UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORMN-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-05309
Nuveen Investment Funds, Inc.
(Exact name of registrant as specified in charter)
Nuveen Investments
333 West Wacker Drive, Chicago, IL 60606
(Address of principal executive offices) (Zip code)
Christopher M. Rohrbacher
Vice President and Secretary
333 West Wacker Drive,
Chicago, IL 60606
(Name and address of agent for service)
Registrant’s telephone number, including area code:(312) 917-7700
Date of fiscal year end: October 31
Date of reporting period: October 31, 2019
FormN-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 Rule30e-1 under the Investment Company Act of 1940 (17 CFR270.30e-1). The Commission may use the information provided on FormN-CSR in its regulatory, disclosure review, inspection, and policy making roles.
A registrant is required to disclose the information specified by FormN-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in FormN-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss.3507.
ITEM 1. REPORTS TO STOCKHOLDERS.
Fund Name | Class A | Class C | Class R3 | Class R6 | Class I |
Nuveen 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 |
Average Annual | |||
1-Year | 5-Year | 10-Year | |
Class A Shares at NAV | 9.81% | 7.54% | 11.45% |
Class A Shares at maximum Offering Price | 3.52% | 6.28% | 10.79% |
Russell 1000® Value Index | 11.21% | 7.61% | 11.96% |
S&P 500® Index | 14.33% | 10.78% | 13.70% |
Lipper Equity Income Funds Classification Average | 10.90% | 7.33% | 11.01% |
Class C Shares | 8.98% | 6.74% | 10.62% |
Class R3 Shares | 9.50% | 7.27% | 11.17% |
Class I Shares | 10.14% | 7.82% | 11.74% |
Average Annual | |||
1-Year | 5-Year | Since Inception | |
Class R6 Shares | 10.29% | 7.94% | 10.37% |
Average Annual | |||
1-Year | 5-Year | 10-Year | |
Class A Shares at NAV | (0.05)% | 7.50% | 11.05% |
Class A Shares at maximum Offering Price | (5.83)% | 6.24% | 10.39% |
Class C Shares | (0.85)% | 6.70% | 10.21% |
Class R3 Shares | (0.32)% | 7.23% | 10.76% |
Class I Shares | 0.23% | 7.78% | 11.33% |
Average Annual | |||
1-Year | 5-Year | Since Inception | |
Class R6 Shares | 0.30% | 7.90% | 10.24% |
Share Class | |||||
Class A | Class C | Class R3 | Class R6 | Class I | |
Expense Ratios | 1.08% | 1.83% | 1.33% | 0.72% | 0.83% |
Average Annual | |||
1-Year | 5-Year | 10-Year | |
Class A Shares at NAV | 10.19% | 7.22% | 11.08% |
Class A Shares at maximum Offering Price | 3.86% | 5.96% | 10.42% |
Russell Midcap® Value Index | 10.08% | 6.95% | 12.90% |
Lipper Mid-Cap Value Funds Classification Average | 6.88% | 5.20% | 11.09% |
Class C Shares | 9.39% | 6.42% | 10.25% |
Class R3 Shares | 9.92% | 6.96% | 10.80% |
Class I Shares | 10.48% | 7.49% | 11.35% |
Average Annual | ||
1-Year | Since Inception | |
Class R6 Shares | 10.63% | 0.68% |
Average Annual | |||
1-Year | 5-Year | 10-Year | |
Class A Shares at NAV | (1.74)% | 7.75% | 10.61% |
Class A Shares at maximum Offering Price | (7.39)% | 6.49% | 9.96% |
Class C Shares | (2.49)% | 6.94% | 9.78% |
Class R3 Shares | (1.99)% | 7.49% | 10.34% |
Class I Shares | (1.50)% | 8.02% | 10.89% |
Average Annual | ||
1-Year | Since Inception | |
Class R6 Shares | (1.36)% | 0.27% |
Share Class | |||||
Class A | Class C | Class R3 | Class R6 | Class I | |
Gross Expense Ratios | 1.31% | 2.06% | 1.56% | 0.98% | 1.07% |
Net Expense Ratios | 1.17% | 1.92% | 1.42% | 0.83% | 0.92% |
Average Annual | |||
1-Year | 5-Year | 10-Year | |
Class A Shares at NAV | 0.44% | 5.55% | 11.56% |
Class A Shares at maximum Offering Price | (5.33)% | 4.31% | 10.90% |
Russell 2000® Value Index | 3.22% | 6.24% | 11.08% |
Lipper Small-Cap Value Funds Classification Average | 0.87% | 4.50% | 10.27% |
Class C Shares | (0.28)% | 4.76% | 10.74% |
Class R3 Shares | 0.21% | 5.28% | 11.29% |
Class I Shares | 0.69% | 5.81% | 11.84% |
Average Annual | ||
1-Year | Since Inception | |
Class R6 Shares | 0.90% | 5.17% |
Average Annual | |||
1-Year | 5-Year | 10-Year | |
Class A Shares at NAV | (11.28)% | 6.38% | 10.66% |
Class A Shares at maximum Offering Price | (16.37)% | 5.13% | 10.00% |
Class C Shares | (11.93)% | 5.58% | 9.83% |
Class R3 Shares | (11.48)% | 6.11% | 10.38% |
Class I Shares | (11.07)% | 6.63% | 10.92% |
Average Annual | ||
1-Year | Since Inception | |
Class R6 Shares | (10.82)% | 4.86% |
Share Class | |||||
Class A | Class C | Class R3 | Class R6 | Class I | |
Gross Expense Ratios | 1.24% | 1.99% | 1.49% | 0.82% | 0.99% |
Net Expense Ratios | 1.20% | 1.95% | 1.45% | 0.78% | 0.95% |
Fund Allocation (% of net assets) | |
Common Stocks | 99.7% |
Investments Purchased with Collateral from Securities Lending | 0.4% |
Money Market Funds | 1.3% |
Other Assets Less Liabilities | (1.4)% |
Net Assets | 100% |
Portfolio Composition (% of net assets) | |
Banks | 10.1% |
Health Care Providers & Services | 6.3% |
Consumer Finance | 5.6% |
Multi-Utilities | 5.4% |
Electric Utilities | 4.5% |
Diversified Telecommunication Services | 4.3% |
Pharmaceuticals | 4.3% |
Insurance | 4.2% |
Semiconductors & Semiconductor Equipment | 3.9% |
Machinery | 3.4% |
Mortgage Real Estate Investment Trust | 3.3% |
Aerospace & Defense | 3.2% |
Biotechnology | 3.1% |
Oil, Gas & Consumable Fuels | 3.0% |
Equity Real Estate Investment Trust | 2.8% |
Entertainment | 2.8% |
Chemicals | 2.6% |
Household Durables | 2.5% |
Media | 2.3% |
Multiline Retail | 2.3% |
Other | 19.8% |
Investments Purchased with Collateral from Securities Lending | 0.4% |
Money Market Funds | 1.3% |
Other Assets Less Liabilities | (1.4)% |
Net Assets | 100% |
Top Five Common Stock Holdings (% of net assets) | |
AT&T Inc. | 4.4% |
JPMorgan Chase & Co | 3.3% |
Chevron Corp | 3.0% |
Citigroup Inc. | 3.0% |
FirstEnergy Corp | 2.8% |
Fund Allocation (% of net assets) | |
Common Stocks | 98.9% |
Money Market Funds | 1.5% |
Other Assets Less Liabilities | (0.4)% |
Net Assets | 100% |
Portfolio Composition (% of net assets) | |
Equity Real Estate Investment Trust | 12.8% |
Electric Utilities | 6.1% |
Banks | 5.8% |
Insurance | 5.5% |
Multi-Utilities | 4.8% |
Oil, Gas & Consumable Fuels | 4.4% |
Capital Markets | 3.7% |
Hotels, Restaurants & Leisure | 3.4% |
Household Durables | 3.2% |
Machinery | 3.1% |
IT Services | 3.1% |
Airlines | 3.0% |
Health Care Equipment & Supplies | 2.7% |
Chemicals | 2.6% |
Aerospace & Defense | 2.3% |
Mortgage Real Estate Investment Trust | 2.3% |
Road & Rail | 2.2% |
Health Care Providers & Services | 2.0% |
Software | 2.0% |
Food Products | 1.9% |
Electrical Equipment | 1.9% |
Diversified Financial Services | 1.8% |
Other | 18.3% |
Money Market Funds | 1.5% |
Other Assets Less Liabilities | (0.4)% |
Net Assets | 100% |
Top Five Common Stock Holdings (% of net assets) | |
FirstEnergy Corp | 2.6% |
L3Harris Technologies Inc. | 2.3% |
Starwood Property Trust Inc. | 2.3% |
Hartford Financial Services Group Inc. | 2.2% |
Entergy Corp | 2.0% |
Fund Allocation (% of net assets) | |
Common Stocks | 99.5% |
Investments Purchased with Collateral from Securities Lending | 0.3% |
Money Market Funds | 1.1% |
Other Assets Less Liabilities | (0.9)% |
Net Assets | 100% |
Portfolio Composition (% of net assets) | |
Banks | 17.3% |
Equity Real Estate Investment Trust | 11.6% |
Insurance | 4.5% |
Thrifts & Mortgage Finance | 4.4% |
Communications Equipment | 3.7% |
Electronic Equipment, Instruments & Components | 3.7% |
Household Durables | 3.4% |
Mortgage Real Estate Investment Trust | 3.2% |
Commercial Services & Supplies | 3.1% |
Capital Markets | 2.9% |
Gas Utilities | 2.8% |
Oil, Gas & Consumable Fuels | 2.8% |
Professional Services | 2.5% |
Software | 2.2% |
Construction & Engineering | 2.2% |
Auto Components | 2.1% |
Metals & Mining | 1.9% |
Specialty Retail | 1.9% |
Building Products | 1.8% |
Multi-Utilities | 1.7% |
Other | 19.8% |
Investments Purchased with Collateral from Securities Lending | 0.3% |
Money Market Funds | 1.1% |
Other Assets Less Liabilities | (0.9)% |
Net Assets | 100% |
Top Five Common Stock Holdings (% of net assets) | |
SYNNEX Corp | 1.9% |
Radian Group Inc. | 1.9% |
IBERIABANK Corp | 1.9% |
Aaron's Inc. | 1.9% |
Cathay General Bancorp | 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 | $1,032.02 | $1,028.69 | $1,030.87 | $1,034.71 | $1,034.41 |
Expenses Incurred During the Period | $5.74 | $9.56 | $7.01 | $3.69 | $4.46 |
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 | $1,019.56 | $1,015.78 | $1,018.30 | $1,021.58 | $1,020.82 |
Expenses Incurred During the Period | $5.70 | $9.50 | $6.97 | $3.67 | $4.43 |
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 | $1,032.69 | $1,028.87 | $1,031.45 | $1,034.81 | $1,034.10 |
Expenses Incurred During the Period | $5.99 | $9.82 | $7.27 | $3.95 | $4.72 |
Hypothetical Performance (5% annualized return before expenses) | |||||
Beginning Account Value | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value | $1,019.31 | $1,015.53 | $1,018.05 | $1,021.32 | $1,020.57 |
Expenses Incurred During the Period | $5.96 | $9.75 | $7.22 | $3.92 | $4.69 |
Share Class | |||||
Class A | Class C | Class R3 | Class R6 | Class I | |
Actual Performance | |||||
Beginning Account Value | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value | $961.44 | $958.31 | $960.57 | $963.69 | $962.75 |
Expenses Incurred During the Period | $5.93 | $9.63 | $7.17 | $3.96 | $4.70 |
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 | $1,019.16 | $1,015.38 | $1,017.90 | $1,021.17 | $1,020.42 |
Expenses Incurred During the Period | $6.11 | $9.91 | $7.38 | $4.08 | $4.84 |
Shares | Description (1) | Value | ||||
LONG-TERM INVESTMENTS – 99.7% | ||||||
COMMON STOCKS – 99.7% | ||||||
Aerospace & Defense – 3.2% | ||||||
39,331 | Boeing Co | $13,369,000 | ||||
85,777 | L3Harris Technologies Inc. | 17,696,653 | ||||
Total Aerospace & Defense | 31,065,653 | |||||
Banks – 10.1% | ||||||
406,894 | Citigroup Inc. | 29,239,403 | ||||
298,429 | East West Bancorp Inc. | 12,808,573 | ||||
256,729 | JPMorgan Chase & Co | 32,070,587 | ||||
629,388 | KeyCorp | 11,310,102 | ||||
336,162 | TCF Financial Corp | 13,308,653 | ||||
Total Banks | 98,737,318 | |||||
Biotechnology – 3.1% | ||||||
204,369 | AbbVie Inc. | 16,257,554 | ||||
218,351 | Gilead Sciences Inc. | 13,911,142 | ||||
Total Biotechnology | 30,168,696 | |||||
Capital Markets – 2.1% | ||||||
448,271 | Morgan Stanley | 20,642,879 | ||||
Chemicals – 2.6% | ||||||
111,903 | Celanese Corp | 13,557,049 | ||||
269,729 | CF Industries Holdings Inc. | 12,232,210 | ||||
Total Chemicals | 25,789,259 | |||||
Communications Equipment – 1.7% | ||||||
100,108 | Motorola Solutions Inc. | 16,649,963 | ||||
Consumer Finance – 5.6% | ||||||
177,453 | American Express Co | 20,811,688 | ||||
196,370 | Capital One Financial Corp | 18,311,502 | ||||
189,089 | Discover Financial Services | 15,176,283 | ||||
Total Consumer Finance | 54,299,473 | |||||
Diversified Telecommunication Services – 4.3% | ||||||
1,104,143 | AT&T Inc. | 42,498,464 | ||||
Electric Utilities – 4.5% | ||||||
257,736 | Evergy Inc. | 16,471,908 | ||||
575,631 | FirstEnergy Corp | 27,814,490 | ||||
Total Electric Utilities | 44,286,398 |
Shares | Description (1) | Value | ||||
Electrical Equipment – 1.1% | ||||||
73,090 | Hubbell Inc. | $10,356,853 | ||||
Entertainment – 2.8% | ||||||
208,291 | Walt Disney Co | 27,061,167 | ||||
Equity Real Estate Investment Trust – 2.8% | ||||||
108,563 | Crown Castle International Corp | 15,067,459 | ||||
99,378 | Digital Realty Trust Inc. | 12,624,981 | ||||
Total Equity Real Estate Investment Trust | 27,692,440 | |||||
Food Products – 1.9% | ||||||
221,298 | Tyson Foods Inc., Class A | 18,321,261 | ||||
Health Care Providers & Services – 6.3% | ||||||
114,819 | Cigna Corp | 20,490,599 | ||||
49,105 | Humana Inc. | 14,446,691 | ||||
105,327 | UnitedHealth Group Inc. | 26,616,133 | ||||
Total Health Care Providers & Services | 61,553,423 | |||||
Hotels, Restaurants & Leisure – 1.2% | ||||||
426,999 | MGM Resorts International | 12,169,471 | ||||
Household Durables – 2.5% | ||||||
1,285,917 | Newell Brands Inc. | 24,393,845 | ||||
Insurance – 4.2% | ||||||
291,247 | Hartford Financial Services Group Inc. | 16,624,379 | ||||
101,684 | Marsh & McLennan Cos Inc. | 10,536,496 | ||||
604,798 | Old Republic International Corp | 13,511,187 | ||||
Total Insurance | 40,672,062 | |||||
Internet & Direct Marketing Retail – 1.3% | ||||||
90,039 | Expedia Group Inc. | 12,304,730 | ||||
IT Services – 2.0% | ||||||
148,554 | Fidelity National Information Services Inc. | 19,573,475 | ||||
Machinery – 3.4% | ||||||
132,668 | Caterpillar Inc. | 18,281,650 | ||||
96,617 | Stanley Black & Decker Inc. | 14,621,051 | ||||
Total Machinery | 32,902,701 | |||||
Media – 2.3% | ||||||
498,507 | Comcast Corp., Class A | 22,343,084 | ||||
Mortgage Real Estate Investment Trust – 3.3% | ||||||
900,502 | AGNC Investment Corp | 15,353,559 |
Shares | Description (1) | Value | ||||
Mortgage Real Estate Investment Trust (continued) | ||||||
686,747 | Starwood Property Trust Inc. | $16,893,976 | ||||
Total Mortgage Real Estate Investment Trust | 32,247,535 | |||||
Multiline Retail – 2.3% | ||||||
206,424 | Target Corp | 22,068,790 | ||||
Multi-Utilities – 5.4% | ||||||
160,666 | Ameren Corp | 12,483,748 | ||||
224,351 | Dominion Energy Inc. | 18,520,175 | ||||
348,336 | Public Service Enterprise Group Inc. | 22,053,152 | ||||
Total Multi-Utilities | 53,057,075 | |||||
Oil, Gas & Consumable Fuels – 3.0% | ||||||
253,912 | Chevron Corp | 29,489,340 | ||||
Personal Products – 1.4% | ||||||
233,844 | Unilever NV | 13,852,919 | ||||
Pharmaceuticals – 4.3% | ||||||
143,195 | Allergan PLC | 25,218,072 | ||||
333,869 | AstraZeneca PLC, Sponsored ADR, (2) | 16,369,597 | ||||
Total Pharmaceuticals | 41,587,669 | |||||
Road & Rail – 1.1% | ||||||
80,000 | Kansas City Southern | 11,262,400 | ||||
Semiconductors & Semiconductor Equipment – 3.9% | ||||||
32,667 | Broadcom Inc. | 9,566,531 | ||||
442,901 | Marvell Technology Group Ltd | 10,802,355 | ||||
89,917 | NXP Semiconductors NV | 10,221,765 | ||||
81,545 | Xilinx Inc. | 7,399,393 | ||||
Total Semiconductors & Semiconductor Equipment | 37,990,044 | |||||
Software – 1.5% | ||||||
102,705 | Microsoft Corp | 14,724,816 | ||||
Specialty Retail – 1.3% | ||||||
174,039 | Best Buy Co Inc. | 12,501,221 | ||||
Tobacco – 2.1% | ||||||
257,013 | Philip Morris International Inc. | 20,931,139 | ||||
Trading Companies & Distributors – 1.1% | ||||||
59,224 | Watsco Inc. | 10,441,191 | ||||
Total Long-Term Investments (cost $809,889,932) | 973,636,754 |
Shares | Description (1) | Coupon | Value | |||
INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 0.4% | ||||||
MONEY MARKET FUNDS – 0.4% | ||||||
3,758,147 | First American Government Obligations Fund, Class X, (3) | 1.743% (4) | $3,758,147 | |||
Total Investments Purchased with Collateral from Securities Lending (cost $3,758,147) | 3,758,147 |
Shares | Description (1) | Coupon | Value | |||
SHORT-TERM INVESTMENTS – 1.3% | ||||||
MONEY MARKET FUNDS – 1.3% | ||||||
12,555,067 | First American Treasury Obligation Fund, Class Z | 1.693% (4) | $12,555,067 | |||
Total Short-Term Investments (cost $12,555,067) | 12,555,067 | |||||
Total Investments (cost $826,203,146) – 101.4% | 989,949,968 | |||||
Other Assets Less Liabilities – (1.4)% | (13,851,804) | |||||
Net Assets – 100% | $976,098,164 |
For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease. | ||
(1) | All percentages shown in the Portfolio of Investments are based on net assets. | |
(2) | Investment, or a portion of investment, is out on loan for securities lending. The total value of the securities out on loan as of the end of the reporting period was $3,666,905. | |
(3) | The Fund may loan securities representing up to one third of the fair value of its total assets (which includes collateral for securities on loan) to broker dealers, banks, and other institutions. The Fund maintains collateral equal to at least 100% of the fair value of the securities loaned. The cash collateral received by the Fund is invested in this money market fund. See Notes to Financial Statements, Note 4- Portfolio Securities and Investments in Derivatives, Securities Lending for more information. | |
(4) | The rate shown is the annualized seven-day subsidized yield as of the end of the reporting period. | |
ADR | American Depositary Receipt |
Shares | Description (1) | Value | ||||
LONG-TERM INVESTMENTS – 98.9% | ||||||
COMMON STOCKS – 98.9% | ||||||
Aerospace & Defense – 2.3% | ||||||
38,522 | L3Harris Technologies Inc. | $7,947,474 | ||||
Airlines – 3.0% | ||||||
69,053 | Alaska Air Group Inc. | 4,794,350 | ||||
59,248 | United Airlines Holdings Inc., (2) | 5,382,088 | ||||
Total Airlines | 10,176,438 | |||||
Auto Components – 1.0% | ||||||
80,560 | BorgWarner Inc | 3,357,741 | ||||
Banks – 5.8% | ||||||
137,731 | East West Bancorp Inc. | 5,911,415 | ||||
368,593 | KeyCorp | 6,623,616 | ||||
10,702 | SVB Financial Group, (2) | 2,370,279 | ||||
100,727 | Western Alliance Bancorp | 4,968,863 | ||||
Total Banks | 19,874,173 | |||||
Biotechnology – 1.2% | ||||||
44,907 | United Therapeutics Corp, (2) | 4,034,445 | ||||
Building Products – 1.6% | ||||||
119,361 | Masco Corp | 5,520,446 | ||||
Capital Markets – 3.7% | ||||||
41,471 | Evercore Inc., Class A | 3,053,924 | ||||
52,782 | Nasdaq Inc. | 5,266,060 | ||||
52,006 | Raymond James Financial Inc. | 4,341,981 | ||||
Total Capital Markets | 12,661,965 | |||||
Chemicals – 2.6% | ||||||
37,440 | Celanese Corp | 4,535,856 | ||||
97,584 | CF Industries Holdings Inc. | 4,425,434 | ||||
Total Chemicals | 8,961,290 | |||||
Communications Equipment – 1.0% | ||||||
20,956 | Motorola Solutions Inc. | 3,485,402 | ||||
Consumer Finance – 1.7% | ||||||
72,007 | Discover Financial Services | 5,779,282 | ||||
Diversified Financial Services – 1.8% | ||||||
112,312 | Voya Financial Inc. | 6,060,355 |
Shares | Description (1) | Value | ||||
Electric Utilities – 6.1% | ||||||
96,890 | Alliant Energy Corp | $5,168,113 | ||||
57,738 | Entergy Corp | 7,014,012 | ||||
184,421 | FirstEnergy Corp | 8,911,223 | ||||
Total Electric Utilities | 21,093,348 | |||||
Electrical Equipment – 1.9% | ||||||
42,626 | AMETEK Inc. | 3,906,673 | ||||
17,718 | Hubbell Inc. | 2,510,640 | ||||
Total Electrical Equipment | 6,417,313 | |||||
Entertainment – 1.6% | ||||||
44,495 | Take-Two Interactive Software Inc., (2) | 5,354,973 | ||||
Equity Real Estate Investment Trust – 12.8% | ||||||
306,731 | Brandywine Realty Trust | 4,686,850 | ||||
50,720 | Digital Realty Trust Inc. | 6,443,469 | ||||
15,044 | Essex Property Trust Inc. | 4,921,344 | ||||
164,313 | First Industrial Realty Trust Inc. | 6,919,220 | ||||
39,989 | Mid-America Apartment Communities Inc. | 5,558,071 | ||||
136,647 | Park Hotels & Resorts Inc. | 3,177,043 | ||||
78,155 | SL Green Realty Corp | 6,533,758 | ||||
180,560 | Washington Real Estate Investment Trust | 5,600,971 | ||||
Total Equity Real Estate Investment Trust | 43,840,726 | |||||
Food Products – 1.9% | ||||||
78,707 | Tyson Foods Inc., Class A | 6,516,153 | ||||
Health Care Equipment & Supplies – 2.7% | ||||||
6,783 | Teleflex Inc. | 2,356,482 | ||||
49,498 | Zimmer Biomet Holdings Inc. | 6,842,109 | ||||
Total Health Care Equipment & Supplies | 9,198,591 | |||||
Health Care Providers & Services – 2.0% | ||||||
81,192 | Centene Corp, (2) | 4,309,671 | ||||
14,364 | Cigna Corp | 2,563,400 | ||||
Total Health Care Providers & Services | 6,873,071 | |||||
Hotels, Restaurants & Leisure – 3.4% | ||||||
23,015 | Hyatt Hotels Corp, Class A | 1,720,141 | ||||
179,783 | MGM Resorts International | 5,123,816 | ||||
45,074 | Royal Caribbean Cruises Ltd | 4,905,403 | ||||
Total Hotels, Restaurants & Leisure | 11,749,360 | |||||
Household Durables – 3.2% | ||||||
91,967 | DR Horton Inc. | 4,816,312 | ||||
320,716 | Newell Brands Inc. | 6,083,982 | ||||
Total Household Durables | 10,900,294 |
Shares | Description (1) | Value | ||||
Insurance – 5.5% | ||||||
132,896 | Hartford Financial Services Group Inc. | $7,585,704 | ||||
299,598 | Old Republic International Corp | 6,693,019 | ||||
25,533 | Willis Towers Watson PLC | 4,772,118 | ||||
Total Insurance | 19,050,841 | |||||
IT Services – 3.1% | ||||||
16,369 | Fiserv Inc., (2) | 1,737,406 | ||||
204,886 | Perspecta Inc. | 5,437,674 | ||||
18,499 | VeriSign Inc., (2) | 3,515,180 | ||||
Total IT Services | 10,690,260 | |||||
Leisure Products – 1.7% | ||||||
102,887 | Brunswick Corp/DE | 5,992,139 | ||||
Machinery – 3.1% | ||||||
47,267 | Crane Co | 3,616,871 | ||||
36,612 | Ingersoll-Rand PLC | 4,645,696 | ||||
17,060 | Stanley Black & Decker Inc. | 2,581,690 | ||||
Total Machinery | 10,844,257 | |||||
Media – 1.1% | ||||||
245,777 | TEGNA Inc. | 3,694,028 | ||||
Metals & Mining – 1.0% | ||||||
111,863 | Steel Dynamics Inc. | 3,396,161 | ||||
Mortgage Real Estate Investment Trust – 2.3% | ||||||
317,263 | Starwood Property Trust Inc. | 7,804,670 | ||||
Multiline Retail – 1.7% | ||||||
37,049 | Dollar General Corp | 5,940,437 | ||||
Multi-Utilities – 4.8% | ||||||
73,849 | Ameren Corp | 5,738,067 | ||||
150,547 | NiSource Inc. | 4,221,338 | ||||
102,806 | Public Service Enterprise Group Inc. | 6,508,648 | ||||
Total Multi-Utilities | 16,468,053 | |||||
Oil, Gas & Consumable Fuels – 4.4% | ||||||
99,982 | Devon Energy Corp | 2,027,635 | ||||
82,860 | HollyFrontier Corp | 4,552,328 | ||||
379,709 | Marathon Oil Corp | 4,378,045 | ||||
190,714 | Williams Cos Inc. | 4,254,829 | ||||
Total Oil, Gas & Consumable Fuels | 15,212,837 | |||||
Real Estate Management & Development – 1.1% | ||||||
25,434 | Jones Lang LaSalle Inc. | 3,726,590 |
Shares | Description (1) | Value | ||||
Road & Rail – 2.2% | ||||||
23,434 | Genesee & Wyoming Inc., Class A, (2) | $2,601,877 | ||||
35,779 | Kansas City Southern | 5,036,968 | ||||
Total Road & Rail | 7,638,845 | |||||
Semiconductors & Semiconductor Equipment – 1.3% | ||||||
180,065 | Marvell Technology Group Ltd | 4,391,785 | ||||
Software – 2.0% | ||||||
17,184 | Autodesk Inc., (2) | 2,532,234 | ||||
31,651 | Synopsys Inc., (2) | 4,296,623 | ||||
Total Software | 6,828,857 | |||||
Specialty Retail – 1.4% | ||||||
66,465 | Best Buy Co Inc. | 4,774,181 | ||||
Water Utilities – 0.9% | ||||||
26,416 | American Water Works Co Inc. | 3,256,300 | ||||
Total Long-Term Investments (cost $302,762,693) | 339,513,081 |
Shares | Description (1) | Coupon | Value | |||
SHORT-TERM INVESTMENTS – 1.5% | ||||||
MONEY MARKET FUNDS – 1.5% | ||||||
5,251,171 | First American Treasury Obligation Fund, Class Z | 1.693% (3) | $5,251,171 | |||
Total Short-Term Investments (cost $5,251,171) | 5,251,171 | |||||
Total Investments (cost $308,013,864) – 100.4% | 344,764,252 | |||||
Other Assets Less Liabilities – (0.4)% | (1,237,965) | |||||
