UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORMN-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number:811-09253
Wells Fargo Funds Trust
(Exact name of registrant as specified in charter)
525 Market St., San Francisco, CA 94105
(Address of principal executive offices) (Zip code)
Alexander Kymn
Wells Fargo Funds Management, LLC
525 Market St., San Francisco, CA 94105
(Name and address of agent for service)
Registrant’s telephone number, including area code:800-222-8222
Date of fiscal year end: February 28
Registrant is making a filing for 31 of its series:
Wells Fargo Dynamic Target Today Fund, Wells Fargo Dynamic Target 2015 Fund, Wells Fargo Dynamic Target 2020 Fund, Wells Fargo Dynamic Target 2025 Fund, Wells Fargo Dynamic Target 2030 Fund, Wells Fargo Dynamic Target 2035 Fund, Wells Fargo Dynamic Target 2040 Fund, Wells Fargo Dynamic Target 2045 Fund, Wells Fargo Dynamic Target 2050 Fund, Wells Fargo Dynamic Target 2055 Fund Wells Fargo Dynamic Target 2060 Fund, Wells Fargo Target Today Fund, Wells Fargo Target 2010 Fund, Wells Fargo Target 2015 Fund, Wells Fargo Target 2020 Fund, Wells Fargo Target 2025 Fund, Wells Fargo Target 2030 Fund, Wells Fargo Target 2035 Fund, Wells Fargo Target 2040 Fund, Wells Fargo Target 2045 Fund, Wells Fargo Target 2050 Fund, Wells Fargo Target 2055 Fund, Wells Fargo Target 2060 Fund, Wells Fargo Emerging Markets Bond Fund, Wells Fargo Factor Enhanced International Fund, Wells Fargo Factor Enhanced Large Cap Fund, Wells Fargo Factor Enhanced Emerging Markets Fund, Wells Fargo Factor Enhanced Small Cap Fund, Wells Fargo High Yield Corporate Bond Fund, Wells Fargo International Government Bond Fund, and Wells Fargo U.S. Core Bond Fund.
Date of reporting period: February 28, 2019
| ITEM 1. | REPORT TO STOCKHOLDERS |
Annual Report
February 28, 2019
Target Date Retirement Funds
| ∎ | | Wells Fargo Target Today Fund |
| ∎ | | Wells Fargo Target 2010 Fund |
| ∎ | | Wells Fargo Target 2015 Fund |
| ∎ | | Wells Fargo Target 2020 Fund |
| ∎ | | Wells Fargo Target 2025 Fund |
| ∎ | | Wells Fargo Target 2030 Fund |
| ∎ | | Wells Fargo Target 2035 Fund |
| ∎ | | Wells Fargo Target 2040 Fund |
| ∎ | | Wells Fargo Target 2045 Fund |
| ∎ | | Wells Fargo Target 2050 Fund |
| ∎ | | Wells Fargo Target 2055 Fund |
| ∎ | | Wells Fargo Target 2060 Fund |
Beginning on January 1, 2021, as permitted by new regulations adopted by the Securities and Exchange Commission, paper copies of the Wells Fargo Funds’ annual and semi-annual shareholder reports issued after this date will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds’ website, and you will be notified by mail each time a report is posted and provided with a website address to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically at any time by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling 1-800-222-8222 or by enrolling at wellsfargo.com/advantagedelivery.
You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports; if you invest directly with the Fund, you can call 1-800-222-8222. Your election to receive reports in paper will apply to all Wells Fargo Funds held in your account with your financial intermediary or, if you are a direct investor, to all Wells Fargo Funds that you hold.
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Contents
The views expressed and any forward-looking statements are as of February 28, 2019, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. Discussions of individual securities, or the markets generally, or any Wells Fargo Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements. The views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Funds Management, LLC and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.
INVESTMENT PRODUCTS: NOT FDIC INSURED ◾ NO BANK GUARANTEE ◾ MAY LOSE VALUE
| | | | |
| 2 | | Target Date Retirement Funds | | Letter to shareholders (unaudited) |
Andrew Owen
President
Wells Fargo Funds
Global trade tensions escalated during the second quarter of 2018.
Dear Shareholder:
We are pleased to offer you this annual report for the Wells Fargo Target Date Funds for the 12-month period that ended February 28, 2019. An upward trend for short-term interest rates, inflation concerns, trade tensions, and geopolitical events contributed to investment market volatility throughout the year.
For the period, U.S. stocks, as measured by the S&P 500 Index,1 gained 4.68% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),2 declined 6.46%. Based on the MSCI EM Index (Net),3 emerging market stocks lost 9.89%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index4 added 3.17% while the Bloomberg Barclays Global Aggregate ex-USD Index5 fell 3.45%. The Bloomberg Barclays Municipal Bond Index6 added 4.13%, and the ICE BofAML U.S. High Yield Index7 gained 4.26%.
A move to normalize U.S. monetary policy influenced markets.
As the first quarter of 2018 closed, the S&P 500 Index recorded its first negative quarterly return since 2014. The MSCI ACWI ex USA Index (Net) fell 1.18% for the quarter. The performance was an early indication that investors would endure a volatile year in global equity and fixed-income markets.
During the year, the U.S. Federal Reserve (Fed) sought to normalize accommodative monetary policies in place since the 2008 global financial crisis and recession. Short-term interest rates, as measured by U.S. Treasury bills—maturities ranging from 3 to 12 months—increased an average of 89 basis points (bps; 100 bps equal 1.00%). Rates for 10-year and 30-year Treasuries increased 17 bps and 18 bps, respectively. Lagging long-term rate increases raised concerns for a flattening yield curve, sometimes associated with recessions. The Fed raised the federal funds rate by 25 bps in March 2018 to a target range of between 1.50% and 1.75%. The Bank of England (BOE) indicated a bias to increase rates later in 2018. The European Central Bank, the Bank of Japan, and the People’s Bank of China (PBOC) maintained low interest rates.
Global trade tensions heightened investor concerns.
Global trade tensions escalated during the second quarter of 2018. A tit-for-tat tariff spat intensified between the U.S. and other governments. The Fed raised the federal funds rate by 25 bps to a target range of between 1.75% and 2.00% in June 2018. Market index results reflected the global concerns. The MSCI ACWI ex USA Index (Net) lost 2.61%, while the Bloomberg Barclays Global Aggregate ex-USD Index dropped 4.76%.
| 1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock’s weight in the index proportionate to its market value. You cannot invest directly in an index. |
| 2 | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the United States and Canada. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
| 3 | The MSCI Emerging Markets (EM) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure large- and mid-cap equity market performance of emerging markets. The MSCI EM Index (Net) consists of the following 24 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, the Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey, and the United Arab Emirates. You cannot invest directly in an index. |
| 4 | The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
| 5 | The Bloomberg Barclays Global Aggregate ex-USD Index is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S. dollar-denominated debt market. You cannot invest directly in an index. |
| 6 | The Bloomberg Barclays Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index. |
| 7 | The ICE BofAML U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2019. ICE Data Indices, LLC. All rights reserved. |
| | | | | | |
| Letter to shareholders (unaudited) | | Target Date Retirement Funds | | | 3 | |
While third quarter U.S. GDP was 3.4% on an annualized basis, lower than the prior quarter, job creation and hiring continued to improve at a brisk pace. The U.S. Bureau of Economic Analysis reported second-quarter annualized gross domestic product (GDP) growth of 4.2%. Hiring improved. Unemployment declined. Consumer confidence and spending increased. The S&P 500 Index recorded a 3.43% second-quarter gain. Stocks of companies with smaller capitalizations did even better, as measured by the Russell 2000® Index,8 adding 7.75%.
Investors appeared to shake off lingering concerns during the third quarter.
Favorable third-quarter economic indicators and corporate earnings reports encouraged domestic stock investors. U.S. trade negotiations with Mexico and Canada progressed. The Conference Board Consumer Confidence Index®9 reached its highest level in 18 years during September 2018. The Fed raised the federal funds rate by 25 bps to a target range of between 2.00% and 2.25% in September 2018. For the quarter that ended September 30, 2018, the S&P 500 Index added 7.71%.
Investors in international markets were not as confident. Tensions between the U.S. and China increased. The U.S. imposed $200 billion in tariffs on Chinese goods. China reacted with $60 billion in tariffs on U.S. goods. Economic growth in China caused concern. The BOE raised its monetary policy rate to 0.75% in August 2018. During the quarter, the MSCI ACWI ex USA Index (Net) gained 0.71%. The MSCI EM Index (Net) declined 1.09%. In fixed-income markets, U.S. bonds were flat, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index. The Bloomberg Barclays Global Aggregate ex-USD Index fell 1.74%.
Conflicting data unsettled markets during the fourth quarter.
November’s U.S. midterm elections shifted control of the House of Representatives from Republicans to Democrats, presaging potential partisan clashes. Third-quarter U.S. GDP was announced at an annualized 3.4% rate, lower than the second-quarter rate. Brexit efforts stalled ahead of the March 2019 deadline. The PBOC cut reserve requirement ratios, accelerated infrastructure spending, and cut taxes even as the value of the yuan declined to low levels last seen in 2008.
December’s S&P 500 Index performance was the worst since 1931. Globally, fixed-income investments fared better than stocks during the last two months of the year. The Fed increased the federal funds rate by 25 bps in December 2018 to a target range of between 2.25% and 2.50% and softened its outlook for 2019 rate increases.
The market climbs a wall of worry.
Investors entered 2019 with reasons to be concerned. A partial U.S. government shutdown driven by partisan spending and immigration policy disputes extended into January. Investors expected high levels of stock market volatility to continue based on the VIX10.
January’s returns tended to support the investing adage that markets climb a wall of worry. The S&P 500 Index gained 8.01% for the month that ended January 31, 2019, its best monthly performance in 30 years. Returns for the MSCI ACWI ex USA Index (Net), the Bloomberg Barclays U.S. Aggregate Bond Index, and the Bloomberg Barclays Global Aggregate ex-USD Index also were positive.
Favorable third-quarter economic indicators and corporate earnings reports encouraged domestic stock investors.
| 8 | The Russell 2000® Index measures the performance of the 2,000 smallest companies in the Russell 3000® Index, which represents approximately 8% of the total market capitalization of the Russell 3000® Index. You cannot invest directly in an index. |
| 9 | The Conference Board Consumer Confidence Index® measures the degree of optimism on the state of the U.S. economy that consumers are expressing through their activities of savings and spending. You cannot invest directly in an index. |
| 10 | The Chicago Board Options Exchange Market Volatility Index (VIX) is a popular measure of the implied volatility of S&P 500 Index options. It represents one measure of the market’s expectation of stock market volatility over the next 30-day period. You cannot invest directly in an index. |
| | | | |
| 4 | | Target Date Retirement Funds | | Letter to shareholders (unaudited) |
In February, concerns over slowing global growth reemerged. The Bureau of Economic Analysis announced fourth-quarter 2018 GDP grew at an annualized 2.6% rate, down from the 3.4% and 4.2% annualized rates, respectively, for the prior two quarters. Analysts attributed the lower growth rate to a slowing housing market and larger trade deficit. The U.S. Labor Department said that the economy created just 20,000 jobs in February. In a February report, the BOE forecast the slowest growth since the financial crisis for 2019. China and the U.S., while putting future tariffs on hold for the time being, continued to wrangle over trade issues.
Don’t let short-term uncertainty derail long-term investment goals.
Periods of investment uncertainty can present challenges, but experience has taught us that maintaining long-term investment goals can be an effective way to plan for the future. To help you create a sound strategy based on your personal goals and risk tolerance, Wells Fargo Funds offers more than 100 mutual funds spanning a wide range of asset classes and investment styles. Although diversification cannot guarantee an investment profit or prevent losses, we believe it can be an effective way to manage investment risk and potentially smooth out overall portfolio performance. We encourage investors to know their investments and to understand that appropriate levels of risk-taking may unlock opportunities.
Thank you for choosing to invest with Wells Fargo Funds. We appreciate your confidence in us and remain committed to helping you meet your financial needs.
Sincerely,
Andrew Owen
President
Wells Fargo Funds
For further information about your Fund, contact your investment professional, visit our website atwfam.com, or call us directly at1-800-222-8222.
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| 6 | | Target Date Retirement Funds | | Performance highlights (unaudited) |
Wells Fargo Target Date Funds
Investment objective
Each Fund seeks total return over time, consistent with its strategic target asset allocation.
Manager
Wells Fargo Funds Management, LLC
Subadviser
Wells Capital Management Incorporated
Portfolio managers
Kandarp R. Acharya, CFA®‡, FRM
Petros N. Bocray, CFA®‡, FRM
Christian L. Chan, CFA®‡
The target date represents the year in which investors may likely begin withdrawing assets. The Funds gradually seek to reduce market risk as the target date approaches and after it arrives by decreasing equity exposure and increasing fixed income exposure. The principal value is not guaranteed at any time, including at the target date. The Funds will indirectly be exposed to all of the risks of an investment in the affiliated master portfolio and will bear expenses of the underlying affiliated master portfolios.
Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the Funds. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest rate changes and their impact on the Funds and its share price can be sudden and unpredictable. High-yield securities have a greater risk of default and tend to be more volatile than higher-rated debt securities. The use of derivatives may reduce returns and/or increase volatility. Securities issued by U.S. government agencies or government sponsored entities may not be guaranteed by the U.S. Treasury. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Funds are exposed to foreign investment risk, mortgage-and asset-backed securities risk, new fund risk, regulatory risk, and smaller-company investment risk. Consult the Funds’ prospectus for additional information on these and other risks.
| ‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
| | | | | | |
| Performance highlights (unaudited) | | Target Date Retirement Funds | | | 7 | |
Target Today Fund
Average annual total returns (%) as of February 28, 2019
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Including sales charge | | | Excluding sales charge | | | Expense ratios1 (%) | |
| | | Inception date | | 1 year | | | 5 year | | | 10 year | | | 1 year | | | 5 year | | | 10 year | | | Gross | | | Net2 | |
| | | | | | | | | |
| Class A (STWRX) | | 3-1-1994 | | | -2.86 | | | | 0.61 | | | | 3.60 | | | | 3.09 | | | | 1.80 | | | | 4.21 | | | | 0.81 | | | | 0.65 | |
| | | | | | | | | |
| Class C (WFODX) | | 12-1-1998 | | | 1.31 | | | | 1.04 | | | | 3.44 | | | | 2.31 | | | | 1.04 | | | | 3.44 | | | | 1.56 | | | | 1.40 | |
| | | | | | | | | |
| Class R (WFRRX)3 | | 6-28-2013 | | | – | | | | – | | | | – | | | | 2.72 | | | | 1.52 | | | | 4.02 | | | | 1.06 | | | | 0.90 | |
| | | | | | | | | |
| Class R4 (WOTRX)4 | | 11-30-2012 | | | – | | | | – | | | | – | | | | 3.35 | | | | 2.04 | | | | 4.60 | | | | 0.53 | | | | 0.34 | |
| | | | | | | | | |
| Class R6 (WOTDX) | | 6-30-2004 | | | – | | | | – | | | | – | | | | 3.52 | | | | 2.28 | | | | 4.73 | | | | 0.38 | | | | 0.19 | |
| | | | | | | | | |
| Administrator Class (WFLOX) | | 11-8-1999 | | | – | | | | – | | | | – | | | | 3.11 | | | | 1.92 | | | | 4.36 | | | | 0.73 | | | | 0.54 | |
| | | | | | | | | |
| S&P Target Date Retirement Income Index5 | | – | | | – | | | | – | | | | – | | | | 2.22 | | | | 3.65 | | | | 6.58 | | | | – | | | | – | |
| | | | | | | | | |
| Wells Fargo Target Today Blended Index6 | | – | | | – | | | | – | | | | – | | | | 3.80 | | | | – | | | | – | | | | – | | | | – | |
| | | | | | | | | |
| Bloomberg Barclays U.S. Aggregate Bond Index7 | | – | | | – | | | | – | | | | – | | | | 3.17 | | | | 2.32 | | | | 3.71 | | | | – | | | | – | |
| | | | | | | | | |
| S&P 500 Index8 | | – | | | – | | | | – | | | | – | | | | 4.68 | | | | 10.67 | | | | 16.67 | | | | – | | | | – | |
Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance shown without sales charges would be lower if sales charges were reflected. Current performance may be lower or higher than the performance data quoted and assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund’s website, wfam.com.
Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.
For Class A shares, the maximum front-end sales charge is 5.75%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Class R, Class R4, Class R6, and Administrator Class shares are sold without a front-end sales charge or contingent deferred sales charge.
|
| Growth of $10,000 investment as of February 28, 20199 |
|
 |
Please see footnotes on page 9.
| | | | |
| 8 | | Target Date Retirement Funds | | Performance highlights (unaudited) |
Target Today Fund (continued)
| | | | |
| Holdings (%) as of February 28, 201910 | |
| |
Wells Fargo Bloomberg Barclays US Aggregateex-Corporate Portfolio | | | 34.53 | |
| |
Wells Fargo Investment Grade Corporate Bond Portfolio | | | 17.95 | |
| |
Wells Fargo Factor Enhanced Large Cap Portfolio | | | 14.44 | |
| |
Wells Fargo Strategic Retirement Bond Portfolio | | | 11.69 | |
| |
Wells Fargo Factor Enhanced International Portfolio | | | 7.46 | |
| |
Wells Fargo Factor Enhanced Small Cap Portfolio | | | 3.60 | |
| |
Wells Fargo High Yield Corporate Bond Portfolio | | | 2.95 | |
| |
Wells Fargo Emerging Markets Bond Portfolio | | | 2.95 | |
| |
Wells Fargo U.S. REIT Portfolio | | | 2.46 | |
| |
Wells Fargo Factor Enhanced Emerging Markets Portfolio | | | 2.18 | |
|
| Portfolio allocation as of February 28, 201911 |
|
|
| | | | | | | | | | | | |
| Volatility metrics as of February 28, 201912 | |
| | | Beta13 | | | Standard
deviation14 | | | R-squared15 | |
| | | |
Class A | | | 0.92 | | | | 3.68 | % | | | 0.91 | |
| | | |
Class C | | | 0.92 | | | | 3.69 | % | | | 0.90 | |
| | | |
Class R | | | 0.93 | | | | 3.72 | % | | | 0.91 | |
| | | |
Class R4 | | | 0.92 | | | | 3.67 | % | | | 0.90 | |
| | | |
Class R6 | | | 0.92 | | | | 3.69 | % | | | 0.90 | |
| | | |
Administrator Class | | | 0.92 | | | | 3.69 | % | | | 0.90 | |
Please see footnotes on page 9.
| | | | | | |
| Performance highlights (unaudited) | | Target Date Retirement Funds | | | 9 | |
Target Today Fund (continued)
| 1 | Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.15% of acquired fund fees and expenses which represent the net expenses from the underlying affiliated master portfolios. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report. |
| 2 | The manager has committed through June 30, 2019, to waive fees and/or reimburse expenses to the extent necessary to cap the expenses of each class after fee waivers at the amounts shown. Brokerage commissions, stamp duty fees, interest, taxes, acquired money market fund fees and expenses (if any), and extraordinary expenses are excluded from the cap. All other acquired fund fees from the underlying master portfolios are included in the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Without this cap, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
| 3 | Historical performance shown for Class R shares prior to their inception reflects the performance of the Class A shares and has been adjusted to reflect the higher expenses applicable to Class R shares. |
| 4 | Historical performance shown for Class R4 shares prior to their inception reflects the performance of Class R6 shares and has been adjusted to reflect the higher expenses applicable to Class R4 shares. |
| 5 | Effective July 1, 2018, the Fund replaced the S&P 500 Index and the Bloomberg Barclays U.S. Aggregate Bond Index with the S&P Target Date Index in order to better align with the Fund’s principal investment strategy. The S&P Target Date Index is designed as a benchmark for multi-asset class portfolios with risk profiles that become more conservative over time, corresponding to the target retirement date. This index is representative of the investment opportunity available to investors for the target date horizon, with asset class exposures driven by a survey of available target date funds for that horizon. You cannot invest directly in an index. |
| 6 | Source: Wells Fargo Funds Management, LLC. The Wells Fargo Target Blended Index is designed as a benchmark for multi-asset class portfolios with risk profiles that become more conservative over time, each corresponding to the target retirement date. The index weightings among the major asset classes are adjusted annually. The inception date of the index is July 14, 2017. See Appendix B for additional information. You cannot invest directly in an index. |
| 7 | The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
| 8 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock’s weight in the index proportionate to its market value. You cannot invest directly in an index. |
| 9 | The chart compares the performance of Class A shares for the most recent ten years with the S&P Target Date Retirement Income Index, the Bloomberg Barclays U.S. Aggregate Bond Index and the S&P 500 Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%. |
| 10 | Holdings, excluding cash, cash equivalents and any money market funds, are calculated based on the value of the investments divided by total net assets of the Fund. Holdings are subject to change and may have changed since the date specified. |
| 11 | Amounts are calculated based on the total long-term investments of the Fund. These amounts are subject to change and may have changed since the date specified. |
| 12 | These metrics show the degree and timing of the Fund’s fluctuations compared to S&P Target Date Retirement Income Index over 36 months. |
| 13 | Beta measures fund volatility relative to general market movements. It is a standardized measure of systematic risk in comparison with a specified index. The benchmark beta is 1.00 by definition. Beta is based on historical performance and does not represent future results. |
| 14 | Standard deviation is the square root of the sum of squared deviations from the mean. It is often used as a measure of volatility, variability, or risk. Standard deviation is based on historical performance and does not represent future results. |
| 15 | R-squared (R2) is a statistical measure that reflects the percentage of a fund’s movements that can be explained by movements in its benchmark index. The measure ranges from 0.0, which means that the fund’s performance bears no relationship to the performance of the index, to 1.0, which means that the fund’s performance was perfectly synchronized with the performance of the benchmark. R2 is based on historical performance and does not represent future results. |
| | | | |
| 10 | | Target Date Retirement Funds | | Performance highlights (unaudited) |
Target 2010 Fund
Average annual total returns (%) as of February 28, 2019
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Including sales charge | | | Excluding sales charge | | | Expense ratios1 (%) | |
| | | Inception date | | 1 year | | | 5 year | | | 10 year | | | 1 year | | | 5 year | | | 10 year | | | Gross | | | Net2 | |
| | | | | | | | | |
| Class A (STNRX) | | 3-1-1994 | | | -2.86 | | | | 0.76 | | | | 4.48 | | | | 3.03 | | | | 1.96 | | | | 5.10 | | | | 0.82 | | | | 0.65 | |
| | | | | | | | | |
| Class C (WFOCX) | | 12-1-1998 | | | 1.25 | | | | 1.21 | | | | 4.32 | | | | 2.25 | | | | 1.21 | | | | 4.32 | | | | 1.57 | | | | 1.40 | |
| | | | | | | | | |
| Class R (WFARX)3 | | 6-28-2013 | | | – | | | | – | | | | – | | | | 2.82 | | | | 1.71 | | | | 4.91 | | | | 1.07 | | | | 0.90 | |
| | | | | | | | | |
| Class R4 (WFORX)4 | | 11-30-2012 | | | – | | | | – | | | | – | | | | 3.35 | | | | 2.30 | | | | 5.52 | | | | 0.54 | | | | 0.34 | |
| | | | | | | | | |
| Class R6 (WFOAX) | | 6-30-2004 | | | – | | | | – | | | | – | | | | 3.53 | | | | 2.45 | | | | 5.62 | | | | 0.39 | | | | 0.19 | |
| | | | | | | | | |
| Administrator Class (WFLGX) | | 11-8-1999 | | | – | | | | – | | | | – | | | | 3.08 | | | | 2.07 | | | | 5.25 | | | | 0.74 | | | | 0.54 | |
| | | | | | | | | |
| S&P Target Date 2010 Index5 | | – | | | – | | | | – | | | | – | | | | 2.20 | | | | 4.12 | | | | 7.77 | | | | – | | | | – | |
| | | | | | | | | |
| Wells Fargo Target 2010 Blended Index6 | | – | | | – | | | | – | | | | – | | | | 3.86 | | | | – | | | | – | | | | – | | | | – | |
| | | | | | | | | |
| Bloomberg Barclays U.S. Aggregate Bond Index7 | | – | | | – | | | | – | | | | – | | | | 3.17 | | | | 2.32 | | | | 3.71 | | | | – | | | | – | |
| | | | | | | | | |
| S&P 500 Index8 | | – | | | – | | | | – | | | | – | | | | 4.68 | | | | 10.67 | | | | 16.67 | | | | – | | | | – | |
Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance shown without sales charges would be lower if sales charges were reflected. Current performance may be lower or higher than the performance data quoted and assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund’s website,wfam.com.
Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.
For Class A shares, the maximum front-end sales charge is 5.75%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Class R, Class R4, Class R6, and Administrator Class shares are sold without a front-end sales charge or contingent deferred sales charge.
|
| Growth of $10,000 investment as of February 28, 20199 |
|
 |
Please see footnotes on page 12.
| | | | | | |
| Performance highlights (unaudited) | | Target Date Retirement Funds | | | 11 | |
Target 2010 Fund (continued)
| | | | |
| Holdings (%) as of February 28, 201910 | | | |
| |
Wells Fargo Bloomberg Barclays US Aggregateex-Corporate Portfolio | | | 33.65 | |
| |
Wells Fargo Investment Grade Corporate Bond Portfolio | | | 17.52 | |
| |
Wells Fargo Factor Enhanced Large Cap Portfolio | | | 15.42 | |
| |
Wells Fargo Strategic Retirement Bond Portfolio | | | 11.39 | |
| |
Wells Fargo Factor Enhanced International Portfolio | | | 7.97 | |
| |
Wells Fargo Factor Enhanced Small Cap Portfolio | | | 3.84 | |
| |
Wells Fargo High Yield Corporate Bond Portfolio | | | 2.88 | |
| |
Wells Fargo Emerging Markets Bond Portfolio | | | 2.87 | |
| |
Wells Fargo U.S. REIT Portfolio | | | 2.66 | |
| |
Wells Fargo Factor Enhanced Emerging Markets Portfolio | | | 2.34 | |
|
| Portfolio allocation as of February 28, 201911 |
|
|
| | | | | | | | | | | | |
| Volatility metrics as of February 28, 201912 | |
| | | Beta13 | | | Standard
deviation14 | | | R-squared15 | |
| | | |
Class A | | | 0.84 | | | | 3.98 | % | | | 0.87 | |
| | | |
Class C | | | 0.84 | | | | 3.98 | % | | | 0.87 | |
| | | |
Class R | | | 0.84 | | | | 3.99 | % | | | 0.87 | |
| | | |
Class R4 | | | 0.84 | | | | 3.97 | % | | | 0.87 | |
| | | |
Class R6 | | | 0.83 | | | | 3.97 | % | | | 0.87 | |
| | | |
Administrator Class | | | 0.83 | | | | 3.95 | % | | | 0.87 | |
Please see footnotes on page 12.
| | | | |
| 12 | | Target Date Retirement Funds | | Performance highlights (unaudited) |
Target 2010 Fund (continued)
| 1 | Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.15% of acquired fund fees and expenses which represent the net expenses from the underlying affiliated master portfolios. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report. |
| 2 | The manager has committed through June 30, 2019, to waive fees and/or reimburse expenses to the extent necessary to cap the expenses of each class after fee waivers at the amounts shown. Brokerage commissions, stamp duty fees, interest, taxes, acquired money market fund fees and expenses (if any), and extraordinary expenses are excluded from the cap. All other acquired fund fees from the underlying master portfolios are included in the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Without this cap, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
| 3 | Historical performance shown for Class R shares prior to their inception reflects the performance of the Class A shares and has been adjusted to reflect the higher expenses applicable to Class R shares. |
| 4 | Historical performance shown for Class R4 shares prior to their inception reflects the performance of Class R6 shares and has been adjusted to reflect the higher expenses applicable to Class R4 shares. |
| 5 | Effective July 1, 2018, the Fund replaced the S&P 500 Index and the Bloomberg Barclays U.S. Aggregate Bond Index with the S&P Target Date Index in order to better align with the Fund’s principal investment strategy. The S&P Target Date Index is designed as a benchmark for multi-asset class portfolios with risk profiles that become more conservative over time, corresponding to the target retirement date. This index is representative of the investment opportunity available to investors for the target date horizon, with asset class exposures driven by a survey of available target date funds for that horizon. You cannot invest directly in an index. |
| 6 | Source: Wells Fargo Funds Management, LLC. The Wells Fargo Target Blended Index is designed as a benchmark for multi-asset class portfolios with risk profiles that become more conservative over time, each corresponding to the target retirement date. The index weightings among the major asset classes are adjusted annually. The inception date of the index is July 14, 2017. See Appendix B for additional information. You cannot invest directly in an index. |
| 7 | The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
| 8 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock’s weight in the index proportionate to its market value. You cannot invest directly in an index. |
| 9 | The chart compares the performance of Class A shares for the most recent ten years with the S&P Target Date 2010 Index, the Bloomberg Barclays U.S. Aggregate Bond Index and the S&P 500 Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%. |
| 10 | Holdings, excluding cash, cash equivalents and any money market funds, are calculated based on the value of the investments divided by total net assets of the Fund. Holdings are subject to change and may have changed since the date specified. |
| 11 | Amounts are calculated based on the total long-term investments of the Fund. These amounts are subject to change and may have changed since the date specified. |
| 12 | These metrics show the degree and timing of the Fund’s fluctuations compared to S&P Target Date 2010 Index over 36 months. |
| 13 | Beta measures fund volatility relative to general market movements. It is a standardized measure of systematic risk in comparison with a specified index. The benchmark beta is 1.00 by definition. Beta is based on historical performance and does not represent future results. |
| 14 | Standard deviation is the square root of the sum of squared deviations from the mean. It is often used as a measure of volatility, variability, or risk. Standard deviation is based on historical performance and does not represent future results. |
| 15 | R-squared (R2) is a statistical measure that reflects the percentage of a fund’s movements that can be explained by movements in its benchmark index. The measure ranges from 0.0, which means that the fund’s performance bears no relationship to the performance of the index, to 1.0, which means that the fund’s performance was perfectly synchronized with the performance of the benchmark. R2 is based on historical performance and does not represent future results. |
| | | | | | |
| Performance highlights (unaudited) | | Target Date Retirement Funds | | | 13 | |
Target 2015 Fund
Average annual total returns (%) as of February 28, 2019
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Including sales charge | | | Excluding sales charge | | | Expense ratios1 (%) | |
| | | Inception date | | 1 year | | | 5 year | | | 10 year | | | 1 year | | | 5 year | | | 10 year | | | Gross | | | Net2 | |
| | | | | | | | | |
| Class A (WFACX)3 | | 11-30-2012 | | | -2.75 | | | | 1.25 | | | | 5.66 | | | | 3.17 | | | | 2.45 | | | | 6.29 | | | | 0.82 | | | | 0.65 | |
| | | | | | | | | |
| Class R (WFBRX)4 | | 6-28-2013 | | | – | | | | – | | | | – | | | | 2.98 | | | | 2.21 | | | | 6.04 | | | | 1.07 | | | | 0.90 | |
| | | | | | | | | |
| Class R4 (WFSRX)5 | | 11-30-2012 | | | – | | | | – | | | | – | | | | 3.50 | | | | 2.78 | | | | 6.64 | | | | 0.54 | | | | 0.34 | |
| | | | | | | | | |
| Class R6 (WFSCX) | | 6-29-2007 | | | – | | | | – | | | | – | | | | 3.65 | | | | 2.93 | | | | 6.73 | | | | 0.39 | | | | 0.19 | |
| | | | | | | | | |
| Administrator Class (WFFFX) | | 6-29-2007 | | | – | | | | – | | | | – | | | | 3.33 | | | | 2.60 | | | | 6.39 | | | | 0.74 | | | | 0.54 | |
| | | | | | | | | |
| S&P Target Date 2015 Index6 | | – | | | – | | | | – | | | | – | | | | 2.25 | | | | 4.65 | | | | 8.91 | | | | – | | | | – | |
| | | | | | | | | |
| Wells Fargo Target 2015 Blended Index7 | | – | | | – | | | | – | | | | – | | | | 3.97 | | | | – | | | | – | | | | – | | | | – | |
| | | | | | | | | |
| Bloomberg Barclays U.S. Aggregate Bond Index8 | | – | | | – | | | | – | | | | – | | | | 3.17 | | | | 2.32 | | | | 3.71 | | | | – | | | | – | |
| | | | | | | | | |
| S&P 500 Index9 | | – | | | – | | | | – | | | | – | | | | 4.68 | | | | 10.67 | | | | 16.67 | | | | – | | | | – | |
Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance shown without sales charges would be lower if sales charges were reflected. Current performance may be lower or higher than the performance data quoted and assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund’s website,wfam.com.
Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.
For Class A shares, the maximum front-end sales charge is 5.75%. Class R, Class R4, Class R6, and Administrator Class shares are sold without a front-end sales charge or contingent deferred sales charge.
|
| Growth of $10,000 investment as of February 28, 201910 |
|
 |
Please see footnotes on page 15.
| | | | |
| 14 | | Target Date Retirement Funds | | Performance highlights (unaudited) |
Target 2015 Fund (continued)
| | | | |
| Holdings (%) as of February 28, 201911 | |
| |
Wells Fargo Bloomberg Barclays US Aggregateex-Corporate Portfolio | | | 31.04 | |
| |
Wells Fargo Factor Enhanced Large Cap Portfolio | | | 17.80 | |
| |
Wells Fargo Investment Grade Corporate Bond Portfolio | | | 16.20 | |
| |
Wells Fargo Strategic Retirement Bond Portfolio | | | 10.51 | |
| |
Wells Fargo Factor Enhanced International Portfolio | | | 9.20 | |
| |
Wells Fargo Factor Enhanced Small Cap Portfolio | | | 4.44 | |
| |
Wells Fargo U.S. REIT Portfolio | | | 3.07 | |
| |
Wells Fargo Factor Enhanced Emerging Markets Portfolio | | | 2.70 | |
| |
Wells Fargo High Yield Corporate Bond Portfolio | | | 2.69 | |
| |
Wells Fargo Emerging Markets Bond Portfolio | | | 2.68 | |
|
| Portfolio allocation as of February 28, 201912 |
|
|
| | | | | | | | | | | | |
| Volatility metrics as of February 28, 201913 | |
| | | Beta14 | | | Standard
deviation15 | | | R-squared16 | |
| | | |
Class A | | | 0.83 | | | | 4.66 | % | | | 0.85 | |
| | | |
Class R | | | 0.83 | | | | 4.62 | % | | | 0.85 | |
| | | |
Class R4 | | | 0.83 | | | | 4.64 | % | | | 0.85 | |
| | | |
Class R6 | | | 0.83 | | | | 4.64 | % | | | 0.85 | |
| | | |
Administrator Class | | | 0.83 | | | | 4.63 | % | | | 0.84 | |
Please see footnotes on page 15.
| | | | | | |
| Performance highlights (unaudited) | | Target Date Retirement Funds | | | 15 | |
Target 2015 Fund (continued)
| 1 | Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.16% of acquired fund fees and expenses which represent the net expenses from the underlying affiliated master portfolios. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report. |
| 2 | The manager has committed through June 30, 2019, to waive fees and/or reimburse expenses to the extent necessary to cap the expenses of each class after fee waivers at the amounts shown. Brokerage commissions, stamp duty fees, interest, taxes, acquired money market fund fees and expenses (if any), and extraordinary expenses are excluded from the cap. All other acquired fund fees from the underlying master portfolios are included in the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Without this cap, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
| 3 | Historical performance shown for Class A shares prior to their inception reflects the performance of Class R6 shares and has been adjusted to reflect the higher expenses applicable to Class A shares. |
| 4 | Historical performance shown for Class R shares prior to their inception reflects the performance of the former Investor Class shares and has been adjusted to reflect the higher expenses applicable to Class R shares. |
| 5 | Historical performance shown for Class R4 shares prior to their inception reflects the performance of Class R6 shares and has been adjusted to reflect the higher expenses applicable to Class R4 shares. |
| 6 | Effective July 1, 2018, the Fund replaced the S&P 500 Index and the Bloomberg Barclays U.S. Aggregate Bond Index with the S&P Target Date Index in order to better align with the Fund’s principal investment strategy. The S&P Target Date Index is designed as a benchmark for multi-asset class portfolios with risk profiles that become more conservative over time, corresponding to the target retirement date. This index is representative of the investment opportunity available to investors for the target date horizon, with asset class exposures driven by a survey of available target date funds for that horizon. You cannot invest directly in an index. |
| 7 | Source: Wells Fargo Funds Management, LLC. The Wells Fargo Target Blended Index is designed as a benchmark for multi-asset class portfolios with risk profiles that become more conservative over time, each corresponding to the target retirement date. The index weightings among the major asset classes are adjusted annually. The inception date of the index is July 14, 2017. See Appendix B for additional information. You cannot invest directly in an index. |
| 8 | The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
| 9 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock’s weight in the index proportionate to its market value. You cannot invest directly in an index. |
| 10 | The chart compares the performance of Class A shares for the most recent ten years with the S&P Target Date 2015 Index, the Bloomberg Barclays U.S. Aggregate Bond Index and the S&P 500 Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%. |
| 11 | Holdings, excluding cash, cash equivalents and any money market funds, are calculated based on the value of the investments divided by total net assets of the Fund. Holdings are subject to change and may have changed since the date specified. |
| 12 | Amounts are calculated based on the total long-term investments of the Fund. These amounts are subject to change and may have changed since the date specified. |
| 13 | These metrics show the degree and timing of the Fund’s fluctuations compared to S&P Target Date 2015 Index over 36 months. |
| 14 | Beta measures fund volatility relative to general market movements. It is a standardized measure of systematic risk in comparison with a specified index. The benchmark beta is 1.00 by definition. Beta is based on historical performance and does not represent future results. |
| 15 | Standard deviation is the square root of the sum of squared deviations from the mean. It is often used as a measure of volatility, variability, or risk. Standard deviation is based on historical performance and does not represent future results. |
| 16 | R-squared (R2) is a statistical measure that reflects the percentage of a fund’s movements that can be explained by movements in its benchmark index. The measure ranges from 0.0, which means that the fund’s performance bears no relationship to the performance of the index, to 1.0, which means that the fund’s performance was perfectly synchronized with the performance of the benchmark. R2 is based on historical performance and does not represent future results. |
| | | | |
| 16 | | Target Date Retirement Funds | | Performance highlights (unaudited) |
Target 2020 Fund
Average annual total returns (%) as of February 28, 2019
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Including sales charge | | | Excluding sales charge | | | Expense ratios1 (%) | |
| | | Inception date | | 1 year | | | 5 year | | | 10 year | | | 1 year | | | 5 year | | | 10 year | | | Gross | | | Net2 | |
| | | | | | | | | |
| Class A (STTRX) | | 3-1-1994 | | | -2.84 | | | | 1.87 | | | | 6.97 | | | | 3.12 | | | | 3.08 | | | | 7.60 | | | | 0.76 | | | | 0.65 | |
| | | | | | | | | |
| Class C (WFLAX) | | 12-1-1998 | | | 1.28 | | | | 2.29 | | | | 6.78 | | | | 2.28 | | | | 2.29 | | | | 6.78 | | | | 1.51 | | | | 1.40 | |
| | | | | | | | | |
| Class R (WFURX)3 | | 6-28-2013 | | | – | | | | – | | | | – | | | | 2.84 | | | | 2.83 | | | | 7.42 | | | | 1.01 | | | | 0.90 | |
| | | | | | | | | |
| Class R4 (WFLRX)4 | | 11-30-2012 | | | – | | | | – | | | | – | | | | 3.45 | * | | | 3.41 | | | | 8.02 | | | | 0.48 | | | | 0.34 | |
| | | | | | | | | |
| Class R6 (WFOBX) | | 6-30-2004 | | | – | | | | – | | | | – | | | | 3.58 | | | | 3.55 | | | | 8.11 | | | | 0.33 | | | | 0.19 | |
| | | | | | | | | |
| Administrator Class (WFLPX) | | 11-08-1999 | | | – | | | | – | | | | – | | | | 3.18 | | | | 3.18 | | | | 7.74 | | | | 0.68 | | | | 0.54 | |
| | | | | | | | | |
| S&P Target Date 2020 Index5 | | – | | | – | | | | – | | | | – | | | | 2.18 | | | | 5.09 | | | | 9.91 | | | | – | | | | – | |
| | | | | | | | | |
| Wells Fargo Target 2020 Blended Index6 | | – | | | – | | | | – | | | | – | | | | 3.94 | | | | – | | | | – | | | | – | | | | – | |
| | | | | | | | | |
| Bloomberg Barclays U.S. Aggregate Bond Index7 | | – | | | – | | | | – | | | | – | | | | 3.17 | | | | 2.32 | | | | 3.71 | | | | – | | | | – | |
| | | | | | | | | |
| S&P 500 Index8 | | – | | | – | | | | – | | | | – | | | | 4.68 | | | | 10.67 | | | | 16.67 | | | | – | | | | – | |
| * | | Total return differs from the return in the Financial Highlights in this report. The total return presented is calculated based on the NAV at which the shareholder transactions were processed. The NAV and total return presented in the Financial Highlights reflects certain adjustments made to the net assets of the Fund that are necessary under U.S. generally accepted accounting principles. |
Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance shown without sales charges would be lower if sales charges were reflected. Current performance may be lower or higher than the performance data quoted and assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund’s website,wfam.com.
Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.
For Class A shares, the maximum front-end sales charge is 5.75%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Class R, Class R4, Class R6, and Administrator Class shares are sold without a front-end sales charge or contingent deferred sales charge.
|
| Growth of $10,000 investment as of February 28, 20199 |
|
 |
Please see footnotes on page 18.
| | | | | | |
| Performance highlights (unaudited) | | Target Date Retirement Funds | | | 17 | |
Target 2020 Fund (continued)
| | | | |
| Holdings (%) as of February 28, 201910 | |
| |
Wells Fargo Bloomberg Barclays US Aggregateex-Corporate Portfolio | | | 28.38 | |
| |
Wells Fargo Factor Enhanced Large Cap Portfolio | | | 21.26 | |
| |
Wells Fargo Investment Grade Corporate Bond Portfolio | | | 14.78 | |
| |
Wells Fargo Strategic Retirement Bond Portfolio | | | 11.21 | |
| |
Wells Fargo Factor Enhanced International Portfolio | | | 8.00 | |
| |
Wells Fargo Factor Enhanced Small Cap Portfolio | | | 5.32 | |
| |
Wells Fargo U.S. REIT Portfolio | | | 3.31 | |
| |
Wells Fargo Factor Enhanced Emerging Markets Portfolio | | | 2.96 | |
| |
Wells Fargo High Yield Corporate Bond Portfolio | | | 2.42 | |
| |
Wells Fargo Emerging Markets Bond Portfolio | | | 2.42 | |
|
| Portfolio allocation as of February 28, 201911 |
|
|
| | | | | | | | | | | | |
| Volatility metrics as of February 28, 201912 | |
| | | Beta13 | | | Standard
deviation14 | | | R-squared15 | |
| | | |
Class A | | | 0.87 | | | | 5.30 | % | | | 0.89 | |
| | | |
Class C | | | 0.86 | | | | 5.27 | % | | | 0.89 | |
| | | |
Class R | | | 0.86 | | | | 5.26 | % | | | 0.89 | |
| | | |
Class R4 | | | 0.86 | | | | 5.26 | % | | | 0.89 | |
| | | |
Class R6 | | | 0.86 | | | | 5.26 | % | | | 0.89 | |
| | | |
Administrator Class | | | 0.86 | | | | 5.28 | % | | | 0.89 | |
Please see footnotes on page 18.
| | | | |
| 18 | | Target Date Retirement Funds | | Performance highlights (unaudited) |
Target 2020 Fund (continued)
| 1 | Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.17% of acquired fund fees and expenses which represent the net expenses from the underlying affiliated master portfolios. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report. |
| 2 | The manager has committed through June 30, 2019, to waive fees and/or reimburse expenses to the extent necessary to cap the expenses of each class after fee waivers at the amounts shown. Brokerage commissions, stamp duty fees, interest, taxes, acquired money market fund fees and expenses (if any), and extraordinary expenses are excluded from the cap. All other acquired fund fees from the underlying master portfolios are included in the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Without this cap, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
| 3 | Historical performance shown for Class R shares prior to their inception reflects the performance of the Class A shares and has been adjusted to reflect the higher expenses applicable to Class R shares. |
| 4 | Historical performance shown for Class R4 shares prior to their inception reflects the performance of Class R6 shares and has been adjusted to reflect the higher expenses applicable to Class R4 shares. |
| 5 | Effective July 1, 2018, the Fund replaced the S&P 500 Index and the Bloomberg Barclays U.S. Aggregate Bond Index with the S&P Target Date Index in order to better align with the Fund’s principal investment strategy. The S&P Target Date Index is designed as a benchmark for multi-asset class portfolios with risk profiles that become more conservative over time, corresponding to the target retirement date. This index is representative of the investment opportunity available to investors for the target date horizon, with asset class exposures driven by a survey of available target date funds for that horizon. You cannot invest directly in an index. |
| 6 | Source: Wells Fargo Funds Management, LLC. The Wells Fargo Target Blended Index is designed as a benchmark for multi-asset class portfolios with risk profiles that become more conservative over time, each corresponding to the target retirement date. The index weightings among the major asset classes are adjusted annually. The inception date of the index is July 14, 2017. See Appendix B for additional information. You cannot invest directly in an index. |
| 7 | The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
| 8 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock’s weight in the index proportionate to its market value. You cannot invest directly in an index. |
| 9 | The chart compares the performance of Class A shares for the most recent ten years with the S&P Target Date 2020 Index, the Bloomberg Barclays U.S. Aggregate Bond Index and the S&P 500 Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%. |
| 10 | Holdings, excluding cash, cash equivalents and any money market funds, are calculated based on the value of the investments divided by total net assets of the Fund. Holdings are subject to change and may have changed since the date specified. |
| 11 | Amounts are calculated based on the total long-term investments of the Fund. These amounts are subject to change and may have changed since the date specified. |
| 12 | These metrics show the degree and timing of the Fund’s fluctuations compared to S&P Target Date 2020 Index over 36 months. |
| 13 | Beta measures fund volatility relative to general market movements. It is a standardized measure of systematic risk in comparison with a specified index. The benchmark beta is 1.00 by definition. Beta is based on historical performance and does not represent future results. |
| 14 | Standard deviation is the square root of the sum of squared deviations from the mean. It is often used as a measure of volatility, variability, or risk. Standard deviation is based on historical performance and does not represent future results. |
| 15 | R-squared (R2) is a statistical measure that reflects the percentage of a fund’s movements that can be explained by movements in its benchmark index. The measure ranges from 0.0, which means that the fund’s performance bears no relationship to the performance of the index, to 1.0, which means that the fund’s performance was perfectly synchronized with the performance of the benchmark. R2 is based on historical performance and does not represent future results. |
| | | | | | |
| Performance highlights (unaudited) | | Target Date Retirement Funds | | | 19 | |
Target 2025 Fund
Average annual total returns (%) as of February 28, 2019
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Including sales charge | | | Excluding sales charge | | | Expense ratios1 (%) | |
| | | Inception date | | 1 year | | | 5 year | | | 10 year | | | 1 year | | | 5 year | | | 10 year | | | Gross | | | Net2 | |
| | | | | | | | | |
| Class A (WFAYX)3 | | 11-30-2012 | | | -3.12 | | | | 2.52 | | | | 8.53 | | | | 2.78 | | | | 3.73 | | | | 9.17 | | | | 0.77 | | | | 0.65 | |
| | | | | | | | | |
| Class R (WFHRX)4 | | 6-28-2013 | | | – | | | | – | | | | – | | | | 2.67 | | | | 3.33 | | | | 8.83 | | | | 1.02 | | | | 0.90 | |
| | | | | | | | | |
| Class R4 (WFGRX)5 | | 11-30-2012 | | | – | | | | – | | | | – | | | | 3.05 | | | | 4.05 | | | | 9.53 | | | | 0.49 | | | | 0.34 | |
| | | | | | | | | |
| Class R6 (WFTYX) | | 6-29-2007 | | | – | | | | – | | | | – | | | | 3.41 | | | | 4.26 | | | | 9.64 | | | | 0.34 | | | | 0.19 | |
| | | | | | | | | |
| Administrator Class (WFTRX) | | 6-29-2007 | | | – | | | | – | | | | – | | | | 2.94 | | | | 3.88 | | | | 9.29 | | | | 0.69 | | | | 0.54 | |
| | | | | | | | | |
| S&P Target Date 2025 Index6 | | – | | | – | | | | – | | | | – | | | | 1.99 | | | | 5.50 | | | | 10.80 | | | | – | | | | – | |
| | | | | | | | | |
| Wells Fargo Target 2025 Blended Index7 | | – | | | – | | | | – | | | | – | | | | 3.73 | | | | – | | | | – | | | | – | | | | – | |
| | | | | | | | | |
| Bloomberg Barclays U.S. Aggregate Bond Index8 | | – | | | – | | | | – | | | | – | | | | 3.17 | | | | 2.32 | | | | 3.71 | | | | – | | | | – | |
| | | | | | | | | |
| S&P 500 Index9 | | – | | | – | | | | – | | | | – | | | | 4.68 | | | | 10.67 | | | | 16.67 | | | | – | | | | – | |
Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance shown without sales charges would be lower if sales charges were reflected. Current performance may be lower or higher than the performance data quoted and assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund’s website,wfam.com.
Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.
For Class A shares, the maximum front-end sales charge is 5.75%. Class R, Class R4, Class R6, and Administrator Class shares are sold without a front-end sales charge or contingent deferred sales charge.
|
| Growth of $10,000 investment as of February 28, 201910 |
|
 |
Please see footnotes on page 21.
| | | | |
| 20 | | Target Date Retirement Funds | | Performance highlights (unaudited) |
Target 2025 Fund (continued)
| | | | |
| Holdings (%) as of February 28, 201911 | |
| |
Wells Fargo Factor Enhanced Large Cap Portfolio | | | 26.95 | |
| |
Wells Fargo Bloomberg Barclays US Aggregateex-Corporate Portfolio | | | 24.96 | |
| |
Wells Fargo Factor Enhanced International Portfolio | | | 14.77 | |
| |
Wells Fargo Investment Grade Corporate Bond Portfolio | | | 13.07 | |
| |
Wells Fargo Factor Enhanced Small Cap Portfolio | | | 6.72 | |
| |
Wells Fargo Factor Enhanced Emerging Markets Portfolio | | | 4.33 | |
| |
Wells Fargo Strategic Retirement Bond Portfolio | | | 3.51 | |
| |
Wells Fargo High Yield Corporate Bond Portfolio | | | 2.15 | |
| |
Wells Fargo Emerging Markets Bond Portfolio | | | 2.14 | |
| |
Wells Fargo U.S. REIT Portfolio | | | 1.89 | |
|
| Portfolio allocation as of February 28, 201912 |
|
|
| | | | | | | | | | | | |
| Volatility metrics as of February 28, 201913 | |
| | | Beta14 | | | Standard
deviation15 | | | R-squared16 | |
| | | |
Class A | | | 0.88 | | | | 6.05 | % | | | 0.94 | |
| | | |
Class R | | | 0.88 | | | | 6.10 | % | | | 0.94 | |
| | | |
Class R4 | | | 0.88 | | | | 6.07 | % | | | 0.94 | |
| | | |
Class R6 | | | 0.90 | | | | 6.18 | % | | | 0.94 | |
| | | |
Administrator Class | | | 0.89 | | | | 6.12 | % | | | 0.94 | |
Please see footnotes on page 21.
| | | | | | |
| Performance highlights (unaudited) | | Target Date Retirement Funds | | | 21 | |
Target 2025 Fund (continued)
| 1 | Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.17% of acquired fund fees and expenses which represent the net expenses from the underlying affiliated master portfolios. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report. |
| 2 | The manager has committed through June 30, 2019, to waive fees and/or reimburse expenses to the extent necessary to cap the expenses of each class after fee waivers at the amounts shown. Brokerage commissions, stamp duty fees, interest, taxes, acquired money market fund fees and expenses (if any), and extraordinary expenses are excluded from the cap. All other acquired fund fees from the underlying master portfolios are included in the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Without this cap, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
| 3 | Historical performance shown for Class A shares prior to their inception reflects the performance of Class R6 shares and has been adjusted to reflect the higher expenses applicable to Class A shares. |
| 4 | Historical performance shown for Class R shares prior to their inception reflects the performance of the Class A shares and has been adjusted to reflect the higher expenses applicable to Class R shares. |
| 5 | Historical performance shown for Class R4 shares prior to their inception reflects the performance of Class R6 shares and has been adjusted to reflect the higher expenses applicable to Class R4 shares. |
| 6 | Effective July 1, 2018, the Fund replaced the S&P 500 Index and the Bloomberg Barclays U.S. Aggregate Bond Index with the S&P Target Date Index in order to better align with the Fund’s principal investment strategy. The S&P Target Date Index is designed as a benchmark for multi-asset class portfolios with risk profiles that become more conservative over time, corresponding to the target retirement date. This index is representative of the investment opportunity available to investors for the target date horizon, with asset class exposures driven by a survey of available target date funds for that horizon. You cannot invest directly in an index. |
| 7 | Source: Wells Fargo Funds Management, LLC. The Wells Fargo Target Blended Index is designed as a benchmark for multi-asset class portfolios with risk profiles that become more conservative over time, each corresponding to the target retirement date. The index weightings among the major asset classes are adjusted annually. The inception date of the index is July 14, 2017. See Appendix B for additional information. You cannot invest directly in an index. |
| 8 | The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
| 9 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock’s weight in the index proportionate to its market value. You cannot invest directly in an index. |
| 10 | The chart compares the performance of Class A shares for the most recent ten years with the S&P Target Date 2025 Index, the Bloomberg Barclays U.S. Aggregate Bond Index and the S&P 500 Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%. |
| 11 | Holdings, excluding cash, cash equivalents and any money market funds, are calculated based on the value of the investments divided by total net assets of the Fund. Holdings are subject to change and may have changed since the date specified. |
| 12 | Amounts are calculated based on the total long-term investments of the Fund. These amounts are subject to change and may have changed since the date specified. |
| 13 | These metrics show the degree and timing of the Fund’s fluctuations compared to S&P Target Date 2025 Index over 36 months. |
| 14 | Beta measures fund volatility relative to general market movements. It is a standardized measure of systematic risk in comparison with a specified index. The benchmark beta is 1.00 by definition. Beta is based on historical performance and does not represent future results. |
| 15 | Standard deviation is the square root of the sum of squared deviations from the mean. It is often used as a measure of volatility, variability, or risk. Standard deviation is based on historical performance and does not represent future results. |
| 16 | R-squared (R2) is a statistical measure that reflects the percentage of a fund’s movements that can be explained by movements in its benchmark index. The measure ranges from 0.0, which means that the fund’s performance bears no relationship to the performance of the index, to 1.0, which means that the fund’s performance was perfectly synchronized with the performance of the benchmark. R2 is based on historical performance and does not represent future results. |
| | | | |
| 22 | | Target Date Retirement Funds | | Performance highlights (unaudited) |
Target 2030 Fund
Average annual total returns (%) as of February 28, 2019
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Including sales charge | | | Excluding sales charge | | | Expense ratios1 (%) | |
| | | Inception date | | 1 year | | | 5 year | | | 10 year | | | 1 year | | | 5 year | | | 10 year | | | Gross | | | Net2 | |
| | | | | | | | | |
| Class A (STHRX) | | 3-1-1994 | | | -3.37 | | | | 3.24 | | | | 9.89 | | | | 2.55 | | | | 4.46 | | | | 10.54 | | | | 0.76 | | | | 0.65 | |
| | | | | | | | | |
| Class C (WFDMX) | | 12-1-1998 | | | 0.82 | | | | 3.68 | | | | 9.72 | | | | 1.82 | | | | 3.68 | | | | 9.72 | | | | 1.51 | | | | 1.40 | |
| | | | | | | | | |
| Class R (WFJRX)3 | | 6-28-2013 | | | – | | | | – | | | | – | | | | 2.37 | | | | 4.17 | | | | 10.34 | | | | 1.01 | | | | 0.90 | |
| | | | | | | | | |
| Class R4 (WTHRX)4 | | 11-30-2012 | | | – | | | | – | | | | – | | | | 2.88 | | | | 4.80 | | | | 10.99 | | | | 0.48 | | | | 0.34 | |
| | | | | | | | | |
| Class R6 (WFOOX) | | 6-30-2004 | | | – | | | | – | | | | – | | | | 3.08 | | | | 4.97 | | | | 11.08 | | | | 0.33 | | | | 0.19 | |
| | | | | | | | | |
| Administrator Class (WFLIX) | | 11-8-1999 | | | – | | | | – | | | | – | | | | 2.69 | | | | 4.59 | | | | 10.71 | | | | 0.68 | | | | 0.54 | |
| | | | | | | | | |
| S&P Target Date 2030 Index5 | | – | | | – | | | | – | | | | – | | | | 1.78 | | | | 5.91 | | | | 11.60 | | | | – | | | | – | |
| | | | | | | | | |
| Wells Fargo Target 2030 Blended Index6 | | – | | | – | | | | – | | | | – | | | | 3.47 | | | | – | | | | – | | | | – | | | | – | |
| | | | | | | | | |
| Bloomberg Barclays U.S. Aggregate Bond Index7 | | – | | | – | | | | – | | | | – | | | | 3.17 | | | | 2.32 | | | | 3.71 | | | | – | | | | – | |
| | | | | | | | | |
| S&P 500 Index8 | | – | | | – | | | | – | | | | – | | | | 4.68 | | | | 10.67 | | | | 16.67 | | | | – | | | | – | |
Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance shown without sales charges would be lower if sales charges were reflected. Current performance may be lower or higher than the performance data quoted and assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund’s website,wfam.com.
Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.
For Class A shares, the maximum front-end sales charge is 5.75%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Class R, Class R4, Class R6, and Administrator Class shares are sold without a front-end sales charge or contingent deferred sales charge.
|
| Growth of $10,000 investment as of February 28, 20199 |
|
 |
Please see footnotes on page 24.
| | | | | | |
| Performance highlights (unaudited) | | Target Date Retirement Funds | | | 23 | |
Target 2030 Fund (continued)
| | | | |
| Holdings (%) as of February 28, 201910 | |
| |
Wells Fargo Factor Enhanced Large Cap Portfolio | | | 31.90 | |
| |
Wells Fargo Bloomberg Barclays US Aggregateex-Corporate Portfolio | | | 20.75 | |
| |
Wells Fargo Factor Enhanced International Portfolio | | | 18.65 | |
| |
Wells Fargo Investment Grade Corporate Bond Portfolio | | | 10.82 | |
| |
Wells Fargo Factor Enhanced Small Cap Portfolio | | | 7.71 | |
| |
Wells Fargo Factor Enhanced Emerging Markets Portfolio | | | 5.37 | |
| |
Wells Fargo High Yield Corporate Bond Portfolio | | | 1.75 | |
| |
Wells Fargo Emerging Markets Bond Portfolio | | | 1.75 | |
| |
Wells Fargo Strategic Retirement Bond Portfolio | | | 0.80 | |
| |
Wells Fargo U.S. REIT Portfolio | | | 0.49 | |
|
| Portfolio allocation as of February 28, 201911 |
|
|
| | | | | | | | | | | | |
| Volatility metrics as of February 28, 201912 | |
| | | Beta13 | | | Standard
deviation14 | | | R-squared15 | |
| | | |
Class A | | | 0.92 | | | | 7.09 | % | | | 0.97 | |
| | | |
Class C | | | 0.91 | | | | 7.07 | % | | | 0.97 | |
| | | |
Class R | | | 0.91 | | | | 7.08 | % | | | 0.97 | |
| | | |
Class R4 | | | 0.91 | | | | 7.05 | % | | | 0.97 | |
| | | |
Class R6 | | | 0.92 | | | | 7.10 | % | | | 0.97 | |
| | | |
Administrator Class | | | 0.92 | | | | 7.09 | % | | | 0.97 | |
Please see footnotes on page 24.
| | | | |
| 24 | | Target Date Retirement Funds | | Performance highlights (unaudited) |
Target 2030 Fund (continued)
| 1 | Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.17% of acquired fund fees and expenses which represent the net expenses from the underlying affiliated master portfolios. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report. |
| 2 | The manager has committed through June 30, 2019, to waive fees and/or reimburse expenses to the extent necessary to cap the expenses of each class after fee waivers at the amounts shown. Brokerage commissions, stamp duty fees, interest, taxes, acquired money market fund fees and expenses (if any), and extraordinary expenses are excluded from the cap. All other acquired fund fees from the underlying master portfolios are included in the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Without this cap, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
| 3 | Historical performance shown for Class R shares prior to their inception reflects the performance of the Class A shares and has been adjusted to reflect the higher expenses applicable to Class R shares. |
| 4 | Historical performance shown for Class R4 shares prior to their inception reflects the performance of Class R6 shares and has been adjusted to reflect the higher expenses applicable to Class R4 shares. |
| 5 | Effective July 1, 2018, the Fund replaced the S&P 500 Index and the Bloomberg Barclays U.S. Aggregate Bond Index with the S&P Target Date Index in order to better align with the Fund’s principal investment strategy. The S&P Target Date Index is designed as a benchmark for multi-asset class portfolios with risk profiles that become more conservative over time, corresponding to the target retirement date. This index is representative of the investment opportunity available to investors for the target date horizon, with asset class exposures driven by a survey of available target date funds for that horizon. You cannot invest directly in an index. |
| 6 | Source: Wells Fargo Funds Management, LLC. The Wells Fargo Target Blended Index is designed as a benchmark for multi-asset class portfolios with risk profiles that become more conservative over time, each corresponding to the target retirement date. The index weightings among the major asset classes are adjusted annually. The inception date of the index is July 14, 2017. See Appendix B for additional information. You cannot invest directly in an index. |
| 7 | The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
| 8 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock’s weight in the index proportionate to its market value. You cannot invest directly in an index. |
| 9 | The chart compares the performance of Class A shares for the most recent ten years with the S&P Target Date 2030 Index, the Bloomberg Barclays U.S. Aggregate Bond Index and the S&P 500 Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%. |
| 10 | Holdings, excluding cash, cash equivalents and any money market funds, are calculated based on the value of the investments divided by total net assets of the Fund. Holdings are subject to change and may have changed since the date specified. |
| 11 | Amounts are calculated based on the total long-term investments of the Fund. These amounts are subject to change and may have changed since the date specified. |
| 12 | These metrics show the degree and timing of the Fund’s fluctuations compared to S&P Target Date 2030 Index over 36 months. |
| 13 | Beta measures fund volatility relative to general market movements. It is a standardized measure of systematic risk in comparison with a specified index. The benchmark beta is 1.00 by definition. Beta is based on historical performance and does not represent future results. |
| 14 | Standard deviation is the square root of the sum of squared deviations from the mean. It is often used as a measure of volatility, variability, or risk. Standard deviation is based on historical performance and does not represent future results. |
| 15 | R-squared (R2) is a statistical measure that reflects the percentage of a fund’s movements that can be explained by movements in its benchmark index. The measure ranges from 0.0, which means that the fund’s performance bears no relationship to the performance of the index, to 1.0, which means that the fund’s performance was perfectly synchronized with the performance of the benchmark. R2 is based on historical performance and does not represent future results. |
| | | | | | |
| Performance highlights (unaudited) | | Target Date Retirement Funds | | | 25 | |
Target 2035 Fund
Average annual total returns (%) as of February 28, 2019
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Including sales charge | | | Excluding sales charge | | | Expense ratios1 (%) | |
| | | Inception date | | 1 year | | | 5 year | | | 10 year | | | 1 year | | | 5 year | | | 10 year | | | Gross | | | Net2 | |
| | | | | | | | | |
| Class A (WFQBX)3 | | 11-30-2012 | | | -3.42 | | | | 3.80 | | | | 11.11 | | | | 2.48 | | | | 5.03 | | | | 11.78 | | | | 0.79 | | | | 0.65 | |
| | | | | | | | | |
| Class R (WFKRX)4 | | 6-28-2013 | | | – | | | | – | | | | – | | | | 2.16 | | | | 4.74 | | | | 11.44 | | | | 1.04 | | | | 0.90 | |
| | | | | | | | | |
| Class R4 (WTTRX)5 | | 11-30-2012 | | | – | | | | – | | | | – | | | | 2.80 | | | | 5.36 | | | | 12.14 | | | | 0.51 | | | | 0.34 | |
| | | | | | | | | |
| Class R6 (WFQRX) | | 6-29-2007 | | | – | | | | – | | | | – | | | | 2.86 | | | | 5.52 | | | | 12.24 | | | | 0.36 | | | | 0.19 | |
| | | | | | | | | |
| Administrator Class (WFQWX) | | 6-29-2007 | | | – | | | | – | | | | – | | | | 2.64 | | | | 5.16 | | | | 11.82 | | | | 0.71 | | | | 0.54 | |
| | | | | | | | | |
| S&P Target Date 2035 Index6 | | – | | | – | | | | – | | | | – | | | | 1.51 | | | | 6.29 | | | | 12.27 | | | | – | | | | – | |
| | | | | | | | | |
| Wells Fargo Target 2035 Blended Index7 | | – | | | – | | | | – | | | | – | | | | 3.29 | | | | – | | | | – | | | | – | | | | – | |
| | | | | | | | | |
| Bloomberg Barclays U.S. Aggregate Bond Index8 | | – | | | – | | | | – | | | | – | | | | 3.17 | | | | 2.32 | | | | 3.71 | | | | – | | | | – | |
| | | | | | | | | |
| S&P 500 Index9 | | – | | | – | | | | – | | | | – | | | | 4.68 | | | | 10.67 | | | | 16.67 | | | | – | | | | – | |
Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance shown without sales charges would be lower if sales charges were reflected. Current performance may be lower or higher than the performance data quoted and assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund’s website,wfam.com.
Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.
For Class A shares, the maximum front-end sales charge is 5.75%. Class R, Class R4, Class R6, and Administrator Class shares are sold without a front-end sales charge or contingent deferred sales charge.
|
| Growth of $10,000 investment as of February 28, 201910 |
|
 |
Please see footnotes on page 27.
| | | | |
| 26 | | Target Date Retirement Funds | | Performance highlights (unaudited) |
Target 2035 Fund (continued)
| | | | |
| Holdings (%) as of February 28, 201911 | |
| |
Wells Fargo Factor Enhanced Large Cap Portfolio | | | 36.92 | |
| |
Wells Fargo Factor Enhanced International Portfolio | | | 21.98 | |
| |
Wells Fargo Bloomberg Barclays US Aggregateex-Corporate Portfolio | | | 15.46 | |
| |
Wells Fargo Factor Enhanced Small Cap Portfolio | | | 9.21 | |
| |
Wells Fargo Investment Grade Corporate Bond Portfolio | | | 8.05 | |
| |
Wells Fargo Factor Enhanced Emerging Markets Portfolio | | | 6.41 | |
| |
Wells Fargo High Yield Corporate Bond Portfolio | | | 1.32 | |
| |
Wells Fargo Emerging Markets Bond Portfolio | | | 1.32 | |
|
| Portfolio allocation as of February 28, 201912 |
|
|
| | | | | | | | | | | | |
| Volatility metrics as of February 28, 201913 | |
| | | Beta14 | | | Standard
deviation15 | | | R-squared16 | |
| | | |
Class A | | | 0.93 | | | | 8.01 | % | | | 0.98 | |
| | | |
Class R | | | 0.93 | | | | 8.00 | % | | | 0.97 | |
| | | |
Class R4 | | | 0.94 | | | | 8.09 | % | | | 0.97 | |
| | | |
Class R6 | | | 0.93 | | | | 8.02 | % | | | 0.98 | |
| | | |
Administrator Class | | | 0.94 | | | | 8.14 | % | | | 0.97 | |
Please see footnotes on page 27.
| | | | | | |
| Performance highlights (unaudited) | | Target Date Retirement Funds | | | 27 | |
Target 2035 Fund (continued)
| 1 | Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.18% of acquired fund fees and expenses which represent the net expenses from the underlying affiliated master portfolios. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report. |
| 2 | The manager has committed through June 30, 2019, to waive fees and/or reimburse expenses to the extent necessary to cap the expenses of each class after fee waivers at the amounts shown. Brokerage commissions, stamp duty fees, interest, taxes, acquired money market fund fees and expenses (if any), and extraordinary expenses are excluded from the cap. All other acquired fund fees from the underlying master portfolios are included in the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Without this cap, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
| 3 | Historical performance shown for Class A shares prior to their inception reflects the performance of Class R6 shares and has been adjusted to reflect the higher expenses applicable to Class A shares. |
| 4 | Historical performance shown for Class R shares prior to their inception reflects the performance of the former Investor Class shares and has been adjusted to reflect the higher expenses applicable to Class R shares. |
| 5 | Historical performance shown for Class R4 shares prior to their inception reflects the performance of Class R6 shares and has been adjusted to reflect the higher expenses applicable to Class R4 shares. |
| 6 | Effective July 1, 2018, the Fund replaced the S&P 500 Index and the Bloomberg Barclays U.S. Aggregate Bond Index with the S&P Target Date Index in order to better align with the Fund’s principal investment strategy. The S&P Target Date Index is designed as a benchmark for multi-asset class portfolios with risk profiles that become more conservative over time, corresponding to the target retirement date. This index is representative of the investment opportunity available to investors for the target date horizon, with asset class exposures driven by a survey of available target date funds for that horizon. You cannot invest directly in an index. |
| 7 | Source: Wells Fargo Funds Management, LLC. The Wells Fargo Target Blended Index is designed as a benchmark for multi-asset class portfolios with risk profiles that become more conservative over time, each corresponding to the target retirement date. The index weightings among the major asset classes are adjusted annually. The inception date of the index is July 14, 2017. See Appendix B for additional information. You cannot invest directly in an index. |
| 8 | The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
| 9 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock’s weight in the index proportionate to its market value. You cannot invest directly in an index. |
| 10 | The chart compares the performance of Class A shares for the most recent ten years with the S&P Target Date 2035 Index, the Bloomberg Barclays U.S. Aggregate Bond Index and the S&P 500 Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%. |
| 11 | Holdings, excluding cash, cash equivalents and any money market funds, are calculated based on the value of the investments divided by total net assets of the Fund. Holdings are subject to change and may have changed since the date specified. |
| 12 | Amounts are calculated based on the total long-term investments of the Fund. These amounts are subject to change and may have changed since the date specified. |
| 13 | These metrics show the degree and timing of the Fund’s fluctuations compared to S&P Target Date 2035 Index over 36 months. |
| 14 | Beta measures fund volatility relative to general market movements. It is a standardized measure of systematic risk in comparison with a specified index. The benchmark beta is 1.00 by definition. Beta is based on historical performance and does not represent future results. |
| 15 | Standard deviation is the square root of the sum of squared deviations from the mean. It is often used as a measure of volatility, variability, or risk. Standard deviation is based on historical performance and does not represent future results. |
| 16 | R-squared (R2) is a statistical measure that reflects the percentage of a fund’s movements that can be explained by movements in its benchmark index. The measure ranges from 0.0, which means that the fund’s performance bears no relationship to the performance of the index, to 1.0, which means that the fund’s performance was perfectly synchronized with the performance of the benchmark. R2 is based on historical performance and does not represent future results. |
| | | | |
| 28 | | Target Date Retirement Funds | | Performance highlights (unaudited) |
Target 2040 Fund
Average annual total returns (%) as of February 28, 2019
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Including sales charge | | | Excluding sales charge | | | Expense ratios1 (%) | |
| | | Inception date | | 1 year | | | 5 year | | | 10 year | | | 1 year | | | 5 year | | | 10 year | | | Gross | | | Net2 | |
| | | | | | | | | |
| Class A (STFRX) | | 3-1-1994 | | | -3.58 | | | | 4.23 | | | | 11.80 | | | | 2.32 | | | | 5.47 | | | | 12.46 | | | | 0.77 | | | | 0.65 | |
| | | | | | | | | |
| Class C (WFOFX) | | 7-1-1998 | | | 0.55 | | | | 4.67 | | | | 11.61 | | | | 1.55 | | | | 4.67 | | | | 11.61 | | | | 1.52 | | | | 1.40 | |
| | | | | | | | | |
| Class R (WFMRX)3 | | 6-28-2013 | | | – | | | | – | | | | – | | | | 2.04 | | | | 5.20 | | | | 12.27 | | | | 1.02 | | | | 0.90 | |
| | | | | | | | | |
| Class R4 (WTFRX)4 | | 11-30-2012 | | | – | | | | – | | | | – | | | | 2.69 | | | | 5.81 | | | | 12.91 | | | | 0.49 | | | | 0.34 | |
| | | | | | | | | |
| Class R6 (WFOSX) | | 6-30-2004 | | | – | | | | – | | | | – | | | | 2.81 | | | | 5.97 | | | | 13.01 | | | | 0.34 | | | | 0.19 | |
| | | | | | | | | |
| Administrator Class (WFLWX) | | 11-8-1999 | | | – | | | | – | | | | – | | | | 2.40 | | | | 5.58 | | | | 12.61 | | | | 0.69 | | | | 0.54 | |
| | | | | | | | | |
| S&P Target Date 2040 Index5 | | – | | | – | | | | – | | | | – | | | | 1.37 | | | | 6.55 | | | | 12.72 | | | | – | | | | – | |
| | | | | | | | | |
| Wells Fargo Target 2040 Blended Index6 | | – | | | – | | | | – | | | | – | | | | 3.17 | | | | – | | | | – | | | | – | | | | – | |
| | | | | | | | | |
| Bloomberg Barclays U.S. Aggregate Bond Index7 | | – | | | – | | | | – | | | | – | | | | 3.17 | | | | 2.32 | | | | 3.71 | | | | – | | | | – | |
| | | | | | | | | |
| S&P 500 Index8 | | – | | | – | | | | – | | | | – | | | | 4.68 | | | | 10.67 | | | | 16.67 | | | | – | | | | – | |
Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance shown without sales charges would be lower if sales charges were reflected. Current performance may be lower or higher than the performance data quoted and assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund’s website,wfam.com.
Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.
For Class A shares, the maximum front-end sales charge is 5.75%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Class R, Class R4, Class R6, and Administrator Class shares are sold without a front-end sales charge or contingent deferred sales charge.
|
| Growth of $10,000 investment as of February 28, 20199 |
|
 |
Please see footnotes on page 30.
| | | | | | |
| Performance highlights (unaudited) | | Target Date Retirement Funds | | | 29 | |
Target 2040 Fund (continued)
| | | | |
| Holdings (%) as of February 28, 201910 | |
| |
Wells Fargo Factor Enhanced Large Cap Portfolio | | | 40.09 | |
| |
Wells Fargo Factor Enhanced International Portfolio | | | 24.72 | |
| |
Wells Fargo Bloomberg Barclays US Aggregateex-Corporate Portfolio | | | 10.65 | |
| |
Wells Fargo Factor Enhanced Small Cap Portfolio | | | 10.01 | |
| |
Wells Fargo Factor Enhanced Emerging Markets Portfolio | | | 7.20 | |
| |
Wells Fargo Investment Grade Corporate Bond Portfolio | | | 5.54 | |
| |
Wells Fargo High Yield Corporate Bond Portfolio | | | 0.90 | |
| |
Wells Fargo Emerging Markets Bond Portfolio | | | 0.90 | |
|
| Portfolio allocation as of February 28, 201911 |
|
|
| | | | | | | | | | | | |
| Volatility metrics as of February 28, 201912 | |
| | | Beta13 | | | Standard
deviation14 | | | R-squared15 | |
| | | |
Class A | | | 0.96 | | | | 8.73 | % | | | 0.98 | |
| | | |
Class C | | | 0.96 | | | | 8.76 | % | | | 0.98 | |
| | | |
Class R | | | 0.98 | | | | 8.74 | % | | | 0.98 | |
| | | |
Class R4 | | | 0.96 | | | | 8.76 | % | | | 0.98 | |
| | | |
Class R6 | | | 0.96 | | | | 8.74 | % | | | 0.98 | |
| | | |
Administrator Class | | | 0.96 | | | | 8.73 | % | | | 0.98 | |
Please see footnotes on page 30.
| | | | |
| 30 | | Target Date Retirement Funds | | Performance highlights (unaudited) |
Target 2040 Fund (continued)
| 1 | Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.18% of acquired fund fees and expenses which represent the net expenses from the underlying affiliated master portfolios. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report. |
| 2 | The manager has committed through June 30, 2019, to waive fees and/or reimburse expenses to the extent necessary to cap the expenses of each class after fee waivers at the amounts shown. Brokerage commissions, stamp duty fees, interest, taxes, acquired money market fund fees and expenses (if any), and extraordinary expenses are excluded from the cap. All other acquired fund fees from the underlying master portfolios are included in the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Without this cap, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
| 3 | Historical performance shown for Class R shares prior to their inception reflects the performance of the Class A shares and has been adjusted to reflect the higher expenses applicable to Class R shares. |
| 4 | Historical performance shown for Class R4 shares prior to their inception reflects the performance of Class R6 shares and has been adjusted to reflect the higher expenses applicable to Class R4 shares. |
| 5 | Effective July 1, 2018, the Fund replaced the S&P 500 Index and the Bloomberg Barclays U.S. Aggregate Bond Index with the S&P Target Date Index in order to better align with the Fund’s principal investment strategy. The S&P Target Date Index is designed as a benchmark for multi-asset class portfolios with risk profiles that become more conservative over time, corresponding to the target retirement date. This index is representative of the investment opportunity available to investors for the target date horizon, with asset class exposures driven by a survey of available target date funds for that horizon. You cannot invest directly in an index. |
| 6 | Source: Wells Fargo Funds Management, LLC. The Wells Fargo Target Blended Index is designed as a benchmark for multi-asset class portfolios with risk profiles that become more conservative over time, each corresponding to the target retirement date. The index weightings among the major asset classes are adjusted annually. The inception date of the index is July 14, 2017. See Appendix B for additional information. You cannot invest directly in an index. |
| 7 | The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
| 8 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock’s weight in the index proportionate to its market value. You cannot invest directly in an index. |
| 9 | The chart compares the performance of Class A shares for the most recent ten years with the S&P Target Date 2040 Index, the Bloomberg Barclays U.S. Aggregate Bond Index and the S&P 500 Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%. |
| 10 | Holdings, excluding cash, cash equivalents and any money market funds, are calculated based on the value of the investments divided by total net assets of the Fund. Holdings are subject to change and may have changed since the date specified. |
| 11 | Amounts are calculated based on the total long-term investments of the Fund. These amounts are subject to change and may have changed since the date specified. |
| 12 | These metrics show the degree and timing of the Fund’s fluctuations compared to S&P Target Date 2040 Index over 36 months. |
| 13 | Beta measures fund volatility relative to general market movements. It is a standardized measure of systematic risk in comparison with a specified index. The benchmark beta is 1.00 by definition. Beta is based on historical performance and does not represent future results. |
| 14 | Standard deviation is the square root of the sum of squared deviations from the mean. It is often used as a measure of volatility, variability, or risk. Standard deviation is based on historical performance and does not represent future results. |
| 15 | R-squared (R2) is a statistical measure that reflects the percentage of a fund’s movements that can be explained by movements in its benchmark index. The measure ranges from 0.0, which means that the fund’s performance bears no relationship to the performance of the index, to 1.0, which means that the fund’s performance was perfectly synchronized with the performance of the benchmark. R2 is based on historical performance and does not represent future results. |
| | | | | | |
| Performance highlights (unaudited) | | Target Date Retirement Funds | | | 31 | |
Target 2045 Fund
Average annual total returns (%) as of February 28, 2019
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Including sales charge | | | Excluding sales charge | | | Expense ratios1 (%) | |
| | | Inception date | | 1 year | | | 5 year | | | 10 year | | | 1 year | | | 5 year | | | 10 year | | | Gross | | | Net2 | |
| | | | | | | | | |
| Class A (WFQVX)3 | | 11-30-2012 | | | -3.67 | | | | 4.50 | | | | 12.16 | | | | 2.21 | | | | 5.75 | | | | 12.83 | | | | 0.77 | | | | 0.65 | |
| | | | | | | | | |
| Class R (WFNRX)4 | | 6-28-2013 | | | – | | | | – | | | | – | | | | 2.03 | | | | 5.51 | | | | 12.56 | | | | 1.02 | | | | 0.90 | |
| | | | | | | | | |
| Class R4 (WFFRX)5 | | 11-30-2012 | | | – | | | | – | | | | – | | | | 2.41 | * | | | 6.09 | | | | 13.21 | | | | 0.49 | | | | 0.34 | |
| | | | | | | | | |
| Class R6 (WFQPX) | | 6-29-2007 | | | – | | | | – | | | | – | | | | 2.61 | | | | 6.25 | | | | 13.30 | | | | 0.34 | | | | 0.19 | |
| | | | | | | | | |
| Administrator Class (WFQYX) | | 6-29-2007 | | | – | | | | – | | | | – | | | | 2.32 | | | | 5.86 | | | | 12.92 | | | | 0.69 | | | | 0.54 | |
| | | | | | | | | |
| S&P Target Date 2045 Index6 | | – | | | – | | | | – | | | | – | | | | 1.21 | | | | 6.71 | | | | 13.05 | | | | – | | | | – | |
| | | | | | | | | |
| Wells Fargo Target 2045 Blended Index7 | | – | | | – | | | | – | | | | – | | | | 3.08 | | | | – | | | | – | | | | – | | | | – | |
| | | | | | | | | |
| Bloomberg Barclays U.S. Aggregate Bond Index8 | | – | | | – | | | | – | | | | – | | | | 3.17 | | | | 2.32 | | | | 3.71 | | | | – | | | | – | |
| | | | | | | | | |
| S&P 500 Index9 | | – | | | – | | | | – | | | | – | | | | 4.68 | | | | 10.67 | | | | 16.67 | | | | – | | | | – | |
| * | | Total return differs from the return in the Financial Highlights in this report. The total return presented is calculated based on the NAV at which the shareholder transactions were processed. The NAV and total return presented in the Financial Highlights reflects certain adjustments made to the net assets of the Fund that are necessary under U.S. generally accepted accounting principles. |
Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance shown without sales charges would be lower if sales charges were reflected. Current performance may be lower or higher than the performance data quoted and assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund’s website,wfam.com.
Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.
For Class A shares, the maximum front-end sales charge is 5.75%. Class R, Class R4, Class R6, and Administrator Class shares are sold without a front-end sales charge or contingent deferred sales charge.
|
| Growth of $10,000 investment as of February 28, 201910 |
|
 |
Please see footnotes on page 33.
| | | | |
| 32 | | Target Date Retirement Funds | | Performance highlights (unaudited) |
Target 2045 Fund (continued)
| | | | |
| Holdings (%) as of February 28, 201911 | |
| |
Wells Fargo Factor Enhanced Large Cap Portfolio | | | 42.38 | |
| |
Wells Fargo Factor Enhanced International Portfolio | | | 26.81 | |
| |
Wells Fargo Factor Enhanced Small Cap Portfolio | | | 10.59 | |
| |
Wells Fargo Factor Enhanced Emerging Markets Portfolio | | | 7.97 | |
| |
Wells Fargo Bloomberg Barclays US Aggregateex-Corporate Portfolio | | | 7.77 | |
| |
Wells Fargo Investment Grade Corporate Bond Portfolio | | | 4.05 | |
| |
Wells Fargo Emerging Markets Bond Portfolio | | | 0.66 | |
| |
Wells Fargo High Yield Corporate Bond Portfolio | | | 0.66 | |
|
| Portfolio allocation as of February 28, 201912 |
|
|
| | | | | | | | | | | | |
| Volatility metrics as of February 28, 201913 | |
| | | Beta14 | | | Standard
deviation15 | | | R-squared16 | |
| | | |
Class A | | | 0.98 | | | | 9.29 | % | | | 0.98 | |
| | | |
Class R | | | 0.98 | | | | 9.23 | % | | | 0.98 | |
| | | |
Class R4 | | | 0.98 | | | | 9.30 | % | | | 0.98 | |
| | | |
Class R6 | | | 0.98 | | | | 9.25 | % | | | 0.98 | |
| | | |
Administrator Class | | | 0.98 | | | | 9.26 | % | | | 0.98 | |
Please see footnotes on page 33.
| | | | | | |
| Performance highlights (unaudited) | | Target Date Retirement Funds | | | 33 | |
Target 2045 Fund (continued)
| 1 | Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.19% of acquired fund fees and expenses which represent the net expenses from the underlying affiliated master portfolios. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report. |
| 2 | The manager has committed through June 30, 2019, to waive fees and/or reimburse expenses to the extent necessary to cap the expenses of each class after fee waivers at the amounts shown. Brokerage commissions, stamp duty fees, interest, taxes, acquired money market fund fees and expenses (if any), and extraordinary expenses are excluded from the cap. All other acquired fund fees from the underlying master portfolios are included in the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Without this cap, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
| 3 | Historical performance shown for Class A shares prior to their inception reflects the performance of Class R6 shares and has been adjusted to reflect the higher expenses applicable to Class A shares. |
| 4 | Historical performance shown for Class R shares prior to their inception reflects the performance of the Class A shares and has been adjusted to reflect the higher expenses applicable to Class R shares. |
| 5 | Historical performance shown for Class R4 shares prior to their inception reflects the performance of Class R6 shares and has been adjusted to reflect the higher expenses applicable to Class R4. |
| 6 | Effective July 1, 2018, the Fund replaced the S&P 500 Index and the Bloomberg Barclays U.S. Aggregate Bond Index with the S&P Target Date Index in order to better align with the Fund’s principal investment strategy. The S&P Target Date Index is designed as a benchmark for multi-asset class portfolios with risk profiles that become more conservative over time, corresponding to the target retirement date. This index is representative of the investment opportunity available to investors for the target date horizon, with asset class exposures driven by a survey of available target date funds for that horizon. You cannot invest directly in an index. |
| 7 | Source: Wells Fargo Funds Management, LLC. The Wells Fargo Target Blended Index is designed as a benchmark for multi-asset class portfolios with risk profiles that become more conservative over time, each corresponding to the target retirement date. The index weightings among the major asset classes are adjusted annually. The inception date of the index is July 14, 2017. See Appendix B for additional information. You cannot invest directly in an index. |
| 8 | The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
| 9 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock’s weight in the index proportionate to its market value. You cannot invest directly in an index. |
| 10 | The chart compares the performance of Class A shares for the most recent ten years with the S&P Target Date 2045 Index, the Bloomberg Barclays U.S. Aggregate Bond Index and the S&P 500 Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%. |
| 11 | Holdings, excluding cash, cash equivalents and any money market funds, are calculated based on the value of the investments divided by total net assets of the Fund. Holdings are subject to change and may have changed since the date specified. |
| 12 | Amounts are calculated based on the total long-term investments of the Fund. These amounts are subject to change and may have changed since the date specified. |
| 13 | These metrics show the degree and timing of the Fund’s fluctuations compared to S&P Target Date 2045 Index over 36 months. |
| 14 | Beta measures fund volatility relative to general market movements. It is a standardized measure of systematic risk in comparison with a specified index. The benchmark beta is 1.00 by definition. Beta is based on historical performance and does not represent future results. |
| 15 | Standard deviation is the square root of the sum of squared deviations from the mean. It is often used as a measure of volatility, variability, or risk. Standard deviation is based on historical performance and does not represent future results. |
| 16 | R-squared (R2) is a statistical measure that reflects the percentage of a fund’s movements that can be explained by movements in its benchmark index. The measure ranges from 0.0, which means that the fund’s performance bears no relationship to the performance of the index, to 1.0, which means that the fund’s performance was perfectly synchronized with the performance of the benchmark. R2 is based on historical performance and does not represent future results. |
| | | | |
| 34 | | Target Date Retirement Funds | | Performance highlights (unaudited) |
Target 2050 Fund
Average annual total returns (%) as of February 28, 2019
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Including sales charge | | | Excluding sales charge | | | Expense ratios1 (%) | |
| | | Inception date | | 1 year | | | 5 year | | | 10 year | | | 1 year | | | 5 year | | | 10 year | | | Gross | | | Net2 | |
| | | | | | | | | |
| Class A (WFQAX)3 | | 11-30-2012 | | | -3.82 | | | | 4.61 | | | | 12.26 | | | | 2.10 | | | | 5.86 | | | | 12.93 | | | | 0.80 | | | | 0.65 | |
| | | | | | | | | |
| Class C (WFQCX)4 | | 11-30-2012 | | | 0.38 | | | | 5.08 | | | | 12.09 | | | | 1.38 | | | | 5.08 | | | | 12.09 | | | | 1.55 | | | | 1.40 | |
| | | | | | | | | |
| Class R (WFWRX)5 | | 6-28-2013 | | | – | | | | – | | | | – | | | | 1.93 | | | | 5.59 | | | | 12.65 | | | | 1.05 | | | | 0.90 | |
| | | | | | | | | |
| Class R4 (WQFRX)6 | | 11-30-2012 | | | – | | | | – | | | | – | | | | 2.57 | | | | 6.21 | | | | 13.32 | | | | 0.52 | | | | 0.34 | |
| | | | | | | | | |
| Class R6 (WFQFX) | | 6-29-2007 | | | – | | | | – | | | | – | | | | 2.61 | | | | 6.35 | | | | 13.40 | | | | 0.37 | | | | 0.19 | |
| | | | | | | | | |
| Administrator Class (WFQDX) | | 6-29-2007 | | | – | | | | – | | | | – | | | | 2.37 | | | | 6.00 | | | | 13.02 | | | | 0.72 | | | | 0.54 | |
| | | | | | | | | |
| S&P Target Date 2045 Index7 | | – | | | – | | | | – | | | | – | | | | 1.21 | | | | 6.71 | | | | 13.05 | | | | – | | | | – | |
| | | | | | | | | |
| S&P Target Date 2050 Index7* | | – | | | – | | | | – | | | | – | | | | 1.15 | | | | 6.87 | | | | – | | | | – | | | | – | |
| | | | | | | | | |
| Wells Fargo Target 2050 Blended Index8 | | – | | | – | | | | – | | | | – | | | | 3.04 | | | | – | | | | – | | | | – | | | | – | |
| | | | | | | | | |
| Bloomberg Barclays U.S. Aggregate Bond Index9 | | – | | | – | | | | – | | | | – | | | | 3.17 | | | | 2.32 | | | | 3.71 | | | | – | | | | – | |
| | | | | | | | | |
| S&P 500 Index10 | | – | | | – | | | | – | | | | – | | | | 4.68 | | | | 10.67 | | | | 16.67 | | | | – | | | | – | |
| * | | The inception date of the index is June 30, 2012. |
Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance shown without sales charges would be lower if sales charges were reflected. Current performance may be lower or higher than the performance data quoted and assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund’s website,wfam.com.
Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.
For Class A shares, the maximum front-end sales charge is 5.75%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Class R, Class R4, Class R6, and Administrator Class shares are sold without a front-end sales charge or contingent deferred sales charge.
|
| Growth of $10,000 investment as of February 28, 201911 |
|
 |
Please see footnotes on page 36.
| | | | | | |
| Performance highlights (unaudited) | | Target Date Retirement Funds | | | 35 | |
Target 2050 Fund (continued)
| | | | |
| Holdings (%) as of February 28, 201912 | |
| |
Wells Fargo Factor Enhanced Large Cap Portfolio | | | 43.32 | |
| |
Wells Fargo Factor Enhanced International Portfolio | | | 27.70 | |
| |
Wells Fargo Factor Enhanced Small Cap Portfolio | | | 10.80 | |
| |
Wells Fargo Factor Enhanced Emerging Markets Portfolio | | | 8.23 | |
| |
Wells Fargo Bloomberg Barclays US Aggregateex-Corporate Portfolio | | | 5.93 | |
| |
Wells Fargo Investment Grade Corporate Bond Portfolio | | | 3.08 | |
| |
Wells Fargo Emerging Markets Bond Portfolio | | | 0.50 | |
| |
Wells Fargo High Yield Corporate Bond Portfolio | | | 0.50 | |
|
| Portfolio allocation as of February 28, 201913 |
|
|
| | | | | | | | | | | | |
| Volatility metrics as of February 28, 201914 | |
| | | Beta15 | | | Standard
deviation16 | | | R-squared17 | |
| | | |
Class A | | | 0.97 | | | | 9.42 | % | | | 0.98 | |
| | | |
Class C | | | 0.97 | | | | 9.44 | % | | | 0.98 | |
| | | |
Class R | | | 0.97 | | | | 9.46 | % | | | 0.98 | |
| | | |
Class R4 | | | 0.98 | | | | 9.55 | % | | | 0.98 | |
| | | |
Class R6 | | | 0.98 | | | | 9.48 | % | | | 0.98 | |
| | | |
Administrator Class | | | 0.97 | | | | 9.48 | % | | | 0.98 | |
Please see footnotes on page 36.
| | | | |
| 36 | | Target Date Retirement Funds | | Performance highlights (unaudited) |
Target 2050 Fund (continued)
| 1 | Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.19% of acquired fund fees and expenses which represent the net expenses from the underlying affiliated master portfolios. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report. |
| 2 | The manager has committed through June 30, 2019, to waive fees and/or reimburse expenses to the extent necessary to cap the expenses of each class after fee waivers at the amounts shown. Brokerage commissions, stamp duty fees, interest, taxes, acquired money market fund fees and expenses (if any), and extraordinary expenses are excluded from the cap. All other acquired fund fees from the underlying master portfolios are included in the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Without this cap, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
| 3 | Historical performance shown for Class A shares prior to their inception reflects the performance of Class R6 shares and has been adjusted to reflect the higher expenses applicable to Class A shares. |
| 4 | Historical performance shown for Class C shares prior to their inception reflects the performance of Class R6 shares and has been adjusted to reflect the higher expenses applicable to Class C shares. |
| 5 | Historical performance shown for Class R shares prior to their inception reflects the performance of the former Investor Class shares and has been adjusted to reflect the higher expenses applicable to Class R shares. |
| 6 | Historical performance shown for Class R4 shares prior to their inception reflects the performance of Class R6 shares and has been adjusted to reflect the higher expenses applicable to Class R4 shares. |
| 7 | Effective July 1, 2018, the Fund replaced the S&P 500 Index and the Bloomberg Barclays U.S. Aggregate Bond Index with the S&P Target Date Index in order to better align with the Fund’s principal investment strategy. The S&P Target Date Index is designed as a benchmark for multi-asset class portfolios with risk profiles that become more conservative over time, corresponding to the target retirement date. This index is representative of the investment opportunity available to investors for the target date horizon, with asset class exposures driven by a survey of available target date funds for that horizon. You cannot invest directly in an index. |
| 8 | Source: Wells Fargo Funds Management, LLC. The Wells Fargo Target Blended Index is designed as a benchmark for multi-asset class portfolios with risk profiles that become more conservative over time, each corresponding to the target retirement date. The index weightings among the major asset classes are adjusted annually. The inception date of the index is July 14, 2017. See Appendix B for additional information. You cannot invest directly in an index. |
| 9 | The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
| 10 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock’s weight in the index proportionate to its market value. You cannot invest directly in an index. |
| 11 | The chart compares the performance of Class A shares for the most recent ten years with the S&P Target Date 2050 Index, the Bloomberg Barclays U.S. Aggregate Bond Index and the S&P 500 Index. The performance shown for the S&P Target Date 2050 Index represents the returns of the S&P Target Date 2045 Index from 2/28/2009 to 05/31/2012 and the S&P Target Date 2050 Index from 6/1/2012 (index inception date) through period end. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%. |
| 12 | Holdings, excluding cash, cash equivalents and any money market funds, are calculated based on the value of the investments divided by total net assets of the Fund. Holdings are subject to change and may have changed since the date specified. |
| 13 | Amounts are calculated based on the total long-term investments of the Fund. These amounts are subject to change and may have changed since the date specified. |
| 14 | These metrics show the degree and timing of the Fund’s fluctuations compared to S&P Target Date 2050 Index over 36 months. |
| 15 | Beta measures fund volatility relative to general market movements. It is a standardized measure of systematic risk in comparison with a specified index. The benchmark beta is 1.00 by definition. Beta is based on historical performance and does not represent future results. |
| 16 | Standard deviation is the square root of the sum of squared deviations from the mean. It is often used as a measure of volatility, variability, or risk. Standard deviation is based on historical performance and does not represent future results. |
| 17 | R-squared (R2) is a statistical measure that reflects the percentage of a fund’s movements that can be explained by movements in its benchmark index. The measure ranges from 0.0, which means that the fund’s performance bears no relationship to the performance of the index, to 1.0, which means that the fund’s performance was perfectly synchronized with the performance of the benchmark. R2 is based on historical performance and does not represent future results. |
| | | | | | |
| Performance highlights (unaudited) | | Target Date Retirement Funds | | | 37 | |
Target 2055 Fund
Average annual total returns (%) as of February 28, 2019
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Including sales charge | | | Excluding sales charge | | | Expense ratios1 (%) | |
| | | Inception date | | 1 year | | | 5 year | | | Since inception | | | 1 year | | | 5 year | | | Since
inception | | | Gross | | | Net2 | |
| | | | | | | | | |
| Class A (WFQZX)3 | | 11-30-2012 | | | -3.62 | | | | 4.61 | | | | 6.64 | | | | 2.29 | | | | 5.86 | | | | 7.47 | | | | 0.99 | | | | 0.65 | |
| | | | | | | | | |
| Class R (WFYRX)4 | | 6-28-2013 | | | – | | | | – | | | | – | | | | 1.96 | | | | 5.59 | | | | 7.11 | | | | 1.24 | | | | 0.90 | |
| | | | | | | | | |
| Class R4 (WFVRX)5 | | 11-30-2012 | | | – | | | | – | | | | – | | | | 2.57 | | | | 6.20 | | | | 7.82 | | | | 0.71 | | | | 0.34 | |
| | | | | | | | | |
| Class R6 (WFQUX) | | 6-30-2011 | | | – | | | | – | | | | – | | | | 2.71 | | | | 6.36 | | | | 7.94 | | | | 0.56 | | | | 0.19 | |
| | | | | | | | | |
| Administrator Class (WFLHX) | | 6-30-2011 | | | – | | | | – | | | | – | | | | 2.37 | | | | 6.00 | | | | 7.57 | | | | 0.91 | | | | 0.54 | |
| | | | | | | | | |
| S&P Target Date 2055 Index6 | | – | | | – | | | | – | | | | – | | | | 1.09 | | | | 6.95 | | | | 8.59 | * | | | – | | | | – | |
| | | | | | | | | |
| Wells Fargo Target 2055 Blended Index7 | | – | | | – | | | | – | | | | – | | | | 3.04 | | | | – | | | | – | | | | – | | | | – | |
| | | | | | | | | |
| Bloomberg Barclays U.S. Aggregate Bond Index8 | | – | | | – | | | | – | | | | – | | | | 3.17 | | | | 2.32 | | | | 2.70 | * | | | – | | | | – | |
| | | | | | | | | |
| S&P 500 Index9 | | – | | | – | | | | – | | | | – | | | | 4.68 | | | | 10.67 | | | | 12.57 | * | | | – | | | | – | |
| * | | Return is based on the inception date of the oldest class. |
Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance shown without sales charges would be lower if sales charges were reflected. Current performance may be lower or higher than the performance data quoted, which assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund’s website,wfam.com.
Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.
For Class A shares, the maximum front-end sales charge is 5.75%. Class R, Class R4, Class R6, and Administrator Class shares are sold without a front-end sales charge or contingent deferred sales charge.
|
| Growth of $10,000 investment as of February 28, 201910 |
|
 |
Please see footnotes on page 39.
| | | | |
| 38 | | Target Date Retirement Funds | | Performance highlights (unaudited) |
Target 2055 Fund (continued)
| | | | |
| Holdings (%) as of February 28, 201911 | |
| |
Wells Fargo Factor Enhanced Large Cap Portfolio | | | 44.15 | |
| |
Wells Fargo Factor Enhanced International Portfolio | | | 28.26 | |
| |
Wells Fargo Factor Enhanced Small Cap Portfolio | | | 11.04 | |
| |
Wells Fargo Factor Enhanced Emerging Markets Portfolio | | | 8.39 | |
| |
Wells Fargo Bloomberg Barclays US Aggregateex-Corporate Portfolio | | | 6.05 | |
| |
Wells Fargo Investment Grade Corporate Bond Portfolio | | | 3.15 | |
| |
Wells Fargo High Yield Corporate Bond Portfolio | | | 0.51 | |
| |
Wells Fargo Emerging Markets Bond Portfolio | | | 0.51 | |
|
| Portfolio allocation as of February 28, 201912 |
|
|
| | | | | | | | | | | | |
| Volatility metrics as of February 28, 201913 | |
| | | Beta14 | | | Standard
deviation15 | | | R-squared16 | |
| | | |
Class A | | | 0.96 | | | | 9.43 | % | | | 0.98 | |
| | | |
Class R | | | 0.96 | | | | 9.44 | % | | | 0.98 | |
| | | |
Class R4 | | | 0.97 | | | | 9.48 | % | | | 0.98 | |
| | | |
Class R6 | | | 0.97 | | | | 9.49 | % | | | 0.98 | |
| | | |
Administrator Class | | | 0.97 | | | | 9.47 | % | | | 0.98 | |
Please see footnotes on page 39.
| | | | | | |
| Performance highlights (unaudited) | | Target Date Retirement Funds | | | 39 | |
Target 2055 Fund (continued)
| 1 | Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.19% of acquired fund fees and expenses which represent the net expenses from the underlying affiliated master portfolios. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report. |
| 2 | The manager has committed through June 30, 2019, to waive fees and/or reimburse expenses to the extent necessary to cap the expenses of each class after fee waivers at the amounts shown. Brokerage commissions, stamp duty fees, interest, taxes, acquired money market fund fees and expenses (if any), and extraordinary expenses are excluded from the cap. All other acquired fund fees from the underlying master portfolios are included in the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Without this cap, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
| 3 | Historical performance shown for Class A shares prior to their inception reflects the performance of Class R6 shares and has been adjusted to reflect the higher expenses applicable to Class A shares. |
| 4 | Historical performance shown for Class R shares prior to their inception reflects the performance of the former Investor Class shares and has been adjusted to reflect the higher expenses applicable to Class R shares. |
| 5 | Historical performance shown for Class R4 shares prior to their inception reflects the performance of Class R6 shares and has been adjusted to reflect the higher expenses applicable to Class R4 shares. |
| 6 | Effective July 1, 2018, the Fund replaced the S&P 500 Index and the Bloomberg Barclays U.S. Aggregate Bond Index with the S&P Target Date Index in order to better align with the Fund’s principal investment strategy. The S&P Target Date Index is designed as a benchmark for multi-asset class portfolios with risk profiles that become more conservative over time, corresponding to the target retirement date. This index is representative of the investment opportunity available to investors for the target date horizon, with asset class exposures driven by a survey of available target date funds for that horizon. You cannot invest directly in an index. |
| 7 | Source: Wells Fargo Funds Management, LLC. The Wells Fargo Target Blended Index is designed as a benchmark for multi-asset class portfolios with risk profiles that become more conservative over time, each corresponding to the target retirement date. The index weightings among the major asset classes are adjusted annually. The inception date of the index is July 14, 2017. See Appendix B for additional information. You cannot invest directly in an index. |
| 8 | The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
| 9 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock’s weight in the index proportionate to its market value. You cannot invest directly in an index. |
| 10 | The chart compares the performance of Class A shares since June 30, 2011 with the S&P Target Date 2055 Index, the Bloomberg Barclays U.S. Aggregate Bond Index and the S&P 500 Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%. |
| 11 | Holdings, excluding cash, cash equivalents and any money market funds, are calculated based on the value of the investments divided by total net assets of the Fund. Holdings are subject to change and may have changed since the date specified. |
| 12 | Amounts are calculated based on the total long-term investments of the Fund. These amounts are subject to change and may have changed since the date specified. |
| 13 | These metrics show the degree and timing of the Fund’s fluctuations compared to S&P Target Date 2055 Index over 36 months. |
| 14 | Beta measures fund volatility relative to general market movements. It is a standardized measure of systematic risk in comparison with a specified index. The benchmark beta is 1.00 by definition. Beta is based on historical performance and does not represent future results. |
| 15 | Standard deviation is the square root of the sum of squared deviations from the mean. It is often used as a measure of volatility, variability, or risk. Standard deviation is based on historical performance and does not represent future results. |
| 16 | R-squared (R2) is a statistical measure that reflects the percentage of a fund’s movements that can be explained by movements in its benchmark index. The measure ranges from 0.0, which means that the fund’s performance bears no relationship to the performance of the index, to 1.0, which means that the fund’s performance was perfectly synchronized with the performance of the benchmark. R2 is based on historical performance and does not represent future results. |
| | | | |
| 40 | | Target Date Retirement Funds | | Performance highlights (unaudited) |
Target 2060 Fund
Average annual total returns (%) as of February 28, 2019
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Including sales charge | | | Excluding sales charge | | | Expense ratios1 (%) | |
| | | Inception date | | 1 year | | | Since
Inception | | | 1 year | | | Since
Inception | | | Gross | | | Net2 | |
| | | | | | | |
| Class A (WFAFX) | | 6-30-2015 | | | -3.69 | | | | 4.64 | | | | 2.18 | | | | 6.34 | | | | 1.66 | | | | 0.65 | |
| | | | | | | |
| Class C (WFCFX) | | 6-30-2015 | | | 0.42 | | | | 5.54 | | | | 1.42 | | | | 5.54 | | | | 2.41 | | | | 1.40 | |
| | | | | | | |
| Class R (WFRFX) | | 6-30-2015 | | | – | | | | – | | | | 1.91 | | | | 6.05 | | | | 1.91 | | | | 0.90 | |
| | | | | | | |
| Class R4 (WFSFX) | | 6-30-2015 | | | – | | | | – | | | | 2.56 | | | | 6.70 | | | | 1.38 | | | | 0.34 | |
| | | | | | | |
| Class R6 (WFUFX) | | 6-30-2015 | | | – | | | | – | | | | 2.68 | | | | 6.83 | | | | 1.23 | | | | 0.19 | |
| | | | | | | |
| Administrator Class (WFDFX) | | 6-30-2015 | | | – | | | | – | | | | 2.32 | | | | 6.47 | | | | 1.58 | | | | 0.54 | |
| | | | | | | |
| S&P Target Date 2055 Index3 | | – | | | – | | | | – | | | | 1.09 | | | | 7.40 | * | | | – | | | | – | |
| | | | | | | |
| S&P Target Date 2060+ Index3** | | – | | | – | | | | – | | | | 1.13 | | | | – | | | | – | | | | – | |
| | | | | | | |
| Wells Fargo Target 2060 Blended Index4 | | – | | | – | | | | – | | | | 3.04 | | | | – | | | | – | | | | – | |
| | | | | | | |
| Bloomberg Barclays U.S. Aggregate Bond Index5 | | – | | | – | | | | – | | | | 3.17 | | | | 2.14 | * | | | – | | | | – | |
| | | | | | | |
| S&P 500 Index6 | | – | | | – | | | | – | | | | 4.68 | | | | 10.80 | * | | | – | | | | – | |
| * | | Return is based on the inception date of the Fund’s classes. |
| ** | | The inception date of the index is May 31, 2016. |
Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance shown without sales charges would be lower if sales charges were reflected. Current performance may be lower or higher than the performance data quoted, which assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund’s website,wfam.com.
Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.
For Class A shares, the maximum front-end sales charge is 5.75%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Class R, Class R4, Class R6, and Administrator Class shares are sold without a front-end sales charge or contingent deferred sales charge.
|
| Growth of $10,000 investment as of February 28, 20197 |
|
 |
Please see footnotes on page 41.
| | | | | | |
| Performance highlights (unaudited) | | Target Date Retirement Funds | | | 41 | |
Target 2060 Fund (continued)
| | | | |
| Holdings (%) as of February 28, 20198 | |
| |
Wells Fargo Factor Enhanced Large Cap Portfolio | | | 43.77 | |
| |
Wells Fargo Factor Enhanced International Portfolio | | | 28.00 | |
| |
Wells Fargo Factor Enhanced Small Cap Portfolio | | | 10.94 | |
| |
Wells Fargo Factor Enhanced Emerging Markets Portfolio | | | 8.32 | |
| |
Wells Fargo Bloomberg Barclays US Aggregateex-Corporate Portfolio | | | 5.99 | |
| |
Wells Fargo Investment Grade Corporate Bond Portfolio | | | 3.12 | |
| |
Wells Fargo Emerging Markets Bond Portfolio | | | 0.51 | |
| |
Wells Fargo High Yield Corporate Bond Portfolio | | | 0.51 | |
|
| Portfolio allocation as of February 28, 20199 |
|
|
| 1 | Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.19% of acquired fund fees and expenses which represent the net expenses from the underlying affiliated master portfolios. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report. |
| 2 | The manager has committed through June 30, 2019, to waive fees and/or reimburse expenses to the extent necessary to cap the expenses of each class after fee waivers at the amounts shown. Brokerage commissions, stamp duty fees, interest, taxes, acquired money market fund fees and expenses (if any), and extraordinary expenses are excluded from the cap. All other acquired fund fees from the underlying master portfolios are included in the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Without this cap, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
| 3 | Effective July 1, 2018, the Fund replaced the S&P 500 Index and the Bloomberg Barclays U.S. Aggregate Bond Index with the S&P Target Date Index in order to better align with the Fund’s principal investment strategy. The S&P Target Date Index is designed as a benchmark for multi-asset class portfolios with risk profiles that become more conservative over time, corresponding to the target retirement date. This index is representative of the investment opportunity available to investors for the target date horizon, with asset class exposures driven by a survey of available target date funds for that horizon. You cannot invest directly in an index. |
| 4 | Source: Wells Fargo Funds Management, LLC. The Wells Fargo Target Blended Index is designed as a benchmark for multi-asset class portfolios with risk profiles that become more conservative over time, each corresponding to the target retirement date. The index weightings among the major asset classes are adjusted annually. The inception date of the index is July 14, 2017. See Appendix B for additional information. You cannot invest directly in an index. |
| 5 | The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
| 6 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock’s weight in the index proportionate to its market value. You cannot invest directly in an index. |
| 7 | The chart compares the performance of Class A shares since inception with the S&P Target Date 2060+ Index, the Bloomberg Barclays U.S. Aggregate Bond Index and the S&P 500 Index. The performance shown for the S&P Target Date 2060+ Index represents the returns of the S&P Target Date 2055 Index from 6/30/2015 to 4/30/2016 and the S&P Target Date 2060+ Index from 5/1/2016 (index inception date) through period end. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%. |
| 8 | Holdings, excluding cash, cash equivalents and any money market funds, are calculated based on the value of the investments divided by total net assets of the Fund. Holdings are subject to change and may have changed since the date specified. |
| 9 | Amounts are calculated based on the total long-term investments of the Fund. These amounts are subject to change and may have changed since the date specified. |
| | | | |
| 42 | | Target Date Retirement Funds | | Performance highlights (unaudited) |
MANAGER’S DISCUSSION
Highlights
The Wells Fargo Target Date Funds seek to manage the asset allocation and risk profile of multi-asset-class funds for investors as they save for their target retirement date. The strategic asset allocations are designed to provide high levels of diversification across equity and fixed-income investments. Our approach to portfolio construction helps investors make more aggressive allocations when they may be most beneficial while remaining diversified to manage risks during bear markets.
All of the Wells Fargo Target Date Funds invest at different allocation levels in the same underlying portfolios that seek to replicate indices comprising a blend of factor-enhanced equity and factor-enhanced bond investments, including domestic, international, and emerging market equities and debt. The breadth and depth of diversification and disciplined asset allocation help manage risk but do not eliminate it. The factor-enhanced equity indices contain a broad mix of large-cap, mid-cap, small-cap, growth, value, and international stocks, including emerging markets. The fixed-income indices invest in several types of fixed-income securities, including U.S. and non-U.S. government bonds, corporate bonds, and high-yield securities. In addition, depending on the number of years to the target retirement date, the portfolios invest in other assets: real estate investment trusts and Treasury Inflation-Protected Securities.
The Funds address investment risk through diversification and disciplined asset allocation.
The Wells Fargo Target Date Funds are designed to become more conservative as a fund moves down the glide path and its target date approaches. Our goal is to manage the relative risk of each Fund as dictated by the glide path. A fund’s targeted risk is not the same as a fund’s equity allocation percentage because fixed-income securities, other assets, and cash equivalents carry risks. While asset allocation and diversification do not ensure or guarantee better performance and cannot eliminate the risk of investment losses, on a monthly basis, we adjust each Target Date Fund’s allocations to equities, fixed income, other assets, and cash equivalents in response to changing market conditions and the Fund’s movement down the strategic glide path that represents relative risk as it moves toward the target retirement date.
Global equity markets experienced a steep sell off in the fourth quarter of 2018.
For the 12-month period that ended February 28, 2019, each Wells Fargo Target Date Fund posted positive returns before sales charges, with the near-dated funds generating higher absolute returns due to their higher fixed-income allocations. Twelve funds comprise the Wells Fargo Target Date Funds. Seven of the funds offer six share classes, including two classes with sales charges. Five of the funds offer five share classes, including one class with sales charges. For the12-month period that ended February 28, 2019, all classes of the Wells Fargo Target Date Funds outperformed their S&P Target Date Indices before sales charges. In general, the relative performance was fairly consistent between near- and longer-dated funds.
After a fourth-quarter 2018 correction, domestic equity markets posted positive returns during the period. Domestically, the S&P 500 Index rose 4.68% for the 12-month period that ended February 28, 2019. For the same period, the Russell 2000® Index1 returned 5.58% while foreign markets did not fare as well with the MSCI EAFE Index (Net)2 falling 6.04% and the MSCI EM Index (Net)3 declining 9.89%. The Bloomberg Barclays U.S. Aggregate Bond Index4 rose 3.17% for the period while the Bloomberg Barclays Global Aggregate ex U.S. Index5 returned a 3.45% loss.
During the period, while domestics stocks produced positive results and foreign stocks produced negative absolute results, on a relative basis the U.S. and developed market foreign stocks in the portfolio tended to outperform their market benchmarks. Meanwhile, the emerging market portfolio lagged its benchmark during the period. The exposure to foreign stocks detracted from absolute performance. Funds with larger fixed-income allocations relative to other funds achieved higher absolute returns than funds with relatively larger allocations to international and emerging markets equities, which delivered negative results during the year. The Target 2050 Fund, Target 2055 Fund, and Target 2060 Fund, which had not begun to move down the glide path, had the highest total equity exposures over the past 12 months. The shortest-dated Target Today Fund remained invested at its minimum allowable equity allocation during the period.
Please see footnotes on page 43.
| | | | | | |
| Performance highlights (unaudited) | | Target Date Retirement Funds | | | 43 | |
Global macroeconomic conditions continue to be supportive for slow growth.
Risky assets experienced significant volatility late in 2018 but managed a significant rebound in January and February 2019. Our view is that while growth in 2019 may slow from its near 3% pace in 2018, it is unlikely that we will see a recession in the U.S. over the next year. As with most things, our view on this could change with the data and we continue to vigilantly monitor the situation. The fundamentals are in place for continued, yet slower, economic growth. Corporate earnings in the U.S. are quite sound. We anticipate receiving reports of strong consumer spending in the fourth quarter, which should prove to be just what the economy needs to extend growth.
| 1 | The Russell 2000® Index measures the performance of the 2,000 smallest companies in the Russell 3000® Index, which represents approximately 8% of the total market capitalization of the Russell 3000® Index. You cannot invest directly in an index. |
| 2 | The Morgan Stanley Capital International (MSCI) Europe, Australasia, Far East (EAFE) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the United States and Canada. The MSCI EAFE Index (Net) consists of the following 21 developed markets country indices: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom. You cannot invest directly in an index. |
| 3 | MSCI Emerging Markets (EM) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure large- and mid-cap equity market performance of emerging markets. The MSCI EM Index (Net) consists of the following 24 emerging markets country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, the Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey, and the United Arab Emirates. You cannot invest directly in an index. |
| 4 | The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar-denominated, fixed rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
| 5 | Bloomberg Barclays Global Aggregate ex U.S. Index is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index. |
| | | | |
| 44 | | Target Date Retirement Funds | | Fund expenses (unaudited) |
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (if any) on redemptions and (2) ongoing costs, including management fees, distribution (12b-1) and/or shareholder servicing fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from September 1, 2018 to February 28, 2019.
Actual expenses
The “Actual” line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the “Actual” line under the heading entitled “Expenses paid during period” for your applicable class of shares to estimate the expenses you paid on your account during this period.
