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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Livewire Ergogenics Inc (PK) | USOTC:LVVV | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.0001 | 5.26% | 0.002 | 0.0018 | 0.0021 | 0.002 | 0.00185 | 0.002 | 482,980 | 21:03:18 |
Date of fiscal year end:
|
11/30
|
Date of reporting period:
|
11/30/2013
|
ITEM 1.
|
REPORT TO STOCKHOLDERS
|
3
Letter to Shareholders
4
Portfolio Management Review
10
Performance Summary
12
Investment Portfolio
18
Statement of Assets and Liabilities
20
Statement of Operations
21
Statement of Changes in Net Assets
22
Financial Highlights
28
Notes to Financial Statements
40
Report of Independent Registered Public Accounting Firm
41
Information About Your Fund's Expenses
42
Tax Information
43
Advisory Agreement Board Considerations and Fee Evaluation
48
Board Members and Officers
54
Account Management Resources
|
Investment Process
We aim to add value through stock selection. We utilize a proprietary investment process designed to identify attractive investment candidates generated by more than 5,000 equity analysts around the globe, who collectively cover over 10,000 securities. Through the quality of these analysts' fundamental research, this process seeks to identify investments that may offer the potential for price appreciation. In addition, we utilize a screening process to identify stocks that may offer above-average dividend yields. The investment process also takes into consideration various factors — both risk and return factors relative to the benchmark — and assists portfolio management in devising allocations among investable securities.
|
"In this environment, we have maintained our emphasis on adding value through our disciplined, systematic stock selection process."
|
Growth of an Assumed $10,000 Investment
(Adjusted for Maximum Sales Charge)
|
|
|
Yearly periods ended November 30
|
Shares
|
Value ($)
|
|||||||
Common Stocks 97.4%
|
||||||||
Consumer Discretionary 8.3%
|
||||||||
Auto Components 0.5%
|
||||||||
TRW Automotive Holdings Corp.*
|
74,000 | 5,742,400 | ||||||
Automobiles 1.6%
|
||||||||
Ford Motor Co.
|
1,150,000 | 19,642,000 | ||||||
Hotels, Restaurants & Leisure 0.5%
|
||||||||
Yum! Brands, Inc.
|
82,000 | 6,369,760 | ||||||
Household Durables 0.3%
|
||||||||
PulteGroup, Inc. (a)
|
206,000 | 3,864,560 | ||||||
Media 2.8%
|
||||||||
Charter Communications, Inc. "A"*
|
43,000 | 5,809,300 | ||||||
Comcast Corp. "A"
|
384,000 | 19,150,080 | ||||||
Time Warner, Inc.
|
78,000 | 5,125,380 | ||||||
Viacom, Inc. "B"
|
60,000 | 4,810,200 | ||||||
34,894,960 | ||||||||
Multiline Retail 0.4%
|
||||||||
Macy's, Inc.
|
95,000 | 5,059,700 | ||||||
Specialty Retail 1.4%
|
||||||||
Best Buy Co., Inc.
|
420,000 | 17,031,000 | ||||||
Textiles, Apparel & Luxury Goods 0.8%
|
||||||||
Adidas AG
|
35,000 | 4,255,099 | ||||||
NIKE, Inc. "B"
|
67,000 | 5,302,380 | ||||||
9,557,479 | ||||||||
Consumer Staples 5.4%
|
||||||||
Beverages 0.5%
|
||||||||
Coca-Cola Enterprises, Inc.
|
144,000 | 6,039,360 | ||||||
Food & Staples Retailing 1.3%
|
||||||||
CVS Caremark Corp.
|
93,000 | 6,227,280 | ||||||
Safeway, Inc.
|
122,000 | 4,266,340 | ||||||
Walgreen Co.
|
82,000 | 4,854,400 | ||||||
15,348,020 | ||||||||
Food Products 0.3%
|
||||||||
Unilever NV (CVA)
|
107,000 | 4,210,987 | ||||||
Personal Products 0.3%
|
||||||||
Herbalife Ltd.
|
61,000 | 4,250,480 | ||||||
Tobacco 3.0%
|
||||||||
Altria Group, Inc.
|
987,000 | 36,499,260 | ||||||
Energy 12.1%
|
||||||||
Energy Equipment & Services 0.3%
|
||||||||
Baker Hughes, Inc.
|
74,000 | 4,215,040 | ||||||
Oil, Gas & Consumable Fuels 11.8%
|
||||||||
Chesapeake Energy Corp. (a)
|
149,000 | 4,003,630 | ||||||
ConocoPhillips
|
58,000 | 4,222,400 | ||||||
CONSOL Energy, Inc.
|
134,000 | 4,767,720 | ||||||
Eni SpA
|
500,000 | 12,022,552 | ||||||
EOG Resources, Inc.
|
38,000 | 6,270,000 | ||||||
Hess Corp.
|
53,000 | 4,299,890 | ||||||
HollyFrontier Corp.
|
118,000 | 5,661,640 | ||||||
Marathon Oil Corp.