Net Assets – 100% | $343,526,287 |
For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease. | ||
(1) | All percentages shown in the Portfolio of Investments are based on net assets. | |
(2) | Non-income producing; issuer has not declared a dividend within the past twelve months. | |
(3) | The rate shown is the annualized seven-day subsidized yield as of the end of the reporting period. |
Shares | Description (1) | Value | ||||
LONG-TERM INVESTMENTS – 99.5% | ||||||
COMMON STOCKS – 99.5% | ||||||
Aerospace & Defense – 0.6% | ||||||
295,541 | Parsons Corp, (2) | $10,521,260 | ||||
Air Freight & Logistics – 1.3% | ||||||
1,004,980 | Air Transport Services Group Inc., (2) | 21,014,132 | ||||
Auto Components – 2.1% | ||||||
418,940 | Cooper Tire & Rubber Co | 11,830,865 | ||||
1,379,812 | Dana Inc. | 22,394,349 | ||||
Total Auto Components | 34,225,214 | |||||
Banks – 17.3% | ||||||
570,207 | Banner Corp | 30,779,774 | ||||
542,727 | Berkshire Hills Bancorp Inc. | 16,840,819 | ||||
869,542 | Cathay General Bancorp | 30,929,609 | ||||
967,102 | First Busey Corp | 25,502,480 | ||||
552,922 | Heartland Financial USA Inc. | 25,865,691 | ||||
426,827 | IBERIABANK Corp | 31,324,833 | ||||
500,498 | Pinnacle Financial Partners Inc., Class A | 29,439,292 | ||||
542,558 | Preferred Bank | 28,923,767 | ||||
693,658 | Renasant Corp | 24,069,933 | ||||
412,349 | Western Alliance Bancorp | 20,341,176 | ||||
356,385 | Wintrust Financial Corp | 22,744,491 | ||||
Total Banks | 286,761,865 | |||||
Beverages – 1.1% | ||||||
1,551,132 | Primo Water Corp, (2) | 18,760,942 | ||||
Biotechnology – 0.7% | ||||||
134,823 | United Therapeutics Corp, (2) | 12,112,498 | ||||
Building Products – 1.8% | ||||||
558,492 | Gibraltar Industries Inc. | 29,728,529 | ||||
Capital Markets – 2.9% | ||||||
292,089 | Evercore Inc., Class A | 21,509,434 | ||||
329,291 | Piper Jaffray Companies | 25,862,515 | ||||
Total Capital Markets | 47,371,949 | |||||
Chemicals – 1.2% | ||||||
416,381 | Minerals Technologies Inc. | 20,590,040 |
Shares | Description (1) | Value | ||||
Commercial Services & Supplies – 3.1% | ||||||
221,634 | Brink's Co | $18,830,025 | ||||
593,065 | Quad/Graphics Inc. | 2,686,584 | ||||
686,502 | SP Plus Corp, (2) | 30,322,793 | ||||
Total Commercial Services & Supplies | 51,839,402 | |||||
Communications Equipment – 3.7% | ||||||
338,554 | NETGEAR Inc., (2) | 9,198,512 | ||||
618,459 | Plantronics Inc. | 24,379,654 | ||||
1,234,288 | Radware Ltd, (2) | 27,845,537 | ||||
Total Communications Equipment | 61,423,703 | |||||
Construction & Engineering – 2.2% | ||||||
523,586 | Aegion Corp, (2) | 11,346,109 | ||||
278,100 | EMCOR Group Inc. | 24,392,151 | ||||
Total Construction & Engineering | 35,738,260 | |||||
Diversified Telecommunication Services – 0.7% | ||||||
1,163,108 | Vonage Holdings Corp, (2) | 11,363,565 | ||||
Electronic Equipment, Instruments & Components – 3.7% | ||||||
418,436 | Avnet Inc. | 16,553,328 | ||||
269,797 | SYNNEX Corp | 31,765,899 | ||||
1,080,871 | TTM Technologies Inc., (2) | 12,656,999 | ||||
Total Electronic Equipment, Instruments & Components | 60,976,226 | |||||
Energy Equipment & Services – 1.2% | ||||||
1,357,207 | Helix Energy Solutions Group Inc., (2) | 11,658,408 | ||||
1,065,809 | ProPetro Holding Corp, (2) | 8,260,020 | ||||
Total Energy Equipment & Services | 19,918,428 | |||||
Equity Real Estate Investment Trust – 11.6% | ||||||
1,707,652 | Brandywine Realty Trust | 26,092,923 | ||||
877,143 | Kite Realty Group Trust | 15,630,688 | ||||
1,231,650 | Lexington Realty Trust | 13,400,352 | ||||
1,221,286 | Preferred Apartment Communities Inc. | 17,488,816 | ||||
664,564 | Retail Opportunity Investments Corp | 12,404,087 | ||||
1,665,822 | RLJ Lodging Trust | 27,336,139 | ||||
788,394 | STAG Industrial Inc. | 24,471,750 | ||||
2,138,313 | Summit Hotel Properties Inc. | 26,215,717 | ||||
967,572 | Washington Real Estate Investment Trust | 30,014,083 | ||||
Total Equity Real Estate Investment Trust | 193,054,555 | |||||
Food Products – 1.5% | ||||||
1,903,900 | Hostess Brands Inc., (2) | 24,331,842 | ||||
Gas Utilities – 2.8% | ||||||
620,826 | South Jersey Industries Inc. | 19,965,764 |
Shares | Description (1) | Value | ||||
Gas Utilities (continued) | ||||||
316,341 | Spire Inc. | $26,591,625 | ||||
Total Gas Utilities | 46,557,389 | |||||
Health Care Equipment & Supplies – 1.3% | ||||||
650,029 | Natus Medical Inc., (2) | 21,892,977 | ||||
Health Care Providers & Services – 1.0% | ||||||
278,696 | AMN Healthcare Services Inc., (2) | 16,376,177 | ||||
Hotels, Restaurants & Leisure – 1.4% | ||||||
273,796 | Jack in the Box Inc. | 23,004,340 | ||||
Household Durables – 3.4% | ||||||
756,296 | La-Z-Boy Inc. | 26,856,071 | ||||
678,058 | M/I Homes Inc. | 29,956,602 | ||||
Total Household Durables | 56,812,673 | |||||
Insurance – 4.5% | ||||||
238,297 | AMERISAFE Inc. | 15,139,008 | ||||
292,261 | Argo Group International Holdings Ltd | 18,082,188 | ||||
340,716 | BRP Group Inc., (2) | 5,519,599 | ||||
1,494,432 | CNO Financial Group Inc. | 23,387,861 | ||||
285,730 | Horace Mann Educators Corp | 12,446,399 | ||||
Total Insurance | 74,575,055 | |||||
Interactive Media & Services – 0.6% | ||||||
902,512 | Carscom Inc., (2) | 10,207,411 | ||||
Leisure Products – 0.9% | ||||||
255,624 | Brunswick Corp/DE | 14,887,542 | ||||
Machinery – 0.7% | ||||||
743,721 | Milacron Holdings Corp, (2) | 12,435,015 | ||||
Media – 0.8% | ||||||
337,745 | Meredith Corp | 12,732,986 | ||||
Metals & Mining – 1.9% | ||||||
832,242 | Allegheny Technologies Inc. | 17,485,404 | ||||
2,643,519 | SunCoke Energy Inc. | 13,984,216 | ||||
Total Metals & Mining | 31,469,620 | |||||
Mortgage Real Estate Investment Trust – 3.2% | ||||||
1,585,301 | Invesco Mortgage Capital Inc. | 24,952,638 | ||||
1,620,029 | Ladder Capital Corp | 27,977,901 | ||||
Total Mortgage Real Estate Investment Trust | 52,930,539 | |||||
Multi-Utilities – 1.7% | ||||||
359,066 | Black Hills Corp | 28,305,173 |
Shares | Description (1) | Value | ||||
Oil, Gas & Consumable Fuels – 2.8% | ||||||
506,649 | Brigham Minerals Inc., Class A | $9,671,930 | ||||
1,866,616 | Callon Petroleum Co, (2), (3) | 7,093,141 | ||||
461,032 | Delek US Holdings Inc. | 18,418,228 | ||||
1,132,710 | Magnolia Oil & Gas Corp, (2), (3) | 11,123,212 | ||||
Total Oil, Gas & Consumable Fuels | 46,306,511 | |||||
Pharmaceuticals – 1.2% | ||||||
559,732 | Prestige Consumer Healthcare Inc., (2) | 19,848,097 | ||||
Professional Services – 2.5% | ||||||
700,971 | CBIZ Inc., (2) | 19,185,576 | ||||
596,988 | Korn Ferry | 21,903,490 | ||||
Total Professional Services | 41,089,066 | |||||
Semiconductors & Semiconductor Equipment – 1.2% | ||||||
105,376 | MKS Instruments Inc. | 11,403,791 | ||||
179,485 | Semtech Corp, (2) | 9,056,813 | ||||
Total Semiconductors & Semiconductor Equipment | 20,460,604 | |||||
Software – 2.2% | ||||||
294,912 | Alarmcom Holdings Inc., (2) | 14,568,653 | ||||
233,108 | j2 Global Inc. | 22,135,935 | ||||
Total Software | 36,704,588 | |||||
Specialty Retail – 1.9% | ||||||
415,052 | Aaron's Inc. | 31,099,846 | ||||
Textiles, Apparel & Luxury Goods – 1.4% | ||||||
301,173 | Culp Inc. | 4,659,146 | ||||
733,959 | G-III Apparel Group Ltd, (2) | 18,429,711 | ||||
Total Textiles, Apparel & Luxury Goods | 23,088,857 | |||||
Thrifts & Mortgage Finance – 4.4% | ||||||
600,484 | Flagstar Bancorp Inc. | 21,821,589 | ||||
1,254,328 | Radian Group Inc. | 31,483,633 | ||||
466,732 | WSFS Financial Corp | 19,682,088 | ||||
Total Thrifts & Mortgage Finance | 72,987,310 | |||||
Water Utilities – 1.0% | ||||||
311,238 | California Water Service Group | 17,419,991 | ||||
Total Long-Term Investments (cost $1,597,111,212) | 1,650,924,177 |
Shares | Description (1) | Coupon | Value | |||
INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 0.3% | ||||||
MONEY MARKET FUNDS – 0.3% | ||||||
5,652,479 | First American Government Obligations Fund, Class X, (4) | 1.743% (5) | $5,652,479 | |||
Total Investments Purchased with Collateral from Securities Lending (cost $5,652,479) | 5,652,479 |
Shares | Description (1) | Coupon | Value | |||
SHORT-TERM INVESTMENTS – 1.1% | ||||||
MONEY MARKET FUNDS – 1.1% | ||||||
17,886,097 | First American Treasury Obligation Fund, Class Z | 1.693% (5) | $17,886,097 | |||
Total Short-Term Investments (cost $17,886,097) | 17,886,097 | |||||
Total Investments (cost $1,620,649,788) – 100.9% | 1,674,462,753 | |||||
Other Assets Less Liabilities – (0.9)% | (15,444,892) | |||||
Net Assets – 100% | $1,659,017,861 |
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 $5,365,517. | |
(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, Securities Lending for more information. | |
(5) | The rate shown is the annualized seven-day subsidized yield as of the end of the reporting period. |
Dividend Value | Mid Cap Value | Small Cap Value | |
Assets | |||
Long-term investments, at value (cost $809,889,932, $302,762,693 and $1,597,111,212, respectively) | $973,636,754 | $339,513,081 | $1,650,924,177 |
Investment purchased with collateral from securities lending, at value (cost approximates value) | 3,758,147 | — | 5,652,479 |
Short-term investments, at value (cost approximates value) | 12,555,067 | 5,251,171 | 17,886,097 |
Receivable for: | |||
Dividends | 1,915,459 | 147,990 | 174,030 |
Due from broker | 34 | — | 852 |
Interest | 5,041 | 8,016 | 24,002 |
Investments sold | — | — | 6,663,144 |
Shares sold | 2,840,453 | 433,424 | 3,551,275 |
Other assets | 106,791 | 34,935 | 76,061 |
Total assets | 994,817,746 | 345,388,617 | 1,684,952,117 |
Liabilities | |||
Payable for: | |||
Collateral from securities lending program | 3,758,147 | — | 5,652,479 |
Investments purchased | 12,727,063 | 864,472 | 13,720,339 |
Shares redeemed | 972,540 | 565,159 | 3,242,143 |
Accrued expenses: | |||
Directors fees | 91,925 | 12,861 | 60,139 |
Management fees | 552,994 | 201,072 | 1,984,572 |
Shareholder servicing agent fees | 412,844 | 133,936 | 832,902 |
12b-1 distribution and service fees | 74,670 | 22,375 | 99,945 |
Other | 129,399 | 62,455 | 341,737 |
Total liabilities | 18,719,582 | 1,862,330 | 25,934,256 |
Net assets | $976,098,164 | $343,526,287 | $1,659,017,861 |
Dividend Value | Mid Cap Value | Small Cap Value | |
Class A Shares | |||
Net assets | $215,710,053 | $55,467,383 | $213,818,759 |
Shares outstanding | 15,174,988 | 1,350,393 | 9,634,660 |
Net asset value ("NAV") per share | $14.21 | $41.07 | $22.19 |
Offering price per share (NAV per share plus maximum sales charge of 5.75% of offering price) | $15.08 | $43.58 | $23.54 |
Class C Shares | |||
Net assets | $23,083,320 | $7,631,308 | $45,920,048 |
Shares outstanding | 1,656,989 | 198,285 | 2,466,737 |
NAV and offering price per share | $13.93 | $38.49 | $18.62 |
Class R3 Shares | |||
Net assets | $23,090,781 | $10,229,914 | $37,296,179 |
Shares outstanding | 1,632,532 | 251,505 | 1,720,613 |
NAV and offering price per share | $14.14 | $40.67 | $21.68 |
Class R6 Shares | |||
Net assets | $52,824,240 | $19,481,138 | $133,070,731 |
Shares outstanding | 3,634,192 | 471,475 | 5,763,308 |
NAV and offering price per share | $14.54 | $41.32 | $23.09 |
Class I Shares | |||
Net assets | $661,389,770 | $250,716,544 | $1,228,912,144 |
Shares outstanding | 45,881,070 | 6,079,621 | 53,424,839 |
NAV and offering price per share | $14.42 | $41.24 | $23.00 |
Fund level net assets consist of: | |||
Capital paid-in | $695,151,907 | $308,247,850 | $1,794,279,315 |
Total distributable earnings | 280,946,257 | 35,278,437 | (135,261,454) |
Fund level net assets | $976,098,164 | $343,526,287 | $1,659,017,861 |
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 | $32,704,781 | $6,821,453 | $37,262,204 |
Interest | 152,198 | 87,005 | 1,174,738 |
Securities lending income | 547 | 1,014 | 64,210 |
Foreign tax withheld on dividend income | (89,116) | (1,342) | — |
Total investment income | 32,768,410 | 6,908,130 | 38,501,152 |
Expenses | |||
Management fees | 7,226,627 | 2,453,043 | 14,757,965 |
12b-1 service fees - Class A Shares | 551,047 | 136,666 | 611,231 |
12b-1 distibution and service fees - Class C Shares | 263,785 | 76,112 | 556,998 |
12b-1 distibution and service fees - Class R3 Shares | 126,102 | 46,164 | 209,500 |
Shareholder servicing agent fees | 1,371,453 | 440,905 | 3,666,020 |
Custodian fees | 113,082 | 37,703 | 201,941 |
Professional fees | 78,004 | 42,364 | 125,279 |
Directors fees | 32,113 | 9,119 | 55,988 |
Shareholder reporting expenses | 106,079 | 66,317 | 419,828 |
Federal and state registration fees | 103,156 | 105,289 | 147,868 |
Other | 18,506 | 4,391 | 36,075 |
Total expenses before fee waiver/expense reimbursement | 9,989,954 | 3,418,073 | 20,788,693 |
Fee waiver/expense reimbursement | — | (314,047) | (1,474,212) |
Net expenses | 9,989,954 | 3,104,026 | 19,314,481 |
Net investment income (loss) | 22,778,456 | 3,804,104 | 19,186,671 |
Realized and Unrealized Gain (Loss) | |||
Net realized gain (loss) from investments and foreign currency | 136,560,082 | (4,962,182) | (195,896,872) |
Change in net unrealized appreciation (depreciation) of investments and foreign currency | (57,720,876) | 36,915,276 | 168,775,638 |
Net realized and unrealized gain (loss) | 78,839,206 | 31,953,094 | (27,121,234) |
Net increase (decrease) in net assets from operations | $101,617,662 | $35,757,198 | $(7,934,563) |
Dividend Value | Mid Cap Value | Small Cap Value | ||||||
Year Ended 10/31/19 | Year Ended 10/31/18 | Year Ended 10/31/19 | Year Ended 10/31/18 | Year Ended 10/31/19 | Year Ended 10/31/18 | |||
Operations | ||||||||
Net investment income (loss) | $22,778,456 | $21,243,012 | $3,804,104 | $1,095,201 | $19,186,671 | $15,230,890 | ||
Net realized gain (loss) from investments and foreign currency | 136,560,082 | 89,289,516 | (4,962,182) | 10,169,487 | (195,896,872) | 69,259,453 | ||
Change in net unrealized appreciation (depreciation) of investments and foreign currency | (57,720,876) | (66,520,545) | 36,915,276 | (20,528,631) | 168,775,638 | (307,403,692) | ||
Net increase (decrease) in net assets from operations | 101,617,662 | 44,011,983 | 35,757,198 | (9,263,943) | (7,934,563) | (222,913,349) | ||
Distributions to Shareholders | ||||||||
Dividends: | ||||||||
Class A Shares | (21,478,363) | (34,728,444) | (2,090,136) | (2,999,640) | (9,218,363) | (2,578,153) | ||
Class C Shares | (2,571,787) | (4,635,415) | (269,609) | (562,327) | (2,213,805) | (346,671) | ||
Class R3 Shares | (2,421,158) | (4,035,422) | (305,976) | (390,060) | (1,486,198) | (248,991) | ||
Class R6 Shares(1) | (15,749,024) | (23,647,109) | (150,144) | — | (4,532,713) | (610,197) | ||
Class I Shares | (59,923,827) | (73,268,294) | (7,324,416) | (4,709,016) | (59,648,995) | (16,222,943) | ||
Class T Shares(2) | — | (3,267) | — | — | — | (218) | ||
Decrease in net assets from distributions to shareholders | (102,144,159) | (140,317,951) | (10,140,281) | (8,661,043) | (77,100,074) | (20,007,173) | ||
Fund Share Transactions | ||||||||
Proceeds from sale of shares | 181,700,330 | 323,024,720 | 195,139,508 | 144,755,470 | 725,770,948 | 1,445,452,753 | ||
Proceeds from shares issued to shareholders due to reinvestment of distributions | 89,885,116 | 116,630,287 | 9,082,541 | 6,501,180 | 61,854,103 | 15,787,250 | ||
271,585,446 | 439,655,007 | 204,222,049 | 151,256,650 | 787,625,051 | 1,461,240,003 | |||
Cost of shares redeemed | (407,594,403) | (322,670,588) | (92,882,064) | (37,204,641) | (1,386,388,541) | (813,996,405) | ||
Net increase (decrease) in net assets from Fund share transactions | (136,008,957) | 116,984,419 | 111,339,985 | 114,052,009 | (598,763,490) | 647,243,598 | ||
Net increase (decrease) in net assets | (136,535,454) | 20,678,451 | 136,956,902 | 96,127,023 | (683,798,127) | 404,323,076 | ||
Net assets at the beginning of period | 1,112,633,618 | 1,091,955,167 | 206,569,385 | 110,442,362 | 2,342,815,988 | 1,938,492,912 | ||
Net assets at the end of period | $976,098,164 | $1,112,633,618 | $343,526,287 | $206,569,385 | $1,659,017,861 | $2,342,815,988 |
(1) | Mid Cap Value’s Class R6 Shares were established on June 20, 2018. |
(2) | Class T Shares were not available for public offering. |
Selected data for a share outstanding throughout each period:
Investment Operations | Less Distributions | ||||||||
Class (Commencement Date) Year Ended October 31, | Beginning NAV | Net Investment Income (Loss)(a) | Net Realized/ Unrealized Gain (Loss) | Total | From Net Investment Income | From Accumulated Net Realized Gains | Total | Ending NAV | |
Class A (12/92) | |||||||||
2019 | $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 | |
2015 | 17.44 | 0.28 | (0.44) | (0.16) | (0.34) | (1.13) | (1.47) | 15.81 | |
Class C (02/99) | |||||||||
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 | |
2015 | 17.23 | 0.16 | (0.44) | (0.28) | (0.22) | (1.13) | (1.35) | 15.60 | |
Class R3 (09/01) | |||||||||
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 | |
2015 | 17.41 | 0.24 | (0.45) | (0.21) | (0.30) | (1.13) | (1.43) | 15.77 | |
Class R6 (02/13) | |||||||||
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 | |
2015 | 17.62 | 0.34 | (0.45) | (0.11) | (0.39) | (1.13) | (1.52) | 15.99 | |
Class I (08/94) | |||||||||
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 | |
2015 | 17.60 | 0.33 | (0.46) | (0.13) | (0.39) | (1.13) | (1.52) | 15.95 |
Ratios/Supplemental Data | ||||
Ratios to Average Net Assets | ||||
Total Return(b) | Ending Net Assets (000) | Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate(c) |
9.81% | $215,710 | 1.11% | 1.94% | 93% |
3.72 | 264,271 | 1.08 | 1.68 | 68 |
20.95 | 269,063 | 1.08 | 1.46 | 56 |
5.33 | 259,457 | 1.14 | 1.69 | 67 |
(0.87) | 310,055 | 1.15 | 1.72 | 53 |
8.98 | 23,083 | 1.86 | 1.19 | 93 |
2.98 | 31,111 | 1.83 | 0.95 | 68 |
20.09 | 39,825 | 1.83 | 0.72 | 56 |
4.46 | 43,097 | 1.89 | 0.94 | 67 |
(1.59) | 53,507 | 1.90 | 0.98 | 53 |
9.50 | 23,091 | 1.36 | 1.68 | 93 |
3.53 | 27,927 | 1.33 | 1.44 | 68 |
20.64 | 33,639 | 1.33 | 1.21 | 56 |
5.01 | 31,758 | 1.39 | 1.49 | 67 |
(1.12) | 42,618 | 1.40 | 1.45 | 53 |
10.29 | 52,824 | 0.72 | 2.30 | 93 |
4.15 | 172,215 | 0.72 | 2.05 | 68 |
21.40 | 188,356 | 0.73 | 1.63 | 56 |
5.63 | 50,588 | 0.79 | 2.04 | 67 |
(0.51) | 56,123 | 0.81 | 2.03 | 53 |
10.14 | 661,390 | 0.86 | 2.18 | 93 |
4.02 | 617,086 | 0.83 | 1.94 | 68 |
21.25 | 561,047 | 0.83 | 1.73 | 56 |
5.56 | 654,967 | 0.89 | 1.95 | 67 |
(0.64) | 930,850 | 0.90 | 1.99 | 53 |
(a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
(b) | Total return is the combination of changes in NAV without any sales charge, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. Total returns are not annualized. |
(c) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 4 – Portfolio Securities and Investment in Derivatives, Investment Transactions) divided by the average long-term market value during the period. |
Selected data for a share outstanding throughout each period:
Investment Operations | Less Distributions | ||||||||
Class (Commencement Date) Year Ended October 31, | Beginning NAV | Net Investment Income (Loss)(a) | Net Realized/ Unrealized Gain (Loss) | Total | From Net Investment Income | From Accumulated Net Realized Gains | Total | Ending NAV | |
Class A (12/87) | |||||||||
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 | |
2015 | 35.37 | 0.10 | 0.22 | 0.32 | (0.30) | — | (0.30) | 35.39 | |
Class C (02/99) | |||||||||
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 | |
2015 | 33.86 | (0.16) | 0.20 | 0.04 | (0.04) | — | (0.04) | 33.86 | |
Class R3 (09/01) | |||||||||
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 | |
2015 | 35.15 | 0.02 | 0.21 | 0.23 | (0.21) | — | (0.21) | 35.17 | |
Class R6 (06/18) | |||||||||
2019 | 39.10 | 0.55 | 3.30 | 3.85 | (0.19) | (1.44) | (1.63) | 41.32 | |
2018(e) | 42.86 | 0.11 | (3.87) | (3.76) | — | — | — | 39.10 | |
Class I (02/94) | |||||||||
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 | |
2015 | 35.50 | 0.20 | 0.20 | 0.40 | (0.38) | — | (0.38) | 35.52 |
Ratios/Supplemental Data | |||||||
Ratios to Average Net Assets Before Waiver/Reimbursement | Ratios to Average Net Assets After Waiver/Reimbursement(c) | ||||||
Total Return(b) | Ending Net Assets (000) | Expenses | Net Investment Income (Loss) | Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate(d) | |
10.19% | $55,467 | 1.27% | 0.94% | 1.17% | 1.04% | 46% | |
(0.65) | 51,202 | 1.31 | 0.55 | 1.17 | 0.69 | 49 | |
24.43 | 40,319 | 1.32 | 0.52 | 1.17 | 0.67 | 43 | |
3.12 | 34,230 | 1.39 | 0.73 | 1.26 | 0.86 | 44 | |
0.89 | 36,378 | 1.41 | 0.20 | 1.32 | 0.29 | 111 | |
9.39 | 7,631 | 2.02 | 0.20 | 1.92 | 0.30 | 46 | |
(1.41) | 6,899 | 2.06 | (0.14) | 1.92 | —** | 49 | |
23.52 | 7,474 | 2.07 | (0.23) | 1.92 | (0.08) | 43 | |
2.32 | 6,529 | 2.14 | (0.02) | 2.01 | 0.11 | 44 | |
0.15 | 7,379 | 2.16 | (0.55) | 2.07 | (0.46) | 111 | |
9.92 | 10,230 | 1.52 | 0.70 | 1.42 | 0.81 | 46 | |
(0.90) | 7,670 | 1.56 | 0.30 | 1.42 | 0.44 | 49 | |
24.11 | 5,284 | 1.57 | 0.28 | 1.42 | 0.43 | 43 | |
2.86 | 5,206 | 1.64 | 0.48 | 1.51 | 0.61 | 44 | |
0.65 | 6,942 | 1.66 | (0.04) | 1.57 | 0.05 | 111 | |
10.63 | 19,481 | 0.87 | 1.29 | 0.77 | 1.39 | 46 | |
(8.77) | 958 | 0.93*** | 0.56*** | 0.79*** | 0.71*** | 49 | |
10.48 | 250,717 | 1.02 | 1.20 | 0.92 | 1.30 | 46 | |
(0.40) | 139,841 | 1.07 | 0.80 | 0.92 | 0.95 | 49 | |
24.75 | 57,365 | 1.07 | 0.77 | 0.92 | 0.92 | 43 | |
3.38 | 53,631 | 1.14 | 0.98 | 1.01 | 1.11 | 44 | |
1.12 | 67,834 | 1.16 | 0.46 | 1.07 | 0.55 | 111 |
(a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
(b) | Total return is the combination of changes in NAV without any sales charge, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. Total returns are not annualized. |
(c) | After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Note 7 – Management Fees and Other Transactions with Affiliates, Management Fees for more information. |
(d) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 4 – Portfolio Securities and Investment in Derivatives, Investment Transactions) divided by the average long-term market value during the period. |
(e) | For the period June 20, 2018 (commencement of operations) through October 31, 2018. |
* | Rounds to less than $(0.01). |
** | Rounds to less than 0.01%. |
*** | Annualized. |
Selected data for a share outstanding throughout each period:
Investment Operations | Less Distributions | ||||||||
Class (Commencement Date) Year Ended October 31, | Beginning NAV | Net Investment Income (Loss)(a) | Net Realized/ Unrealized Gain (Loss) | Total | From Net Investment Income | From Accumulated Net Realized Gains | Total | Ending NAV | |
Class A (08/94) | |||||||||
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 | |
2015 | 18.55 | 0.07 | 1.40 | 1.47 | (0.07) | — | (0.07) | 19.95 | |
