – 3.4% | ||||||
37,415 | Entegris Inc. | 1,528,777 | ||||
111,828 | Lattice Semiconductor Corp, (2) | 1,448,173 | ||||
4,374 | Monolithic Power Systems Inc | 681,075 | ||||
Total Semiconductors & Semiconductor Equipment | 3,658,025 | |||||
Software – 7.3% | ||||||
8,577 | Coupa Software Inc., (2) | 886,261 | ||||
11,497 | Mimecast Ltd, (2) | 592,210 | ||||
12,455 | New Relic Inc., (2) | 1,310,764 | ||||
27,162 | Rapid7 Inc, (2) | 1,475,983 | ||||
18,665 | RealPage Inc, (2) | 1,217,145 | ||||
38,376 | SailPoint Technologies Holding Inc, (2) | 1,084,506 | ||||
16,484 | Varonis Systems Inc, (2) | 1,172,837 | ||||
Total Software | 7,739,706 | |||||
Specialty Retail – 3.6% | ||||||
25,066 | Aaron's Inc. | 1,395,926 | ||||
51,613 | American Eagle Outfitters Inc | 1,227,357 | ||||
11,125 | Children's Place Inc/The, (3) | 1,255,122 | ||||
Total Specialty Retail | 3,878,405 | |||||
Textiles, Apparel & Luxury Goods – 0.9% | ||||||
26,008 | Steven Madden Ltd | 945,391 | ||||
Thrifts & Mortgage Finance – 2.2% | ||||||
81,041 | Bridgewater Bancshares Inc, (2) | 866,328 | ||||
61,400 | Radian Group Inc | 1,437,988 | ||||
Total Thrifts & Mortgage Finance | 2,304,316 | |||||
Total Common Stocks (cost $89,509,066) | 103,334,254 |
Shares | Description (1), (4) | Value | ||||
EXCHANGE-TRADED FUNDS – 1.0% | ||||||
12,100 | SPDR S&P Biotech ETF, (3) | $1,030,920 | ||||
Total Exchange-Traded Funds (cost $960,275) | 1,030,920 | |||||
Total Long-Term Investments (cost $90,469,341) | 104,365,174 |
Shares | Description (1) | Coupon | Value | |||
INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 3.4% | ||||||
MONEY MARKET FUNDS – 3.4% | ||||||
3,615,795 | First American Government Obligations Fund, Class X, (5) | 2.356% (6) | $3,615,795 | |||
Total Investments Purchased with Collateral from Securities Lending (cost $3,615,795) | 3,615,795 |
Shares | Description (1) | Coupon | Value | |||
SHORT-TERM INVESTMENTS – 1.1% | ||||||
MONEY MARKET FUNDS – 1.1% | ||||||
1,189,346 | First American Treasury Obligations Fund, Class Z | 2.324% (6) | $1,189,346 | |||
Total Short-Term Investments (cost $1,189,346) | 1,189,346 | |||||
Total Investments (cost $95,274,482) – 102.5% | 109,170,315 | |||||
Other Assets Less Liabilities – (2.5)% | (2,689,986) | |||||
Net Assets – 100% | $106,480,329 |
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 $3,512,818. | |
(4) | A copy of the most recent financial statements for the exchange-traded funds in which the Fund invests can be obtained directly from the Securities and Exchange Commission on its website at http://www.sec.gov. | |
(5) | The Fund may loan securities representing up to one third of the fair value of its total assets (which includes collateral for securities on loan) to broker dealers, banks, and other institutions. The Fund maintains collateral equal to at least 100% of the fair value of the securities loaned. The cash collateral received by the Fund is invested in this money market fund. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Securities Lending for more information. | |
(6) | The rate shown is the annualized seven-day subsidized yield as of the end of the reporting period. | |
ETF | Exchange-Traded Fund | |
REIT | Real Estate Investment Trust | |
SPDR | Standard & Poor's Depositary Receipt |
Large Cap Select | Small Cap Select | |
Assets | ||
Long-term investments, at value (cost $62,231,047 and $90,469,341, respectively) | $68,998,699 | $104,365,174 |
Investment purchased with collateral from securities lending, at value (cost approximates value) | — | 3,615,795 |