|
999,000 | 36,003,960 | ||||||
Noble Energy, Inc.
|
72,000 | 5,057,280 | ||||||
Occidental Petroleum Corp.
|
308,000 | 29,247,680 | ||||||
Phillips 66
|
223,000 | 15,523,030 | ||||||
Pioneer Natural Resources Co.
|
40,000 | 7,110,000 | ||||||
Spectra Energy Corp.
|
315,000 | 10,568,250 | ||||||
144,758,032 | ||||||||
Financials 26.7%
|
||||||||
Capital Markets 5.6%
|
||||||||
Bank of New York Mellon Corp.
|
469,000 | 15,805,300 | ||||||
Charles Schwab Corp. (a)
|
171,000 | 4,186,080 | ||||||
Morgan Stanley (a)
|
277,000 | 8,670,100 | ||||||
SEI Investments Co.
|
1,079,000 | 36,232,820 | ||||||
TD Ameritrade Holding Corp.
|
152,000 | 4,374,560 | ||||||
69,268,860 | ||||||||
Commercial Banks 5.1%
|
||||||||
PNC Financial Services Group, Inc.
|
601,000 | 46,246,950 | ||||||
The Toronto-Dominion Bank
|
130,000 | 11,845,777 | ||||||
Wells Fargo & Co.
|
114,000 | 5,018,280 | ||||||
63,111,007 | ||||||||
Consumer Finance 0.7%
|
||||||||
Discover Financial Services
|
152,000 | 8,101,600 | ||||||
Diversified Financial Services 1.2%
|
||||||||
Bank of America Corp.
|
285,000 | 4,508,700 | ||||||
ING Groep NV (CVA)*
|
330,000 | 4,281,895 | ||||||
JPMorgan Chase & Co.
|
90,000 | 5,149,800 | ||||||
13,940,395 | ||||||||
Insurance 10.2%
|
||||||||
Aflac, Inc.
|
63,000 | 4,181,310 | ||||||
Allianz SE (Registered)
|
24,600 | 4,260,502 | ||||||
Allstate Corp.
|
77,000 | 4,178,790 | ||||||
MetLife, Inc.
|
722,000 | 37,681,180 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG (Registered)
|
40,000 | 8,745,748 | ||||||
Prudential Financial, Inc.
|
218,000 | 19,349,680 | ||||||
Reinsurance Group of America, Inc.
|
512,000 | 38,389,760 | ||||||
The Travelers Companies, Inc.
|
46,000 | 4,174,040 | ||||||
W.R. Berkley Corp.
|
100,000 | 4,379,000 | ||||||
125,340,010 | ||||||||
Real Estate Investment Trusts 3.9%
|
||||||||
Hospitality Properties Trust (REIT)
|
530,000 | 14,400,100 | ||||||
Simon Property Group, Inc. (REIT)
|
167,000 | 25,024,950 | ||||||
Weyerhaeuser Co. (REIT)
|
293,000 | 8,828,090 | ||||||
48,253,140 | ||||||||
Health Care 13.1%
|
||||||||
Biotechnology 1.4%
|
||||||||
Amgen, Inc.
|
37,000 | 4,220,960 | ||||||
Biogen Idec, Inc.*
|
25,400 | 7,390,638 | ||||||
Gilead Sciences, Inc.*
|
80,000 | 5,984,800 | ||||||
17,596,398 | ||||||||
Health Care Providers & Services 1.6%
|
||||||||
Aetna, Inc.
|
160,000 | 11,028,800 | ||||||
Fresenius Medical Care AG & Co. KGaA
|
63,000 | 4,403,355 | ||||||
UnitedHealth Group, Inc.
|
57,000 | 4,245,360 | ||||||
19,677,515 | ||||||||
Life Sciences Tools & Services 0.4%
|
||||||||
Thermo Fisher Scientific, Inc.
|
44,000 | 4,437,400 | ||||||
Pharmaceuticals 9.7%
|
||||||||
Bristol-Myers Squibb Co.
|
150,000 | 7,707,000 | ||||||
Eli Lilly & Co.
|
520,000 | 26,114,400 | ||||||
Merck & Co., Inc.
|
744,000 | 37,073,520 | ||||||
Pfizer, Inc.
|
1,146,000 | 36,362,580 | ||||||
Roche Holding AG (Genusschein)
|
23,000 | 6,397,426 | ||||||
Valeant Pharmaceuticals International, Inc.*
|
49,000 | 5,371,870 | ||||||
119,026,796 | ||||||||
Industrials 9.5%
|
||||||||
Aerospace & Defense 2.9%
|
||||||||
Honeywell International, Inc.
|
232,000 | 20,534,320 | ||||||
Precision Castparts Corp.
|
60,000 | 15,507,000 | ||||||
36,041,320 | ||||||||
Commercial Services & Supplies 1.6%
|
||||||||
Pitney Bowes, Inc. (a)
|
882,000 | 20,435,940 | ||||||
Machinery 2.1%
|
||||||||
Sandvik AB
|
302,000 | 4,208,838 | ||||||
Snap-on, Inc.