Class C (02/99) | |||||||||
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 | |
2015 | 16.06 | (0.07) | 1.21 | 1.14 | — | — | — | 17.20 | |
Class R3 (09/01) | |||||||||
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 | |
2015 | 18.19 | 0.02 | 1.38 | 1.40 | (0.03) | — | (0.03) | 19.56 | |
Class R6 (06/16) | |||||||||
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(e) | 21.08 | 0.07 | 0.56 | 0.63 | — | —* | —* | 21.71 | |
Class I (08/94) | |||||||||
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 | |
2015 | 19.18 | 0.12 | 1.45 | 1.57 | (0.12) | — | (0.12) | 20.63 |
Ratios/Supplemental Data | |||||||
Ratios to Average Net Assets Before Waiver/Reimbursement | Ratios to Average Net Assets After Waiver/Reimbursement(c) | ||||||
Total Return(b) | Ending Net Assets (000) | Expenses | Net Investment Income (Loss) | Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate(d) | |
0.44% | $213,819 | 1.28% | 0.73% | 1.20% | 0.81% | 31% | |
(8.12) | 291,122 | 1.24 | 0.43 | 1.20 | 0.47 | 35 | |
23.06 | 326,495 | 1.26 | 0.43 | 1.22 | 0.46 | 29 | |
6.85 | 167,840 | 1.34 | 0.65 | 1.30 | 0.68 | 40 | |
7.95 | 48,656 | 1.40 | 0.32 | 1.39 | 0.34 | 49 | |
(0.28) | 45,920 | 2.03 | (0.01) | 1.95 | 0.07 | 31 | |
(8.80) | 70,077 | 1.99 | (0.32) | 1.95 | (0.28) | 35 | |
22.14 | 71,902 | 2.01 | (0.33) | 1.97 | (0.29) | 29 | |
6.08 | 26,815 | 2.09 | (0.11) | 2.05 | (0.08) | 40 | |
7.10 | 4,507 | 2.15 | (0.44) | 2.14 | (0.42) | 49 | |
0.21 | 37,296 | 1.53 | 0.48 | 1.45 | 0.56 | 31 | |
(8.34) | 47,205 | 1.49 | 0.17 | 1.45 | 0.21 | 35 | |
22.79 | 42,975 | 1.51 | 0.18 | 1.47 | 0.22 | 29 | |
6.58 | 26,510 | 1.59 | 0.43 | 1.56 | 0.46 | 40 | |
7.62 | 14,516 | 1.65 | 0.07 | 1.64 | 0.09 | 49 | |
0.90 | 133,071 | 0.83 | 1.18 | 0.75 | 1.26 | 31 | |
(7.73) | 121,943 | 0.82 | 0.82 | 0.78 | 0.86 | 35 | |
23.40 | 52,508 | 0.85 | 0.82 | 0.81 | 0.86 | 29 | |
3.00 | 19,967 | 0.89** | 0.85** | 0.83** | 0.91** | 40 | |
0.69 | 1,228,912 | 1.03 | 0.99 | 0.95 | 1.06 | 31 | |
(7.88) | 1,812,444 | 0.99 | 0.67 | 0.95 | 0.71 | 35 | |
23.40 | 1,444,587 | 1.01 | 0.66 | 0.97 | 0.70 | 29 | |
7.09 | 369,016 | 1.09 | 0.90 | 1.05 | 0.93 | 40 | |
8.22 | 91,044 | 1.15 | 0.58 | 1.14 | 0.59 | 49 |
(a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
(b) | Total return is the combination of changes in NAV without any sales charge, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. Total returns are not annualized. |
(c) | After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Note 7 – Management Fees and Other Transactions with Affiliates, Management Fees for more information. |
(d) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 4 – Portfolio Securities and Investment in Derivatives, Investment Transactions) divided by the average long-term market value during the period. |
(e) | For the period June 30, 2016 (commencement of operations) through October 31, 2016. |
* | Rounds to less than $(0.01). |
** | Annualized |
Dividend Value | Level 1 | Level 2 | Level 3 | Total |
Long-Term Investments*: | ||||
Common Stocks | $973,636,754 | $ — | $ — | $973,636,754 |
Investments Purchased with Collateral from Securities Lending | 3,758,147 | — | — | 3,758,147 |
Short-Term Investments: | ||||
Money Market Funds | 12,555,067 | — | — | 12,555,067 |
Total | $989,949,968 | $ — | $ — | $989,949,968 |
Mid Cap Value | Level 1 | Level 2 | Level 3 | Total |
Long-Term Investments*: | ||||
Common Stocks | $339,513,081 | $ — | $ — | $339,513,081 |
Short-Term Investments: | ||||
Money Market Funds | 5,251,171 | — | — | 5,251,171 |
Total | $344,764,252 | $ — | $ — | $344,764,252 |
Small Cap Value | Level 1 | Level 2 | Level 3 | Total |
Long-Term Investments*: | ||||
Common Stocks | $1,650,924,177 | $ — | $ — | $1,650,924,177 |
Investments Purchased with Collateral from Securities Lending | 5,652,479 | — | — | 5,652,479 |
Short-Term Investments: | ||||
Money Market Funds | 17,886,097 | — | — | 17,886,097 |
Total | $1,674,462,753 | $ — | $ — | $1,674,462,753 |
* | Refer to the Fund's Portfolio of Investments for industry classifications. |
Fund | Asset Class out on Loan | Long-Term Investments, at Value | Collateral Pledged (From) Counterparty* | Net Exposure |
Dividend Value | Common Stocks | $3,666,905 | $(3,666,905) | $ – |
Small Cap Value | Common Stocks | 5,365,517 | (5,365,517) | – |
Dividend Value | Mid Cap Value | Small Cap Value | |
Purchases | $988,113,690 | $245,907,344 | $588,324,573 |
Sales | 1,192,839,736 | 140,801,029 | 1,232,885,554 |
Year Ended 10/31/19 | Year Ended 10/31/18 | ||||
Dividend Value | Shares | Amount | Shares | Amount | |
Shares sold: | |||||
Class A | 1,677,446 | $22,337,847 | 5,789,126 | $86,271,698 | |
Class A – automatic conversion of Class C Shares | 73 | 957 | 29,018 | 427,811 | |
Class C | 282,093 | 3,628,341 | 253,170 | 3,702,096 | |
Class R3 | 94,117 | 1,238,755 | 155,234 | 2,316,358 | |
Class R6 | 1,213,050 | 16,346,121 | 794,027 | 12,158,135 | |
Class I | 10,166,912 | 138,148,309 | 14,229,038 | 218,148,622 | |
Shares issued to shareholders due to reinvestment of distributions: | |||||
Class A | 1,576,032 | 19,941,966 | 2,163,746 | 31,854,985 | |
Class C | 190,846 | 2,353,410 | 288,294 | 4,159,311 | |
Class R3 | 183,244 | 2,302,765 | 246,914 | 3,617,734 | |
Class R6 | 1,204,312 | 15,528,414 | 1,569,413 | 23,552,126 | |
Class I | 3,866,297 | 49,758,561 | 3,579,638 | 53,446,131 | |
20,454,422 | 271,585,446 | 29,097,618 | 439,655,007 | ||
Shares redeemed: | |||||
Class A | (6,531,277) | (90,310,449) | (6,701,785) | (100,566,373) | |
Class C | (1,029,242) | (13,485,277) | (883,400) | (13,014,741) | |
Class C – automatic conversion to Class A Shares | (75) | (957) | (29,560) | (427,811) | |
Class R3 | (603,862) | (8,169,371) | (599,099) | (9,023,109) | |
Class R6 | (10,573,604) | (150,778,977) | (2,395,873) | (36,553,415) | |
Class I | (10,684,542) | (144,825,589) | (10,671,696) | (163,085,139) | |
Class T(1) | (1,667) | (23,783) | — | — | |
(29,424,269) | (407,594,403) | (21,281,413) | (322,670,588) | ||
Net increase (decrease) | (8,969,847) | $(136,008,957) | 7,816,205 | $116,984,419 |
(1) | Class T Shares were not available for public offering. |
Year Ended 10/31/19 | Year Ended 10/31/18 | ||||
Mid Cap Value | Shares | Amount | Shares | Amount | |
Shares sold: | |||||
Class A | 497,321 | $18,815,351 | 504,154 | $21,150,656 | |
Class A – automatic conversion of Class C Shares | 355 | 13,927 | 3,862 | 162,100 | |
Class C | 59,705 | 2,084,825 | 131,905 | 5,251,382 | |
Class R3 | 87,365 | 3,251,223 | 111,702 | 4,715,378 | |
Class R6 | 523,102 | 20,076,145 | 24,807 | 1,070,916 | |
Class I | 4,015,539 | 150,898,037 | 2,648,894 | 112,405,038 | |
Shares issued to shareholders due to reinvestment of distributions: | |||||
Class A | 57,804 | 2,013,596 | 73,053 | 2,956,152 | |
Class C | 8,113 | 266,263 | 14,507 | 553,571 | |
Class R3 | 8,859 | 305,976 | 9,739 | 390,060 | |
Class R6 | 4,274 | 149,193 | — | — | |
Class I | 181,850 | 6,347,513 | 64,012 | 2,601,397 | |
5,444,287 | 204,222,049 | 3,586,635 | 151,256,650 | ||
Shares redeemed: | |||||
Class A | (520,883) | (20,059,388) | (217,896) | (9,165,758) | |
Class C | (56,974) | (2,072,802) | (140,592) | (5,586,483) | |
Class C – automatic conversion to Class A Shares | (378) | (13,927) | (4,081) | (162,100) | |
Class R3 | (43,711) | (1,650,505) | (48,404) | (2,017,859) | |
Class R6 | (80,400) | (3,177,406) | (308) | (13,342) | |
Class I | (1,695,877) | (65,908,036) | (484,850) | (20,259,099) | |
(2,398,223) | (92,882,064) | (896,131) | (37,204,641) | ||
Net increase (decrease) | 3,046,064 | $111,339,985 | 2,690,504 | $114,052,009 |
Year Ended 10/31/19 | Year Ended 10/31/18 | ||||
Small Cap Value | Shares | Amount | Shares | Amount | |
Shares sold: | |||||
Class A | 2,967,618 | $64,293,133 | 5,230,243 | $134,186,274 | |
Class A – automatic conversion of Class C Shares | 13 | 286 | 35 | 911 | |
Class C | 288,301 | 5,290,745 | 1,117,851 | 24,391,147 | |
Class R3 | 362,916 | 7,727,713 | 1,165,064 | 29,195,083 | |
Class R6 | 3,301,739 | 75,508,622 | 4,035,887 | 108,067,191 | |
Class I | 25,415,266 | 572,950,449 | 43,274,349 | 1,149,612,147 | |
Shares issued to shareholders due to reinvestment of distributions: | |||||
Class A | 369,605 | 7,401,118 | 81,794 | 2,113,652 | |
Class C | 119,856 | 2,024,376 | 14,332 | 312,864 | |
Class R3 | 69,740 | 1,366,231 | 8,226 | 207,560 | |
Class R6 | 193,478 | 4,015,160 | 22,803 | 610,196 | |
Class I | 2,270,710 | 47,047,218 | 468,758 | 12,542,978 | |
35,359,242 | 787,625,051 | 55,419,342 | 1,461,240,003 | ||
Shares redeemed: | |||||
Class A | (6,381,541) | (139,034,945) | (5,595,699) | (143,396,780) | |
Class C | (1,555,408) | (28,497,743) | (884,376) | (19,196,642) | |
Class C – automatic conversion to Class A Shares | (15) | (286) | (41) | (911) | |
Class R3 | (816,795) | (17,524,715) | (814,893) | (20,471,841) | |
Class R6 | (2,849,621) | (64,694,141) | (953,783) | (25,396,792) | |
Class I | (50,448,584) | (1,136,613,380) | (22,927,932) | (605,533,439) | |
Class T(1) | (1,036) | (23,331) | — | — | |
(62,053,000) | (1,386,388,541) | (31,176,724) | (813,996,405) | ||
Net increase (decrease) | (26,693,758) | $(598,763,490) | 24,242,618 | $647,243,598 |
(1) | Class T Shares were not available for public offering. |
Dividend Value | Mid Cap Value | Small Cap Value | |
Tax cost of investments | $827,789,480 | $308,548,472 | $1,638,013,365 |
Gross unrealized: | |||
Appreciation | $169,005,408 | $43,766,449 | $190,350,208 |
Depreciation | (6,844,920) | (7,550,669) | (153,900,820) |
Net unrealized appreciation (depreciation) of investments | $162,160,488 | $36,215,780 | $36,449,388 |
Dividend Value | Mid Cap Value | Small Cap Value | |
Undistributed net ordinary income1 | $3,019,511 | $3,801,327 | $11,967,251 |
Undistributed net long-term capital gains | 115,850,017 | — | — |
1 | Net ordinary income consists of net taxable income derived from dividends, interest, and net short-term capital gains, if any. |
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 |
2018 | Dividend Value | Mid Cap Value | Small Cap Value |
Distributions from net ordinary income1 | $43,461,880 | $1,864,112 | $12,080,019 |
Distributions from net long-term capital gains | 96,856,071 | 6,796,931 | 7,927,154 |
1 | Net ordinary income consists of net taxable income derived from dividends, interest, and net short-term capital gains, if any. |
Mid Cap Value | Small Cap Value | |
Not subject to expiration: | ||
Short-term | $4,728,314 | $79,696,445 |
Long-term | — | 103,933,776 |
Total | $4,728,314 | $183,630,221 |
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 | 0.2000% |
Mid Cap Value | 0.1945% |
Small Cap Value | 0.1591% |
Fund | Expense Cap | Expense Cap Expiration Date |
Mid Cap Value | 0.92% | July 31, 2021 |
Small Cap Value | 0.99 | July 31, 2021 |
Dividend Value | Mid Cap Value | Small Cap Value | |
Sales charges collected (Unaudited) | $104,655 | $59,817 | $149,692 |
Paid to financial intermediaries (Unaudited) | 93,574 | 53,378 | 132,815 |
Dividend Value | Mid Cap Value | Small Cap Value | |
Commission advances (Unaudited) | $32,351 | $22,352 | $54,324 |
Dividend Value | Mid Cap Value | Small Cap Value | |
12b-1 fees retained (Unaudited) | $17,875 | $32,816 | $92,740 |
Dividend Value | Mid Cap Value | Small Cap Value | |
CDSC retained (Unaudited) | $3,451 | $2,135 | $25,207 |
Dividend Value | Small Cap Value | |
Maximum outstanding balance | $1,828,444 | $5,500,000 |
Dividend Value | Small Cap Value | |
Utilization period (days outstanding) | 2 | 4 |
Average daily balance outstanding | $1,828,444 | $5,400,000 |
Average annual interest rate | 3.50% | 3.41% |
Dividend Value | Mid Cap Value | Small Cap Value | |
Long-term capital gain dividends | $98,381,447 | $9,028,087 | $51,926,594 |
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, repositioning funds, merging funds, introducing additional share classes, reviewing and updating investment policies and benchmarks, modifying the composition of certain portfolio management teams and analyzing various data to help devise such improvements; |
• | Capital Initiatives – continuing to invest capital to support new funds with initial capital as well as to facilitate modifications to the strategies or structure of existing funds; |
• | Compliance Program Initiatives – continuing efforts to enhance the compliance program through, among other things, internally integrating various portfolio management teams and aligning compliance support accordingly, completing a comprehensive review of existing policies and procedures and revising such policies and procedures as appropriate, enhancing compliance-related technologies and workflows, and optimizing compliance shared services across the organization and affiliates; |
• | Risk Management and Valuation Services - continuing efforts to strengthen the risk management functions, including through, among other things, enhancing the interaction and reporting between the investment risk management team and various affiliates, increasing the efficiency of risk monitoring performed on the Nuveen funds through improved reporting, continuing to implement risk programs designed to provide a more disciplined and consistent approach to identifying and mitigating operational risks, continuing progress on implementing a liquidity program that complies with the new liquidity regulatory requirements and continuing to oversee the daily valuation process; |
• | Additional Compliance Services – continuing investment of time and resources necessary to develop the compliance policies and procedures and other related tools necessary to meet the various new regulatory requirements affecting the Nuveen funds that have been adopted over recent years; |
• | Government Relations – continuing efforts of various Nuveen teams and affiliates to advocate and communicate their positions with lawmakers and other regulatory bodies on issues that will impact the Nuveen funds; |
• | Business Continuity, Disaster Recovery and Information Services – establishing an information security program to help identify and manage information security risks, periodically testing disaster recovery plans, maintaining and updating business continuity plans and providing reports to the Board, at least annually, addressing, among other things, management’s security risk assessment, cyber risk profile, incident tracking and other relevant information technology risk-related reports; and |
• | Expanded Dividend Management Services – continuing to expand the services necessary to manage the dividends among the varying types of Nuveen funds that have developed as the Nuveen complex has grown in size and scope. |
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 (since 2012); member: Catalyst Schools of Chicago Board (since 2008) and Mather Foundation Board (since 2012), and chair of its investment committee; formerly, Director, Fulcrum IT Services LLC (2010-2019); formerly, Director, Legal & General Investment Management America, Inc. (2008-2013); formerly, CEO and President, Northern Trust Global Investments (2004-2007); Executive Vice President, Quantitative Management & Securities Lending (2000-2004); prior thereto, various positions with Northern Trust Company (since 1994); formerly, Member, Northern Trust Mutual Funds Board (2005-2007), Northern Trust Global Investments Board (2004-2007), Northern Trust Japan Board (2004-2007), Northern Trust Securities Inc. Board (2003- 2007) and Northern Trust Hong Kong Board (1997-2004). | 159 |
Jack B. Evans 1948 333 W. Wacker Drive Chicago, IL 60606 | Director | 1999 | Chairman (since 2019), formerly, President (1996-2019), The Hall-Perrine Foundation, a 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; formerly, Director, Federal Reserve Bank of Chicago; formerly, President and Chief Operating Officer, SCI Financial Group, Inc., a regional financial services firm. | 159 |
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. | 159 |
Albin F. Moschner 1952 333 W. Wacker Drive Chicago, IL 60606 | Director | 2016 | Founder and Chief Executive Officer, Northcroft Partners, LLC, a management consulting firm (since 2012); formerly, Chairman (2019), and Director (2012-2019), USA Technologies, Inc., a 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., including Consultant (2011-2012), Chief Operating Officer (2008-2011), and Chief Marketing Officer (2004-2008); formerly, President, Verizon Card Services division of Verizon Communications, Inc. (2000-2003); formerly, President, One Point Services at One Point Communications (1999-2000); formerly, Vice Chairman of the Board, Diba, Incorporated (1996-1997); formerly, various executive positions (1991-1996) and Chief Executive Officer (1995-1996) of Zenith Electronics Corporation. | 159 |
John K. Nelson 1962 333 W. Wacker Drive Chicago, IL 60606 | Director | 2013 | Member of Board of Directors of Core12 LLC (since 2008), a private firm which develops branding, marketing and communications strategies for clients; served on The President's Council, Fordham University (2010-2018); and previously was 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); formerly, Chairman of the Board of Trustees of Marian University (2010 as trustee, 2011- 2014 as Chairman); formerly, Chief Executive Officer of ABN AMRO N.V. North America, and Global Head of its Financial Markets Division (2007-2008); prior senior positions held at ABN AMRO include Corporate Executive Vice President and Head of Global Markets-the Americas (2006-2007), CEO of Wholesale Banking-North America and Global Head of Foreign Exchange and Futures Markets (2001-2006), and Regional Commercial Treasurer and Senior Vice President Trading-North America (1996-2001); formerly, Trustee at St. Edmund Preparatory School in New York City. | 159 |
Judith M. Stockdale 1947 333 W. Wacker Drive Chicago, IL 60606 | Director | 1997 | Board Member, Land Trust Alliance (since 2013) and U.S. Endowment for Forestry and Communities (since 2013); formerly, Executive Director (1994-2012), Gaylord and Dorothy Donnelley Foundation; prior thereto, Executive Director, Great Lakes Protection Fund (1990-1994). | 159 |
Carole E. Stone 1947 333 W. Wacker Drive Chicago, IL 60606 | Director | 2007 | Former Director, Chicago Board Options Exchange (2006-2017), and C2 Options Exchange, Incorporated (2009-2017); Director, Cboe Global Markets, Inc., formerly, CBOE Holdings, Inc. (since 2010); formerly, Commissioner, New York State Commission on Public Authority Reform (2005-2010). | 159 |
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 |
Margaret L. Wolff 1955 333 W. Wacker Drive Chicago, IL 60606 | Director | 2016 | Formerly, member of the Board of Directors (2013-2017) of Travelers Insurance Company of Canada and The Dominion of Canada General Insurance Company (each, a part of Travelers Canada, the Canadian operation of The Travelers Companies, Inc.); formerly, Of Counsel, Skadden, Arps, Slate, Meagher & Flom LLP (Mergers & Acquisitions Group) (2005-2014); Member of the Board of Trustees of New York-Presbyterian Hospital (since 2005); Member (since 2004) and Chair (since 2015) of the Board of Trustees of The John A. Hartford Foundation (a philanthropy dedicated to improving the care of older adults); formerly, Member (2005-2015) and Vice Chair (2011-2015) of the Board of Trustees of Mt. Holyoke College. | 159 |
Robert L. Young(2) 1963 333 W. Wacker Drive Chicago, IL 60606 | Director | 2017 | Formerly, Chief Operating Officer and Director, J.P. Morgan Investment Management Inc. (2010-2016); formerly, President and Principal Executive Officer (2013-2016), and Senior Vice President and Chief Operating Officer (2005-2010), of J.P. Morgan Funds; formerly, Director and various officer positions for J.P. Morgan Investment Management Inc. (formerly, JPMorgan Funds Management, Inc. and formerly, One Group Administrative Services) and JPMorgan Distribution Services, Inc. (formerly, One Group Dealer Services, Inc.) (1999-2017). | 157 |
Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed (1) | Principal Occupation(s) Including other Directorships During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Director |
Interested Director: | ||||
Margo L. Cook(3) 1964 333 W. Wacker Drive Chicago, IL 60606 | Director | 2016 | President (since 2017), formerly, Co-Chief Executive Officer and Co-President (2016-2017), formerly, Senior Executive Vice President of Nuveen Investments, Inc; Executive Vice President (since 2017) of Nuveen, LLC; President, Global Products and Solutions (since 2017), and Co-Chief Executive Officer (since 2015), formerly, Executive Vice President (2013-2015) of Nuveen Securities, LLC; President (since 2017), formerly, Co-President (2016-2017), formerly Senior Executive Vice President (2015-2016) of Nuveen Fund Advisors, LLC (Executive Vice President 2011-2015); President (since 2017), Nuveen Alternative Investments, LLC; Chartered Financial Analyst. | 159 |
Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed (4) | Principal Occupation(s) During Past 5 Years | |
Officers of the Funds: | ||||
Greg A. Bottjer 1971 333 W. Wacker Drive Chicago, IL 60606 | Chief Administrative Officer | 2016 | Senior (since 2017) Managing Director (since 2011), formerly, Senior Vice President (2007-2010) of Nuveen; Senior (since 2017) Managing Director (since 2016) of Nuveen Fund Advisors, LLC; Chartered Financial Analyst. | |
Mark J. Czarniecki 1979 901 Marquette Avenue Minneapolis, MN 55402 | Vice President and Assistant Secretary | 2013 | Vice President and Assistant Secretary of Nuveen Securities, LLC (since 2016) and Nuveen Fund Advisors (since 2017); Vice President and Associate General Counsel of Nuveen (since 2013) and Vice President, Assistant Secretary and Associate General Counsel of Nuveen Asset Management (since 2018). |
Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed (4) | 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. | |
Walter M. Kelly 1970 333 W. Wacker Drive Chicago, IL 60606 | Chief Compliance Officer and Vice President | 2003 | Managing Director (since 2017), formerly, Senior Vice President (2008-2017) of Nuveen Investments Holdings, Inc. | |
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), Secretary (since 2016) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC, formerly, Executive Vice President (2016-2017), Managing Director (2008-2016) and Assistant Secretary (2007-2016); Senior Managing Director (since 2017), Secretary (since 2016) and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC, formerly Executive Vice President (2016-2017) and Managing Director and Assistant Secretary (2011-2016); Senior Managing Director (since 2017) and Secretary (since 2016) of Nuveen Investments Advisers, LLC, formerly Executive Vice President (2016-2017); Vice President (since 2007) and Secretary (since 2016), formerly, Assistant Secretary, of NWQ Investment Management Company, LLC, Symphony Asset Management, LLC, Santa Barbara Asset Management, LLC and Winslow Capital Management, LLC (since 2010). Senior Managing Director (since 2017) and Secretary (since 2016) of Nuveen Alternative Investments, LLC. | |
