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)
Mark J. Czarniecki
Vice President and Secretary
333 West Wacker Drive,
Chicago, IL 60606
(Name and address of agent for service)
Registrant’s telephone number, including area code: (312) 917-7700
Date of fiscal year end: October 31
Date of reporting period: October 31, 2020
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-CSR/0001193125-21-003943/g12533img508d28a81.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-CSR/0001193125-21-003943/g12533img508d28a81.gif)
![](https://capedge.com/proxy/N-CSR/0001193125-21-003943/g12533img4063533c2.jpg)
![](https://capedge.com/proxy/N-CSR/0001193125-21-003943/g12533img999a98493.jpg)
Total Returns as of October 31, 2020* | |||||
Average Annual | |||||
Inception Date | 1-Year | 5-Year | 10-Year | Expense Ratios | |
Class A Shares at NAV | 12/18/92 | (13.12)% | 4.74% | 8.05% | 1.11% |
Class A Shares at maximum Offering Price | 12/18/92 | (18.14)% | 3.51% | 7.41% | - |
Russell 1000® Value Index | - | (7.57)% | 5.82% | 9.48% | - |
S&P 500® Index | - | 9.71% | 11.71% | 13.01% | - |
Lipper Equity Income Funds Classification Average | - | (4.98)% | 6.27% | 8.86% | - |
Class C Shares | 2/01/99 | (13.75)% | 3.96% | 7.24% | 1.86% |
Class R3 Shares | 9/24/01 | (13.28)% | 4.49% | 7.78% | 1.36% |
Class I Shares | 8/02/94 | (12.96)% | 5.00% | 8.32% | 0.86% |
Total Returns as of October 31, 2020* | |||||
Average Annual | |||||
Inception Date | 1-Year | 5-Year | Since Inception | Expense Ratios | |
Class R6 Shares | 2/28/13 | (12.80)% | 5.13% | 7.04% | 0.72% |
![](https://capedge.com/proxy/N-CSR/0001193125-21-003943/g12533img989d7a1d4.gif)
Total Returns as of October 31, 2020* | |||||||
Average Annual | Expense Ratios** | ||||||
Inception Date | 1-Year | 5-Year | 10-Year | Gross | Net | ||
Class A Shares at NAV | 12/22/87 | (10.26)% | 4.74% | 7.66% | 1.27% | 1.17% | |
Class A Shares at maximum Offering Price | 12/22/87 | (15.43)% | 3.51% | 7.03% | - | - | |
Russell Midcap® Value Index | - | (6.94)% | 5.32% | 9.40% | - | - | |
Lipper Mid-Cap Core Funds Classification Average | - | (10.52)% | 2.95% | 7.57% | - | - | |
Class C Shares | 2/01/99 | (10.94)% | 3.95% | 6.86% | 2.02% | 1.92% | |
Class R3 Shares | 9/24/01 | (10.47)% | 4.48% | 7.39% | 1.52% | 1.42% | |
Class I Shares | 2/04/94 | (10.03)% | 5.01% | 7.92% | 1.02% | 0.92% |
Total Returns as of October 31, 2020* | ||||||
Average Annual | Expense Ratios** | |||||
Inception Date | 1-Year | Since Inception | Gross | Net | ||
Class R6 Shares | 6/20/18 | (9.91)% | (3.94)% | 0.87% | 0.77% |
![](https://capedge.com/proxy/N-CSR/0001193125-21-003943/g12533img221bc1ab5.gif)
Total Returns as of October 31, 2020* | |||||||
Average Annual | Expense Ratios** | ||||||
Inception Date | 1-Year | 5-Year | 10-Year | Gross | Net | ||
Class A Shares at NAV | 8/01/94 | (21.33)% | (0.92)% | 6.50% | 1.28% | 1.20% | |
Class A Shares at maximum Offering Price | 8/01/94 | (25.84)% | (2.09)% | 5.87% | - | - | |
Russell 2000® Value Index | - | (13.92)% | 3.71% | 7.06% | - | - | |
Lipper Small-Cap Value Funds Classification Average | - | (13.66)% | 2.26% | 6.51% | - | - | |
Class C Shares | 2/01/99 | (21.93)% | (1.66)% | 5.71% | 2.03% | 1.95% | |
Class R3 Shares | 9/24/01 | (21.53)% | (1.16)% | 6.24% | 1.53% | 1.45% | |
Class I Shares | 8/01/94 | (21.14)% | (0.68)% | 6.76% | 1.03% | 0.95% |
Total Returns as of October 31, 2020* | ||||||
Average Annual | Expense Ratios** | |||||
Inception Date | 1-Year | Since Inception | Gross | Net | ||
Class R6 Shares | 6/30/16 | (21.01)% | (1.54)% | 0.83% | 0.75% |
![](https://capedge.com/proxy/N-CSR/0001193125-21-003943/g12533img2e435cc86.gif)
Fund Allocation (% of net assets) | |
Common Stocks | 98.3% |
Repurchase Agreements | 1.2% |
Other Assets Less Liabilities | 0.5% |
Net Assets | 100% |
Portfolio Composition (% of net assets) | |
Electric Utilities | 8.3% |
Semiconductors & Semiconductor Equipment | 7.5% |
Health Care Equipment & Supplies | 6.0% |
Capital Markets | 5.6% |
Consumer Finance | 4.8% |
Health Care Providers & Services | 4.2% |
Pharmaceuticals | 3.9% |
Machinery | 3.9% |
Banks | 3.8% |
Household Durables | 3.4% |
Specialty Retail | 3.3% |
Road & Rail | 3.0% |
Chemicals | 2.9% |
Mortgage Real Estate Investment Trust | 2.8% |
Multi-Utilities | 2.7% |
Tobacco | 2.7% |
Hotels, Restaurants & Leisure | 2.6% |
IT Services | 2.5% |
Insurance | 2.4% |
Biotechnology | 2.3% |
Other | 19.7% |
Repurchase Agreements | 1.2% |
Other Assets Less Liabilities | 0.5% |
Net Assets | 100% |
Top Five Common Stock Holdings (% of net assets) | |
Morgan Stanley | 2.9% |
Philip Morris International Inc | 2.7% |
Fidelity National Information Services Inc | 2.5% |
Medtronic PLC | 2.4% |
AbbVie Inc | 2.3% |
Fund Allocation (% of net assets) | |
Common Stocks | 100.0% |
Repurchase Agreements | 0.2% |
Other Assets Less Liabilities | (0.2)% |
Net Assets | 100% |
Portfolio Composition (% of net assets) | |
Machinery | 7.6% |
Equity Real Estate Investment Trust | 7.5% |
Household Durables | 5.6% |
Multi-Utilities | 5.2% |
Chemicals | 4.8% |
Banks | 4.2% |
Capital Markets | 4.0% |
Oil, Gas & Consumable Fuels | 3.5% |
Semiconductors & Semiconductor Equipment | 3.4% |
Software | 3.2% |
Health Care Providers & Services | 2.9% |
Electrical Equipment | 2.8% |
Food Products | 2.7% |
Insurance | 2.6% |
Electric Utilities | 2.6% |
Hotels, Restaurants & Leisure | 2.6% |
Specialty Retail | 2.6% |
Health Care Equipment & Supplies | 2.5% |
Building Products | 2.2% |
Mortgage Real Estate Investment Trust | 2.1% |
Road & Rail | 2.0% |
Biotechnology | 2.0% |
Diversified Financial Services | 1.9% |
Other | 19.5% |
Repurchase Agreements | 0.2% |
Other Assets Less Liabilities | (0.2)% |
Net Assets | 100% |
Top Five Common Stock Holdings (% of net assets) | |
Stanley Black & Decker Inc | 2.3% |
Marvell Technology Group Ltd | 2.1% |
DR Horton Inc | 2.1% |
Timken Co | 2.1% |
Huntsman Corp | 2.1% |
Fund Allocation (% of net assets) | |
Common Stocks | 99.4% |
Repurchase Agreements | 0.3% |
Other Assets Less Liabilities | 0.3% |
Net Assets | 100% |
Portfolio Composition (% of net assets) | |
Banks | 15.5% |
Equity Real Estate Investment Trust | 7.6% |
Insurance | 4.8% |
Thrifts & Mortgage Finance | 4.2% |
Machinery | 3.5% |
Capital Markets | 3.5% |
Oil, Gas & Consumable Fuels | 3.0% |
Electronic Equipment, Instruments & Components | 3.0% |
Professional Services | 2.9% |
Metals & Mining | 2.9% |
Household Durables | 2.8% |
Specialty Retail | 2.7% |
Auto Components | 2.6% |
Chemicals | 2.6% |
Gas Utilities | 2.3% |
Building Products | 2.3% |
Health Care Providers & Services | 2.2% |
Construction & Engineering | 2.1% |
Communications Equipment | 2.0% |
Semiconductors & Semiconductor Equipment | 1.9% |
Hotels, Restaurants & Leisure | 1.9% |
Air Freight & Logistics | 1.8% |
Construction Materials | 1.6% |
Other | 19.7% |
Repurchase Agreements | 0.3% |
Other Assets Less Liabilities | 0.3% |
Net Assets | 100% |
Top Five Common Stock Holdings (% of net assets) | |
Radian Group Inc | 1.9% |
Banner Corp | 1.9% |
Kennametal Inc | 1.8% |
Air Transport Services Group Inc | 1.8% |
Investors Bancorp Inc | 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 | $1,046.82 | $1,043.71 | $1,046.64 | $1,048.71 | $1,048.50 |
Expenses Incurred During the Period | $ 5.61 | $ 9.35 | $ 6.84 | $ 3.71 | $ 4.27 |
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 | $1,019.66 | $1,015.99 | $1,018.45 | $1,021.52 | $1,020.96 |
Expenses Incurred During the Period | $ 5.53 | $ 9.22 | $ 6.75 | $ 3.66 | $ 4.22 |
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 | $1,118.15 | $1,113.97 | $1,116.70 | $1,120.32 | $1,119.62 |
Expenses Incurred During the Period | $ 6.23 | $ 10.20 | $ 7.56 | $ 4.26 | $ 4.90 |
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 | $1,019.25 | $1,015.48 | $1,018.00 | $1,021.11 | $1,020.51 |
Expenses Incurred During the Period | $ 5.94 | $ 9.73 | $ 7.20 | $ 4.06 | $ 4.67 |
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 | $1,101.91 | $1,098.41 | $1,100.98 | $1,104.17 | $1,103.39 |
Expenses Incurred During the Period | $ 6.34 | $ 10.29 | $ 7.60 | $ 3.97 | $ 5.02 |
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 | $1,019.10 | $1,015.33 | $1,017.90 | $1,021.37 | $1,020.36 |
Expenses Incurred During the Period | $ 6.09 | $ 9.88 | $ 7.30 | $ 3.81 | $ 4.82 |
Nuveen Dividend Value Fund, Nuveen Mid Cap Value Fund, and Nuveen Small Cap Value Fund (three of the funds
constituting Nuveen Investment Funds, Inc., hereafter collectively referred to as the "Funds") as of October 31, 2020, the related statements of operations for the year ended October 31, 2020, the statements of changes in net assets for each of the two years in the period ended October 31, 2020, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial
statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2020, the
results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2020 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.
Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of
October 31, 2020 by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinions.
Shares | Description (1) | Value | ||||
LONG-TERM INVESTMENTS – 98.3% | ||||||
COMMON STOCKS – 98.3% | ||||||
Aerospace & Defense – 1.5% | ||||||
241,889 | L3Harris Technologies Inc | $ 38,970,737 | ||||
Banks – 3.8% | ||||||
1,284,750 | Citigroup Inc | 53,214,345 | ||||
1,086,380 | Truist Financial Corp | 45,758,325 | ||||
Total Banks | 98,972,670 | |||||
Beverages – 1.5% | ||||||
1,455,838 | Keurig Dr Pepper Inc | 39,162,042 | ||||
Biotechnology – 2.3% | ||||||
720,388 | AbbVie Inc | 61,305,019 | ||||
Building Products – 2.0% | ||||||
424,876 | A O Smith Corp | 21,961,841 | ||||
451,886 | Owens Corning | 29,584,976 | ||||
Total Building Products | 51,546,817 | |||||
Capital Markets – 5.6% | ||||||
1,041,178 | Bank of New York Mellon Corp | 35,774,876 | ||||
885,210 | Charles Schwab Corp | 36,390,983 | ||||
1,575,612 | Morgan Stanley | 75,865,718 | ||||
Total Capital Markets | 148,031,577 | |||||
Chemicals – 2.9% | ||||||
703,792 | Dow Inc | 32,015,498 | ||||
799,619 | DuPont de Nemours Inc | 45,482,329 | ||||
Total Chemicals | 77,497,827 | |||||
Consumer Finance – 4.8% | ||||||
526,999 | American Express Co | 48,083,389 | ||||
812,779 | Discover Financial Services | 52,838,763 | ||||
681,289 | OneMain Holdings Inc | 23,770,173 | ||||
Total Consumer Finance | 124,692,325 | |||||
Diversified Financial Services – 1.2% | ||||||
651,601 | Voya Financial Inc | 31,231,236 | ||||
Electric Utilities – 8.3% | ||||||
506,116 | American Electric Power Co Inc | 45,515,012 | ||||
427,772 | Entergy Corp | 43,299,082 |
Shares | Description (1) | Value | ||||
Electric Utilities (continued) | ||||||
789,258 | Evergy Inc | $43,567,042 | ||||
1,313,252 | Exelon Corp | 52,385,622 | ||||
1,076,089 | FirstEnergy Corp | 31,981,365 | ||||
Total Electric Utilities | 216,748,123 | |||||
Electrical Equipment – 2.3% | ||||||
373,139 | Eaton Corp PLC | 38,728,097 | ||||
143,041 | Hubbell Inc | 20,813,896 | ||||
Total Electrical Equipment | 59,541,993 | |||||
Entertainment – 1.2% | ||||||
424,795 | Activision Blizzard Inc | 32,169,725 | ||||
Equity Real Estate Investment Trust – 1.9% | ||||||
318,197 | Crown Castle International Corp | 49,702,371 | ||||
Food & Staples Retailing – 2.3% | ||||||
427,900 | Walmart Inc | 59,371,125 | ||||
Health Care Equipment & Supplies – 6.0% | ||||||
645,518 | Baxter International Inc | 50,072,831 | ||||
634,971 | Medtronic PLC | 63,859,034 | ||||
332,174 | Zimmer Biomet Holdings Inc | 43,880,185 | ||||
Total Health Care Equipment & Supplies | 157,812,050 | |||||
Health Care Providers & Services – 4.2% | ||||||
150,639 | Humana Inc | 60,147,140 | ||||
165,134 | UnitedHealth Group Inc | 50,388,989 | ||||
Total Health Care Providers & Services | 110,536,129 | |||||
Hotels, Restaurants & Leisure – 2.6% | ||||||
774,125 | Wyndham Destinations Inc | 25,259,699 | ||||
265,910 | Wyndham Hotels & Resorts Inc | 12,367,474 | ||||
330,571 | Yum! Brands Inc | 30,852,191 | ||||
Total Hotels, Restaurants & Leisure | 68,479,364 | |||||
Household Durables – 3.4% | ||||||
457,576 | DR Horton Inc | 30,570,653 | ||||
1,741,081 | Newell Brands Inc | 30,747,490 | ||||
154,175 | Whirlpool Corp | 28,516,208 | ||||
Total Household Durables | 89,834,351 | |||||
Insurance – 2.4% | ||||||
346,746 | Allstate Corp | 30,773,708 | ||||
307,620 | Marsh & McLennan Cos Inc | 31,826,365 | ||||
Total Insurance | 62,600,073 |
Shares | Description (1) | Value | ||||
IT Services ��� 2.5% | ||||||
523,606 | Fidelity National Information Services Inc | $ 65,236,071 | ||||
Machinery – 3.9% | ||||||
133,941 | Caterpillar Inc | 21,035,434 | ||||
277,930 | Stanley Black & Decker Inc | 46,191,966 | ||||
591,150 | Timken Co | 35,291,655 | ||||
Total Machinery | 102,519,055 | |||||
Media – 2.3% | ||||||
1,445,339 | Comcast Corp | 61,051,119 | ||||
Mortgage Real Estate Investment Trust – 2.8% | ||||||
3,001,402 | AGNC Investment Corp | 41,929,586 | ||||
4,644,344 | Annaly Capital Management Inc | 32,928,399 | ||||
Total Mortgage Real Estate Investment Trust | 74,857,985 | |||||
Multiline Retail – 1.9% | ||||||
326,240 | Target Corp | 49,660,253 | ||||
Multi-Utilities – 2.7% | ||||||
1,309,480 | CenterPoint Energy Inc | 27,669,313 | ||||
523,304 | Dominion Energy Inc | 42,042,243 | ||||
Total Multi-Utilities | 69,711,556 | |||||
Oil, Gas & Consumable Fuels – 1.6% | ||||||
1,448,612 | Devon Energy Corp | 12,936,105 | ||||
1,298,275 | Parsley Energy Inc, Class A | 12,995,733 | ||||
213,465 | Pioneer Natural Resources Co | 16,983,275 | ||||
Total Oil, Gas & Consumable Fuels | 42,915,113 | |||||
Pharmaceuticals – 3.9% | ||||||
934,163 | AstraZeneca PLC, Sponsored ADR | 46,857,616 | ||||
1,570,733 | Pfizer Inc | 55,729,607 | ||||
Total Pharmaceuticals | 102,587,223 | |||||
Road & Rail – 3.0% | ||||||
193,232 | Kansas City Southern | 34,035,885 | ||||
256,355 | Union Pacific Corp | 45,423,542 | ||||
Total Road & Rail | 79,459,427 | |||||
Semiconductors & Semiconductor Equipment – 7.5% | ||||||
425,861 | Applied Materials Inc | 25,223,747 | ||||
169,895 | Broadcom Inc | 59,400,389 | ||||
1,003,605 | Marvell Technology Group Ltd | 37,645,223 | ||||
230,650 | NXP Semiconductors NV | 31,165,428 | ||||
502,368 | Taiwan Semiconductor Manufacturing Co Ltd, Sponsored ADR | 42,133,604 | ||||
Total Semiconductors & Semiconductor Equipment | 195,568,391 |
Shares | Description (1) | Value | ||||
Specialty Retail – 3.3% | ||||||
302,552 | Best Buy Co Inc | $33,749,676 | ||||
194,493 | Home Depot Inc | 51,873,228 | ||||
Total Specialty Retail | 85,622,904 | |||||
Tobacco – 2.7% | ||||||
980,630 | Philip Morris International Inc | 69,644,343 | ||||
Total Long-Term Investments (cost $2,531,500,041) | 2,577,038,994 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Value | ||
SHORT-TERM INVESTMENTS – 1.2% | ||||||
REPURCHASE AGREEMENTS – 1.2% | ||||||
$ 31,662 | Repurchase Agreement with Fixed Income Clearing Corporation, dated 10/30/20, repurchase price $31,662,487, collarteralized $27,510,300 U.S. Treasury Notes, 0.375%, due 7/15/27, value $32,295,749 | 0.000% | 11/02/20 | $ 31,662,487 | ||
Total Short-Term Investments (cost $31,662,487) | 31,662,487 | |||||
Total Investments (cost $2,563,162,528) – 99.5% | 2,608,701,481 | |||||
Other Assets Less Liabilities – 0.5% | 13,085,808 | |||||
Net Assets – 100% | $ 2,621,787,289 |
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. | |
ADR | American Depositary Receipt |
Shares | Description (1) | Value | ||||
LONG-TERM INVESTMENTS – 100.0% | ||||||
COMMON STOCKS – 100.0% | ||||||
Aerospace & Defense – 1.5% | ||||||
26,541 | L3Harris Technologies Inc | $ 4,276,020 | ||||
Airlines – 1.3% | ||||||
99,856 | Alaska Air Group Inc, (2) | 3,783,544 | ||||
Banks – 4.2% | ||||||
61,275 | East West Bancorp Inc | 2,235,312 | ||||
133,904 | Fifth Third Bancorp | 3,109,251 | ||||
27,746 | Signature Bank/New York NY | 2,240,212 | ||||
7,492 | SVB Financial Group, (2) | 2,177,925 | ||||
52,192 | Western Alliance Bancorp | 2,150,310 | ||||
Total Banks | 11,913,010 | |||||
Biotechnology – 2.0% | ||||||
41,772 | United Therapeutics Corp, (2) | 5,607,056 | ||||
Building Products – 2.2% | ||||||
50,040 | Owens Corning | 3,276,119 | ||||
23,452 | Trane Technologies PLC | 3,113,253 | ||||
Total Building Products | 6,389,372 | |||||
Capital Markets – 4.0% | ||||||
50,922 | Evercore Inc, Class A | 4,050,336 | ||||
24,266 | Nasdaq Inc | 2,935,943 | ||||
59,030 | Raymond James Financial Inc | 4,512,253 | ||||
Total Capital Markets | 11,498,532 | |||||
Chemicals – 4.8% | ||||||
31,165 | Celanese Corp | 3,537,539 | ||||
241,960 | Huntsman Corp | 5,877,208 | ||||
33,819 | PPG Industries Inc | 4,387,001 | ||||
Total Chemicals | 13,801,748 | |||||
Communications Equipment – 1.8% | ||||||
55,144 | Ciena Corp, (2) | 2,172,122 | ||||
18,363 | Motorola Solutions Inc | 2,902,456 | ||||
Total Communications Equipment | 5,074,578 | |||||
Construction Materials – 1.8% | ||||||
291,503 | Summit Materials Inc, Class A, (2) | 5,156,688 |
Shares | Description (1) | Value | ||||
Consumer Finance – 1.5% | ||||||
118,976 | OneMain Holdings Inc | $ 4,151,073 | ||||
Diversified Financial Services – 1.9% | ||||||
114,089 | Voya Financial Inc | 5,468,286 | ||||
Electric Utilities – 2.6% | ||||||
47,103 | Entergy Corp | 4,767,766 | ||||
46,366 | Evergy Inc | 2,559,403 | ||||
Total Electric Utilities | 7,327,169 | |||||
Electrical Equipment – 2.8% | ||||||
41,941 | AMETEK Inc | 4,118,606 | ||||
27,174 | Hubbell Inc | 3,954,089 | ||||
Total Electrical Equipment | 8,072,695 | |||||
Electronic Equipment, Instruments & Components – 1.3% | ||||||
151,176 | Avnet Inc | 3,729,512 | ||||
Equity Real Estate Investment Trust – 7.5% | ||||||
279,195 | Brandywine Realty Trust | 2,445,748 | ||||
134,135 | First Industrial Realty Trust Inc | 5,339,914 | ||||
23,744 | Mid-America Apartment Communities Inc | 2,769,263 | ||||
80,326 | Regency Centers Corp | 2,858,802 | ||||
70,046 | SL Green Realty Corp | 2,998,669 | ||||
603,589 | VEREIT Inc | 3,742,252 | ||||
64,291 | Washington Real Estate Investment Trust | 1,123,807 | ||||
Total Equity Real Estate Investment Trust | 21,278,455 | |||||
Food Products – 2.7% | ||||||
35,719 | J M Smucker Co | 4,007,672 | ||||
64,789 | Tyson Foods Inc | 3,707,874 | ||||
Total Food Products | 7,715,546 | |||||
Health Care Equipment & Supplies – 2.5% | ||||||
5,405 | Teleflex Inc | 1,720,033 | ||||
41,326 | Zimmer Biomet Holdings Inc | 5,459,165 | ||||
Total Health Care Equipment & Supplies | 7,179,198 | |||||
Health Care Providers & Services – 2.9% | ||||||
72,685 | Centene Corp, (2) | 4,295,683 | ||||
31,962 | Quest Diagnostics Inc | 3,903,839 | ||||
Total Health Care Providers & Services | 8,199,522 | |||||
Hotels, Restaurants & Leisure – 2.6% | ||||||
182,029 | MGM Resorts International | 3,744,337 | ||||
109,388 | Wyndham Destinations Inc | 3,569,330 | ||||
Total Hotels, Restaurants & Leisure | 7,313,667 |
Shares | Description (1) | Value | ||||
Household Durables – 5.6% | ||||||
89,174 | DR Horton Inc | $5,957,715 | ||||
302,182 | Newell Brands Inc | 5,336,534 | ||||
24,816 | Whirlpool Corp | 4,589,967 | ||||
Total Household Durables | 15,884,216 | |||||
Household Products – 1.1% | ||||||
80,894 | Energizer Holdings Inc | 3,183,179 | ||||
Insurance – 2.6% | ||||||
195,175 | CNO Financial Group Inc | 3,464,356 | ||||
102,150 | Hartford Financial Services Group Inc | 3,934,818 | ||||
Total Insurance | 7,399,174 | |||||
IT Services – 1.3% | ||||||
19,099 | VeriSign Inc, (2) | 3,642,179 | ||||
Leisure Products – 1.9% | ||||||
85,560 | Brunswick Corp/DE | 5,451,028 | ||||
Machinery – 7.6% | ||||||
80,675 | Crane Co | 4,094,256 | ||||
25,356 | Parker-Hannifin Corp | 5,283,176 | ||||
38,947 | Stanley Black & Decker Inc | 6,472,991 | ||||
98,490 | Timken Co | 5,879,853 | ||||
Total Machinery | 21,730,276 | |||||
Media – 1.3% | ||||||
309,803 | TEGNA Inc | 3,726,930 | ||||
Metals & Mining – 1.1% | ||||||
100,191 | Steel Dynamics Inc | 3,154,013 | ||||
Mortgage Real Estate Investment Trust – 2.1% | ||||||
220,911 | AGNC Investment Corp | 3,086,127 | ||||
200,562 | Starwood Property Trust Inc | 2,801,851 | ||||
Total Mortgage Real Estate Investment Trust | 5,887,978 | |||||
Multiline Retail – 1.0% | ||||||
13,875 | Dollar General Corp | 2,895,851 | ||||
Multi-Utilities – 5.2% | ||||||
45,862 | Ameren Corp | 3,720,326 | ||||
263,303 | CenterPoint Energy Inc | 5,563,592 | ||||
95,389 | Public Service Enterprise Group Inc | 5,546,870 | ||||
Total Multi-Utilities | 14,830,788 | |||||
Oil, Gas & Consumable Fuels – 3.5% | ||||||
94,029 | Concho Resources Inc | 3,903,144 |
Shares | Description (1) | Value | ||||
Oil, Gas & Consumable Fuels (continued) | ||||||
153,834 | Williams Cos Inc | $2,952,074 | ||||
670,534 | WPX Energy Inc, (2) | 3,091,162 | ||||
Total Oil, Gas & Consumable Fuels | 9,946,380 | |||||
Pharmaceuticals – 1.5% | ||||||
29,233 | Jazz Pharmaceuticals PLC, (2) | 4,212,475 | ||||
Road & Rail – 2.0% | ||||||
32,676 | Kansas City Southern | 5,755,551 | ||||
Semiconductors & Semiconductor Equipment – 3.4% | ||||||
164,203 | Marvell Technology Group Ltd | 6,159,254 | ||||
24,875 | Skyworks Solutions Inc | 3,514,589 | ||||
Total Semiconductors & Semiconductor Equipment | 9,673,843 | |||||
Software – 3.2% | ||||||
30,611 | Check Point Software Technologies Ltd, (2) | 3,476,185 | ||||
27,047 | Synopsys Inc, (2) | 5,784,272 | ||||
Total Software | 9,260,457 | |||||
Specialty Retail – 2.6% | ||||||
45,543 | AutoNation Inc, (2) | 2,583,654 | ||||
42,027 | Best Buy Co Inc | 4,688,112 | ||||
Total Specialty Retail | 7,271,766 | |||||
Thrifts & Mortgage Finance – 1.1% | ||||||
182,848 | Radian Group Inc | 3,282,122 | ||||
Total Long-Term Investments (cost $265,706,416) | 285,123,877 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Value | ||
SHORT-TERM INVESTMENTS – 0.2% | ||||||
REPURCHASE AGREEMENTS – 0.2% | ||||||
$ 480 | Repurchase Agreement with Fixed Income Clearing Corporation, dated 10/30/20, repurchase price $480,103, collarteralized $434,100 U.S. Treasury Notes, 2.375%, due 5/15/27, value $489,712 | 0.000% | 11/02/20 | $ 480,103 | ||
Total Short-Term Investments (cost $480,103) | 480,103 | |||||
Total Investments (cost $266,186,519) – 100.2% | 285,603,980 | |||||
Other Assets Less Liabilities – (0.2)% | (664,161) | |||||
Net Assets – 100% | $ 284,939,819 |
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. |
Shares | Description (1) | Value | ||||
LONG-TERM INVESTMENTS – 99.4% | ||||||
COMMON STOCKS – 99.4% | ||||||
Aerospace & Defense – 0.9% | ||||||
194,611 | Parsons Corp, (2) | $ 6,134,139 | ||||
Air Freight & Logistics – 1.8% | ||||||
443,373 | Air Transport Services Group Inc, (2) | 12,432,179 | ||||
Auto Components – 2.6% | ||||||
191,169 | Cooper Tire & Rubber Co | 6,574,302 | ||||
818,475 | Dana Inc, (2) | 11,450,465 | ||||
Total Auto Components | 18,024,767 | |||||
Automobiles – 0.3% | ||||||
19,851 | Thor Industries Inc | 1,678,998 | ||||
Banks – 15.5% | ||||||
347,487 | Banner Corp | 12,811,846 | ||||
382,403 | Cathay General Bancorp | 8,997,942 | ||||
473,129 | First Busey Corp | 8,511,591 | ||||
269,101 | First Interstate BancSystem Inc | 9,499,265 | ||||
249,784 | Heartland Financial USA Inc | 8,227,885 | ||||
1,460,189 | Investors Bancorp Inc | 12,353,199 | ||||
255,175 | Pinnacle Financial Partners Inc | 11,684,463 | ||||
272,537 | Preferred Bank | 9,219,927 | ||||
312,848 | Renasant Corp | 8,919,296 | ||||
211,013 | Western Alliance Bancorp | 8,693,736 | ||||
159,881 | Wintrust Financial Corp | 7,870,942 | ||||
Total Banks | 106,790,092 | |||||
Biotechnology – 1.4% | ||||||
72,527 | United Therapeutics Corp, (2) | 9,735,299 | ||||
Building Products – 2.3% | ||||||
184,021 | Gibraltar Industries Inc, (2) | 10,572,006 | ||||
277,399 | Quanex Building Products Corp | 5,048,662 | ||||
Total Building Products | 15,620,668 | |||||
Capital Markets – 3.5% | ||||||
147,996 | Evercore Inc, Class A | 11,771,602 | ||||
142,892 | Piper Sandler Cos | 11,924,337 | ||||
Total Capital Markets | 23,695,939 |
Shares | Description (1) | Value | ||||
Chemicals – 2.6% | ||||||
217,437 | Minerals Technologies Inc | $11,891,629 | ||||
608,753 | Tronox Holdings PLC | 5,947,517 | ||||
Total Chemicals | 17,839,146 | |||||
Commercial Services & Supplies – 1.5% | ||||||
550,273 | SP Plus Corp, (2) | 10,141,531 | ||||
Communications Equipment – 2.0% | ||||||
126,423 | NETGEAR Inc, (2) | 3,896,357 | ||||
440,806 | Radware Ltd, (2) | 9,918,135 | ||||
Total Communications Equipment | 13,814,492 | |||||
Construction & Engineering – 2.1% | ||||||
439,120 | Aegion Corp, (2) | 6,195,983 | ||||
121,950 | EMCOR Group Inc | 8,315,771 | ||||
Total Construction & Engineering | 14,511,754 | |||||
Construction Materials – 1.6% | ||||||
620,794 | Summit Materials Inc, Class A, (2) | 10,981,846 | ||||
Consumer Finance – 1.4% | ||||||
280,159 | OneMain Holdings Inc | 9,774,747 | ||||
Diversified Telecommunication Services – 1.1% | ||||||
714,635 | Vonage Holdings Corp, (2) | 7,560,838 | ||||
Electronic Equipment, Instruments & Components – 3.0% | ||||||
399,132 | Avnet Inc | 9,846,586 | ||||
22,429 | SYNNEX Corp, (2) | 2,952,554 | ||||
625,293 | TTM Technologies Inc, (2) | 7,422,228 | ||||
Total Electronic Equipment, Instruments & Components | 20,221,368 | |||||
Equity Real Estate Investment Trust – 7.6% | ||||||
677,769 | Brandywine Realty Trust | 5,937,256 | ||||
1,070,636 | Lexington Realty Trust | 10,631,416 | ||||
676,939 | Preferred Apartment Communities Inc | 3,655,471 | ||||
670,111 | Retail Opportunity Investments Corp | 6,520,180 | ||||
571,416 | RLJ Lodging Trust | 4,674,183 | ||||
318,328 | STAG Industrial Inc | 9,906,367 | ||||
934,122 | Summit Hotel Properties Inc | 4,932,164 | ||||
329,179 | Washington Real Estate Investment Trust | 5,754,049 | ||||
Total Equity Real Estate Investment Trust | 52,011,086 | |||||
Food Products – 1.5% | ||||||
810,614 | Hostess Brands Inc, (2) | 10,246,161 | ||||
Gas Utilities – 2.3% | ||||||
102,210 | ONE Gas Inc | 7,056,579 |
Shares | Description (1) | Value | ||||
Gas Utilities (continued) | ||||||
155,834 | Spire Inc | $ 8,732,937 | ||||
Total Gas Utilities | 15,789,516 | |||||
Health Care Equipment & Supplies – 0.9% | ||||||
341,176 | Natus Medical Inc, (2) | 6,212,815 | ||||
Health Care Providers & Services – 2.2% | ||||||
173,979 | AMN Healthcare Services Inc, (2) | 11,357,349 | ||||
55,205 | Magellan Health Inc, (2) | 3,989,665 | ||||
Total Health Care Providers & Services | 15,347,014 | |||||
Hotels, Restaurants & Leisure – 1.9% | ||||||
75,104 | Jack in the Box Inc | 6,012,826 | ||||
74,163 | Marriott Vacations Worldwide Corp, (2) | 7,164,146 | ||||
Total Hotels, Restaurants & Leisure | 13,176,972 | |||||
Household Durables – 2.8% | ||||||
274,163 | La-Z-Boy Inc | 9,384,600 | ||||
243,096 | M/I Homes Inc, (2) | 9,947,488 | ||||
Total Household Durables | 19,332,088 | |||||
Insurance – 4.8% | ||||||
93,799 | AMERISAFE Inc | 5,532,265 | ||||
169,728 | Argo Group International Holdings Ltd, (2) | 6,055,895 | ||||
237,711 | BRP Group Inc, (2) | 6,061,630 | ||||
456,829 | CNO Financial Group Inc | 8,108,715 | ||||
201,137 | Horace Mann Educators Corp | 6,820,556 | ||||
Total Insurance | 32,579,061 | |||||
Leisure Products – 1.5% | ||||||
160,570 | Brunswick Corp/DE | 10,229,915 | ||||
Machinery – 3.5% | ||||||
421,220 | CIRCOR International Inc, (2) | 11,752,038 | ||||
404,526 | Kennametal Inc | 12,540,306 | ||||
Total Machinery | 24,292,344 | |||||
Media – 0.9% | ||||||
503,143 | TEGNA Inc | 6,052,810 | ||||
Metals & Mining – 2.9% | ||||||
332,120 | Commercial Metals Co | 6,858,278 | ||||
137,112 | Compass Minerals International Inc | 8,278,822 | ||||
1,326,577 | SunCoke Energy Inc | 4,629,754 | ||||
Total Metals & Mining | 19,766,854 | |||||
Mortgage Real Estate Investment Trust – 1.1% | ||||||
988,570 | Ladder Capital Corp | 7,414,275 |
Shares | Description (1) | Value | ||||
Multi-Utilities – 1.4% | ||||||
174,397 | Black Hills Corp | $ 9,881,334 | ||||
Oil, Gas & Consumable Fuels – 3.0% | ||||||
613,137 | Brigham Minerals Inc | 5,407,869 | ||||
1,549,241 | Magnolia Oil & Gas Corp, (2) | 6,723,706 | ||||
860,128 | Parsley Energy Inc, Class A | 8,609,881 | ||||
Total Oil, Gas & Consumable Fuels | 20,741,456 | |||||