|
200,000 | 21,230,000 | ||||||
25,438,838 | ||||||||
Road & Rail 2.9%
|
||||||||
CSX Corp.
|
1,300,000 | 35,451,000 | ||||||
Information Technology 9.7%
|
||||||||
Communications Equipment 0.3%
|
||||||||
Cisco Systems, Inc.
|
199,000 | 4,228,750 | ||||||
Computers & Peripherals 4.6%
|
||||||||
Apple, Inc.
|
82,000 | 45,597,740 | ||||||
Hewlett-Packard Co.
|
229,000 | 6,263,150 | ||||||
SanDisk Corp.
|
70,000 | 4,770,500 | ||||||
56,631,390 | ||||||||
Electronic Equipment, Instruments & Components 0.3%
|
||||||||
TE Connectivity Ltd.
|
81,000 | 4,270,320 | ||||||
Internet Software & Services 2.1%
|
||||||||
Facebook, Inc. "A"*
|
221,000 | 10,389,210 | ||||||
Yahoo!, Inc.*
|
401,000 | 14,828,980 | ||||||
25,218,190 | ||||||||
Semiconductors & Semiconductor Equipment 1.7%
|
||||||||
Analog Devices, Inc.
|
92,000 | 4,436,240 | ||||||
Intel Corp.
|
180,000 | 4,291,200 | ||||||
KLA-Tencor Corp.
|
75,000 | 4,790,250 | ||||||
Lam Research Corp.*
|
130,000 | 6,774,300 | ||||||
20,291,990 | ||||||||
Software 0.7%
|
||||||||
Intuit, Inc.
|
58,000 | 4,305,340 | ||||||
SAP AG
|
51,000 | 4,221,921 | ||||||
8,527,261 | ||||||||
Materials 4.2%
|
||||||||
Chemicals 2.0%
|
||||||||
Eastman Chemical Co.
|
52,000 | 4,005,560 | ||||||
Monsanto Co.
|
181,000 | 20,512,730 | ||||||
24,518,290 | ||||||||
Metals & Mining 2.2%
|
||||||||
Freeport-McMoRan Copper & Gold, Inc.
|
672,000 | 23,311,680 | ||||||
Glencore Xstrata PLC
|
850,000 | 4,287,871 | ||||||
27,599,551 | ||||||||
Telecommunication Services 2.5%
|
||||||||
Diversified Telecommunication Services
|
||||||||
AT&T, Inc.
|
748,000 | 26,337,080 | ||||||
Verizon Communications, Inc.
|
84,000 | 4,168,080 | ||||||
30,505,160 | ||||||||
Utilities 5.9%
|
||||||||
Electric Utilities
|
||||||||
American Electric Power Co., Inc.
|
486,000 | 22,871,160 | ||||||
Duke Energy Corp.
|
506,000 | 35,399,760 | ||||||
Entergy Corp.
|
72,000 | 4,456,080 | ||||||
Exelon Corp.
|
184,000 | 4,951,440 | ||||||
Great Plains Energy, Inc.
|
184,000 | 4,368,160 | ||||||
72,046,600 | ||||||||
Total Common Stocks
(Cost $1,039,771,042)
|
1,197,440,759 | |||||||
Securities Lending Collateral 1.6%
|
||||||||
Daily Assets Fund Institutional, 0.09% (b) (c) (Cost $19,312,209)
|
19,312,209 | 19,312,209 | ||||||
Cash Equivalents 3.2%
|
||||||||
Central Cash Management Fund, 0.07% (b) (Cost $39,902,190)
|
39,902,190 | 39,902,190 |
% of Net Assets
|
Value ($)
|
|||||||
Total Investment Portfolio
(Cost $1,098,985,441)
†
|
102.2 | 1,256,655,158 | ||||||
Other Assets and Liabilities, Net
|
(2.2 | ) | (26,771,431 | ) | ||||
Net Assets
|
100.0 | 1,229,883,727 |
Futures
|
Currency
|
Expiration Date
|
Contracts
|
Notional Value ($)
|
Unrealized Appreciation ($)
|
|||||||||
S&P 500 E-Mini Index
|
USD
|
12/20/2013
|
400 | 36,082,000 | 1,257,000 |
Currency Abbreviation
|
USD United States Dollar
|
Assets
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Common Stocks
|
||||||||||||||||
Consumer Discretionary
|
$ | 97,906,760 | $ | 4,255,099 | $ | — | $ | 102,161,859 | ||||||||
Consumer Staples
|
62,137,120 | 4,210,987 | — | 66,348,107 | ||||||||||||
Energy
|
136,950,520 | 12,022,552 | — | 148,973,072 | ||||||||||||
Financials
|
310,726,867 | 17,288,145 | — | 328,015,012 | ||||||||||||
Health Care
|
149,937,328 | 10,800,781 | — | 160,738,109 | ||||||||||||
Industrials
|
113,158,260 | 4,208,838 | — | 117,367,098 | ||||||||||||
Information Technology
|
114,945,980 | 4,221,921 | — | 119,167,901 | ||||||||||||
Materials
|
47,829,970 | 4,287,871 | — | 52,117,841 | ||||||||||||
Telecommunication Services
|
30,505,160 | — | — | 30,505,160 | ||||||||||||
Utilities
|
72,046,600 | — | — | 72,046,600 | ||||||||||||
Short-Term Investments (d)
|
59,214,399 | — | — | 59,214,399 | ||||||||||||
Derivatives (e)
Futures Contracts
|
$ | 1,257,000 | $ | — | $ | — | $ | 1,257,000 | ||||||||
Total
|