Short-term investments, at value (cost approximates value) | — | 1,189,346 |
Receivable for: | ||
Dividends | 48,084 | 28,024 |
Due from broker | 5 | 2,249 |
Interest | 440 | 1,905 |
Investments sold | 3,424,105 | 2,659,272 |
Shares sold | 36,531 | 151,569 |
Other assets | 22,944 | 49,825 |
Total assets | 72,530,808 | 112,063,159 |
Liabilities | ||
Cash overdraft | 1,196,523 | — |
Payable for: | ||
Collateral from securities lending program | — | 3,615,795 |
Investments purchased | 2,161,522 | 1,672,984 |
Shares redeemed | 611,414 | 125,029 |
Accrued expenses: | ||
Directors fees | 550 | 17,777 |
Management fees | 38,773 | 47,747 |
12b-1 distribution and service fees | 7,067 | 15,631 |
Other | 34,856 | 87,867 |
Total liabilities | 4,050,705 | 5,582,830 |
Net assets | $68,480,103 | $106,480,329 |
Large Cap Select | Small Cap Select | |
Class A Shares | ||
Net assets | $25,756,261 | $60,341,000 |
Shares outstanding | 858,784 | 7,851,178 |
Net asset value ("NAV") per share | $29.99 | $7.69 |
Offering price per share (NAV per share plus maximum sales charge of 5.75% of offering price) | $31.82 | $8.16 |
Class C Shares | ||
Net assets | $2,322,951 | $1,274,880 |
Shares outstanding | 83,783 | 303,937 |
NAV and offering price per share | $27.73 | $4.19 |
Class R3 Shares | ||
Net assets | $ — | $6,170,489 |
Shares outstanding | — | 917,052 |
NAV and offering price per share | $ — | $6.73 |
Class R6 Shares | ||
Net assets | $ — | $6,358,136 |
Shares outstanding | — | 608,618 |
NAV and offering price per share | $ — | $10.45 |
Class I Shares | ||
Net assets | $40,400,891 | $32,335,824 |
Shares outstanding | 1,337,031 | 3,102,699 |
NAV and offering price per share | $30.22 | $10.42 |
Fund level net assets consist of: | ||
Capital paid-in | $63,753,902 | $95,465,185 |
Total distributable earnings | 4,726,201 | 11,015,144 |
Fund level net assets | $68,480,103 | $106,480,329 |
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 | $590,631 | $485,307 |
Interest | 3,250 | 15,480 |
Securities lending income | 1,654 | 53,054 |
Total investment income | 595,535 | 553,841 |
Expenses | ||
Management fees | 243,245 | 439,889 |
12b-1 service fees - Class A Shares | 29,554 | 72,267 |
12b-1 distibution and service fees - Class C Shares | 10,951 | 6,323 |
12b-1 distibution and service fees - Class R3 Shares | — | 12,898 |
Shareholder servicing agent fees | 23,388 | 84,651 |
Custodian fees | 5,830 | 9,723 |
Professional fees | 8,439 | 9,271 |
Trustees fees | 1,059 | 1,590 |
Shareholder reporting expenses | 11,112 | 4,716 |
Federal and state registration fees | 30,471 | 41,422 |
Other | 10,426 | 10,046 |
Total expenses before fee waiver/expense reimbursement | 374,475 | 692,796 |
Fee waiver/expense reimbursement | (22,401) | (93,493) |
Net expenses | 352,074 | 599,303 |
Net investment income (loss) | 243,461 | (45,462) |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) from investments | (2,177,115) | (2,167,614) |
Change in net unrealized appreciation (depreciation) of investments | 7,131,009 | 8,514,398 |
Net realized and unrealized gain (loss) | 4,953,894 | 6,346,784 |
Net increase (decrease) in net assets from operations | $5,197,355 | $6,301,322 |
Large Cap Select | Small Cap Select | ||||
Six Months Ended 4/30/19 | Year Ended 10/31/18 | Six Months Ended 4/30/19 | Year Ended 10/31/18 | ||
Operations | |||||
Net investment income (loss) | $243,461 | $393,830 | $(45,462) | $17,169 | |
Net realized gain (loss) from investments | (2,177,115) | 2,534,718 | (2,167,614) | 23,382,920 | |
Change in net unrealized appreciation (depreciation) of investments | 7,131,009 | 468,841 | 8,514,398 | (17,991,909) | |