Hypothetical example for comparison purposes
The “Hypothetical” line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) and contingent deferred sales charges. Therefore, the “Hypothetical” line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| | | | | | | | | | | | | | | | |
| Target Today Fund | | Beginning
account value
9-1-2018 | | | Ending
account value
2-28-2019 | | | Expenses
paid during
the period¹ | | | Annualized net
expense ratio | |
Class A | | | | | | | | | | | | | | | | |
| | | | |
Actual | | $ | 1,000.00 | | | $ | 1,008.89 | | | $ | 3.24 | | | | 0.65 | % |
| | | | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,021.57 | | | $ | 3.26 | | | | 0.65 | % |
Class C | | | | | | | | | | | | | | | | |
| | | | |
Actual | | $ | 1,000.00 | | | $ | 1,005.31 | | | $ | 6.96 | | | | 1.40 | % |
| | | | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,017.85 | | | $ | 7.00 | | | | 1.40 | % |
Class R | | | | | | | | | | | | | | | | |
| | | | |
Actual | | $ | 1,000.00 | | | $ | 1,007.27 | | | $ | 4.40 | | | | 0.89 | % |
| | | | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,020.41 | | | $ | 4.43 | | | | 0.89 | % |
Class R4 | | | | | | | | | | | | | | | | |
| | | | |
Actual | | $ | 1,000.00 | | | $ | 1,009.35 | | | $ | 1.69 | | | | 0.34 | % |
| | | | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,023.11 | | | $ | 1.71 | | | | 0.34 | % |
Class R6 | | | | | | | | | | | | | | | | |
| | | | |
Actual | | $ | 1,000.00 | | | $ | 1,010.21 | | | $ | 0.95 | | | | 0.19 | % |
| | | | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,023.85 | | | $ | 0.95 | | | | 0.19 | % |
Administrator Class | | | | | | | | | | | | | | | | |
| | | | |
Actual | | $ | 1,000.00 | | | $ | 1,009.11 | | | $ | 2.69 | | | | 0.54 | % |
| | | | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,022.12 | | | $ | 2.71 | | | | 0.54 | % |
| 1 | Expenses paid is equal to the annualized net expense ratio of each class multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year (to reflect the one-half-year period). |
| | | | | | |
| Fund expenses (unaudited) | | Target Date Retirement Funds | | | 45 | |
| | | | | | | | | | | | | | | | |
| Target 2010 Fund | | Beginning
account value
9-1-2018 | | | Ending
account value
2-28-2019 | | | Expenses
paid during
the period¹ | | | Annualized net
expense ratio | |
Class A | | | | | | | | | | | | | | | | |
| | | | |
Actual | | $ | 1,000.00 | | | $ | 1,007.49 | | | $ | 3.24 | | | | 0.65 | % |
| | | | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,021.57 | | | $ | 3.26 | | | | 0.65 | % |
Class C | | | | | | | | | | | | | | | | |
| | | | |
Actual | | $ | 1,000.00 | | | $ | 1,003.26 | | | $ | 6.95 | | | | 1.40 | % |
| | | | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,017.85 | | | $ | 7.00 | | | | 1.40 | % |
Class R | | | | | | | | | | | | | | | | |
| | | | |
Actual | | $ | 1,000.00 | | | $ | 1,006.06 | | | $ | 4.44 | | | | 0.89 | % |
| | | | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,020.37 | | | $ | 4.47 | | | | 0.89 | % |
Class R4 | | | | | | | | | | | | | | | | |
| | | | |
Actual | | $ | 1,000.00 | | | $ | 1,008.22 | | | $ | 1.69 | | | | 0.34 | % |
| | | | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,023.11 | | | $ | 1.71 | | | | 0.34 | % |
Class R6 | | | | | | | | | | | | | | | | |
| | | | |
Actual | | $ | 1,000.00 | | | $ | 1,009.21 | | | $ | 0.95 | | | | 0.19 | % |
| | | | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,023.85 | | | $ | 0.95 | | | | 0.19 | % |
Administrator Class | | | | | | | | | | | | | | | | |
| | | | |
Actual | | $ | 1,000.00 | | | $ | 1,006.75 | | | $ | 2.69 | | | | 0.54 | % |
| | | | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,022.12 | | | $ | 2.71 | | | | 0.54 | % |
| Target 2015 Fund | | | | | | | | | | | | |
Class A | | | | | | | | | | | | | | | | |
| | | | |
Actual | | $ | 1,000.00 | | | $ | 1,004.72 | | | $ | 3.23 | | | | 0.65 | % |
| | | | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,021.57 | | | $ | 3.26 | | | | 0.65 | % |
Class R | | | | | | | | | | | | | | | | |
| | | | |
Actual | | $ | 1,000.00 | | | $ | 1,004.36 | | | $ | 4.45 | | | | 0.89 | % |
| | | | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,020.36 | | | $ | 4.48 | | | | 0.89 | % |
Class R4 | | | | | | | | | | | | | | | | |
| | | | |
Actual | | $ | 1,000.00 | | | $ | 1,006.66 | | | $ | 1.69 | | | | 0.34 | % |
| | | | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,023.11 | | | $ | 1.71 | | | | 0.34 | % |
Class R6 | | | | | | | | | | | | | | | | |
| | | | |
Actual | | $ | 1,000.00 | | | $ | 1,007.31 | | | $ | 0.95 | | | | 0.19 | % |
| | | | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,023.85 | | | $ | 0.95 | | | | 0.19 | % |
Administrator Class | | | | | | | | | | | | | | | | |
| | | | |
Actual | | $ | 1,000.00 | | | $ | 1,006.41 | | | $ | 2.69 | | | | 0.54 | % |
| | | | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,022.12 | | | $ | 2.71 | | | | 0.54 | % |
| 1 | Expenses paid is equal to the annualized net expense ratio of each class multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year (to reflect the one-half-year period). |
| | | | |
| 46 | | Target Date Retirement Funds | | Fund expenses (unaudited) |
| | | | | | | | | | | | | | | | |
| Target 2020 Fund | | Beginning
account value
9-1-2018 | | | Ending
account value
2-28-2019 | | | Expenses
paid during
the period¹ | | | Annualized net
expense ratio | |
Class A | | | | | | | | | | | | | | | | |
| | | | |
Actual | | $ | 1,000.00 | | | $ | 1,002.46 | | | $ | 3.23 | | | | 0.65 | % |
| | | | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,021.57 | | | $ | 3.26 | | | | 0.65 | % |
Class C | | | | | | | | | | | | | | | | |
| | | | |
Actual | | $ | 1,000.00 | | | $ | 998.43 | | | $ | 6.94 | | | | 1.40 | % |
| | | | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,017.85 | | | $ | 7.00 | | | | 1.40 | % |
Class R | | | | | | | | | | | | | | | | |
| | | | |
Actual | | $ | 1,000.00 | | | $ | 1,001.05 | | | $ | 4.48 | | | | 0.90 | % |
| | | | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,020.32 | | | $ | 4.52 | | | | 0.90 | % |
Class R4 | | | | | | | | | | | | | | | | |
| | | | |
Actual | | $ | 1,000.00 | | | $ | 1,004.12 | | | $ | 1.69 | | | | 0.34 | % |
| | | | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,023.11 | | | $ | 1.71 | | | | 0.34 | % |
Class R6 | | | | | | | | | | | | | | | | |
| | | | |
Actual | | $ | 1,000.00 | | | $ | 1,004.60 | | | $ | 0.94 | | | | 0.19 | % |
| | | | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,023.85 | | | $ | 0.95 | | | | 0.19 | % |
Administrator Class | | | | | | | | | | | | | | | | |
| | | | |
Actual | | $ | 1,000.00 | | | $ | 1,002.10 | | | $ | 2.68 | | | | 0.54 | % |
| | | | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,022.12 | | | $ | 2.71 | | | | 0.54 | % |
| Target 2025 Fund | | | | | | | | | | | | |
Class A | | | | | | | | | | | | | | | | |
| | | | |
Actual | | $ | 1,000.00 | | | $ | 998.20 | | | $ | 3.22 | | | | 0.65 | % |
| | | | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,021.57 | | | $ | 3.26 | | | | 0.65 | % |
Class R | | | | | | | | | | | | | | | | |
| | | | |
Actual | | $ | 1,000.00 | | | $ | 996.84 | | | $ | 4.44 | | | | 0.90 | % |
| | | | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,020.35 | | | $ | 4.49 | | | | 0.90 | % |
Class R4 | | | | | | | | | | | | | | | | |
| | | | |
Actual | | $ | 1,000.00 | | | $ | 998.02 | | | $ | 1.68 | | | | 0.34 | % |
| | | | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,023.11 | | | $ | 1.71 | | | | 0.34 | % |
Class R6 | | | | | | | | | | | | | | | | |
| | | | |
Actual | | $ | 1,000.00 | | | $ | 1,001.44 | | | $ | 0.94 | | | | 0.19 | % |
| | | | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,023.85 | | | $ | 0.95 | | | | 0.19 | % |
Administrator Class | | | | | | | | | | | | | | | | |
| | | | |
Actual | | $ | 1,000.00 | | | $ | 998.62 | | | $ | 2.68 | | | | 0.54 | % |
| | | | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,022.12 | | | $ | 2.71 | | | | 0.54 | % |
| 1 | Expenses paid is equal to the annualized net expense ratio of each class multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year (to reflect the one-half-year period). |
| | | | | | |
| Fund expenses (unaudited) | | Target Date Retirement Funds | | | 47 | |
| | | | | | | | | | | | | | | | |
| Target 2030 Fund | | Beginning
account value
9-1-2018 | | | Ending
account value
2-28-2019 | | | Expenses
paid during
the period¹ | | | Annualized net
expense ratio | |
Class A | | | | | | | | | | | | | | | | |
| | | | |
Actual | | $ | 1,000.00 | | | $ | 993.23 | | | $ | 3.21 | | | | 0.65 | % |
| | | | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,021.57 | | | $ | 3.26 | | | | 0.65 | % |
Class C | | | | | | | | | | | | | | | | |
| | | | |
Actual | | $ | 1,000.00 | | | $ | 990.00 | | | $ | 6.91 | | | | 1.40 | % |
| | | | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,017.85 | | | $ | 7.00 | | | | 1.40 | % |
Class R | | | | | | | | | | | | | | | | |
| | | | |
Actual | | $ | 1,000.00 | | | $ | 992.95 | | | $ | 4.40 | | | | 0.89 | % |
| | | | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,020.38 | | | $ | 4.46 | | | | 0.89 | % |
Class R4 | | | | | | | | | | | | | | | | |
| | | | |
Actual | | $ | 1,000.00 | | | $ | 994.97 | | | $ | 1.68 | | | | 0.34 | % |
| | | | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,023.11 | | | $ | 1.71 | | | | 0.34 | % |
Class R6 | | | | | | | | | | | | | | | | |
| | | | |
Actual | | $ | 1,000.00 | | | $ | 996.17 | | | $ | 0.94 | | | | 0.19 | % |
| | | | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,023.85 | | | $ | 0.95 | | | | 0.19 | % |
Administrator Class | | | | | | | | | | | | | | | | |
| | | | |
Actual | | $ | 1,000.00 | | | $ | 993.74 | | | $ | 2.67 | | | | 0.54 | % |
| | | | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,022.12 | | | $ | 2.71 | | | | 0.54 | % |
| Target 2035 Fund | |
Class A | | | | | | | | | | | | | | | | |
| | | | |
Actual | | $ | 1,000.00 | | | $ | 989.27 | | | $ | 3.21 | | | | 0.65 | % |
| | | | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,021.57 | | | $ | 3.26 | | | | 0.65 | % |
Class R | | | | | | | | | | | | | | | | |
| | | | |
Actual | | $ | 1,000.00 | | | $ | 987.61 | | | $ | 4.44 | | | | 0.90 | % |
| | | | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,020.33 | | | $ | 4.51 | | | | 0.90 | % |
Class R4 | | | | | | | | | | | | | | | | |
| | | | |
Actual | | $ | 1,000.00 | | | $ | 991.29 | | | $ | 1.68 | | | | 0.34 | % |
| | | | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,023.11 | | | $ | 1.71 | | | | 0.34 | % |
Class R6 | | | | | | | | | | | | | | | | |
| | | | |
Actual | | $ | 1,000.00 | | | $ | 991.83 | | | $ | 0.94 | | | | 0.19 | % |
| | | | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,023.85 | | | $ | 0.95 | | | | 0.19 | % |
Administrator Class | | | | | | | | | | | | | | | | |
| | | | |
Actual | | $ | 1,000.00 | | | $ | 991.08 | | | $ | 2.67 | | | | 0.54 | % |
| | | | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,022.12 | | | $ | 2.71 | | | | 0.54 | % |
| 1 | Expenses paid is equal to the annualized net expense ratio of each class multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year (to reflect the one-half-year period). |
| | | | |
| 48 | | Target Date Retirement Funds | | Fund expenses (unaudited) |
| | | | | | | | | | | | | | | | |
| Target 2040 Fund | | Beginning
account value
9-1-2018 | | | Ending
account value
2-28-2019 | | | Expenses
paid during
the period¹ | | | Annualized net
expense ratio | |
Class A | | | | | | | | | | | | | | | | |
| | | | |
Actual | | $ | 1,000.00 | | | $ | 986.86 | | | $ | 3.20 | | | | 0.65 | % |
| | | | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,021.57 | | | $ | 3.26 | | | | 0.65 | % |
Class C | | | | | | | | | | | | | | | | |
| | | | |
Actual | | $ | 1,000.00 | | | $ | 982.56 | | | $ | 6.88 | | | | 1.40 | % |
| | | | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,017.85 | | | $ | 7.00 | | | | 1.40 | % |
Class R | | | | | | | | | | | | | | | | |
| | | | |
Actual | | $ | 1,000.00 | | | $ | 985.36 | | | $ | 4.42 | | | | 0.90 | % |
| | | | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,020.34 | | | $ | 4.50 | | | | 0.90 | % |
Class R4 | | | | | | | | | | | | | | | | |
| | | | |
Actual | | $ | 1,000.00 | | | $ | 988.53 | | | $ | 1.68 | | | | 0.34 | % |
| | | | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,023.11 | | | $ | 1.71 | | | | 0.34 | % |
Class R6 | | | | | | | | | | | | | | | | |
| | | | |
Actual | | $ | 1,000.00 | | | $ | 989.13 | | | $ | 0.94 | | | | 0.19 | % |
| | | | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,023.85 | | | $ | 0.95 | | | | 0.19 | % |
Administrator Class | | | | | | | | | | | | | | | | |
| | | | |
Actual | | $ | 1,000.00 | | | $ | 986.89 | | | $ | 2.66 | | | | 0.54 | % |
| | | | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,022.12 | | | $ | 2.71 | | | | 0.54 | % |
| Target 2045 Fund | | | | | | | | | | | | |
Class A | | | | | | | | | | | | | | | | |
| | | | |
Actual | | $ | 1,000.00 | | | $ | 984.56 | | | $ | 3.20 | | | | 0.65 | % |
| | | | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,021.57 | | | $ | 3.26 | | | | 0.65 | % |
Class R | | | | | | | | | | | | | | | | |
| | | | |
Actual | | $ | 1,000.00 | | | $ | 983.39 | | | $ | 4.42 | | | | 0.90 | % |
| | | | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,020.34 | | | $ | 4.50 | | | | 0.90 | % |
Class R4 | | | | | | | | | | | | | | | | |
| | | | |
Actual | | $ | 1,000.00 | | | $ | 985.69 | | | $ | 1.67 | | | | 0.34 | % |
| | | | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,023.11 | | | $ | 1.71 | | | | 0.34 | % |
Class R6 | | | | | | | | | | | | | | | | |
| | | | |
Actual | | $ | 1,000.00 | | | $ | 986.44 | | | $ | 0.94 | | | | 0.19 | % |
| | | | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,023.85 | | | $ | 0.95 | | | | 0.19 | % |
Administrator Class | | | | | | | | | | | | | | | | |
| | | | |
Actual | | $ | 1,000.00 | | | $ | 985.00 | | | $ | 2.66 | | | | 0.54 | % |
| | | | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,022.12 | | | $ | 2.71 | | | | 0.54 | % |
| 1 | Expenses paid is equal to the annualized net expense ratio of each class multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year (to reflect the one-half-year period). |
| | | | | | |
| Fund expenses (unaudited) | | Target Date Retirement Funds | | | 49 | |
| | | | | | | | | | | | | | | | |
| Target 2050 Fund | | Beginning
account value
9-1-2018 | | | Ending
account value
2-28-2019 | | | Expenses
paid during
the period¹ | | | Annualized net
expense ratio | |
Class A | | | | | | | | | | | | | | | | |
| | | | |
Actual | | $ | 1,000.00 | | | $ | 983.36 | | | $ | 3.20 | | | | 0.65 | % |
| | | | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,021.57 | | | $ | 3.26 | | | | 0.65 | % |
Class C | | | | | | | | | | | | | | | | |
| | | | |
Actual | | $ | 1,000.00 | | | $ | 979.44 | | | $ | 6.87 | | | | 1.40 | % |
| | | | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,017.85 | | | $ | 7.00 | | | | 1.40 | % |
Class R | | | | | | | | | | | | | | | | |
| | | | |
Actual | | $ | 1,000.00 | | | $ | 982.82 | | | $ | 4.41 | | | | 0.90 | % |
| | | | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,020.35 | | | $ | 4.49 | | | | 0.90 | % |
Class R4 | | | | | | | | | | | | | | | | |
| | | | |
Actual | | $ | 1,000.00 | | | $ | 985.86 | | | $ | 1.67 | | | | 0.34 | % |
| | | | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,023.11 | | | $ | 1.71 | | | | 0.34 | % |
Class R6 | | | | | | | | | | | | | | | | |
| | | | |
Actual | | $ | 1,000.00 | | | $ | 985.08 | | | $ | 0.93 | | | | 0.19 | % |
| | | | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,023.85 | | | $ | 0.95 | | | | 0.19 | % |
Administrator Class | | | | | | | | | | | | | | | | |
| | | | |
Actual | | $ | 1,000.00 | | | $ | 984.82 | | | $ | 2.66 | | | | 0.54 | % |
| | | | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,022.12 | | | $ | 2.71 | | | | 0.54 | % |
| Target 2055 Fund | |
Class A | | | | | | | | | | | | | | | | |
| | | | |
Actual | | $ | 1,000.00 | | | $ | 984.25 | | | $ | 3.20 | | | | 0.65 | % |
| | | | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,021.57 | | | $ | 3.26 | | | | 0.65 | % |
Class R | | | | | | | | | | | | | | | | |
| | | | |
Actual | | $ | 1,000.00 | | | $ | 982.78 | | | $ | 4.37 | | | | 0.89 | % |
| | | | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,020.39 | | | $ | 4.45 | | | | 0.89 | % |
Class R4 | | | | | | | | | | | | | | | | |
| | | | |
Actual | | $ | 1,000.00 | | | $ | 985.51 | | | $ | 1.67 | | | | 0.34 | % |
| | | | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,023.11 | | | $ | 1.71 | | | | 0.34 | % |
Class R6 | | | | | | | | | | | | | | | | |
| | | | |
Actual | | $ | 1,000.00 | | | $ | 986.05 | | | $ | 0.94 | | | | 0.19 | % |
| | | | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,023.85 | | | $ | 0.95 | | | | 0.19 | % |
Administrator Class | | | | | | | | | | | | | | | | |
| | | | |
Actual | | $ | 1,000.00 | | | $ | 985.01 | | | $ | 2.66 | | | | 0.54 | % |
| | | | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,022.12 | | | $ | 2.71 | | | | 0.54 | % |
| 1 | Expenses paid is equal to the annualized net expense ratio of each class multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year (to reflect the one-half-year period). |
| | | | |
| 50 | | Target Date Retirement Funds | | Fund expenses (unaudited) |
| | | | | | | | | | | | | | | | |
| Target 2060 Fund | | Beginning
account value
9-1-2018 | | | Ending
account value
2-28-2019 | | | Expenses
paid during
the period¹ | | | Annualized net
expense ratio | |
Class A | | | | | | | | | | | | | | | | |
| | | | |
Actual | | $ | 1,000.00 | | | $ | 983.51 | | | $ | 3.20 | | | | 0.65 | % |
| | | | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,021.57 | | | $ | 3.26 | | | | 0.65 | % |
Class C | | | | | | | | | | | | | | | | |
| | | | |
Actual | | $ | 1,000.00 | | | $ | 980.29 | | | $ | 6.87 | | | | 1.40 | % |
| | | | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,017.85 | | | $ | 7.00 | | | | 1.40 | % |
Class R | | | | | | | | | | | | | | | | |
| | | | |
Actual | | $ | 1,000.00 | | | $ | 982.85 | | | $ | 4.43 | | | | 0.90 | % |
| | | | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,020.33 | | | $ | 4.51 | | | | 0.90 | % |
Class R4 | | | | | | | | | | | | | | | | |
| | | | |
Actual | | $ | 1,000.00 | | | $ | 985.53 | | | $ | 1.67 | | | | 0.34 | % |
| | | | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,023.11 | | | $ | 1.71 | | | | 0.34 | % |
Class R6 | | | | | | | | | | | | | | | | |
| | | | |
Actual | | $ | 1,000.00 | | | $ | 986.62 | | | $ | 0.93 | | | | 0.19 | % |
| | | | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,023.85 | | | $ | 0.95 | | | | 0.19 | % |
Administrator Class | | | | | | | | | | | | | | | | |
| | | | |
Actual | | $ | 1,000.00 | | | $ | 984.27 | | | $ | 2.66 | | | | 0.54 | % |
| | | | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,022.12 | | | $ | 2.71 | | | | 0.54 | % |
| 1 | Expenses paid is equal to the annualized net expense ratio of each class multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year (to reflect the one-half-year period). |
| | | | | | |
| Portfolio of investments—February 28, 2019 | | Target Date Retirement Funds | | | 51 | |
TARGET TODAY FUND
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | | | | Value | |
| | | | |
Investment Companies: 100.21% | | | | | | | | | | | | | | | | |
| | | | |
| Affiliated Master Portfolios: 100.21% | | | | | | | | | | | | | | | | |
| | | | |
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio | | | | | | | | | | | | | | $ | 23,562,380 | |
| | | | |
Wells Fargo Emerging Markets Bond Portfolio | | | | | | | | | | | | | | | 2,011,976 | |
| | | | |
Wells Fargo Factor Enhanced Emerging Markets Portfolio | | | | | | | | | | | | | | | 1,490,547 | |
| | | | |
Wells Fargo Factor Enhanced International Portfolio | | | | | | | | | | | | | | | 5,092,921 | |
| | | | |
Wells Fargo Factor Enhanced Large Cap Portfolio | | | | | | | | | | | | | | | 9,858,431 | |
| | | | |
Wells Fargo Factor Enhanced Small Cap Portfolio | | | | | | | | | | | | | | | 2,457,378 | |
| | | | |
Wells Fargo High Yield Corporate Bond Portfolio | | | | | | | | | | | | | | | 2,012,755 | |
| | | | |
Wells Fargo Investment Grade Corporate Bond Portfolio | | | | | | | | | | | | | | | 12,252,928 | |
| | | | |
Wells Fargo Strategic Retirement Bond Portfolio | | | | | | | | | | | | | | | 7,975,494 | |
| | | | |
Wells Fargo U.S. REIT Portfolio | | | | | | | | | | | | | | | 1,676,294 | |
| | | | |
Total Investment Companies (Cost $63,331,946) | | | | | | | | | | | | | | | 68,391,104 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | |
| Total investments in securities (Cost $63,331,946) | | | 100.21 | % | | | 68,391,104 | |
| | |
Other assets and liabilities, net | | | (0.21 | ) | | | (140,532 | ) |
| | | | | | | | |
| Total net assets | | | 100.00 | % | | $ | 68,250,572 | |
| | | | | | | | |
Transactions with the affiliated Master Portfolios were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | % of
ownership,
beginning of
period | | | % of
ownership,
end of
period | | | Net
realized
gains
(losses) on
securities
transactions
allocated
from
affiliated
Master
Portfolios | | | Net
change in
unrealized
gains
(losses) on
securities
transactions
allocated
from
affiliated
Master
Portfolios | | | Interest
allocated
from
affiliated
Master
Portfolios | | | Dividends
allocated
from
affiliated
Master
Portfolios | | | Affiliated
income
allocated
from
affiliated
Master
Portfolios | | | Value, end
of period | | | % of
net
assets | |
Affiliated Master Portfolios | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio | | | 4.29 | % | | | 3.85 | % | | $ | (545,466 | ) | | $ | 445,129 | | | $ | 831,283 | | | $ | 0 | | | $ | 16,932 | | | $ | 23,562,380 | | | | | |
Wells Fargo Emerging Markets Bond Portfolio | | | 5.00 | | | | 4.56 | | | | (118,919 | ) | | | (8,434 | ) | | | 149,134 | | | | 0 | | | | 933 | | | | 2,011,976 | | | | | |
Wells Fargo Factor Enhanced Emerging Markets Portfolio | | | 0.77 | | | | 0.58 | | | | (139,935 | ) | | | (199,120 | ) | | | 163 | | | | 60,680 | | | | 1,136 | | | | 1,490,547 | | | | | |
Wells Fargo Factor Enhanced International Portfolio | | | 0.82 | | | | 0.73 | | | | 40,488 | | | | (645,216 | ) | | | 301 | | | | 239,726 | | | | 3,737 | | | | 5,092,921 | | | | | |
Wells Fargo Factor Enhanced Large Cap Portfolio | | | 0.95 | | | | 0.84 | | | | 1,655,715 | | | | (1,418,558 | ) | | | 739 | | | | 310,661 | | | | 6,631 | | | | 9,858,431 | | | | | |
Wells Fargo Factor Enhanced Small Cap Portfolio | | | 0.98 | | | | 0.88 | | | | 537,795 | | | | (200,592 | ) | | | 245 | | | | 49,880 | | | | 1,978 | | | | 2,457,378 | | | | | |
Wells Fargo High Yield Corporate Bond Portfolio | | | 2.87 | | | | 2.31 | | | | (108,196 | ) | | | 761 | | | | 177,448 | | | | 0 | | | | 638 | | | | 2,012,755 | | | | | |
Wells Fargo Investment Grade Corporate Bond Portfolio | | | 4.96 | | | | 4.64 | | | | (591,875 | ) | | | 1,023,116 | | | | 686,529 | | | | 0 | | | | 2,325 | | | | 12,252,928 | | | | | |
Wells Fargo Strategic Retirement Bond Portfolio | | | 11.79 | | | | 10.90 | | | | (163,651 | ) | | | 94,236 | | | | 275,921 | | | | 0 | | | | 1,048 | | | | 7,975,494 | | | | | |
Wells Fargo U.S. REIT Portfolio | | | 4.72 | | | | 3.85 | | | | 55,040 | | | | 327,086 | | | | 0 | | | | 82,746 | | | | 157 | | | | 1,676,294 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | | $ | 620,996 | | | $ | (581,592 | ) | | $ | 2,121,763 | | | $ | 743,693 | | | $ | 35,515 | | | $ | 68,391,104 | | | | 100.21 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 52 | | Target Date Retirement Funds | | Portfolio of investments—February 28, 2019 |
TARGET 2010 FUND
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | | | | Value | |
| | | | |
Investment Companies: 100.54% | | | | | | | | | | | | | | | | |
| | | | |
| Affiliated Master Portfolios: 100.54% | | | | | | | | | | | | | | | | |
| | | | |
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio | | | | | | | | | | | | | | $ | 22,724,811 | |
| | | | |
Wells Fargo Emerging Markets Bond Portfolio | | | | | | | | | | | | | | | 1,940,579 | |
| | | | |
Wells Fargo Factor Enhanced Emerging Markets Portfolio | | | | | | | | | | | | | | | 1,579,486 | |
| | | | |
Wells Fargo Factor Enhanced International Portfolio | | | | | | | | | | | | | | | 5,379,990 | |
| | | | |
Wells Fargo Factor Enhanced Large Cap Portfolio | | | | | | | | | | | | | | | 10,414,114 | |
| | | | |
Wells Fargo Factor Enhanced Small Cap Portfolio | | | | | | | | | | | | | | | 2,594,134 | |
| | | | |
Wells Fargo High Yield Corporate Bond Portfolio | | | | | | | | | | | | | | | 1,941,330 | |
| | | | |
Wells Fargo Investment Grade Corporate Bond Portfolio | | | | | | | | | | | | | | | 11,828,026 | |
| | | | |
Wells Fargo Strategic Retirement Bond Portfolio | | | | | | | | | | | | | | | 7,692,031 | |
| | | | |
Wells Fargo U.S. REIT Portfolio | | | | | | | | | | | | | | | 1,796,568 | |
| | | | |
Total Investment Companies (Cost $50,155,799) | | | | | | | | | | | | | | | 67,891,069 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | |
| Total investments in securities (Cost $50,155,799) | | | 100.54 | % | | | 67,891,069 | |
| | |
Other assets and liabilities, net | | | (0.54 | ) | | | (361,896 | ) |
| | | | | | | | |
| Total net assets | | | 100.00 | % | | $ | 67,529,173 | |
| | | | | | | | |
Transactions with the affiliated Master Portfolios were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | % of
ownership, beginning of
period | | | % of
ownership, end of
period | | | Net
realized
gains
(losses) on
securities
transactions
allocated
from
affiliated
Master
Portfolios | | | Net
change in
unrealized
gains
(losses) on
securities
transactions
allocated
from
affiliated
Master
Portfolios | | | Interest
allocated
from
affiliated
Master
Portfolios | | | Dividends
allocated
from
affiliated
Master
Portfolios | | | Affiliated
income
allocated
from
affiliated
Master
Portfolios | | | Value, end
of period | | | % of
net
assets | |
Affiliated Master Portfolios | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio | | | 4.64 | % | | | 3.71 | % | | $ | (590,666 | ) | | $ | 335,909 | | | $ | 811,995 | | | $ | 0 | | | $ | 16,765 | | | $ | 22,724,811 | | | | | |
Wells Fargo Emerging Markets Bond Portfolio | | | 5.40 | | | | 4.40 | | | | (125,926 | ) | | | (19,006 | ) | | | 145,635 | | | | 0 | | | | 894 | | | | 1,940,579 | | | | | |
Wells Fargo Factor Enhanced Emerging Markets Portfolio | | | 0.94 | | | | 0.62 | | | | (166,170 | ) | | | (238,049 | ) | | | 180 | | | | 68,232 | | | | 1,266 | | | | 1,579,486 | | | | | |
Wells Fargo Factor Enhanced International Portfolio | | | 1.00 | | | | 0.77 | | | | 55,239 | | | | (798,067 | ) | | | 334 | | | | 273,499 | | | | 4,164 | | | | 5,379,990 | | | | | |
Wells Fargo Factor Enhanced Large Cap Portfolio | | | 1.15 | | | | 0.89 | | | | 1,789,059 | | | | (1,633,566 | ) | | | 816 | | | | 350,670 | | | | 7,331 | | | | 10,414,114 | | | | | |
Wells Fargo Factor Enhanced Small Cap Portfolio | | | 1.20 | | | | 0.93 | | | | 591,947 | | | | (227,864 | ) | | | 271 | | | | 56,649 | | | | 2,191 | | | | 2,594,134 | | | | | |
Wells Fargo High Yield Corporate Bond Portfolio | | | 3.10 | | | | 2.22 | | | | (116,229 | ) | | | (3,110 | ) | | | 174,020 | | | | 0 | | | | 607 | | | | 1,941,330 | | | | | |
Wells Fargo Investment Grade Corporate Bond Portfolio | | | 5.36 | | | | 4.48 | | | | (446,312 | ) | | | 1,104,405 | | | | 671,616 | | | | 0 | | | | 2,244 | | | | 11,828,026 | | | | | |
Wells Fargo Strategic Retirement Bond Portfolio | | | 12.75 | | | | 10.52 | | | | (158,700 | ) | | | 59,571 | | | | 276,354 | | | | 0 | | | | 992 | | | | 7,692,031 | | | | | |
Wells Fargo U.S. REIT Portfolio | | | 5.76 | | | | 4.12 | | | | 37,268 | | | | 392,233 | | | | 0 | | | | 94,558 | | | | 170 | | | | 1,796,568 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | | $ | 869,510 | | | $ | (1,027,544 | ) | | $ | 2,081,221 | | | $ | 843,608 | | | $ | 36,624 | | | $ | 67,891,069 | | | | 100.54 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—February 28, 2019 | | Target Date Retirement Funds | | | 53 | |
TARGET 2015 FUND
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | | | | Value | |
| | | | |
Investment Companies: 100.33% | | | | | | | | | | | | | | | | |
| | | | |
| Affiliated Master Portfolios: 100.33% | | | | | | | | | | | | | | | | |
| | | | |
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio | | | | | | | | | | | | | | $ | 25,327,052 | |
| | | | |
Wells Fargo Emerging Markets Bond Portfolio | | | | | | | | | | | | | | | 2,187,198 | |
| | | | |
Wells Fargo Factor Enhanced Emerging Markets Portfolio | | | | | | | | | | | | | | | 2,209,911 | |
| | | | |
Wells Fargo Factor Enhanced International Portfolio | | | | | | | | | | | | | | | 7,503,800 | |
| | | | |
Wells Fargo Factor Enhanced Large Cap Portfolio | | | | | | | | | | | | | | | 14,527,536 | |
| | | | |
Wells Fargo Factor Enhanced Small Cap Portfolio | | | | | | | | | | | | | | | 3,621,231 | |
| | | | |
Wells Fargo High Yield Corporate Bond Portfolio | | | | | | | | | | | | | | | 2,196,779 | |
| | | | |
Wells Fargo Investment Grade Corporate Bond Portfolio | | | | | | | | | | | | | | | 13,219,709 | |
| | | | |
Wells Fargo Strategic Retirement Bond Portfolio | | | | | | | | | | | | | | | 8,575,558 | |
| | | | |
Wells Fargo U.S. REIT Portfolio | | | | | | | | | | | | | | | 2,504,589 | |
| | | | |
Total Investment Companies (Cost $71,432,401) | | | | | | | | | | | | | | | 81,873,363 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | |
| Total investments in securities (Cost $71,432,401) | | | 100.33 | % | | | 81,873,363 | |
| | |
Other assets and liabilities, net | | | (0.33 | ) | | | (271,398 | ) |
| | | | | | | | |
| Total net assets | | | 100.00 | % | | $ | 81,601,965 | |
| | | | | | | | |
Transactions with the affiliated Master Portfolios were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | % of
ownership, beginning of
period | | | % of
ownership, end of
period | | | Net
realized
gains
(losses) on
securities
transactions
allocated
from
affiliated
Master
Portfolios | | | Net
change in
unrealized
gains
(losses) on
securities
transactions
allocated
from
affiliated
Master
Portfolios | | | Interest
allocated
from
affiliated
Master
Portfolios | | | Dividends
allocated
from
affiliated
Master
Portfolios | | | Affiliated
income
allocated
from
affiliated
Master
Portfolios | | | Value, end
of period | | | % of
net
assets | |
Affiliated Master Portfolios | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio | | | 4.94 | % | | | 4.14 | % | | $ | (565,060 | ) | | $ | 726,077 | | | $ | 925,396 | | | $ | 0 | | | $ | 19,208 | | | $ | 25,327,052 | | | | | |
Wells Fargo Emerging Markets Bond Portfolio | | | 5.74 | | | | 4.96 | | | | (134,839 | ) | | | 597 | | | | 165,975 | | | | 0 | | | | 1,041 | | | | 2,187,198 | | | | | |
Wells Fargo Factor Enhanced Emerging Markets Portfolio | | | 1.26 | | | | 0.86 | | | | (175,434 | ) | | | (402,722 | ) | | | 251 | | | | 99,231 | | | | 1,782 | | | | 2,209,911 | | | | | |
Wells Fargo Factor Enhanced International Portfolio | | | 1.34 | | | | 1.08 | | | | 213,188 | | | | (938,810 | ) | | | 465 | | | | 386,848 | | | | 5,890 | | | | 7,503,800 | | | | | |
Wells Fargo Factor Enhanced Large Cap Portfolio | | | 1.55 | | | | 1.24 | | | | 3,268,968 | | | | (2,094,439 | ) | | | 1,140 | | | | 504,554 | | | | 10,312 | | | | 14,527,536 | | | | | |
Wells Fargo Factor Enhanced Small Cap Portfolio | | | 1.60 | | | | 1.30 | | | | 959,849 | | | | (435,790 | ) | | | 380 | | | | 80,918 | | | | 3,086 | | | | 3,621,231 | | | | | |
Wells Fargo High Yield Corporate Bond Portfolio | | | 3.30 | | | | 2.52 | | | | (121,178 | ) | | | 26,283 | | | | 197,293 | | | | 0 | | | | 714 | | | | 2,196,779 | | | | | |
Wells Fargo Investment Grade Corporate Bond Portfolio | | | 5.71 | | | | 5.01 | | | | (110,594 | ) | | | (345,171 | ) | | | 765,727 | | | | 0 | | | | 2,524 | | | | 13,219,709 | | | | | |
Wells Fargo Strategic Retirement Bond Portfolio | | | 13.57 | | | | 11.73 | | | | (173,422 | ) | | | 176,440 | | | | 319,267 | | | | 0 | | | | 1,116 | | | | 8,575,558 | | | | | |
Wells Fargo U.S. REIT Portfolio | | | 7.72 | | | | 5.75 | | | | 103,004 | | | | 555,084 | | | | 0 | | | | 134,919 | | | | 238 | | | | 2,504,589 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | | $ | 3,264,482 | | | $ | (2,732,451 | ) | | $ | 2,375,894 | | | $ | 1,206,470 | | | $ | 45,911 | | | $ | 81,873,363 | | | | 100.33 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 54 | | Target Date Retirement Funds | | Portfolio of investments—February 28, 2019 |
TARGET 2020 FUND
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | | | | Value | |
| | | | |
Investment Companies: 100.06% | | | | | | | | | | | | | | | | |
| | | | |
| Affiliated Master Portfolios: 100.06% | | | | | | | | | | | | | | | | |
| | | | |
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio | | | | | | | | | | | | | | $ | 115,484,611 | |
| | | | |
Wells Fargo Emerging Markets Bond Portfolio | | | | | | | | | | | | | | | 9,830,204 | |
| | | | |
Wells Fargo Factor Enhanced Emerging Markets Portfolio | | | | | | | | | | | | | | | 13,481,589 | |
| | | | |
Wells Fargo Factor Enhanced International Portfolio | | | | | | | | | | | | | | | 45,637,671 | |
| | | | |
Wells Fargo Factor Enhanced Large Cap Portfolio | | | | | | | | | | | | | | | 86,560,472 | |
| | | | |
Wells Fargo Factor Enhanced Small Cap Portfolio | | | | | | | | | | | | | | | 21,638,314 | |
| | | | |
Wells Fargo High Yield Corporate Bond Portfolio | | | | | | | | | | | | | | | 9,834,009 | |
| | | | |
Wells Fargo Investment Grade Corporate Bond Portfolio | | | | | | | | | | | | | | | 60,143,400 | |
| | | | |
Wells Fargo Strategic Retirement Bond Portfolio | | | | | | | | | | | | | | | 32,568,533 | |
| | | | |
Wells Fargo U.S. REIT Portfolio | | | | | | | | | | | | | | | 12,043,911 | |
| | | | |
Total Investment Companies (Cost $371,917,036) | | | | | | | | | | | | | | | 407,222,714 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | |
| Total investments in securities (Cost $371,917,036) | | | 100.06 | % | | | 407,222,714 | |
| | |
Other assets and liabilities, net | | | (0.06 | ) | | | (251,618 | ) |
| | | | | | | | |
| Total net assets | | | 100.00 | % | | $ | 406,971,096 | |
| | | | | | | | |
Transactions with the affiliated Master Portfolios were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | % of
ownership, beginning of
period | | | % of
ownership, end of
period | | | Net
realized
gains
(losses) on
securities
transactions
allocated
from
affiliated
Master
Portfolios | | | Net
change in
unrealized
gains
(losses) on
securities
transactions
allocated
from
affiliated
Master
Portfolios | | | Interest
allocated
from
affiliated
Master
Portfolios | | | Dividends
allocated
from
affiliated
Master
Portfolios | | | Affiliated
income
allocated
from
affiliated
Master
Portfolios | | | Value, end
of period | | | % of
net
assets | |
Affiliated Master Portfolios | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio | | | 23.29 | % | | | 18.88 | % | | $ | (2,812,018 | ) | | $ | 2,984,641 | | | $ | 4,520,541 | | | $ | 0 | | | $ | 92,162 | | | $ | 115,484,611 | | | | | |
Wells Fargo Emerging Markets Bond Portfolio | | | 26.96 | | | | 22.29 | | | | (649,424 | ) | | | (61,675 | ) | | | 808,475 | | | | 0 | | | | 4,973 | | | | 9,830,204 | | | | | |
Wells Fargo Factor Enhanced Emerging Markets Portfolio | | | 8.15 | | | | 5.25 | | | | (1,981,955 | ) | | | (1,912,354 | ) | | | 1,742 | | | | 649,589 | | | | 12,129 | | | | 13,481,589 | | | | | |
Wells Fargo Factor Enhanced International Portfolio | | | 8.68 | | | | 6.54 | | | | (470,350 | ) | | | (7,206,630 | ) | | | 3,204 | | | | 2,570,795 | | | | 40,067 | | | | 45,637,671 | | | | | |
Wells Fargo Factor Enhanced Large Cap Portfolio | | | 9.72 | | | | 7.38 | | | | 14,339,764 | | | | (13,522,955 | ) | | | 7,658 | | | | 3,322,494 | | | | 68,411 | | | | 86,560,472 | | | | | |
Wells Fargo Factor Enhanced Small Cap Portfolio | | | 10.19 | | | | 7.78 | | | | 3,980,209 | | | | (1,534,237 | ) | | | 2,552 | | | | 547,090 | | | | 20,611 | | | | 21,638,314 | | | | | |
Wells Fargo High Yield Corporate Bond Portfolio | | | 15.50 | | | | 11.26 | | | | (610,386 | ) | | | (12,349 | ) | | | 960,477 | | | | 0 | | | | 3,409 | | | | 9,834,009 | | | | | |
Wells Fargo Investment Grade Corporate Bond Portfolio | | | 26.91 | | | | 22.77 | | | | (271,893 | ) | | | 3,583,156 | | | | 3,736,154 | | | | 0 | | | | 12,348 | | | | 60,143,400 | | | | | |
Wells Fargo Strategic Retirement Bond Portfolio | | | 47.61 | | | | 44.53 | | | | (627,067 | ) | | | 341,003 | | | | 1,133,234 | | | | 0 | | | | 4,180 | | | | 32,568,533 | | | | | |
Wells Fargo U.S. REIT Portfolio | | | 35.62 | | | | 27.64 | | | | 275,806 | | | | 2,418,057 | | | | 0 | | | | 649,753 | | | | 1,177 | | | | 12,043,911 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | | $ | 11,172,686 | | | $ | (14,923,343 | ) | | $ | 11,174,037 | | | $ | 7,739,721 | | | $
| 259,467
|
| | $ | 407,222,714 | | | | 100.06 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—February 28, 2019 | | Target Date Retirement Funds | | | 55 | |
TARGET 2025 FUND
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | | | | Value | |
| | | | |
Investment Companies: 100.49% | | | | | | | | | | | | | | | | |
| | | | |
| Affiliated Master Portfolios: 100.49% | | | | | | | | | | | | | | | | |
| | | | |
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio | | | | | | | | | | | | | | $ | 73,709,030 | |
| | | | |
Wells Fargo Emerging Markets Bond Portfolio | | | | | | | | | | | | | | | 6,308,419 | |
| | | | |
Wells Fargo Factor Enhanced Emerging Markets Portfolio | | | | | | | | | | | | | | | 12,781,313 | |
| | | | |
Wells Fargo Factor Enhanced International Portfolio | | | | | | | | | | | | | | | 43,602,243 | |
| | | | |
Wells Fargo Factor Enhanced Large Cap Portfolio | | | | | | | | | | | | | | | 79,583,267 | |
| | | | |
Wells Fargo Factor Enhanced Small Cap Portfolio | | | | | | | | | | | | | | | 19,828,672 | |
| | | | |
Wells Fargo High Yield Corporate Bond Portfolio | | | | | | | | | | | | | | | 6,335,656 | |
| | | | |
Wells Fargo Investment Grade Corporate Bond Portfolio | | | | | | | | | | | | | | | 38,579,464 | |
| | | | |
Wells Fargo Strategic Retirement Bond Portfolio | | | | | | | | | | | | | | | 10,370,324 | |
| | | | |
Wells Fargo U.S. REIT Portfolio | | | | | | | | | | | | | | | 5,590,493 | |
| | | | |
Total Investment Companies (Cost $274,939,502) | | | | | | | | | | | | | | | 296,688,881 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | |
| Total investments in securities (Cost $274,939,502) | | | 100.49 | % | | | 296,688,881 | |
| | |
Other assets and liabilities, net | | | (0.49 | ) | | | (1,438,390 | ) |
| | | | | | | | |
| Total net assets | | | 100.00 | % | | $ | 295,250,491 | |
| | | | | | | | |
Transactions with the affiliated Master Portfolios were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | % of ownership, beginning of period | | | % of ownership, end of period | | | Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolios | | | Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolios | | | Interest allocated from affiliated Master Portfolios | | | Dividends allocated from affiliated Master Portfolios | | | Affiliated income allocated from affiliated Master Portfolios | | | Value, end of period | | | % of net assets | |
Affiliated Master Portfolios | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Wells Fargo Bloomberg Barclays US Aggregateex-Corporate Portfolio | | | 10.88 | % | | | 12.05 | % | | $ | (1,308,302 | ) | | $ | (2,687,725 | ) | | $ | 2,251,514 | | | $ | 0 | | | $ | 45,725 | | | $ | 73,709,030 | | | | | |
Wells Fargo Emerging Markets Bond Portfolio | | | 12.55 | | | | 14.31 | | | | (300,412 | ) | | | 4,950,207 | | | | 399,799 | | | | 0 | | | | 2,553 | | | | 6,308,419 | | | | | |
Wells Fargo Factor Enhanced Emerging Markets Portfolio | | | 5.71 | | | | 4.98 | | | | (683,199 | ) | | | (1,146,400 | ) | | | 1,289 | | | | 478,870 | | | | 9,000 | | | | 12,781,313 | | | | | |
Wells Fargo Factor Enhanced International Portfolio | | | 6.08 | | | | 6.25 | | | | 1,002,273 | | | | (9,478,474 | ) | | | 2,366 | | | | 1,857,957 | | | | 29,738 | | | | 43,602,243 | | | | | |
Wells Fargo Factor Enhanced Large Cap Portfolio | | | 6.53 | | | | 6.78 | | | | 16,374,558 | | | | (23,608,438 | ) | | | 5,450 | | | | 2,306,352 | | | | 49,372 | | | | 79,583,267 | | | | | |
Wells Fargo Factor Enhanced Small Cap Portfolio | | | 6.79 | | | | 7.13 | | | | 4,762,904 | | | | (2,042,617 | ) | | | 1,808 | | | | 365,231 | | | | 14,776 | | | | 19,828,672 | | | | | |
Wells Fargo High Yield Corporate Bond Portfolio | | | 7.21 | | | | 7.26 | | | | (273,865 | ) | | | 2,537,472 | | | | 473,097 | | | | 0 | | | | 1,749 | | | | 6,335,656 | | | | | |
Wells Fargo Investment Grade Corporate Bond Portfolio | | | 12.58 | | | | 14.61 | | | | (1,096,153 | ) | | | 4,047,511 | | | | 1,858,979 | | | | 0 | | | | 6,337 | | | | 38,579,464 | | | | | |
Wells Fargo Strategic Retirement Bond Portfolio | | | 10.14 | | | | 14.18 | | | | (142,553 | ) | | | 4,135,580 | | | | 247,702 | | | | 0 | | | | 1,029 | | | | 10,370,324 | | | | | |
Wells Fargo U.S. REIT Portfolio | | | 10.98 | | | | 12.83 | | | | 441,283 | | | | 5,066,592 | | | | 0 | | | | 183,949 | | | | 406 | | | | 5,590,493 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | | $ | 18,776,534 | | | $ | (18,226,292 | ) | | $ | 5,242,004 | | | $ | 5,192,359 | | | $ | 160,685 | | | $ | 296,688,881 | | | | 100.49 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 56 | | Target Date Retirement Funds | | Portfolio of investments—February 28, 2019 |
TARGET 2030 FUND
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | | | | Value | |
| | | | |
Investment Companies: 99.99% | | | | | | | | | | | | | | | | |
| | | | |
| Affiliated Master Portfolios: 99.99% | | | | | | | | | | | | | | | | |
| | | | |
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio | | | | | | | | | | | | | | $ | 115,758,104 | |
| | | | |
Wells Fargo Emerging Markets Bond Portfolio | | | | | | | | | | | | | | | 9,757,972 | |
| | | | |
Wells Fargo Factor Enhanced Emerging Markets Portfolio | | | | | | | | | | | | | | | 29,966,224 | |
| | | | |
Wells Fargo Factor Enhanced International Portfolio | | | | | | | | | | | | | | | 104,006,638 | |
| | | | |
Wells Fargo Factor Enhanced Large Cap Portfolio | | | | | | | | | | | | | | | 177,978,579 | |
| | | | |
Wells Fargo Factor Enhanced Small Cap Portfolio | | | | | | | | | | | | | | | 43,039,374 | |
| | | | |
Wells Fargo High Yield Corporate Bond Portfolio | | | | | | | | | | | | | | | 9,761,749 | |
| | | | |
Wells Fargo Investment Grade Corporate Bond Portfolio | | | | | | | | | | | | | | | 60,325,702 | |
| | | | |
Wells Fargo Strategic Retirement Bond Portfolio | | | | | | | | | | | | | | | 4,450,024 | |
| | | | |
Wells Fargo U.S. REIT Portfolio | | | | | | | | | | | | | | | 2,745,112 | |
| | | | |
Total Investment Companies (Cost $515,041,051) | | | | | | | | | | | | | | | 557,789,478 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | |
| Total investments in securities (Cost $515,041,051) | | | 99.99 | % | | | 557,789,478 | |
| | |
Other assets and liabilities, net | | | 0.01 | | | | 50,760 | |
| | | | | | | | |
| Total net assets | | | 100.00 | % | | $ | 557,840,238 | |
| | | | | | | | |
Transactions with the affiliated Master Portfolios were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | % of ownership, beginning of period | | | % of ownership, end of period | | | Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolios | | | Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolios | | | Interest allocated from affiliated Master Portfolios | | | Dividends allocated from affiliated Master Portfolios | | | Affiliated income allocated from affiliated Master Portfolios | | | Value, end of period | | | % of net assets | |
Affiliated Master Portfolios | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Wells Fargo Bloomberg Barclays US Aggregateex-Corporate Portfolio | | | 18.95 | % | | | 18.92 | % | | $ | (2,190,548 | ) | | $ | 4,594,800 | | | $ | 3,674,766 | | | $ | 0 | | | $ | 74,883 | | | $ | 115,758,104 | | | | | |
Wells Fargo Emerging Markets Bond Portfolio | | | 21.80 | | | | 22.13 | | | | (508,565 | ) | | | 199,806 | | | | 651,844 | | | | 0 | | | | 4,140 | | | | 9,757,972 | | | | | |
Wells Fargo Factor Enhanced Emerging Markets Portfolio | | | 14.99 | | | | 11.68 | | | | (3,751,386 | ) | | | (2,879,684 | ) | | | 3,175 | | | | 1,181,514 | | | | 22,056 | | | | 29,966,224 | | | | | |
Wells Fargo Factor Enhanced International Portfolio | | | 16.07 | | | | 14.90 | | | | (1,593,126 | ) | | | (10,104,049 | ) | | | 5,928 | | | | 4,714,682 | | | | 73,651 | | | | 104,006,638 | | | | | |
Wells Fargo Factor Enhanced Large Cap Portfolio | | | 16.49 | | | | 15.17 | | | | 24,215,709 | | | | (18,617,772 | ) | | | 12,999 | | | | 5,506,184 | | | | 117,475 | | | | 177,978,579 | | | | | |
Wells Fargo Factor Enhanced Small Cap Portfolio | | | 17.18 | | | | 15.48 | | | | 6,022,714 | | | | (406,897 | ) | | | 4,296 | | | | 887,001 | | | | 34,777 | | | | 43,039,374 | | | | | |
Wells Fargo High Yield Corporate Bond Portfolio | | | 12.53 | | | | 11.18 | | | | (465,377 | ) | | | 227,535 | | | | 776,604 | | | | 0 | | | | 2,823 | | | | 9,761,749 | | | | | |
Wells Fargo Investment Grade Corporate Bond Portfolio | | | 21.91 | | | | 22.84 | | | | (454,873 | ) | | | 4,492,169 | | | | 3,035,196 | | | | 0 | | | | 10,391 | | | | 60,325,702 | | | | | |
Wells Fargo Strategic Retirement Bond Portfolio | | | 4.14 | | | | 6.08 | | | | (46,169 | ) | | | 341,650 | | | | 95,309 | | | | 0 | | | | 412 | | | | 4,450,024 | | | | | |
Wells Fargo U.S. REIT Portfolio | | | 5.78 | | | | 6.30 | | | | 141,164 | | | | 565,779 | | | | 0 | | | | 93,396 | | | | 203 | | | | 2,745,112 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | | $ | 21,369,543 | | | $ | (21,586,663 | ) | | $ | 8,260,117 | | | $ | 12,382,777 | | | $ | 340,811 | | | $ | 557,789,478 | | | | 99.99 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—February 28, 2019 | | Target Date Retirement Funds | | | 57 | |
TARGET 2035 FUND
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | | | | Value | |
| | | | |
Investment Companies: 100.67% | | | | | | | | | | | | | | | | |
| | | | |
| Affiliated Master Portfolios: 100.67% | | | | | | | | | | | | | | | | |
| | | | |
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio | | | | | | | | | | | | | | $ | 40,905,346 | |
| | | | |
Wells Fargo Emerging Markets Bond Portfolio | | | | | | | | | | | | | | | 3,488,962 | |
| | | | |
Wells Fargo Factor Enhanced Emerging Markets Portfolio | | | | | | | | | | | | | | | 16,965,236 | |
| | | | |
Wells Fargo Factor Enhanced International Portfolio | | | | | | | | | | | | | | | 58,160,209 | |
| | | | |
Wells Fargo Factor Enhanced Large Cap Portfolio | | | | | | | | | | | | | | | 97,712,764 | |
| | | | |
Wells Fargo Factor Enhanced Small Cap Portfolio | | | | | | | | | | | | | | | 24,391,853 | |
| | | | |
Wells Fargo High Yield Corporate Bond Portfolio | | | | | | | | | | | | | | | 3,503,590 | |
| | | | |
Wells Fargo Investment Grade Corporate Bond Portfolio | | | | | | | | | | | | | | | 21,298,207 | |
| | | | |
Total Investment Companies (Cost $250,063,340) | | | | | | | | | | | | | | | 266,426,167 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | |
| Total investments in securities (Cost $250,063,340) | | | 100.67 | % | | | 266,426,167 | |
| | |
Other assets and liabilities, net | | | (0.67 | ) | | | (1,770,023 | ) |
| | | | | | | | |
| Total net assets | | | 100.00 | % | | $ | 264,656,144 | |
| | | | | | | | |
Transactions with the affiliated Master Portfolio were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | % of ownership, beginning of period | | | % of ownership, end of period | | | Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolios | | | Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolios | | | Interest allocated from affiliated Master Portfolios | | | Dividends allocated from affiliated Master Portfolios | | | Affiliated income allocated from affiliated Master Portfolios | | | Value, end of period | | | % of net assets | |
Affiliated Master Portfolios | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Wells Fargo Bloomberg Barclays US Aggregateex-Corporate Portfolio | | | 5.99 | % | | | 6.69 | % | | $ | (673,577 | ) | | $ | 416,522 | | | $ | 1,214,956 | | | $ | 0 | | | $ | 24,732 | | | $ | 40,905,346 | | | | | |
Wells Fargo Emerging Markets Bond Portfolio | | | 6.91 | | | | 7.91 | | | | (166,848 | ) | | | 5,312,406 | | | | 216,152 | | | | 0 | | | | 1,375 | | | | 3,488,962 | | | | | |
Wells Fargo Factor Enhanced Emerging Markets Portfolio | | | 7.89 | | | | 6.61 | | | | (2,242,606 | ) | | | 2,510,447 | | | | 1,736 | | | | 650,292 | | | | 12,159 | | | | 16,965,236 | | | | | |
Wells Fargo Factor Enhanced International Portfolio | | | 8.45 | | | | 8.33 | | | | (1,172,799 | ) | | | (7,212,544 | ) | | | 3,198 | | | | 2,537,006 | | | | 40,282 | | | | 58,160,209 | | | | | |
Wells Fargo Factor Enhanced Large Cap Portfolio | | | 8.35 | | | | 8.33 | | | | 12,737,733 | | | | (17,646,693 | ) | | | 6,764 | | | | 2,885,352 | | | | 61,275 | | | | 97,712,764 | | | | | |
Wells Fargo Factor Enhanced Small Cap Portfolio | | | 8.62 | | | | 8.77 | | | | 2,843,365 | | | | 3,386,266 | | | | 2,243 | | | | 456,742 | | | | 18,336 | | | | 24,391,853 | | | | | |
Wells Fargo High Yield Corporate Bond Portfolio | | | 3.97 | | | | 4.01 | | | | (147,802 | ) | | | 2,864,816 | | | | 255,885 | | | | 0 | | | | 944 | | | | 3,503,590 | | | | | |
Wells Fargo Investment Grade Corporate Bond Portfolio | | | 6.92 | | | | 8.06 | | | | (283,531 | ) | | | (2,410,325 | ) | | | 1,002,425 | | | | 0 | | | | 3,405 | | | | 21,298,207 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | | $ | 10,893,935 | | | $ | (12,779,105 | ) | | $ | 2,703,359 | | | $ | 6,529,392 | | | $ | 162,508 | | | $ | 266,426,167 | | | | 100.67 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 58 | | Target Date Retirement Funds | | Portfolio of investments—February 28, 2019 |
TARGET 2040 FUND
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | | | | Value | |
| | | | |
Investment Companies: 100.01% | | | | | | | | | | | | | | | | |
| | | | |
| Affiliated Master Portfolios: 100.01% | | | | | | | | | | | | | | | | |
| | | | |
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio | | | | | | | | | | | | | | $ | 52,586,347 | |
| | | | |
Wells Fargo Emerging Markets Bond Portfolio | | | | | | | | | | | | | | | 4,448,001 | |
| | | | |
Wells Fargo Factor Enhanced Emerging Markets Portfolio | | | | | | | | | | | | | | | 35,557,592 | |
| | | | |
Wells Fargo Factor Enhanced International Portfolio | | | | | | | | | | | | | | | 122,126,783 | |
| | | | |
Wells Fargo Factor Enhanced Large Cap Portfolio | | | | | | | | | | | | | | | 198,022,293 | |
| | | | |
Wells Fargo Factor Enhanced Small Cap Portfolio | | | | | | | | | | | | | | | 49,464,059 | |
| | | | |
Wells Fargo High Yield Corporate Bond Portfolio | | | | | | | | | | | | | | | 4,449,723 | |
| | | | |
Wells Fargo Investment Grade Corporate Bond Portfolio | | | | | | | | | | | | | | | 27,367,385 | |
| | | | |
Total Investment Companies (Cost $457,301,213) | | | | | | | | | | | | | | | 494,022,183 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | |
| Total investments in securities (Cost $457,301,213) | | | 100.01 | % | | | 494,022,183 | |
| | |
Other assets and liabilities, net | | | (0.01 | ) | | | (33,112 | ) |
| | | | | | | | |
| Total net assets | | | 100.00 | % | | $ | 493,989,071 | |
| | | | | | | | |
Transactions with the affiliated Master Portfolios were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | % of ownership, beginning of period | | | % of ownership, end of period | | | Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolios | | | Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolios | | | Interest allocated from affiliated Master Portfolios | | | Dividends allocated from affiliated Master Portfolios | | | Affiliated income allocated from affiliated Master Portfolios | | | Value, end of period | | | % of net assets | |
Affiliated Master Portfolios | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Wells Fargo Bloomberg Barclays US Aggregateex-Corporate Portfolio | | | 8.29 | % | | | 8.60 | % | | $ | (959,968 | ) | | $ | 2,216,109 | | | $ | 1,626,719 | | | $ | 0 | | | $ | 33,148 | | | $ | 52,586,347 | | | | | |
Wells Fargo Emerging Markets Bond Portfolio | | | 9.57 | | | | 10.09 | | | | (225,312 | ) | | | 118,595 | | | | 289,528 | | | | 0 | | | | 1,843 | | | | 4,448,001 | | | | | |
Wells Fargo Factor Enhanced Emerging Markets Portfolio | | | 17.25 | | | | 13.86 | | | | (4,613,631 | ) | | | (2,725,437 | ) | | | 3,682 | | | | 1,372,088 | | | | 25,615 | | | | 35,557,592 | | | | | |
Wells Fargo Factor Enhanced International Portfolio | | | 18.39 | | | | 17.50 | | | | (3,174,514 | ) | | | (9,052,098 | ) | | | 6,815 | | | | 5,413,592 | | | | 84,908 | | | | 122,126,783 | | | | | |
Wells Fargo Factor Enhanced Large Cap Portfolio | | | 17.62 | | | | 16.87 | | | | 21,973,977 | | | | (12,917,703 | ) | | | 13,974 | | | | 5,910,224 | | | | 126,514 | | | | 198,022,293 | | | | | |
Wells Fargo Factor Enhanced Small Cap Portfolio | | | 18.26 | | | | 17.79 | | | | 5,807,916 | | | | 684,695 | | | | 4,623 | | | | 937,903 | | | | 37,515 | | | | 49,464,059 | | | | | |
Wells Fargo High Yield Corporate Bond Portfolio | | | 5.50 | | | | 5.10 | | | | (205,661 | ) | | | 128,372 | | | | 344,511 | | | | 0 | | | | 1,254 | | | | 4,449,723 | | | | | |
Wells Fargo Investment Grade Corporate Bond Portfolio | | | 9.58 | | | | 10.36 | | | | (438,182 | ) | | | 2,271,930 | | | | 1,342,515 | | | | 0 | | | | 4,597 | | | | 27,367,385 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | | $ | 18,164,625 | | | $ | (19,275,537 | ) | | $ | 3,632,367 | | | $ | 13,633,807 | | | $ | 315,394 | | | $ | 494,022,183 | | | | 100.01 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—February 28, 2019 | | Target Date Retirement Funds | | | 59 | |
TARGET 2045 FUND
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | | | | Value | |
| | | | |
Investment Companies: 100.89% | | | | | | | | | | | | | | | | |
| | | | |
| Affiliated Master Portfolios: 100.89% | | | | | | | | | | | | | | | | |
| | | | |
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio | | | | | | | | | | | | | | $ | 12,070,738 | |
| | | | |
Wells Fargo Emerging Markets Bond Portfolio | | | | | | | | | | | | | | | 1,027,021 | |
| | | | |
Wells Fargo Factor Enhanced Emerging Markets Portfolio | | | | | | | | | | | | | | | 12,368,580 | |
| | | | |
Wells Fargo Factor Enhanced International Portfolio | | | | | | | | | | | | | | | 41,626,567 | |
| | | | |
Wells Fargo Factor Enhanced Large Cap Portfolio | | | | | | | | | | | | | | | 65,790,113 | |
| | | | |
Wells Fargo Factor Enhanced Small Cap Portfolio | | | | | | | | | | | | | | | 16,433,715 | |
| | | | |
Wells Fargo High Yield Corporate Bond Portfolio | | | | | | | | | | | | | | | 1,026,326 | |
| | | | |
Wells Fargo Investment Grade Corporate Bond Portfolio | | | | | | | | | | | | | | | 6,283,869 | |
| | | | |
Total Investment Companies (Cost $148,757,816) | | | | | | | | | | | | | | | 156,626,929 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | |
| Total investments in securities (Cost $148,757,816) | | | 100.89 | % | | | 156,626,929 | |
| | |
Other assets and liabilities, net | | | (0.89 | ) | | | (1,374,852 | ) |
| | | | | | | | |
| Total net assets | | | 100.00 | % | | $ | 155,252,077 | |
| | | | | | | | |
Transactions with the affiliated Master Portfolios were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | % of
ownership, beginning of
period | | | % of
ownership, end of
period | | | Net
realized
gains
(losses) on
securities
transactions
allocated
from
affiliated
Master
Portfolios | | | Net
change in
unrealized
gains
(losses) on
securities
transactions
allocated
from
affiliated
Master
Portfolios | | | Interest
allocated
from
affiliated
Master
Portfolios | | | Dividends
allocated
from
affiliated
Master
Portfolios | | | Affiliated
income
allocated
from
affiliated
Master
Portfolios | | | Value, end
of period | | | % of
net
assets | |
Affiliated Master Portfolios | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio | | | 1.95 | % | | | 1.97 | % | | $ | (221,795 | ) | | $ | 411,639 | | | $ | 385,059 | | | $ | 0 | | | $ | 7,855 | | | $ | 12,070,738 | | | | | |
Wells Fargo Emerging Markets Bond Portfolio | | | 2.25 | | | | 2.33 | | | | (54,535 | ) | | | 13,249 | | | | 68,549 | | | | 0 | | | | 430 | | | | 1,027,021 | | | | | |
Wells Fargo Factor Enhanced Emerging Markets Portfolio | | | 6.11 | | | | 4.82 | | | | (1,860,223 | ) | | | (924,665 | ) | | | 1,315 | | | | 495,608 | | | | 9,245 | | | | 12,368,580 | | | | | |
Wells Fargo Factor Enhanced International Portfolio | | | 6.54 | | | | 5.96 | | | | (1,457,994 | ) | | | (3,441,326 | ) | | | 2,410 | | | | 1,926,712 | | | | 30,417 | | | | 41,626,567 | | | | | |
Wells Fargo Factor Enhanced Large Cap Portfolio | | | 6.15 | | | | 5.61 | | | | 7,320,844 | | | | (5,119,074 | ) | | | 4,838 | | | | 2,082,394 | | | | 43,709 | | | | 65,790,113 | | | | | |
Wells Fargo Factor Enhanced Small Cap Portfolio | | | 6.35 | | | | 5.91 | | | | 1,700,742 | | | | 121,925 | | | | 1,611 | | | | 334,692 | | | | 13,157 | | | | 16,433,715 | | | | | |
Wells Fargo High Yield Corporate Bond Portfolio | | | 1.29 | | | | 1.18 | | | | (48,548 | ) | | | 13,311 | | | | 81,171 | | | | 0 | | | | 295 | | | | 1,026,326 | | | | | |
Wells Fargo Investment Grade Corporate Bond Portfolio | | | 2.25 | | | | 2.38 | | | | (186,878 | ) | | | 561,018 | | | | 317,963 | | | | 0 | | | | 1,069 | | | | 6,283,869 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | | $ | 5,191,613 | | | $ | (8,363,923 | ) | | $ | 862,916 | | | $ | 4,839,406 | | | $ | 106,177 | | | $ | 156,626,929 | | | | 100.89 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 60 | | Target Date Retirement Funds | | Portfolio of investments—February 28, 2019 |
TARGET 2050 FUND
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | | | | Value | |
| | | | |
Investment Companies: 100.07% | | | | | | | | | | | | | | | | |
| | | | |
| Affiliated Master Portfolios: 100.07% | | | | | | | | | | | | | | | | |
| | | | |
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio | | | | | | | | | | | | | | $ | 13,137,541 | |
| | | | |
Wells Fargo Emerging Markets Bond Portfolio | | | | | | | | | | | | | | | 1,111,073 | |
| | | | |
Wells Fargo Factor Enhanced Emerging Markets Portfolio | | | | | | | | | | | | | | | 18,232,970 | |
| | | | |
Wells Fargo Factor Enhanced International Portfolio | | | | | | | | | | | | | | | 61,401,068 | |
| | | | |
Wells Fargo Factor Enhanced Large Cap Portfolio | | | | | | | | | | | | | | | 96,012,496 | |
| | | | |
Wells Fargo Factor Enhanced Small Cap Portfolio | | | | | | | | | | | | | | | 23,943,011 | |
| | | | |
Wells Fargo High Yield Corporate Bond Portfolio | | | | | | | | | | | | | | | 1,111,503 | |
| | | | |
Wells Fargo Investment Grade Corporate Bond Portfolio | | | | | | | | | | | | | | | 6,834,398 | |
| | | | |
Total Investment Companies (Cost $200,395,710) | | | | | | | | | | | | | | | 221,784,060 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | |
| Total investments in securities (Cost $200,395,710) | | | 100.07 | % | | | 221,784,060 | |
| | |
Other assets and liabilities, net | | | (0.07 | ) | | | (145,676 | ) |
| | | | | | | | |
| Total net assets | | | 100.00 | % | | $ | 221,638,384 | |
| | | | | | | | |
Transactions with the affiliated Master Portfolios were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | % of ownership, beginning of
period | | | % of
ownership, end of
period | | | Net
realized
gains
(losses) on
securities
transactions
allocated
from
affiliated
Master
Portfolios | | | Net
change in
unrealized
gains
(losses) on
securities
transactions
allocated
from
affiliated
Master
Portfolios | | | Interest
allocated
from
affiliated
Master
Portfolios | | | Dividends
allocated
from
affiliated
Master
Portfolios | | | Affiliated
income
allocated
from
affiliated
Master
Portfolios | | | Value, end
of period | | | % of
net
assets | |
Affiliated Master Portfolios | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio | | | 2.65 | % | | | 2.15 | % | | $ | (318,351 | ) | | $ | 402,078 | | | $ | 486,791 | | | $ | 0 | | | $ | 10,018 | | | $ | 13,137,541 | | | | | |
Wells Fargo Emerging Markets Bond Portfolio | | | 3.06 | | | | 2.52 | | | | (71,482 | ) | | | 2,915 | | | | 86,459 | | | | 0 | | | | 540 | | | | 1,111,073 | | | | | |
Wells Fargo Factor Enhanced Emerging Markets Portfolio | | | 10.32 | | | | 7.10 | | | | (2,847,636 | ) | | | (1,925,378 | ) | | | 2,032 | | | | 787,234 | | | | 14,348 | | | | 18,232,970 | | | | | |
Wells Fargo Factor Enhanced International Portfolio | | | 11.03 | | | | 8.80 | | | | (942,356 | ) | | | (5,019,512 | ) | | | 3,780 | | | | 3,111,886 | | | | 47,250 | | | | 61,401,068 | | | | | |
Wells Fargo Factor Enhanced Large Cap Portfolio | | | 10.27 | | | | 8.18 | | | | 15,693,445 | | | | (9,028,676 | ) | | | 7,488 | | | | 3,246,842 | | | | 67,782 | | | | 96,012,496 | | | | | |
Wells Fargo Factor Enhanced Small Cap Portfolio | | | 10.65 | | | | 8.61 | | | | 3,740,327 | | | | (598,678 | ) | | | 2,491 | | | | 528,964 | | | | 20,111 | | | | 23,943,011 | | | | | |
Wells Fargo High Yield Corporate Bond Portfolio | | | 1.76 | | | | 1.27 | | | | (65,388 | ) | | | 12,318 | | | | 103,686 | | | | 0 | | | | 368 | | | | 1,111,503 | | | | | |
Wells Fargo Investment Grade Corporate Bond Portfolio | | | 3.06 | | | | 2.59 | | | | (275,075 | ) | | | 25,289 | | | | 402,518 | | | | 0 | | | | 1,356 | | | | 6,834,398 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | | $ | 14,913,484 | | | $ | (16,129,644 | ) | | $ | 1,095,245 | | | $ | 7,674,926 | | | $ | 161,773 | | | $ | 221,784,060 | | | | 100.07 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—February 28, 2019 | | Target Date Retirement Funds | | | 61 | |
TARGET 2055 FUND
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | | | | Value | |
| | | | |
Investment Companies: 102.06% | | | | | | | | | | | | | | | | |
| | | | |
| Affiliated Master Portfolios: 102.06% | | | | | | | | | | | | | | | | |
| | | | |
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio | | | | | | | | | | | | | | $ | 2,292,689 | |
| | | | |
Wells Fargo Emerging Markets Bond Portfolio | | | | | | | | | | | | | | | 193,914 | |
| | | | |
Wells Fargo Factor Enhanced Emerging Markets Portfolio | | | | | | | | | | | | | | | 3,178,596 | |
| | | | |
Wells Fargo Factor Enhanced International Portfolio | | | | | | | | | | | | | | | 10,704,704 | |
| | | | |
Wells Fargo Factor Enhanced Large Cap Portfolio | | | | | | | | | | | | | | | 16,726,245 | |
| | | | |
Wells Fargo Factor Enhanced Small Cap Portfolio | | | | | | | | | | | | | | | 4,181,011 | |
| | | | |
Wells Fargo High Yield Corporate Bond Portfolio | | | | | | | | | | | | | | | 193,990 | |
| | | | |
Wells Fargo Investment Grade Corporate Bond Portfolio | | | | | | | | | | | | | | | 1,192,595 | |
| | | | |
Total Investment Companies (Cost $38,429,659) | | | | | | | | | | | | | | | 38,663,744 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | |
| Total investments in securities (Cost $38,429,659) | | | 102.06 | % | | | 38,663,744 | |
| | |
Other assets and liabilities, net | | | (2.06 | ) | | | (781,982 | ) |
| | | | | | | | |
| Total net assets | | | 100.00 | % | | $ | 37,881,762 | |
| | | | | | | | |
Transactions with the affiliated Master Portfolios were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | % of
ownership, beginning of
period | | | % of
ownership, end of
period | | | Net
realized
gains
(losses) on
securities
transactions
allocated
from
affiliated
Master
Portfolios | | | Net
change in
unrealized
gains
(losses) on
securities
transactions
allocated
from
affiliated
Master
Portfolios | | | Interest
allocated
from
affiliated
Master
Portfolios | | | Dividends
allocated
from
affiliated
Master
Portfolios | | | Affiliated
income
allocated
from
affiliated
Master
Portfolios | | | Value, end
of period | | | % of
net
assets | |
Affiliated Master Portfolios | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio | | | 0.52 | % | | | 0.37 | % | | $ | (61,117 | ) | | $ | 104,801 | | | $ | 98,281 | | | $ | 0 | | | $ | 2,018 | | | $ | 2,292,689 | | | | | |
Wells Fargo Emerging Markets Bond Portfolio | | | 0.61 | | | | 0.44 | | | | (14,707 | ) | | | 903 | | | | 17,475 | | | | 0 | | | | 106 | | | | 193,914 | | | | | |
Wells Fargo Factor Enhanced Emerging Markets Portfolio | | | 2.02 | | | | 1.24 | | | | (686,565 | ) | | | (275,559 | ) | | | 409 | | | | 158,404 | | | | 2,932 | | | | 3,178,596 | | | | | |
Wells Fargo Factor Enhanced International Portfolio | | | 2.16 | | | | 1.53 | | | | (831,094 | ) | | | (934,915 | ) | | | 749 | | | | 622,174 | | | | 9,595 | | | | 10,704,704 | | | | | |
Wells Fargo Factor Enhanced Large Cap Portfolio | | | 2.01 | | | | 1.43 | | | | 1,611,265 | | | | (1,168,484 | ) | | | 1,479 | | | | 661,269 | | | | 13,363 | | | | 16,726,245 | | | | | |
Wells Fargo Factor Enhanced Small Cap Portfolio | | | 2.09 | | | | 1.50 | | | | 455,606 | | | | (3,643 | ) | | | 496 | | | | 109,732 | | | | 4,057 | | | | 4,181,011 | | | | | |
Wells Fargo High Yield Corporate Bond Portfolio | | | 0.35 | | | | 0.22 | | | | (13,045 | ) | | | 1,026 | | | | 20,750 | | | | 0 | | | | 74 | | | | 193,990 | | | | | |
Wells Fargo Investment Grade Corporate Bond Portfolio | | | 0.61 | | | | 0.45 | | | | (71,786 | ) | | | 138,060 | | | | 81,281 | | | | 0 | | | | 263 | | | | 1,192,595 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | | $ | 388,557 | | | $ | (2,137,811 | ) | | $ | 220,920 | | | $ | 1,551,579 | | | $ | 32,408 | | | $ | 38,663,744 | | | | 102.06 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 62 | | Target Date Retirement Funds | | Portfolio of investments—February 28, 2019 |
TARGET 2060 FUND
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | | | | Value | |
| | | | |
Investment Companies: 101.14% | | | | | | | | | | | | | | | | |
| | | | |
| Affiliated Master Portfolios: 101.14% | | | | | | | | | | | | | | | | |
| | | | |
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio | | | | | | | | | | | | | | $ | 990,793 | |
| | | | |
Wells Fargo Emerging Markets Bond Portfolio | | | | | | | | | | | | | | | 83,799 | |
| | | | |
Wells Fargo Factor Enhanced Emerging Markets Portfolio | | | | | | | | | | | | | | | 1,375,135 | |
| | | | |
Wells Fargo Factor Enhanced International Portfolio | | | | | | | | | | | | | | | 4,630,300 | |
| | | | |
Wells Fargo Factor Enhanced Large Cap Portfolio | | | | | | | | | | | | | | | 7,239,003 | |
| | | | |
Wells Fargo Factor Enhanced Small Cap Portfolio | | | | | | | | | | | | | | | 1,808,804 | |
| | | | |
Wells Fargo High Yield Corporate Bond Portfolio | | | | | | | | | | | | | | | 83,831 | |
| | | | |
Wells Fargo Investment Grade Corporate Bond Portfolio | | | | | | | | | | | | | | | 515,462 | |
| | | | |
Total Investment Companies (Cost $15,966,006) | | | | | | | | | | | | | | | 16,727,127 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | |
| Total investments in securities (Cost $15,966,006) | | | 101.14 | % | | | 16,727,127 | |
| | |
Other assets and liabilities, net | | | (1.14 | ) | | | (189,228 | ) |
| | | | | | | | |
| Total net assets | | | 100.00 | % | | $ | 16,537,899 | |
| | | | | | | | |
Transactions with the affiliated Master Portfolios were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | % of
ownership, beginning of
period | | | % of
ownership, end of
period | | | Net
realized
gains
(losses) on
securities
transactions
allocated
from
affiliated
Master
Portfolios | | | Net
change in
unrealized
gains
(losses) on
securities
transactions
allocated
from
affiliated
Master
Portfolios | | | Interest
allocated
from
affiliated
Master
Portfolios | | | Dividends
allocated
from
affiliated
Master
Portfolios | | | Affiliated
income
allocated
from
affiliated
Master
Portfolios | | | Value, end of period | | | % of
net
assets | |
Affiliated Master Portfolios | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio | | | 0.13 | % | | | 0.16 | % | | $ | (15,413 | ) | | $ | 22,890 | | | $ | 31,231 | | | $ | 0 | | | $ | 627 | | | $ | 990,793 | | | | | |
Wells Fargo Emerging Markets Bond Portfolio | | | 0.15 | | | | 0.19 | | | | (3,930 | ) | | | 430 | | | | 5,561 | | | | 0 | | | | 36 | | | | 83,799 | | | | | |
Wells Fargo Factor Enhanced Emerging Markets Portfolio | | | 0.51 | | | | 0.54 | | | | (205,528 | ) | | | (76,930 | ) | | | 134 | | | | 49,897 | | | | 948 | | | | 1,375,135 | | | | | |
Wells Fargo Factor Enhanced International Portfolio | | | 0.55 | | | | 0.66 | | | | (342,647 | ) | | | (30,438 | ) | | | 246 | | | | 189,689 | | | | 3,118 | | | | 4,630,300 | | | | | |
Wells Fargo Factor Enhanced Large Cap Portfolio | | | 0.51 | | | | 0.62 | | | | 140,098 | | | | 367,055 | | | | 488 | | | | 204,636 | | | | 4,449 | | | | 7,239,003 | | | | | |
Wells Fargo Factor Enhanced Small Cap Portfolio | | | 0.53 | | | | 0.65 | | | | 133,577 | | | | 21,567 | | | | 162 | | | | 32,192 | | | | 1,338 | | | | 1,808,804 | | | | | |
Wells Fargo High Yield Corporate Bond Portfolio | | | 0.09 | | | | 0.10 | | | | (3,367 | ) | | | 499 | | | | 6,563 | | | | 0 | | | | 24 | | | | 83,831 | | | | | |
Wells Fargo Investment Grade Corporate Bond Portfolio | | | 0.15 | | | | 0.20 | | | | (18,925 | ) | | | 5,606 | | | | 25,735 | | | | 0 | | | | 89 | | | | 515,462 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | | $ | (316,135 | ) | | $ | 310,679 | | | $ | 70,120 | | | $ | 476,414 | | | $ | 10,629 | | | $ | 16,727,127 | | | | 101.14 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
This page is intentionally left blank.