$ | 1,196,615,964 | $ | 61,296,194 | $ | — | $ | 1,257,912,158 |
as of November 30, 2013
|
||||
Assets
|
||||
Investments:
Investments in non-affiliated securities, at value (cost $1,039,771,042) — including $18,732,369 of securities loaned
|
$ | 1,197,440,759 | ||
Investment in Daily Assets Fund Institutional (cost $19,312,209)*
|
19,312,209 | |||
Investment in Central Cash Management Fund (cost $39,902,190)
|
39,902,190 | |||
Total investments in securities, at value (cost $1,098,985,441)
|
1,256,655,158 | |||
Foreign currency, at value (cost $235,156)
|
232,734 | |||
Deposit with broker for futures contracts
|
2,255,000 | |||
Receivable for investments sold
|
134,065,132 | |||
Receivable for Fund shares sold
|
170,414 | |||
Dividends receivable
|
3,136,988 | |||
Interest receivable
|
8,260 | |||
Receivable for variation margin on futures contracts
|
32,816 | |||
Foreign taxes recoverable
|
867 | |||
Due from Advisor
|
7,475 | |||
Other assets
|
49,298 | |||
Total assets
|
1,396,614,142 | |||
Liabilities
|
||||
Payable upon return of securities loaned
|
19,312,209 | |||
Payable for investments purchased
|
142,739,972 | |||
Payable for Fund shares redeemed
|
2,741,899 | |||
Accrued management fee
|
741,859 | |||
Accrued Directors' fees
|
11,174 | |||
Other accrued expenses and payables
|
1,183,302 | |||
Total liabilities
|
166,730,415 | |||
Net assets, at value
|
$ | 1,229,883,727 |
Statement of Assets and Liabilities
as of November 30, 2013 (continued)
|
||||
Net Assets Consist of
|
||||
Undistributed net investment income
|
16,060,244 | |||
Net unrealized appreciation (depreciation) on:
Investments
|
157,669,717 | |||
Futures
|
1,257,000 | |||
Foreign currency
|
(18,790 | ) | ||
Accumulated net realized gain (loss)
|
(1,042,886,095 | ) | ||
Paid-in capital
|
2,097,801,651 | |||
Net assets, at value
|
$ | 1,229,883,727 | ||
Net Asset Value
|
||||
Class A
Net Asset Value
and redemption price per share ($1,012,993,220 ÷ 24,006,984 shares of capital stock outstanding, $.01 par value, 560,000,000 shares authorized)
|
$ | 42.20 | ||
Maximum offering price per share (100 ÷ 94.25 of $42.20)
|
$ | 44.77 | ||
Class B
Net Asset Value,
offering and redemption price (subject to contingent deferred sales charge) per share ($9,656,174 ÷ 230,094 shares of capital stock outstanding, $.01 par value, 560,000,000 shares authorized)
|
$ | 41.97 | ||
Class C
Net Asset Value,
offering and redemption price (subject to contingent deferred sales charge) per share ($158,225,233 ÷ 3,764,440 shares of capital stock outstanding, $.01 par value, 140,000,000 shares authorized)
|
$ | 42.03 | ||
Class R
Net Asset Value,
offering and redemption price
per share ($5,324,096 ÷ 126,485 shares of capital stock outstanding, $.01 par value, 100,000,000 shares authorized)
|
$ | 42.09 | ||
Class S
Net Asset Value,
offering and redemption price
per share ($26,503,136 ÷ 627,949 shares of capital stock outstanding, $.01 par value, 150,000,000 shares authorized)
|
$ | 42.21 | ||
Institutional Class
Net Asset Value,
offering and redemption price
per share ($17,181,868 ÷ 406,716 shares of capital stock outstanding, $.01 par value, 240,000,000 shares authorized)
|
$ | 42.25 |
for the year ended November 30, 2013
|
||||
Investment Income
|
||||
Income:
Dividends (net of foreign taxes withheld of $390,505)
|
$ | 37,386,349 | ||
Income distributions — Central Cash Management Fund
|
24,095 | |||
Securities lending income, including income from Daily Assets Fund Institutional, net of borrower rebates
|
302,036 | |||
Total income
|
37,712,480 | |||
Expenses:
Management fee
|
8,705,466 | |||
Services to shareholders
|
2,196,662 | |||
Distribution and service fees
|
4,069,316 | |||
Custodian fee
|
23,581 | |||
Professional fees
|
97,428 | |||
Reports to shareholders
|
152,672 | |||
Registration fees
|
76,982 | |||
