Nuveen Investment Funds, Inc.
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N‑CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811‑05309
Nuveen Investment Funds, Inc.
(Exact name of registrant as specified in charter)
Nuveen Investments
333 West Wacker Drive
Chicago, Illinois 60606
(Address of principal executive offices) (Zip code)
Mark J. Czarniecki
Vice President and Secretary
901 Marquette Avenue
Minneapolis, Minnesota 55402
(Name and address of agent for service)
Registrant’s telephone number, including area code: (312) 917‑7700
Date of fiscal year end: October 31
Date of reporting period: April 30, 2025
| Item 1. |
Reports to Stockholders. |
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 |
|
Semi-Annual Shareholder Report April 30, 2025 |
Nuveen Dividend Value Fund
Class A Shares/FFEIX
Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the Class A Shares of the Nuveen Dividend Value Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)
|
|
|
|
|
|
|
|
| |
|
Cost of a $10,000 investment |
|
Costs paid as a percentage of $10,000 investment* |
| |
|
|
| Class A Shares |
|
$46 |
|
0.95% |
* Annualized for period less than one year.
Fund Statistics (as of April 30, 2025)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
2,944,205,300 |
|
|
|
| Total number of portfolio holdings |
|
|
73 |
|
|
|
| Portfolio turnover (%) |
|
|
46% |
|
What did the Fund invest in? (as of April 30, 2025)
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
| |
• |
|
prospectus • financial statements and other information • fund holdings • proxy voting information |
You can also request this information at (800) 257‑8787.
|
|
|
| 670678887_SAR_0425 4476581 |
|
 |
|
|
|
|
|
Semi-Annual Shareholder Report April 30, 2025 |
Nuveen Dividend Value Fund
Class C Shares/FFECX
Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the Class C Shares of the Nuveen Dividend Value Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)
|
|
|
|
|
|
|
|
| |
|
Cost of a $10,000 investment |
|
Costs paid as a percentage of $10,000 investment* |
| |
|
|
| Class C Shares |
|
$83 |
|
1.70% |
* Annualized for period less than one year.
Fund Statistics (as of April 30, 2025)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
2,944,205,300 |
|
|
|
| Total number of portfolio holdings |
|
|
73 |
|
|
|
| Portfolio turnover (%) |
|
|
46% |
|
What did the Fund invest in? (as of April 30, 2025)
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
| |
• |
|
prospectus • financial statements and other information • fund holdings • proxy voting information |
You can also request this information at (800) 257‑8787.
|
|
|
| 670678317_SAR_0425 4476581 |
|
|
|
|
|
|
|
Semi-Annual Shareholder Report April 30, 2025 |
Nuveen Dividend Value Fund
Class R6 Shares/FFEFX
Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the Class R6 Shares of the Nuveen Dividend Value Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)
|
|
|
|
|
|
|
|
| |
|
Cost of a $10,000 investment |
|
Costs paid as a percentage of $10,000 investment* |
| |
|
|
| Class R6 Shares |
|
$29 |
|
0.60% |
* Annualized for period less than one year.
Fund Statistics (as of April 30, 2025)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
2,944,205,300 |
|
|
|
| Total number of portfolio holdings |
|
|
73 |
|
|
|
| Portfolio turnover (%) |
|
|
46% |
|
What did the Fund invest in? (as of April 30, 2025)
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
| |
• |
|
prospectus • financial statements and other information • fund holdings • proxy voting information |
You can also request this information at (800) 257‑8787.
|
|
|
| 670690130_SAR_0425 4476581 |
|
|
|
|
|
|
|
Semi-Annual Shareholder Report April 30, 2025 |
Nuveen Dividend Value Fund
Class I Shares/FAQIX
Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the Class I Shares of the Nuveen Dividend Value Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)
|
|
|
|
|
|
|
|
| |
|
Cost of a $10,000 investment |
|
Costs paid as a percentage of $10,000 investment* |
| |
|
|
| Class I Shares |
|
$34 |
|
0.70% |
* Annualized for period less than one year.
Fund Statistics (as of April 30, 2025)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
2,944,205,300 |
|
|
|
| Total number of portfolio holdings |
|
|
73 |
|
|
|
| Portfolio turnover (%) |
|
|
46% |
|
What did the Fund invest in? (as of April 30, 2025)
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
| |
• |
|
prospectus • financial statements and other information • fund holdings • proxy voting information |
You can also request this information at (800) 257‑8787.
|
|
|
| 670678879_SAR_0425 4476581 |
|
|
|
|
|
|
|
Semi-Annual Shareholder Report April 30, 2025 |
Nuveen Large Cap Select Fund
Class A Shares/FLRAX
Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the Class A Shares of the Nuveen Large Cap Select Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)
|
|
|
|
|
|
|
|
| |
|
Cost of a $10,000 investment |
|
Costs paid as a percentage of $10,000 investment* |
| |
|
|
| Class A Shares |
|
$49 |
|
1.01% |
* Annualized for period less than one year.
Fund Statistics (as of April 30, 2025)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
40,156,546 |
|
|
|
| Total number of portfolio holdings |
|
|
62 |
|
|
|
| Portfolio turnover (%) |
|
|
41% |
|
What did the Fund invest in? (as of April 30, 2025)
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
| |
• |
|
prospectus • financial statements and other information • fund holdings • proxy voting information |
You can also request this information at (800) 257‑8787.
|
|
|
| 670690296_SAR_0425 4476590 |
|
|
|
|
|
|
|
Semi-Annual Shareholder Report April 30, 2025 |
Nuveen Large Cap Select Fund
Class C Shares/FLYCX
Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the Class C Shares of the Nuveen Large Cap Select Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)
|
|
|
|
|
|
|
|
| |
|
Cost of a $10,000 investment |
|
Costs paid as a percentage of $10,000 investment* |
| |
|
|
| Class C Shares |
|
$85 |
|
1.76% |
* Annualized for period less than one year.
Fund Statistics (as of April 30, 2025)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
40,156,546 |
|
|
|
| Total number of portfolio holdings |
|
|
62 |
|
|
|
| Portfolio turnover (%) |
|
|
41% |
|
What did the Fund invest in? (as of April 30, 2025)
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
| |
• |
|
prospectus • financial statements and other information • fund holdings • proxy voting information |
You can also request this information at (800) 257‑8787.
|
|
|
| 670690312_SAR_0425 4476590 |
|
|
|
|
|
|
|
Semi-Annual Shareholder Report April 30, 2025 |
Nuveen Large Cap Select Fund
Class I Shares/FLRYX
Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the Class I Shares of the Nuveen Large Cap Select Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)
|
|
|
|
|
|
|
|
| |
|
Cost of a $10,000 investment |
|
Costs paid as a percentage of $10,000 investment* |
| |
|
|
| Class I Shares |
|
$37 |
|
0.76% |
* Annualized for period less than one year.
Fund Statistics (as of April 30, 2025)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
40,156,546 |
|
|
|
| Total number of portfolio holdings |
|
|
62 |
|
|
|
| Portfolio turnover (%) |
|
|
41% |
|
What did the Fund invest in? (as of April 30, 2025)
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
| |
• |
|
prospectus • financial statements and other information • fund holdings • proxy voting information |
You can also request this information at (800) 257‑8787.
|
|
|
| 670690338_SAR_0425 4476590 |
|
|
|
|
|
|
|
Semi-Annual Shareholder Report April 30, 2025 |
Nuveen Mid Cap Value 1 Fund
Class A Shares/FASEX
(Effective July 1, 2025, the Fund will be renamed “Nuveen Mid Cap Value Opportunities Fund.”)
Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the Class A Shares of the Nuveen Mid Cap Value 1 Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)
|
|
|
|
|
|
|
|
| |
|
Cost of a $10,000 investment |
|
Costs paid as a percentage of $10,000 investment* |
| |
|
|
| Class A Shares |
|
$55 |
|
1.13% |
* Annualized for period less than one year.
Fund Statistics (as of April 30, 2025)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
374,006,339 |
|
|
|
| Total number of portfolio holdings |
|
|
71 |
|
|
|
| Portfolio turnover (%) |
|
|
10% |
|
What did the Fund invest in? (as of April 30, 2025)
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
| |
• |
|
prospectus • financial statements and other information • fund holdings • proxy voting information |
You can also request this information at (800) 257‑8787.
|
|
|
| 670678853_SAR_0425 4476627 |
|
|
|
|
|
|
|
Semi-Annual Shareholder Report April 30, 2025 |
Nuveen Mid Cap Value 1 Fund
Class C Shares/FACSX
(Effective July 1, 2025, the Fund will be renamed “Nuveen Mid Cap Value Opportunities Fund.”)
Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the Class C Shares of the Nuveen Mid Cap Value 1 Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)
|
|
|
|
|
|
|
|
| |
|
Cost of a $10,000 investment |
|
Costs paid as a percentage of $10,000 investment* |
| |
|
|
| Class C Shares |
|
$91 |
|
1.88% |
* Annualized for period less than one year.
Fund Statistics (as of April 30, 2025)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
374,006,339 |
|
|
|
| Total number of portfolio holdings |
|
|
71 |
|
|
|
| Portfolio turnover (%) |
|
|
10% |
|
What did the Fund invest in? (as of April 30, 2025)
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
| |
• |
|
prospectus • financial statements and other information • fund holdings • proxy voting information |
You can also request this information at (800) 257‑8787.
|
|
|
| 670678333_SAR_0425 4476627 |
|
|
|
|
|
|
|
Semi-Annual Shareholder Report April 30, 2025 |
Nuveen Mid Cap Value 1 Fund
Class R6 Shares/FMVQX
(Effective July 1, 2025, the Fund will be renamed “Nuveen Mid Cap Value Opportunities Fund.”)
Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the Class R6 Shares of the Nuveen Mid Cap Value 1 Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)
|
|
|
|
|
|
|
|
| |
|
Cost of a $10,000 investment |
|
Costs paid as a percentage of $10,000 investment* |
| |
|
|
| Class R6 Shares |
|
$35 |
|
0.72% |
* Annualized for period less than one year.
Fund Statistics (as of April 30, 2025)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
374,006,339 |
|
|
|
| Total number of portfolio holdings |
|
|
71 |
|
|
|
| Portfolio turnover (%) |
|
|
10% |
|
What did the Fund invest in? (as of April 30, 2025)
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
| |
• |
|
prospectus • financial statements and other information • fund holdings • proxy voting information |
You can also request this information at (800) 257‑8787.
|
|
|
| 670693555_SAR_0425 4476627 |
|
|
|
|
|
|
|
Semi-Annual Shareholder Report April 30, 2025 |
Nuveen Mid Cap Value 1 Fund
Class I Shares/FSEIX
(Effective July 1, 2025, the Fund will be renamed “Nuveen Mid Cap Value Opportunities Fund.”)
Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the Class I Shares of the Nuveen Mid Cap Value 1 Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)
|
|
|
|
|
|
|
|
| |
|
Cost of a $10,000 investment |
|
Costs paid as a percentage of $10,000 investment* |
| |
|
|
| Class I Shares |
|
$43 |
|
0.88% |
* Annualized for period less than one year.
Fund Statistics (as of April 30, 2025)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
374,006,339 |
|
|
|
| Total number of portfolio holdings |
|
|
71 |
|
|
|
| Portfolio turnover (%) |
|
|
10% |
|
What did the Fund invest in? (as of April 30, 2025)
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
| |
• |
|
prospectus • financial statements and other information • fund holdings • proxy voting information |
You can also request this information at (800) 257‑8787.
|
|
|
| 670678663_SAR_0425 4476627 |
|
|
|
|
|
|
|
Semi-Annual Shareholder Report April 30, 2025 |
Nuveen Small Cap Growth Opportunities Fund
Class A Shares/FRMPX
Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the Class A Shares of the Nuveen Small Cap Growth Opportunities Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)
|
|
|
|
|
|
|
|
| |
|
Cost of a $10,000 investment |
|
Costs paid as a percentage of $10,000 investment* |
| |
|
|
| Class A Shares |
|
$57 |
|
1.20% |
* Annualized for period less than one year.
Fund Statistics (as of April 30, 2025)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
208,483,255 |
|
|
|
| Total number of portfolio holdings |
|
|
80 |
|
|
|
| Portfolio turnover (%) |
|
|
37% |
|
What did the Fund invest in? (as of April 30, 2025)
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
| |
• |
|
prospectus • financial statements and other information • fund holdings • proxy voting information |
You can also request this information at (800) 257‑8787.
|
|
|
| 670690767_SAR_0425 4476828 |
|
|
|
|
|
|
|
Semi-Annual Shareholder Report April 30, 2025 |
Nuveen Small Cap Growth Opportunities Fund
Class R6 Shares/FMPFX
Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the Class R6 Shares of the Nuveen Small Cap Growth Opportunities Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)
|
|
|
|
|
|
|
|
| |
|
Cost of a $10,000 investment |
|
Costs paid as a percentage of $10,000 investment* |
| |
|
|
| Class R6 Shares |
|
$38 |
|
0.79% |
* Annualized for period less than one year.
Fund Statistics (as of April 30, 2025)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
208,483,255 |
|
|
|
| Total number of portfolio holdings |
|
|
80 |
|
|
|
| Portfolio turnover (%) |
|
|
37% |
|
What did the Fund invest in? (as of April 30, 2025)
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
| |
• |
|
prospectus • financial statements and other information • fund holdings • proxy voting information |
You can also request this information at (800) 257‑8787.
|
|
|
| 670693845_SAR_0425 4476828 |
|
|
|
|
|
|
|
Semi-Annual Shareholder Report April 30, 2025 |
Nuveen Small Cap Growth Opportunities Fund
Class I Shares/FIMPX
Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the Class I Shares of the Nuveen Small Cap Growth Opportunities Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)
|
|
|
|
|
|
|
|
| |
|
Cost of a $10,000 investment |
|
Costs paid as a percentage of $10,000 investment* |
| |
|
|
| Class I Shares |
|
$46 |
|
0.95% |
* Annualized for period less than one year.
Fund Statistics (as of April 30, 2025)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
208,483,255 |
|
|
|
| Total number of portfolio holdings |
|
|
80 |
|
|
|
| Portfolio turnover (%) |
|
|
37% |
|
What did the Fund invest in? (as of April 30, 2025)
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
| |
• |
|
prospectus • financial statements and other information • fund holdings • proxy voting information |
You can also request this information at (800) 257‑8787.
|
|
|
| 670690817_SAR_0425 4476828 |
|
|
|
|
|
|
|
Semi-Annual Shareholder Report April 30, 2025 |
Nuveen Small Cap Select Fund
Class A Shares/EMGRX
Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the Class A Shares of the Nuveen Small Cap Select Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)
|
|
|
|
|
|
|
|
| |
|
Cost of a $10,000 investment |
|
Costs paid as a percentage of $10,000 investment* |
| |
|
|
| Class A Shares |
|
$57 |
|
1.20% |
* Annualized for period less than one year.
Fund Statistics (as of April 30, 2025)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
143,732,262 |
|
|
|
| Total number of portfolio holdings |
|
|
80 |
|
|
|
| Portfolio turnover (%) |
|
|
32% |
|
What did the Fund invest in? (as of April 30, 2025)
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
| |
• |
|
prospectus • financial statements and other information • fund holdings • proxy voting information |
You can also request this information at (800) 257‑8787.
|
|
|
| 670690833_SAR_0425 4476931 |
|
|
|
|
|
|
|
Semi-Annual Shareholder Report April 30, 2025 |
Nuveen Small Cap Select Fund
Class R6 Shares/ASEFX
Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the Class R6 Shares of the Nuveen Small Cap Select Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)
|
|
|
|
|
|
|
|
| |
|
Cost of a $10,000 investment |
|
Costs paid as a percentage of $10,000 investment* |
| |
|
|
| Class R6 Shares |
|
$39 |
|
0.81% |
* Annualized for period less than one year.
Fund Statistics (as of April 30, 2025)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
143,732,262 |
|
|
|
| Total number of portfolio holdings |
|
|
80 |
|
|
|
| Portfolio turnover (%) |
|
|
32% |
|
What did the Fund invest in? (as of April 30, 2025)
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
| |
• |
|
prospectus • financial statements and other information • fund holdings • proxy voting information |
You can also request this information at (800) 257‑8787.
|
|
|
| 670693563_SAR_0425 4476931 |
|
|
|
|
|
|
|
Semi-Annual Shareholder Report April 30, 2025 |
Nuveen Small Cap Select Fund
Class I Shares/ARSTX
Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the Class I Shares of the Nuveen Small Cap Select Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)
|
|
|
|
|
|
|
|
| |
|
Cost of a $10,000 investment |
|
Costs paid as a percentage of $10,000 investment* |
| |
|
|
| Class I Shares |
|
$45 |
|
0.95% |
* Annualized for period less than one year.
Fund Statistics (as of April 30, 2025)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
143,732,262 |
|
|
|
| Total number of portfolio holdings |
|
|
80 |
|
|
|
| Portfolio turnover (%) |
|
|
32% |
|
What did the Fund invest in? (as of April 30, 2025)
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
| |
• |
|
prospectus • financial statements and other information • fund holdings • proxy voting information |
You can also request this information at (800) 257‑8787.
|
|
|
| 670690874_SAR_0425 4476931 |
|
|
|
|
|
|
|
Semi-Annual Shareholder Report April 30, 2025 |
Nuveen Small Cap Value Fund
Class A Shares/FSCAX
Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the Class A Shares of the Nuveen Small Cap Value Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)
|
|
|
|
|
|
|
|
| |
|
Cost of a $10,000 investment |
|
Costs paid as a percentage of $10,000 investment* |
| |
|
|
| Class A Shares |
|
$58 |
|
1.20% |
* Annualized for period less than one year.
Fund Statistics (as of April 30, 2025)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
250,177,708 |
|
|
|
| Total number of portfolio holdings |
|
|
83 |
|
|
|
| Portfolio turnover (%) |
|
|
8% |
|
What did the Fund invest in? (as of April 30, 2025)
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
| |
• |
|
prospectus • financial statements and other information • fund holdings • proxy voting information |
You can also request this information at (800) 257‑8787.
|
|
|
| 670678309_SAR_0425 4477119 |
|
|
|
|
|
|
|
Semi-Annual Shareholder Report April 30, 2025 |
Nuveen Small Cap Value Fund
Class C Shares/FSCVX
Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the Class C Shares of the Nuveen Small Cap Value Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.
What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)
|
|
|
|
|
|
|
|
| |
|
Cost of a $10,000 investment |
|
Costs paid as a percentage of $10,000 investment* |
| |
|
|
| Class C Shares |
|
$93 |
|
1.95% |
* Annualized for period less than one year.
Fund Statistics (as of April 30, 2025)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
250,177,708 |
|
|
|
| Total number of portfolio holdings |
|
|
83 |
|
|
|
| Portfolio turnover (%) |
|
|
8% |
|
What did the Fund invest in? (as of April 30, 2025)
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
| |
• |
|
prospectus • financial statements and other information • fund holdings • proxy voting information |
You can also request this information at (800) 257‑8787.
|
|
|
| 670678341_SAR_0425 4477119 |
|
|
|
|
|
|
|
Semi-Annual Shareholder Report April 30, 2025 |
Nuveen Small Cap Value Fund
Class R6 Shares/FSCWX
Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the Class R6 Shares of the Nuveen Small Cap Value Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)
|
|
|
|
|
|
|
|
| |
|
Cost of a $10,000 investment |
|
Costs paid as a percentage of $10,000 investment* |
| |
|
|
| Class R6 Shares |
|
$37 |
|
0.77% |
* Annualized for period less than one year.
Fund Statistics (as of April 30, 2025)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
250,177,708 |
|
|
|
| Total number of portfolio holdings |
|
|
83 |
|
|
|
| Portfolio turnover (%) |
|
|
8% |
|
What did the Fund invest in? (as of April 30, 2025)
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
| |
• |
|
prospectus • financial statements and other information • fund holdings • proxy voting information |
You can also request this information at (800) 257‑8787.
|
|
|
| 670693837_SAR_0425 4477119 |
|
|
|
|
|
|
|
Semi-Annual Shareholder Report April 30, 2025 |
Nuveen Small Cap Value Fund
Class I Shares/FSCCX
Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the Class I Shares of the Nuveen Small Cap Value Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)
|
|
|
|
|
|
|
|
| |
|
Cost of a $10,000 investment |
|
Costs paid as a percentage of $10,000 investment* |
| |
|
|
| Class I Shares |
|
$46 |
|
0.95% |
* Annualized for period less than one year.
Fund Statistics (as of April 30, 2025)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
250,177,708 |
|
|
|
| Total number of portfolio holdings |
|
|
83 |
|
|
|
| Portfolio turnover (%) |
|
|
8% |
|
What did the Fund invest in? (as of April 30, 2025)
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
| |
• |
|
prospectus • financial statements and other information • fund holdings • proxy voting information |
You can also request this information at (800) 257‑8787.
|
|
|
| 670678200_SAR_0425 4477119 |
|
|
|
|
|
|
|
Semi-Annual Shareholder Report April 30, 2025 |
Nuveen Small/Mid Cap Growth Opportunities Fund
(Formerly known as Nuveen Mid Cap Growth Opportunities Fund)
Class A Shares/FRSLX
Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the Class A Shares of the Nuveen Small/Mid Cap Growth Opportunities Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)
|
|
|
|
|
|
|
|
| |
|
Cost of a $10,000 investment |
|
Costs paid as a percentage of $10,000 investment* |
| |
|
|
| Class A Shares |
|
$54 |
|
1.13% |
* Annualized for period less than one year.
Fund Statistics (as of April 30, 2025)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
154,957,178 |
|
|
|
| Total number of portfolio holdings |
|
|
84 |
|
|
|
| Portfolio turnover (%) |
|
|
72% |
|
What did the Fund invest in? (as of April 30, 2025)
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
| |
• |
|
prospectus • financial statements and other information • fund holdings • proxy voting information |
You can also request this information at (800) 257‑8787.
|
|
|
| 670690718_AR_1024 4476606 |
|
|
|
|
|
|
|
Semi-Annual Shareholder Report April 30, 2025 |
Nuveen Small/Mid Cap Growth Opportunities Fund
(Formerly known as Nuveen Mid Cap Growth Opportunities Fund)
Class R6 Shares/FMEFX
Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the Class R6 Shares of the Nuveen Small/Mid Cap Growth Opportunities Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)
|
|
|
|
|
|
|
|
| |
|
Cost of a $10,000 investment |
|
Costs paid as a percentage of $10,000 investment* |
| |
|
|
| Class R6 Shares |
|
$38 |
|
0.79% |
* Annualized for period less than one year.
Fund Statistics (as of April 30, 2025)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
154,957,178 |
|
|
|
| Total number of portfolio holdings |
|
|
84 |
|
|
|
| Portfolio turnover (%) |
|
|
72% |
|
What did the Fund invest in? (as of April 30, 2025)
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
| |
• |
|
prospectus • financial statements and other information • fund holdings • proxy voting information |
You can also request this information at (800) 257‑8787.
|
|
|
| 670690114_SAR_0425 4476606 |
|
|
|
|
|
|
|
Semi-Annual Shareholder Report April 30, 2025 |
Nuveen Small/Mid Cap Growth Opportunities Fund
(Formerly known as Nuveen Mid Cap Growth Opportunities Fund)
Class I Shares/FISGX
Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the Class I Shares of the Nuveen Small/Mid Cap Growth Opportunities Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)
|
|
|
|
|
|
|
|
| |
|
Cost of a $10,000 investment |
|
Costs paid as a percentage of $10,000 investment* |
| |
|
|
| Class I Shares |
|
$42 |
|
0.88% |
* Annualized for period less than one year.
Fund Statistics (as of April 30, 2025)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
154,957,178 |
|
|
|
| Total number of portfolio holdings |
|
|
84 |
|
|
|
| Portfolio turnover (%) |
|
|
72% |
|
What did the Fund invest in? (as of April 30, 2025)
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
| |
• |
|
prospectus • financial statements and other information • fund holdings • proxy voting information |
You can also request this information at (800) 257‑8787.
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| 670690759_SAR_0425 4476606 |
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|
Not applicable to this filing.
| Item 3. |
Audit Committee Financial Expert. |
Not applicable to this filing.
| Item 4. |
Principal Accountant Fees and Services. |
Not applicable to this filing.
| Item 5. |
Audit Committee of Listed Registrants. |
Not applicable to this registrant.
| (a) |
Schedule of Investments is included as part of the financial statements filed under Item 7 of this Form N-CSR. |
| Item 7. |
Financial Statements and Financial Highlights for Open-End Management Investment Companies. |
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
3
Portfolio of Investments April 30, 2025
Dividend Value
(Unaudited)
|
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|
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|
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|
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| SHARES |
|
|
|
|
DESCRIPTION |
|
VALUE |
|
|
|
|
|
|
|
LONG-TERM INVESTMENTS - 99.4% |
|
|
|
|
|
|
|
|
|
|
COMMON STOCKS - 99.4% |
|
|
|
|
|
|
|
|
|
|
BANKS - 6.5% |
|
|
|
|
| |
885,669 |
|
|
|
|
Bank of America Corp |
|
$ |
35,320,480 |
|
| |
1,073,434 |
|
|
|
|
Citigroup Inc |
|
|
73,401,417 |
|
| |
1,168,769 |
|
|
|
|
Wells Fargo & Co |
|
|
82,994,286 |
|
| |
|
|
|
|
|
|
|
|
TOTAL BANKS |
|
|
191,716,183 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL GOODS - 13.5% |
|
|
|
|
| |
227,148 |
|
|
|
|
Dover Corp |
|
|
38,762,806 |
|
| |
163,487 |
|
|
|
|
Eaton Corp PLC |
|
|
48,125,668 |
|
| |
379,402 |
|
|
|
|
Emerson Electric Co |
|
|
39,878,944 |
|
| |
180,291 |
|
|
|
|
ITT Inc |
|
|
24,703,473 |
|
| |
544,205 |
|
|
|
|
Johnson Controls International plc |
|
|
45,658,800 |
|
| |
565,696 |
|
|
|
|
nVent Electric PLC |
|
|
31,062,367 |
|
| |
76,166 |
|
|
|
|
Parker-Hannifin Corp |
|
|
46,085,000 |
|
| |
275,134 |
|
|
|
|
Regal Rexnord Corp |
|
|
29,120,183 |
|
| |
65,065 |
|
|
|
|
Trane Technologies PLC |
|
|
24,940,065 |
|
| |
261,113 |
|
|
|
|
Vertiv Holdings Co, Class A |
|
|
22,293,828 |
|
| |
251,018 |
|
|
|
|
Westinghouse Air Brake Technologies Corp |
|
|
46,373,065 |
|
| |
|
|
|
|
|
|
|
|
TOTAL CAPITAL GOODS |
|
|
397,004,199 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMMERCIAL & PROFESSIONAL SERVICES - 1.5% |
|
|
|
|
| |
195,635 |
|
|
|
|
Waste Management Inc |
|
|
45,653,384 |
|
| |
|
|
|
|
|
|
|
|
TOTAL COMMERCIAL & PROFESSIONAL SERVICES |
|
|
45,653,384 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSUMER SERVICES - 2.7% |
|
|
|
|
| |
222,353 |
|
|
|
|
Expedia Group Inc |
|
|
34,893,856 |
|
| |
1,225,376 |
|
|
|
|
Las Vegas Sands Corp |
|
|
44,934,538 |
|
| |
|
|
|
|
|
|
|
|
TOTAL CONSUMER SERVICES |
|
|
79,828,394 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ENERGY - 4.1% |
|
|
|
|
| |
449,168 |
|
|
|
|
ConocoPhillips |
|
|
40,029,852 |
|
| |
2,741,253 |
|
|
|
|
Permian Resources Corp |
|
|
32,346,785 |
|
| |
744,662 |
|
|
|
|
Shell PLC, ADR |
|
|
48,015,806 |
|
| |
|
|
|
|
|
|
|
|
TOTAL ENERGY |
|
|
120,392,443 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 9.4% |
|
|
|
|
| |
417,722 |
|
|
|
|
Crown Castle Inc |
|
|
44,178,279 |
|
| |
185,553 |
|
|
|
|
EastGroup Properties Inc |
|
|
30,323,071 |
|
| |
184,506 |
|
|
|
|
Extra Space Storage Inc |
|
|
27,033,819 |
|
| |
517,435 |
|
|
|
|
Prologis Inc |
|
|
52,881,857 |
|
| |
222,706 |
|
|
|
|
Simon Property Group Inc |
|
|
35,049,470 |
|
| |
489,414 |
|
|
|
|
Ventas Inc |
|
|
34,298,133 |
|
| |
1,670,124 |
|
|
|
|
VICI Properties Inc |
|
|
53,477,371 |
|
| |
|
|
|
|
|
|
|
|
TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) |
|
|
277,242,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL SERVICES - 8.7% |
|
|
|
|
| |
296,620 |
|
|
|
|
Capital One Financial Corp |
|
|
53,468,721 |
|
| |
606,514 |
|
|
|
|
Fidelity National Information Services Inc |
|
|
47,841,824 |
|
| |
175,846 |
|
|
|
|
Intercontinental Exchange Inc |
|
|
29,536,853 |
|
| |
341,785 |
|
|
|
|
KKR & Co Inc |
|
|
39,055,772 |
|
| |
77,340 |
|
|
|
|
Mastercard Inc, Class A |
|
|
42,386,960 |
|
| |
861,247 |
|
|
|
|
Synchrony Financial |
|
|
44,741,782 |
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| |
|
|
|
|
|
|
|
|
TOTAL FINANCIAL SERVICES |
|
|
257,031,912 |
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
FOOD, BEVERAGE & TOBACCO - 5.1% |
|
|
|
|
| |
1,296,087 |
|
|
|
|
Keurig Dr Pepper Inc |
|
|
44,831,649 |
|
| |
607,775 |
|
|
|
|
Philip Morris International Inc |
|
|
104,148,324 |
|
| |
|
|
|
|
|
|
|
|
TOTAL FOOD, BEVERAGE & TOBACCO |
|
|
148,979,973 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HEALTH CARE EQUIPMENT & SERVICES - 15.6% |
|
|
|
|
| |
497,167 |
|
|
|
|
Abbott Laboratories |
|
|
65,004,586 |
|
| |
205,225 |
|
|
|
|
Becton Dickinson & Co |
|
|
42,500,045 |
|
| |
340,469 |
|
|
(a) |
|
Boston Scientific Corp |
|
|
35,024,046 |
|
| |
606,286 |
|
|
(a) |
|
Centene Corp |
|
|
36,286,217 |
|
| |
210,400 |
|
|
|
|
Cigna Group/The |
|
|
71,544,416 |
|
| |
104,621 |
|
|
|
|
Elevance Health Inc |
|
|
44,001,500 |
|
|
|
|
| 4 |
|
See Notes to Financial Statements |
|
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| SHARES |
|
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|
DESCRIPTION |
|
VALUE |
|
|
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|
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|
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HEALTH CARE EQUIPMENT & SERVICES (continued) |
|
|
|
|
| |
298,736 |
|
|
(a) |
|
Tenet Healthcare Corp |
|
$ |
42,704,311 |
|
| |
175,553 |
|
|
|
|
UnitedHealth Group Inc |
|
|
72,229,527 |
|
| |
482,301 |
|
|
|
|
Zimmer Biomet Holdings Inc |
|
|
49,701,118 |
|
| |
|
|
|
|
|
|
|
|
TOTAL HEALTH CARE EQUIPMENT & SERVICES |
|
|
458,995,766 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INSURANCE - 5.8% |
|
|
|
|
| |
157,017 |
|
|
|
|
Allstate Corp/The |
|
|
31,150,603 |
|
| |
110,281 |
|
|
|
|
Aon PLC, Class A |
|
|
39,126,596 |
|
| |
904,661 |
|
|
|
|
Fidelity National Financial Inc |
|
|
57,943,537 |
|
| |
139,304 |
|
|
|
|
Willis Towers Watson PLC |
|
|
42,877,771 |
|
| |
|
|
|
|
|
|
|
|
TOTAL INSURANCE |
|
|
171,098,507 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MATERIALS - 1.5% |
|
|
|
|
| |
449,204 |
|
|
|
|
DuPont de Nemours Inc |
|
|
29,642,972 |
|
| |
339,804 |
|
|
|
|
Smurfit WestRock PLC |
|
|
14,278,564 |
|
| |
|
|
|
|
|
|
|
|
TOTAL MATERIALS |
|
|
43,921,536 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MEDIA & ENTERTAINMENT - 2.0% |