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. |
Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed (4) | Principal Occupation(s) During Past 5 Years | |
Christopher M. Rohrbacher 1971 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Secretary | 2008 | Managing Director (since 2017) and Assistant Secretary of Nuveen Securities, LLC; Managing Director (since 2017), formerly, Senior Vice President (2016-2017), Co-General Counsel (since 2019) and Assistant Secretary (since 2016) of Nuveen Fund Advisors, LLC; Managing Director (since 2017), formerly, Senior Vice President (2012-2017) and Associate General Counsel (since 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 TIAA 730 Third Avenue New York, NY 10017 | 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. | |
Gifford R. Zimmerman 1956 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Assistant Secretary | 1988 | Managing Director (since 2002), and Assistant Secretary of Nuveen Securities, LLC; Managing Director (since 2004) and Assistant Secretary (since 1994) of Nuveen Investments, Inc.; Managing Director (since 2002), Assistant Secretary (since 1997) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC; Managing Director, Assistant Secretary and Associate General Counsel of Nuveen Asset Management, LLC (since 2011); Vice President (since 2017), formerly, Managing Director (2003-2017) and Assistant Secretary (since 2003) of Symphony Asset Management LLC ; Managing Director and Assistant Secretary (since 2002) of Nuveen Investments Advisers, LLC; Vice President and Assistant Secretary of NWQ Investment Management Company, LLC (since 2002), Santa Barbara Asset Management, LLC (since 2006) and of Winslow Capital Management, LLC, (since 2010); Chartered Financial Analyst. |
Serving Investors for Generations
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 |
Average Annual | |||
1-Year | 5-Year | 10-Year | |
Class A Shares at NAV | 13.43% | 7.83% | 12.64% |
Class A Shares at maximum Offering Price | 6.92% | 6.56% | 11.97% |
Russell Midcap® Growth Index | 18.93% | 10.92% | 14.76% |
Lipper Mid-Cap Growth Funds Classification Average | 15.91% | 10.17% | 13.52% |
Class C Shares | 12.58% | 7.03% | 11.80% |
Class R3 Shares | 13.15% | 7.56% | 12.36% |
Class I Shares | 13.73% | 8.11% | 12.92% |
Average Annual | |||
1-Year | 5-Year | Since Inception | |
Class R6 Shares | 13.85% | 8.25% | 11.14% |
Average Annual | |||
1-Year | 5-Year | 10-Year | |
Class A Shares at NAV | 0.50% | 8.22% | 12.12% |
Class A Shares at maximum Offering Price | (5.28)% | 6.94% | 11.46% |
Class C Shares | (0.23)% | 7.41% | 11.28% |
Class R3 Shares | 0.27% | 7.95% | 11.84% |
Class I Shares | 0.77% | 8.49% | 12.40% |
Average Annual | |||
1-Year | 5-Year | Since Inception | |
Class R6 Shares | 0.90% | 8.64% | 11.21% |
Share Class | |||||
Class A | Class C | Class R3 | Class R6 | Class I | |
Gross Expense Ratios | 1.24% | 1.99% | 1.49% | 0.85% | 0.99% |
Net Expense Ratios | 1.18% | 1.93% | 1.43% | 0.79% | 0.93% |
Average Annual | |||
1-Year | 5-Year | 10-Year | |
Class A Shares at NAV | 5.47% | 7.87% | 12.64% |
Class A Shares at maximum Offering Price | (0.61)% | 6.60% | 11.98% |
Russel 2000® Growth Index | 6.40% | 8.38% | 13.38% |
Lipper Small-Cap Growth Funds Classification Average | 7.83% | 8.98% | 13.31% |
Class C Shares | 4.74% | 7.08% | 11.81% |
Class R3 Shares | 5.23% | 7.61% | 12.36% |
Class I Shares | 5.78% | 8.15% | 12.93% |
Average Annual | ||
1-Year | Since Inception | |
Class R6 Shares | 6.13% | 13.62% |
Average Annual | |||
1-Year | 5-Year | 10-Year | |
Class A Shares at NAV | (10.84)% | 8.20% | 11.59% |
Class A Shares at maximum Offering Price | (15.97)% | 6.92% | 10.94% |
Class C Shares | (11.49)% | 7.40% | 10.76% |
Class R3 Shares | (11.03)% | 7.93% | 11.32% |
Class I Shares | (10.61)% | 8.47% | 11.87% |
Average Annual | ||
1-Year | Since Inception | |
Class R6 Shares | (10.47)% | 12.70% |
Share Class | |||||
Class A | Class C | Class R3 | Class R6 | Class I | |
Gross Expense Ratios | 1.39% | 2.14% | 1.64% | 1.04% | 1.14% |
Net Expense Ratios | 1.25% | 2.00% | 1.50% | 0.89% | 1.00% |
Fund Allocation (% of net assets) | |
Common Stocks | 99.3% |
Investments Purchased with Collateral from Securities Lending | 3.4% |
Money Market Funds | 0.7% |
Other Assets Less Liabilities | (3.4)% |
Net Assets | 100% |
Portfolio Composition (% of net assets) | |
IT Services | 12.6% |
Software | 12.0% |
Specialty Retail | 7.4% |
Health Care Equipment & Supplies | 5.8% |
Semiconductors & Semiconductor Equipment | 5.2% |
Aerospace & Defense | 4.0% |
Hotels, Restaurants & Leisure | 3.9% |
Machinery | 3.8% |
Biotechnology | 3.7% |
Electronic Equipment, Instruments & Components | 3.3% |
Equity Real Estate Investment Trust | 3.2% |
Capital Markets | 3.1% |
Entertainment | 3.0% |
Multiline Retail | 2.7% |
Food Products | 2.5% |
Chemicals | 2.3% |
Professional Services | 1.8% |
Other | 19.0% |
Investments Purchased with Collateral from Securities Lending | 3.4% |
Money Market Funds | 0.7% |
Other Assets Less Liabilities | (3.4)% |
Net Assets | 100% |
Top Five Common Stock Holdings (% of net assets) | |
Fiserv Inc. | 3.9% |
Dollar General Corp | 2.7% |
FleetCor Technologies Inc | 2.4% |
O'Reilly Automotive Inc | 2.4% |
Ingersoll-Rand PLC | 2.3% |
Fund Allocation (% of net assets) | |
Common Stocks | 98.2% |
Exchange-Traded Funds | 1.5% |
Investments Purchased with Collateral from Securities Lending | 5.3% |
Money Market Funds | 0.4% |
Other Assets Less Liabilities | (5.4)% |
Net Assets | 100% |
Portfolio Composition (% of net assets) | |
Software | 10.4% |
Health Care Equipment & Supplies | 6.8% |
Semiconductors & Semiconductor Equipment | 6.1% |
Biotechnology | 6.0% |
Machinery | 5.1% |
Hotels, Restaurants & Leisure | 4.9% |
Building Products | 4.6% |
Equity Real Estate Investment Trust | 4.6% |
Aerospace & Defense | 4.1% |
IT Services | 3.9% |
Health Care Providers & Services | 3.6% |
Pharmaceuticals | 3.3% |
Banks | 3.2% |
Food Products | 3.1% |
Commercial Services & Supplies | 3.0% |
Chemicals | 2.7% |
Leisure Products | 2.7% |
Insurance | 2.6% |
Other | 19.0% |
Investments Purchased with Collateral from Securities Lending | 5.3% |
Money Market Funds | 0.4% |
Other Assets Less Liabilities | (5.4)% |
Net Assets | 100% |
Top Five Common Stock Holdings (% of net assets) | |
Trex Co Inc | 1.9% |
Ingevity Corporation | 1.9% |
MAXIMUS Inc | 1.9% |
Horizon Therapeutics Plc | 1.8% |
Tetra Tech 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 | $992.92 | $989.31 | $991.87 | $994.92 | $994.39 |
Expenses Incurred During the Period | $5.88 | $9.63 | $7.13 | $4.02 | $4.62 |
Hypothetical Performance (5% annualized return before expenses) | |||||
Beginning Account Value | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value | $1,019.31 | $1,015.53 | $1,018.05 | $1,021.17 | $1,020.57 |
Expenses Incurred During the Period | $5.96 | $9.75 | $7.22 | $4.08 | $4.69 |
Share Class | |||||
Class A | Class C | Class R3 | Class R6 | Class I | |
Actual Performance | |||||
Beginning Account Value | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value | $986.35 | $982.97 | $985.31 | $990.75 | $987.99 |
Expenses Incurred During the Period | $6.16 | $9.85 | $7.41 | $3.96 | $4.91 |
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 | $1,015.27 | $1,017.74 | $1,021.22 | $1,020.27 |
Expenses Incurred During the Period | $6.26 | $10.01 | $7.53 | $4.02 | $4.99 |
Shares | Description (1) | Value | ||||
LONG-TERM INVESTMENTS – 99.3% | ||||||
COMMON STOCKS – 99.3% | ||||||
Aerospace & Defense – 4.0% | ||||||
41,050 | L3Harris Technologies Inc. | $8,469,025 | ||||
13,745 | TransDigm Group Inc, (2) | 7,233,719 | ||||
Total Aerospace & Defense | 15,702,744 | |||||
Biotechnology – 3.7% | ||||||
67,764 | BioMarin Pharmaceutical Inc, (2) | 4,961,003 | ||||
38,648 | Exact Sciences Corp, (2), (3) | 3,362,376 | ||||
19,879 | Sage Therapeutics Inc, (2) | 2,696,586 | ||||
22,216 | Sarepta Therapeutics Inc, (2) | 1,845,261 | ||||
19,264 | United Therapeutics Corp, (2) | 1,730,678 | ||||
Total Biotechnology | 14,595,904 | |||||
Building Products – 1.4% | ||||||
62,933 | Trex Co Inc, (2) | 5,531,181 | ||||
Capital Markets – 3.1% | ||||||
57,487 | Evercore Inc., Class A | 4,233,343 | ||||
34,018 | MSCI Inc | 7,979,262 | ||||
Total Capital Markets | 12,212,605 | |||||
Chemicals – 2.3% | ||||||
92,667 | CF Industries Holdings Inc. | 4,202,449 | ||||
58,211 | Ingevity Corporation, (2) | 4,901,948 | ||||
Total Chemicals | 9,104,397 | |||||
Communications Equipment – 1.2% | ||||||
72,367 | Lumentum Holdings Inc, (2) | 4,534,516 | ||||
Consumer Finance – 1.4% | ||||||
68,794 | Discover Financial Services | 5,521,406 | ||||
Electrical Equipment – 1.8% | ||||||
76,258 | AMETEK Inc. | 6,989,046 | ||||
Electronic Equipment, Instruments & Components – 3.3% | ||||||
55,271 | CDW Corp | 7,069,714 | ||||
59,877 | Keysight Technologies Inc, (2) | 6,042,188 | ||||
Total Electronic Equipment, Instruments & Components | 13,111,902 | |||||
Entertainment – 3.0% | ||||||
55,300 | Take-Two Interactive Software Inc., (2) | 6,655,355 |
Shares | Description (1) | Value | ||||
Entertainment (continued) | ||||||
88,053 | World Wrestling Entertainment Inc, Class A, (3) | $4,934,490 | ||||
Total Entertainment | 11,589,845 | |||||
Equity Real Estate Investment Trust – 3.2% | ||||||
47,628 | CoreSite Realty Corp | 5,596,290 | ||||
29,550 | SBA Communications Corp | 7,111,207 | ||||
Total Equity Real Estate Investment Trust | 12,707,497 | |||||
Food Products – 2.5% | ||||||
30,881 | McCormick & Co Inc | 4,962,268 | ||||
59,811 | Tyson Foods Inc., Class A | 4,951,753 | ||||
Total Food Products | 9,914,021 | |||||
Health Care Equipment & Supplies – 5.8% | ||||||
35,028 | DexCom Inc, (2) | 5,402,719 | ||||
27,531 | Insulet Corp, (2) | 4,000,805 | ||||
21,415 | Teleflex Inc. | 7,439,785 | ||||
42,413 | Zimmer Biomet Holdings Inc. | 5,862,749 | ||||
Total Health Care Equipment & Supplies | 22,706,058 | |||||
Health Care Providers & Services – 1.8% | ||||||
131,266 | Centene Corp, (2) | 6,967,599 | ||||
Health Care Technology – 1.0% | ||||||
50,168 | Teladoc Health Inc, (2) | 3,842,869 | ||||
Hotels, Restaurants & Leisure – 3.9% | ||||||
6,021 | Chipotle Mexican Grill Inc, (2) | 4,685,301 | ||||
183,396 | MGM Resorts International | 5,226,786 | ||||
22,507 | Vail Resorts Inc | 5,229,952 | ||||
Total Hotels, Restaurants & Leisure | 15,142,039 | |||||
Interactive Media & Services – 1.2% | ||||||
20,010 | IAC/InterActiveCorp | 4,547,272 | ||||
Internet & Direct Marketing Retail – 1.0% | ||||||
28,967 | Expedia Group Inc. | 3,958,630 | ||||
IT Services – 12.6% | ||||||
143,475 | Fiserv Inc., (2) | 15,228,437 | ||||
31,993 | FleetCor Technologies Inc, (2) | 9,412,980 | ||||
60,438 | MAXIMUS Inc | 4,638,012 | ||||
46,403 | Okta Inc, (2) | 5,061,175 | ||||
32,084 | VeriSign Inc., (2) | 6,096,602 | ||||
315,092 | Verra Mobility Corp, (2) | 4,521,570 | ||||
37,928 | Wixcom Ltd, (2) | 4,629,871 | ||||
Total IT Services | 49,588,647 |
Shares | Description (1) | Value | ||||
Leisure Products – 1.2% | ||||||
147,348 | YETI Holdings Inc, (2), (3) | $4,908,162 | ||||
Life Sciences Tools & Services – 0.7% | ||||||
191,204 | Accelerate Diagnostics Inc, (2) | 2,944,542 | ||||
Machinery – 3.8% | ||||||
71,639 | Ingersoll-Rand PLC | 9,090,273 | ||||
31,927 | Parker-Hannifin Corp | 5,858,285 | ||||
Total Machinery | 14,948,558 | |||||
Multiline Retail – 2.7% | ||||||
66,829 | Dollar General Corp | 10,715,362 | ||||
Oil, Gas & Consumable Fuels – 1.2% | ||||||
286,756 | Parsley Energy Inc | 4,533,612 | ||||
Pharmaceuticals – 1.0% | ||||||
142,444 | Horizon Therapeutics Plc, (2) | 4,118,056 | ||||
Professional Services – 1.8% | ||||||
102,077 | IHS Markit Ltd, (2) | 7,147,432 | ||||
Road & Rail – 1.6% | ||||||
43,455 | Kansas City Southern | 6,117,595 | ||||
Semiconductors & Semiconductor Equipment – 5.2% | ||||||
16,551 | Lam Research Corp | 4,485,983 | ||||
233,073 | Marvell Technology Group Ltd | 5,684,650 | ||||
27,577 | Monolithic Power Systems Inc | 4,134,344 | ||||
67,912 | Xilinx Inc. | 6,162,335 | ||||
Total Semiconductors & Semiconductor Equipment | 20,467,312 | |||||
Software – 12.0% | ||||||
86,553 | Anaplan Inc, (2) | 4,085,302 | ||||
26,225 | ANSYS Inc, (2) | 5,773,434 | ||||
35,677 | Aspen Technology Inc, (2) | 4,106,780 | ||||
36,921 | Atlassian Corp PLC, (2) | 4,459,688 | ||||
94,255 | Cadence Design Systems Inc, (2) | 6,159,564 | ||||
57,388 | Everbridge Inc, (2) | 3,989,040 | ||||
27,051 | HubSpot Inc, (2) | 4,195,610 | ||||
40,639 | Proofpoint Inc, (2) | 4,688,521 | ||||
84,273 | RealPage Inc, (2) | 5,102,730 | ||||
23,383 | Trade Desk Inc, (2) | 4,695,306 | ||||
Total Software | 47,255,975 | |||||
Specialty Retail – 7.4% | ||||||
58,035 | Best Buy Co Inc. | 4,168,654 |
Shares | Description (1) | Value | ||||
Specialty Retail (continued) | ||||||
40,233 | Five Below Inc, (2) | $5,033,551 | ||||
21,547 | O'Reilly Automotive Inc, (2) | 9,383,934 | ||||
50,494 | Tractor Supply Co | 4,797,940 | ||||
24,815 | Ulta Beauty Inc, (2) | 5,785,617 | ||||
Total Specialty Retail | 29,169,696 | |||||
Textiles, Apparel & Luxury Goods – 1.2% | ||||||
47,525 | Ralph Lauren Corp | 4,565,251 | ||||
Trading Companies & Distributors – 1.3% | ||||||
27,911 | Watsco Inc. | 4,920,709 | ||||
Total Long-Term Investments (cost $335,912,489) | 390,080,440 |
Shares | Description (1) | Coupon | Value | |||
INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 3.4% | ||||||
MONEY MARKET FUNDS – 3.4% | ||||||
13,487,328 | First American Government Obligations Fund, Class X, (4) | 1.743% (5) | $13,487,328 | |||
Total Investments Purchased with Collateral from Securities Lending (cost $13,487,328) | 13,487,328 |
Shares | Description (1) | Coupon | Value | |||
SHORT-TERM INVESTMENTS – 0.7% | ||||||
MONEY MARKET FUNDS – 0.7% | ||||||
2,526,404 | First American Treasury Obligation Fund, Class Z | 1.693% (5) | $2,526,404 | |||
Total Short-Term Investments (cost $2,526,404) | 2,526,404 | |||||
Total Investments (cost $351,926,221) – 103.4% | 406,094,172 | |||||
Other Assets Less Liabilities – (3.4)% | (13,390,221) | |||||
Net Assets – 100% | $392,703,951 |
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 $12,331,368. | |
(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, Securities Lending for more information. | |
(5) | The rate shown is the annualized seven-day subsidized yield as of the end of the reporting period. |
Shares | Description (1) | Value | ||||
LONG-TERM INVESTMENTS – 99.7% | ||||||
COMMON STOCKS – 98.2% | ||||||
Aerospace & Defense – 4.1% | ||||||
45,319 | Axon Enterprise Inc, (2) | $2,317,160 | ||||
138,444 | Kratos Defense & Security Solutions Inc, (2) | 2,613,823 | ||||
50,994 | Mercury Systems Inc, (2) | 3,756,218 | ||||
Total Aerospace & Defense | 8,687,201 | |||||
Banks – 3.2% | ||||||
64,645 | Cathay General Bancorp | 2,299,423 | ||||
38,508 | Pinnacle Financial Partners Inc., Class A | 2,265,040 | ||||
39,680 | Preferred Bank | 2,115,341 | ||||
Total Banks | 6,679,804 | |||||
Biotechnology – 6.0% | ||||||
7,980 | Argenx SE ADR, (2) | 977,231 | ||||
9,011 | Ascendis Pharma A/S ADR, (2) | 996,437 | ||||
18,424 | Blueprint Medicines Corp, (2) | 1,268,308 | ||||
72,649 | CareDx Inc, (2) | 1,904,130 | ||||
101,757 | Coherus Biosciences Inc, (2) | 1,767,519 | ||||
74,015 | Fate Therapeutics Inc, (2) | 1,106,524 | ||||
52,106 | Halozyme Therapeutics Inc, (2) | 798,264 | ||||
77,349 | Iovance Biotherapeutics Inc, (2) | 1,634,384 | ||||
26,245 | Repligen Corp, (2) | 2,086,215 | ||||
Total Biotechnology | 12,539,012 | |||||
Building Products – 4.6% | ||||||
44,004 | CSW Industrials Inc | 3,045,957 | ||||
50,171 | Gibraltar Industries Inc. | 2,670,602 | ||||
45,324 | Trex Co Inc, (2) | 3,983,527 | ||||
Total Building Products | 9,700,086 | |||||
Capital Markets – 1.2% | ||||||
34,630 | Evercore Inc., Class A | 2,550,153 | ||||
Chemicals – 2.7% | ||||||
84,471 | GCP Applied Technologies Inc, (2) | 1,745,171 | ||||
47,061 | Ingevity Corporation, (2) | 3,963,007 | ||||
Total Chemicals | 5,708,178 | |||||
Commercial Services & Supplies – 3.0% | ||||||
19,881 | MSA Safety Inc | 2,387,112 |
Shares | Description (1) | Value | ||||
Commercial Services & Supplies (continued) | ||||||
43,429 | Tetra Tech Inc | $3,798,734 | ||||
Total Commercial Services & Supplies | 6,185,846 | |||||
Communications Equipment – 1.3% | ||||||
42,433 | Lumentum Holdings Inc, (2) | 2,658,852 | ||||
Construction & Engineering – 2.3% | ||||||
37,373 | MasTec Inc, (2) | 2,352,257 | ||||
74,090 | MYR Group Inc, (2) | 2,549,437 | ||||
Total Construction & Engineering | 4,901,694 | |||||
Diversified Consumer Services – 1.1% | ||||||
75,867 | Chegg Inc, (2) | 2,326,082 | ||||
Electrical Equipment – 1.3% | ||||||
35,743 | Regal Beloit Corp | 2,646,769 | ||||
Entertainment – 1.2% | ||||||
43,534 | World Wrestling Entertainment Inc, Class A, (3) | 2,439,645 | ||||
Equity Real Estate Investment Trust – 4.6% | ||||||
43,496 | American Assets Trust Inc | 2,129,564 | ||||
64,306 | Healthcare Realty Trust Inc | 2,235,920 | ||||
48,251 | QTS Realty Trust Inc, Class A | 2,585,771 | ||||
87,188 | STAG Industrial Inc. | 2,706,315 | ||||
Total Equity Real Estate Investment Trust | 9,657,570 | |||||
Food Products – 3.1% | ||||||
153,852 | Nomad Foods Ltd | 3,001,653 | ||||
22,542 | Sanderson Farms Inc | 3,489,727 | ||||
Total Food Products | 6,491,380 | |||||
Health Care Equipment & Supplies – 6.8% | ||||||
77,014 | AtriCure Inc, (2) | 2,047,802 | ||||
33,121 | iRhythm Technologies Inc, (2) | 2,213,145 | ||||
17,261 | Penumbra Inc, (2) | 2,692,198 | ||||
44,546 | Quidel Corp, (2) | 2,534,668 | ||||
70,731 | STAAR Surgical Co, (2) | 2,318,562 | ||||
52,362 | Tactile Systems Technology Inc, (2) | 2,378,282 | ||||
Total Health Care Equipment & Supplies | 14,184,657 | |||||
Health Care Providers & Services – 3.6% | ||||||
20,275 | Amedisys Inc, (2) | 2,605,743 | ||||
44,242 | AMN Healthcare Services Inc., (2) | 2,599,660 | ||||
20,511 | LHC Group Inc, (2) | 2,276,106 | ||||
Total Health Care Providers & Services | 7,481,509 |
Shares | Description (1) | Value | ||||
Health Care Technology – 2.6% | ||||||
37,449 | Omnicell Inc, (2) | $2,636,035 | ||||
36,113 | Teladoc Health Inc, (2) | 2,766,256 | ||||
Total Health Care Technology | 5,402,291 | |||||
Hotels, Restaurants & Leisure – 4.9% | ||||||
32,628 | Jack in the Box Inc. | 2,741,404 | ||||
40,534 | Papa John's International Inc, (3) | 2,373,266 | ||||
101,180 | Penn National Gaming Inc, (2) | 2,156,652 | ||||
34,848 | Wingstop Inc | 2,907,369 | ||||
Total Hotels, Restaurants & Leisure | 10,178,691 | |||||
Household Durables – 1.0% | ||||||
20,736 | TopBuild Corp, (2) | 2,155,093 | ||||
Insurance – 2.6% | ||||||
40,341 | eHealth Inc, (2) | 2,785,143 | ||||
24,764 | Kinsale Capital Group Inc | 2,618,050 | ||||
Total Insurance | 5,403,193 | |||||
Internet & Direct Marketing Retail – 0.5% | ||||||
22,925 | Etsy Inc, (2) | 1,019,933 | ||||
IT Services – 3.9% | ||||||
24,214 | InterXion Holding NV, (2) | 2,136,159 | ||||
51,117 | MAXIMUS Inc | 3,922,719 | ||||
146,050 | Verra Mobility Corp, (2) | 2,095,817 | ||||
Total IT Services | 8,154,695 | |||||
Leisure Products – 2.7% | ||||||
141,637 | Callaway Golf Co | 2,863,900 | ||||
82,566 | YETI Holdings Inc, (2), (3) | 2,750,274 | ||||
Total Leisure Products | 5,614,174 | |||||
Life Sciences Tools & Services – 1.2% | ||||||
112,989 | NeoGenomics Inc, (2) | 2,590,838 | ||||
Machinery – 5.1% | ||||||
100,638 | Altra Industrial Motion Corp | 3,099,650 | ||||
46,365 | Chart Industries Inc, (2) | 2,718,380 | ||||
24,806 | John Bean Technologies Corp | 2,549,313 | ||||
49,475 | SPX Corp | 2,253,092 | ||||
Total Machinery | 10,620,435 | |||||
Oil, Gas & Consumable Fuels – 0.6% | ||||||
71,411 | Brigham Minerals Inc., Class A | 1,363,236 | ||||
Pharmaceuticals – 3.3% | ||||||
132,353 | Horizon Therapeutics Plc, (2) | 3,826,325 |
Shares | Description (1) | Value | ||||
Pharmaceuticals (continued) | ||||||
18,985 | MyoKardia Inc, (2) | $1,088,410 | ||||
9,712 | Reata Pharmaceuticals Inc., Class A, (2) | 2,001,449 | ||||
Total Pharmaceuticals | 6,916,184 | |||||
Semiconductors & Semiconductor Equipment – 6.1% | ||||||
56,022 | Brooks Automation Inc | 2,379,254 | ||||
35,238 | Inphi Corp, (2) | 2,532,908 | ||||
128,177 | Lattice Semiconductor Corp, (2) | 2,510,987 | ||||
129,261 | MACOM Technology Solutions Holdings Inc, (2) | 2,939,395 | ||||
16,701 | Monolithic Power Systems Inc | 2,503,814 | ||||
Total Semiconductors & Semiconductor Equipment | 12,866,358 | |||||
Software – 10.4% | ||||||
42,631 | Everbridge Inc, (2) | 2,963,281 | ||||
35,743 | j2 Global Inc. | 3,394,155 | ||||
53,443 | Mimecast Ltd, (2) | 2,122,222 | ||||
27,958 | Q2 Holdings Inc, (2) | 1,998,717 | ||||
57,521 | Rapid7 Inc, (2) | 2,881,227 | ||||
48,266 | RealPage Inc, (2) | 2,922,506 | ||||
151,594 | SailPoint Technologies Holding Inc, (2) | 2,934,860 | ||||
36,430 | Varonis Systems Inc, (2) | 2,606,566 | ||||
591,081 | Videopropulsion Inc, (2), (4) | 1 | ||||
Total Software | 21,823,535 | |||||
Specialty Retail – 2.1% | ||||||
32,014 | Aaron's Inc. | 2,398,809 | ||||
58,768 | Boot Barn Holdings Inc, (2) | 2,059,818 | ||||
Total Specialty Retail | 4,458,627 | |||||
Textiles, Apparel & Luxury Goods – 1.1% | ||||||
56,545 | Steven Madden Ltd | 2,328,523 | ||||
Total Common Stocks (cost $187,509,639) | 205,734,244 |
Shares | Description (1), (5) | Value | ||||
EXCHANGE-TRADED FUNDS – 1.5% | ||||||
39,551 | SPDR S&P Biotech ETF, (3) | $3,228,548 | ||||
Total Exchange-Traded Funds (cost $3,152,467) | 3,228,548 | |||||
Total Long-Term Investments (cost $190,662,106) | 208,962,792 |
Shares | Description (1) | Coupon | Value | |||
INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 5.3% | ||||||
MONEY MARKET FUNDS – 5.3% | ||||||
11,100,658 | First American Government Obligations Fund, Class X, (6) | 1.743% (7) | $11,100,658 | |||
Total Investments Purchased with Collateral from Securities Lending (cost $11,100,658) | 11,100,658 |
Shares | Description (1) | Coupon | Value | |||
SHORT-TERM INVESTMENTS – 0.4% | ||||||
MONEY MARKET FUNDS – 0.4% | ||||||
791,738 | First American Treasury Obligation Fund, Class Z | 1.693% (7) | $791,738 | |||
Total Short-Term Investments (cost $791,738) | 791,738 | |||||