Directors' fees and expenses
|
44,001 | |||
Other
|
58,707 | |||
Total expenses before expense reductions
|
15,424,815 | |||
Expense reductions
|
(141,878 | ) | ||
Total expenses after expense reductions
|
15,282,937 | |||
Net investment income (loss)
|
22,429,543 | |||
Realized and Unrealized Gain (Loss)
|
||||
Net realized gain (loss) from:
Investments
|
128,299,158 | |||
Futures
|
7,376,828 | |||
Foreign currency
|
(294,950 | ) | ||
135,381,036 | ||||
Change in net unrealized appreciation (depreciation) on:
Investments
|
102,323,151 | |||
Futures
|
927,150 | |||
Foreign currency
|
(19,163 | ) | ||
103,231,138 | ||||
Net gain (loss)
|
238,612,174 | |||
Net increase (decrease) in net assets resulting from operations
|
$ | 261,041,717 |
Years Ended November 30,
|
||||||||
Increase (Decrease) in Net Assets
|
2013
|
2012
|
||||||
Operations:
Net investment income (loss)
|
$ | 22,429,543 | $ | 32,657,044 | ||||
Net realized gain (loss)
|
135,381,036 | 35,626,951 | ||||||
Change in net unrealized appreciation (depreciation)
|
103,231,138 | 90,790,047 | ||||||
Net increase (decrease) in net assets resulting from operations
|
261,041,717 | 159,074,042 | ||||||
Distributions to shareholders from:
Net investment income:
Class A
|
(25,093,704 | ) | (21,012,938 | ) | ||||
Class B
|
(225,117 | ) | (280,230 | ) | ||||
Class C
|
(2,789,688 | ) | (2,139,436 | ) | ||||
Class R
|
(113,998 | ) | (93,456 | ) | ||||
Class S
|
(717,015 | ) | (643,723 | ) | ||||
Institutional Class
|
(778,591 | ) | (1,148,805 | ) | ||||
Total distributions
|
(29,718,113 | ) | (25,318,588 | ) | ||||
Fund share transactions:
Proceeds from shares sold
|
56,571,333 | 76,063,875 | ||||||
Reinvestment of distributions
|
27,499,528 | 23,467,688 | ||||||
Payments for shares redeemed
|
(275,559,705 | ) | (395,097,473 | ) | ||||
Net increase (decrease) in net assets from Fund share transactions
|
(191,488,844 | ) | (295,565,910 | ) | ||||
Increase (decrease) in net assets
|
39,834,760 | (161,810,456 | ) | |||||
Net assets at beginning of period
|
1,190,048,967 | 1,351,859,423 | ||||||
Net assets at end of period (including undistributed net investment income of $16,060,244 and $23,583,976, respectively)
|
$ | 1,229,883,727 | $ | 1,190,048,967 |
Years Ended November 30,
|
|||||||||||||||||||||
Class A
|
2013
|
2012
|
2011
|
2010
|
2009
|
||||||||||||||||
Selected Per Share Data
|
|||||||||||||||||||||
Net asset value, beginning of period
|
$ | 34.83 | $ | 31.54 | $ | 30.59 | $ | 29.04 | $ | 23.91 | |||||||||||
Income (loss) from investment operations:
Net investment income
a
|
.75 | .89 | .49 | .34 | .46 | ||||||||||||||||
Net realized and unrealized gain (loss)
|
7.59 | 3.09 | .73 | 1.52 | 5.21 | ||||||||||||||||
Total from investment operations
|
8.34 | 3.98 | 1.22 | 1.86 | 5.67 | ||||||||||||||||
Less distributions from:
Net investment income
|
(.97 | ) | (.69 | ) | (.27 | ) | (.31 | ) | (.54 | ) | |||||||||||
Net asset value, end of period
|
$ | 42.20 | $ | 34.83 | $ | 31.54 | $ | 30.59 | $ | 29.04 | |||||||||||
Total Return (%)
b
|
24.36 | c | 12.72 | 4.01 | 6.42 | c | 24.30 | c | |||||||||||||
Ratios to Average Net Assets and Supplemental Data
|
|||||||||||||||||||||
Net assets, end of period ($ millions)
|
1,013 | 958 | 1,055 | 1,297 | 1,640 | ||||||||||||||||
Ratio of expenses before expense reductions (%)
|
1.18 | 1.20 | 1.19 | 1.21 | 1.26 | ||||||||||||||||
Ratio of expenses after expense reductions (%)
|
1.17 | 1.20 | 1.19 | 1.16 | 1.11 | ||||||||||||||||
Ratio of net investment income (%)
|
1.96 | 2.62 | 1.51 | 1.13 | 1.91 | ||||||||||||||||
Portfolio turnover rate (%)
|
75 | 58 | 140 | 66 | 81 | ||||||||||||||||
a
Based on average shares outstanding during the period.
b
Total return does not reflect the effect of any sales charges.
c
Total return would have been lower had certain expenses not been reduced.