| | | | |
| 64 | | Target Date Retirement Funds | | Statements of assets and liabilities—February 28, 2019 |
| | | | | | | | |
| | | Target Today Fund | | | Target 2010 Fund | |
| | |
Assets | | | | | | | | |
Investments in affiliated Master Portfolios, at value (see cost below) | | $ | 68,391,104 | | | $ | 67,891,069 | |
Cash | | | 4,574 | | | | 5,971 | |
Receivable for Fund shares sold | | | 11,753 | | | | 13,091 | |
Receivable from manager | | | 10,236 | | | | 7,236 | |
Prepaid expenses and other assets | | | 34,204 | | | | 47,669 | |
| | | | |
Total assets | | | 68,451,871 | | | | 67,965,036 | |
| | | | |
| | |
Liabilities | | | | | | | | |
Payable for Fund shares redeemed | | | 109,723 | | | | 370,637 | |
Custodian and accounting fees payable | | | 32,252 | | | | 15,062 | |
Professional fees payable | | | 24,923 | | | | 23,386 | |
Shareholder report expenses payable | | | 14,479 | | | | 5,169 | |
Shareholder servicing fees payable | | | 9,478 | | | | 9,575 | |
Administration fees payable | | | 7,880 | | | | 7,711 | |
Trustees’ fees and expenses payable | | | 1,399 | | | | 1,391 | |
Distribution fees payable | | | 618 | | | | 459 | |
Accrued expenses and other liabilities | | | 547 | | | | 2,473 | |
| | | | |
Total liabilities | | | 201,299 | | | | 435,863 | |
| | | | |
Total net assets | | $ | 68,250,572 | | | $ | 67,529,173 | |
| | | | |
| | |
NET ASSETS CONSIST OF | | | | | | | | |
Paid-in capital | | $ | 63,495,437 | | | $ | 50,048,168 | |
Total distributable earnings | | | 4,755,135 | | | | 17,481,005 | |
| | | | |
Total net assets | | $ | 68,250,572 | | | $ | 67,529,173 | |
| | | | |
| | |
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE | | | | | | | | |
Net assets – Class A | | $ | 37,864,612 | | | $ | 35,776,504 | |
Shares outstanding – Class A1 | | | 4,373,905 | | | | 3,531,716 | |
Net asset value per share – Class A | | | $8.66 | | | | $10.13 | |
Maximum offering price per share – Class A2 | | | $9.19 | | | | $10.75 | |
Net assets – Class C | | $ | 922,828 | | | $ | 734,603 | |
Shares outstanding – Class C1 | | | 103,797 | | | | 71,752 | |
Net asset value per share – Class C | | | $8.89 | | | | $10.24 | |
Net assets – Class R | | $ | 27,712 | | | $ | 22,102 | |
Shares outstanding – Class R1 | | | 3,214 | | | | 2,201 | |
Net asset value per share – Class R | | | $8.62 | | | | $10.04 | |
Net assets – Class R4 | | $ | 2,824,910 | | | $ | 1,825,011 | �� |
Share outstanding – Class R41 | | | 317,593 | | | | 177,687 | |
Net asset value per share – Class R4 | | | $8.89 | | | | $10.27 | |
Net assets – Class R6 | | $ | 17,013,259 | | | $ | 16,788,802 | |
Shares outstanding – Class R61 | | | 1,915,942 | | | | 1,637,787 | |
Net asset value per share – Class R6 | | | $8.88 | | | | $10.25 | |
Net assets – Administrator Class | | $ | 9,597,251 | | | $ | 12,382,151 | |
Shares outstanding – Administrator Class1 | | | 1,078,574 | | | | 1,205,106 | |
Net asset value per share – Administrator Class | | | $8.90 | | | | $10.27 | |
| | |
Investments in affiliated Master Portfolios, at cost | | $ | 63,331,946 | | | $ | 50,155,799 | |
| | | | |
| 1 | Each Fund has an unlimited number of authorized shares. |
| 2 | Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced. |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Statements of assets and liabilities—February 28, 2019 | | Target Date Retirement Funds | | | 65 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Target 2015 Fund | | | Target 2020 Fund | | | Target 2025 Fund | | | Target 2030 Fund | | | Target 2035 Fund | | | Target 2040 Fund | | | Target 2045 Fund | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 81,873,363 | | | $ | 407,222,714 | | | $ | 296,688,881 | | | $ | 557,789,478 | | | $ | 266,426,167 | | | $ | 494,022,183 | | | $ | 156,626,929 | |
| | 9,186 | | | | 63,668 | | | | 49,823 | | | | 138,290 | | | | 75,565 | | | | 163,226 | | | | 61,598 | |
| | 12,496 | | | | 225,944 | | | | 68,655 | | | | 467,575 | | | | 84,242 | | | | 177,077 | | | | 201,852 | |
| | 15,445 | | | | 10,659 | | | | 12,958 | | | | 14,712 | | | | 17,452 | | | | 18,556 | | | | 18,509 | |
| | 522 | | | | 16,901 | | | | 99,670 | | | | 38,865 | | | | 1,626 | | | | 53,568 | | | | 1,055 | |
| | |
| | 81,911,012 | | | | 407,539,886 | | | | 296,919,987 | | | | 558,448,920 | | | | 266,605,052 | | | | 494,434,610 | | | | 156,909,943 | |
| | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 210,154 | | | | 278,445 | | | | 1,456,441 | | | | 258,346 | | | | 1,751,227 | | | | 154,849 | | | | 1,551,614 | |
| | 21,961 | | | | 92,494 | | | | 60,220 | | | | 98,562 | | | | 44,357 | | | | 81,567 | | | | 30,918 | |
| | 27,313 | | | | 28,511 | | | | 17,341 | | | | 28,649 | | | | 26,320 | | | | 25,869 | | | | 26,589 | |
| | 26,691 | | | | 84,461 | | | | 76,656 | | | | 116,518 | | | | 77,213 | | | | 81,102 | | | | 20,657 | |
| | 8,907 | | | | 44,004 | | | | 26,680 | | | | 55,691 | | | | 25,246 | | | | 53,324 | | | | 13,846 | |
| | 7,734 | | | | 37,339 | | | | 24,309 | | | | 47,676 | | | | 22,999 | | | | 45,607 | | | | 12,659 | |
| | 1,400 | | | | 1,497 | | | | 1,478 | | | | 1,490 | | | | 1,499 | | | | 1,469 | | | | 1,576 | |
| | 4 | | | | 2,039 | | | | 8 | | | | 1,750 | | | | 47 | | | | 1,752 | | | | 7 | |
| | 4,883 | | | | 0 | | | | 6,363 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
| | |
| | 309,047 | | | | 568,790 | | | | 1,669,496 | | | | 608,682 | | | | 1,948,908 | | | | 445,539 | | | | 1,657,866 | |
| | |
| $ | 81,601,965 | | | $ | 406,971,096 | | | $ | 295,250,491 | | | $ | 557,840,238 | | | $ | 264,656,144 | | | $ | 493,989,071 | | | $ | 155,252,077 | |
| | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 71,005,503 | | | $ | 373,534,493 | | | $ | 272,146,538 | | | $ | 516,056,097 | | | $ | 249,218,946 | | | $ | 459,970,788 | | | $ | 149,247,915 | |
| | 10,596,462 | | | | 33,436,603 | | | | 23,103,953 | | | | 41,784,141 | | | | 15,437,198 | | | | 34,018,283 | | | | 6,004,162 | |
| | |
| $ | 81,601,965 | | | $ | 406,971,096 | | | $ | 295,250,491 | | | $ | 557,840,238 | | | $ | 264,656,144 | | | $ | 493,989,071 | | | $ | 155,252,077 | |
| | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 36,235,852 | | | $ | 147,196,172 | | | $ | 106,484,779 | | | $ | 177,607,685 | | | $ | 108,389,096 | | | $ | 189,990,264 | | | $ | 56,491,070 | |
| | 5,145,611 | | | | 12,650,815 | | | | 19,110,823 | | | | 14,761,276 | | | | 14,688,020 | | | | 13,485,764 | | | | 6,947,867 | |
| | $7.04 | | | | $11.64 | | | | $5.57 | | | | $12.03 | | | | $7.38 | | | | $14.09 | | | | $8.13 | |
| | $7.47 | | | | $12.35 | | | | $5.91 | | | | $12.76 | | | | $7.83 | | | | $14.95 | | | | $8.63 | |
| | N/A | | | $ | 3,376,679 | | | | N/A | | | $ | 2,851,458 | | | | N/A | | | $ | 2,754,145 | | | | N/A | |
| | N/A | | | | 295,903 | | | | N/A | | | | 247,907 | | | | N/A | | | | 217,492 | | | | N/A | |
| | N/A | | | | $11.41 | | | | N/A | | | | $11.50 | | | | N/A | | | | $12.66 | | | | N/A | |
| $ | 19,525 | | | $ | 86,270 | | | $ | 43,934 | | | $ | 40,040 | | | $ | 249,542 | | | $ | 62,106 | | | $ | 36,514 | |
| | 2,716 | | | | 7,482 | | | | 7,988 | | | | 3,323 | | | | 33,521 | | | | 4,410 | | | | 4,407 | |
| | $7.19 | | | | $11.53 | | | | $5.50 | | | | $12.05 | | | | $7.44 | | | | $14.08 | | | | $8.29 | |
| $ | 7,352,420 | | | $ | 38,539,224 | | | $ | 42,045,689 | | | $ | 57,365,993 | | | $ | 34,388,321 | | | $ | 45,177,454 | | | $ | 22,076,489 | |
| | 1,034,898 | | | | 3,215,628 | | | | 7,490,151 | | | | 4,656,180 | | | | 4,647,761 | | | | 3,095,089 | | | | 2,697,126 | |
| | $7.10 | | | | $11.98 | | | | $5.61 | | | | $12.32 | | | | $7.40 | | | | $14.60 | | | | $8.19 | |
| $ | 31,173,522 | | | $ | 154,089,020 | | | $ | 131,314,268 | | | $ | 230,952,725 | | | $ | 112,020,910 | | | $ | 184,594,152 | | | $ | 69,435,269 | |
| | 4,389,336 | | | | 12,862,723 | | | | 23,426,027 | | | | 18,780,231 | | | | 15,155,137 | | | | 12,660,355 | | | | 8,519,286 | |
| | $7.10 | | | | $11.98 | | | | $5.61 | | | | $12.30 | | | | $7.39 | | | | $14.58 | | | | $8.15 | |
| $ | 6,820,646 | | | $ | 63,683,731 | | | $ | 15,361,821 | | | $ | 89,022,337 | | | $ | 9,608,275 | | | $ | 71,410,950 | | | $ | 7,212,735 | |
| | 942,230 | | | | 5,349,575 | | | | 2,713,893 | | | | 7,224,154 | | | | 1,286,361 | | | | 4,902,936 | | | | 871,879 | |
| | $7.24 | | | | $11.90 | | | | $5.66 | | | | $12.32 | | | | $7.47 | | | | $14.56 | | | | $8.27 | |
| | | | | | |
| $ | 71,432,401 | | | $ | 371,917,036 | | | $ | 274,939,502 | | | $ | 515,041,051 | | | $ | 250,063,340 | | | $ | 457,301,213 | | | $ | 148,757,816 | |
| | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 66 | | Target Date Retirement Funds | | Statements of assets and liabilities—February 28, 2019 |
| | | | | | | | | | | | |
| | | Target 2050 Fund | | | Target 2055 Fund | | | Target 2060 Fund | |
| | | |
Assets | | | | | | | | | | | | |
Investments in affiliated Master Portfolios, at value (see cost below) | | $ | 221,784,060 | | | $ | 38,663,744 | | | $ | 16,727,127 | |
Cash | | | 100,453 | | | | 17,024 | | | | 4,213 | |
Receivable for Fund shares sold | | | 84,616 | | | | 18,791 | | | | 15,546 | |
Receivable from manager | | | 19,805 | | | | 1,661 | | | | 2,569 | |
Prepaid expenses and other assets | | | 31,274 | | | | 30 | | | | 0 | |
| | | | |
Total assets | | | 222,020,208 | | | | 38,701,250 | | | | 16,749,455 | |
| | | | |
| | | |
Liabilities | | | | | | | | | | | | |
Payable for Fund shares redeemed | | | 228,508 | | | | 629,977 | | | | 9,248 | |
Custodian and accounting fees payable | | | 41,642 | | | | 20,037 | | | | 5,062 | |
Professional fees payable | | | 30,172 | | | | 34,579 | | | | 44,330 | |
Shareholder report expenses payable | | | 43,254 | | | | 85,196 | | | | 104,382 | |
Shareholder servicing fees payable | | | 19,364 | | | | 2,836 | | | | 893 | |
Administration fees payable | | | 16,795 | | | | 2,695 | | | | 850 | |
Trustees’ fees and expenses payable | | | 1,492 | | | | 1,588 | | | | 1,444 | |
Distribution fees payable | | | 587 | | | | 8 | | | | 135 | |
Accrued expenses and other liabilities | | | 10 | | | | 42,572 | | | | 45,212 | |
| | | | |
Total liabilities | | | 381,824 | | | | 819,488 | | | | 211,556 | |
| | | | |
Total net assets | | $ | 221,638,384 | | | $ | 37,881,762 | | | $ | 16,537,899 | |
| | | | |
| | | |
NET ASSETS CONSIST OF | | | | | | | | | | | | |
Paid-in capital | | $ | 200,499,254 | | | $ | 38,745,562 | | | $ | 16,154,173 | |
Total distributable earnings (loss) | | | 21,139,130 | | | | (863,800 | ) | | | 383,726 | |
| | | | |
Total net assets | | $ | 221,638,384 | | | $ | 37,881,762 | | | $ | 16,537,899 | |
| | | | |
| | | |
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE | | | | | | | | | | | | |
Net assets – Class A | | $ | 53,037,802 | | | $ | 10,581,602 | | | $ | 659,965 | |
Shares outstanding – Class A1 | | | 7,436,424 | | | | 915,662 | | | | 57,694 | |
Net asset value per share – Class A | | | $7.13 | | | | $11.56 | | | | $11.44 | |
Maximum offering price per share – Class A2 | | | $7.56 | | | | $12.27 | | | | $12.14 | |
Net assets – Class C | | $ | 1,012,854 | | | | N/A | | | $ | 221,000 | |
Shares outstanding – Class C1 | | | 142,991 | | | | N/A | | | | 19,348 | |
Net asset value per share – Class C | | | $7.08 | | | | N/A | | | | $11.42 | |
Net assets – Class R | | $ | 31,899 | | | $ | 42,912 | | | $ | 54,013 | |
Shares outstanding – Class R1 | | | 4,460 | | | | 3,767 | | | | 4,813 | |
Net asset value per share – Class R | | | $7.15 | | | | $11.39 | | | | $11.22 | |
Net assets – Class R4 | | $ | 19,550,770 | | | $ | 7,578,475 | | | $ | 2,037,939 | |
Share outstanding – Class R41 | | | 2,719,700 | | | | 653,420 | | | | 174,833 | |
Net asset value per share – Class R4 | | | $7.19 | | | | $11.60 | | | | $11.66 | |
Net assets – Class R6 | | $ | 107,768,705 | | | $ | 18,490,536 | | | $ | 10,497,360 | |
Shares outstanding – Class R61 | | | 15,023,326 | | | | 1,597,839 | | | | 904,387 | |
Net asset value per share – Class R6 | | | $7.17 | | | | $11.57 | | | | $11.61 | |
Net assets – Administrator Class | | $ | 40,236,354 | | | $ | 1,188,238 | | | $ | 3,067,622 | |
Shares outstanding – Administrator Class1 | | | 5,619,741 | | | | 102,741 | | | | 267,195 | |
Net asset value per share – Administrator Class | | | $7.16 | | | | $11.57 | | | | $11.48 | |
| | | |
Investments in affiliated Master Portfolios, at cost | | $ | 200,395,710 | | | $ | 38,429,659 | | | $ | 15,966,006 | |
| | | | |
| 1 | Each Fund has an unlimited number of authorized shares. |
| 3 | Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced. |
The accompanying notes are an integral part of these financial statements.
This page is intentionally left blank.
| | | | |
| 68 | | Target Date Retirement Funds | | Statements of operations—year ended February 28, 2019 |
| | | | | | | | |
| | | Target Today
Fund | | | Target 2010
Fund | |
| | |
Investment income | | | | | | | | |
Interest allocated from affiliated Master Portfolios* | | $ | 2,121,763 | | | $ | 2,081,221 | |
Dividends allocated from affiliated Master Portfolios** | | | 743,693 | | | | 843,608 | |
Affiliated income allocated from affiliated Master Portfolios | | | 35,515 | | | | 36,624 | |
Expenses allocated from affiliated Master Portfolios | | | (145,535 | ) | | | (150,687 | ) |
Waivers allocated from affiliated Master Portfolios | | | 15,282 | | | | 15,159 | |
| | | | |
Total investment income | | | 2,770,718 | | | | 2,825,925 | |
| | | | |
| | |
Expenses | | | | | | | | |
Management fee | | | 100,232 | | | | 102,453 | |
Administration fees | | | | | | | | |
Class A | | | 85,552 | | | | 81,900 | |
Class C | | | 3,924 | | | | 2,276 | |
Class R | | | 61 | | | | 48 | |
Class R4 | | | 6,593 | | | | 7,285 | |
Class R6 | | | 9,778 | | | | 8,738 | |
Administrator Class | | | 21,788 | | | | 31,350 | |
Shareholder servicing fees | | | | | | | | |
Class A | | | 101,848 | | | | 97,500 | |
Class C | | | 4,671 | | | | 2,710 | |
Class R | | | 73 | | | | 57 | |
Class R4 | | | 8,241 | | | | 9,106 | |
Administrator Class | | | 41,901 | | | | 60,288 | |
Distribution fees | | | | | | | | |
Class C | | | 14,013 | | | | 8,129 | |
Class R | | | 73 | | | | 57 | |
Custody and accounting fees | | | 17,224 | | | | 9,129 | |
Professional fees | | | 36,920 | | | | 37,388 | |
Registration fees | | | 101,223 | | | | 92,972 | |
Shareholder report expenses | | | 51,091 | | | | 43,308 | |
Trustees’ fees and expenses | | | 23,050 | | | | 23,046 | |
Other fees and expenses | | | 18,717 | | | | 20,128 | |
| | | | |
Total expenses | | | 646,973 | | | | 637,868 | |
Less: Fee waivers and/or expense reimbursements | | | (305,559 | ) | | | (288,015 | ) |
| | | | |
Net expenses | | | 341,414 | | | | 349,853 | |
| | | | |
Net investment income | | | 2,429,304 | | | | 2,476,072 | |
| | | | |
| | |
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | | | | | | | | |
Net realized gains on securities transactions allocated from affiliated Master Portfolios | | | 620,996 | | | | 869,510 | |
Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolios | | | (581,592 | ) | | | (1,027,544 | ) |
| | | | |
Net realized and unrealized gains (losses) on investments | | | 39,404 | | | | (158,034 | ) |
| | | | |
Net increase in net assets resulting from operations | | $ | 2,468,708 | | | $ | 2,318,038 | |
| | | | |
| | |
* Net of foreign interest withholding taxes allocated from affiliated Master Portfolios in the amount of | | | $317 | | | | $305 | |
** Net of foreign dividend withholding taxes allocated from affiliated Master Portfolios in the amount of | | | $34,543 | | | | $39,421 | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Statements of operations—year ended February 28, 2019 | | Target Date Retirement Funds | | | 69 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Target 2015
Fund | | | Target 2020
Fund | | | Target 2025
Fund | | | Target 2030
Fund | | | Target 2035
Fund | | | Target 2040
Fund | | | Target 2045
Fund | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 2,375,894 | | | $ | 11,174,037 | | | $ | 5,242,004 | | | $ | 8,260,117 | | | $ | 2,703,359 | | | $ | 3,632,367 | | | $ | 862,916 | |
| | 1,206,470 | | | | 7,739,721 | | | | 5,192,359 | | | | 12,382,777 | | | | 6,529,392 | | | | 13,633,807 | | | | 4,839,406 | |
| | 45,911 | | | | 259,467 | | | | 160,685 | | | | 340,811 | | | | 162,508 | | | | 315,394 | | | | 106,177 | |
| | (191,334 | ) | | | (1,065,420 | ) | | | (633,963 | ) | | | (1,336,347 | ) | | | (649,433 | ) | | | (1,285,151 | ) | | | (440,822 | ) |
| | 19,130 | | | | 111,817 | | | | 71,488 | | | | 152,300 | | | | 76,098 | | | | 154,074 | | | | 52,735 | |
| | |
| | 3,456,071 | | | | 18,219,622 | | | | 10,032,573 | | | | 19,799,658 | | | | 8,821,924 | | | | 16,450,491 | | | | 5,420,412 | |
| | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 126,506 | | | | 676,961 | | | | 383,862 | | | | 771,767 | | | | 354,153 | | | | 673,482 | | | | 224,507 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 81,650 | | | | 333,901 | | | | 234,117 | | | | 402,555 | | | | 235,962 | | | | 420,068 | | | | 125,178 | |
| | N/A | | | | 10,463 | | | | N/A | | | | 8,572 | | | | N/A | | | | 8,972 | | | | N/A | |
| | 45 | | | | 158 | | | | 77 | | | | 78 | | | | 438 | | | | 124 | | | | 78 | |
| | 23,062 | | | | 72,990 | | | | 60,329 | | | | 116,035 | | | | 55,131 | | | | 97,392 | | | | 33,445 | |
| | 14,094 | | | | 100,085 | | | | 50,074 | | | | 91,661 | | | | 44,968 | | | | 73,718 | | | | 31,114 | |
| | 15,334 | | | | 114,462 | | | | 39,020 | | | | 162,987 | | | | 29,609 | | | | 132,147 | | | | 25,142 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 97,203 | | | | 397,502 | | | | 278,711 | | | | 479,232 | | | | 280,907 | | | | 500,081 | | | | 149,021 | |
| | N/A | | | | 12,456 | | | | N/A | | | | 10,205 | | | | N/A | | | | 10,681 | | | | N/A | |
| | 53 | | | | 188 | | | | 92 | | | | 93 | | | | 521 | | | | 147 | | | | 93 | |
| | 28,827 | | | | 90,811 | | | | 75,161 | | | | 144,151 | | | | 68,707 | | | | 120,973 | | | | 41,807 | |
| | 29,489 | | | | 219,680 | | | | 75,039 | | | | 312,858 | | | | 56,739 | | | | 253,714 | | | | 48,350 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | N/A | | | | 37,367 | | | | N/A | | | | 30,614 | | | | N/A | | | | 32,043 | | | | N/A | |
| | 53 | | | | 188 | | | | 92 | | | | 93 | | | | 521 | | | | 147 | | | | 93 | |
| | 12,965 | | | | 54,119 | | | | 32,905 | | | | 61,652 | | | | 27,459 | | | | 50,169 | | | | 21,783 | |
| | 38,011 | | | | 38,610 | | | | 34,847 | | | | 38,679 | | | | 37,617 | | | | 37,391 | | | | 37,752 | |
| | 99,010 | | | | 107,788 | | | | 78,679 | | | | 95,951 | | | | 103,419 | | | | 92,925 | | | | 100,302 | |
| | 53,739 | | | | 89,746 | | | | 84,713 | | | | 106,241 | | | | 81,632 | | | | 93,393 | | | | 58,177 | |
| | 23,050 | | | | 23,148 | | | | 23,440 | | | | 23,046 | | | | 23,050 | | | | 24,685 | | | | 23,638 | |
| | 17,254 | | | | 41,774 | | | | 27,502 | | | | 48,069 | | | | 25,350 | | | | 38,070 | | | | 18,940 | |
| | |
| | 660,345 | | | | 2,422,397 | | | | 1,478,660 | | | | 2,904,539 | | | | 1,426,183 | | | | 2,660,322 | | | | 939,420 | |
| | (328,670 | ) | | | (852,577 | ) | | | (580,654 | ) | | | (1,034,175 | ) | | | (625,322 | ) | | | (1,000,824 | ) | | | (496,075 | ) |
| | |
| | 331,675 | | | | 1,569,820 | | | | 898,006 | | | | 1,870,364 | | | | 800,861 | | | | 1,659,498 | | | | 443,345 | |
| | |
| | 3,124,396 | | | | 16,649,802 | | | | 9,134,567 | | | | 17,929,294 | | | | 8,021,063 | | | | 14,790,993 | | | | 4,977,067 | |
| | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 3,264,482 | | | | 11,172,686 | | | | 18,776,534 | | | | 21,369,543 | | | | 10,893,935 | | | | 18,164,625 | | | | 5,191,613 | |
| | (2,732,451 | ) | | | (14,923,343 | ) | | | (18,226,292 | ) | | | (21,586,663 | ) | | | (12,779,105 | ) | | | (19,275,537 | ) | | | (8,363,923 | ) |
| | |
| | 532,031 | | | | (3,750,657 | ) | | | 550,242 | | | | (217,120 | ) | | | (1,885,170 | ) | | | (1,110,912 | ) | | | (3,172,310 | ) |
| | |
| $ | 3,656,427 | | | $ | 12,899,145 | | | $ | 9,684,809 | | | $ | 17,712,174 | | | $ | 6,135,893 | | | $ | 13,680,081 | | | $ | 1,804,757 | |
| | |
| | | | | | |
| | $55,961 | | | | $371,846 | | | | $269,759 | | | | $680,815 | | | | $366,823 | | | | $782,664 | | | | $278,116 | |
| | $321 | | | | $1,837 | | | | $828 | | | | $1,321 | | | | $437 | | | | $587 | | | | $145 | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 70 | | Target Date Retirement Funds | | Statements of operations—year ended February 28, 2019 |
| | | | | | | | | | | | |
| | | Target 2050
Fund | | | Target 2055
Fund | | | Target 2060
Fund | |
| | | |
Investment income | | | | | | | | | | | | |
Interest allocated from affiliated Master Portfolios* | | $ | 1,095,245 | | | $ | 220,920 | | | $ | 70,120 | |
Dividends allocated from affiliated Master Portfolios** | | | 7,674,926 | | | | 1,551,579 | | | | 476,414 | |
Affiliated income allocated from affiliated Master Portfolios | | | 161,773 | | | | 32,408 | | | | 10,629 | |
Expenses allocated from affiliated Master Portfolios | | | (680,504 | ) | | | (136,900 | ) | | | (43,587 | ) |
Waivers allocated from affiliated Master Portfolios | | | 80,297 | | | | 15,767 | | | | 5,490 | |
| | | | |
Total investment income | | | 8,331,737 | | | | 1,683,774 | | | | 519,066 | |
| | | | |
| | | |
Expenses | | | | | | | | | | | | |
Management fee | | | 343,637 | | | | 68,863 | | | | 21,582 | |
Administration fees | | | | | | | | | | | | |
Class A | | | 119,507 | | | | 21,861 | | | | 1,541 | |
Class C | | | 2,658 | | | | N/A | | | | 429 | |
Class R | | | 63 | | | | 87 | | | | 110 | |
Class R4 | | | 54,990 | | | | 11,344 | | | | 2,568 | |
Class R6 | | | 45,860 | | | | 12,306 | | | | 3,982 | |
Administrator Class | | | 82,976 | | | | 4,172 | | | | 5,339 | |
Shareholder servicing fees | | | | | | | | | | | | |
Class A | | | 142,271 | | | | 26,025 | | | | 1,835 | |
Class C | | | 3,165 | | | | N/A | | | | 510 | |
Class R | | | 76 | | | | 104 | | | | 131 | |
Class R4 | | | 68,493 | | | | 14,181 | | | | 3,210 | |
Administrator Class | | | 159,060 | | | | 8,023 | | | | 10,268 | |
Distribution fees | | | | | | | | | | | | |
Class C | | | 9,494 | | | | N/A | | | | 1,532 | |
Class R | | | 76 | | | | 104 | | | | 131 | |
Custody and accounting fees | | | 27,506 | | | | 38,607 | | | | 37,931 | |
Professional fees | | | 37,686 | | | | 43,601 | | | | 50,924 | |
Registration fees | | | 106,919 | | | | 114,731 | | | | 138,971 | |
Shareholder report expenses | | | 68,840 | | | | 106,411 | | | | 103,621 | |
Trustees’ fees and expenses | | | 22,096 | | | | 23,661 | | | | 22,942 | |
Other fees and expenses | | | 24,353 | | | | 40,820 | | | | 27,131 | |
| | | | |
Total expenses | | | 1,319,726 | | | | 534,901 | | | | 434,688 | |
Less: Fee waivers and/or expense reimbursements | | | (663,195 | ) | | | (444,507 | ) | | | (406,369 | ) |
| | | | |
Net expenses | | | 656,531 | | | | 90,394 | | | | 28,319 | |
| | | | |
Net investment income | | | 7,675,206 | | | | 1,593,380 | | | | 490,747 | |
| | | | |
| | | |
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | | | | | | | | | | | | |
Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolios | | | 14,913,484 | | | | 388,557 | | | | (316,135 | ) |
Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolios | | | (16,129,644 | ) | | | (2,137,811 | ) | | | 310,679 | |
| | | | |
Net realized and unrealized gains (losses) on investments | | | (1,216,160 | ) | | | (1,749,254 | ) | | | (5,456 | ) |
| | | | |
Net increase (decrease) in net assets resulting from operations | | $ | 6,459,046 | | | $ | (155,874 | ) | | $ | 485,291 | |
| | | | |
| | | |
* Net of foreign interest withholding taxes allocated from affiliated Master Portfolios in the amount of | | | $178 | | | | $42 | | | | $12 | |
** Net of foreign dividend withholding taxes allocated from affiliated Master Portfolios in the amount of | | | $449,698 | | | | $89,351 | | | | $27,540 | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Statements of changes in net assets | | Target Date Retirement Funds | | | 71 | |
| | | | | | | | | | | | | | | | |
| | | Target Today Fund | |
| | | Year ended
February 28, 2019 | | | Year ended
February 28, 20181 | |
| | | | |
Operations | | | | | | | | | | | | | | | | |
Net investment income | | | | | | $ | 2,429,304 | | | | | | | $ | 4,017,652 | |
Net realized gains on investments | | | | | | | 620,996 | | | | | | | | 20,385,053 | |
Net change in unrealized gains (losses) on investments | | | | | | | (581,592 | ) | | | | | | | (16,541,123 | ) |
| | | | |
Net increase in net assets resulting from operations | | | | | | | 2,468,708 | | | | | | | | 7,861,582 | |
| | | | |
| | | | |
Distributions to shareholders from net investment income and net realized gains | | | | | | | | | | | | | | | | |
Class A | | | | | | | (2,517,852 | ) | | | | | | | (9,282,849 | ) |
Class C | | | | | | | (93,263 | ) | | | | | | | (403,519 | ) |
Class R | | | | | | | (1,841 | ) | | | | | | | (5,736 | ) |
Class R4 | | | | | | | (432,768 | ) | | | | | | | (2,729,108 | ) |
Class R6 | | | | | | | (1,980,408 | ) | | | | | | | (7,656,681 | ) |
Administrator Class | | | | | | | (799,525 | ) | | | | | | | (4,998,663 | ) |
| | | | |
Total distributions to shareholders | | | | | | | (5,825,657 | ) | | | | | | | (25,076,556 | ) |
| | | | |
| | | | |
Capital share transactions | | | Shares | | | | | | | | Shares | | | | | |
Proceeds from shares sold | | | | | | | | | | | | | | | | |
Class A | | | 206,784 | | | | 1,804,359 | | | | 272,531 | | | | 2,849,841 | |
Class C | | | 7,343 | | | | 65,185 | | | | 8,526 | | | | 92,941 | |
Class R | | | 224 | | | | 1,991 | | | | 213 | | | | 2,245 | |
Class R4 | | | 325,203 | | | | 2,970,200 | | | | 1,305,279 | | | | 13,997,390 | |
Class R6 | | | 1,452,538 | | | | 12,845,113 | | | | 1,318,451 | | | | 13,900,875 | |
Administrator Class | | | 273,358 | | | | 2,477,519 | | | | 698,363 | | | | 7,333,984 | |
| | | | |
| | | | |
| | | | | | | 20,164,367 | | | | | | | | 38,177,276 | |
| | | | |
Reinvestment of distributions | | | | | | | | | | | | | | | | |
Class A | | | 292,451 | | | | 2,499,654 | | | | 1,002,553 | | | | 9,204,691 | |
Class C | | | 10,639 | | | | 92,963 | | | | 42,972 | | | | 402,467 | |
Class R | | | 53 | | | | 450 | | | | 108 | | | | 982 | |
Class R4 | | | 48,915 | | | | 432,768 | | | | 289,218 | | | | 2,729,108 | |
Class R6 | | | 224,739 | | | | 1,978,037 | | | | 809,715 | | | | 7,639,457 | |
Administrator Class | | | 90,290 | | | | 799,264 | | | | 529,366 | | | | 4,994,363 | |
| | | | |
| | | | |
| | | | | | | 5,803,136 | | | | | | | | 24,971,068 | |
| | | | |
Payment for shares redeemed | | | | | | | | | | | | | | | | |
Class A | | | (1,367,602 | ) | | | (12,067,104 | ) | | | (1,332,544 | ) | | | (13,252,471 | ) |
Class C | | | (159,312 | ) | | | (1,428,671 | ) | | | (68,494 | ) | | | (718,688 | ) |
Class R | | | (265 | ) | | | (2,218 | ) | | | (178 | ) | | | (1,875 | ) |
Class R4 | | | (1,453,840 | ) | | | (13,174,601 | ) | | | (23,216,325 | ) | | | (253,301,285 | ) |
Class R6 | | | (4,168,399 | ) | | | (37,155,432 | ) | | | (4,461,412 | ) | | | (47,787,862 | ) |
Administrator Class | | | (1,930,361 | ) | | | (17,559,794 | ) | | | (2,220,552 | ) | | | (23,273,138 | ) |
| | | | |
| | | | |
| | | | | | | (81,387,820 | ) | | | | | | | (338,335,319 | ) |
| | | | |
Net decrease in net assets resulting from capital share transactions | | | | | | | (55,420,317 | ) | | | | | | | (275,186,975 | ) |
| | | | |
Total decrease in net assets | | | | | | | (58,777,266 | ) | | | | | | | (292,401,949 | ) |
| | | | |
| | | | |
Net assets | | | | | | | | | | | | | | | | |
Beginning of period | | | | | | | 127,027,838 | | | | | | | | 419,429,787 | |
| | | | |
End of period | | | | | | $ | 68,250,572 | | | | | | | $ | 127,027,838 | |
| | | | |
| 1 | Effective for all filings after November 4, 2018, the SEC prospectively eliminated the requirement to parenthetically disclose undistributed net investment income at the end of the period and permitted the aggregation of distributions, with the exception of tax basis returns of capital. Undistributed net investment income at February 28, 2018 was $336,574. The disaggregated distributions information for the year ended February 28, 2018 is included in Note 7,Distributions to Shareholders, in the notes to the financial statements. |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 72 | | Target Date Retirement Funds | | Statements of changes in net assets |
| | | | | | | | | | | | | | | | |
| | | Target 2010 Fund | |
| | | Year ended
February 28, 2019 | | | Year ended
February 28, 20181 | |
| | | | |
Operations | | | | | | | | | | | | | | | | |
Net investment income | | | | | | $ | 2,476,072 | | | | | | | $ | 3,412,251 | |
Net realized gains on investments | | | | | | | 869,510 | | | | | | | | 22,059,624 | |
Net change in unrealized gains (losses) on investments | | | | | | | (1,027,544 | ) | | | | | | | (18,429,957 | ) |
| | | | |
Net increase in net assets resulting from operations | | | | | | | 2,318,038 | | | | | | | | 7,041,918 | |
| | | | |
| | | | |
Distributions to shareholders from net investment income and net realized gains | | | | | | | | | | | | | | | | |
Class A | | | | | | | (3,011,177 | ) | | | | | | | (8,843,554 | ) |
Class C | | | | | | | (77,674 | ) | | | | | | | (249,868 | ) |
Class R | | | | | | | (1,897 | ) | | | | | | | (4,568 | ) |
Class R4 | | | | | | | (506,744 | ) | | | | | | | (3,914,306 | ) |
Class R6 | | | | | | | (1,963,261 | ) | | | | | | | (7,021,540 | ) |
Administrator Class | | | | | | | (1,356,706 | ) | | | | | | | (5,980,007 | ) |
| | | | |
Total distributions to shareholders | | | | | | | (6,917,459 | ) | | | | | | | (26,013,843 | ) |
| | | | |
| | | | |
Capital share transactions | | | Shares | | | | | | | | Shares | | | | | |
Proceeds from shares sold | | | | | | | | | | | | | | | | |
Class A | | | 181,308 | | | | 1,846,882 | | | | 85,930 | | | | 1,052,305 | |
Class C | | | 257 | | | | 2,723 | | | | 4,371 | | | | 55,389 | |
Class R4 | | | 143,760 | | | | 1,546,412 | | | | 492,200 | | | | 6,136,477 | |
Class R6 | | | 814,993 | | | | 8,655,220 | | | | 1,054,786 | | | | 13,125,368 | |
Administrator Class | | | 167,432 | | | | 1,795,350 | | | | 323,046 | | | | 4,008,306 | |
| | | | |
| | | | |
| | | | | | | 13,846,587 | | | | | | | | 24,377,845 | |
| | | | |
Reinvestment of distributions | | | | | | | | | | | | | | | | |
Class A | | | 297,632 | | | | 2,981,123 | | | | 805,245 | | | | 8,785,221 | |
Class C | | | 7,707 | | | | 77,674 | | | | 22,674 | | | | 249,868 | |
Class R4 | | | 49,077 | | | | 506,744 | | | | 354,557 | | | | 3,914,306 | |
Class R6 | | | 191,587 | | | | 1,960,435 | | | | 636,681 | | | | 7,016,231 | |
Administrator Class | | | 131,892 | | | | 1,356,706 | | | | 541,177 | | | | 5,980,007 | |
| | | | |
| | | | |
| | | | | | | 6,882,682 | | | | | | | | 25,945,633 | |
| | | | |
Payment for shares redeemed | | | | | | | | | | | | | | | | |
Class A | | | (1,768,153 | ) | | | (18,765,615 | ) | | | (922,988 | ) | | | (11,300,708 | ) |
Class C | | | (58,488 | ) | | | (611,087 | ) | | | (44,990 | ) | | | (536,101 | ) |
Class R | | | 0 | | | | 0 | | | | (2,100 | ) | | | (25,956 | ) |
Class R4 | | | (1,600,821 | ) | | | (17,053,647 | ) | | | (3,157,809 | ) | | | (39,137,534 | ) |
Class R6 | | | (3,088,623 | ) | | | (32,928,845 | ) | | | (4,550,668 | ) | | | (57,777,357 | ) |
Administrator Class | | | (2,098,785 | ) | | | (22,448,123 | ) | | | (1,809,903 | ) | | | (22,341,406 | ) |
| | | | |
| | | | |
| | | | | | | (91,807,317 | ) | | | | | | | (131,119,062 | ) |
| | | | |
Net decrease in net assets resulting from capital share transactions | | | | | | | (71,078,048 | ) | | | | | | | (80,795,584 | ) |
| | | | |
Total decrease in net assets | | | | | | | (75,677,469 | ) | | | | | | | (99,767,509 | ) |
| | | | |
| | | | |
Net assets | | | | | | | | | | | | | | | | |
Beginning of period | | | | | | | 143,206,642 | | | | | | | | 242,974,151 | |
| | | | |
End of period | | | | | | $ | 67,529,173 | | | | | | | $ | 143,206,642 | |
| | | | |
| 1 | Effective for all filings after November 4, 2018, the SEC prospectively eliminated the requirement to parenthetically disclose undistributed net investment income at the end of the period and permitted the aggregation of distributions, with the exception of tax basis returns of capital. Undistributed net investment income at February 28, 2018 was $361,845. The disaggregated distributions information for the year ended February 28, 2018 is included in Note 7,Distributions to Shareholders, in the notes to the financial statements. |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Statements of changes in net assets | | Target Date Retirement Funds | | | 73 | |
| | | | | | | | | | | | | | | | |
| | | Target 2015 Fund | |
| | | Year ended
February 28, 2019 | | | Year ended
February 28, 20181 | |
| | | | |
Operations | | | | | | | | | | | | | | | | |
Net investment income | | | | | | $ | 3,124,396 | | | | | | | $ | 4,448,652 | |
Net realized gains on investments | | | | | | | 3,264,482 | | | | | | | | 40,952,951 | |
Net change in unrealized gains (losses) on investments | | | | | | | (2,732,451 | ) | | | | | | | (34,897,728 | ) |
| | | | |
Net increase in net assets resulting from operations | | | | | | | 3,656,427 | | | | | | | | 10,503,875 | |
| | | | |
| | | | |
Distributions to shareholders from net investment income and net realized gains | | | | | | | | | | | | | | | | |
Class A | | | | | | | (5,010,100 | ) | | | | | | | (11,289,801 | ) |
Class R | | | | | | | (2,803 | ) | | | | | | | (7,190 | ) |
Class R4 | | | | | | | (2,377,135 | ) | | | | | | | (13,176,600 | ) |
Class R6 | | | | | | | (5,562,746 | ) | | | | | | | (17,049,543 | ) |
Administrator Class | | | | | | | (1,088,842 | ) | | | | | | | (4,385,942 | ) |
| | | | |
Total distributions to shareholders | | | | | | | (14,041,626 | ) | | | | | | | (45,909,076 | ) |
| | | | |
| | | | |
Capital share transactions | | | Shares | | | | | | | | Shares | | | | | |
Proceeds from shares sold | | | | | | | | | | | | | | | | |
Class A | | | 131,682 | | | | 1,017,030 | | | | 202,709 | | | | 1,966,275 | |
Class R | | | 0 | | | | 0 | | | | 7 | | | | 75 | |
Class R4 | | | 710,739 | | | | 5,613,679 | | | | 740,061 | | | | 7,479,346 | |
Class R6 | | | 1,023,599 | | | | 8,000,244 | | | | 1,586,379 | | | | 15,512,217 | |
Administrator Class | | | 84,246 | | | | 671,519 | | | | 186,502 | | | | 1,846,779 | |
| | | | |
| | | | |
| | | | | | | 15,302,472 | | | | | | | | 26,804,692 | |
| | | | |
Reinvestment of distributions | | | | | | | | | | | | | | | | |
Class A | | | 720,306 | | | | 5,000,087 | | | | 1,391,586 | | | | 11,182,319 | |
Class R | | | 0 | | | | 0 | | | | 1 | | | | 12 | |
Class R4 | | | 335,009 | | | | 2,377,135 | | | | 1,622,130 | | | | 13,176,600 | |
Class R6 | | | 786,251 | | | | 5,543,091 | | | | 2,092,292 | | | | 16,984,353 | |
Administrator Class | | | 151,014 | | | | 1,086,815 | | | | 527,603 | | | | 4,341,370 | |
| | | | |
| | | | |
| | | | | | | 14,007,128 | | | | | | | | 45,684,654 | |
| | | | |
Payment for shares redeemed | | | | | | | | | | | | | | | | |
Class A | | | (1,103,238 | ) | | | (8,484,983 | ) | | | (1,611,507 | ) | | | (16,035,601 | ) |
Class R | | | 0 | | | | 0 | | | | (857 | ) | | | (8,810 | ) |
Class R4 | | | (5,467,351 | ) | | | (42,554,274 | ) | | | (7,315,966 | ) | | | (73,114,491 | ) |
Class R6 | | | (5,135,152 | ) | | | (39,351,197 | ) | | | (8,321,099 | ) | | | (84,123,318 | ) |
Administrator Class | | | (1,261,057 | ) | | | (9,993,094 | ) | | | (874,985 | ) | | | (8,667,645 | ) |
| | | | |
| | | | |
| | | | | | | (100,383,548 | ) | | | | | | | (181,949,865 | ) |
| | | | |
Net decrease in net assets resulting from capital share transactions | | | | | | | (71,073,948 | ) | | | | | | | (109,460,519 | ) |
| | | | |
Total decrease in net assets | | | | | | | (81,459,147 | ) | | | | | | | (144,865,720 | ) |
| | | | |
| | | | |
Net assets | | | | | | | | | | | | | | | | |
Beginning of period | | | | | | | 163,061,112 | | | | | | | | 307,926,832 | |
| | | | |
End of period | | | | | | $ | 81,601,965 | | | | | | | $ | 163,061,112 | |
| | | | |
| 1 | Effective for all filings after November 4, 2018, the SEC prospectively eliminated the requirement to parenthetically disclose undistributed net investment income at the end of the period and permitted the aggregation of distributions, with the exception of tax basis returns of capital. Undistributed net investment income at February 28, 2018 was $59,359. The disaggregated distributions information for the year ended February 28, 2018 is included in Note 7,Distributions to Shareholders, in the notes to the financial statements. |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 74 | | Target Date Retirement Funds | | Statements of changes in net assets |
| | | | | | | | | | | | | | | | |
| | | Target 2020 Fund | |
| | | Year ended
February 28, 2019 | | | Year ended
February 28, 20181 | |
| | | | |
Operations | | | | | | | | | | | | | | | | |
Net investment income | | | | | | $ | 16,649,802 | | | | | | | $ | 23,115,660 | |
Net realized gains on investments | | | | | | | 11,172,686 | | | | | | | | 165,614,472 | |
Net change in unrealized gains (losses) on investments | | | | | | | (14,923,343 | ) | | | | | | | (120,149,577 | ) |
| | | | |
Net increase in net assets resulting from operations | | | | | | | 12,899,145 | | | | | | | | 68,580,555 | |
| | | | |
| | | | |
Distributions to shareholders from net investment income and net realized gains | | | | | | | | | | | | | | | | |
Class A | | | | | | | (14,798,931 | ) | | | | | | | (41,303,156 | ) |
Class C | | | | | | | (423,325 | ) | | | | | | | (1,322,016 | ) |
Class R | | | | | | | (8,143 | ) | | | | | | | (14,141 | ) |
Class R4 | | | | | | | (7,102,885 | ) | | | | | | | (34,593,773 | ) |
Class R6 | | | | | | | (28,569,283 | ) | | | | | | | (83,392,077 | ) |
Administrator Class | | | | | | | (6,837,883 | ) | | | | | | | (25,340,700 | ) |
| | | | |
Total distributions to shareholders | | | | | | | (57,740,450 | ) | | | | | | | (185,965,863 | ) |
| | | | |
| | | | |
Capital share transactions | | | Shares | | | | | | | | Shares | | | | | |
Proceeds from shares sold | | | | | | | | | | | | | | | | |
Class A | | | 726,663 | | | | 8,665,616 | | | | 844,295 | | | | 12,312,354 | |
Class C | | | 10,238 | | | | 116,378 | | | | 76,504 | | | | 1,113,473 | |
Class R | | | 1,977 | | | | 24,240 | | | | 1,202 | | | | 17,644 | |
Class R4 | | | 1,930,520 | | | | 24,820,810 | | | | 3,132,343 | | | | 47,669,977 | |
Class R6 | | | 6,313,856 | | | | 77,738,219 | | | | 5,175,152 | | | | 77,587,347 | |
Administrator Class | | | 1,097,867 | | | | 13,895,391 | | | | 1,848,480 | | | | 27,515,388 | |
| | | | |
| | | | |
| | | | | | | 125,260,654 | | | | | | | | 166,216,183 | |
| | | | |
Reinvestment of distributions | | | | | | | | | | | | | | | | |
Class A | | | 1,279,396 | | | | 14,591,417 | | | | 3,166,183 | | | | 40,337,167 | |
Class C | | | 35,841 | | | | 400,497 | | | | 100,112 | | | | 1,252,401 | |
Class R | | | 509 | | | | 5,753 | | | | 630 | | | | 7,977 | |
Class R4 | | | 604,855 | | | | 7,102,885 | | | | 2,644,784 | | | | 34,593,773 | |
Class R6 | | | 2,411,804 | | | | 28,542,013 | | | | 6,361,895 | | | | 83,277,202 | |
Administrator Class | | | 585,944 | | | | 6,835,171 | | | | 1,948,235 | | | | 25,327,058 | |
| | | | |
| | | | |
| | | | | | | 57,477,736 | | | | | | | | 184,795,578 | |
| | | | |
Payment for shares redeemed | | | | | | | | | | | | | | | | |
Class A | | | (5,218,829 | ) | | | (64,719,624 | ) | | | (2,852,979 | ) | | | (42,272,813 | ) |
Class C | | | (255,519 | ) | | | (3,016,804 | ) | | | (126,514 | ) | | | (1,828,385 | ) |
Class R | | | (335 | ) | | | (4,226 | ) | | | (18,195 | ) | | | (270,335 | ) |
Class R4 | | | (9,417,929 | ) | | | (117,856,517 | ) | | | (19,301,012 | ) | | | (290,892,884 | ) |
Class R6 | | | (26,888,456 | ) | | | (328,696,013 | ) | | | (23,131,655 | ) | | | (354,562,758 | ) |
Administrator Class | | | (5,060,064 | ) | | | (64,081,593 | ) | | | (8,178,670 | ) | | | (122,932,170 | ) |
| | | | |
| | | | |
| | | | | | | (578,374,777 | ) | | | | | | | (812,759,345 | ) |
| | | | |
Net decrease in net assets resulting from capital share transactions | | | | | | | (395,636,387 | ) | | | | | | | (461,747,584 | ) |
| | | | |
Total decrease in net assets | | | | | | | (440,477,692 | ) | | | | | | | (579,132,892 | ) |
| | | | |
| | | | |
Net assets | | | | | | | | | | | | | | | | |
Beginning of period | | | | | | | 847,448,788 | | | | | | | | 1,426,581,680 | |
| | | | |
End of period | | | | | | $ | 406,971,096 | | | | | | | $ | 847,448,788 | |
| | | | |
| 1 | Effective for all filings after November 4, 2018, the SEC prospectively eliminated the requirement to parenthetically disclose undistributed net investment income at the end of the period and permitted the aggregation of distributions, with the exception of tax basis returns of capital. Undistributed net investment income at February 28, 2018 was $2,113,046. The disaggregated distributions information for the year ended February 28, 2018 is included in Note 7,Distributions to Shareholders, in the notes to the financial statements. |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Statements of changes in net assets | | Target Date Retirement Funds | | | 75 | |
| | | | | | | | | | | | | | | | |
| | | Target 2025 Fund | |
| | | Year ended
February 28, 2019 | | | Year ended
February 28, 20181 | |
| | | | |
Operations | | | | | | | | | | | | | | | | |
Net investment income | | | | | | $ | 9,134,567 | | | | | | | $ | 13,060,515 | |
Net realized gains on investments | | | | | | | 18,776,534 | | | | | | | | 201,395,040 | |
Net change in unrealized gains (losses) on investments | | | | | | | (18,226,292 | ) | | | | | | | (165,588,587 | ) |
| | | | |
Net increase in net assets resulting from operations | | | | | | | 9,684,809 | | | | | | | | 48,866,968 | |
| | | | |
| | | | |
Distributions to shareholders from net investment income and net realized gains | | | | | | | | | | | | | | | | |
Class A | | | | | | | (16,634,094 | ) | | | | | | | (52,988,002 | ) |
Class R | | | | | | | (6,636 | ) | | | | | | | (17,505 | ) |
Class R4 | | | | | | | (10,413,427 | ) | | | | | | | (50,420,358 | ) |
Class R6 | | | | | | | (23,953,308 | ) | | | | | | | (93,105,889 | ) |
Administrator Class | | | | | | | (2,458,518 | ) | | | | | | | (20,257,640 | ) |
| | | | |
Total distributions to shareholders | | | | | | | (53,465,983 | ) | | | | | | | (216,789,394 | ) |
| | | | |
| | | | |
Capital share transactions | | | Shares | | | | | | | | Shares | | | | | |
Proceeds from shares sold | | | | | | | | | | | | | | | | |
Class A | | | 1,662,800 | | | | 10,444,038 | | | | 1,271,890 | | | | 11,378,044 | |
Class R | | | 2,734 | | | | 17,059 | | | | 6,952 | | | | 70,933 | |
Class R4 | | | 3,487,417 | | | | 22,273,083 | | | | 3,286,669 | | | | 32,890,698 | |
Class R6 | | | 6,519,281 | | | | 41,133,598 | | | | 7,020,765 | | | | 66,498,080 | |
Administrator Class | | | 720,680 | | | | 4,555,243 | | | | 1,019,607 | | | | 9,732,388 | |
| | | | |
| | | | |
| | | | | | | 78,423,021 | | | | | | | | 120,570,143 | |
| | | | |
Reinvestment of distributions | | | | | | | | | | | | | | | | |
Class A | | | 3,038,024 | | | | 16,527,940 | | | | 7,985,009 | | | | 51,822,509 | |
Class R | | | 724 | | | | 3,889 | | | | 579 | | | | 3,725 | |
Class R4 | | | 1,895,969 | | | | 10,413,427 | | | | 7,721,341 | | | | 50,420,358 | |
Class R6 | | | 4,355,013 | | | | 23,899,900 | | | | 14,253,371 | | | | 92,931,978 | |
Administrator Class | | | 445,228 | | | | 2,458,518 | | | | 3,088,055 | | | | 20,257,640 | |
| | | | |
| | | | |
| | | | | | | 53,303,674 | | | | | | | | 215,436,210 | |
| | | | |
Payment for shares redeemed | | | | | | | | | | | | | | | | |
Class A | | | (3,912,642 | ) | | | (24,272,954 | ) | | | (4,329,530 | ) | | | (42,281,529 | ) |
Class R | | | (44 | ) | | | (281 | ) | | | (61,115 | ) | | | (644,113 | ) |
Class R4 | | | (11,477,637 | ) | | | (69,488,672 | ) | | | (23,526,418 | ) | | | (233,149,657 | ) |
Class R6 | | | (18,795,141 | ) | | | (116,041,739 | ) | | | (25,320,558 | ) | | | (259,254,500 | ) |
Administrator Class | | | (5,176,297 | ) | | | (33,280,447 | ) | | | (3,605,062 | ) | | | (35,763,076 | ) |
| | | | |
| | | | |
| | | | | | | (243,084,093 | ) | | | | | | | (571,092,875 | ) |
| | | | |
Net decrease in net assets resulting from capital share transactions | | | | | | | (111,357,398 | ) | | | | | | | (235,086,522 | ) |
| | | | |
Total decrease in net assets | | | | | | | (155,138,572 | ) | | | | | | | (403,008,948 | ) |
| | | | |
| | | | |
Net assets | | | | | | | | | | | | | | | | |
Beginning of period | | | | | | | 450,389,063 | | | | | | | | 853,398,011 | |
| | | | |
End of period | | | | | | $ | 295,250,491 | | | | | | | $ | 450,389,063 | |
| | | | |
| 1 | Effective for all filings after November 4, 2018, the SEC prospectively eliminated the requirement to parenthetically disclose undistributed net investment income at the end of the period and permitted the aggregation of distributions, with the exception of tax basis returns of capital. Undistributed net investment income at February 28, 2018 was $1,187,949. The disaggregated distributions information for the year ended February 28, 2018 is included in Note 7,Distributions to Shareholders, in the notes to the financial statements. |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 76 | | Target Date Retirement Funds | | Statements of changes in net assets |
| | | | | | | | | | | | | | | | |
| | | Target 2030 Fund | |
| | | Year ended
February 28, 2019 | | | Year ended
February 28, 20181 | |
| | | | |
Operations | | | | | | | | | | | | | | | | |
Net investment income | | | | | | $ | 17,929,294 | | | | | | | $ | 25,297,181 | |
Net realized gains on investments | | | | | | | 21,369,543 | | | | | | | | 268,672,139 | |
Net change in unrealized gains (losses) on investments | | | | | | | (21,586,663 | ) | | | | | | | (173,754,292 | ) |
| | | | |
Net increase in net assets resulting from operations | | | | | | | 17,712,174 | | | | | | | | 120,215,028 | |
| | | | |
| | | | |
Distributions to shareholders from net investment income and net realized gains | | | | | | | | | | | | | | | | |
Class A | | | | | | | (23,857,770 | ) | | | | | | | (59,756,874 | ) |
Class C | | | | | | | (517,667 | ) | | | | | | | (1,250,773 | ) |
Class R | | | | | | | (5,296 | ) | | | | | | | (10,540 | ) |
Class R4 | | | | | | | (12,770,471 | ) | | | | | | | (78,085.526 | ) |
Class R6 | | | | | | | (36,810,881 | ) | | | | | | | (101,708,283 | ) |
Administrator Class | | | | | | | (12,493,202 | ) | | | | | | | (46,243,048 | ) |
| | | | |
Total distributions to shareholders | | | | | | | (86,455,287 | ) | | | | | | | (287,055,044 | ) |
| | | | |
| | | | |
Capital share transactions | | | Shares | | | | | | | | Shares | | | | | |
Proceeds from shares sold | | | | | | | | | | | | | | | | |
Class A | | | 1,235,784 | | | | 15,641,688 | | | | 953,520 | | | | 15,298,229 | |
Class C | | | 29,267 | | | | 359,851 | | | | 29,412 | | | | 454,526 | |
Class R | | | 612 | | | | 8,209 | | | | 2,792 | | | | 46,514 | |
Class R4 | | | 2,359,710 | | | | 32,163,857 | | | | 4,365,737 | | | | 74,441,205 | |
Class R6 | | | 8,160,569 | | | | 105,824,109 | | | | 7,180,893 | | | | 121,873,739 | |
Administrator Class | | | 1,824,427 | | | | 24,481,447 | | | | 2,713,199 | | | | 45,585,130 | |
| | | | |
| | | | |
| | | | | | | 178,479,161 | | | | | | | | 257,699,343 | |
| | | | |
Reinvestment of distributions | | | | | | | | | | | | | | | | |
Class A | | | 2,007,781 | | | | 23,475,108 | | | | 4,269,631 | | | | 58,365,859 | |
Class C | | | 45,371 | | | | 506,109 | | | | 91,977 | | | | 1,211,334 | |
Class R | | | 177 | | | | 2,070 | | | | 152 | | | | 2,082 | |
Class R4 | | | 1,066,085 | | | | 12,770,471 | | | | 5,597,529 | | | | 78,085,526 | |
Class R6 | | | 3,073,794 | | | | 36,782,051 | | | | 7,296,429 | | | | 101,639,259 | |
Administrator Class | | | 1,043,459 | | | | 12,488,536 | | | | 3,314,089 | | | | 46,231,539 | |
| | | | |
| | | | |
| | | | | | | 86,024,345 | | | | | | | | 285,535,599 | |
| | | | |
Payment for shares redeemed | | | | | | | | | | | | | | | | |
Class A | | | (5,339,051 | ) | | | (69,930,807 | ) | | | (2,138,727 | ) | | | (35,492,898 | ) |
Class C | | | (191,660 | ) | | | (2,297,899 | ) | | | (41,519 | ) | | | (661,499 | ) |
Class R | | | (6 | ) | | | (78 | ) | | | (54,673 | ) | | | (914,768 | ) |
Class R4 | | | (14,686,400 | ) | | | (196,256,211 | ) | | | (23,989,004 | ) | | | (397,189,173 | ) |
Class R6 | | | (18,119,135 | ) | | | (238,042,805 | ) | | | (25,339,124 | ) | | | (432,858,779 | ) |
Administrator Class | | | (7,351,969 | ) | | | (99,462,934 | ) | | | (9,803,025 | ) | | | (165,260,323 | ) |
| | | | |
| | | | |
| | | | | | | (605,990,734 | ) | | | | | | | (1,032,377,440 | ) |
| | | | |
Net decrease in net assets resulting from capital share transactions | | | | | | | (341,487,228 | ) | | | | | | | (489,142,498 | ) |
| | | | |
Total decrease in net assets | | | | | | | (410,230,341 | ) | | | | | | | (655,982,514 | ) |
| | | | |
| | | | |
Net assets | | | | | | | | | | | | | | | | |
Beginning of period | | | | | | | 968,070,579 | | | | | | | | 1,624,053,093 | |
| | | | |
End of period | | | | | | $ | 557,840,238 | | | | | | | $ | 968,070,579 | |
| | | | |
| 1 | Effective for all filings after November 4, 2018, the SEC prospectively eliminated the requirement to parenthetically disclose undistributed net investment income at the end of the period and permitted the aggregation of distributions, with the exception of tax basis returns of capital. Undistributed net investment income at February 28, 2018 was $2,344,744. The disaggregated distributions information for the year ended February 28, 2018 is included in Note 7,Distributions to Shareholders, in the notes to the financial statements. |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Statements of changes in net assets | | Target Date Retirement Funds | | | 77 | |
| | | | | | | | | | | | | | | | |
| | | Target 2035 Fund | |
| | | Year ended
February 28, 2019 | | | Year ended
February 28, 20181 | |
| | | | |
Operations | | | | | | | | | | | | | | | | |
Net investment income | | | | | | $ | 8,021,063 | | | | | | | $ | 10,953,673 | |
Net realized gains on investments | | | | | | | 10,893,935 | | | | | | | | 147,392,011 | |
Net change in unrealized gains (losses) on investments | | | | | | | (12,779,105 | ) | | | | | | | (98,111,952 | ) |
| | | | |