Pharmaceuticals – 0.9% | ||||||
190,086 | Prestige Consumer Healthcare Inc, (2) | 6,278,541 | ||||
Professional Services – 2.9% | ||||||
429,780 | CBIZ Inc, (2) | 9,743,113 | ||||
345,400 | Korn Ferry | 10,427,626 | ||||
Total Professional Services | 20,170,739 | |||||
Road & Rail – 1.4% | ||||||
212,292 | TFI International Inc | 9,459,732 | ||||
Semiconductors & Semiconductor Equipment – 1.9% | ||||||
99,779 | Diodes Inc, (2) | 5,770,219 | ||||
97,767 | Synaptics Inc, (2) | 7,495,796 | ||||
Total Semiconductors & Semiconductor Equipment | 13,266,015 | |||||
Software – 1.4% | ||||||
145,748 | J2 Global Inc, (2) | 9,893,374 | ||||
Specialty Retail – 2.7% | ||||||
133,764 | Aaron's Holdings Co Inc | 6,990,506 | ||||
108,310 | Group 1 Automotive Inc, (2) | 11,489,525 | ||||
Total Specialty Retail | 18,480,031 | |||||
Textiles, Apparel & Luxury Goods – 1.3% | ||||||
337,692 | Wolverine World Wide Inc | 9,006,246 | ||||
Thrifts & Mortgage Finance – 4.2% | ||||||
338,051 | Flagstar Bancorp Inc | 9,921,797 | ||||
729,651 | Radian Group Inc | 13,097,235 | ||||
183,985 | WSFS Financial Corp | 5,830,485 | ||||
Total Thrifts & Mortgage Finance | 28,849,517 | |||||
Water Utilities – 0.8% | ||||||
120,568 | California Water Service Group | 5,373,716 | ||||
Total Long-Term Investments (cost $719,838,131) | 682,809,415 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Value | ||
SHORT-TERM INVESTMENTS – 0.3% | ||||||
REPURCHASE AGREEMENTS – 0.3% | ||||||
$ 2,156 | Repurchase Agreement with Fixed Income Clearing Corporation, dated 10/30/20, repurchase price $2,156,324, collarteralized $1,949,700 U.S. Treasury Notes, 2.375%, due 5/15/27, value $2,199,473 | 0.000% | 11/02/20 | $ 2,156,324 | ||
Total Short-Term Investments (cost $2,156,324) | 2,156,324 | |||||
Total Investments (cost $721,994,455) – 99.7% | 684,965,739 | |||||
Other Assets Less Liabilities – 0.3% | 2,281,907 | |||||
Net Assets – 100% | $ 687,247,646 |
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. |
Dividend Value | Mid Cap Value | Small Cap Value | |
Assets | |||
Long-term investments, at value (cost $2,531,500,041, $265,706,416 and $719,838,131, respectively) | $2,577,038,994 | $285,123,877 | $682,809,415 |
Short-term investments, at value (cost approximates value) | 31,662,487 | 480,103 | 2,156,324 |
Cash | ���— | — | 615,000 |
Receivable for: | |||
Dividends | 3,495,982 | 110,893 | 123,995 |
Due from affiliate | 43,556 | 15,972 | 215,304 |
Investments sold | — | — | 3,861,858 |
Reclaims | — | — | 2,744 |
Shares sold | 35,283,984 | 281,825 | 1,461,254 |
Other assets | 127,362 | 39,776 | 89,488 |
Total assets | 2,647,652,365 | 286,052,446 | 691,335,382 |
Liabilities | |||
Payable for: | |||
Investments purchased - regular settlement | 23,015,050 | — | 400,851 |
Shares redeemed | 461,247 | 648,640 | 1,658,972 |
Accrued expenses: | |||
Directors fees | 92,608 | 11,875 | 48,618 |
Management fees | 1,283,253 | 219,912 | 1,085,273 |
Shareholder servicing agent fees | 381,016 | 147,118 | 570,244 |
12b-1 distribution and service fees | 53,620 | 16,897 | 52,575 |
Other | 578,282 | 68,185 | 271,203 |
Total liabilities | 25,865,076 | 1,112,627 | 4,087,736 |
Net assets | $2,621,787,289 | $284,939,819 | $687,247,646 |
Dividend Value | Mid Cap Value | Small Cap Value | |
Class A Shares | |||
Net assets | $ 158,644,905 | $ 41,258,307 | $ 105,401,928 |
Shares outstanding | 13,862,478 | 1,129,345 | 6,092,488 |
Net asset value ("NAV") per share | $ 11.44 | $ 36.53 | $ 17.30 |
Offering price per share (NAV per share plus maximum sales charge of 5.75% of offering price) | $ 12.14 | $ 38.76 | $ 18.36 |
Class C Shares | |||
Net assets | $ 11,880,570 | $ 4,648,940 | $ 22,262,786 |
Shares outstanding | 1,059,985 | 135,896 | 1,534,556 |
NAV and offering price per share | $ 11.21 | $ 34.21 | $ 14.51 |
Class R3 Shares | |||
Net assets | $ 16,716,712 | $ 8,181,773 | $ 16,416,120 |
Shares outstanding | 1,468,229 | 226,205 | 971,628 |
NAV and offering price per share | $ 11.39 | $ 36.17 | $ 16.90 |
Class R6 Shares | |||
Net assets | $2,025,717,345 | $ 16,762,106 | $ 85,490,882 |
Shares outstanding | 172,826,813 | 455,780 | 4,743,024 |
NAV and offering price per share | $ 11.72 | $ 36.78 | $ 18.02 |
Class I Shares | |||
Net assets | $ 408,827,757 | $214,088,693 | $ 457,675,930 |
Shares outstanding | 35,202,997 | 5,835,772 | 25,522,763 |
NAV and offering price per share | $ 11.61 | $ 36.69 | $ 17.93 |
Fund level net assets consist of: | |||
Capital paid-in | $2,833,472,633 | $283,454,841 | $1,172,860,903 |
Total distributable earnings | (211,685,344) | 1,484,978 | (485,613,257) |
Fund level net assets | $2,621,787,289 | $284,939,819 | $ 687,247,646 |
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 | $ 61,731,691 | $ 7,004,698 | $ 18,096,154 |
Interest | 232,418 | 20,333 | 67,191 |
Securities lending income | 490 | 330 | 6,696 |
Payment from affiliate | 43,556 | 15,972 | 215,304 |
Foreign tax withheld on dividend income | (235,011) | — | (10,291) |
Total investment income | 61,773,144 | 7,041,333 | 18,375,054 |
Expenses | |||
Management fees | 12,764,993 | 2,381,813 | 8,312,508 |
12b-1 service fees - Class A Shares | 458,784 | 112,978 | 347,617 |
12b-1 distribution and service fees - Class C Shares | 176,661 | 58,977 | 311,073 |
12b-1 distribution and service fees - Class R3 Shares | 95,397 | 43,487 | 136,428 |
Shareholder servicing agent fees | 1,165,285 | 416,780 | 1,991,093 |
Custodian fees | 190,869 | 47,290 | 116,077 |
Professional fees | 105,406 | 37,795 | 64,680 |
Directors fees | 49,275 | 7,236 | 23,620 |
Shareholder reporting expenses | 96,035 | 56,354 | 282,507 |
Federal and state registration fees | 260,535 | 95,916 | 120,610 |
Other | 334,360 | 18,512 | 67,126 |
Total expenses before fee waiver/expense reimbursement | 15,697,600 | 3,277,138 | 11,773,339 |
Fee waiver/expense reimbursement | — | (311,821) | (1,062,888) |
Net expenses | 15,697,600 | 2,965,317 | 10,710,451 |
Net investment income (loss) | 46,075,544 | 4,076,016 | 7,664,603 |
Realized and Unrealized Gain (Loss) | |||
Net realized gain (loss) from investments | (257,589,583) | (16,735,376) | (249,629,635) |
Change in net unrealized appreciation (depreciation) of investments | (118,207,869) | (17,332,927) | (90,841,610) |
Net realized and unrealized gain (loss) | (375,797,452) | (34,068,303) | (340,471,245) |
Net increase (decrease) in net assets from operations | $(329,721,908) | $(29,992,287) | $(332,806,642) |
Dividend Value | Mid Cap Value | Small Cap Value | ||||||
Year Ended 10/31/20 | Year Ended 10/31/19 | Year Ended 10/31/20 | Year Ended 10/31/19 | Year Ended 10/31/20 | Year Ended 10/31/19 | |||
Operations | ||||||||
Net investment income (loss) | $ 46,075,544 | $ 22,778,456 | $ 4,076,016 | $ 3,804,104 | $ 7,664,603 | $ 19,186,671 | ||
Net realized gain (loss) from investments | (257,589,583) | 136,560,082 | (16,735,376) | (4,962,182) | (249,629,635) | (195,896,872) | ||
Change in net unrealized appreciation (depreciation) of investments | (118,207,869) | (57,720,876) | (17,332,927) | 36,915,276 | (90,841,610) | 168,775,638 | ||
Net increase (decrease) in net assets from operations | (329,721,908) | 101,617,662 | (29,992,287) | 35,757,198 | (332,806,642) | (7,934,563) | ||
Distributions to Shareholders | ||||||||
Dividends: | ||||||||
Class A Shares | (15,472,136) | (21,478,363) | (508,084) | (2,090,136) | (1,836,890) | (9,218,363) | ||
Class C Shares | (1,489,974) | (2,571,787) | (15,371) | (269,609) | (81,329) | (2,213,805) | ||
Class R3 Shares | (1,576,425) | (2,421,158) | (67,895) | (305,976) | (244,673) | (1,486,198) | ||
Class R6 Shares | (97,882,498) | (15,749,024) | (243,451) | (150,144) | (1,601,689) | (4,532,713) | ||
Class I Shares | (47,380,587) | (59,923,827) | (2,966,388) | (7,324,416) | (13,780,598) | (59,648,995) | ||
Decrease in net assets from distributions to shareholders | (163,801,620) | (102,144,159) | (3,801,189) | (10,140,281) | (17,545,179) | (77,100,074) | ||
Fund Share Transactions | ||||||||
Proceeds from sale of shares | 2,464,946,196 | 181,700,330 | 85,442,584 | 195,139,508 | 361,329,925 | 725,770,948 | ||
Proceeds from shares issued to shareholders due to reinvestment of distributions | 157,517,457 | 89,885,116 | 3,481,369 | 9,082,541 | 14,169,324 | 61,854,103 | ||
2,622,463,653 | 271,585,446 | 88,923,953 | 204,222,049 | 375,499,249 | 787,625,051 | |||
Cost of shares redeemed | (483,251,000) | (407,594,403) | (113,716,945) | (92,882,064) | (996,917,643) | (1,386,388,541) | ||
Net increase (decrease) in net assets from Fund share transactions | 2,139,212,653 | (136,008,957) | (24,792,992) | 111,339,985 | (621,418,394) | (598,763,490) | ||
Net increase (decrease) in net assets | 1,645,689,125 | (136,535,454) | (58,586,468) | 136,956,902 | (971,770,215) | (683,798,127) | ||
Net assets at the beginning of period | 976,098,164 | 1,112,633,618 | 343,526,287 | 206,569,385 | 1,659,017,861 | 2,342,815,988 | ||
Net assets at the end of period | $2,621,787,289 | $ 976,098,164 | $ 284,939,819 | $343,526,287 | $ 687,247,646 | $ 1,659,017,861 |
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) | |||||||||
2020 | $14.21 | $0.25 | $(1.98) | $(1.73) | $(0.23) | $(0.81) | $(1.04) | $11.44 | |
2019 | 14.32 | 0.26 | 0.96 | 1.22 | (0.28) | (1.05) | (1.33) | 14.21 | |
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 | |
Class C (02/99) | |||||||||
2020 | 13.93 | 0.15 | (1.92) | (1.77) | (0.14) | (0.81) | (0.95) | 11.21 | |
2019 | 14.06 | 0.16 | 0.93 | 1.09 | (0.17) | (1.05) | (1.22) | 13.93 | |
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 | |
Class R3 (09/01) | |||||||||
2020 | 14.14 | 0.21 | (1.95) | (1.74) | (0.20) | (0.81) | (1.01) | 11.39 | |
2019 | 14.26 | 0.23 | 0.94 | 1.17 | (0.24) | (1.05) | (1.29) | 14.14 | |
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 | |
Class R6 (02/13) | |||||||||
2020 | 14.54 | 0.30 | (2.02) | (1.72) | (0.29) | (0.81) | (1.10) | 11.72 | |
2019 | 14.61 | 0.32 | 0.99 | 1.31 | (0.33) | (1.05) | (1.38) | 14.54 | |
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 | |
Class I (08/94) | |||||||||
2020 | 14.42 | 0.28 | (2.01) | (1.73) | (0.27) | (0.81) | (1.08) | 11.61 | |
2019 | 14.51 | 0.30 | 0.98 | 1.28 | (0.32) | (1.05) | (1.37) | 14.42 | |
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 |
Ratios/Supplemental Data | |||||
Ratios to Average Net Assets | |||||
Total Return(b), (c) | Ending Net Assets (000) | Expenses | Net Investment Income (Loss) | Net Investment Income(Loss) Excluding Payment From Affiliates | Portfolio Turnover Rate(d) |
(13.12)% | $ 158,645 | 1.09% | 2.00% | 2.00% | 117% |
9.81 | 215,710 | 1.11 | 1.94 | N/A | 93 |
3.72 | 264,271 | 1.08 | 1.68 | N/A | 68 |
20.95 | 269,063 | 1.08 | 1.46 | N/A | 56 |
5.33 | 259,457 | 1.14 | 1.69 | N/A | 67 |
(13.75) | 11,881 | 1.84 | 1.24 | 1.24 | 117 |
8.98 | 23,083 | 1.86 | 1.19 | N/A | 93 |
2.98 | 31,111 | 1.83 | 0.95 | N/A | 68 |
20.09 | 39,825 | 1.83 | 0.72 | N/A | 56 |
4.46 | 43,097 | 1.89 | 0.94 | N/A | 67 |
(13.28) | 16,717 | 1.34 | 1.75 | 1.74 | 117 |
9.50 | 23,091 | 1.36 | 1.68 | N/A | 93 |
3.53 | 27,927 | 1.33 | 1.44 | N/A | 68 |
20.64 | 33,639 | 1.33 | 1.21 | N/A | 56 |
5.01 | 31,758 | 1.39 | 1.49 | N/A | 67 |
(12.80) | 2,025,717 | 0.70 | 2.41 | 2.40 | 117 |
10.29 | 52,824 | 0.72 | 2.30 | N/A | 93 |
4.15 | 172,215 | 0.72 | 2.05 | N/A | 68 |
21.40 | 188,356 | 0.73 | 1.63 | N/A | 56 |
5.63 | 50,588 | 0.79 | 2.04 | N/A | 67 |
(12.96) | 408,828 | 0.84 | 2.25 | 2.24 | 117 |
10.14 | 661,390 | 0.86 | 2.18 | N/A | 93 |
4.02 | 617,086 | 0.83 | 1.94 | N/A | 68 |
21.25 | 561,047 | 0.83 | 1.73 | N/A | 56 |
5.56 | 654,967 | 0.89 | 1.95 | N/A | 67 |
(a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
(b) | During the fiscal year ended October 31, 2020, the Fund began receiving voluntary compensation from the Adviser. The Fund's Total Return for each share class would decrease by an amount equaling less than 0.01% if such voluntary compensation were excluded. See Note 7-Management Fees and Other Transactions with Affiliates, for more information. |
(c) | 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. |
(d) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 4 – Portfolio Securities and Investments in Derivatives) divided by the average long-term market value during the period. |
N/A | Fund did not have Payments from Affiliates for periods prior to the fiscal year ended October 31, 2020. |
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) | |||||||||
2020 | $41.07 | $ 0.43 | $(4.59) | $(4.16) | $(0.38) | $ — | $(0.38) | $36.53 | |
2019 | 38.91 | 0.40 | 3.29 | 3.69 | (0.09) | (1.44) | (1.53) | 41.07 | |
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 | |
Class C (02/99) | |||||||||
2020 | 38.49 | 0.14 | (4.34) | (4.20) | (0.08) | — | (0.08) | 34.21 | |
2019 | 36.73 | 0.11 | 3.09 | 3.20 | — | (1.44) | (1.44) | 38.49 | |
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 | |
Class R3 (09/01) | |||||||||
2020 | 40.67 | 0.33 | (4.55) | (4.22) | (0.28) | — | (0.28) | 36.17 | |
2019 | 38.55 | 0.31 | 3.25 | 3.56 | — | (1.44) | (1.44) | 40.67 | |
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 | |
Class R6 (06/18) | |||||||||
2020 | 41.32 | 0.57 | (4.59) | (4.02) | (0.52) | — | (0.52) | 36.78 | |
2019 | 39.10 | 0.55 | 3.30 | 3.85 | (0.19) | (1.44) | (1.63) | 41.32 | |
2018(f) | 42.86 | 0.11 | (3.87) | (3.76) | — | — | — | 39.10 | |
Class I (02/94) | |||||||||
2020 | 41.24 | 0.52 | (4.59) | (4.07) | (0.48) | — | (0.48) | 36.69 | |
2019 | 39.08 | 0.51 | 3.28 | 3.79 | (0.19) | (1.44) | (1.63) | 41.24 | |
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 |
Ratios/Supplemental Data | |||||||||
Ratios to Average Net Assets Before Waiver/Reimbursement | Ratios to Average Net Assets After Waiver/Reimbursement(d) | ||||||||
Total Return(b), (c) | Ending Net Assets (000) | Expenses | Net Investment Income (Loss) | Net Investment Income (Loss) Excluding Payment From Affiliates | Expenses | Net Investment Income (Loss) | Net Investment Income (Loss) Excluding Payment From Affiliates | Portfolio Turnover Rate(e) | |
(10.26)% | $ 41,258 | 1.27% | 1.06% | 1.05% | 1.17% | 1.16% | 1.15% | 56% | |
10.19 | 55,467 | 1.27 | 0.94 | N/A | 1.17 | 1.04 | N/A | 46 | |
(0.65) | 51,202 | 1.31 | 0.55 | N/A | 1.17 | 0.69 | N/A | 49 | |
24.43 | 40,319 | 1.32 | 0.52 | N/A | 1.17 | 0.67 | N/A | 43 | |
3.12 | 34,230 | 1.39 | 0.73 | N/A | 1.26 | 0.86 | N/A | 44 | |
(10.94) | 4,649 | 2.02 | 0.29 | 0.28 | 1.92 | 0.40 | 0.39 | 56 | |
9.39 | 7,631 | 2.02 | 0.20 | N/A | 1.92 | 0.30 | N/A | 46 | |
(1.41) | 6,899 | 2.06 | (0.14) | N/A | 1.92 | ( —)** | N/A | 49 | |
23.52 | 7,474 | 2.07 | (0.23) | N/A | 1.92 | (0.08) | N/A | 43 | |
2.32 | 6,529 | 2.14 | (0.02) | N/A | 2.01 | 0.11 | N/A | 44 | |
(10.47) | 8,182 | 1.52 | 0.81 | 0.80 | 1.42 | 0.91 | 0.90 | 56 | |
9.92 | 10,230 | 1.52 | 0.70 | N/A | 1.42 | 0.81 | N/A | 46 | |
(0.90) | 7,670 | 1.56 | 0.30 | N/A | 1.42 | 0.44 | N/A | 49 | |
24.11 | 5,284 | 1.57 | 0.28 | N/A | 1.42 | 0.43 | N/A | 43 | |
2.86 | 5,206 | 1.64 | 0.48 | N/A | 1.51 | 0.61 | N/A | 44 | |
(9.91) | 16,762 | 0.89 | 1.44 | 1.43 | 0.78 | 1.54 | 1.53 | 56 | |
10.63 | 19,481 | 0.87 | 1.29 | N/A | 0.77 | 1.39 | N/A | 46 | |
(8.77) | 958 | 0.93*** | 0.56*** | N/A | 0.79*** | 0.71*** | N/A | 49 | |
(10.03) | 214,089 | 1.02 | 1.31 | 1.30 | 0.92 | 1.41 | 1.40 | 56 | |
10.48 | 250,717 | 1.02 | 1.20 | N/A | 0.92 | 1.30 | N/A | 46 | |
(0.40) | 139,841 | 1.07 | 0.80 | N/A | 0.92 | 0.95 | N/A | 49 | |
24.75 | 57,365 | 1.07 | 0.77 | N/A | 0.92 | 0.92 | N/A | 43 | |
3.38 | 53,631 | 1.14 | 0.98 | N/A | 1.01 | 1.11 | N/A | 44 |
(a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
(b) | During the fiscal year ended October 31, 2020, the Fund began receiving voluntary compensation from the Adviser. The Fund's Total Return for each share class would decrease by an amount equaling less than 0.01% if such voluntary compensation were excluded. See Note 7-Management Fees and Other Transactions with Affiliates, for more information. |
(c) | 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. |
(d) | After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Note 7 – Management Fees and Other Transactions with Affiliates for more information. |
(e) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 4 – Portfolio Securities and Investments in Derivatives) divided by the average long-term market value during the period. |
(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. |
N/A | Fund did not have Payments from Affiliates for periods prior to the fiscal year ended October 31, 2020. |
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) | |||||||||
2020 | $22.19 | $ 0.09 | $(4.77) | $(4.68) | $(0.21) | $ — | $(0.21) | $17.30 | |
2019 | 22.96 | 0.18 | (0.17) | 0.01 | (0.13) | (0.65) | (0.78) | 22.19 | |
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 | |
Class C (02/99) | |||||||||
2020 | 18.62 | (0.04) | (4.03) | (4.07) | (0.04) | — | (0.04) | 14.51 | |
2019 | 19.39 | 0.01 | (0.13) | (0.12) | — | (0.65) | (0.65) | 18.62 | |
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 | |
Class R3 (09/01) | |||||||||
2020 | 21.68 | 0.03 | (4.66) | (4.63) | (0.15) | — | (0.15) | 16.90 | |
2019 | 22.43 | 0.12 | (0.15) | (0.03) | (0.07) | (0.65) | (0.72) | 21.68 | |
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 | |
Class R6 (06/16) | |||||||||
2020 | 23.09 | 0.15 | (4.93) | (4.78) | (0.29) | — | (0.29) | 18.02 | |
2019 | 23.83 | 0.29 | (0.18) | 0.11 | (0.20) | (0.65) | (0.85) | 23.09 | |
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) | |||||||||
2020 | 23.00 | 0.16 | (4.96) | (4.80) | (0.27) | — | (0.27) | 17.93 | |
2019 | 23.79 | 0.24 | (0.18) | 0.06 | (0.20) | (0.65) | (0.85) | 23.00 | |
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 |
Ratios/Supplemental Data | |||||||||
Ratios to Average Net Assets Before Waiver/Reimbursement | Ratios to Average Net Assets After Waiver/Reimbursement(d) | ||||||||
Total Return(b), (c) | Ending Net Assets (000) | Expenses | Net Investment Income (Loss) | Net Investment Income (Loss) Excluding Payment From Affiliates | Expenses | Net Investment Income (Loss) | Net Investment Income (Loss) Excluding Payment From Affiliates | Portfolio Turnover Rate(e) | |
(21.33)% | $ 105,402 | 1.30% | 0.38% | 0.36% | 1.20% | 0.48% | 0.46% | 30% | |
0.44 | 213,819 | 1.28 | 0.73 | N/A | 1.20 | 0.81 | N/A | 31 | |
(8.12) | 291,122 | 1.24 | 0.43 | N/A | 1.20 | 0.47 | N/A | 35 | |
23.06 | 326,495 | 1.26 | 0.43 | N/A | 1.22 | 0.46 | N/A | 29 | |
6.85 | 167,840 | 1.34 | 0.65 | N/A | 1.30 | 0.68 | N/A | 40 | |
(21.93) | 22,263 | 2.05 | (0.38) | (0.40) | 1.95 | (0.28) | (0.30) | 30 | |
(0.28) | 45,920 | 2.03 | (0.01) | N/A | 1.95 | 0.07 | N/A | 31 | |
(8.80) | 70,077 | 1.99 | (0.32) | N/A | 1.95 | (0.28) | N/A | 35 | |
22.14 | 71,902 | 2.01 | (0.33) | N/A | 1.97 | (0.29) | N/A | 29 | |
6.08 | 26,815 | 2.09 | (0.11) | N/A | 2.05 | (0.08) | N/A | 40 | |
(21.53) | 16,416 | 1.55 | 0.09 | 0.07 | 1.45 | 0.19 | 0.17 | 30 | |
0.21 | 37,296 | 1.53 | 0.48 | N/A | 1.45 | 0.56 | N/A | 31 | |
(8.34) | 47,205 | 1.49 | 0.17 | N/A | 1.45 | 0.21 | N/A | 35 | |
22.79 | 42,975 | 1.51 | 0.18 | N/A | 1.47 | 0.22 | N/A | 29 | |
6.58 | 26,510 | 1.59 | 0.43 | N/A | 1.56 | 0.46 | N/A | 40 | |
(21.01) | 85,491 | 0.86 | 0.71 | 0.69 | 0.76 | 0.81 | 0.79 | 30 | |
0.90 | 133,071 | 0.83 | 1.18 | N/A | 0.75 | 1.26 | N/A | 31 | |
(7.73) | 121,943 | 0.82 | 0.82 | N/A | 0.78 | 0.86 | N/A | 35 | |
23.40 | 52,508 | 0.85 | 0.82 | N/A | 0.81 | 0.86 | N/A | 29 | |
3.00 | 19,967 | 0.89** | 0.85** | N/A | 0.83** | 0.91** | N/A | 40 | |
(21.14) | 457,676 | 1.05 | 0.71 | 0.69 | 0.95 | 0.81 | 0.79 | 30 | |
0.69 | 1,228,912 | 1.03 | 0.99 | N/A | 0.95 | 1.06 | N/A | 31 | |
(7.88) | 1,812,444 | 0.99 | 0.67 | N/A | 0.95 | 0.71 | N/A | 35 | |
23.40 | 1,444,587 | 1.01 | 0.66 | N/A | 0.97 | 0.70 | N/A | 29 | |
7.09 | 369,016 | 1.09 | 0.90 | N/A | 1.05 | 0.93 | N/A | 40 |
(a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
(b) | During the fiscal year ended October 31, 2020, the Fund began receiving voluntary compensation from the Adviser. The Fund's Total Return for each share class would decrease by an amount equaling less than 0.01% if such voluntary compensation were excluded. See Note 7-Management Fees and Other Transactions with Affiliates, for more information. |
(c) | 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. |
(d) | After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Note 7 – Management Fees and Other Transactions with Affiliates for more information. |
(e) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 4 – Portfolio Securities and Investments in Derivatives) divided by the average long-term market value during the period. |
(f) | For the period June 30, 2016 (commencement of operations) through October 31, 2016. |
* | Rounds to less than $(0.01). |
** | Annualized. |
N/A | Fund did not have Payments from Affiliates for periods prior to the fiscal year ended October 31, 2020. |
Dividend Value | Level 1 | Level 2 | Level 3 | Total |
Long-Term Investments*: | ||||
Common Stocks | $2,577,038,994 | $ — | $ — | $2,577,038,994 |
Short-Term Investments: | ||||
Repurchase Agreements | — | 31,662,487 | — | 31,662,487 |
Total | $2,577,038,994 | $31,662,487 | $ — | $2,608,701,481 |
Mid Cap Value | Level 1 | Level 2 | Level 3 | Total |
Long-Term Investments*: | ||||
Common Stocks | $285,123,877 | $ — | $ — | $285,123,877 |
Short-Term Investments: | ||||
Repurchase Agreements | — | 480,103 | — | 480,103 |
Total | $285,123,877 | $480,103 | $ — | $285,603,980 |
Small Cap Value | Level 1 | Level 2 | Level 3 | Total |
Long-Term Investments*: | ||||
Common Stocks | $682,809,415 | $ — | $ — | $682,809,415 |
Short-Term Investments: | ||||
Repurchase Agreements | — | 2,156,324 | — | 2,156,324 |
Total | $682,809,415 | $2,156,324 | $ — | $684,965,739 |
* | Refer to the Fund's Portfolio of Investments for industry classifications. |
Fund | Counterparty | Short-Term Investments, at Value | Collateral Pledged (From) Counterparty* | Net Exposure |
Dividend Value | Fixed Income Clearing Corporation | $31,662,487 | $(31,662,487) | $ — |
Mid Cap Value | Fixed Income Clearing Corporation | 480,103 | (480,103) | — |
Small Cap Value | Fixed Income Clearing Corporation | 2,156,324 | (2,156,324) | — |
Dividend Value | Mid Cap Value | Small Cap Value | |
Purchases | $4,213,504,863 | $166,732,360 | $318,961,956 |
Sales | 2,261,870,398 | 188,819,769 | 937,945,390 |
Year Ended 10/31/20 | Year Ended 10/31/19 | ||||
Dividend Value | Shares | Amount | Shares | Amount | |
Shares sold: | |||||
Class A | 1,734,260 | $ 20,437,869 | 1,677,446 | $ 22,337,847 | |
Class A – automatic conversion of Class C Shares | 54 | 621 | 73 | 957 | |
Class C | 193,630 | 2,239,290 | 282,093 | 3,628,341 | |
Class R3 | 159,618 | 1,746,330 | 94,117 | 1,238,755 | |
Class R6 | 179,471,816 | 2,410,787,596 | 1,213,050 | 16,346,121 | |
Class I | 2,460,848 | 29,734,490 | 10,166,912 | 138,148,309 | |
Shares issued to shareholders due to reinvestment of distributions: | |||||
Class A | 1,107,515 | 14,876,611 | 1,576,032 | 19,941,966 | |
Class C | 101,267 | 1,356,602 | 190,846 | 2,353,410 | |
Class R3 | 114,405 | 1,536,054 | 183,244 | 2,302,765 | |
Class R6 | 7,248,234 | 97,871,992 | 1,204,312 | 15,528,414 | |
Class I | 3,068,221 | 41,876,198 | 3,866,297 | 49,758,561 | |
195,659,868 | 2,622,463,653 | 20,454,422 | 271,585,446 | ||
Shares redeemed: | |||||
Class A | (4,154,339) | (49,589,042) | (6,531,277) | (90,310,449) | |
Class C | (891,846) | (10,473,615) | (1,029,242) | (13,485,277) | |
Class C – automatic conversion to Class A Shares | (55) | (621) | (75) | (957) | |
Class R3 | (438,326) | (5,398,966) | (603,862) | (8,169,371) | |
Class R6 | (17,527,429) | (219,987,010) | (10,573,604) | (150,778,977) | |
Class I | (16,207,142) | (197,801,746) | (10,684,542) | (144,825,589) | |
Class T | — | — | (1,667) | (23,783) | |
(39,219,137) | (483,251,000) | (29,424,269) | (407,594,403) | ||
Net increase (decrease) | 156,440,731 | $2,139,212,653 | (8,969,847) | $(136,008,957) |
Year Ended 10/31/20 | Year Ended 10/31/19 | ||||
Mid Cap Value | Shares | Amount | Shares | Amount | |
Shares sold: | |||||
Class A | 146,750 | $ 5,376,357 | 497,321 | $ 18,815,351 | |
Class A – automatic conversion of Class C Shares | 130 | 5,313 | 355 | 13,927 | |
Class C | 17,918 | 648,901 | 59,705 | 2,084,825 | |
Class R3 | 55,184 | 1,897,528 | 87,365 | 3,251,223 | |
Class R6 | 87,664 | 3,120,999 | 523,102 | 20,076,145 | |
Class I | 2,093,498 | 74,393,486 | 4,015,539 | 150,898,037 | |
Shares issued to shareholders due to reinvestment of distributions: | |||||
Class A | 11,554 | 493,467 | 57,804 | 2,013,596 | |
Class C | 377 | 15,175 | 8,113 | 266,263 | |
Class R3 | 1,602 | 67,895 | 8,859 | 305,976 | |
Class R6 | 5,674 | 243,148 | 4,274 | 149,193 | |
Class I | 62,189 | 2,661,684 | 181,850 | 6,347,513 | |
2,482,540 | 88,923,953 | 5,444,287 | 204,222,049 | ||
Shares redeemed: | |||||
Class A | (379,482) | (14,530,701) | (520,883) | (20,059,388) | |
Class C | (80,545) | (2,751,246) | (56,974) | (2,072,802) | |
Class C – automatic conversion to Class A Shares | (139) | (5,313) | (378) | (13,927) | |
Class R3 | (82,086) | (3,142,404) | (43,711) | (1,650,505) | |
Class R6 | (109,033) | (4,010,075) | (80,400) | (3,177,406) | |
Class I | (2,399,536) | (89,277,206) | (1,695,877) | (65,908,036) | |
(3,050,821) | (113,716,945) | (2,398,223) | (92,882,064) | ||
Net increase (decrease) | (568,281) | $ (24,792,992) | 3,046,064 | $111,339,985 |
Year Ended 10/31/20 | Year Ended 10/31/19 | ||||
Small Cap Value | Shares | Amount | Shares | Amount | |
Shares sold: | |||||
Class A | 1,679,381 | $ 28,735,864 | 2,967,618 | $ 64,293,133 | |
Class A – automatic conversion of Class C Shares | 24 | 484 | 13 | 286 | |
Class C | 167,965 | 2,606,380 | 288,301 | 5,290,745 | |
Class R3 | 342,986 | 5,708,212 | 362,916 | 7,727,713 | |
Class R6 | 3,521,336 | 68,210,371 | 3,301,739 | 75,508,622 | |
Class I | 14,031,385 | 256,068,614 | 25,415,266 | 572,950,449 | |
Shares issued to shareholders due to reinvestment of distributions: | |||||
Class A | 66,708 | 1,512,264 | 369,605 | 7,401,118 | |
Class C | 3,856 | 73,760 | 119,856 | 2,024,376 | |
Class R3 | 10,488 | 232,719 | 69,740 | 1,366,231 | |
Class R6 | 55,326 | 1,301,811 | 193,478 | 4,015,160 | |
Class I | 471,163 | 11,048,770 | 2,270,710 | 47,047,218 | |
20,350,618 | 375,499,249 | 35,359,242 | 787,625,051 | ||
Shares redeemed: | |||||
Class A | (5,288,285) | (100,564,645) | (6,381,541) | (139,034,945) | |
Class C | (1,103,974) | (16,744,890) | (1,555,408) | (28,497,743) | |
Class C – automatic conversion to Class A Shares | (28) | (484) | (15) | (286) | |
Class R3 | (1,102,459) | (19,738,716) | (816,795) | (17,524,715) | |
Class R6 | (4,596,946) | (84,950,504) | (2,849,621) | (64,694,141) | |
Class I | (42,404,624) | (774,918,404) | (50,448,584) | (1,136,613,380) | |
Class T | — | — | (1,036) | (23,331) | |
(54,496,316) | (996,917,643) | (62,053,000) | (1,386,388,541) | ||
Net increase (decrease) | (34,145,698) | $(621,418,394) | (26,693,758) | $ (598,763,490) |
Dividend Value | Mid Cap Value | Small Cap Value | |
Tax cost of investments | $2,594,380,448 | $267,808,555 | $ 734,690,271 |
Gross unrealized: | |||
Appreciation | $ 163,021,757 | $ 44,781,748 | $ 79,522,142 |
Depreciation | (148,700,724) | (26,986,323) | (129,246,674) |
Net unrealized appreciation (depreciation) of investments | $ 14,321,033 | $ 17,795,425 | $ (49,724,532) |
Dividend Value | Mid Cap Value | Small Cap Value | |
Undistributed net ordinary income1 | $ — | $3,615,403 | $510,721 |
Undistributed net long-term capital gains | — | — | — |
1 | Net ordinary income consists of net taxable income derived from dividends, interest, and net short-term capital gains, if any. |
2020 | Dividend Value | Mid Cap Value | Small Cap Value |
Distributions from net ordinary income1 | $ 46,647,165 | $3,801,189 | $17,545,179 |
Distributions from net long-term capital gains2 | 117,154,455 | — | — |
2019 | Dividend Value | Mid Cap Value | Small Cap Value |
Distributions from net ordinary income1 | $23,543,456 | $1,112,194 | $25,173,480 |
Distributions from net long-term capital gains | 78,600,703 | 9,028,087 | 51,926,594 |
1 | Net ordinary income consists of net taxable income derived from dividends, interest, and net short-term capital gains, if any. |