|
|
|
|
| |
192,800 |
|
|
|
|
Alphabet Inc, Class C |
|
|
31,019,592 |
|
| |
52,235 |
|
|
|
|
Meta Platforms Inc |
|
|
28,677,015 |
|
| |
|
|
|
|
|
|
|
|
TOTAL MEDIA & ENTERTAINMENT |
|
|
59,696,607 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 2.7% |
|
|
|
|
| |
224,453 |
|
|
|
|
Danaher Corp |
|
|
44,740,216 |
|
| |
2,368,145 |
|
|
(a) |
|
Elanco Animal Health Inc |
|
|
22,450,015 |
|
| |
182,360 |
|
|
|
|
Novo Nordisk A/S, Sponsored ADR |
|
|
12,117,822 |
|
| |
|
|
|
|
|
|
|
|
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES |
|
|
79,308,053 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.1% |
|
|
|
|
| |
114,298 |
|
|
|
|
Applied Materials Inc |
|
|
17,225,852 |
|
| |
195,538 |
|
|
|
|
Broadcom Inc |
|
|
37,635,199 |
|
| |
513,504 |
|
|
|
|
Intel Corp |
|
|
10,321,430 |
|
| |
148,900 |
|
|
|
|
Taiwan Semiconductor Manufacturing Co Ltd, Sponsored ADR |
|
|
24,820,141 |
|
| |
|
|
|
|
|
|
|
|
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT |
|
|
90,002,622 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SOFTWARE & SERVICES - 5.5% |
|
|
|
|
| |
1,785,807 |
|
|
|
|
Gen Digital Inc |
|
|
46,198,827 |
|
| |
143,482 |
|
|
|
|
Microsoft Corp |
|
|
56,712,695 |
|
| |
64,363 |
|
|
|
|
Roper Technologies Inc |
|
|
36,048,429 |
|
| |
86,428 |
|
|
|
|
Salesforce Inc |
|
|
23,224,068 |
|
| |
|
|
|
|
|
|
|
|
TOTAL SOFTWARE & SERVICES |
|
|
162,184,019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TECHNOLOGY HARDWARE & EQUIPMENT - 1.3% |
|
|
|
|
| |
353,634 |
|
|
|
|
TD SYNNEX Corp |
|
|
39,182,647 |
|
| |
|
|
|
|
|
|
|
|
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT |
|
|
39,182,647 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TELECOMMUNICATION SERVICES - 2.6% |
|
|
|
|
| |
2,714,051 |
|
|
|
|
AT&T Inc |
|
|
75,179,213 |
|
| |
|
|
|
|
|
|
|
|
TOTAL TELECOMMUNICATION SERVICES |
|
|
75,179,213 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UTILITIES - 7.8% |
|
|
|
|
| |
778,240 |
|
|
|
|
Alliant Energy Corp |
|
|
47,503,770 |
|
| |
273,992 |
|
|
|
|
CMS Energy Corp |
|
|
20,179,511 |
|
| |
319,431 |
|
|
|
|
Duke Energy Corp |
|
|
38,976,971 |
|
| |
586,124 |
|
|
|
|
FirstEnergy Corp |
|
|
25,132,997 |
|
| |
873,233 |
|
|
|
|
NextEra Energy Inc |
|
|
58,401,823 |
|
| |
429,170 |
|
|
|
|
Southern Co/The |
|
|
39,436,431 |
|
| |
|
|
|
|
|
|
|
|
TOTAL UTILITIES |
|
|
229,631,503 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL COMMON STOCKS (Cost $2,587,542,523) |
|
|
2,927,048,961 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LONG-TERM INVESTMENTS (Cost $2,587,542,523) |
|
|
2,927,048,961 |
|
|
|
|
|
|
|
|
|
|
|
|
| See Notes to Financial Statements |
|
5 |
Portfolio of Investments April 30, 2025 (continued)
Dividend Value
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
| PRINCIPAL |
|
|
|
|
DESCRIPTION |
|
RATE |
|
|
MATURITY |
|
|
VALUE |
|
|
|
|
|
|
|
SHORT-TERM INVESTMENTS - 0.1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REPURCHASE AGREEMENTS - 0.1% |
|
|
|
|
|
|
|
|
|
|
|
|
| |
$ 3,275,000 |
|
|
(b) |
|
Fixed Income Clearing Corporation |
|
|
4.320% |
|
|
|
05/01/25 |
|
|
$ |
3,275,000 |
|
| |
432,154 |
|
|
(c) |
|
Fixed Income Clearing Corporation |
|
|
1.360 |
|
|
|
05/01/25 |
|
|
|
432,154 |
|
| |
|
|
|
|
|
|
|
|
TOTAL REPURCHASE AGREEMENTS (Cost $3,707,154) |
|
|
|
|
|
|
|
|
|
|
3,707,154 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL SHORT-TERM INVESTMENTS (Cost $3,707,154) |
|
|
|
|
|
|
|
|
|
|
3,707,154 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS - 99.5% (Cost $2,591,249,677) |
|
|
|
|
|
|
|
|
|
|
2,930,756,115 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER ASSETS & LIABILITIES, NET - 0.5% |
|
|
|
|
|
|
|
|
|
|
13,449,185 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET ASSETS - 100% |
|
|
|
|
|
|
|
|
|
$ |
2,944,205,300 |
|
|
|
|
|
|
|
|
|
|
|
|
| ADR |
|
American Depositary Receipt |
|
|
| (a) |
|
Non-income producing; issuer has not declared an ex-dividend date within the past twelve months. |
| (b) |
|
Agreement with Fixed Income Clearing Corporation, 4.320% dated 4/30/25 to be repurchased at $3,275,393 on 5/1/25, collateralized by Government Agency Securities, with coupon rate 3.875% and maturity date 8/15/33, valued at $3,340,680. |
| (c) |
|
Agreement with Fixed Income Clearing Corporation, 1.360% dated 4/30/25 to be repurchased at $432,170 on 5/1/25, collateralized by Government Agency Securities, with coupon rate 2.125% and maturity date 1/15/35, valued at $440,860. |
|
|
|
| 6 |
|
See Notes to Financial Statements |
Portfolio of Investments April 30, 2025
Large Cap Select
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
| SHARES |
|
|
|
|
DESCRIPTION |
|
VALUE |
|
|
|
|
|
|
|
LONG-TERM INVESTMENTS - 100.0% |
|
|
|
|
|
|
|
|
|
|
COMMON STOCKS - 100.0% |
|
|
|
|
|
|
|
|
|
|
BANKS - 1.4% |
|
|
|
|
| |
8,412 |
|
|
|
|
Citigroup Inc |
|
$ |
575,213 |
|
| |
|
|
|
|
|
|
|
|
TOTAL BANKS |
|
|
575,213 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL GOODS - 10.2% |
|
|
|
|
| |
2,459 |
|
|
|
|
Dover Corp |
|
|
419,628 |
|
| |
1,762 |
|
|
|
|
Eaton Corp PLC |
|
|
518,680 |
|
| |
3,197 |
|
|
|
|
Emerson Electric Co |
|
|
336,037 |
|
| |
6,100 |
|
|
|
|
Johnson Controls International plc |
|
|
511,790 |
|
| |
5,389 |
|
|
|
|
nVent Electric PLC |
|
|
295,910 |
|
| |
819 |
|
|
|
|
Parker-Hannifin Corp |
|
|
495,544 |
|
| |
2,690 |
|
|
|
|
Regal Rexnord Corp |
|
|
284,710 |
|
| |
753 |
|
|
|
|
Trane Technologies PLC |
|
|
288,632 |
|
| |
4,743 |
|
|
|
|
Vertiv Holdings Co, Class A |
|
|
404,957 |
|
| |
2,952 |
|
|
|
|
Westinghouse Air Brake Technologies Corp |
|
|
545,353 |
|
| |
|
|
|
|
|
|
|
|
TOTAL CAPITAL GOODS |
|
|
4,101,241 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMMERCIAL & PROFESSIONAL SERVICES - 1.8% |
|
|
|
|
| |
3,046 |
|
|
|
|
Waste Management Inc |
|
|
710,814 |
|
| |
|
|
|
|
|
|
|
|
TOTAL COMMERCIAL & PROFESSIONAL SERVICES |
|
|
710,814 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 4.7% |
|
|
|
|
| |
10,318 |
|
|
(a) |
|
Amazon.com Inc |
|
|
1,902,846 |
|
| |
|
|
|
|
|
|
|
|
TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL |
|
|
1,902,846 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSUMER SERVICES - 2.5% |
|
|
|
|
| |
2,491 |
|
|
|
|
Expedia Group Inc |
|
|
390,913 |
|
| |
16,584 |
|
|
|
|
Las Vegas Sands Corp |
|
|
608,135 |
|
| |
|
|
|
|
|
|
|
|
TOTAL CONSUMER SERVICES |
|
|
999,048 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ENERGY - 1.9% |
|
|
|
|
| |
31,424 |
|
|
|
|
Permian Resources Corp |
|
|
370,803 |
|
| |
5,729 |
|
|
|
|
Shell PLC, ADR |
|
|
369,406 |
|
| |
|
|
|
|
|
|
|
|
TOTAL ENERGY |
|
|
740,209 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 1.5% |
|
|
|
|
| |
5,727 |
|
|
|
|
Prologis Inc |
|
|
585,299 |
|
| |
|
|
|
|
|
|
|
|
TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) |
|
|
585,299 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL SERVICES - 9.9% |
|
|
|
|
| |
3,637 |
|
|
|
|
Capital One Financial Corp |
|
|
655,606 |
|
| |
6,511 |
|
|
|
|
Fidelity National Information Services Inc |
|
|
513,588 |
|
| |
2,684 |
|
|
(a) |
|
Fiserv Inc |
|
|
495,386 |
|
| |
3,024 |
|
|
|
|
Intercontinental Exchange Inc |
|
|
507,941 |
|
| |
3,961 |
|
|
|
|
KKR & Co Inc |
|
|
452,623 |
|
| |
1,753 |
|
|
|
|
Mastercard Inc, Class A |
|
|
960,749 |
|
| |
7,563 |
|
|
|
|
Synchrony Financial |
|
|
392,898 |
|
| |
|
|
|
|
|
|
|
|
TOTAL FINANCIAL SERVICES |
|
|
3,978,791 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FOOD, BEVERAGE & TOBACCO - 3.4% |
|
|
|
|
| |
16,008 |
|
|
|
|
Keurig Dr Pepper Inc |
|
|
553,717 |
|
| |
4,814 |
|
|
|
|
Philip Morris International Inc |
|
|
824,927 |
|
| |
|
|
|
|
|
|
|
|
TOTAL FOOD, BEVERAGE & TOBACCO |
|
|
1,378,644 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HEALTH CARE EQUIPMENT & SERVICES - 12.6% |
|
|
|
|
| |
4,922 |
|
|
|
|
Abbott Laboratories |
|
|
643,552 |
|
| |
1,741 |
|
|
|
|
Becton Dickinson & Co |
|
|
360,544 |
|
| |
4,693 |
|
|
(a) |
|
Boston Scientific Corp |
|
|
482,769 |
|
| |
7,679 |
|
|
(a) |
|
Centene Corp |
|
|
459,588 |
|
| |
2,704 |
|
|
|
|
Cigna Group/The |
|
|
919,468 |
|
| |
1,100 |
|
|
|
|
Elevance Health Inc |
|
|
462,638 |
|
| |
3,476 |
|
|
(a) |
|
Tenet Healthcare Corp |
|
|
496,894 |
|
| |
1,559 |
|
|
|
|
UnitedHealth Group Inc |
|
|
641,435 |
|
| |
5,580 |
|
|
|
|
Zimmer Biomet Holdings Inc |
|
|
575,019 |
|
| |
|
|
|
|
|
|
|
|
TOTAL HEALTH CARE EQUIPMENT & SERVICES |
|
|
5,041,907 |
|
|
|
|
|
|
|
|
|
|
|
|
| See Notes to Financial Statements |
|
7 |
Portfolio of Investments April 30, 2025 (continued)
Large Cap Select
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SHARES |
|
|
|
|
DESCRIPTION |
|
|
|
|
|
|
|
VALUE |
|
|
|
|
|
|
INSURANCE - 4.4% |
|
|
|
|
|
|
|
|
|
|
|
|
| |
1,434 |
|
|
|
|
Aon PLC, Class A |
|
|
|
|
|
|
|
|
|
$ |
508,769 |
|
| |
9,385 |
|
|
|
|
Fidelity National Financial Inc |
|
|
|
|
|
|
|
|
|
|
601,109 |
|
| |
2,953 |
|
|
|
|
Marsh & McLennan Cos Inc |
|
|
|
|
|
|
|
|
|
|
665,813 |
|
| |
|
|
|
|
|
|
|
|
TOTAL INSURANCE |
|
|
|
|
|
|
|
|
|
|
1,775,691 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MEDIA & ENTERTAINMENT - 8.0% |
|
|
|
|
|
|
|
|
|
|
|
|
| |
10,907 |
|
|
|
|
Alphabet Inc, Class C |
|
|
|
|
|
|
|
|
|
|
1,754,827 |
|
| |
1,887 |
|
|
|
|
Meta Platforms Inc |
|
|
|
|
|
|
|
|
|
|
1,035,963 |
|
| |
358 |
|
|
(a) |
|
Netflix Inc |
|
|
|
|
|
|
|
|
|
|
405,156 |
|
| |
|
|
|
|
|
|
|
|
TOTAL MEDIA & ENTERTAINMENT |
|
|
|
|
|
|
|
|
|
|
3,195,946 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 2.8% |
|
|
|
|
|
|
|
|
|
|
|
|
| |
2,526 |
|
|
|
|
Danaher Corp |
|
|
|
|
|
|
|
|
|
|
503,508 |
|
| |
43,560 |
|
|
(a) |
|
Elanco Animal Health Inc |
|
|
|
|
|
|
|
|
|
|
412,949 |
|
| |
3,332 |
|
|
|
|
Novo Nordisk A/S, Sponsored ADR |
|
|
|
|
|
|
|
|
|
|
221,411 |
|
| |
|
|
|
|
|
|
|
|
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES |
|
|
|
|
|
|
|
|
|
|
1,137,868 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 10.4% |
|
|
|
|
|
|
|
|
|
|
|
|
| |
7,292 |
|
|
|
|
Broadcom Inc |
|
|
|
|
|
|
|
|
|
|
1,403,492 |
|
| |
8,141 |
|
|
|
|
Intel Corp |
|
|
|
|
|
|
|
|
|
|
163,634 |
|
| |
20,735 |
|
|
|
|
NVIDIA Corp |
|
|
|
|
|
|
|
|
|
|
2,258,456 |
|
| |
2,067 |
|
|
|
|
Taiwan Semiconductor Manufacturing Co Ltd, Sponsored ADR |
|
|
|
|
|
|
|
|
|
|
344,548 |
|
| |
|
|
|
|
|
|
|
|
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT |
|
|
|
|
|
|
|
|
|
|
4,170,130 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SOFTWARE & SERVICES - 13.4% |
|
|
|
|
|
|
|
|
|
|
|
|
| |
17,079 |
|
|
|
|
Gen Digital Inc |
|
|
|
|
|
|
|
|
|
|
441,834 |
|
| |
8,380 |
|
|
|
|
Microsoft Corp |
|
|
|
|
|
|
|
|
|
|
3,312,279 |
|
| |
1,159 |
|
|
|
|
Roper Technologies Inc |
|
|
|
|
|
|
|
|
|
|
649,133 |
|
| |
2,136 |
|
|
|
|
Salesforce Inc |
|
|
|
|
|
|
|
|
|
|
573,964 |
|
| |
426 |
|
|
(a) |
|
ServiceNow Inc |
|
|
|
|
|
|
|
|
|
|
406,834 |
|
| |
|
|
|
|
|
|
|
|
TOTAL SOFTWARE & SERVICES |
|
|
|
|
|
|
|
|
|
|
5,384,044 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TECHNOLOGY HARDWARE & EQUIPMENT - 6.0% |
|
|
|
|
|
|
|
|
|
|
|
|
| |
9,199 |
|
|
|
|
Apple Inc |
|
|
|
|
|
|
|
|
|
|
1,954,787 |
|
| |
4,162 |
|
|
|
|
TD SYNNEX Corp |
|
|
|
|
|
|
|
|
|
|
461,150 |
|
| |
|
|
|
|
|
|
|
|
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT |
|
|
|
|
|
|
|
|
|
|
2,415,937 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TELECOMMUNICATION SERVICES - 1.5% |
|
|
|
|
|
|
|
|
|
|
|
|
| |
22,165 |
|
|
|
|
AT&T Inc |
|
|
|
|
|
|
|
|
|
|
613,970 |
|
| |
|
|
|
|
|
|
|
|
TOTAL TELECOMMUNICATION SERVICES |
|
|
|
|
|
|
|
|
|
|
613,970 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UTILITIES - 3.6% |
|
|
|
|
|
|
|
|
|
|
|
|
| |
6,671 |
|
|
|
|
Alliant Energy Corp |
|
|
|
|
|
|
|
|
|
|
407,198 |
|
| |
4,802 |
|
|
|
|
CMS Energy Corp |
|
|
|
|
|
|
|
|
|
|
353,667 |
|
| |
6,434 |
|
|
|
|
NextEra Energy Inc |
|
|
|
|
|
|
|
|
|
|
430,306 |
|
| |
2,662 |
|
|
|
|
Southern Co/The |
|
|
|
|
|
|
|
|
|
|
244,611 |
|
| |
|
|
|
|
|
|
|
|
TOTAL UTILITIES |
|
|
|
|
|
|
|
|
|
|
1,435,782 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL COMMON STOCKS (Cost $31,491,068) |
|
|
|
|
|
|
|
|
|
|
40,143,380 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LONG-TERM INVESTMENTS (Cost $31,491,068) |
|
|
|
|
|
|
|
|
|
|
40,143,380 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| PRINCIPAL |
|
|
|
|
DESCRIPTION |
|
RATE |
|
|
MATURITY |
|
|
VALUE |
|
|
|
|
|
|
SHORT-TERM INVESTMENTS - 0.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REPURCHASE AGREEMENTS - 0.0% |
|
|
|
|
|
|
|
|
|
|
|
|
| |
$ 25,000 |
|
|
(b) |
|
Fixed Income Clearing Corporation |
|
|
4.320% |
|
|
|
05/01/25 |
|
|
|
25,000 |
|
| |
|
|
|
|
|
|
|
|
TOTAL REPURCHASE AGREEMENTS (Cost $25,000) |
|
|
|
|
|
|
|
|
|
|
25,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL SHORT-TERM INVESTMENTS (Cost $25,000) |
|
|
|
|
|
|
|
|
|
|
25,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS - 100.0% (Cost $31,516,068) |
|
|
|
|
|
|
|
|
|
|
40,168,380 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER ASSETS & LIABILITIES, NET - (0.0)% |
|
|
|
|
|
|
|
|
|
|
(11,834) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET ASSETS - 100% |
|
|
|
|
|
|
|
|
|
$ |
40,156,546 |
|
|
|
|
|
|
|
|
|
|
|
|
| ADR |
|
American Depositary Receipt |
|
|
|
| 8 |
|
See Notes to Financial Statements |
|
|
|
| (a) |
|
Non-income producing; issuer has not declared an ex-dividend date within the past twelve months. |
| (b) |
|
Agreement with Fixed Income Clearing Corporation, 4.320% dated 4/30/25 to be repurchased at $25,003 on 5/1/25, collateralized by Government Agency Securities, with coupon rate 4.500% and maturity date 8/15/39, valued at $25,645. |
|
|
|
| See Notes to Financial Statements |
|
9 |
Portfolio of Investments April 30, 2025
Mid Cap Value 1
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
| SHARES |
|
|
|
|
DESCRIPTION |
|
VALUE |
|
|
|
|
|
|
|
LONG-TERM INVESTMENTS - 99.8% |
|
|
|
|
|
|
|
|
|
|
COMMON STOCKS - 99.8% |
|
|
|
|
|
|
|
|
|
|
BANKS - 4.5% |
|
|
|
|
| |
72,747 |
|
|
|
|
East West Bancorp Inc |
|
$ |
6,223,506 |
|
| |
195,663 |
|
|
|
|
Fifth Third Bancorp |
|
|
7,032,128 |
|
| |
21,378 |
|
|
|
|
M&T Bank Corp |
|
|
3,629,129 |
|
| |
|
|
|
|
|
|
|
|
TOTAL BANKS |
|
|
16,884,763 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL GOODS - 15.9% |
|
|
|
|
| |
16,670 |
|
|
|
|
Carlisle Cos Inc |
|
|
6,325,932 |
|
| |
106,580 |
|
|
|
|
Carrier Global Corp |
|
|
6,665,513 |
|
| |
44,820 |
|
|
|
|
Crane Co |
|
|
7,215,124 |
|
| |
22,746 |
|
|
|
|
Dover Corp |
|
|
3,881,605 |
|
| |
17,232 |
|
|
|
|
Hubbell Inc |
|
|
6,258,318 |
|
| |
37,021 |
|
|
|
|
L3Harris Technologies Inc |
|
|
8,145,360 |
|
| |
101,782 |
|
|
|
|
nVent Electric PLC |
|
|
5,588,850 |
|
| |
44,640 |
|
|
|
|
Owens Corning |
|
|
6,491,102 |
|
| |
4,788 |
|
|
|
|
Parker-Hannifin Corp |
|
|
2,897,027 |
|
| |
36,171 |
|
|
|
|
WESCO International Inc |
|
|
5,894,426 |
|
| |
|
|
|
|
|
|
|
|
TOTAL CAPITAL GOODS |
|
|
59,363,257 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 1.1% |
|
|
|
|
| |
23,909 |
|
|
(a) |
|
AutoNation Inc |
|
|
4,163,752 |
|
| |
|
|
|
|
|
|
|
|
TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL |
|
|
4,163,752 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSUMER DURABLES & APPAREL - 4.4% |
|
|
|
|
| |
61,681 |
|
|
|
|
Brunswick Corp/DE |
|
|
2,840,410 |
|
| |
39,590 |
|
|
|
|
DR Horton Inc |
|
|
5,001,801 |
|
| |
23,021 |
|
|
|
|
Ralph Lauren Corp |
|
|
5,178,574 |
|
| |
44,580 |
|
|
|
|
Whirlpool Corp |
|
|
3,400,562 |
|
| |
|
|
|
|
|
|
|
|
TOTAL CONSUMER DURABLES & APPAREL |
|
|
16,421,347 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSUMER SERVICES - 2.5% |
|
|
|
|
| |
21,249 |
|
|
|
|
Darden Restaurants Inc |
|
|
4,263,400 |
|
| |
119,281 |
|
|
|
|
Travel + Leisure Co |
|
|
5,240,014 |
|
| |
|
|
|
|
|
|
|
|
TOTAL CONSUMER SERVICES |
|
|
9,503,414 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ENERGY - 5.1% |
|
|
|
|
| |
96,821 |
|
|
|
|
Baker Hughes Co |
|
|
3,427,463 |
|
| |
36,973 |
|
|
|
|
Diamondback Energy Inc |
|
|
4,880,806 |
|
| |
345,598 |
|
|
|
|
Permian Resources Corp |
|
|
4,078,057 |
|
| |
112,005 |
|
|
|
|
Williams Cos Inc/The |
|
|
6,560,133 |
|
| |
|
|
|
|
|
|
|
|
TOTAL ENERGY |
|
|
18,946,459 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 11.1% |
|
|
|
|
| |
360,097 |
|
|
|
|
Apple Hospitality REIT Inc |
|
|
4,238,342 |
|
| |
22,148 |
|
|
|
|
AvalonBay Communities Inc |
|
|
4,650,637 |
|
| |
47,199 |
|
|
|
|
Digital Realty Trust Inc |
|
|
7,577,327 |
|
| |
119,128 |
|
|
|
|
Invitation Homes Inc |
|
|
4,072,986 |
|
| |
64,399 |
|
|
|
|
Regency Centers Corp |
|
|
4,648,320 |
|
| |
143,758 |
|
|
|
|
STAG Industrial Inc |
|
|
4,748,327 |
|
| |
95,489 |
|
|
|
|
Ventas Inc |
|
|
6,691,869 |
|
| |
188,122 |
|
|
|
|
Weyerhaeuser Co |
|
|
4,874,241 |
|
| |
|
|
|
|
|
|
|
|
TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) |
|
|
41,502,049 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL SERVICES - 6.8% |
|
|
|
|
| |
114,316 |
|
|
|
|
Jefferies Financial Group Inc |
|
|
5,341,987 |
|
| |
133,488 |
|
|
|
|
OneMain Holdings Inc |
|
|
6,283,280 |
|
| |
205,265 |
|
|
|
|
Radian Group Inc |
|
|
6,556,164 |
|
| |
52,032 |
|
|
|
|
Raymond James Financial Inc |
|
|
7,130,465 |
|
| |
|
|
|
|
|
|
|
|
TOTAL FINANCIAL SERVICES |
|
|
25,311,896 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FOOD, BEVERAGE & TOBACCO - 2.2% |
|
|
|
|
| |
136,527 |
|
|
|
|
Primo Brands Corp |
|
|
4,460,337 |
|
| |
102,881 |
|
|
|
|
The Campbell’s Company |
|
|
3,751,041 |
|
| |
|
|
|
|
|
|
|
|
TOTAL FOOD, BEVERAGE & TOBACCO |
|
|
8,211,378 |
|
|
|
|
|
|
|
|
|
|
|
|
| 10 |
|
See Notes to Financial Statements |
|
|
|
|
|
|
|
|
|
|
|
| SHARES |
|
|
|
|
DESCRIPTION |
|
VALUE |
|
|
|
|
|
|
|
HEALTH CARE EQUIPMENT & SERVICES - 2.0% |
|
|
|
|
| |
12,911 |
|
|
|
|
Humana Inc |
|
$ |
3,385,781 |
|
| |
123,713 |
|
|
(a) |
|
Option Care Health Inc |
|
|
3,997,167 |
|
| |
|
|
|
|
|
|
|
|
TOTAL HEALTH CARE EQUIPMENT & SERVICES |
|
|
7,382,948 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INSURANCE - 6.7% |
|
|
|
|
| |
29,151 |
|
|
|
|
Allstate Corp/The |
|
|
5,783,267 |
|
| |
88,378 |
|
|
|
|
Arch Capital Group Ltd |
|
|
8,014,117 |
|
| |
18,245 |
|
|
|
|
Everest Group Ltd |
|
|
6,546,854 |
|
| |
25,152 |
|
|
|
|
Reinsurance Group of America Inc |
|
|
4,711,221 |
|
| |
|
|
|
|
|
|
|
|
TOTAL INSURANCE |
|
|
25,055,459 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MATERIALS - 6.1% |
|
|
|
|
| |
91,376 |
|
|
|
|
DuPont de Nemours Inc |
|
|
6,029,902 |
|
| |
42,135 |
|
|
|
|
Nucor Corp |
|
|
5,029,655 |
|
| |
22,802 |
|
|
|
|
Reliance Inc |
|
|
6,572,221 |
|
| |
54,010 |
|
|
|
|
Westlake Corp |
|
|
4,992,144 |
|
| |
|
|
|
|
|
|
|
|
TOTAL MATERIALS |
|
|
22,623,922 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MEDIA & ENTERTAINMENT - 2.3% |
|
|
|
|
| |
36,715 |
|
|
(a) |
|
Take-Two Interactive Software Inc |
|
|
8,566,344 |
|
| |
|
|
|
|
|
|
|
|
TOTAL MEDIA & ENTERTAINMENT |
|
|
8,566,344 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 6.9% |
|
|
|
|
| |
66,941 |
|
|
(a) |
|
BioMarin Pharmaceutical Inc |
|
|
4,263,472 |
|
| |
492,180 |
|
|
(a) |
|
Elanco Animal Health Inc |
|
|
4,665,866 |
|
| |
161,921 |
|
|
(a) |
|
Exelixis Inc |
|
|
6,339,207 |
|
| |
43,526 |
|
|
(a) |
|
Jazz Pharmaceuticals PLC |
|
|
5,090,801 |
|
| |
17,805 |
|
|
(a) |
|
United Therapeutics Corp |
|
|
5,396,518 |
|
| |
|
|
|
|
|
|
|
|
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES |
|
|
25,755,864 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 1.4% |
|
|
|
|
| |
58,513 |
|
|
|
|
Marvell Technology Inc |
|
|
3,415,404 |
|
| |
41,262 |
|
|
|
|
Microchip Technology Inc |
|
|
1,901,353 |
|
| |
|
|
|
|
|
|
|
|
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT |
|
|
5,316,757 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SOFTWARE & SERVICES - 4.3% |
|
|
|
|
| |
29,345 |
|
|
(a) |
|
Check Point Software Technologies Ltd |
|
|
6,442,988 |
|
| |
186,624 |
|
|
|
|
Gen Digital Inc |
|
|
4,827,963 |
|
| |
17,060 |
|
|
(a) |
|
VeriSign Inc |
|
|
4,812,967 |
|
| |
|
|
|
|
|
|
|
|
TOTAL SOFTWARE & SERVICES |
|
|
16,083,918 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TECHNOLOGY HARDWARE & EQUIPMENT - 5.6% |
|
|
|
|
| |
89,569 |
|
|
(a) |
|
Ciena Corp |
|
|
6,015,454 |
|
| |
82,945 |
|
|
|
|
Crane NXT Co |
|
|
3,891,779 |
|
| |
275,673 |
|
|
|
|
Hewlett Packard Enterprise Co |
|
|
4,471,416 |
|
| |
60,526 |
|
|
|
|
TD SYNNEX Corp |
|
|
6,706,281 |
|
| |
|
|
|
|
|
|
|
|
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT |
|
|
21,084,930 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TRANSPORTATION - 1.1% |
|
|
|
|
| |
52,033 |
|
|
|
|
TFI International Inc |
|
|
4,231,844 |
|
| |
|
|
|
|
|
|
|
|
TOTAL TRANSPORTATION |
|
|
4,231,844 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UTILITIES - 9.8% |
|
|
|
|
| |
127,374 |
|
|
|
|
Alliant Energy Corp |
|
|
7,774,909 |
|
| |
74,214 |
|
|
|
|
Ameren Corp |
|
|
7,364,997 |
|
| |
71,948 |
|
|
|
|
American Electric Power Co Inc |
|
|
7,794,846 |
|
| |
70,209 |
|
|
|
|
CMS Energy Corp |
|
|
5,170,893 |
|
| |
31,631 |
|
|
|
|
Eversource Energy |
|
|
1,881,412 |
|
| |
157,319 |
|
|
|
|
FirstEnergy Corp |
|
|
6,745,839 |
|
| |
|
|
|
|
|
|
|
|
TOTAL UTILITIES |
|
|
36,732,896 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL COMMON STOCKS (Cost $292,625,132) |
|
|
373,143,197 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LONG-TERM INVESTMENTS (Cost $292,625,132) |
|
|
373,143,197 |
|
|
|
|
|
|
|
|
|
|
|
|
| See Notes to Financial Statements |
|
11 |
Portfolio of Investments April 30, 2025 (continued)
Mid Cap Value 1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| PRINCIPAL |
|
|
|
|
DESCRIPTION |
|
RATE |
|
|
MATURITY |
|
|
VALUE |
|
|
|
|
|
|
SHORT-TERM INVESTMENTS - 0.3% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REPURCHASE AGREEMENTS - 0.3% |
|
|
|
|
|
|
|
|
|
|
|
|
| |
$ 1,375,000 |
|
|
(b) |
|
Fixed Income Clearing Corporation |
|
|
4.320% |
|
|
|
05/01/25 |
|
|
$ |
1,375,000 |
|
| |
|
|
|
|
|
|
|
|
TOTAL REPURCHASE AGREEMENTS (Cost $1,375,000) |
|
|
|
|
|
|
|
|
|
|
1,375,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL SHORT-TERM INVESTMENTS (Cost $1,375,000) |
|
|
|
|
|
|
|
|
|
|
1,375,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS - 100.1% (Cost $294,000,132) |
|
|
|
|
|
|
|
|
|
|
374,518,197 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER ASSETS & LIABILITIES, NET - (0.1)% |
|
|
|
|
|
|
|
|
|
|
(511,858) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET ASSETS - 100% |
|
|
|
|
|
|
|
|
|
$ |
374,006,339 |
|
|
|
|
|
|
|
|
|
|
|
|
| REIT |
|
Real Estate Investment Trust |
|
|
| (a) |
|
Non-income producing; issuer has not declared an ex-dividend date within the past twelve months. |
| (b) |
|
Agreement with Fixed Income Clearing Corporation, 4.320% dated 4/30/25 to be repurchased at $1,375,165 on 5/1/25, collateralized by Government Agency Securities, with coupon rate 3.875% and maturity date 8/15/33, valued at $1,402,677. |
|
|
|
| 12 |
|
See Notes to Financial Statements |
Portfolio of Investments April 30, 2025
Small Cap Growth Opportunities
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
| SHARES |
|
|
|
|
DESCRIPTION |
|
VALUE |
|
|
|
|
|
|
|
LONG-TERM INVESTMENTS - 100.6% |
|
|
|
|
|
|
|
|
|
|
COMMON STOCKS - 100.6% |
|
|
|
|
|
|
|
|
|
|
AUTOMOBILES & COMPONENTS - 1.4% |
|
|
|
|
| |
36,442 |
|
|
|
|
Patrick Industries Inc |
|
$ |
2,805,305 |
|
| |
|
|
|
|
|
|
|
|
TOTAL AUTOMOBILES & COMPONENTS |
|
|
2,805,305 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BANKS - 2.3% |
|
|
|
|
| |
35,852 |
|
|
|
|
Ameris Bancorp |
|
|
2,100,927 |
|
| |
34,675 |
|
|
|
|
Preferred Bank/Los Angeles CA |
|
|
2,769,146 |
|
| |
|
|
|
|
|
|
|
|
TOTAL BANKS |
|
|
4,870,073 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL GOODS - 16.6% |
|
|
|
|
| |
26,155 |
|
|
|
|
AAON Inc |
|
|
2,387,167 |
|
| |
25,318 |
|
|
(a) |
|
AeroVironment Inc |
|
|
3,836,183 |
|
| |
20,209 |
|
|
|
|
Applied Industrial Technologies Inc |
|
|
4,916,446 |
|
| |
51,070 |
|
|
(a) |
|
AZEK Co Inc/The |
|
|
2,531,029 |
|
| |
31,251 |
|
|
|
|
AZZ Inc |
|
|
2,711,337 |
|
| |
20,480 |
|
|
(a) |
|
Chart Industries Inc |
|
|
2,764,390 |
|
| |
23,218 |
|
|
|
|
ESCO Technologies Inc |
|
|
3,632,456 |
|
| |
18,081 |
|
|
|
|
FTAI Aviation Ltd |
|
|
1,936,656 |
|
| |
85,274 |
|
|
(a) |
|
Kratos Defense & Security Solutions Inc |
|
|
2,880,982 |
|
| |
28,665 |
|
|
(a) |
|
SPX Technologies Inc |
|
|
3,845,410 |
|
| |
94,879 |
|
|
|
|
Zurn Elkay Water Solutions Corp |
|
|
3,222,091 |
|
| |
|
|
|
|
|
|
|
|
TOTAL CAPITAL GOODS |
|
|
34,664,147 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMMERCIAL & PROFESSIONAL SERVICES - 7.9% |
|
|
|
|
| |
155,408 |
|
|
(a) |
|
ACV Auctions Inc, Class A |
|
|
2,282,943 |
|
| |
37,906 |
|
|
(a) |
|
Casella Waste Systems Inc, Class A |
|
|
4,452,060 |
|
| |
44,248 |
|
|
(a) |
|
CBIZ Inc |
|
|
3,013,289 |
|
| |
83,572 |
|
|
(a) |
|
ExlService Holdings Inc |
|
|
4,051,570 |
|
| |
19,154 |
|
|
(a) |
|
Huron Consulting Group Inc |
|
|
2,581,768 |
|
| |
|
|
|
|
|
|
|
|
TOTAL COMMERCIAL & PROFESSIONAL SERVICES |
|
|
16,381,630 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 2.9% |
|
|
|
|
| |
28,794 |
|
|
(a) |
|
Boot Barn Holdings Inc |
|
|
3,004,366 |
|
| |
29,048 |
|
|
(a) |
|
Ollie’s Bargain Outlet Holdings Inc |
|
|
3,082,283 |
|
| |
|
|
|
|
|
|
|
|
TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL |
|
|
6,086,649 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSUMER DURABLES & APPAREL - 1.0% |
|
|
|
|
| |
68,953 |
|
|
(a) |
|
Tri Pointe Homes Inc |
|
|
2,120,305 |
|
| |
|
|
|
|
|
|
|
|
TOTAL CONSUMER DURABLES & APPAREL |
|
|
2,120,305 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSUMER SERVICES - 4.4% |
|
|
|
|
| |
24,953 |
|
|
(a) |
|
Planet Fitness Inc |
|
|
2,360,304 |
|
| |
82,709 |
|
|
|
|
Red Rock Resorts Inc, Class A |
|
|
3,531,675 |
|
| |
12,216 |
|
|
|
|
Wingstop Inc |
|
|
3,223,680 |
|
| |
|
|
|
|
|
|
|
|
TOTAL CONSUMER SERVICES |
|
|
9,115,659 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSUMER STAPLES DISTRIBUTION & RETAIL - 1.9% |
|
|
|
|
| |
23,491 |
|
|
(a) |
|
Sprouts Farmers Market Inc |
|
|
4,016,961 |
|
| |
|
|
|
|
|
|
|
|
TOTAL CONSUMER STAPLES DISTRIBUTION & RETAIL |
|
|
4,016,961 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ENERGY - 2.3% |
|
|
|
|
| |
58,461 |
|
|
|
|
Matador Resources Co |
|
|
2,311,548 |
|
| |
104,649 |
|
|
|
|
Northern Oil & Gas Inc |
|
|
2,542,971 |
|
| |
|
|
|
|
|
|
|
|
TOTAL ENERGY |
|
|
4,854,519 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 2.2% |
|
|
|
|
| |
47,964 |
|
|
|
|
CareTrust REIT Inc |
|
|
1,403,906 |
|
| |
19,591 |
|
|
|
|
EastGroup Properties Inc |
|
|
3,201,561 |
|
| |
|
|
|
|
|
|
|
|
TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) |
|
|
4,605,467 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL SERVICES - 3.9% |
|
|
|
|
| |
15,699 |
|
|
|
|
Evercore Inc, Class A |
|
|
3,222,847 |
|
| |
37,053 |
|
|
|
|
FirstCash Holdings Inc |
|
|
4,963,620 |
|
| |
|
|
|
|
|
|
|
|
TOTAL FINANCIAL SERVICES |
|
|
8,186,467 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FOOD, BEVERAGE & TOBACCO - 1.3% |
|
|
|
|
| |
80,819 |
|
|
(a) |
|
Vital Farms Inc |
|
|
2,767,242 |
|
| |
|
|
|
|
|
|
|
|
TOTAL FOOD, BEVERAGE & TOBACCO |
|
|
2,767,242 |
|
|
|
|
|
|
|
|
|
|
|
|
| See Notes to Financial Statements |
|
13 |
Portfolio of Investments April 30, 2025 (continued)
Small Cap Growth Opportunities
|
|
|
|
|
|
|
|
|
|
|
| SHARES |
|
|
|
|
DESCRIPTION |
|
VALUE |
|
|
|
|
|
|
|
HEALTH CARE EQUIPMENT & SERVICES - 15.5% |
|
|
|
|
| |
35,827 |
|
|
(a) |
|
Addus HomeCare Corp |
|
$ |
3,745,713 |
|
| |
259,187 |
|
|
(a) |
|
Alphatec Holdings Inc |
|
|
2,845,873 |
|
| |
33,351 |
|
|
|
|
Encompass Health Corp |
|
|
3,901,733 |
|
| |
31,037 |
|
|
|
|
Ensign Group Inc/The |
|
|
4,003,463 |
|
| |
36,720 |
|
|
(a),(b) |
|
Establishment Labs Holdings Inc |
|
|
1,114,452 |
|
| |
24,026 |
|
|
(a) |
|
Glaukos Corp |
|
|
2,264,451 |
|
| |
56,338 |
|
|
(a) |
|
HealthEquity Inc |
|
|
4,829,293 |
|
| |
37,005 |
|
|
(a) |
|
Lantheus Holdings Inc |
|
|
3,861,102 |
|
| |
54,352 |
|
|
(a) |
|
RadNet Inc |
|
|
2,846,958 |
|
| |
215,617 |
|
|
(a) |
|
SI-BONE Inc |
|
|
2,943,173 |
|
| |
|
|
|
|
|
|
|
|
TOTAL HEALTH CARE EQUIPMENT & SERVICES |
|
|
32,356,211 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HOUSEHOLD & PERSONAL PRODUCTS - 1.3% |
|
|
|
|
| |
34,297 |
|
|
(a) |
|
BellRing Brands Inc |
|
|
2,645,670 |
|
| |
|
|
|
|
|
|
|
|
TOTAL HOUSEHOLD & PERSONAL PRODUCTS |
|
|
2,645,670 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INSURANCE - 1.2% |
|
|
|
|
| |
16,603 |
|
|
(a) |
|
Palomar Holdings Inc |
|
|
2,407,767 |
|
| |
|
|
|
|
|
|
|
|
TOTAL INSURANCE |
|
|
2,407,767 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MATERIALS - 3.9% |
|
|
|
|
| |
16,700 |
|
|
|
|
Carpenter Technology Corp |
|
|
3,266,687 |
|
| |
51,382 |
|
|
|
|
Commercial Metals Co |
|
|
2,288,554 |
|
| |
27,289 |
|
|
(a) |
|
Knife River Corp |
|
|
2,548,247 |
|
| |
|
|
|
|
|
|
|
|
TOTAL MATERIALS |
|
|
8,103,488 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MEDIA & ENTERTAINMENT - 1.6% |
|
|
|
|
| |
275,438 |
|
|
(a) |
|
Magnite Inc |
|
|
3,274,958 |
|
| |
591,081 |
|
|
(a),(c) |
|
Videopropulsion Inc |
|
|
5,911 |
|
| |
|
|
|
|
|
|
|
|
TOTAL MEDIA & ENTERTAINMENT |
|
|
3,280,869 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 9.8% |
|
|
|
|
| |
30,340 |
|
|
(a) |
|
ANI Pharmaceuticals Inc |
|
|
2,148,679 |
|
| |
23,743 |
|
|
(a) |
|
Axsome Therapeutics Inc |
|
|
2,666,101 |
|
| |
38,919 |
|
|
(a) |
|
Biohaven Ltd |
|
|
860,888 |
|
| |
20,575 |
|
|
(a) |
|
Blueprint Medicines Corp |
|
|
1,841,463 |
|
| |
39,136 |
|
|
(a) |
|
Bridgebio Pharma Inc |
|
|
1,501,257 |
|
| |
45,115 |
|
|
(a) |
|
Crinetics Pharmaceuticals Inc |
|
|
1,506,390 |
|
| |
34,289 |
|
|
(a) |
|
Halozyme Therapeutics Inc |
|
|
2,106,030 |
|
| |
43,575 |
|
|
(a) |
|
Insmed Inc |
|
|
3,137,400 |
|
| |
10,142 |
|
|
(a) |
|
Krystal Biotech Inc |
|
|
1,722,923 |
|
| |
21,371 |
|
|
(a) |
|
Mirum Pharmaceuticals Inc |
|
|
928,570 |
|
| |
31,905 |
|
|
(a) |
|
Twist Bioscience Corp |
|
|
1,222,600 |
|
| |
19,857 |
|
|
(a) |
|
Ultragenyx Pharmaceutical Inc |
|
|
774,026 |
|
| |
|
|
|
|
|
|
|
|
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES |
|
|
20,416,327 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.8% |
|
|
|
|
| |
82,030 |
|
|
(a) |
|
Credo Technology Group Holding Ltd |
|
|
3,531,392 |
|
| |
75,214 |
|
|
(a) |
|
Semtech Corp |
|
|
2,350,437 |
|
| |
|
|
|
|
|
|
|
|
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT |
|
|
5,881,829 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SOFTWARE & SERVICES - 12.0% |
|
|
|
|
| |
29,992 |
|
|
(a) |
|
Agilysys Inc |
|
|
2,229,905 |
|
| |
15,432 |
|
|
(a) |
|
Commvault Systems Inc |
|
|
2,579,150 |
|
| |
134,286 |
|
|
(a) |
|
Grid Dynamics Holdings Inc |
|
|
1,901,490 |
|
| |
62,573 |
|
|
(a) |
|
JFrog Ltd |
|
|
2,113,090 |
|
| |
101,767 |
|
|
(a),(b) |
|
MARA Holdings Inc |
|
|
1,360,625 |
|
| |
102,996 |
|
|
(a),(b) |
|
nCino OpCo Inc |
|
|
2,389,507 |
|
| |
37,059 |
|
|
(a) |
|
Q2 Holdings Inc |
|
|
2,936,926 |
|
| |
122,527 |
|
|
(a) |
|
SentinelOne Inc, Class A |
|
|
2,266,749 |
|
| |
85,983 |
|
|
(a) |
|
Varonis Systems Inc |
|
|
3,683,512 |
|
| |
45,662 |
|
|
(a) |
|
Workiva Inc |
|
|
3,436,979 |
|
| |
|
|
|
|
|
|
|
|
TOTAL SOFTWARE & SERVICES |
|
|
24,897,933 |
|
|
|
|
|
|
|
|
|
|
|
|
| 14 |
|
See Notes to Financial Statements |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SHARES |
|
|
|
|
DESCRIPTION |
|
|
|
|
|
|