|
Undistributed ordinary income*
|
$ | 16,060,244 | ||
Capital loss carryforwards
|
$ | (1,041,197,000 | ) | |
Net unrealized appreciation (depreciation) on investments
|
$ | 157,238,060 |
Years Ended November 30,
|
||||||||
2013
|
2012
|
|||||||
Distributions from ordinary income*
|
$ | 29,718,113 | $ | 25,318,588 |
Realized Gain (Loss)
|
Futures Contracts
|
|||
Equity Contracts (a)
|
$ | 7,376,828 | ||
The above derivative is located in the following Statement of Operations account:
(a) Net realized gain (loss) from futures
|
First $250 million of the Fund's average daily net assets
|
.75 | % | ||
Next $750 million of such net assets
|
.72 | % | ||
Next $1.5 billion of such net assets
|
.70 | % | ||
Next $2.5 billion of such net assets
|
.68 | % | ||
Next $2.5 billion of such net assets
|
.65 | % | ||
Next $2.5 billion of such net assets
|
.64 | % | ||
Next $2.5 billion of such net assets
|
.63 | % | ||
Over $12.5 billion of such net assets
|
.62 | % |
Class A
|
1.09%
|
Class B
|
1.84%
|
Class C
|
1.84%
|
Class R
|
1.34%
|
Class S
|
.84%
|
Institutional Class
|
.84%
|
Services to Shareholders
|
Total Aggregated
|
Waived
|
Unpaid at November 30, 2013
|
|||||||||
Class A
|
$ | 939,919 | $ | 88,967 | $ | 67,393 | ||||||
Class B
|
36,867 | 19,323 | 1,128 | |||||||||
Class C
|
106,077 | 24,005 | — | |||||||||
Class R
|
1,667 | 1,667 | — | |||||||||
Class S
|
16,180 | 3,823 | — | |||||||||
Institutional Class
|
5,181 | 119 | 695 | |||||||||
$ | 1,105,891 | $ | 137,904 | $ | 69,216 |
Distribution Fee
|
Total Aggregated
|
Unpaid at November 30, 2013
|
||||||
Class B
|
$ | 90,900 | $ | 6,001 | ||||
Class C
|
1,153,724 | 97,089 | ||||||
Class R
|
12,503 | 1,083 | ||||||
$ | 1,257,127 | $ | 104,173 |
Service Fee
|
Total Aggregated
|
Waived
|
Unpaid at November 30, 2013
|
Annual Effective Rate
|
||||||||||||
Class A
|
$ | 2,386,071 | $ | — | $ | 606,807 | .24 | % | ||||||||
Class B
|
29,804 | — | 6,255 | .25 | % | |||||||||||
Class C
|
383,829 | — | 96,797 | .25 | % | |||||||||||
Class R
|
12,485 | 3,974 | — | .17 | % | |||||||||||
$ | 2,812,189 | $ | 3,974 | $ | 709,859 |
Year Ended November 30, 2013
|
Year Ended November 30, 2012
|
|||||||||||||||
Shares
|
Dollars
|
Shares
|
Dollars
|
|||||||||||||
Shares sold
|
||||||||||||||||
Class A
|
1,055,908 | $ | 40,645,437 | 1,883,531 | $ | 64,190,504 | ||||||||||
Class B
|
7,315 | 284,430 | 3,234 | 112,608 | ||||||||||||
Class C
|
209,112 | 8,077,859 | 103,686 | 3,551,247 | ||||||||||||
Class R
|
25,052 | 939,503 | 25,656 | 877,568 | ||||||||||||
Class S
|
90,850 | 3,541,150 | 64,055 | 2,187,419 | ||||||||||||
Institutional Class
|
80,111 | 3,082,954 | 153,288 | 5,144,529 | ||||||||||||
$ | 56,571,333 | $ | 76,063,875 | |||||||||||||
Shares issued to shareholders in reinvestment of distributions
|
||||||||||||||||
Class A
|
634,845 | $ | 23,561,897 | 587,941 | $ | 19,768,201 | ||||||||||
Class B
|
5,788 | 211,837 | 7,710 | 256,567 | ||||||||||||
Class C
|
64,575 | 2,386,647 | 54,513 | 1,828,804 | ||||||||||||
Class R
|
3,057 | 113,324 | 2,739 | 91,905 | ||||||||||||
Class S
|
18,790 | 697,914 | 18,632 | 624,254 | ||||||||||||
Institutional Class
|
14,482 | 527,909 | 26,788 | 897,957 | ||||||||||||
$ | 27,499,528 | $ | 23,467,688 | |||||||||||||
Shares redeemed
|
||||||||||||||||
Class A
|
(5,175,808 | ) | $ | (197,424,950 | ) | (8,412,035 | ) | $ | (285,985,600 | ) | ||||||
Class B
|
(239,908 | ) | (9,085,707 | ) | (532,268 | ) | (17,878,683 | ) | ||||||||
Class C
|
(849,303 | ) | (32,237,155 | ) | (1,392,452 | ) | (47,273,842 | ) | ||||||||
Class R
|
(36,549 | ) | (1,371,903 | ) | (65,089 | ) | (2,221,266 | ) | ||||||||
Class S
|
(201,426 | ) | (7,759,266 | ) | (376,575 | ) | (12,596,079 | ) | ||||||||
Institutional Class
|