2 | The Funds hereby designate as long-term capital gain dividend, pursuant to the Internal Revenue Code 852(b)(3), the amount necessary to reduce earnings and profits of the Funds related to net capital gain to zero for the tax year ended October 31, 2020. |
Dividend Value | Mid Cap Value | Small Cap Value | |
Not subject to expiration: | |||
Short-term | $225,916,433 | $13,443,582 | $121,426,773 |
Long-term | — | 6,470,679 | 314,924,262 |
Total | $225,916,433 | $19,914,261 | $436,351,035 |
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 | 0.1746% |
Mid Cap Value | 0.2000% |
Small Cap Value | 0.1629% |
Fund | Expense Cap | Expense Cap Expiration Date |
Mid Cap Value | 0.920% | July 31, 2022 |
Small Cap Value | 0.990 | July 31, 2022 |
Dividend Value | Mid Cap Value | Small Cap Value | |
Sales charges collected (Unaudited) | $61,773 | $27,602 | $73,115 |
Paid to financial intermediaries (Unaudited) | 54,759 | 24,225 | 64,689 |
Dividend Value | Mid Cap Value | Small Cap Value | |
Commission advances (Unaudited) | $18,443 | $5,737 | $26,801 |
Dividend Value | Mid Cap Value | Small Cap Value | |
12b-1 fees retained (Unaudited) | $13,575 | $8,162 | $26,945 |
Dividend Value | Mid Cap Value | Small Cap Value | |
CDSC retained (Unaudited) | $958 | $1,216 | $4,938 |
Dividend Value | Mid Cap Value | Small Cap Value | |
Maximum outstanding balance | $12,800,000 | $9,300,000 | $21,700,000 |
Dividend Value | Mid Cap Value | Small Cap Value | |
Utilization period (days outstanding) | 3 | 3 | 23 |
Average daily balance outstanding | $8,933,333 | $9,300,000 | $9,721,739 |
Average annual interest rate | 1.78% | 2.68% | 1.97% |
Dividend Value | Mid Cap Value | Small Cap Value | |
% of DRD | 100.0% | 100.0% | 100.0% |
% of QDI | 100.0% | 100.0% | 100.0% |
• | Fund Improvements and Product Management Initiatives – continuing to proactively manage the Nuveen fund complex as a whole and at the individual fund level with an aim to enhance the shareholder outcomes through, among other things, rationalizing the product line and gaining efficiencies through mergers, repositionings and liquidations; launching new share classes; reviewing and updating investment policies and benchmarks; closing funds to new investments; rebranding the exchange-traded fund (“ETF”) product line; and integrating certain investment teams and changing the portfolio managers serving various funds; |
• | Capital Initiatives – continuing to invest capital to support new Nuveen funds with initial capital as well as to facilitate modifications to the strategies or structure of existing funds; |
• | Liquidity Management – implementing the liquidity risk management program which was designed to assess and manage the liquidity risk of the Nuveen funds. The Board noted that this program was particularly helpful in addressing the high volatility and liquidity challenges that arose in the market, particularly for the high yield municipal sector, during the first half of 2020; |
• | Compliance Program Initiatives – continuing efforts to mitigate compliance risk, increase operating efficiencies, strengthen key compliance program elements and support international business growth and other objectives through, among other things, integrating various investment teams across affiliates, consolidating marketing review functions, enhancing compliance related technologies and establishing and maintaining shared broad-based compliance policies throughout the organization and its affiliates; |
• | Risk Management and Valuation Services – continuing efforts to provide Nuveen with a more disciplined and consistent approach to identifying and mitigating the firm’s operational risks through, among other things, enhancing the interaction and reporting between the investment risk management team and various affiliates and adopting a risk operational framework across the complex; |
• | Regulatory Matters – continuing efforts to monitor regulatory trends and advocate on behalf of the Nuveen funds, to implement and comply with new or revised rules and mandates and to respond to regulatory inquiries and exams; |
• | Government Relations – continuing efforts of various Nuveen teams and affiliates to develop policy positions on a broad range of issues that may impact the Nuveen funds, advocate and communicate these positions to lawmakers and other regulatory authorities and work with trade associations to ensure these positions are represented; |
• | Business Continuity, Disaster Recovery and Information Services – continuing to periodically test business continuity and disaster recovery plans, maintain an information security program designed to identify and manage information security risks, and provide reports to the Board, at least annually, addressing, among other things, management’s security risk assessment, cyber risk profile, potential impact of new or revised laws and regulations, incident tracking and other relevant information technology risk-related reports; and |
• | Expanded Dividend Management Services – continuing to manage the dividends among the varying types of Nuveen funds within the Nuveen complex to be consistent with the respective fund’s product design and investing resources to develop systems to assist in the process for newer products such as target term funds and ETFs. |
Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed (1) | Principal Occupation(s) Including other Directorships During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Director |
Independent Directors: | ||||
Terence J. Toth 1959 333 W. Wacker Drive Chicago, IL 60606 | Chairman and Director | 2008 | Formerly, a Co-Founding Partner, Promus Capital (2008-2017); Director, Quality Control Corporation (manufacturing) (since 2012); member: Catalyst Schools of Chicago Board (since 2008) and Mather Foundation Board (philanthropy) (since 2012), and chair of its investment committee; formerly, Director, Fulcrum IT Services LLC (information technology services firm to government entities) (2010-2019); formerly, Director, Legal & General Investment Management America, Inc. (asset management) (2008-2013); formerly, CEO and President, Northern Trust Global Investments (financial services) (2004-2007); Executive Vice President, Quantitative Management & Securities Lending (2000-2004); prior thereto, various positions with Northern Trust Company (financial services) (since 1994); formerly, Member, Northern Trust Mutual Funds Board (2005-2007), Northern Trust Global Investments Board (2004-2007), Northern Trust Japan Board (2004-2007), Northern Trust Securities Inc. Board (2003- 2007) and Northern Trust Hong Kong Board (1997-2004). | 150 |
Jack B. Evans 1948 333 W. Wacker Drive Chicago, IL 60606 | Director | 1999 | Chairman (since 2019), formerly, President (1996-2019), The Hall-Perrine Foundation, (private philanthropic corporation); Director and Chairman, United Fire Group, a publicly held company; Director, Public member, American Board of Orthopaedic Surgery (since 2015); Life Trustee of Coe College and the Iowa College Foundation; formerly, President Pro-Tem of the Board of Regents for the State of Iowa University System; formerly, Director, Alliant Energy and The Gazette Company (media and publishing); formerly, Director, Federal Reserve Bank of Chicago; formerly, President and Chief Operating Officer, SCI Financial Group, Inc., (regional financial services firm). | 150 |
Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed (1) | Principal Occupation(s) Including other Directorships During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Director |
William C. Hunter 1948 333 W. Wacker Drive Chicago, IL 60606 | Director | 2003 | Dean Emeritus, formerly, Dean, Tippie College of Business, University of Iowa (2006-2012); Director of Wellmark, Inc. (since 2009); past Director (2005-2015), and past President (2010- 2014) Beta Gamma Sigma, Inc., The International Business Honor Society; formerly, Director (2004-2018) of Xerox Corporation; Dean and Distinguished Professor of Finance, School of Business at the University of Connecticut (2003-2006); previously, Senior Vice President and Director of Research at the Federal Reserve Bank of Chicago (1995-2003); formerly, Director (1997-2007), Credit Research Center at Georgetown University. | 150 |
Albin F. Moschner 1952 333 W. Wacker Drive Chicago, IL 60606 | Director | 2016 | Founder and Chief Executive Officer, Northcroft Partners, LLC, (management consulting) (since 2012); formerly, Chairman (2019), and Director (2012-2019), USA Technologies, Inc., (provider of solutions and services to facilitate electronic payment transactions); formerly, Director, Wintrust Financial Corporation (1996-2016); previously, held positions at Leap Wireless International, Inc. (telecommunication services), including Consultant (2011-2012), Chief Operating Officer (2008-2011), and Chief Marketing Officer (2004-2008); formerly, President, Verizon Card Services division of Verizon Communications, Inc. (2000-2003); formerly, President, One Point Services at One Point Communications (telecommunication services) (1999-2000); formerly, Vice Chairman of the Board, Diba, Incorporated (internet technology provider) (1996-1997); formerly, various executive positions (1991-1996) and Chief Executive Officer (1995-1996) of Zenith Electronics Corporation (consumer electronics). | 150 |
John K. Nelson 1962 333 W. Wacker Drive Chicago, IL 60606 | Director | 2013 | Member of Board of Directors of Core12 LLC. (private firm which develops branding, marketing and communications strategies for clients) (since 2008); served The President's Council of Fordham University (2010-2019) and previously a Director of the Curran Center for Catholic American Studies (2009-2018); formerly, senior external advisor to the Financial Services practice of Deloitte Consulting LLP. (2012-2014); former Chair of the Board of Trustees of Marian University (2010-2014 as trustee, 2011-2014 as Chair); formerly Chief Executive Officer of ABN AMRO Bank N.V., North America, and Global Head of the Financial Markets Division (2007-2008), with various executive leadership roles in ABN AMRO Bank N.V. between 1996 and 2007. | 150 |
Judith M. Stockdale 1947 333 W. Wacker Drive Chicago, IL 60606 | Director | 1997 | Board Member, Land Trust Alliance (national public charity addressing natural land and water conservation in the U.S.) (since 2013); formerly, Board Member, U.S. Endowment for Forestry and Communities (national endowment addressing forest health, sustainable forest production and markets, and economic health of forest-reliant communities in the U.S.) (2013-2019); formerly, Executive Director (1994-2012), Gaylord and Dorothy Donnelley Foundation (private foundation endowed to support both natural land conservation and artistic vitality); prior thereto, Executive Director, Great Lakes Protection Fund (1990-1994). | 150 |
Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed (1) | Principal Occupation(s) Including other Directorships During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Director |
Carole E. Stone 1947 333 W. Wacker Drive Chicago, IL 60606 | Director | 2007 | Former Director, Chicago Board Options Exchange (2006-2017), and C2 Options Exchange, Incorporated (2009-2017); former Director, Cboe Global Markets, Inc., formerly, CBOE Holdings, Inc. (2010-May 2020); formerly, Commissioner, New York State Commission on Public Authority Reform (2005-2010). | 150 |
Matthew Thornton III 1958 333 W. Wacker Drive Chicago, IL 60606 | Director | 2020 | Formerly, Executive Vice President and Chief Operating Officer (2018-2019), FedEx Freight Corporation, a subsidiary of FedEx Corporation ("FedEx") (provider of transportation, e-commerce and business services through its portfolio of companies); formerly, Senior Vice President, U.S. Operations (2006-2018), Federal Express Corporation, a subsidiary of FedEx; formerly Member of the Board of Directors (2012-2018), Safe Kids Worldwide® (a non-profit organization dedicated to preventing childhood injuries). Member of the Board of Directors (since 2014), The Sherwin-Williams Company (develops, manufactures, distributes and sells paints, coatings and related products); Director (since November 2020), Crown Castle International Corp. (owns, operates and leases cell towers and fiber routes supporting small cells and fiber solutions). | 150 |
Margaret L. Wolff 1955 333 W. Wacker Drive Chicago, IL 60606 | Director | 2016 | Formerly, member of the Board of Directors (2013-2017) of Travelers Insurance Company of Canada and The Dominion of Canada General Insurance Company (each, a part of Travelers Canada, the Canadian operation of The Travelers Companies, Inc.); formerly, Of Counsel, Skadden, Arps, Slate, Meagher & Flom LLP (legal services, Mergers & Acquisitions Group) (2005-2014); Member of the Board of Trustees of New York-Presbyterian Hospital (since 2005); Member (since 2004) and Chair (since 2015) of the Board of Trustees of The John A. Hartford Foundation (a philanthropy dedicated to improving the care of older adults); formerly, Member (2005-2015) and Vice Chair (2011-2015) of the Board of Trustees of Mt. Holyoke College. | 150 |
Robert L. Young 1963 333 W. Wacker Drive Chicago, IL 60606 | Director | 2017 | Formerly, Chief Operating Officer and Director, J.P. Morgan Investment Management Inc. (financial services) (2010-2016); formerly, President and Principal Executive Officer (2013-2016), and Senior Vice President and Chief Operating Officer (2005-2010), of J.P. Morgan Funds; formerly, Director and various officer positions for J.P. Morgan Investment Management Inc. (formerly, JPMorgan Funds Management, Inc. and formerly, One Group Administrative Services) and JPMorgan Distribution Services, Inc. (financial services) (formerly, One Group Dealer Services, Inc.) (1999-2017). | 150 |
Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed(2) | Principal Occupation(s) During Past 5 Years | |
Officers of the Funds: | ||||
Christopher E. Stickrod 1976 333 W. Wacker Drive Chicago, IL 60606 | Chief Administrative Officer | 2020 | Senior Managing Director (since 2017) and Head of Advisory Product (since 2020), formerly, Managing Director (2016-2017) and Senior Vice President (2013-2016) of Nuveen, LLC; Senior Managing Director of Nuveen Securities, LLC (since 2018) and of Nuveen Fund Advisors, LLC (since 2019). | |
Mark J. Czarniecki 1979 901 Marquette Avenue Minneapolis, MN 55402 | Vice President and Secretary | 2013 | Vice President and Assistant Secretary of Nuveen Securities, LLC (since 2016) and Nuveen Fund Advisors (since 2017); Vice President and Associate General Counsel of Nuveen (since 2013) and Vice President, Assistant Secretary and Associate General Counsel of Nuveen Asset Management (since 2018). |
Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed(2) | Principal Occupation(s) During Past 5 Years | |
Diana R. Gonzalez 1978 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Assistant Secretary | 2017 | Vice President and Assistant Secretary of Nuveen Fund Advisors, LLC (since 2017); Vice President and Associate General Counsel of Nuveen (since 2017); Associate General Counsel of Jackson National Asset Management (2012-2017). | |
Nathaniel T. Jones 1979 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Treasurer | 2016 | Managing Director (since 2017), formerly, Senior Vice President (2016-2017), formerly, Vice President (2011- 2016) of Nuveen; Managing Director (since 2015) of Nuveen Fund Advisors, LLC; Chartered Financial Analyst. | |
Tina M. Lazar 1961 333 W. Wacker Drive Chicago, IL 60606 | Vice President | 2002 | Managing Director (since 2017), formerly, Senior Vice President (2014-2017) of Nuveen Securities, LLC. | |
Brian J. Lockhart 1974 333 W. Wacker Drive Chicago, IL 60606 | Vice President | 2019 | Managing Director (since 2019) of Nuveen Fund Advisors, LLC; Managing Director (since 2017), formerly, Vice President (2010-2017) of Nuveen; Head of Investment Oversight (since 2017), formerly, Team Leader of Manager Oversight (2015-2017); Chartered Financial Analyst and Certified Financial Risk Manager. | |
Jacques M. Longerstaey 1963 8500 Andrew Carnegie Blvd. Charlotte, NC 28262 | Vice President | 2019 | Senior Managing Director, Chief Risk Officer, Nuveen, LLC (since May 2019); Senior Managing Director (since May 2019) of Nuveen Fund Advisors, LLC; formerly, Chief Investment and Model Risk Officer, Wealth & Investment Management Division, Wells Fargo Bank (NA) (from 2013-2019). | |
Kevin J. McCarthy 1966 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Assistant Secretary | 2007 | Senior Managing Director (since 2017) and Secretary and General Counsel (since 2016) of Nuveen Investments, Inc., formerly, Executive Vice President (2016-2017) and Managing Director and Assistant Secretary (2008-2016); Senior Managing Director (since 2017) and Assistant Secretary (since 2008) of Nuveen Securities, LLC, formerly Executive Vice President (2016-2017) and Managing Director (2008-2016); Senior Managing Director (since 2017) and Secretary (since 2016) of Nuveen Fund Advisors, LLC, formerly, Co-General Counsel (2011-2020), Executive Vice President (2016-2017), Managing Director (2008-2016) and Assistant Secretary (2007-2016); Senior Managing Director (since 2017), Secretary (since 2016) of Nuveen Asset Management, LLC, formerly, Associate General Counsel (2011-2020), Executive Vice President (2016-2017) and Managing Director and Assistant Secretary (2011-2016); Senior Managing Director (since 2017) and Secretary (since 2016) of Nuveen Investments Advisers, LLC, formerly Executive Vice President (2016-2017); Vice President (since 2007) and Secretary (since 2016), formerly, Assistant Secretary, of NWQ Investment Management Company, LLC, Symphony Asset Management, LLC, Santa Barbara Asset Management, LLC and Winslow Capital Management, LLC (since 2010). Senior Managing Director (since 2017) and Secretary (since 2016) of Nuveen Alternative Investments, LLC. | |
Jon Scott Meissner 1973 8500 Andrew Carnegie Blvd. Charlotte, NC 28262 | Vice President | 2019 | Managing Director of Mutual Fund Tax and Financial Reporting groups at Nuveen (since 2017); Managing Director of Nuveen Fund Advisors, LLC (since 2019); Senior Director of Teachers Advisors, LLC and TIAA-CREF Investment Management, LLC (since 2016); Senior Director (since 2015) Mutual Fund Taxation to the TIAA-CREF Funds, the TIAA-CREF Life Funds, the TIAA Separate Account VA-1 and the CREF Accounts; has held various positions with TIAA since 2004. | |
Deann D. Morgan 1969 730 Third Avenue New York, NY 10017 | Vice President | 2020 | President, Nuveen Fund Advisors, LLC (since November 2020); Executive Vice President, Global Head of Product at Nuveen (since 2019); Co-Chief Executive Officer of Nuveen Securities, LLC (since March 2020); Managing Member MDR Collaboratory LLC (since 2018); Managing Director, Head of Wealth Management Product Structuring & COO Multi Asset Investing. The Blackstone Group (2013-2017). |
Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed(2) | Principal Occupation(s) During Past 5 Years | |
Christopher M. Rohrbacher 1971 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Assistant Secretary | 2008 | Managing Director (since 2017) and Assistant Secretary of Nuveen Securities, LLC; Managing Director (since 2017), formerly, Senior Vice President (2016-2017), General Counsel (since 2020), formerly, Co-General Counsel (2019-2020) and Assistant Secretary (since 2016) of Nuveen Fund Advisors, LLC; Managing Director, Associate General Counsel and Assistant Secretary of Nuveen Asset Management, LLC (since 2020); Managing Director (since 2017), formerly, Senior Vice President (2012-2017) and Associate General Counsel (sdince 2016), formerly, Assistant General Counsel (2008-2016) of Nuveen. | |
William A. Siffermann 1975 333 W. Wacker Drive Chicago, IL 60606 | Vice President | 2017 | Managing Director (since 2017), formerly Senior Vice President (2016-2017) and Vice President (2011-2016) of Nuveen. | |
E. Scott Wickerham 1973 8500 Andrew Carnegie Blvd. Charlotte, NC 28262 | Vice President and Controller | 2019 | Senior Managing Director, Head of Fund Administration at Nuveen, LLC (since 2019), formerly, Managing Director; Senior Managing Director (since 2019), Nuveen Fund Advisors, LLC; Principal Financial Officer, Principal Accounting Officer and Treasurer (since 2017) to the TIAA-CREF Funds, the TIAA-CREF Life Funds, the TIAA Separate Account VA-1 and the Treasurer (since 2017) to the CREF Accounts; Senior Director, TIAA-CREF Fund Administration (2014-2015); has held various positions with TIAA since 2006. | |
Mark L. Winget 1968 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Secretary | 2008 | Vice President and Assistant Secretary of Nuveen Securities, LLC (since 2008), and Nuveen Fund Advisors, LLC (since 2009); Vice President, Associate General Counsel and Assistant Secretary of Nuveen Asset Management, LLC (since 2020); Vice President (since 2010) and Associate General Counsel (since 2016), formerly, Assistant General Counsel (2008-2016) of Nuveen. | |
Gifford R. Zimmerman 1956 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Chief Compliance Officer | 1988 | Formerly: Managing Director (2002-2020) and Assistant Secretary of Nuveen Securities, LLC; Managing Director (2002-2020), Assistant Secretary (1997-2020) and Co-General Counsel (2011-2020) of Nuveen Fund Advisors, LLC; Managing Director (2004-2020) and Assistant Secretary (1994-2020) of Nuveen Investments, Inc.; Managing Director, Assistant Secretary and Associate General Counsel of Nuveen Asset Management, LLC (2011-2020); Vice President (2017-2020) Managing Director (2003-2017) and Assistant Secretary (2003-2020) of Symphony Asset Management LLC; Vice President and Assistant Secretary of NWQ Investment Management Company, LLC, Santa Barbara Asset Management, LLC (2006-2020) and of Winslow Capital Management, LLC (2010-2020); Chartered Financial Analyst. |
![](https://capedge.com/proxy/N-CSR/0001193125-21-003943/g12533img508d28a81.gif)
Serving Investors for Generations
![](https://capedge.com/proxy/N-CSR/0001193125-21-003943/g30531imgd67580fb1.gif)
Fund Name | Class A | Class C | Class R3 | Class R6 | Class I |
Nuveen Mid Cap Growth Opportunities Fund | FRSLX | FMECX | FMEYX | FMEFX | FISGX |
Nuveen Small Cap Growth Opportunities Fund | FRMPX | FMPCX | FMPYX | FMPFX | FIMPX |
![](https://capedge.com/proxy/N-CSR/0001193125-21-003943/g30531imgd67580fb1.gif)
![](https://capedge.com/proxy/N-CSR/0001193125-21-003943/g30531imgc9b14ecc2.jpg)
![](https://capedge.com/proxy/N-CSR/0001193125-21-003943/g30531img5d1f6f3d3.jpg)
Total Returns as of October 31, 2020* | |||||||
Average Annual | Expense Ratios** | ||||||
Inception Date | 1-Year | 5-Year | 10-Year | Gross | Net | ||
Class A Shares at NAV | 1/09/95 | 28.09% | 12.49% | 12.54% | 1.24% | 1.17% | |
Class A Shares at maximum Offering Price | 1/09/95 | 20.74% | 11.16% | 11.88% | — | — | |
Russell Midcap® Growth Index | — | 21.14% | 14.15% | 14.13% | — | — | |
Lipper Mid-Cap Growth Funds Classification Average | — | 25.14% | 14.27% | 13.48% | — | — | |
Class C Shares | 9/24/01 | 27.07% | 11.64% | 11.69% | 2.00% | 1.92% | |
Class R3 Shares | 12/11/00 | 27.77% | 12.21% | 12.26% | 1.50% | 1.42% | |
Class I Shares | 12/28/89 | 28.38% | 12.77% | 12.82% | 1.00% | 0.92% |
Total Returns as of October 31, 2020* | |||||||
Average Annual | Expense Ratios** | ||||||
Inception Date | 1-Year | 5-Year | Since Inception | Gross | Net | ||
Class R6 Shares | 2/28/13 | 28.54% | 12.92% | 13.27% | 0.86% | 0.79% |
![](https://capedge.com/proxy/N-CSR/0001193125-21-003943/g30531imgb1503de84.gif)
Total Returns as of October 31, 2020* | |||||||
Average Annual | Expense Ratios** | ||||||
Inception Date | 1-Year | 5-Year | 10-Year | Gross | Net | ||
Class A Shares at NAV | 8/01/95 | 30.55% | 13.62% | 12.62% | 1.40% | 1.24% | |
Class A Shares at maximum Offering Price | 8/01/95 | 23.03% | 12.28% | 11.95% | — | — | |
Russel 2000® Growth Index | — | 13.37% | 10.36% | 11.95% | — | — | |
Lipper Small-Cap Growth Funds Classification Average | — | 19.12% | 12.30% | 12.28% | — | — | |
Class C Shares | 9/24/01 | 29.51% | 12.77% | 11.78% | 2.15% | 1.99% | |
Class R3 Shares | 12/11/00 | 30.18% | 13.32% | 12.33% | 1.65% | 1.49% | |
Class I Shares | 8/01/95 | 30.81% | 13.89% | 12.89% | 1.14% | 0.99% |
Total Returns as of October 31, 2020* | ||||||
Average Annual | Expense Ratios** | |||||
Inception Date | 1-Year | Since Inception | Gross | Net | ||
Class R6 Shares | 6/30/16 | 31.14% | 17.44% | 1.02% | 0.86% |
![](https://capedge.com/proxy/N-CSR/0001193125-21-003943/g30531imgb1cd63a35.gif)
Fund Allocation (% of net assets) | |
Common Stocks | 98.9% |
Investments Purchased with Collateral from Securities Lending | 1.3% |
Repurchase Agreements | 1.6% |
Other Assets Less Liabilities | (1.8)% |
Net Assets | 100% |
Portfolio Composition (% of net assets) | |
Software | 17.6% |
Health Care Equipment & Supplies | 8.6% |
IT Services | 7.8% |
Semiconductors & Semiconductor Equipment | 7.4% |
Biotechnology | 7.1% |
Hotels, Restaurants & Leisure | 4.8% |
Specialty Retail | 4.4% |
Health Care Providers & Services | 3.7% |
Pharmaceuticals | 2.5% |
Machinery | 2.4% |
Building Products | 2.3% |
Textiles, Apparel & Luxury Goods | 2.3% |
Capital Markets | 2.3% |
Interactive Media & Services | 2.1% |
Household Products | 1.9% |
Commercial Services & Supplies | 1.8% |
Other 1 | 19.9% |
Investments Purchased with Collateral from Securities Lending | 1.3% |
Repurchase Agreements | 1.6% |
Other Assets Less Liabilities | (1.8)% |
Net Assets | 100% |
Top Five Common Stock Holdings (% of net assets) | |
Synopsys Inc | 2.9% |
Horizon Therapeutics Plc | 2.5% |
Lululemon Athletica Inc | 2.3% |
MSCI Inc | 2.3% |
DocuSign Inc | 2.2% |
1 | See Portfolio of Investments for details on "other" Portfolio Composition. |
Fund Allocation (% of net assets) | |
Common Stocks | 97.0% |
Exchange-Traded Funds | 1.5% |
Investments Purchased with Collateral from Securities Lending | 2.1% |
Repurchase Agreements | 1.9% |
Other Assets Less Liabilities | (2.5)% |
Net Assets | 100% |
Portfolio Composition (% of net assets) | |
Software | 11.1% |
Biotechnology | 10.6% |
Health Care Equipment & Supplies | 6.4% |
Hotels, Restaurants & Leisure | 6.3% |
Semiconductors & Semiconductor Equipment | 5.7% |
Health Care Providers & Services | 5.3% |
IT Services | 4.4% |
Pharmaceuticals | 3.6% |
Building Products | 3.0% |
Equity Real Estate Investment Trust | 2.7% |
Machinery | 2.6% |
Textiles, Apparel & Luxury Goods | 2.6% |
Household Durables | 2.2% |
Aerospace & Defense | 2.2% |
Health Care Technology | 2.1% |
Electrical Equipment | 2.1% |
Insurance | 2.0% |
Electronic Equipment, Instruments & Components | 1.9% |
Food Products | 1.7% |
Other 1 | 18.5% |
Exchange-Traded Funds | 1.5% |
Investments Purchased with Collateral from Securities Lending | 2.1% |
Repurchase Agreements | 1.9% |
Other Assets Less Liabilities | (2.5)% |
Net Assets | 100% |
Top Five Common Stock Holdings (% of net assets) | |
MAXIMUS Inc | 1.9% |
Horizon Therapeutics Plc | 1.8% |
Lattice Semiconductor Corp | 1.8% |
LiveRamp Holdings Inc | 1.8% |
MyoKardia Inc | 1.7% |
1 | See Portfolio of Investments for details on "other" Portfolio Composition. |
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 | $1,260.21 | $1,254.69 | $1,258.46 | $1,262.16 | $1,261.60 |
Expenses Incurred During the Period | $ 6.65 | $ 10.88 | $ 8.06 | $ 4.66 | $ 5.23 |
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 | $1,019.25 | $1,015.48 | $1,018.00 | $1,021.01 | $1,020.51 |
Expenses Incurred During the Period | $ 5.94 | $ 9.73 | $ 7.20 | $ 4.17 | $ 4.67 |
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 | $1,292.53 | $1,287.42 | $1,290.52 | $1,295.77 | $1,293.91 |
Expenses Incurred During the Period | $ 7.03 | $ 11.33 | $ 8.52 | $ 4.27 | $ 5.65 |
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 | $1,019.00 | $1,015.23 | $1,017.70 | $1,021.42 | $1,020.21 |
Expenses Incurred During the Period | $ 6.19 | $ 9.98 | $ 7.51 | $ 3.76 | $ 4.98 |
October 31, 2020 by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinions.