Net increase (decrease) in net assets from operations | 5,197,355 | 3,397,389 | 6,301,322 | 5,408,180 | |
Distributions to Shareholders | |||||
Dividends | |||||
Class A Shares | (894,092) | (77,536) | (11,801,893) | (7,904,269) | |
Class C Shares | (80,595) | — | (422,601) | (820,325) | |
Class R3 Shares | — | — | (1,142,174) | (706,127) | |
Class R6 Shares | — | — | (1,031,249) | — | |
Class I Shares | (1,910,496) | (329,524) | (5,461,767) | (4,631,487) | |
Decrease in net assets from distributions to shareholders | (2,885,183) | (407,060) | (19,859,684) | (14,062,208) | |
Fund Share Transactions | |||||
Proceeds from sale of shares | 7,216,939 | 29,873,879 | 9,109,807 | 24,737,441 | |
Proceeds from shares issued to shareholders due to reinvestment of distributions | 2,490,169 | 323,123 | 19,068,666 | 13,429,298 | |
9,707,108 | 30,197,002 | 28,178,473 | 38,166,739 | ||
Cost of shares redeemed | (17,282,841) | (21,209,894) | (19,721,494) | (44,779,473) | |
Net increase (decrease) in net assets from Fund share transactions | (7,575,733) | 8,987,108 | 8,456,979 | (6,612,734) | |
Net increase (decrease) in net assets | (5,263,561) | 11,977,437 | (5,101,383) | (15,266,762) | |
Net assets at the beginning of period | 73,743,664 | 61,766,227 | 111,581,712 | 126,848,474 | |
Net assets at the end of period | $68,480,103 | $73,743,664 | $106,480,329 | $111,581,712 |
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) | |||||||||
2019(e) | $28.87 | $0.08 | $2.13 | $2.21 | $(0.10) | $(0.99) | $(1.09) | $29.99 | |
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) | |||||||||
2019(e) | 26.77 | (0.02) | 1.97 | 1.95 | — | (0.99) | (0.99) | 27.73 | |
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) | |||||||||
2019(e) | 29.13 | 0.11 | 2.14 | 2.25 | (0.17) | (0.99) | (1.16) | 30.22 | |
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) | |
8.26% | $25,756 | 1.21%* | 0.49%* | 1.15%* | 0.56%* | 55% | |
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 | |
7.88 | 2,323 | 1.96* | (0.25)* | 1.90* | (0.19)* | 55 | |
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 | |
8.40 | 40,401 | 0.96* | 0.76* | 0.90* | 0.82* | 55 | |
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. |
(e) | For the six months ended April 30, 2019. |
* | Annualized. |
Selected data for a share outstanding throughout each period:
Investment Operations | Less Distributions | ||||||||
Class (Commencement Date) Year Ended October 31, | Beginning NAV | Net Investment Income (Loss)(a) | Net Realized/ Unrealized Gain (Loss) | Total | From Net Investment Income | From Accumulated Net Realized Gains | Total | Ending NAV | |
Class A (05/92) | |||||||||
2019(e) | $9.26 | $(0.01) | $0.27 | $0.26 | $ — | $(1.83) | $(1.83) | $7.69 | |
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) | |||||||||
2019(e) | 6.00 | (0.02) | 0.04 | 0.02 | — | (1.83) | (1.83) | 4.19 | |
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) | |||||||||
2019(e) | 8.37 | (0.01) | 0.20 | 0.19 | — | (1.83) | (1.83) | 6.73 | |
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) | |||||||||
2019(e) | 11.87 | 0.01 | 0.43 | 0.44 | (0.03) | (1.83) | (1.86) | 10.45 | |
2018(f) | 11.82 | 0.02 | 0.03 | 0.05 | — | — | — | 11.87 | |
Class I (05/92) | |||||||||
2019(e) | 11.85 | —** | 0.43 | 0.43 | (0.03) | (1.83) | (1.86) | 10.42 | |
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) | |
6.54% | $60,341 | 1.42%* | (0.35)%* | 1.24%* | (0.18)%* | 30% | |
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 | |