(727,904 | ) | (27,680,724 | ) | (852,128 | ) | (29,142,003 | ) | ||||||||
$ | (275,559,705 | ) | $ | (395,097,473 | ) | |||||||||||
Net increase (decrease)
|
||||||||||||||||
Class A
|
(3,485,055 | ) | $ | (133,217,616 | ) | (5,940,563 | ) | $ | (202,026,895 | ) | ||||||
Class B
|
(226,805 | ) | (8,589,440 | ) | (521,324 | ) | (17,509,508 | ) | ||||||||
Class C
|
(575,616 | ) | (21,772,649 | ) | (1,234,253 | ) | (41,893,791 | ) | ||||||||
Class R
|
(8,440 | ) | (319,076 | ) | (36,694 | ) | (1,251,793 | ) | ||||||||
Class S
|
(91,786 | ) | (3,520,202 | ) | (293,888 | ) | (9,784,406 | ) | ||||||||
Institutional Class
|
(633,311 | ) | (24,069,861 | ) | (672,052 | ) | (23,099,517 | ) | ||||||||
$ | (191,488,844 | ) | $ | (295,565,910 | ) |
|
||
Boston, Massachusetts
January 23, 2014
|
Annualized Expense Ratios
|
Class A
|
Class B
|
Class C
|
Class R
|
Class S
|
Institutional Class
|
DWS Equity Dividend Fund
|
1.15%
|
1.95%
|
1.93%
|
1.38%
|
.90%
|
.87%
|
Officers
4
|
||
Name, Year of Birth, Position with the Fund and Length of Time Served
5
|
Business Experience and Directorships During the Past Five Years
|
|
Brian E. Binder
8,9
(1972)
President and Chief Executive Officer, 2013-present
|
Managing Director
3
and Head of Fund Administration, Deutsche Asset & Wealth Management (2013-present); formerly: Head of Business Management and Consulting at Invesco, Ltd. (2010-2012); Chief Administrative Officer, Van Kampen Funds Inc. (2008-2010); and Chief Administrative Officer, Morgan Stanley Investment Management Americas Distribution (2003-2008)
|
|
John Millette
7
(1962)
Vice President and Secretary, 1999-present
|
Director,
3
Deutsche Asset & Wealth Management
|
|
Paul H. Schubert
6
(1963)
Chief Financial Officer, 2004-present
Treasurer, 2005-present
|
Managing Director,
3
Deutsche Asset & Wealth Management (since July 2004); formerly: Executive Director, Head of Mutual Fund Services and Treasurer for UBS Family of Funds (1998-2004); Vice President and Director of Mutual Fund Finance at UBS Global Asset Management (1994-1998)
|
|
Caroline Pearson
7
(1962)
Chief Legal Officer,
2010-present
|
Managing Director,
3
Deutsche Asset & Wealth Management; formerly: Assistant Secretary for DWS family of funds (1997-2010)
|
|
Melinda Morrow
6
(1970)
Vice President,
2012-present
|
Director,
3
Deutsche Asset & Wealth Management
|
|
Hepsen Uzcan
7
(1974)
Assistant Secretary, 2013-present
|
Vice President, Deutsche Asset & Wealth Management
|
|
Paul Antosca
7
(1957)
Assistant Treasurer, 2007-present
|
Director,
3
Deutsche Asset & Wealth Management
|
|
Jack Clark
7
(1967)
Assistant Treasurer, 2007-present
|
Director,
3
Deutsche Asset & Wealth Management
|
|
Diane Kenneally
7
(1966)
Assistant Treasurer, 2007-present
|
Director,
3
Deutsche Asset & Wealth Management
|
|
John Caruso
6
(1965)
Anti-Money Laundering Compliance Officer, 2010-present
|
Managing Director,
3
Deutsche Asset & Wealth Management
|
|
Robert Kloby
6
(1962)
Chief Compliance Officer, 2006-present
|
Managing Director,
3
Deutsche Asset & Wealth Management
|
For More Information
|
The automated telephone system allows you to access personalized account information and obtain information on other DWS funds using either your voice or your telephone keypad. Certain account types within Classes A, B, C and S also have the ability to purchase, exchange or redeem shares using this system.
For more information, contact your financial advisor. You may also access our automated telephone system or speak with a Shareholder Service representative by calling:
(800) 728-3337
|
|
Web Site
|
dws-investments.com
View your account transactions and balances, trade shares, monitor your asset allocation, subscribe to fund and account updates by e-mail, and change your address, 24 hours a day.