Shares | Description (1) | Value | ||||
LONG-TERM INVESTMENTS – 98.9% | ||||||
COMMON STOCKS – 98.9% | ||||||
Aerospace & Defense – 1.2% | ||||||
68,236 | Mercury Systems Inc, (2) | $ 4,700,096 | ||||
Auto Components – 1.2% | ||||||
46,861 | Aptiv PLC | 4,521,618 | ||||
Biotechnology – 7.1% | ||||||
67,084 | BioMarin Pharmaceutical Inc, (2) | 4,993,062 | ||||
39,082 | Exact Sciences Corp, (2) | 4,839,524 | ||||
60,501 | Global Blood Therapeutics Inc, (2) | 3,199,293 | ||||
44,338 | Moderna Inc, (2) | 2,991,485 | ||||
34,570 | Sarepta Therapeutics Inc, (2) | 4,698,408 | ||||
39,281 | Seagen Inc, (2) | 6,552,071 | ||||
Total Biotechnology | 27,273,843 | |||||
Building Products – 2.3% | ||||||
76,499 | Owens Corning | 5,008,389 | ||||
57,818 | Trex Co Inc, (2) | 4,020,664 | ||||
Total Building Products | 9,029,053 | |||||
Capital Markets – 2.3% | ||||||
24,983 | MSCI Inc | 8,740,053 | ||||
Chemicals – 1.2% | ||||||
189,963 | Axalta Coating Systems Ltd, (2) | 4,769,971 | ||||
Commercial Services & Supplies – 1.8% | ||||||
21,812 | Cintas Corp | 6,860,965 | ||||
Communications Equipment – 1.2% | ||||||
118,351 | Ciena Corp, (2) | 4,661,846 | ||||
Consumer Finance – 1.5% | ||||||
163,257 | OneMain Holdings Inc | 5,696,037 | ||||
Containers & Packaging – 0.9% | ||||||
76,994 | Berry Global Group Inc, (2) | 3,590,230 | ||||
Diversified Consumer Services – 1.5% | ||||||
78,005 | Chegg Inc, (2) | 5,728,687 |
Shares | Description (1) | Value | ||||
Electrical Equipment – 0.7% | ||||||
53,157 | Sunrun Inc, (2) | $ 2,765,227 | ||||
Electronic Equipment, Instruments & Components – 1.7% | ||||||
63,166 | Keysight Technologies Inc, (2) | 6,624,218 | ||||
Entertainment – 1.7% | ||||||
32,488 | Roku Inc, (2) | 6,575,571 | ||||
Food Products – 1.3% | ||||||
42,609 | Freshpet Inc, (2) | 4,878,730 | ||||
Health Care Equipment & Supplies – 8.6% | ||||||
18,729 | Align Technology Inc, (2) | 7,980,052 | ||||
9,562 | DexCom Inc, (2) | 3,055,824 | ||||
94,809 | Hologic Inc, (2) | 6,524,756 | ||||
23,211 | Insulet Corp, (2) | 5,158,645 | ||||
23,201 | Quidel Corp, (2) | 6,224,596 | ||||
13,343 | Teleflex Inc | 4,246,143 | ||||
Total Health Care Equipment & Supplies | 33,190,016 | |||||
Health Care Providers & Services – 3.7% | ||||||
17,698 | Amedisys Inc, (2) | 4,583,782 | ||||
20,026 | Molina Healthcare Inc, (2) | 3,734,248 | ||||
49,243 | Quest Diagnostics Inc | 6,014,540 | ||||
Total Health Care Providers & Services | 14,332,570 | |||||
Health Care Technology – 1.2% | ||||||
24,272 | Teladoc Health Inc, (2), (3) | 4,768,477 | ||||
Hotels, Restaurants & Leisure – 4.8% | ||||||
6,860 | Chipotle Mexican Grill Inc, (2) | 8,242,153 | ||||
39,046 | Darden Restaurants Inc | 3,589,108 | ||||
63,600 | Penn National Gaming Inc, (2) | 3,433,128 | ||||
55,315 | Planet Fitness Inc, Class A, (2) | 3,278,520 | ||||
Total Hotels, Restaurants & Leisure | 18,542,909 | |||||
Household Products – 1.9% | ||||||
82,838 | Church & Dwight Co Inc | 7,322,051 | ||||
Interactive Media & Services – 2.1% | ||||||
70,635 | Match Group Inc, (2) | 8,248,755 | ||||
Internet & Direct Marketing Retail – 1.2% | ||||||
73,346 | Chewy Inc, (2), (3) | 4,518,114 | ||||
IT Services – 7.8% | ||||||
51,906 | Akamai Technologies Inc, (2) | 4,937,299 |
Shares | Description (1) | Value | ||||
IT Services (continued) | ||||||
35,696 | Euronet Worldwide Inc, (2) | $3,171,233 | ||||
26,874 | FleetCor Technologies Inc, (2) | 5,936,735 | ||||
66,857 | MAXIMUS Inc | 4,518,196 | ||||
24,284 | Okta Inc, (2) | 5,095,512 | ||||
33,442 | VeriSign Inc, (2) | 6,377,389 | ||||
Total IT Services | 30,036,364 | |||||
Leisure Products – 1.1% | ||||||
44,815 | Polaris Inc | 4,071,891 | ||||
Machinery – 2.4% | ||||||
162,998 | Colfax Corp, (2) | 4,431,915 | ||||
23,180 | Parker-Hannifin Corp | 4,829,785 | ||||
Total Machinery | 9,261,700 | |||||
Pharmaceuticals – 2.5% | ||||||
131,004 | Horizon Therapeutics Plc, (2) | 9,816,130 | ||||
Road & Rail – 1.2% | ||||||
124,623 | Knight-Swift Transportation Holdings Inc | 4,734,428 | ||||
Semiconductors & Semiconductor Equipment – 7.4% | ||||||
60,737 | Enphase Energy Inc, (2) | 5,957,692 | ||||
53,356 | Inphi Corp, (2) | 7,457,035 | ||||
22,472 | Monolithic Power Systems Inc | 7,182,051 | ||||
68,370 | Xilinx Inc | 8,114,835 | ||||
Total Semiconductors & Semiconductor Equipment | 28,711,613 | |||||
Software – 17.6% | ||||||
93,013 | Anaplan Inc, (2) | 5,148,270 | ||||
38,001 | Avalara Inc, (2) | 5,664,049 | ||||
84,958 | Cloudflare Inc, (2) | 4,415,267 | ||||
42,371 | DocuSign Inc, (2) | 8,569,535 | ||||
19,161 | HubSpot Inc, (2) | 5,558,031 | ||||
72,866 | LivePerson Inc, (2) | 3,895,416 | ||||
54,352 | Proofpoint Inc, (2) | 5,203,661 | ||||
82,338 | Rapid7 Inc, (2) | 5,099,192 | ||||
26,870 | RingCentral Inc, Class A, (2) | 6,941,596 | ||||
51,710 | Synopsys Inc, (2) | 11,058,701 | ||||
11,901 | Trade Desk Inc, (2) | 6,741,321 | ||||
Total Software | 68,295,039 | |||||
Specialty Retail – 4.4% | ||||||
47,440 | Best Buy Co Inc | 5,291,932 | ||||
17,820 | O'Reilly Automotive Inc, (2) | 7,780,212 |
Shares | Description (1) | Value | ||||
Specialty Retail (continued) | ||||||
19,861 | Ulta Beauty Inc, (2) | $ 4,106,659 | ||||
Total Specialty Retail | 17,178,803 | |||||
Textiles, Apparel & Luxury Goods – 2.3% | ||||||
28,009 | Lululemon Athletica Inc, (2) | 8,942,994 | ||||
Trading Companies & Distributors – 1.1% | ||||||
19,629 | Watsco Inc | 4,399,644 | ||||
Total Long-Term Investments (cost $293,644,685) | 382,787,643 |
Shares | Description (1) | Coupon | Value | |||
INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 1.3% | ||||||
MONEY MARKET FUNDS – 1.3% | ||||||
5,117,546 | State Street Navigator Securities Lending Government Money Market Portfolio, (4) | 0.090% (5) | $ 5,117,546 | |||
Total Investments Purchased with Collateral from Securities Lending (cost $5,117,546) | 5,117,546 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Value | ||
SHORT-TERM INVESTMENTS – 1.6% | ||||||
REPURCHASE AGREEMENTS – 1.6% | ||||||
$ 5,942 | Repurchase Agreement with Fixed Income Clearing Corporation, dated 10/30/20, repurchase price $5,942,024, collateralized $5,372,600 U.S. Treasury Notes, 2.375%, due 05/15/2027, value $6,060,875 | 0.000% | 11/02/20 | $ 5,942,024 | ||
Total Short-Term Investments (cost $5,942,024) | 5,942,024 | |||||
Total Investments (cost $304,704,255) – 101.8% | 393,847,213 | |||||
Other Assets Less Liabilities – (1.8)% | (6,837,580) | |||||
Net Assets – 100% | $ 387,009,633 |
For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease. | ||
(1) | All percentages shown in the Portfolio of Investments are based on net assets. | |
(2) | Non-income producing; issuer has not declared a dividend within the past twelve months. | |
(3) | Investment, or a portion of investment, is out on loan for securities lending. The total value of the securities out on loan as of the end of the reporting period was $4,551,483. | |
(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 4- Portfolio Securities and Investments in Derivatives for more information. | |
(5) | The rate shown is the one-day yield as of the end of the reporting period. |
Shares | Description (1) | Value | ||||
LONG-TERM INVESTMENTS – 98.5% | ||||||
COMMON STOCKS – 97.0% | ||||||
Aerospace & Defense – 2.2% | ||||||
144,452 | Kratos Defense & Security Solutions Inc, (2) | $2,728,698 | ||||
29,449 | Mercury Systems Inc, (2) | 2,028,447 | ||||
Total Aerospace & Defense | 4,757,145 | |||||
Air Freight & Logistics – 1.1% | ||||||
45,235 | Hub Group Inc, Class A, (2) | 2,267,631 | ||||
Banks – 1.0% | ||||||
63,611 | Preferred Bank | 2,151,960 | ||||
Biotechnology – 10.6% | ||||||
129,762 | Affimed NV, (2) | 410,048 | ||||
28,411 | Allogene Therapeutics Inc, (2) | 963,701 | ||||
113,291 | Amicus Therapeutics Inc, (2) | 2,019,979 | ||||
18,777 | Arena Pharmaceuticals Inc, (2) | 1,609,565 | ||||
38,474 | Arrowhead Pharmaceuticals Inc, (2) | 2,204,560 | ||||
7,747 | Ascendis Pharma A/S, Sponsored ADR, (2) | 1,265,473 | ||||
22,354 | Blueprint Medicines Corp, (2) | 2,286,367 | ||||
24,655 | Emergent BioSolutions Inc, (2) | 2,218,210 | ||||
28,513 | Fate Therapeutics Inc, (2) | 1,265,977 | ||||
21,214 | Global Blood Therapeutics Inc, (2) | 1,121,796 | ||||
49,128 | Halozyme Therapeutics Inc, (2) | 1,375,584 | ||||
25,542 | Invitae Corp, (2), (3) | 1,001,502 | ||||
55,899 | Iovance Biotherapeutics Inc, (2) | 1,994,476 | ||||
7,806 | Mirati Therapeutics Inc, (2) | 1,694,995 | ||||
14,585 | Turning Point Therapeutics Inc, (2) | 1,344,591 | ||||
Total Biotechnology | 22,776,824 | |||||
Building Products – 3.0% | ||||||
62,611 | AZEK Co Inc, (2) | 2,093,712 | ||||
46,262 | Patrick Industries Inc | 2,579,107 | ||||
102,085 | PGT, Inc, (2) | 1,692,569 | ||||
Total Building Products | 6,365,388 | |||||
Capital Markets – 1.2% | ||||||
31,575 | Evercore Inc, Class A | 2,511,476 | ||||
Chemicals – 1.2% | ||||||
85,810 | Avient Corp | 2,666,117 |
Shares | Description (1) | Value | ||||
Commercial Services & Supplies – 1.3% | ||||||
28,446 | Tetra Tech Inc | $ 2,870,486 | ||||
Construction & Engineering – 1.1% | ||||||
47,946 | MasTec Inc, (2) | 2,380,039 | ||||
Construction Materials – 1.1% | ||||||
132,186 | Summit Materials Inc, Class A, (2) | 2,338,370 | ||||
Diversified Consumer Services – 0.9% | ||||||
25,080 | Chegg Inc, (2) | 1,841,875 | ||||
Electrical Equipment – 2.1% | ||||||
40,593 | EnerSys | 2,906,459 | ||||
31,542 | Sunrun Inc, (2) | 1,640,815 | ||||
Total Electrical Equipment | 4,547,274 | |||||
Electronic Equipment, Instruments & Components – 1.9% | ||||||
32,282 | Array Technologies Inc, (2) | 1,189,592 | ||||
62,768 | II-VI Inc, (2) | 2,854,061 | ||||
Total Electronic Equipment, Instruments & Components | 4,043,653 | |||||
Equity Real Estate Investment Trust – 2.7% | ||||||
79,473 | Healthcare Realty Trust Inc | 2,209,350 | ||||
39,041 | QTS Realty Trust Inc | 2,401,412 | ||||
236,972 | Summit Hotel Properties Inc | 1,251,212 | ||||
Total Equity Real Estate Investment Trust | 5,861,974 | |||||
Food & Staples Retailing – 0.8% | ||||||
49,578 | Performance Food Group Co, (2) | 1,666,317 | ||||
Food Products – 1.7% | ||||||
31,949 | Freshpet Inc, (2) | 3,658,161 | ||||
Health Care Equipment & Supplies – 6.4% | ||||||
58,707 | AtriCure Inc, (2) | 2,028,914 | ||||
114,988 | Establishment Labs Holdings Inc, (2) | 2,878,150 | ||||
21,768 | Nevro Corp, (2) | 3,248,003 | ||||
44,935 | STAAR Surgical Co, (2) | 3,257,787 | ||||
22,077 | Tandem Diabetes Care Inc, (2) | 2,406,393 | ||||
Total Health Care Equipment & Supplies | 13,819,247 | |||||
Health Care Providers & Services – 5.3% | ||||||
84,881 | 1Life Healthcare Inc, (2) | 2,394,493 | ||||
26,308 | Addus HomeCare Corp, (2) | 2,566,872 | ||||
47,512 | AMN Healthcare Services Inc, (2) | 3,101,583 | ||||
15,280 | LHC Group Inc, (2) | 3,308,884 | ||||
Total Health Care Providers & Services | 11,371,832 |
Shares | Description (1) | Value | ||||
Health Care Technology – 2.1% | ||||||
87,120 | HMS Holdings Corp, (2) | $2,319,134 | ||||
19,293 | Inspire Medical Systems Inc, (2) | 2,304,163 | ||||
Total Health Care Technology | 4,623,297 | |||||
Hotels, Restaurants & Leisure – 6.3% | ||||||
79,779 | BJ's Restaurants Inc | 2,250,566 | ||||
28,464 | Jack in the Box Inc | 2,278,828 | ||||
33,270 | Papa John's International Inc | 2,548,482 | ||||
40,200 | Penn National Gaming Inc, (2) | 2,169,996 | ||||
29,098 | Planet Fitness Inc, Class A, (2) | 1,724,638 | ||||
22,453 | Wingstop Inc | 2,611,957 | ||||
Total Hotels, Restaurants & Leisure | 13,584,467 | |||||
Household Durables – 2.2% | ||||||
25,358 | Meritage Homes Corp, (2) | 2,208,428 | ||||
16,913 | TopBuild Corp, (2) | 2,591,241 | ||||
Total Household Durables | 4,799,669 | |||||
Insurance – 2.0% | ||||||
27,274 | eHealth Inc, (2) | 1,830,358 | ||||
13,607 | Kinsale Capital Group Inc | 2,550,904 | ||||
Total Insurance | 4,381,262 | |||||
IT Services – 4.4% | ||||||
198,407 | Everi Holdings Inc, (2) | 1,708,284 | ||||
57,344 | LiveRamp Holdings Inc, (2) | 3,789,865 | ||||
59,115 | MAXIMUS Inc | 3,994,992 | ||||
Total IT Services | 9,493,141 | |||||
Life Sciences Tools & Services – 1.3% | ||||||
72,480 | NeoGenomics Inc, (2) | 2,843,390 | ||||
Machinery – 2.6% | ||||||
38,900 | ESCO Technologies Inc | 3,255,541 | ||||
55,006 | SPX Corp, (2) | 2,331,704 | ||||
Total Machinery | 5,587,245 | |||||
Media – 1.2% | ||||||
32,626 | Nexstar Media Group Inc, Class A | 2,688,382 | ||||
Multiline Retail – 0.8% | ||||||
19,848 | Ollie's Bargain Outlet Holdings Inc, (2) | 1,728,562 | ||||
Paper & Forest Products – 1.5% | ||||||
113,109 | Louisiana-Pacific Corp | 3,232,655 | ||||
Pharmaceuticals – 3.6% | ||||||
53,143 | Horizon Therapeutics Plc, (2) | 3,982,005 |
Shares | Description (1) | Value | ||||
Pharmaceuticals (continued) | ||||||
16,534 | MyoKardia Inc, (2) | $ 3,695,845 | ||||
Total Pharmaceuticals | 7,677,850 | |||||
Professional Services – 1.0% | ||||||
58,848 | Huron Consulting Group Inc, (2) | 2,227,985 | ||||
Semiconductors & Semiconductor Equipment – 5.7% | ||||||
19,688 | Inphi Corp, (2) | 2,751,595 | ||||
109,335 | Lattice Semiconductor Corp, (2) | 3,815,791 | ||||
62,373 | MACOM Technology Solutions Holdings Inc, (2) | 2,276,615 | ||||
33,042 | Silicon Laboratories Inc, (2) | 3,385,483 | ||||
Total Semiconductors & Semiconductor Equipment | 12,229,484 | |||||
Software – 11.1% | ||||||
13,944 | Avalara Inc, (2) | 2,078,353 | ||||
33,411 | Blackline Inc, (2) | 3,263,586 | ||||
146,057 | Box Inc, (2) | 2,263,884 | ||||
63,993 | LivePerson Inc, (2) | 3,421,066 | ||||
67,304 | Model N Inc, (2) | 2,371,120 | ||||
66,348 | Ping Identity Holding Corp, (2) | 1,837,176 | ||||
31,521 | Q2 Holdings Inc, (2) | 2,875,976 | ||||
56,184 | Rapid7 Inc, (2) | 3,479,475 | ||||
55,211 | Sailpoint Technologies Holdings Inc, (2) | 2,291,809 | ||||
591,081 | Videopropulsion Inc, (2), (4) | 591 | ||||
Total Software | 23,883,036 | |||||
Specialty Retail – 1.5% | ||||||
9,338 | RH, (2) | 3,130,378 | ||||
Textiles, Apparel & Luxury Goods – 2.6% | ||||||
47,542 | Crocs Inc, (2) | 2,487,873 | ||||
12,221 | Deckers Outdoor Corp, (2) | 3,096,435 | ||||
Total Textiles, Apparel & Luxury Goods | 5,584,308 | |||||
Trading Companies & Distributors – 1.5% | ||||||
51,797 | Applied Industrial Technologies Inc | 3,162,207 | ||||
Total Common Stocks (cost $165,660,465) | 208,753,087 |
Shares | Description (1), (5) | Value | ||||
EXCHANGE-TRADED FUNDS – 1.5% | ||||||
28,850 | SPDR S&P Biotech ETF, (3) | $ 3,253,414 | ||||
Total Exchange-Traded Funds (cost $2,230,336) | 3,253,414 | |||||
Total Long-Term Investments (cost $167,890,801) | 212,006,501 |
Shares | Description (1) | Coupon | Value | |||
INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 2.1% | ||||||
MONEY MARKET FUNDS – 2.1% | ||||||
4,493,904 | State Street Navigator Securities Lending Government Money Market Portfolio, (6) | 0.090% (7) | $ 4,493,904 | |||
Total Investments Purchased with Collateral from Securities Lending (cost $4,493,904) | 4,493,904 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Value | ||
SHORT-TERM INVESTMENTS – 1.9% | ||||||
REPURCHASE AGREEMENTS – 1.9% | ||||||
$ 4,181 | Repurchase Agreement with Fixed Income Clearing Corporation, dated 10/30/20, repurchase price $4,180,874, collateralized $3,780,300 U.S. Treasury Notes, 2.375%, due 05/15/2027, value $4,264,588 | 0.000% | 11/02/20 | $ 4,180,874 | ||
Total Short-Term Investments (cost $4,180,874) | 4,180,874 | |||||
Total Investments (cost $176,565,579) – 102.5% | 220,681,279 | |||||
Other Assets Less Liabilities – (2.5)% | (5,390,333) | |||||
Net Assets – 100% | $ 215,290,946 |
For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease. | ||
(1) | All percentages shown in the Portfolio of Investments are based on net assets. | |
(2) | Non-income producing; issuer has not declared a dividend within the past twelve months. | |
(3) | Investment, or a portion of investment, is out on loan for securities lending. The total value of the securities out on loan as of the end of the reporting period was $4,211,273. | |
(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 3 - 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 4- Portfolio Securities and Investments in Derivatives for more information. | |
(7) | The rate shown is the one-day yield as of the end of the reporting period. | |
ADR | American Depositary Receipt | |
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 $293,644,685 and $167,890,801, respectively)(1) | $382,787,643 | $212,006,501 |
Investment purchased with collateral from securities lending, at value (cost approximates value) | 5,117,546 | 4,493,904 |
Short-term investments, at value (cost approximates value) | 5,942,024 | 4,180,874 |
Cash | — | 125,000 |
Receivable for: | ||
Dividends | 30,074 | — |
Due from affiliate | 19,024 | 21,452 |
Investments sold | 1,332,021 | 1,302,124 |
Shares sold | 969,063 | 100,414 |
Other assets | 94,123 | 34,177 |
Total assets | 396,291,518 | 222,264,446 |
Liabilities | ||
Payable for: | ||
Collateral from securities lending program | 5,117,546 | 4,493,904 |
Investments purchased - regular settlement | 2,793,012 | 1,976,262 |
Shares redeemed | 689,429 | 93,849 |
Accrued expenses: | ||
Directors fees | 64,694 | 236 |
Management fees | 270,143 | 194,632 |
12b-1 distribution and service fees | 53,556 | 11,531 |
Other | 293,505 | 203,086 |
Total liabilities | 9,281,885 | 6,973,500 |
Net assets | $387,009,633 | $215,290,946 |
Mid Cap Growth Opportunities | Small Cap Growth Opportunities | |
Class A Shares | ||
Net assets | $185,219,230 | $ 41,683,139 |
Shares outstanding | 5,409,794 | 1,524,109 |
Net asset value ("NAV") per share | $ 34.24 | $ 27.35 |
Offering price per share (NAV per share plus maximum sales charge of 5.75% of offering price) | $ 36.33 | $ 29.02 |
Class C Shares | ||
Net assets | $ 5,207,593 | $ 2,157,969 |
Shares outstanding | 268,219 | 111,011 |
NAV and offering price per share | $ 19.42 | $ 19.44 |
Class R3 Shares | ||
Net assets | $ 16,742,395 | $ 1,481,623 |
Shares outstanding | 555,500 | 58,510 |
NAV and offering price per share | $ 30.14 | $ 25.32 |
Class R6 Shares | ||
Net assets | $ 28,965,792 | $ 1,037,515 |
Shares outstanding | 623,395 | 30,792 |
NAV and offering price per share | $ 46.46 | $ 33.69 |
Class I Shares | ||
Net assets | $150,874,623 | $168,930,700 |
Shares outstanding | 3,303,508 | 5,061,489 |
NAV and offering price per share | $ 45.67 | $ 33.38 |
Fund level net assets consist of: | ||
Capital paid-in | $248,143,193 | $147,997,826 |
Total distributable earnings | 138,866,440 | 67,293,120 |
Fund level net assets | $387,009,633 | $215,290,946 |
Authorized shares - per class | 2 billion | 2 billion |
Par value per share | $ 0.0001 | $ 0.0001 |
(1) | Includes securities loaned of $4,551,483 and $4,211,273 for Mid Cap Growth Opportunities and Small Cap Growth Opportunities, respectively. |
Mid Cap Growth Opportunities | Small Cap Growth Opportunities | |
Investment Income | ||
Dividends | $ 3,185,329 | $ 913,224 |
Interest | 15,559 | 13,622 |
Securities lending income | 17,595 | 23,304 |
Payment from affiliate | 19,024 | 21,452 |
Total investment income | 3,237,507 | 971,602 |
Expenses | ||
Management fees | 2,889,452 | 1,745,241 |
12b-1 service fees - Class A Shares | 433,849 | 91,241 |
12b-1 distribution and service fees - Class C Shares | 54,294 | 16,957 |
12b-1 distribution and service fees - Class R3 Shares | 95,842 | 6,637 |
Shareholder servicing agent fees | 477,626 | 424,048 |
Custodian fees | 45,837 | 34,833 |
Professional fees | 52,738 | 44,172 |
Directors fees | 8,904 | 5,128 |
Shareholder reporting expenses | 38,659 | 113,156 |
Federal and state registration fees | 85,016 | 92,769 |
Other | 8,792 | 5,659 |
Total expenses before fee waiver/expense reimbursement | 4,191,009 | 2,579,841 |
Fee waiver/expense reimbursement | (262,870) | (418,060) |
Net expenses | 3,928,139 | 2,161,781 |
Net investment income (loss) | (690,632) | (1,190,179) |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) from investments | 57,097,989 | 26,616,300 |
Change in net unrealized appreciation (depreciation) of investments | 34,975,007 | 25,815,014 |
Net realized and unrealized gain (loss) | 92,072,996 | 52,431,314 |
Net increase (decrease) in net assets from operations | $91,382,364 | $51,241,135 |
Mid Cap Growth Opportunities | Small Cap Growth Opportunities | ||||
Year Ended 10/31/20 | Year Ended 10/31/19 | Year Ended 10/31/20 | Year Ended 10/31/19 | ||
Operations | |||||
Net investment income (loss) | $ (690,632) | $ (1,147,939) | $ (1,190,179) | $ (728,025) | |
Net realized gain (loss) from investments | 57,097,989 | 84,972,569 | 26,616,300 | (842,975) | |
Change in net unrealized appreciation (depreciation) of investments | 34,975,007 | (27,405,591) | 25,815,014 | 7,571,292 | |
Net increase (decrease) in net assets from operations | 91,382,364 | 56,419,039 | 51,241,135 | 6,000,292 | |
Distributions to Shareholders | |||||
Dividends: | |||||
Class A Shares | (36,832,892) | (33,688,438) | — | (5,069,832) | |
Class C Shares | (1,779,313) | (1,845,779) | — | (375,076) | |
Class R3 Shares | (5,055,764) | (4,617,499) | — | (170,130) | |
Class R6 Shares | (4,121,288) | (7,948,731) | — | (1,183,722) | |
Class I Shares | (25,757,305) | (42,429,100) | — | (6,735,701) | |
Decrease in net assets from distributions to shareholders | (73,546,562) | (90,529,547) | — | (13,534,461) | |
Fund Share Transactions | |||||
Proceeds from sale of shares | 43,267,276 | 45,420,126 | 38,637,603 | 141,918,570 | |
Proceeds from shares issued to shareholders due to reinvestment of distributions | 68,352,666 | 82,717,140 | — | 10,691,877 | |
111,619,942 | 128,137,266 | 38,637,603 | 152,610,447 | ||
Cost of shares redeemed | (135,150,062) | (319,546,880) | (84,106,692) | (46,024,192) | |
Net increase (decrease) in net assets from Fund share transactions | (23,530,120) | (191,409,614) | (45,469,089) | 106,586,255 | |
Net increase (decrease) in net assets | (5,694,318) | (225,520,122) | 5,772,046 | 99,052,086 | |
Net assets at the beginning of period | 392,703,951 | 618,224,073 | 209,518,900 | 110,466,814 | |
Net assets at the end of period | $ 387,009,633 | $ 392,703,951 | $215,290,946 | $209,518,900 |
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) | |||||||||
2020 | $33.66 | $(0.09) | $ 8.01 | $ 7.92 | $ — | $(7.34) | $(7.34) | $34.24 | |
2019 | 36.79 | (0.12) | 3.48 | 3.36 | — | (6.49) | (6.49) | 33.66 | |
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 | |
Class C (09/01) | |||||||||
2020 | 22.20 | (0.18) | 4.74 | 4.56 | — | (7.34) | (7.34) | 19.42 | |
2019 | 26.85 | (0.24) | 2.08 | 1.84 | — | (6.49) | (6.49) | 22.20 | |
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 | |
Class R3 (12/00) | |||||||||
2020 | 30.52 | (0.14) | 7.10 | 6.96 | — | (7.34) | (7.34) | 30.14 | |
2019 | 34.10 | (0.18) | 3.09 | 2.91 | — | (6.49) | (6.49) | 30.52 | |
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 | |
Class R6 (02/13) | |||||||||
2020 | 43.07 | 0.03 | 10.70 | 10.73 | — | (7.34) | (7.34) | 46.46 | |
2019 | 44.94 | 0.01 | 4.61 | 4.62 | — | (6.49) | (6.49) | 43.07 | |
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 | |
Class I (12/89) | |||||||||
2020 | 42.49 | (0.01) | 10.53 | 10.52 | — | (7.34) | (7.34) | 45.67 | |
2019 | 44.49 | (0.05) | 4.54 | 4.49 | — | (6.49) | (6.49) | 42.49 | |
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 |
Ratios/Supplemental Data | |||||||||
Ratios to Average Net Assets Before Waiver/Reimbursement | Ratios to Average Net Assets After Waiver/Reimbursement(d) | ||||||||
Total Return(b), (c) | Ending Net Assets (000) | Expenses | Net Investment Income (Loss) | Net Investment Income (Loss) Excluding Payment From Affiliates | Expenses | Net Investment Income (Loss) | Net Investment Income (Loss) Excluding Payment From Affiliates | Portfolio Turnover Rate(e) | |
28.09% | $185,219 | 1.24% | (0.36)% | (0.37)% | 1.17% | (0.29)% | (0.30)% | 89% | |
13.43 | 172,912 | 1.24 | (0.42) | N/A | 1.17 | (0.35) | N/A | 90 | |
2.35 | 196,212 | 1.23 | (0.56) | N/A | 1.17 | (0.51) | N/A | 106 | |
25.89 | 250,908 | 1.23 | (0.48) | N/A | 1.17 | (0.43) | N/A | 136 | |
(3.78) | 280,681 | 1.29 | (0.35) | N/A | 1.27 | (0.33) | N/A | 89 | |
27.07 | 5,208 | 1.99 | (1.11) | (1.12) | 1.92 | (1.04) | (1.05) | 89 | |
12.58 | 5,664 | 2.00 | (1.18) | N/A | 1.92 | (1.11) | N/A | 90 | |
1.60 | 7,936 | 1.98 | (1.30) | N/A | 1.92 | (1.25) | N/A | 106 | |
24.95 | 16,278 | 1.98 | (1.23) | N/A | 1.92 | (1.18) | N/A | 136 | |
(4.50) | 16,956 | 2.04 | (1.10) | N/A | 2.02 | (1.08) | N/A | 89 | |
27.77 | 16,742 | 1.49 | (0.59) | (0.60) | 1.42 | (0.52) | (0.53) | 89 | |
13.15 | 22,135 | 1.50 | (0.68) | N/A | 1.42 | (0.61) | N/A | 90 | |
2.09 | 26,098 | 1.48 | (0.81) | N/A | 1.42 | (0.76) | N/A | 106 | |
25.60 | 35,402 | 1.48 | (0.72) | N/A | 1.42 | (0.66) | N/A | 136 | |
(4.04) | 55,093 | 1.54 | (0.59) | N/A | 1.52 | (0.57) | N/A | 89 | |
28.54 | 28,966 | 0.88 | (0.01) | (0.02) | 0.81 | 0.06 | 0.05 | 89 | |
13.85 | 26,329 | 0.86 | (0.05) | N/A | 0.79 | 0.02 | N/A | 90 | |
2.75 | 56,250 | 0.84 | (0.17) | N/A | 0.78 | (0.11) | N/A | 106 | |
26.41 | 72,703 | 0.84 | (0.09) | N/A | 0.78 | (0.03) | N/A | 136 | |
(3.41) | 50,677 | 0.89 | 0.12 | N/A | 0.86 | 0.14 | N/A | 89 | |
28.38 | 150,875 | 0.99 | (0.10) | (0.11) | 0.92 | (0.03) | (0.04) | 89 | |
13.73 | 165,663 | 1.00 | (0.19) | N/A | 0.92 | (0.12) | N/A | 90 | |
2.61 | 331,728 | 0.98 | (0.31) | N/A | 0.92 | (0.26) | N/A | 106 | |
26.20 | 425,158 | 0.98 | (0.23) | N/A | 0.92 | (0.18) | N/A | 136 | |
(3.54) | 491,747 | 1.04 | (0.10) | N/A | 1.02 | (0.08) | N/A | 89 |
(a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
(b) | During the fiscal year ended October 31, 2020, the Fund began receiving voluntary compensation from the Adviser. The Fund’s Total Return for each share class would decrease by an amount equaling less than 0.01% if such voluntary compensation were excluded. See Note 7-Management Fees and Other Transactions with Affiliates, for more information. |
(c) | 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. |
(d) | After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Note 7 – Management Fees and Other Transactions with Affiliates for more information. |
(e) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 4 – Portfolio Securities and Investments in Derivatives) divided by the average long-term market value during the period. |
N/A | Fund did not have Payments from Affiliates for periods prior to the fiscal year ended October 31, 2020. |
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) | |||||||||
2020 | $20.96 | $(0.18) | $6.57 | $6.39 | $ — | $ — | $ — | $27.35 | |
2019 | 23.54 | (0.14) | 0.84 | 0.70 | — | (3.28) | (3.28) | 20.96 | |
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 | |
Class C (09/01) | |||||||||
2020 | 15.01 | (0.25) | 4.68 | 4.43 | — | — | — | 19.44 | |
2019 | 18.01 | (0.21) | 0.49 | 0.28 | — | (3.28) | (3.28) | 15.01 | |
2018 | 19.79 | (0.27) | 1.50 | 1.23 | — | (3.01) | (3.01) | 18.01 | |
2017 | 16.02 | (0.26) | 4.13 | 3.87 | — | (0.10) | (0.10) | 19.79 | |