6.09 | 1,275 | 2.17* | (1.09)* | 1.99* | (0.90)* | 30 | |
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 | |
6.49 | 6,170 | 1.67* | (0.62)* | 1.49* | (0.44)* | 30 | |
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 | |
6.71 | 6,358 | 1.03* | 0.02* | 0.85* | 0.20* | 30 | |
0.42 | 6,532 | 1.03* | 0.06* | 0.85* | 0.24* | 95 | |
6.72 | 32,336 | 1.17* | (0.09)* | 0.99* | 0.09* | 30 | |
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 six months ended April 30, 2019. |
(f) | For the period February 28, 2018 (commencement of operations) through October 31, 2018. |
* | Annualized. |
** | Rounds to less than $.01 per share. |
Large Cap Select | Level 1 | Level 2 | Level 3 | Total |
Long-Term Investments*: | ||||
Common Stocks | $68,998,699 | $ — | $ — | $68,998,699 |
Small Cap Select | Level 1 | Level 2 | Level 3 | Total |
Long-Term Investments*: | ||||
Common Stocks | $103,334,254 | $ — | $ — | $103,334,254 |
Exchange-Traded Funds | 1,030,920 | — | — | 1,030,920 |
Investments Purchased with Collateral from Securities Lending | 3,615,795 | — | — | 3,615,795 |
Short-Term Investments: | ||||
Money Market Funds | 1,189,346 | — | — | 1,189,346 |
Total | $109,170,315 | $ — | $ — | $109,170,315 |
* | 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 | $2,493,145 | $(2,493,145) | $ — | |
Exchange-Traded Funds | 1,019,673 | (1,019,673) | — | |
Total | $3,512,818 | $(3,512,818) | $ — |
Six Months Ended 4/30/19 | Year Ended 10/31/18 | ||||
Large Cap Select | Shares | Amount | Shares | Amount | |
Shares sold: | |||||
Class A | 155,664 | $4,283,867 | 490,873 | $14,638,432 | |
Class A – automatic conversion of Class C Shares | 404 | 11,442 | 3,810 | 113,047 | |
Class C | 19,117 | 487,054 | 44,357 | 1,217,285 | |
Class I | 89,636 | 2,434,576 | 458,551 | 13,905,115 | |
Shares issued to shareholders due to reinvestment of distributions: | |||||
Class A | 32,369 | 835,988 | 2,430 | 70,008 | |
Class C | 3,149 | 75,284 | — | — | |
Class I | 60,672 | 1,578,897 | 8,728 | 253,115 | |
361,011 | 9,707,108 | 1,008,749 | 30,197,002 | ||
Shares redeemed: | |||||
Class A | (127,291) | (3,552,595) | (236,809) | (7,146,287) | |
Class C | (18,164) | (473,774) | (14,469) | (406,612) | |
Class C – automatic conversion to Class A Shares | (436) | (11,442) | (4,099) | (113,047) | |
Class I | (480,588) | (13,245,030) | (443,753) | (13,543,948) | |
(626,479) | (17,282,841) | (699,130) | (21,209,894) | ||
Net increase (decrease) | (265,468) | $(7,575,733) | 309,619 | $8,987,108 |
Six Months Ended 4/30/19 | Year Ended 10/31/18 | ||||
Small Cap Select | Shares | Amount | Shares | Amount | |
Shares sold: | |||||
Class A | 375,659 | $2,706,182 | 730,822 | $7,286,992 | |
Class A – automatic conversion of Class C Shares | 769 | 6,341 | 13,328 | 135,169 | |
Class C | 27,435 | 114,947 | 102,695 | 653,752 | |
Class R3 | 198,493 | 1,295,814 | 136,209 | 1,201,053 | |
Class R6(1) | 3,713 | 38,346 | 672,638 | 7,950,581 | |
Class I | 501,246 | 4,948,177 | 587,441 | 7,509,894 | |
Shares issued to shareholders due to reinvestment of distributions: | |||||
Class A | 1,813,633 | 11,697,567 | 853,337 | 7,825,098 | |
Class C | 119,270 | 421,025 | 136,617 | 816,971 | |
Class R3 | 201,838 | 1,140,383 | 84,805 | 704,732 | |
Class R6(1) | 117,392 | 1,031,249 | — | — | |
Class I | 545,178 | 4,778,442 | 348,633 | 4,082,497 | |
3,904,626 | 28,178,473 | 3,666,525 | 38,166,739 | ||
Shares redeemed: | |||||
Class A | (918,730) | (6,814,366) | (1,674,637) | (16,498,345) | |
Class C | (80,874) | (325,823) | (679,246) | (4,428,929) | |