|
VALUE |
|
|
|
|
|
|
|
TECHNOLOGY HARDWARE & EQUIPMENT - 4.4% |
|
|
|
|
|
|
|
|
|
|
|
|
| |
17,516 |
|
|
|
|
Badger Meter Inc |
|
|
|
|
|
|
|
|
|
$ |
3,867,883 |
|
| |
27,080 |
|
|
(a) |
|
Itron Inc |
|
|
|
|
|
|
|
|
|
|
3,013,733 |
|
| |
39,097 |
|
|
(a) |
|
Lumentum Holdings Inc |
|
|
|
|
|
|
|
|
|
|
2,308,287 |
|
| |
|
|
|
|
|
|
|
|
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT |
|
|
|
|
|
|
|
|
|
|
9,189,903 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL COMMON STOCKS (Cost $178,038,650) |
|
|
|
|
|
|
|
|
|
|
209,654,421 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LONG-TERM INVESTMENTS (Cost $178,038,650) |
|
|
|
|
|
|
|
|
|
|
209,654,421 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SHARES |
|
|
|
|
DESCRIPTION |
|
RATE |
|
|
|
|
|
VALUE |
|
|
|
|
|
|
|
INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING - 1.6% |
|
|
|
|
|
|
|
|
|
| |
3,251,214 |
|
|
(d) |
|
State Street Navigator Securities Lending Government Money Market Portfolio |
|
|
4.360%(e) |
|
|
|
|
|
|
|
3,251,214 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING (Cost $3,251,214) |
|
|
|
|
|
|
|
3,251,214 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| PRINCIPAL |
|
|
|
|
DESCRIPTION |
|
RATE |
|
|
MATURITY |
|
|
VALUE |
|
|
|
|
|
|
|
SHORT-TERM INVESTMENTS - 0.9% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REPURCHASE AGREEMENTS - 0.9% |
|
|
|
|
|
|
|
|
|
|
|
|
| |
$129,381 |
|
|
(f) |
|
Fixed Income Clearing Corporation |
|
|
1.360 |
|
|
|
05/01/25 |
|
|
|
129,381 |
|
| |
1,825,000 |
|
|
(g) |
|
Fixed Income Clearing Corporation |
|
|
4.320 |
|
|
|
05/01/25 |
|
|
|
1,825,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL REPURCHASE AGREEMENTS (Cost $1,954,381) |
|
|
|
|
|
|
|
|
|
|
1,954,381 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL SHORT-TERM INVESTMENTS (Cost $1,954,381) |
|
|
|
|
|
|
|
|
|
|
1,954,381 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS - 103.1% (Cost $183,244,245) |
|
|
|
|
|
|
|
|
|
|
214,860,016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER ASSETS & LIABILITIES, NET - (3.1)% |
|
|
|
|
|
|
|
|
|
|
(6,376,761) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET ASSETS - 100% |
|
|
|
|
|
|
|
|
|
$ |
208,483,255 |
|
|
|
|
|
|
|
|
|
|
|
|
| REIT |
|
Real Estate Investment Trust |
|
|
| (a) |
|
Non-income producing; issuer has not declared an ex-dividend date within the past twelve months. |
| (b) |
|
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 $3,056,954. |
| (c) |
|
For fair value measurement disclosure purposes, investment classified as Level 3. |
| (d) |
|
Investments made with cash collateral received from securities on loan. |
| (e) |
|
The rate shown is the one-day yield as of the end of the reporting period. |
| (f) |
|
Agreement with Fixed Income Clearing Corporation, 1.360% dated 4/30/25 to be repurchased at $129,386 on 5/1/25, collateralized by Government Agency Securities, with coupon rate 2.125% and maturity date 1/15/35, valued at $132,074. |
| (g) |
|
Agreement with Fixed Income Clearing Corporation, 4.320% dated 4/30/25 to be repurchased at $1,825,219 on 5/1/25, collateralized by Government Agency Securities, with coupon rate 3.875% and maturity date 8/15/33, valued at $1,861,641. |
|
|
|
| See Notes to Financial Statements |
|
15 |
Portfolio of Investments April 30, 2025
Small Cap Select
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
| SHARES |
|
|
|
|
DESCRIPTION |
|
VALUE |
|
|
|
|
|
|
|
LONG-TERM INVESTMENTS - 97.6% |
|
|
|
|
|
|
|
|
|
|
COMMON STOCKS - 97.6% |
|
|
|
|
|
|
|
|
|
|
AUTOMOBILES & COMPONENTS - 1.5% |
|
|
|
|
| |
27,348 |
|
|
|
|
Patrick Industries Inc |
|
$ |
2,105,249 |
|
| |
|
|
|
|
|
|
|
|
TOTAL AUTOMOBILES & COMPONENTS |
|
|
2,105,249 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BANKS - 10.7% |
|
|
|
|
| |
18,404 |
|
|
|
|
Ameris Bancorp |
|
|
1,078,474 |
|
| |
44,291 |
|
|
|
|
Banner Corp |
|
|
2,707,952 |
|
| |
53,551 |
|
|
|
|
First Interstate BancSystem Inc, Class A |
|
|
1,402,768 |
|
| |
78,361 |
|
|
|
|
Home BancShares Inc/AR |
|
|
2,174,518 |
|
| |
23,794 |
|
|
|
|
Preferred Bank/Los Angeles CA |
|
|
1,900,189 |
|
| |
18,018 |
|
|
|
|
SouthState Corp |
|
|
1,563,602 |
|
| |
60,939 |
|
|
|
|
Veritex Holdings Inc |
|
|
1,418,660 |
|
| |
28,357 |
|
|
|
|
Wintrust Financial Corp |
|
|
3,152,448 |
|
| |
|
|
|
|
|
|
|
|
TOTAL BANKS |
|
|
15,398,611 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL GOODS - 14.2% |
|
|
|
|
| |
13,152 |
|
|
(a) |
|
AeroVironment Inc |
|
|
1,992,791 |
|
| |
9,910 |
|
|
|
|
Applied Industrial Technologies Inc |
|
|
2,410,905 |
|
| |
23,939 |
|
|
|
|
Arcosa Inc |
|
|
1,916,796 |
|
| |
65,004 |
|
|
|
|
Atmus Filtration Technologies Inc |
|
|
2,253,689 |
|
| |
13,121 |
|
|
|
|
Enpro Inc |
|
|
1,960,277 |
|
| |
17,571 |
|
|
|
|
ESCO Technologies Inc |
|
|
2,748,983 |
|
| |
74,417 |
|
|
(a) |
|
Kratos Defense & Security Solutions Inc |
|
|
2,514,178 |
|
| |
17,424 |
|
|
(a) |
|
SPX Technologies Inc |
|
|
2,337,429 |
|
| |
11,065 |
|
|
|
|
Watts Water Technologies Inc, Class A |
|
|
2,298,754 |
|
| |
|
|
|
|
|
|
|
|
TOTAL CAPITAL GOODS |
|
|
20,433,802 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMMERCIAL & PROFESSIONAL SERVICES - 4.4% |
|
|
|
|
| |
21,939 |
|
|
(a) |
|
Casella Waste Systems Inc, Class A |
|
|
2,576,735 |
|
| |
20,526 |
|
|
|
|
Maximus Inc |
|
|
1,374,421 |
|
| |
40,142 |
|
|
(a) |
|
WNS Holdings Ltd |
|
|
2,429,394 |
|
| |
|
|
|
|
|
|
|
|
TOTAL COMMERCIAL & PROFESSIONAL SERVICES |
|
|
6,380,550 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 2.5% |
|
|
|
|
| |
19,931 |
|
|
(a) |
|
Boot Barn Holdings Inc |
|
|
2,079,601 |
|
| |
24,771 |
|
|
|
|
Signet Jewelers Ltd |
|
|
1,468,920 |
|
| |
|
|
|
|
|
|
|
|
TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL |
|
|
3,548,521 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSUMER DURABLES & APPAREL - 1.3% |
|
|
|
|
| |
61,549 |
|
|
(a) |
|
Tri Pointe Homes Inc |
|
|
1,892,632 |
|
| |
|
|
|
|
|
|
|
|
TOTAL CONSUMER DURABLES & APPAREL |
|
|
1,892,632 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSUMER SERVICES - 2.9% |
|
|
|
|
| |
33,059 |
|
|
|
|
Boyd Gaming Corp |
|
|
2,285,699 |
|
| |
7,089 |
|
|
|
|
Wingstop Inc |
|
|
1,870,716 |
|
| |
|
|
|
|
|
|
|
|
TOTAL CONSUMER SERVICES |
|
|
4,156,415 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSUMER STAPLES DISTRIBUTION & RETAIL - 1.0% |
|
|
|
|
| |
58,974 |
|
|
(a) |
|
Guardian Pharmacy Services Inc, Class A |
|
|
1,476,709 |
|
| |
|
|
|
|
|
|
|
|
TOTAL CONSUMER STAPLES DISTRIBUTION & RETAIL |
|
|
1,476,709 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ENERGY - 3.1% |
|
|
|
|
| |
54,094 |
|
|
|
|
Matador Resources Co |
|
|
2,138,877 |
|
| |
92,927 |
|
|
|
|
Northern Oil & Gas Inc |
|
|
2,258,126 |
|
| |
|
|
|
|
|
|
|
|
TOTAL ENERGY |
|
|
4,397,003 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 4.2% |
|
|
|
|
| |
62,463 |
|
|
|
|
CareTrust REIT Inc |
|
|
1,828,292 |
|
| |
12,925 |
|
|
|
|
EastGroup Properties Inc |
|
|
2,112,204 |
|
| |
61,912 |
|
|
|
|
STAG Industrial Inc |
|
|
2,044,953 |
|
| |
|
|
|
|
|
|
|
|
TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) |
|
|
5,985,449 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL SERVICES - 6.7% |
|
|
|
|
| |
9,148 |
|
|
|
|
Evercore Inc, Class A |
|
|
1,877,993 |
|
| |
26,620 |
|
|
|
|
FirstCash Holdings Inc |
|
|
3,566,016 |
|
| |
144,085 |
|
|
|
|
Ladder Capital Corp |
|
|
1,504,248 |
|
| |
10,936 |
|
|
|
|
Piper Sandler Cos |
|
|
2,636,888 |
|
| |
|
|
|
|
|
|
|
|
TOTAL FINANCIAL SERVICES |
|
|
9,585,145 |
|
|
|
|
|
|
|
|
|
|
|
|
| 16 |
|
See Notes to Financial Statements |
|
|
|
|
|
|
|
|
|
|
|
| SHARES |
|
|
|
|
DESCRIPTION |
|
VALUE |
|
|
|
|
|
|
|
FOOD, BEVERAGE & TOBACCO - 1.7% |
|
|
|
|
| |
74,517 |
|
|
|
|
Primo Brands Corp |
|
$ |
2,434,470 |
|
| |
|
|
|
|
|
|
|
|
TOTAL FOOD, BEVERAGE & TOBACCO |
|
|
2,434,470 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HEALTH CARE EQUIPMENT & SERVICES - 11.5% |
|
|
|
|
| |
48,236 |
|
|
(a) |
|
Acadia Healthcare Co Inc |
|
|
1,128,722 |
|
| |
148,808 |
|
|
(a) |
|
Alphatec Holdings Inc |
|
|
1,633,912 |
|
| |
46,050 |
|
|
(a) |
|
Castle Biosciences Inc |
|
|
923,303 |
|
| |
21,202 |
|
|
|
|
Encompass Health Corp |
|
|
2,480,422 |
|
| |
26,886 |
|
|
(a),(b) |
|
Establishment Labs Holdings Inc |
|
|
815,990 |
|
| |
12,704 |
|
|
(a) |
|
Glaukos Corp |
|
|
1,197,352 |
|
| |
32,201 |
|
|
(a) |
|
HealthEquity Inc |
|
|
2,760,270 |
|
| |
27,844 |
|
|
(a) |
|
Merit Medical Systems Inc |
|
|
2,629,866 |
|
| |
29,292 |
|
|
(a) |
|
RadNet Inc |
|
|
1,534,315 |
|
| |
105,013 |
|
|
(a) |
|
SI-BONE Inc |
|
|
1,433,427 |
|
| |
|
|
|
|
|
|
|
|
TOTAL HEALTH CARE EQUIPMENT & SERVICES |
|
|
16,537,579 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HOUSEHOLD & PERSONAL PRODUCTS - 1.2% |
|
|
|
|
| |
21,920 |
|
|
(a) |
|
BellRing Brands Inc |
|
|
1,690,909 |
|
| |
|
|
|
|
|
|
|
|
TOTAL HOUSEHOLD & PERSONAL PRODUCTS |
|
|
1,690,909 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INSURANCE - 1.0% |
|
|
|
|
| |
5,260 |
|
|
|
|
Primerica Inc |
|
|
1,378,488 |
|
| |
|
|
|
|
|
|
|
|
TOTAL INSURANCE |
|
|
1,378,488 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MATERIALS - 3.5% |
|
|
|
|
| |
45,896 |
|
|
|
|
Avient Corp |
|
|
1,528,796 |
|
| |
42,532 |
|
|
|
|
Commercial Metals Co |
|
|
1,894,375 |
|
| |
17,182 |
|
|
(a) |
|
Knife River Corp |
|
|
1,604,455 |
|
| |
|
|
|
|
|
|
|
|
TOTAL MATERIALS |
|
|
5,027,626 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MEDIA & ENTERTAINMENT - 2.2% |
|
|
|
|
| |
147,525 |
|
|
(a) |
|
Magnite Inc |
|
|
1,754,072 |
|
| |
48,972 |
|
|
(a) |
|
Ziff Davis Inc |
|
|
1,446,143 |
|
| |
|
|
|
|
|
|
|
|
TOTAL MEDIA & ENTERTAINMENT |
|
|
3,200,215 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 5.9% |
|
|
|
|
| |
21,397 |
|
|
(a) |
|
ANI Pharmaceuticals Inc |
|
|
1,515,336 |
|
| |
10,977 |
|
|
(a) |
|
Axsome Therapeutics Inc |
|
|
1,232,607 |
|
| |
19,477 |
|
|
(a) |
|
Biohaven Ltd |
|
|
430,831 |
|
| |
5,668 |
|
|
(a) |
|
Blueprint Medicines Corp |
|
|
507,286 |
|
| |
21,817 |
|
|
(a) |
|
Crinetics Pharmaceuticals Inc |
|
|
728,470 |
|
| |
22,126 |
|
|
(a) |
|
Halozyme Therapeutics Inc |
|
|
1,358,979 |
|
| |
15,557 |
|
|
(a) |
|
Insmed Inc |
|
|
1,120,104 |
|
| |
6,644 |
|
|
(a) |
|
Krystal Biotech Inc |
|
|
1,128,683 |
|
| |
11,590 |
|
|
(a) |
|
Ultragenyx Pharmaceutical Inc |
|
|
451,778 |
|
| |
|
|
|
|
|
|
|
|
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES |
|
|
8,474,074 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.2% |
|
|
|
|
| |
71,776 |
|
|
(a) |
|
Ichor Holdings Ltd |
|
|
1,419,729 |
|
| |
56,649 |
|
|
(a) |
|
Semtech Corp |
|
|
1,770,281 |
|
| |
|
|
|
|
|
|
|
|
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT |
|
|
3,190,010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SOFTWARE & SERVICES - 6.4% |
|
|
|
|
| |
12,344 |
|
|
(a) |
|
Commvault Systems Inc |
|
|
2,063,053 |
|
| |
102,845 |
|
|
(a) |
|
Grid Dynamics Holdings Inc |
|
|
1,456,285 |
|
| |
27,378 |
|
|
(a) |
|
Q2 Holdings Inc |
|
|
2,169,706 |
|
| |
85,912 |
|
|
(a) |
|
SentinelOne Inc, Class A |
|
|
1,589,372 |
|
| |
25,782 |
|
|
(a) |
|
Workiva Inc |
|
|
1,940,611 |
|
| |
|
|
|
|
|
|
|
|
TOTAL SOFTWARE & SERVICES |
|
|
9,219,027 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TECHNOLOGY HARDWARE & EQUIPMENT - 4.1% |
|
|
|
|
| |
23,442 |
|
|
(a) |
|
Itron Inc |
|
|
2,608,860 |
|
| |
25,625 |
|
|
(a) |
|
Lumentum Holdings Inc |
|
|
1,512,900 |
|
| |
30,861 |
|
|
(a) |
|
PAR Technology Corp |
|
|
1,802,283 |
|
| |
|
|
|
|
|
|
|
|
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT |
|
|
5,924,043 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TRANSPORTATION - 2.2% |
|
|
|
|
| |
22,027 |
|
|
|
|
ArcBest Corp |
|
|
1,289,020 |
|
| |
20,299 |
|
|
(a) |
|
Kirby Corp |
|
|
1,956,215 |
|
| |
|
|
|
|
|
|
|
|
TOTAL TRANSPORTATION |
|
|
3,245,235 |
|
|
|
|
|
|
|
|
|
|
|
|
| See Notes to Financial Statements |
|
17 |
Portfolio of Investments April 30, 2025 (continued)
Small Cap Select
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SHARES |
|
|
|
|
DESCRIPTION |
|
|
|
|
|
|
|
VALUE |
|
|
|
|
|
|
|
UTILITIES - 3.2% |
|
|
|
|
|
|
|
|
|
|
|
|
| |
35,694 |
|
|
|
|
Black Hills Corp |
|
|
|
|
|
|
|
|
|
$ |
2,173,765 |
|
| |
31,917 |
|
|
|
|
Spire Inc |
|
|
|
|
|
|
|
|
|
|
2,442,927 |
|
| |
|
|
|
|
|
|
|
|
TOTAL UTILITIES |
|
|
|
|
|
|
|
|
|
|
4,616,692 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL COMMON STOCKS (Cost $124,265,946) |
|
|
|
|
|
|
|
|
|
|
140,298,454 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LONG-TERM INVESTMENTS (Cost $124,265,946) |
|
|
|
|
|
|
|
|
|
|
140,298,454 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SHARES |
|
|
|
|
DESCRIPTION |
|
RATE |
|
|
|
|
|
VALUE |
|
|
|
|
|
|
|
INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING - 0.6% |
|
|
|
|
|
|
|
|
|
|
|
|
| |
828,730 |
|
|
(c) |
|
State Street Navigator Securities Lending Government Money Market Portfolio |
|
|
4.360%(d) |
|
|
|
|
|
|
|
828,730 |
|
| |
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING (Cost $828,730) |
|
|
|
828,730 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| PRINCIPAL |
|
|
|
|
DESCRIPTION |
|
RATE |
|
|
MATURITY |
|
|
VALUE |
|
|
|
|
|
|
|
SHORT-TERM INVESTMENTS - 1.2% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REPURCHASE AGREEMENTS - 1.2% |
|
|
|
|
|
|
|
|
|
|
|
|
| $ |
108,551 |
|
|
(e) |
|
Fixed Income Clearing Corporation |
|
|
1.360 |
|
|
|
05/01/25 |
|
|
|
108,551 |
|
| |
1,650,000 |
|
|
(f) |
|
Fixed Income Clearing Corporation |
|
|
4.320 |
|
|
|
05/01/25 |
|
|
|
1,650,000 |
|
| |
|
|
|
|
|
|
|
|
TOTAL REPURCHASE AGREEMENTS (Cost $1,758,551) |
|
|
|
|
|
|
|
|
|
|
1,758,551 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL SHORT-TERM INVESTMENTS (Cost $1,758,551) |
|
|
|
|
|
|
|
|
|
|
1,758,551 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS - 99.4% (Cost $126,853,227) |
|
|
|
|
|
|
|
|
|
|
142,885,735 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER ASSETS & LIABILITIES, NET - 0.6% |
|
|
|
|
|
|
|
|
|
|
846,527 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET ASSETS - 100% |
|
|
|
|
|
|
|
|
|
$ |
143,732,262 |
|
|
|
|
|
|
|
|
|
|
|
|
| REIT |
|
Real Estate Investment Trust |
|
|
| (a) |
|
Non-income producing; issuer has not declared an ex-dividend date within the past twelve months. |
| (b) |
|
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 $807,826. |
| (c) |
|
Investments made with cash collateral received from securities on loan. |
| (d) |
|
The rate shown is the one-day yield as of the end of the reporting period. |
| (e) |
|
Agreement with Fixed Income Clearing Corporation, 1.360% dated 4/30/25 to be repurchased at $108,555 on 5/1/25, collateralized by Government Agency Securities, with coupon rate 2.125% and maturity date 1/15/35, valued at $110,727. |
| (f) |
|
Agreement with Fixed Income Clearing Corporation, 4.320% dated 4/30/25 to be repurchased at $1,650,198 on 5/1/25, collateralized by Government Agency Securities, with coupon rate 4.500% and maturity date 8/15/39, valued at $1,683,041. |
|
|
|
| 18 |
|
See Notes to Financial Statements |
Portfolio of Investments April 30, 2025
Small Cap Value
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
| SHARES |
|
|
|
|
DESCRIPTION |
|
VALUE |
|
|
|
|
|
|
|
LONG-TERM INVESTMENTS - 99.4% |
|
|
|
|
|
|
|
|
|
|
COMMON STOCKS - 99.4% |
|
|
|
|
|
|
|
|
|
|
BANKS - 19.5% |
|
|
|
|
| |
87,352 |
|
|
|
|
Ameris Bancorp |
|
$ |
5,118,827 |
|
| |
82,711 |
|
|
|
|
Banner Corp |
|
|
5,056,951 |
|
| |
86,510 |
|
|
|
|
Cathay General Bancorp |
|
|
3,606,602 |
|
| |
177,661 |
|
|
|
|
ConnectOne Bancorp Inc |
|
|
4,002,702 |
|
| |
97,746 |
|
|
|
|
First Interstate BancSystem Inc, Class A |
|
|
2,560,457 |
|
| |
125,697 |
|
|
|
|
First Merchants Corp |
|
|
4,479,841 |
|
| |
239,440 |
|
|
|
|
OceanFirst Financial Corp |
|
|
3,965,126 |
|
| |
166,184 |
|
|
|
|
Old Second Bancorp Inc |
|
|
2,624,045 |
|
| |
48,590 |
|
|
|
|
Pinnacle Financial Partners Inc |
|
|
4,870,662 |
|
| |
56,114 |
|
|
|
|
Preferred Bank/Los Angeles CA |
|
|
4,481,264 |
|
| |
43,827 |
|
|
|
|
UMB Financial Corp |
|
|
4,144,719 |
|
| |
35,097 |
|
|
|
|
Wintrust Financial Corp |
|
|
3,901,734 |
|
| |
|
|
|
|
|
|
|
|
TOTAL BANKS |
|
|
48,812,930 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL GOODS - 8.9% |
|
|
|
|
| |
13,114 |
|
|
|
|
Boise Cascade Co |
|
|
1,223,274 |
|
| |
41,719 |
|
|
|
|
EnerSys |
|
|
3,612,865 |
|
| |
27,847 |
|
|
|
|
ESCO Technologies Inc |
|
|
4,356,663 |
|
| |
405,942 |
|
|
(a) |
|
Hillman Solutions Corp |
|
|
2,837,535 |
|
| |
206,511 |
|
|
(a) |
|
Resideo Technologies Inc |
|
|
3,465,255 |
|
| |
316,176 |
|
|
(a) |
|
Stratasys Ltd |
|
|
2,984,701 |
|
| |
23,927 |
|
|
|
|
WESCO International Inc |
|
|
3,899,144 |
|
| |
|
|
|
|
|
|
|
|
TOTAL CAPITAL GOODS |
|
|
22,379,437 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMMERCIAL & PROFESSIONAL SERVICES - 5.1% |
|
|
|
|
| |
164,137 |
|
|
|
|
Deluxe Corp |
|
|
2,396,400 |
|
| |
51,881 |
|
|
|
|
Korn Ferry |
|
|
3,201,058 |
|
| |
73,104 |
|
|
(a) |
|
Willdan Group Inc |
|
|
2,865,677 |
|
| |
69,251 |
|
|
(a) |
|
WNS Holdings Ltd |
|
|
4,191,070 |
|
| |
|
|
|
|
|
|
|
|
TOTAL COMMERCIAL & PROFESSIONAL SERVICES |
|
|
12,654,205 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 1.6% |
|
|
|
|
| |
9,917 |
|
|
|
|
Group 1 Automotive Inc |
|
|
4,002,799 |
|
| |
|
|
|
|
|
|
|
|
TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL |
|
|
4,002,799 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSUMER DURABLES & APPAREL - 4.0% |
|
|
|
|
| |
117,121 |
|
|
|
|
La-Z-Boy Inc |
|
|
4,626,280 |
|
| |
26,550 |
|
|
(a) |
|
M/I Homes Inc |
|
|
2,832,354 |
|
| |
33,569 |
|
|
|
|
Whirlpool Corp |
|
|
2,560,643 |
|
| |
|
|
|
|
|
|
|
|
TOTAL CONSUMER DURABLES & APPAREL |
|
|
10,019,277 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSUMER SERVICES - 2.1% |
|
|
|
|
| |
37,595 |
|
|
(a) |
|
Stride Inc |
|
|
5,347,889 |
|
| |
|
|
|
|
|
|
|
|
TOTAL CONSUMER SERVICES |
|
|
5,347,889 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ENERGY - 5.4% |
|
|
|
|
| |
63,002 |
|
|
|
|
Civitas Resources Inc |
|
|
1,716,804 |
|
| |
128,516 |
|
|
(a) |
|
CNX Resources Corp |
|
|
3,782,226 |
|
| |
180,067 |
|
|
|
|
Magnolia Oil & Gas Corp, Class A |
|
|
3,696,775 |
|
| |
115,382 |
|
|
|
|
Northern Oil & Gas Inc |
|
|
2,803,783 |
|
| |
305,355 |
|
|
(a) |
|
ProPetro Holding Corp |
|
|
1,520,668 |
|
| |
|
|
|
|
|
|
|
|
TOTAL ENERGY |
|
|
13,520,256 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 8.0% |
|
|
|
|
| |
186,406 |
|
|
|
|
Apple Hospitality REIT Inc |
|
|
2,193,999 |
|
| |
45,342 |
|
|
|
|
Centerspace |
|
|
2,736,843 |
|
| |
138,552 |
|
|
|
|
COPT Defense Properties |
|
|
3,617,593 |
|
| |
51,206 |
|
|
|
|
EPR Properties |
|
|
2,534,185 |
|
| |
97,321 |
|
|
|
|
Getty Realty Corp |
|
|
2,724,015 |
|
| |
438,414 |
|
|
|
|
LXP Industrial Trust |
|
|
3,459,086 |
|
| |
80,809 |
|
|
|
|
STAG Industrial Inc |
|
|
2,669,121 |
|
| |
|
|
|
|
|
|
|
|
TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) |
|
|
19,934,842 |
|
|
|
|
|
|
|
|
|
|
|
|
| See Notes to Financial Statements |
|
19 |
Portfolio of Investments April 30, 2025 (continued)
Small Cap Value
|
|
|
|
|
|
|
|
|
|
|
| SHARES |
|
|
|
|
DESCRIPTION |
|
VALUE |
|
|
|
|
|
|
|
FINANCIAL SERVICES - 6.9% |
|
|
|
|
| |
308,882 |
|
|
|
|
Ladder Capital Corp |
|
$ |
3,224,728 |
|
| |
67,418 |
|
|
|
|
OneMain Holdings Inc |
|
|
3,173,365 |
|
| |
14,341 |
|
|
|
|
Piper Sandler Cos |
|
|
3,457,902 |
|
| |
127,942 |
|
|
|
|
Radian Group Inc |
|
|
4,086,467 |
|
| |
37,321 |
|
|
|
|
Stifel Financial Corp |
|
|
3,198,037 |
|
| |
|
|
|
|
|
|
|
|
TOTAL FINANCIAL SERVICES |
|
|
17,140,499 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FOOD, BEVERAGE & TOBACCO - 1.1% |
|
|
|
|
| |
85,024 |
|
|
|
|
Primo Brands Corp |
|
|
2,777,734 |
|
| |
|
|
|
|
|
|
|
|
TOTAL FOOD, BEVERAGE & TOBACCO |
|
|
2,777,734 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HEALTH CARE EQUIPMENT & SERVICES - 3.9% |
|
|
|
|
| |
38,851 |
|
|
(a) |
|
Acadia Healthcare Co Inc |
|
|
909,113 |
|
| |
28,917 |
|
|
|
|
Encompass Health Corp |
|
|
3,383,000 |
|
| |
52,491 |
|
|
(a) |
|
Enovis Corp |
|
|
1,815,664 |
|
| |
115,638 |
|
|
(a) |
|
Option Care Health Inc |
|
|
3,736,264 |
|
| |
|
|
|
|
|
|
|
|
TOTAL HEALTH CARE EQUIPMENT & SERVICES |
|
|
9,844,041 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INSURANCE - 6.4% |
|
|
|
|
| |
242,196 |
|
|
(a) |
|
Hamilton Insurance Group Ltd, Class B |
|
|
4,480,626 |
|
| |
75,514 |
|
|
|
|
Kemper Corp |
|
|
4,464,388 |
|
| |
13,867 |
|
|
|
|
Primerica Inc |
|
|
3,634,125 |
|
| |
54,146 |
|
|
|
|
Stewart Information Services Corp |
|
|
3,545,480 |
|
| |
|
|
|
|
|
|
|
|
TOTAL INSURANCE |
|
|
16,124,619 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MATERIALS - 5.2% |
|
|
|
|
| |
79,784 |
|
|
|
|
Commercial Metals Co |
|
|
3,553,579 |
|
| |
298,382 |
|
|
(a) |
|
Ecovyst Inc |
|
|
1,784,324 |
|
| |
29,133 |
|
|
(a) |
|
Knife River Corp |
|
|
2,720,440 |
|
| |
66,346 |
|
|
|
|
Minerals Technologies Inc |
|
|
3,422,790 |
|
| |
111,830 |
|
|
(a) |
|
Titan America SA |
|
|
1,479,511 |
|
| |
|
|
|
|
|
|
|
|
TOTAL MATERIALS |
|
|
12,960,644 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MEDIA & ENTERTAINMENT - 1.6% |
|
|
|
|
| |
206,798 |
|
|
(a) |
|
Magnite Inc |
|
|
2,458,828 |
|
| |
54,658 |
|
|
(a) |
|
Ziff Davis Inc |
|
|
1,614,051 |
|
| |
|
|
|
|
|
|
|
|
TOTAL MEDIA & ENTERTAINMENT |
|
|
4,072,879 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 4.6% |
|
|
|
|
| |
83,425 |
|
|
(a) |
|
Alkermes PLC |
|
|
2,400,137 |
|
| |
77,422 |
|
|
(a) |
|
Exelixis Inc |
|
|
3,031,071 |
|
| |
72,220 |
|
|
(a) |
|
Immunovant Inc |
|
|
1,166,353 |
|
| |
10,684 |
|
|
(a) |
|
Krystal Biotech Inc |
|
|
1,814,998 |
|
| |
38,786 |
|
|
(a) |
|
Prestige Consumer Healthcare Inc |
|
|
3,150,587 |
|
| |
|
|
|
|
|
|
|
|
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES |
|
|
11,563,146 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.7% |
|
|
|
|
| |
252,563 |
|
|
|
|
Kennedy-Wilson Holdings Inc |
|
|
1,616,403 |
|
| |
|
|
|
|
|
|
|
|
TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT |
|
|
1,616,403 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 1.6% |
|
|
|
|
| |
246,737 |
|
|
(a) |
|
MaxLinear Inc |
|
|
2,464,903 |
|
| |
76,396 |
|
|
(a) |
|
Veeco Instruments Inc |
|
|
1,428,605 |
|
| |
|
|
|
|
|
|
|
|
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT |
|
|
3,893,508 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SOFTWARE & SERVICES - 3.6% |
|
|
|
|
| |
19,800 |
|
|
(a) |
|
Commvault Systems Inc |
|
|
3,309,174 |
|
| |
87,033 |
|
|
|
|
OneSpan Inc |
|
|
1,294,181 |
|
| |
35,690 |
|
|
(a) |
|
Q2 Holdings Inc |
|
|
2,828,432 |
|
| |
87,975 |
|
|
(a) |
|
Verint Systems Inc |
|
|
1,551,879 |
|
| |
|
|
|
|
|
|
|
|
TOTAL SOFTWARE & SERVICES |
|
|
8,983,666 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TECHNOLOGY HARDWARE & EQUIPMENT - 2.8% |
|
|
|
|
| |
63,732 |
|
|
|
|
Crane NXT Co |
|
|
2,990,305 |
|
| |
176,072 |
|
|
(a) |
|
Harmonic Inc |
|
|
1,581,127 |
|
| |
19,649 |
|
|
(a) |
|
Plexus Corp |
|
|
2,405,627 |
|
| |
|
|
|
|
|
|
|
|
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT |
|
|
6,977,059 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TRANSPORTATION - 0.9% |
|
|
|
|
| |
105,464 |
|
|
|
|
Schneider National Inc, Class B |
|
|
2,266,421 |
|
| |
|
|
|
|
|
|
|
|
TOTAL TRANSPORTATION |
|
|
2,266,421 |
|
|
|
|
|
|
|
|
|
|
|
|
| 20 |
|
See Notes to Financial Statements |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SHARES |
|
|
|
|
DESCRIPTION |
|
|
|
|
|
|
|
VALUE |
|
|
|
|
|
|
|
UTILITIES - 5.5% |
|
|
|
|
|
|
|
|
|
|
|
|
| |
63,494 |
|
|
|
|
Black Hills Corp |
|
|
|
|
|
|
|
|
|
$ |
3,866,785 |
|
| |
30,993 |
|
|
|
|
ONE Gas Inc |
|
|
|
|
|
|
|
|
|
|
2,433,260 |
|
| |
48,364 |
|
|
|
|
Otter Tail Corp |
|
|
|
|
|
|
|
|
|
|
3,839,134 |
|
| |
48,496 |
|
|
|
|
Spire Inc |
|
|
|
|
|
|
|
|
|
|
3,711,884 |
|
| |
|
|
|
|
|
|
|
|
TOTAL UTILITIES |
|
|
|
|
|
|
|
|
|
|
13,851,063 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL COMMON STOCKS (Cost $205,116,757) |
|
|
|
|
|
|
|
|
|
|
248,743,317 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LONG-TERM INVESTMENTS (Cost $205,116,757) |
|
|
|
|
|
|
|
|
|
|
248,743,317 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| PRINCIPAL |
|
|
|
|
DESCRIPTION |
|
RATE |
|
|
MATURITY |
|
|
VALUE |
|
|
|
|
|
|
|
SHORT-TERM INVESTMENTS - 0.7% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REPURCHASE AGREEMENTS - 0.7% |
|
|
|
|
|
|
|
|
| $ |
1,675,000 |
|
|
(b) |
|
Fixed Income Clearing Corporation |
|
|
4.320% |
|
|
|
05/01/25 |
|
|
|
1,675,000 |
|
| |
102,185 |
|
|
(c) |
|
Fixed Income Clearing Corporation |
|
|
1.360 |
|
|
|
05/01/25 |
|
|
|
102,185 |
|
| |
|
|
|
|
|
|
|
|
TOTAL REPURCHASE AGREEMENTS (Cost $1,777,185) |
|
|
|
|
|
|
|
|
|
|
1,777,185 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL SHORT-TERM INVESTMENTS (Cost $1,777,185) |
|
|
|
|
|
|
|
|
|
|
1,777,185 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS - 100.1% (Cost $206,893,942) |
|
|
|
|
|
|
|
|
|
|
250,520,502 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER ASSETS & LIABILITIES, NET - (0.1)% |
|
|
|
|
|
|
|
|
|
|
(342,794) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET ASSETS - 100% |
|
|
|
|
|
|
|
|
|
$ |
250,177,708 |
|
|
|
|
|
|
|
|
|
|
|
|
| REIT |
|
Real Estate Investment Trust |
|
|
| (a) |
|
Non-income producing; issuer has not declared an ex-dividend date within the past twelve months. |
| (b) |
|
Agreement with Fixed Income Clearing Corporation, 4.320% dated 4/30/25 to be repurchased at $1,675,201 on 5/1/25, collateralized by Government Agency Securities, with coupon rate 4.500% and maturity date 8/15/39, valued at $1,708,686. |
| (c) |
|
Agreement with Fixed Income Clearing Corporation, 1.360% dated 4/30/25 to be repurchased at $102,189 on 5/1/25, collateralized by Government Agency Securities, with coupon rate 2.125% and maturity date 1/15/35, valued at $104,400. |
|
|
|
| See Notes to Financial Statements |
|
21 |
Portfolio of Investments April 30, 2025
Small/Mid Cap Growth Opportunities
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
| SHARES |
|
|
|
|
DESCRIPTION |
|
VALUE |
|
|
|
|
|
|
|
LONG-TERM INVESTMENTS - 98.8% |
|
|
|
|
|
|
|
|
|
|
COMMON STOCKS - 98.8% |
|
|
|
|
|
|
|
|
|
|
AUTOMOBILES & COMPONENTS - 0.9% |
|
|
|
|
| |
18,560 |
|
|
|
|
Patrick Industries Inc |
|
$ |
1,428,749 |
|
| |
|
|
|
|
|
|
|
|
TOTAL AUTOMOBILES & COMPONENTS |
|
|
1,428,749 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BANKS - 1.1% |
|
|
|
|
| |
16,816 |
|
|
|
|
Pinnacle Financial Partners Inc |
|
|
1,685,636 |
|
| |
|
|
|
|
|
|
|
|
TOTAL BANKS |
|
|
1,685,636 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL GOODS - 13.6% |
|
|
|
|
| |
27,765 |
|
|
|
|
AAON Inc |
|
|
2,534,112 |
|
| |
13,571 |
|
|
(a) |
|
AeroVironment Inc |
|
|
2,056,278 |
|
| |
12,940 |
|
|
|
|
Applied Industrial Technologies Inc |
|
|
3,148,043 |
|
| |
3,272 |
|
|
(a) |
|
Axon Enterprise Inc |
|
|
2,006,718 |
|
| |
38,059 |
|
|
(a) |
|
AZEK Co Inc/The |
|
|
1,886,204 |
|
| |
12,676 |
|
|
(a) |
|
Chart Industries Inc |
|
|
1,711,006 |
|
| |
14,423 |
|
|
|
|
ESCO Technologies Inc |
|
|
2,256,478 |
|
| |
9,201 |
|
|
|
|
FTAI Aviation Ltd |
|
|
985,519 |
|
| |
10,316 |
|
|
|
|
HEICO Corp, Class A |
|
|
2,072,794 |
|
| |
18,464 |
|
|
(a) |
|
SPX Technologies Inc |
|
|
2,476,946 |
|
| |
|
|
|
|
|
|
|
|
TOTAL CAPITAL GOODS |
|
|
21,134,098 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMMERCIAL & PROFESSIONAL SERVICES - 5.4% |
|
|
|
|
| |
114,460 |
|
|
(a) |
|
ACV Auctions Inc, Class A |
|
|
1,681,417 |
|
| |
26,589 |
|
|
(a) |
|
CBIZ Inc |
|
|
1,810,711 |
|
| |
54,494 |
|
|
(a) |
|
ExlService Holdings Inc |
|
|
2,641,869 |
|
| |
45,175 |
|
|
|
|
GFL Environmental Inc |
|
|
2,254,233 |
|
| |
|
|
|
|
|
|
|
|
TOTAL COMMERCIAL & PROFESSIONAL SERVICES |
|
|
8,388,230 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 3.6% |
|
|
|
|
| |
18,728 |
|
|
(a) |
|
Boot Barn Holdings Inc |
|
|
1,954,079 |
|
| |
9,840 |
|
|
|
|
Dick’s Sporting Goods Inc |
|
|
1,847,362 |
|
| |
16,269 |
|
|
(a) |
|
Ollie’s Bargain Outlet Holdings Inc |
|
|
1,726,304 |
|
| |
|
|
|
|
|
|
|
|
TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL |
|
|
5,527,745 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSUMER DURABLES & APPAREL - 1.6% |
|
|
|
|
| |
40,275 |
|
|
(b) |
|
Somnigroup International Inc |
|
|
2,459,191 |
|
| |
|
|
|
|
|
|
|
|
TOTAL CONSUMER DURABLES & APPAREL |
|
|
2,459,191 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSUMER SERVICES - 7.1% |
|
|
|
|
| |
6,206 |
|
|
(a) |
|
Duolingo Inc |
|
|
2,417,113 |
|
| |
25,484 |
|
|
(a) |
|
Dutch Bros Inc, Class A |
|
|
1,522,414 |
|
| |
42,624 |
|
|
|
|
Red Rock Resorts Inc, Class A |
|
|
1,820,045 |
|
| |
15,715 |
|
|
|
|
Texas Roadhouse Inc |
|
|
2,608,061 |
|
| |
9,844 |
|
|
|
|
Wingstop Inc |
|
|
2,597,733 |
|
| |
|
|
|
|
|
|
|
|
TOTAL CONSUMER SERVICES |
|
|
10,965,366 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ENERGY - 2.6% |
|
|
|
|
| |
32,444 |
|
|
|
|
Matador Resources Co |
|
|
1,282,836 |
|
| |
231,871 |
|
|
|
|
Permian Resources Corp |
|
|
2,736,078 |
|
| |
|
|
|
|
|
|
|
|
TOTAL ENERGY |
|
|
4,018,914 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL SERVICES - 9.2% |
|
|
|
|
| |
58,166 |
|
|
|
|
Equitable Holdings Inc |
|
|
2,876,309 |
|
| |
7,097 |
|
|
|
|
Evercore Inc, Class A |
|
|
1,456,943 |
|
| |
26,010 |
|
|
|
|
FirstCash Holdings Inc |
|
|
3,484,300 |
|
| |
10,076 |
|
|
|
|
Houlihan Lokey Inc |
|
|
1,633,118 |
|
| |
7,125 |
|
|
|
|
Piper Sandler Cos |
|
|
1,717,980 |
|
| |
58,305 |
|
|
(a) |
|
Toast Inc, Class A |
|
|
2,074,492 |
|
| |
20,352 |
|
|
(a) |
|
Upstart Holdings Inc |
|
|
972,825 |
|
| |
|
|
|
|
|
|
|
|
TOTAL FINANCIAL SERVICES |
|
|
14,215,967 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FOOD, BEVERAGE & TOBACCO - 2.4% |
|
|
|
|
| |
58,988 |
|
|
|
|
Primo Brands Corp |
|
|
1,927,138 |
|
| |
51,515 |
|
|
(a) |
|
Vital Farms Inc |
|
|
1,763,874 |
|
| |
|
|
|
|
|
|
|
|
TOTAL FOOD, BEVERAGE & TOBACCO |
|
|
3,691,012 |
|
|
|
|
|
|
|
|
|
|
|
|
| 22 |
|
See Notes to Financial Statements |
|
|
|
|
|
|
|
|
|
|
|
| SHARES |
|
|
|
|
DESCRIPTION |
|
VALUE |
|
|
|
|
|
|
|
HEALTH CARE EQUIPMENT & SERVICES - 14.6% |
|
|
|
|
| |
19,660 |
|
|
(a) |
|
Addus HomeCare Corp |
|
$ |
2,055,453 |
|
| |
17,482 |
|
|
|
|
Encompass Health Corp |
|
|
2,045,219 |
|
| |
18,097 |
|
|
|
|
Ensign Group Inc/The |
|
|
2,334,332 |
|
| |
18,690 |
|
|
(a) |
|
Glaukos Corp |
|
|
1,761,532 |
|
| |
23,614 |
|
|
(a) |
|
Globus Medical Inc, Class A |
|
|
1,694,777 |
|
| |
25,826 |
|
|
(a) |
|
HealthEquity Inc |
|
|
2,213,805 |
|
| |
20,252 |
|
|
(a) |
|
Lantheus Holdings Inc |
|
|
2,113,094 |
|
| |
9,895 |
|
|
(a) |
|
Masimo Corp |
|
|
1,592,699 |
|
| |
26,738 |
|
|
(a) |
|
Merit Medical Systems Inc |
|
|
2,525,404 |
|
| |
9,008 |
|
|
(a) |
|
Penumbra Inc |
|
|
2,637,903 |
|
| |
31,046 |
|
|
(a) |
|
RadNet Inc |
|
|
1,626,189 |
|
| |
|
|
|
|
|
|
|
|
TOTAL HEALTH CARE EQUIPMENT & SERVICES |
|
|
22,600,407 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INSURANCE - 3.1% |
|
|
|
|
| |
4,431 |
|
|
|
|
Kinsale Capital Group Inc |
|
|
1,928,637 |
|
| |
9,015 |
|
|
(a) |
|
Palomar Holdings Inc |
|
|
1,307,355 |
|
| |
29,768 |
|
|
(a) |
|
Skyward Specialty Insurance Group Inc |
|
|
1,580,383 |
|
| |
|
|
|
|
|
|
|
|
TOTAL INSURANCE |
|
|
4,816,375 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MATERIALS - 3.6% |
|
|
|
|
| |
11,856 |
|
|
|
|
Carpenter Technology Corp |
|
|
2,319,152 |
|
| |
12,582 |
|