2016 | 17.89 | (0.20) | 0.35 | 0.15 | — | (2.02) | (2.02) | 16.02 | |
Class R3 (12/00) | |||||||||
2020 | 19.45 | (0.22) | 6.09 | 5.87 | — | — | — | 25.32 | |
2019 | 22.16 | (0.18) | 0.75 | 0.57 | — | (3.28) | (3.28) | 19.45 | |
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 | |
Class R6 (06/16) | |||||||||
2020 | 25.69 | (0.07) | 8.07 | 8.00 | — | — | — | 33.69 | |
2019 | 27.88 | (0.05) | 1.14 | 1.09 | — | (3.28) | (3.28) | 25.69 | |
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) | |||||||||
2020 | 25.51 | (0.14) | 8.01 | 7.87 | — | — | — | 33.38 | |
2019 | 27.79 | (0.10) | 1.10 | 1.00 | — | (3.28) | (3.28) | 25.51 | |
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 |
Ratios/Supplemental Data | |||||||||
Ratios to Average Net Assets Before Waiver/Reimbursement | Ratios to Average Net Assets After Waiver/Reimbursement(d) | ||||||||
Total Return(b), (c) | Ending Net Assets (000) | Expenses | Net Investment Income (Loss) | Net Investment Income (Loss) Excluding Payment From Affiliates | Expenses | Net Investment Income (Loss) | Net Investment Income (Loss) Excluding Payment From Affiliates | Portfolio Turnover Rate(e) | |
30.55% | $ 41,683 | 1.42% | (0.97)% | (0.98)% | 1.22% | (0.77)% | (0.78)% | 105% | |
5.47 | 34,249 | 1.39 | (0.84) | N/A | 1.23 | (0.68) | N/A | 104 | |
7.89 | 36,452 | 1.38 | (0.86) | N/A | 1.24 | (0.72) | N/A | 139 | |
25.07 | 34,934 | 1.41 | (0.80) | N/A | 1.30 | (0.69) | N/A | 95 | |
1.90 | 31,255 | 1.48 | (0.58) | N/A | 1.42 | (0.52) | N/A | 106 | |
29.51 | 2,158 | 2.17 | (1.72) | (1.73) | 1.97 | (1.52) | (1.53) | 105 | |
4.74 | 1,631 | 2.14 | (1.59) | N/A | 1.98 | (1.43) | N/A | 104 | |
7.05 | 2,141 | 2.13 | (1.60) | N/A | 1.99 | (1.46) | N/A | 139 | |
24.21 | 2,181 | 2.16 | (1.55) | N/A | 2.05 | (1.44) | N/A | 95 | |
1.10 | 1,971 | 2.23 | (1.32) | N/A | 2.18 | (1.27) | N/A | 106 | |
30.18 | 1,482 | 1.67 | (1.22) | (1.23) | 1.47 | (1.02) | (1.03) | 105 | |
5.23 | 1,253 | 1.64 | (1.10) | N/A | 1.48 | (0.94) | N/A | 104 | |
7.60 | 1,206 | 1.63 | (1.11) | N/A | 1.49 | (0.97) | N/A | 139 | |
24.77 | 1,608 | 1.66 | (1.05) | N/A | 1.55 | (0.94) | N/A | 95 | |
1.62 | 1,631 | 1.73 | (0.83) | N/A | 1.67 | (0.78) | N/A | 106 | |
31.14 | 1,038 | 0.98 | (0.46) | (0.47) | 0.78 | (0.26) | (0.27) | 105 | |
6.13 | 144 | 1.01 | (0.35) | N/A | 0.85 | (0.19) | N/A | 104 | |
8.24 | 14,475 | 1.03 | (0.50) | N/A | 0.88 | (0.35) | N/A | 139 | |
25.56 | 19,108 | 1.04 | (0.43) | N/A | 0.93 | (0.32) | N/A | 95 | |
6.15 | 19,524 | 1.02* | (0.29)* | N/A | 0.96* | (0.23)* | N/A | 106 | |
30.81 | 168,931 | 1.17 | (0.71) | (0.72) | 0.97 | (0.51) | (0.52) | 105 | |
5.78 | 172,242 | 1.13 | (0.56) | N/A | 0.98 | (0.41) | N/A | 104 | |
8.14 | 56,194 | 1.13 | (0.60) | N/A | 0.99 | (0.46) | N/A | 139 | |
25.41 | 43,557 | 1.16 | (0.56) | N/A | 1.05 | (0.44) | N/A | 95 | |
2.10 | 34,468 | 1.24 | (0.32) | N/A | 1.19 | (0.26) | N/A | 106 |
(a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
(b) | During the fiscal year ended October 31, 2020, the Fund began receiving voluntary compensation from the Adviser. The Fund’s Total Return for each share class would decrease by an amount equaling less than 0.01% if such voluntary compensation were excluded. See Note 7-Management Fees and Other Transactions with Affiliates, for more information. |
(c) | 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. |
(d) | After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Note 7 – Management Fees and Other Transactions with Affiliates for more information. |
(e) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 4 – Portfolio Securities and Investments in Derivatives) divided by the average long-term market value during the period. |
(f) | For the period June 30, 2016 (commencement of operations) through October 31, 2016. |
* | Annualized. |
N/A | Fund did not have Payments from Affiliates for periods prior to the fiscal year ended October 31, 2020. |
Mid Cap Growth Opportunities | Level 1 | Level 2 | Level 3 | Total |
Long-Term Investments*: | ||||
Common Stocks | $382,787,643 | $ — | $ — | $382,787,643 |
Investments Purchased with Collateral from Securities Lending | 5,117,546 | — | — | 5,117,546 |
Short-Term Investments: | ||||
Repurchase Agreements | — | 5,942,024 | — | 5,942,024 |
Total | $387,905,189 | $5,942,024 | $ — | $393,847,213 |
Small Cap Growth Opportunities | Level 1 | Level 2 | Level 3 | Total |
Long-Term Investments*: | ||||
Common Stocks | $208,752,496 | $ — | $ 591** | $208,753,087 |
Exchange-Traded Funds | 3,253,414 | — | — | 3,253,414 |
Investments Purchased with Collateral from Securities Lending | 4,493,904 | — | — | 4,493,904 |
Short-Term Investments: | ||||
Repurchase Agreements | — | 4,180,874 | — | 4,180,874 |
Total | $216,499,814 | $4,180,874 | $ 591 | $220,681,279 |
* | Refer to the Fund's Portfolio of Investments for industry classifications. |
** | Refer to the Fund's Portfolio of Investments for securities classified as Level 3. |
Fund | Counterparty | Short-Term Investments, at Value | Collateral Pledged (From) Counterparty* | Net Exposure |
Mid Cap Growth Opportunities | Fixed Income Clearing Corporation | $5,942,024 | $(5,942,024) | $ — |
Small Cap Growth Opportunities | Fixed Income Clearing Corporation | 4,180,874 | (4,180,874) | — |
Fund | Asset Class out on Loan | Long-Term Investments, at Value | Total Collateral Received |
Mid Cap Growth Opportunities | Common Stocks | $4,551,483 | $5,117,546 |
Small Cap Growth Opportunities | Common Stocks | $ 991,464 | $1,131,549 |
Exchange-Traded Funds | 3,219,809 | 3,362,355 | |
Total | $4,211,273 | $4,493,904 |
Mid Cap Growth Opportunities | Small Cap Growth Opportunities | |
Purchases | $325,217,629 | $218,660,944 |
Sales | 427,167,917 | 271,198,601 |
Year Ended 10/31/20 | Year Ended 10/31/19 | ||||
Mid Cap Growth Opportunities | Shares | Amount | Shares | Amount | |
Shares sold: | |||||
Class A | 341,601 | $ 10,282,625 | 381,375 | $ 12,098,040 | |
Class A – automatic conversion of Class C Shares | 1,918 | 60,102 | 998 | 34,101 | |
Class C | 58,594 | 1,001,719 | 47,996 | 973,428 | |
Class R3 | 116,835 | 2,963,548 | 161,505 | 4,630,162 | |
Class R6 | 69,071 | 2,828,971 | 75,575 | 3,119,375 | |
Class I | 651,522 | 26,130,311 | 606,951 | 24,565,020 | |
Shares issued to shareholders due to reinvestment of distributions: | |||||
Class A | 1,279,599 | 36,289,441 | 1,226,272 | 33,170,652 | |
Class C | 105,468 | 1,707,528 | 99,901 | 1,794,220 | |
Class R3 | 202,069 | 5,055,764 | 184,336 | 4,530,984 | |
Class R6 | 107,409 | 4,121,288 | 230,398 | 7,948,731 | |
Class I | 561,024 | 21,178,645 | 1,034,993 | 35,272,553 | |
3,495,110 | 111,619,942 | 4,050,300 | 128,137,266 | ||
Shares redeemed: | |||||
Class A | (1,351,084) | (40,700,970) | (1,803,821) | (58,701,202) | |
Class C | (147,659) | (2,739,777) | (186,840) | (3,953,792) | |
Class C – automatic conversion to Class A Shares | (3,328) | (60,102) | (1,478) | (34,101) | |
Class R3 | (488,749) | (13,053,741) | (385,941) | (11,739,558) | |
Class R6 | (164,437) | (7,045,615) | (946,169) | (35,233,404) | |
Class I | (1,807,743) | (71,549,857) | (5,199,942) | (209,884,823) | |
(3,963,000) | (135,150,062) | (8,524,191) | (319,546,880) | ||
Net increase (decrease) | (467,890) | $ (23,530,120) | (4,473,891) | $(191,409,614) |
Year Ended 10/31/20 | Year Ended 10/31/19 | ||||
Small Cap Growth Opportunities | Shares | Amount | Shares | Amount | |
Shares sold: | |||||
Class A | 97,178 | $ 2,190,342 | 86,241 | $ 1,757,412 | |
Class A – automatic conversion of Class C Shares | 76 | 1,647 | 86 | 1,959 | |
Class C | 42,219 | 749,010 | 25,260 | 374,828 | |
Class R3 | 15,779 | 346,774 | 68,017 | 1,198,396 | |
Class R6 | 277,938 | 7,332,807 | 397 | 10,095 | |
Class I | 1,047,075 | 28,017,023 | 5,485,979 | 138,575,880 | |
Shares issued to shareholders due to reinvestment of distributions: | |||||
Class A | — | — | 278,640 | 4,940,279 | |
Class C | — | — | 29,198 | 373,153 | |
Class R3 | — | — | 10,176 | 167,910 | |
Class R6 | — | — | 54,751 | 1,183,722 | |
Class I | — | — | 186,946 | 4,026,813 | |
1,480,265 | 38,637,603 | 6,225,691 | 152,610,447 | ||
Shares redeemed: | |||||
Class A | (207,545) | (4,732,224) | (279,297) | (5,605,855) | |
Class C | (39,774) | (657,605) | (64,540) | (982,334) | |
Class C – automatic conversion to Class A Shares | (107) | (1,647) | (113) | (1,959) | |
Class R3 | (21,701) | (461,259) | (68,171) | (1,262,093) | |
Class R6 | (252,740) | (7,154,125) | (568,741) | (14,947,424) | |
Class I | (2,737,371) | (71,099,832) | (943,081) | (23,224,527) | |
(3,259,238) | (84,106,692) | (1,923,943) | (46,024,192) | ||
Net increase (decrease) | (1,778,973) | $(45,469,089) | 4,301,748 | $106,586,255 |
Mid Cap Growth Opportunities | Small Cap Growth Opportunities | |
Tax cost of investments | $305,797,757 | $178,955,788 |
Gross unrealized: | ||
Appreciation | $ 95,514,557 | $ 51,206,161 |
Depreciation | (7,465,101) | (9,480,670) |
Net unrealized appreciation (depreciation) of investments | $ 88,049,456 | $ 41,725,491 |
Mid Cap Growth Opportunities | Small Cap Growth Opportunities | |
Undistributed net ordinary income1 | $ 6,242,835 | $ 5,518,230 |
Undistributed net long-term capital gains | 44,638,423 | 20,049,400 |
1 | Net ordinary income consists of net taxable income derived from dividends, interest, and net short-term capital gains, if any. |
2020 | Mid Cap Growth Opportunities | Small Cap Growth Opportunities |
Distributions from net ordinary income1 | $ — | $ — |
Distributions from net long-term capital gains | 73,546,562 | — |
2019 | Mid Cap Growth Opportunities | Small Cap Growth Opportunities |
Distributions from net ordinary income1 | $14,130,332 | $ 2,671,096 |
Distributions from net long-term capital gains | 76,399,215 | 10,863,365 |
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 | 0.1815% |
Fund | Expense Cap | Expense Cap Expiration Date |
Mid Cap Growth Opportunities | 0.92% | July 31, 2022 |
Small Cap Growth Opportunities | 0.99% | July 31, 2022 |
Mid Cap Growth Opportunities | Small Cap Growth Opportunities | |
Sales charges collected (Unaudited) | $48,935 | $14,388 |
Paid to financial intermediaries (Unaudited) | 43,577 | 12,621 |
Mid Cap Growth Opportunities | Small Cap Growth Opportunities | |
Commission advances (Unaudited) | $4,690 | $1,434 |
Mid Cap Growth Opportunities | Small Cap Growth Opportunities | |
12b-1 fees retained (Unaudited) | $3,579 | $1,986 |
Mid Cap Growth Opportunities | Small Cap Growth Opportunities | |
CDSC retained (Unaudited) | $6,785 | $1,213 |
Mid Cap Growth Opportunities | Small Cap Growth Opportunities | |
Long-term capital gain dividends | $76,955,467 | $612,817 |
• | Fund Improvements and Product Management Initiatives – continuing to proactively manage the Nuveen fund complex as a whole and at the individual fund level with an aim to enhance the shareholder outcomes through, among other things, rationalizing the product line and gaining efficiencies through mergers, repositionings and liquidations; launching new share classes; reviewing and updating investment policies and benchmarks; closing funds to new investments; rebranding the exchange-traded fund (“ETF”) product line; and integrating certain investment teams and changing the portfolio managers serving various funds; |
• | Capital Initiatives – continuing to invest capital to support new Nuveen funds with initial capital as well as to facilitate modifications to the strategies or structure of existing funds; |
• | Liquidity Management – implementing the liquidity risk management program which was designed to assess and manage the liquidity risk of the Nuveen funds. The Board noted that this program was particularly helpful in addressing the high volatility and liquidity challenges that arose in the market, particularly for the high yield municipal sector, during the first half of 2020; |
• | Compliance Program Initiatives – continuing efforts to mitigate compliance risk, increase operating efficiencies, strengthen key compliance program elements and support international business growth and other objectives through, among other things, integrating various investment teams across affiliates, consolidating marketing review functions, enhancing compliance related technologies and establishing and maintaining shared broad-based compliance policies throughout the organization and its affiliates; |
• | Risk Management and Valuation Services – continuing efforts to provide Nuveen with a more disciplined and consistent approach to identifying and mitigating the firm’s operational risks through, among other things, enhancing the interaction and reporting between the investment risk management team and various affiliates and adopting a risk operational framework across the complex; |
• | Regulatory Matters – continuing efforts to monitor regulatory trends and advocate on behalf of the Nuveen funds, to implement and comply with new or revised rules and mandates and to respond to regulatory inquiries and exams; |
• | Government Relations – continuing efforts of various Nuveen teams and affiliates to develop policy positions on a broad range of issues that may impact the Nuveen funds, advocate and communicate these positions to lawmakers and other regulatory authorities and work with trade associations to ensure these positions are represented; |
• | Business Continuity, Disaster Recovery and Information Services – continuing to periodically test business continuity and disaster recovery plans, maintain an information security program designed to identify and manage information security risks, and provide reports to the Board, at least annually, addressing, among other things, management’s security risk assessment, cyber risk profile, potential impact of new or revised laws and regulations, incident tracking and other relevant information technology risk-related reports; and |
• | Expanded Dividend Management Services – continuing to manage the dividends among the varying types of Nuveen funds within the Nuveen complex to be consistent with the respective fund’s product design and investing resources to develop systems to assist in the process for newer products such as target term funds and ETFs. |
Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed (1) | Principal Occupation(s) Including other Directorships During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Director |
Independent Directors: | ||||
Terence J. Toth 1959 333 W. Wacker Drive Chicago, IL 60606 | Chairman and Director | 2008 | Formerly, a Co-Founding Partner, Promus Capital (2008-2017); Director, Quality Control Corporation (manufacturing) (since 2012); member: Catalyst Schools of Chicago Board (since 2008) and Mather Foundation Board (philanthropy) (since 2012), and chair of its investment committee; formerly, Director, Fulcrum IT Services LLC (information technology services firm to government entities) (2010-2019); formerly, Director, Legal & General Investment Management America, Inc. (asset management) (2008-2013); formerly, CEO and President, Northern Trust Global Investments (financial services) (2004-2007); Executive Vice President, Quantitative Management & Securities Lending (2000-2004); prior thereto, various positions with Northern Trust Company (financial services) (since 1994); formerly, Member, Northern Trust Mutual Funds Board (2005-2007), Northern Trust Global Investments Board (2004-2007), Northern Trust Japan Board (2004-2007), Northern Trust Securities Inc. Board (2003- 2007) and Northern Trust Hong Kong Board (1997-2004). | 150 |
Jack B. Evans 1948 333 W. Wacker Drive Chicago, IL 60606 | Director | 1999 | Chairman (since 2019), formerly, President (1996-2019), The Hall-Perrine Foundation, (private philanthropic corporation); Director and Chairman, United Fire Group, a publicly held company; Director, Public member, American Board of Orthopaedic Surgery (since 2015); Life Trustee of Coe College and the Iowa College Foundation; formerly, President Pro-Tem of the Board of Regents for the State of Iowa University System; formerly, Director, Alliant Energy and The Gazette Company (media and publishing); formerly, Director, Federal Reserve Bank of Chicago; formerly, President and Chief Operating Officer, SCI Financial Group, Inc., (regional financial services firm). | 150 |
Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed (1) | Principal Occupation(s) Including other Directorships During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Director |
William C. Hunter 1948 333 W. Wacker Drive Chicago, IL 60606 | Director | 2003 | Dean Emeritus, formerly, Dean, Tippie College of Business, University of Iowa (2006-2012); Director of Wellmark, Inc. (since 2009); past Director (2005-2015), and past President (2010- 2014) Beta Gamma Sigma, Inc., The International Business Honor Society; formerly, Director (2004-2018) of Xerox Corporation; Dean and Distinguished Professor of Finance, School of Business at the University of Connecticut (2003-2006); previously, Senior Vice President and Director of Research at the Federal Reserve Bank of Chicago (1995-2003); formerly, Director (1997-2007), Credit Research Center at Georgetown University. | 150 |
Albin F. Moschner 1952 333 W. Wacker Drive Chicago, IL 60606 | Director | 2016 | Founder and Chief Executive Officer, Northcroft Partners, LLC, (management consulting) (since 2012); formerly, Chairman (2019), and Director (2012-2019), USA Technologies, Inc., (provider of solutions and services to facilitate electronic payment transactions); formerly, Director, Wintrust Financial Corporation (1996-2016); previously, held positions at Leap Wireless International, Inc. (telecommunication services), including Consultant (2011-2012), Chief Operating Officer (2008-2011), and Chief Marketing Officer (2004-2008); formerly, President, Verizon Card Services division of Verizon Communications, Inc. (2000-2003); formerly, President, One Point Services at One Point Communications (telecommunication services) (1999-2000); formerly, Vice Chairman of the Board, Diba, Incorporated (internet technology provider) (1996-1997); formerly, various executive positions (1991-1996) and Chief Executive Officer (1995-1996) of Zenith Electronics Corporation (consumer electronics). | 150 |
John K. Nelson 1962 333 W. Wacker Drive Chicago, IL 60606 | Director | 2013 | Member of Board of Directors of Core12 LLC. (private firm which develops branding, marketing and communications strategies for clients) (since 2008); served The President's Council of Fordham University (2010-2019) and previously a Director of the Curran Center for Catholic American Studies (2009-2018); formerly, senior external advisor to the Financial Services practice of Deloitte Consulting LLP. (2012-2014); former Chair of the Board of Trustees of Marian University (2010-2014 as trustee, 2011-2014 as Chair); formerly Chief Executive Officer of ABN AMRO Bank N.V., North America, and Global Head of the Financial Markets Division (2007-2008), with various executive leadership roles in ABN AMRO Bank N.V. between 1996 and 2007. | 150 |
Judith M. Stockdale 1947 333 W. Wacker Drive Chicago, IL 60606 | Director | 1997 | Board Member, Land Trust Alliance (national public charity addressing natural land and water conservation in the U.S.) (since 2013); formerly, Board Member, U.S. Endowment for Forestry and Communities (national endowment addressing forest health, sustainable forest production and markets, and economic health of forest-reliant communities in the U.S.) (2013-2019); formerly, Executive Director (1994-2012), Gaylord and Dorothy Donnelley Foundation (private foundation endowed to support both natural land conservation and artistic vitality); prior thereto, Executive Director, Great Lakes Protection Fund (1990-1994). | 150 |
Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed (1) | Principal Occupation(s) Including other Directorships During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Director |
Carole E. Stone 1947 333 W. Wacker Drive Chicago, IL 60606 | Director | 2007 | Former Director, Chicago Board Options Exchange (2006-2017), and C2 Options Exchange, Incorporated (2009-2017); former Director, Cboe Global Markets, Inc., formerly, CBOE Holdings, Inc. (2010-May 2020); formerly, Commissioner, New York State Commission on Public Authority Reform (2005-2010). | 150 |
Matthew Thornton III 1958 333 W. Wacker Drive Chicago, IL 60606 | Director | 2020 | Formerly, Executive Vice President and Chief Operating Officer (2018-2019), FedEx Freight Corporation, a subsidiary of FedEx Corporation ("FedEx") (provider of transportation, e-commerce and business services through its portfolio of companies); formerly, Senior Vice President, U.S. Operations (2006-2018), Federal Express Corporation, a subsidiary of FedEx; formerly Member of the Board of Directors (2012-2018), Safe Kids Worldwide® (a non-profit organization dedicated to preventing childhood injuries). Member of the Board of Directors (since 2014), The Sherwin-Williams Company (develops, manufactures, distributes and sells paints, coatings and related products); Director (since November 2020), Crown Castle International Corp. (owns, operates and leases cell towers and fiber routes supporting small cells and fiber solutions). | 150 |
Margaret L. Wolff 1955 333 W. Wacker Drive Chicago, IL 60606 | Director | 2016 | Formerly, member of the Board of Directors (2013-2017) of Travelers Insurance Company of Canada and The Dominion of Canada General Insurance Company (each, a part of Travelers Canada, the Canadian operation of The Travelers Companies, Inc.); formerly, Of Counsel, Skadden, Arps, Slate, Meagher & Flom LLP (legal services, Mergers & Acquisitions Group) (2005-2014); Member of the Board of Trustees of New York-Presbyterian Hospital (since 2005); Member (since 2004) and Chair (since 2015) of the Board of Trustees of The John A. Hartford Foundation (a philanthropy dedicated to improving the care of older adults); formerly, Member (2005-2015) and Vice Chair (2011-2015) of the Board of Trustees of Mt. Holyoke College. | 150 |
Robert L. Young 1963 333 W. Wacker Drive Chicago, IL 60606 | Director | 2017 | Formerly, Chief Operating Officer and Director, J.P. Morgan Investment Management Inc. (financial services) (2010-2016); formerly, President and Principal Executive Officer (2013-2016), and Senior Vice President and Chief Operating Officer (2005-2010), of J.P. Morgan Funds; formerly, Director and various officer positions for J.P. Morgan Investment Management Inc. (formerly, JPMorgan Funds Management, Inc. and formerly, One Group Administrative Services) and JPMorgan Distribution Services, Inc. (financial services) (formerly, One Group Dealer Services, Inc.) (1999-2017). | 150 |
Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed(2) | Principal Occupation(s) During Past 5 Years | |
Officers of the Funds: | ||||
Christopher E. Stickrod 1976 333 W. Wacker Drive Chicago, IL 60606 | Chief Administrative Officer | 2020 | Senior Managing Director (since 2017) and Head of Advisory Product (since 2020), formerly, Managing Director (2016-2017) and Senior Vice President (2013-2016) of Nuveen, LLC; Senior Managing Director of Nuveen Securities, LLC (since 2018) and of Nuveen Fund Advisors, LLC (since 2019). | |
Mark J. Czarniecki 1979 901 Marquette Avenue Minneapolis, MN 55402 | Vice President and Secretary | 2013 | Vice President and Assistant Secretary of Nuveen Securities, LLC (since 2016) and Nuveen Fund Advisors (since 2017); Vice President and Associate General Counsel of Nuveen (since 2013) and Vice President, Assistant Secretary and Associate General Counsel of Nuveen Asset Management (since 2018). |
Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed(2) | Principal Occupation(s) During Past 5 Years | |
Diana R. Gonzalez 1978 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Assistant Secretary | 2017 | Vice President and Assistant Secretary of Nuveen Fund Advisors, LLC (since 2017); Vice President and Associate General Counsel of Nuveen (since 2017); Associate General Counsel of Jackson National Asset Management (2012-2017). | |
Nathaniel T. Jones 1979 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Treasurer | 2016 | Managing Director (since 2017), formerly, Senior Vice President (2016-2017), formerly, Vice President (2011- 2016) of Nuveen; Managing Director (since 2015) of Nuveen Fund Advisors, LLC; Chartered Financial Analyst. | |
Tina M. Lazar 1961 333 W. Wacker Drive Chicago, IL 60606 | Vice President | 2002 | Managing Director (since 2017), formerly, Senior Vice President (2014-2017) of Nuveen Securities, LLC. | |
Brian J. Lockhart 1974 333 W. Wacker Drive Chicago, IL 60606 | Vice President | 2019 | Managing Director (since 2019) of Nuveen Fund Advisors, LLC; Managing Director (since 2017), formerly, Vice President (2010-2017) of Nuveen; Head of Investment Oversight (since 2017), formerly, Team Leader of Manager Oversight (2015-2017); Chartered Financial Analyst and Certified Financial Risk Manager. | |
Jacques M. Longerstaey 1963 8500 Andrew Carnegie Blvd. Charlotte, NC 28262 | Vice President | 2019 | Senior Managing Director, Chief Risk Officer, Nuveen, LLC (since May 2019); Senior Managing Director (since May 2019) of Nuveen Fund Advisors, LLC; formerly, Chief Investment and Model Risk Officer, Wealth & Investment Management Division, Wells Fargo Bank (NA) (from 2013-2019). | |
Kevin J. McCarthy 1966 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Assistant Secretary | 2007 | Senior Managing Director (since 2017) and Secretary and General Counsel (since 2016) of Nuveen Investments, Inc., formerly, Executive Vice President (2016-2017) and Managing Director and Assistant Secretary (2008-2016); Senior Managing Director (since 2017) and Assistant Secretary (since 2008) of Nuveen Securities, LLC, formerly Executive Vice President (2016-2017) and Managing Director (2008-2016); Senior Managing Director (since 2017) and Secretary (since 2016) of Nuveen Fund Advisors, LLC, formerly, Co-General Counsel (2011-2020), Executive Vice President (2016-2017), Managing Director (2008-2016) and Assistant Secretary (2007-2016); Senior Managing Director (since 2017), Secretary (since 2016) of Nuveen Asset Management, LLC, formerly, Associate General Counsel (2011-2020), Executive Vice President (2016-2017) and Managing Director and Assistant Secretary (2011-2016); Senior Managing Director (since 2017) and Secretary (since 2016) of Nuveen Investments Advisers, LLC, formerly Executive Vice President (2016-2017); Vice President (since 2007) and Secretary (since 2016), formerly, Assistant Secretary, of NWQ Investment Management Company, LLC, Symphony Asset Management, LLC, Santa Barbara Asset Management, LLC and Winslow Capital Management, LLC (since 2010). Senior Managing Director (since 2017) and Secretary (since 2016) of Nuveen Alternative Investments, LLC. | |