Total Investments (cost $202,554,502) – 105.4% | 220,855,188 | |||||
Other Assets Less Liabilities – (5.4)% | (11,336,288) | |||||
Net Assets – 100% | $209,518,900 |
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 $10,321,062. | |
(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, Securities Lending for more information. | |
(7) | The rate shown is the annualized seven-day subsidized 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 $335,912,489 and $190,662,106, respectively) | $390,080,440 | $208,962,792 |
Investment purchased with collateral from securities lending, at value (cost approximates value) | 13,487,328 | 11,100,658 |
Short-term investments, at value (cost approximates value) | 2,526,404 | 791,738 |
Receivable for: | ||
Dividends | — | 22,492 |
Due from broker | 22,293 | 13,499 |
Interest | 5,792 | 3,429 |
Investments sold | 1,693,042 | 2,231,198 |
Shares sold | 132,398 | 453,273 |
Other assets | 85,528 | 29,331 |
Total assets | 408,033,225 | 223,608,410 |
Liabilities | ||
Payable for: | ||
Collateral from securities lending program | 13,487,328 | 11,100,658 |
Investments purchased | 717,348 | 2,340,089 |
Shares redeemed | 519,880 | 181,760 |
Accrued expenses: | ||
Directors fees | 68,157 | 1,826 |
Management fees | 244,057 | 307,804 |
12b-1 distribution and service fees | 50,900 | 8,951 |
Other | 241,604 | 148,422 |
Total liabilities | 15,329,274 | 14,089,510 |
Net assets | $392,703,951 | $209,518,900 |
Mid Cap Growth Opportunities | Small Cap Growth Opportunities | |
Class A Shares | ||
Net assets | $172,912,415 | $34,249,448 |
Shares outstanding | 5,137,760 | 1,634,400 |
Net asset value ("NAV") per share | $33.66 | $20.96 |
Offering price per share (NAV per share plus maximum sales charge of 5.75% of offering price) | $35.71 | $22.24 |
Class C Shares | ||
Net assets | $5,664,394 | $1,630,848 |
Shares outstanding | 255,144 | 108,673 |
NAV and offering price per share | $22.20 | $15.01 |
Class R3 Shares | ||
Net assets | $22,134,778 | $1,253,328 |
Shares outstanding | 725,345 | 64,432 |
NAV and offering price per share | $30.52 | $19.45 |
Class R6 Shares | ||
Net assets | $26,329,117 | $143,726 |
Shares outstanding | 611,352 | 5,594 |
NAV and offering price per share | $43.07 | $25.69 |
Class I Shares | ||
Net assets | $165,663,247 | $172,241,550 |
Shares outstanding | 3,898,705 | 6,751,785 |
NAV and offering price per share | $42.49 | $25.51 |
Fund level net assets consist of: | ||
Capital paid-in | $268,012,708 | $192,854,115 |
Total distributable earnings | 124,691,243 | 16,664,785 |
Fund level net assets | $392,703,951 | $209,518,900 |
Authorized shares - per class | 2 billion | 2 billion |
Par value per share | $0.0001 | $0.0001 |
Mid Cap Growth Opportunities | Small Cap Growth Opportunities | |
Investment Income | ||
Dividends | $3,726,839 | $722,684 |
Interest | 55,932 | 58,739 |
Securities lending income | 60,695 | 70,518 |
Total investment income | 3,843,466 | 851,941 |
Expenses | ||
Management fees | 3,718,557 | 1,253,055 |
12b-1 service fees - Class A Shares | 470,295 | 87,585 |
12b-1 distibution and service fees - Class C Shares | 67,843 | 18,848 |
12b-1 distibution and service fees - Class R3 Shares | 122,904 | 6,222 |
Shareholder servicing agent fees | 674,526 | 227,413 |
Custodian fees | 53,169 | 20,863 |
Professional fees | 47,816 | 28,363 |
Directors fees | 13,996 | 4,372 |
Shareholder reporting expenses | 47,554 | 67,548 |
Federal and state registration fees | 88,671 | 89,146 |
Other | 24,884 | 5,026 |
Total expenses before fee waiver/expense reimbursement | 5,330,215 | 1,808,441 |
Fee waiver/expense reimbursement | (338,810) | (228,475) |
Net expenses | 4,991,405 | 1,579,966 |
Net investment income (loss) | (1,147,939) | (728,025) |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) from investments | 84,972,569 | (842,975) |
Change in net unrealized appreciation (depreciation) of investments | (27,405,591) | 7,571,292 |
Net realized and unrealized gain (loss) | 57,566,978 | 6,728,317 |
Net increase (decrease) in net assets from operations | $56,419,039 | $6,000,292 |
Mid Cap Growth Opportunities | Small Cap Growth Opportunities | ||||
Year Ended 10/31/19 | Year Ended 10/31/18 | Year Ended 10/31/19 | Year Ended 10/31/18 | ||
Operations | |||||
Net investment income (loss) | $(1,147,939) | $(2,749,990) | $(728,025) | $(612,442) | |
Net realized gain (loss) from investments | 84,972,569 | 105,271,433 | (842,975) | 15,615,021 | |
Change in net unrealized appreciation (depreciation) of investments | (27,405,591) | (71,584,251) | 7,571,292 | (7,650,523) | |
Net increase (decrease) in net assets from operations | 56,419,039 | 30,937,192 | 6,000,292 | 7,352,056 | |
Distributions to Shareholders | |||||
Dividends: | |||||
Class A Shares | (33,688,438) | (42,671,318) | (5,069,832) | (4,209,121) | |
Class C Shares | (1,845,779) | (3,566,386) | (375,076) | (324,846) | |
Class R3 Shares | (4,617,499) | (6,636,934) | (170,130) | (201,526) | |
Class R6 Shares | (7,948,731) | (10,590,712) | (1,183,722) | (2,000,545) | |
Class I Shares | (42,429,100) | (63,162,628) | (6,735,701) | (4,579,909) | |
Decrease in net assets from distributions to shareholders | (90,529,547) | (126,627,978) | (13,534,461) | (11,315,947) | |
Fund Share Transactions | |||||
Proceeds from sale of shares | 45,420,126 | 74,478,107 | 141,918,570 | 31,341,482 | |
Proceeds from shares issued to shareholders due to reinvestment of distributions | 82,717,140 | 118,019,725 | 10,691,877 | 9,469,803 | |
128,137,266 | 192,497,832 | 152,610,447 | 40,811,285 | ||
Cost of shares redeemed | (319,546,880) | (279,032,792) | (46,024,192) | (27,769,950) | |
Net increase (decrease) in net assets from Fund share transactions | (191,409,614) | (86,534,960) | 106,586,255 | 13,041,335 | |
Net increase (decrease) in net assets | (225,520,122) | (182,225,746) | 99,052,086 | 9,077,444 | |
Net assets at the beginning of period | 618,224,073 | 800,449,819 | 110,466,814 | 101,389,370 | |
Net assets at the end of period | $392,703,951 | $618,224,073 | $209,518,900 | $110,466,814 |
Selected data for a share outstanding throughout each period:
Investment Operations | Less Distributions | ||||||||
Class (Commencement Date) Year Ended October 31, | Beginning NAV | Net Investment Income (Loss)(a) | Net Realized/ Unrealized Gain (Loss) | Total | From Net Investment Income | From Accumulated Net Realized Gains | Total | Ending NAV | |
Class A (01/95) | |||||||||
2019 | $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 | |
2015 | 47.67 | (0.31) | 1.72 | 1.41 | — | (8.17) | (8.17) | 40.91 | |
Class C (09/01) | |||||||||
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 | |
2015 | 40.77 | (0.52) | 1.42 | 0.90 | — | (8.17) | (8.17) | 33.50 | |
Class R3 (12/00) | |||||||||
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 | |
2015 | 45.90 | (0.40) | 1.65 | 1.25 | — | (8.17) | (8.17) | 38.98 | |
Class R6 (02/13) | |||||||||
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 | |
2015 | 53.36 | (0.16) | 1.97 | 1.81 | — | (8.17) | (8.17) | 47.00 | |
Class I (12/89) | |||||||||
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 | |
2015 | 53.24 | (0.23) | 1.97 | 1.74 | — | (8.17) | (8.17) | 46.81 |
Ratios/Supplemental Data | |||||||
Ratios to Average Net Assets Before Waiver/Reimbursement | Ratios to Average Net Assets After Waiver/Reimbursement(c) | ||||||
Total Return(b) | Ending Net Assets (000) | Expenses | Net Investment Income (Loss) | Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate(d) | |
13.43% | $172,912 | 1.24% | (0.42)% | 1.17% | (0.35)% | 90% | |
2.35 | 196,212 | 1.23 | (0.56) | 1.17 | (0.51) | 106 | |
25.89 | 250,908 | 1.23 | (0.48) | 1.17 | (0.43) | 136 | |
(3.78) | 280,681 | 1.29 | (0.35) | 1.27 | (0.33) | 89 | |
3.68 | 365,394 | 1.30 | (0.72) | 1.30 | (0.72) | 118 | |
12.58 | 5,664 | 2.00 | (1.18) | 1.92 | (1.11) | 90 | |
1.60 | 7,936 | 1.98 | (1.30) | 1.92 | (1.25) | 106 | |
24.95 | 16,278 | 1.98 | (1.23) | 1.92 | (1.18) | 136 | |
(4.50) | 16,956 | 2.04 | (1.10) | 2.02 | (1.08) | 89 | |
2.91 | 22,284 | 2.05 | (1.47) | 2.05 | (1.47) | 118 | |
13.15 | 22,135 | 1.50 | (0.68) | 1.42 | (0.61) | 90 | |
2.09 | 26,098 | 1.48 | (0.81) | 1.42 | (0.76) | 106 | |
25.60 | 35,402 | 1.48 | (0.72) | 1.42 | (0.66) | 136 | |
(4.04) | 55,093 | 1.54 | (0.59) | 1.52 | (0.57) | 89 | |
3.43 | 54,866 | 1.55 | (0.98) | 1.55 | (0.98) | 118 | |
13.85 | 26,329 | 0.86 | (0.05) | 0.79 | 0.02 | 90 | |
2.75 | 56,250 | 0.84 | (0.17) | 0.78 | (0.11) | 106 | |
26.41 | 72,703 | 0.84 | (0.09) | 0.78 | (0.03) | 136 | |
(3.41) | 50,677 | 0.89 | 0.12 | 0.86 | 0.14 | 89 | |
4.09 | 31,167 | 0.92 | (0.33) | 0.92 | (0.33) | 118 | |
13.73 | 165,663 | 1.00 | (0.19) | 0.92 | (0.12) | 90 | |
2.61 | 331,728 | 0.98 | (0.31) | 0.92 | (0.26) | 106 | |
26.20 | 425,158 | 0.98 | (0.23) | 0.92 | (0.18) | 136 | |
(3.54) | 491,747 | 1.04 | (0.10) | 1.02 | (0.08) | 89 | |
3.95 | 730,560 | 1.05 | (0.47) | 1.05 | (0.47) | 118 |
(a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
(b) | Total return is the combination of changes in NAV without any sales charge, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. Total returns are not annualized. |
(c) | After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Note 7 – Management Fees and Other Transactions with Affiliates, Management Fees for more information. |
(d) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 4 – Portfolio Securities and Investment in Derivatives, Investment Transactions) divided by the average long-term market value during the period. |
Selected data for a share outstanding throughout each period:
Investment Operations | Less Distributions | ||||||||
Class (Commencement Date) Year Ended October 31, | Beginning NAV | Net Investment Income (Loss)(a) | Net Realized/ Unrealized Gain (Loss) | Total | From Net Investment Income | From Accumulated Net Realized Gains | Total | Ending NAV | |
Class A (08/95) | |||||||||
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 | |
2015 | 24.41 | (0.22) | 0.33 | 0.11 | — | (2.95) | (2.95) | 21.57 | |
Class C (09/01) | |||||||||
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 | |
2015 | 20.89 | (0.33) | 0.28 | (0.05) | — | (2.95) | (2.95) | 17.89 | |
Class R3 (12/00) | |||||||||
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 | |
2015 | 23.60 | (0.27) | 0.33 | 0.06 | — | (2.95) | (2.95) | 20.71 | |
Class R6 (06/16) | |||||||||
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(e) | 21.63 | (0.02) | 1.35 | 1.33 | — | — | — | 22.96 | |
Class I (08/95) | |||||||||
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 | |
2015 | 27.26 | (0.19) | 0.39 | 0.20 | — | (2.95) | (2.95) | 24.51 |
Ratios/Supplemental Data | |||||||
Ratios to Average Net Assets Before Waiver/Reimbursement | Ratios to Average Net Assets After Waiver/Reimbursement(c) | ||||||
Total Return(b) | Ending Net Assets (000) | Expenses | Net Investment Income (Loss) | Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate(d) | |
5.47% | $34,249 | 1.39% | (0.84)% | 1.23% | (0.68)% | 104% | |
7.89 | 36,452 | 1.38 | (0.86) | 1.24 | (0.72) | 139 | |
25.07 | 34,934 | 1.41 | (0.80) | 1.30 | (0.69) | 95 | |
1.90 | 31,255 | 1.48 | (0.58) | 1.42 | (0.52) | 106 | |
0.72 | 33,922 | 1.50 | (1.00) | 1.47 | (0.97) | 128 | |
4.74 | 1,631 | 2.14 | (1.59) | 1.98 | (1.43) | 104 | |
7.05 | 2,141 | 2.13 | (1.60) | 1.99 | (1.46) | 139 | |
24.21 | 2,181 | 2.16 | (1.55) | 2.05 | (1.44) | 95 | |
1.10 | 1,971 | 2.23 | (1.32) | 2.18 | (1.27) | 106 | |
(0.03) | 2,278 | 2.25 | (1.75) | 2.22 | (1.72) | 128 | |
5.23 | 1,253 | 1.64 | (1.10) | 1.48 | (0.94) | 104 | |
7.60 | 1,206 | 1.63 | (1.11) | 1.49 | (0.97) | 139 | |
24.77 | 1,608 | 1.66 | (1.05) | 1.55 | (0.94) | 95 | |
1.62 | 1,631 | 1.73 | (0.83) | 1.67 | (0.78) | 106 | |
0.50 | 1,439 | 1.75 | (1.26) | 1.72 | (1.23) | 128 | |
6.13 | 144 | 1.01 | (0.35) | 0.85 | (0.19) | 104 | |
8.24 | 14,475 | 1.03 | (0.50) | 0.88 | (0.35) | 139 | |
25.56 | 19,108 | 1.04 | (0.43) | 0.93 | (0.32) | 95 | |
6.15 | 19,524 | 1.02* | (0.29)* | 0.96* | (0.23)* | 106 | |
5.78 | 172,242 | 1.13 | (0.56) | 0.98 | (0.41) | 104 | |
8.14 | 56,194 | 1.13 | (0.60) | 0.99 | (0.46) | 139 | |
25.41 | 43,557 | 1.16 | (0.56) | 1.05 | (0.44) | 95 | |
2.10 | 34,468 | 1.24 | (0.32) | 1.19 | (0.26) | 106 | |
1.00 | 62,403 | 1.25 | (0.75) | 1.22 | (0.71) | 128 |
(a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
(b) | Total return is the combination of changes in NAV without any sales charge, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. Total returns are not annualized. |
(c) | After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Note 7 – Management Fees and Other Transactions with Affiliates, Management Fees for more information. |
(d) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 4 – Portfolio Securities and Investment in Derivatives, Investment Transactions) divided by the average long-term market value during the period. |
(e) | For the period June 30, 2016 (commencement of operations) through October 31, 2016. |
* | Annualized. |
Mid Cap Growth Opportunities | Level 1 | Level 2 | Level 3 | Total |
Long-Term Investments*: | ||||
Common Stocks | $390,080,440 | $ — | $ — | $390,080,440 |
Investments Purchased with Collateral from Securities Lending | 13,487,328 | — | — | 13,487,328 |
Short-Term Investments: | ||||
Money Market Funds | 2,526,404 | — | — | 2,526,404 |
Total | $406,094,172 | $ — | $ — | $406,094,172 |
Small Cap Growth Opportunities | Level 1 | Level 2 | Level 3 | Total |
Long-Term Investments*: | ||||
Common Stocks | $205,734,243 | $ — | $1** | $205,734,244 |
Exchange-Traded Funds | 3,228,548 | — | — | 3,228,548 |
Investments Purchased with Collateral from Securities Lending | 11,100,658 | — | — | 11,100,658 |
Short-Term Investments: | ||||
Money Market Funds | 791,738 | — | — | 791,738 |
Total | $220,855,187 | $ — | $1 | $220,855,188 |
* | Refer to the Fund's Portfolio of Investments for industry classifications. |
** | Refer to the Fund's Portfolio of Investments for securities classified as Level 3. |
Fund | Asset Class out on Loan | Long-Term Investments, at Value | Collateral Pledged (From) Counterparty* | Net Exposure |
Mid Cap Growth Opportunities | Common Stocks | $12,331,368 | $(12,331,368) | $ — |
Small Cap Growth Opportunities | ||||
Common Stocks | $7,219,122 | $(7,219,122) | $ — | |
Exchange-Traded Funds | 3,101,940 | (3,101,940) | — | |
Total | $10,321,062 | $(10,321,062) | $ — |
Mid Cap Growth Opportunities | Small Cap Growth Opportunities | |
Purchases | $429,154,475 | $250,125,090 |
Sales | 709,570,504 | 155,785,448 |
Year Ended 10/31/19 | Year Ended 10/31/18 | ||||
Mid Cap Growth Opportunities | Shares | Amount | Shares | Amount | |
Shares sold: | |||||
Class A | 381,375 | $12,098,040 | 532,312 | $20,896,061 | |
Class A – automatic conversion of Class C Shares | 998 | 34,101 | 5,815 | 227,664 | |
Class C | 47,996 | 973,428 | 39,840 | 1,128,803 | |
Class R3 | 161,505 | 4,630,162 | 152,474 | 5,555,412 | |
Class R6 | 75,575 | 3,119,375 | 139,147 | 6,652,732 | |
Class I | 606,951 | 24,565,020 | 841,306 | 40,017,435 | |
Shares issued to shareholders due to reinvestment of distributions: | |||||
Class A | 1,226,272 | 33,170,652 | 1,152,716 | 42,051,063 | |
Class C | 99,901 | 1,794,220 | 127,561 | 3,418,634 | |
Class R3 | 184,336 | 4,530,984 | 192,865 | 6,534,257 | |
Class R6 | 230,398 | 7,948,731 | 238,476 | 10,590,712 | |
Class I | 1,034,993 | 35,272,553 | 1,259,374 | 55,425,059 | |
4,050,300 | 128,137,266 | 4,681,886 | 192,497,832 | ||
Shares redeemed: | |||||
Class A | (1,803,821) | (58,701,202) | (2,133,046) | (84,523,328) | |
Class C | (186,840) | (3,953,792) | (343,445) | (9,877,658) | |
Class C – automatic conversion to Class A Shares | (1,478) | (34,101) | (7,948) | (227,664) | |
Class R3 | (385,941) | (11,739,558) | (445,516) | (16,156,519) | |
Class R6 | (946,169) | (35,233,404) | (545,088) | (25,796,215) | |
Class I | (5,199,942) | (209,884,823) | (3,004,604) | (142,451,408) | |
(8,524,191) | (319,546,880) | (6,479,647) | (279,032,792) | ||
Net increase (decrease) | (4,473,891) | $(191,409,614) | (1,797,761) | $(86,534,960) |
Year Ended 10/31/19 | Year Ended 10/31/18 | ||||
Small Cap Growth Opportunities | Shares | Amount | Shares | Amount | |
Shares sold: | |||||
Class A | 86,241 | $1,757,412 | 137,003 | $3,379,320 | |
Class A – automatic conversion of Class C Shares | 86 | 1,959 | 35 | 897 | |
Class C | 25,260 | 374,828 | 43,035 | 814,308 | |
Class R3 | 68,017 | 1,198,396 | 38,662 | 861,790 | |
Class R6 | 397 | 10,095 | 5,382 | 169,074 | |
Class I | 5,485,979 | 138,575,880 | 894,685 | 26,116,093 | |
Shares issued to shareholders due to reinvestment of distributions: | |||||
Class A | 278,640 | 4,940,279 | 183,808 | 4,069,501 | |
Class C | 29,198 | 373,153 | 18,965 | 323,348 | |
Class R3 | 10,176 | 167,910 | 9,604 | 200,538 | |
Class R6 | 54,751 | 1,183,722 | 76,532 | 2,000,545 | |
Class I | 186,946 | 4,026,813 | 110,271 | 2,875,871 | |
6,225,691 | 152,610,447 | 1,517,982 | 40,811,285 | ||
Shares redeemed: | |||||
Class A | (279,297) | (5,605,855) | (181,677) | (4,419,661) | |
Class C | (64,540) | (982,334) | (53,326) | (1,002,662) | |
Class C – automatic conversion to Class A Shares | (113) | (1,959) | (46) | (897) | |
Class R3 | (68,171) | (1,262,093) | (62,133) | (1,375,752) | |
Class R6 | (568,741) | (14,947,424) | (228,134) | (6,741,215) | |
Class I | (943,081) | (23,224,527) | (502,646) | (14,229,763) | |
(1,923,943) | (46,024,192) | (1,027,962) | (27,769,950) | ||
Net increase (decrease) | 4,301,748 | $106,586,255 | 490,020 | $13,041,335 |
Mid Cap Growth Opportunities | Small Cap Growth Opportunities | |
Tax cost of investments | $354,171,009 | $202,899,467 |
Gross unrealized: | ||
Appreciation | $66,446,712 | $24,872,771 |
Depreciation | (14,523,549) | (6,917,050) |
Net unrealized appreciation (depreciation) of investments | $51,923,163 | $17,955,721 |
Mid Cap Growth Opportunities | Small Cap Growth Opportunities | |
Undistributed net ordinary income1 | $ — | $ — |
Undistributed net long-term capital gains | 73,785,007 | — |
1 | Net ordinary income consists of net taxable income derived from dividends, interest, and net short-term capital gains, if any. |
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 |
2018 | Mid Cap Growth Opportunities | Small Cap Growth Opportunities |
Distributions from net ordinary income1 | $24,962,249 | $5,294,904 |
Distributions from net long-term capital gains | 101,665,729 | 6,021,043 |
1 | Net ordinary income consists of net taxable income derived from dividends, interest, and net short-term capital gains, if any. |
Small Cap Growth Opportunities | |
Not subject to expiration: | |
Short-term | $674,567 |
Long-term | — |
Total | $674,567 |
Mid Cap Growth Opportunities | Small Cap Growth Opportunities | |
Post-October capital losses2 | $��— | $ — |
Late-year ordinary losses3 | 951,826 | 616,369 |
2 | Capital losses incurred from November 1, 2018 through October 31, 2019, the Funds' tax year end. |
3 | Ordinary losses incurred from January 1, 2019 through October 31, 2019 and/or specified losses incurred from November 1, 2018 through October 31, 2019. |
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 | 0.1821% |
Fund | Expense Cap | Expense Cap Expiration Date |
Mid Cap Growth Opportunities | 0.92% | July 31, 2021 |
Small Cap Growth Opportunities | 0.99% | July 31, 2021 |
Mid Cap Growth Opportunities | Small Cap Growth Opportunities | |
Sales charges collected (Unaudited) | $41,326 | $25,381 |
Paid to financial intermediaries (Unaudited) | 36,257 | 22,409 |
Mid Cap Growth Opportunities | Small Cap Growth Opportunities | |
Commission advances (Unaudited) | $3,743 | $3,490 |
Mid Cap Growth Opportunities | Small Cap Growth Opportunities | |
12b-1 fees retained (Unaudited) | $3,328 | $2,115 |
Mid Cap Growth Opportunities | Small Cap Growth Opportunities | |
CDSC retained (Unaudited) | $ — | $799 |
Mid Cap Growth Opportunities | Small Cap Growth Opportunities | |
Long-term capital gain dividends | $83,977,835 | $10,863,365 |
Mid Cap Growth Opportunities | Small Cap Growth Opportunities | |
% of DRD | 31.4% | 21.3% |
% of QDI | 30.9% | 21.3% |
• | 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, repositioning funds, merging funds, introducing additional share classes, reviewing and updating investment policies and benchmarks, modifying the composition of certain portfolio management teams and analyzing various data to help devise such improvements; |
• | Capital Initiatives – continuing to invest capital to support new funds with initial capital as well as to facilitate modifications to the strategies or structure of existing funds; |
• | Compliance Program Initiatives – continuing efforts to enhance the compliance program through, among other things, internally integrating various portfolio management teams and aligning compliance support accordingly, completing a comprehensive review of existing policies and procedures and revising such policies and procedures as appropriate, enhancing compliance-related technologies and workflows, and optimizing compliance shared services across the organization and affiliates; |
• | Risk Management and Valuation Services - continuing efforts to strengthen the risk management functions, including through, among other things, enhancing the interaction and reporting between the investment risk management team and various affiliates, increasing the efficiency of risk monitoring performed on the Nuveen funds through improved reporting, continuing to implement risk programs designed to provide a more disciplined and consistent approach to identifying and mitigating operational risks, continuing progress on implementing a liquidity program that complies with the new liquidity regulatory requirements and continuing to oversee the daily valuation process; |
• | Additional Compliance Services – continuing investment of time and resources necessary to develop the compliance policies and procedures and other related tools necessary to meet the various new regulatory requirements affecting the Nuveen funds that have been adopted over recent years; |
• | Government Relations – continuing efforts of various Nuveen teams and affiliates to advocate and communicate their positions with lawmakers and other regulatory bodies on issues that will impact the Nuveen funds; |
• | Business Continuity, Disaster Recovery and Information Services – establishing an information security program to help identify and manage information security risks, periodically testing disaster recovery plans, maintaining and updating business continuity plans and providing reports to the Board, at least annually, addressing, among other things, management’s security risk assessment, cyber risk profile, incident tracking and other relevant information technology risk-related reports; and |