Net increase in net assets resulting from operations | | | | | | | 6,135,893 | | | | | | | | 60,233,732 | |
| | | | |
| | | | |
Distributions to shareholders from net investment income and net realized gains | | | | | | | | | | | | | | | | |
Class A | | | | | | | (14,755,385 | ) | | | | | | | (39,697,187 | ) |
Class R | | | | | | | (30,775 | ) | | | | | | | (66,401 | ) |
Class R4 | | | | | | | (7,980,148 | ) | | | | | | | (37,289,085 | ) |
Class R6 | | | | | | | (19,477,075 | ) | | | | | | | (65,819,059 | ) |
Administrator Class | | | | | | | (1,369,169 | ) | | | | | | | (13,017,710 | ) |
| | | | |
Total distributions to shareholders | | | | | | | (43,612,552 | ) | | | | | | | (155,889,442 | ) |
| | | | |
| | | | |
Capital share transactions | | | Shares | | | | | | | | Shares | | | | | |
Proceeds from shares sold | | | | | | | | | | | | | | | | |
Class A | | | 1,578,518 | | | | 12,844,648 | | | | 1,107,415 | | | | 11,682,945 | |
Class R | | | 6,995 | | | | 56,742 | | | | 6,918 | | | | 78,436 | |
Class R4 | | | 2,451,098 | | | | 20,206,867 | | | | 2,612,631 | | | | 29,536,454 | |
Class R6 | | | 5,344,920 | | | | 44,142,406 | | | | 6,155,757 | | | | 68,276,049 | |
Administrator Class | | | 497,674 | | | | 4,150,302 | | | | 814,790 | | | | 8,969,863 | |
| | | | |
| | | | |
| | | | | | | 81,400,965 | | | | | | | | 118,543,747 | |
| | | | |
Reinvestment of distributions | | | | | | | | | | | | | | | | |
Class A | | | 2,057,285 | | | | 14,678,376 | | | | 4,627,176 | | | | 39,126,816 | |
Class R | | | 3,846 | | | | 27,658 | | | | 6,448 | | | | 55,004 | |
Class R4 | | | 1,114,355 | | | | 7,980,148 | | | | 4,378,572 | | | | 37,289,085 | |
Class R6 | | | 2,720,348 | | | | 19,464,137 | | | | 7,730,606 | | | | 65,716,317 | |
Administrator Class | | | 189,877 | | | | 1,369,169 | | | | 1,527,746 | | | | 13,017,710 | |
| | | | |
| | | | |
| | | | | | | 43,519,488 | | | | | | | | 155,204,932 | |
| | | | |
Payment for shares redeemed | | | | | | | | | | | | | | | | |
Class A | | | (3,073,219 | ) | | | (24,856,182 | ) | | | (2,922,045 | ) | | | (32,422,968 | ) |
Class R | | | (110 | ) | | | (797 | ) | | | (5,700 | ) | | | (64,495 | ) |
Class R4 | | | (8,784,984 | ) | | | (69,688,097 | ) | | | (18,423,420 | ) | | | (203,088,930 | ) |
Class R6 | | | (15,125,719 | ) | | | (120,242,533 | ) | | | (19,856,819 | ) | | | (227,283,292 | ) |
Administrator Class | | | (3,641,319 | ) | | | (30,376,662 | ) | | | (2,605,951 | ) | | | (28,839,280 | ) |
| | | | |
| | | | |
| | | | | | | (245,164,271 | ) | | | | | | | (491,698,965 | ) |
| | | | |
Net decrease in net assets resulting from capital share transactions | | | | | | | (120,243,818 | ) | | | | | | | (217,950,286 | ) |
| | | | |
Total decrease in net assets | | | | | | | (157,720,477 | ) | | | | | | | (313,605996 | ) |
| | | | |
| | | | |
Net assets | | | | | | | | | | | | | | | | |
Beginning of period | | | | | | | 422,376,621 | | | | | | | | 735,982,617 | |
| | | | |
End of period | | | | | | $ | 264,656,144 | | | | | | | $ | 422,376,621 | |
| | | | |
| 1 | Effective for all filings after November 4, 2018, the SEC prospectively eliminated the requirement to parenthetically disclose undistributed net investment income at the end of the period and permitted the aggregation of distributions, with the exception of tax basis returns of capital. Undistributed net investment income at February 28, 2018 was $984,687. The disaggregated distributions information for the year ended February 28, 2018 is included in Note 7,Distributions to Shareholders, in the notes to the financial statements. |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 78 | | Target Date Retirement Funds | | Statements of changes in net assets |
| | | | | | | | | | | | | | | | |
| | | Target 2040 Fund | |
| | | Year ended
February 28, 2019 | | | Year ended
February 28, 20181 | |
| | | | |
Operations | | | | | | | | | | | | | | | | |
Net investment income | | | | | | $ | 14,790,993 | | | | | | | $ | 19,813,628 | |
Net realized gains on investments | | | | | | | 18,164,625 | | | | | | | | 243,520,786 | |
Net change in unrealized gains (losses) on investments | | | | | | | (19,275,537 | ) | | | | | | | (137,746,516 | ) |
| | | | |
Net increase in net assets resulting from operations | | | | | | | 13,680,081 | | | | | | | | 125,587,898 | |
| | | | |
| | | | |
Distributions to shareholders from net investment income and net realized gains | | | | | | | | | | | | | | | | |
Class A | | | | | | | (26,387,910 | ) | | | | | | | (59,623,736 | ) |
Class C | | | | | | | (566,862 | ) | | | | | | | (1,488,556 | ) |
Class R | | | | | | | (8,566 | ) | | | | | | | (16,588 | ) |
Class R4 | | | | | | | (11,144,854 | ) | | | | | | | (67,723,462 | ) |
Class R6 | | | | | | | (30,251,781 | ) | | | | | | | (86,876,137 | ) |
Administrator Class | | | | | | | (10,424,413 | ) | | | | | | | (38,648,452 | ) |
| | | | |
Total distributions to shareholders | | | | | | | (78,784,386 | ) | | | | | | | (254,376,931 | ) |
| | | | |
| | | | |
Capital share transactions | | | Shares | | | | | | | | Shares | | | | | |
Proceeds from shares sold | | | | | | | | | | | | | | | | |
Class A | | | 975,217 | | | | 14,543,125 | | | | 677,519 | | | | 12,965,334 | |
Class C | | | 14,600 | | | | 185,493 | | | | 58,859 | | | | 1,030,677 | |
Class R | | | 546 | | | | 8,708 | | | | 915 | | | | 17,690 | |
Class R4 | | | 1,612,529 | | | | 26,355,724 | | | | 3,242,796 | | | | 65,185,104 | |
Class R6 | | | 6,170,841 | | | | 96,045,196 | | | | 5,181,671 | | | | 103,324,674 | |
Administrator Class | | | 1,225,528 | | | | 19,649,251 | | | | 2,010,199 | | | | 39,913,175 | |
| | | | |
| | | | |
| | | | | | | 156,787,497 | | | | | | | | 222,436,654 | |
| | | | |
Reinvestment of distributions | | | | | | | | | | | | | | | | |
Class A | | | 1,920,022 | | | | 26,095,251 | | | | 3,612,854 | | | | 58,383,709 | |
Class C | | | 46,258 | | | | 564,325 | | | | 96,427 | | | | 1,423,269 | |
Class R | | | 365 | | | | 4,951 | | | | 448 | | | | 7,247 | |
Class R4 | | | 791,271 | | | | 11,144,854 | | | | 4,067,475 | | | | 67,723,462 | |
Class R6 | | | 2,148,298 | | | | 30,244,963 | | | | 5,219,980 | | | | 86,860,471 | |
Administrator Class | | | 742,370 | | | | 10,421,862 | | | | 2,326,419 | | | | 38,641,826 | |
| | | | |
| | | | |
| | | | | | | 78,476,206 | | | | | | | | 253,039,984 | |
| | | | |
Payment for shares redeemed | | | | | | | | | | | | | | | | |
Class A | | | (3,380,962 | ) | | | (52,026,465 | ) | | | (1,576,350 | ) | | | (30,528,505 | ) |
Class C | | | (205,482 | ) | | | (2,752,752 | ) | | | (56,059 | ) | | | (968,911 | ) |
Class R | | | (4 | ) | | | (53 | ) | | | (18,224 | ) | | | (354,419 | ) |
Class R4 | | | (10,810,527 | ) | | | (171,991,630 | ) | | | (15,379,583 | ) | | | (299,294,580 | ) |
Class R6 | | | (12,842,572 | ) | | | (202,067,993 | ) | | | (17,885,951 | ) | | | (356,651,046 | ) |
Administrator Class | | | (5,102,104 | ) | | | (82,271,545 | ) | | | (6,251,586 | ) | | | (123,402,125 | ) |
| | | | |
| | | | |
| | | | | | | (511,110,438 | ) | | | | | | | (811,199,586 | ) |
| | | | |
Net decrease in net assets resulting from capital share transactions | | | | | | | (275,846,735 | ) | | | | | | | (335,722,948 | ) |
| | | | |
Total decrease in net assets | | | | | | | (340,951,040 | ) | | | | | | | (464,511,981 | ) |
| | | | |
| | | | |
Net assets | | | | | | | | | | | | | | | | |
Beginning of period | | | | | | | 834,940,111 | | | | | | | | 1,299,452,092 | |
| | | | |
End of period | | | | | | $ | 493,989,071 | | | | | | | $ | 834,940,111 | |
| | | | |
| 1 | Effective for all filings after November 4, 2018, the SEC prospectively eliminated the requirement to parenthetically disclose undistributed net investment income at the end of the period and permitted the aggregation of distributions, with the exception of tax basis returns of capital. Undistributed net investment income at February 28, 2018 was $1,729,359. The disaggregated distributions information for the year ended February 28, 2018 is included in Note 7,Distributions to Shareholders, in the notes to the financial statements. |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Statements of changes in net assets | | Target Date Retirement Funds | | | 79 | |
| | | | | | | | | | | | | | | | |
| | | Target 2045 Fund | |
| | | Year ended
February 28, 2019 | | | Year ended
February 28, 20181 | |
| | | | |
Operations | | | | | | | | | | | | | | | | |
Net investment income | | | | | | $ | 4,977,067 | | | | | | | $ | 6,932,783 | |
Net realized gains on investments | | | | | | | 5,191,613 | | | | | | | | 91,084,132 | |
Net change in unrealized gains (losses) on investments | | | | | | | (8,363,923 | ) | | | | | | | (52,605,876 | ) |
| | | | |
Net increase in net assets resulting from operations | | | | | | | 1,804,757 | | | | | | | | 45,411,039 | |
| | | | |
| | | | |
Distributions to shareholders from net investment income and net realized gains | | | | | | | | | | | | | | | | |
Class A | | | | | | | (7,665,404 | ) | | | | | | | (19,738,127 | ) |
Class R | | | | | | | (4,825 | ) | | | | | | | (14,625 | ) |
Class R4 | | | | | | | (5,266,755 | ) | | | | | | | (21,343,013 | ) |
Class R6 | | | | | | | (13,021,360 | ) | | | | | | | (44,599,476 | ) |
Administrator Class | | | | | | | (951,220 | ) | | | | | | | (10,157,047 | ) |
| | | | |
Total distributions to shareholders | | | | | | | (26,909,564 | ) | | | | | | | (95,852,288 | ) |
| | | | |
| | | | |
Capital share transactions | | | Shares | | | | | | | | Shares | | | | | |
Proceeds from shares sold | | | | | | | | | | | | | | | | |
Class A | | | 1,268,596 | | | | 11,274,214 | | | | 871,708 | | | | 9,901,733 | |
Class R | | | 332 | | | | 3,049 | | | | 327 | | | | 3,997 | |
Class R4 | | | 1,528,232 | | | | 13,873,019 | | | | 2,000,347 | | | | 23,987,357 | |
Class R6 | | | 3,469,897 | | | | 31,474,217 | | | | 4,442,764 | | | | 52,848,330 | |
Administrator Class | | | 410,954 | | | | 3,787,158 | | | | 764,879 | | | | 9,005,896 | |
| | | | |
| | | | |
| | | | | | | 60,411,657 | | | | | | | | 95,747,313 | |
| | | | |
Reinvestment of distributions | | | | | | | | | | | | | | | | |
Class A | | | 977,784 | | | | 7,647,168 | | | | 2,110,029 | | | | 19,611,304 | |
Class R | | | 205 | | | | 1,629 | | | | 343 | | | | 3,258 | |
Class R4 | | | 668,576 | | | | 5,266,755 | | | | 2,271,801 | | | | 21,343,013 | |
Class R6 | | | 1,658,603 | | | | 13,021,360 | | | | 4,766,608 | | | | 44,558,161 | |
Administrator Class | | | 119,796 | | | | 951,220 | | | | 1,079,719 | | | | 10,157,047 | |
| | | | |
| | | | |
| | | | | | | 26,888,132 | | | | | | | | 95,672,783 | |
| | | | |
Payment for shares redeemed | | | | | | | | | | | | | | | | |
Class A | | | (2,042,382 | ) | | | (17,742,050 | ) | | | (2,164,058 | ) | | | (25,817,694 | ) |
Class R | | | (3 | ) | | | (28 | ) | | | (275 | ) | | | (3,331 | ) |
Class R4 | | | (4,568,498 | ) | | | (38,963,130 | ) | | | (11,914,797 | ) | | | (141,218,856 | ) |
Class R6 | | | (11,113,510 | ) | | | (95,882,723 | ) | | | (13,133,236 | ) | | | (160,934,062 | ) |
Administrator Class | | | (2,913,889 | ) | | | (26,895,091 | ) | | | (2,045,936 | ) | | | (24,501,732 | ) |
| | | | |
| | | | |
| | | | | | | (179,483,022 | ) | | | | | | | (352,475,675 | ) |
| | | | |
Net decrease in net assets resulting from capital share transactions | | | | | | | (92,183,233 | ) | | | | | | | (161,055,579 | ) |
| | | | |
Total decrease in net assets | | | | | | | (117,288,040 | ) | | | | | | | (211,496,828 | ) |
| | | | |
| | | | |
Net assets | | | | | | | | | | | | | | | | |
Beginning of period | | | | | | | 272,540,117 | | | | | | | | 484,036,945 | |
| | | | |
End of period | | | | | | $ | 155,252,077 | | | | | | | $ | 272,540,117 | |
| | | | |
| 1 | Effective for all filings after November 4, 2018, the SEC prospectively eliminated the requirement to parenthetically disclose undistributed net investment income at the end of the period and permitted the aggregation of distributions, with the exception of tax basis returns of capital. Undistributed net investment income at February 28, 2018 was $581,673. The disaggregated distributions information for the year ended February 28, 2018 is included in Note 7,Distributions to Shareholders, in the notes to the financial statements. |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 80 | | Target Date Retirement Funds | | Statements of changes in net assets |
| | | | | | | | | | | | | | | | |
| | | Target 2050 Fund | |
| | | Year ended
February 28, 2019 | | | Year ended
February 28, 20181 | |
| | | | |
Operations | | | | | | | | | | | | | | | | |
Net investment income | | | | | | $ | 7,675,206 | | | | | | | $ | 10,847,433 | |
Net realized gains on investments | | | | | | | 14,913,484 | | | | | | | | 174,663,606 | |
Net change in unrealized gains (losses) on investments | | | | | | | (16,129,644 | ) | | | | | | | (110,969,589 | ) |
| | | | |
Net increase in net assets resulting from operations | | | | | | | 6,459,046 | | | | | | | | 74,541,450 | |
| | | | |
| | | | |
Distributions to shareholders from net investment income and net realized gains | | | | | | | | | | | | | | | | |
Class A | | | | | | | (9,998,721 | ) | | | | | | | (22,321,741 | ) |
Class C | | | | | | | (229,385 | ) | | | | | | | (466,798 | ) |
Class R | | | | | | | (6,315 | ) | | | | | | | (12,986 | ) |
Class R4 | | | | | | | (7,268,509 | ) | | | | | | | (55,370,937 | ) |
Class R6 | | | | | | | (25,908,320 | ) | | | | | | | (72,009,750 | ) |
Administrator Class | | | | | | | (8,372,773 | ) | | | | | | | (30,365,647 | ) |
| | | | |
Total distributions to shareholders | | | | | | | (51,784,023 | ) | | | | | | | (180,547,859 | ) |
| | | | |
| | | | |
Capital share transactions | | | Shares | | | | | | | | Shares | | | | | |
Proceeds from shares sold | | | | | | | | | | | | | | | | |
Class A | | | 1,473,336 | | | | 11,485,855 | | | | 909,111 | | | | 10,060,300 | |
Class C | | | 18,446 | | | | 154,231 | | | | 28,623 | | | | 323,266 | |
Class R | | | 966 | | | | 8,274 | | | | 163 | | | | 1,769 | |
Class R4 | | | 2,154,392 | | | | 18,358,680 | | | | 4,842,813 | | | | 55,071,981 | |
Class R6 | | | 7,548,457 | | | | 60,871,822 | | | | 7,253,149 | | | | 82,308,208 | |
Administrator Class | | | 2,112,559 | | | | 17,602,897 | | | | 3,195,828 | | | | 35,648,472 | |
| | | | |
| | | | |
| | | | | | | 108,481,759 | | | | | | | | 183,413,996 | |
| | | | |
Reinvestment of distributions | | | | | | | | | | | | | | | | |
Class A | | | 1,445,068 | | | | 9,953,000 | | | | 2,540,271 | | | | 22,123,096 | |
Class C | | | 32,594 | | | | 222,303 | | | | 52,705 | | | | 455,688 | |
Class R | | | 258 | | | | 1,780 | | | | 94 | | | | 849 | |
Class R4 | | | 1,046,261 | | | | 7,268,509 | | | | 6,301,893 | | | | 55,370,937 | |
Class R6 | | | 3,728,317 | | | | 25,889,708 | | | | 8,198,471 | | | | 71,939,582 | |
Administrator Class | | | 1,210,420 | | | | 8,372,773 | | | | 3,474,151 | | | | 30,365,342 | |
| | | | |
| | | | |
| | | | | | | 51,708,073 | | | | | | | | 180,255,494 | |
| | | | |
Payment for shares redeemed | | | | | | | | | | | | | | | | |
Class A | | | (3,308,100 | ) | | | (26,774,618 | ) | | | (1,268,441 | ) | | | (14,511,334 | ) |
Class C | | | (68,750 | ) | | | (505,169 | ) | | | (27,857 | ) | | | (297,961 | ) |
Class R | | | (8 | ) | | | (67 | ) | | | (14 | ) | | | (163 | ) |
Class R4 | | | (14,586,164 | ) | | | (121,468,189 | ) | | | (18,298,151 | ) | | | (200,090,166 | ) |
Class R6 | | | (17,066,989 | ) | | | (137,002,569 | ) | | | (19,764,247 | ) | | | (220,081,753 | ) |
Administrator Class | | | (7,277,621 | ) | | | (60,967,722 | ) | | | (7,702,165 | ) | | | (86,587,903 | ) |
| | | | |
| | | | |
| | | | | | | (346,718,334 | ) | | | | | | | (521,569,280 | ) |
| | | | |
Net decrease in net assets resulting from capital share transactions | | | | | | | (186,528,502 | ) | | | | | | | (157,899,790 | ) |
| | | | |
Total decrease in net assets | | | | | | | (231,853,479 | ) | | | | | | | (263,906,199 | ) |
| | | | |
| | | | |
Net assets | | | | | | | | | | | | | | | | |
Beginning of period | | | | | | | 453,491,863 | | | | | | | | 717,398,062 | |
| | | | |
End of period | | | | | | $ | 221,638,384 | | | | | | | $ | 453,491,863 | |
| | | | |
| 1 | Effective for all filings after November 4, 2018, the SEC prospectively eliminated the requirement to parenthetically disclose undistributed net investment income at the end of the period and permitted the aggregation of distributions, with the exception of tax basis returns of capital. Undistributed net investment income at February 28, 2018 was $905,821. The disaggregated distributions information for the year ended February 28, 2018 is included in Note 7,Distributions to Shareholders, in the notes to the financial statements. |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Statements of changes in net assets | | Target Date Retirement Funds | | | 81 | |
| | | | | | | | | | | | | | | | |
| | | Target 2055 Fund | |
| | | Year ended
February 28, 2019 | | | Year ended
February 28, 20181 | |
| | | | |
Operations | | | | | | | | | | | | | | | | |
Net investment income | | | | | | $ | 1,593,380 | | | | | | | $ | 1,991,291 | |
Net realized gains on investments | | | | | | | 388,557 | | | | | | | | 21,472,759 | |
Net change in unrealized gains (losses) on investments | | | | | | | (2,137,811 | ) | | | | | | | (10,560,595 | ) |
| | | | |
Net increase (decrease) in net assets resulting from operations | | | | | | | (155,874 | ) | | | | | | | 12,903,455 | |
| | | | |
| | | | |
Distributions to shareholders from net investment income and net realized gains | | | | | | | | | | | | | | | | |
Class A | | | | | | | (1,154,610 | ) | | | | | | | (1,920,426 | ) |
Class R | | | | | | | (4,713 | ) | | | | | | | (9,018 | ) |
Class R4 | | | | | | | (1,589,454 | ) | | | | | | | (4,114,831 | ) |
Class R6 | | | | | | | (3,851,682 | ) | | | | | | | (10,324,315 | ) |
Administrator Class | | | | | | | (132,101 | ) | | | | | | | (1,181,515 | ) |
| | | | |
Total distributions to shareholders | | | | | | | (6,732,560 | ) | | | | | | | (17,550,105 | ) |
| | | | |
| | | | |
Capital share transactions | | | Shares | | | | | | | | Shares | | | | | |
Proceeds from shares sold | | | | | | | | | | | | | | | | |
Class A | | | 271,189 | | | | 3,342,526 | | | | 205,740 | | | | 2,919,965 | |
Class R | | | 673 | | | | 8,354 | | | | 583 | | | | 8,304 | |
Class R4 | | | 562,108 | | | | 7,049,850 | | | | 1,160,000 | | | | 16,596,709 | |
Class R6 | | | 1,422,335 | | | | 17,984,319 | | | | 2,108,480 | | | | 29,915,567 | |
Administrator Class | | | 104,231 | | | | 1,320,409 | | | | 335,417 | | | | 4,743,014 | |
| | | | |
| | | | |
| | | | | | | 29,705,458 | | | | | | | | 54,183,559 | |
| | | | |
Reinvestment of distributions | | | | | | | | | | | | | | | | |
Class A | | | 103,856 | | | | 1,150,306 | | | | 144,834 | | | | 1,864,278 | |
Class R | | | 136 | | | | 1,486 | | | | 171 | | | | 2,185 | |
Class R4 | | | 142,902 | | | | 1,589,454 | | | | 317,352 | | | | 4,114,831 | |
Class R6 | | | 346,774 | | | | 3,849,401 | | | | 799,758 | | | | 10,307,152 | |
Administrator Class | | | 11,912 | | | | 132,101 | | | | 91,664 | | | | 1,181,515 | |
| | | | |
| | | | |
| | | | | | | 6,722,748 | | | | | | | | 17,469,961 | |
| | | | |
Payment for shares redeemed | | | | | | | | | | | | | | | | |
Class A | | | (272,876 | ) | | | (3,315,786 | ) | | | (203,698 | ) | | | (2,913,161 | ) |
Class R | | | (419 | ) | | | (5,283 | ) | | | (305 | ) | | | (4,273 | ) |
Class R4 | | | (1,286,858 | ) | | | (15,246,998 | ) | | | (3,336,536 | ) | | | (47,750,333 | ) |
Class R6 | | | (4,613,789 | ) | | | (55,622,123 | ) | | | (3,174,025 | ) | | | (45,913,872 | ) |
Administrator Class | | | (458,190 | ) | | | (5,851,842 | ) | | | (679,694 | ) | | | (9,714,689 | ) |
| | | | |
| | | | |
| | | | | | | (80,042,032 | ) | | | | | | | (106,296,328 | ) |
| | | | |
Net decrease in net assets resulting from capital share transactions | | | | | | | (43,613,826 | ) | | | | | | | (34,642,808 | ) |
| | | | |
Total decrease in net assets | | | | | | | (50,502,260 | ) | | | | | | | (39,289,458 | ) |
| | | | |
| | | | |
Net assets | | | | | | | | | | | | | | | | |
Beginning of period | | | | | | | 88,384,022 | | | | | | | | 127,673,480 | |
| | | | |
End of period | | | | | | $ | 37,881,762 | | | | | | | $ | 88,384,022 | |
| | | | |
| 1 | Effective for all filings after November 4, 2018, the SEC prospectively eliminated the requirement to parenthetically disclose undistributed net investment income at the end of the period and permitted the aggregation of distributions, with the exception of tax basis returns of capital. Undistributed net investment income at February 28, 2018 was $193,959. The disaggregated distributions information for the year ended February 28, 2018 is included in Note 7,Distributions to Shareholders, in the notes to the financial statements. |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 82 | | Target Date Retirement Funds | | Statements of changes in net assets |
| | | | | | | | | | | | | | | | |
| | | Target 2060 Fund | |
| | | Year ended
February 28, 2019 | | | Year ended
February 28, 20181 | |
| | | | |
Operations | | | | | | | | | | | | | | | | |
Net investment income | | | | | | $ | 490,747 | | | | | | | $ | 458,483 | |
Net realized gains (losses) on investments | | | | | | | (316,135 | ) | | | | | | | 688,255 | |
Net change in unrealized gains (losses) on investments | | | | | | | 310,679 | | | | | | | | 1,886,069 | |
| | | | |
Net increase in net assets resulting from operations | | | | | | | 485,291 | | | | | | | | 3,032,807 | |
| | | | |
| | | | |
Distributions to shareholders from net investment income and net realized gains | | | | | | | | | | | | | | | | |
Class A | | | | | | | (24,635 | ) | | | | | | | (12,482 | ) |
Class C | | | | | | | (10,144 | ) | | | | | | | (1,898 | ) |
Class R | | | | | | | (2,753 | ) | | | | | | | (1,634 | ) |
Class R4 | | | | | | | (123,761 | ) | | | | | | | (115,508 | ) |
Class R6 | | | | | | | (688,736 | ) | | | | | | | (214,695 | ) |
Administrator Class | | | | | | | (189,691 | ) | | | | | | | (69,072 | ) |
| | | | |
Total distributions to shareholders | | | | | | | (1,039,720 | ) | | | | | | | (415,289 | ) |
| | | | |
| | | | |
Capital share transactions | | | Shares | | | | | | | | Shares | | | | | |
Proceeds from shares sold | | | | | | | | | | | | | | | | |
Class A | | | 76,768 | | | | 896,544 | | | | 77,171 | | | | 879,172 | |
Class C | | | 1,954 | | | | 22,381 | | | | 6,549 | | | | 75,258 | |
Class R | | | 789 | | | | 9,061 | | | | 494 | | | | 5,556 | |
Class R4 | | | 201,859 | | | | 2,403,910 | | | | 530,681 | | | | 6,111,710 | |
Class R6 | | | 923,279 | | | | 10,972,269 | | | | 1,025,269 | | | | 11,833,172 | |
Administrator Class | | | 285,112 | | | | 3,375,609 | | | | 380,246 | | | | 4,297,043 | |
| | | | |
| | | | |
| | | | | | | 17,679,774 | | | | | | | | 23,201,911 | |
| | | | |
Reinvestment of distributions | | | | | | | | | | | | | | | | |
Class A | | | 2,229 | | | | 24,138 | | | | 959 | | | | 11,240 | |
Class C | | | 831 | | | | 8,994 | | | | 96 | | | | 1,143 | |
Class R | | | 139 | | | | 1,480 | | | | 53 | | | | 588 | |
Class R4 | | | 11,186 | | | | 123,228 | | | | 9,640 | | | | 114,168 | |
Class R6 | | | 62,764 | | | | 688,177 | | | | 17,646 | | | | 207,897 | |
Administrator Class | | | 17,416 | | | | 189,167 | | | | 5,809 | | | | 67,866 | |
| | | | |
| | | | |
| | | | | | | 1,035,184 | | | | | | | | 402,902 | |
| | | | |
Payment for shares redeemed | | | | | | | | | | | | | | | | |
Class A | | | (97,949 | ) | | | (1,159,367 | ) | | | (64,275 | ) | | | (733,601 | ) |
Class C | | | 0 | | | | 0 | | | | (13,611 | ) | | | (160,641 | ) |
Class R | | | (436 | ) | | | (5,264 | ) | | | (8,275 | ) | | | (99,210 | ) |
Class R4 | | | (462,721 | ) | | | (5,517,303 | ) | | | (707,747 | ) | | | (8,255,682 | ) |
Class R6 | | | (1,089,048 | ) | | | (12,971,855 | ) | | | (1,188,599 | ) | | | (13,711,099 | ) |
Administrator Class | | | (394,173 | ) | | | (4,623,482 | ) | | | (439,460 | ) | | | (5,045,779 | ) |
| | | | |
| | | | |
| | | | | | | (24,277,271 | ) | | | | | | | (28,006,012 | ) |
| | | | |
Net decrease in net assets resulting from capital share transactions | | | | | | | (5,562,313 | ) | | | | | | | (4,401,199 | ) |
| | | | |
Total decrease in net assets | | | | | | | (6,116,742 | ) | | | | | | | (1,783,681 | ) |
| | | | |
| | | | |
Net assets | | | | | | | | | | | | | | | | |
Beginning of period | | | | | | | 22,654,641 | | | | | | | | 24,438,322 | |
| | | | |
End of period | | | | | | $ | 16,537,899 | | | | | | | $ | 22,654,641 | |
| | | | |
| 1 | Effective for all filings after November 4, 2018, the SEC prospectively eliminated the requirements to parenthetically disclose undistributed net investment income at the end of the period and permitted the aggregation of distributions, with the exception of tax basis returns of capital. Undistributed net investment income at February 28, 2018 was $47,647. The disaggregated distributions information for the year ended February 28, 2018 is included in Note 7,Distributions to Shareholders, in the notes to the financial statements. |
The accompanying notes are an integral part of these financial statements.
This page is intentionally left blank.
| | | | |
| 84 | | Target Date Retirement Funds | | Financial highlights |
| | | | | | | | | | | | | | | | | | | | | | | | |
| Target Today Fund | | Beginning
net asset
value per
share | | | Net
investment
income | | | Net realized
and unrealized
gains (losses)
on investments | | | Distributions
from net
investment
income | | | Distributions
from net
realized gains | | | Ending
net asset
value per
share | |
| | | | | | |
Class A | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 2019 | | $ | 8.97 | | | | 0.19 | | | | 0.07 | | | | (0.21 | ) | | | (0.36 | ) | | $ | 8.66 | |
Year ended February 28, 2018 | | $ | 10.56 | | | | 0.17 | | | | 0.13 | | | | (0.08 | ) | | | (1.81 | ) | | $ | 8.97 | |
Year ended February 28, 2017 | | $ | 10.41 | | | | 0.12 | | | | 0.23 | | | | (0.11 | ) | | | (0.09 | ) | | $ | 10.56 | |
Year ended February 29, 2016 | | $ | 10.81 | | | | 0.10 | 4 | | | (0.29 | ) | | | (0.03 | ) | | | (0.18 | ) | | $ | 10.41 | |
Year ended February 28, 2015 | | $ | 10.85 | | | | 0.15 | | | | 0.05 | | | | (0.13 | ) | | | (0.11 | ) | | $ | 10.81 | |
| | | | | | |
Class C | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 2019 | | $ | 9.18 | | | | 0.14 | 4 | | | 0.06 | | | | (0.13 | ) | | | (0.36 | ) | | $ | 8.89 | |
Year ended February 28, 2018 | | $ | 10.77 | | | | 0.10 | | | | 0.13 | | | | (0.01 | ) | | | (1.81 | ) | | $ | 9.18 | |
Year ended February 28, 2017 | | $ | 10.63 | | | | 0.03 | | | | 0.24 | | | | (0.04 | ) | | | (0.09 | ) | | $ | 10.77 | |
Year ended February 29, 2016 | | $ | 11.08 | | | | 0.02 | 4 | | | (0.29 | ) | | | 0.00 | | | | (0.18 | ) | | $ | 10.63 | |
Year ended February 28, 2015 | | $ | 11.11 | | | | 0.06 | 4 | | | 0.06 | | | | (0.04 | ) | | | (0.11 | ) | | $ | 11.08 | |
| | | | | | |
Class R | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 2019 | | $ | 8.94 | | | | 0.17 | | | | 0.06 | | | | (0.19 | ) | | | (0.36 | ) | | $ | 8.62 | |
Year ended February 28, 2018 | | $ | 10.53 | | | | 0.14 | | | | 0.14 | | | | (0.06 | ) | | | (1.81 | ) | | $ | 8.94 | |
Year ended February 28, 2017 | | $ | 10.39 | | | | 0.09 | | | | 0.23 | | | | (0.09 | ) | | | (0.09 | ) | | $ | 10.53 | |
Year ended February 29, 2016 | | $ | 10.80 | | | | 0.07 | | | | (0.29 | ) | | | (0.01 | ) | | | (0.18 | ) | | $ | 10.39 | |
Year ended February 28, 2015 | | $ | 10.85 | | | | 0.11 | | | | 0.06 | | | | (0.11 | ) | | | (0.11 | ) | | $ | 10.80 | |
| | | | | | |
Class R4 | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 2019 | | $ | 9.20 | | | | 0.24 | 4 | | | 0.05 | | | | (0.24 | ) | | | (0.36 | ) | | $ | 8.89 | |
Year ended February 28, 2018 | | $ | 10.81 | | | | 0.17 | 4 | | | 0.13 | | | | (0.10 | ) | | | (1.81 | ) | | $ | 9.20 | |
Year ended February 28, 2017 | | $ | 10.65 | | | | 0.14 | | | | 0.25 | | | | (0.14 | ) | | | (0.09 | ) | | $ | 10.81 | |
Year ended February 29, 2016 | | $ | 11.06 | | | | 0.14 | | | | (0.30 | ) | | | (0.07 | ) | | | (0.18 | ) | | $ | 10.65 | |
Year ended February 28, 2015 | | $ | 11.10 | | | | 0.18 | | | | 0.06 | | | | (0.17 | ) | | | (0.11 | ) | | $ | 11.06 | |
| | | | | | |
Class R6 | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 2019 | | $ | 9.19 | | | | 0.25 | 4 | | | 0.06 | | | | (0.26 | ) | | | (0.36 | ) | | $ | 8.88 | |
Year ended February 28, 2018 | | $ | 10.78 | | | | 0.21 | 4 | | | 0.15 | | | | (0.14 | ) | | | (1.81 | ) | | $ | 9.19 | |
Year ended February 28, 2017 | | $ | 10.64 | | | | 0.17 | 4 | | | 0.23 | | | | (0.17 | ) | | | (0.09 | ) | | $ | 10.78 | |
Year ended February 29, 2016 | | $ | 11.05 | | | | 0.15 | | | | (0.29 | ) | | | (0.09 | ) | | | (0.18 | ) | | $ | 10.64 | |
Year ended February 28, 2015 | | $ | 11.08 | | | | 0.19 | | | | 0.08 | | | | (0.19 | ) | | | (0.11 | ) | | $ | 11.05 | |
| | | | | | |
Administrator Class | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 2019 | | $ | 9.21 | | | | 0.22 | 4 | | | 0.05 | | | | (0.22 | ) | | | (0.36 | ) | | $ | 8.90 | |
Year ended February 28, 2018 | | $ | 10.78 | | | | 0.18 | | | | 0.15 | | | | (0.09 | ) | | | (1.81 | ) | | $ | 9.21 | |
Year ended February 28, 2017 | | $ | 10.63 | | | | 0.13 | 4 | | | 0.23 | | | | (0.12 | ) | | | (0.09 | ) | | $ | 10.78 | |
Year ended February 29, 2016 | | $ | 11.03 | | | | 0.12 | 4 | | | (0.29 | ) | | | (0.05 | ) | | | (0.18 | ) | | $ | 10.63 | |
Year ended February 28, 2015 | | $ | 11.07 | | | | 0.16 | | | | 0.06 | | | | (0.15 | ) | | | (0.11 | ) | | $ | 11.03 | |
| 1 | Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows: |
| | | | | | | | | | | | | | | | | | | | |
| | | Year ended February 28 | | | Year ended
February 29, 2016 | | | Year ended
February 28, 2015 | |
| | | 2019 | | | 2018 | | | 2017 | |
Class A | | | 0.13 | % | | | 0.15 | % | | | 0.15 | % | | | 0.15 | % | | | 0.16 | % |
Class C | | | 0.13 | | | | 0.15 | | | | 0.15 | | | | 0.15 | | | | 0.16 | |
Class R | | | 0.11 | | | | 0.16 | | | | 0.16 | | | | 0.14 | | | | 0.16 | |
Class R4 | | | 0.13 | | | | 0.16 | | | | 0.15 | | | | 0.15 | | | | 0.16 | |
Class R6 | | | 0.13 | | | | 0.15 | | | | 0.15 | | | | 0.15 | | | | 0.16 | |
Administrator Class | | | 0.13 | | | | 0.15 | | | | 0.15 | | | | 0.15 | | | | 0.16 | |
| 2 | Total return calculations do not include any sales charges. |
| 3 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. |
| 4 | Calculated based upon average shares outstanding |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Financial highlights | | Target Date Retirement Funds | | | 85 | |
| | | | | | | | | | | | | | | | | | | | | | |
| Ratio to average net assets (annualized) | | | Total
return2 | | | Portfolio
turnover
rate3 | | | Net assets at
end of period
(000s omitted) | |
Net investment
income1 | | | Gross
expenses1 | | | Net
expenses1 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 2.21 | % | | | 0.93 | % | | | 0.65 | % | | | 3.09 | % | | | 45 | % | | $ | 37,865 | |
| | 1.59 | % | | | 0.87 | % | | | 0.69 | % | | | 2.54 | % | | | 80 | % | | $ | 47,030 | |
| | 1.06 | % | | | 0.85 | % | | | 0.76 | % | | | 3.39 | % | | | 41 | % | | $ | 55,965 | |
| | 0.98 | % | | | 0.86 | % | | | 0.77 | % | | | (1.74 | )% | | | 36 | % | | $ | 66,656 | |
| | 1.26 | % | | | 0.98 | % | | | 0.81 | % | | | 1.83 | % | | | 42 | % | | $ | 15,537 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 1.50 | % | | | 1.68 | % | | | 1.40 | % | | | 2.31 | % | | | 45 | % | | $ | 923 | |
| | 0.83 | % | | | 1.62 | % | | | 1.44 | % | | | 1.76 | % | | | 80 | % | | $ | 2,250 | |
| | 0.31 | % | | | 1.61 | % | | | 1.51 | % | | | 2.57 | % | | | 41 | % | | $ | 2,822 | |
| | 0.19 | % | | | 1.63 | % | | | 1.53 | % | | | (2.44 | )% | | | 36 | % | | $ | 2,763 | |
| | 0.51 | % | | | 1.73 | % | | | 1.56 | % | | | 1.09 | % | | | 42 | % | | $ | 3,471 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 1.96 | % | | | 1.16 | % | | | 0.89 | % | | | 2.72 | % | | | 45 | % | | $ | 28 | |
| | 1.36 | % | | | 1.13 | % | | | 0.94 | % | | | 2.31 | % | | | 80 | % | | $ | 29 | |
| | 0.79 | % | | | 1.12 | % | | | 1.01 | % | | | 3.13 | % | | | 41 | % | | $ | 32 | |
| | 0.69 | % | | | 1.12 | % | | | 1.02 | % | | | (2.00 | )% | | | 36 | % | | $ | 29 | |
| | 1.01 | % | | | 1.27 | % | | | 1.06 | % | | | 1.53 | % | | | 42 | % | | $ | 28 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 2.62 | % | | | 0.67 | % | | | 0.34 | % | | | 3.35 | % | | | 45 | % | | $ | 2,825 | |
| | 1.54 | % | | | 0.60 | % | | | 0.44 | % | | | 2.46 | % | | | 80 | % | | $ | 12,858 | |
| | 1.37 | % | | | 0.58 | % | | | 0.45 | % | | | 3.71 | % | | | 41 | % | | $ | 248,734 | |
| | 1.27 | % | | | 0.59 | % | | | 0.45 | % | | | (1.40 | )% | | | 36 | % | | $ | 271,674 | |
| | 1.62 | % | | | 0.65 | % | | | 0.45 | % | | | 2.16 | % | | | 42 | % | | $ | 338,108 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 2.72 | % | | | 0.51 | % | | | 0.19 | % | | | 3.52 | % | | | 45 | % | | $ | 17,013 | |
| | 1.99 | % | | | 0.44 | % | | | 0.24 | % | | | 2.99 | % | | | 80 | % | | $ | 40,511 | |
| | 1.53 | % | | | 0.42 | % | | | 0.30 | % | | | 3.81 | % | | | 41 | % | | $ | 72,643 | |
| | 1.42 | % | | | 0.43 | % | | | 0.30 | % | | | (1.25 | )% | | | 36 | % | | $ | 243,820 | |
| | 1.77 | % | | | 0.51 | % | | | 0.30 | % | | | 2.41 | % | | | 42 | % | | $ | 240,044 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 2.38 | % | | | 0.86 | % | | | 0.54 | % | | | 3.11 | % | | | 45 | % | | $ | 9,597 | |
| | 1.66 | % | | | 0.79 | % | | | 0.59 | % | | | 2.77 | % | | | 80 | % | | $ | 24,351 | |
| | 1.17 | % | | | 0.77 | % | | | 0.65 | % | | | 3.41 | % | | | 41 | % | | $ | 39,234 | |
| | 1.07 | % | | | 0.78 | % | | | 0.65 | % | | | (1.56 | )% | | | 36 | % | | $ | 61,887 | |
| | 1.42 | % | | | 0.82 | % | | | 0.65 | % | | | 1.95 | % | | | 42 | % | | $ | 99,638 | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 86 | | Target Date Retirement Funds | | Financial highlights |
| | | | | | | | | | | | | | | | | | | | | | | | |
| Target 2010 Fund | | Beginning
net asset
value per
share | | | Net
investment
income | | | Net realized
and unrealized
gains (losses)
on investments | | | Distributions
from net
investment
income | | | Distributions
from net
realized gains | | | Ending
net asset
value per
share | |
| | | | | | |
Class A | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 2019 | | $ | 10.72 | | | | 0.23 | 4 | | | 0.07 | | | | (0.27 | ) | | | (0.62 | ) | | $ | 10.13 | |
Year ended February 28, 2018 | | $ | 12.41 | | | | 0.19 | | | | 0.22 | | | | (0.04 | ) | | | (2.06 | ) | | $ | 10.72 | |
Year ended February 28, 2017 | | $ | 12.26 | | | | 0.15 | | | | 0.30 | | | | (0.09 | ) | | | (0.21 | ) | | $ | 12.41 | |
Year ended February 29, 2016 | | $ | 13.16 | | | | 0.14 | 4 | | | (0.40 | ) | | | (0.06 | ) | | | (0.58 | ) | | $ | 12.26 | |
Year ended February 28, 2015 | | $ | 13.33 | | | | 0.18 | 4 | | | 0.09 | | | | (0.17 | ) | | | (0.27 | ) | | $ | 13.16 | |
| | | | | | |
Class C | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 2019 | | $ | 10.82 | | | | 0.16 | 4 | | | 0.06 | | | | (0.18 | ) | | | (0.62 | ) | | $ | 10.24 | |
Year ended February 28, 2018 | | $ | 12.56 | | | | 0.13 | | | | 0.19 | | | | 0.00 | | | | (2.06 | ) | | $ | 10.82 | |
Year ended February 28, 2017 | | $ | 12.42 | | | | 0.07 | | | | 0.30 | | | | (0.02 | ) | | | (0.21 | ) | | $ | 12.56 | |
Year ended February 29, 2016 | | $ | 13.36 | | | | 0.04 | 4 | | | (0.40 | ) | | | 0.00 | | | | (0.58 | ) | | $ | 12.42 | |
Year ended February 28, 2015 | | $ | 13.52 | | | | 0.09 | | | | 0.09 | | | | (0.07 | ) | | | (0.27 | ) | | $ | 13.36 | |
| | | | | | |
Class R | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 2019 | | $ | 10.63 | | | | 0.20 | | | | 0.07 | | | | (0.24 | ) | | | (0.62 | ) | | $ | 10.04 | |
Year ended February 28, 2018 | | $ | 12.33 | | | | 0.16 | | | | 0.22 | | | | (0.02 | ) | | | (2.06 | ) | | $ | 10.63 | |
Year ended February 28, 2017 | | $ | 12.19 | | | | 0.11 | | | | 0.31 | | | | (0.07 | ) | | | (0.21 | ) | | $ | 12.33 | |
Year ended February 29, 2016 | | $ | 13.11 | | | | 0.11 | 4 | | | (0.41 | ) | | | (0.04 | ) | | | (0.58 | ) | | $ | 12.19 | |
Year ended February 28, 2015 | | $ | 13.28 | | | | 0.15 | 4 | | | 0.10 | | | | (0.15 | ) | | | (0.27 | ) | | $ | 13.11 | |
| | | | | | |
Class R4 | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 2019 | | $ | 10.86 | | | | 0.29 | 4 | | | 0.04 | | | | (0.30 | ) | | | (0.62 | ) | | $ | 10.27 | |
Year ended February 28, 2018 | | $ | 12.55 | | | | 0.23 | 4 | | | 0.22 | | | | (0.08 | ) | | | (2.06 | ) | | $ | 10.86 | |
Year ended February 28, 2017 | | $ | 12.38 | | | | 0.19 | 4 | | | 0.32 | | | | (0.13 | ) | | | (0.21 | ) | | $ | 12.55 | |
Year ended February 29, 2016 | | $ | 13.30 | | | | 0.18 | 4 | | | (0.41 | ) | | | (0.11 | ) | | | (0.58 | ) | | $ | 12.38 | |
Year ended February 28, 2015 | | $ | 13.46 | | | | 0.23 | 4 | | | 0.10 | | | | (0.22 | ) | | | (0.27 | ) | | $ | 13.30 | |
| | | | | | |
Class R6 | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 2019 | | $ | 10.84 | | | | 0.29 | 4 | | | 0.06 | | | | (0.32 | ) | | | (0.62 | ) | | $ | 10.25 | |
Year ended February 28, 2018 | | $ | 12.54 | | | | 0.25 | 4 | | | 0.22 | | | | (0.11 | ) | | | (2.06 | ) | | $ | 10.84 | |
Year ended February 28, 2017 | | $ | 12.37 | | | | 0.21 | 4 | | | 0.32 | | | | (0.15 | ) | | | (0.21 | ) | | $ | 12.54 | |
Year ended February 29, 2016 | | $ | 13.29 | | | | 0.19 | | | | (0.40 | ) | | | (0.13 | ) | | | (0.58 | ) | | $ | 12.37 | |
Year ended February 28, 2015 | | $ | 13.45 | | | | 0.27 | | | | 0.08 | | | | (0.24 | ) | | | (0.27 | ) | | $ | 13.29 | |
| | | | | | |
Administrator Class | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 2019 | | $ | 10.86 | | | | 0.26 | 4 | | | 0.05 | | | | (0.28 | ) | | | (0.62 | ) | | $ | 10.27 | |
Year ended February 28, 2018 | | $ | 12.55 | | | | 0.21 | 4 | | | 0.21 | | | | (0.05 | ) | | | (2.06 | ) | | $ | 10.86 | |
Year ended February 28, 2017 | | $ | 12.39 | | | | 0.16 | | | | 0.31 | | | | (0.10 | ) | | | (0.21 | ) | | $ | 12.55 | |
Year ended February 29, 2016 | | $ | 13.29 | | | | 0.16 | 4 | | | (0.41 | ) | | | (0.07 | ) | | | (0.58 | ) | | $ | 12.39 | |
Year ended February 28, 2015 | | $ | 13.46 | | | | 0.21 | | | | 0.08 | | | | (0.19 | ) | | | (0.27 | ) | | $ | 13.29 | |
| 1 | Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows: |
| | | | | | | | | | | | | | | | | | | | |
| | | Year ended February 28 | | | Year ended
February 29, 2016 | | | Year ended
February 28, 2015 | |
| | | 2019 | | | 2018 | | | 2017 | |
Class A | | | 0.13 | % | | | 0.15 | % | | | 0.16 | % | | | 0.15 | % | | | 0.16 | % |
Class C | | | 0.13 | | | | 0.15 | | | | 0.16 | | | | 0.15 | | | | 0.16 | |
Class R | | | 0.13 | | | | 0.16 | | | | 0.16 | | | | 0.15 | | | | 0.16 | |
Class R4 | | | 0.13 | | | | 0.15 | | | | 0.16 | | | | 0.15 | | | | 0.16 | |
Class R6 | | | 0.13 | | | | 0.15 | | | | 0.16 | | | | 0.15 | | | | 0.16 | |
Administrator Class | | | 0.13 | | | | 0.15 | | | | 0.16 | | | | 0.15 | | | | 0.16 | |
| 2 | Total return calculations do not include any sales charges. |
| 3 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. |
| 4 | Calculated based upon average shares outstanding |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Financial highlights | | Target Date Retirement Funds | | | 87 | |
| | | | | | | | | | | | | | | | | | | | | | |
| Ratio to average net assets (annualized) | | | Total
return2 | | | Portfolio
turnover
rate3 | | | Net assets at
end of period
(000s omitted) | |
Net investment
income1 | | | Gross
expenses1 | | | Net
expenses1 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 2.20 | % | | | 0.91 | % | | | 0.65 | % | | | 3.03 | % | | | 45 | % | | $ | 35,777 | |
| | 1.58 | % | | | 0.87 | % | | | 0.70 | % | | | 3.04 | % | | | 79 | % | | $ | 51,677 | |
| | 1.14 | % | | | 0.87 | % | | | 0.78 | % | | | 3.71 | % | | | 41 | % | | $ | 60,237 | |
| | 1.11 | % | | | 0.88 | % | | | 0.79 | % | | | (1.99 | )% | | | 36 | % | | $ | 67,826 | |
| | 1.36 | % | | | 0.99 | % | | | 0.83 | % | | | 2.11 | % | | | 41 | % | | $ | 26,753 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 1.47 | % | | | 1.65 | % | | | 1.40 | % | | | 2.25 | % | | | 45 | % | | $ | 735 | |
| | 0.83 | % | | | 1.62 | % | | | 1.45 | % | | | 2.25 | % | | | 79 | % | | $ | 1,323 | |
| | 0.39 | % | | | 1.62 | % | | | 1.53 | % | | | 2.96 | % | | | 41 | % | | $ | 1,761 | |
| | 0.34 | % | | | 1.65 | % | | | 1.55 | % | | | (2.69 | )% | | | 36 | % | | $ | 1,984 | |
| | 0.61 | % | | | 1.75 | % | | | 1.58 | % | | | 1.39 | % | | | 41 | % | | $ | 2,781 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 1.94 | % | | | 1.14 | % | | | 0.90 | % | | | 2.82 | % | | | 45 | % | | $ | 22 | |
| | 1.32 | % | | | 1.13 | % | | | 0.96 | % | | | 2.75 | % | | | 79 | % | | $ | 23 | |
| | 0.88 | % | | | 1.14 | % | | | 1.03 | % | | | 3.45 | % | | | 41 | % | | $ | 53 | |
| | 0.84 | % | | | 1.16 | % | | | 1.05 | % | | | (2.27 | )% | | | 36 | % | | $ | 52 | |
| | 1.09 | % | | | 1.26 | % | | | 1.08 | % | | | 1.92 | % | | | 41 | % | | $ | 53 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 2.65 | % | | | 0.66 | % | | | 0.34 | % | | | 3.35 | % | | | 45 | % | | $ | 1,825 | |
| | 1.83 | % | | | 0.59 | % | | | 0.41 | % | | | 3.30 | % | | | 79 | % | | $ | 17,218 | |
| | 1.45 | % | | | 0.59 | % | | | 0.47 | % | | | 4.11 | % | | | 41 | % | | $ | 48,885 | |
| | 1.42 | % | | | 0.61 | % | | | 0.47 | % | | | (1.73 | )% | | | 36 | % | | $ | 70,528 | |
| | 1.73 | % | | | 0.66 | % | | | 0.47 | % | | | 2.55 | % | | | 41 | % | | $ | 148,668 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 2.71 | % | | | 0.48 | % | | | 0.19 | % | | | 3.53 | % | | | 45 | % | | $ | 16,789 | |
| | 2.00 | % | | | 0.44 | % | | | 0.25 | % | | | 3.42 | % | | | 79 | % | | $ | 40,332 | |
| | 1.61 | % | | | 0.44 | % | | | 0.32 | % | | | 4.27 | % | | | 41 | % | | $ | 82,474 | |
| | 1.57 | % | | | 0.45 | % | | | 0.32 | % | | | (1.59 | )% | | | 36 | % | | $ | 200,168 | |
| | 1.88 | % | | | 0.51 | % | | | 0.38 | % | | | 2.71 | % | | | 41 | % | | $ | 184,812 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 2.37 | % | | | 0.83 | % | | | 0.54 | % | | | 3.08 | % | | | 45 | % | | $ | 12,382 | |
| | 1.68 | % | | | 0.79 | % | | | 0.59 | % | | | 3.09 | % | | | 79 | % | | $ | 32,634 | |
| | 1.26 | % | | | 0.79 | % | | | 0.67 | % | | | 3.84 | % | | | 41 | % | | $ | 49,565 | |
| | 1.22 | % | | | 0.80 | % | | | 0.67 | % | | | (1.83 | )% | | | 36 | % | | $ | 91,381 | |
| | 1.53 | % | | | 0.79 | % | | | 0.67 | % | | | 2.26 | % | | | 41 | % | | $ | 168,185 | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 88 | | Target Date Retirement Funds | | Financial highlights |
| | | | | | | | | | | | | | | | | | | | | | | | |
| Target 2015 Fund | | Beginning
net asset
value per
share | | | Net
investment
income | | | Net realized
and unrealized
gains (losses)
on investments | | | Distributions
from net
investment
income | | | Distributions
from net
realized gains | | | Ending
net asset
value per
share | |
| | | | | | |
Class A | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 2019 | | $ | 7.88 | | | | 0.16 | | | | 0.06 | | | | (0.17 | ) | | | (0.89 | ) | | $ | 7.04 | |
Year ended February 28, 2018 | | $ | 10.12 | | | | 0.15 | | | | 0.27 | | | | (0.02 | ) | | | (2.64 | ) | | $ | 7.88 | |
Year ended February 28, 2017 | | $ | 9.87 | | | | 0.15 | 4 | | | 0.37 | | | | (0.10 | ) | | | (0.17 | ) | | $ | 10.12 | |
Year ended February 29, 2016 | | $ | 10.40 | | | | 0.15 | | | | (0.41 | ) | | | (0.09 | ) | | | (0.18 | ) | | $ | 9.87 | |
Year ended February 28, 2015 | | $ | 10.38 | | | | 0.15 | | | | 0.13 | | | | (0.14 | ) | | | (0.12 | ) | | $ | 10.40 | |
| | | | | | |
Class R | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 2019 | | $ | 8.02 | | | | 0.15 | | | | 0.05 | | | | (0.14 | ) | | | (0.89 | ) | | $ | 7.19 | |
Year ended February 28, 2018 | | $ | 10.26 | | | | 0.13 | | | | 0.27 | | | | (0.00 | )5 | | | (2.64 | ) | | $ | 8.02 | |
Year ended February 28, 2017 | | $ | 10.01 | | | | 0.13 | | | | 0.37 | | | | (0.08 | ) | | | (0.17 | ) | | $ | 10.26 | |
Year ended February 29, 2016 | | $ | 10.55 | | | | 0.13 | | | | (0.42 | ) | | | (0.07 | ) | | | (0.18 | ) | | $ | 10.01 | |
Year ended February 28, 2015 | | $ | 10.52 | | | | 0.12 | | | | 0.14 | | | | (0.11 | ) | | | (0.12 | ) | | $ | 10.55 | |
| | | | | | |
Class R4 | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 2019 | | $ | 7.94 | | | | 0.21 | 4 | | | 0.03 | | | | (0.19 | ) | | | (0.89 | ) | | $ | 7.10 | |
Year ended February 28, 2018 | | $ | 10.16 | | | | 0.19 | 4 | | | 0.26 | | | | (0.03 | ) | | | (2.64 | ) | | $ | 7.94 | |
Year ended February 28, 2017 | | $ | 9.91 | | | | 0.18 | 4 | | | 0.37 | | | | (0.13 | ) | | | (0.17 | ) | | $ | 10.16 | |
Year ended February 29, 2016 | | $ | 10.43 | | | | 0.18 | | | | (0.41 | ) | | | (0.11 | ) | | | (0.18 | ) | | $ | 9.91 | |
Year ended February 28, 2015 | | $ | 10.40 | | | | 0.18 | | | | 0.14 | | | | (0.17 | ) | | | (0.12 | ) | | $ | 10.43 | |
| | | | | | |
Class R6 | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 2019 | | $ | 7.94 | | | | 0.21 | 4 | | | 0.04 | | | | (0.20 | ) | | | (0.89 | ) | | $ | 7.10 | |
Year ended February 28, 2018 | | $ | 10.15 | | | | 0.25 | | | | 0.22 | | | | (0.04 | ) | | | (2.64 | ) | | $ | 7.94 | |
Year ended February 28, 2017 | | $ | 9.90 | | | | 0.20 | 4 | | | 0.37 | | | | (0.15 | ) | | | (0.17 | ) | | $ | 10.15 | |
Year ended February 29, 2016 | | $ | 10.42 | | | | 0.20 | | | | (0.42 | ) | | | (0.12 | ) | | | (0.18 | ) | | $ | 9.90 | |
Year ended February 28, 2015 | | $ | 10.39 | | | | 0.20 | | | | 0.14 | | | | (0.19 | ) | | | (0.12 | ) | | $ | 10.42 | |
| | | | | | |
Administrator Class | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 2019 | | $ | 8.07 | | | | 0.19 | 4 | | | 0.04 | | | | (0.17 | ) | | | (0.89 | ) | | $ | 7.24 | |
Year ended February 28, 2018 | | $ | 10.29 | | | | 0.18 | 4 | | | 0.26 | | | | (0.02 | ) | | | (2.64 | ) | | $ | 8.07 | |
Year ended February 28, 2017 | | $ | 10.02 | | | | 0.17 | 4 | | | 0.38 | | | | (0.11 | ) | | | (0.17 | ) | | $ | 10.29 | |
Year ended February 29, 2016 | | $ | 10.55 | | | | 0.17 | | | | (0.43 | ) | | | (0.09 | ) | | | (0.18 | ) | | $ | 10.02 | |
Year ended February 28, 2015 | | $ | 10.52 | | | | 0.17 | | | | 0.13 | | | | (0.15 | ) | | | (0.12 | ) | | $ | 10.55 | |
| 1 | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
| | | | | | | | | | | | | | | | | | | | |
| | | Year ended February 28 | | | Year ended February 29, 2016 | | | Year ended
February 28, 2015 | |
| | | 2019 | | | 2018 | | | 2017 | |
Class A | | | 0.14 | % | | | 0.16 | % | | | 0.16 | % | | | 0.16 | % | | | 0.16 | % |
Class R | | | 0.12 | | | | 0.17 | | | | 0.16 | | | | 0.16 | | | | 0.16 | |
Class R4 | | | 0.14 | | | | 0.16 | | | | 0.16 | | | | 0.16 | | | | 0.16 | |
Class R6 | | | 0.14 | | | | 0.16 | | | | 0.16 | | | | 0.16 | | | | 0.16 | |
Administrator Class | | | 0.14 | | | | 0.16 | | | | 0.16 | | | | 0.16 | | | | 0.16 | |
| 2 | Total return calculations do not include any sales charges. |
| 3 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. |
| 4 | Calculated based upon average shares outstanding |
| 5 | Amount is less than $0.005. |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Financial highlights | | Target Date Retirement Funds | | | 89 | |
| | | | | | | | | | | | | | | | | | | | | | |
| Ratio to average net assets (annualized) | | | Total
return2 | | | Portfolio
turnover
rate3 | | | Net assets at
end of period
(000s omitted) | |
Net investment
income1 | | | Gross
expenses1 | | | Net
expenses1 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 2.16 | % | | | 0.90 | % | | | 0.65 | % | | | 3.17 | % | | | 44 | % | | $ | 36,236 | |
| | 1.65 | % | | | 0.86 | % | | | 0.71 | % | | | 3.72 | % | | | 76 | % | | $ | 42,542 | |
| | 1.43 | % | | | 0.87 | % | | | 0.79 | % | | | 5.30 | % | | | 41 | % | | $ | 54,770 | |
| | 1.55 | % | | | 0.85 | % | | | 0.79 | % | | | (2.54 | )% | | | 36 | % | | $ | 74,807 | |
| | 1.39 | % | | | 0.99 | % | | | 0.84 | % | | | 2.75 | % | | | 39 | % | | $ | 1,947 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 1.91 | % | | | 1.14 | % | | | 0.90 | % | | | 2.98 | % | | | 44 | % | | $ | 20 | |
| | 1.41 | % | | | 1.12 | % | | | 0.96 | % | | | 3.52 | % | | | 76 | % | | $ | 22 | |
| | 1.18 | % | | | 1.12 | % | | | 1.04 | % | | | 4.99 | % | | | 41 | % | | $ | 37 | |
| | 1.25 | % | | | 1.14 | % | | | 1.06 | % | | | (2.78 | )% | | | 36 | % | | $ | 42 | |
| | 1.16 | % | | | 1.25 | % | | | 1.09 | % | | | 2.51 | % | | | 39 | % | | $ | 50 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 2.62 | % | | | 0.60 | % | | | 0.34 | % | | | 3.50 | % | | | 44 | % | | $ | 7,352 | |
| | 1.91 | % | | | 0.59 | % | | | 0.41 | % | | | 4.05 | % | | | 76 | % | | $ | 43,346 | |
| | 1.73 | % | | | 0.59 | % | | | 0.48 | % | | | 5.57 | % | | | 41 | % | | $ | 105,773 | |
| | 1.83 | % | | | 0.59 | % | | | 0.48 | % | | | (2.22 | )% | | | 36 | % | | $ | 127,503 | |
| | 1.78 | % | | | 0.66 | % | | | 0.48 | % | | | 3.15 | % | | | 39 | % | | $ | 180,101 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 2.67 | % | | | 0.46 | % | | | 0.19 | % | | | 3.65 | % | | | 44 | % | | $ | 31,174 | |
| | 2.08 | % | | | 0.44 | % | | | 0.26 | % | | | 4.27 | % | | | 76 | % | | $ | 61,265 | |
| | 1.92 | % | | | 0.43 | % | | | 0.33 | % | | | 5.74 | % | | | 41 | % | | $ | 125,438 | |
| | 1.97 | % | | | 0.44 | % | | | 0.33 | % | | | (2.12 | )% | | | 36 | % | | $ | 367,041 | |
| | 1.92 | % | | | 0.51 | % | | | 0.33 | % | | | 3.31 | % | | | 39 | % | | $ | 420,676 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 2.33 | % | | | 0.81 | % | | | 0.54 | % | | | 3.33 | % | | | 44 | % | | $ | 6,821 | |
| | 1.76 | % | | | 0.77 | % | | | 0.60 | % | | | 3.89 | % | | | 76 | % | | $ | 15,886 | |
| | 1.59 | % | | | 0.78 | % | | | 0.68 | % | | | 5.52 | % | | | 41 | % | | $ | 21,910 | |
| | 1.62 | % | | | 0.78 | % | | | 0.68 | % | | | (2.45 | )% | | | 36 | % | | $ | 122,329 | |
| | 1.57 | % | | | 0.83 | % | | | 0.68 | % | | | 2.91 | % | | | 39 | % | | $ | 188,412 | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 90 | | Target Date Retirement Funds | | Financial highlights |
| | | | | | | | | | | | | | | | | | | | | | | | |
| Target 2020 Fund | | Beginning
net asset
value per
share | | | Net
investment
income | | | Net realized
and unrealized
gains (losses)
on investments | | | Distributions
from net
investment
income | | | Distributions
from net
realized gains | | | Ending
net asset
value per
share | |
| | | | | | |