Obtain prospectuses and applications,
blank forms, interactive worksheets, news about DWS funds, retirement planning information, and more.
|
|
Written Correspondence
|
Deutsche Asset & Wealth Management
PO Box 219151
Kansas City, MO 64121-9151
|
|
Proxy Voting
|
The fund's policies and procedures for voting proxies for portfolio securities and information about how the fund voted proxies related to its portfolio securities during the 12-month period ended June 30 are available on our Web site — dws-investments.com (click on "proxy voting"at the bottom of the page) — or on the SEC's Web site — sec.gov. To obtain a written copy of the fund's policies and procedures without charge, upon request, call us toll free at (800) 728-3337.
|
|
Portfolio Holdings
|
Following the fund's fiscal first and third quarter-end, a complete portfolio holdings listing is filed with the SEC on Form N-Q. This form will be available on the SEC's Web site at sec.gov, and it also may be reviewed and copied at the SEC's Public Reference Room in Washington, D.C. Information on the operation of the SEC's Public Reference Room may be obtained by calling (800) SEC-0330. The fund's portfolio holdings are also posted on dws-investments.com from time to time. Please see the fund's current prospectus for more information.
|
|
Principal Underwriter
|
If you have questions, comments or complaints, contact:
DWS Investments Distributors, Inc.
222 South Riverside Plaza
Chicago, IL 60606-5808
(800) 621-1148
|
|
Investment Management
|
Deutsche Investment Management Americas Inc. ("DIMA" or the "Advisor"), which is part of Deutsche Asset & Wealth Management, is the investment advisor for the fund. DIMA and it predecessors have more than 80 years of experience managing mutual funds and DIMA provides a full range of investment advisory services to both institutional and retail clients.
DIMA is an indirect, wholly owned subsidiary of Deutsche Bank AG. Deutsche Bank AG is a major global banking institution engaged in a wide variety of financial services, including investment management, retail, private and commercial banking, investment banking and insurance.
Deutsche Asset & Wealth Management is the retail brand name in the U.S. for the wealth management and asset management activities of Deutsche Bank AG and DIMA. Deutsche Asset & Wealth Management is committed to delivering the investing expertise, insight and resources of this global investment platform to American investors.
|
Class A
|
Class B
|
Class C
|
Class S
|
Institutional Class
|
||
Nasdaq Symbol
|
KDHAX
|
KDHBX
|
KDHCX
|
KDHSX
|
KDHIX
|
|
CUSIP Number
|
23338F-804
|
23338F-887
|
23338F-879
|
23338F-846
|
23338F-838
|
|
Fund Number
|
087
|
287
|
387
|
2387
|
539
|
For shareholders of Class R
|
||
Automated Information Line
|
DWS Investments Flex Plan Access (800) 728-3337
24-hour access to your retirement plan account.
|
|
Web Site
|
dws-investments.com
Click "Retirement Plans" to reallocate assets, process transactions, review your funds, and subscribe to fund updates by e-mail through our secure online account access.
Obtain prospectuses and applications,
blank forms, interactive worksheets, news about DWS funds, retirement planning information, and more.
|
|
For More Information
|
(800) 728-3337
To speak with a service representative.
|
|
Written Correspondence
|
DWS Investments Service Company
222 South Riverside Plaza
Chicago, IL 60606-5806
|
|
Nasdaq Symbol
|
KDHRX
|
|
CUSIP Number
|
23338F-861
|
|
Fund Number
|
1506
|
Fiscal Year Ended November 30,
|
Audit Fees Billed to Fund
|
Audit-Related Fees Billed to Fund
|
Tax Fees Billed to Fund
|
All Other Fees Billed to Fund
|
||||||||||||
2013
|
$ | 73,401 | $ | 0 | $ | 7,143 | $ | 0 | ||||||||
2012
|
$ | 69,982 | $ | 0 | $ | 6,935 | $ | 0 |
Fiscal Year Ended November 30,
|
Audit-Related Fees Billed
to Adviser and Affiliated Fund Service Providers
|
Tax Fees Billed to Adviser and Affiliated Fund Service Providers
|
All Other Fees Billed to Adviser and Affiliated Fund Service Providers
|
|||||||||
2013
|
$ | 0 | $ | 379,516 | $ | 0 | ||||||
2012
|
$ | 0 | $ | 359,967 | $ | 0 |
Fiscal Year Ended November 30,
|
Total Non-Audit Fees Billed to Fund
(A)
|
Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Fund)
(B)
|
Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements)
(C)
|
Total of (A), (B) and (C)
|
||||||||||||
2013
|
$ | 7,143 | $ | 379,516 | $ | 702,765 | $ | 1,089,424 | ||||||||
2012
|
$ | 6,935 | $ | 359,967 | $ | 477,809 | $ | 844,711 |
Registrant:
|
DWS Equity Dividend Fund, a series of DWS Value Series, Inc.
|
By:
|
/s/Brian E. Binder
Brian E. Binder
President
|
Date:
|
January 29, 2014
|
By:
|
/s/Brian E. Binder
Brian E. Binder
President
|
Date:
|
January 29, 2014
|
By:
|
/s/Paul Schubert
Paul Schubert
Chief Financial Officer and Treasurer
|
Date:
|
January 29, 2014
|
1 Year Livewire Ergogenics (PK) Chart |
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