• | Expanded Dividend Management Services – continuing to expand the services necessary to manage the dividends among the varying types of Nuveen funds that have developed as the Nuveen complex has grown in size and scope. |
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 (since 2012); member: Catalyst Schools of Chicago Board (since 2008) and Mather Foundation Board (since 2012), and chair of its investment committee; formerly, Director, Fulcrum IT Services LLC (2010-2019); formerly, Director, Legal & General Investment Management America, Inc. (2008-2013); formerly, CEO and President, Northern Trust Global Investments (2004-2007); Executive Vice President, Quantitative Management & Securities Lending (2000-2004); prior thereto, various positions with Northern Trust Company (since 1994); formerly, Member, Northern Trust Mutual Funds Board (2005-2007), Northern Trust Global Investments Board (2004-2007), Northern Trust Japan Board (2004-2007), Northern Trust Securities Inc. Board (2003- 2007) and Northern Trust Hong Kong Board (1997-2004). | 159 |
Jack B. Evans 1948 333 W. Wacker Drive Chicago, IL 60606 | Director | 1999 | Chairman (since 2019), formerly, President (1996-2019), The Hall-Perrine Foundation, a 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; formerly, Director, Federal Reserve Bank of Chicago; formerly, President and Chief Operating Officer, SCI Financial Group, Inc., a regional financial services firm. | 159 |
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. | 159 |
Albin F. Moschner 1952 333 W. Wacker Drive Chicago, IL 60606 | Director | 2016 | Founder and Chief Executive Officer, Northcroft Partners, LLC, a management consulting firm (since 2012); formerly, Chairman (2019), and Director (2012-2019), USA Technologies, Inc., a 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., including Consultant (2011-2012), Chief Operating Officer (2008-2011), and Chief Marketing Officer (2004-2008); formerly, President, Verizon Card Services division of Verizon Communications, Inc. (2000-2003); formerly, President, One Point Services at One Point Communications (1999-2000); formerly, Vice Chairman of the Board, Diba, Incorporated (1996-1997); formerly, various executive positions (1991-1996) and Chief Executive Officer (1995-1996) of Zenith Electronics Corporation. | 159 |
John K. Nelson 1962 333 W. Wacker Drive Chicago, IL 60606 | Director | 2013 | Member of Board of Directors of Core12 LLC (since 2008), a private firm which develops branding, marketing and communications strategies for clients; served on The President's Council, Fordham University (2010-2018); and previously was 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); formerly, Chairman of the Board of Trustees of Marian University (2010 as trustee, 2011- 2014 as Chairman); formerly, Chief Executive Officer of ABN AMRO N.V. North America, and Global Head of its Financial Markets Division (2007-2008); prior senior positions held at ABN AMRO include Corporate Executive Vice President and Head of Global Markets-the Americas (2006-2007), CEO of Wholesale Banking-North America and Global Head of Foreign Exchange and Futures Markets (2001-2006), and Regional Commercial Treasurer and Senior Vice President Trading-North America (1996-2001); formerly, Trustee at St. Edmund Preparatory School in New York City. | 159 |
Judith M. Stockdale 1947 333 W. Wacker Drive Chicago, IL 60606 | Director | 1997 | Board Member, Land Trust Alliance (since 2013) and U.S. Endowment for Forestry and Communities (since 2013); formerly, Executive Director (1994-2012), Gaylord and Dorothy Donnelley Foundation; prior thereto, Executive Director, Great Lakes Protection Fund (1990-1994). | 159 |
Carole E. Stone 1947 333 W. Wacker Drive Chicago, IL 60606 | Director | 2007 | Former Director, Chicago Board Options Exchange (2006-2017), and C2 Options Exchange, Incorporated (2009-2017); Director, Cboe Global Markets, Inc., formerly, CBOE Holdings, Inc. (since 2010); formerly, Commissioner, New York State Commission on Public Authority Reform (2005-2010). | 159 |
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 |
Margaret L. Wolff 1955 333 W. Wacker Drive Chicago, IL 60606 | Director | 2016 | Formerly, member of the Board of Directors (2013-2017) of Travelers Insurance Company of Canada and The Dominion of Canada General Insurance Company (each, a part of Travelers Canada, the Canadian operation of The Travelers Companies, Inc.); formerly, Of Counsel, Skadden, Arps, Slate, Meagher & Flom LLP (Mergers & Acquisitions Group) (2005-2014); Member of the Board of Trustees of New York-Presbyterian Hospital (since 2005); Member (since 2004) and Chair (since 2015) of the Board of Trustees of The John A. Hartford Foundation (a philanthropy dedicated to improving the care of older adults); formerly, Member (2005-2015) and Vice Chair (2011-2015) of the Board of Trustees of Mt. Holyoke College. | 159 |
Robert L. Young(2) 1963 333 W. Wacker Drive Chicago, IL 60606 | Director | 2017 | Formerly, Chief Operating Officer and Director, J.P. Morgan Investment Management Inc. (2010-2016); formerly, President and Principal Executive Officer (2013-2016), and Senior Vice President and Chief Operating Officer (2005-2010), of J.P. Morgan Funds; formerly, Director and various officer positions for J.P. Morgan Investment Management Inc. (formerly, JPMorgan Funds Management, Inc. and formerly, One Group Administrative Services) and JPMorgan Distribution Services, Inc. (formerly, One Group Dealer Services, Inc.) (1999-2017). | 157 |
Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed (1) | Principal Occupation(s) Including other Directorships During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Director |
Interested Director: | ||||
Margo L. Cook(3) 1964 333 W. Wacker Drive Chicago, IL 60606 | Director | 2016 | President (since 2017), formerly, Co-Chief Executive Officer and Co-President (2016-2017), formerly, Senior Executive Vice President of Nuveen Investments, Inc; Executive Vice President (since 2017) of Nuveen, LLC; President, Global Products and Solutions (since 2017), and Co-Chief Executive Officer (since 2015), formerly, Executive Vice President (2013-2015) of Nuveen Securities, LLC; President (since 2017), formerly, Co-President (2016-2017), formerly Senior Executive Vice President (2015-2016) of Nuveen Fund Advisors, LLC (Executive Vice President 2011-2015); President (since 2017), Nuveen Alternative Investments, LLC; Chartered Financial Analyst. | 159 |
Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed (4) | Principal Occupation(s) During Past 5 Years | |
Officers of the Funds: | ||||
Greg A. Bottjer 1971 333 W. Wacker Drive Chicago, IL 60606 | Chief Administrative Officer | 2016 | Senior (since 2017) Managing Director (since 2011), formerly, Senior Vice President (2007-2010) of Nuveen; Senior (since 2017) Managing Director (since 2016) of Nuveen Fund Advisors, LLC; Chartered Financial Analyst. | |
Mark J. Czarniecki 1979 901 Marquette Avenue Minneapolis, MN 55402 | Vice President and Assistant Secretary | 2013 | Vice President and Assistant Secretary of Nuveen Securities, LLC (since 2016) and Nuveen Fund Advisors (since 2017); Vice President and Associate General Counsel of Nuveen (since 2013) and Vice President, Assistant Secretary and Associate General Counsel of Nuveen Asset Management (since 2018). |
Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed (4) | 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. | |
Walter M. Kelly 1970 333 W. Wacker Drive Chicago, IL 60606 | Chief Compliance Officer and Vice President | 2003 | Managing Director (since 2017), formerly, Senior Vice President (2008-2017) of Nuveen Investments Holdings, Inc. | |
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), Secretary (since 2016) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC, formerly, Executive Vice President (2016-2017), Managing Director (2008-2016) and Assistant Secretary (2007-2016); Senior Managing Director (since 2017), Secretary (since 2016) and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC, formerly Executive Vice President (2016-2017) and Managing Director and Assistant Secretary (2011-2016); Senior Managing Director (since 2017) and Secretary (since 2016) of Nuveen Investments Advisers, LLC, formerly Executive Vice President (2016-2017); Vice President (since 2007) and Secretary (since 2016), formerly, Assistant Secretary, of NWQ Investment Management Company, LLC, Symphony Asset Management, LLC, Santa Barbara Asset Management, LLC and Winslow Capital Management, LLC (since 2010). Senior Managing Director (since 2017) and Secretary (since 2016) of Nuveen Alternative Investments, LLC. | |
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. |
Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed (4) | Principal Occupation(s) During Past 5 Years | |
Christopher M. Rohrbacher 1971 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Secretary | 2008 | Managing Director (since 2017) and Assistant Secretary of Nuveen Securities, LLC; Managing Director (since 2017), formerly, Senior Vice President (2016-2017), Co-General Counsel (since 2019) and Assistant Secretary (since 2016) of Nuveen Fund Advisors, LLC; Managing Director (since 2017), formerly, Senior Vice President (2012-2017) and Associate General Counsel (since 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 TIAA 730 Third Avenue New York, NY 10017 | 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. | |
Gifford R. Zimmerman 1956 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Assistant Secretary | 1988 | Managing Director (since 2002), and Assistant Secretary of Nuveen Securities, LLC; Managing Director (since 2004) and Assistant Secretary (since 1994) of Nuveen Investments, Inc.; Managing Director (since 2002), Assistant Secretary (since 1997) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC; Managing Director, Assistant Secretary and Associate General Counsel of Nuveen Asset Management, LLC (since 2011); Vice President (since 2017), formerly, Managing Director (2003-2017) and Assistant Secretary (since 2003) of Symphony Asset Management LLC ; Managing Director and Assistant Secretary (since 2002) of Nuveen Investments Advisers, LLC; Vice President and Assistant Secretary of NWQ Investment Management Company, LLC (since 2002), Santa Barbara Asset Management, LLC (since 2006) and of Winslow Capital Management, LLC, (since 2010); Chartered Financial Analyst. |
Serving Investors for Generations
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 |
Average Annual | |||
1-Year | 5-Year | 10-Year | |
Class A Shares at NAV | 10.86% | 10.04% | 12.87% |
Class A Shares at maximum Offering Price | 4.49% | 8.74% | 12.20% |
S&P 500® Index | 14.33% | 10.78% | 13.70% |
Lipper Large-Cap Core Funds Classification Average | 13.08% | 9.33% | 12.26% |
Class C Shares | 10.02% | 9.21% | 12.03% |
Class I Shares | 11.13% | 10.31% | 13.15% |
Average Annual | |||
1-Year | 5-Year | 10-Year | |
Class A Shares at NAV | (2.30)% | 10.09% | 12.25% |
Class A Shares at maximum Offering Price | (7.91)% | 8.79% | 11.58% |
Class C Shares | (3.02)% | 9.26% | 11.41% |
Class I Shares | (2.05)% | 10.36% | 12.53% |
Share Class | |||
Class A | Class C | Class I | |
Gross Expense Ratios | 1.16% | 1.91% | 0.91% |
Net Expense Ratios | 1.14% | 1.89% | 0.89% |
Average Annual | |||
1-Year | 5-Year | 10-Year | |
Class A Shares at NAV | 6.95% | 7.85% | 11.50% |
Class A Shares at maximum Offering Price | 0.85% | 6.59% | 10.84% |
Russell 2000® Index | 4.90% | 7.37% | 12.27% |
Lipper Small-Cap Core Funds Classification Average | 4.69% | 6.09% | 11.22% |
Class C Shares | 6.09% | 7.03% | 10.65% |
Class R3 Shares | 6.65% | 7.57% | 11.22% |
Class I Shares | 7.13% | 8.10% | 11.76% |
Average Annual | ||
1-Year | Since Inception | |
Class R6 Shares | 7.22% | 4.52% |
Average Annual | |||
1-Year | 5-Year | 10-Year | |
Class A Shares at NAV | (8.14)% | 8.49% | 10.39% |
Class A Shares at maximum Offering Price | (13.39)% | 7.21% | 9.73% |
Class C Shares | (8.94)% | 7.68% | 9.56% |
Class R3 Shares | (8.32)% | 8.23% | 10.11% |
Class I Shares | (7.92)% | 8.78% | 10.66% |
Average Annual | ||
1-Year | Since Inception | |
Class R6 Shares | (7.68)% | 2.43% |
Share Class | |||||
Class A | Class C | Class R3 | Class R6 | Class I | |
Gross Expense Ratios | 1.43% | 2.18% | 1.68% | 1.03% | 1.18% |
Net Expense Ratios | 1.24% | 1.99% | 1.49% | 0.85% | 0.99% |
Fund Allocation (% of net assets) | |
Common Stocks | 100.1% |
Money Market Funds | 0.2% |
Other Assets Less Liabilities | (0.3)% |
Net Assets | 100% |
Portfolio Composition (% of net assets) | |
Software | 11.0% |
Health Care Providers & Services | 8.0% |
Interactive Media & Services | 6.9% |
IT Services | 6.7% |
Biotechnology | 6.1% |
Banks | 5.1% |
Semiconductors & Semiconductor Equipment | 4.8% |
Pharmaceuticals | 4.1% |
Aerospace & Defense | 4.1% |
Equity Real Estate Investment Trust | 3.4% |
Insurance | 3.3% |
Diversified Telecommunication Services | 3.1% |
Household Durables | 2.5% |
Media | 2.4% |
Chemicals | 2.3% |
Consumer Finance | 2.2% |
Electric Utilities | 2.2% |
Multiline Retail | 2.2% |
Other | 19.7% |
Money Market Funds | 0.2% |
Other Assets Less Liabilities | (0.3)% |
Net Assets | 100% |
Top Five Common Stock Holdings (% of net assets) | |
Microsoft Corp | 5.4% |
Mastercard Inc, Class A | 3.7% |
Facebook Inc., Class A | 3.4% |
Citigroup Inc. | 3.1% |
Cigna Corp | 3.1% |
Fund Allocation (% of net assets) | |
Common Stocks | 98.5% |
Investments Purchased with Collateral from Securities Lending | 2.7% |
Money Market Funds | 1.3% |
Other Assets Less Liabilities | (2.5)% |
Net Assets | 100% |
Portfolio Composition (% of net assets) | |
Banks | 11.6% |
Equity Real Estate Investment Trust | 8.4% |
Software | 6.2% |
Biotechnology | 4.5% |
Hotels, Restaurants & Leisure | 4.3% |
Machinery | 4.2% |
Health Care Equipment & Supplies | 3.8% |
Pharmaceuticals | 3.6% |
IT Services | 3.3% |
Food Products | 3.2% |
Semiconductors & Semiconductor Equipment | 3.2% |
Leisure Products | 3.0% |
Chemicals | 2.8% |
Oil, Gas & Consumable Fuels | 2.8% |
Building Products | 2.8% |
Commercial Services & Supplies | 2.5% |
Health Care Providers & Services | 2.4% |
Capital Markets | 2.3% |
Construction & Engineering | 2.3% |
Insurance | 2.2% |
Other | 19.1% |
Investments Purchased with Collateral from Securities Lending | 2.7% |
Money Market Funds | 1.3% |
Other Assets Less Liabilities | (2.5)% |
Net Assets | 100% |
Top Five Common Stock Holdings (% of net assets) | |
Horizon Therapeutics Plc | 2.0% |
Delek US Holdings Inc. | 1.8% |
Altra Industrial Motion Corp | 1.8% |
Louisiana-Pacific Corp | 1.8% |
MAXIMUS Inc | 1.7% |
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 | $1,024.01 | $1,019.83 | $1,025.15 |
Expenses Incurred During the Period | $5.87 | $9.67 | $4.59 |
Hypothetical Performance (5% annualized return before expenses) | |||
Beginning Account Value | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value | $1,019.41 | $1,015.63 | $1,020.67 |
Expenses Incurred During the Period | $5.85 | $9.65 | $4.58 |
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 | $1,003.91 | $1,000.00 | $1,001.49 | $1,004.79 | $1,003.84 |
Expenses Incurred During the Period | $6.26 | $10.03 | $7.52 | $4.24 | $5.00 |
Hypothetical Performance (5% annualized return before expenses) | |||||
Beginning Account Value | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value | $1,018.95 | $1,015.17 | $1,017.69 | $1,020.97 | $1,020.21 |
Expenses Incurred During the Period | $6.31 | $10.11 | $7.58 | $4.28 | $5.04 |
Shares | Description (1) | Value | ||||
LONG-TERM INVESTMENTS – 100.1% | ||||||
COMMON STOCKS – 100.1% | ||||||
Aerospace & Defense – 4.1% | ||||||
2,762 | Boeing Co | $938,831 | ||||
4,377 | L3Harris Technologies Inc. | 903,019 | ||||
Total Aerospace & Defense | 1,841,850 | |||||
Banks – 5.1% | ||||||
19,617 | Citigroup Inc. | 1,409,678 | ||||
1,994 | SVB Financial Group, (2) | 441,631 | ||||
11,510 | TCF Financial Corp | 455,681 | ||||
Total Banks | 2,306,990 | |||||
Beverages – 1.8% | ||||||
14,918 | Coca-Cola Co | 811,987 | ||||
Biotechnology – 6.1% | ||||||
12,307 | AbbVie Inc. | 979,022 | ||||
1,582 | Biogen Inc, (2) | 472,559 | ||||
9,648 | Gilead Sciences Inc. | 614,674 | ||||
3,473 | Vertex Pharmaceuticals Inc, (2) | 678,902 | ||||
Total Biotechnology | 2,745,157 | |||||
Capital Markets – 1.8% | ||||||
17,353 | Morgan Stanley | 799,106 | ||||
Chemicals – 2.3% | ||||||
4,072 | Celanese Corp | 493,323 | ||||
12,117 | CF Industries Holdings Inc. | 549,506 | ||||
Total Chemicals | 1,042,829 | |||||
Communications Equipment – 1.9% | ||||||
5,075 | Motorola Solutions Inc. | 844,074 | ||||
Consumer Finance – 2.2% | ||||||
10,685 | Capital One Financial Corp | 996,376 | ||||
Diversified Telecommunication Services – 3.1% | ||||||
35,682 | AT&T Inc. | 1,373,400 | ||||
Electric Utilities – 2.2% | ||||||
17,495 | Exelon Corp | 795,847 | ||||
3,696 | FirstEnergy Corp | 178,591 | ||||
Total Electric Utilities | 974,438 |
Shares | Description (1) | Value | ||||
Entertainment – 2.1% | ||||||
7,165 | Walt Disney Co | $930,877 | ||||
Equity Real Estate Investment Trust – 3.4% | ||||||
5,299 | Crown Castle International Corp | 735,448 | ||||
1,399 | Equinix Inc | 792,925 | ||||
Total Equity Real Estate Investment Trust | 1,528,373 | |||||
Food Products – 1.9% | ||||||
10,222 | Tyson Foods Inc., Class A | 846,279 | ||||
Health Care Providers & Services – 8.0% | ||||||
7,876 | Cigna Corp | 1,405,551 | ||||
4,456 | Humana Inc. | 1,310,955 | ||||
3,523 | UnitedHealth Group Inc. | 890,262 | ||||
Total Health Care Providers & Services | 3,606,768 | |||||
Hotels, Restaurants & Leisure – 1.5% | ||||||
24,316 | MGM Resorts International | 693,006 | ||||
Household Durables – 2.5% | ||||||
59,276 | Newell Brands Inc. | 1,124,466 | ||||
Insurance – 3.3% | ||||||
12,677 | Hartford Financial Services Group Inc. | 723,603 | ||||
7,478 | Marsh & McLennan Cos Inc. | 774,871 | ||||
Total Insurance | 1,498,474 | |||||
Interactive Media & Services – 6.9% | ||||||
1,006 | Alphabet Inc., Class A, (2) | 1,266,353 | ||||
7,887 | Facebook Inc., Class A, (2) | 1,511,543 | ||||
7,484 | Tencent Holdings Ltd., ADR | 303,102 | ||||
Total Interactive Media & Services | 3,080,998 | |||||
Internet & Direct Marketing Retail – 1.8% | ||||||
1,904 | Alibaba Group Holding Ltd, Sponsored ADR, (2) | 336,380 | ||||
3,456 | Expedia Group Inc. | 472,297 | ||||
Total Internet & Direct Marketing Retail | 808,677 | |||||
IT Services – 6.7% | ||||||
12,939 | Fiserv Inc., (2) | 1,373,345 | ||||
5,942 | Mastercard Inc, Class A | 1,644,805 | ||||
Total IT Services | 3,018,150 | |||||
Machinery – 1.2% | ||||||
3,846 | Caterpillar Inc. | 529,979 | ||||
Media – 2.4% | ||||||
23,553 | Comcast Corp., Class A | 1,055,645 |
Shares | Description (1) | Value | ||||
Multiline Retail – 2.2% | ||||||
9,101 | Target Corp | $972,988 | ||||
Multi-Utilities – 1.6% | ||||||
10,958 | Public Service Enterprise Group Inc. | 693,751 | ||||
Pharmaceuticals – 4.1% | ||||||
6,371 | Allergan PLC | 1,121,997 | ||||
14,708 | AstraZeneca PLC, Sponsored ADR | 721,133 | ||||
Total Pharmaceuticals | 1,843,130 | |||||
Road & Rail – 1.3% | ||||||
4,074 | Kansas City Southern | 573,538 | ||||
Semiconductors & Semiconductor Equipment – 4.8% | ||||||
27,151 | Marvell Technology Group Ltd | 662,213 | ||||
4,026 | NVIDIA Corp | 809,306 | ||||
6,098 | NXP Semiconductors NV | 693,221 | ||||
Total Semiconductors & Semiconductor Equipment | 2,164,740 | |||||
Software – 11.0% | ||||||
1,934 | Adobe Inc, (2) | 537,517 | ||||
2,321 | Autodesk Inc., (2) | 342,023 | ||||
2,153 | Intuit Inc | 554,397 | ||||
16,894 | Microsoft Corp | 2,422,093 | ||||
4,406 | salesforce.com Inc, (2) | 689,495 | ||||
1,620 | ServiceNow Inc, (2) | 400,561 | ||||
Total Software | 4,946,086 | |||||
Specialty Retail – 1.2% | ||||||
7,618 | Best Buy Co Inc. | 547,201 | ||||
Tobacco – 1.6% | ||||||
8,720 | Philip Morris International Inc. | 710,157 | ||||
Total Long-Term Investments (cost $38,856,413) | 44,909,490 |
Shares | Description (1) | Coupon | Value | |||
SHORT-TERM INVESTMENTS – 0.2% | ||||||
MONEY MARKET FUNDS – 0.2% | ||||||
90,718 | First American Treasury Obligation Fund, Class Z | 1.693% (3) | $90,718 | |||
Total Short-Term Investments (cost $90,718) | 90,718 | |||||
Total Investments (cost $38,947,131) – 100.3% | 45,000,208 | |||||
Other Assets Less Liabilities – (0.3)% | (113,138) | |||||
Net Assets – 100% | $44,887,070 |
For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease. | ||
(1) | All percentages shown in the Portfolio of Investments are based on net assets. | |
(2) | Non-income producing; issuer has not declared a dividend within the past twelve months. | |
(3) | The rate shown is the annualized seven-day subsidized yield as of the end of the reporting period. | |
ADR | American Depositary Receipt |
Shares | Description (1) | Value | ||||
LONG-TERM INVESTMENTS – 98.5% | ||||||
COMMON STOCKS – 98.5% | ||||||
Aerospace & Defense – 1.4% | ||||||
15,710 | Moog Inc., Class A | $1,315,084 | ||||
Auto Components – 1.3% | ||||||
43,002 | Cooper Tire & Rubber Co | 1,214,376 | ||||
Banks – 11.6% | ||||||
22,994 | Banner Corp | 1,241,216 | ||||
36,289 | Cathay General Bancorp | 1,290,800 | ||||
20,762 | IBERIABANK Corp | 1,523,723 | ||||
18,352 | Pinnacle Financial Partners Inc., Class A | 1,079,465 | ||||
25,873 | Preferred Bank | 1,379,290 | ||||
35,401 | Renasant Corp | 1,228,415 | ||||
52,850 | Sterling Bancorp | 1,038,502 | ||||
23,967 | Western Alliance Bancorp | 1,182,292 | ||||
14,341 | Wintrust Financial Corp | 915,242 | ||||
Total Banks | 10,878,945 | |||||
Biotechnology – 4.5% | ||||||
6,015 | Arena Pharmaceuticals Inc, (2) | 293,021 | ||||
2,914 | Argenx SE ADR, (2) | 356,848 | ||||
3,670 | Ascendis Pharma A/S ADR, (2) | 405,828 | ||||
4,943 | Blueprint Medicines Corp, (2) | 340,276 | ||||
18,380 | CareDx Inc, (2) | 481,740 | ||||
42,118 | Coherus Biosciences Inc, (2) | 731,590 | ||||
21,002 | Fate Therapeutics Inc, (2) | 313,980 | ||||
24,016 | Halozyme Therapeutics Inc, (2) | 367,925 | ||||
17,401 | Iovance Biotherapeutics Inc, (2) | 367,683 | ||||
6,665 | Repligen Corp, (2) | 529,801 | ||||
Total Biotechnology | 4,188,692 | |||||
Building Products – 2.8% | ||||||
20,245 | CSW Industrials Inc | 1,401,359 | ||||
22,965 | Gibraltar Industries Inc. | 1,222,427 | ||||
Total Building Products | 2,623,786 | |||||
Capital Markets – 2.3% | ||||||
17,050 | Evercore Inc., Class A | 1,255,562 | ||||
11,793 | Piper Jaffray Companies | 926,222 | ||||
Total Capital Markets | 2,181,784 |