Jon Scott Meissner 1973 8500 Andrew Carnegie Blvd. Charlotte, NC 28262 | Vice President | 2019 | Managing Director of Mutual Fund Tax and Financial Reporting groups at Nuveen (since 2017); Managing Director of Nuveen Fund Advisors, LLC (since 2019); Senior Director of Teachers Advisors, LLC and TIAA-CREF Investment Management, LLC (since 2016); Senior Director (since 2015) Mutual Fund Taxation to the TIAA-CREF Funds, the TIAA-CREF Life Funds, the TIAA Separate Account VA-1 and the CREF Accounts; has held various positions with TIAA since 2004. | |
Deann D. Morgan 1969 730 Third Avenue New York, NY 10017 | Vice President | 2020 | President, Nuveen Fund Advisors, LLC (since November 2020); Executive Vice President, Global Head of Product at Nuveen (since 2019); Co-Chief Executive Officer of Nuveen Securities, LLC (since March 2020); Managing Member MDR Collaboratory LLC (since 2018); Managing Director, Head of Wealth Management Product Structuring & COO Multi Asset Investing. The Blackstone Group (2013-2017). |
Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed(2) | Principal Occupation(s) During Past 5 Years | |
Christopher M. Rohrbacher 1971 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Assistant Secretary | 2008 | Managing Director (since 2017) and Assistant Secretary of Nuveen Securities, LLC; Managing Director (since 2017), formerly, Senior Vice President (2016-2017), General Counsel (since 2020), formerly, Co-General Counsel (2019-2020) and Assistant Secretary (since 2016) of Nuveen Fund Advisors, LLC; Managing Director, Associate General Counsel and Assistant Secretary of Nuveen Asset Management, LLC (since 2020); Managing Director (since 2017), formerly, Senior Vice President (2012-2017) and Associate General Counsel (sdince 2016), formerly, Assistant General Counsel (2008-2016) of Nuveen. | |
William A. Siffermann 1975 333 W. Wacker Drive Chicago, IL 60606 | Vice President | 2017 | Managing Director (since 2017), formerly Senior Vice President (2016-2017) and Vice President (2011-2016) of Nuveen. | |
E. Scott Wickerham 1973 8500 Andrew Carnegie Blvd. Charlotte, NC 28262 | Vice President and Controller | 2019 | Senior Managing Director, Head of Fund Administration at Nuveen, LLC (since 2019), formerly, Managing Director; Senior Managing Director (since 2019), Nuveen Fund Advisors, LLC; Principal Financial Officer, Principal Accounting Officer and Treasurer (since 2017) to the TIAA-CREF Funds, the TIAA-CREF Life Funds, the TIAA Separate Account VA-1 and the Treasurer (since 2017) to the CREF Accounts; Senior Director, TIAA-CREF Fund Administration (2014-2015); has held various positions with TIAA since 2006. | |
Mark L. Winget 1968 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Secretary | 2008 | Vice President and Assistant Secretary of Nuveen Securities, LLC (since 2008), and Nuveen Fund Advisors, LLC (since 2009); Vice President, Associate General Counsel and Assistant Secretary of Nuveen Asset Management, LLC (since 2020); Vice President (since 2010) and Associate General Counsel (since 2016), formerly, Assistant General Counsel (2008-2016) of Nuveen. | |
Gifford R. Zimmerman 1956 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Chief Compliance Officer | 1988 | Formerly: Managing Director (2002-2020) and Assistant Secretary of Nuveen Securities, LLC; Managing Director (2002-2020), Assistant Secretary (1997-2020) and Co-General Counsel (2011-2020) of Nuveen Fund Advisors, LLC; Managing Director (2004-2020) and Assistant Secretary (1994-2020) of Nuveen Investments, Inc.; Managing Director, Assistant Secretary and Associate General Counsel of Nuveen Asset Management, LLC (2011-2020); Vice President (2017-2020) Managing Director (2003-2017) and Assistant Secretary (2003-2020) of Symphony Asset Management LLC; Vice President and Assistant Secretary of NWQ Investment Management Company, LLC, Santa Barbara Asset Management, LLC (2006-2020) and of Winslow Capital Management, LLC (2010-2020); Chartered Financial Analyst. |
![](https://capedge.com/proxy/N-CSR/0001193125-21-003943/g30531imgd67580fb1.gif)
Serving Investors for Generations
![](https://capedge.com/proxy/N-CSR/0001193125-21-003943/g52363img042818b91.gif)
Fund Name | Class A | Class C | Class R3 | Class R6 | Class I |
Nuveen Large Cap Select Fund | FLRAX | FLYCX | — | — | FLRYX |
Nuveen Small Cap Select Fund | EMGRX | FHMCX | ASEIX | ASEFX | ARSTX |
![](https://capedge.com/proxy/N-CSR/0001193125-21-003943/g52363img042818b91.gif)
![](https://capedge.com/proxy/N-CSR/0001193125-21-003943/g52363imgbc9f4d362.jpg)
![](https://capedge.com/proxy/N-CSR/0001193125-21-003943/g52363img69d4a78b3.jpg)
Total Returns as of October 31, 2020* | ||||||
Average Annual | Expense Ratios** | |||||
Inception Date | 1-Year | 5-Year | 10-Year | Gross | Net | |
Class A Shares at NAV | 1/31/03 | 5.76% | 10.70% | 11.50% | 1.20% | 1.06% |
Class A Shares at maximum Offering Price | 1/31/03 | (0.31)% | 9.39% | 10.84% | - | - |
S&P 500® Index | - | 9.71% | 11.71% | 13.01% | - | - |
Lipper Large-Cap Core Funds Classification Average | - | 7.94% | 10.16% | 11.46% | - | - |
Class C Shares | 1/31/03 | 4.99% | 9.87% | 10.67% | 1.95% | 1.81% |
Class I Shares | 1/31/03 | 6.02% | 10.98% | 11.78% | 0.95% | 0.81% |
![](https://capedge.com/proxy/N-CSR/0001193125-21-003943/g52363imge49274524.gif)
Total Returns as of October 31, 2020* | ||||||
Average Annual | Expense Ratios** | |||||
Inception Date | 1-Year | 5-Year | 10-Year | Gross | Net | |
Class A Shares at NAV | 5/06/92 | 1.70% | 7.36% | 9.40% | 1.42% | 1.24% |
Class A Shares at maximum Offering Price | 5/06/92 | (4.14)% | 6.09% | 8.75% | - | - |
Russell 2000® Index | - | (0.14)% | 7.27% | 9.64% | - | - |
Lipper Small-Cap Core Funds Classification Average | - | (7.68)% | 4.38% | 7.88% | - | - |
Class C Shares | 9/24/01 | 0.95% | 6.56% | 8.58% | 2.17% | 1.99% |
Class R3 Shares | 1/03/94 | 1.48% | 7.10% | 9.13% | 1.68% | 1.49% |
Class I Shares | 5/06/92 | 2.00% | 7.62% | 9.66% | 1.17% | 0.99% |
Total Returns as of October 31, 2020* | ||||||
Average Annual | Expense Ratios** | |||||
Inception Date | 1-Year | Since Inception | Gross | Net | ||
Class R6 Shares | 2/28/18 | 2.15% | 3.63% | 1.03% | 0.85% |
![](https://capedge.com/proxy/N-CSR/0001193125-21-003943/g52363imgbed7922a5.gif)
Fund Allocation (% of net assets) | |
Common Stocks | 98.9% |
Repurchase Agreements | 1.1% |
Other Assets Less Liabilities | (0.0)% |
Net Assets | 100% |
Portfolio Composition (% of net assets) | |
Interactive Media & Services | 10.5% |
Internet & Direct Marketing Retail | 8.6% |
Semiconductors & Semiconductor Equipment | 8.5% |
IT Services | 5.9% |
Software | 5.8% |
Health Care Equipment & Supplies | 5.0% |
Electric Utilities | 5.0% |
Biotechnology | 4.9% |
Consumer Finance | 4.7% |
Health Care Providers & Services | 3.7% |
Specialty Retail | 3.3% |
Household Durables | 3.3% |
Capital Markets | 2.8% |
Road & Rail | 2.3% |
Building Products | 2.0% |
Pharmaceuticals | 1.9% |
Hotels, Restaurants & Leisure | 1.9% |
Other 1 | 18.8% |
Repurchase Agreements | 1.1% |
Other Assets Less Liabilities | (0.0)% |
Net Assets | 100% |
Top Five Common Stock Holdings (% of net assets) | |
Amazon.com Inc | 7.3% |
Alphabet Inc, Class C | 5.7% |
Facebook Inc, Class A | 4.7% |
Mastercard Inc, Class A | 3.3% |
salesforce.com Inc | 2.6% |
1 | See Portfolio of Investments for details on "other" Portfolio Composition. |
Fund Allocation (% of net assets) | |
Common Stocks | 97.4% |
Exchange-Traded Funds | 1.0% |
Investments Purchased with Collateral from Securities Lending | 1.0% |
Repurchase Agreements | 2.3% |
Other Assets Less Liabilities | (1.7)% |
Net Assets | 100% |
Portfolio Composition (% of net assets) | |
Biotechnology | 7.4% |
Banks | 6.9% |
Software | 6.8% |
Equity Real Estate Investment Trust | 6.0% |
Machinery | 5.1% |
Hotels, Restaurants & Leisure | 4.4% |
Health Care Providers & Services | 4.2% |
IT Services | 4.0% |
Semiconductors & Semiconductor Equipment | 3.8% |
Building Products | 3.2% |
Capital Markets | 2.9% |
Electronic Equipment, Instruments & Components | 2.9% |
Pharmaceuticals | 2.8% |
Textiles, Apparel & Luxury Goods | 2.7% |
Health Care Equipment & Supplies | 2.7% |
Electrical Equipment | 2.6% |
Health Care Technology | 2.3% |
Gas Utilities | 2.2% |
Paper & Forest Products | 2.2% |
Specialty Retail | 2.0% |
Household Durables | 1.7% |
Other 1 | 19.6% |
Investments Purchased with Collateral from Securities Lending | 1.0% |
Repurchase Agreements | 2.3% |
Other Assets Less Liabilities | (1.7)% |
Net Assets | 100% |
Top Five Common Stock Holdings (% of net assets) | |
Horizon Therapeutics Plc | 1.8% |
Select Medical Holdings Corp | 1.7% |
Altra Industrial Motion Corp | 1.6% |
EnerSys | 1.5% |
Piper Sandler Cos | 1.5% |
1 | See Portfolio of Investments for details on "other" Portfolio Composition. |
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 | $1,111.80 | $1,107.53 | $1,112.98 |
Expenses Incurred During the Period | $ 5.68 | $ 9.64 | $ 4.36 |
Hypothetical Performance (5% annualized return before expenses) | |||
Beginning Account Value | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value | $1,019.76 | $1,015.99 | $1,021.01 |
Expenses Incurred During the Period | $ 5.43 | $ 9.22 | $ 4.17 |
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 | $1,199.08 | $1,194.92 | $1,197.90 | $1,200.45 | $1,199.77 |
Expenses Incurred During the Period | $ 6.85 | $ 10.98 | $ 8.23 | $ 4.92 | $ 5.53 |
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 | $1,018.90 | $1,015.13 | $1,017.65 | $1,020.66 | $1,020.11 |
Expenses Incurred During the Period | $ 6.29 | $ 10.08 | $ 7.56 | $ 4.52 | $ 5.08 |
October 31, 2020 by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinions.
Shares | Description (1) | Value | ||||
LONG-TERM INVESTMENTS – 98.9% | ||||||
COMMON STOCKS – 98.9% | ||||||
Aerospace & Defense – 1.2% | ||||||
3,171 | L3Harris Technologies Inc | $ 510,880 | ||||
Automobiles – 1.1% | ||||||
12,908 | General Motors Co | 445,713 | ||||
Beverages – 1.6% | ||||||
10,583 | Keurig Dr Pepper Inc | 284,683 | ||||
5,294 | Monster Beverage Corp, (2) | 405,361 | ||||
Total Beverages | 690,044 | |||||
Biotechnology – 4.9% | ||||||
11,770 | AbbVie Inc | 1,001,627 | ||||
1,776 | Biogen Inc, (2) | 447,676 | ||||
1,234 | Seagen Inc, (2) | 205,831 | ||||
1,863 | Vertex Pharmaceuticals Inc, (2) | 388,175 | ||||
Total Biotechnology | 2,043,309 | |||||
Building Products – 2.0% | ||||||
8,310 | A O Smith Corp | 429,544 | ||||
6,018 | Owens Corning | 393,998 | ||||
Total Building Products | 823,542 | |||||
Capital Markets – 2.8% | ||||||
10,697 | Bank of New York Mellon Corp | 367,549 | ||||
16,359 | Morgan Stanley | 787,686 | ||||
Total Capital Markets | 1,155,235 | |||||
Chemicals – 1.2% | ||||||
9,170 | DuPont de Nemours Inc | 521,590 | ||||
Consumer Finance – 4.7% | ||||||
4,452 | American Express Co | 406,201 | ||||
12,097 | Discover Financial Services | 786,426 | ||||
7,536 | OneMain Holdings Inc | 262,931 | ||||
20,916 | Synchrony Financial | 523,318 | ||||
Total Consumer Finance | 1,978,876 | |||||
Diversified Financial Services – 1.1% | ||||||
9,454 | Voya Financial Inc | 453,130 |
Shares | Description (1) | Value | ||||
Electric Utilities – 5.0% | ||||||
8,904 | American Electric Power Co Inc | $800,737 | ||||
5,019 | Entergy Corp | 508,023 | ||||
19,459 | Exelon Corp | 776,219 | ||||
Total Electric Utilities | 2,084,979 | |||||
Entertainment – 0.8% | ||||||
4,362 | Activision Blizzard Inc | 330,334 | ||||
Food & Staples Retailing – 0.8% | ||||||
2,327 | Walmart Inc | 322,871 | ||||
Health Care Equipment & Supplies – 5.0% | ||||||
6,053 | Baxter International Inc | 469,531 | ||||
16,586 | Boston Scientific Corp, (2) | 568,402 | ||||
6,117 | Medtronic PLC | 615,187 | ||||
3,340 | Zimmer Biomet Holdings Inc | 441,214 | ||||
Total Health Care Equipment & Supplies | 2,094,334 | |||||
Health Care Providers & Services – 3.7% | ||||||
2,049 | Humana Inc | 818,125 | ||||
2,461 | UnitedHealth Group Inc | 750,949 | ||||
Total Health Care Providers & Services | 1,569,074 | |||||
Hotels, Restaurants & Leisure – 1.9% | ||||||
13,217 | Wyndham Destinations Inc | 431,271 | ||||
7,916 | Wyndham Hotels & Resorts Inc | 368,173 | ||||
Total Hotels, Restaurants & Leisure | 799,444 | |||||
Household Durables – 3.3% | ||||||
6,392 | DR Horton Inc | 427,050 | ||||
27,315 | Newell Brands Inc | 482,383 | ||||
2,575 | Whirlpool Corp | 476,272 | ||||
Total Household Durables | 1,385,705 | |||||
Interactive Media & Services – 10.5% | ||||||
1,476 | Alphabet Inc, Class C, (2) | 2,392,611 | ||||
7,563 | Facebook Inc, Class A, (2) | 1,989,901 | ||||
Total Interactive Media & Services | 4,382,512 | |||||
Internet & Direct Marketing Retail – 8.6% | ||||||
1,738 | Alibaba Group Holding Ltd, Sponsored ADR, (2) | 529,551 | ||||
1,010 | Amazon.com Inc, (2) | 3,066,512 | ||||
Total Internet & Direct Marketing Retail | 3,596,063 | |||||
IT Services – 5.9% | ||||||
11,363 | Fiserv Inc, (2) | 1,084,826 | ||||
4,836 | Mastercard Inc, Class A | 1,395,863 | ||||
Total IT Services | 2,480,689 |
Shares | Description (1) | Value | ||||
Leisure Products – 0.7% | ||||||
4,901 | Brunswick Corp/DE | $ 312,243 | ||||
Machinery – 1.5% | ||||||
3,806 | Stanley Black & Decker Inc | 632,557 | ||||
Media – 1.1% | ||||||
17,615 | Altice USA Inc, Class A, (2) | 474,724 | ||||
Multiline Retail – 1.3% | ||||||
3,652 | Target Corp | 555,908 | ||||
Multi-Utilities – 1.2% | ||||||
23,017 | CenterPoint Energy Inc | 486,349 | ||||
Oil, Gas & Consumable Fuels – 1.2% | ||||||
3,818 | Pioneer Natural Resources Co | 303,760 | ||||
45,029 | WPX Energy Inc, (2) | 207,584 | ||||
Total Oil, Gas & Consumable Fuels | 511,344 | |||||
Pharmaceuticals – 1.9% | ||||||
15,965 | AstraZeneca PLC, Sponsored ADR | 800,804 | ||||
Road & Rail – 2.3% | ||||||
3,036 | Kansas City Southern | 534,761 | ||||
2,320 | Union Pacific Corp | 411,081 | ||||
Total Road & Rail | 945,842 | |||||
Semiconductors & Semiconductor Equipment – 8.5% | ||||||
1,758 | Broadcom Inc | 614,649 | ||||
17,316 | Marvell Technology Group Ltd | 649,523 | ||||
1,788 | NVIDIA Corp | 896,432 | ||||
4,274 | NXP Semiconductors NV | 577,503 | ||||
9,857 | Taiwan Semiconductor Manufacturing Co Ltd, Sponsored ADR | 826,707 | ||||
Total Semiconductors & Semiconductor Equipment | 3,564,814 | |||||
Software – 5.8% | ||||||
4,332 | Proofpoint Inc, (2) | 414,746 | ||||
4,768 | salesforcecom Inc, (2) | 1,107,463 | ||||
1,860 | ServiceNow Inc, (2) | 925,480 | ||||
Total Software | 2,447,689 | |||||
Specialty Retail – 3.3% | ||||||
4,752 | Best Buy Co Inc | 530,085 | ||||
3,239 | Home Depot Inc | 863,874 | ||||
Total Specialty Retail | 1,393,959 | |||||
Textiles, Apparel & Luxury Goods – 0.5% | ||||||
10,435 | Capri Holdings Ltd, (2) | 221,431 |
Shares | Description (1) | Value | ||||
Tobacco – 1.7% | ||||||
9,906 | Philip Morris International Inc | $ 703,524 | ||||
Wireless Telecommunication Services – 1.8% | ||||||
6,747 | T-Mobile US Inc, (2) | 739,269 | ||||
Total Long-Term Investments (cost $34,497,679) | 41,458,781 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Value | ||
SHORT-TERM INVESTMENTS – 1.1% | ||||||
REPURCHASE AGREEMENTS – 1.1% | ||||||
$ 461 | Repurchase Agreement with Fixed Income Clearing Corporation, dated 10/30/20, repurchase price $461,481, collateralized $417,300 U.S. Treasury Notes, 2.375%, due 05/15/27, value $470,760 | 0.000% | 11/02/20 | $ 461,481 | ||
Total Short-Term Investments (cost $461,481) | 461,481 | |||||
Total Investments (cost $34,959,160) – 100.0% | 41,920,262 | |||||
Other Assets Less Liabilities – (0.0)% | (12,453) | |||||
Net Assets – 100% | $ 41,907,809 |
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 – 98.4% | ||||||
COMMON STOCKS – 97.4% | ||||||
Aerospace & Defense – 1.2% | ||||||
55,676 | Kratos Defense & Security Solutions Inc, (2) | $ 1,051,720 | ||||
Air Freight & Logistics – 1.4% | ||||||
25,483 | Hub Group Inc, Class A, (2) | 1,277,463 | ||||
Banks – 6.9% | ||||||
23,599 | Banner Corp | 870,095 | ||||
62,803 | Home BancShares Inc/AR | 1,042,530 | ||||
22,033 | Preferred Bank | 745,376 | ||||
44,443 | Renasant Corp | 1,267,070 | ||||
25,535 | Western Alliance Bancorp | 1,052,042 | ||||
23,472 | Wintrust Financial Corp | 1,155,527 | ||||
Total Banks | 6,132,640 | |||||
Biotechnology – 7.4% | ||||||
37,656 | Amicus Therapeutics Inc, (2) | 671,406 | ||||
7,726 | Arena Pharmaceuticals Inc, (2) | 662,273 | ||||
9,584 | Arrowhead Pharmaceuticals Inc, (2) | 549,163 | ||||
3,221 | Ascendis Pharma A/S, Sponsored ADR, (2) | 526,150 | ||||
7,716 | Blueprint Medicines Corp, (2) | 789,193 | ||||
7,720 | Emergent BioSolutions Inc, (2) | 694,568 | ||||
9,717 | Fate Therapeutics Inc, (2) | 431,435 | ||||
6,062 | Global Blood Therapeutics Inc, (2) | 320,559 | ||||
15,160 | Halozyme Therapeutics Inc, (2) | 424,480 | ||||
15,386 | Iovance Biotherapeutics Inc, (2) | 548,972 | ||||
1,622 | Mirati Therapeutics Inc, (2) | 352,201 | ||||
5,610 | Turning Point Therapeutics Inc, (2) | 517,186 | ||||
Total Biotechnology | 6,487,586 | |||||
Building Products – 3.2% | ||||||
28,011 | AZEK Co Inc, (2) | 936,688 | ||||
20,226 | Patrick Industries Inc | 1,127,599 | ||||
48,165 | PGT, Inc, (2) | 798,576 | ||||
Total Building Products | 2,862,863 | |||||
Capital Markets – 2.9% | ||||||
15,947 | Evercore Inc, Class A | 1,268,425 | ||||
15,843 | Piper Sandler Cos | 1,322,098 | ||||
Total Capital Markets | 2,590,523 |
Shares | Description (1) | Value | ||||
Chemicals – 1.3% | ||||||
37,102 | Avient Corp | $ 1,152,759 | ||||
Commercial Services & Supplies – 1.2% | ||||||
19,239 | Casella Waste Systems Inc, Class A, (2) | 1,038,714 | ||||
Construction & Engineering – 1.4% | ||||||
24,135 | MasTec Inc, (2) | 1,198,061 | ||||
Construction Materials – 1.4% | ||||||
67,316 | Summit Materials Inc, Class A, (2) | 1,190,820 | ||||
Consumer Finance – 0.9% | ||||||
37,830 | Regional Management Corp, (2) | 768,706 | ||||
Electrical Equipment – 2.6% | ||||||
18,712 | EnerSys | 1,339,779 | ||||
10,053 | Regal Beloit Corp | 991,729 | ||||
Total Electrical Equipment | 2,331,508 | |||||
Electronic Equipment, Instruments & Components – 2.9% | ||||||
13,243 | Array Technologies Inc, (2) | 488,005 | ||||
34,429 | Belden Inc | 1,063,167 | ||||
85,606 | TTM Technologies Inc, (2) | 1,016,143 | ||||
Total Electronic Equipment, Instruments & Components | 2,567,315 | |||||
Equity Real Estate Investment Trust – 6.0% | ||||||
74,162 | Brandywine Realty Trust | 649,659 | ||||
5,704 | EastGroup Properties Inc | 759,088 | ||||
22,368 | Healthcare Realty Trust Inc | 621,831 | ||||
49,049 | Industrial Logistics Properties Trust | 940,760 | ||||
17,575 | PotlatchDeltic Corp | 730,241 | ||||
30,732 | STAG Industrial Inc | 956,380 | ||||
119,390 | Summit Hotel Properties Inc | 630,379 | ||||
Total Equity Real Estate Investment Trust | 5,288,338 | |||||
Food Products – 1.0% | ||||||
37,789 | Nomad Foods Ltd, (2) | 916,383 | ||||
Gas Utilities – 2.2% | ||||||
16,932 | Southwest Gas Holdings Inc | 1,112,771 | ||||
15,333 | Spire Inc | 859,261 | ||||
Total Gas Utilities | 1,972,032 | |||||
Health Care Equipment & Supplies – 2.7% | ||||||
18,112 | AtriCure Inc, (2) | 625,950 | ||||
33,993 | Establishment Labs Holdings Inc, (2) | 850,845 |
Shares | Description (1) | Value | ||||
Health Care Equipment & Supplies (continued) | ||||||
8,184 | Tandem Diabetes Care Inc, (2) | $ 892,056 | ||||
Total Health Care Equipment & Supplies | 2,368,851 | |||||
Health Care Providers & Services – 4.2% | ||||||
15,740 | AMN Healthcare Services Inc, (2) | 1,027,507 | ||||
5,361 | LHC Group Inc, (2) | 1,160,925 | ||||
70,524 | Select Medical Holdings Corp, (2) | 1,479,593 | ||||
Total Health Care Providers & Services | 3,668,025 | |||||
Health Care Technology – 2.3% | ||||||
82,542 | Change Healthcare Inc, (2) | 1,167,969 | ||||
32,083 | HMS Holdings Corp, (2) | 854,050 | ||||
Total Health Care Technology | 2,022,019 | |||||
Hotels, Restaurants & Leisure – 4.4% | ||||||
25,842 | BJ's Restaurants Inc | 729,003 | ||||
15,599 | Jack in the Box Inc | 1,248,856 | ||||
12,968 | Papa John's International Inc | 993,349 | ||||
16,430 | Penn National Gaming Inc, (2) | 886,891 | ||||
Total Hotels, Restaurants & Leisure | 3,858,099 | |||||
Household Durables – 1.7% | ||||||
8,774 | Meritage Homes Corp, (2) | 764,128 | ||||
4,755 | TopBuild Corp, (2) | 728,513 | ||||
Total Household Durables | 1,492,641 | |||||
Insurance – 1.6% | ||||||
6,906 | Primerica Inc | 761,317 | ||||
36,718 | Selectquote Inc, (2) | 632,284 | ||||
Total Insurance | 1,393,601 | |||||
IT Services – 4.0% | ||||||
108,744 | Everi Holdings Inc, (2) | 936,286 | ||||
19,889 | LiveRamp Holdings Inc, (2) | 1,314,464 | ||||
19,211 | MAXIMUS Inc | 1,298,279 | ||||
Total IT Services | 3,549,029 | |||||
Machinery – 5.1% | ||||||
33,011 | Altra Industrial Motion Corp | 1,411,550 | ||||
18,343 | Astec Industries Inc | 931,825 | ||||
56,407 | Shyft Group Inc | 1,089,219 | ||||
25,523 | SPX Corp, (2) | 1,081,920 | ||||
Total Machinery | 4,514,514 | |||||
Media – 1.2% | ||||||
12,311 | Nexstar Media Group Inc, Class A | 1,014,426 |
Shares | Description (1) | Value | ||||
Mortgage Real Estate Investment Trust – 0.8% | ||||||
96,292 | Ladder Capital Corp | $ 722,190 | ||||
Multi-Utilities – 1.5% | ||||||
22,582 | Black Hills Corp | 1,279,496 | ||||
Oil, Gas & Consumable Fuels – 1.1% | ||||||
94,769 | Parsley Energy Inc, Class A | 948,638 | ||||
Paper & Forest Products – 2.2% | ||||||
36,149 | Domtar Corp | 863,238 | ||||
38,444 | Louisiana-Pacific Corp | 1,098,730 | ||||
Total Paper & Forest Products | 1,961,968 | |||||
Pharmaceuticals – 2.8% | ||||||
21,255 | Horizon Therapeutics Plc, (2) | 1,592,637 | ||||
4,015 | MyoKardia Inc, (2) | 897,473 | ||||
Total Pharmaceuticals | 2,490,110 | |||||
Professional Services – 1.2% | ||||||
27,599 | Huron Consulting Group Inc, (2) | 1,044,898 | ||||
Semiconductors & Semiconductor Equipment – 3.8% | ||||||
8,950 | CMC Materials Inc | 1,272,601 | ||||
34,139 | Lattice Semiconductor Corp, (2) | 1,191,451 | ||||
24,934 | MACOM Technology Solutions Holdings Inc, (2) | 910,091 | ||||
Total Semiconductors & Semiconductor Equipment | 3,374,143 | |||||
Software – 6.8% | ||||||
18,005 | J2 Global Inc, (2) | 1,222,179 | ||||
18,800 | LivePerson Inc, (2) | 1,005,048 | ||||
30,891 | Model N Inc, (2) | 1,088,290 | ||||
28,727 | Ping Identity Holding Corp, (2) | 795,451 | ||||
18,480 | Rapid7 Inc, (2) | 1,144,466 | ||||
17,647 | Sailpoint Technologies Holdings Inc, (2) | 732,527 | ||||
Total Software | 5,987,961 | |||||
Specialty Retail – 2.0% | ||||||
19,435 | Aaron's Holdings Co Inc | 1,015,673 | ||||
2,215 | RH, (2) | 742,535 | ||||
Total Specialty Retail | 1,758,208 | |||||
Textiles, Apparel & Luxury Goods – 2.7% | ||||||
21,327 | Crocs Inc, (2) | 1,116,042 | ||||
5,026 | Deckers Outdoor Corp, (2) | 1,273,438 | ||||
Total Textiles, Apparel & Luxury Goods | 2,389,480 |
Shares | Description (1) | Value | ||||
Trading Companies & Distributors – 1.4% | ||||||
20,614 | Applied Industrial Technologies Inc | $ 1,258,485 | ||||
Total Common Stocks (cost $75,244,934) | 85,924,213 |
Shares | Description (1), (3) | Value | ||||
EXCHANGE-TRADED FUNDS – 1.0% | ||||||
7,811 | SPDR S&P Biotech ETF, (4) | $ 880,846 | ||||
Total Exchange-Traded Funds (cost $609,238) | 880,846 | |||||
Total Long-Term Investments (cost $75,854,172) | 86,805,059 |
Shares | Description (1) | Coupon | Value | |||
INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 1.0% | ||||||
MONEY MARKET FUNDS – 1.0% | ||||||
910,502 | State Street Navigator Securities Lending Government Money Market Portfolio, (5) | 0.090% (6) | $ 910,502 | |||
Total Investments Purchased with Collateral from Securities Lending (cost $910,502) | 910,502 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Value | ||
SHORT-TERM INVESTMENTS – 2.3% | ||||||
REPURCHASE AGREEMENTS – 2.3% | ||||||
$ 2,052 | Repurchase Agreement with Fixed Income Clearing Corporation, dated 10/30/20, repurchase price $2,052,468, collateralized $1,855,800 U.S. Treasury Notes, 2.375%, due 05/15/27, value $2,093,544 | 0.000% | 11/02/20 | $ 2,052,468 | ||
Total Short-Term Investments (cost $2,052,468) | 2,052,468 | |||||
Total Investments (cost $78,817,142) – 101.7% | 89,768,029 | |||||
Other Assets Less Liabilities – (1.7)% | (1,510,511) | |||||
Net Assets – 100% | $ 88,257,518 |
For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease. | ||
(1) | All percentages shown in the Portfolio of Investments are based on net assets. | |
(2) | Non-income producing; issuer has not declared a dividend within the past twelve months. | |
(3) | A copy of the most recent financial statements for 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. | |
(4) | Investment, or a portion of investment, is out on loan for securities lending. The total value of the securities out on loan as of the end of the reporting period was $871,938. | |
(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 4- Portfolio Securities and Investments in Derivatives for more information. | |
(6) | The rate shown is the one-day yield as of the end of the reporting period. | |
ADR | American Depositary Receipt | |
ETF | Exchange-Traded Fund | |
SPDR | Standard & Poor's Depositary Receipt |
Large Cap Select | Small Cap Select | |
Assets | ||
Long-term investments, at value (cost $34,497,679 and $75,854,172, respectively)(1) | $41,458,781 | $86,805,059 |
Investment purchased with collateral from securities lending, at value (cost approximates value) | — | 910,502 |
Short-term investments, at value (cost approximates value) | 461,481 | 2,052,468 |
Receivable for: | ||
Dividends | 37,995 | 23,812 |
Due from affiliate | 1,439 | 14,429 |
Investments sold | — | 277,601 |
Shares sold | 19,739 | 102,394 |
Other assets | 17,965 | 42,781 |
Total assets | 41,997,400 | 90,229,046 |
Liabilities | ||
Payable for: | ||
Collateral from securities lending program | — | 910,502 |
Investments purchased - regular settlement | — | 586,945 |
Shares redeemed | 22,042 | 272,079 |
Accrued expenses: | ||
Custodian fees | 5,438 | 8,000 |
Directors fees | 40 | 18,212 |
Management fees | 16,292 | 64,863 |
Professional fees | 19,274 | 19,667 |
Shareholder reporting expenses | 6,509 | 14,565 |
Shareholder servicing agent fees | 10,057 | 61,099 |
12b-1 distribution and service fees | 6,913 | 13,603 |
Other | 3,026 | 1,993 |
Total liabilities | 89,591 | 1,971,528 |
Net assets | $41,907,809 | $88,257,518 |
Large Cap Select | Small Cap Select | |
Class A Shares | ||
Net assets | $24,134,760 | $49,513,055 |
Shares outstanding | 751,441 | 6,322,679 |
Net asset value ("NAV") per share | $ 32.12 | $ 7.83 |
Offering price per share (NAV per share plus maximum sales charge of 5.75% of offering price) | $ 34.08 | $ 8.31 |
Class C Shares | ||
Net assets | $ 1,743,077 | $ 807,364 |
Shares outstanding | 58,975 | 190,840 |
NAV and offering price per share | $ 29.56 | $ 4.23 |
Class R3 Shares | ||
Net assets | $ — | $ 4,602,778 |
Shares outstanding | — | 672,939 |
NAV and offering price per share | $ — | $ 6.84 |
Class R6 Shares | ||
Net assets | $ — | $ 1,993,796 |
Shares outstanding | — | 187,005 |