Class C – automatic conversion to Class A Shares | (1,280) | (6,341) | (20,540) | (135,169) | |
Class R3 | (112,283) | (730,911) | (171,553) | (1,526,690) | |
Class R6(1) | (62,990) | (650,056) | (122,135) | (1,595,000) | |
Class I | (1,101,507) | (11,193,997) | (1,006,854) | (12,644,759) | |
Class I – exchanges | — | — | (672,638) | (7,950,581) | |
(2,277,664) | (19,721,494) | (4,347,603) | (44,779,473) | ||
Net increase (decrease) | 1,626,962 | $8,456,979 | (681,078) | $(6,612,734) |
(1) | Class R6 Shares were established on February 28, 2018. |
Large Cap Select | Small Cap Select | |
Purchases | $38,359,599 | $31,410,239 |
Sales | 47,030,873 | 43,349,970 |
Large Cap Select | Small Cap Select | |
Tax cost of investments | $62,263,881 | $95,891,771 |
Gross unrealized: | ||
Appreciation | $8,767,623 | $16,866,210 |
Depreciation | (2,032,805) | (3,587,666) |
Net unrealized appreciation (depreciation) of investments | $6,734,818 | $13,278,544 |
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. |
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 |
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 | $6,058 | $11,626 |
Paid to financial intermediaries | 5,450 | 10,330 |
Large Cap Select | Small Cap Select | |
Commission advances | $4,771 | $1,158 |
Large Cap Select | Small Cap Select | |
12b-1 fees retained | $4,013 | $920 |
Large Cap Select | Small Cap Select | |
CDSC retained | $ — | $397 |
Serving Investors for Generations
Item 2. Code of Ethics.
Not applicable to this filing.
Item 3. Audit Committee Financial Expert.
Not applicable to this filing.
Item 4. Principal Accountant Fees and Services.
Not applicable to this filing.
Item 5. Audit Committee of Listed Registrants.
Not applicable to this registrant.
Item 6. Schedule of Investments.
(a) See Portfolio of Investments in Item 1.
(b) Not applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to this registrant.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to this registrant.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable to this registrant.
Item 10. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board implemented after the registrant last provided disclosure in response to this Item.
Item 11. Controls and Procedures.
(a) | The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules13a-15(b) or15d-15(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (17 CFR 240.13a-15(b) or 240.15d-15(b)). |
(b) | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 13. Exhibits.
File the exhibits listed below as part of this Form.
(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable to this filing.
(a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: See EX-99.CERT attached hereto.
(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons: Not applicable to this registrant.
(a)(4) Change in the registrant’s independent public accountant. Not applicable.
(b) If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an Exhibit. A certification furnished pursuant to this paragraph will not be deemed “filed” for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registration specifically incorporates it by reference: See EX-99.906 CERT attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Nuveen Investment Funds, Inc.
By | (Signature and Title) | /s/ Christopher M. Rohrbacher | ||||
Christopher M. Rohrbacher Vice President and Secretary |
Date: July 8, 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: July 8, 2019
By | (Signature and Title) | /s/ E. Scott Wickerham | ||||
E. Scott Wickerham Vice President and Controller (principal financial officer) |
Date: July 8, 2019