Shares | Description (1) | Value | ||||
Chemicals – 2.8% | ||||||
17,271 | Ingevity Corporation, (2) | $1,454,391 | ||||
37,794 | PolyOne Corp | 1,211,298 | ||||
Total Chemicals | 2,665,689 | |||||
Commercial Services & Supplies – 2.5% | ||||||
7,431 | MSA Safety Inc | 892,240 | ||||
16,911 | Tetra Tech Inc | 1,479,205 | ||||
Total Commercial Services & Supplies | 2,371,445 | |||||
Communications Equipment – 1.4% | ||||||
21,063 | Lumentum Holdings Inc, (2) | 1,319,808 | ||||
Construction & Engineering – 2.3% | ||||||
14,166 | MasTec Inc, (2) | 891,608 | ||||
35,743 | MYR Group Inc, (2) | 1,229,917 | ||||
Total Construction & Engineering | 2,121,525 | |||||
Electrical Equipment – 1.2% | ||||||
15,673 | Regal Beloit Corp | 1,160,586 | ||||
Electronic Equipment, Instruments & Components – 0.8% | ||||||
20,597 | Methode Electronics Inc | 708,537 | ||||
Equity Real Estate Investment Trust – 8.4% | ||||||
25,063 | American Assets Trust Inc | 1,227,085 | ||||
91,430 | Brandywine Realty Trust | 1,397,050 | ||||
43,251 | CareTrust REIT Inc | 1,048,404 | ||||
47,792 | Industrial Logistics Properties Trust | 1,015,102 | ||||
52,596 | STAG Industrial Inc. | 1,632,580 | ||||
131,689 | Summit Hotel Properties Inc. | 1,614,507 | ||||
Total Equity Real Estate Investment Trust | 7,934,728 | |||||
Food Products – 3.2% | ||||||
80,516 | Nomad Foods Ltd | 1,570,867 | ||||
9,193 | Sanderson Farms Inc | 1,423,168 | ||||
Total Food Products | 2,994,035 | |||||
Gas Utilities – 1.6% | ||||||
17,627 | Southwest Gas Holdings Inc | 1,538,837 | ||||
Health Care Equipment & Supplies – 3.8% | ||||||
35,326 | AtriCure Inc, (2) | 939,318 | ||||
7,176 | Penumbra Inc, (2) | 1,119,241 | ||||
16,939 | Tactile Systems Technology Inc, (2) | 769,370 | ||||
34,514 | Wright Medical Group NV, (2) | 717,891 | ||||
Total Health Care Equipment & Supplies | 3,545,820 |
Shares | Description (1) | Value | ||||
Health Care Providers & Services – 2.4% | ||||||
18,345 | AMN Healthcare Services Inc., (2) | $1,077,952 | ||||
10,447 | LHC Group Inc, (2) | 1,159,304 | ||||
Total Health Care Providers & Services | 2,237,256 | |||||
Hotels, Restaurants & Leisure – 4.3% | ||||||
16,295 | Jack in the Box Inc. | 1,369,106 | ||||
20,388 | Papa John's International Inc, (3) | 1,193,717 | ||||
70,749 | Penn National Gaming Inc, (2) | 1,508,015 | ||||
Total Hotels, Restaurants & Leisure | 4,070,838 | |||||
Household Durables – 2.2% | ||||||
32,266 | La-Z-Boy Inc. | 1,145,766 | ||||
12,990 | Meritage Homes Corp, (2) | 936,449 | ||||
Total Household Durables | 2,082,215 | |||||
Insurance – 2.2% | ||||||
15,376 | eHealth Inc, (2) | 1,061,559 | ||||
9,816 | Kinsale Capital Group Inc | 1,037,748 | ||||
Total Insurance | 2,099,307 | |||||
IT Services – 3.3% | ||||||
5,311 | InterXion Holding NV, (2) | 468,536 | ||||
21,392 | MAXIMUS Inc | 1,641,622 | ||||
69,665 | Verra Mobility Corp, (2) | 999,693 | ||||
Total IT Services | 3,109,851 | |||||
Leisure Products – 3.0% | ||||||
79,126 | Callaway Golf Co | 1,599,928 | ||||
36,840 | YETI Holdings Inc, (2), (3) | 1,227,140 | ||||
Total Leisure Products | 2,827,068 | |||||
Machinery – 4.2% | ||||||
55,293 | Altra Industrial Motion Corp | 1,703,025 | ||||
62,667 | Harsco Corp | 1,270,260 | ||||
22,293 | SPX Corp | 1,015,223 | ||||
Total Machinery | 3,988,508 | |||||
Mortgage Real Estate Investment Trust – 1.3% | ||||||
162,468 | MFA Financial Inc | 1,233,132 | ||||
Multi-Utilities – 1.7% | ||||||
20,326 | Black Hills Corp | 1,602,298 | ||||
Oil, Gas & Consumable Fuels – 2.8% | ||||||
48,687 | Brigham Minerals Inc., Class A | 929,435 | ||||
42,726 | Delek US Holdings Inc. | 1,706,903 | ||||
Total Oil, Gas & Consumable Fuels | 2,636,338 |
Shares | Description (1) | Value | ||||
Paper & Forest Products – 1.8% | ||||||
58,217 | Louisiana-Pacific Corp | $1,701,683 | ||||
Pharmaceuticals – 3.6% | ||||||
63,681 | Horizon Therapeutics Plc, (2) | 1,841,018 | ||||
3,276 | MyoKardia Inc, (2) | 187,813 | ||||
32,681 | Prestige Consumer Healthcare Inc., (2) | 1,158,868 | ||||
1,173 | Reata Pharmaceuticals Inc., Class A, (2) | 241,732 | ||||
Total Pharmaceuticals | 3,429,431 | |||||
Road & Rail – 1.2% | ||||||
31,781 | Knight-Swift Transportation Holdings Inc., Class A | 1,158,735 | ||||
Semiconductors & Semiconductor Equipment – 3.2% | ||||||
69,592 | Lattice Semiconductor Corp, (2) | 1,363,307 | ||||
71,521 | MACOM Technology Solutions Holdings Inc, (2) | 1,626,388 | ||||
Total Semiconductors & Semiconductor Equipment | 2,989,695 | |||||
Software – 6.2% | ||||||
16,596 | Everbridge Inc, (2) | 1,153,588 | ||||
16,033 | j2 Global Inc. | 1,522,494 | ||||
22,097 | Rapid7 Inc, (2) | 1,106,839 | ||||
18,717 | RealPage Inc, (2) | 1,133,314 | ||||
49,174 | SailPoint Technologies Holding Inc, (2) | 952,008 | ||||
Total Software | 5,868,243 | |||||
Specialty Retail – 1.6% | ||||||
20,200 | Aaron's Inc. | 1,513,586 | ||||
Thrifts & Mortgage Finance – 1.6% | ||||||
61,577 | Radian Group Inc. | 1,545,583 | ||||
Total Long-Term Investments (cost $81,144,397) | 92,857,444 |
Shares | Description (1) | Coupon | Value | |||
INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 2.7% | ||||||
MONEY MARKET FUNDS – 2.7% | ||||||
2,510,807 | First American Government Obligations Fund, Class X, (4) | 1.743% (5) | $2,510,807 | |||
Total Investments Purchased with Collateral from Securities Lending (cost $2,510,807) | 2,510,807 |
Shares | Description (1) | Coupon | Value | |||
SHORT-TERM INVESTMENTS – 1.3% | ||||||
MONEY MARKET FUNDS – 1.3% | ||||||
1,219,897 | First American Treasury Obligation Fund, Class Z | 1.693% (5) | $1,219,897 | |||
Total Short-Term Investments (cost $1,219,897) | 1,219,897 | |||||
Total Investments (cost $84,875,101) – 102.5% | 96,588,148 | |||||
Other Assets Less Liabilities – (2.5)% | (2,337,262) | |||||
Net Assets – 100% | $94,250,886 |
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 $2,396,622. | |
(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, Securities Lending for more information. | |
(5) | The rate shown is the annualized seven-day subsidized yield as of the end of the reporting period. | |
ADR | American Depositary Receipt | |
REIT | Real Estate Investment Trust |
Large Cap Select | Small Cap Select | |
Assets | ||
Long-term investments, at value (cost $38,856,413 and $81,144,397, respectively) | $44,909,490 | $92,857,444 |
Investment purchased with collateral from securities lending, at value (cost approximates value) | — | 2,510,807 |
Short-term investments, at value (cost approximates value) | 90,718 | 1,219,897 |
Receivable for: | ||
Dividends | 57,009 | 27,708 |
Due from broker | — | 5,461 |
Interest | 423 | 1,249 |
Investments sold | — | 1,415,409 |
Shares sold | 3,686 | 25,231 |
Other assets | 14,250 | 36,873 |
Total assets | 45,075,576 | 98,100,079 |
Liabilities | ||
Payable for: | ||
Collateral from securities lending program | — | 2,510,807 |
Investments purchased | — | 998,147 |
Shares redeemed | 119,520 | 172,735 |
Accrued expenses: | ||
Directors fees | 562 | 18,563 |
Management fees | 23,864 | 52,232 |
Professional fees | 15,928 | 16,807 |
Shareholder servicing agent fees | 10,583 | 44,135 |
12b-1 distribution and service fees | 6,850 | 14,587 |
Other | 11,199 | 21,180 |
Total liabilities | 188,506 | 3,849,193 |
Net assets | $44,887,070 | $94,250,886 |
Large Cap Select | Small Cap Select | |
Class A Shares | ||
Net assets | $24,223,574 | $55,848,663 |
Shares outstanding | 788,805 | 7,247,492 |
Net asset value ("NAV") per share | $30.71 | $7.71 |
Offering price per share (NAV per share plus maximum sales charge of 5.75% of offering price) | $32.58 | $8.18 |
Class C Shares | ||
Net assets | $2,096,613 | $1,028,911 |
Shares outstanding | 74,133 | 245,592 |
NAV and offering price per share | $28.28 | $4.19 |
Class R3 Shares | ||
Net assets | $ — | $5,194,202 |
Shares outstanding | — | 770,924 |
NAV and offering price per share | $ — | $6.74 |
Class R6 Shares | ||
Net assets | $ — | $2,069,639 |
Shares outstanding | — | 197,273 |
NAV and offering price per share | $ — | $10.49 |
Class I Shares | ||
Net assets | $18,566,883 | $30,109,471 |
Shares outstanding | 599,294 | 2,877,877 |
NAV and offering price per share | $30.98 | $10.46 |
Fund level net assets consist of: | ||
Capital paid-in | $39,406,295 | $83,490,452 |
Total distributable earnings | 5,480,775 | 10,760,434 |
Fund level net assets | $44,887,070 | $94,250,886 |
Authorized shares - per class | 2 billion | 2 billion |
Par value per share | $0.0001 | $0.0001 |
Large Cap Select | Small Cap Select | |
Investment Income | ||
Dividends | $1,224,379 | $1,161,213 |
Interest | 5,674 | 24,970 |
Securities lending income | 1,717 | 72,373 |
Total investment income | 1,231,770 | 1,258,556 |
Expenses | ||
Management fees | 459,364 | 856,763 |
12b-1 service fees - Class A Shares | 60,401 | 143,627 |
12b-1 distibution and service fees - Class C Shares | 21,968 | 12,035 |
12b-1 distibution and service fees - Class R3 Shares | — | 27,167 |
Shareholder servicing agent fees | 41,530 | 175,740 |
Custodian fees | 11,489 | 18,284 |
Professional fees | 25,771 | 29,526 |
Trustees fees | 1,955 | 2,955 |
Shareholder reporting expenses | 17,400 | 5,906 |
Federal and state registration fees | 58,932 | 82,159 |
Other | 6,832 | 3,325 |
Total expenses before fee waiver/expense reimbursement | 705,642 | 1,357,487 |
Fee waiver/expense reimbursement | (34,975) | (183,740) |
Net expenses | 670,667 | 1,173,747 |
Net investment income (loss) | 561,103 | 84,809 |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) from investments | (1,025,607) | (209,980) |
Change in net unrealized appreciation (depreciation) of investments | 6,416,434 | 6,331,612 |
Net realized and unrealized gain (loss) | 5,390,827 | 6,121,632 |
Net increase (decrease) in net assets from operations | $5,951,930 | $6,206,441 |
Large Cap Select | Small Cap Select | ||||
Year Ended 10/31/19 | Year Ended 10/31/18 | Year Ended 10/31/19 | Year Ended 10/31/18 | ||
Operations | |||||
Net investment income (loss) | $561,103 | $393,830 | $84,809 | $17,169 | |
Net realized gain (loss) from investments | (1,025,607) | 2,534,718 | (209,980) | 23,382,920 | |
Change in net unrealized appreciation (depreciation) of investments | 6,416,434 | 468,841 | 6,331,612 | (17,991,909) | |
Net increase (decrease) in net assets from operations | 5,951,930 | 3,397,389 | 6,206,441 | 5,408,180 | |
Distributions to Shareholders | |||||
Dividends: | |||||
Class A Shares | (894,093) | (77,536) | (11,801,893) | (7,904,269) | |
Class C Shares | (80,595) | — | (422,601) | (820,325) | |
Class R3 Shares | — | — | (1,142,174) | (706,127) | |
Class R6 Shares | — | — | (1,031,249) | — | |
Class I Shares | (1,910,495) | (329,524) | (5,461,767) | (4,631,487) | |
Decrease in net assets from distributions to shareholders | (2,885,183) | (407,060) | (19,859,684) | (14,062,208) | |
Fund Share Transactions | |||||
Proceeds from sale of shares | 8,928,213 | 29,873,879 | 15,825,165 | 24,737,441 | |
Proceeds from shares issued to shareholders due to reinvestment of distributions | 2,490,169 | 323,123 | 19,068,666 | 13,429,298 | |
11,418,382 | 30,197,002 | 34,893,831 | 38,166,739 | ||
Cost of shares redeemed | (43,341,723) | (21,209,894) | (38,571,414) | (44,779,473) | |
Net increase (decrease) in net assets from Fund share transactions | (31,923,341) | 8,987,108 | (3,677,583) | (6,612,734) | |
Net increase (decrease) in net assets | (28,856,594) | 11,977,437 | (17,330,826) | (15,266,762) | |
Net assets at the beginning of period | 73,743,664 | 61,766,227 | 111,581,712 | 126,848,474 | |
Net assets at the end of period | $44,887,070 | $73,743,664 | $94,250,886 | $111,581,712 |
Selected data for a share outstanding throughout each period:
Investment Operations | Less Distributions | ||||||||
Class (Commencement Date) Year Ended October 31, | Beginning NAV | Net Investment Income (Loss)(a) | Net Realized/ Unrealized Gain (Loss) | Total | From Net Investment Income | From Accumulated Net Realized Gains | Total | Ending NAV | |
Class A (01/03) | |||||||||
2019 | $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 | |
2015 | 20.13 | 0.08 | 0.46 | 0.54 | (0.08) | — | (0.08) | 20.59 | |
Class C (01/03) | |||||||||
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 | |
2015 | 18.96 | (0.07) | 0.42 | 0.35 | — | — | — | 19.31 | |
Class I (01/03) | |||||||||
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 | |
2015 | 20.30 | 0.13 | 0.46 | 0.59 | (0.13) | — | (0.13) | 20.76 |
Ratios/Supplemental Data | |||||||
Ratios to Average Net Assets Before Waiver/Reimbursement | Ratios to Average Net Assets After Waiver/Reimbursement(c) | ||||||
Total Return(b) | Ending Net Assets (000) | Expenses | Net Investment Income (Loss) | Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate(d) | |
10.86% | $24,224 | 1.20% | 0.68% | 1.15% | 0.73% | 108% | |
5.47 | 23,030 | 1.16 | 0.37 | 1.14 | 0.39 | 101 | |
29.99 | 14,778 | 1.19 | 0.36 | 1.14 | 0.40 | 276 | |
3.40 | 7,983 | 1.22 | 0.44 | 1.21 | 0.45 | 116 | |
2.66 | 7,383 | 1.25 | 0.36 | 1.25 | 0.36 | 124 | |
10.02 | 2,097 | 1.95 | (0.07) | 1.90 | (0.02) | 108 | |
4.65 | 2,145 | 1.91 | (0.39) | 1.89 | (0.37) | 101 | |
29.06 | 1,389 | 1.94 | (0.39) | 1.89 | (0.34) | 276 | |
2.64 | 1,074 | 1.97 | (0.32) | 1.96 | (0.31) | 116 | |
1.85 | 684 | 2.00 | (0.38) | 2.00 | (0.38) | 124 | |
11.13 | 18,567 | 0.95 | 0.93 | 0.90 | 0.98 | 108 | |
5.74 | 48,569 | 0.91 | 0.63 | 0.89 | 0.65 | 101 | |
30.31 | 45,599 | 0.94 | 0.61 | 0.89 | 0.66 | 276 | |
3.69 | 37,597 | 0.97 | 0.69 | 0.96 | 0.70 | 116 | |
2.88 | 34,615 | 1.00 | 0.63 | 1.00 | 0.63 | 124 |
(a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
(b) | Total return is the combination of changes in NAV without any sales charge, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. Total returns are not annualized. |
(c) | After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Note 7 – Management Fees and Other Transactions with Affiliates, Management Fees for more information. |
(d) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 4 – Portfolio Securities and Investment in Derivatives, Investment Transactions) divided by the average long-term market value during the period. |
* | Rounds to less than $.01 per share. |
Selected data for a share outstanding throughout each period:
Investment Operations | Less Distributions | ||||||||
Class (Commencement Date) Year Ended October 31, | Beginning NAV | Net Investment Income (Loss)(a) | Net Realized/ Unrealized Gain (Loss) | Total | From Net Investment Income | From Accumulated Net Realized Gains | Total | Ending NAV | |
Class A (05/92) | |||||||||
2019 | $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 | |
2015 | 14.48 | (0.02) | 0.37 | 0.35 | — | (3.82) | (3.82) | 11.01 | |
Class C (09/01) | |||||||||
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 | |
2015 | 12.28 | (0.08) | 0.26 | 0.18 | — | (3.82) | (3.82) | 8.64 | |
Class R3 (01/94) | |||||||||
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 | |
2015 | 13.91 | (0.04) | 0.33 | 0.29 | — | (3.82) | (3.82) | 10.38 | |
Class R6 (02/18) | |||||||||
2019 | 11.87 | 0.04 | 0.44 | 0.48 | (0.03) | (1.83) | (1.86) | 10.49 | |
2018(e) | 11.82 | 0.02 | 0.03 | 0.05 | — | — | — | 11.87 | |
Class I (05/92) | |||||||||
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 | |
2015 | 16.30 | 0.02 | 0.43 | 0.45 | — | (3.82) | (3.82) | 12.93 |
Ratios/Supplemental Data | |||||||
Ratios to Average Net Assets Before Waiver/Reimbursement | Ratios to Average Net Assets After Waiver/Reimbursement(c) | ||||||
Total Return(b) | Ending Net Assets (000) | Expenses | Net Investment Income (Loss) | Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate(d) | |
6.95% | $55,849 | 1.42% | (0.17)% | 1.24% | 0.01% | 70% | |
3.48 | 60,930 | 1.43 | (0.24) | 1.24 | (0.06) | 95 | |
21.76 | 67,405 | 1.41 | (0.24) | 1.33 | (0.16) | 66 | |
4.05 | 67,428 | 1.44 | 0.10 | 1.44 | 0.10 | 66 | |
4.08 | 82,080 | 1.42 | (0.14) | 1.42 | (0.14) | 75 | |
6.09 | 1,029 | 2.17 | (0.92) | 1.99 | (0.74) | 70 | |
2.78 | 1,436 | 2.18 | (1.00) | 1.99 | (0.81) | 95 | |
20.75 | 4,913 | 2.16 | (0.99) | 2.09 | (0.91) | 66 | |
3.37 | 5,625 | 2.19 | (0.65) | 2.19 | (0.65) | 66 | |
3.19 | 8,036 | 2.17 | (0.88) | 2.17 | (0.88) | 75 | |
6.65 | 5,194 | 1.68 | (0.42) | 1.49 | (0.24) | 70 | |
3.34 | 5,264 | 1.68 | (0.50) | 1.49 | (0.31) | 95 | |
21.40 | 5,381 | 1.66 | (0.49) | 1.59 | (0.41) | 66 | |
3.76 | 5,310 | 1.69 | (0.12) | 1.69 | (0.12) | 66 | |
3.75 | 7,794 | 1.67 | (0.38) | 1.67 | (0.38) | 75 | |
7.22 | 2,070 | 1.03 | 0.17 | 0.85 | 0.36 | 70 | |
0.42 | 6,532 | 1.03* | 0.06* | 0.85* | 0.24* | 95 | |
7.13 | 30,109 | 1.17 | 0.08 | 0.99 | 0.26 | 70 | |
3.77 | 37,420 | 1.18 | 0.02 | 0.99 | 0.21 | 95 | |
22.03 | 49,150 | 1.16 | 0.01 | 1.08 | 0.09 | 66 | |
4.33 | 45,574 | 1.19 | 0.36 | 1.19 | 0.36 | 66 | |
4.29 | 96,071 | 1.17 | 0.11 | 1.17 | 0.11 | 75 |
(a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
(b) | Total return is the combination of changes in NAV without any sales charge, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. Total returns are not annualized. |
(c) | After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Note 7 – Management Fees and Other Transactions with Affiliates, Management Fees for more information. |
(d) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 4 – Portfolio Securities and Investment in Derivatives, Investment Transactions) divided by the average long-term market value during the period. |
(e) | For the period February 28, 2018 (commencement of operations) through October 31, 2018. |
* | Annualized. |
** | Rounds to less than $.01 per share. |
*** | Rounds to more than $(.01) per share. |
Large Cap Select | Level 1 | Level 2 | Level 3 | Total |
Long-Term Investments*: | ||||
Common Stocks | $44,909,490 | $ — | $ — | $44,909,490 |
Short-Term Investments: | ||||
Money Market Funds | 90,718 | — | — | 90,718 |
Total | $45,000,208 | $ — | $ — | $45,000,208 |
Small Cap Select | Level 1 | Level 2 | Level 3 | Total |
Long-Term Investments*: | ||||
Common Stocks | $92,857,444 | $ — | $ — | $92,857,444 |
Investments Purchased with Collateral from Securities Lending | 2,510,807 | — | — | 2,510,807 |
Short-Term Investments: | ||||
Money Market Funds | 1,219,897 | — | — | 1,219,897 |
Total | $96,588,148 | $ — | $ — | $96,588,148 |
* | Refer to the Fund's Portfolio of Investments for industry classifications. |
Fund | Asset Class out on Loan | Long-Term Investments, at Value | Collateral Pledged (From) Counterparty* | Net Exposure |
Small Cap Select | Common Stocks | $2,396,622 | $(2,396,622) | $ — |
Large Cap Select | Small Cap Select | |
Purchases | $70,457,279 | $69,985,312 |
Sales | 103,649,936 | 93,185,575 |
Year Ended 10/31/19 | Year Ended 10/31/18 | ||||
Large Cap Select | Shares | Amount | Shares | Amount | |
Shares sold: | |||||
Class A | 177,515 | $4,930,221 | 490,873 | $14,638,432 | |
Class A – automatic conversion of Class C Shares | 486 | 13,884 | 3,810 | 113,047 | |
Class C | 24,930 | 643,351 | 44,357 | 1,217,285 | |
Class I | 120,055 | 3,340,757 | 458,551 | 13,905,115 | |
Shares issued to shareholders due to reinvestment of distributions: | |||||
Class A | 32,369 | 835,988 | 2,430 | 70,008 | |
Class C | 3,148 | 75,284 | — | — | |
Class I | 60,673 | 1,578,897 | 8,728 | 253,115 | |
419,176 | 11,418,382 | 1,008,749 | 30,197,002 | ||
Shares redeemed: | |||||
Class A | (219,203) | (6,275,373) | (236,809) | (7,146,287) | |
Class C | (33,536) | (894,697) | (14,469) | (406,612) | |
Class C – automatic conversion to Class A Shares | (526) | (13,884) | (4,099) | (113,047) | |
Class I | (1,248,745) | (36,157,769) | (443,753) | (13,543,948) | |
(1,502,010) | (43,341,723) | (699,130) | (21,209,894) | ||
Net increase (decrease) | (1,082,834) | $(31,923,341) | 309,619 | $8,987,108 |
Year Ended 10/31/19 | Year Ended 10/31/18 | ||||
Small Cap Select | Shares | Amount | Shares | Amount | |
Shares sold: | |||||
Class A | 482,537 | $3,499,928 | 730,822 | $7,286,992 | |
Class A – automatic conversion of Class C Shares | 1,287 | 10,280 | 13,328 | 135,169 | |
Class C | 43,704 | 181,629 | 102,695 | 653,752 | |
Class R3 | 256,759 | 1,677,173 | 136,209 | 1,201,053 | |
Class R6(1) | 202,682 | 2,051,384 | 672,638 | 7,950,581 | |
Class I | 843,491 | 8,404,771 | 587,441 | 7,509,894 | |
Shares issued to shareholders due to reinvestment of distributions: | |||||
Class A | 1,813,633 | 11,697,567 | 853,337 | 7,825,098 | |
Class C | 119,270 | 421,025 | 136,617 | 816,971 | |
Class R3 | 201,838 | 1,140,383 | 84,805 | 704,732 | |
Class R6(1) | 117,392 | 1,031,249 | — | — | |
Class I | 545,179 | 4,778,442 | 348,633 | 4,082,497 | |
4,627,772 | 34,893,831 | 3,666,525 | 38,166,739 | ||
Shares redeemed: | |||||
Class A | (1,629,812) | (12,135,488) | (1,674,637) | (16,498,345) | |
Class C | (154,537) | (622,536) | (679,246) | (4,428,929) | |
Class C – automatic conversion to Class A Shares | (2,231) | (10,280) | (20,540) | (135,169) | |
Class R3 | (316,677) | (2,085,951) | (171,553) | (1,526,690) | |
Class R6(1) | (673,304) | (6,773,557) | (122,135) | (1,595,000) | |
Class I | (1,668,575) | (16,943,602) | (1,006,854) | (12,644,759) | |
Class I – exchanges | — | — | (672,638) | (7,950,581) | |
(4,445,136) | (38,571,414) | (4,347,603) | (44,779,473) | ||
Net increase (decrease) | 182,636 | $(3,677,583) | (681,078) | $(6,612,734) |
(1) | Class R6 Shares were established on February 28, 2018. |
Large Cap Select | Small Cap Select | |
Tax cost of investments | $39,175,713 | $85,189,281 |
Gross unrealized: | ||
Appreciation | $6,225,135 | $13,974,394 |
Depreciation | (400,640) | (2,575,527) |
Net unrealized appreciation (depreciation) of investments | $5,824,495 | $11,398,867 |
Large Cap Select | Small Cap Select | |
Undistributed net ordinary income1 | $512,223 | $62,715 |
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. |
2019 | Large Cap Select | Small Cap Select |
Distributions from net ordinary income1 | $2,753,146 | $5,582,744 |
Distributions from net long-term capital gains2 | 132,037 | 14,276,940 |
2018 | Large Cap Select | Small Cap Select |
Distributions from net ordinary income1 | $407,060 | $6,542,236 |
Distributions from net long-term capital gains | — | 7,519,972 |
1 | Net ordinary income consists of net taxable income derived from dividends, interest, and net short-term capital gains, if any. |
2 | The Funds 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, 2019. |
Large Cap Select | Small Cap Select | |
Not subject to expiration: | ||
Short-term | $328,832 | $263,821 |
Long-term | 527,111 | 419,464 |
Total | $855,943 | $683,285 |
Average Daily Net Assets | Large Cap Select | Small Cap Select |
For the first $125 million | 0.5000% | 0.6500% |
For the next $125 million | 0.4875 | 0.6375 |