NAV and offering price per share | $ — | $ 10.66 |
Class I Shares | ||
Net assets | $16,029,972 | $31,340,525 |
Shares outstanding | 494,591 | 2,947,059 |
NAV and offering price per share | $ 32.41 | $ 10.63 |
Fund level net assets consist of: | ||
Capital paid-in | $34,652,097 | $76,196,707 |
Total distributable earnings | 7,255,712 | 12,060,811 |
Fund level net assets | $41,907,809 | $88,257,518 |
Authorized shares - per class | 2 billion | 2 billion |
Par value per share | $ 0.0001 | $ 0.0001 |
(1) | Includes securities loaned of $- and $871,938 for Large Cap Select and Small Cap Select, respectively. |
Large Cap Select | Small Cap Select | |
Investment Income | ||
Dividends | $ 718,294 | $ 990,157 |
Interest | 1,985 | 8,420 |
Securities lending income | 80 | 4,827 |
Payment from affiliate | 1,439 | 14,429 |
Tax withheld | (5,984) | — |
Total investment income | 715,814 | 1,017,833 |
Expenses | ||
Management fees | 303,858 | 728,761 |
12b-1 service fees - Class A Shares | 60,697 | 125,057 |
12b-1 distribution and service fees - Class C Shares | 20,106 | 8,994 |
12b-1 distribution and service fees - Class R3 Shares | — | 23,552 |
Shareholder servicing agent fees | 29,874 | 147,715 |
Custodian fees | 15,703 | 22,814 |
Professional fees | 28,638 | 28,229 |
Directors fees | 1,016 | 2,052 |
Shareholder reporting expenses | 14,473 | 24,615 |
Federal and state registration fees | 54,776 | 80,333 |
Other | 8,595 | 13,818 |
Total expenses before fee waiver/expense reimbursement | 537,736 | 1,205,940 |
Fee waiver/expense reimbursement | (85,058) | (202,144) |
Net expenses | 452,678 | 1,003,796 |
Net investment income (loss) | 263,136 | 14,037 |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) from investments | 1,173,674 | 2,286,463 |
Change in net unrealized appreciation (depreciation) of investments | 908,025 | (762,160) |
Net realized and unrealized gain (loss) | 2,081,699 | 1,524,303 |
Net increase (decrease) in net assets from operations | $2,344,835 | $1,538,340 |
Large Cap Select | Small Cap Select | ||||
Year Ended 10/31/20 | Year Ended 10/31/19 | Year Ended 10/31/20 | Year Ended 10/31/19 | ||
Operations | |||||
Net investment income (loss) | $ 263,136 | $ 561,103 | $ 14,037 | $ 84,809 | |
Net realized gain (loss) from investments | 1,173,674 | (1,025,607) | 2,286,463 | (209,980) | |
Change in net unrealized appreciation (depreciation) of investments | 908,025 | 6,416,434 | (762,160) | 6,331,612 | |
Net increase (decrease) in net assets from operations | 2,344,835 | 5,951,930 | 1,538,340 | 6,206,441 | |
Distributions to Shareholders | |||||
Dividends: | |||||
Class A Shares | (288,657) | (894,093) | (81,269) | (11,801,893) | |
Class C Shares | (9,872) | (80,595) | — | (422,601) | |
Class R3 Shares | — | — | — | (1,142,174) | |
Class R6 Shares | — | — | (11,344) | (1,031,249) | |
Class I Shares | (256,895) | (1,910,495) | (116,045) | (5,461,767) | |
Decrease in net assets from distributions to shareholders | (555,424) | (2,885,183) | (208,658) | (19,859,684) | |
Fund Share Transactions | |||||
Proceeds from sale of shares | 5,878,456 | 8,928,213 | 15,280,667 | 15,825,165 | |
Proceeds from shares issued to shareholders due to reinvestment of distributions | 417,962 | 2,490,169 | 197,954 | 19,068,666 | |
6,296,418 | 11,418,382 | 15,478,621 | 34,893,831 | ||
Cost of shares redeemed | (11,065,090) | (43,341,723) | (22,801,671) | (38,571,414) | |
Net increase (decrease) in net assets from Fund share transactions | (4,768,672) | (31,923,341) | (7,323,050) | (3,677,583) | |
Net increase (decrease) in net assets | (2,979,261) | (28,856,594) | (5,993,368) | (17,330,826) | |
Net assets at the beginning of period | 44,887,070 | 73,743,664 | 94,250,886 | 111,581,712 | |
Net assets at the end of period | $ 41,907,809 | $ 44,887,070 | $ 88,257,518 | $ 94,250,886 |
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) | |||||||||
2020 | $30.71 | $ 0.17 | $1.61 | $1.78 | $(0.37) | $ — | $(0.37) | $32.12 | |
2019 | 28.87 | 0.21 | 2.72 | 2.93 | (0.10) | (0.99) | (1.09) | 30.71 | |
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 | |
Class C (01/03) | |||||||||
2020 | 28.28 | (0.06) | 1.47 | 1.41 | (0.13) | — | (0.13) | 29.56 | |
2019 | 26.77 | ( —)* | 2.50 | 2.50 | — | (0.99) | (0.99) | 28.28 | |
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 | |
Class I (01/03) | |||||||||
2020 | 30.98 | 0.25 | 1.62 | 1.87 | (0.44) | — | (0.44) | 32.41 | |
2019 | 29.13 | 0.28 | 2.73 | 3.01 | (0.17) | (0.99) | (1.16) | 30.98 | |
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 |
Ratios/Supplemental Data | |||||||||
Ratios to Average Net Assets Before Waiver/Reimbursement | Ratios to Average Net Assets After Waiver/Reimbursement(d) | ||||||||
Total Return(b), (c) | Ending Net Assets (000) | Expenses | Net Investment Income (Loss) | Net Investment Income (Loss) Excluding Payment From Affiliates | Expenses | Net Investment Income (Loss) | Net Investment Income (Loss) Excluding Payment From Affiliates | Portfolio Turnover Rate(e) | |
5.76% | $24,135 | 1.30% | 0.34% | 0.34% | 1.11% | 0.54% | 0.54% | 101% | |
10.86 | 24,224 | 1.20 | 0.68 | N/A | 1.15 | 0.73 | N/A | 108 | |
5.47 | 23,030 | 1.16 | 0.37 | N/A | 1.14 | 0.39 | N/A | 101 | |
29.99 | 14,778 | 1.19 | 0.36 | N/A | 1.14 | 0.40 | N/A | 276 | |
3.40 | 7,983 | 1.22 | 0.44 | N/A | 1.21 | 0.45 | N/A | 116 | |
4.99 | 1,743 | 2.05 | (0.40) | (0.40) | 1.86 | (0.21) | (0.21) | 101 | |
10.02 | 2,097 | 1.95 | (0.07) | N/A | 1.90 | (0.02) | N/A | 108 | |
4.65 | 2,145 | 1.91 | (0.39) | N/A | 1.89 | (0.37) | N/A | 101 | |
29.06 | 1,389 | 1.94 | (0.39) | N/A | 1.89 | (0.34) | N/A | 276 | |
2.64 | 1,074 | 1.97 | (0.32) | N/A | 1.96 | (0.31) | N/A | 116 | |
6.02 | 16,030 | 1.05 | 0.60 | 0.60 | 0.86 | 0.79 | 0.79 | 101 | |
11.13 | 18,567 | 0.95 | 0.93 | N/A | 0.90 | 0.98 | N/A | 108 | |
5.74 | 48,569 | 0.91 | 0.63 | N/A | 0.89 | 0.65 | N/A | 101 | |
30.31 | 45,599 | 0.94 | 0.61 | N/A | 0.89 | 0.66 | N/A | 276 | |
3.69 | 37,597 | 0.97 | 0.69 | N/A | 0.96 | 0.70 | N/A | 116 |
(a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
(b) | During the fiscal year ended October 31, 2020, the Fund began receiving voluntary compensation from the Adviser. The Fund’s Total Return for each share class would decrease by an amount equaling less than 0.01% if such voluntary compensation were excluded. See Note 7-Management Fees and Other Transactions with Affiliates, for more information. |
(c) | 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. |
(d) | After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Note 7 – Management Fees and Other Transactions with Affiliates for more information. |
(e) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 4 – Portfolio Securities and Investments in Derivatives) divided by the average long-term market value during the period. |
* | Rounds to more than $(.01) per share |
N/A | Fund did not have Payments from Affiliates for periods prior to the fiscal year ended October 31, 2020. |
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) | |||||||||
2020 | $ 7.71 | $( —)** | $0.13 | $0.13 | $ (0.01) | $ — | $(0.01) | $ 7.83 | |
2019 | 9.26 | ( —)** | 0.28 | 0.28 | ( —)** | (1.83) | (1.83) | 7.71 | |
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 | |
Class C (09/01) | |||||||||
2020 | 4.19 | (0.03) | 0.07 | 0.04 | — | — | — | 4.23 | |
2019 | 6.00 | (0.03) | 0.05 | 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 | |
Class R3 (01/94) | |||||||||
2020 | 6.74 | (0.02) | 0.12 | 0.10 | — | — | — | 6.84 | |
2019 | 8.37 | (0.02) | 0.22 | 0.20 | — | (1.83) | (1.83) | 6.74 | |
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 | |
Class R6 (02/18) | |||||||||
2020 | 10.49 | 0.03 | 0.20 | 0.23 | (0.06) | — | (0.06) | 10.66 | |
2019 | 11.87 | 0.04 | 0.44 | 0.48 | (0.03) | (1.83) | (1.86) | 10.49 | |
2018(f) | 11.82 | 0.02 | 0.03 | 0.05 | — | — | — | 11.87 | |
Class I (05/92) | |||||||||
2020 | 10.46 | 0.02 | 0.19 | 0.21 | (0.04) | — | (0.04) | 10.63 | |
2019 | 11.85 | 0.03 | 0.44 | 0.47 | (0.03) | (1.83) | (1.86) | 10.46 | |
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 |
Ratios/Supplemental Data | |||||||||
Ratios to Average Net Assets Before Waiver/Reimbursement | Ratios to Average Net Assets After Waiver/Reimbursement(d) | ||||||||
Total Return(b), (c) | Ending Net Assets (000) | Expenses | Net Investment Income (Loss) | Net Investment Income (Loss) Excluding Payment From Affiliates | Expenses | Net Investment Income (Loss) | Net Investment Income (Loss) Excluding Payment From Affiliates | Portfolio Turnover Rate(e) | |
1.70% | $49,513 | 1.48% | (0.29)% | (0.31)% | 1.24% | (0.05)% | (0.07)% | 90% | |
6.95 | 55,849 | 1.42 | (0.17) | N/A | 1.24 | 0.01 | N/A | 70 | |
3.48 | 60,930 | 1.43 | (0.24) | N/A | 1.24 | (0.06) | N/A | 95 | |
21.76 | 67,405 | 1.41 | (0.24) | N/A | 1.33 | (0.16) | N/A | 66 | |
4.05 | 67,428 | 1.44 | 0.10 | N/A | 1.44 | 0.10 | N/A | 66 | |
0.95 | 807 | 2.23 | (1.01) | (1.03) | 1.99 | (0.78) | (0.80) | 90 | |
6.09 | 1,029 | 2.17 | (0.92) | N/A | 1.99 | (0.74) | N/A | 70 | |
2.78 | 1,436 | 2.18 | (1.00) | N/A | 1.99 | (0.81) | N/A | 95 | |
20.75 | 4,913 | 2.16 | (0.99) | N/A | 2.09 | (0.91) | N/A | 66 | |
3.37 | 5,625 | 2.19 | (0.65) | N/A | 2.19 | (0.65) | N/A | 66 | |
1.48 | 4,603 | 1.73 | (0.55) | (0.57) | 1.49 | (0.32) | (0.34) | 90 | |
6.65 | 5,194 | 1.68 | (0.42) | N/A | 1.49 | (0.24) | N/A | 70 | |
3.34 | 5,264 | 1.68 | (0.50) | N/A | 1.49 | (0.31) | N/A | 95 | |
21.40 | 5,381 | 1.66 | (0.49) | N/A | 1.59 | (0.41) | N/A | 66 | |
3.76 | 5,310 | 1.69 | (0.12) | N/A | 1.69 | (0.12) | N/A | 66 | |
2.15 | 1,994 | 1.09 | 0.08 | 0.06 | 0.86 | 0.32 | 0.30 | 90 | |
7.22 | 2,070 | 1.03 | 0.17 | N/A | 0.85 | 0.36 | N/A | 70 | |
0.42 | 6,532 | 1.03* | 0.06* | N/A | 0.85* | 0.24* | N/A | 95 | |
2.00 | 31,341 | 1.23 | (0.04) | (0.06) | 0.99 | 0.19 | 0.17 | 90 | |
7.13 | 30,109 | 1.17 | 0.08 | N/A | 0.99 | 0.26 | N/A | 70 | |
3.77 | 37,420 | 1.18 | 0.02 | N/A | 0.99 | 0.21 | N/A | 95 | |
22.03 | 49,150 | 1.16 | 0.01 | N/A | 1.08 | 0.09 | N/A | 66 | |
4.33 | 45,574 | 1.19 | 0.36 | N/A | 1.19 | 0.36 | N/A | 66 |
(a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
(b) | During the fiscal year ended October 31, 2020, the Fund began receiving voluntary compensation from the Adviser. The Fund’s Total Return for each share class would decrease by an amount equaling less than 0.01% if such voluntary compensation were excluded. See Note 7-Management Fees and Other Transactions with Affiliates, for more information. |
(c) | 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. |
(d) | After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Note 7 – Management Fees and Other Transactions with Affiliates for more information. |
(e) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 4 – Portfolio Securities and Investments in Derivatives) divided by the average long-term market value during the period. |
(f) | For the period February 28, 2018 (commencement of operations) through October 31, 2018. |
* | Annualized. |
** | Rounds to more than $(.01) per share. |
N/A | Fund did not have Payments from Affiliates for periods prior to the fiscal year ended October 31, 2020. |
Large Cap Select | Level 1 | Level 2 | Level 3 | Total |
Long-Term Investments*: | ||||
Common Stocks | $41,458,781 | $ — | $ — | $41,458,781 |
Short-Term Investments: | ||||
Repurchase Agreements | — | 461,481 | — | 461,481 |
Total | $41,458,781 | $461,481 | $ — | $41,920,262 |
Small Cap Select | Level 1 | Level 2 | Level 3 | Total |
Long-Term Investments*: | ||||
Common Stocks | $85,924,213 | $ — | $ — | $85,924,213 |
Exchange-Traded Funds | 880,846 | — | — | 880,846 |
Investments Purchased with Collateral from Securities Lending | 910,502 | — | — | 910,502 |
Short-Term Investments: | ||||
Repurchase Agreements | — | 2,052,468 | — | 2,052,468 |
Total | $87,715,561 | $2,052,468 | $ — | $89,768,029 |
* | Refer to the Fund's Portfolio of Investments for industry classifications. |
Fund | Counterparty | Short-Term Investments, at Value | Collateral Pledged (From) Counterparty* | Net Exposure |
Large Cap Select | Fixed Income Clearing Corporation | $ 461,481 | $ (461,481) | $ — |
Small Cap Select | Fixed Income Clearing Corporation | 2,052,468 | (2,052,468) | — |
Fund | Asset Class out on Loan | Long-Term Investments, at Value | Total Collateral Received |
Small Cap Select | Exchange-Traded Funds | $871,938 | $910,502 |
Large Cap Select | Small Cap Select | |
Purchases | $43,139,467 | $76,005,494 |
Sales | 49,032,642 | 83,853,994 |
Year Ended 10/31/20 | Year Ended 10/31/19 | ||||
Large Cap Select | Shares | Amount | Shares | Amount | |
Shares sold: | |||||
Class A | 134,762 | $ 4,158,714 | 177,515 | $ 4,930,221 | |
Class A – automatic conversion of Class C Shares | 322 | 9,547 | 486 | 13,884 | |
Class C | 7,173 | 185,304 | 24,930 | 643,351 | |
Class I | 50,169 | 1,524,891 | 120,055 | 3,340,757 | |
Shares issued to shareholders due to reinvestment of distributions: | |||||
Class A | 8,421 | 275,945 | 32,369 | 835,988 | |
Class C | 304 | 9,233 | 3,148 | 75,284 | |
Class I | 4,024 | 132,784 | 60,673 | 1,578,897 | |
205,175 | 6,296,418 | 419,176 | 11,418,382 | ||
Shares redeemed: | |||||
Class A | (180,869) | (5,479,450) | (219,203) | (6,275,373) | |
Class C | (22,286) | (631,267) | (33,536) | (894,697) | |
Class C – automatic conversion to Class A Shares | (349) | (9,547) | (526) | (13,884) | |
Class I | (158,896) | (4,944,826) | (1,248,745) | (36,157,769) | |
(362,400) | (11,065,090) | (1,502,010) | (43,341,723) | ||
Net increase (decrease) | (157,225) | $ (4,768,672) | (1,082,834) | $(31,923,341) |
Year Ended 10/31/20 | Year Ended 10/31/19 | ||||
Small Cap Select | Shares | Amount | Shares | Amount | |
Shares sold: | |||||
Class A | 307,114 | $ 2,205,137 | 482,537 | $ 3,499,928 | |
Class A – automatic conversion of Class C Shares | 565 | 4,406 | 1,287 | 10,280 | |
Class C | 70,370 | 281,979 | 43,704 | 181,629 | |
Class R3 | 224,753 | 1,220,971 | 256,759 | 1,677,173 | |
Class R6 | 65,961 | 634,452 | 202,682 | 2,051,384 | |
Class I | 1,104,358 | 10,933,722 | 843,491 | 8,404,771 | |
Shares issued to shareholders due to reinvestment of distributions: | |||||
Class A | 9,868 | 80,423 | 1,813,633 | 11,697,567 | |
Class C | — | — | 119,270 | 421,025 | |
Class R3 | — | — | 201,838 | 1,140,383 | |
Class R6 | 1,026 | 11,344 | 117,392 | 1,031,249 | |
Class I | 9,610 | 106,187 | 545,179 | 4,778,442 | |
1,793,625 | 15,478,621 | 4,627,772 | 34,893,831 | ||
Shares redeemed: | |||||
Class A | (1,242,360) | (9,117,685) | (1,629,812) | (12,135,488) | |
Class C | (124,081) | (490,229) | (154,537) | (622,536) | |
Class C – automatic conversion to Class A Shares | (1,041) | (4,406) | (2,231) | (10,280) | |
Class R3 | (322,738) | (2,126,594) | (316,677) | (2,085,951) | |
Class R6 | (77,255) | (754,897) | (673,304) | (6,773,557) | |
Class I | (1,044,786) | (10,307,860) | (1,668,575) | (16,943,602) | |
(2,812,261) | (22,801,671) | (4,445,136) | (38,571,414) | ||
Net increase (decrease) | (1,018,636) | $ (7,323,050) | 182,636 | $ (3,677,583) |
Large Cap Select | Small Cap Select | |
Tax cost of investments | $35,019,292 | $79,041,408 |
Gross unrealized: | ||
Appreciation | $ 7,734,297 | $15,796,983 |
Depreciation | (833,327) | (5,070,362) |
Net unrealized appreciation (depreciation) of investments | $ 6,900,970 | $10,726,621 |
Large Cap Select | Small Cap Select | |
Undistributed net ordinary income1 | $215,137 | $ — |
Undistributed net long-term capital gains | 139,605 | 1,384,383 |
1 | Net ordinary income consists of net taxable income derived from dividends, interest, and net short-term capital gains, if any. |
2020 | Large Cap Select | Small Cap Select |
Distributions from net ordinary income1 | $555,424 | $ 64,365 |
Distributions from net long-term capital gains | — | 144,293 |
2019 | Large Cap Select | Small Cap Select |
Distributions from net ordinary income1 | $2,753,146 | $ 5,582,744 |
Distributions from net long-term capital gains | 132,037 | 14,276,940 |
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 | |
Utilized capital loss carryforwards | $834,737 | $647,469 |
Small Cap Select | |
Post-October capital losses2 | $ — |
Late-year ordinary losses3 | 32,071 |
2 | Capital losses incurred from November 1, 2019 through October 31, 2020, the Funds’ tax year end. |
3 | Ordinary losses incurred from January 1, 2020 through October 31, 2020 and/or specified losses incurred from November 1, 2019 through October 31, 2020. |
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 | 0.80%* | July 31, 2022 |
Small Cap Select | 0.99 | July 31, 2022 |
Large Cap Select | Small Cap Select | |
Sales charges collected (Unaudited) | $10,525 | $9,414 |
Large Cap Select | Small Cap Select | |
Paid to financial intermediaries (Unaudited) | 9,337 | 8,217 |
Large Cap Select | Small Cap Select | |
Commission advances (Unaudited) | $749 | $1,680 |
Large Cap Select | Small Cap Select | |
12b-1 fees retained (Unaudited) | $1,861 | $1,587 |
Large Cap Select | Small Cap Select | |
CDSC retained (Unaudited) | $976 | $111 |
Large Cap Select | Small Cap Select | |
Long-term capital gain dividends | $14,492 | $196,726 |
Large Cap Select | Small Cap Select | |
% of DRD | 100.0% | 100.0% |
% of QDI | 100.0% | 100.0% |
• | Fund Improvements and Product Management Initiatives – continuing to proactively manage the Nuveen fund complex as a whole and at the individual fund level with an aim to enhance the shareholder outcomes through, among other things, rationalizing the product line and gaining efficiencies through mergers, repositionings and liquidations; launching new share classes; reviewing and updating investment policies and benchmarks; closing funds to new investments; rebranding the exchange-traded fund (“ETF”) product line; and integrating certain investment teams and changing the portfolio managers serving various funds; |
• | Capital Initiatives – continuing to invest capital to support new Nuveen funds with initial capital as well as to facilitate modifications to the strategies or structure of existing funds; |
• | Liquidity Management – implementing the liquidity risk management program which was designed to assess and manage the liquidity risk of the Nuveen funds. The Board noted that this program was particularly helpful in addressing the high volatility and liquidity challenges that arose in the market, particularly for the high yield municipal sector, during the first half of 2020; |
• | Compliance Program Initiatives – continuing efforts to mitigate compliance risk, increase operating efficiencies, strengthen key compliance program elements and support international business growth and other objectives through, among other things, integrating various investment teams across affiliates, consolidating marketing review functions, enhancing compliance related technologies and establishing and maintaining shared broad-based compliance policies throughout the organization and its affiliates; |
• | Risk Management and Valuation Services – continuing efforts to provide Nuveen with a more disciplined and consistent approach to identifying and mitigating the firm’s operational risks through, among other things, enhancing the interaction and reporting between the investment risk management team and various affiliates and adopting a risk operational framework across the complex; |
• | Regulatory Matters – continuing efforts to monitor regulatory trends and advocate on behalf of the Nuveen funds, to implement and comply with new or revised rules and mandates and to respond to regulatory inquiries and exams; |
• | Government Relations – continuing efforts of various Nuveen teams and affiliates to develop policy positions on a broad range of issues that may impact the Nuveen funds, advocate and communicate these positions to lawmakers and other regulatory authorities and work with trade associations to ensure these positions are represented; |
• | Business Continuity, Disaster Recovery and Information Services – continuing to periodically test business continuity and disaster recovery plans, maintain an information security program designed to identify and manage information security risks, and provide reports to the Board, at least annually, addressing, among other things, management’s security risk assessment, cyber risk profile, potential impact of new or revised laws and regulations, incident tracking and other relevant information technology risk-related reports; and |
• | Expanded Dividend Management Services – continuing to manage the dividends among the varying types of Nuveen funds within the Nuveen complex to be consistent with the respective fund’s product design and investing resources to develop systems to assist in the process for newer products such as target term funds and ETFs. |
Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed (1) | Principal Occupation(s) Including other Directorships During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Director |
Independent Directors: | ||||
Terence J. Toth 1959 333 W. Wacker Drive Chicago, IL 60606 | Chairman and Director | 2008 | Formerly, a Co-Founding Partner, Promus Capital (2008-2017); Director, Quality Control Corporation (manufacturing) (since 2012); member: Catalyst Schools of Chicago Board (since 2008) and Mather Foundation Board (philanthropy) (since 2012), and chair of its investment committee; formerly, Director, Fulcrum IT Services LLC (information technology services firm to government entities) (2010-2019); formerly, Director, Legal & General Investment Management America, Inc. (asset management) (2008-2013); formerly, CEO and President, Northern Trust Global Investments (financial services) (2004-2007); Executive Vice President, Quantitative Management & Securities Lending (2000-2004); prior thereto, various positions with Northern Trust Company (financial services) (since 1994); formerly, Member, Northern Trust Mutual Funds Board (2005-2007), Northern Trust Global Investments Board (2004-2007), Northern Trust Japan Board (2004-2007), Northern Trust Securities Inc. Board (2003- 2007) and Northern Trust Hong Kong Board (1997-2004). | 150 |
Jack B. Evans 1948 333 W. Wacker Drive Chicago, IL 60606 | Director | 1999 | Chairman (since 2019), formerly, President (1996-2019), The Hall-Perrine Foundation, (private philanthropic corporation); Director and Chairman, United Fire Group, a publicly held company; Director, Public member, American Board of Orthopaedic Surgery (since 2015); Life Trustee of Coe College and the Iowa College Foundation; formerly, President Pro-Tem of the Board of Regents for the State of Iowa University System; formerly, Director, Alliant Energy and The Gazette Company (media and publishing); formerly, Director, Federal Reserve Bank of Chicago; formerly, President and Chief Operating Officer, SCI Financial Group, Inc., (regional financial services firm). | 150 |
Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed (1) | Principal Occupation(s) Including other Directorships During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Director |
William C. Hunter 1948 333 W. Wacker Drive Chicago, IL 60606 | Director | 2003 | Dean Emeritus, formerly, Dean, Tippie College of Business, University of Iowa (2006-2012); Director of Wellmark, Inc. (since 2009); past Director (2005-2015), and past President (2010- 2014) Beta Gamma Sigma, Inc., The International Business Honor Society; formerly, Director (2004-2018) of Xerox Corporation; Dean and Distinguished Professor of Finance, School of Business at the University of Connecticut (2003-2006); previously, Senior Vice President and Director of Research at the Federal Reserve Bank of Chicago (1995-2003); formerly, Director (1997-2007), Credit Research Center at Georgetown University. | 150 |
Albin F. Moschner 1952 333 W. Wacker Drive Chicago, IL 60606 | Director | 2016 | Founder and Chief Executive Officer, Northcroft Partners, LLC, (management consulting) (since 2012); formerly, Chairman (2019), and Director (2012-2019), USA Technologies, Inc., (provider of solutions and services to facilitate electronic payment transactions); formerly, Director, Wintrust Financial Corporation (1996-2016); previously, held positions at Leap Wireless International, Inc. (telecommunication services), including Consultant (2011-2012), Chief Operating Officer (2008-2011), and Chief Marketing Officer (2004-2008); formerly, President, Verizon Card Services division of Verizon Communications, Inc. (2000-2003); formerly, President, One Point Services at One Point Communications (telecommunication services) (1999-2000); formerly, Vice Chairman of the Board, Diba, Incorporated (internet technology provider) (1996-1997); formerly, various executive positions (1991-1996) and Chief Executive Officer (1995-1996) of Zenith Electronics Corporation (consumer electronics). | 150 |
John K. Nelson 1962 333 W. Wacker Drive Chicago, IL 60606 | Director | 2013 | Member of Board of Directors of Core12 LLC. (private firm which develops branding, marketing and communications strategies for clients) (since 2008); served The President's Council of Fordham University (2010-2019) and previously a Director of the Curran Center for Catholic American Studies (2009-2018); formerly, senior external advisor to the Financial Services practice of Deloitte Consulting LLP. (2012-2014); former Chair of the Board of Trustees of Marian University (2010-2014 as trustee, 2011-2014 as Chair); formerly Chief Executive Officer of ABN AMRO Bank N.V., North America, and Global Head of the Financial Markets Division (2007-2008), with various executive leadership roles in ABN AMRO Bank N.V. between 1996 and 2007. | 150 |
Judith M. Stockdale 1947 333 W. Wacker Drive Chicago, IL 60606 | Director | 1997 | Board Member, Land Trust Alliance (national public charity addressing natural land and water conservation in the U.S.) (since 2013); formerly, Board Member, U.S. Endowment for Forestry and Communities (national endowment addressing forest health, sustainable forest production and markets, and economic health of forest-reliant communities in the U.S.) (2013-2019); formerly, Executive Director (1994-2012), Gaylord and Dorothy Donnelley Foundation (private foundation endowed to support both natural land conservation and artistic vitality); prior thereto, Executive Director, Great Lakes Protection Fund (1990-1994). | 150 |
Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed (1) | Principal Occupation(s) Including other Directorships During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Director |
Carole E. Stone 1947 333 W. Wacker Drive Chicago, IL 60606 | Director | 2007 | Former Director, Chicago Board Options Exchange (2006-2017), and C2 Options Exchange, Incorporated (2009-2017); former Director, Cboe Global Markets, Inc., formerly, CBOE Holdings, Inc. (2010-May 2020); formerly, Commissioner, New York State Commission on Public Authority Reform (2005-2010). | 150 |