|
|
|
Vulcan Materials Co |
|
|
3,300,636 |
|
| |
|
|
|
|
|
|
|
|
TOTAL MATERIALS |
|
|
5,619,788 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MEDIA & ENTERTAINMENT - 1.4% |
|
|
|
|
| |
183,358 |
|
|
(a) |
|
Magnite Inc |
|
|
2,180,127 |
|
| |
|
|
|
|
|
|
|
|
TOTAL MEDIA & ENTERTAINMENT |
|
|
2,180,127 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 8.6% |
|
|
|
|
| |
16,009 |
|
|
(a) |
|
Axsome Therapeutics Inc |
|
|
1,797,651 |
|
| |
9,066 |
|
|
(a) |
|
Blueprint Medicines Corp |
|
|
811,407 |
|
| |
22,303 |
|
|
(a) |
|
Bridgebio Pharma Inc |
|
|
855,543 |
|
| |
23,214 |
|
|
(a) |
|
Halozyme Therapeutics Inc |
|
|
1,425,804 |
|
| |
19,383 |
|
|
(a) |
|
Insmed Inc |
|
|
1,395,576 |
|
| |
9,499 |
|
|
(a) |
|
Krystal Biotech Inc |
|
|
1,613,690 |
|
| |
18,154 |
|
|
(a) |
|
Natera Inc |
|
|
2,739,983 |
|
| |
20,368 |
|
|
(a) |
|
Scholar Rock Holding Corp |
|
|
670,311 |
|
| |
20,055 |
|
|
(a) |
|
Ultragenyx Pharmaceutical Inc |
|
|
781,744 |
|
| |
4,276 |
|
|
(a) |
|
United Therapeutics Corp |
|
|
1,296,013 |
|
| |
|
|
|
|
|
|
|
|
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES |
|
|
13,387,722 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.5% |
|
|
|
|
| |
16,512 |
|
|
(a) |
|
Onto Innovation Inc |
|
|
2,013,968 |
|
| |
58,475 |
|
|
(a) |
|
Semtech Corp |
|
|
1,827,344 |
|
| |
|
|
|
|
|
|
|
|
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT |
|
|
3,841,312 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SOFTWARE & SERVICES - 11.3% |
|
|
|
|
| |
18,885 |
|
|
(a) |
|
Agilysys Inc |
|
|
1,404,100 |
|
| |
76,256 |
|
|
(a) |
|
Confluent Inc, Class A |
|
|
1,815,655 |
|
| |
4,940 |
|
|
(a) |
|
CyberArk Software Ltd |
|
|
1,739,670 |
|
| |
14,547 |
|
|
(a) |
|
Descartes Systems Group Inc/The |
|
|
1,533,108 |
|
| |
52,413 |
|
|
(a) |
|
Dynatrace Inc |
|
|
2,461,839 |
|
| |
6,491 |
|
|
(a) |
|
MongoDB Inc |
|
|
1,117,555 |
|
| |
41,679 |
|
|
(a),(b) |
|
nCino OpCo Inc |
|
|
966,953 |
|
| |
28,086 |
|
|
(a) |
|
Rubrik Inc, Class A |
|
|
1,980,906 |
|
| |
70,526 |
|
|
(a) |
|
SentinelOne Inc, Class A |
|
|
1,304,731 |
|
| |
3,025 |
|
|
(a) |
|
Tyler Technologies Inc |
|
|
1,643,483 |
|
| |
21,494 |
|
|
(a) |
|
Workiva Inc |
|
|
1,617,853 |
|
| |
|
|
|
|
|
|
|
|
TOTAL SOFTWARE & SERVICES |
|
|
17,585,853 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TECHNOLOGY HARDWARE & EQUIPMENT - 3.7% |
|
|
|
|
| |
11,718 |
|
|
|
|
Badger Meter Inc |
|
|
2,587,569 |
|
| |
15,792 |
|
|
(a) |
|
Itron Inc |
|
|
1,757,492 |
|
| |
23,635 |
|
|
(a) |
|
Lumentum Holdings Inc |
|
|
1,395,410 |
|
| |
|
|
|
|
|
|
|
|
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT |
|
|
5,740,471 |
|
|
|
|
|
|
|
|
|
|
|
|
| See Notes to Financial Statements |
|
23 |
Portfolio of Investments April 30, 2025 (continued)
Small/Mid Cap Growth Opportunities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SHARES |
|
|
|
|
DESCRIPTION |
|
|
|
|
|
|
|
VALUE |
|
|
|
|
|
|
|
TRANSPORTATION - 2.5% |
|
|
|
|
|
|
|
|
|
|
|
|
| |
35,603 |
|
|
|
|
Knight-Swift Transportation Holdings Inc |
|
|
|
|
|
|
|
|
|
$ |
1,394,569 |
|
| |
22,923 |
|
|
(a) |
|
XPO Inc |
|
|
|
|
|
|
|
|
|
|
2,432,589 |
|
| |
|
|
|
|
|
|
|
|
TOTAL TRANSPORTATION |
|
|
|
|
|
|
|
|
|
|
3,827,158 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL COMMON STOCKS (Cost $153,127,153) |
|
|
|
|
|
|
|
|
|
|
153,114,121 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LONG-TERM INVESTMENTS (Cost $153,127,153) |
|
|
|
|
|
|
|
|
|
|
153,114,121 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SHARES |
|
|
|
|
DESCRIPTION |
|
RATE |
|
|
|
|
|
VALUE |
|
|
|
|
|
|
|
INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING - 1.8% |
|
|
|
|
|
|
|
|
|
|
|
|
| |
2,764,866 |
|
|
(c) |
|
State Street Navigator Securities Lending Government Money Market Portfolio |
|
|
4.360%(d) |
|
|
|
|
|
|
|
2,764,866 |
|
| |
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING (Cost $2,764,866) |
|
|
|
|
|
|
|
|
|
|
2,764,866 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| PRINCIPAL |
|
|
|
|
DESCRIPTION |
|
RATE |
|
|
MATURITY |
|
|
VALUE |
|
|
|
|
|
|
|
SHORT-TERM INVESTMENTS - 1.1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REPURCHASE AGREEMENTS - 1.1% |
|
|
|
|
|
|
|
|
| $ |
1,575,000 |
|
|
(e) |
|
Fixed Income Clearing Corporation |
|
|
4.320 |
|
|
|
05/01/25 |
|
|
|
1,575,000 |
|
| |
158,320 |
|
|
(f) |
|
Fixed Income Clearing Corporation |
|
|
1.360 |
|
|
|
05/01/25 |
|
|
|
158,320 |
|
| |
|
|
|
|
|
|
|
|
TOTAL REPURCHASE AGREEMENTS (Cost $1,733,320) |
|
|
|
|
|
|
|
|
|
|
1,733,320 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL SHORT-TERM INVESTMENTS (Cost $1,733,320) |
|
|
|
|
|
|
|
|
|
|
1,733,320 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS - 101.7% (Cost $157,625,339) |
|
|
|
|
|
|
|
|
|
|
157,612,307 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER ASSETS & LIABILITIES, NET - (1.7)% |
|
|
|
|
|
|
|
|
|
|
(2,655,129) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET ASSETS - 100% |
|
|
|
|
|
|
|
|
|
$ |
154,957,178 |
|
|
|
|
|
|
|
|
|
|
|
|
| (a) |
|
Non-income producing; issuer has not declared an ex-dividend date within the past twelve months. |
|
|
| (b) |
|
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 $2,688,648. |
|
|
| (c) |
|
Investments made with cash collateral received from securities on loan. |
|
|
| (d) |
|
The rate shown is the one-day yield as of the end of the reporting period. |
|
|
| (e) |
|
Agreement with Fixed Income Clearing Corporation, 4.320% dated 4/30/25 to be repurchased at $1,575,189 on 5/1/25, collateralized by Government Agency Securities, with coupon rate 4.500% and maturity date 8/15/39, valued at $1,606,512. |
|
|
| (f) |
|
Agreement with Fixed Income Clearing Corporation, 1.360% dated 4/30/25 to be repurchased at $158,326 on 5/1/25, collateralized by Government Agency Securities, with coupon rate 2.125% and maturity date 1/15/35, valued at $161,692. |
|
|
|
| 24 |
|
See Notes to Financial Statements |
Statement of Assets and Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| April 30, 2025 (Unaudited) |
|
Dividend Value |
|
|
Large Cap Select |
|
|
Mid Cap Value 1 |
|
|
Small Cap Growth
Opportunities |
|
|
Small Cap Select |
|
| ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Long-term investments, at value†‡ |
|
$ |
2,927,048,961 |
|
|
$ |
40,143,380 |
|
|
$ |
373,143,197 |
|
|
$ |
209,654,421 |
|
|
$ |
140,298,454 |
|
| Investments purchased with collateral from securities lending, at value (cost approximates value) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
3,251,214 |
|
|
|
828,730 |
|
| Short-term investments, at valueà |
|
|
3,707,154 |
|
|
|
25,000 |
|
|
|
1,375,000 |
|
|
|
1,954,381 |
|
|
|
1,758,551 |
|
| Cash |
|
|
- |
|
|
|
10,782 |
|
|
|
82,043 |
|
|
|
1,700,984 |
|
|
|
2,011,486 |
|
| Cash denominated in foreign currencies^ |
|
|
25,118 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Receivables: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Dividends |
|
|
2,240,514 |
|
|
|
23,298 |
|
|
|
188,090 |
|
|
|
8,716 |
|
|
|
36,874 |
|
| Interest |
|
|
409 |
|
|
|
3 |
|
|
|
165 |
|
|
|
224 |
|
|
|
202 |
|
| Investments sold |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
580,564 |
|
|
|
447,628 |
|
| Reclaims |
|
|
63,570 |
|
|
|
457 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Reimbursement from Adviser |
|
|
190,151 |
|
|
|
10,271 |
|
|
|
29,211 |
|
|
|
32,504 |
|
|
|
29,189 |
|
| Shares sold |
|
|
13,226,286 |
|
|
|
- |
|
|
|
79,738 |
|
|
|
40,259 |
|
|
|
363,843 |
|
| Other |
|
|
198,056 |
|
|
|
20,660 |
|
|
|
41,359 |
|
|
|
21,348 |
|
|
|
31,473 |
|
|
|
|
|
|
|
| Total assets |
|
|
2,946,700,219 |
|
|
|
40,233,851 |
|
|
|
374,938,803 |
|
|
|
217,244,615 |
|
|
|
145,806,430 |
|
|
|
|
|
|
|
| LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Payables: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Management fees |
|
|
1,435,180 |
|
|
|
21,171 |
|
|
|
223,409 |
|
|
|
136,688 |
|
|
|
91,681 |
|
| Collateral from securities lending |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
3,251,214 |
|
|
|
828,730 |
|
| Interest |
|
|
788 |
|
|
|
12 |
|
|
|
115 |
|
|
|
55 |
|
|
|
28 |
|
| Investments purchased - regular settlement |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,126,925 |
|
|
|
951,638 |
|
| Shares redeemed |
|
|
379,174 |
|
|
|
16,509 |
|
|
|
346,401 |
|
|
|
4,091,763 |
|
|
|
92,359 |
|
| Accrued expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Custodian fees |
|
|
111,236 |
|
|
|
10,061 |
|
|
|
23,574 |
|
|
|
16,900 |
|
|
|
16,491 |
|
| Directors fees |
|
|
199,889 |
|
|
|
1,065 |
|
|
|
17,029 |
|
|
|
6,452 |
|
|
|
10,569 |
|
| Professional fees |
|
|
59,747 |
|
|
|
10,076 |
|
|
|
15,703 |
|
|
|
12,638 |
|
|
|
8,352 |
|
| Shareholder reporting expenses |
|
|
12,874 |
|
|
|
7,051 |
|
|
|
22,638 |
|
|
|
9,172 |
|
|
|
10,585 |
|
| Shareholder servicing agent fees |
|
|
220,616 |
|
|
|
4,660 |
|
|
|
269,631 |
|
|
|
101,575 |
|
|
|
54,374 |
|
| 12b-1 distribution and service fees |
|
|
75,415 |
|
|
|
6,700 |
|
|
|
13,964 |
|
|
|
7,978 |
|
|
|
9,361 |
|
|
|
|
|
|
|
| Total liabilities |
|
|
2,494,919 |
|
|
|
77,305 |
|
|
|
932,464 |
|
|
|
8,761,360 |
|
|
|
2,074,168 |
|
|
|
|
|
|
|
| Net assets |
|
$ |
2,944,205,300 |
|
|
$ |
40,156,546 |
|
|
$ |
374,006,339 |
|
|
$ |
208,483,255 |
|
|
$ |
143,732,262 |
|
| NET ASSETS CONSIST OF: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Paid-in capital |
|
$ |
2,556,843,781 |
|
|
$ |
29,239,110 |
|
|
$ |
268,322,299 |
|
|
$ |
186,613,311 |
|
|
$ |
129,578,731 |
|
| Total distributable earnings (loss) |
|
|
387,361,519 |
|
|
|
10,917,436 |
|
|
|
105,684,040 |
|
|
|
21,869,944 |
|
|
|
14,153,531 |
|
| Net assets |
|
$ |
2,944,205,300 |
|
|
$ |
40,156,546 |
|
|
$ |
374,006,339 |
|
|
$ |
208,483,255 |
|
|
$ |
143,732,262 |
|
|
|
|
|
|
|
| † Long-term investments, cost |
|
$ |
2,587,542,523 |
|
|
$ |
31,491,068 |
|
|
$ |
292,625,132 |
|
|
$ |
178,038,650 |
|
|
$ |
124,265,946 |
|
| ◇ Short-term investments, cost |
|
$ |
3,707,154 |
|
|
$ |
25,000 |
|
|
$ |
1,375,000 |
|
|
$ |
1,954,381 |
|
|
$ |
1,758,551 |
|
| ‡ Includes securities loaned of |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
3,056,954 |
|
|
$ |
807,826 |
|
| ^ Cash denominated in foreign currencies, cost |
|
$ |
23,135 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
|
|
|
|
See Notes to Financial Statements 25 |
Statement of Assets and Liabilities (continued)
|
|
|
|
|
|
|
|
|
| April 30, 2025 (Unaudited) |
|
Small Cap Value |
|
Small/Mid Cap
Growth
Opportunities |
|
|
|
| ASSETS |
|
|
|
|
|
|
|
|
| Long-term investments, at value†‡ |
|
$ |
248,743,317 |
|
|
$ |
153,114,121 |
|
| Investments purchased with collateral from securities lending, at value (cost approximates value) |
|
|
- |
|
|
|
2,764,866 |
|
| Short-term investments, at valueà |
|
|
1,777,185 |
|
|
|
1,733,320 |
|
| Cash |
|
|
- |
|
|
|
591 |
|
| Receivables: |
|
|
|
|
|
|
|
|
| Dividends |
|
|
89,724 |
|
|
|
2,371 |
|
| Interest |
|
|
205 |
|
|
|
195 |
|
| Investments sold |
|
|
- |
|
|
|
1,292,024 |
|
| Reclaims |
|
|
2,720 |
|
|
|
- |
|
| Reimbursement from Adviser |
|
|
18,077 |
|
|
|
46,913 |
|
| Shares sold |
|
|
64,362 |
|
|
|
13,812 |
|
| Other |
|
|
53,379 |
|
|
|
53,834 |
|
| |
|
|
| Total assets |
|
|
250,748,969 |
|
|
|
159,022,047 |
|
|
|
|
| LIABILITIES |
|
|
|
|
|
|
|
|
| Payables: |
|
|
|
|
|
|
|
|
| Management fees |
|
|
164,441 |
|
|
|
92,758 |
|
| Collateral from securities lending |
|
|
- |
|
|
|
2,764,866 |
|
| Interest |
|
|
103 |
|
|
|
48 |
|
| Investments purchased - regular settlement |
|
|
- |
|
|
|
1,062,354 |
|
| Shares redeemed |
|
|
153,369 |
|
|
|
6,197 |
|
| Accrued expenses: |
|
|
|
|
|
|
|
|
| Custodian fees |
|
|
23,984 |
|
|
|
13,838 |
|
| Directors fees |
|
|
32,925 |
|
|
|
32,310 |
|
| Professional fees |
|
|
16,140 |
|
|
|
12,214 |
|
| Shareholder reporting expenses |
|
|
25,857 |
|
|
|
7,840 |
|
| Shareholder servicing agent fees |
|
|
130,873 |
|
|
|
49,384 |
|
| 12b-1 distribution and service fees |
|
|
23,569 |
|
|
|
23,060 |
|
| |
|
|
| Total liabilities |
|
|
571,261 |
|
|
|
4,064,869 |
|
| |
|
|
| Net assets |
|
$ |
250,177,708 |
|
|
$ |
154,957,178 |
|
| |
|
|
| NET ASSETS CONSIST OF: |
|
|
|
|
|
|
|
|
| Paid-in capital |
|
$ |
339,277,652 |
|
|
$ |
145,494,890 |
|
|
|
|
| Total distributable earnings (loss) |
|
|
(89,099,944 |
) |
|
|
9,462,288 |
|
| |
|
|
| Net assets |
|
$ |
250,177,708 |
|
|
$ |
154,957,178 |
|
|
|
|
| † Long-term investments, cost |
|
$ |
205,116,757 |
|
|
$ |
153,127,153 |
|
| ◇ Short-term investments, cost |
|
$ |
1,777,185 |
|
|
$ |
1,733,320 |
|
| ‡ Includes securities loaned of |
|
$ |
— |
|
|
$ |
2,688,648 |
|
|
|
|
| 26 |
|
See Notes to Financial Statements |
Statement of Assets and Liabilities (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Dividend Value |
|
|
Large Cap Select |
|
|
Mid Cap Value 1 |
|
|
Small Cap Growth
Opportunities |
|
|
Small Cap Select |
|
| CLASS A: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net assets |
|
$ |
343,604,171 |
|
|
$ |
29,918,926 |
|
|
$ |
58,879,646 |
|
|
$ |
39,894,052 |
|
|
$ |
46,836,806 |
|
| Shares outstanding |
|
|
25,486,006 |
|
|
|
813,911 |
|
|
|
1,152,550 |
|
|
|
1,688,940 |
|
|
|
5,135,371 |
|
| Net asset value (“NAV”) per share |
|
$ |
13.48 |
|
|
$ |
36.76 |
|
|
$ |
51.09 |
|
|
$ |
23.62 |
|
|
$ |
9.12 |
|
| Maximum sales charge |
|
|
5.75% |
|
|
|
5.75% |
|
|
|
5.75% |
|
|
|
5.75% |
|
|
|
5.75% |
|
| Offering price per share (NAV per share plus maximum sales charge) |
|
$ |
14.30 |
|
|
$ |
39.00 |
|
|
$ |
54.21 |
|
|
$ |
25.06 |
|
|
$ |
9.68 |
|
| CLASS C: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net assets |
|
$ |
7,307,921 |
|
|
$ |
877,196 |
|
|
$ |
2,753,469 |
|
|
$ |
– |
|
|
$ |
– |
|
| Shares outstanding |
|
|
557,415 |
|
|
|
27,540 |
|
|
|
58,569 |
|
|
|
– |
|
|
|
– |
|
| NAV and offering price per share |
|
$ |
13.11 |
|
|
$ |
31.85 |
|
|
$ |
47.01 |
|
|
$ |
– |
|
|
$ |
– |
|
| CLASS R6: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net assets |
|
$ |
2,346,944,477 |
|
|
$ |
– |
|
|
$ |
39,511,616 |
|
|
$ |
2,753,888 |
|
|
$ |
2,204,317 |
|
| Shares outstanding |
|
|
169,013,733 |
|
|
|
– |
|
|
|
765,420 |
|
|
|
86,648 |
|
|
|
165,454 |
|
| NAV and offering price per share |
|
$ |
13.89 |
|
|
$ |
– |
|
|
$ |
51.62 |
|
|
$ |
31.78 |
|
|
$ |
13.32 |
|
| CLASS I: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net assets |
|
$ |
246,348,731 |
|
|
$ |
9,360,424 |
|
|
$ |
272,861,608 |
|
|
$ |
165,835,315 |
|
|
$ |
94,691,139 |
|
| Shares outstanding |
|
|
17,935,834 |
|
|
|
250,726 |
|
|
|
5,305,369 |
|
|
|
5,309,318 |
|
|
|
7,142,048 |
|
| NAV and offering price per share |
|
$ |
13.74 |
|
|
$ |
37.33 |
|
|
$ |
51.43 |
|
|
$ |
31.23 |
|
|
$ |
13.26 |
|
| Authorized shares - per class |
|
|
2 billion |
|
|
|
2 billion |
|
|
|
2 billion |
|
|
|
2 billion |
|
|
|
2 billion |
|
| Par value per share |
|
$ |
0.0001 |
|
|
$ |
0.0001 |
|
|
$ |
0.0001 |
|
|
$ |
0.0001 |
|
|
$ |
0.0001 |
|
|
|
|
|
|
See Notes to Financial Statements 27 |
Statement of Assets and Liabilities (continued)
|
|
|
|
|
|
|
|
|
| |
|
Small Cap Value |
|
|
Small/Mid
Cap Growth
Opportunities |
|
| CLASS A: |
|
|
|
|
|
|
|
|
| Net assets |
|
$ |
84,390,162 |
|
|
$ |
116,447,699 |
|
| Shares outstanding |
|
|
3,030,147 |
|
|
|
4,988,908 |
|
| Net asset value (“NAV”) per share |
|
$ |
27.85 |
|
|
$ |
23.34 |
|
| Maximum sales charge |
|
|
5.75% |
|
|
|
5.75% |
|
| Offering price per share (NAV per share plus maximum sales charge) |
|
$ |
29.55 |
|
|
$ |
24.76 |
|
| |
|
|
|
|
| CLASS C: |
|
|
|
|
|
|
|
|
| Net assets |
|
$ |
7,460,409 |
|
|
$ |
— |
|
| Shares outstanding |
|
|
322,250 |
|
|
|
— |
|
| NAV and offering price per share |
|
$ |
23.15 |
|
|
$ |
— |
|
| |
|
|
|
|
| CLASS R6: |
|
|
|
|
|
|
|
|
| Net assets |
|
$ |
24,745,592 |
|
|
$ |
2,783,847 |
|
| Shares outstanding |
|
|
849,665 |
|
|
|
75,309 |
|
| NAV and offering price per share |
|
$ |
29.12 |
|
|
$ |
36.97 |
|
| |
|
|
|
|
| CLASS I: |
|
|
|
|
|
|
|
|
| Net assets |
|
$ |
133,581,545 |
|
|
$ |
35,725,632 |
|
| Shares outstanding |
|
|
4,618,896 |
|
|
|
993,260 |
|
| NAV and offering price per share |
|
$ |
28.92 |
|
|
$ |
35.97 |
|
| |
|
|
|
|
| Authorized shares - per class |
|
|
2 billion |
|
|
|
2 billion |
|
| Par value per share |
|
$ |
0.0001 |
|
|
$ |
0.0001 |
|
| |
|
|
|
|
| 28 |
|
See Notes to Financial Statements |
Statement of Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Six Months Ended April 30, 2025 (Unaudited) |
|
Dividend Value |
|
|
Large Cap Select |
|
|
Mid Cap Value 1 |
|
|
Small Cap Growth Opportunities |
|
|
|
|
|
|
| INVESTMENT INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Affiliated income |
|
$ |
873,283 |
|
|
$ |
8,758 |
|
|
$ |
73,747 |
|
|
$ |
140,244 |
|
| Dividends |
|
|
30,598,809 |
|
|
|
271,792 |
|
|
|
4,409,649 |
|
|
|
562,308 |
|
| Interest |
|
|
334,566 |
|
|
|
3,375 |
|
|
|
37,041 |
|
|
|
48,044 |
|
| Securities lending income, net |
|
|
– |
|
|
|
– |
|
|
|
142 |
|
|
|
4,178 |
|
| Tax withheld |
|
|
(73,859 |
) |
|
|
(1,123 |
) |
|
|
(7,024 |
) |
|
|
– |
|
| Total investment income |
|
|
31,732,799 |
|
|
|
282,802 |
|
|
|
4,513,555 |
|
|
|
754,774 |
|
|
|
|
|
|
| EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Management fees |
|
|
9,300,938 |
|
|
|
149,959 |
|
|
|
1,566,347 |
|
|
|
953,991 |
|
| 12b-1 service fees - Class A |
|
|
467,871 |
|
|
|
40,576 |
|
|
|
80,240 |
|
|
|
56,148 |
|
| 12b-1 distribution and service fees - Class C |
|
|
39,784 |
|
|
|
5,940 |
|
|
|
17,107 |
|
|
|
– |
|
| Shareholder servicing agent fees - Class A |
|
|
188,426 |
|
|
|
6,956 |
|
|
|
52,463 |
|
|
|
37,774 |
|
| Shareholder servicing agent fees - Class C |
|
|
4,005 |
|
|
|
249 |
|
|
|
2,799 |
|
|
|
– |
|
| Shareholder servicing agent fees - Class R6 |
|
|
41,964 |
|
|
|
– |
|
|
|
1,383 |
|
|
|
90 |
|
| Shareholder servicing agent fees - Class I |
|
|
136,224 |
|
|
|
2,528 |
|
|
|
254,504 |
|
|
|
159,799 |
|
| Interest expense |
|
|
30,855 |
|
|
|
329 |
|
|
|
567 |
|
|
|
95 |
|
| Directors fees |
|
|
54,684 |
|
|
|
807 |
|
|
|
7,395 |
|
|
|
4,236 |
|
| Custodian expenses |
|
|
120,160 |
|
|
|
8,081 |
|
|
|
23,354 |
|
|
|
18,916 |
|
| Registration fees |
|
|
34,163 |
|
|
|
24,530 |
|
|
|
33,391 |
|
|
|
27,713 |
|
| Professional fees |
|
|
81,293 |
|
|
|
14,787 |
|
|
|
21,200 |
|
|
|
16,000 |
|
| Shareholder reporting expenses |
|
|
40,470 |
|
|
|
13,921 |
|
|
|
42,640 |
|
|
|
36,695 |
|
| Other |
|
|
65,351 |
|
|
|
7,630 |
|
|
|
14,396 |
|
|
|
3,836 |
|
| Total expenses before fee waiver/expense reimbursement |
|
|
10,606,188 |
|
|
|
276,293 |
|
|
|
2,117,786 |
|
|
|
1,315,293 |
|
| Fee waiver/expense reimbursement |
|
|
(543,263 |
) |
|
|
(56,809 |
) |
|
|
(205,688 |
) |
|
|
(133,779 |
) |
| Net expenses |
|
|
10,062,925 |
|
|
|
219,484 |
|
|
|
1,912,098 |
|
|
|
1,181,514 |
|
|
|
|
|
|
| Net investment income (loss) |
|
|
21,669,874 |
|
|
|
63,318 |
|
|
|
2,601,457 |
|
|
|
(426,740 |
) |
|
|
|
|
|
| REALIZED AND UNREALIZED GAIN (LOSS) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Realized gain (loss) from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments |
|
|
74,184,742 |
|
|
|
2,464,046 |
|
|
|
22,974,359 |
|
|
|
919,284 |
|
| Net realized gain (loss) |
|
|
74,184,742 |
|
|
|
2,464,046 |
|
|
|
22,974,359 |
|
|
|
919,284 |
|
| Change in unrealized appreciation (depreciation) on: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments |
|
|
(253,650,655 |
) |
|
|
(4,982,903 |
) |
|
|
(49,789,874 |
) |
|
|
(19,566,981 |
) |
| Foreign currency translations |
|
|
1,983 |
|
|
|
– |
|
|
|
– |
|
|
|
– |
|
| Net change in unrealized appreciation (depreciation) |
|
|
(253,648,672 |
) |
|
|
(4,982,903 |
) |
|
|
(49,789,874 |
) |
|
|
(19,566,981 |
) |
| Net realized and unrealized gain (loss) |
|
|
(179,463,930 |
) |
|
|
(2,518,857 |
) |
|
|
(26,815,515 |
) |
|
|
(18,647,697 |
) |
|
|
|
|
|
| Net increase (decrease) in net assets from operations |
|
$ |
(157,794,056 |
) |
|
$ |
(2,455,539 |
) |
|
$ |
(24,214,058 |
) |
|
$ |
(19,074,437 |
) |
|
|
|
|
|
See Notes to Financial Statements 29 |
Statement of Operations (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
| Six Months Ended April 30, 2025 (Unaudited) |
|
Small Cap Select |
|
|
Small Cap Value |
|
|
Small/Mid
Cap Growth
Opportunities |
|
|
|
|
|
| INVESTMENT INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
| Affiliated income |
|
$ |
100,518 |
|
|
$ |
90,052 |
|
|
$ |
151,130 |
|
| Dividends |
|
|
970,300 |
|
|
|
3,076,746 |
|
|
|
378,221 |
|
| Interest |
|
|
49,703 |
|
|
|
55,300 |
|
|
|
52,644 |
|
| Securities lending income, net |
|
|
2,018 |
|
|
|
50 |
|
|
|
910 |
|
| Tax withheld |
|
|
(11,881 |
) |
|
|
(27,622 |
) |
|
|
(194 |
) |
| Total investment income |
|
|
1,110,658 |
|
|
|
3,194,526 |
|
|
|
582,711 |
|
|
|
|
|
| EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
| Management fees |
|
|
611,689 |
|
|
|
1,289,556 |
|
|
|
670,453 |
|
| 12b-1 service fees - Class A |
|
|
67,508 |
|
|
|
120,055 |
|
|
|
166,342 |
|
| 12b-1 distribution and service fees - Class C |
|
|
– |
|
|
|
51,951 |
|
|
|
– |
|
| Shareholder servicing agent fees - Class A |
|
|
39,531 |
|
|
|
86,315 |
|
|
|
68,253 |
|
| Shareholder servicing agent fees - Class C |
|
|
– |
|
|
|
9,326 |
|
|
|
– |
|
| Shareholder servicing agent fees - Class R6 |
|
|
123 |
|
|
|
2,376 |
|
|
|
235 |
|
| Shareholder servicing agent fees - Class I |
|
|
70,204 |
|
|
|
139,615 |
|
|
|
21,308 |
|
| Interest expense |
|
|
813 |
|
|
|
2,727 |
|
|
|
247 |
|
| Directors fees |
|
|
2,780 |
|
|
|
4,910 |
|
|
|
3,130 |
|
| Custodian expenses |
|
|
16,849 |
|
|
|
19,021 |
|
|
|
13,284 |
|
| Registration fees |
|
|
27,463 |
|
|
|
33,250 |
|
|
|
25,597 |
|
| Professional fees |
|
|
15,992 |
|
|
|
19,371 |
|
|
|
7,446 |
|
| Shareholder reporting expenses |
|
|
18,598 |
|
|
|
28,842 |
|
|
|
17,835 |
|
| Other |
|
|
8,657 |
|
|
|
3,394 |
|
|
|
10,155 |
|
| Total expenses before fee waiver/expense reimbursement |
|
|
880,207 |
|
|
|
1,810,709 |
|
|
|
1,004,285 |
|
| Fee waiver/expense reimbursement |
|
|
(94,020 |
) |
|
|
(157,168 |
) |
|
|
(58,569 |
) |
| Net expenses |
|
|
786,187 |
|
|
|
1,653,541 |
|
|
|
945,716 |
|
|
|
|
|
| Net investment income (loss) |
|
|
324,471 |
|
|
|
1,540,985 |
|
|
|
(363,005 |
) |
|
|
|
|
| REALIZED AND UNREALIZED GAIN (LOSS) |
|
|
|
|
|
|
|
|
|
|
|
|
| Realized gain (loss) from: |
|
|
|
|
|
|
|
|
|
|
|
|
| Investments |
|
|
(1,132,618 |
) |
|
|
37,241,554 |
|
|
|
24,950,543 |
|
| Net realized gain (loss) |
|
|
(1,132,618 |
) |
|
|
37,241,554 |
|
|
|
24,950,543 |
|
|
|
|
|
| Change in unrealized appreciation (depreciation) on: |
|
|
|
|
|
|
|
|
|
|
|
|
| Investments |
|
|
(14,829,446 |
) |
|
|
(48,935,696 |
) |
|
|
(36,466,791 |
) |
| Foreign currency translations |
|
|
– |
|
|
|
26 |
|
|
|
– |
|
| Net change in unrealized appreciation (depreciation) |
|
|
(14,829,446 |
) |
|
|
(48,935,670 |
) |
|
|
(36,466,791 |
) |
|
|
|
|
| Net realized and unrealized gain (loss) |
|
|
(15,962,064 |
) |
|
|
(11,694,116 |
) |
|
|
(11,516,248 |
) |
|
|
|
|
| Net increase (decrease) in net assets from operations |
|
$ |
(15,637,593 |
) |
|
$ |
(10,153,131 |
) |
|
$ |
(11,879,253 |
) |
|
|
|
| 30 |
|
See Notes to Financial Statements |
Statement of Changes in Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Dividend Value |
|
|
Large Cap Select |
|
| |
|
Unaudited
Six Months Ended 4/30/25 |
|
|
Year Ended 10/31/24 |
|
|
Unaudited
Six Months Ended 4/30/25 |
|
|
Year Ended 10/31/24 |
|
| OPERATIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net investment income (loss) |
|
$ |
21,669,874 |
|
|
$ |
52,146,664 |
|
|
$ |
63,318 |
|
|
$ |
190,080 |
|
| Net realized gain (loss) |
|
|
74,184,742 |
|
|
|
280,199,877 |
|
|
|
2,464,046 |
|
|
|
5,781,490 |
|
| Net change in unrealized appreciation (depreciation) |
|
|
(253,648,672 |
) |
|
|
458,665,014 |
|
|
|
(4,982,903 |
) |
|
|
7,994,680 |
|
|
|
|
|
|
| Net increase (decrease) in net assets from operations |
|
|
(157,794,056 |
) |
|
|
791,011,555 |
|
|
|
(2,455,539 |
) |
|
|
13,966,250 |
|
|
|
|
|
|
| DISTRIBUTIONS TO SHAREHOLDERS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Dividends: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class A |
|
|
(35,148,913 |
) |
|
|
(18,579,818 |
) |
|
|
(3,859,202 |
) |
|
|
(606,479 |
) |
| Class C |
|
|
(730,106 |
) |
|
|
(377,745 |
) |
|
|
(170,777 |
) |
|
|
(25,413 |
) |
| Class R6 |
|
|
(221,477,437 |
) |
|
|
(125,354,255 |
) |
|
|
— |
|
|
|
— |
|
| Class I |
|
|
(25,367,604 |
) |
|
|
(14,910,416 |
) |
|
|
(1,531,870 |
) |
|
|
(280,688 |
) |
|
|
|
|
|
| Total distributions |
|
|
(282,724,060 |
) |
|
|
(159,222,234 |
) |
|
|
(5,561,849 |
) |
|
|
(912,580 |
) |
|
|
|
|
|
| FUND SHARE TRANSACTIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Subscriptions |
|
|
186,519,623 |
|
|
|
276,268,617 |
|
|
|
1,133,706 |
|
|
|
4,433,188 |
|
| Reinvestments of distributions |
|
|
279,701,194 |
|
|
|
157,449,904 |
|
|
|
4,989,432 |
|
|
|
802,722 |
|
| Redemptions |
|
|
(339,501,040 |
) |
|
|
(638,834,131 |
) |
|
|
(5,128,595 |
) |
|
|
(6,031,885 |
) |
|
|
|
|
|
| Net increase (decrease) from Fund share transactions |
|
|
126,719,777 |
|
|
|
(205,115,610 |
) |
|
|
994,543 |
|
|
|
(795,975 |
) |
| Net increase (decrease) in net assets |
|
|
(313,798,339 |
) |
|
|
426,673,711 |
|
|
|
(7,022,845 |
) |
|
|
12,257,695 |
|
| Net assets at the beginning of period |
|
|
3,258,003,639 |
|
|
|
2,831,329,928 |
|
|
|
47,179,391 |
|
|
|
34,921,696 |
|
|
|
|
|
|
| Net assets at the end of period |
|
$ |
2,944,205,300 |
|
|
$ |
3,258,003,639 |
|
|
$ |
40,156,546 |
|
|
$ |
47,179,391 |
|
|
|
|
|
|
See Notes to Financial Statements 31 |
Statement of Changes in Net Assets (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Mid Cap Value 1 |
|
|
Small Cap Growth Opportunities |
|
| |
|
Unaudited
Six Months Ended 4/30/25 |
|
|
Year Ended 10/31/24 |
|
|
Unaudited
Six Months Ended 4/30/25 |
|
|
Year Ended 10/31/24 |
|
| OPERATIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net investment income (loss) |
|
$ |
2,601,457 |
|
|
$ |
4,838,896 |
|
|
$ |
(426,740 |
) |
|
$ |
(859,682 |
) |
| Net realized gain (loss) |
|
|
22,974,359 |
|
|
|
21,655,687 |
|
|
|
919,284 |
|
|
|
17,321,938 |
|
| Net change in unrealized appreciation (depreciation) |
|
|
(49,789,874 |
) |
|
|
76,326,081 |
|
|
|
(19,566,981 |
) |
|
|
47,062,026 |
|
|
|
|
|
|
| Net increase (decrease) in net assets from operations |
|
|
(24,214,058 |
) |
|
|
102,820,664 |
|
|
|
(19,074,437 |
) |
|
|
63,524,282 |
|
|
|
|
|
|
| DISTRIBUTIONS TO SHAREHOLDERS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Dividends: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class A |
|
|
(3,315,872 |
) |
|
|
(2,019,220 |
) |
|
|
— |
|
|
|
— |
|
| Class C |
|
|
(165,399 |
) |
|
|
(125,640 |
) |
|
|
— |
|
|
|
— |
|
| Class R6 |
|
|
(2,324,771 |
) |
|
|
(1,187,731 |
) |
|
|
— |
|
|
|
— |
|
| Class I |
|
|
(17,056,093 |
) |
|
|
(11,470,002 |
) |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
| Total distributions |
|
|
(22,862,135 |
) |
|
|
(14,802,593 |
) |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
| FUND SHARE TRANSACTIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Subscriptions |
|
|
23,198,563 |
|
|
|
58,609,808 |
|
|
|
17,051,425 |
|
|
|
35,735,253 |
|
| Reinvestments of distributions |
|
|
21,881,783 |
|
|
|
14,161,089 |
|
|
|
— |
|
|
|
— |
|
| Redemptions |
|
|
(68,495,791 |
) |
|
|
(128,066,918 |
) |
|
|
(28,440,735 |
) |
|
|
(37,813,845 |
) |
|
|
|
|
|
| Net increase (decrease) from Fund share transactions |
|
|
(23,415,445 |
) |
|
|
(55,296,021 |
) |
|
|
(11,389,310 |
) |
|
|
(2,078,592 |
) |
| Net increase (decrease) in net assets |
|
|
(70,491,638 |
) |
|
|
32,722,050 |
|
|
|
(30,463,747 |
) |
|
|
61,445,690 |
|
| Net assets at the beginning of period |
|
|
444,497,977 |
|
|
|
411,775,927 |
|
|
|
238,947,002 |
|
|
|
177,501,312 |
|
|
|
|
|
|
| Net assets at the end of period |
|
$ |
374,006,339 |
|
|
$ |
444,497,977 |
|
|
$ |
208,483,255 |
|
|
$ |
238,947,002 |
|
|
|
|
| 32 |
|
See Notes to Financial Statements |
Statement of Changes in Net Assets (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Small Cap Select |
|
|
Small Cap Value |
|
| |
|
Unaudited
Six Months Ended 4/30/25 |
|
|
Year Ended 10/31/24 |
|
|
Unaudited
Six Months Ended 4/30/25 |
|
|
Year Ended 10/31/24 |
|
| OPERATIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net investment income (loss) |
|
$ |
324,471 |
|
|
$ |
197,670 |
|
|
$ |
1,540,985 |
|
|
$ |
4,530,094 |
|
| Net realized gain (loss) |
|
|
(1,132,618 |
) |
|
|
8,481,322 |
|
|
|
37,241,554 |
|
|
|
36,672,526 |
|
| Net change in unrealized appreciation (depreciation) |
|
|
(14,829,446 |
) |
|
|
22,086,547 |
|
|
|
(48,935,670 |
) |
|
|
74,333,756 |
|
|
|
|
|
|
| Net increase (decrease) in net assets from operations |
|
|
(15,637,593 |
) |
|
|
30,765,539 |
|
|
|
(10,153,131 |
) |
|
|
115,536,376 |
|
|
|
|
|
|
| DISTRIBUTIONS TO SHAREHOLDERS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Dividends: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class A |
|
|
(1,724,576 |
) |
|
|
— |
|
|
|
(1,247,880 |
) |
|
|
(791,879 |
) |
| Class C |
|
|
— |
|
|
|
— |
|
|
|
(65,560 |
) |
|
|
(15,667 |
) |
| Class R6 |
|
|
(58,791 |
) |
|
|
— |
|
|
|
(449,903 |
) |
|
|
(1,761,739 |
) |
| Class I |
|
|
(2,217,090 |
) |
|
|
— |
|
|
|
(2,405,345 |
) |
|
|
(2,442,224 |
) |
|
|
|
|
|
| Total distributions |
|
|
(4,000,457 |
) |
|
|
— |
|
|
|
(4,168,688 |
) |
|
|
(5,011,509 |
) |
|
|
|
|
|
| FUND SHARE TRANSACTIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Subscriptions |
|
|
32,614,471 |
|
|
|
50,484,267 |
|
|
|
20,241,118 |
|
|
|
57,888,159 |
|
| Reinvestments of distributions |
|
|
3,943,555 |
|
|
|
— |
|
|
|
3,120,063 |
|
|
|
4,192,110 |
|
| Redemptions |
|
|
(17,873,812 |
) |
|
|
(34,028,740 |
) |
|
|
(177,484,311 |
) |
|
|
(199,452,534 |
) |
|
|
|
|
|
| Net increase (decrease) from Fund share transactions |
|
|
18,684,214 |
|
|
|
16,455,527 |
|
|
|
(154,123,130 |
) |
|
|
(137,372,265 |
) |
| Net increase (decrease) in net assets |
|
|
(953,836 |
) |
|
|
47,221,066 |
|
|
|
(168,444,949 |
) |
|
|
(26,847,398 |
) |
| Net assets at the beginning of period |
|
|
144,686,098 |
|
|
|
97,465,032 |
|
|
|
418,622,657 |
|
|
|
445,470,055 |
|
|
|
|
|
|
| Net assets at the end of period |
|
$ |
143,732,262 |
|
|
$ |
144,686,098 |
|
|
$ |
250,177,708 |
|
|
$ |
418,622,657 |
|
|
|
|
|
|
See Notes to Financial Statements 33 |
Statement of Changes in Net Assets (continued)
|
|
|
|
|
|
|
|
|
| |
|
Small/Mid Cap Growth Opportunities |
|
| |
|
Unaudited
Six Months Ended 4/30/25 |
|
|
Year Ended 10/31/24 |
|
| OPERATIONS |
|
|
|
|
|
|
|
|
| Net investment income (loss) |
|
$ |
(363,005 |
) |
|
$ |
(1,024,270 |
) |
| Net realized gain (loss) |
|
|
24,950,543 |
|
|
|
14,717,562 |
|
| Net change in unrealized appreciation (depreciation) |
|
|
(36,466,791 |
) |
|
|
34,344,406 |
|
|
|
|
| Net increase (decrease) in net assets from operations |
|
|
(11,879,253 |
) |
|
|
48,037,698 |
|
|
|
|
| FUND SHARE TRANSACTIONS |
|
|
|
|
|
|
|
|
| Subscriptions |
|
|
6,567,952 |
|
|
|
11,470,516 |
|
| Redemptions |
|
|
(21,012,619 |
) |
|
|
(47,090,410 |
) |
|
|
|
| Net increase (decrease) from Fund share transactions |
|
|
(14,444,667 |
) |
|
|
(35,619,894 |
) |
| Net increase (decrease) in net assets |
|
|
(26,323,920 |
) |
|
|
12,417,804 |
|
| Net assets at the beginning of period |
|
|
181,281,098 |
|
|
|
168,863,294 |
|
|
|
|
| Net assets at the end of period |
|
$ |
154,957,178 |
|
|
$ |
181,281,098 |
|
|
|
|
| 34 |
|
See Notes to Financial Statements |
[This page intentionally left blank.]