For the next $250 million | 0.4750 | 0.6250 |
For the next $500 million | 0.4625 | 0.6125 |
For the next $1 billion | 0.4500 | 0.6000 |
For the next $3 billion | 0.4250 | 0.5750 |
For the next $2.5 billion | 0.4000 | 0.5500 |
For the next $2.5 billion | 0.3875 | 0.5375 |
For net assets over $10 billion | 0.3750 | 0.5250 |
Complex-Level Eligible Asset Breakpoint Level* | Effective Complex-Level Fee Rate at Breakpoint Level |
$55 billion | 0.2000% |
$56 billion | 0.1996 |
$57 billion | 0.1989 |
$60 billion | 0.1961 |
$63 billion | 0.1931 |
$66 billion | 0.1900 |
$71 billion | 0.1851 |
$76 billion | 0.1806 |
$80 billion | 0.1773 |
$91 billion | 0.1691 |
$125 billion | 0.1599 |
$200 billion | 0.1505 |
$250 billion | 0.1469 |
$300 billion | 0.1445 |
Fund | Expense Cap | Expense Cap Expiration Date |
Large Cap Select | 0.89% | July 31, 2021 |
Small Cap Select | 0.99 | July 31, 2021 |
Large Cap Select | Small Cap Select | |
Sales charges collected (Unaudited) | $12,783 | $14,749 |
Paid to financial intermediaries (Unaudited) | 11,666 | 13,072 |
Large Cap Select | Small Cap Select | |
Commission advances (Unaudited) | $7,263 | $1,768 |
Large Cap Select | Small Cap Select | |
12b-1 fees retained (Unaudited) | $7,442 | $1,504 |
Large Cap Select | Small Cap Select | |
CDSC retained (Unaudited) | $ — | $1,743 |
Large Cap Select | Small Cap Select | |
% of DRD | 39.1% | 16.3% |
% of QDI | 39.0% | 16.2% |
• | 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, repositioning funds, merging funds, introducing additional share classes, reviewing and updating investment policies and benchmarks, modifying the composition of certain portfolio management teams and analyzing various data to help devise such improvements; |
• | Capital Initiatives – continuing to invest capital to support new funds with initial capital as well as to facilitate modifications to the strategies or structure of existing funds; |
• | Compliance Program Initiatives – continuing efforts to enhance the compliance program through, among other things, internally integrating various portfolio management teams and aligning compliance support accordingly, completing a comprehensive review of existing policies and procedures and revising such policies and procedures as appropriate, enhancing compliance-related technologies and workflows, and optimizing compliance shared services across the organization and affiliates; |
• | Risk Management and Valuation Services - continuing efforts to strengthen the risk management functions, including through, among other things, enhancing the interaction and reporting between the investment risk management team and various affiliates, increasing the efficiency of risk monitoring performed on the Nuveen funds through improved reporting, continuing to implement risk programs designed to provide a more disciplined and consistent approach to identifying and mitigating operational risks, continuing progress on implementing a liquidity program that complies with the new liquidity regulatory requirements and continuing to oversee the daily valuation process; |
• | Additional Compliance Services – continuing investment of time and resources necessary to develop the compliance policies and procedures and other related tools necessary to meet the various new regulatory requirements affecting the Nuveen funds that have been adopted over recent years; |
• | Government Relations – continuing efforts of various Nuveen teams and affiliates to advocate and communicate their positions with lawmakers and other regulatory bodies on issues that will impact the Nuveen funds; |
• | Business Continuity, Disaster Recovery and Information Services – establishing an information security program to help identify and manage information security risks, periodically testing disaster recovery plans, maintaining and updating business continuity plans and providing reports to the Board, at least annually, addressing, among other things, management’s security risk assessment, cyber risk profile, incident tracking and other relevant information technology risk-related reports; and |
• | Expanded Dividend Management Services – continuing to expand the services necessary to manage the dividends among the varying types of Nuveen funds that have developed as the Nuveen complex has grown in size and scope. |
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 (since 2012); member: Catalyst Schools of Chicago Board (since 2008) and Mather Foundation Board (since 2012), and chair of its investment committee; formerly, Director, Fulcrum IT Services LLC (2010-2019); formerly, Director, Legal & General Investment Management America, Inc. (2008-2013); formerly, CEO and President, Northern Trust Global Investments (2004-2007); Executive Vice President, Quantitative Management & Securities Lending (2000-2004); prior thereto, various positions with Northern Trust Company (since 1994); formerly, Member, Northern Trust Mutual Funds Board (2005-2007), Northern Trust Global Investments Board (2004-2007), Northern Trust Japan Board (2004-2007), Northern Trust Securities Inc. Board (2003- 2007) and Northern Trust Hong Kong Board (1997-2004). | 159 |
Jack B. Evans 1948 333 W. Wacker Drive Chicago, IL 60606 | Director | 1999 | Chairman (since 2019), formerly, President (1996-2019), The Hall-Perrine Foundation, a 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; formerly, Director, Federal Reserve Bank of Chicago; formerly, President and Chief Operating Officer, SCI Financial Group, Inc., a regional financial services firm. | 159 |
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. | 159 |
Albin F. Moschner 1952 333 W. Wacker Drive Chicago, IL 60606 | Director | 2016 | Founder and Chief Executive Officer, Northcroft Partners, LLC, a management consulting firm (since 2012); formerly, Chairman (2019), and Director (2012-2019), USA Technologies, Inc., a 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., including Consultant (2011-2012), Chief Operating Officer (2008-2011), and Chief Marketing Officer (2004-2008); formerly, President, Verizon Card Services division of Verizon Communications, Inc. (2000-2003); formerly, President, One Point Services at One Point Communications (1999-2000); formerly, Vice Chairman of the Board, Diba, Incorporated (1996-1997); formerly, various executive positions (1991-1996) and Chief Executive Officer (1995-1996) of Zenith Electronics Corporation. | 159 |
John K. Nelson 1962 333 W. Wacker Drive Chicago, IL 60606 | Director | 2013 | Member of Board of Directors of Core12 LLC (since 2008), a private firm which develops branding, marketing and communications strategies for clients; served on The President's Council, Fordham University (2010-2018); and previously was 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); formerly, Chairman of the Board of Trustees of Marian University (2010 as trustee, 2011- 2014 as Chairman); formerly, Chief Executive Officer of ABN AMRO N.V. North America, and Global Head of its Financial Markets Division (2007-2008); prior senior positions held at ABN AMRO include Corporate Executive Vice President and Head of Global Markets-the Americas (2006-2007), CEO of Wholesale Banking-North America and Global Head of Foreign Exchange and Futures Markets (2001-2006), and Regional Commercial Treasurer and Senior Vice President Trading-North America (1996-2001); formerly, Trustee at St. Edmund Preparatory School in New York City. | 159 |
Judith M. Stockdale 1947 333 W. Wacker Drive Chicago, IL 60606 | Director | 1997 | Board Member, Land Trust Alliance (since 2013) and U.S. Endowment for Forestry and Communities (since 2013); formerly, Executive Director (1994-2012), Gaylord and Dorothy Donnelley Foundation; prior thereto, Executive Director, Great Lakes Protection Fund (1990-1994). | 159 |
Carole E. Stone 1947 333 W. Wacker Drive Chicago, IL 60606 | Director | 2007 | Former Director, Chicago Board Options Exchange (2006-2017), and C2 Options Exchange, Incorporated (2009-2017); Director, Cboe Global Markets, Inc., formerly, CBOE Holdings, Inc. (since 2010); formerly, Commissioner, New York State Commission on Public Authority Reform (2005-2010). | 159 |
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 |
Margaret L. Wolff 1955 333 W. Wacker Drive Chicago, IL 60606 | Director | 2016 | Formerly, member of the Board of Directors (2013-2017) of Travelers Insurance Company of Canada and The Dominion of Canada General Insurance Company (each, a part of Travelers Canada, the Canadian operation of The Travelers Companies, Inc.); formerly, Of Counsel, Skadden, Arps, Slate, Meagher & Flom LLP (Mergers & Acquisitions Group) (2005-2014); Member of the Board of Trustees of New York-Presbyterian Hospital (since 2005); Member (since 2004) and Chair (since 2015) of the Board of Trustees of The John A. Hartford Foundation (a philanthropy dedicated to improving the care of older adults); formerly, Member (2005-2015) and Vice Chair (2011-2015) of the Board of Trustees of Mt. Holyoke College. | 159 |
Robert L. Young(2) 1963 333 W. Wacker Drive Chicago, IL 60606 | Director | 2017 | Formerly, Chief Operating Officer and Director, J.P. Morgan Investment Management Inc. (2010-2016); formerly, President and Principal Executive Officer (2013-2016), and Senior Vice President and Chief Operating Officer (2005-2010), of J.P. Morgan Funds; formerly, Director and various officer positions for J.P. Morgan Investment Management Inc. (formerly, JPMorgan Funds Management, Inc. and formerly, One Group Administrative Services) and JPMorgan Distribution Services, Inc. (formerly, One Group Dealer Services, Inc.) (1999-2017). | 157 |
Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed (1) | Principal Occupation(s) Including other Directorships During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Director |
Interested Director: | ||||
Margo L. Cook(3) 1964 333 W. Wacker Drive Chicago, IL 60606 | Director | 2016 | President (since 2017), formerly, Co-Chief Executive Officer and Co-President (2016-2017), formerly, Senior Executive Vice President of Nuveen Investments, Inc; Executive Vice President (since 2017) of Nuveen, LLC; President, Global Products and Solutions (since 2017), and Co-Chief Executive Officer (since 2015), formerly, Executive Vice President (2013-2015) of Nuveen Securities, LLC; President (since 2017), formerly, Co-President (2016-2017), formerly Senior Executive Vice President (2015-2016) of Nuveen Fund Advisors, LLC (Executive Vice President 2011-2015); President (since 2017), Nuveen Alternative Investments, LLC; Chartered Financial Analyst. | 159 |
Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed (4) | Principal Occupation(s) During Past 5 Years | |
Officers of the Funds: | ||||
Greg A. Bottjer 1971 333 W. Wacker Drive Chicago, IL 60606 | Chief Administrative Officer | 2016 | Senior (since 2017) Managing Director (since 2011), formerly, Senior Vice President (2007-2010) of Nuveen; Senior (since 2017) Managing Director (since 2016) of Nuveen Fund Advisors, LLC; Chartered Financial Analyst. | |
Mark J. Czarniecki 1979 901 Marquette Avenue Minneapolis, MN 55402 | Vice President and Assistant Secretary | 2013 | Vice President and Assistant Secretary of Nuveen Securities, LLC (since 2016) and Nuveen Fund Advisors (since 2017); Vice President and Associate General Counsel of Nuveen (since 2013) and Vice President, Assistant Secretary and Associate General Counsel of Nuveen Asset Management (since 2018). |
Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed (4) | 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. | |
Walter M. Kelly 1970 333 W. Wacker Drive Chicago, IL 60606 | Chief Compliance Officer and Vice President | 2003 | Managing Director (since 2017), formerly, Senior Vice President (2008-2017) of Nuveen Investments Holdings, Inc. | |
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), Secretary (since 2016) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC, formerly, Executive Vice President (2016-2017), Managing Director (2008-2016) and Assistant Secretary (2007-2016); Senior Managing Director (since 2017), Secretary (since 2016) and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC, formerly Executive Vice President (2016-2017) and Managing Director and Assistant Secretary (2011-2016); Senior Managing Director (since 2017) and Secretary (since 2016) of Nuveen Investments Advisers, LLC, formerly Executive Vice President (2016-2017); Vice President (since 2007) and Secretary (since 2016), formerly, Assistant Secretary, of NWQ Investment Management Company, LLC, Symphony Asset Management, LLC, Santa Barbara Asset Management, LLC and Winslow Capital Management, LLC (since 2010). Senior Managing Director (since 2017) and Secretary (since 2016) of Nuveen Alternative Investments, LLC. | |
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. |
Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed (4) | Principal Occupation(s) During Past 5 Years | |
Christopher M. Rohrbacher 1971 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Secretary | 2008 | Managing Director (since 2017) and Assistant Secretary of Nuveen Securities, LLC; Managing Director (since 2017), formerly, Senior Vice President (2016-2017), Co-General Counsel (since 2019) and Assistant Secretary (since 2016) of Nuveen Fund Advisors, LLC; Managing Director (since 2017), formerly, Senior Vice President (2012-2017) and Associate General Counsel (since 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 TIAA 730 Third Avenue New York, NY 10017 | 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. | |
Gifford R. Zimmerman 1956 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Assistant Secretary | 1988 | Managing Director (since 2002), and Assistant Secretary of Nuveen Securities, LLC; Managing Director (since 2004) and Assistant Secretary (since 1994) of Nuveen Investments, Inc.; Managing Director (since 2002), Assistant Secretary (since 1997) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC; Managing Director, Assistant Secretary and Associate General Counsel of Nuveen Asset Management, LLC (since 2011); Vice President (since 2017), formerly, Managing Director (2003-2017) and Assistant Secretary (since 2003) of Symphony Asset Management LLC ; Managing Director and Assistant Secretary (since 2002) of Nuveen Investments Advisers, LLC; Vice President and Assistant Secretary of NWQ Investment Management Company, LLC (since 2002), Santa Barbara Asset Management, LLC (since 2006) and of Winslow Capital Management, LLC, (since 2010); Chartered Financial Analyst. |
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, 2019 | Audit Fees Billed to Funds1 | Audit-Related Fees Billed to Funds2 | 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 Large Cap Select Fund | 14,615 | 0 | 3,020 | 0 | ||||||||||||
Nuveen Mid Cap Growth Opportunities Fund | 16,370 | 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 Small Cap Value Fund | 22,920 | 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 Large Cap Select Fund | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen Mid Cap Growth Opportunities Fund | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen Mid Cap Value Fund | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen Small Cap Growth Opportunities Fund | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen Small Cap Select Fund | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen Small Cap Value Fund | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Fiscal Year Ended October 31, 2018 | Audit Fees Billed to Funds1 | Audit-Related Fees Billed to Funds2 | Tax Fees Billed to Funds 3 | All Other Fees Billed to Funds 4 | ||||||||||||
Fund Name | ||||||||||||||||
Nuveen Dividend Value Fund | 19,071 | 0 | 2,979 | 0 | ||||||||||||
Nuveen Large Cap Select Fund | 14,523 | 0 | 0 | 0 | ||||||||||||
Nuveen Mid Cap Growth Opportunities Fund | 17,520 | 0 | 2,979 | 0 | ||||||||||||
Nuveen Mid Cap Value Fund | 14,712 | 3,500 | 2,979 | 0 | ||||||||||||
Nuveen Small Cap Growth Opportunities Fund | 14,647 | 0 | 2,979 | 0 | ||||||||||||
Nuveen Small Cap Select Fund | 14,752 | 3,500 | 2,979 | 0 | ||||||||||||
Nuveen Small Cap Value Fund | 23,593 | 0 | 2,169 | 0 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 118,818 | $ | 7,000 | $ | 17,064 | $ | 0 |
1 | “Audit Fees” are the aggregate fees billed for professional services for the audit of the Fund’s annual financial statements and services provided in connection with statutory and regulatory filings or engagements. |
2 | “Audit-Related Fees” are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of financial statements that are not reported under “Audit Fees”. These fees include offerings related to the Fund’s common shares and leverage. |
3 | “Tax Fees” are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: all global withholding tax services; excise and state tax reviews; capital gain, tax equalization and taxable basis calculations performed by the principal accountant. |
4 | “All Other Fees” are the aggregate fees billed for products and services other than “Audit Fees”, “Audit-Related Fees” and “Tax Fees”. These fees represent all “Agreed-Upon Procedures” engagements pertaining to the Fund’s use of leverage. |
Percentage Approved Pursuant to Pre-approval Exception | ||||||||||||||||
Audit Fees Billed to Funds | Audit-Related Fees Billed to Funds | Tax Fees Billed to Funds | All Other Fees Billed to Funds | |||||||||||||
Fund Name | ||||||||||||||||
Nuveen Dividend Value Fund | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen Large Cap Select Fund | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen Mid Cap Growth Opportunities Fund | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen Mid Cap Value Fund | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen Small Cap Growth Opportunities Fund | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen Small Cap Select Fund | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen Small Cap Value Fund | 0 | % | 0 | % | 0 | % | 0 | % |
Fiscal Year Ended October 31, 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, 2018 | Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers | Tax Fees Billed to Adviser and Affiliated Fund Service Providers | All Other Fees Billed to Adviser and Affiliated Fund Service Providers | |||||||||
Nuveen Investment Funds, Inc. | $ | 0 | $ | 0 | $ | 0 | ||||||
Percentage Approved Pursuant to Pre-approval Exception | ||||||||||||
Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers | Tax Fees Billed to Adviser and Affiliated Fund Service Providers | All Other Fees Billed to Adviser and Affiliated Fund Service Providers | ||||||||||
0 | % | 0 | % | 0 | % |
Fiscal Year Ended October 31, 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) | Total | ||||||||||||
Fund Name | ||||||||||||||||
Nuveen Dividend Value Fund | 3,020 | 0 | 0 | 3,020 | ||||||||||||
Nuveen Large Cap Select Fund | 3,020 | 0 | 0 | 3,020 | ||||||||||||
Nuveen Mid Cap Growth Opportunities Fund | 3,020 | 0 | 0 | 3,020 | ||||||||||||
Nuveen Mid Cap Value Fund | 3,020 | 0 | 0 | 3,020 | ||||||||||||
Nuveen Small Cap Growth Opportunities Fund | 3,020 | 0 | 0 | 3,020 | ||||||||||||
Nuveen Small Cap Select Fund | 3,020 | 0 | 0 | 3,020 | ||||||||||||
Nuveen Small Cap Value Fund | 3,020 | 0 | 0 | 3,020 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 21,140 | $ | 0 | $ | 0 | $ | 21,140 |
“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, 2018 | Total Non-Audit Fees Billed to Funds | Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Funds) | Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements) | Total | ||||||||||||
Fund Name | ||||||||||||||||
Nuveen Dividend Value Fund | 2,979 | 0 | 0 | 2,979 | ||||||||||||
Nuveen Large Cap Select Fund | 0 | 0 | 0 | 0 | ||||||||||||
Nuveen Mid Cap Growth Opportunities Fund | 2,979 | 0 | 0 | 2,979 | ||||||||||||
Nuveen Mid Cap Value Fund | 2,979 | 0 | 0 | 2,979 | ||||||||||||
Nuveen Small Cap Growth Opportunities Fund | 2,979 | 0 | 0 | 2,979 | ||||||||||||
Nuveen Small Cap Select Fund | 2,979 | 0 | 0 | 2,979 | ||||||||||||
Nuveen Small Cap Value Fund | 2,169 | 0 | 0 | 2,169 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 17,064 | $ | 0 | $ | 0 | $ | 17,064 |
“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 FORCLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable to this registrant.
ITEM 8. PORTFOLIO MANAGERS OFCLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to this registrant.
ITEM 9. PURCHASES OF EQUITY SECURITIES BYCLOSED-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 Rule30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules13a-15(b) or15d-15(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (17 CFR 240.13a-15(b) or 240.15d-15(b)). |
(b) | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 13. EXHIBITS.
File the exhibits listed below as part of this Form.
(a)(1) | Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable because the code is posted on registrant’s website at www.nuveen.com/fund-governance and there were no amendments during the period covered by this report. (To view the code, click on Code of Conduct.) | |
(a)(2) | A separate certification for each principal executive officer and principal financial officer of the registrant as required byRule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: SeeEX-99.CERT attached hereto. | |
(a)(3) | Any written solicitation to purchase securities under Rule23c-1 under the 1940 Act (17 CFR270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons: Not applicable to this registrant. | |
(a)(4) | Change in the registrant’s independent public accountant. Not applicable. | |
(b) | If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)), Rule13a-14(b) or Rule15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an Exhibit. A certification furnished pursuant to this paragraph will not be deemed “filed” for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registration specifically incorporates it by reference: SeeEX-99.906 CERT attached hereto. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Nuveen Investment Funds, Inc.
By (Signature and Title) | /s/ Christopher M. Rohrbacher | |
Christopher M. Rohrbacher | ||
Vice President and Secretary |
Date: January 8, 2020
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title) | /s/ Greg A. Bottjer | |
Greg A. Bottjer | ||
Chief Administrative Officer | ||
(principal executive officer) |
Date: January 8, 2020
By (Signature and Title) | /s/ E. Scott Wickerham | |
E. Scott Wickerham | ||
Vice President and Controller | ||
(principal financial officer) |
Date: January 8, 2020