Class A | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 2019 | | $ | 12.55 | | | | 0.26 | | | | 0.06 | | | | (0.41 | ) | | | (0.82 | ) | | $ | 11.64 | |
Year ended February 28, 2018 | | $ | 14.87 | | | | 0.24 | | | | 0.61 | | | | 0.00 | | | | (3.17 | ) | | $ | 12.55 | |
Year ended February 28, 2017 | | $ | 14.19 | | | | 0.21 | | | | 0.85 | | | | (0.17 | ) | | | (0.21 | ) | | $ | 14.87 | |
Year ended February 29, 2016 | | $ | 15.24 | | | | 0.22 | 4 | | | (0.81 | ) | | | (0.10 | ) | | | (0.36 | ) | | $ | 14.19 | |
Year ended February 28, 2015 | | $ | 15.14 | | | | 0.20 | 4 | | | 0.33 | | | | (0.18 | ) | | | (0.25 | ) | | $ | 15.24 | |
| | | | | | |
Class C | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 2019 | | $ | 12.31 | | | | 0.17 | 4 | | | 0.06 | | | | (0.31 | ) | | | (0.82 | ) | | $ | 11.41 | |
Year ended February 28, 2018 | | $ | 14.75 | | | | 0.13 | | | | 0.60 | | | | 0.00 | | | | (3.17 | ) | | $ | 12.31 | |
Year ended February 28, 2017 | | $ | 14.10 | | | | 0.10 | | | | 0.84 | | | | (0.08 | ) | | | (0.21 | ) | | $ | 14.75 | |
Year ended February 29, 2016 | | $ | 15.16 | | | | 0.11 | 4 | | | (0.79 | ) | | | (0.02 | ) | | | (0.36 | ) | | $ | 14.10 | |
Year ended February 28, 2015 | | $ | 15.08 | | | | 0.09 | | | | 0.32 | | | | (0.08 | ) | | | (0.25 | ) | | $ | 15.16 | |
| | | | | | |
Class R | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 2019 | | $ | 12.46 | | | | 0.22 | 4 | | | 0.08 | | | | (0.41 | ) | | | (0.82 | ) | | $ | 11.53 | |
Year ended February 28, 2018 | | $ | 14.81 | | | | 0.22 | 4 | | | 0.60 | | | | 0.00 | | | | (3.17 | ) | | $ | 12.46 | |
Year ended February 28, 2017 | | $ | 14.14 | | | | 0.18 | | | | 0.84 | | | | (0.14 | ) | | | (0.21 | ) | | $ | 14.81 | |
Year ended February 29, 2016 | | $ | 15.18 | | | | 0.17 | 4 | | | (0.79 | ) | | | (0.06 | ) | | | (0.36 | ) | | $ | 14.14 | |
Year ended February 28, 2015 | | $ | 15.10 | | | | 0.15 | 4 | | | 0.34 | | | | (0.16 | ) | | | (0.25 | ) | | $ | 15.18 | |
| | | | | | |
Class R4 | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 2019 | | $ | 12.89 | | | | 0.33 | 4 | | | 0.04 | | | | (0.46 | ) | | | (0.82 | ) | | $ | 11.98 | |
Year ended February 28, 2018 | | $ | 15.15 | | | | 0.31 | 4 | | | 0.60 | | | | 0.00 | | | | (3.17 | ) | | $ | 12.89 | |
Year ended February 28, 2017 | | $ | 14.44 | | | | 0.27 | 4 | | | 0.86 | | | | (0.21 | ) | | | (0.21 | ) | | $ | 15.15 | |
Year ended February 29, 2016 | | $ | 15.50 | | | | 0.26 | | | | (0.81 | ) | | | (0.15 | ) | | | (0.36 | ) | | $ | 14.44 | |
Year ended February 28, 2015 | | $ | 15.40 | | | | 0.26 | | | | 0.33 | | | | (0.24 | ) | | | (0.25 | ) | | $ | 15.50 | |
| | | | | | |
Class R6 | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 2019 | | $ | 12.90 | | | | 0.34 | 4 | | | 0.06 | | | | (0.50 | ) | | | (0.82 | ) | | $ | 11.98 | |
Year ended February 28, 2018 | | $ | 15.14 | | | | 0.33 | 4 | | | 0.61 | | | | (0.01 | ) | | | (3.17 | ) | | $ | 12.90 | |
Year ended February 28, 2017 | | $ | 14.43 | | | | 0.29 | 4 | | | 0.86 | | | | (0.23 | ) | | | (0.21 | ) | | $ | 15.14 | |
Year ended February 29, 2016 | | $ | 15.50 | | | | 0.27 | | | | (0.80 | ) | | | (0.18 | ) | | | (0.36 | ) | | $ | 14.43 | |
Year ended February 28, 2015 | | $ | 15.40 | | | | 0.28 | | | | 0.33 | | | | (0.26 | ) | | | (0.25 | ) | | $ | 15.50 | |
| | | | | | |
Administrator Class | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 2019 | | $ | 12.80 | | | | 0.31 | | | | 0.04 | | | | (0.43 | ) | | | (0.82 | ) | | $ | 11.90 | |
Year ended February 28, 2018 | | $ | 15.09 | | | | 0.29 | | | | 0.59 | | | | 0.00 | | | | (3.17 | ) | | $ | 12.80 | |
Year ended February 28, 2017 | | $ | 14.40 | | | | 0.24 | 4 | | | 0.84 | | | | (0.18 | ) | | | (0.21 | ) | | $ | 15.09 | |
Year ended February 29, 2016 | | $ | 15.46 | | | | 0.23 | | | | (0.81 | ) | | | (0.12 | ) | | | (0.36 | ) | | $ | 14.40 | |
Year ended February 28, 2015 | | $ | 15.36 | | | | 0.23 | | | | 0.33 | | | | (0.21 | ) | | | (0.25 | ) | | $ | 15.46 | |
| 1 | Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows: |
| | | | | | | | | | | | | | | | | | | | |
| | | Year ended February 28 | | | Year ended
February 29, 2016 | | | Year ended
February 28, 2015 | |
| | | 2019 | | | 2018 | | | 2017 | |
Class A | | | 0.14 | % | | | 0.16 | % | | | 0.17 | % | | | 0.16 | % | | | 0.16 | % |
Class C | | | 0.14 | | | | 0.16 | | | | 0.17 | | | | 0.16 | | | | 0.16 | |
Class R | | | 0.13 | | | | 0.17 | | | | 0.17 | | | | 0.16 | | | | 0.16 | |
Class R4 | | | 0.14 | | | | 0.17 | | | | 0.17 | | | | 0.16 | | | | 0.16 | |
Class R6 | | | 0.14 | | | | 0.17 | | | | 0.17 | | | | 0.16 | | | | 0.16 | |
Administrator Class | | | 0.14 | | | | 0.17 | | | | 0.17 | | | | 0.16 | | | | 0.16 | |
| 2 | Total return calculations do not include any sales charges. |
| 3 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. |
| 4 | Calculated based upon average shares outstanding |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Financial highlights | | Target Date Retirement Funds | | | 91 | |
| | | | | | | | | | | | | | | | | | | | | | |
| Ratio to average net assets (annualized) | | | Total
return2 | | | Portfolio
turnover
rate3 | | | Net assets at
end of period
(000s omitted) | |
Net investment
income1 | | | Gross
expenses1 | | | Net
expenses1 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 2.14 | % | | | 0.75 | % | | | 0.65 | % | | | 3.12 | % | | | 43 | % | | $ | 147,196 | |
| | 1.74 | % | | | 0.79 | % | | | 0.71 | % | | | 5.40 | % | | | 73 | % | | $ | 199,069 | |
| | 1.44 | % | | | 0.85 | % | | | 0.81 | % | | | 7.53 | % | | | 39 | % | | $ | 218,652 | |
| | 1.49 | % | | | 0.86 | % | | | 0.82 | % | | | (3.86 | )% | | | 34 | % | | $ | 230,667 | |
| | 1.34 | % | | | 0.95 | % | | | 0.86 | % | | | 3.57 | % | | | 36 | % | | $ | 64,808 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 1.41 | % | | | 1.50 | % | | | 1.40 | % | | | 2.28 | % | | | 43 | % | | $ | 3,377 | |
| | 0.99 | % | | | 1.54 | % | | | 1.46 | % | | | 4.60 | % | | | 73 | % | | $ | 6,219 | |
| | 0.69 | % | | | 1.60 | % | | | 1.56 | % | | | 6.71 | % | | | 39 | % | | $ | 6,713 | |
| | 0.74 | % | | | 1.62 | % | | | 1.58 | % | | | (4.50 | )% | | | 34 | % | | $ | 6,355 | |
| | 0.59 | % | | | 1.70 | % | | | 1.61 | % | | | 2.71 | % | | | 36 | % | | $ | 5,509 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 1.84 | % | | | 1.00 | % | | | 0.90 | % | | | 2.84 | % | | | 43 | % | | $ | 86 | |
| | 1.51 | % | | | 1.06 | % | | | 0.98 | % | | | 5.20 | % | | | 73 | % | | $ | 66 | |
| | 1.21 | % | | | 1.10 | % | | | 1.06 | % | | | 7.27 | % | | | 39 | % | | $ | 321 | |
| | 1.25 | % | | | 1.14 | % | | | 1.08 | % | | | (4.08 | )% | | | 34 | % | | $ | 409 | |
| | 1.00 | % | | | 1.21 | % | | | 1.11 | % | | | 3.30 | % | | | 36 | % | | $ | 744 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 2.54 | % | | | 0.47 | % | | | 0.34 | % | | | 3.36 | % | | | 43 | % | | $ | 38,539 | |
| | 2.05 | % | | | 0.53 | % | | | 0.42 | % | | | 5.70 | % | | | 73 | % | | $ | 130,172 | |
| | 1.76 | % | | | 0.56 | % | | | 0.50 | % | | | 7.89 | % | | | 39 | % | | $ | 357,823 | |
| | 1.82 | % | | | 0.58 | % | | | 0.50 | % | | | (3.52 | )% | | | 34 | % | | $ | 408,501 | |
| | 1.72 | % | | | 0.62 | % | | | 0.50 | % | | | 3.89 | % | | | 36 | % | | $ | 772,604 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 2.66 | % | | | 0.32 | % | | | 0.19 | % | | | 3.58 | % | | | 43 | % | | $ | 154,089 | |
| | 2.20 | % | | | 0.37 | % | | | 0.26 | % | | | 5.89 | % | | | 73 | % | | $ | 400,206 | |
| | 1.92 | % | | | 0.41 | % | | | 0.35 | % | | | 8.04 | % | | | 39 | % | | $ | 645,237 | |
| | 1.97 | % | | | 0.43 | % | | | 0.35 | % | | | (3.42 | )% | | | 34 | % | | $ | 1,116,419 | |
| | 1.85 | % | | | 0.47 | % | | | 0.35 | % | | | 4.04 | % | | | 36 | % | | $ | 1,114,670 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 2.28 | % | | | 0.67 | % | | | 0.54 | % | | | 3.18 | % | | | 43 | % | | $ | 63,684 | |
| | 1.85 | % | | | 0.72 | % | | | 0.61 | % | | | 5.51 | % | | | 73 | % | | $ | 111,716 | |
| | 1.60 | % | | | 0.76 | % | | | 0.70 | % | | | 7.58 | % | | | 39 | % | | $ | 197,835 | |
| | 1.62 | % | | | 0.77 | % | | | 0.70 | % | | | (3.72 | )% | | | 34 | % | | $ | 526,327 | |
| | 1.50 | % | | | 0.79 | % | | | 0.70 | % | | | 3.69 | % | | | 36 | % | | $ | 670,893 | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 92 | | Target Date Retirement Funds | | Financial highlights |
| | | | | | | | | | | | | | | | | | | | | | | | |
| Target 2025 Fund | | Beginning
net asset
value per
share | | | Net
investment
income | | | Net realized
and unrealized
gains (losses)
on investments | | | Distributions
from net
investment
income | | | Distributions
from net
realized gains | | | Ending
net asset
value per
share | |
| | | | | | |
Class A | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 2019 | | $ | 6.41 | | | | 0.13 | 4 | | | (0.00 | )5 | | | (0.14 | ) | | | (0.83 | ) | | $ | 5.57 | |
Year ended February 28, 2018 | | $ | 10.48 | | | | 0.17 | 4 | | | 0.63 | | | | (0.03 | ) | | | (4.84 | ) | | $ | 6.41 | |
Year ended February 28, 2017 | | $ | 9.77 | | | | 0.13 | | | | 0.90 | | | | (0.15 | ) | | | (0.17 | ) | | $ | 10.48 | |
Year ended February 29, 2016 | | $ | 10.69 | | | | 0.14 | 4 | | | (0.73 | ) | | | (0.08 | ) | | | (0.25 | ) | | $ | 9.77 | |
Year ended February 28, 2015 | | $ | 10.56 | | | | 0.13 | | | | 0.33 | | | | (0.13 | ) | | | (0.20 | ) | | $ | 10.69 | |
| | | | | | |
Class R | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 2019 | | $ | 6.34 | | | | 0.11 | 4 | | | 0.02 | | | | (0.14 | ) | | | (0.83 | ) | | $ | 5.50 | |
Year ended February 28, 2018 | | $ | 10.49 | | | | 0.16 | 4 | | | 0.53 | | | | 0.00 | | | | (4.84 | ) | | $ | 6.34 | |
Year ended February 28, 2017 | | $ | 9.79 | | | | 0.12 | | | | 0.88 | | | | (0.13 | ) | | | (0.17 | ) | | $ | 10.49 | |
Year ended February 29, 2016 | | $ | 10.71 | | | | 0.13 | | | | (0.73 | ) | | | (0.07 | ) | | | (0.25 | ) | | $ | 9.79 | |
Year ended February 28, 2015 | | $ | 10.57 | | | | 0.11 | | | | 0.33 | | | | (0.10 | ) | | | (0.20 | ) | | $ | 10.71 | |
| | | | | | |
Class R4 | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 2019 | | $ | 6.45 | | | | 0.16 | 4 | | | (0.01 | ) | | | (0.16 | ) | | | (0.83 | ) | | $ | 5.61 | |
Year ended February 28, 2018 | | $ | 10.52 | | | | 0.20 | | | | 0.63 | | | | (0.06 | ) | | | (4.84 | ) | | $ | 6.45 | |
Year ended February 28, 2017 | | $ | 9.80 | | | | 0.17 | | | | 0.90 | | | | (0.18 | ) | | | (0.17 | ) | | $ | 10.52 | |
Year ended February 29, 2016 | | $ | 10.72 | | | | 0.18 | | | | (0.73 | ) | | | (0.12 | ) | | | (0.25 | ) | | $ | 9.80 | |
Year ended February 28, 2015 | | $ | 10.58 | | | | 0.17 | | | | 0.33 | | | | (0.16 | ) | | | (0.20 | ) | | $ | 10.72 | |
| | | | | | |
Class R6 | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 2019 | | $ | 6.44 | | | | 0.16 | 4 | | | 0.01 | | | | (0.17 | ) | | | (0.83 | ) | | $ | 5.61 | |
Year ended February 28, 2018 | | $ | 10.51 | | | | 0.25 | | | | 0.60 | | | | (0.08 | ) | | | (4.84 | ) | | $ | 6.44 | |
Year ended February 28, 2017 | | $ | 9.80 | | | | 0.20 | 4 | | | 0.87 | | | | (0.19 | ) | | | (0.17 | ) | | $ | 10.51 | |
Year ended February 29, 2016 | | $ | 10.71 | | | | 0.20 | | | | (0.73 | ) | | | (0.13 | ) | | | (0.25 | ) | | $ | 9.80 | |
Year ended February 28, 2015 | | $ | 10.57 | | | | 0.19 | | | | 0.33 | | | | (0.18 | ) | | | (0.20 | ) | | $ | 10.71 | |
| | | | | | |
Administrator Class | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 2019 | | $ | 6.48 | | | | 0.15 | 4 | | | (0.00 | )5 | | | (0.14 | ) | | | (0.83 | ) | | $ | 5.66 | |
Year ended February 28, 2018 | | $ | 10.55 | | | | 0.19 | | | | 0.62 | | | | (0.04 | ) | | | (4.84 | ) | | $ | 6.48 | |
Year ended February 28, 2017 | | $ | 9.82 | | | | 0.17 | 4 | | | 0.89 | | | | (0.16 | ) | | | (0.17 | ) | | $ | 10.55 | |
Year ended February 29, 2016 | | $ | 10.74 | | | | 0.16 | | | | (0.74 | ) | | | (0.09 | ) | | | (0.25 | ) | | $ | 9.82 | |
Year ended February 28, 2015 | | $ | 10.60 | | | | 0.15 | | | | 0.33 | | | | (0.14 | ) | | | (0.20 | ) | | $ | 10.74 | |
| 1 | Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows: |
| | | | | | | | | | | | | | | | | | | | |
| | | Year ended February 28 | | | Year ended
February 29, 2016 | | | Year ended
February 28, 2015 | |
| | | 2019 | | | 2018 | | | 2017 | |
Class A | | | 0.15 | % | | | 0.17 | % | | | 0.17 | % | | | 0.16 | % | | | 0.16 | % |
Class R | | | 0.13 | | | | 0.18 | | | | 0.17 | | | | 0.16 | | | | 0.16 | |
Class R4 | | | 0.15 | | | | 0.17 | | | | 0.17 | | | | 0.16 | | | | 0.16 | |
Class R6 | | | 0.15 | | | | 0.17 | | | | 0.16 | | | | 0.16 | | | | 0.16 | |
Administrator Class | | | 0.15 | | | | 0.17 | | | | 0.16 | | | | 0.16 | | | | 0.16 | |
| 2 | Total return calculations do not include any sales charges. |
| 3 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. |
| 4 | Calculated based upon average shares outstanding |
| 5 | Amount is more than $(0.005). |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Financial highlights | | Target Date Retirement Funds | | | 93 | |
| | | | | | | | | | | | | | | | | | | | | | |
| Ratio to average net assets (annualized) | | | Total
return2 | | | Portfolio
turnover
rate3 | | | Net assets at
end of period
(000s omitted) | |
Net investment
income1 | | | Gross
expenses1 | | | Net
expenses1 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 2.08 | % | | | 0.78 | % | | | 0.65 | % | | | 2.78 | % | | | 43 | % | | $ | 106,485 | |
| | 1.70 | % | | | 0.81 | % | | | 0.71 | % | | | 7.09 | % | | | 67 | % | | $ | 117,382 | |
| | 1.37 | % | | | 0.84 | % | | | 0.81 | % | | | 10.61 | % | | | 36 | % | | $ | 140,428 | |
| | 1.40 | % | | | 0.84 | % | | | 0.81 | % | | | (5.56 | )% | | | 32 | % | | $ | 175,373 | |
| | 1.25 | % | | | 0.96 | % | | | 0.86 | % | | | 4.46 | % | | | 31 | % | | $ | 3,193 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 1.78 | % | | | 1.02 | % | | | 0.90 | % | | | 2.67 | % | | | 43 | % | | $ | 44 | |
| | 1.53 | % | | | 1.10 | % | | | 1.02 | % | | | 5.94 | % | | | 67 | % | | $ | 29 | |
| | 1.12 | % | | | 1.10 | % | | | 1.06 | % | | | 10.22 | % | | | 36 | % | | $ | 610 | |
| | 1.20 | % | | | 1.13 | % | | | 1.08 | % | | | (5.72 | )% | | | 32 | % | | $ | 830 | |
| | 0.85 | % | | | 1.21 | % | | | 1.11 | % | | | 4.24 | % | | | 31 | % | | $ | 1,032 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 2.45 | % | | | 0.50 | % | | | 0.34 | % | | | 3.05 | % | | | 43 | % | | $ | 42,046 | |
| | 2.01 | % | | | 0.55 | % | | | 0.43 | % | | | 7.33 | % | | | 67 | % | | $ | 87,607 | |
| | 1.65 | % | | | 0.57 | % | | | 0.50 | % | | | 10.98 | % | | | 36 | % | | $ | 274,639 | |
| | 1.78 | % | | | 0.58 | % | | | 0.50 | % | | | (5.26 | )% | | | 32 | % | | $ | 279,663 | |
| | 1.65 | % | | | 0.63 | % | | | 0.50 | % | | | 4.87 | % | | | 31 | % | | $ | 379,384 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 2.57 | % | | | 0.35 | % | | | 0.19 | % | | | 3.41 | % | | | 43 | % | | $ | 131,314 | |
| | 2.16 | % | | | 0.39 | % | | | 0.26 | % | | | 7.54 | % | | | 67 | % | | $ | 201,812 | |
| | 1.92 | % | | | 0.41 | % | | | 0.35 | % | | | 11.04 | % | | | 36 | % | | $ | 372,101 | |
| | 1.92 | % | | | 0.43 | % | | | 0.35 | % | | | (5.02 | )% | | | 32 | % | | $ | 1,416,984 | |
| | 1.79 | % | | | 0.48 | % | | | 0.35 | % | | | 5.03 | % | | | 31 | % | | $ | 1,481,264 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 2.27 | % | | | 0.70 | % | | | 0.54 | % | | | 2.94 | % | | | 43 | % | | $ | 15,362 | |
| | 1.81 | % | | | 0.73 | % | | | 0.61 | % | | | 7.12 | % | | | 67 | % | | $ | 43,559 | |
| | 1.59 | % | | | 0.76 | % | | | 0.70 | % | | | 10.87 | % | | | 36 | % | | $ | 65,620 | |
| | 1.58 | % | | | 0.77 | % | | | 0.70 | % | | | (5.45 | )% | | | 32 | % | | $ | 298,492 | |
| | 1.45 | % | | | 0.80 | % | | | 0.70 | % | | | 4.65 | % | | | 31 | % | | $ | 350,823 | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 94 | | Target Date Retirement Funds | | Financial highlights |
| | | | | | | | | | | | | | | | | | | | | | | | |
| Target 2030 Fund | | Beginning
net asset
value per
share | | | Net
investment
income | | | Net realized
and unrealized
gains (losses)
on investments | | | Distributions
from net
investment
income | | | Distributions
from net
realized gains | | | Ending
net asset
value per
share | |
| | | | | | |
Class A | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 2019 | | $ | 13.53 | | | | 0.26 | | | | (0.00 | )4 | | | (0.33 | ) | | | (1.43 | ) | | $ | 12.03 | |
Year ended February 28, 2018 | | $ | 16.70 | | | | 0.27 | | | | 1.25 | | | | (0.15 | ) | | | (4.54 | ) | | $ | 13.53 | |
Year ended February 28, 2017 | | $ | 15.17 | | | | 0.23 | | | | 1.90 | | | | (0.31 | ) | | | (0.29 | ) | | $ | 16.70 | |
Year ended February 29, 2016 | | $ | 16.97 | | | | 0.21 | 5 | | | (1.44 | ) | | | (0.14 | ) | | | (0.43 | ) | | $ | 15.17 | |
Year ended February 28, 2015 | | $ | 16.61 | | | | 0.22 | | | | 0.67 | | | | (0.19 | ) | | | (0.34 | ) | | $ | 16.97 | |
| | | | | | |
Class C | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 2019 | | $ | 13.01 | | | | 0.16 | 5 | | | (0.00 | )4 | | | (0.24 | ) | | | (1.43 | ) | | $ | 11.50 | |
Year ended February 28, 2018 | | $ | 16.24 | | | | 0.18 | | | | 1.17 | | | | (0.04 | ) | | | (4.54 | ) | | $ | 13.01 | |
Year ended February 28, 2017 | | $ | 14.79 | | | | 0.07 | | | | 1.88 | | | | (0.21 | ) | | | (0.29 | ) | | $ | 16.24 | |
Year ended February 29, 2016 | | $ | 16.58 | | | | 0.10 | | | | (1.41 | ) | | | (0.05 | ) | | | (0.43 | ) | | $ | 14.79 | |
Year ended February 28, 2015 | | $ | 16.25 | | | | 0.08 | | | | 0.67 | | | | (0.08 | ) | | | (0.34 | ) | | $ | 16.58 | |
| | | | | | |
Class R | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 2019 | | $ | 13.55 | | | | 0.23 | 5 | | | (0.00 | )4 | | | (0.30 | ) | | | (1.43 | ) | | $ | 12.05 | |
Year ended February 28, 2018 | | $ | 16.66 | | | | 0.26 | 5 | | | 1.17 | | | | 0.00 | | | | (4.54 | ) | | $ | 13.55 | |
Year ended February 28, 2017 | | $ | 15.14 | | | | 0.18 | | | | 1.90 | | | | (0.27 | ) | | | (0.29 | ) | | $ | 16.66 | |
Year ended February 29, 2016 | | $ | 16.95 | | | | 0.18 | | | | (1.44 | ) | | | (0.12 | ) | | | (0.43 | ) | | $ | 15.14 | |
Year ended February 28, 2015 | | $ | 16.61 | | | | 0.13 | 5 | | | 0.71 | | | | (0.16 | ) | | | (0.34 | ) | | $ | 16.95 | |
| | | | | | |
Class R4 | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 2019 | | $ | 13.81 | | | | 0.34 | 5 | | | (0.03 | ) | | | (0.37 | ) | | | (1.43 | ) | | $ | 12.32 | |
Year ended February 28, 2018 | | $ | 16.95 | | | | 0.34 | 5 | | | 1.25 | | | | (0.19 | ) | | | (4.54 | ) | | $ | 13.81 | |
Year ended February 28, 2017 | | $ | 15.38 | | | | 0.27 | | | | 1.94 | | | | (0.35 | ) | | | (0.29 | ) | | $ | 16.95 | |
Year ended February 29, 2016 | | $ | 17.20 | | | | 0.28 | | | | (1.47 | ) | | | (0.20 | ) | | | (0.43 | ) | | $ | 15.38 | |
Year ended February 28, 2015 | | $ | 16.83 | | | | 0.26 | | | | 0.70 | | | | (0.25 | ) | | | (0.34 | ) | | $ | 17.20 | |
| | | | | | |
Class R6 | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 2019 | | $ | 13.79 | | | | 0.34 | 5 | | | (0.01 | ) | | | (0.39 | ) | | | (1.43 | ) | | $ | 12.30 | |
Year ended February 28, 2018 | | $ | 16.93 | | | | 0.36 | 5 | | | 1.26 | | | | (0.22 | ) | | | (4.54 | ) | | $ | 13.79 | |
Year ended February 28, 2017 | | $ | 15.37 | | | | 0.31 | 5 | | | 1.92 | | | | (0.38 | ) | | | (0.29 | ) | | $ | 16.93 | |
Year ended February 29, 2016 | | $ | 17.19 | | | | 0.30 | | | | (1.46 | ) | | | (0.23 | ) | | | (0.43 | ) | | $ | 15.37 | |
Year ended February 28, 2015 | | $ | 16.81 | | | | 0.28 | | | | 0.72 | | | | (0.28 | ) | | | (0.34 | ) | | $ | 17.19 | |
| | | | | | |
Administrator Class | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 2019 | | $ | 13.80 | | | | 0.30 | 5 | | | (0.02 | ) | | | (0.33 | ) | | | (1.43 | ) | | $ | 12.32 | |
Year ended February 28, 2018 | | $ | 16.94 | | | | 0.28 | | | | 1.27 | | | | (0.15 | ) | | | (4.54 | ) | | $ | 13.80 | |
Year ended February 28, 2017 | | $ | 15.37 | | | | 0.25 | 5 | | | 1.93 | | | | (0.32 | ) | | | (0.29 | ) | | $ | 16.94 | |
Year ended February 29, 2016 | | $ | 17.19 | | | | 0.25 | | | | (1.47 | ) | | | (0.17 | ) | | | (0.43 | ) | | $ | 15.37 | |
Year ended February 28, 2015 | | $ | 16.82 | | | | 0.23 | | | | 0.70 | | | | (0.22 | ) | | | (0.34 | ) | | $ | 17.19 | |
| 1 | Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows: |
| | | | | | | | | | | | | | | | | | | | |
| | | Year ended February 28 | | | Year ended February 29, 2016 | | | Year ended
February 28, 2015 | |
| | | 2019 | | | 2018 | | | 2017 | |
Class A | | | 0.15 | % | | | 0.17 | % | | | 0.17 | % | | | 0.16 | % | | | 0.16 | % |
Class C | | | 0.15 | | | | 0.17 | | | | 0.17 | | | | 0.16 | | | | 0.16 | |
Class R | | | 0.15 | | | | 0.19 | | | | 0.17 | | | | 0.16 | | | | 0.16 | |
Class R4 | | | 0.15 | | | | 0.17 | | | | 0.17 | | | | 0.16 | | | | 0.16 | |
Class R6 | | | 0.15 | | | | 0.17 | | | | 0.16 | | | | 0.16 | | | | 0.16 | |
Administrator Class | | | 0.15 | | | | 0.17 | | | | 0.17 | | | | 0.16 | | | | 0.16 | |
| 2 | Total return calculations do not include any sales charges. |
| 3 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. |
| 4 | Amount is more than $(0.005). |
| 5 | Calculated based upon average shares outstanding |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Financial highlights | | Target Date Retirement Funds | | | 95 | |
| | | | | | | | | | | | | | | | | | | | | | |
| Ratio to average net assets (annualized) | | | Total
return2 | | | Portfolio
turnover
rate3 | | | Net assets at
end of period
(000s omitted) | |
Net investment
income1 | | | Gross
expenses1 | | | Net
expenses1 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 2.04 | % | | | 0.76 | % | | | 0.65 | % | | | 2.55 | % | | | 43 | % | | $ | 177,608 | |
| | 1.63 | % | | | 0.80 | % | | | 0.71 | % | | | 8.79 | % | | | 61 | % | | $ | 228,015 | |
| | 1.32 | % | | | 0.84 | % | | | 0.82 | % | | | 14.15 | % | | | 31 | % | | $ | 230,044 | |
| | 1.32 | % | | | 0.86 | % | | | 0.83 | % | | | (7.37 | )% | | | 30 | % | | $ | 227,928 | |
| | 1.22 | % | | | 0.95 | % | | | 0.87 | % | | | 5.44 | % | | | 26 | % | | $ | 60,747 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 1.30 | % | | | 1.51 | % | | | 1.40 | % | | | 1.82 | % | | | 43 | % | | $ | 2,851 | |
| | 0.88 | % | | | 1.55 | % | | | 1.46 | % | | | 7.95 | % | | | 61 | % | | $ | 4,748 | |
| | 0.57 | % | | | 1.59 | % | | | 1.57 | % | | | 13.28 | % | | | 31 | % | | $ | 4,630 | |
| | 0.63 | % | | | 1.63 | % | | | 1.59 | % | | | (8.05 | )% | | | 30 | % | | $ | 4,662 | |
| | 0.45 | % | | | 1.70 | % | | | 1.62 | % | | | 4.67 | % | | | 26 | % | | $ | 5,020 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 1.76 | % | | | 1.01 | % | | | 0.89 | % | | | 2.37 | % | | | 43 | % | | $ | 40 | |
| | 1.54 | % | | | 1.10 | % | | | 1.04 | % | | | 8.28 | % | | | 61 | % | | $ | 34 | |
| | 1.06 | % | | | 1.10 | % | | | 1.07 | % | | | 13.88 | % | | | 31 | % | | $ | 904 | |
| | 1.11 | % | | | 1.12 | % | | | 1.08 | % | | | (7.57 | )% | | | 30 | % | | $ | 853 | |
| | 0.72 | % | | | 1.22 | % | | | 1.12 | % | | | 5.15 | % | | | 26 | % | | $ | 603 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 2.45 | % | | | 0.48 | % | | | 0.34 | % | | | 2.88 | % | | | 43 | % | | $ | 57,366 | |
| | 1.95 | % | | | 0.53 | % | | | 0.42 | % | | | 9.09 | % | | | 61 | % | | $ | 219,799 | |
| | 1.64 | % | | | 0.56 | % | | | 0.51 | % | | | 14.52 | % | | | 31 | % | | $ | 507,587 | |
| | 1.73 | % | | | 0.58 | % | | | 0.51 | % | | | (7.07 | )% | | | 30 | % | | $ | 513,864 | |
| | 1.57 | % | | | 0.62 | % | | | 0.51 | % | | | 5.82 | % | | | 26 | % | | $ | 897,425 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 2.51 | % | | | 0.33 | % | | | 0.19 | % | | | 3.08 | % | | | 43 | % | | $ | 230,953 | |
| | 2.10 | % | | | 0.38 | % | | | 0.26 | % | | | 9.28 | % | | | 61 | % | | $ | 353,891 | |
| | 1.87 | % | | | 0.41 | % | | | 0.36 | % | | | 14.63 | % | | | 31 | % | | $ | 618,551 | |
| | 1.85 | % | | | 0.43 | % | | | 0.36 | % | | | (6.93 | )% | | | 30 | % | | $ | 1,284,324 | |
| | 1.72 | % | | | 0.47 | % | | | 0.36 | % | | | 6.04 | % | | | 26 | % | | $ | 1,185,077 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 2.18 | % | | | 0.68 | % | | | 0.54 | % | | | 2.69 | % | | | 43 | % | | $ | 89,022 | |
| | 1.75 | % | | | 0.72 | % | | | 0.61 | % | | | 8.86 | % | | | 61 | % | | $ | 161,583 | |
| | 1.51 | % | | | 0.76 | % | | | 0.71 | % | | | 14.32 | % | | | 31 | % | | $ | 262,336 | |
| | 1.52 | % | | | 0.77 | % | | | 0.71 | % | | | (7.27 | )% | | | 30 | % | | $ | 498,554 | |
| | 1.38 | % | | | 0.79 | % | | | 0.71 | % | | | 5.61 | % | | | 26 | % | | $ | 643,336 | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 96 | | Target Date Retirement Funds | | Financial highlights |
| | | | | | | | | | | | | | | | | | | | | | | | |
| Target 2035 Fund | | Beginning
net asset
value per
share | | | Net
investment
income | | | Net realized
and unrealized
gains (losses)
on investments | | | Distributions
from net
investment
income | | | Distributions
from net
realized gains | | | Ending
net asset
value per
share | |
| | | | | | |
Class A | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 2019 | | $ | 8.35 | | | | 0.15 | | | | (0.00 | )4 | | | (0.18 | ) | | | (0.94 | ) | | $ | 7.38 | |
Year ended February 28, 2018 | | $ | 11.25 | | | | 0.18 | | | | 1.01 | | | | (0.12 | ) | | | (3.97 | ) | | $ | 8.35 | |
Year ended February 28, 2017 | | $ | 9.89 | | | | 0.13 | | | | 1.56 | | | | (0.15 | ) | | | (0.18 | ) | | $ | 11.25 | |
Year ended February 29, 2016 | | $ | 11.32 | | | | 0.15 | | | | (1.18 | ) | | | (0.11 | ) | | | (0.29 | ) | | $ | 9.89 | |
Year ended February 28, 2015 | | $ | 11.02 | | | | 0.12 | | | | 0.56 | | | | (0.13 | ) | | | (0.25 | ) | | $ | 11.32 | |
| | | | | | |
Class R | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 2019 | | $ | 8.42 | | | | 0.12 | | | | 0.01 | | | | (0.17 | ) | | | (0.94 | ) | | $ | 7.44 | |
Year ended February 28, 2018 | | $ | 11.32 | | | | 0.15 | | | | 1.01 | | | | (0.09 | ) | | | (3.97 | ) | | $ | 8.42 | |
Year ended February 28, 2017 | | $ | 9.95 | | | | 0.11 | | | | 1.57 | | | | (0.13 | ) | | | (0.18 | ) | | $ | 11.32 | |
Year ended February 29, 2016 | | $ | 11.39 | | | | 0.11 | | | | (1.17 | ) | | | (0.09 | ) | | | (0.29 | ) | | $ | 9.95 | |
Year ended February 28, 2015 | | $ | 11.09 | | | | 0.10 | | | | 0.55 | | | | (0.10 | ) | | | (0.25 | ) | | $ | 11.39 | |
| | | | | | |
Class R4 | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 2019 | | $ | 8.37 | | | | 0.20 | 5 | | | (0.03 | ) | | | (0.20 | ) | | | (0.94 | ) | | $ | 7.40 | |
Year ended February 28, 2018 | | $ | 11.27 | | | | 0.21 | 5 | | | 1.02 | | | | (0.16 | ) | | | (3.97 | ) | | $ | 8.37 | |
Year ended February 28, 2017 | | $ | 9.91 | | | | 0.17 | 5 | | | 1.56 | | | | (0.19 | ) | | | (0.18 | ) | | $ | 11.27 | |
Year ended February 29, 2016 | | $ | 11.33 | | | | 0.18 | | | | (1.17 | ) | | | (0.14 | ) | | | (0.29 | ) | | $ | 9.91 | |
Year ended February 28, 2015 | | $ | 11.03 | | | | 0.17 | | | | 0.54 | | | | (0.16 | ) | | | (0.25 | ) | | $ | 11.33 | |
| | | | | | |
Class R6 | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 2019 | | $ | 8.37 | | | | 0.25 | | | | (0.07 | ) | | | (0.22 | ) | | | (0.94 | ) | | $ | 7.39 | |
Year ended February 28, 2018 | | $ | 11.27 | | | | 0.27 | | | | 0.98 | | | | (0.18 | ) | | | (3.97 | ) | | $ | 8.37 | |
Year ended February 28, 2017 | | $ | 9.91 | | | | 0.20 | 5 | | | 1.55 | | | | (0.21 | ) | | | (0.18 | ) | | $ | 11.27 | |
Year ended February 29, 2016 | | $ | 11.33 | | | | 0.19 | | | | (1.16 | ) | | | (0.16 | ) | | | (0.29 | ) | | $ | 9.91 | |
Year ended February 28, 2015 | | $ | 11.03 | | | | 0.18 | | | | 0.55 | | | | (0.18 | ) | | | (0.25 | ) | | $ | 11.33 | |
| | | | | | |
Administrator Class | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 2019 | | $ | 8.41 | | | | 0.18 | | | | (0.01 | ) | | | (0.17 | ) | | | (0.94 | ) | | $ | 7.47 | |
Year ended February 28, 2018 | | $ | 11.30 | | | | 0.19 | | | | 1.02 | | | | (0.13 | ) | | | (3.97 | ) | | $ | 8.41 | |
Year ended February 28, 2017 | | $ | 9.94 | | | | 0.16 | 5 | | | 1.55 | | | | (0.17 | ) | | | (0.18 | ) | | $ | 11.30 | |
Year ended February 29, 2016 | | $ | 11.37 | | | | 0.16 | | | | (1.18 | ) | | | (0.12 | ) | | | (0.29 | ) | | $ | 9.94 | |
Year ended February 28, 2015 | | $ | 11.06 | | | | 0.15 | | | | 0.55 | | | | (0.14 | ) | | | (0.25 | ) | | $ | 11.37 | |
| 1 | Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows: |
| | | | | | | | | | | | | | | | | | | | |
| | | Year ended February 28 | | | Year ended
February 29, 2016 | | | Year ended
February 28, 2015 | |
| | | 2019 | | | 2018 | | | 2017 | |
Class A | | | 0.16 | % | | | 0.18 | % | | | 0.17 | % | | | 0.17 | % | | | 0.16 | % |
Class R | | | 0.16 | | | | 0.18 | | | | 0.17 | | | | 0.17 | | | | 0.16 | |
Class R4 | | | 0.16 | | | | 0.18 | | | | 0.17 | | | | 0.16 | | | | 0.16 | |
Class R6 | | | 0.16 | | | | 0.18 | | | | 0.16 | | | | 0.16 | | | | 0.16 | |
Administrator Class | | | 0.16 | | | | 0.18 | | | | 0.16 | | | | 0.16 | | | | 0.16 | |
| 2 | Total return calculations do not include any sales charges. |
| 3 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. |
| 4 | Amount is more than $(0.005). |
| 5 | Calculated based upon average shares outstanding |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Financial highlights | | Target Date Retirement Funds | | | 97 | |
| | | | | | | | | | | | | | | | | | | | | | |
| Ratio to average net assets (annualized) | | | Total
return2 | | | Portfolio
turnover
rate3 | | | Net assets at
end of period
(000s omitted) | |
Net investment
income1 | | | Gross
expenses1 | | | Net
expenses1 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 1.97 | % | | | 0.81 | % | | | 0.65 | % | | | 2.48 | % | | | 41 | % | | $ | 108,389 | |
| | 1.56 | % | | | 0.83 | % | | | 0.72 | % | | | 10.21 | % | | | 55 | % | | $ | 118,000 | |
| | 1.28 | % | | | 0.85 | % | | | 0.83 | % | | | 17.33 | % | | | 27 | % | | $ | 127,294 | |
| | 1.19 | % | | | 0.84 | % | | | 0.83 | % | | | (9.28 | )% | | | 28 | % | | $ | 142,817 | |
| | 1.05 | % | | | 0.97 | % | | | 0.88 | % | | | 6.33 | % | | | 22 | % | | $ | 1,677 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 1.68 | % | | | 1.06 | % | | | 0.90 | % | | | 2.16 | % | | | 41 | % | | $ | 250 | |
| | 1.32 | % | | | 1.08 | % | | | 0.97 | % | | | 9.87 | % | | | 55 | % | | $ | 192 | |
| | 0.89 | % | | | 1.11 | % | | | 1.08 | % | | | 17.09 | % | | | 27 | % | | $ | 171 | |
| | 1.02 | % | | | 1.13 | % | | | 1.09 | % | | | (9.48 | )% | | | 28 | % | | $ | 73 | |
| | 0.90 | % | | | 1.23 | % | | | 1.13 | % | | | 5.97 | % | | | 22 | % | | $ | 36 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 2.37 | % | | | 0.53 | % | | | 0.34 | % | | | 2.80 | % | | | 41 | % | | $ | 34,388 | |
| | 1.90 | % | | | 0.56 | % | | | 0.43 | % | | | 10.53 | % | | | 55 | % | | $ | 82,617 | |
| | 1.54 | % | | | 0.57 | % | | | 0.52 | % | | | 17.68 | % | | | 27 | % | | $ | 240,025 | |
| | 1.66 | % | | | 0.59 | % | | | 0.52 | % | | | (8.92 | )% | | | 28 | % | | $ | 228,810 | |
| | 1.51 | % | | | 0.64 | % | | | 0.52 | % | | | 6.63 | % | | | 22 | % | | $ | 329,135 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 2.48 | % | | | 0.38 | % | | | 0.19 | % | | | 2.86 | % | | | 41 | % | | $ | 112,021 | |
| | 2.04 | % | | | 0.41 | % | | | 0.27 | % | | | 10.76 | % | | | 55 | % | | $ | 185,889 | |
| | 1.83 | % | | | 0.42 | % | | | 0.37 | % | | | 17.86 | % | | | 27 | % | | $ | 317,594 | |
| | 1.80 | % | | | 0.44 | % | | | 0.37 | % | | | (8.78 | )% | | | 28 | % | | $ | 714,884 | |
| | 1.65 | % | | | 0.49 | % | | | 0.37 | % | | | 6.79 | % | | | 22 | % | | $ | 674,926 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 2.20 | % | | | 0.72 | % | | | 0.54 | % | | | 2.64 | % | | | 41 | % | | $ | 9,608 | |
| | 1.67 | % | | | 0.74 | % | | | 0.61 | % | | | 10.33 | % | | | 55 | % | | $ | 35,678 | |
| | 1.52 | % | | | 0.77 | % | | | 0.72 | % | | | 17.38 | % | | | 27 | % | | $ | 50,898 | |
| | 1.46 | % | | | 0.78 | % | | | 0.72 | % | | | (9.17 | )% | | | 28 | % | | $ | 182,599 | |
| | 1.31 | % | | | 0.81 | % | | | 0.72 | % | | | 6.50 | % | | | 22 | % | | $ | 227,265 | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 98 | | Target Date Retirement Funds | | Financial highlights |
| | | | | | | | | | | | | | | | | | | | | | | | |
| Target 2040 Fund | | Beginning
net asset
value per
share | | | Net
investment
income | | | Net realized
and unrealized
gains (losses)
on investments | | | Distributions
from net
investment
income | | | Distributions
from net
realized gains | | | Ending
net asset
value per
share | |
| | | | | | |
Class A | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 2019 | | $ | 16.02 | | | | 0.29 | | | | (0.05 | ) | | | (0.36 | ) | | | (1.81 | ) | | $ | 14.09 | |
Year ended February 28, 2018 | | $ | 19.43 | | | | 0.31 | | | | 1.93 | | | | (0.31 | ) | | | (5.34 | ) | | $ | 16.02 | |
Year ended February 28, 2017 | | $ | 16.74 | | | | 0.23 | | | | 3.08 | | | | (0.27 | ) | | | (0.35 | ) | | $ | 19.43 | |
Year ended February 29, 2016 | | $ | 19.53 | | | | 0.22 | 4 | | | (2.27 | ) | | | (0.20 | ) | | | (0.54 | ) | | $ | 16.74 | |
Year ended February 28, 2015 | | $ | 18.90 | | | | 0.22 | | | | 1.08 | | | | (0.21 | ) | | | (0.46 | ) | | $ | 19.53 | |
| | | | | | |
Class C | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 2019 | | $ | 14.61 | | | | 0.17 | 4 | | | (0.06 | ) | | | (0.25 | ) | | | (1.81 | ) | | $ | 12.66 | |
Year ended February 28, 2018 | | $ | 18.19 | | | | 0.14 | 4 | | | 1.81 | | | | (0.19 | ) | | | (5.34 | ) | | $ | 14.61 | |
Year ended February 28, 2017 | | $ | 15.71 | | | | 0.04 | | | | 2.94 | | | | (0.15 | ) | | | (0.35 | ) | | $ | 18.19 | |
Year ended February 29, 2016 | | $ | 18.38 | | | | 0.09 | 4 | | | (2.15 | ) | | | (0.07 | ) | | | (0.54 | ) | | $ | 15.71 | |
Year ended February 28, 2015 | | $ | 17.85 | | | | 0.06 | 4 | | | 1.02 | | | | (0.09 | ) | | | (0.46 | ) | | $ | 18.38 | |
| | | | | | |
Class R | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 2019 | | $ | 16.02 | | | | 0.25 | 4 | | | (0.05 | ) | | | (0.33 | ) | | | (1.81 | ) | | $ | 14.08 | |
Year ended February 28, 2018 | | $ | 19.36 | | | | 0.27 | 4 | | | 1.93 | | | | (0.20 | ) | | | (5.34 | ) | | $ | 16.02 | |
Year ended February 28, 2017 | | $ | 16.69 | | | | 0.18 | | | | 3.07 | | | | (0.23 | ) | | | (0.35 | ) | | $ | 19.36 | |
Year ended February 29, 2016 | | $ | 19.51 | | | | 0.18 | | | | (2.28 | ) | | | (0.18 | ) | | | (0.54 | ) | | $ | 16.69 | |
Year ended February 28, 2015 | | $ | 18.90 | | | | 0.14 | 4 | | | 1.11 | | | | (0.18 | ) | | | (0.46 | ) | | $ | 19.51 | |
| | | | | | |
Class R4 | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 2019 | | $ | 16.51 | | | | 0.39 | 4 | | | (0.08 | ) | | | (0.41 | ) | | | (1.81 | ) | | $ | 14.60 | |
Year ended February 28, 2018 | | $ | 19.86 | | | | 0.36 | | | | 1.99 | | | | (0.36 | ) | | | (5.34 | ) | | $ | 16.51 | |
Year ended February 28, 2017 | | $ | 17.09 | | | | 0.27 | | | | 3.18 | | | | (0.33 | ) | | | (0.35 | ) | | $ | 19.86 | |
Year ended February 29, 2016 | | $ | 19.93 | | | | 0.28 | | | | (2.32 | ) | | | (0.26 | ) | | | (0.54 | ) | | $ | 17.09 | |
Year ended February 28, 2015 | | $ | 19.28 | | | | 0.29 | | | | 1.10 | | | | (0.28 | ) | | | (0.46 | ) | | $ | 19.93 | |
| | | | | | |
Class R6 | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 2019 | | $ | 16.50 | | | | 0.39 | 4 | | | (0.06 | ) | | | (0.44 | ) | | | (1.81 | ) | | $ | 14.58 | |
Year ended February 28, 2018 | | $ | 19.85 | | | | 0.40 | 4 | | | 1.98 | | | | (0.39 | ) | | | (5.34 | ) | | $ | 16.50 | |
Year ended February 28, 2017 | | $ | 17.09 | | | | 0.41 | | | | 3.06 | | | | (0.36 | ) | | | (0.35 | ) | | $ | 19.85 | |
Year ended February 29, 2016 | | $ | 19.93 | | | | 0.32 | | | | (2.33 | ) | | | (0.29 | ) | | | (0.54 | ) | | $ | 17.09 | |
Year ended February 28, 2015 | | $ | 19.27 | | | | 0.30 | | | | 1.13 | | | | (0.31 | ) | | | (0.46 | ) | | $ | 19.93 | |
| | | | | | |
Administrator Class | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 2019 | | $ | 16.47 | | | | 0.34 | 4 | | | (0.07 | ) | | | (0.37 | ) | | | (1.81 | ) | | $ | 14.56 | |
Year ended February 28, 2018 | | $ | 19.82 | | | | 0.33 | 4 | | | 1.98 | | | | (0.32 | ) | | | (5.34 | ) | | $ | 16.47 | |
Year ended February 28, 2017 | | $ | 17.07 | | | | 0.25 | | | | 3.14 | | | | (0.29 | ) | | | (0.35 | ) | | $ | 19.82 | |
Year ended February 29, 2016 | | $ | 19.89 | | | | 0.27 | | | | (2.33 | ) | | | (0.22 | ) | | | (0.54 | ) | | $ | 17.07 | |
Year ended February 28, 2015 | | $ | 19.25 | | | | 0.25 | | | | 1.09 | | | | (0.24 | ) | | | (0.46 | ) | | $ | 19.89 | |
| 1 | Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows: |
| | | | | | | | | | | | | | | | | | | | |
| | | Year ended February 28 | | | Year ended February 29, 2016 | | | Year ended
February 28, 2015 | |
| | | 2019 | | | 2018 | | | 2017 | |
Class A | | | 0.17 | % | | | 0.18 | % | | | 0.17 | % | | | 0.16 | % | | | 0.16 | % |
Class C | | | 0.17 | | | | 0.18 | | | | 0.17 | | | | 0.16 | | | | 0.16 | |
Class R | | | 0.16 | | | | 0.18 | | | | 0.17 | | | | 0.17 | | | | 0.16 | |
Class R4 | | | 0.17 | | | | 0.18 | | | | 0.17 | | | | 0.16 | | | | 0.16 | |
Class R6 | | | 0.17 | | | | 0.18 | | | | 0.16 | | | | 0.16 | | | | 0.16 | |
Administrator Class | | | 0.17 | | | | 0.18 | | | | 0.17 | | | | 0.16 | | | | 0.16 | |
| 2 | Total return calculations do not include any sales charges. |
| 3 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. |
| 4 | Calculated based upon average shares outstanding |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Financial highlights | | Target Date Retirement Funds | | | 99 | |
| | | | | | | | | | | | | | | | | | | | | | |
| Ratio to average net assets (annualized) | | | Total
return2 | | | Portfolio
turnover
rate3 | | | Net assets at
end of period
(000s omitted) | |
Net investment
income1 | | | Gross
expenses1 | | | Net
expenses1 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 1.91 | % | | | 0.78 | % | | | 0.65 | % | | | 2.32 | % | | | 40 | % | | $ | 189,990 | |
| | 1.51 | % | | | 0.81 | % | | | 0.72 | % | | | 11.24 | % | | | 51 | % | | $ | 223,769 | |
| | 1.21 | % | | | 0.85 | % | | | 0.83 | % | | | 20.01 | % | | | 24 | % | | $ | 218,689 | |
| | 1.23 | % | | | 0.87 | % | | | 0.84 | % | | | (10.72 | )% | | | 27 | % | | $ | 202,038 | |
| | 1.11 | % | | | 0.96 | % | | | 0.88 | % | | | 7.01 | % | | | 18 | % | | $ | 111,874 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 1.21 | % | | | 1.53 | % | | | 1.40 | % | | | 1.55 | % | | | 40 | % | | $ | 2,754 | |
| | 0.76 | % | | | 1.56 | % | | | 1.46 | % | | | 10.41 | % | | | 51 | % | | $ | 5,292 | |
| | 0.47 | % | | | 1.60 | % | | | 1.58 | % | | | 19.11 | % | | | 24 | % | | $ | 4,782 | |
| | 0.54 | % | | | 1.63 | % | | | 1.60 | % | | | (11.39 | )% | | | 27 | % | | $ | 4,621 | |
| | 0.35 | % | | | 1.71 | % | | | 1.63 | % | | | 6.15 | % | | | 18 | % | | $ | 5,747 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 1.63 | % | | | 1.02 | % | | | 0.90 | % | | | 2.04 | % | | | 40 | % | | $ | 62 | |
| | 1.40 | % | | | 1.08 | % | | | 1.01 | % | | | 11.07 | % | | | 51 | % | | $ | 56 | |
| | 0.94 | % | | | 1.10 | % | | | 1.08 | % | | | 19.68 | % | | | 24 | % | | $ | 394 | |
| | 0.97 | % | | | 1.12 | % | | | 1.09 | % | | | (10.96 | )% | | | 27 | % | | $ | 289 | |
| | 0.72 | % | | | 1.23 | % | | | 1.13 | % | | | 6.71 | % | | | 18 | % | | $ | 137 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 2.38 | % | | | 0.50 | % | | | 0.34 | % | | | 2.69 | % | | | 40 | % | | $ | 45,177 | |
| | 1.85 | % | | | 0.54 | % | | | 0.42 | % | | | 11.56 | % | | | 51 | % | | $ | 189,896 | |
| | 1.54 | % | | | 0.57 | % | | | 0.52 | % | | | 20.43 | % | | | 24 | % | | $ | 388,622 | |
| | 1.64 | % | | | 0.59 | % | | | 0.52 | % | | | (10.45 | )% | | | 27 | % | | $ | 385,259 | |
| | 1.47 | % | | | 0.63 | % | | | 0.52 | % | | | 7.35 | % | | | 18 | % | | $ | 678,944 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 2.40 | % | | | 0.35 | % | | | 0.19 | % | | | 2.81 | % | | | 40 | % | | $ | 184,594 | |
| | 2.00 | % | | | 0.39 | % | | | 0.27 | % | | | 11.74 | % | | | 51 | % | | $ | 283,562 | |
| | 1.80 | % | | | 0.41 | % | | | 0.37 | % | | | 20.56 | % | | | 24 | % | | $ | 489,693 | |
| | 1.75 | % | | | 0.43 | % | | | 0.37 | % | | | (10.32 | )% | | | 27 | % | | $ | 929,672 | |
| | 1.61 | % | | | 0.48 | % | | | 0.37 | % | | | 7.57 | % | | | 18 | % | | $ | 872,914 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 2.09 | % | | | 0.70 | % | | | 0.54 | % | | | 2.40 | % | | | 40 | % | | $ | 71,411 | |
| | 1.63 | % | | | 0.73 | % | | | 0.61 | % | | | 11.38 | % | | | 51 | % | | $ | 132,365 | |
| | 1.43 | % | | | 0.76 | % | | | 0.72 | % | | | 20.09 | % | | | 24 | % | | $ | 197,272 | |
| | 1.42 | % | | | 0.78 | % | | | 0.72 | % | | | (10.56 | )% | | | 27 | % | | $ | 320,415 | |
| | 1.27 | % | | | 0.80 | % | | | 0.72 | % | | | 7.10 | % | | | 18 | % | | $ | 427,789 | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 100 | | Target Date Retirement Funds | | Financial highlights |
| | | | | | | | | | | | | | | | | | | | | | | | |
| Target 2045 Fund | | Beginning
net asset
value per
share | | | Net
investment
income | | | Net realized
and unrealized
gains (losses)
on investments | | | Distributions
from net
investment
income | | | Distributions
from net
realized gains | | | Ending
net asset
value per
share | |
| | | | | | |
Class A | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 2019 | | $ | 9.18 | | | | 0.16 | | | | (0.03 | ) | | | (0.19 | ) | | | (0.99 | ) | | $ | 8.13 | |
Year ended February 28, 2018 | | $ | 11.91 | | | | 0.18 | 4 | | | 1.28 | | | | (0.20 | ) | | | (3.99 | ) | | $ | 9.18 | |
Year ended February 28, 2017 | | $ | 10.07 | | | | 0.13 | | | | 2.05 | | | | (0.17 | ) | | | (0.17 | ) | | $ | 11.91 | |
Year ended February 29, 2016 | | $ | 11.85 | | | | 0.16 | | | | (1.52 | ) | | | (0.13 | ) | | | (0.29 | ) | | $ | 10.07 | |
Year ended February 28, 2015 | | $ | 11.43 | | | | 0.11 | 4 | | | 0.72 | | | | (0.13 | ) | | | (0.28 | ) | | $ | 11.85 | |
| | | | | | |
Class R | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 2019 | | $ | 9.33 | | | | 0.14 | | | | (0.02 | ) | | | (0.17 | ) | | | (0.99 | ) | | $ | 8.29 | |
Year ended February 28, 2018 | | $ | 12.04 | | | | 0.16 | | | | 1.29 | | | | (0.17 | ) | | | (3.99 | ) | | $ | 9.33 | |
Year ended February 28, 2017 | | $ | 10.19 | | | | 0.11 | | | | 2.05 | | | | (0.14 | ) | | | (0.17 | ) | | $ | 12.04 | |
Year ended February 29, 2016 | | $ | 11.97 | | | | 0.11 | | | | (1.51 | ) | | | (0.09 | ) | | | (0.29 | ) | | $ | 10.19 | |
Year ended February 28, 2015 | | $ | 11.54 | | | | 0.10 | | | | 0.71 | | | | (0.10 | ) | | | (0.28 | ) | | $ | 11.97 | |
| | | | | | |
Class R4 | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 2019 | | $ | 9.24 | | | | 0.20 | 4 | | | (0.04 | ) | | | (0.22 | ) | | | (0.99 | ) | | $ | 8.19 | |
Year ended February 28, 2018 | | $ | 11.96 | | | | 0.22 | 4 | | | 1.28 | | | | (0.23 | ) | | | (3.99 | ) | | $ | 9.24 | |
Year ended February 28, 2017 | | $ | 10.11 | | | | 0.16 | | | | 2.06 | | | | (0.20 | ) | | | (0.17 | ) | | $ | 11.96 | |
Year ended February 29, 2016 | | $ | 11.89 | | | | 0.18 | | | | (1.51 | ) | | | (0.16 | ) | | | (0.29 | ) | | $ | 10.11 | |
Year ended February 28, 2015 | | $ | 11.46 | | | | 0.17 | | | | 0.71 | | | | (0.17 | ) | | | (0.28 | ) | | $ | 11.89 | |
| | | | | | |
Class R6 | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 2019 | | $ | 9.21 | | | | 0.22 | 4 | | | (0.05 | ) | | | (0.24 | ) | | | (0.99 | ) | | $ | 8.15 | |
Year ended February 28, 2018 | | $ | 11.93 | | | | 0.29 | | | | 1.24 | | | | (0.26 | ) | | | (3.99 | ) | | $ | 9.21 | |
Year ended February 28, 2017 | | $ | 10.10 | | | | 0.23 | | | | 1.99 | | | | (0.22 | ) | | | (0.17 | ) | | $ | 11.93 | |
Year ended February 29, 2016 | | $ | 11.87 | | | | 0.19 | | | | (1.49 | ) | | | (0.18 | ) | | | (0.29 | ) | | $ | 10.10 | |
Year ended February 28, 2015 | | $ | 11.44 | | | | 0.18 | | | | 0.71 | | | | (0.18 | ) | | | (0.28 | ) | | $ | 11.87 | |
| | | | | | |
Administrator Class | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 2019 | | $ | 9.29 | | | | 0.20 | 4 | | | (0.05 | ) | | | (0.18 | ) | | | (0.99 | ) | | $ | 8.27 | |
Year ended February 28, 2018 | | $ | 12.01 | | | | 0.19 | 4 | | | 1.28 | | | | (0.20 | ) | | | (3.99 | ) | | $ | 9.29 | |
Year ended February 28, 2017 | | $ | 10.16 | | | | 0.16 | 4 | | | 2.04 | | | | (0.18 | ) | | | (0.17 | ) | | $ | 12.01 | |
Year ended February 29, 2016 | | $ | 11.94 | | | | 0.16 | | | | (1.51 | ) | | | (0.14 | ) | | | (0.29 | ) | | $ | 10.16 | |
Year ended February 28, 2015 | | $ | 11.51 | | | | 0.14 | | | | 0.71 | | | | (0.14 | ) | | | (0.28 | ) | | $ | 11.94 | |
| 1 | Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows: |
| | | | | | | | | | | | | | | | | | | | |
| | | Year ended February 28 | | | Year ended February 29, 2016 | | | Year ended February 28, 2015 | |
| | | 2019 | | | 2018 | | | 2017 | |
Class A | | | 0.17 | % | | | 0.19 | % | | | 0.17 | % | | | 0.17 | % | | | 0.16 | % |
Class R | | | 0.16 | | | | 0.18 | | | | 0.16 | | | | 0.16 | | | | 0.16 | |
Class R4 | | | 0.17 | | | | 0.19 | | | | 0.17 | | | | 0.16 | | | | 0.16 | |
Class R6 | | | 0.17 | | | | 0.19 | | | | 0.16 | | | | 0.16 | | | | 0.16 | |
Administrator Class | | | 0.17 | | | | 0.19 | | | | 0.17 | | | | 0.16 | | | | 0.16 | |
| 2 | Total return calculations do not include any sales charges. |
| 3 | Portfolio turnover rate is calculated by multiplying the Fund’s investment percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. |
| 4 | Calculated based upon average shares outstanding |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Financial highlights | | Target Date Retirement Funds | | | 101 | |
| | | | | | | | | | | | | | | | | | | | | | |
| Ratio to average net assets (annualized) | | | Total
return2 | | | Portfolio
turnover
rate3 | | | Net assets at
end of period
(000s omitted) | |
Net investment
income1 | | | Gross
expenses1 | | | Net
expenses1 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 1.88 | % | | | 0.85 | % | | | 0.65 | % | | | 2.21 | % | | | 39 | % | | $ | 56,491 | |
| | 1.48 | % | | | 0.86 | % | | | 0.72 | % | | | 11.98 | % | | | 48 | % | | $ | 61,914 | |
| | 1.22 | % | | | 0.86 | % | | | 0.83 | % | | | 21.85 | % | | | 22 | % | | $ | 70,570 | |
| | 1.09 | % | | | 0.86 | % | | | 0.83 | % | | | (11.70 | )% | | | 26 | % | | $ | 77,062 | |
| | 0.96 | % | | | 0.99 | % | | | 0.88 | % | | | 7.41 | % | | | 16 | % | | $ | 793 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 1.62 | % | | | 1.09 | % | | | 0.90 | % | | | 2.03 | % | | | 39 | % | | $ | 37 | |
| | 1.25 | % | | | 1.10 | % | | | 0.97 | % | | | 11.77 | % | | | 48 | % | | $ | 36 | |
| | 0.88 | % | | | 1.11 | % | | | 1.08 | % | | | 21.41 | % | | | 22 | % | | $ | 42 | |
| | 1.01 | % | | | 1.14 | % | | | 1.09 | % | | | (11.84 | )% | | | 26 | % | | $ | 30 | |
| | 0.83 | % | | | 1.25 | % | | | 1.13 | % | | | 7.11 | % | | | 16 | % | | $ | 31 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 2.26 | % | | | 0.57 | % | | | 0.34 | % | | | 2.53 | % | | | 39 | % | | $ | 22,076 | |
| | 1.84 | % | | | 0.59 | % | | | 0.44 | % | | | 12.39 | % | | | 48 | % | | $ | 46,811 | |
| | 1.46 | % | | | 0.59 | % | | | 0.52 | % | | | 22.25 | % | | | 22 | % | | $ | 151,999 | |
| | 1.61 | % | | | 0.60 | % | | | 0.52 | % | | | (11.41 | )% | | | 26 | % | | $ | 131,789 | |
| | 1.44 | % | | | 0.66 | % | | | 0.52 | % | | | 7.79 | % | | | 16 | % | | $ | 199,015 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 2.41 | % | | | 0.42 | % | | | 0.19 | % | | | 2.61 | % | | | 39 | % | | $ | 69,435 | |
| | 1.97 | % | | | 0.43 | % | | | 0.27 | % | | | 12.61 | % | | | 48 | % | | $ | 133,524 | |
| | 1.77 | % | | | 0.43 | % | | | 0.37 | % | | | 22.26 | % | | | 22 | % | | $ | 219,922 | |
| | 1.73 | % | | | 0.45 | % | | | 0.37 | % | | | (11.21 | )% | | | 26 | % | | $ | 407,094 | |
| | 1.58 | % | | | 0.51 | % | | | 0.37 | % | | | 7.96 | % | | | 16 | % | | $ | 367,164 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 2.14 | % | | | 0.76 | % | | | 0.54 | % | | | 2.32 | % | | | 39 | % | | $ | 7,213 | |
| | 1.60 | % | | | 0.77 | % | | | 0.61 | % | | | 12.05 | % | | | 48 | % | | $ | 30,255 | |
| | 1.46 | % | | | 0.78 | % | | | 0.72 | % | | | 21.89 | % | | | 22 | % | | $ | 41,504 | |
| | 1.39 | % | | | 0.79 | % | | | 0.72 | % | | | (11.55 | )% | | | 26 | % | | $ | 108,091 | |
| | 1.24 | % | | | 0.83 | % | | | 0.72 | % | | | 7.54 | % | | | 16 | % | | $ | 130,175 | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 102 | | Target Date Retirement Funds | | Financial highlights |
| | | | | | | | | | | | | | | | | | | | | | | | |
| Target 2050 Fund | | Beginning
net asset
value per
share | | | Net
investment
income | | | Net realized
and unrealized
gains (losses)
on investments | | | Distributions
from net
investment
income | | | Distributions
from net
realized gains | | | Ending
net asset
value per
share | |
| | | | | | |
Class A | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 2019 | | $ | 8.61 | | | | 0.14 | | | | (0.05 | ) | | | (0.20 | ) | | | (1.37 | ) | | $ | 7.13 | |
Year ended February 28, 2018 | | $ | 11.40 | | | | 0.20 | | | | 1.23 | | | | (0.19 | ) | | | (4.03 | ) | | $ | 8.61 | |
Year ended February 28, 2017 | | $ | 9.61 | | | | 0.12 | | | | 2.02 | | | | (0.18 | ) | | | (0.17 | ) | | $ | 11.40 | |
Year ended February 29, 2016 | | $ | 11.34 | | | | 0.11 | 4 | | | (1.44 | ) | | | (0.12 | ) | | | (0.28 | ) | | $ | 9.61 | |
Year ended February 28, 2015 | | $ | 10.93 | | | | 0.11 | | | | 0.69 | | | | (0.13 | ) | | | (0.26 | ) | | $ | 11.34 | |
| | | | | | |
Class C | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 2019 | | $ | 8.56 | | | | 0.06 | | | | (0.03 | ) | | | (0.14 | ) | | | (1.37 | ) | | $ | 7.08 | |
Year ended February 28, 2018 | | $ | 11.36 | | | | 0.11 | | | | 1.22 | | | | (0.10 | ) | | | (4.03 | ) | | $ | 8.56 | |
Year ended February 28, 2017 | | $ | 9.58 | | | | 0.04 | | | | 2.02 | | | | (0.11 | ) | | | (0.17 | ) | | $ | 11.36 | |
Year ended February 29, 2016 | | $ | 11.30 | | | | 0.06 | | | | (1.46 | ) | | | (0.04 | ) | | | (0.28 | ) | | $ | 9.58 | |
Year ended February 28, 2015 | | $ | 10.91 | | | | 0.04 | | | | 0.68 | | | | (0.07 | ) | | | (0.26 | ) | | $ | 11.30 | |
| | | | | | |
Class R | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 2019 | | $ | 8.63 | | | | 0.13 | | | | (0.05 | ) | | | (0.19 | ) | | | (1.37 | ) | | $ | 7.15 | |
Year ended February 28, 2018 | | $ | 11.43 | | | | 0.15 | | | | 1.24 | | | | (0.16 | ) | | | (4.03 | ) | | $ | 8.63 | |
Year ended February 28, 2017 | | $ | 9.63 | | | | 0.09 | | | | 2.04 | | | | (0.16 | ) | | | (0.17 | ) | | $ | 11.43 | |