35
Financial Highlights
The following data is for a share outstanding for each fiscal year end unless otherwise noted:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
Investment Operations |
|
|
|
|
|
|
|
|
|
|
|
Less Distributions |
|
|
|
|
|
|
|
| |
|
Net Asset Value,
Beginning of Period |
|
|
Net
Investment
Income (NII) (Loss)(a) |
|
|
Net
Realized/
Unrealized
Gain (Loss) |
|
|
|
|
|
Total |
|
|
|
|
|
|
|
|
From NII |
|
|
From
Net Realized Gains |
|
|
|
|
|
Total |
|
|
|
|
|
Net Asset Value,
End of Period |
|
| Dividend Value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class A |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 4/30/25(e) |
|
|
$15.62 |
|
|
|
$0.08 |
|
|
|
$(0.81) |
|
|
|
|
|
|
|
$(0.73) |
|
|
|
|
|
|
|
|
|
|
|
$(0.09) |
|
|
|
$(1.32) |
|
|
|
|
|
|
|
$(1.41) |
|
|
|
|
|
|
|
$13.48 |
|
| 10/31/24 |
|
|
12.74 |
|
|
|
0.20 |
|
|
|
3.38 |
|
|
|
|
|
|
|
3.58 |
|
|
|
|
|
|
|
|
|
|
|
(0.20) |
|
|
|
(0.50) |
|
|
|
|
|
|
|
(0.70) |
|
|
|
|
|
|
|
15.62 |
|
| 10/31/23 |
|
|
14.12 |
|
|
|
0.20 |
|
|
|
(0.37) |
|
|
|
|
|
|
|
(0.17) |
|
|
|
|
|
|
|
|
|
|
|
(0.25) |
|
|
|
(0.96) |
|
|
|
|
|
|
|
(1.21) |
|
|
|
|
|
|
|
12.74 |
|
| 10/31/22 |
|
|
15.97 |
|
|
|
0.24 |
|
|
|
(0.67) |
|
|
|
|
|
|
|
(0.43) |
|
|
|
|
|
|
|
|
|
|
|
(0.20) |
|
|
|
(1.22) |
|
|
|
|
|
|
|
(1.42) |
|
|
|
|
|
|
|
14.12 |
|
| 10/31/21 |
|
|
11.44 |
|
|
|
0.20 |
|
|
|
4.50 |
|
|
|
|
|
|
|
4.70 |
|
|
|
|
|
|
|
|
|
|
|
(0.17) |
|
|
|
— |
|
|
|
|
|
|
|
(0.17) |
|
|
|
|
|
|
|
15.97 |
|
| 10/31/20 |
|
|
14.21 |
|
|
|
0.25 |
|
|
|
(1.98) |
|
|
|
|
|
|
|
(1.73) |
|
|
|
|
|
|
|
|
|
|
|
(0.23) |
|
|
|
(0.81) |
|
|
|
|
|
|
|
(1.04) |
|
|
|
|
|
|
|
11.44 |
|
| Class C |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 4/30/25(e) |
|
|
15.23 |
|
|
|
0.03 |
|
|
|
(0.80) |
|
|
|
|
|
|
|
(0.77) |
|
|
|
|
|
|
|
|
|
|
|
(0.03) |
|
|
|
(1.32) |
|
|
|
|
|
|
|
(1.35) |
|
|
|
|
|
|
|
13.11 |
|
| 10/31/24 |
|
|
12.43 |
|
|
|
0.09 |
|
|
|
3.30 |
|
|
|
|
|
|
|
3.39 |
|
|
|
|
|
|
|
|
|
|
|
(0.09) |
|
|
|
(0.50) |
|
|
|
|
|
|
|
(0.59) |
|
|
|
|
|
|
|
15.23 |
|
| 10/31/23 |
|
|
13.80 |
|
|
|
0.10 |
|
|
|
(0.37) |
|
|
|
|
|
|
|
(0.27) |
|
|
|
|
|
|
|
|
|
|
|
(0.14) |
|
|
|
(0.96) |
|
|
|
|
|
|
|
(1.10) |
|
|
|
|
|
|
|
12.43 |
|
| 10/31/22 |
|
|
15.63 |
|
|
|
0.12 |
|
|
|
(0.64) |
|
|
|
|
|
|
|
(0.52) |
|
|
|
|
|
|
|
|
|
|
|
(0.09) |
|
|
|
(1.22) |
|
|
|
|
|
|
|
(1.31) |
|
|
|
|
|
|
|
13.80 |
|
| 10/31/21 |
|
|
11.21 |
|
|
|
0.09 |
|
|
|
4.40 |
|
|
|
|
|
|
|
4.49 |
|
|
|
|
|
|
|
|
|
|
|
(0.07) |
|
|
|
— |
|
|
|
|
|
|
|
(0.07) |
|
|
|
|
|
|
|
15.63 |
|
| 10/31/20 |
|
|
13.93 |
|
|
|
0.15 |
|
|
|
(1.92) |
|
|
|
|
|
|
|
(1.77) |
|
|
|
|
|
|
|
|
|
|
|
(0.14) |
|
|
|
(0.81) |
|
|
|
|
|
|
|
(0.95) |
|
|
|
|
|
|
|
11.21 |
|
| Class R6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 4/30/25(e) |
|
|
16.05 |
|
|
|
0.11 |
|
|
|
(0.83) |
|
|
|
|
|
|
|
(0.72) |
|
|
|
|
|
|
|
|
|
|
|
(0.12) |
|
|
|
(1.32) |
|
|
|
|
|
|
|
(1.44) |
|
|
|
|
|
|
|
13.89 |
|
| 10/31/24 |
|
|
13.08 |
|
|
|
0.26 |
|
|
|
3.47 |
|
|
|
|
|
|
|
3.73 |
|
|
|
|
|
|
|
|
|
|
|
(0.26) |
|
|
|
(0.50) |
|
|
|
|
|
|
|
(0.76) |
|
|
|
|
|
|
|
16.05 |
|
| 10/31/23 |
|
|
14.47 |
|
|
|
0.26 |
|
|
|
(0.39) |
|
|
|
|
|
|
|
(0.13) |
|
|
|
|
|
|
|
|
|
|
|
(0.30) |
|
|
|
(0.96) |
|
|
|
|
|
|
|
(1.26) |
|
|
|
|
|
|
|
13.08 |
|
| 10/31/22 |
|
|
16.34 |
|
|
|
0.29 |
|
|
|
(0.68) |
|
|
|
|
|
|
|
(0.39) |
|
|
|
|
|
|
|
|
|
|
|
(0.26) |
|
|
|
(1.22) |
|
|
|
|
|
|
|
(1.48) |
|
|
|
|
|
|
|
14.47 |
|
| 10/31/21 |
|
|
11.72 |
|
|
|
0.26 |
|
|
|
4.60 |
|
|
|
|
|
|
|
4.86 |
|
|
|
|
|
|
|
|
|
|
|
(0.24) |
|
|
|
— |
|
|
|
|
|
|
|
(0.24) |
|
|
|
|
|
|
|
16.34 |
|
| 10/31/20 |
|
|
14.54 |
|
|
|
0.30 |
|
|
|
(2.02) |
|
|
|
|
|
|
|
(1.72) |
|
|
|
|
|
|
|
|
|
|
|
(0.29) |
|
|
|
(0.81) |
|
|
|
|
|
|
|
(1.10) |
|
|
|
|
|
|
|
11.72 |
|
| Class I |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 4/30/25(e) |
|
|
15.89 |
|
|
|
0.10 |
|
|
|
(0.82) |
|
|
|
|
|
|
|
(0.72) |
|
|
|
|
|
|
|
|
|
|
|
(0.11) |
|
|
|
(1.32) |
|
|
|
|
|
|
|
(1.43) |
|
|
|
|
|
|
|
13.74 |
|
| 10/31/24 |
|
|
12.95 |
|
|
|
0.24 |
|
|
|
3.44 |
|
|
|
|
|
|
|
3.68 |
|
|
|
|
|
|
|
|
|
|
|
(0.24) |
|
|
|
(0.50) |
|
|
|
|
|
|
|
(0.74) |
|
|
|
|
|
|
|
15.89 |
|
| 10/31/23 |
|
|
14.34 |
|
|
|
0.24 |
|
|
|
(0.39) |
|
|
|
|
|
|
|
(0.15) |
|
|
|
|
|
|
|
|
|
|
|
(0.28) |
|
|
|
(0.96) |
|
|
|
|
|
|
|
(1.24) |
|
|
|
|
|
|
|
12.95 |
|
| 10/31/22 |
|
|
16.20 |
|
|
|
0.27 |
|
|
|
(0.67) |
|
|
|
|
|
|
|
(0.40) |
|
|
|
|
|
|
|
|
|
|
|
(0.24) |
|
|
|
(1.22) |
|
|
|
|
|
|
|
(1.46) |
|
|
|
|
|
|
|
14.34 |
|
| 10/31/21 |
|
|
11.61 |
|
|
|
0.24 |
|
|
|
4.57 |
|
|
|
|
|
|
|
4.81 |
|
|
|
|
|
|
|
|
|
|
|
(0.22) |
|
|
|
— |
|
|
|
|
|
|
|
(0.22) |
|
|
|
|
|
|
|
16.20 |
|
| 10/31/20 |
|
|
14.42 |
|
|
|
0.28 |
|
|
|
(2.01) |
|
|
|
|
|
|
|
(1.73) |
|
|
|
|
|
|
|
|
|
|
|
(0.27) |
|
|
|
(0.81) |
|
|
|
|
|
|
|
(1.08) |
|
|
|
|
|
|
|
11.61 |
|
|
|
|
| (a) |
|
Based on average shares outstanding. |
| (b) |
|
Total returns are at NAV and do not include any sales charge. Total returns are not annualized. |
| (c) |
|
After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Notes to Financial Statements for more information. |
| (d) |
|
Includes voluntary compensation from the Adviser as further described in the Notes to Financial Statements. |
| (e) |
|
Unaudited. |
| (f) |
|
Annualized. |
36
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
Ratio/Supplemental Data |
|
| |
|
|
|
|
|
|
|
|
Ratios to Average Net Assets |
|
|
|
|
| |
|
|
Total Return(b) |
|
|
Net Assets, End of Period (000) |
|
|
Gross Expenses |
|
|
Net Expenses(c) |
|
|
NII (Loss)(c),(d) |
|
|
Portfolio Turnover Rate |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(5.31)% |
|
|
|
$343,604 |
|
|
|
0.98%(f) |
|
|
|
0.95%(f) |
|
|
|
1.13%(f) |
|
|
|
46% |
|
|
|
|
|
|
28.86 |
|
|
|
395,249 |
|
|
|
0.99 |
|
|
|
0.96 |
|
|
|
1.37 |
|
|
|
79 |
|
|
|
|
|
|
(1.39) |
|
|
|
342,301 |
|
|
|
1.00 |
|
|
|
0.96 |
|
|
|
1.51 |
|
|
|
82 |
|
|
|
|
|
|
(3.00) |
|
|
|
390,219 |
|
|
|
1.00 |
|
|
|
0.96 |
|
|
|
1.63 |
|
|
|
81 |
|
|
|
|
|
|
41.25 |
|
|
|
434,105 |
|
|
|
1.00 |
|
|
|
0.96 |
|
|
|
1.32 |
|
|
|
97 |
|
| |
|
|
|
|
(13.12) |
|
|
|
158,645 |
|
|
|
1.09 |
|
|
|
1.09 |
|
|
|
2.00 |
|
|
|
117 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(5.70) |
|
|
|
7,308 |
|
|
|
1.73 (f) |
|
|
|
1.70 (f) |
|
|
|
0.37 (f) |
|
|
|
46 |
|
|
|
|
|
|
27.98 |
|
|
|
8,145 |
|
|
|
1.74 |
|
|
|
1.71 |
|
|
|
0.63 |
|
|
|
79 |
|
|
|
|
|
|
(2.14) |
|
|
|
8,404 |
|
|
|
1.75 |
|
|
|
1.71 |
|
|
|
0.77 |
|
|
|
82 |
|
|
|
|
|
|
(3.72) |
|
|
|
11,931 |
|
|
|
1.75 |
|
|
|
1.71 |
|
|
|
0.85 |
|
|
|
81 |
|
|
|
|
|
|
40.10 |
|
|
|
16,356 |
|
|
|
1.75 |
|
|
|
1.71 |
|
|
|
0.60 |
|
|
|
97 |
|
| |
|
|
|
|
(13.75) |
|
|
|
11,881 |
|
|
|
1.84 |
|
|
|
1.84 |
|
|
|
1.24 |
|
|
|
117 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(5.10) |
|
|
|
2,346,944 |
|
|
|
0.64 (f) |
|
|
|
0.60 (f) |
|
|
|
1.46 (f) |
|
|
|
46 |
|
|
|
|
|
|
29.28 |
|
|
|
2,566,211 |
|
|
|
0.65 |
|
|
|
0.62 |
|
|
|
1.70 |
|
|
|
79 |
|
|
|
|
|
|
(1.03) |
|
|
|
2,210,275 |
|
|
|
0.65 |
|
|
|
0.61 |
|
|
|
1.86 |
|
|
|
82 |
|
|
|
|
|
|
(2.65) |
|
|
|
2,619,891 |
|
|
|
0.65 |
|
|
|
0.61 |
|
|
|
1.98 |
|
|
|
81 |
|
|
|
|
|
|
41.71 |
|
|
|
3,102,035 |
|
|
|
0.64 |
|
|
|
0.60 |
|
|
|
1.73 |
|
|
|
97 |
|
| |
|
|
|
|
(12.80) |
|
|
|
2,025,717 |
|
|
|
0.70 |
|
|
|
0.70 |
|
|
|
2.41 |
|
|
|
117 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(5.14) |
|
|
|
246,349 |
|
|
|
0.73 (f) |
|
|
|
0.70 (f) |
|
|
|
1.38 (f) |
|
|
|
46 |
|
|
|
|
|
|
29.19 |
|
|
|
288,399 |
|
|
|
0.74 |
|
|
|
0.71 |
|
|
|
1.62 |
|
|
|
79 |
|
|
|
|
|
|
(1.16) |
|
|
|
270,350 |
|
|
|
0.75 |
|
|
|
0.71 |
|
|
|
1.77 |
|
|
|
82 |
|
|
|
|
|
|
(2.75) |
|
|
|
342,502 |
|
|
|
0.75 |
|
|
|
0.71 |
|
|
|
1.85 |
|
|
|
81 |
|
|
|
|
|
|
41.59 |
|
|
|
466,940 |
|
|
|
0.75 |
|
|
|
0.71 |
|
|
|
1.61 |
|
|
|
97 |
|
| |
|
|
|
|
(12.96) |
|
|
|
408,828 |
|
|
|
0.84 |
|
|
|
0.84 |
|
|
|
2.25 |
|
|
|
117 |
|
|
|
|
|
|
See Notes to Financial Statements. 37 |
Financial Highlights (continued)
The following data is for a share outstanding for each fiscal year end unless otherwise noted:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
Investment Operations |
|
|
|
|
|
|
|
|
|
|
|
Less Distributions |
|
|
|
|
|
|
|
| |
|
Net Asset Value,
Beginning of Period |
|
|
Net
Investment
Income (NII) (Loss)(a) |
|
|
Net
Realized/
Unrealized
Gain (Loss) |
|
|
|
|
|
Total |
|
|
|
|
|
|
|
|
From NII |
|
|
From
Net Realized Gains |
|
|
|
|
|
Total |
|
|
|
|
|
Net Asset Value,
End of Period |
|
| Large Cap Select |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class A |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 4/30/25(e) |
|
|
$43.88 |
|
|
|
$0.05 |
|
|
|
$(2.02) |
|
|
|
|
|
|
|
$(1.97) |
|
|
|
|
|
|
|
|
|
|
|
$(0.11) |
|
|
|
$(5.04) |
|
|
|
|
|
|
|
$(5.15) |
|
|
|
|
|
|
|
$36.76 |
|
| 10/31/24 |
|
|
32.17 |
|
|
|
0.15 |
|
|
|
12.35 |
|
|
|
|
|
|
|
12.50 |
|
|
|
|
|
|
|
|
|
|
|
(0.19) |
|
|
|
(0.60) |
|
|
|
|
|
|
|
(0.79) |
|
|
|
|
|
|
|
43.88 |
|
| 10/31/23 |
|
|
31.11 |
|
|
|
0.18 |
|
|
|
2.76 |
|
|
|
|
|
|
|
2.94 |
|
|
|
|
|
|
|
|
|
|
|
(0.21) |
|
|
|
(1.67) |
|
|
|
|
|
|
|
(1.88) |
|
|
|
|
|
|
|
32.17 |
|
| 10/31/22 |
|
|
45.19 |
|
|
|
0.19 |
|
|
|
(5.82) |
|
|
|
|
|
|
|
(5.63) |
|
|
|
|
|
|
|
|
|
|
|
(0.10) |
|
|
|
(8.35) |
|
|
|
|
|
|
|
(8.45) |
|
|
|
|
|
|
|
31.11 |
|
| 10/31/21 |
|
|
32.12 |
|
|
|
0.07 |
|
|
|
13.28 |
|
|
|
|
|
|
|
13.35 |
|
|
|
|
|
|
|
|
|
|
|
(0.17) |
|
|
|
(0.11) |
|
|
|
|
|
|
|
(0.28) |
|
|
|
|
|
|
|
45.19 |
|
| 10/31/20 |
|
|
30.71 |
|
|
|
0.17 |
|
|
|
1.61 |
|
|
|
|
|
|
|
1.78 |
|
|
|
|
|
|
|
|
|
|
|
(0.37) |
|
|
|
— |
|
|
|
|
|
|
|
(0.37) |
|
|
|
|
|
|
|
32.12 |
|
| Class C |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 4/30/25(e) |
|
|
38.69 |
|
|
|
(0.09) |
|
|
|
(1.71) |
|
|
|
|
|
|
|
(1.80) |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
(5.04) |
|
|
|
|
|
|
|
(5.04) |
|
|
|
|
|
|
|
31.85 |
|
| 10/31/24 |
|
|
28.49 |
|
|
|
(0.13) |
|
|
|
10.93 |
|
|
|
|
|
|
|
10.80 |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
(0.60) |
|
|
|
|
|
|
|
(0.60) |
|
|
|
|
|
|
|
38.69 |
|
| 10/31/23 |
|
|
27.75 |
|
|
|
(0.05) |
|
|
|
2.46 |
|
|
|
|
|
|
|
2.41 |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
(1.67) |
|
|
|
|
|
|
|
(1.67) |
|
|
|
|
|
|
|
28.49 |
|
| 10/31/22 |
|
|
41.45 |
|
|
|
(0.06) |
|
|
|
(5.20) |
|
|
|
|
|
|
|
(5.26) |
|
|
|
|
|
|
|
|
|
|
|
(0.09) |
|
|
|
(8.35) |
|
|
|
|
|
|
|
(8.44) |
|
|
|
|
|
|
|
27.75 |
|
| 10/31/21 |
|
|
29.56 |
|
|
|
(0.21) |
|
|
|
12.21 |
|
|
|
|
|
|
|
12.00 |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
(0.11) |
|
|
|
|
|
|
|
(0.11) |
|
|
|
|
|
|
|
41.45 |
|
| 10/31/20 |
|
|
28.28 |
|
|
|
(0.06) |
|
|
|
1.47 |
|
|
|
|
|
|
|
1.41 |
|
|
|
|
|
|
|
|
|
|
|
(0.13) |
|
|
|
— |
|
|
|
|
|
|
|
(0.13) |
|
|
|
|
|
|
|
29.56 |
|
| Class I |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 4/30/25(e) |
|
|
44.54 |
|
|
|
0.10 |
|
|
|
(2.05) |
|
|
|
|
|
|
|
(1.95) |
|
|
|
|
|
|
|
|
|
|
|
(0.22) |
|
|
|
(5.04) |
|
|
|
|
|
|
|
(5.26) |
|
|
|
|
|
|
|
37.33 |
|
| 10/31/24 |
|
|
32.64 |
|
|
|
0.25 |
|
|
|
12.53 |
|
|
|
|
|
|
|
12.78 |
|
|
|
|
|
|
|
|
|
|
|
(0.28) |
|
|
|
(0.60) |
|
|
|
|
|
|
|
(0.88) |
|
|
|
|
|
|
|
44.54 |
|
| 10/31/23 |
|
|
31.55 |
|
|
|
0.26 |
|
|
|
2.80 |
|
|
|
|
|
|
|
3.06 |
|
|
|
|
|
|
|
|
|
|
|
(0.30) |
|
|
|
(1.67) |
|
|
|
|
|
|
|
(1.97) |
|
|
|
|
|
|
|
32.64 |
|
| 10/31/22 |
|
|
45.61 |
|
|
|
0.26 |
|
|
|
(5.87) |
|
|
|
|
|
|
|
(5.61) |
|
|
|
|
|
|
|
|
|
|
|
(0.10) |
|
|
|
(8.35) |
|
|
|
|
|
|
|
(8.45) |
|
|
|
|
|
|
|
31.55 |
|
| 10/31/21 |
|
|
32.41 |
|
|
|
0.18 |
|
|
|
13.38 |
|
|
|
|
|
|
|
13.56 |
|
|
|
|
|
|
|
|
|
|
|
(0.25) |
|
|
|
(0.11) |
|
|
|
|
|
|
|
(0.36) |
|
|
|
|
|
|
|
45.61 |
|
| 10/31/20 |
|
|
30.98 |
|
|
|
0.25 |
|
|
|
1.62 |
|
|
|
|
|
|
|
1.87 |
|
|
|
|
|
|
|
|
|
|
|
(0.44) |
|
|
|
— |
|
|
|
|
|
|
|
(0.44) |
|
|
|
|
|
|
|
32.41 |
|
|
|
|
| (a) |
|
Based on average shares outstanding. |
| (b) |
|
Total returns are at NAV and do not include any sales charge. Total returns are not annualized. |
| (c) |
|
After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Notes to Financial Statements for more information. |
| (d) |
|
Includes voluntary compensation from the Adviser as further described in the Notes to Financial Statements. |
| (e) |
|
Unaudited. |
| (f) |
|
Annualized. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
Ratio/Supplemental Data |
|
| |
|
|
|
|
|
|
|
|
Ratios to Average Net Assets |
|
|
|
|
| |
|
|
Total Return(b) |
|
|
Net Assets, End of Period (000) |
|
|
Gross Expenses |
|
|
Net Expenses(c) |
|
|
NII (Loss)(c),(d) |
|
|
Portfolio Turnover Rate |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(5.89)% |
|
|
|
$29,919 |
|
|
|
1.26%(f) |
|
|
|
1.01%(f) |
|
|
|
0.23%(f) |
|
|
|
41% |
|
|
|
|
|
|
39.42 |
|
|
|
32,754 |
|
|
|
1.29 |
|
|
|
1.03 |
|
|
|
0.38 |
|
|
|
76 |
|
|
|
|
|
|
10.13 |
|
|
|
24,952 |
|
|
|
1.37 |
|
|
|
1.05 |
|
|
|
0.57 |
|
|
|
89 |
|
|
|
|
|
|
(15.56) |
|
|
|
23,157 |
|
|
|
1.32 |
|
|
|
1.05 |
|
|
|
0.54 |
|
|
|
78 |
|
|
|
|
|
|
41.77 |
|
|
|
31,724 |
|
|
|
1.29 |
|
|
|
1.05 |
|
|
|
0.18 |
|
|
|
83 |
|
| |
|
|
|
|
5.76 |
|
|
|
24,135 |
|
|
|
1.30 |
|
|
|
1.11 |
|
|
|
0.54 |
|
|
|
101 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(6.25) |
|
|
|
877 |
|
|
|
2.01 (f) |
|
|
|
1.76 (f) |
|
|
|
(0.51) (f) |
|
|
|
41 |
|
|
|
|
|
|
38.38 |
|
|
|
1,349 |
|
|
|
2.04 |
|
|
|
1.78 |
|
|
|
(0.36) |
|
|
|
76 |
|
|
|
|
|
|
9.30 |
|
|
|
1,212 |
|
|
|
2.12 |
|
|
|
1.80 |
|
|
|
(0.18) |
|
|
|
89 |
|
|
|
|
|
|
(16.18) |
|
|
|
1,334 |
|
|
|
2.07 |
|
|
|
1.80 |
|
|
|
(0.20) |
|
|
|
78 |
|
|
|
|
|
|
40.68 |
|
|
|
1,790 |
|
|
|
2.04 |
|
|
|
1.80 |
|
|
|
(0.56) |
|
|
|
83 |
|
| |
|
|
|
|
4.99 |
|
|
|
1,743 |
|
|
|
2.05 |
|
|
|
1.86 |
|
|
|
(0.21) |
|
|
|
101 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(5.78) |
|
|
|
9,360 |
|
|
|
1.01 (f) |
|
|
|
0.76 (f) |
|
|
|
0.48 (f) |
|
|
|
41 |
|
|
|
|
|
|
39.76 |
|
|
|
13,077 |
|
|
|
1.04 |
|
|
|
0.78 |
|
|
|
0.63 |
|
|
|
76 |
|
|
|
|
|
|
10.40 |
|
|
|
8,758 |
|
|
|
1.12 |
|
|
|
0.80 |
|
|
|
0.81 |
|
|
|
89 |
|
|
|
|
|
|
(15.33) |
|
|
|
9,854 |
|
|
|
1.07 |
|
|
|
0.80 |
|
|
|
0.75 |
|
|
|
78 |
|
|
|
|
|
|
42.11 |
|
|
|
18,605 |
|
|
|
1.04 |
|
|
|
0.80 |
|
|
|
0.43 |
|
|
|
83 |
|
| |
|
|
|
|
6.02 |
|
|
|
16,030 |
|
|
|
1.05 |
|
|
|
0.86 |
|
|
|
0.79 |
|
|
|
101 |
|
|
|
|
|
|
See Notes to Financial Statements. 39 |
Financial Highlights (continued)
The following data is for a share outstanding for each fiscal year end unless otherwise noted:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
Investment Operations |
|
|
|
|
|
|
|
|
|
|
|
Less Distributions |
|
|
|
|
|
|
|
| |
|
Net Asset Value,
Beginning of Period |
|
|
Net
Investment
Income (NII) (Loss)(a) |
|
|
Net
Realized/
Unrealized
Gain (Loss) |
|
|
|
|
|
Total |
|
|
|
|
|
|
|
|
From NII |
|
|
From
Net Realized Gains |
|
|
|
|
|
Total |
|
|
|
|
|
Net Asset Value,
End of Period |
|
| Mid Cap Value 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class A |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 4/30/25(e) |
|
|
$57.24 |
|
|
|
$0.27 |
|
|
|
$(3.55) |
|
|
|
|
|
|
|
$(3.28) |
|
|
|
|
|
|
|
|
|
|
|
$(0.52) |
|
|
|
$(2.35) |
|
|
|
|
|
|
|
$(2.87) |
|
|
|
|
|
|
|
$51.09 |
|
| 10/31/24 |
|
|
46.86 |
|
|
|
0.46 |
|
|
|
11.54 |
|
|
|
|
|
|
|
12.00 |
|
|
|
|
|
|
|
|
|
|
|
(0.50) |
|
|
|
(1.12) |
|
|
|
|
|
|
|
(1.62) |
|
|
|
|
|
|
|
57.24 |
|
| 10/31/23 |
|
|
50.13 |
|
|
|
0.52 |
|
|
|
(0.84) |
|
|
|
|
|
|
|
(0.32) |
|
|
|
|
|
|
|
|
|
|
|
(0.53) |
|
|
|
(2.42) |
|
|
|
|
|
|
|
(2.95) |
|
|
|
|
|
|
|
46.86 |
|
| 10/31/22 |
|
|
56.38 |
|
|
|
0.54 |
|
|
|
(3.88) |
|
|
|
|
|
|
|
(3.34) |
|
|
|
|
|
|
|
|
|
|
|
(0.35) |
|
|
|
(2.56) |
|
|
|
|
|
|
|
(2.91) |
|
|
|
|
|
|
|
50.13 |
|
| 10/31/21 |
|
|
36.53 |
|
|
|
0.29 |
|
|
|
20.01 |
|
|
|
|
|
|
|
20.30 |
|
|
|
|
|
|
|
|
|
|
|
(0.45) |
|
|
|
— |
|
|
|
|
|
|
|
(0.45) |
|
|
|
|
|
|
|
56.38 |
|
| 10/31/20 |
|
|
41.07 |
|
|
|
0.43 |
|
|
|
(4.59) |
|
|
|
|
|
|
|
(4.16) |
|
|
|
|
|
|
|
|
|
|
|
(0.38) |
|
|
|
— |
|
|
|
|
|
|
|
(0.38) |
|
|
|
|
|
|
|
36.53 |
|
| Class C |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 4/30/25(e) |
|
|
52.67 |
|
|
|
0.08 |
|
|
|
(3.29) |
|
|
|
|
|
|
|
(3.21) |
|
|
|
|
|
|
|
|
|
|
|
(0.10) |
|
|
|
(2.35) |
|
|
|
|
|
|
|
(2.45) |
|
|
|
|
|
|
|
47.01 |
|
| 10/31/24 |
|
|
43.21 |
|
|
|
0.07 |
|
|
|
10.63 |
|
|
|
|
|
|
|
10.70 |
|
|
|
|
|
|
|
|
|
|
|
(0.12) |
|
|
|
(1.12) |
|
|
|
|
|
|
|
(1.24) |
|
|
|
|
|
|
|
52.67 |
|
| 10/31/23 |
|
|
46.38 |
|
|
|
0.15 |
|
|
|
(0.77) |
|
|
|
|
|
|
|
(0.62) |
|
|
|
|
|
|
|
|
|
|
|
(0.13) |
|
|
|
(2.42) |
|
|
|
|
|
|
|
(2.55) |
|
|
|
|
|
|
|
43.21 |
|
| 10/31/22 |
|
|
52.74 |
|
|
|
0.14 |
|
|
|
(3.62) |
|
|
|
|
|
|
|
(3.48) |
|
|
|
|
|
|
|
|
|
|
|
(0.32) |
|
|
|
(2.56) |
|
|
|
|
|
|
|
(2.88) |
|
|
|
|
|
|
|
46.38 |
|
| 10/31/21 |
|
|
34.21 |
|
|
|
(0.09) |
|
|
|
18.79 |
|
|
|
|
|
|
|
18.70 |
|
|
|
|
|
|
|
|
|
|
|
(0.17) |
|
|
|
— |
|
|
|
|
|
|
|
(0.17) |
|
|
|
|
|
|
|
52.74 |
|
| 10/31/20 |
|
|
38.49 |
|
|
|
0.14 |
|
|
|
(4.34) |
|
|
|
|
|
|
|
(4.20) |
|
|
|
|
|
|
|
|
|
|
|
(0.08) |
|
|
|
— |
|
|
|
|
|
|
|
(0.08) |
|
|
|
|
|
|
|
34.21 |
|
| Class R6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 4/30/25(e) |
|
|
57.93 |
|
|
|
0.39 |
|
|
|
(3.60) |
|
|
|
|
|
|
|
(3.21) |
|
|
|
|
|
|
|
|
|
|
|
(0.75) |
|
|
|
(2.35) |
|
|
|
|
|
|
|
(3.10) |
|
|
|
|
|
|
|
51.62 |
|
| 10/31/24 |
|
|
47.41 |
|
|
|
0.68 |
|
|
|
11.66 |
|
|
|
|
|
|
|
12.34 |
|
|
|
|
|
|
|
|
|
|
|
(0.70) |
|
|
|
(1.12) |
|
|
|
|
|
|
|
(1.82) |
|
|
|
|
|
|
|
57.93 |
|
| 10/31/23 |
|
|
50.71 |
|
|
|
0.72 |
|
|
|
(0.85) |
|
|
|
|
|
|
|
(0.13) |
|
|
|
|
|
|
|
|
|
|
|
(0.75) |
|
|
|
(2.42) |
|
|
|
|
|
|
|
(3.17) |
|
|
|
|
|
|
|
47.41 |
|
| 10/31/22 |
|
|
56.81 |
|
|
|
0.74 |
|
|
|
(3.93) |
|
|
|
|
|
|
|
(3.19) |
|
|
|
|
|
|
|
|
|
|
|
(0.35) |
|
|
|
(2.56) |
|
|
|
|
|
|
|
(2.91) |
|
|
|
|
|
|
|
50.71 |
|
| 10/31/21 |
|
|
36.78 |
|
|
|
0.49 |
|
|
|
20.13 |
|
|
|
|
|
|
|
20.62 |
|
|
|
|
|
|
|
|
|
|
|
(0.59) |
|
|
|
— |
|
|
|
|
|
|
|
(0.59) |
|
|
|
|
|
|
|
56.81 |
|
| 10/31/20 |
|
|
41.32 |
|
|
|
0.57 |
|
|
|
(4.59) |
|
|
|
|
|
|
|
(4.02) |
|
|
|
|
|
|
|
|
|
|
|
(0.52) |
|
|
|
— |
|
|
|
|
|
|
|
(0.52) |
|
|
|
|
|
|
|
36.78 |
|
| Class I |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 4/30/25(e) |
|
|
57.69 |
|
|
|
0.35 |
|
|
|
(3.60) |
|
|
|
|
|
|
|
(3.25) |
|
|
|
|
|
|
|
|
|
|
|
(0.66) |
|
|
|
(2.35) |
|
|
|
|
|
|
|
(3.01) |
|
|
|
|
|
|
|
51.43 |
|
| 10/31/24 |
|
|
47.20 |
|
|
|
0.60 |
|
|
|
11.63 |
|
|
|
|
|
|
|
12.23 |
|
|
|
|
|
|
|
|
|
|
|
(0.62) |
|
|
|
(1.12) |
|
|
|
|
|
|
|
(1.74) |
|
|
|
|
|
|
|
57.69 |
|
| 10/31/23 |
|
|
50.49 |
|
|
|
0.65 |
|
|
|
(0.86) |
|
|
|
|
|
|
|
(0.21) |
|
|
|
|
|
|
|
|
|
|
|
(0.66) |
|
|
|
(2.42) |
|
|
|
|
|
|
|
(3.08) |
|
|
|
|
|
|
|
47.20 |
|
| 10/31/22 |
|
|
56.64 |
|
|
|
0.68 |
|
|
|
(3.92) |
|
|
|
|
|
|
|
(3.24) |
|
|
|
|
|
|
|
|
|
|
|
(0.35) |
|
|
|
(2.56) |
|
|
|
|
|
|
|
(2.91) |
|
|
|
|
|
|
|
50.49 |
|
| 10/31/21 |
|
|
36.69 |
|
|
|
0.41 |
|
|
|
20.09 |
|
|
|
|
|
|
|
20.50 |
|
|
|
|
|
|
|
|
|
|
|
(0.55) |
|
|
|
— |
|
|
|
|
|
|
|
(0.55) |
|
|
|
|
|
|
|
56.64 |
|
| 10/31/20 |
|
|
41.24 |
|
|
|
0.52 |
|
|
|
(4.59) |
|
|
|
|
|
|
|
(4.07) |
|
|
|
|
|
|
|
|
|
|
|
(0.48) |
|
|
|
— |
|
|
|
|
|
|
|
(0.48) |
|
|
|
|
|
|
|
36.69 |
|
|
|
|
| (a) |
|
Based on average shares outstanding. |
| (b) |
|
Total returns are at NAV and do not include any sales charge. Total returns are not annualized. |
| (c) |
|
After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Notes to Financial Statements for more information. |
| (d) |
|
Includes voluntary compensation from the Adviser as further described in the Notes to Financial Statements. |
| (e) |
|
Unaudited. |
| (f) |
|
Annualized. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
Ratio/Supplemental Data |
|
| |
|
|
|
|
|
|
Ratios to Average Net Assets |
|
|
|
| |
|
Total Return(b) |
|
Net Assets, End of Period (000) |
|
|
Gross Expenses |
|
Net Expenses(c) |
|
NII (Loss)(c),(d) |
|
Portfolio Turnover Rate |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(6.16 |
)% |
|
|
$58,880 |
|
|
|
1.22 |
%(f) |
|
|
1.13 |
%(f) |
|
|
1.00 |
%(f) |
|
|
10% |
|
|
|
|
|
|
25.98 |
|
|
|
66,081 |
|
|
|
1.23 |
|
|
|
1.14 |
|
|
|
0.86 |
|
|
|
20 |
|
|
|
|
|
|
(0.65 |
) |
|
|
58,995 |
|
|
|
1.25 |
|
|
|
1.16 |
|
|
|
1.06 |
|
|
|
28 |
|
|
|
|
|
|
(6.29 |
) |
|
|
63,992 |
|
|
|
1.21 |
|
|
|
1.16 |
|
|
|
1.03 |
|
|
|
38 |
|
|
|
|
|
|
55.98 |
|
|
|
73,571 |
|
|
|
1.28 |
|
|
|
1.16 |
|
|
|
0.59 |
|
|
|
31 |
|
| |
|
|
|
|
(10.26 |
) |
|
|
41,258 |
|
|
|
1.27 |
|
|
|
1.17 |
|
|
|
1.16 |
|
|
|
56 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(6.54 |
) |
|
|
2,753 |
|
|
|
1.98 |
(f) |
|
|
1.88 |
(f) |
|
|
0.31 |
(f) |
|
|
10 |
|
|
|
|
|
|
25.06 |
|
|
|
4,001 |
|
|
|
1.98 |
|
|
|
1.89 |
|
|
|
0.13 |
|
|
|
20 |
|
|
|
|
|
|
(1.38 |
) |
|
|
4,512 |
|
|
|
2.00 |
|
|
|
1.91 |
|
|
|
0.33 |
|
|
|
28 |
|
|
|
|
|
|
(7.02 |
) |
|
|
5,552 |
|
|
|
1.96 |
|
|
|
1.91 |
|
|
|
0.28 |
|
|
|
38 |
|
|
|
|
|
|
54.80 |
|
|
|
6,026 |
|
|
|
2.03 |
|
|
|
1.91 |
|
|
|
(0.20 |
) |
|
|
31 |
|
| |
|
|
|
|
(10.94 |
) |
|
|
4,649 |
|
|
|
2.02 |
|
|
|
1.92 |
|
|
|
0.40 |
|
|
|
56 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(5.99 |
) |
|
|
39,512 |
|
|
|
0.82 |
(f) |
|
|
0.72 |
(f) |
|
|
1.40 |
(f) |
|
|
10 |
|
|
|
|
|
|
26.47 |
|
|
|
43,312 |
|
|
|
0.85 |
|
|
|
0.76 |
|
|
|
1.24 |
|
|
|
20 |
|
|
|
|
|
|
(0.25 |
) |
|
|
31,554 |
|
|
|
0.85 |
|
|
|
0.76 |
|
|
|
1.45 |
|
|
|
28 |
|
|
|
|
|
|
(5.96 |
) |
|
|
32,383 |
|
|
|
0.84 |
|
|
|
0.79 |
|
|
|
1.39 |
|
|
|
38 |
|
|
|
|
|
|
56.59 |
|
|
|
26,190 |
|
|
|
0.87 |
|
|
|
0.75 |
|
|
|
0.99 |
|
|
|
31 |
|
| |
|
|
|
|
(9.91 |
) |
|
|
16,762 |
|
|
|
0.89 |
|
|
|
0.78 |
|
|
|
1.54 |
|
|
|
56 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(6.07 |
) |
|
|
272,862 |
|
|
|
0.97 |
(f) |
|
|
0.88 |
(f) |
|
|
1.27 |
(f) |
|
|
10 |
|
|
|
|
|
|
26.33 |
|
|
|
331,104 |
|
|
|
0.98 |
|
|
|
0.89 |
|
|
|
1.11 |
|
|
|
20 |
|
|
|
|
|
|
(0.41 |
) |
|
|
316,716 |
|
|
|
1.00 |
|
|
|
0.91 |
|
|
|
1.31 |
|
|
|
28 |
|
|
|
|
|
|
(6.07 |
) |
|
|
369,680 |
|
|
|
0.96 |
|
|
|
0.91 |
|
|
|
1.29 |
|
|
|
38 |
|
|
|
|
|
|
56.35 |
|
|
|
298,350 |
|
|
|
1.03 |
|
|
|
0.91 |
|
|
|
0.83 |
|
|
|
31 |
|
| |
|
|
|
|
(10.03 |
) |
|
|
214,089 |
|
|
|
1.02 |
|
|
|
0.92 |
|
|
|
1.41 |
|
|
|
56 |
|
|
|
|
|
|
See Notes to Financial Statements. 41 |
Financial Highlights (continued)
The following data is for a share outstanding for each fiscal year end unless otherwise noted:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
Investment Operations |
|
|
|
|
|
|
|
|
|
|
|
Less Distributions |
|
|
|
|
|
|
|
| |
|
Net Asset Value,
Beginning of Period |
|
|
Net
Investment
Income (NII) (Loss)(a) |
|
|
Net
Realized/
Unrealized
Gain (Loss) |
|
|
|
|
|
Total |
|
|
|
|
|
|
|
|
From
NII |
|
|
From
Net Realized Gains |
|
|
|
|
|
Total |
|
|
|
|
|
Net Asset Value,
End of Period |
|
| |
|
| Small Cap Growth Opportunities |
|
| |
|
| Class A |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 4/30/25(e) |
|
|
$25.78 |
|
|
|
$(0.07) |
|
|
|
$(2.09) |
|
|
|
|
|
|
|
$(2.16) |
|
|
|
|
|
|
|
|
|
|
|
$— |
|
|
|
$— |
|
|
|
|
|
|
|
$— |
|
|
|
|
|
|
|
$23.62 |
|
| 10/31/24 |
|
|
18.97 |
|
|
|
(0.14) |
|
|
|
6.95 |
|
|
|
|
|
|
|
6.81 |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
25.78 |
|
| 10/31/23 |
|
|
20.05 |
|
|
|
(0.13) |
|
|
|
(0.95) |
|
|
|
|
|
|
|
(1.08) |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
18.97 |
|
| 10/31/22 |
|
|
34.74 |
|
|
|
(0.16) |
|
|
|
(8.03) |
|
|
|
|
|
|
|
(8.19) |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
(6.50) |
|
|
|
|
|
|
|
(6.50) |
|
|
|
|
|
|
|
20.05 |
|
| 10/31/21 |
|
|
27.35 |
|
|
|
(0.28) |
|
|
|
11.44 |
|
|
|
|
|
|
|
11.16 |
|
|
|
|
|
|
|
|
|
|
|
(0.01) |
|
|
|
(3.76) |
|
|
|
|
|
|
|
(3.77) |
|
|
|
|
|
|
|
34.74 |
|
| 10/31/20 |
|
|
20.96 |
|
|
|
(0.18) |
|
|
|
6.57 |
|
|
|
|
|
|
|
6.39 |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
27.35 |
|
| |
|
| Class R6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 4/30/25(e) |
|
|
34.62 |
|
|
|
(0.03) |
|
|
|
(2.81) |
|
|
|
|
|
|
|
(2.84) |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
31.78 |
|
| 10/31/24 |
|
|
25.37 |
|
|
|
(0.07) |
|
|
|
9.32 |
|
|
|
|
|
|
|
9.25 |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
34.62 |
|
| 10/31/23 |
|
|
26.71 |
|
|
|
(0.06) |
|
|
|
(1.28) |
|
|
|
|
|
|
|
(1.34) |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
25.37 |
|
| 10/31/22 |
|
|
43.84 |
|
|
|
(0.09) |
|
|
|
(10.54) |
|
|
|
|
|
|
|
(10.63) |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
(6.50) |
|
|
|
|
|
|
|
(6.50) |
|
|
|
|
|
|
|
26.71 |
|
| 10/31/21 |
|
|
33.69 |
|
|
|
(0.15) |
|
|
|
14.22 |
|
|
|
|
|
|
|
14.07 |
|
|
|
|
|
|
|
|
|
|
|
(0.16) |
|
|
|
(3.76) |
|
|
|
|
|
|
|
(3.92) |
|
|
|
|
|
|
|
43.84 |
|
| 10/31/20 |
|
|
25.69 |
|
|
|
(0.07) |
|
|
|
8.07 |
|
|
|
|
|
|
|
8.00 |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
33.69 |
|
| |
|
| Class I |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 4/30/25(e) |
|
|
34.05 |
|
|
|
(0.05) |
|
|
|
(2.77) |
|
|
|
|
|
|
|
(2.82) |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
31.23 |
|
| 10/31/24 |
|
|
24.99 |
|
|
|
(0.11) |
|
|
|
9.17 |
|
|
|
|
|
|
|
9.06 |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
34.05 |
|
| 10/31/23 |
|
|
26.34 |
|
|
|
(0.10) |
|
|
|
(1.25) |
|
|
|
|
|
|
|
(1.35) |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
24.99 |
|
| 10/31/22 |
|
|
43.39 |
|
|
|
(0.15) |
|
|
|
(10.40) |
|
|
|
|
|
|
|
(10.55) |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
(6.50) |
|
|
|
|
|
|
|
(6.50) |
|
|
|
|
|
|
|
26.34 |
|
| 10/31/21 |
|
|
33.38 |
|
|
|
(0.25) |
|
|
|
14.11 |
|
|
|
|
|
|
|
13.86 |
|
|
|
|
|
|
|
|
|
|
|
(0.09) |
|
|
|
(3.76) |
|
|
|
|
|
|
|
(3.85) |
|
|
|
|
|
|
|
43.39 |
|
| 10/31/20 |
|
|
25.51 |
|
|
|
(0.14) |
|
|
|
8.01 |
|
|
|
|
|
|
|
7.87 |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
33.38 |
|
| |
|
| (a) |
Based on average shares outstanding. |
| (b) |
Total returns are at NAV and do not include any sales charge. Total returns are not annualized. |
| (c) |
After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Notes to Financial Statements for more information. |
| (d) |
Includes voluntary compensation from the Adviser as further described in the Notes to Financial Statements. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
Ratio/Supplemental Data |
|
| |
|
|
|
|
|
|
Ratios to Average Net Assets |
|
|
|
| |
|
Total Return(b) |
|
Net Assets, End of Period (000) |
|
|
Gross Expenses |
|
Net Expenses(c) |
|
NII (Loss)(c),(d) |
|
Portfolio Turnover Rate |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(8.41 |
)% |
|
|
$39,894 |
|
|
|
1.31 |
%(f) |
|
|
1.20 |
%(f) |
|
|
(0.56 |
)%(f) |
|
|
37% |
|
|
|
|
35.95 |
|
|
|
44,910 |
|
|
|
1.36 |
|
|
|
1.21 |
|
|
|
(0.59 |
) |
|
|
67 |
|
|
|
|
(5.39 |
) |
|
|
36,065 |
|
|
|
1.36 |
|
|
|
1.23 |
|
|
|
(0.63 |
) |
|
|
65 |
|
|
|
|
(28.03 |
) |
|
|
41,159 |
|
|
|
1.35 |
|
|
|
1.22 |
|
|
|
(0.72 |
) |
|
|
65 |
|
|
|
|
43.38 |
|
|
|
59,901 |
|
|
|
1.33 |
|
|
|
1.21 |
|
|
|
(0.88 |
) |
|
|
97 |
|
|
|
|
30.55 |
|
|
|
41,683 |
|
|
|
1.42 |
|
|
|
1.22 |
|
|
|
(0.77 |
) |
|
|
105 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(8.20 |
) |
|
|
2,754 |
|
|
|
0.90 |
(f) |
|
|
0.79 |
(f) |
|
|
(0.15 |
) (f) |
|
|
37 |
|
|
|
|
36.41 |
|
|
|
3,033 |
|
|
|
0.97 |
|
|
|
0.82 |
|
|
|
(0.21 |
) |
|
|
67 |
|
|
|
|
(4.98 |
) |
|
|
866 |
|
|
|
0.96 |
|
|
|
0.83 |
|
|
|
(0.20 |
) |
|
|
65 |
|
|
|
|
(27.74 |
) |
|
|
644 |
|
|
|
0.95 |
|
|
|
0.82 |
|
|
|
(0.30 |
) |
|
|
65 |
|
|
|
|
43.98 |
|
|
|
590 |
|
|
|
0.93 |
|
|
|
0.81 |
|
|
|
(0.39 |
) |
|
|
97 |
|
|
|
|
31.14 |
|
|
|
1,038 |
|
|
|
0.98 |
|
|
|
0.78 |
|
|
|
(0.26 |
) |
|
|
105 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(8.31 |
) |
|
|
165,835 |
|
|
|
1.06 |
(f) |
|
|
0.95 |
(f) |
|
|
(0.31 |
) (f) |
|
|
37 |
|
|
|
|
36.29 |
|
|
|
191,005 |
|
|
|
1.11 |
|
|
|
0.96 |
|
|
|
(0.34 |
) |
|
|
67 |
|
|
|
|
(5.13 |
) |
|
|
140,570 |
|
|
|
1.11 |
|
|
|
0.98 |
|
|
|
(0.37 |
) |
|
|
65 |
|
|
|
|
(27.86 |
) |
|
|
132,002 |
|
|
|
1.10 |
|
|
|
0.97 |
|
|
|
(0.51 |
) |
|
|
65 |
|
|
|
|
43.74 |
|
|
|
305,544 |
|
|
|
1.08 |
|
|
|
0.96 |
|
|
|
(0.62 |
) |
|
|
97 |
|
|
|
|
30.81 |
|
|
|
168,931 |
|
|
|
1.17 |
|
|
|
0.97 |
|
|
|
(0.51 |
) |
|
|
105 |
|
| |
|
|
|
|
|
|
See Notes to Financial Statements. 43 |
Financial Highlights (continued)
The following data is for a share outstanding for each fiscal year end unless otherwise noted:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
Investment Operations |
|
|
|
|
|
|
|
|
|
|
|
Less Distributions |
|
|
|
|
|
|
|
| |
|
Net Asset Value,
Beginning of Period |
|
|
Net
Investment Income (NII) (Loss)(a) |
|
|
Net
Realized/
Unrealized
Gain (Loss) |
|
|
|
|
|
Total |
|
|
|
|
|
|
|
|
From
NII |
|
|
From
Net Realized Gains |
|
|
Return of Capital |
|
|
|
|
|
Total |
|
|
|
|
|
Net Asset Value,
End of Period |
|
| |
|
| Small Cap Select |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
| Class A |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 4/30/25(e) |
|
|
$10.42 |
|
|
|
$0.01 |
|
|
|
$(0.98) |
|
|
|
|
|
|
|
$(0.97) |
|
|
|
|
|
|
|
|
|
|
|
$— |
|
|
|
$(0.33) |
|
|
|
$— |
|
|
|
|
|
|
|
$(0.33) |
|
|
|
|
|
|
|
$9.12 |
|
| 10/31/24 |
|
|
7.82 |
|
|
|
—(g) |
|
|
|
2.60 |
|
|
|
|
|
|
|
2.60 |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
10.42 |
|
| 10/31/23 |
|
|
8.17 |
|
|
|
(0.01) |
|
|
|
(0.33) |
|
|
|
|
|
|
|
(0.34) |
|
|
|
|
|
|
|
|
|
|
|
(—)(g) |
|
|
|
— |
|
|
|
(0.01) |
|
|
|
|
|
|
|
(0.01) |
|
|
|
|
|
|
|
7.82 |
|
| 10/31/22 |
|
|
11.89 |
|
|
|
(—)(g) |
|
|
|
(1.83) |
|
|
|
|
|
|
|
(1.83) |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
(1.89) |
|
|
|
— |
|
|
|
|
|
|
|
(1.89) |
|
|
|
|
|
|
|
8.17 |
|
| 10/31/21 |
|
|
7.83 |
|
|
|
(0.03) |
|
|
|
4.23 |
|
|
|
|
|
|
|
4.20 |
|
|
|
|
|
|
|
|
|
|
|
(—)(g) |
|
|
|
(0.14) |
|
|
|
— |
|
|
|
|
|
|
|
(0.14) |
|
|
|
|
|
|
|
11.89 |
|
| 10/31/20 |
|
|
7.71 |
|
|
|
(—)(g) |
|
|
|
0.13 |
|
|
|
|
|
|
|
0.13 |
|
|
|
|
|
|
|
|
|
|
|
(0.01) |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
(0.01) |
|
|
|
|
|
|
|
7.83 |
|
| |
|
| Class R6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 4/30/25(e) |
|
|
15.11 |
|
|
|
0.05 |
|
|
|
(1.45) |
|
|
|
|
|
|
|
(1.40) |
|
|
|
|
|
|
|
|
|
|
|
(0.06) |
|
|
|
(0.33) |
|
|
|
— |
|
|
|
|
|
|
|
(0.39) |
|
|
|
|
|
|
|
13.32 |
|
| 10/31/24 |
|
|
11.30 |
|
|
|
0.06 |
|
|
|
3.75 |
|
|
|
|
|
|
|
3.81 |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
15.11 |
|
| 10/31/23 |
|
|
11.80 |
|
|
|
0.03 |
|
|
|
(0.47) |
|
|
|
|
|
|
|
(0.44) |
|
|
|
|
|
|
|
|
|
|
|
(0.01) |
|
|
|
— |
|
|
|
(0.05) |
|
|
|
|
|
|
|
(0.06) |
|
|
|
|
|
|
|
11.30 |
|
| 10/31/22 |
|
|
16.26 |
|
|
|
0.04 |
|
|
|
(2.61) |
|
|
|
|
|
|
|
(2.57) |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
(1.89) |
|
|
|
— |
|
|
|
|
|
|
|
(1.89) |
|
|
|
|
|
|
|
11.80 |
|
| 10/31/21 |
|
|
10.66 |
|
|
|
0.01 |
|
|
|
5.77 |
|
|
|
|
|
|
|
5.78 |
|
|
|
|
|
|
|
|
|
|
|
(0.04) |
|
|
|
(0.14) |
|
|
|
— |
|
|
|
|
|
|
|
(0.18) |
|
|
|
|
|
|
|
16.26 |
|
| 10/31/20 |
|
|
10.49 |
|
|
|
0.03 |
|
|
|
0.20 |
|
|
|
|
|
|
|
0.23 |
|
|
|
|
|
|
|
|
|
|
|
(0.06) |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
(0.06) |
|
|
|
|
|
|
|
10.66 |
|
| |
|
| Class I |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 4/30/25(e) |
|
|
15.03 |
|
|
|
0.04 |
|
|
|
(1.44) |
|
|
|
|
|
|
|
(1.40) |
|
|
|
|
|
|
|
|
|
|
|
(0.04) |
|
|
|
(0.33) |
|
|
|
— |
|
|
|
|
|
|
|
(0.37) |
|
|
|
|
|
|
|
13.26 |
|
| 10/31/24 |
|
|
11.26 |
|
|
|
0.04 |
|
|
|
3.73 |
|
|
|
|
|
|
|
3.77 |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
15.03 |
|
| 10/31/23 |
|
|
11.75 |
|
|
|
0.01 |
|
|
|
(0.45) |
|
|
|
|
|
|
|
(0.44) |
|
|
|
|
|
|
|
|
|
|
|
(0.01) |
|
|
|
— |
|
|
|
(0.04) |
|
|
|
|
|
|
|
(0.05) |
|
|