Matthew Thornton III 1958 333 W. Wacker Drive Chicago, IL 60606 | Director | 2020 | Formerly, Executive Vice President and Chief Operating Officer (2018-2019), FedEx Freight Corporation, a subsidiary of FedEx Corporation ("FedEx") (provider of transportation, e-commerce and business services through its portfolio of companies); formerly, Senior Vice President, U.S. Operations (2006-2018), Federal Express Corporation, a subsidiary of FedEx; formerly Member of the Board of Directors (2012-2018), Safe Kids Worldwide® (a non-profit organization dedicated to preventing childhood injuries). Member of the Board of Directors (since 2014), The Sherwin-Williams Company (develops, manufactures, distributes and sells paints, coatings and related products); Director (since November 2020), Crown Castle International Corp. (owns, operates and leases cell towers and fiber routes supporting small cells and fiber solutions). | 150 |
Margaret L. Wolff 1955 333 W. Wacker Drive Chicago, IL 60606 | Director | 2016 | Formerly, member of the Board of Directors (2013-2017) of Travelers Insurance Company of Canada and The Dominion of Canada General Insurance Company (each, a part of Travelers Canada, the Canadian operation of The Travelers Companies, Inc.); formerly, Of Counsel, Skadden, Arps, Slate, Meagher & Flom LLP (legal services, Mergers & Acquisitions Group) (2005-2014); Member of the Board of Trustees of New York-Presbyterian Hospital (since 2005); Member (since 2004) and Chair (since 2015) of the Board of Trustees of The John A. Hartford Foundation (a philanthropy dedicated to improving the care of older adults); formerly, Member (2005-2015) and Vice Chair (2011-2015) of the Board of Trustees of Mt. Holyoke College. | 150 |
Robert L. Young 1963 333 W. Wacker Drive Chicago, IL 60606 | Director | 2017 | Formerly, Chief Operating Officer and Director, J.P. Morgan Investment Management Inc. (financial services) (2010-2016); formerly, President and Principal Executive Officer (2013-2016), and Senior Vice President and Chief Operating Officer (2005-2010), of J.P. Morgan Funds; formerly, Director and various officer positions for J.P. Morgan Investment Management Inc. (formerly, JPMorgan Funds Management, Inc. and formerly, One Group Administrative Services) and JPMorgan Distribution Services, Inc. (financial services) (formerly, One Group Dealer Services, Inc.) (1999-2017). | 150 |
Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed(2) | Principal Occupation(s) During Past 5 Years | |
Officers of the Funds: | ||||
Christopher E. Stickrod 1976 333 W. Wacker Drive Chicago, IL 60606 | Chief Administrative Officer | 2020 | Senior Managing Director (since 2017) and Head of Advisory Product (since 2020), formerly, Managing Director (2016-2017) and Senior Vice President (2013-2016) of Nuveen, LLC; Senior Managing Director of Nuveen Securities, LLC (since 2018) and of Nuveen Fund Advisors, LLC (since 2019). | |
Mark J. Czarniecki 1979 901 Marquette Avenue Minneapolis, MN 55402 | Vice President and Secretary | 2013 | Vice President and Assistant Secretary of Nuveen Securities, LLC (since 2016) and Nuveen Fund Advisors (since 2017); Vice President and Associate General Counsel of Nuveen (since 2013) and Vice President, Assistant Secretary and Associate General Counsel of Nuveen Asset Management (since 2018). |
Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed(2) | Principal Occupation(s) During Past 5 Years | |
Diana R. Gonzalez 1978 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Assistant Secretary | 2017 | Vice President and Assistant Secretary of Nuveen Fund Advisors, LLC (since 2017); Vice President and Associate General Counsel of Nuveen (since 2017); Associate General Counsel of Jackson National Asset Management (2012-2017). | |
Nathaniel T. Jones 1979 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Treasurer | 2016 | Managing Director (since 2017), formerly, Senior Vice President (2016-2017), formerly, Vice President (2011- 2016) of Nuveen; Managing Director (since 2015) of Nuveen Fund Advisors, LLC; Chartered Financial Analyst. | |
Tina M. Lazar 1961 333 W. Wacker Drive Chicago, IL 60606 | Vice President | 2002 | Managing Director (since 2017), formerly, Senior Vice President (2014-2017) of Nuveen Securities, LLC. | |
Brian J. Lockhart 1974 333 W. Wacker Drive Chicago, IL 60606 | Vice President | 2019 | Managing Director (since 2019) of Nuveen Fund Advisors, LLC; Managing Director (since 2017), formerly, Vice President (2010-2017) of Nuveen; Head of Investment Oversight (since 2017), formerly, Team Leader of Manager Oversight (2015-2017); Chartered Financial Analyst and Certified Financial Risk Manager. | |
Jacques M. Longerstaey 1963 8500 Andrew Carnegie Blvd. Charlotte, NC 28262 | Vice President | 2019 | Senior Managing Director, Chief Risk Officer, Nuveen, LLC (since May 2019); Senior Managing Director (since May 2019) of Nuveen Fund Advisors, LLC; formerly, Chief Investment and Model Risk Officer, Wealth & Investment Management Division, Wells Fargo Bank (NA) (from 2013-2019). | |
Kevin J. McCarthy 1966 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Assistant Secretary | 2007 | Senior Managing Director (since 2017) and Secretary and General Counsel (since 2016) of Nuveen Investments, Inc., formerly, Executive Vice President (2016-2017) and Managing Director and Assistant Secretary (2008-2016); Senior Managing Director (since 2017) and Assistant Secretary (since 2008) of Nuveen Securities, LLC, formerly Executive Vice President (2016-2017) and Managing Director (2008-2016); Senior Managing Director (since 2017) and Secretary (since 2016) of Nuveen Fund Advisors, LLC, formerly, Co-General Counsel (2011-2020), Executive Vice President (2016-2017), Managing Director (2008-2016) and Assistant Secretary (2007-2016); Senior Managing Director (since 2017), Secretary (since 2016) of Nuveen Asset Management, LLC, formerly, Associate General Counsel (2011-2020), Executive Vice President (2016-2017) and Managing Director and Assistant Secretary (2011-2016); Senior Managing Director (since 2017) and Secretary (since 2016) of Nuveen Investments Advisers, LLC, formerly Executive Vice President (2016-2017); Vice President (since 2007) and Secretary (since 2016), formerly, Assistant Secretary, of NWQ Investment Management Company, LLC, Symphony Asset Management, LLC, Santa Barbara Asset Management, LLC and Winslow Capital Management, LLC (since 2010). Senior Managing Director (since 2017) and Secretary (since 2016) of Nuveen Alternative Investments, LLC. | |
Jon Scott Meissner 1973 8500 Andrew Carnegie Blvd. Charlotte, NC 28262 | Vice President | 2019 | Managing Director of Mutual Fund Tax and Financial Reporting groups at Nuveen (since 2017); Managing Director of Nuveen Fund Advisors, LLC (since 2019); Senior Director of Teachers Advisors, LLC and TIAA-CREF Investment Management, LLC (since 2016); Senior Director (since 2015) Mutual Fund Taxation to the TIAA-CREF Funds, the TIAA-CREF Life Funds, the TIAA Separate Account VA-1 and the CREF Accounts; has held various positions with TIAA since 2004. | |
Deann D. Morgan 1969 730 Third Avenue New York, NY 10017 | Vice President | 2020 | President, Nuveen Fund Advisors, LLC (since November 2020); Executive Vice President, Global Head of Product at Nuveen (since 2019); Co-Chief Executive Officer of Nuveen Securities, LLC (since March 2020); Managing Member MDR Collaboratory LLC (since 2018); Managing Director, Head of Wealth Management Product Structuring & COO Multi Asset Investing. The Blackstone Group (2013-2017). |
Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed(2) | Principal Occupation(s) During Past 5 Years | |
Christopher M. Rohrbacher 1971 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Assistant Secretary | 2008 | Managing Director (since 2017) and Assistant Secretary of Nuveen Securities, LLC; Managing Director (since 2017), formerly, Senior Vice President (2016-2017), General Counsel (since 2020), formerly, Co-General Counsel (2019-2020) and Assistant Secretary (since 2016) of Nuveen Fund Advisors, LLC; Managing Director, Associate General Counsel and Assistant Secretary of Nuveen Asset Management, LLC (since 2020); Managing Director (since 2017), formerly, Senior Vice President (2012-2017) and Associate General Counsel (sdince 2016), formerly, Assistant General Counsel (2008-2016) of Nuveen. | |
William A. Siffermann 1975 333 W. Wacker Drive Chicago, IL 60606 | Vice President | 2017 | Managing Director (since 2017), formerly Senior Vice President (2016-2017) and Vice President (2011-2016) of Nuveen. | |
E. Scott Wickerham 1973 8500 Andrew Carnegie Blvd. Charlotte, NC 28262 | Vice President and Controller | 2019 | Senior Managing Director, Head of Fund Administration at Nuveen, LLC (since 2019), formerly, Managing Director; Senior Managing Director (since 2019), Nuveen Fund Advisors, LLC; Principal Financial Officer, Principal Accounting Officer and Treasurer (since 2017) to the TIAA-CREF Funds, the TIAA-CREF Life Funds, the TIAA Separate Account VA-1 and the Treasurer (since 2017) to the CREF Accounts; Senior Director, TIAA-CREF Fund Administration (2014-2015); has held various positions with TIAA since 2006. | |
Mark L. Winget 1968 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Secretary | 2008 | Vice President and Assistant Secretary of Nuveen Securities, LLC (since 2008), and Nuveen Fund Advisors, LLC (since 2009); Vice President, Associate General Counsel and Assistant Secretary of Nuveen Asset Management, LLC (since 2020); Vice President (since 2010) and Associate General Counsel (since 2016), formerly, Assistant General Counsel (2008-2016) of Nuveen. | |
Gifford R. Zimmerman 1956 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Chief Compliance Officer | 1988 | Formerly: Managing Director (2002-2020) and Assistant Secretary of Nuveen Securities, LLC; Managing Director (2002-2020), Assistant Secretary (1997-2020) and Co-General Counsel (2011-2020) of Nuveen Fund Advisors, LLC; Managing Director (2004-2020) and Assistant Secretary (1994-2020) of Nuveen Investments, Inc.; Managing Director, Assistant Secretary and Associate General Counsel of Nuveen Asset Management, LLC (2011-2020); Vice President (2017-2020) Managing Director (2003-2017) and Assistant Secretary (2003-2020) of Symphony Asset Management LLC; Vice President and Assistant Secretary of NWQ Investment Management Company, LLC, Santa Barbara Asset Management, LLC (2006-2020) and of Winslow Capital Management, LLC (2010-2020); Chartered Financial Analyst. |
Serving Investors for Generations
ITEM 2. | CODE OF ETHICS. |
As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There were no amendments to or waivers from the code during the period covered by this report. The registrant has posted the code of ethics on its website at www.nuveen.com/fund-governance. (To view the code, click on Code of Conduct.)
ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT. |
As of the end of the period covered by this report, the registrant’s Board of Directors or Trustees (“Board”) determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its Audit Committee. The registrant’s audit committee financial experts are Carole E. Stone, Jack B. Evans and William C. Hunter, who are “independent” for purposes of Item 3 of Form N-CSR.
Ms. Stone served for five years as Director of the New York State Division of the Budget. As part of her role as Director, Ms. Stone was actively involved in overseeing the development of the State’s operating, local assistance and capital budgets, its financial plan and related documents; overseeing the development of the State’s bond-related disclosure documents and certifying that they fairly presented the State’s financial position; reviewing audits of various State and local agencies and programs; and coordinating the State’s system of internal audit and control. Prior to serving as Director, Ms. Stone worked as a budget analyst/examiner with increasing levels of responsibility over a 30 year period, including approximately five years as Deputy Budget Director. Ms. Stone has also served as Chair of the New York State Racing Association Oversight Board, as Chair of the Public Authorities Control Board, as a Commissioner on the New York State Commission on Public Authority Reform and as a member of the Boards of Directors of several New York State public authorities. These positions have involved overseeing operations and finances of certain entities and assessing the adequacy of project/entity financing and financial reporting. Currently, Ms. Stone is on the Board of Directors of CBOE Holdings, Inc., of the Chicago Board Options Exchange, and of C2 Options Exchange. Ms. Stone’s position on the boards of these entities and as a member of both CBOE Holdings’ Audit Committee and its Finance Committee has involved, among other things, the oversight of audits, audit plans and preparation of financial statements.
Mr. Evans was formerly President and Chief Operating Officer of SCI Financial Group, Inc., a full service registered broker-dealer and registered investment adviser (“SCI”). As part of his role as President and Chief Operating Officer, Mr. Evans actively supervised the Chief Financial Officer (the “CFO”) and actively supervised the CFO’s preparation of financial statements and other filings with various regulatory authorities. In such capacity, Mr. Evans was actively involved in the preparation of SCI’s financial statements and the resolution of issues raised in connection therewith. Mr. Evans has also served on the audit committee of various reporting companies. At such companies, Mr. Evans was involved in the oversight of audits, audit plans, and the preparation of financial statements. Mr. Evans also formerly chaired the audit committee of the Federal Reserve Bank of Chicago.
Mr. Hunter was formerly a Senior Vice President at the Federal Reserve Bank of Chicago. As part of his role as Senior Vice President, Mr. Hunter was the senior officer responsible for all operations of each of the Economic Research, Statistics, and Community and Consumer Affairs units at the Federal Reserve Bank of Chicago. In such capacity, Mr. Hunter oversaw the subunits of the Statistics and Community and Consumer Affairs divisions responsible for the analysis and evaluation of bank and bank holding company financial statements and financial filings. Prior to serving as Senior Vice President at the Federal Reserve Bank of Chicago, Mr. Hunter was the Vice President of the Financial Markets unit at the Federal Reserve Bank of Atlanta where he supervised financial staff and bank holding company analysts who analyzed and evaluated bank and bank holding company financial statements. Mr. Hunter also currently serves on the Boards of Directors of Xerox Corporation and Wellmark, Inc. as well as on the Audit Committees of such Boards. As an Audit Committee member, Mr. Hunter’s responsibilities include, among other things, reviewing financial statements, internal audits and internal controls over financial reporting. Mr. Hunter also formerly was a Professor of Finance at the University of Connecticut School of Business and has authored numerous scholarly articles on the topics of finance, accounting and economics.
ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES. |
The following tables show the amount of fees that PriceWaterHouseCoopers LLP, the Funds’ auditor, billed to the Funds’ during the Funds’ last two full fiscal years. The Audit Committee approved in advance all audit services and non-audit services that PriceWaterHouseCoopers LLP, provided to the Funds, except for those non-audit services that were subject to the pre-approval exception under Rule 2-01 of Regulation S-X (the “pre-approval exception”). The preapproval exception for services provided directly to the Funds waives the pre-approval requirement for services other than audit, review or attest services if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid by the Funds during the fiscal year in which the services are provided; (B) the Funds did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee’s attention, and the Committee (or its delegate) approves the services before the audit is completed.
The Audit Committee has delegated certain pre-approval responsibilities to its Chair (or, in her absence, any other member of the Audit Committee).
Fiscal Year Ended October 31, 2020 | Audit Fees Billed to Funds 1 | Audit-Related Fees Billed to Funds 2 | Tax Fees Billed to Funds 3 | All Other Fees Billed to Funds 4 | ||||||||||||
Fund Name | ||||||||||||||||
Nuveen Dividend Value Fund | 21,735 | 0 | 5,000 | 0 | ||||||||||||
Nuveen Mid Cap Growth Opportunities Fund | 15,865 | 0 | 5,000 | 0 | ||||||||||||
Nuveen Small Cap Value Fund | 18,915 | 0 | 2,500 | 0 | ||||||||||||
Nuveen Mid Cap Value Fund | 15,715 | 0 | 2,500 | 0 | ||||||||||||
Nuveen Small Cap Growth Opportunities Fund | 15,435 | 0 | 2,500 | 0 | ||||||||||||
Nuveen Small Cap Select Fund | 14,975 | 0 | 2,500 | 0 | ||||||||||||
Nuveen Large Cap Select Fund | 14,835 | 0 | 0 | 0 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 117,475 | $ | 0 | $ | 20,000 | $ | 0 |
1 | “Audit Fees” are the aggregate fees billed for professional services for the audit of the Fund’s annual financial statements and services provided in connection with statutory and regulatory filings or engagements. |
2 | “Audit-Related Fees” are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of financial statements that are not reported under “Audit Fees”. These fees include offerings related to the Fund’s common shares and leverage. |
3 | “Tax Fees” are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: all global withholding tax services; excise and state tax reviews; capital gain, tax equalization and taxable basis calculations performed by the principal accountant. |
4 | “All Other Fees” are the aggregate fees billed for products and services other than “Audit Fees”, “Audit-Related Fees” and “Tax Fees”. These fees represent all “Agreed-Upon Procedures” engagements pertaining to the Fund’s use of leverage. |
Percentage Approved Pursuant to Pre-approval Exception | ||||||||||||||||
Audit Fees Billed to Funds | Audit-Related Fees Billed to Funds | Tax Fees Billed to Funds | All Other Fees Billed to Funds | |||||||||||||
Fund Name | ||||||||||||||||
Nuveen Dividend Value Fund | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen Mid Cap Growth Opportunities Fund | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen Small Cap Value Fund | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen Mid Cap Value Fund | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen Small Cap Growth Opportunities Fund | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen Small Cap Select Fund | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen Large Cap Select Fund | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Fiscal Year Ended October 31, 2019 | Audit Fees Billed to Funds 1 | Audit-Related Fees Billed to Funds 2 | Tax Fees Billed to Funds 3 | All Other Fees Billed to Funds 4 | ||||||||||||
Fund Name | ||||||||||||||||
Nuveen Dividend Value Fund | 18,740 | 0 | 3,020 | 0 | ||||||||||||
Nuveen Mid Cap Growth Opportunities Fund | 16,370 | 0 | 3,020 | 0 | ||||||||||||
Nuveen Small Cap Value Fund | 22,920 | 0 | 3,020 | 0 | ||||||||||||
Nuveen Mid Cap Value Fund | 15,660 | 0 | 3,020 | 0 | ||||||||||||
Nuveen Small Cap Growth Opportunities Fund | 14,745 | 0 | 3,020 | 0 | ||||||||||||
Nuveen Small Cap Select Fund | 14,775 | 0 | 3,020 | 0 | ||||||||||||
Nuveen Large Cap Select Fund | 14,615 | 0 | 3,020 | 0 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 117,825 | $ | 0 | $ | 21,140 | $ | 0 |
1 | “Audit Fees” are the aggregate fees billed for professional services for the audit of the Fund’s annual financial statements and services provided in connection with statutory and regulatory filings or engagements. |
2 | “Audit-Related Fees” are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of financial statements that are not reported under “Audit Fees”. These fees include offerings related to the Fund’s common shares and leverage. |
3 | “Tax Fees” are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: all global withholding tax services; excise and state tax reviews; capital gain, tax equalization and taxable basis calculations performed by the principal accountant. |
4 | “All Other Fees” are the aggregate fees billed for products and services other than “Audit Fees”, “Audit-Related Fees” and “Tax Fees”. These fees represent all “Agreed-Upon Procedures” engagements pertaining to the Fund’s use of leverage. |
Percentage Approved Pursuant to Pre-approval Exception | ||||||||||||||||
Audit Fees Billed to Funds | Audit-Related Fees Billed to Funds | Tax Fees Billed to Funds | All Other Fees Billed to Funds | |||||||||||||
Fund Name | ||||||||||||||||
Nuveen Dividend Value Fund | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen Mid Cap Growth Opportunities Fund | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen Small Cap Value Fund | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen Mid Cap Value Fund | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen Small Cap Growth Opportunities Fund | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen Small Cap Select Fund | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen Large Cap Select Fund | 0 | % | 0 | % | 0 | % | 0 | % |
Fiscal Year Ended October 31, 2020 | Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers | Tax Fees Billed to Adviser and Affiliated Fund Service Providers | All Other Fees Billed to Adviser and Affiliated Fund Service Providers | |||||||||
Nuveen Investment Funds, Inc. | $ | 0 | $ | 0 | $ | 0 | ||||||
Percentage Approved Pursuant to Pre-approval Exception | ||||||||||||
Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers | Tax Fees Billed to Adviser and Affiliated Fund Service Providers | All Other Fees Billed to Adviser and Affiliated Fund Service Providers | ||||||||||
0 | % | 0 | % | 0 | % | |||||||
Fiscal Year Ended October 31, 2019 | Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers | Tax Fees Billed to Adviser and Affiliated Fund Service Providers | All Other Fees Billed to Adviser and Affiliated Fund Service Providers | |||||||||
Nuveen Investment Funds, Inc. | $ | 0 | $ | 0 | $ | 0 | ||||||
Percentage Approved Pursuant to Pre-approval Exception | ||||||||||||
Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers | Tax Fees Billed to Adviser and Affiliated Fund Service Providers | All Other Fees Billed to Adviser and Affiliated Fund Service Providers | ||||||||||
0 | % | 0 | % | 0 | % |
Fiscal Year Ended October 31, 2020 | Total Non-Audit Fees Billed to Funds | Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Funds) | Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements) | |||||||||
Fund Name | ||||||||||||
Nuveen Dividend Value Fund | 5,000 | 0 | 0 | |||||||||
Nuveen Mid Cap Growth Opportunities Fund | 5,000 | 0 | 0 | |||||||||
Nuveen Small Cap Value Fund | 2,500 | 0 | 0 | |||||||||
Nuveen Mid Cap Value Fund | 2,500 | 0 | 0 | |||||||||
Nuveen Small Cap Growth Opportunities Fund | 2,500 | 0 | 0 | |||||||||
Nuveen Small Cap Select Fund | 2,500 | 0 | 0 | |||||||||
Nuveen Large Cap Select Fund | 0 | 0 | 0 | |||||||||
|
|
|
|
|
| |||||||
Total | $ | 19,999 | $ | 0 | $ | 0 |
“Non-Audit Fees billed to Fund” for both fiscal year ends represent “Tax Fees” and “All Other Fees” billed to Fund in their respective amounts from the previous table.
Less than 50 percent of the hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.
Fiscal Year Ended October 31, 2019 | Total Non-Audit Fees Billed to Funds | Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Funds) | Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements) | |||||||||
Fund Name | ||||||||||||
Nuveen Dividend Value Fund | 3,020 | 0 | 0 | |||||||||
Nuveen Mid Cap Growth Opportunities Fund | 3,020 | 0 | 0 | |||||||||
Nuveen Small Cap Value Fund | 3,020 | 0 | 0 | |||||||||
Nuveen Mid Cap Value Fund | 3,020 | 0 | 0 | |||||||||
Nuveen Small Cap Growth Opportunities Fund | 3,020 | 0 | 0 | |||||||||
Nuveen Small Cap Select Fund | 3,020 | 0 | 0 | |||||||||
Nuveen Large Cap Select Fund | 3,020 | 0 | 0 | |||||||||
|
|
|
|
|
| |||||||
Total | $ | 21,141 | $ | 0 | $ | 0 |
“Non-Audit Fees billed to Fund” for both fiscal year ends represent “Tax Fees” and “All Other Fees” billed to Fund in their respective amounts from the previous table.
Audit Committee Pre-Approval Policies and Procedures. Generally, the Audit Committee must approve (i) all non-audit services to be performed for the Funds by the Funds’ independent accountant and (ii) all audit and non-audit services to be performed by the Funds’ independent accountant for the Affiliated Fund Service Providers with respect to the operations and financial reporting of the Funds. Regarding tax and research projects conducted by the independent accountant for the Funds and Affiliated Fund Service Providers (with respect to operations and financial reports of the Trust), such engagements will be (i) pre-approved by the Audit Committee if they are expected to be for amounts greater than $10,000; (ii) reported to the Audit Committee Chair for her verbal approval prior to engagement if they are expected to be for amounts under $10,000 but greater than $5,000; and (iii) reported to the Audit Committee at the next Audit Committee meeting if they are expected to be for an amount under $5,000.
ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS. |
Not applicable to this registrant.
ITEM 6. | SCHEDULE OF INVESTMENTS. |
a) | See Portfolio of Investments in Item 1. |
b) | Not applicable. |
ITEM 7. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable to this registrant.
ITEM 8. | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable to this registrant.
ITEM 9. | PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. |
Not applicable to this registrant.
ITEM 10. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees implemented after the registrant last provided disclosure in response to this Item.
ITEM 11. | CONTROLS AND PROCEDURES. |
(a) | The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (17 CFR 240.13a-15(b) or 240.15d-15(b)). |
(b) | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
ITEM 12. | DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
ITEM 13. | EXHIBITS. |
File the exhibits listed below as part of this Form.
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/ Mark J. Czarniecki | |
Mark J. Czarniecki | ||
Vice President and Secretary |
Date: January 7, 2021
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/ Christopher E. Stickrod | |
Christopher E. Stickrod | ||
Chief Administrative Officer | ||
(principal executive officer) |
Date: January 7, 2021
By (Signature and Title) | /s/ E. Scott Wickerham | |
E. Scott Wickerham | ||
Vice President and Controller | ||
(principal financial officer) |
Date: January 7, 2021