Year ended February 29, 2016 | | $ | 11.37 | | | | 0.11 | | | | (1.47 | ) | | | (0.10 | ) | | | (0.28 | ) | | $ | 9.63 | |
Year ended February 28, 2015 | | $ | 10.95 | | | | 0.09 | | | | 0.68 | | | | (0.09 | ) | | | (0.26 | ) | | $ | 11.37 | |
| | | | | | |
Class R4 | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 2019 | | $ | 8.66 | | | | 0.20 | 4 | | | (0.07 | ) | | | (0.23 | ) | | | (1.37 | ) | | $ | 7.19 | |
Year ended February 28, 2018 | | $ | 11.45 | | | | 0.21 | 4 | | | 1.25 | | | | (0.22 | ) | | | (4.03 | ) | | $ | 8.66 | |
Year ended February 28, 2017 | | $ | 9.64 | | | | 0.16 | 4 | | | 2.03 | | | | (0.21 | ) | | | (0.17 | ) | | $ | 11.45 | |
Year ended February 29, 2016 | | $ | 11.38 | | | | 0.17 | | | | (1.48 | ) | | | (0.15 | ) | | | (0.28 | ) | | $ | 9.64 | |
Year ended February 28, 2015 | | $ | 10.96 | | | | 0.16 | | | | 0.68 | | | | (0.16 | ) | | | (0.26 | ) | | $ | 11.38 | |
| | | | | | |
Class R6 | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 2019 | | $ | 8.65 | | | | 0.25 | | | | (0.12 | ) | | | (0.24 | ) | | | (1.37 | ) | | $ | 7.17 | |
Year ended February 28, 2018 | | $ | 11.44 | | | | 0.26 | | | | 1.22 | | | | (0.24 | ) | | | (4.03 | ) | | $ | 8.65 | |
Year ended February 28, 2017 | | $ | 9.64 | | | | 0.19 | 4 | | | 2.01 | | | | (0.23 | ) | | | (0.17 | ) | | $ | 11.44 | |
Year ended February 29, 2016 | | $ | 11.37 | | | | 0.18 | | | | (1.46 | ) | | | (0.17 | ) | | | (0.28 | ) | | $ | 9.64 | |
Year ended February 28, 2015 | | $ | 10.95 | | | | 0.17 | | | | 0.68 | | | | (0.17 | ) | | | (0.26 | ) | | $ | 11.37 | |
| | | | | | |
Administrator Class | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 2019 | | $ | 8.62 | | | | 0.18 | | | | (0.07 | ) | | | (0.20 | ) | | | (1.37 | ) | | $ | 7.16 | |
Year ended February 28, 2018 | | $ | 11.41 | | | | 0.20 | | | | 1.24 | | | | (0.20 | ) | | | (4.03 | ) | | $ | 8.62 | |
Year ended February 28, 2017 | | $ | 9.61 | | | | 0.15 | 4 | | | 2.01 | | | | (0.19 | ) | | | (0.17 | ) | | $ | 11.41 | |
Year ended February 29, 2016 | | $ | 11.34 | | | | 0.15 | | | | (1.47 | ) | | | (0.13 | ) | | | (0.28 | ) | | $ | 9.61 | |
Year ended February 28, 2015 | | $ | 10.92 | | | | 0.13 | | | | 0.69 | | | | (0.14 | ) | | | (0.26 | ) | | $ | 11.34 | |
| 1 | Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows: |
| | | | | | | | | | | | | | | | | | | | |
| | | Year ended February 28 | | | Year ended February 29, 2016 | | | Year ended February 28, 2015 | |
| | | 2019 | | | 2018 | | | 2017 | |
Class A | | | 0.17 | % | | | 0.19 | % | | | 0.17 | % | | | 0.17 | % | | | 0.16 | % |
Class C | | | 0.17 | | | | 0.18 | | | | 0.17 | | | | 0.16 | | | | 0.16 | |
Class R | | | 0.18 | | | | 0.23 | | | | 0.19 | | | | 0.19 | | | | 0.16 | |
Class R4 | | | 0.18 | | | | 0.19 | | | | 0.17 | | | | 0.16 | | | | 0.16 | |
Class R6 | | | 0.17 | | | | 0.19 | | | | 0.16 | | | | 0.16 | | | | 0.16 | |
Administrator Class | | | 0.17 | | | | 0.19 | | | | 0.17 | | | | 0.16 | | | | 0.16 | |
| 2 | Total return calculations do not include any sales charges. |
| 3 | Portfolio turnover rate is calculated by multiplying the Fund’s investment percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. |
| 4 | Calculated based upon average shares outstanding |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Financial highlights | | Target Date Retirement Funds | | | 103 | |
| | | | | | | | | | | | | | | | | | | | | | |
| Ratio to average net assets (annualized) | | | Total
return2 | | | Portfolio
turnover
rate3 | | | Net assets at
end of period
(000s omitted) | |
Net investment
income1 | | | Gross
expenses1 | | | Net
expenses1 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 1.88 | % | | | 0.82 | % | | | 0.65 | % | | | 2.10 | % | | | 39 | % | | $ | 53,038 | |
| | 1.47 | % | | | 0.83 | % | | | 0.72 | % | | | 12.26 | % | | | 46 | % | | $ | 67,360 | |
| | 1.13 | % | | | 0.85 | % | | | 0.83 | % | | | 22.48 | % | | | 21 | % | | $ | 64,356 | |
| | 1.05 | % | | | 0.86 | % | | | 0.83 | % | | | (11.93 | )% | | | 26 | % | | $ | 58,749 | |
| | 0.94 | % | | | 0.97 | % | | | 0.88 | % | | | 7.52 | % | | | 16 | % | | $ | 1,629 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 1.13 | % | | | 1.57 | % | | | 1.40 | % | | | 1.38 | % | | | 39 | % | | $ | 1,013 | |
| | 0.72 | % | | | 1.58 | % | | | 1.46 | % | | | 11.38 | % | | | 46 | % | | $ | 1,376 | |
| | 0.33 | % | | | 1.61 | % | | | 1.58 | % | | | 21.58 | % | | | 21 | % | | $ | 1,218 | |
| | 0.49 | % | | | 1.64 | % | | | 1.60 | % | | | (12.56 | )% | | | 26 | % | | $ | 894 | |
| | 0.20 | % | | | 1.72 | % | | | 1.63 | % | | | 6.70 | % | | | 16 | % | | $ | 737 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 1.58 | % | | | 1.08 | % | | | 0.90 | % | | | 1.93 | % | | | 39 | % | | $ | 32 | |
| | 1.24 | % | | | 1.12 | % | | | 0.97 | % | | | 11.88 | % | | | 46 | % | | $ | 28 | |
| | 0.94 | % | | | 1.13 | % | | | 1.08 | % | | | 22.29 | % | | | 21 | % | | $ | 34 | |
| | 1.00 | % | | | 1.17 | % | | | 1.10 | % | | | (12.21 | )% | | | 26 | % | | $ | 32 | |
| | 0.82 | % | | | 1.25 | % | | | 1.13 | % | | | 7.20 | % | | | 16 | % | | $ | 31 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 2.40 | % | | | 0.53 | % | | | 0.34 | % | | | 2.57 | % | | | 39 | % | | $ | 19,551 | |
| | 1.82 | % | | | 0.56 | % | | | 0.42 | % | | | 12.54 | % | | | 46 | % | | $ | 122,118 | |
| | 1.45 | % | | | 0.57 | % | | | 0.52 | % | | | 23.00 | % | | | 21 | % | | $ | 243,339 | |
| | 1.61 | % | | | 0.59 | % | | | 0.52 | % | | | (11.72 | )% | | | 26 | % | | $ | 219,157 | |
| | 1.43 | % | | | 0.64 | % | | | 0.52 | % | | | 7.82 | % | | | 16 | % | | $ | 360,833 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 2.37 | % | | | 0.39 | % | | | 0.19 | % | | | 2.61 | % | | | 39 | % | | $ | 107,769 | |
| | 1.95 | % | | | 0.41 | % | | | 0.27 | % | | | 12.73 | % | | | 46 | % | | $ | 180,036 | |
| | 1.81 | % | | | 0.42 | % | | | 0.37 | % | | | 23.09 | % | | | 21 | % | | $ | 287,423 | |
| | 1.72 | % | | | 0.44 | % | | | 0.37 | % | | | (11.51 | )% | | | 26 | % | | $ | 806,152 | |
| | 1.58 | % | | | 0.49 | % | | | 0.37 | % | | | 7.98 | % | | | 16 | % | | $ | 818,335 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 2.07 | % | | | 0.74 | % | | | 0.54 | % | | | 2.37 | % | | | 39 | % | | $ | 40,236 | |
| | 1.59 | % | | | 0.75 | % | | | 0.61 | % | | | 12.29 | % | | | 46 | % | | $ | 82,574 | |
| | 1.37 | % | | | 0.76 | % | | | 0.72 | % | | | 22.72 | % | | | 21 | % | | $ | 121,028 | |
| | 1.39 | % | | | 0.78 | % | | | 0.72 | % | | | (11.86 | )% | | | 26 | % | | $ | 185,008 | |
| | 1.23 | % | | | 0.81 | % | | | 0.72 | % | | | 7.64 | % | | | 16 | % | | $ | 226,405 | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 104 | | Target Date Retirement Funds | | Financial highlights |
| | | | | | | | | | | | | | | | | | | | | | | | |
| Target 2055 Fund | | Beginning
net asset
value per
share | | | Net
investment
income | | | Net realized
and unrealized
gains (losses)
on investments | | | Distributions
from net
investment
income | | | Distributions
from net
realized gains | | | Ending
net asset
value per
share | |
| | | | | | |
Class A | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 2019 | | $ | 12.72 | | | | 0.22 | | | | (0.02 | ) | | | (0.30 | ) | | | (1.06 | ) | | $ | 11.56 | |
Year ended February 28, 2018 | | $ | 13.91 | | | | 0.21 | 4 | | | 1.50 | | | | (0.23 | ) | | | (2.67 | ) | | $ | 12.72 | |
Year ended February 28, 2017 | | $ | 11.56 | | | | 0.14 | | | | 2.44 | | | | (0.23 | ) | | | 0.00 | | | $ | 13.91 | |
Year ended February 29, 2016 | | $ | 13.28 | | | | 0.14 | 4 | | | (1.71 | ) | | | (0.12 | ) | | | (0.03 | ) | | $ | 11.56 | |
Year ended February 28, 2015 | | $ | 12.63 | | | | 0.13 | | | | 0.80 | | | | (0.14 | ) | | | (0.14 | ) | | $ | 13.28 | |
| | | | | | |
Class R | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 2019 | | $ | 12.56 | | | | 0.19 | | | | (0.03 | ) | | | (0.27 | ) | | | (1.06 | ) | | $ | 11.39 | |
Year ended February 28, 2018 | | $ | 13.76 | | | | 0.18 | | | | 1.49 | | | | (0.20 | ) | | | (2.67 | ) | | $ | 12.56 | |
Year ended February 28, 2017 | | $ | 11.45 | | | | 0.10 | | | | 2.41 | | | | (0.20 | ) | | | 0.00 | | | $ | 13.76 | |
Year ended February 29, 2016 | | $ | 13.16 | | | | 0.12 | | | | (1.71 | ) | | | (0.09 | ) | | | (0.03 | ) | | $ | 11.45 | |
Year ended February 28, 2015 | | $ | 12.51 | | | | 0.11 | | | | 0.79 | | | | (0.11 | ) | | | (0.14 | ) | | $ | 13.16 | |
| | | | | | |
Class R4 | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 2019 | | $ | 12.76 | | | | 0.28 | 4 | | | (0.05 | ) | | | (0.33 | ) | | | (1.06 | ) | | $ | 11.60 | |
Year ended February 28, 2018 | | $ | 13.94 | | | | 0.27 | 4 | | | 1.50 | | | | (0.28 | ) | | | (2.67 | ) | | $ | 12.76 | |
Year ended February 28, 2017 | | $ | 11.59 | | | | 0.18 | | | | 2.44 | | | | (0.27 | ) | | | 0.00 | | | $ | 13.94 | |
Year ended February 29, 2016 | | $ | 13.32 | | | | 0.20 | | | | (1.74 | ) | | | (0.16 | ) | | | (0.03 | ) | | $ | 11.59 | |
Year ended February 28, 2015 | | $ | 12.65 | | | | 0.18 | | | | 0.81 | | | | (0.18 | ) | | | (0.14 | ) | | $ | 13.32 | |
| | | | | | |
Class R6 | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 2019 | | $ | 12.73 | | | | 0.31 | 4 | | | (0.06 | ) | | | (0.35 | ) | | | (1.06 | ) | | $ | 11.57 | |
Year ended February 28, 2018 | | $ | 13.91 | | | | 0.31 | | | | 1.48 | | | | (0.30 | ) | | | (2.67 | ) | | $ | 12.73 | |
Year ended February 28, 2017 | | $ | 11.57 | | | | 0.23 | 4 | | | 2.40 | | | | (0.29 | ) | | | 0.00 | | | $ | 13.91 | |
Year ended February 29, 2016 | | $ | 13.29 | | | | 0.21 | | | | (1.72 | ) | | | (0.18 | ) | | | (0.03 | ) | | $ | 11.57 | |
Year ended February 28, 2015 | | $ | 12.63 | | | | 0.19 | | | | 0.80 | | | | (0.19 | ) | | | (0.14 | ) | | $ | 13.29 | |
| | | | | | |
Administrator Class | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 2019 | | $ | 12.73 | | | | 0.28 | 4 | | | (0.07 | ) | | | (0.31 | ) | | | (1.06 | ) | | $ | 11.57 | |
Year ended February 28, 2018 | | $ | 13.91 | | | | 0.23 | 4 | | | 1.50 | | | | (0.24 | ) | | | (2.67 | ) | | $ | 12.73 | |
Year ended February 28, 2017 | | $ | 11.57 | | | | 0.17 | 4 | | | 2.41 | | | | (0.24 | ) | | | 0.00 | | | $ | 13.91 | |
Year ended February 29, 2016 | | $ | 13.28 | | | | 0.17 | | | | (1.71 | ) | | | (0.14 | ) | | | (0.03 | ) | | $ | 11.57 | |
Year ended February 28, 2015 | | $ | 12.62 | | | | 0.14 | | | | 0.81 | | | | (0.15 | ) | | | (0.14 | ) | | $ | 13.28 | |
| 1 | Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows: |
| | | | | | | | | | | | | | | | | | | | |
| | | Year ended February 28 | | | Year ended February 29, 2016 | | | Year ended February 28, 2015 | |
| | | 2019 | | | 2018 | | | 2017 | |
Class A | | | 0.17 | % | | | 0.19 | % | | | 0.17 | % | | | 0.17 | % | | | 0.16 | % |
Class R | | | 0.17 | | | | 0.19 | | | | 0.17 | | | | 0.20 | | | | 0.16 | |
Class R4 | | | 0.18 | | | | 0.19 | | | | 0.17 | | | | 0.16 | | | | 0.16 | |
Class R6 | | | 0.18 | | | | 0.19 | | | | 0.16 | | | | 0.16 | | | | 0.16 | |
Administrator Class | | | 0.18 | | | | 0.19 | | | | 0.17 | | | | 0.16 | | | | 0.16 | |
| 2 | Total return calculations do not include any sales charges. |
| 3 | Portfolio turnover rate is calculated by multiplying the Fund’s investment percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. |
| 4 | Calculated based upon average shares outstanding |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Financial highlights | | Target Date Retirement Funds | | | 105 | |
| | | | | | | | | | | | | | | | | | | | | | |
| Ratio to average net assets (annualized) | | | Total
return2 | | | Portfolio
turnover
rate3 | | | Net assets at
end of period
(000s omitted) | |
Net investment
income1 | | | Gross
expenses1 | | | Net
expenses1 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 1.86 | % | | | 1.17 | % | | | 0.65 | % | | | 2.29 | % | | | 39 | % | | $ | 10,582 | |
| | 1.47 | % | | | 1.04 | % | | | 0.71 | % | | | 12.15 | % | | | 46 | % | | $ | 10,352 | |
| | 1.13 | % | | | 0.91 | % | | | 0.83 | % | | | 22.45 | % | | | 21 | % | | $ | 9,270 | |
| | 1.15 | % | | | 0.94 | % | | | 0.84 | % | | | (11.93 | )% | | | 26 | % | | $ | 8,940 | |
| | 0.97 | % | | | 1.07 | % | | | 0.88 | % | | | 7.46 | % | | | 16 | % | | $ | 565 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 1.60 | % | | | 1.39 | % | | | 0.89 | % | | | 1.96 | % | | | 39 | % | | $ | 43 | |
| | 1.22 | % | | | 1.29 | % | | | 0.96 | % | | | 11.99 | % | | | 46 | % | | $ | 42 | |
| | 0.98 | % | | | 1.16 | % | | | 1.08 | % | | | 22.04 | % | | | 21 | % | | $ | 40 | |
| | 0.98 | % | | | 1.24 | % | | | 1.09 | % | | | (12.16 | )% | | | 26 | % | | $ | 42 | |
| | 0.83 | % | | | 1.36 | % | | | 1.13 | % | | | 7.24 | % | | | 16 | % | | $ | 31 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 2.24 | % | | | 0.93 | % | | | 0.34 | % | | | 2.57 | % | | | 39 | % | | $ | 7,578 | |
| | 1.85 | % | | | 0.73 | % | | | 0.44 | % | | | 12.56 | % | | | 46 | % | | $ | 15,764 | |
| | 1.32 | % | | | 0.64 | % | | | 0.52 | % | | | 22.78 | % | | | 21 | % | | $ | 43,147 | |
| | 1.61 | % | | | 0.66 | % | | | 0.52 | % | | | (11.70 | )% | | | 26 | % | | $ | 27,193 | |
| | 1.41 | % | | | 0.74 | % | | | 0.52 | % | | | 7.92 | % | | | 16 | % | | $ | 33,651 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 2.46 | % | | | 0.87 | % | | | 0.19 | % | | | 2.71 | % | | | 39 | % | | $ | 18,491 | |
| | 1.94 | % | | | 0.60 | % | | | 0.26 | % | | | 12.76 | % | | | 46 | % | | $ | 56,563 | |
| | 1.79 | % | | | 0.47 | % | | | 0.37 | % | | | 22.97 | % | | | 21 | % | | $ | 65,516 | |
| | 1.72 | % | | | 0.51 | % | | | 0.37 | % | | | (11.52 | )% | | | 26 | % | | $ | 161,764 | |
| | 1.55 | % | | | 0.59 | % | | | 0.37 | % | | | 8.01 | % | | | 16 | % | | $ | 126,822 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 2.22 | % | | | 1.37 | % | | | 0.54 | % | | | 2.37 | % | | | 39 | % | | $ | 1,188 | |
| | 1.62 | % | | | 0.94 | % | | | 0.62 | % | | | 12.32 | % | | | 46 | % | | $ | 5,662 | |
| | 1.34 | % | | | 0.83 | % | | | 0.72 | % | | | 22.50 | % | | | 21 | % | | $ | 9,700 | |
| | 1.37 | % | | | 0.85 | % | | | 0.72 | % | | | (11.75 | )% | | | 26 | % | | $ | 14,747 | |
| | 1.16 | % | | | 0.91 | % | | | 0.72 | % | | | 7.66 | % | | | 16 | % | | $ | 12,493 | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 106 | | Target Date Retirement Funds | | Financial highlights |
| | | | | | | | | | | | | | | | | | | | | | | | |
| Target 2060 Fund | | Beginning
net asset
value per
share | | | Net
investment
income | | | Net realized
and unrealized
gains (losses)
on investments | | | Distributions
from net
investment
income | | | Distributions
from net
realized gains | | | Ending
net asset
value per
share | |
| | | | | | |
Class A | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 2019 | | $ | 11.83 | | | | 0.22 | 4 | | | (0.01 | ) | | | (0.25 | ) | | | (0.35 | ) | | $ | 11.44 | |
Year ended February 28, 2018 | | $ | 10.69 | | | | 0.15 | | | | 1.15 | | | | (0.16 | ) | | | 0.00 | | | $ | 11.83 | |
Year ended February 28, 2017 | | $ | 8.84 | | | | 0.09 | 4 | | | 1.86 | | | | (0.10 | ) | | | 0.00 | | | $ | 10.69 | |
Year ended February 29, 20165 | | $ | 10.00 | | | | 0.06 | | | | (1.11 | ) | | | (0.11 | ) | | | 0.00 | | | $ | 8.84 | |
| | | | | | |
Class C | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 2019 | | $ | 11.85 | | | | 0.13 | | | | (0.00 | )6 | | | (0.21 | ) | | | (0.35 | ) | | $ | 11.42 | |
Year ended February 28, 2018 | | $ | 10.71 | | | | 0.07 | | | | 1.15 | | | | (0.08 | ) | | | 0.00 | | | $ | 11.85 | |
Year ended February 28, 2017 | | $ | 8.90 | | | | 0.04 | | | | 1.84 | | | | (0.07 | ) | | | 0.00 | | | $ | 10.71 | |
Year ended February 29, 20165 | | $ | 10.00 | | | | 0.01 | | | | (1.11 | ) | | | 0.00 | | | | 0.00 | | | $ | 8.90 | |
| | | | | | |
Class R | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 2019 | | $ | 11.65 | | | | 0.19 | 4 | | | (0.01 | ) | | | (0.26 | ) | | | (0.35 | ) | | $ | 11.22 | |
Year ended February 28, 2018 | | $ | 10.53 | | | | 0.14 | 4 | | | 1.11 | | | | (0.13 | ) | | | 0.00 | | | $ | 11.65 | |
Year ended February 28, 2017 | | $ | 8.84 | | | | 0.09 | 4 | | | 1.80 | | | | (0.20 | ) | | | 0.00 | | | $ | 10.53 | |
Year ended February 29, 20165 | | $ | 10.00 | | | | 0.05 | | | | (1.11 | ) | | | (0.10 | ) | | | 0.00 | | | $ | 8.84 | |
| | | | | | |
Class R4 | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 2019 | | $ | 12.06 | | | | 0.28 | 4 | | | (0.02 | ) | | | (0.31 | ) | | | (0.35 | ) | | $ | 11.66 | |
Year ended February 28, 2018 | | $ | 10.88 | | | | 0.21 | | | | 1.16 | | | | (0.19 | ) | | | 0.00 | | | $ | 12.06 | |
Year ended February 28, 2017 | | $ | 8.97 | | | | 0.12 | 4 | | | 1.89 | | | | (0.10 | ) | | | 0.00 | | | $ | 10.88 | |
Year ended February 29, 20165 | | $ | 10.00 | | | | 0.08 | 4 | | | (1.11 | ) | | | 0.00 | | | | 0.00 | | | $ | 8.97 | |
| | | | | | |
Class R6 | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 2019 | | $ | 12.03 | | | | 0.28 | 4 | | | (0.01 | ) | | | (0.34 | ) | | | (0.35 | ) | | $ | 11.61 | |
Year ended February 28, 2018 | | $ | 10.86 | | | | 0.24 | | | | 1.14 | | | | (0.21 | ) | | | 0.00 | | | $ | 12.03 | |
Year ended February 28, 2017 | | $ | 8.95 | | | | 0.13 | 4 | | | 1.90 | | | | (0.12 | ) | | | 0.00 | | | $ | 10.86 | |
Year ended February 29, 20165 | | $ | 10.00 | | | | 0.09 | 4 | | | (1.12 | ) | | | (0.02 | ) | | | 0.00 | | | $ | 8.95 | |
| | | | | | |
Administrator Class | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 2019 | | $ | 11.89 | | | | 0.24 | 4 | | | (0.01 | ) | | | (0.29 | ) | | | (0.35 | ) | | $ | 11.48 | |
Year ended February 28, 2018 | | $ | 10.74 | | | | 0.19 | | | | 1.13 | | | | (0.17 | ) | | | 0.00 | | | $ | 11.89 | |
Year ended February 28, 2017 | | $ | 8.89 | | | | 0.10 | 4 | | | 1.88 | | | | (0.13 | ) | | | 0.00 | | | $ | 10.74 | |
Year ended February 29, 20165 | | $ | 10.00 | | | | 0.07 | | | | (1.12 | ) | | | (0.06 | ) | | | 0.00 | | | $ | 8.89 | |
| 1 | Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows: |
| | | | | | | | | | | | | | | | |
| | | Year ended February 28 | | | Year ended February 29, 20165 | |
| | | 2019 | | | 2018 | | | 2017 | |
Class A | | | 0.17 | % | | | 0.18 | % | | | 0.17 | % | | | 0.15 | % |
Class C | | | 0.17 | | | | 0.18 | | | | 0.16 | | | | 0.16 | |
Class R | | | 0.18 | | | | 0.20 | | | | 0.19 | | | | 0.17 | |
Class R4 | | | 0.18 | | | | 0.19 | | | | 0.17 | | | | 0.16 | |
Class R6 | | | 0.18 | | | | 0.19 | | | | 0.17 | | | | 0.16 | |
Administrator Class | | | 0.18 | | | | 0.19 | | | | 0.17 | | | | 0.16 | |
| 2 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
| 3 | Portfolio turnover rate is calculated by multiplying the Fund’s investment percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. |
| 4 | Calculated based upon average shares outstanding |
| 5 | For the period from June 30, 2015 (commencement of class operations) to February 29, 2016 |
| 6 | Amount is more than $(0.005). |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Financial highlights | | Target Date Retirement Funds | | | 107 | |
| | | | | | | | | | | | | | | | | | | | | | |
| Ratio to average net assets (annualized) | | | Total
return2 | | | Portfolio
turnover
rate3 | | | Net assets at
end of period
(000s omitted) | |
Net investment
income1 | | | Gross
expenses1 | | | Net
expenses1 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 1.88 | % | | | 2.69 | % | | | 0.65 | % | | | 2.18 | % | | | 39 | % | | $ | 660 | |
| | 1.45 | % | | | 1.79 | % | | | 0.71 | % | | | 12.20 | % | | | 46 | % | | $ | 907 | |
| | 0.90 | % | | | 3.21 | % | | | 0.83 | % | | | 22.23 | % | | | 21 | % | | $ | 671 | |
| | 0.97 | % | | | 14.47 | % | | | 0.83 | % | | | (10.59 | )% | | | 26 | % | | $ | 100 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 1.10 | % | | | 3.06 | % | | | 1.40 | % | | | 1.42 | % | | | 39 | % | | $ | 221 | |
| | 0.73 | % | | | 2.41 | % | | | 1.47 | % | | | 11.37 | % | | | 46 | % | | $ | 196 | |
| | 0.39 | % | | | 5.30 | % | | | 1.58 | % | | | 21.22 | % | | | 21 | % | | $ | 252 | |
| | 0.21 | % | | | 15.14 | % | | | 1.58 | % | | | (11.00 | )% | | | 26 | % | | $ | 173 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 1.62 | % | | | 2.59 | % | | | 0.90 | % | | | 1.91 | % | | | 39 | % | | $ | 54 | |
| | 1.24 | % | | | 1.81 | % | | | 0.97 | % | | | 11.90 | % | | | 46 | % | | $ | 50 | |
| | 0.89 | % | | | 4.69 | % | | | 1.08 | % | | | 21.73 | % | | | 21 | % | | $ | 127 | |
| | 0.72 | % | | | 14.73 | % | | | 1.08 | % | | | (10.66 | )% | | | 26 | % | | $ | 89 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 2.34 | % | | | 3.01 | % | | | 0.34 | % | | | 2.56 | % | | | 39 | % | | $ | 2,038 | |
| | 1.81 | % | | | 1.38 | % | | | 0.41 | % | | | 12.61 | % | | | 46 | % | | $ | 5,119 | |
| | 1.14 | % | | | 1.88 | % | | | 0.52 | % | | | 22.45 | % | | | 21 | % | | $ | 6,443 | |
| | 1.29 | % | | | 14.19 | % | | | 0.52 | % | | | (10.30 | )% | | | 26 | % | | $ | 195 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 2.36 | % | | | 1.88 | % | | | 0.19 | % | | | 2.68 | % | | | 39 | % | | $ | 10,497 | |
| | 1.95 | % | | | 1.29 | % | | | 0.26 | % | | | 12.70 | % | | | 46 | % | | $ | 12,115 | |
| | 1.31 | % | | | 1.82 | % | | | 0.37 | % | | | 22.75 | % | | | 21 | % | | $ | 12,518 | |
| | 1.41 | % | | | 14.05 | % | | | 0.37 | % | | | (10.30 | )% | | | 26 | % | | $ | 573 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 2.06 | % | | | 2.42 | % | | | 0.54 | % | | | 2.32 | % | | | 39 | % | | $ | 3,068 | |
| | 1.58 | % | | | 1.61 | % | | | 0.61 | % | | | 12.27 | % | | | 46 | % | | $ | 4,267 | |
| | 0.98 | % | | | 2.31 | % | | | 0.72 | % | | | 22.38 | % | | | 21 | % | | $ | 4,427 | |
| | 1.10 | % | | | 14.35 | % | | | 0.72 | % | | | (10.50 | )% | | | 26 | % | | $ | 359 | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 108 | | Target Date Retirement Funds | | Notes to financial statements |
1. ORGANIZATION
Wells Fargo Funds Trust (the “Trust”), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies. These financial statements report on the following funds: Wells Fargo Target Today Fund (“Target Today Fund”), Wells Fargo Target 2010 Fund (“Target 2010 Fund”), Wells Fargo Target 2015 Fund (“Target 2015 Fund”), Wells Fargo Target 2020 Fund (“Target 2020 Fund” ), Wells Fargo Target 2025 Fund (“Target 2025 Fund” ), Wells Fargo Target 2030 Fund (“Target 2030 Fund” ), Wells Fargo Target 2035 Fund (“Target 2035 Fund” ), Wells Fargo Target 2040 Fund (“Target 2040 Fund” ), Wells Fargo Target 2045 Fund (“Target 2045 Fund” ), Wells Fargo Target 2050 Fund (“Target 2050 Fund” ), Wells Fargo Target 2055 Fund (“Target 2055 Fund” ), and Wells Fargo Target 2060 Fund (“Target 2060 Fund” ) (each, a “Fund”, collectively, the “Funds”). Each Fund is a diversified series of the Trust.
Each Fund is a fund-of-funds which seeks to achieve its investment objective by investing in multiple diversified portfolios (collectively, the “affiliated Master Portfolios”) of Wells Fargo Master Trust, a registered open-end management investment company. Each affiliated Master Portfolio directly acquires portfolio securities, and a Fund investing in an affiliated Master Portfolio acquires an indirect interest in those securities. Each Fund accounts for its investment in the affiliated Master Portfolios as partnership investments and records on a daily basis its share of the affiliated Master Portfolio’s income, expense and realized and unrealized gains and losses. The financial statements of the affiliated Master Portfolios are presented in separate financial statements and may be obtained free of charge by contacting Investor Services or by visiting the SEC website at sec.gov. The financial statements of the affiliated Master Portfolios are filed with the SEC under Wells Fargo Master Trust.
2. SIGNIFICANT ACCOUNTING POLICIES
The following significant accounting policies, which are consistently followed in the preparation of the financial statements of each Fund, are in conformity with U.S. generally accepted accounting principles which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Securities valuation
All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (generally 4 p.m. Eastern Time), although the Funds may deviate from this calculation time under unusual or unexpected circumstances.
Investments in the affiliated Master Portfolios are valued daily based on each Fund’s proportionate share of each affiliated Master Portfolio’s net assets, which are also valued daily.
Investment transactions, income and expenses
Investments in affiliated Master Portfolios are recorded on a trade date basis.
Each Fund records daily its proportionate share of each affiliated Master Portfolio’s interest and dividend income, expenses and realized and unrealized gains or losses. Each Fund also accrues its own expenses.
Distributions to shareholders
For each Fund (except Target Today Fund, Target 2010 Fund and Target 2015 Fund), distributions to shareholders from net investment income and any net realized gains are recorded on the ex-dividend date and paid at least annually. For Target Today Fund, Target 2010 Fund and Target 2015 Fund, distributions to shareholders are recorded on theex-dividend date and paid from net investment income quarterly and any net realized gains are paid at least annually. Such distributions are determined in accordance with income tax regulations and may differ from U.S. generally accepted accounting principles. Dividend sources are estimated at the time of declaration. The tax character of distributions is determined as of each Fund’s fiscal year end. Therefore, a portion of each Fund’s distributions made prior the Fund’s fiscal year end may be categorized as a tax return of capital at year end.
Federal and other taxes
Each Fund is treated as a separate entity for federal income tax purposes. Each Fund intends to continue to qualify as a regulated investment company by distributing substantially all of its investment company taxable income and any net realized capital gains (after reduction for capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provision for federal income taxes was required.
| | | | | | |
| Notes to financial statements | | Target Date Retirement Funds | | | 109 | |
Each Fund’s income and federal excise tax returns and all financial records supporting those returns for the prior three fiscal years are subject to examination by the federal and Delaware revenue authorities. Management has analyzed each Fund’s tax positions taken on federal, state, and foreign tax returns for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability.
As of February 28, 2019, the aggregate cost of all investments for federal income tax purposes and the unrealized gains (losses) were as follows:
| | | | | | | | | | | | | | | | |
| | | Tax cost | | | Gross
unrealized
gains | | | Gross
unrealized
losses | | | Net unrealized
gains (losses) | |
| | | | |
Target Today Fund | | $ | 63,714,617 | | | $ | 4,676,487 | | | $ | 0 | | | $ | 4,676,487 | |
| | | | |
Target 2010 Fund | | | 50,535,969 | | | | 17,355,100 | | | | 0 | | | | 17,355,100 | |
| | | | |
Target 2015 Fund | | | 72,307,203 | | | | 9,566,160 | | | | 0 | | | | 9,566,160 | |
| | | | |
Target 2020 Fund | | | 374,837,814 | | | | 32,384,900 | | | | 0 | | | | 32,384,900 | |
| | | | |
Target 2025 Fund | | | 278,746,630 | | | | 17,942,251 | | | | 0 | | | | 17,942,251 | |
| | | | |
Target 2030 Fund | | | 519,634,065 | | | | 38,155,413 | | | | 0 | | | | 38,155,413 | |
| | | | |
Target 2035 Fund | | | 252,306,713 | | | | 14,119,454 | | | | 0 | | | | 14,119,454 | |
| | | | |
Target 2040 Fund | | | 461,449,168 | | | | 32,573,015 | | | | 0 | | | | 32,573,015 | |
| | | | |
Target 2045 Fund | | | 150,337,744 | | | | 6,289,185 | | | | 0 | | | | 6,289,185 | |
| | | | |
Target 2050 Fund | | | 203,130,042 | | | | 18,654,018 | | | | 0 | | | | 18,654,018 | |
| | | | |
Target 2055 Fund | | | 38,933,667 | | | | 0 | | | | (269,923 | ) | | | (269,923 | ) |
| | | | |
Target 2060 Fund | | | 16,081,758 | | | | 645,369 | | | | 0 | | | | 645,369 | |
Reclassifications are made to each Fund’s capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. U.S. generally accepted accounting principles require that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset values per share. At February 28, 2019, as a result of permanent book-to-tax differences, the following reclassification adjustments were made on the Statements of Assets and Liabilities:
| | | | | | | | |
| | | Paid-in
capital | | | Total distributable
earnings (loss) | |
| | |
Target Today Fund | | $ | 93,619 | | | $ | (93,619 | ) |
| | |
Target 2010 Fund | | | 52,246 | | | | (52,246 | ) |
| | |
Target 2015 Fund | | | 2,554,370 | | | | (2,554,370 | ) |
| | |
Target 2020 Fund | | | 67,206 | | | | (67,206 | ) |
| | |
Target 2025 Fund | | | 78,436 | | | | (78,436 | ) |
| | |
Target 2030 Fund | | | 71,460 | | | | (71,460 | ) |
| | |
Target 2035 Fund | | | (22,901 | ) | | | 22,901 | |
| | |
Target 2040 Fund | | | 90,405 | | | | (90,405 | ) |
| | |
Target 2045 Fund | | | 21,416 | | | | (21,416 | ) |
| | |
Target 2050 Fund | | | (29,954 | ) | | | 29,954 | |
| | |
Target 2055 Fund | | | 11,039 | | | | (11,039 | ) |
| | |
Target 2060 Fund | | | (988 | ) | | | 988 | |
| | | | |
| 110 | | Target Date Retirement Funds | | Notes to financial statements |
As of February 28, 2019, the Funds had current year deferred post-October capital losses which will be recognized on the first day of the following fiscal year in the following amounts:
| | | | | | | | |
| | | Deferred post-October
capital losses | |
| | | Short-term | | | Long-term | |
| | |
Target Today Fund | | $ | (57,390 | ) | | $ | (40,104 | ) |
| | |
Target 2010 Fund | | | (83,404 | ) | | | 5,684 | |
| | |
Target 2015 Fund | | | (57,822 | ) | | | 0 | |
| | |
Target 2020 Fund | | | (806,674 | ) | | | 720,040 | |
| | |
Target 2025 Fund | | | (182,263 | ) | | | 0 | |
| | |
Target 2030 Fund | | | (1,373,253 | ) | | | 0 | |
| | |
Target 2035 Fund | | | (869,166 | ) | | | 0 | |
| | |
Target 2040 Fund | | | (1,805,454 | ) | | | 0 | |
| | |
Target 2045 Fund | | | (780,392 | ) | | | 117,692 | |
| | |
Target 2050 Fund | | | (883,266 | ) | | | 0 | |
| | |
Target 2055 Fund | | | (343,584 | ) | | | (306,818 | ) |
| | |
Target 2060 Fund | | | (138,679 | ) | | | (160,428 | ) |
Class allocations
The separate classes of shares offered by each Fund differ principally in applicable sales charges, distribution, shareholder servicing, and administration fees. Class specific expenses are charged directly to that share class. Investment income, common expenses, and realized and unrealized gains (losses) on investments are allocated daily to each class of shares based on the relative proportion of net assets of each class.
3. FAIR VALUATION MEASUREMENTS
As of February 28, 2019, each Fund’s investment in an affiliated Master Portfolio was measured at fair value using the net asset value per share (or its equivalent) as a practical expedient. The aggregate fair value of affiliated Master Portfolios held in each Fund was as follows:
| | | | |
| | | Aggregate
fair value of
Affiliated Master
Portfolios | |
| |
Target Today Fund | | $ | 68,391,104 | |
| |
Target 2010 Fund | | | 67,891,069 | |
| |
Target 2015 Fund | | | 81,873,363 | |
| |
Target 2020 Fund | | | 407,222,714 | |
| |
Target 2025 Fund | | | 296,688,881 | |
| |
Target 2030 Fund | | | 557,789,478 | |
| |
Target 2035 Fund | | | 266,426,167 | |
| |
Target 2040 Fund | | | 494,022,183 | |
| |
Target 2045 Fund | | | 156,626,929 | |
| |
Target 2050 Fund | | | 221,784,060 | |
| |
Target 2055 Fund | | | 38,663,744 | |
| |
Target 2060 Fund | | | 16,727,127 | |
| | | | | | |
| Notes to financial statements | | Target Date Retirement Funds | | | 111 | |
The investment objective of each affiliated Master Portfolio is as follows:
| | |
| |
| Affiliated Master Portfolio | | Investment objective |
| |
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio | | Seeks to replicate the total return of the Bloomberg Barclays U.S. Aggregate ex-Corporate Index, before fees and expenses |
| |
Wells Fargo Emerging Markets Bond Portfolio | | Seeks to replicate the total return of the JP Morgan EMBI Global Diversified Index, before fees and expenses |
| |
Wells Fargo Factor Enhanced Emerging Markets Portfolio | | Seeks to replicate the total return of the Wells Fargo Factor Enhanced Emerging Markets Index (Net), before fees and expenses |
| |
Wells Fargo Factor Enhanced International Portfolio | | Seeks to replicate the total return of the Wells Fargo Factor Enhanced International Index (Net), before fees and expenses. |
| |
Wells Fargo Factor Enhanced Large Cap Portfolio | | Seeks to replicate the total return of the Wells Fargo Factor Enhanced Large Cap Index, before fees and expenses |
| |
Wells Fargo Factor Enhanced Small Cap Portfolio | | Seeks to replicate the total return of the Wells Fargo Factor Enhanced Small Cap Index, before fees and expenses |
| |
Wells Fargo High Yield Corporate Bond Portfolio | | Seeks to replicate the total return of the Wells Fargo U.S. High Yield Bond Index, before fees and expenses |
| |
Wells Fargo Investment Grade Corporate Bond Portfolio | | Seeks to replicate the total return of the Wells Fargo U.S. Investment Grade Corporate Bond Index, before fees and expenses |
| |
Wells Fargo Strategic Retirement Bond Portfolio | | Seeks to replicate the total return of a blended index that is weighted 50% to the Bloomberg Barclays U.S. Treasury Inflation-Linked1-10 Year Bond Index and 50% to the Bloomberg Barclays U.S. Intermediate Government Bond Index, before fees and expenses |
| |
Wells Fargo U.S. REIT Portfolio | | Seeks to replicate the total return of the Wells Fargo U.S. REIT Index, before fees and expenses |
Each affiliated Master Portfolio does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.
4. TRANSACTIONS WITH AFFILIATES
Management fee
Wells Fargo Funds Management, LLC (“Funds Management”), an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”), is the manager of each Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of each Fund, supervising the subadviser and providing fund-level administrative services in connection with each Fund’s operations. As compensation for its services under the investment management agreement, Funds Management is entitled to receive a management fee at the following annual rate based on each Fund’s average daily net assets:
| | | | |
| |
| Average daily net assets | | Annual fee rate | |
| |
First $5 billion | | | 0.10 | % |
| |
Next $5 billion | | | 0.09 | |
| |
Over $10 billion | | | 0.08 | |
For the year ended February 28, 2019, the management fee was equivalent to an annual rate of 0.10% of each Fund’s average daily net assets.
Funds Management has retained the services of a subadviser to provide daily portfolio management to the Funds. The fees for subadvisory services are borne by Funds Management. Wells Capital Management Incorporated, an affiliate of Funds Management and an indirect, wholly owned subsidiary of Wells Fargo, is the subadviser to each Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.05% and declining to 0.03% as the average daily net assets of each Fund increase.
Funds Management also serves as the adviser to each affiliated Master Portfolio and is entitled to receive a fee from each affiliated Master Portfolio for those services.
| | | | |
| 112 | | Target Date Retirement Funds | | Notes to financial statements |
Administration fees
Under a class-level administration agreement, Funds Management provides class-level administrative services to the Fund, which includes paying fees and expenses for services provided by the transfer agent, sub-transfer agents, omnibus account servicers and record-keepers. As compensation for its services under the class-level administration agreement, Funds Management receives an annual fee which is calculated based on the average daily net assets of each class as follows:
| | | | |
| | | Class-level
administration fee | |
| |
Class A, Class C, Class R | | | 0.21 | % |
| |
Class R4 | | | 0.08 | |
| |
Class R6 | | | 0.03 | |
| |
Administrator Class | | | 0.13 | |
Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Funds Management has waived fees and/or reimbursed expenses from fund level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund level expenses. Funds Management has committed through June 30, 2019 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.65% for Class A shares, 1.40% for Class C shares, 0.90% for Class R shares, 0.34% for Class R4 shares, 0.19% for Class R6 shares, and 0.54% for Administrator Class shares. Prior to or after the commitment period, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.
Distribution fees
The Trust has adopted a Distribution Plan for Class C and Class R shares of the Funds pursuant to Rule 12b-1 under the 1940 Act. Distribution fees are charged to the Class C and Class R shares and paid to Wells Fargo Funds Distributor, LLC (“Funds Distributor”), the principal underwriter of each Fund, at an annual rate of 0.75% of the average daily net assets of Class C shares and 0.25% of the average daily net assets of Class R shares.
In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the year ended February 28, 2019, Funds Distributor did not receive any contingent deferred sales charges from Class A and Class C shares but received the following amounts in front-end sales charges from Class A shares.
| | | | |
| | | Front-end
sales charges Class A | |
Target Today Fund | | $ | 83 | |
Target 2010 Fund | | | 576 | |
Target 2015 Fund | | | 1 | |
Target 2020 Fund | | | 839 | |
Target 2025 Fund | | | 129 | |
Target 2030 Fund | | | 1,446 | |
Target 2035 Fund | | | 1,175 | |
Target 2040 Fund | | | 1,595 | |
Target 2045 Fund | | | 354 | |
Target 2050 Fund | | | 646 | |
Target 2055 Fund | | | 64 | |
Target 2060 Fund | | | 83 | |
| | | | | | |
| Notes to financial statements | | Target Date Retirement Funds | | | 113 | |
Shareholder servicing fees
The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A, Class C, Class R, and Administrator Class of each Fund are charged a fee at an annual rate of 0.25% of the average daily net assets of each respective class. Class R4 is charged a fee at an annual rate of 0.10% of its average daily net assets. A portion of these total shareholder servicing fees were paid to affiliates of Wells Fargo.
5. INVESTMENT PORTFOLIO TRANSACTIONS
Purchases and sales of investments, excluding short-term securities, for the year ended February 28, 2019 were as follows:
| | | | | | | | | | | | | | | | |
| | | Purchases at cost* | | | Sales proceeds* | |
| | | U.S.
government | | | Non-U.S.
government | | | U.S.
government | | | Non-U.S.
government | |
Target Today Fund | | $ | 24,806,261 | | | $ | 15,666,579 | | | $ | 43,679,443 | | | $ | 40,578,170 | |
Target 2010 Fund | | | 23,924,488 | | | | 15,946,484 | | | | 42,126,819 | | | | 41,142,689 | |
Target 2015 Fund | | | 26,664,928 | | | | 20,476,617 | | | | 46,953,636 | | | | 52,309,012 | |
Target 2020 Fund | | | 119,595,455 | | | | 111,740,635 | | | | 207,250,044 | | | | 280,921,412 | |
Target 2025 Fund | | | 73,160,891 | | | | 93,462,296 | | | | 121,364,357 | | | | 229,097,141 | |
Target 2030 Fund | | | 111,293,114 | | | | 196,657,450 | | | | 178,197,483 | | | | 469,654,171 | |
Target 2035 Fund | | | 38,848,730 | | | | 102,644,848 | | | | 61,321,831 | | | | 240,734,501 | |
Target 2040 Fund | | | 49,942,440 | | | | 202,958,548 | | | | 78,833,000 | | | | 469,304,725 | |
Target 2045 Fund | | | 11,463,852 | | | | 67,040,239 | | | | 18,095,429 | | | | 153,386,732 | |
Target 2050 Fund | | | 12,477,019 | | | | 97,092,031 | | | | 19,694,689 | | | | 221,094,090 | |
Target 2055 Fund | | | 2,177,419 | | | | 16,927,026 | | | | 3,437,006 | | | | 38,542,840 | |
Target 2060 Fund | | | 940,979 | | | | 7,323,108 | | | | 1,485,313 | | | | 16,675,552 | |
| * | The Funds seek to achieve their investment objective by investing all of their investable assets in affiliated Master Portfolios. Purchases and sales related to these investments have been calculated by aggregating the results of multiplying each Fund’s ownership percentage of the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. |
6. BANK BORROWINGS
The Trust (excluding the money market funds), Wells Fargo Master Trust and Wells Fargo Variable Trust are parties to a $280,000,000 revolving credit agreement whereby each Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to each Fund based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.25% of the unused balance is allocated to each participating fund.
During the year ended February 28, 2019, the Funds had no borrowings under the agreement.
| | | | |
| 114 | | Target Date Retirement Funds | | Notes to financial statements |
7. DISTRIBUTIONS TO SHAREHOLDERS
The tax character of distributions paid during the years ended February 28, 2019 and February 28, 2018 were as follows:
| | | | | | | | | | | | | | | | |
| | | Ordinary income | | | Long-term capital gain | |
| | | 2019 | | | 2018 | | | 2019 | | | 2018 | |
| | | | |
Target Today Fund | | $ | 2,598,411 | | | $ | 3,210,367 | | | $ | 3,227,246 | | | $ | 21,866,189 | |
| | | | |
Target 2010 Fund | | | 3,122,464 | | | | 2,541,334 | | | | 3,794,995 | | | | 23,472,509 | |
| | | | |
Target 2015 Fund | | | 4,694,034 | | | | 5,178,803 | | | | 9,347,592 | | | | 40,730,273 | |
| | | | |
Target 2020 Fund | | | 25,139,928 | | | | 10,314,241 | | | | 32,600,522 | | | | 175,651,622 | |
| | | | |
Target 2025 Fund | | | 15,835,434 | | | | 25,132,049 | | | | 37,630,549 | | | | 191,657,345 | |
| | | | |
Target 2030 Fund | | | 33,293,575 | | | | 19,521,306 | | | | 53,161,712 | | | | 267,533,738 | |
| | | | |
Target 2035 Fund | | | 15,806,349 | | | | 12,573,786 | | | | 27,806,203 | | | | 143,315,656 | |
| | | | |
Target 2040 Fund | | | 30,356,656 | | | | 19,839,429 | | | | 48,427,730 | | | | 234,537,502 | |
| | | | |
Target 2045 Fund | | | 10,355,033 | | | | 7,764,187 | | | | 16,554,531 | | | | 88,088,101 | |
| | | | |
Target 2050 Fund | | | 17,429,561 | | | | 17,758,442 | | | | 34,354,462 | | | | 162,789,417 | |
| | | | |
Target 2055 Fund | | | 2,008,124 | | | | 1,923,969 | | | | 4,724,436 | | | | 15,626,136 | |
| | | | |
Target 2060 Fund | | | 505,426 | | | | 415,289 | | | | 534,294 | | | | 0 | |
As of February 28, 2019, the components of distributable earnings on a tax basis were as follows:
| | | | | | | | | | | | | | | | |
| | | Undistributed
ordinary
income | | | Undistributed
long-term
gain | | | Unrealized
gains
(losses) | | | Post-October
capital losses
deferred | |
Target Today Fund | | $ | 176,142 | | | $ | 0 | | | $ | 4,676,487 | | | $ | (97,494 | ) |
Target 2010 Fund | | | 158,553 | | | | 45,072 | | | | 17,355,100 | | | | (77,720 | ) |
Target 2015 Fund | | | 179,377 | | | | 908,747 | | | | 9,566,160 | | | | (57,822 | ) |
Target 2020 Fund | | | 804,500 | | | | 333,837 | | | | 32,384,900 | | | | (86,634 | ) |
Target 2025 Fund | | | 699,488 | | | | 4,644,477 | | | | 17,942,251 | | | | (182,263 | ) |
Target 2030 Fund | | | 1,480,061 | | | | 3,521,920 | | | | 38,155,413 | | | | (1,373,253 | ) |
Target 2035 Fund | | | 571,410 | | | | 1,615,500 | | | | 14,119,454 | | | | (869,166 | ) |
Target 2040 Fund | | | 1,082,090 | | | | 2,168,632 | | | | 32,573,015 | | | | (1,805,454 | ) |
Target 2045 Fund | | | 275,348 | | | | 102,329 | | | | 6,289,185 | | | | (662,700 | ) |
Target 2050 Fund | | | 476,783 | | | | 2,891,595 | | | | 18,654,018 | | | | (883,266 | ) |
Target 2055 Fund | | | 56,525 | | | | 0 | | | | (269,923 | ) | | | (650,402 | ) |
Target 2060 Fund | | | 37,464 | | | | 0 | | | | 645,369 | | | | (299,107 | ) |
Effective for all filings after November 4, 2018, the Securities and Exchange Commission eliminated the requirement to separately state the components of distributions to shareholders under U.S. generally accepted accounting principles. The amounts of distributions to shareholders for the year ended February 28, 2018 were as follows:
| | | | | | | | | | | | | | | | | | | | |
| | | Target Today Fund | | | Target 2010 Fund | | | Target 2015 Fund | |
| | | Net
investment
income | | Net
realized
gains | | | Net
investment
income | | Net
realized
gains | | | Net
investment
income | | | Net realized gains | |
| | | | | | |
Class A | | $412,483 | | $ | 8,870,366 | | | $187,953 | | $ | 8,655,601 | | | $ | 98,441 | | | $ | 11,191,360 | |
| | | | | | |
Class C | | 1,674 | | | 401,845 | | | 0 | | | 249,868 | | | | N/A | | | | N/A | |
| | | | | | |
Class R | | 177 | | | 5,559 | | | 35 | | | 4,533 | | | | 12 | | | | 7,178 | |
| | | | | | |
Class R4 | | 182,104 | | | 2,547,004 | | | 145,381 | | | 3,768,925 | | | | 317,128 | | | | 12,859,472 | |
| | | | | | |
Class R6 | | 574,046 | | | 7,082,635 | | | 340,903 | | | 6,680,637 | | | | 461,344 | | | | 16,588,199 | |
| | | | | | |
Administrator Class | | 277,497 | | | 4,721,166 | | | 155,026 | | | 5,824,981 | | | | 45,109 | | | | 4,340,833 | |
| | | | | | |
| Notes to financial statements | | Target Date Retirement Funds | | | 115 | |
| | | | | | | | | | | | | | | | | | | | |
| | | Target 2020 Fund | | | Target 2025 Fund | | | Target 2030 Fund | |
| | | Net
investment
income | | Net
realized
gains | | | Net
investment
income | | Net
realized
gains | | | Net
investment
income | | | Net realized
gains | |
| | | | | | |
Class A | | $ 0 | | $ | 41,303,156 | | | $ 348,843 | | $ | 52,639,159 | | | $ | 1,855,864 | | | $ | 57,901,010 | |
| | | | | | |
Class C | | 0 | | | 1,322,016 | | | N/A | | | N/A | | | | 10,136 | | | | 1,240,637 | |
| | | | | | |
Class R | | 0 | | | 14,141 | | | 0 | | | 17,505 | | | | 0 | | | | 10,540 | |
| | | | | | |
Class R4 | | 0 | | | 34,593,773 | | | 619,432 | | | 49,800,926 | | | | 3,113,644 | | | | 74,971,882 | |
| | | | | | |
Class R6 | | 200,250 | | | 83,191,827 | | | 1,553,316 | | | 91,552,573 | | | | 4,689,422 | | | | 97,018,861 | |
| | | | | | |
Administrator Class | | 0 | | | 25,340,700 | | | 166,473 | | | 20,091,167 | | | | 1,495,476 | | | | 44,747,572 | |
| | | | | | | | | | | | | | | | | | | | |
| | | Target 2035 Fund | | | Target 2040 Fund | | | Target 2045 Fund | |
| | | Net
investment
income | | Net
realized
gains | | | Net
investment
income | | Net realized
gains | | | Net investment
income | | | Net realized gains | |
| | | | | | |
Class A | | $1,209,510 | | $ | 38,487,677 | | | $3,254,092 | | $ | 56,369,644 | | | $ | 967,756 | | | $ | 18,770,371 | |
| | | | | | |
Class C | | N/A | | | N/A | | | 52,346 | | | 1,436,210 | | | | N/A | | | | N/A | |
| | | | | | |
Class R | | 1,528 | | | 64,873 | | | 594 | | | 15,994 | | | | 580 | | | | 14,045 | |
| | | | | | |
Class R4 | | 1,943,488 | | | 35,345,597 | | | 4,267,921 | | | 63,455,541 | | | | 1,591,122 | | | | 19,751,891 | |
| | | | | | |
Class R6 | | 3,530,565 | | | 62,288,494 | | | 5,971,635 | | | 80,904,502 | | | | 3,196,291 | | | | 41,403,185 | |
| | | | | | |
Administrator Class | | 441,333 | | | 12,576,377 | | | 2,172,663 | | | 36,475,789 | | | | 524,206 | | | | 9,632,841 | |
| | | | | | | | | | | | | | | | | | | | |
| | | Target 2050 Fund | | | Target 2055 Fund | | | Target 2060 Fund | |
| | | Net
investment
income | | Net
realized
gains | | | Net
investment
income | | Net realized
gains | | | Net investment
income | | | Net realized gains | |
| | | | | | |
Class A | | $ 991,962 | | $ | 21,329,779 | | | $ 151,704 | | $ | 1,768,722 | | | $ | 12,482 | | | $ | 0 | |
| | | | | | |
Class C | | 11,145 | | | 455,653 | | | N/A | | | N/A | | | | 1,898 | | | | 0 | |
| | | | | | |
Class R | | 497 | | | 12,489 | | | 618 | | | 8,400 | | | | 1,634 | | | | 0 | |
| | | | | | |
Class R4 | | 3,346,334 | | | 52,024,603 | | | 531,479 | | | 3,583,352 | | | | 115,508 | | | | 0 | |
| | | | | | |
Class R6 | | 4,520,296 | | | 67,489,454 | | | 1,130,419 | | | 9,193,896 | | | | 214,695 | | | | 0 | |
| | | | | | |
Administrator Class | | 1,531,026 | | | 28,834,621 | | | 109,749 | | | 1,071,766 | | | | 69,072 | | | | 0 | |
8. INDEMNIFICATION
Under the Trust’s organizational documents, the officers and Trustees have been granted certain indemnification rights against certain liabilities that may arise out of performance of their duties to the Trust. Additionally, in the normal course of business, the Trust may enter into contracts with service providers that contain a variety of indemnification clauses. The Trust’s maximum exposure under these arrangements is dependent on future claims that may be made against the Funds and, therefore, cannot be estimated.
9. NEW ACCOUNTING PRONOUNCEMENT
In August 2018, FASB issued Accounting Standards Update (“ASU”) No. 2018-13, Fair Value Measurement (Topic 820)Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement.ASU 2018-13 updates the disclosure requirements for fair value measurements by modifying or removing certain disclosures and adding certain new disclosures. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted. Management has adopted the removal and modification of disclosures early, as permitted, and will adopt the additional new disclosures at the effective date.
| | | | |
| 116 | | Target Date Retirement Funds | | Report of independent registered public accounting firm |
TO THE SHAREHOLDERS OF THE FUNDS AND BOARD OF TRUSTEES OF WELLS FARGO FUNDS TRUST:
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities of Wells Fargo Target Today Fund, Wells Fargo Target 2010 Fund, Wells Fargo Target 2015 Fund, Wells Fargo Target 2020 Fund, Wells Fargo Target 2025 Fund, Wells Fargo Target 2030 Fund, Wells Fargo Target 2035 Fund, Wells Fargo Target 2040 Fund, Wells Fargo Target 2045 Fund, Wells Fargo Target 2050 Fund, Wells Fargo Target 2055 Fund, and Wells Fargo Target 2060 Fund (collectively the Funds), twelve of the funds constituting Wells Fargo Funds Trust, including the portfolios of investments, as of February 28, 2019, the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years or periods in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of February 28, 2019, the results of their operations for the year then ended, the changes in their net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of February 28, 2019, by correspondence with the custodian and transfer agent, or by other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.
We have not been able to determine the specific year that we began serving as the auditor of one or more Wells Fargo Funds investment companies, however we are aware that we have served as the auditor of one or more Wells Fargo Funds investment companies since at least 1955.