|
|
|
|
|
11.26 |
|
| 10/31/22 |
|
|
16.21 |
|
|
|
0.03 |
|
|
|
(2.60) |
|
|
|
|
|
|
|
(2.57) |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
(1.89) |
|
|
|
— |
|
|
|
|
|
|
|
(1.89) |
|
|
|
|
|
|
|
11.75 |
|
| 10/31/21 |
|
|
10.63 |
|
|
|
(0.01) |
|
|
|
5.76 |
|
|
|
|
|
|
|
5.75 |
|
|
|
|
|
|
|
|
|
|
|
(0.03) |
|
|
|
(0.14) |
|
|
|
— |
|
|
|
|
|
|
|
(0.17) |
|
|
|
|
|
|
|
16.21 |
|
| 10/31/20 |
|
|
10.46 |
|
|
|
0.02 |
|
|
|
0.19 |
|
|
|
|
|
|
|
0.21 |
|
|
|
|
|
|
|
|
|
|
|
(0.04) |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
(0.04) |
|
|
|
|
|
|
|
10.63 |
|
| |
|
| (a) |
Based on average shares outstanding. |
| (b) |
Total returns are at NAV and do not include any sales charge. Total returns are not annualized. |
| (c) |
After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Notes to Financial Statements for more information. |
| (d) |
Includes voluntary compensation from the Adviser as further described in the Notes to Financial Statements. |
| (g) |
Value rounded to zero. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
Ratio/Supplemental Data |
|
| |
|
|
|
|
|
|
Ratios to Average Net Assets |
|
|
|
|
|
|
|
|
|
|
| |
|
Total Return(b) |
|
Net Assets, End of Period (000) |
|
|
Gross Expenses |
|
Net Expenses(c) |
|
NII (Loss)(c),(d) |
|
Portfolio Turnover Rate |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9.84 |
)% |
|
|
$46,837 |
|
|
|
1.32 |
%(f) |
|
|
1.20 |
%(f) |
|
|
0.27 |
%(f) |
|
|
32% |
|
|
|
|
|
|
33.25 |
|
|
|
54,138 |
|
|
|
1.38 |
|
|
|
1.22 |
|
|
|
0.04 |
|
|
|
56 |
|
|
|
|
|
|
(4.15 |
) |
|
|
48,067 |
|
|
|
1.41 |
|
|
|
1.24 |
|
|
|
(0.14 |
) |
|
|
42 |
|
|
|
|
|
|
(17.84 |
) |
|
|
56,476 |
|
|
|
1.40 |
|
|
|
1.24 |
|
|
|
(0.05 |
) |
|
|
63 |
|
|
|
|
|
|
54.06 |
|
|
|
78,047 |
|
|
|
1.39 |
|
|
|
1.24 |
|
|
|
(0.30 |
) |
|
|
91 |
|
| |
|
|
|
|
1.70 |
|
|
|
49,513 |
|
|
|
1.48 |
|
|
|
1.24 |
|
|
|
(0.05 |
) |
|
|
90 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9.70 |
) |
|
|
2,204 |
|
|
|
0.94 |
(f) |
|
|
0.81 |
(f) |
|
|
0.65 |
(f) |
|
|
32 |
|
|
|
|
|
|
33.72 |
|
|
|
2,475 |
|
|
|
1.01 |
|
|
|
0.85 |
|
|
|
0.42 |
|
|
|
56 |
|
|
|
|
|
|
(3.73 |
) |
|
|
4,212 |
|
|
|
1.03 |
|
|
|
0.86 |
|
|
|
0.24 |
|
|
|
42 |
|
|
|
|
|
|
(17.57 |
) |
|
|
3,135 |
|
|
|
1.02 |
|
|
|
0.86 |
|
|
|
0.32 |
|
|
|
63 |
|
|
|
|
|
|
54.60 |
|
|
|
2,791 |
|
|
|
1.03 |
|
|
|
0.87 |
|
|
|
0.06 |
|
|
|
91 |
|
| |
|
|
|
|
2.15 |
|
|
|
1,994 |
|
|
|
1.09 |
|
|
|
0.86 |
|
|
|
0.32 |
|
|
|
90 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9.73 |
) |
|
|
94,691 |
|
|
|
1.07 |
(f) |
|
|
0.95 |
(f) |
|
|
0.51 |
(f) |
|
|
32 |
|
|
|
|
|
|
33.60 |
|
|
|
88,074 |
|
|
|
1.12 |
|
|
|
0.96 |
|
|
|
0.27 |
|
|
|
56 |
|
|
|
|
|
|
(3.87 |
) |
|
|
45,185 |
|
|
|
1.16 |
|
|
|
0.99 |
|
|
|
0.11 |
|
|
|
42 |
|
|
|
|
|
|
(17.63 |
) |
|
|
53,115 |
|
|
|
1.15 |
|
|
|
0.99 |
|
|
|
0.20 |
|
|
|
63 |
|
|
|
|
|
|
54.43 |
|
|
|
74,479 |
|
|
|
1.14 |
|
|
|
0.99 |
|
|
|
(0.04 |
) |
|
|
91 |
|
| |
|
|
|
|
2.00 |
|
|
|
31,341 |
|
|
|
1.23 |
|
|
|
0.99 |
|
|
|
0.19 |
|
|
|
90 |
|
|
|
|
|
|
See Notes to Financial Statements. 45 |
Financial Highlights (continued)
The following data is for a share outstanding for each fiscal year end unless otherwise noted:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
Investment Operations |
|
|
|
|
|
|
|
|
|
|
|
Less Distributions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Net Asset Value,
Beginning of Period |
|
|
Net
Investment
Income (NII) (Loss)(a) |
|
|
Net
Realized/
Unrealized
Gain (Loss) |
|
|
|
|
|
|
|
|
Total |
|
|
|
|
|
|
|
|
From
NII |
|
|
From
Net Realized Gains |
|
|
|
|
|
Total |
|
|
|
|
|
Net Asset Value,
End of Period |
|
| Small Cap Value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class A |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 4/30/25(e) |
|
|
$30.73 |
|
|
|
$0.10 |
|
|
|
$(2.57) |
|
|
|
|
|
|
|
|
|
|
|
$(2.47) |
|
|
|
|
|
|
|
|
|
|
|
$(0.41) |
|
|
|
$— |
|
|
|
|
|
|
|
$(0.41) |
|
|
|
|
|
|
|
$27.85 |
|
| 10/31/24 |
|
|
23.89 |
|
|
|
0.23 |
|
|
|
6.83 |
|
|
|
|
|
|
|
|
|
|
|
7.06 |
|
|
|
|
|
|
|
|
|
|
|
(0.22) |
|
|
|
— |
|
|
|
|
|
|
|
(0.22) |
|
|
|
|
|
|
|
30.73 |
|
| 10/31/23 |
|
|
26.52 |
|
|
|
0.21 |
|
|
|
(2.60) |
|
|
|
|
|
|
|
|
|
|
|
(2.39) |
|
|
|
|
|
|
|
|
|
|
|
(0.24) |
|
|
|
— |
|
|
|
|
|
|
|
(0.24) |
|
|
|
|
|
|
|
23.89 |
|
| 10/31/22 |
|
|
28.36 |
|
|
|
0.21 |
|
|
|
(1.90) |
|
|
|
|
|
|
|
|
|
|
|
(1.69) |
|
|
|
|
|
|
|
|
|
|
|
(0.15) |
|
|
|
— |
|
|
|
|
|
|
|
(0.15) |
|
|
|
|
|
|
|
26.52 |
|
| 10/31/21 |
|
|
17.30 |
|
|
|
0.04 |
|
|
|
11.09 |
|
|
|
|
|
|
|
|
|
|
|
11.13 |
|
|
|
|
|
|
|
|
|
|
|
(0.07) |
|
|
|
— |
|
|
|
|
|
|
|
(0.07) |
|
|
|
|
|
|
|
28.36 |
|
| 10/31/20 |
|
|
22.19 |
|
|
|
0.09 |
|
|
|
(4.77) |
|
|
|
|
|
|
|
|
|
|
|
(4.68) |
|
|
|
|
|
|
|
|
|
|
|
(0.21) |
|
|
|
— |
|
|
|
|
|
|
|
(0.21) |
|
|
|
|
|
|
|
17.30 |
|
| Class C |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 4/30/25(e) |
|
|
25.46 |
|
|
|
0.01 |
|
|
|
(2.17) |
|
|
|
|
|
|
|
|
|
|
|
(2.16) |
|
|
|
|
|
|
|
|
|
|
|
(0.15) |
|
|
|
— |
|
|
|
|
|
|
|
(0.15) |
|
|
|
|
|
|
|
23.15 |
|
| 10/31/24 |
|
|
19.81 |
|
|
|
0.02 |
|
|
|
5.65 |
|
|
|
|
|
|
|
|
|
|
|
5.67 |
|
|
|
|
|
|
|
|
|
|
|
(0.02) |
|
|
|
— |
|
|
|
|
|
|
|
(0.02) |
|
|
|
|
|
|
|
25.46 |
|
| 10/31/23 |
|
|
21.99 |
|
|
|
0.01 |
|
|
|
(2.15) |
|
|
|
|
|
|
|
|
|
|
|
(2.14) |
|
|
|
|
|
|
|
|
|
|
|
(0.04) |
|
|
|
— |
|
|
|
|
|
|
|
(0.04) |
|
|
|
|
|
|
|
19.81 |
|
| 10/31/22 |
|
|
23.68 |
|
|
|
—(g) |
|
|
|
(1.56) |
|
|
|
|
|
|
|
|
|
|
|
(1.56) |
|
|
|
|
|
|
|
|
|
|
|
(0.13) |
|
|
|
— |
|
|
|
|
|
|
|
(0.13) |
|
|
|
|
|
|
|
21.99 |
|
| 10/31/21 |
|
|
14.51 |
|
|
|
(0.13) |
|
|
|
9.30 |
|
|
|
|
|
|
|
|
|
|
|
9.17 |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
23.68 |
|
| 10/31/20 |
|
|
18.62 |
|
|
|
(0.04) |
|
|
|
(4.03) |
|
|
|
|
|
|
|
|
|
|
|
(4.07) |
|
|
|
|
|
|
|
|
|
|
|
(0.04) |
|
|
|
— |
|
|
|
|
|
|
|
(0.04) |
|
|
|
|
|
|
|
14.51 |
|
| Class R6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 4/30/25(e) |
|
|
32.17 |
|
|
|
0.27 |
|
|
|
(2.79) |
|
|
|
|
|
|
|
|
|
|
|
(2.52) |
|
|
|
|
|
|
|
|
|
|
|
(0.53) |
|
|
|
— |
|
|
|
|
|
|
|
(0.53) |
|
|
|
|
|
|
|
29.12 |
|
| 10/31/24 |
|
|
25.00 |
|
|
|
0.37 |
|
|
|
7.13 |
|
|
|
|
|
|
|
|
|
|
|
7.50 |
|
|
|
|
|
|
|
|
|
|
|
(0.33) |
|
|
|
— |
|
|
|
|
|
|
|
(0.33) |
|
|
|
|
|
|
|
32.17 |
|
| 10/31/23 |
|
|
27.75 |
|
|
|
0.33 |
|
|
|
(2.72) |
|
|
|
|
|
|
|
|
|
|
|
(2.39) |
|
|
|
|
|
|
|
|
|
|
|
(0.36) |
|
|
|
— |
|
|
|
|
|
|
|
(0.36) |
|
|
|
|
|
|
|
25.00 |
|
| 10/31/22 |
|
|
29.55 |
|
|
|
0.33 |
|
|
|
(1.97) |
|
|
|
|
|
|
|
|
|
|
|
(1.64) |
|
|
|
|
|
|
|
|
|
|
|
(0.16) |
|
|
|
— |
|
|
|
|
|
|
|
(0.16) |
|
|
|
|
|
|
|
27.75 |
|
| 10/31/21 |
|
|
18.02 |
|
|
|
0.12 |
|
|
|
11.57 |
|
|
|
|
|
|
|
|
|
|
|
11.69 |
|
|
|
|
|
|
|
|
|
|
|
(0.16) |
|
|
|
— |
|
|
|
|
|
|
|
(0.16) |
|
|
|
|
|
|
|
29.55 |
|
| 10/31/20 |
|
|
23.09 |
|
|
|
0.15 |
|
|
|
(4.93) |
|
|
|
|
|
|
|
|
|
|
|
(4.78) |
|
|
|
|
|
|
|
|
|
|
|
(0.29) |
|
|
|
— |
|
|
|
|
|
|
|
(0.29) |
|
|
|
|
|
|
|
18.02 |
|
| Class I |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 4/30/25(e) |
|
|
31.95 |
|
|
|
0.15 |
|
|
|
(2.68) |
|
|
|
|
|
|
|
|
|
|
|
(2.53) |
|
|
|
|
|
|
|
|
|
|
|
(0.50) |
|
|
|
— |
|
|
|
|
|
|
|
(0.50) |
|
|
|
|
|
|
|
28.92 |
|
| 10/31/24 |
|
|
24.83 |
|
|
|
0.32 |
|
|
|
7.09 |
|
|
|
|
|
|
|
|
|
|
|
7.41 |
|
|
|
|
|
|
|
|
|
|
|
(0.29) |
|
|
|
— |
|
|
|
|
|
|
|
(0.29) |
|
|
|
|
|
|
|
31.95 |
|
| 10/31/23 |
|
|
27.57 |
|
|
|
0.28 |
|
|
|
(2.70) |
|
|
|
|
|
|
|
|
|
|
|
(2.42) |
|
|
|
|
|
|
|
|
|
|
|
(0.32) |
|
|
|
— |
|
|
|
|
|
|
|
(0.32) |
|
|
|
|
|
|
|
24.83 |
|
| 10/31/22 |
|
|
29.41 |
|
|
|
0.29 |
|
|
|
(1.97) |
|
|
|
|
|
|
|
|
|
|
|
(1.68) |
|
|
|
|
|
|
|
|
|
|
|
(0.16) |
|
|
|
— |
|
|
|
|
|
|
|
(0.16) |
|
|
|
|
|
|
|
27.57 |
|
| 10/31/21 |
|
|
17.93 |
|
|
|
0.11 |
|
|
|
11.49 |
|
|
|
|
|
|
|
|
|
|
|
11.60 |
|
|
|
|
|
|
|
|
|
|
|
(0.12) |
|
|
|
— |
|
|
|
|
|
|
|
(0.12) |
|
|
|
|
|
|
|
29.41 |
|
| 10/31/20 |
|
|
23.00 |
|
|
|
0.16 |
|
|
|
(4.96) |
|
|
|
|
|
|
|
|
|
|
|
(4.80) |
|
|
|
|
|
|
|
|
|
|
|
(0.27) |
|
|
|
— |
|
|
|
|
|
|
|
(0.27) |
|
|
|
|
|
|
|
17.93 |
|
|
|
|
| (a) |
|
Based on average shares outstanding. |
| (b) |
|
Total returns are at NAV and do not include any sales charge. Total returns are not annualized. |
| (c) |
|
After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Notes to Financial Statements for more information. |
| (d) |
|
Includes voluntary compensation from the Adviser as further described in the Notes to Financial Statements. |
| (e) |
|
Unaudited. |
| (f) |
|
Annualized. |
| (g) |
|
Value rounded to zero. |
46
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
Ratio/Supplemental Data |
|
| |
|
|
|
|
|
|
Ratios to Average Net Assets |
|
|
|
|
|
|
|
|
|
|
| |
|
Total Return(b) |
|
Net Assets, End of Period (000) |
|
|
Gross Expenses |
|
Net Expenses(c) |
|
NII (Loss)(c),(d) |
|
Portfolio Turnover Rate |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(8.20 |
)% |
|
|
$84,390 |
|
|
|
1.30 |
%(f) |
|
|
1.20 |
%(f) |
|
|
0.67 |
%(f) |
|
|
8% |
|
|
|
|
|
|
29.64 |
|
|
|
95,997 |
|
|
|
1.31 |
|
|
|
1.20 |
|
|
|
0.80 |
|
|
|
23 |
|
|
|
|
|
|
(9.05 |
) |
|
|
87,298 |
|
|
|
1.28 |
|
|
|
1.21 |
|
|
|
0.81 |
|
|
|
31 |
|
|
|
|
|
|
(6.00 |
) |
|
|
113,227 |
|
|
|
1.25 |
|
|
|
1.20 |
|
|
|
0.77 |
|
|
|
31 |
|
|
|
|
|
|
64.47 |
|
|
|
138,585 |
|
|
|
1.25 |
|
|
|
1.20 |
|
|
|
0.16 |
|
|
|
36 |
|
|
|
|
|
|
(21.33 |
) |
|
|
105,402 |
|
|
|
1.30 |
|
|
|
1.20 |
|
|
|
0.48 |
|
|
|
30 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(8.55 |
) |
|
|
7,460 |
|
|
|
2.05 |
(f) |
|
|
1.95 |
(f) |
|
|
0.04 |
(f) |
|
|
8 |
|
|
|
|
|
|
28.65 |
|
|
|
12,148 |
|
|
|
2.06 |
|
|
|
1.95 |
|
|
|
0.06 |
|
|
|
23 |
|
|
|
|
|
|
(9.72 |
) |
|
|
14,623 |
|
|
|
2.03 |
|
|
|
1.96 |
|
|
|
0.07 |
|
|
|
31 |
|
|
|
|
|
|
(6.70 |
) |
|
|
21,592 |
|
|
|
2.00 |
|
|
|
1.95 |
|
|
|
0.02 |
|
|
|
31 |
|
|
|
|
|
|
63.20 |
|
|
|
28,500 |
|
|
|
2.00 |
|
|
|
1.95 |
|
|
|
(0.62 |
) |
|
|
36 |
|
|
|
|
|
|
(21.93 |
) |
|
|
22,263 |
|
|
|
2.05 |
|
|
|
1.95 |
|
|
|
(0.28 |
) |
|
|
30 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(8.02 |
) |
|
|
24,746 |
|
|
|
0.87 |
(f) |
|
|
0.77 |
(f) |
|
|
1.56 |
(f) |
|
|
8 |
|
|
|
|
|
|
30.14 |
|
|
|
151,043 |
|
|
|
0.90 |
|
|
|
0.79 |
|
|
|
1.23 |
|
|
|
23 |
|
|
|
|
|
|
(8.67 |
) |
|
|
132,277 |
|
|
|
0.87 |
|
|
|
0.80 |
|
|
|
1.22 |
|
|
|
31 |
|
|
|
|
|
|
(5.60 |
) |
|
|
152,178 |
|
|
|
0.86 |
|
|
|
0.81 |
|
|
|
1.17 |
|
|
|
31 |
|
|
|
|
|
|
65.14 |
|
|
|
182,835 |
|
|
|
0.85 |
|
|
|
0.81 |
|
|
|
0.45 |
|
|
|
36 |
|
|
|
|
|
|
(21.01 |
) |
|
|
85,491 |
|
|
|
0.86 |
|
|
|
0.76 |
|
|
|
0.81 |
|
|
|
30 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(8.10 |
) |
|
|
133,582 |
|
|
|
1.05 |
(f) |
|
|
0.95 |
(f) |
|
|
0.94 |
(f) |
|
|
8 |
|
|
|
|
|
|
29.97 |
|
|
|
159,434 |
|
|
|
1.06 |
|
|
|
0.95 |
|
|
|
1.10 |
|
|
|
23 |
|
|
|
|
|
|
(8.83 |
) |
|
|
211,272 |
|
|
|
1.03 |
|
|
|
0.96 |
|
|
|
1.06 |
|
|
|
31 |
|
|
|
|
|
|
(5.76 |
) |
|
|
261,581 |
|
|
|
1.00 |
|
|
|
0.95 |
|
|
|
1.02 |
|
|
|
31 |
|
|
|
|
|
|
64.91 |
|
|
|
371,179 |
|
|
|
1.00 |
|
|
|
0.95 |
|
|
|
0.42 |
|
|
|
36 |
|
|
|
|
|
|
(21.14 |
) |
|
|
457,676 |
|
|
|
1.05 |
|
|
|
0.95 |
|
|
|
0.81 |
|
|
|
30 |
|
| |
|
|
|
|
|
|
|
See Notes to Financial Statements. 47 |
Financial Highlights (continued)
The following data is for a share outstanding for each fiscal year end unless otherwise noted:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
Investment Operations |
|
|
|
|
|
|
|
|
|
|
|
Less Distributions |
|
|
|
|
| |
|
Net Asset Value,
Beginning of Period |
|
|
Net
Investment
Income (NII) (Loss)(a) |
|
|
Net
Realized/
Unrealized
Gain (Loss) |
|
|
|
|
|
Total |
|
|
|
|
|
|
|
|
From
NII |
|
|
From
Net Realized Gains |
|
|
|
|
|
Total |
|
|
|
|
|
Net Asset Value,
End of Period |
|
| Small/Mid Cap Growth Opportunities |
|
| Class A |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 4/30/25(e) |
|
|
$25.22 |
|
|
|
$(0.06) |
|
|
|
$(1.82) |
|
|
|
|
|
|
|
$(1.88) |
|
|
|
|
|
|
|
|
|
|
|
$— |
|
|
|
$— |
|
|
|
|
|
|
|
$— |
|
|
|
|
|
|
|
$23.34 |
|
| 10/31/24 |
|
|
19.47 |
|
|
|
(0.15) |
|
|
|
5.90 |
|
|
|
|
|
|
|
5.75 |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
25.22 |
|
| 10/31/23 |
|
|
19.43 |
|
|
|
(0.11) |
|
|
|
0.15 |
|
|
|
|
|
|
|
0.04 |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
19.47 |
|
| 10/31/22 |
|
|
41.71 |
|
|
|
(0.14) |
|
|
|
(11.98) |
|
|
|
|
|
|
|
(12.12) |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
(10.16) |
|
|
|
|
|
|
|
(10.16) |
|
|
|
|
|
|
|
19.43 |
|
| 10/31/21 |
|
|
34.24 |
|
|
|
(0.32) |
|
|
|
12.82 |
|
|
|
|
|
|
|
12.50 |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
(5.03) |
|
|
|
|
|
|
|
(5.03) |
|
|
|
|
|
|
|
41.71 |
|
| 10/31/20 |
|
|
33.66 |
|
|
|
(0.09) |
|
|
|
8.01 |
|
|
|
|
|
|
|
7.92 |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
(7.34) |
|
|
|
|
|
|
|
(7.34) |
|
|
|
|
|
|
|
34.24 |
|
| Class R6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 4/30/25(e) |
|
|
39.87 |
|
|
|
(0.03) |
|
|
|
(2.87) |
|
|
|
|
|
|
|
(2.90) |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
36.97 |
|
| 10/31/24 |
|
|
30.67 |
|
|
|
(0.10) |
|
|
|
9.30 |
|
|
|
|
|
|
|
9.20 |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
39.87 |
|
| 10/31/23 |
|
|
30.52 |
|
|
|
(0.07) |
|
|
|
0.22 |
|
|
|
|
|
|
|
0.15 |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
30.67 |
|
| 10/31/22 |
|
|
58.90 |
|
|
|
(0.09) |
|
|
|
(18.13) |
|
|
|
|
|
|
|
(18.22) |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
(10.16) |
|
|
|
|
|
|
|
(10.16) |
|
|
|
|
|
|
|
30.52 |
|
| 10/31/21 |
|
|
46.46 |
|
|
|
(0.27) |
|
|
|
17.74 |
|
|
|
|
|
|
|
17.47 |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
(5.03) |
|
|
|
|
|
|
|
(5.03) |
|
|
|
|
|
|
|
58.90 |
|
| 10/31/20 |
|
|
43.07 |
|
|
|
0.03 |
|
|
|
10.70 |
|
|
|
|
|
|
|
10.73 |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
(7.34) |
|
|
|
|
|
|
|
(7.34) |
|
|
|
|
|
|
|
46.46 |
|
| Class I |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 4/30/25(e) |
|
|
38.81 |
|
|
|
(0.05) |
|
|
|
(2.79) |
|
|
|
|
|
|
|
(2.84) |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
35.97 |
|
| 10/31/24 |
|
|
29.88 |
|
|
|
(0.13) |
|
|
|
9.06 |
|
|
|
|
|
|
|
8.93 |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
38.81 |
|
| 10/31/23 |
|
|
29.75 |
|
|
|
(0.08) |
|
|
|
0.21 |
|
|
|
|
|
|
|
0.13 |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
29.88 |
|
| 10/31/22 |
|
|
57.74 |
|
|
|
(0.13) |
|
|
|
(17.70) |
|
|
|
|
|
|
|
(17.83) |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
(10.16) |
|
|
|
|
|
|
|
(10.16) |
|
|
|
|
|
|
|
29.75 |
|
| 10/31/21 |
|
|
45.67 |
|
|
|
(0.31) |
|
|
|
17.41 |
|
|
|
|
|
|
|
17.10 |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
(5.03) |
|
|
|
|
|
|
|
(5.03) |
|
|
|
|
|
|
|
57.74 |
|
| 10/31/20 |
|
|
42.49 |
|
|
|
(0.01) |
|
|
|
10.53 |
|
|
|
|
|
|
|
10.52 |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
(7.34) |
|
|
|
|
|
|
|
(7.34) |
|
|
|
|
|
|
|
45.67 |
|
| (a) |
Based on average shares outstanding. |
| (b) |
Total returns are at NAV and do not include any sales charge. Total returns are not annualized. |
| (c) |
After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Notes to Financial Statements for more information. |
| (d) |
Includes voluntary compensation from the Adviser as further described in the Notes to Financial Statements. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
Ratio/Supplemental Data |
|
| |
|
|
|
|
|
|
|
|
Ratios to Average Net Assets |
|
|
|
|
| |
|
|
Total Return(b) |
|
|
Net Assets, End of Period (000) |
|
|
Gross Expenses |
|
|
Net Expenses(c) |
|
|
NII (Loss)(c),(d) |
|
|
Portfolio Turnover Rate |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(7.45)% |
|
|
|
$116,448 |
|
|
|
1.19% |
(f) |
|
|
1.13% |
(f) |
|
|
(0.47)% |
(f) |
|
|
72% |
|
|
|
|
|
|
29.53 |
|
|
|
135,573 |
|
|
|
1.26 |
|
|
|
1.15 |
|
|
|
(0.61) |
|
|
|
58 |
|
|
|
|
|
|
0.21 |
|
|
|
123,317 |
|
|
|
1.25 |
|
|
|
1.17 |
|
|
|
(0.51) |
|
|
|
71 |
|
|
|
|
|
|
(36.06) |
|
|
|
142,840 |
|
|
|
1.23 |
|
|
|
1.17 |
|
|
|
(0.60) |
|
|
|
67 |
|
|
|
|
|
|
38.97 |
|
|
|
252,552 |
|
|
|
1.20 |
|
|
|
1.17 |
|
|
|
(0.84) |
|
|
|
89 |
|
| |
|
|
|
|
28.09 |
|
|
|
185,219 |
|
|
|
1.24 |
|
|
|
1.17 |
|
|
|
(0.29) |
|
|
|
89 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(7.30) |
|
|
|
2,784 |
|
|
|
0.86 (f) |
|
|
|
0.79 (f) |
|
|
|
(0.13) (f) |
|
|
|
72 |
|
|
|
|
|
|
30.03 |
|
|
|
3,014 |
|
|
|
0.93 |
|
|
|
0.82 |
|
|
|
(0.28) |
|
|
|
58 |
|
|
|
|
|
|
0.49 |
|
|
|
2,550 |
|
|
|
0.91 |
|
|
|
0.83 |
|
|
|
(0.21) |
|
|
|
71 |
|
|
|
|
|
|
(35.86) |
|
|
|
20,897 |
|
|
|
0.89 |
|
|
|
0.83 |
|
|
|
(0.25) |
|
|
|
67 |
|
|
|
|
|
|
39.45 |
|
|
|
31,945 |
|
|
|
0.86 |
|
|
|
0.83 |
|
|
|
(0.50) |
|
|
|
89 |
|
| |
|
|
|
|
28.54 |
|
|
|
28,966 |
|
|
|
0.88 |
|
|
|
0.81 |
|
|
|
0.06 |
|
|
|
89 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(7.34) |
|
|
|
35,726 |
|
|
|
0.94 (f) |
|
|
|
0.88 (f) |
|
|
|
(0.23) (f) |
|
|
|
72 |
|
|
|
|
|
|
29.92 |
|
|
|
42,694 |
|
|
|
1.01 |
|
|
|
0.90 |
|
|
|
(0.35) |
|
|
|
58 |
|
|
|
|
|
|
0.44 |
|
|
|
42,996 |
|
|
|
1.00 |
|
|
|
0.92 |
|
|
|
(0.26) |
|
|
|
71 |
|
|
|
|
|
|
(35.91) |
|
|
|
71,478 |
|
|
|
0.98 |
|
|
|
0.92 |
|
|
|
(0.35) |
|
|
|
67 |
|
|
|
|
|
|
39.31 |
|
|
|
164,813 |
|
|
|
0.95 |
|
|
|
0.92 |
|
|
|
(0.58) |
|
|
|
89 |
|
| |
|
|
|
|
28.38 |
|
|
|
150,875 |
|
|
|
0.99 |
|
|
|
0.92 |
|
|
|
(0.03) |
|
|
|
89 |
|
|
|
|
|
|
See Notes to Financial Statements. 49 |
Notes to Financial Statements
(Unaudited)
1. General Information
Trust and Fund Information: Nuveen Investment Funds, Inc. (the “Trust”), is an open-end management investment company registered under the Investment Company Act of 1940, (the “1940 Act”), as amended. The Trust is comprised of Nuveen Dividend Value Fund (“Dividend Value”), Nuveen Large Cap Select Fund (“Large Cap Select”), Nuveen Mid Cap Value 1 Fund (“Mid Cap Value 1”), Nuveen Small Cap Growth Opportunities Fund (“Small Cap Growth Opportunities”), Nuveen Small Cap Select Fund (“Small Cap Select”), Nuveen Small Cap Value Fund (“Small Cap Value”) and Nuveen Small/Mid Cap Growth Opportunities Fund (“Small/Mid Cap Growth Opportunities”), (each a “Fund” and collectively, the “Funds”), among others. The Trust was incorporated in the State of Maryland on August 20, 1987.
Current Fiscal Period: The end of the reporting period for the Funds is April 30, 2025, and the period covered by these Notes to Financial Statements is the six months ended April 30, 2025 (the “current fiscal period”).
Fund Mergers: At a special meeting held on March 5, 2025, shareholders of Mid Cap Value 1 did not approve the proposed reorganization of the fund into Nuveen Mid Cap Value Fund, which was previously approved by the Board of Directors/Trustees of the Funds on September 19, 2024.
Fund Name Changes: Effective after market close on February 28, 2025, Nuveen Mid Cap Growth Opportunities Fund changed its name as noted above to Small/Mid Cap Growth Opportunities Fund and therefore all references to the name of the Fund in this report have been updated.
Investment Adviser and Sub-Adviser: The Funds’ investment adviser is Nuveen Fund Advisors, LLC (the “Adviser”), a subsidiary of Nuveen, LLC (“Nuveen”). Nuveen is the investment management arm of Teachers Insurance and Annuity Association of America (TIAA). The Adviser has overall responsibility for management of the Funds, oversees the management of the Funds’ portfolios, manages the Funds’ business affairs and provides certain clerical, bookkeeping and other administrative services, and, if necessary, asset allocation decisions. The Adviser has entered into sub- advisory agreements with Nuveen Asset Management, LLC (the “Sub-Adviser”), a subsidiary of the Adviser, under which the Sub-Adviser manages the investment portfolios of the Funds.
Share Classes and Sales Charges: Class A Shares are generally sold with an up-front sales charge. Class A Share purchases of $1 million or more are sold at net asset value (“NAV”) without an up-front sales charge but may be subject to a contingent deferred sales charge (“CDSC”) of 1% if redeemed within eighteen months of purchase. Class C Shares are sold without an up-front sales charge but are subject to a CDSC of 1% if redeemed within twelve months of purchase. Class R6 Shares and Class I Shares are sold without an upfront sales charge.
2. Significant Accounting Policies
The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require the use of estimates made by management and the evaluation of subsequent events. Actual results may differ from those estimates. Each Fund is an investment company and follows accounting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 946, Financial Services — Investment Companies. The NAV for financial reporting purposes may differ from the NAV for processing security and shareholder transactions. The NAV for financial reporting purposes includes security and common share transactions through the date of the report. Total return is computed based on the NAV used for processing security and common share transactions. The following is a summary of the significant accounting policies consistently followed by the Funds.
Compensation: The Trust pays no compensation directly to those of its officers, all of whom receive remuneration for their services to the Trust from the Adviser or its affiliates. The Funds’ Board of Directors (the “Board”) has adopted a deferred compensation plan for independent directors that enables directors to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds.
Distributions to Shareholders: Distributions to shareholders are recorded on the ex-dividend date. The amount, character and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.
Foreign Currency Transactions and Translation: The books and records of the Funds are maintained in U.S. dollars. Assets, including investments, and liabilities denominated in foreign currencies are translated into U.S. dollars at the end of each day. Purchases and sales of securities, income and expenses are translated into U.S. dollars at the prevailing exchange rate on the respective dates of the transactions.
Net realized foreign currency gains and losses resulting from changes in exchange rates associated with (i) foreign currency, (ii) investments and (iii) derivatives include foreign currency gains and losses between trade date and settlement date of the transactions, foreign currency transactions, and the difference between the amounts of interest and dividends recorded on the books of the Funds and the amounts actually received are recognized as a component of “Net realized gain (loss) from foreign currency transactions” on the Statement of Operations, when applicable.
The unrealized gains and losses resulting from changes in foreign currency exchange rates and changes in foreign exchange rates associated with (i) investments and (ii) other assets and liabilities are recognized as a component of “Change in unrealized appreciation (depreciation) on foreign currency translations” on the Statement of Operations, when applicable. The unrealized gains and losses resulting from changes in foreign exchange rates associated with investments in derivatives are recognized as a component of the respective derivative’s related “Change in unrealized appreciation (depreciation)” on the Statement of Operations, when applicable.
50
Foreign Taxes: The Funds may be subject to foreign taxes on income, gains on investments or foreign currency repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon the current interpretation of tax rules and regulations that exist in the markets in which the Funds invest.
Indemnifications: Under the Trust’s organizational documents, its officers and directors are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Trust enters into contracts that provide general indemnifications to other parties. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. However, the Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.
Investments and Investment Income: Securities transactions are accounted for as of the trade date for financial reporting purposes. Realized gains and losses on securities transactions are based upon the specific identification method. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when information is available. Non-cash dividends received in the form of stock, if any, are recognized on the ex-dividend date and recorded at fair value. Interest income is recorded on an accrual basis. Securities lending income is comprised of fees earned from borrowers and income earned on cash collateral investments.
Multiclass Operations and Allocations: Income and expenses of the Funds that are not directly attributable to a specific class of shares are prorated among the classes based on the relative net assets of each class. Expenses directly attributable to a class of shares are recorded to the specific class. 12b-1 distribution and service fees are allocated on a class-specific basis.
Sub-transfer agent fees and similar fees, which are recognized as a component of “Shareholder servicing agent fees” on the Statement of Operations, are not charged to Class R6 Shares and are prorated among the other classes based on their relative net assets.
Realized and unrealized capital gains and losses of the Funds are prorated among the classes based on the relative net assets of each class.
Netting Agreements: In the ordinary course of business, the Funds may enter into transactions subject to enforceable master repurchase agreements, International Swaps and Derivatives Association, Inc. (ISDA) master agreements or other similar arrangements (“netting agreements”). Generally, the right to offset in netting agreements allows each Fund to offset certain securities and derivatives with a specific counterparty, when applicable, as well as any collateral received or delivered to that counterparty based on the terms of the agreements. Generally, each Fund manages its cash collateral and securities collateral on a counterparty basis. With respect to certain counterparties, in accordance with the terms of the netting agreements, collateral posted to the Funds is held in a segregated account by the Funds’ custodian and/or with respect to those amounts which can be sold or repledged, are presented in the Funds’ Portfolio of Investments or Statement of Assets and Liabilities.
The Funds’ investments subject to netting agreements as of the end of the reporting period, if any, are further described later in these Notes to Financial Statements.
Segment Reporting: In November 2023, the FASB issued Accounting Standard Update (“ASU”) No. 2023-07, Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures (“ASU 2023-07”). The amendments in ASU 2023-07 improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 also requires a public entity that has a single reportable segment to provide all the disclosures required by the amendments in ASU 2023-07 and all existing segment disclosures in Topic 280. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Funds adopted ASU 2023-07 during the current reporting period. Adoption of the new standard impacted financial statement disclosures only and did not affect the Funds’ financial positions or the results of their operations.
The officers of the Funds act as the chief operating decision maker (“CODM”). Each Fund represents a single operating segment. The CODM monitors the operating results of each Fund as a whole and is responsible for each Fund’s long-term strategic asset allocation in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund’s portfolio managers as a team. The financial information in the form of the Fund’s portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment’s performance versus the Fund’s comparative benchmarks and to make resource allocation decisions for the Fund’s single segment, is consistent with that presented within the Fund’s financial statements. Segment assets are reflected on the Statement of Assets and Liabilities as “total assets” and significant segment revenues and expenses are listed on the Statement of Operations.
New Accounting Pronouncement: In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740) Improvements to Income tax disclosures (“ASU 2023-09”). The primary purpose of the amendments within ASU 2023-09 is to enhance the transparency and decision usefulness of income tax disclosures primarily related to the rate reconciliation table and income taxes paid information. The amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024. Management is currently evaluating the implications of these changes on the financial statements.
3. Investment Valuation and Fair Value Measurements
The Funds’ investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Adviser, subject to oversight of the Board. Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. U.S. GAAP establishes the three-tier hierarchy which is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability.
51
Notes to Financial Statements (continued)
Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect management’s assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit spreads, etc.).
Level 3 – Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments).
A description of the valuation techniques applied to the Funds’ major classifications of assets and liabilities measured at fair value follows:
Equity securities and exchange-traded funds listed or traded on a national market or exchange are valued based on their last reported sales price or official closing price of such market or exchange on the valuation date. Foreign equity securities and registered investment companies that trade on a foreign exchange are valued at the last reported sales price or official closing price on the principal exchange where traded, and converted to U.S. dollars at the prevailing rates of exchange on the valuation date. For events affecting the value of foreign securities between the time when the exchange on which they are traded closes and the time when the Funds’ net assets are calculated, such securities will be valued at fair value in accordance with procedures adopted by the Adviser, subject to the oversight of the Board. To the extent these securities are actively traded and no valuation adjustments are applied, they are generally classified as Level 1. When valuation adjustments are applied to the most recent last sales price or official closing price, these securities are generally classified as Level 2.
Prices of certain American Depositary Receipts (“ADR”) held by the Funds that trade in the United States are valued based on the last traded price, official closing price, or an evaluated price provided by the pricing services and are generally classified as Level 1 or 2.
Investments in investment companies are valued at their respective NAVs or share price on the valuation date and are generally classified as Level 1.
Repurchase agreements are valued at contract amount plus accrued interest, which approximates market value. These securities are generally classified as Level 2.
For any portfolio security or derivative for which market quotations are not readily available or for which the Adviser deems the valuations derived using the valuation procedures described above not to reflect fair value, the Adviser will determine a fair value in good faith using alternative procedures approved by the Adviser, subject to the oversight of the Board. As a general principle, the fair value of a security is the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. To the extent the inputs are observable and timely, the values would be classified as Level 2; otherwise they would be classified as Level 3.
The following table summarizes the market value of the Funds’ investments as of the end of the reporting period, based on the inputs used to value them:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Dividend Value |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
| |
|
| Long-Term Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Common Stocks |
|
$ |
2,927,048,961 |
|
|
$ |
– |
|
|
$ |
– |
|
|
$ |
2,927,048,961 |
|
| Short-Term Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Repurchase Agreements |
|
|
– |
|
|
|
3,707,154 |
|
|
|
– |
|
|
|
3,707,154 |
|
| |
|
| Total |
|
$ |
2,927,048,961 |
|
|
$ |
3,707,154 |
|
|
$ |
– |
|
|
$ |
2,930,756,115 |
|
| |
|
|
|
|
|
|
| Large Cap Select |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
| |
|
| Long-Term Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Common Stocks |
|
$ |
40,143,380 |
|
|
$ |
– |
|
|
$ |
– |
|
|
$ |
40,143,380 |
|
| Short-Term Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Repurchase Agreements |
|
|
– |
|
|
|
25,000 |
|
|
|
– |
|
|
|
25,000 |
|
| |
|
| Total |
|
$ |
40,143,380 |
|
|
$ |
25,000 |
|
|
$ |
– |
|
|
$ |
40,168,380 |
|
| |
|
|
|
|
|
|
| Mid Cap Value 1 |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
| |
|
| Long-Term Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Common Stocks |
|
$ |
373,143,197 |
|
|
$ |
– |
|
|
$ |
– |
|
|
$ |
373,143,197 |
|
| Short-Term Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Repurchase Agreements |
|
|
– |
|
|
|
1,375,000 |
|
|
|
– |
|
|
|
1,375,000 |
|
| |
|
| Total |
|
$ |
373,143,197 |
|
|
$ |
1,375,000 |
|
|
$ |
– |
|
|
$ |
374,518,197 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Small Cap Growth Opportunities |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
| |
|
| Long-Term Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Common Stocks |
|
$ |
209,648,510 |
|
|
$ |
– |
|
|
$ |
5,911 |
|
|
$ |
209,654,421 |
|
| Investments Purchased with Collateral from Securities Lending |
|
|
3,251,214 |
|
|
|
– |
|
|
|
– |
|
|
|
3,251,214 |
|
| Short-Term Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Repurchase Agreements |
|
|
– |
|
|
|
1,954,381 |
|
|
|
– |
|
|
|
1,954,381 |
|
| |
|
| Total |
|
$ |
212,899,724 |
|
|
$ |
1,954,381 |
|
|
$ |
5,911 |
|
|
$ |
214,860,016 |
|
| |
|
|
|
|
|
|
| Small Cap Select |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
| |
|
| Long-Term Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Common Stocks |
|
$ |
140,298,454 |
|
|
$ |
– |
|
|
$ |
– |
|
|
$ |
140,298,454 |
|
| Investments Purchased with Collateral from Securities Lending |
|
|
828,730 |
|
|
|
– |
|
|
|
– |
|
|
|
828,730 |
|
| Short-Term Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Repurchase Agreements |
|
|
– |
|
|
|
1,758,551 |
|
|
|
– |
|
|
|
1,758,551 |
|
| |
|
| Total |
|
$ |
141,127,184 |
|
|
$ |
1,758,551 |
|
|
$ |
– |
|
|
$ |
142,885,735 |
|
| |
|
|
|
|
|
|
| Small Cap Value |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
| |
|
| Long-Term Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Common Stocks |
|
$ |
248,743,317 |
|
|
$ |
– |
|
|
$ |
– |
|
|
$ |
248,743,317 |
|
| Short-Term Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Repurchase Agreements |
|
|
– |
|
|
|
1,777,185 |
|
|
|
– |
|
|
|
1,777,185 |
|
| |
|
| Total |
|
$ |
248,743,317 |
|
|
$ |
1,777,185 |
|
|
$ |
– |
|
|
$ |
250,520,502 |
|
| |
|
|
|
|
|
|
| Small/Mid Cap Growth Opportunities |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
| |
|
| Long-Term Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Common Stocks |
|
$ |
153,114,121 |
|
|
$ |
– |
|
|
$ |
– |
|
|
$ |
153,114,121 |
|
| Investments Purchased with Collateral from Securities Lending |
|
|
2,764,866 |
|
|
|
– |
|
|
|
– |
|
|
|
2,764,866 |
|
| Short-Term Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Repurchase Agreements |
|
|
– |
|
|
|
1,733,320 |
|
|
|
– |
|
|
|
1,733,320 |
|
| |
|
| Total |
|
$ |
155,878,987 |
|
|
$ |
1,733,320 |
|
|
$ |
– |
|
|
$ |
157,612,307 |
|
| |
|
4. Portfolio Securities
Repurchase Agreements: In connection with transactions in repurchase agreements, it is each Fund’s policy that its custodian take possession of the underlying collateral securities, the fair value of which exceeds the principal amount of the repurchase transaction, including accrued interest, at all times. If the counterparty defaults, and the fair value of the collateral declines, realization of the collateral may be delayed or limited.
The following table presents the repurchase agreements for the Funds that are subject to netting agreements as of the end of the reporting period, and the collateral delivered related to those repurchase agreements.
|
|
|
|
|
|
|
|
|
|
|
| Fund |
|
Counterparty |
|
Short-term
Investments, at Value |
|
|
Collateral Pledged (From) Counterparty |
|
| |
|
|
|
|
|
| Dividend Value |
|
Fixed Income Clearing Corporation |
|
|
$3,707,154 |
|
|
|
$(3,781,540) |
|
|
|
|
|
| Large Cap Select |
|
Fixed Income Clearing Corporation |
|
|
25,000 |
|
|
|
(25,645) |
|
|
|
|
|
| Mid Cap Value 1 |
|
Fixed Income Clearing Corporation |
|
|
1,375,000 |
|
|
|
(1,402,677) |
|
|
|
|
|
| Small Cap Growth Opportunities |
|
Fixed Income Clearing Corporation |
|
|
1,954,381 |
|
|
|
(1,993,715) |
|
|
|
|
|
| Small Cap Select |
|
Fixed Income Clearing Corporation |
|
|
1,758,551 |
|
|
|
(1,793,768) |
|
|
|
|
|
| Small Cap Value |
|
Fixed Income Clearing Corporation |
|
|
1,777,185 |
|
|
|
(1,813,086) |
|
|
|
|
|
| Small/Mid Cap Growth Opportunities |
|
Fixed Income Clearing Corporation |
|
|
1,733,320 |
|
|
|
(1,768,204) |
|
| |
|
Securities Lending: Each Fund may lend securities representing up to one-third of the value of its total assets to broker-dealers, banks, and other institutions in order to generate additional income. When loaning securities, a Fund retains the benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. The loans are continuous, can be recalled at any time, and have no set maturity. The Funds’ custodian, State Street Bank and Trust Company, serves as the securities lending agent (the “Agent”).
53
Notes to Financial Statements (continued)
When a Fund loans its portfolio securities, it will receive, at the inception of each loan, cash collateral equal to an amount not less than 100% of the market value of the loaned securities. The actual percentage of the cash collateral will vary depending upon the asset type of the loaned securities. Collateral for the loaned securities is invested in a government money market vehicle maintained by the Agent, which is subject to the requirements of Rule 2a-7 under the 1940 Act. The value of the loaned securities and the liability to return the cash collateral received are recognized on the Statement of Assets and Liabilities. If the market value of the loaned securities increases, the borrower must furnish additional collateral to the Fund, which is also recognized on the Statement of Assets and Liabilities. Securities out on loan are subject to termination at any time at the option of the borrower or the Fund. Upon termination, the borrower is required to return to the Fund securities identical to the securities loaned. During the term of the loan, the Fund bears the market risk with respect to the investment of collateral and the risk that the Agent may default on its contractual obligations to the Fund. The Agent bears the risk that the borrower may default on its obligation to return the loaned securities as the Agent is contractually obligated to indemnify the Fund if at the time of a default by a borrower some or all of the loan securities have not been returned.
Securities lending income recognized by a Fund consists of earnings on invested collateral and lending fees, net of any rebates to the borrower and compensation to the Agent. Such income is recognized on the Statement of Operations.
As of the end of the current fiscal period, the total value of the loaned securities and the total value of collateral received were as follows:
|
|
|
|
|
|
|
|
|
| |
|
Aggregate Value of
Securities on Loan |
|
|
|
|
| Fund |
|
Equity Securities |
|
|
Cash Collateral Received* |
|
|
|
|
| Small Cap Growth Opportunities |
|
|
$3,056,954 |
|
|
|
$3,251,214 |
|
|
|
|
| Small Cap Select |
|
|
807,826 |
|
|
|
828,730 |
|
|
|
|
| Small/Mid Cap Growth Opportunities |
|
|
2,688,648 |
|
|
|
2,764,866 |
|
| *May include cash and investment of cash collateral. |
|
|
|
|
|
|
|
|
Purchases and Sales: Long-term purchases and sales during the current fiscal period were as follows:
|
|
|
|
|
|
|
|
|
| Fund |
|
Non-U.S. Government
Purchases |
|
Non-U.S. Government Sales |
|
|
|
| Dividend Value |
|
$ |
1,411,402,971 |
|
|
$ |
1,552,504,436 |
|
|
|
|
| Large Cap Select |
|
|
18,530,946 |
|
|
|
22,896,570 |
|
|
|
|
| Mid Cap Value 1 |
|
|
41,809,833 |
|
|
|
86,560,369 |
|
|
|
|
| Small Cap Growth Opportunities |
|
|
86,697,052 |
|
|
|
95,156,496 |
|
|
|
|
| Small Cap Select |
|
|
60,461,666 |
|
|
|
47,556,727 |
|
|
|
|
| Small Cap Value |
|
|
26,447,879 |
|
|
|
184,056,677 |
|
|
|
|
| Small/Mid Cap Growth Opportunities |
|
|
126,718,541 |
|
|
|
139,530,062 |
|
The Funds may purchase securities on a when-issued or delayed-delivery basis. Securities purchased on a when-issued or delayed-delivery basis may have extended settlement periods; interest income is not accrued until settlement date. Any securities so purchased are subject to market fluctuation during this period. If a Fund has outstanding when-issued/delayed-delivery purchases commitments as of the end of the reporting period, such amounts are recognized on the Statement of Assets and Liabilities.
5. Derivative Investments
Each Fund is authorized to invest in certain derivative instruments. As defined by U.S. GAAP, a derivative is a financial instrument whose value is derived from an underlying security price, foreign exchange rate, interest rate, index of prices or rates, or other variables. Investments in derivatives as of the end of and/or during the current fiscal period, if any, are included within the Statement of Assets and Liabilities and the Statement of Operations, respectively.
Although the Funds are authorized to invest in derivative instruments, and may do so in the future, they did not make any such investments during the current fiscal period.
Market and Counterparty Credit Risk: In the normal course of business each Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions, when applicable. The extent of each Fund’s exposure to counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities.
Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have
instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the pre-determined threshold amount.
6. Fund Shares
Transactions in Fund shares during the current and prior fiscal period were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Six Months Ended
4/30/25 |
|
|
Year Ended
10/31/24 |
|
| Dividend Value |
|
Shares |
|
|
Amount |
|
|
Shares |
|
|
Amount |
|
| Subscriptions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class A |
|
|
325,304 |
|
|
|
$4,733,105 |
|
|
|
572,319 |
|
|
|
$8,320,557 |
|
| Class A - automatic conversion of Class C |
|
|
82 |
|
|
|
1,111 |
|
|
|
168 |
|
|
|
2,474 |
|
| Class C |
|
|
33,255 |
|
|
|
498,478 |
|
|
|
27,453 |
|
|
|
380,250 |
|
| Class R6 |
|
|
12,133,300 |
|
|
|
176,254,175 |
|
|
|
16,854,028 |
|
|
|
257,374,380 |
|
| Class I |
|
|
339,795 |
|
|
|
5,032,754 |
|
|
|
688,530 |
|
|
|
10,190,956 |
|
| Total subscriptions |
|
|
12,831,736 |
|
|
|
186,519,623 |
|
|
|
18,142,498 |
|
|
|
276,268,617 |
|
| Reinvestments of distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class A |
|
|
2,257,378 |
|
|
|
32,773,847 |
|
|
|
1,232,795 |
|
|
|
17,205,529 |
|
| Class C |
|
|
51,674 |
|
|
|
729,928 |
|
|
|
28,014 |
|
|
|
376,200 |
|
| Class R6 |
|
|
14,821,302 |
|
|
|
221,468,675 |
|
|
|
8,699,807 |
|
|
|
125,348,401 |
|
| Class I |
|
|
1,672,210 |
|
|
|
24,728,744 |
|
|
|
1,020,199 |
|
|
|
14,519,774 |
|
| Total reinvestments of distributions |
|
|
18,802,564 |
|
|
|
279,701,194 |
|
|
|
10,980,815 |
|
|
|
157,449,904 |
|
| Redemptions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class A |
|
|
(2,394,080) |
|
|
|
(34,452,247) |
|
|
|
(3,373,772) |
|
|
|
(48,942,526) |
|
| Class C |
|
|
(62,351) |
|
|
|
(876,278) |
|
|
|
(196,341) |
|
|
|
(2,779,980) |
|
| Class C - automatic conversion to Class A |
|
|
(84) |
|
|
|
(1,111) |
|
|
|
(173) |
|
|
|
(2,474) |
|
| Class R6 |
|
|
(17,779,757) |
|
|
|
(271,347,615) |
|
|
|
(34,705,615) |
|
|
|
(521,546,646) |
|
| Class I |
|
|
(2,221,559) |
|
|
|
(32,823,789) |
|
|
|
(4,436,815) |
|
|
|
(65,562,505) |
|
| Total redemptions |
|
|
(22,457,831) |
|
|
|
(339,501,040) |
|
|
|
(42,712,716) |
|
|
|
(638,834,131) |
|
| Net increase (decrease) |
|
|
9,176,469 |
|
|
|
$126,719,777 |
|
|
|
(13,589,403) |
|
|
|
$(205,115,610) |
|
|
|
|
| |
|
Six Months Ended
4/30/25 |
|
|
Year Ended
10/31/24 |
|
| Large Cap Select |
|
Shares |
|
|
Amount |
|
|
Shares |
|
|
Amount |
|
| Subscriptions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class A |
|
|
20,855 |
|
|
|
$856,472 |
|
|
|
39,588 |
|
|
|
$1,527,867 |
|
| Class A - automatic conversion of Class C |
|
|
13 |
|
|
|
573 |
|
|
|
148 |
|
|
|
6,270 |
|
| Class C |
|
|
450 |
|
|
|
15,391 |
|
|
|
5,960 |
|
|
|
212,602 |
|
| Class I |
|
|
6,293 |
|
|
|
261,270 |
|
|
|
74,628 |
|
|
|
2,686,449 |
|
| Total subscriptions |
|
|
27,611 |
|
|
|
1,133,706 |
|
|
|
120,324 |
|
|
|
4,433,188 |
|
| Reinvestments of distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class A |
|
|
88,617 |
|
|
|
3,711,571 |
|
|
|
16,239 |
|
|
|
583,022 |
|
| Class C |
|
|
4,701 |
|
|
|
170,777 |
|
|
|
804 |
|
|
|
25,413 |
|
| Class I |
|
|
26,009 |
|
|
|
1,107,084 |
|
|
|
5,330 |
|
|
|
194,287 |
|
| Total reinvestments of distributions |
|
|
119,327 |
|
|
|
4,989,432 |
|
|
|
22,373 |
|
|
|
802,722 |
|
| Redemptions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class A |
|
|
(42,055) |
|
|
|
(1,682,696) |
|
|
|
(85,045) |
|
|
|
(3,307,432) |
|
| Class C |
|
|
(12,462) |
|
|
|
(438,630) |
|
|
|
(14,263) |
|
|
|
(515,515) |
|
| Class C - automatic conversion to Class A |
|
|
(15) |
|
|
|
(573) |
|
|
|
(167) |
|
|
|
(6,270) |
|
| Class I |
|
|
(75,174) |
|
|
|
(3,006,696) |
|
|
|
(54,656) |
|
|
|
(2,202,668) |
|
| Total redemptions |
|
|
(129,706) |
|
|
|
(5,128,595) |
|
|
|
(154,131) |
|
|
|
(6,031,885) |
|
| Net increase (decrease) |
|
|
17,232 |
|
|
|
$994,543 |
|
|
|
(11,434) |
|
|
|
$(795,975) |
|
55
Notes to Financial Statements (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Six Months Ended
4/30/25 |
|
|
Year Ended
10/31/24 |
|
| Mid Cap Value 1 |
|
Shares |
|
|
Amount |
|
|
Shares |
|
|
Amount |
|
| Subscriptions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class A |
|
|
45,490 |
|
|
|
$2,524,724 |
|
|
|
109,642 |
|
|
|
$5,837,095 |
|
| Class C |
|
|
1,924 |
|
|
|
106,217 |
|
|
|
4,142 |
|
|
|
202,775 |
|
| Class R6 |
|
|
73,917 |
|
|
|
4,095,122 |
|
|
|
301,381 |
|
|
|
16,407,613 |
|
| Class I |
|
|
306,717 |
|
|
|
16,472,500 |
|
|
|
666,662 |
|
|
|
36,162,325 |
|
| Total subscriptions |
|
|
428,048 |
|
|
|
23,198,563 |
|
|
|
1,081,827 |
|
|
|
58,609,808 |
|
| Reinvestments of distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class A |
|
|
56,793 |
|
|
|
3,206,326 |
|
|
|
37,898 |
|
|
|
1,961,034 |
|
| Class C |
|
|
3,174 |
|
|
|
165,398 |
|
|
|
2,643 |
|
|
|
125,640 |
|
| Class R6 |
|
|
40,783 |
|
|
|
2,322,470 |
|
|
|
22,652 |
|
|
|
1,185,733 |
|
| Class I |
|
|
285,053 |
|
|
|
16,187,589 |
|
|
|
208,877 |
|
|
|
10,888,682 |
|
| Total reinvestments of distributions |
|
|
385,803 |
|
|
|
21,881,783 |
|
|
|
272,070 |
|
|
|
14,161,089 |
|
| Redemptions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class A |
|
|
(104,104) |
|
|
|
(5,713,549) |
|
|
|
(252,208) |
|
|
|
(13,450,023) |
|
| Class C |
|
|
(22,508) |
|
|
|
(1,173,230) |
|
|
|
(35,218) |
|
|
|
(1,723,320) |
|
| Class R6 |
|
|
(96,917) |
|
|
|
(5,404,458) |
|
|
|
(241,991) |
|
|
|
(13,179,161) |
|
| Class I |
|
|
(1,026,107) |
|
|
|
(56,204,554) |
|
|
|
(1,845,338) |
|
|
|
(99,714,414) |
|
| Total redemptions |
|
|
(1,249,636) |
|
|
|
(68,495,791) |
|
|
|
(2,374,755) |
|
|
|
(128,066,918) |
|
| Net increase (decrease) |
|
|
(435,785) |
|
|
|
$(23,415,445) |
|
|
|
(1,020,858) |
|
|
|
$(55,296,021) |
|
|
|
|
| |
|
Six Months Ended
4/30/25 |
|
|
Year Ended
10/31/24 |
|
| Small Cap Growth Opportunities |
|
Shares |
|
|
Amount |
|
|
Shares |
|
|
Amount |
|
| Subscriptions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class A |
|
|
212,272 |
|
|
|
$5,440,881 |
|
|
|
330,498 |
|
|
|
$7,915,214 |
|
| Class R6 |
|
|
19,912 |
|
|
|
697,961 |
|
|
|
74,719 |
|
|
|
2,425,626 |
|
| Class I |
|
|
339,143 |
|
|
|
10,912,583 |
|
|
|
796,503 |
|
|
|
25,394,413 |
|
| Total subscriptions |
|
|
571,327 |
|
|
|
17,051,425 |
|
|
|
1,201,720 |
|
|
|
35,735,253 |
|
| Redemptions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class A |
|
|
(265,321) |
|
|
|
(6,666,836) |
|
|
|
(489,758) |
|
|
|
(11,751,385) |
|
| Class R6 |
|
|
(20,867) |
|
|
|
(724,895) |
|
|
|
(21,246) |
|
|
|
(680,696) |
|
| Class I |
|
|
(639,539) |
|
|
|
(21,049,004) |
|
|
|
(811,716) |
|
|
|
(25,381,764) |
|
| Total redemptions |
|
|
(925,727) |
|
|
|
(28,440,735) |
|
|
|
(1,322,720) |
|
|
|
(37,813,845) |
|
| Net increase (decrease) |
|
|
(354,400) |
|
|
|
$(11,389,310) |
|
|
|
(121,000) |
|
|
|
$(2,078,592) |
|
|
|
|
| |
|
Six Months Ended
4/30/25 |
|
|
Year Ended
10/31/24 |
|
| Small Cap Select |
|
Shares |
|
|
Amount |
|
|
Shares |
|
|
Amount |
|
| Subscriptions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class A |
|
|
257,411 |
|
|
|
$2,670,055 |
|
|
|
276,562 |
|
|
|
$2,684,004 |
|
| Class R6 |
|
|
28,908 |
|
|
|
415,339 |
|
|
|
57,850 |
|
|
|
797,219 |
|
| Class I |
|
|
1,985,650 |
|
|
|
29,529,077 |
|
|
|
3,213,598 |
|
|
|
47,003,044 |
|
| Total subscriptions |
|
|
2,271,969 |
|
|
|
32,614,471 |
|
|
|
3,548,010 |
|
|
|
50,484,267 |
|
| Reinvestments of distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class A |
|
|
153,105 |
|
|
|
1,691,372 |
|
|
|
— |
|
|
|
— |
|
| Class R6 |
|
|
3,664 |
|
|
|
58,791 |
|
|
|
— |
|
|
|
— |
|
| Class I |
|
|
137,123 |
|
|
|
2,193,392 |
|
|
|
— |
|
|
|
— |
|
| Total reinvestments of distributions |
|
|
293,892 |
|
|
|
3,943,555 |
|
|
|
— |
|
|
|
— |
|
| Redemptions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class A |
|
|
(471,048) |
|
|
|
(4,785,923) |
|
|
|
(1,224,215) |
|
|
|
(11,894,959) |
|
| Class R6 |
|
|
(30,936) |
|
|
|
(486,045) |
|
|
|
(266,645) |
|
|
|
(3,680,632) |
|
| Class I |
|
|
(842,381) |
|
|
|
(12,601,844) |
|
|
|
(1,366,605) |
|
|
|
(18,453,149) |
|
| Total redemptions |
|
|
(1,344,365) |
|
|
|
(17,873,812) |
|
|
|
(2,857,465) |
|
|
|
(34,028,740) |
|
| Net increase (decrease) |
|
|
1,221,496 |
|
|
|
$18,684,214 |
|
|
|
690,545 |
|
|
|
$16,455,527 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Six Months Ended
4/30/25 |
|
|
Year Ended
10/31/24 |
|
| Small Cap Value |
|
Shares |
|
|
Amount |
|
|
Shares |
|
|
Amount |
|
| Subscriptions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class A |
|
|
227,614 |
|
|
|
$7,066,579 |
|
|
|
397,344 |
|
|
|
$11,286,403 |
|
| Class A - automatic conversion of Class C |
|
|
1 |
|
|
|
16 |
|
|
|
— |
|
|
|
— |
|
| Class C |
|
|
6,861 |
|
|
|
179,153 |
|
|
|
13,764 |
|
|
|
315,947 |
|
| Class R6 |
|
|
176,959 |
|
|
|
5,972,348 |
|
|
|
698,972 |
|
|
|
20,823,329 |
|
| Class I |
|
|
217,599 |
|
|
|
7,023,022 |
|
|
|
863,054 |
|
|
|
25,462,480 |
|
| Total subscriptions |
|
|
629,034 |
|
|
|
20,241,118 |
|
|
|
1,973,134 |
|
|
|
57,888,159 |
|
| Reinvestments of distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class A |
|
|
31,661 |
|
|
|
994,153 |
|
|
|
22,881 |
|
|
|
643,857 |
|
| Class C |
|
|
2,473 |
|
|
|
64,714 |
|
|
|
643 |
|
|
|
15,084 |
|
| Class R6 |
|
|
5,838 |
|
|
|
191,435 |
|
|
|
49,598 |
|
|
|
1,456,201 |
|
| Class I |
|
|
57,390 |
|
|
|
1,869,761 |
|
|
|
71,129 |
|
|
|
2,076,968 |
|
| Total reinvestments of distributions |
|
|
97,362 |
|
|
|
3,120,063 |
|
|
|
144,251 |
|
|
|
4,192,110 |
|
| Redemptions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class A |
|
|
(352,726) |
|
|
|
(10,958,270) |
|
|
|
(950,474) |
|
|
|
(27,279,931) |
|
| Class C |
|
|
(164,170) |
|
|
|
(4,276,921) |
|
|
|
(275,466) |
|
|
|
(6,458,050) |
|
| Class C - automatic conversion to Class A |
|
|
(1) |
|
|
|
(16) |
|
|
|
— |
|
|
|
— |
|
| Class R6 |
|
|
(4,027,730) |
|
|
|
(141,101,523) |
|
|
|
(1,345,599) |
|
|
|
(39,346,228) |
|
| Class I |
|
|
(646,284) |
|
|
|
(21,147,581) |
|
|
|
(4,451,890) |
|
|
|
(126,368,325) |
|
| Total redemptions |
|
|
(5,190,911) |
|
|
|
(177,484,311) |
|
|
|
(7,023,429) |
|
|
|
(199,452,534) |
|
| Net increase (decrease) |
|
|
(4,464,515) |
|
|
|
$(154,123,130) |
|
|
|
(4,906,044) |
|
|
|
$(137,372,265) |
|
|
|
|
| |
|
Six Months Ended
4/30/25 |
|
|
Year Ended
10/31/24 |
|
| Small/Mid Cap Growth Opportunities |
|
Shares |
|
|
Amount |
|
|
Shares |
|
|
Amount |
|
| Subscriptions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class A |
|
|
121,894 |
|
|
|
$3,092,446 |
|
|
|
242,019 |
|
|
|
$5,796,258 |
|
| Class R6 |
|
|
4,603 |
|
|
|
194,753 |
|
|
|
16,243 |
|
|
|
629,916 |
|
| Class I |
|
|
81,312 |
|
|
|
3,280,753 |
|
|
|
134,205 |
|
|
|
5,044,342 |
|
| Total subscriptions |
|
|
207,809 |
|
|
|
6,567,952 |
|
|
|
392,467 |
|
|
|
11,470,516 |
|
| Redemptions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class A |
|
|
(508,895) |
|
|
|
(13,108,973) |
|
|
|
(1,201,333) |
|
|
|
(28,959,885) |
|
| Class R6 |
|
|
(4,895) |
|
|
|
(198,282) |
|
|
|
(23,783) |
|
|
|
(902,819) |
|
| Class I |
|
|
(188,043) |
|
|
|
(7,705,364) |
|
|
|
(473,011) |
|
|
|
(17,227,706) |
|
| Total redemptions |
|
|
(701,833) |
|
|
|
(21,012,619) |
|
|
|
(1,698,127) |
|
|
|
(47,090,410) |
|
| Net increase (decrease) |
|
|
(494,024) |
|
|
|
$(14,444,667) |
|
|
|
(1,305,660) |
|
|
|
$(35,619,894) |
|
7. Income Tax Information
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required.
Each Fund files income tax returns in U.S. federal and applicable state and local jurisdictions. A Fund’s federal income tax returns are generally subject to examination for a period of three fiscal years after being filed. State and local tax returns may be subject to examination for an additional period of time depending on the jurisdiction. Management has analyzed each Fund’s tax positions taken for all open tax years and has concluded that no provision for income tax is required in the Fund’s financial statements.
57
Notes to Financial Statements (continued)
As of the end of the reporting period, the aggregate cost and the net unrealized appreciation/(depreciation) of all investments for federal income tax purposes were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Fund |
|
Tax Cost |
|
|
Gross Unrealized
Appreciation |
|
|
Gross Unrealized
(Depreciation) |
|
|
Net Unrealized Appreciation
(Depreciation) |
|
|
|
|
|
|
| Dividend Value |
|
$ |
2,607,969,157 |
|
|
$ |
453,329,062 |
|
|
$ |
(130,542,104) |
|
|
$ |
322,786,958 |
|
|
|
|
|
|
| Large Cap Select |
|
|
31,749,329 |
|
|
|
10,140,280 |
|
|
|
(1,721,229) |
|
|
|
8,419,051 |
|
|
|
|
|
|
| Mid Cap Value 1 |
|
|
294,035,950 |
|
|
|
97,874,922 |
|
|
|
(17,392,675) |
|
|
|
80,482,247 |
|
|
|
|
|
|
| Small Cap Growth Opportunities |
|
|
185,085,885 |
|
|
|
46,501,294 |
|
|
|
(16,727,163) |
|
|
|
29,774,131 |
|
|
|
|
|
|
| Small Cap Select |
|
|
127,831,796 |
|
|
|
26,225,648 |
|
|
|
(11,171,709) |
|
|
|
15,053,939 |
|
|
|
|
|
|
| Small Cap Value |
|
|
212,757,011 |
|
|
|
68,093,073 |
|
|
|
(30,329,582) |
|
|
|
37,763,491 |
|
|
|
|
|
|
| Small/Mid Cap Growth Opportunities |
|
|
158,110,072 |
|
|
|
17,428,643 |
|
|
|
(17,926,408) |
|
|
|
(497,765) |
|
For purposes of this disclosure, tax cost generally includes the cost of portfolio investments as well as up-front fees or premiums exchanged on derivatives and any amounts unrealized for income statement reporting but realized income and/or capital gains for tax reporting, if applicable.
As of prior fiscal period end, the components of accumulated earnings on a tax basis were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Fund |
|
Undistributed Ordinary
Income |
|
|
Undistributed
Long-Term
Capital Gains |
|
|
Unrealized
Appreciation
(Depreciation) |
|
|
Capital Loss
Carryforwards |
|
|
Late-Year Loss Deferrals |
|
|
Other
Book-to-Tax
Differences |
|
|
Total |
|
|
|
|
|
|
|
|
|
| Dividend Value |
|
$ |
61,031,667 |
|
|
$ |
199,057,310 |
|
|
$ |
576,905,690 |
|
|
$ |
(8,921,256) |
|
|
$ |
— |
|
|
$ |
(193,777) |
|
|
$ |
827,879,634 |
|
|
|
|
|
|
|
|
|
| Large Cap Select |
|
|
2,010,544 |
|
|
|
3,522,241 |
|
|
|
13,402,037 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
18,934,822 |
|
|
|
|
|
|
|
|
|
| Mid Cap Value 1 |
|
|
4,570,162 |
|
|
|
17,809,951 |
|
|
|
130,392,734 |
|
|
|
— |
|
|
|
— |
|
|
|
(12,615) |
|
|
|
152,760,232 |
|
|
|
|
|
|
|
|
|
| Small Cap Growth Opportunities |
|
|
— |
|
|
|
— |
|
|
|
49,344,376 |
|
|
|
(7,601,730) |
|
|
|
(798,265) |
|
|
|
— |
|
|
|
40,944,381 |
|
|
|
|
|
|
|
|
|
| Small Cap Select |
|
|
169,739 |
|
|
|
3,745,674 |
|
|
|
29,885,673 |
|
|
|
— |
|
|
|
— |
|
|
|
(9,506) |
|
|
|
33,791,580 |
|
|
|
|
|
|
|
|
|
| Small Cap Value |
|
|
2,381,152 |
|
|
|
— |
|
|
|
86,980,959 |
|
|
|
(164,106,952) |
|
|
|
— |
|
|
|
(33,284) |
|
|
|
(74,778,125) |
|
|
|
|
|
|
|
|
|
| Small/Mid Cap Growth Opportunities |
|
|
— |
|
|
|
— |
|
|
|
35,969,026 |
|
|
|
(13,588,332) |
|
|
|
(1,005,473) |
|
|
|
(33,680) |
|
|
|
21,341,541 |
|
As of prior fiscal period end, the Funds had capital loss carryforwards, which will not expire:
|
|
|
|
|
|
|
|
|
|
|
|
|
| Fund |
|
Short-Term |
|
|
Long-Term |
|
|
Total |
|
|
|
|
|
| Dividend Value1 |
|
|
$8,921,256 |
|
|
|
$— |
|
|
|
$8,921,256 |
|
|
|
|
|
| Large Cap Select |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
| Mid Cap Value 1 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
| Small Cap Growth Opportunities |
|
|
7,601,730 |
|
|
|
— |
|
|
|
7,601,730 |
|
|
|
|
|
| Small Cap Select |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
| Small Cap Value |
|
|
83,928,062 |
|
|
|
80,178,890 |
|
|
|
164,106,952 |
|
|
|
|
|
| Small/Mid Cap Growth Opportunities |
|
|
13,588,332 |
|
|
|
— |
|
|
|
13,588,332 |
|
| 1 |
A portion of Dividend Value’s capital loss carryforwards are subject to an annual limitation under the Internal Revenue Code and related regulations. |
8. Management Fees and Other Transactions with Affiliates
Management Fees: Each Fund’s management fee compensates the Adviser for the overall investment advisory and administrative services and general office facilities. The Sub-Adviser is compensated for its services to the Funds from the management fees paid to the Adviser.
Each Fund’s management fee consists of two components – a fund-level fee, based only on the amount of assets within each individual Fund, and a complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser. This pricing structure enables each Fund’s shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the amount of complex-wide assets managed by the Adviser.
The annual fund-level fee, payable monthly, for each Fund is calculated according to the following schedule:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Average Daily Net Assets |
|
Dividend Value |
|
|
Large Cap Select |
|
|
Mid Cap
Value 1 |
|
|
Small Cap
Growth
Opportunities |
|
|
Small Cap Select |
|
|
Small Cap Value |
|
|
Small/Mid Cap Growth Opportunities |
|
| For the first $125 million |
|
|
0.5000 |
% |
|
|
0.5000 |
% |
|
|
0.6000 |
% |
|
|
0.6500 |
% |
|
|
0.6500 |
% |
|
|
0.6500 |
% |
|
|
0.6000 |
% |
| For the next $125 million |
|
|
0.4875 |
|
|
|
0.4875 |
|
|
|
0.5875 |
|
|
|
0.6375 |
|
|
|
0.6375 |
|
|
|
0.6375 |
|
|
|
0.5875 |
|
| For the next $250 million |
|
|
0.4750 |
|
|
|
0.4750 |
|
|
|
0.5750 |
|
|
|
0.6250 |
|
|
|
0.6250 |
|
|
|
0.6250 |
|
|
|
0.5750 |
|
| For the next $500 million |
|
|
0.4625 |
|
|
|
0.4625 |
|
|
|
0.5625 |
|
|
|
0.6125 |
|
|
|
0.6125 |
|
|
|
0.6125 |
|
|
|
0.5625 |
|
| For the next $1 billion |
|
|
0.4500 |
|
|
|
0.4500 |
|
|
|
0.5500 |
|
|
|
0.6000 |
|
|
|
0.6000 |
|
|
|
0.6000 |
|
|
|
0.5500 |
|
| For the next $3 billion |
|
|
0.4250 |
|
|
|
0.4250 |
|
|
|
0.5250 |
|
|
|
0.5750 |
|
|
|
0.5750 |
|
|
|
0.5750 |
|
|
|
0.5250 |
|
| For the next $2.5 billion |
|
|
0.4000 |
|
|
|
0.4000 |
|
|
|
0.5000 |
|
|
|
0.5500 |
|
|
|
0.5500 |
|
|
|
0.5500 |
|
|
|
0.5000 |
|
| For the next $2.5 billion |
|
|
0.3875 |
|
|
|
0.3875 |
|
|
|
0.4875 |
|
|
|
0.5375 |
|
|
|
0.5375 |
|
|
|
0.5375 |
|
|
|
0.4875 |
|
| For net assets over $10 billion |
|
|
0.3750 |
|
|
|
0.3750 |
|
|
|
0.4750 |
|
|
|
0.5250 |
|
|
|
0.5250 |
|
|
|
0.5250 |
|
|
|
0.4750 |
|
The annual complex-level fee, payable monthly, for each Fund is calculated according to the following schedule:
|
|
|
|
|
| Complex-Level Asset Breakpoint Level* |
|
Complex-Level Fee |
|
| For the first $124.3 billion |
|
|
0.1600 |
% |
| For the next $75.7 billion |
|
|
0.1350 |
|
| For the next $200 billion |
|
|
0.1325 |
|
| For eligible assets over $400 billion |
|
|
0.1300 |
|
| * |
The complex-level fee is calculated based upon the aggregate daily “eligible assets” of all Nuveen-branded closed-end funds and Nuveen branded open-end funds (“Nuveen Mutual Funds”). Except as described below, eligible assets include the assets of all Nuveen-branded closed-end funds and Nuveen Mutual Funds organized in the United States. Eligible assets do not include the net assets of: Nuveen fund-of-funds, Nuveen money market funds, Nuveen index funds, Nuveen Large Cap Responsible Equity Fund or Nuveen Life Large Cap Responsible Equity Fund. In addition, eligible assets include a fixed percentage of the aggregate net assets of the active equity and fixed income Nuveen Mutual Funds advised by the Adviser’s affiliate, Teachers Advisors, LLC (except those identified above). The fixed percentage will increase annually until May 1, 2033, at which time eligible assets will include all of the aggregate net assets of the active equity and fixed income Nuveen Mutual Funds advised by Teachers Advisors, LLC (except those identified above). Eligible assets include closed-end fund assets managed by the Adviser that are attributable to financial leverage. For these purposes, financial leverage includes the closed-end funds’ use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining eligible assets in certain circumstances. |
|
As of April 30, 2025, the complex-level fee rate for each Fund was as follows:
|
|
|
|
|
| Fund |
|
Complex-Level Fee |
|
|
|
| Dividend Value |
|
|
0.1585% |
|
|
|
| Large Cap Select |
|
|
0.1585% |
|
|
|
| Mid Cap Value 1 |
|
|
0.1585% |
|
|
|
| Small Cap Growth Opportunities |
|
|
0.1585% |
|
|
|
| Small Cap Select |
|
|
0.1585% |
|
|
|
| Small Cap Value |
|
|
0.1585% |
|
|
|
| Small/Mid Cap Growth Opportunities |
|
|
0.1585% |
|
The Adviser has agreed to waive fees and/or reimburse expenses (“Expense Cap”) of the Funds so that the total annual Fund operating expenses (excluding 12b-1 distribution and/or service fees, interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses) do not exceed the average daily net assets of any class of Fund shares in the amounts and for the time period stated in the following table. However, because Class R6 Shares are not subject to sub-transfer agent and similar fees, the total annual fund operating expenses for the Class R6 Shares will not be less than the expense limitation. The temporary expense limitations may be terminated or modified prior to that date only with the approval of the Board. The expense limitations in effect thereafter may be terminated or modified only with approval of shareholders of each Fund.
59
Notes to Financial Statements (continued)
|
|
|
|
|
|
|
|
|
| Fund |
|
Expense Cap |
|
|
Expense Cap
Expiration Date |
|
| Dividend Value |
|
|
0.74% |
|
|
|
July 31, 2027 |
|
| Large Cap Select |
|
|
0.80 |
|
|
|
July 31, 2027 |
|
| Mid Cap Value 1 |
|
|
0.92 |
|
|
|
July 31, 2027 |
|
| Small Cap Growth Opportunities |
|
|
0.99 |
|
|
|
July 31, 2027 |
|
| Small Cap Select |
|
|
0.99 |
|
|
|
July 31, 2027 |
|
| Small Cap Value |
|
|
0.99 |
|
|
|
July 31, 2027 |
|
| Small/Mid Cap Growth Opportunities |
|
|
0.92 |
|
|
|
July 31, 2027 |
|
Distribution and Service Fees: Each Fund has adopted a distribution and service plan under rule 12b-1 under the 1940 Act. Class A Shares incur a 0.25% annual 12b-1 service fee. Class C Shares incur a 0.75% annual 12b-1 distribution fee and a 0.25% annual 12b-1 service fee. Class R6 Shares and Class I Shares are not subject to 12b-1 distribution or service fees. The fees under this plan compensate Nuveen Securities, LLC, (the “Distributor”), a wholly-owned subsidiary of Nuveen, for services provided and expenses incurred in distributing shares of the Funds and establishing and maintaining shareholder accounts.
Other Transactions with Affiliates: The Funds receive voluntary compensation from the Adviser in amounts that approximate the cost of research services obtained from broker-dealers and research providers if the Adviser had purchased the research services directly. This income received by the Funds is recognized in “Affiliated income” on the Statement of Operations and any amounts due to the Funds at the end of the reporting period is recognized in “Reimbursement from Adviser” on the Statement of Assets and Liabilities. During the current fiscal period, the values of voluntary compensation were as follows:
|
|
|
|
|
| Fund |
|
Amount |
|
|
|
| Dividend Value |
|
$ |
873,283 |
|
|
|
| Large Cap Select |
|
|
8,758 |
|
|
|
| Mid Cap Value 1 |
|
|
73,747 |
|
|
|
| Small Cap Growth Opportunities |
|
|
140,244 |
|
|
|
| Small Cap Select |
|
|
100,518 |
|
|
|
| Small Cap Value |
|
|
90,052 |
|
|
|
| Small/Mid Cap Growth Opportunities |
|
|
151,130 |
|
Each Fund is permitted to purchase or sell securities from or to certain other funds or accounts managed by the Sub-Adviser (“Affiliated Entity”) under specified conditions outlined in procedures adopted by the Board (“cross-trade”). These procedures have been designed to ensure that any cross-trade of securities by the Fund from or to an Affiliated Entity by virtue of having a common investment adviser (or affiliated investment adviser), common officer and/or common trustee complies with Rule 17a-7 under the 1940 Act. These transactions are effected at the current market price (as provided by an independent pricing service) without incurring broker commissions.
During the current fiscal period, the Funds engage in cross-trades pursuant to these procedures.
|
|
|
|
|
|
|
|
|
|
|
|
|
| Fund |
|
Purchases |
|
Sales |
|
Realized
Gain (Loss) |
|
|
|
|
| Dividend Value |
|
$ |
21,964,675 |
|
|
$ |
12,868,306 |
|
|
$ |
490,024 |
|
|
|
|
|
| Large Cap Select |
|
|
109,336 |
|
|
|
141,733 |
|
|
|
11,440 |
|
|
|
|
|
| Mid Cap Value 1 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
| Small Cap Growth Opportunities |
|
|
1,303,502 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
| Small Cap Select |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
| Small Cap Value |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
| Small/Mid Cap Growth Opportunities |
|
|
4,658,032 |
|
|
|
8,082,929 |
|
|
|
2,822,453 |
|
During the current fiscal period, the Distributor, collected sales charges on purchases of Class A Shares, the majority of which were paid out as concessions to financial intermediaries as follows:
|
|
|
|
|
|
|
|
|
| Fund |
|
Sales Charges Collected |
|
Paid to Financial
Intermediaries |
|
|
|
| Dividend Value |
|
$ |
42,793 |
|
|
$ |
37,892 |
|
|
|
|
| Large Cap Select |
|
|
4,388 |
|
|
|
3,887 |
|
|
|
|
| Mid Cap Value 1 |
|
|
7,965 |
|
|
|
6,991 |
|
|
|
|
| Small Cap Growth Opportunities |
|
|
20,716 |
|
|
|
18,036 |
|
|
|
|
| Small Cap Select |
|
|
6,633 |
|
|
|
5,804 |
|
|
|
|
| Small Cap Value |
|
|
5,636 |
|
|
|
5,112 |
|
|
|
|
| Small/Mid Cap Growth Opportunities |
|
|
10,227 |
|
|
|
8,985 |
|
The Distributor also received 12b-1 service fees on Class A Shares, substantially all of which were paid to compensate financial intermediaries for providing services to shareholders relating to their investments.
During the current fiscal period, the Distributor compensated financial intermediaries directly with commission advances at the time of purchase as follows:
|
|
|
|
|
| Fund |
|
Commission
Advances |
|
|
| Dividend Value |
|
$ |
1,351 |
|
|
|
| Large Cap Select |
|
|
181 |
|
|
|
| Mid Cap Value 1 |
|
|
485 |
|
|
|
| Small Cap Growth Opportunities |
|
|
100 |
|
|
|
| Small Cap Select |
|
|
26 |
|
|
|
| Small Cap Value |
|
|
2,805 |
|
|
|
| Small/Mid Cap Growth Opportunities |
|
|
44 |
|
To compensate for commissions advanced to financial intermediaries, all 12b-1 service and distribution fees collected on Class C Shares during the first year following a purchase are retained by the Distributor. During the current fiscal period, the Distributor retained such 12b-1 fees as follows:
|
|
|
|
|
| Fund |
|
12b-1 Fees
Retained |
|
|
| Dividend Value |
|
$ |
515 |
|
|
|
| Large Cap Select |
|
|
235 |
|
|
|
| Mid Cap Value 1 |
|
|
654 |
|
|
|
| Small Cap Growth Opportunities |
|
|
— |
|
|
|
| Small Cap Select |
|
|
— |
|
|
|
| Small Cap Value |
|
|
2,447 |
|
|
|
| Small/Mid Cap Growth Opportunities |
|
|
— |
|
The remaining 12b-1 fees charged to each Fund were paid to compensate financial intermediaries for providing services to shareholders relating to their investments.
The Distributor also collected and retained CDSC on share redemptions during the current fiscal period, as follows:
|
|
|
|
|
| Fund |
|
CDSC Retained |
|
|
|
| Dividend Value |
|
$ |
— |
|
|
|
| Large Cap Select |
|
|
1,661 |
|
|
|
| Mid Cap Value 1 |
|
|
6 |
|
|
|
| Small Cap Growth Opportunities |
|
|
— |
|
|
|
| Small Cap Select |
|
|
— |
|
|
|
| Small Cap Value |
|
|
104 |
|
|
|
| Small/Mid Cap Growth Opportunities |
|
|
11 |
|
61
Notes to Financial Statements (continued)
As of the end of the reporting period, the percentage of Fund shares owned by TIAA and/or TIAA affiliates are as follows:
|
|
|
|
|
| |
|
Dividend Value |
|
| Nuveen Lifecycle Retirement Income Fund |
|
|
—%* |
|
| Nuveen Lifecycle 2010 Fund |
|
|
1 |
|
| Nuveen Lifecycle 2015 Fund |
|
|
1 |
|
| Nuveen Lifecycle 2020 Fund |
|
|
3 |
|
| Nuveen Lifecycle 2025 Fund |
|
|
5 |
|
| Nuveen Lifecycle 2030 Fund |
|
|
8 |
|
| Nuveen Lifecycle 2035 Fund |
|
|
10 |
|
| Nuveen Lifecycle 2040 Fund |
|
|
14 |
|
| Nuveen Lifecycle 2045 Fund |
|
|
12 |
|
| Nuveen Lifecycle 2050 Fund |
|
|
10 |
|
| Nuveen Lifecycle 2055 Fund |
|
|
5 |
|
| Nuveen Lifecycle 2060 Fund |
|
|
2 |
|
| Nuveen Lifecycle 2065 Fund |
|
|
—* |
|
| Nuveen Lifestyle Aggressive Growth Fund |
|
|
1 |
|
| Nuveen Lifestyle Conservative Fund |
|
|
—* |
|
| Nuveen Lifestyle Growth Fund |
|
|
1 |
|
| Nuveen Lifestyle Income Fund |
|
|
—* |
|
| Nuveen Lifestyle Moderate Fund |
|
|
1 |
|
| Nuveen Managed Allocation Fund |
|
|
2 |
|
* Rounds to less than 1%
9. Borrowing Arrangements
Committed Line of Credit: The Funds, along with certain funds managed by the Adviser and by an affiliate of the Adviser (“Participating Funds”), have established a 364-day, $2.700 billion standby credit facility with a group of lenders, under which the Participating Funds may borrow for temporary purposes (other than on-going leveraging for investment purposes). Each Participating Fund is allocated a designated proportion of the facility’s capacity (and its associated costs, as described below) based upon a multi-factor assessment of the likelihood and frequency of its need to draw on the facility, the size of the Fund and its anticipated draws, and the potential importance of such draws to the operations and well-being of the Fund, relative to those of the other Funds. A Fund may effect draws on the facility in excess of its designated capacity if and to the extent that other Participating Funds have undrawn capacity. The credit facility expires in June 2026 unless extended or renewed.
The credit facility has the following terms: 0.15% per annum on unused commitment amounts and a drawn interest rate equal to the higher of (a) OBFR (Overnight Bank Funding Rate) plus 1.20% per annum or (b) the Fed Funds Effective Rate plus 1.20% per annum on amounts borrowed. Interest expense incurred by the Participating Funds, when applicable, is recognized as a component of “Interest expense” on the Statement of Operations. Participating Funds paid administration, legal and arrangement fees, which are recognized as a component of “Interest expense” on the Statement of Operations, and along with commitment fees, have been allocated among such Participating Funds based upon the relative proportions of the facility’s aggregate capacity reserved for them and other factors deemed relevant by the Adviser and the Board of each Participating Fund.
During the current period, the following Funds utilized this facility. The Funds’ maximum outstanding balance during the utilization period was as follows:
|
|
|
|
|
| Fund |
|
Maximum
Outstanding Balance |
|
|
|
| Dividend Value |
|
$ |
— |
|
|
|
| Large Cap Select |
|
|
2,597 |
|
|
|
| Mid Cap Value 1 |
|
|
— |
|
|
|
| Small Cap Growth Opportunities |
|
|
— |
|
|
|
| Small Cap Select |
|
|
— |
|
|
|
| Small Cap Value |
|
|
— |
|
|
|
| Small/Mid Cap Growth Opportunities |
|
|
— |
|
During each Fund’s utilization period(s) during the current fiscal period, the average daily balance outstanding and average interest rate on the Borrowings were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
| Fund |
|
Utilization
Period (Days
Outstanding) |
|
|
Average
Daily Balance
Outstanding |
|
|
Average Annual
Interest Rate |
|
|
|
|
|
| Dividend Value |
|
|
— |
|
|
$ |
— |
|
|
|
—% |
|
|
|
|
|
| Large Cap Select |
|
|
2 |
|
|
|
2,597 |
|
|
|
5.53 |
|
|
|
|
|
| Mid Cap Value 1 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
| Small Cap Growth Opportunities |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
| Small Cap Select |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
| Small Cap Value |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
| Small/Mid Cap Growth Opportunities |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Borrowings outstanding as of the end of the reporting period, if any, are recognized as “Borrowings” on the Statement of Assets and Liabilities.
10. Subsequent Events
Fund Name Changes: Effective July 1, 2025, the Fund’s name changed from Nuveen Mid Cap Value 1 to Nuveen Mid Cap Value Opportunities Fund.
63
| Item 8. |
Changes in and Disagreements with Accountants for Open-End Management Investment Companies. |
Not applicable.
| Item 9. |
Proxy Disclosures for Open-End Management Investment Companies. |
The special meeting of shareholders was held virtually on January 9, 2025 for Nuveen Mid Cap Value 1 Fund (the “Fund”). At the meeting, shareholders were asked to approve the proposed reorganization of the Fund into Nuveen Mid Cap Value Fund, a series of TIAA-CREF Funds, that was previously approved by the Board of Directors of the Fund in September 2024. The meeting was subsequently adjourned to February 10, 2025, and additionally adjourned to March 5, 2025. At the meeting held on March 5, 2025, shareholders of the Fund did not approve the proposed reorganization.
The Vote totals are set forth below. There were no broker non-votes.
|
|
|
|
|
| The vote results in the reorganization of Nuveen Mid Cap Value 1 Fund were as follows: |
|
Nuveen Mid Cap Value 1 Fund |
|
| Votes For |
|
|
3,687,338 |
|
| Votes Withheld |
|
|
158,630 |
|
| Votes Abstained |
|
|
203,491 |
|
| Total |
|
|
4,049,460 |
|
| Item 10. |
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies. |
The aggregate remuneration paid to the directors (all of whom are independent) by each Fund is reported as “Directors fees” on the Statement of Operations under Item 7 of this Form N-CSR.
The Funds do not pay any remuneration to their officers. The aggregate remuneration paid to Nuveen Fund Advisors, LLC, the Funds’ investment adviser and an affiliate of the Funds’ officers, is reported as “Management fees” on the Statement of Operations under Item 7 of this Form N-CSR.
| Item 11. |
Statement Regarding Basis for Approval of Investment Advisory Contract. |
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Nuveen Dividend Value Fund
Nuveen Large Cap Select Fund
Nuveen Mid Cap Value 1 Fund
Nuveen Small Cap Growth Opportunities Fund
Nuveen Small Cap Select Fund
Nuveen Small/Mid Cap Growth Opportunities Fund
The Approval Process
At meetings held on April 28 and 29, 2025 (the “Meeting”), the Board of Directors (the “Board” and each Director, a “Board Member”) of Nuveen Investment Funds, Inc. approved, for each applicable series thereof, the renewal of the investment management agreement (each an “Investment Management Agreement”) with Nuveen Fund Advisors, LLC (“NFAL” or the “Adviser”). Similarly, for each such series, the Board approved the renewal of the sub-advisory agreement (each a “Sub-Advisory Agreement”) with Nuveen Asset Management, LLC (the “Sub-Adviser”). NFAL is a subsidiary of Nuveen, LLC, the investment management arm of Teachers Insurance and Annuity Association of America (“TIAA”). The Sub-Adviser is also an affiliate of the Adviser. The Board Members are not “interested persons” (as defined under the Investment Company Act of 1940 (the “1940 Act”)) and, therefore, the Board is deemed to be comprised of all disinterested Board Members. References to the Board and the Board Members are interchangeable. Below is a summary of the annual review process the Board undertook related to its most recent renewal of the Investment Management Agreement and Sub-Advisory Agreement with respect to each series covered by this report (the “Funds”).
In accordance with applicable law, following up to an initial two-year period, the Board considers the renewal of each Investment Management Agreement and Sub-Advisory Agreement on behalf of the applicable Fund on an annual basis. The Investment Management Agreements and Sub-Advisory Agreements are collectively referred to as the “Advisory Agreements,” and the Adviser and the Sub-Adviser are collectively, the “Fund Advisers” and each a “Fund Adviser.”
To reach their determination, the Board Members considered the review of the Advisory Agreements to be an ongoing process. The Board Members employed the accumulated information, knowledge and experience they had gained during their tenure as disinterested Board Members on the respective boards of the funds in the Nuveen complex and their committees in overseeing the applicable funds and working with the respective investment advisers and sub-advisers in their review of the advisory agreements for the fund complex. The fund complex consists of the group of funds advised by NFAL, including the Funds, and the group of funds advised by Teachers Advisors, LLC (“TAL” and collectively, the “Nuveen funds” or the “funds”). The Board and its committees meet regularly throughout the year and at these meetings, the Board Members received materials and discussed information covering a wide range of topics pertinent to the annual consideration of the renewal of the Advisory Agreements. Such topics include, but are not limited to, the investment performance of the funds over various periods; investment oversight matters; economic, market and regulatory developments; any significant organizational or other developments impacting a Fund Adviser and its strategic plans for its business; product initiatives for various funds; fund expenses; compliance, regulatory and risk management matters; trading practices, including soft dollar arrangements and reimbursements to the funds; the liquidity and derivatives risk management programs; management of distributions; valuation of securities; payments to financial intermediaries, including 12b-1 expenses (as applicable); and securities lending (as applicable). The Board also seeks to meet at its regular quarterly meetings with members of senior management to discuss various topics, including market conditions, industry developments and any significant developments or strategic plans for a Fund Adviser, if any.
To help with the review of performance, the Board and/or its committees periodically received and discussed presentations from member(s) of investment teams throughout the year, culminating in an annual performance review of the Nuveen funds at the Board’s meeting held on February 25-26, 2025 (the “February Meeting”). The presentations, discussions and meetings during the year provide a means for the Board Members to evaluate and consider the level, breadth and quality of services provided by the Fund Advisers and any changes to such services over time in light of new or modified regulatory requirements, changes to market conditions or other factors.
In addition to the materials and discussions that occurred at prior meetings, the Board, through its independent legal counsel, requested and received extensive materials and information prepared specifically for its review of the Advisory Agreements. During the year, management worked with an ad hoc committee established by the Board to help enhance and streamline the materials provided in connection with the annual review of the Advisory Agreements. The materials provided at the Meeting and/or prior meetings covered a wide range of matters including, but not limited to, a description of the nature, extent and quality of services provided by the Fund Advisers; a review of the Sub-Adviser and/or applicable investment team; an analysis of fund performance with a focus on funds considered to have met certain challenged performance measurements; an analysis of the fees and expense ratios of the funds with a focus on funds considered to have certain expense characteristics; a list of management fee and sub-advisory fee schedules; an analysis of advisory fees compared to fees assessed to other types of clients; a review of temporary and/ or permanent expense caps and fee waivers (as applicable); a description of portfolio manager compensation; certain profitability and/or financial data; and a description of indirect benefits received by the Fund Advisers as a result of their relationships with the funds. The Board also considered information provided by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, comparing fee and expense levels of each respective Fund to those of a peer universe and to a group of peers selected by Broadridge.
The information prepared specifically for the annual review supplemented the information provided to the Board and its committees and the evaluations of the Nuveen funds by the Board and its committees during the year. The Board’s review of the Advisory Agreements is based on all the information provided to the Board and its committees over time. The performance, fee and expense data and other information provided by a Fund Adviser, Broadridge or other service providers were not independently verified by the Board Members.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract. (continued)
As part of their review, the Board Members and independent legal counsel met in executive session on April 9, 2025 to review and discuss materials provided in connection with their annual review of the Advisory Agreements. After reviewing this information, the Board Members requested, directly or through independent legal counsel, additional information, and the Board subsequently reviewed and discussed the responses to these follow-up questions and requests. The Board Members and independent legal counsel met again in executive session on April 17, 2025 (together with the April 9, 2025 executive session, the “Executive Sessions”) to discuss the responses to the initial supplemental information request and, following their review of the data provided, requested management present certain additional information at the Meeting. In addition to the Executive Sessions, the Board Members met in additional executive sessions prior to and during the Meeting. During the Meeting, the Board Members considered the responses, invited representatives of management to provide additional information and determined that the information provided (whether oral or written) was responsive to their requests.
The Board Members were advised by independent legal counsel during the annual review process as well as throughout the year, including meeting in executive sessions with such counsel at which no representatives of management were present. In connection with their annual review, the Board Members also received a memorandum from independent legal counsel outlining their fiduciary duties and legal standards in reviewing the Advisory Agreements, including guidance from court cases evaluating advisory fees.
After the discussions and with the background and knowledge described above, the Board Members approved the continuation of the Advisory Agreements on behalf of the applicable Funds for an additional one-year period. The Board did not identify any single factor as all-important or controlling, but rather each decision reflected the comprehensive consideration of all the information (written or oral) provided to the Board and its committees throughout the year as well as the materials prepared specifically in connection with the annual review process. The contractual arrangements may reflect the results of prior year(s) of review, negotiation and information provided in connection with the Board’s annual review of the Funds’ advisory arrangements and oversight of the Funds. Each Board Member may have attributed different levels of importance to the various factors and information considered in connection with the annual review process and may have placed different emphasis on the relevant information year to year in light of, among other things, changing market and economic conditions. A summary of the principal factors and information, but not all the factors, the Board considered in deciding to renew the Advisory Agreements is set forth below.
A. Nature, Extent and Quality of Services
In evaluating the renewal of the Advisory Agreements, the Board Members received and considered information regarding the nature, extent and quality of the applicable Fund Adviser’s services provided to each respective Fund. With this approach, they considered the roles of the Adviser and the Sub-Adviser in providing services to the Funds.
The Board considered that the Adviser provides a wide array of management, oversight and other services to manage and operate the Funds. The Board considered the Adviser’s and its affiliates’ dedication of resources, time, people and capital as well as consistent program of improvement and innovation aimed at keeping the Nuveen fund complex relevant and attractive for existing and new investors and meeting the needs of an increasingly complex regulatory environment. Among the information provided in connection with the review of services at the Meeting and/ or prior meetings, the Board considered a description of the organizational changes at the Adviser during the year, the management teams that comprise the various support and investment functions for the funds and the background of certain personnel who support the funds. The Board considered the significant resources, both financial and personnel, the Adviser and its affiliates had committed over the past several years in working to bring the asset management businesses of Nuveen and TIAA under one centralized umbrella and to consolidate their respective fund families (the “Consolidation”) to the benefit of the funds through, among other things, enhanced operating efficiencies, centralized investment leadership and a centralized shared resources and support model. To help ensure the continuation of services, the Board considered, among other things, management’s emphasis on succession planning and key person risk evaluation pursuant to which certain management team(s) meet annually to conduct a comprehensive review of successors to key positions, to develop and monitor corporate-wide standards and procedures in seeking to help ensure the firm may continue to operate in the event of business disruptions, and to review staffing and compensation levels to help remain competitive with peers in the industry. The Board considered a description of the application of business continuity plans and the periodic testing and review of such plans. As noted below, the Board also considered certain financial data of the Adviser and TIAA in assessing the financial stability and condition of the Adviser to provide a high level of quality services to the Funds.
In its review, the Board considered that the Funds operated in a highly regulated industry and the scope and complexity of the services and resources that the Adviser and its affiliates must provide to manage and operate the Funds have expanded over the years due to regulatory, market and other developments. Such services included maintaining and monitoring the Nuveen funds’ compliance programs, risk management programs, liquidity risk management programs, derivatives risk management programs and cybersecurity programs. The Board and/or its Compliance, Risk Management and Regulatory Oversight Committee received reports regarding the funds’ compliance policies and procedures and matters undertaken thereunder as well as other compliance initiatives on a regular basis.
In considering the breadth and quality of services the Adviser and its various teams provide, the Board considered that the Adviser provides investment advisory services. With respect to the Funds, such Funds utilize the Sub-Adviser to manage the portfolios of the Funds subject to the supervision of the Adviser. Accordingly, the Board considered that the Adviser and its affiliates, among other things, oversee and review the performance of the Sub-Adviser and its investment team(s); evaluate Fund performance and market conditions; evaluate investment strategies and recommend changes thereto; oversee trade execution and, as applicable, securities lending; evaluate investment risks; and manage valuation matters. As noted below, the Board also considered the Nuveen funds’ performance over various time periods throughout the year.
In addition to the portfolio management services provided to the Funds (including indirectly by overseeing the Sub-Adviser), the Board considered the extensive compliance, regulatory, administrative and other services the Adviser and its various teams or affiliates provide to manage and operate the applicable funds, including but not limited to: distribution management services pursuant to which management seeks to implement distribution policies and set distribution levels consistent with each fund’s product design and positioning; compliance services including establishing and maintaining broad-based compliance policies across the Nuveen fund complex, evaluating the compliance programs of various fund services providers, conducting ongoing risk assessments and testing, monitoring portfolio compliance with investment and regulatory requirements and
providing a comprehensive compliance training program; providing regulatory advocacy services, including submitting comments on regulatory proposals and monitoring regulatory developments that may impact the fund(s); providing support to the Board and its committees throughout the year, including providing reports on a wide range of topics relating to the operations and management of the funds, helping to refine the materials provided to the Board and/or its committees and providing educational sessions on various topics; establishing and reviewing the services provided by other fund service providers (such as a fund’s custodian, accountant, and transfer agent); providing legal support services; and evaluating trade allocation and execution.
Aside from the services provided, the Board considered the financial resources of the Adviser and/or its affiliates and their willingness to make investments to support the funds. The Board considered the funds’ access to a seed capital budget provided by the Adviser and/or its affiliates to support new or existing funds and/or facilitate changes for a respective fund. The Board considered the benefits to shareholders of investing in a Fund that is a part of a large fund complex with a variety of investment disciplines, capabilities, and expertise. The Board considered the overall reputation and capabilities of the Adviser and its affiliates and the Adviser’s continuing commitment to provide high quality services.
In its review, the Board also considered the significant risks borne by the Adviser and its affiliates in connection with their services to the Nuveen funds, including entrepreneurial risks in sponsoring and supporting new funds and smaller funds and ongoing risks with managing the Funds, such as investment, operational, reputational, regulatory, compliance and litigation risks.
The Board considered the division of responsibilities between the Adviser and the Sub-Adviser and considered that the Sub-Adviser and its investment personnel, as noted, generally are responsible for the management of the respective Fund’s portfolio or a portion thereof under the oversight of the Adviser and the Board. The Board considered an analysis of the Sub-Adviser provided by the Adviser which included, among other things, a summary of changes (if any) in the leadership teams and/or portfolio manager teams; the performance of the funds sub-advised by the Sub- Adviser over various periods of time that met certain performance screening measurements; and data reflecting product changes (if any) taken with respect to certain funds. The Board considered that the Adviser recommended the renewal of the Sub-Advisory Agreements.
Based on its review, the Board determined, in the exercise of its reasonable business judgment, that it was satisfied with the nature, extent and quality of services provided to the respective Funds under each applicable Advisory Agreement.
B. The Investment Performance of the Funds and Fund Advisers
In evaluating the quality of the services provided by the Fund Advisers, the Board also considered a variety of investment performance data of the Funds. In leading up to the annual review, the Board and/or its Investment Committee considered, among other things, Fund performance over the quarter, one-, three- and five-year periods ending December 31, 2024 (or for such shorter periods to the extent a Fund was not in existence during such periods) on an absolute basis and as compared to the performance of comparable peers (the “Performance Peer Group”) and to a benchmark for the prescribed periods. For Funds with multiple share classes, the performance data was based on Class I shares; however, the performance of other share classes was expected to be substantially similar as they invest in the same portfolio of securities and differences in performance among the classes of a fund generally may be principally attributed to the variations in the expense structures of the share classes. Prior to the Meeting, the Board also received updated Fund performance over the quarter, one-, three- and five-year periods ended March 31, 2025 (or for such shorter periods to the extent a Fund was not in existence during such periods) on an absolute basis and in comparison to the Performance Peer Group and a benchmark for the prescribed periods. In its review of relative performance, the Board considered a Fund’s performance relative to its Performance Peer Group, among other things, by evaluating its quartile ranking with the 1st quartile representing the top performing funds within the Performance Peer Group and the 4th quartile representing the lowest performing funds.
The Board took into account the performance data, presentations and discussions (written and oral) that were provided at the Meeting and in prior meetings over time in evaluating fund performance, including particular focus on management’s analysis of the performance of funds that met certain screening measurements as determined pursuant to a methodology approved by the Board or additional measurements as determined by management’s investment analysts. As various Nuveen funds have modified their portfolio teams and/or made significant changes to their portfolio strategies over time, the Board reviewed, among other things, certain tracking performance data over specific periods comparing performance before and after such changes.
In evaluating performance, the Board considered some of the limitations of the performance data. The Board considered, among other things, that performance data reflects performance over a specified period which may differ significantly depending on the ending dates selected, particularly during periods of market volatility. Further, the Board considered that regardless of the performance period reviewed by the Board, shareholders may evaluate performance based on their own respective holding periods which may differ from the performance periods reviewed by the Board and lead to differing results. With respect to comparative performance, the Board considered that differing investment objectives, investment strategies, dates of inception, type and cost of leverage (if any), asset size and other factors between the Performance Peer Group and the respective Fund necessarily lead to differences in performance results. Similarly, differences in the investment objective(s) and strategies of a Fund and its benchmark (particularly an actively managed fund that does not directly follow an index) as well as the costs of operating a Fund would contribute to differences in performance results. To assist the Board in its review of the comparability of the relative performance, management generally has ranked the relevancy of the Performance Peer Groups to the applicable funds as low, medium or high.
The Board evaluated performance in light of various relevant factors which may include, among other things, general market conditions, issuer- specific information, asset class information, leverage and fund cash flows. The Board considered that long-term performance could be impacted by even one period of significant outperformance or underperformance and that a single investment theme could disproportionately affect performance. Further, the Board considered that market and economic conditions may significantly impact a Fund’s performance, particularly over shorter periods, and such performance may be more reflective of such economic or market events and not necessarily reflective of management skill. Although the Board reviews short-, intermediate- and longer-term performance data, the Board considered that longer periods of performance may reflect full market cycles.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract. (continued)
In their review from year to year, the Board Members consider and may place different emphasis on the relevant information in light of changing circumstances in market and economic conditions. In evaluating performance, the Board focused particular attention on funds with less favorable performance records. However, depending on the facts and circumstances, including any differences between the respective fund and its benchmark and/or Performance Peer Group, the Board may be satisfied with a fund’s performance notwithstanding that its performance may be below that of its benchmark and/or peer group for certain periods. With respect to any funds for which the Board has identified performance issues, the Board seeks to monitor such funds more closely until performance improves, discuss with the Adviser the reasons for such results, consider whether any steps are necessary or appropriate to address such issues, discuss and evaluate the potential consequences of such steps and review the results of any steps undertaken.
The performance determinations with respect to each Fund are summarized below.
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For Nuveen Dividend Value Fund, the Board considered that although the Fund’s performance was below the performance of its benchmark for the one-, three- and five-year periods ended December 31, 2024 and the Fund ranked in the fourth quartile of its Performance Peer Group for the five-year period ended December 31, 2024, the Fund ranked in the third quartile of its Performance Peer Group for the one- and three-year periods ended December 31, 2024. On the basis of the Board’s ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund’s investment objective(s) and management’s discussion of performance, the Board concluded that the Fund’s performance supported renewal of the Advisory Agreements. |
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For Nuveen Large Cap Select Fund, the Board considered that although the Fund’s performance was below the performance of its benchmark for the five-year period ended December 31, 2024, the Fund outperformed its benchmark for the one- and three-year periods ended December 31, 2024. Further, the Fund ranked in the second quartile of its Performance Peer Group for the one-year period, first quartile for the three-year period and third quartile for the five-year period ended December 31, 2024. On the basis of the Board’s ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund’s investment objective(s) and management’s discussion of performance, the Board concluded that the Fund’s performance supported renewal of the Advisory Agreements. |
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For Nuveen Mid Cap Value 1 Fund (formerly, Nuveen Mid Cap Value Fund), the Board considered that although the Fund’s performance was below the performance of its benchmark for the one-year period ended December 31, 2024, the Fund outperformed its benchmark for the three- and five-year periods ended December 31, 2024. In addition, the Fund ranked in the third quartile of its Performance Peer Group for the one- and three-year periods ended December 31, 2024 and second quartile for the five-year period ended December 31, 2024. In its review, the Board also approved a name change for the Fund to Nuveen Mid Cap Value Opportunities Fund and related investment policy changes effective July 1, 2025. On the basis of the Board’s ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund’s investment objective(s) and management’s discussion of performance, the Board concluded that the Fund’s performance supported renewal of the Advisory Agreements. |
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For Nuveen Small Cap Growth Opportunities Fund, the Board considered that the Fund outperformed its benchmark for the one-, three- and five-year periods ended December 31, 2024. The Fund also ranked in the second quartile of its Performance Peer Group for the one- and three-year periods ended December 31, 2024 and first quartile for the five-year period ended December 31, 2024. On the basis of the Board’s ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund’s investment objective(s) and management’s discussion of performance, the Board concluded that the Fund’s performance supported renewal of the Advisory Agreements. |
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For Nuveen Small Cap Select Fund, the Board considered that the Fund outperformed its benchmark for the one-, three- and five-year periods ended December 31, 2024. The Fund also ranked in the first quartile of its Performance Peer Group for the one- and five-year periods ended December 31, 2024 and second quartile for the three-year period ended December 31, 2024. On the basis of the Board’s ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund’s investment objective(s) and management’s discussion of performance, the Board concluded that the Fund’s performance supported renewal of the Advisory Agreements. |
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For Nuveen Small/Mid Cap Growth Opportunities Fund (formerly, Nuveen Mid Cap Growth Opportunities Fund), the Board considered that although the Fund’s performance was below the performance of its benchmark for the one-, three- and five-year periods ended December 31, 2024, the Fund ranked in the third quartile of its Performance Peer Group for such periods. The Board further considered that effective February 28, 2025, the Fund changed its name and certain investment strategies, and performance prior to such date would not reflect the foregoing changes. On the basis of the Board’s ongoing review of investment performance and all relevant factors, including management’s discussion of performance and changes to investment strategies for the Fund, the Board concluded that the Fund’s performance supported renewal of the Advisory Agreement. |
C. Fees, Expenses and Profitability
As part of the annual review, the Board Members considered, among other things, the management fee schedules and the expense reimbursements and/or fee waivers agreed to by the Adviser for the respective Fund (if any). In addition to the management fee arrangements, the Board Members considered a Fund’s operating expense ratio as it more directly reflected a shareholder’s total costs in investing in the respective Fund.
In its review, the Board considered that the management fees of the Funds were generally comprised of two components, a fund-level component and a complex-level component, each with its own breakpoint schedule. The Board considered that in 2024, the Board approved a revised complex-wide breakpoint schedule which simplified and reduced the complex-level fee rates at various thresholds and expanded the eligible funds whose assets would be included in calculating the complex-level fee, effective May 1, 2024. The Board considered that the complex-level component is intended to be an efficient mechanism designed to help share cost efficiencies with shareholders as the complex-wide assets grow.
The Board also considered comparative fee and expense information prepared by an independent third-party provider of fund data. More specifically, the Board Members generally reviewed, among other things, each Fund’s management fee rates and net total expense ratio in relation to similar data for a comparable universe of peers (the “Expense Universe”) and a more focused group of comparable peers (the “Expense Group”) established by Broadridge. With respect to the Broadridge comparative expense data, Broadridge applied Class I shares of the Funds. In its review of such comparative fee and expense data, the Board considered, among other things, a Fund’s quartile rankings of its contractual management fee rate, actual management fee rate and net total expense ratio within its Expense Universe and Expense Group (as applicable) with the first quartile representing the range of funds with the lowest management fee rate or net total expense ratio, respectively, and the fourth quartile representing the range of funds with the highest management fee rate or net total expense ratio, respectively. In their review, the Board Members considered, in particular, each fund with a net total expense ratio meeting certain expense screening criteria adopted by the Board when compared to its Expense Universe and Expense Group (if any) and management’s commentary as to the factors contributing to each such fund’s relative net total expense ratio. The Board also considered, in relevant part, a fund’s management fee in light of its performance history with particular focus on any fund identified as having a higher management fee and/or expense ratio compared to peers coupled with experiencing a period of challenged performance.
In their review, the Board Members considered the methodology Broadridge employed to establish its Expense Universe and Expense Group (as applicable). The Board further considered that differences between the applicable Fund and its respective Expense Universe and/ or Expense Group, as well as changes to the composition of the Expense Universe and/or Expense Group from year to year, may limit some of the value of the comparative data. The Board Members also considered that it can be difficult to compare management fees among funds with peers as there are variations in the services that are included for the fees paid. The Board Members took these limitations and differences into account when reviewing comparative peer data.
With respect to the Sub-Adviser, the Board also considered, among other things, the sub-advisory fee schedule paid to the Sub-Adviser in light of the sub-advisory services provided to the respective Fund. In its review, the Board considered that the compensation paid to the Sub-Adviser is the responsibility of the Adviser, not the Funds.
The Board’s considerations regarding the comparative fee data for each Fund are set forth below:
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For Nuveen Dividend Value Fund, the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio ranked in the second quartile, first quartile and second quartile of its Expense Group, respectively. In addition, the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio each ranked in the second quartile of its Expense Universe. Further, the Fund’s contractual management fee rate matched the Expense Group median, and the Fund’s actual management fee rate and net total expense ratio were below the Expense Group median. The Fund’s contractual management fee rate, actual management fee rate and net total expense ratio were each below the Expense Universe median. |
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For Nuveen Large Cap Select Fund, the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio each ranked in the first quartile of its Expense Group. In addition, the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio ranked in the third quartile, second quartile and third quartile of its Expense Universe, respectively. Further, the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio were each below the Expense Group median. Although the Fund’s contractual management fee rate and net total expense ratio were above the Expense Universe median, the Fund’s actual management fee rate was below the Expense Universe median. |
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For Nuveen Mid Cap Value 1 Fund (formerly, Nuveen Mid Cap Value Fund), the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio ranked in the second quartile, second quartile and third quartile of its Expense Group, respectively. In addition, the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio ranked in the second quartile, third quartile and third quartile of its Expense Universe, respectively. Further, the Fund’s contractual management fee rate and actual management fee rate were each below the Expense Group median, and the net total expense ratio was slightly above (within 5 basis points) the Expense Group median. Although the Fund’s net total expense ratio was above the Expense Universe median, the Fund’s contractual management fee rate matched the Expense Universe median, and actual management fee rate was slightly above (within 5 basis points) the Expense Universe median. |
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For Nuveen Small Cap Growth Opportunities Fund, the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio ranked in the second quartile, first quartile and third quartile of its Expense Group, respectively. In addition, the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio ranked in the second quartile, second quartile and third quartile of its Expense Universe, respectively. Further, the Fund’s contractual management fee rate and actual management fee rate were each below the Expense Group median, and the Fund’s net total expense ratio was approximately the same as the Expense Group median. The Fund’s contractual management fee rate and actual management fee rate were each also below the Expense Universe median, and the Fund’s net total expense ratio was slightly above (within 5 basis points) the Expense Universe median. |
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract. (continued)
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For Nuveen Small Cap Select Fund, the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio ranked in the second quartile, second quartile and third quartile of its Expense Group, respectively. In addition, the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio ranked in the third quartile, second quartile and third quartile of its Expense Universe, respectively. Further, the Fund’s contractual management fee rate and actual management fee rate were each below the Expense Group median, and the net total expense ratio was slightly above (within 5 basis points) the Expense Group median. The Fund’s contractual management fee rate and net total expense ratio were each slightly above (within 5 basis points) the Expense Universe median, and net management fee rate was below the Expense Universe median. |
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For Nuveen Small/Mid Cap Growth Opportunities Fund (formerly, Nuveen Mid Cap Growth Opportunities Fund), the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio ranked in the third quartile, second quartile and third quartile of its Expense Group, respectively. In addition, the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio ranked in the second quartile, second quartile and third quartile of its Expense Universe, respectively. Further, the Fund’s contractual management fee rate was essentially the same as the Expense Group median, the actual management fee was below the Expense Group median, and net total expense ratio was slightly above (within 5 basis points) the Expense Group median. The Fund’s contractual management fee rate and actual management fee rate were also each below the Expense Universe median, and the Fund’s net total expense ratio was slightly above (within 5 basis points) the Expense Universe median. |
Based on its review of the information provided, the Board determined that each Fund’s management fees (as applicable) to a Fund Adviser were reasonable in light of the nature, extent and quality of services provided to the Fund.
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Comparisons with the Fees of Other Clients |
In evaluating the appropriateness of fees, the Board also considered that the Adviser, Sub-Adviser and/or their affiliate(s) provide investment management services to other types of clients which may include, among others: separately managed accounts (“SMAs”), retail managed accounts, foreign funds (UCITS), other investment companies (as sub-advisers), limited partnerships and collective investment trusts. The Board considered certain fee data for these other types of clients managed in a similar manner to certain of the funds compared to the management fee of the applicable fund. The Board considered a description of various factors which contribute to the differences in the management fee rates of the funds compared to those charged to these other types of clients which limited the comparability of the data. In this regard, the Board considered that the differences in, among other things, the breadth of services provided by the Adviser and its affiliates to the funds compared to those provided to other clients; the expenses the Adviser and its affiliates incur in launching, operating and supporting a fund; the support services provided to shareholders; the extensive regulatory, disclosure and governance requirements applicable to funds; the establishment and maintenance of servicing relationships with various service providers for the funds; the manner of managing such assets; investment policies; investor profiles; and account sizes all may contribute to the variations in relative fee rates. Differences in the level of advisory services required for passively managed funds also contribute to differences in the management fee levels of such funds compared to actively managed funds. In addition, differences in the client base; governing bodies, regulatory and legal requirements; distribution; jurisdiction and operational complexities also would contribute to variations in management fees assessed the funds compared to foreign fund clients. Further, differences in the level of advisory and non-advisory services required and risk incurred when serving as a sub-adviser to other investment companies compared to serving as an Adviser to a Nuveen fund contribute to differences in the fees assessed. In this regard, the Board further considered the significant entrepreneurial, legal and regulatory risks that the Adviser incurs in sponsoring and managing the Funds. As a general matter, higher fee levels reflect higher levels of service provided by the Adviser, increased investment management complexity, greater product management requirements, and higher levels of business risk or some combination of these factors. The Board further considered that a Sub-Adviser’s fee is essentially for portfolio management services and therefore more comparable to the fees received for retail wrap accounts and other external sub-advisory mandates. The Board concluded that the varying levels of fees were reasonable given the foregoing.
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Profitability of the Fund Advisers |
In considering the costs of services to be provided and profits to be realized by the Adviser (which encompassed its affiliated sub-advisers) from its relationship with the Funds, the Board Members considered a variety of estimated profitability data from various perspectives including, among other things, (a) historical pre-distribution and post-distribution margins over specified periods for the Adviser’s services to the applicable funds; (b) certain profitability data on behalf of the Adviser attributable to servicing all applicable funds for 2024 and 2023; (c) certain profitability data of both the Adviser and TAL (as an adviser for other Nuveen funds) on a combined basis derived from types of funds in the aggregate (i.e., from closed-end funds, exchange-traded funds, interval funds and open-end funds) for 2024 and 2023; and (d) certain profitability data of both the Adviser and TAL on a combined basis by asset grouping of Nuveen funds in the aggregate (i.e., from equity, fund of funds, index, municipal bond and taxable fixed income funds). In addition, the Board considered profitability data at the per fund level for the respective adviser.
In reviewing the profitability data, the Board Members considered the subjective nature of calculating profitability as the information is not audited and is necessarily dependent on cost allocation methodologies to allocate expenses throughout the complex and among the various advisory products. The Board reviewed, among other things, a description of the cost allocation methodology employed to develop the profitability data. However, the Board Members considered that given there is no single universally recognized expense allocation methodology, other reasonable and valid allocation methodologies could be employed and could lead to significantly different profit and loss results and therefore developing profitability data is difficult, particularly on a per fund level.
Further, in considering the comparative margin data with peers, the Board Members considered the limitations of the comparative data given that peer data is not generally public and the calculation of profitability is subjective and affected by numerous factors (such as types of funds a peer manages, its business mix, its cost of capital, the numerous assumptions underlying the methodology used to allocate expenses and other factors) that can have a significant impact on the results. Given that the peer profitability data may reflect the different business mix of the respective peer firm, the Board also considered the pre- and post-distribution margins of Nuveen, LLC for each of the calendar years from 2020 through 2024.
Aside from the foregoing profitability data, the Board also considered, among other things, the audited statutory-basis financial statements of TIAA as of December 31, 2024 and 2023 and the related statutory-basis statements of operations, of changes in capital and contingency reserves and of cash flows for the years ended December 31, 2024, December 31, 2023 and December 31, 2022. The Board considered the benefit of an investment adviser and its parent with significant resources, particularly during periods of market volatility. The Board also considered the investments the Adviser, its parent and/or other affiliates made into their business.
In evaluating the reasonableness of the compensation, the Board Members also considered the indirect benefits the Adviser or Sub-Adviser received that were directly attributable to the management of the applicable funds as discussed in further detail below. Based on its review, the Board was satisfied that the Adviser’s (together with its affiliated sub-advisers) level of profitability from its relationship with the applicable Fund was not unreasonable in light of the nature, extent and quality of services provided.
D. Economies of Scale and Whether Fee Levels Reflect These Economies of Scale
The Board considered whether there have been economies of scale with respect to the management of the funds, whether these economies of scale have been appropriately shared with the funds and whether there is potential for realization of further economies of scale. Although the Board considered that economies of scale are difficult to measure with any precision and the rates at which certain expenses are incurred may not decline with a rise in assets, the Board considered that there are a variety of methods that may be employed to help share the benefits of economies of scale, including, among other things, through the use of breakpoints in the management fee schedule, fee waivers and/or expense limitations, the pricing of funds at scale at inception and investments in the Adviser’s business which can enhance the services provided to the funds for the fees paid. The Board considered such factors applicable to the particular Fund’s advisory fee structure.
As noted above, the Board considered that the management fee of the Adviser for the Funds generally was comprised of a fund-level component and a complex-level component each with its own breakpoint schedule. The Board also approved a revised complex-wide breakpoint schedule in 2024 which reduced the complex-level fee rates at various thresholds and expanded the assets included when calculating the complex-level fee. With this structure, the Board considered that the complex-level breakpoint schedule was designed to deliver the benefits of economies of scale to shareholders when the assets of the eligible participating funds in the complex pass certain thresholds even if the assets of a particular fund are unchanged or have declined, and the fund-level breakpoint schedules were designed to share economies of scale with shareholders if the particular fund grows. The Board reviewed the fund-level and complex-level fee schedules.
In addition to the fund-level and complex-level fee schedules, the Board Members considered the temporary and/or permanent expense caps applicable to a Fund (if any). The Board considered that such waivers and reimbursements are another means for potential economies of scale to be shared with shareholders of such funds and can provide a protection from an increase in expenses if the assets of the applicable funds decline.
The Board Members also considered the continued reinvestment in Nuveen’s business to enhance its capabilities and services to the benefit of its various clients. The Board considered that many of these investments were not specific to individual Nuveen funds, but rather initiatives from which the family of funds as a whole may benefit. The Board further considered that the scope of the services of the Adviser and its affiliates have expanded over time without raising advisory fees to the funds, and this was also a means of sharing economies of scale with the funds and their shareholders. The Board considered the Adviser’s and/or its affiliates’ ongoing efforts to streamline the product line-up, among other things, to create more scaled funds which may help improve both expense and trading economies for participating funds.
Based on its review, the Board was satisfied that the current fee arrangements together with the reinvestment in management’s business appropriately shared any economies of scale with shareholders.
E. Indirect Benefits
The Board Members received and considered information regarding various indirect benefits the respective Fund Adviser or its affiliates may receive as a result of their relationship with the funds. These benefits included, among other things, economies of scale to the extent the Adviser or its affiliates share investment resources and/or personnel with other clients of the Adviser. Certain funds may also be used as investment options for other products or businesses offered by the Adviser and/or its affiliates, such as variable products, fund of funds and 529 education savings plans, and affiliates of the Adviser may serve as sub-adviser to various funds in which case all advisory and sub-advisory fees generated by such funds stay within Nuveen.
Further, the funds may pay the Adviser and/or its affiliates for other services, such as distribution. In this regard, the Board Members considered that an affiliate of the Adviser serves as principal underwriter providing distribution and/or shareholder services to the open-end funds for which it may be compensated. To the extent an open-end fund pays 12b-1 fees, the Board Members considered that some of those fees may be retained by the Adviser’s affiliate. In addition, the Board considered that an affiliate of the Adviser received compensation in 2024 for serving as an underwriter on shelf offerings of existing closed-end funds and reviewed the amounts paid for such services in 2024 and 2023.
In addition, the Board Members considered that the Adviser and Sub-Adviser may utilize soft dollar brokerage arrangements attributable to the respective fund(s) to obtain research and other services for any or all of their clients, although the Board Members also considered reimbursements of such costs by the Adviser and/or Sub-Adviser.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract. (continued)
The Adviser and its affiliates may also benefit from the advisory relationships with the funds in the fund complex to the extent this relationship results in potential investors viewing the TIAA group of companies as a leading retirement plan provider in the academic and nonprofit market and a single source for all their financial service needs. The Adviser and/or its affiliates may further benefit to the extent that they have pricing or other information regarding vendors the funds utilize in establishing arrangements with such vendors for other products.
Based on its review, the Board concluded that any indirect benefits received by the Adviser as a result of its relationship with the Funds were reasonable in light of the services provided.
F. Other Considerations
The Board Members did not identify any single factor discussed previously as all-important or controlling. The Board Members concluded that the terms of each Advisory Agreement were reasonable, that the respective Fund Adviser’s fees were reasonable in light of the services provided to each Fund and that the Advisory Agreements be renewed for an additional one-year period.
| Item 12. |
Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. |
Not applicable to open-end investment companies.
| Item 13. |
Portfolio Managers of Closed-End Management Investment Companies. |
Not applicable to open-end investment companies.
| Item 14. |
Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. |
Not applicable to open-end investment companies.
| Item 15. |
Submission of Matters to a Vote of Security Holders. |
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board implemented after the registrant last provided disclosure in response to this Item.
| Item 16. |
Controls and Procedures. |
| (a) |
The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (17 CFR 240.13a-15(b) or 240.15d-15(b)). |
| (b) |
There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
| Item 17. |
Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. |
| (a) |
Not applicable to open-end investment companies. |
| (b) |
Not applicable to open-end investment companies. |
| Item 18. |
Recovery of Erroneously Awarded Compensation. |
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.
Nuveen Investment Funds, Inc.
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| Date: July 7, 2025 |
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By: |
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/s/ Jordan M. Farris |
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Jordan M. Farris |
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Chief Administrative Officer |
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.
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| Date: July 7, 2025 |
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By: |
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/s/ Jordan M. Farris |
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Jordan M. Farris |
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Chief Administrative Officer (principal executive officer) |
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| Date: July 7, 2025 |
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By: |
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/s/ Marc Cardella |
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Marc Cardella |
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Vice President and Controller (principal financial officer) |