Boston, Massachusetts
April 26, 2019
| | | | | | |
| Other information (unaudited) | | Target Date Retirement Funds | | | 117 | |
TAX INFORMATION
For corporate shareholders, pursuant to Section 854 of the Internal Revenue Code, the percentage of ordinary income dividends qualifying for the corporate dividends-received deduction was as follows for the fiscal year ended February 28, 2019:
| | | | |
| | | Dividends-received deduction | |
| |
Target Today Fund | | | 13.06 | % |
| |
Target 2010 Fund | | | 14.07 | |
| |
Target 2015 Fund | | | 12.63 | |
| |
Target 2020 Fund | | | 19.37 | |
| |
Target 2025 Fund | | | 16.09 | |
| |
Target 2030 Fund | �� | | 24.25 | |
| |
Target 2035 Fund | | | 25.20 | |
| |
Target 2040 Fund | | | 29.14 | |
| |
Target 2045 Fund | | | 30.17 | |
| |
Target 2050 Fund | | | 25.96 | |
| |
Target 2055 Fund | | | 36.82 | |
| |
Target 2060 Fund | | | 42.74 | |
Pursuant to Section 852 of the Internal Revenue Code, the following amounts were designated as a 20% rate gain distribution for the fiscal year ended February 28, 2019:
| | | | |
| | | 20% rate gain distribution | |
| |
Target Today Fund | | $ | 3,227,246 | |
| |
Target 2010 Fund | | | 3,794,995 | |
| |
Target 2015 Fund | | | 9,347,592 | |
| |
Target 2020 Fund | | | 32,600,522 | |
| |
Target 2025 Fund | | | 37,630,549 | |
| |
Target 2030 Fund | | | 53,161,712 | |
| |
Target 2035 Fund | | | 27,806,203 | |
| |
Target 2040 Fund | | | 48,427,730 | |
| |
Target 2045 Fund | | | 16,554,531 | |
| |
Target 2050 Fund | | | 34,354,462 | |
| |
Target 2055 Fund | | | 4,724,436 | |
| |
Target 2060 Fund | | | 534,294 | |
| | | | |
| 118 | | Target Date Retirement Funds | | Other information (unaudited) |
Pursuant to Section 854 of the Internal Revenue Code, the following amounts of income dividends paid during the fiscal year ended February 28, 2019 have been designated as qualified dividend income (QDI):
| | | | |
| | | QDI | |
| |
Target Today Fund | | $ | 649,515 | |
| |
Target 2010 Fund | | | 831,654 | |
| |
Target 2015 Fund | | | 1,130,590 | |
| |
Target 2020 Fund | | | 9,208,105 | |
| |
Target 2025 Fund | | | 4,985,748 | |
| |
Target 2030 Fund | | | 15,957,898 | |
| |
Target 2035 Fund | | | 8,033,461 | |
| |
Target 2040 Fund | | | 18,022,565 | |
| |
Target 2045 Fund | | | 6,432,760 | |
| |
Target 2050 Fund | | | 9,459,047 | |
| |
Target 2055 Fund | | | 1,557,253 | |
| |
Target 2060 Fund | | | 451,590 | |
For the fiscal year ended February 28, 2019, the following amounts have been designated as interest-related dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code:
| | | | |
| | | Interest-related dividends | |
| |
Target Today Fund | | $ | 1,792,672 | |
| |
Target 2010 Fund | | | 1,813,221 | |
| |
Target 2015 Fund | | | 1,813,394 | |
| |
Target 2020 Fund | | | 10,506,035 | |
| |
Target 2025 Fund | | | 5,090,788 | |
| |
Target 2030 Fund | | | 7,599,311 | |
| |
Target 2035 Fund | | | 2,396,554 | |
| |
Target 2040 Fund | | | 3,157,999 | |
| |
Target 2045 Fund | | | 783,050 | |
| |
Target 2050 Fund | | | 1,027,748 | |
| |
Target 2055 Fund | | | 209,657 | |
| |
Target 2060 Fund | | | 62,032 | |
| | | | | | |
| Other information (unaudited) | | Target Date Retirement Funds | | | 119 | |
For the fiscal year ended February 28, 2019, the following amounts have been designated as short-term capital gain dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code:
| | | | |
| | | Short-term capital
gain dividends | |
| |
Target Today Fund | | $ | 0 | |
| |
Target 2010 Fund | | | 432,680 | |
| |
Target 2015 Fund | | | 1,676,363 | |
| |
Target 2020 Fund | | | 7,108,017 | |
| |
Target 2025 Fund | | | 6,154,124 | |
| |
Target 2030 Fund | | | 14,338,441 | |
| |
Target 2035 Fund | | | 7,288,943 | |
| |
Target 2040 Fund | | | 14,741,697 | |
| |
Target 2045 Fund | | | 5,015,354 | |
| |
Target 2050 Fund | | | 9,235,352 | |
| |
Target 2055 Fund | | | 266,360 | |
| |
Target 2060 Fund | | | 0 | |
For the fiscal year ended February 28, 2019, the percentage of ordinary income distributed which was derived from interest on U.S. government securities was as follows:
| | | | |
| | | % of U.S. government
income | |
| |
Target Today Fund | | | 17.95 | % |
| |
Target 2010 Fund | | | 14.90 | |
| |
Target 2015 Fund | | | 10.37 | |
| |
Target 2020 Fund | | | 9.95 | |
| |
Target 2025 Fund | | | 6.74 | |
| |
Target 2030 Fund | | | 4.78 | |
| |
Target 2035 Fund | | | 3.25 | |
| |
Target 2040 Fund | | | 2.22 | |
| |
Target 2045 Fund | | | 1.60 | |
| |
Target 2050 Fund | | | 1.20 | |
| |
Target 2055 Fund | | | 2.22 | |
| |
Target 2060 Fund | | | 2.62 | |
PROXY VOTING INFORMATION
A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling1-800-222-8222, visiting our website atwfam.com, or visiting the SEC website at sec.gov. Information regarding how the proxies related to portfolio securities were voted during the most recent 12-month period ended June 30 is available on the website atwfam.comor by visiting the SEC website at sec.gov.
PORTFOLIO HOLDINGS INFORMATION
The complete portfolio holdings are publicly available on the website (wfam.com) on a one-month delayed basis. In addition, top ten holdings information (excluding derivative positions) is publicly available on the website on a monthly, seven-day or more delayed basis. Each Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q, which is available by visiting the SEC website at sec.gov. In addition, each Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and at regional offices in New York City, at 233 Broadway, and in Chicago, at 175 West Jackson Boulevard, Suite 900. Information about the Public Reference Room may be obtained by calling1-800-SEC-0330.
| | | | |
| 120 | | Target Date Retirement Funds | | Other information (unaudited) |
BOARD OF TRUSTEES AND OFFICERS
Each of the Trustees and Officers1 listed in the table below acts in identical capacities for each fund in the Wells Fargo family of funds, which consists of 152 mutual funds comprising the Wells Fargo Funds Trust, Wells Fargo Variable Trust, Wells Fargo Master Trust and four closed-end funds (collectively the “Fund Complex”). This table should be read in conjunction with the Prospectus and the Statement of Additional Information2. The mailing address of each Trustee and Officer is 525 Market Street, 12th Floor, San Francisco, CA 94105. Each Trustee and Officer serves an indefinite term, however, each Trustee serves such term until reaching the mandatory retirement age established by the Trustees.
Independent Trustees
| | | | | | |
Name and
year of birth | | Position held and
length of service* | | Principal occupations during past five years or longer | | Current other
public company or
investment company
directorships |
| | | |
William R. Ebsworth (Born 1957) | | Trustee, since 2015 | | Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). Mr. Ebsworth is a CFA® charterholder. | | N/A |
| | | |
Jane A. Freeman (Born 1953) | | Trustee, since 2015; Chair Liaison, since 2018 | | Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a Board Member of The Ruth Bancroft Garden (non-profit organization). She is also an inactive Chartered Financial Analyst. | | N/A |
| | | |
Isaiah Harris, Jr.3 (Born 1952) | | Trustee, since 2009; Audit Committee Chairman, since 2019 | | Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Child Evangelism Fellowship (non-profit). Mr. Harris is a certified public accountant (inactive status). | | CIGNA Corporation |
| | | |
Judith M. Johnson3 (Born 1949) | | Trustee, since 2008; Audit Committee Chairman, from 2009 to 2018 | | Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant. | | N/A |
| | | |
David F. Larcker (Born 1950) | | Trustee, since 2009 | | James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005. | | N/A |
| | | | | | |
| Other information (unaudited) | | Target Date Retirement Funds | | | 121 | |
| | | | | | |
Name and
year of birth | | Position held and
length of service* | | Principal occupations during past five years or longer | | Current other
public company or
investment company
directorships |
| | | |
Olivia S. Mitchell (Born 1953) | | Trustee, since 2006; Nominating and Governance Committee Chairman, since 2018 | | International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993. | | N/A |
| | | |
Timothy J. Penny (Born 1951) | | Trustee, since 1996; Chairman, since 2018 | | President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007. | | N/A |
| | | |
James G. Polisson
(Born 1959) | | Trustee, since 2018 | | Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | | N/A |
| | | |
Pamela Wheelock
(Born 1959) | | Trustee, since 2018 | | Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010. | | N/A |
| * | Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable. |
| | | | |
| 122 | | Target Date Retirement Funds | | Other information (unaudited) |
Officers
| | | | | | |
Name and
year of birth | | Position held and
length of service | | Principal occupations during past five years or longer | | |
| | | |
Andrew Owen (Born 1960) | | President, since 2017 | | Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014. | | |
| | | |
Jeremy DePalma1 (Born 1974) | | Treasurer, since 2012 | | Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010. | | |
| | | |
Alexander Kymn (Born 1973) | | Secretary and Chief Legal Officer, since 2018 | | Senior Company Counsel of Wells Fargo Bank, N.A. since 2018 (previously Senior Counsel from 2007 to 2018). Vice President of Wells Fargo Funds Management, LLC from 2008 to 2014. | | |
| | | |
Michael H. Whitaker (Born 1967) | | Chief Compliance Officer, since 2016 | | Senior Vice President and Chief Compliance Officer since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016. | | |
| | | |
David Berardi (Born 1975) | | Assistant Treasurer, since 2009 | | Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010. | | |
| 1 | Jeremy DePalma acts as Treasurer of 76 funds and Assistant Treasurer of 76 funds in the Fund Complex. |
| 2 | The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request, by calling1-800-260-5969 or by visiting the website atwfam.com. |
| 3 | Mr. Harris became Chairman of the Audit Committee effective January 1, 2019. |
| | | | | | |
| Appendix A (unaudited) | | Target Date Retirement Funds | | | 123 | |
SALES CHARGE REDUCTIONS AND WAIVERS FOR CERTAIN INTERMEDIARIES
Raymond James & Associates, Inc., Raymond James Financial Services & Raymond James affiliates (“Raymond James”)
Effective on or about March 1, 2019, shareholders purchasing Fund shares through a Raymond James platform or account will be eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in the Fund’s Prospectus or SAI.
Front-end Sales Load Waivers on Class A shares Available at Raymond James
| | • | | Shares purchased in an investment advisory program. |
| | • | | Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family). |
| | • | | Employees and registered representatives of Raymond James or its affiliates and their family members as designated by Raymond James. |
| | • | | Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement). |
| | • | | A shareholder in the fund’s Class C shares will have their shares automatically exchanged at net asset value to Class A shares (or the appropriate share class) of the fund if the shares are no longer subject to a CDSC and the exchange is in line with the policies and procedures of Raymond James. |
CDSC Waivers on Class A and C Shares Available at Raymond James
| | • | | Death or disability of the shareholder. |
| | • | | Shares sold as part of a systematic withdrawal plan as described in the Fund’s Prospectus. |
| | • | | Return of excess contributions from an IRA Account. |
| | • | | Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching age 70½ as described in the Fund’s prospectus. |
| | • | | Shares sold to pay Raymond James fees but only if the transaction is initiated by Raymond James. |
| | • | | Shares acquired through a right of reinstatement. |
Front-end Load Discounts Available at Raymond James: Breakpoints, and/or Rights of Accumulation
| | • | | Breakpoints as described in the Fund’s Prospectus. |
| | • | | Rights of accumulation which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser’s household at Raymond James. Eligible fund family assets not held at Raymond James may be included in the rights of accumulation calculation only if the shareholder notifies his or her financial advisor about such assets. |
| | | | |
| 124 | | Target Date Retirement Funds | | Appendix B (unaudited) |
On February 28, 2019, the Wells Fargo Target Blended Indexes were composed of the following indexes:
| | | | | | | | | | | | | | | | | | | | |
| | | Wells Fargo
Target Today
Blended
Index | | | Wells Fargo
Target 2010
Blended
Index | | | Wells Fargo
Target 2015
Blended
Index | | | Wells Fargo
Target 2020
Blended
Index | | | Wells Fargo
Target 2025
Blended
Index | |
| | | | | |
Bloomberg Barclays U.S. Aggregate ex-Corporate Index | | | 34.50 | % | | | 33.49 | % | | | 31.03 | % | | | 28.38 | % | | | 25.12 | % |
| | | | | |
Bloomberg Barclays U.S. Government Intermediate Bond Index | | | 5.83 | % | | | 5.67 | % | | | 5.25 | % | | | 4.00 | % | | | 1.77 | % |
| | | | | |
Bloomberg Barclays U.S. Treasury Inflation Notes: 1-10 Year Index | | | 5.83 | % | | | 5.67 | % | | | 5.25 | % | | | 4.00 | % | | | 1.77 | % |
| | | | | |
JP Morgan EMBI Global Diversified Index | | | 2.94 | % | | | 2.86 | % | | | 2.65 | % | | | 2.41 | % | | | 2.12 | % |
| | | | | |
Wells Fargo Factor Enhanced Emerging Markets Index (Net) | | | 2.22 | % | | | 2.37 | % | | | 2.74 | % | | | 3.36 | % | | | 4.39 | % |
| | | | | |
Wells Fargo Factor Enhanced International Index (Net) | | | 7.41 | % | | | 7.90 | % | | | 9.14 | % | | | 11.19 | % | | | 14.61 | % |
| | | | | |
Wells Fargo Factor Enhanced Large Cap Index | | | 14.31 | % | | | 15.26 | % | | | 17.65 | % | | | 21.17 | % | | | 26.48 | % |
| | | | | |
Wells Fargo Factor Enhanced Small Cap Index | | | 3.57 | % | | | 3.81 | % | | | 4.40 | % | | | 5.30 | % | | | 6.64 | % |
| | | | | |
Wells Fargo U.S. High Yield Bond Index | | | 2.94 | % | | | 2.86 | % | | | 2.65 | % | | | 2.41 | % | | | 2.12 | % |
| | | | | |
Wells Fargo U.S. Investment Grade Corporate Bond Index | | | 17.95 | % | | | 17.44 | % | | | 16.16 | % | | | 14.78 | % | | | 13.08 | % |
| | | | | |
Wells Fargo U.S. REIT Index | | | 2.50 | % | | | 2.67 | % | | | 3.08 | % | | | 3.00 | % | | | 1.90 | % |
Average annual total returns (%) as of February 28, 2019
| | | | | | | | | | | | |
| | | 1 year | | | 5 year | | | 10 year | |
Bloomberg Barclays U.S. Aggregate ex-Corporate Index1 | | | 3.36 | | | | – | | | | – | |
Bloomberg Barclays U.S. Government Intermediate Bond Index2 | | | 3.07 | | | | 1.33 | | | | 2.02 | |
Bloomberg Barclays U.S. Treasury Inflation Notes: 1-10 Year Index3 | | | 2.20 | | | | 1.10 | | | | 3.05 | |
JP Morgan EMBI Global Diversified Index4 | | | 3.05 | | | | 5.43 | | | | 8.76 | |
Wells Fargo Factor Enhanced Emerging Markets Index (Net)5* | | | -10.60 | | | | – | | | | – | |
Wells Fargo Factor Enhanced International Index (Net)6* | | | -2.81 | | | | – | | | | – | |
Wells Fargo Factor Enhanced Large Cap Index7* | | | 8.11 | | | | – | | | | – | |
Wells Fargo Factor Enhanced Small Cap Index8* | | | 7.57 | | | | – | | | | – | |
Wells Fargo U.S. High Yield Bond Index9* | | | 3.89 | | | | – | | | | – | |
Wells Fargo U.S. Investment Grade Corporate Bond Index10* | | | 2.50 | | | | – | | | | – | |
Wells Fargo U.S. REIT Index11** | | | 19.82 | | | | – | | | | – | |
| * | The inception date of the index is April 2017. |
| ** | The inception date of the index is March 2017. |
| 1 | The Bloomberg Barclays U.S. Aggregate ex-Corporate Index is a broad-based benchmark that includes Treasuries, government-related securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities (agency and non-agency). You cannot invest directly in an index. |
| 2 | The Bloomberg Barclays U.S. Government Intermediate Bond Index is an unmanaged index composed of U.S. government securities with maturities in the 1- to 10-year range, including securities issued by the U.S. Treasury and U.S. government agencies. You cannot invest directly in an index. |
| 3 | Bloomberg Barclays U.S. Treasury Inflation Notes: 1-10 Year Index measures the performance of the U.S. Treasury Inflation Protected Securities (TIPS) market with maturities more than 1 year and less than 10 years. Federal Reserve holdings of U.S. TIPS are not index eligible and are excluded from the face amount outstanding of each bond in the index. You cannot invest directly in an index. |
| 4 | The J.P. Morgan Emerging Markets Bond Index (“EMBI”) Global Diversified Index is a composite index representing an unleveraged investment in emerging market bonds that is broadly based across the spectrum of emerging market bonds and includes reinvestment of income (to represent real assets). You cannot invest directly in an index. |
| 5 | The Wells Fargo Factor Enhanced Emerging Markets Index (Net) is an index of equity securities that is derived from a universe of companies domiciled in various emerging markets countries and that possess, in aggregate, diversified exposure to investment factors (or characteristics) that are commonly tied to a stock’s potential for enhanced risk-adjusted returns relative to the market. You cannot invest directly in an index. |
| | | | | | |
| Appendix B (unaudited) | | Target Date Retirement Funds | | | 125 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Wells Fargo
Target 2030
Blended
Index | | Wells Fargo
Target 2035
Blended
Index | | Wells Fargo
Target 2040
Blended
Index | | Wells Fargo
Target 2045
Blended
Index | | Wells Fargo
Target 2050
Blended
Index | | Wells Fargo
Target 2055
Blended
Index | | Wells Fargo
Target 2060
Blended
Index |
| | | | | | |
| | | 0.40 | % | | | | 0.00 | % | | | | 0.00 | % | | | | 0.00 | % | | | | 0.00 | % | | | | 0.00 | % | | | | 0.00 | % |
| | | | | | |
| | | 0.40 | % | | | | 0.00 | % | | | | 0.00 | % | | | | 0.00 | % | | | | 0.00 | % | | | | 0.00 | % | | | | 0.00 | % |
| | | | | | |
| | | 20.84 | % | | | | 15.39 | % | | | | 10.66 | % | | | | 7.71 | % | | | | 5.92 | % | | | | 5.92 | % | | | | 5.92 | % |
| | | | | | |
| | | 1.75 | % | | | | 1.30 | % | | | | 0.90 | % | | | | 0.65 | % | | | | 0.50 | % | | | | 0.50 | % | | | | 0.50 | % |
| | | | | | |
| | | 5.46 | % | | | | 6.53 | % | | | | 7.41 | % | | | | 7.95 | % | | | | 8.28 | % | | | | 8.28 | % | | | | 8.28 | % |
| | | | | | |
| | | 18.61 | % | | | | 21.91 | % | | | | 24.74 | % | | | | 26.59 | % | | | | 27.72 | % | | | | 27.72 | % | | | | 27.72 | % |
| | | | | | |
| | | 31.74 | % | | | | 36.45 | % | | | | 39.88 | % | | | | 41.96 | % | | | | 43.20 | % | | | | 43.20 | % | | | | 43.20 | % |
| | | | | | |
| | | 7.70 | % | | | | 9.11 | % | | | | 9.97 | % | | | | 10.49 | % | | | | 10.80 | % | | | | 10.80 | % | | | | 10.80 | % |
| | | | | | |
| | | 1.75 | % | | | | 1.30 | % | | | | 0.90 | % | | | | 0.65 | % | | | | 0.50 | % | | | | 0.50 | % | | | | 0.50 | % |
| | | | | | |
| | | 10.85 | % | | | | 8.01 | % | | | | 5.54 | % | | | | 4.00 | % | | | | 3.08 | % | | | | 3.08 | % | | | | 3.08 | % |
| | | | | | |
| | | 0.50 | % | | | | 0.00 | % | | | | 0.00 | % | | | | 0.00 | % | | | | 0.00 | % | | | | 0.00 | % | | | | 0.00 | % |
| 6 | The Wells Fargo Factor Enhanced International Index (Net) is an index of equity securities that is derived from a universe of companies domiciled in various developed markets outside the U.S. and that possess, in aggregate, diversified exposure to investment factors (or characteristics) that are commonly tied to a stock’s potential for enhanced risk-adjusted returns relative to the market. You cannot invest directly in an index. |
| 7 | The Wells Fargo Factor Enhanced Large Cap Index is an index of equity securities that is derived from a universe of the largest 1,000 companies in the U.S. market and that possess, in aggregate, diversified exposure to investment factors (or characteristics) that are commonly tied to a stock’s potential for enhanced risk-adjusted returns relative to the market. You cannot invest directly in an index. |
| 8 | The Wells Fargo Factor Enhanced Small Cap Index is an index of equity securities that is derived from a universe of the smallest 2,000 companies in the U.S. market and that possess, in aggregate, diversified exposure to investment factors (or characteristics) that are commonly tied to a stock’s potential for enhanced risk-adjusted returns relative to the market. You cannot invest directly in an index. |
| 9 | The Wells Fargo U.S. High Yield Bond Index is a rules-based index designed to measure the performance of U.S. dollar denominated below investment-grade corporate debt issued by U.S. or foreign issuers that have a remaining maturity of at least one year, regardless of optionality; it is constructed to provide increased diversification and liquidity versus traditional passive high yield bond indexes. You cannot invest directly in an index. |
| 10 | The Wells Fargo U.S. Investment Grade Corporate Bond Index is a rules-based index designed to measure the performance of publicly issued U.S. dollar denominated investment grade, fixed rate corporate bonds issued by U.S. or foreign issuers that have a remaining maturity of at least one year, regardless of optionality; it is constructed to provide increased diversification and liquidity versus traditional passive corporate credit indexes. You cannot invest directly in an index. |
| 11 | The Wells Fargo U.S. REIT Index is a float-adjusted, capitalization-weighted index of all applicable NYSE MKT or NASDAQ-listed classes of REIT stock that satisfy specified market capitalization and other eligibility requirements. You cannot invest directly in an index. |
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For more information
More information about Wells Fargo Funds is available free upon request. To obtain literature, please write, visit the Funds’ website, or call:
Wells Fargo Funds
P.O. Box 219967
Kansas City, MO 64121-9967
Website: wfam.com
Individual investors: 1-800-222-8222
Retail investment professionals: 1-888-877-9275
Institutional investment professionals:1-866-765-0778
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Wells Fargo Funds. If this report is used for promotional purposes, distribution of the report must be accompanied or preceded by a current prospectus. Before investing, please consider the investment objectives, risks, charges, and expenses of the investment. For a current prospectus and, if available, a summary prospectus, containing this information, call1-800-222-8222 or visit the Funds’ website atwfam.com. Read the prospectus carefully before you invest or send money.
Wells Fargo Asset Management (WFAM) is the trade name for certain investment advisory/management firms owned by Wells Fargo & Company. These firms include but are not limited to Wells Capital Management Incorporated and Wells Fargo Funds Management, LLC. Certain products managed by WFAM entities are distributed by Wells Fargo Funds Distributor, LLC (a broker-dealer and Member FINRA).
This material is for general informational and educational purposes only and is NOT intended to provide investment advice or a recommendation of any kind—including a recommendation for any specific investment, strategy, or plan.
INVESTMENT PRODUCTS: NOT FDIC INSURED ◾ NO BANK GUARANTEE ◾ MAY LOSE VALUE
© 2019 Wells Fargo Funds Management, LLC. All rights reserved.
| | |
 | | 321620 04-19 AOUTLD/AR003 02-19 |
Annual Report
February 28, 2019
Target Date Retirement Funds
| ∎ | | Wells Fargo Dynamic Target Today Fund |
| ∎ | | Wells Fargo Dynamic Target 2015 Fund |
| ∎ | | Wells Fargo Dynamic Target 2020 Fund |
| ∎ | | Wells Fargo Dynamic Target 2025 Fund |
| ∎ | | Wells Fargo Dynamic Target 2030 Fund |
| ∎ | | Wells Fargo Dynamic Target 2035 Fund |
| ∎ | | Wells Fargo Dynamic Target 2040 Fund |
| ∎ | | Wells Fargo Dynamic Target 2045 Fund |
| ∎ | | Wells Fargo Dynamic Target 2050 Fund |
| ∎ | | Wells Fargo Dynamic Target 2055 Fund |
| ∎ | | Wells Fargo Dynamic Target 2060 Fund |
Beginning on January 1, 2021, as permitted by new regulations adopted by the Securities and Exchange Commission, paper copies of the Wells Fargo Funds’ annual and semi-annual shareholder reports issued after this date will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds’ website, and you will be notified by mail each time a report is posted and provided with a website address to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically at any time by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling 1-800-222-8222 or by enrolling at wellsfargo.com/advantagedelivery.
You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports; if you invest directly with the Fund, you can call 1-800-222-8222. Your election to receive reports in paper will apply to all Wells Fargo Funds held in your account with your financial intermediary or, if you are a direct investor, to all Wells Fargo Funds that you hold.
Reduce clutter. Save trees.
Sign up for electronic delivery of prospectuses and shareholder reports atwellsfargo.com/advantagedelivery
Contents
The views expressed and any forward-looking statements are as of February 28, 2019, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. Discussions of individual securities, or the markets generally, or any Wells Fargo Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements. The views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Funds Management, LLC and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.
INVESTMENT PRODUCTS: NOT FDIC INSURED ◾ NO BANK GUARANTEE ◾ MAY LOSE VALUE
| | | | |
| 2 | | Target Date Retirement Funds | | Letter to shareholders (unaudited) |
Andrew Owen
President
Wells Fargo Funds
Global trade tensions escalated during the reporting period.
Dear Shareholder:
We are pleased to offer you this annual report for the Wells Fargo Dynamic Target Date Funds for the nine-month period that ended February 28, 2019. We are reporting on an nine-month basis at this time because the fiscal year end of the Funds changed from May 31 to February 28, effective February 28, 2019. An upward trend for short-term interest rates, inflation concerns, trade tensions, and geopolitical events contributed to investment market volatility throughout the nine-month period.
For the period, U.S. stocks, as measured by the S&P 500 Index,1 gained 4.48% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),2 declined 4.06%. Based on the MSCI EM Index (Net),3 emerging market stocks lost 4.38%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index4 added 2.55% while the Bloomberg Barclays Global Aggregate ex-USD Index5 fell 0.75%. The Bloomberg Barclays Municipal Bond Index6 added 2.94%, and the ICE BofAML U.S. High Yield Index7 gained 4.23%.
A move to normalize U.S. monetary policy influenced markets.
During second half of 2018, the U.S. Federal Reserve (Fed) continued to normalize accommodative monetary policies in place since the 2008 global financial crisis and recession. The Fed raised the federal funds rate by 25 basis points (bps; 100 bps equal 1.00%) to a target range of between 1.75% and 2.00% in June 2018. Short-term interest rates, as measured by U.S. Treasury bills—maturities ranging from 3 to 12 months—increased an average of 47 bps during the nine-month reporting period. In contrast, rates for 10-year Treasury fell 16 bps during the same period and the 30-year Treasury rate increased just 5 bps. Lagging long-term rates raised concerns for an inverted or flattening yield curve, sometimes associated with recessions. The Bank of England (BOE) indicated a bias to increase rates later in 2018. The European Central Bank, the Bank of Japan, and the People’s Bank of China (PBOC) maintained low interest rates.
Global trade tensions escalated during the reporting period. A tit-for-tat tariff spat intensified between the U.S. and other governments. While third quarter U.S. gross domestic product (GDP) was 3.4% on an annualized basis, lower than the prior quarter, job creation and hiring continued to improve at a brisk pace. Unemployment declined. Consumer confidence and spending increased.
| 1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock’s weight in the index proportionate to its market value. You cannot invest directly in an index. |
| 2 | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the United States and Canada. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
| 3 | The MSCI Emerging Markets (EM) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure large- and mid-cap equity market performance of emerging markets. The MSCI EM Index (Net) consists of the following 24 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, the Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey, and the United Arab Emirates. You cannot invest directly in an index. |
| 4 | The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
| 5 | The Bloomberg Barclays Global Aggregate ex-USD Index is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S. dollar-denominated debt market. You cannot invest directly in an index. |
| 6 | The Bloomberg Barclays Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index. |
| 7 | The ICE BofAML U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2019. ICE Data Indices, LLC. All rights reserved. |
| | | | | | |
| Letter to shareholders (unaudited) | | Target Date Retirement Funds | | | 3 | |
Investors appeared to shake off lingering concerns during the third quarter.
Favorable third-quarter economic indicators and corporate earnings reports encouraged domestic stock investors. U.S. trade negotiations with Mexico and Canada progressed. The Conference Board Consumer Confidence Index®8 reached its highest level in 18 years during September 2018. The Fed raised the federal funds rate by 25 bps to a target range of between 2.00% and 2.25% in September 2018. For the quarter that ended September 30, 2018, the S&P 500 Index added 7.71%.
Investors in international markets were not as confident. Tensions between the U.S. and China increased. The U.S. imposed $200 billion in tariffs on Chinese goods. China reacted with $60 billion in tariffs on U.S. goods. Economic growth in China caused concern. The BOE raised its monetary policy rate to 0.75% in August. During the quarter, the MSCI ACWI ex USA Index (Net) gained 0.71%. The MSCI EM Index declined 1.09%. In fixed-income markets, U.S. bonds were flat, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index. The Bloomberg Barclays Global Aggregate ex-USD Index fell 1.74%.
Conflicting data unsettled markets during the fourth quarter.
November’s U.S. midterm elections shifted control of the House of Representatives from Republicans to Democrats, presaging potential partisan clashes. Brexit efforts stalled ahead of the March 2019 deadline. The PBOC cut reserve requirement ratios, accelerated infrastructure spending, and cut taxes even as the value of the yuan declined to low levels last seen in 2008.
December’s S&P 500 Index performance was the worst since 1931. Globally,fixed-income investments fared better than stocks during the last two months of the year. The Fed increased the federal funds rate by 25 bps in December to a target range of between 2.25% and 2.50% and softened its outlook for 2019 rate increases.
The market climbs a wall of worry.
Investors entered 2019 with reasons to be concerned. A partial U.S. government shutdown driven by partisan spending and immigration policy disputes extended into January. Investors expected high levels of stock market volatility to continue based on the VIX9.
January’s returns tended to support the investing adage that markets climb a wall of worry. The S&P 500 Index gained 8.01% for the month that ended January 31, 2019, its best monthly performance in 30 years. Returns for the MSCI ACWI ex USA Index (Net), the Bloomberg Barclays U.S. Aggregate Bond Index, and the Bloomberg Barclays Global Aggregate ex-USD Index also were positive.
In February 2019, concerns over slowing global growth reemerged. The Bureau of Economic Analysis announcedfourth-quarter 2018 GDP grew at an annualized 2.2% rate, down from the 4.2% annualized rate for the second quarter and the 3.4% annualized rate for the third quarter. Analysts attributed the lower growth rate to a slowing housing market and larger trade deficit. The U.S. Labor Department said that the economy created just 20,000 jobs in February. In a February report, the BOE forecast the slowest growth since the financial crisis for 2019. China and the U.S., while putting future tariffs on hold for the time being, continued to wrangle over trade issues.
Favorable third-quarter economic indicators and corporate earnings reports encouraged domestic stock investors.
| 8 | The Conference Board Consumer Confidence Index® measures the degree of optimism on the state of the U.S. economy that consumers are expressing through their activities of savings and spending. You cannot invest directly in an index. |
| 9 | The Chicago Board Options Exchange Market Volatility Index (VIX) is a popular measure of the implied volatility of S&P 500 Index options. It represents one measure of the market’s expectation of stock market volatility over the next 30-day period. You cannot invest directly in an index. |
| | | | |
| 4 | | Target Date Retirement Funds | | Letter to shareholders (unaudited) |
Don’t let short-term uncertainty derail long-term investment goals.
Periods of investment uncertainty can present challenges, but experience has taught us that maintaining long-term investment goals can be an effective way to plan for the future. To help you create a sound strategy based on your personal goals and risk tolerance, Wells Fargo Funds offers more than 100 mutual funds spanning a wide range of asset classes and investment styles. Although diversification cannot guarantee an investment profit or prevent losses, we believe it can be an effective way to manage investment risk and potentially smooth out overall portfolio performance. We encourage investors to know their investments and to understand that appropriate levels of risk-taking may unlock opportunities.
Thank you for choosing to invest with Wells Fargo Funds. We appreciate your confidence in us and remain committed to helping you meet your financial needs.
Sincerely,
Andrew Owen
President
Wells Fargo Funds
For further information about your Fund, contact your investment professional, visit our website atwfam.com, or call us directly at1-800-222-8222.
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| | | | |
| 6 | | Target Date Retirement Funds | | Performance highlights (unaudited) |
Wells Fargo Dynamic Target Date Funds
Investment objective
Each Fund seeks total return over time, consistent with its strategic target allocation.
Manager
Wells Fargo Funds Management, LLC
Subadviser
Wells Capital Management Incorporated
Portfolio managers
Kandarp R. Acharya, CFA®‡, FRM
Petros N. Bocray, CFA®‡, FRM
Christian L. Chan, CFA®‡
The target date represents the year in which investors may likely begin withdrawing assets. The Funds gradually seek to reduce market risk as the target date approaches and after it arrives by decreasing equity exposure and increasing fixed income exposure. The principal value is not guaranteed at any time, including at the target date.
Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by each Fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest rate changes and their impact on each Fund and its share price can be sudden and unpredictable. High-yield securities have a greater risk of default and tend to be more volatile than higher-rated debt securities. The use of derivatives may reduce returns and/or increase volatility. Securities issued by U.S. government agencies or government-sponsored entities may not be guaranteed by the U.S. Treasury. The Funds will indirectly be exposed to all of the risks of an investment in the underlying funds and will indirectly bear expenses of the underlying funds. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Funds are exposed to foreign investment risk, mortgage- and asset-backed securities risk, new fund risk, regulatory risk, and smaller-company investment risk. Consult the Funds’ prospectus for additional information on these and other risks.
| ‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
| | | | | | |
| Performance highlights (unaudited) | | Target Date Retirement Funds | | | 7 | |
Dynamic Target Today Fund
Average annual total returns (%) as of February 28, 2019
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Including sales charge | | | Excluding sales charge | | | Expense ratios1 (%) | |
| | | Inception date | | 1 year | | | Since
inception | | | 1 year | | | Since
inception | | | Gross | | | Net2 | |
| | | | | | | |
| Class A (WDYAX) | | 11-30-2015 | | | -2.51 | | | | 3.27 | | | | 3.45 | | | | 5.17 | | | | 4.79 | | | | 0.68 | |
| | | | | | | |
| Class C (WDYCX) | | 11-30-2015 | | | 1.70 | | | | 4.41 | | | | 2.70 | | | | 4.41 | | | | 5.54 | | | | 1.43 | |
| | | | | | | |
| Class R4 (WDYYX) | | 11-30-2015 | | | – | | | | – | | | | 3.81 | | | | 5.49 | | | | 4.51 | | | | 0.37 | |
| | | | | | | |
| Class R6 (WDYZX) | | 11-30-2015 | | | – | | | | – | | | | 3.87 | | | | 5.64 | | | | 4.36 | | | | 0.22 | |
| | | | | | | |
| S&P Target Date Retirement Income Index3 | | – | | | – | | | | – | | | | 2.22 | | | | 4.33 | * | | | – | | | | – | |
| | | | | | | |
| Wells Fargo Dynamic Target Today Blended Index4 | | – | | | – | | | | – | | | | – | | | | – | | | | – | | | | – | |
| * | | Return is based on the inception date of the Fund’s classes. |
Figures quoted represent past performance,which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance shown without sales charges would be lower if sales charges were reflected. Current performance may be lower or higher than the performance data quoted and assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund’s website, wfam.com.
Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.
For Class A shares, the maximum front-end sales charge is 5.75%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Class R4 and Class R6 shares are sold without a front-end sales charge or contingent deferred sales charge.
|
| Growth of $10,000 investment as of February 28, 20195 |
|
 |
Please see footnotes on page 8.
| | | | |
| 8 | | Target Date Retirement Funds | | Performance highlights (unaudited) |
Dynamic Target Today Fund (continued)
| | | | |
| Holdings (%) as of February 28, 20196 | |
| |
Wells Fargo Bloomberg Barclays US Aggregateex-Corporate Portfolio | | | 29.61 | |
| |
Wells Fargo Factor Enhanced Large Cap Portfolio | | | 19.64 | |
| |
Wells Fargo Investment Grade Corporate Bond Portfolio | | | 15.42 | |
| |
Wells Fargo Factor Enhanced International Portfolio | | | 10.11 | |
| |
Wells Fargo Strategic Retirement Bond Portfolio | | | 10.02 | |
| |
Wells Fargo Factor Enhanced Small Cap Portfolio | | | 4.88 | |
| |
Wells Fargo U.S. REIT Portfolio | | | 3.33 | |
| |
Wells Fargo Factor Enhanced Emerging Markets Portfolio | | | 2.96 | |
| |
Wells Fargo High Yield Corporate Bond Portfolio | | | 2.56 | |
| |
Wells Fargo Emerging Markets Bond Portfolio | | | 2.55 | |
| | | | | | | | |
| Allocations (%) as of February 28, 2019 | |
| | | Effective
allocation7 | | | Neutral
allocation | |
| | |
Equity | | | 40 | | | | 40 | |
| | |
Fixed Income | | | 58 | | | | 60 | |
| | |
Effective Cash | | | 2 | | | | 0 | |
| | | | | | | | | | | | |
| Volatility metrics as of February 28, 20198 | |
| | | Beta9 | | | Standard
deviation10 | | | R-squared11 | |
| | | |
Class A | | | 1.29 | | | | 4.98 | % | | | 0.97 | |
| | | |
Class C | | | 1.29 | | | | 5.00 | % | | | 0.97 | |
| | | |
Class R4 | | | 1.29 | | | | 5.00 | % | | | 0.97 | |
| | | |
Class R6 | | | 1.29 | | | | 4.99 | % | | | 0.97 | |
| 1 | Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.45% of acquired fund fees and expenses. Net expenses from affiliated master portfolios are included in the acquired fund fees and expense amount. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which only include net expenses from affiliated master portfolios. |
| 2 | The manager has committed through September 30, 2019, to waive fees and/or reimburse expenses to the extent necessary to cap the expenses of each class after fee waivers at the amounts shown. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the underlying affiliated master portfolios and funds invest and from money market funds, and extraordinary expenses are excluded from the expense cap. All other acquired fund fees and expenses from the affiliated master portfolios and funds are included in the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Without this cap, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
| 3 | The S&P Target Date Index is designed as a benchmark for multi-asset class portfolios with risk profiles that become more conservative over time, corresponding to the target retirement date. This index is representative of the investment opportunity available to investors for the target date horizon, with asset class exposures driven by a survey of available target date funds for that horizon. You cannot invest directly in an index. |
| 4 | Source: Wells Fargo Funds Management, LLC. The Wells Fargo Dynamic Target Blended Index is designed as a benchmark for multi-asset class portfolios with risk profiles that become more conservative over time, corresponding to the target retirement date. The index weightings among the major asset classes are adjusted annually. The inception date of the index is September 21, 2018. Performance results for the periods indicated are not yet available. See Appendix B for additional information. You cannot invest directly in an index. |
| 5 | The chart compares the performance of Class A shares since inception with the S&P Target Date Retirement Income Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%. |
| 6 | Holdings, excluding cash, cash equivalents and any money market funds, are calculated based on the value of the investments divided by total net assets of the Fund. Holdings are subject to change and may have changed since the date specified. |
| 7 | The effective allocation includes the effect of any tactical futures overlay that may be in place. Effective cash is comprised of the net impact of long and/or short futures contracts held as part of a dynamic risk management strategy. The amounts are subject to change and may have changed since the date specified. |
| 8 | These metrics show the degree and timing of the Fund’s fluctuations compared to S&P Target Date Retirement Income Index over 36 months. |
| 9 | Beta measures fund volatility relative to general market movements. It is a standardized measure of systematic risk in comparison with a specified index. The benchmark beta is 1.00 by definition. Beta is based on historical performance and does not represent future results. |
| 10 | Standard deviation is the square root of the sum of squared deviations from the mean. It is often used as a measure of volatility, variability, or risk. Standard deviation is based on historical performance and does not represent future results. |
| 11 | R-squared (R2) is a statistical measure that reflects the percentage of a fund’s movements that can be explained by movements in its benchmark index. The measure ranges from 0.0, which means that the fund’s performance bears no relationship to the performance of the index, to 1.0, which means that the fund’s performance was perfectly synchronized with the performance of the benchmark. R2 is based on historical performance and does not represent future results. |
| | | | | | |
| Performance highlights (unaudited) | | Target Date Retirement Funds | | | 9 | |
Dynamic Target 2015 Fund
Average annual total returns (%) as of February 28, 2019
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Including sales charge | | | Excluding sales charge | | | Expense ratios1 (%) | |
| | | Inception date | | 1 year | | | Since
inception | | | 1 year | | | Since
inception | | | Gross | | | Net2 | |
| | | | | | | |
| Class A (WDTAX) | | 11-30-2015 | | | -2.63 | | | | 4.17 | | | | 3.27 | | | | 6.08 | | | | 4.56 | | | | 0.68 | |
| | | | | | | |
| Class C (WDTCX) | | 11-30-2015 | | | 1.56 | | | | 5.28 | | | | 2.56 | | | | 5.28 | | | | 5.31 | | | | 1.43 | |
| | | | | | | |
| Class R4 (WDTYX) | | 11-30-2015 | | | – | | | | – | | | | 3.68 | | | | 6.41 | | | | 4.28 | | | | 0.37 | |
| | | | | | | |
| Class R6 (WDTZX) | | 11-30-2015 | | | – | | | | – | | | | 3.75 | | | | 6.57 | | | | 4.13 | | | | 0.22 | |
| | | | | | | |
| S&P Target Date 2015 Index3 | | – | | | – | | | | – | | | | 2.25 | | | | 5.56 | * | | | – | | | | – | |
| | | | | | | |
| Wells Fargo Dynamic Target 2015 Blended Index4 | | – | | | – | | | | – | | | | – | | | | – | | | | – | | | | – | |
| * | | Return is based on the inception date of the Fund’s classes. |
Figures quoted represent past performance,which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance shown without sales charges would be lower if sales charges were reflected. Current performance may be lower or higher than the performance data quoted and assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund’s website, wfam.com.
Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.
For Class A shares, the maximum front-end sales charge is 5.75%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Class R4 and Class R6 shares are sold without a front-end sales charge or contingent deferred sales charge.
|
| Growth of $10,000 investment as of February 28, 20195 |
|
 |
Please see footnotes on page 10.
| | | | |
| 10 | | Target Date Retirement Funds | | Performance highlights (unaudited) |
Dynamic Target 2015 Fund (continued)
| | | | |
| Holdings (%) as of February 28, 20196 | |
| |
Wells Fargo Factor Enhanced Large Cap Portfolio | | | 24.86 | |
| |
Wells Fargo Bloomberg Barclays US Aggregateex-Corporate Portfolio | | | 24.27 | |
| |
Wells Fargo Factor Enhanced International Portfolio | | | 12.75 | |
| |
Wells Fargo Investment Grade Corporate Bond Portfolio | | | 12.65 | |
| |
Wells Fargo Strategic Retirement Bond Portfolio | | | 8.23 | |
| |
Wells Fargo Factor Enhanced Small Cap Portfolio | | | 6.24 | |
| |
Wells Fargo U.S. REIT Portfolio | | | 4.20 | |
| |
Wells Fargo Factor Enhanced Emerging Markets Portfolio | | | 3.72 | |
| |
Wells Fargo High Yield Corporate Bond Portfolio | | | 2.10 | |
| |
Wells Fargo Emerging Markets Bond Portfolio | | | 2.09 | |
| | | | | | | | |
| Allocations (%) as of February 28, 2019 | |
| | | Effective
allocation7 | | | Neutral
allocation | |
| | |
Equity | | | 51 | | | | 51 | |
| | |
Fixed Income | | | 47 | | | | 49 | |
| | |
Effective Cash | | | 2 | | | | 0 | |
| | | | | | | | | | | | |
| Volatility metrics as of February 28, 20198 | |
| | | Beta9 | | | Standard
deviation10 | | | R-squared11 | |
| | | |
Class A | | | 1.18 | | | | 6.13 | % | | | 0.98 | |
| | | |
Class C | | | 1.17 | | | | 6.08 | % | | | 0.98 | |
| | | |
Class R4 | | | 1.17 | | | | 6.09 | % | | | 0.98 | |
| | | |
Class R6 | | | 1.18 | | | | 6.13 | % | | | 0.98 | |
| 1 | Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.47% of acquired fund fees and expenses. Net expenses from affiliated master portfolios are included in the acquired fund fees and expense amount. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which only include net expenses from affiliated master portfolios. |
| 2 | The manager has committed through September 30, 2019, to waive fees and/or reimburse expenses to the extent necessary to cap the expenses of each class after fee waivers at the amounts shown. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the underlying affiliated master portfolios and funds invest and from money market funds, and extraordinary expenses are excluded from the expense cap. All other acquired fund fees and expenses from the affiliated master portfolios and funds are included in the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Without this cap, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
| 3 | The S&P Target Date Index is designed as a benchmark for multi-asset class portfolios with risk profiles that become more conservative over time, corresponding to the target retirement date. This index is representative of the investment opportunity available to investors for the target date horizon, with asset class exposures driven by a survey of available target date funds for that horizon. You cannot invest directly in an index. |
| 4 | Source: Wells Fargo Funds Management, LLC. The Wells Fargo Dynamic Target Blended Index is designed as a benchmark for multi-asset class portfolios with risk profiles that become more conservative over time, corresponding to the target retirement date. The index weightings among the major asset classes are adjusted annually. The inception date of the index is September 21, 2018. Performance results for the periods indicated are not yet available. See Appendix B for additional information. You cannot invest directly in an index. |
| 5 | The chart compares the performance of Class A shares since inception with the S&P Target Date 2015 Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%. |
| 6 | Holdings, excluding cash, cash equivalents and any money market funds, are calculated based on the value of the investments divided by total net assets of the Fund. Holdings are subject to change and may have changed since the date specified. |
| 7 | The effective allocation includes the effect of any tactical futures overlay that may be in place. Effective cash is comprised of the net impact of long and/or short futures contracts held as part of a dynamic risk management strategy. The amounts are subject to change and may have changed since the date specified. |
| 8 | These metrics show the degree and timing of the Fund’s fluctuations compared to S&P Target Date 2015 Index over 36 months. |
| 9 | Beta measures fund volatility relative to general market movements. It is a standardized measure of systematic risk in comparison with a specified index. The benchmark beta is 1.00 by definition. Beta is based on historical performance and does not represent future results. |
| 10 | Standard deviation is the square root of the sum of squared deviations from the mean. It is often used as a measure of volatility, variability, or risk. Standard deviation is based on historical performance and does not represent future results. |
| 11 | R-squared (R2) is a statistical measure that reflects the percentage of a fund’s movements that can be explained by movements in its benchmark index. The measure ranges from 0.0, which means that the fund’s performance bears no relationship to the performance of the index, to 1.0, which means that the fund’s performance was perfectly synchronized with the performance of the benchmark. R2 is based on historical performance and does not represent future results. |
| | | | | | |
| Performance highlights (unaudited) | | Target Date Retirement Funds | | | 11 | |
Dynamic Target 2020 Fund
Average annual total returns (%) as of February 28, 2019
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Including sales charge | | | Excluding sales charge | | | Expense ratios1 (%) | |
| | | Inception date | | 1 year | | | Since
inception | | | 1 year | | | Since
inception | | | Gross | | | Net2 | |
| | | | | | | |
| Class A (WDTDX) | | 11-30-2015 | | | -2.35 | | | | 4.96 | | | | 3.60 | | | | 6.89 | | | | 4.39 | | | | 0.68 | |
| | | | | | | |
| Class C (WDTEX) | | 11-30-2015 | | | 1.72 | | | | 6.07 | | | | 2.72 | | | | 6.07 | | | | 5.14 | | | | 1.43 | |
| | | | | | | |
| Class R4 (WDTGX) | | 11-30-2015 | | | – | | | | – | | | | 3.96 | | | | 7.22 | | | | 4.11 | | | | 0.37 | |
| | | | | | | |
| Class R6 (WDTHX) | | 11-30-2015 | | | – | | | | – | | | | 4.02 | | | | 7.37 | | | | 3.96 | | | | 0.22 | |
| | | | | | | |
| S&P Target Date 2020 Index3 | | – | | | – | | | | – | | | | 2.18 | | | | 6.12 | * | | | – | | | | – | |
| | | | | | | |
| Wells Fargo Dynamic Target 2020 Blended Index4 | | – | | | – | | | | – | | | | – | | | | – | | | | – | | | | – | |
| * | | Return is based on the inception date of the Fund’s classes. |
Figures quoted represent past performance,which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance shown without sales charges would be lower if sales charges were reflected. Current performance may be lower or higher than the performance data quoted and assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund’s website,wfam.com.
Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.
For Class A shares, the maximum front-end sales charge is 5.75%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Class R4 and Class R6 shares are sold without a front-end sales charge or contingent deferred sales charge.
|
| Growth of $10,000 investment as of February 28, 20195 |
|
 |
Please see footnotes on page 12.
| | | | |
| 12 | | Target Date Retirement Funds | | Performance highlights (unaudited) |
Dynamic Target 2020 Fund (continued)
| | | | |
| Holdings (%) as of February 28, 20196 | |
| |
Wells Fargo Factor Enhanced Large Cap Portfolio | | | 28.76 | |
| |
Wells Fargo Bloomberg Barclays U.S. Aggregateex-Corporate Portfolio | | | 20.83 | |
| |
Wells Fargo Factor Enhanced International Portfolio | | | 15.18 | |
| |
Wells Fargo U.S. Investment Grade Corporate Bond Portfolio | | | 10.85 | |
| |
Wells Fargo Factor Enhanced Small Cap Portfolio | | | 7.22 | |
| |
Wells Fargo Strategic Retirement Bond Portfolio | | | 5.88 | |
| |
Wells Fargo Factor Enhanced Emerging Markets Portfolio | | | 4.47 | |
| |
Wells Fargo U.S. REIT Portfolio | | | 3.98 | |
| |
Wells Fargo U.S. High Yield Bond Portfolio | | | 1.79 | |
| |
Wells Fargo Emerging Markets Bond Portfolio | | | 1.79 | |
| | | | | | | | |
| Allocations (%) as of February 28, 2019 | |
| | | Effective
allocation7 | | | Neutral
allocation | |
| | |
Equity | | | 59 | | | | 59 | |
| | |
Fixed Income | | | 39 | | | | 41 | |
| | |
Effective Cash | | | 2 | | | | 0 | |
| | | | | | | | | | | | |
| Volatility metrics as of February 28, 20198 | |
| | | Beta9 | | | Standard
deviation10 | | | R-squared11 | |
| | | |
Class A | | | 1.16 | | | | 6.77 | % | | | 0.98 | |
| | | |
Class R | | | 1.16 | | | | 6.75 | % | | | 0.98 | |
| | | |
Class R4 | | | 1.16 | | | | 6.77 | % | | | 0.98 | |
| | | |
Class R6 | | | 1.16 | | | | 6.80 | % | | | 0.98 | |
| 1 | Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.48% of acquired fund fees and expenses. Net expenses from affiliated master portfolios are included in the acquired fund fees and expense amount. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which only include net expenses from affiliated master portfolios. |
| 2 | The manager has committed through September 30, 2019, to waive fees and/or reimburse expenses to the extent necessary to cap the expenses of each class after fee waivers at the amounts shown. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the underlying affiliated master portfolios and funds invest and from money market funds, and extraordinary expenses are excluded from the expense cap. All other acquired fund fees and expenses from the affiliated master portfolios and funds are included in the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Without this cap, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
| 3 | The S&P Target Date Index is designed as a benchmark for multi-asset class portfolios with risk profiles that become more conservative over time, corresponding to the target retirement date. This index is representative of the investment opportunity available to investors for the target date horizon, with asset class exposures driven by a survey of available target date funds for that horizon. You cannot invest directly in an index. |
| 4 | Source: Wells Fargo Funds Management, LLC. The Wells Fargo Dynamic Target Blended Index is designed as a benchmark for multi-asset class portfolios with risk profiles that become more conservative over time, corresponding to the target retirement date. The index weightings among the major asset classes are adjusted annually. The inception date of the index is September 21, 2018. Performance results for the periods indicated are not yet available. See Appendix B for additional information. You cannot invest directly in an index. |
| 5 | The chart compares the performance of Class A shares since inception with the S&P Target Date 2020 Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%. |
| 6 | Holdings, excluding cash, cash equivalents and any money market funds, are calculated based on the value of the investments divided by total net assets of the Fund. Holdings are subject to change and may have changed since the date specified. |
| 7 | The effective allocation includes the effect of any tactical futures overlay that may be in place. Effective cash is comprised of the net impact of long and/or short futures contracts held as part of a dynamic risk management strategy. The amounts are subject to change and may have changed since the date specified. |
| 8 | These metrics show the degree and timing of the Fund’s fluctuations compared to S&P Target Date 2020 Index over 36 months. |
| 9 | Beta measures fund volatility relative to general market movements. It is a standardized measure of systematic risk in comparison with a specified index. The benchmark beta is 1.00 by definition. Beta is based on historical performance and does not represent future results. |
| 10 | Standard deviation is the square root of the sum of squared deviations from the mean. It is often used as a measure of volatility, variability, or risk. Standard deviation is based on historical performance and does not represent future results. |
| 11 | R-squared (R2) is a statistical measure that reflects the percentage of a fund’s movements that can be explained by movements in its benchmark index. The measure ranges from 0.0, which means that the fund’s performance bears no relationship to the performance of the index, to 1.0, which means that the fund’s performance was perfectly synchronized with the performance of the benchmark. R2 is based on historical performance and does not represent future results. |
| | | | | | |
| Performance highlights (unaudited) | | Target Date Retirement Funds | | | 13 | |
Dynamic Target 2025 Fund
Average annual total returns (%) as of February 28, 2019
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Including sales charge | | | Excluding sales charge | | | Expense ratios1 (%) | |
| | | Inception date | | 1 year | | | Since
inception | | | 1 year | | | Since
inception | | | Gross | | | Net2 | |
| | | | | | | |
| Class A (WDTIX) | | 11-30-2015 | | | -2.87 | | | | 5.41 | | | | 3.03 | | | | 7.35 | | | | 4.59 | | | | 0.68 | |
| | | | | | | |
| Class C (WDTJX) | | 11-30-2015 | | | 1.26 | | | | 6.53 | | | | 2.26 | | | | 6.53 | | | | 5.34 | | | | 1.43 | |
| | | | | | | |
| Class R4 (WDTLX) | | 11-30-2015 | | | – | | | | – | | | | 3.23 | | | | 7.63 | | | | 4.31 | | | | 0.37 | |
| | | | | | | |
| Class R6 (WDTMX) | | 11-30-2015 | | | – | | | | – | | | | 3.50 | | | | 7.81 | | | | 4.16 | | | | 0.22 | |
| | | | | | | |
| S&P Target Date 2025 Index3 | | – | | | – | | | | – | | | | 1.99 | | | | 6.75 | * | | | – | | | | – | |
| | | | | | | |
| Wells Fargo Dynamic Target 2025 Blended Index4 | | – | | | – | | | | – | | | | – | | | | – | | | | – | | | | – | |
| * | | Return is based on the inception date of the Fund’s classes. |
Figures quoted represent past performance,which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance shown without sales charges would be lower if sales charges were reflected. Current performance may be lower or higher than the performance data quoted and assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund’s website, wfam.com.
Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.
For Class A shares, the maximum front-end sales charge is 5.75%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Class R4 and Class R6 shares are sold without a front-end sales charge or contingent deferred sales charge.
|
| Growth of $10,000 investment as of February 28, 20195 |
|
 |
Please see footnotes on page 14.
| | | | |
| 14 | | Target Date Retirement Funds | | Performance highlights (unaudited) |
Dynamic Target 2025 Fund (continued)
| | | | |
| Holdings (%) as of February 28, 20196 | |
| |
Wells Fargo Factor Enhanced Large Cap Portfolio | | | 34.54 | |
| |
Wells Fargo Factor Enhanced International Portfolio | | | 18.90 | |
| |
Wells Fargo Bloomberg Barclays U.S. Aggregateex-Corporate Portfolio | | | 17.11 | |
| |
Wells Fargo U.S. Investment Grade Corporate Bond Portfolio | | | 8.91 | |
| |
Wells Fargo Factor Enhanced Small Cap Portfolio | | | 8.69 | |
| |
Wells Fargo Factor Enhanced Emerging Markets Portfolio | | | 5.63 | |
| |
Wells Fargo U.S. REIT Portfolio | | | 2.47 | |
| |
Wells Fargo Strategic Retirement Bond Portfolio | | | 2.41 | |
| |
Wells Fargo U.S. High Yield Bond Portfolio | | | 1.46 | |
| |
Wells Fargo Emerging Markets Bond Portfolio | | | 1.46 | |
| | | | | | | | |
| Allocations (%) as of February 28, 2019 | |
| | | Effective
allocation7 | | | Neutral
allocation | |
| | |
Equity | | | 69 | | | | 69 | |
| | |
Fixed Income | | | 29 | | | | 31 | |
| | |
Effective Cash | | | 2 | | | | 0 | |
| | | | | | | | | | | | |
| Volatility metrics as of February 28, 20198 | |
| | | Beta9 | | | Standard
deviation10 | | | R-squared11 | |
| | | |
Class A | | | 1.13 | | | | 7.62 | % | | | 0.98 | |
| | | |
Class R | | | 1.14 | | | | 7.66 | % | | | 0.98 | |
| | | |
Class R4 | | | 1.13 | | | | 7.59 | % | | | 0.98 | |
| | | |
Class R6 | | | 1.13 | | | | 7.61 | % | | | 0.98 | |
| 1 | Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.52% of acquired fund fees and expenses. Net expenses from affiliated master portfolios are included in the acquired fund fees and expense amount. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which only include net expenses from affiliated master portfolios. |
| 2 | The manager has committed through September 30, 2019, to waive fees and/or reimburse expenses to the extent necessary to cap the expenses of each class after fee waivers at the amounts shown. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the underlying affiliated master portfolios and funds invest and from money market funds, and extraordinary expenses are excluded from the expense cap. All other acquired fund fees and expenses from the affiliated master portfolios and funds are included in the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Without this cap, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
| 3 | The S&P Target Date Index is designed as a benchmark for multi-asset class portfolios with risk profiles that become more conservative over time, corresponding to the target retirement date. This index is representative of the investment opportunity available to investors for the target date horizon, with asset class exposures driven by a survey of available target date funds for that horizon. You cannot invest directly in an index. |
| 4 | Source: Wells Fargo Funds Management, LLC. The Wells Fargo Dynamic Target Blended Index is designed as a benchmark for multi-asset class portfolios with risk profiles that become more conservative over time, corresponding to the target retirement date. The index weightings among the major asset classes are adjusted annually. The inception date of the index is September 21, 2018. Performance results for the periods indicated are not yet available. See Appendix B for additional information. You cannot invest directly in an index. |
| 5 | The chart compares the performance of Class A shares since inception with the S&P Target Date 2025 Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%. |
| 6 | Holdings, excluding cash, cash equivalents and any money market funds, are calculated based on the value of the investments divided by total net assets of the Fund. Holdings are subject to change and may have changed since the date specified. |
| 7 | The effective allocation includes the effect of any tactical futures overlay that may be in place. Effective cash is comprised of the net impact of long and/or short futures contracts held as part of a dynamic risk management strategy. The amounts are subject to change and may have changed since the date specified. |
| 8 | These metrics show the degree and timing of the Fund’s fluctuations compared to S&P Target Date 2025 Index over 36 months. |
| 9 | Beta measures fund volatility relative to general market movements. It is a standardized measure of systematic risk in comparison with a specified index. The benchmark beta is 1.00 by definition. Beta is based on historical performance and does not represent future results. |
| 10 | Standard deviation is the square root of the sum of squared deviations from the mean. It is often used as a measure of volatility, variability, or risk. Standard deviation is based on historical performance and does not represent future results. |
| 11 | R-squared (R2) is a statistical measure that reflects the percentage of a fund’s movements that can be explained by movements in its benchmark index. The measure ranges from 0.0, which means that the fund’s performance bears no relationship to the performance of the index, to 1.0, which means that the fund’s performance was perfectly synchronized with the performance of the benchmark. R2 is based on historical performance and does not represent future results. |
| | | | | | |
| Performance highlights (unaudited) | | Target Date Retirement Funds | | | 15 | |
Dynamic Target 2030 Fund
Average annual total returns (%) as of February 28, 2019
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Including sales charge | | | Excluding sales charge | | | Expense ratios1 (%) | |
| | | Inception date | | 1 year | | | Since
inception | | | 1 year | | | Since
inception | | | Gross | | | Net2 | |
| | | | | | | |
| Class A (WDTNX) | | 11-30-2015 | | | -2.66 | | | | 6.07 | | | | 3.26 | | | | 8.02 | | | | 4.66 | | | | 0.68 | |
| | | | | | | |
| Class C (WDTOX) | | 11-30-2015 | | | 1.41 | | | | 7.17 | | | | 2.41 | | | | 7.17 | | | | 5.41 | | | | 1.43 | |
| | | | | | | |
| Class R4 (WDTQX) | | 11-30-2015 | | | – | | | | – | | | | 3.55 | | | | 8.32 | | | | 4.38 | | | | 0.37 | |
| | | | | | | |
| Class R6 (WDTSX) | | 11-30-2015 | | | – | | | | – | | | | 3.62 | | | | 8.47 | | | | 4.23 | | | | 0.22 | |
| | | | | | | |
| S&P Target Date 2030 Index3 | | – | | | – | | | | – | | | | 1.78 | | | | 7.32 | * | | | – | | | | – | |
| | | | | | | |
| Wells Fargo Dynamic Target 2030 Blended Index4 | | – | | | – | | | | – | | | | – | | | | – | | | | – | | | | – | |
| * | | Return is based on the inception date of the Fund’s classes. |
Figures quoted represent past performance,which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance shown without sales charges would be lower if sales charges were reflected. Current performance may be lower or higher than the performance data quoted and assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund’s website, wfam.com.
Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.
For Class A shares, the maximum front-end sales charge is 5.75%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Class R4 and Class R6 shares are sold without a front-end sales charge or contingent deferred sales charge.
|
| Growth of $10,000 investment as of February 28, 20195 |
|
 |
Please see footnotes on page 16.
| | | | |
| 16 | | Target Date Retirement Funds | | Performance highlights (unaudited) |
Dynamic Target 2030 Fund (continued)
| | | | |
| Holdings (%) as of February 28, 20196 | |
| |
Wells Fargo Factor Enhanced Large Cap Portfolio | | | 39.33 | |
| |
Wells Fargo Factor Enhanced International Portfolio | | | 22.74 | |
| |
Wells Fargo Bloomberg Barclays U.S. Aggregateex-Corporate Portfolio | | | 13.30 | |
| |
Wells Fargo Factor Enhanced Small Cap Portfolio | | | 9.66 | |
| |
Wells Fargo U.S. Investment Grade Corporate Bond Portfolio | | | 6.93 | |
| |
Wells Fargo Factor Enhanced Emerging Markets Portfolio | | | 6.53 | |
| |
Wells Fargo U.S. High Yield Bond Portfolio | | | 1.13 | |
| |
Wells Fargo Emerging Markets Bond Portfolio | | | 1.13 | |
| |
Wells Fargo U.S. REIT Portfolio | | | 0.60 | |
| |
Wells Fargo Strategic Retirement Bond Portfolio | | | 0.51 | |
| | | | | | | | |
| Allocations (%) as of February 28, 2019 | |
| | | Effective
allocation7 | | | Neutral
allocation | |
| | |
Equity | | | 77 | | | | 77 | |
| | |
Fixed Income | | | 21 | | | | 23 | |
| | |
Effective Cash | | | 2 | | | | 0 | |
| | | | | | | | | | | | |
| Volatility metrics as of February 28, 20198 | |
| | | Beta9 | | | Standard
deviation10 | | | R-squared11 | |
| | | |
Class A | | | 1.07 | | | | 8.24 | % | | | 0.98 | |
| | | |
Class R | | | 1.07 | | | | 8.25 | % | | | 0.98 | |
| | | |
Class R4 | | | 1.08 | | | | 8.27 | % | | | 0.98 | |
| | | |
Class R6 | | | 1.08 | | | | 8.30 | % | | | 0.98 | |
| 1 | Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.51% of acquired fund fees and expenses. Net expenses from affiliated master portfolios are included in the acquired fund fees and expense amount. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which only include net expenses from affiliated master portfolios. |
| 2 | The manager has committed through September 30, 2019, to waive fees and/or reimburse expenses to the extent necessary to cap the expenses of each class after fee waivers at the amounts shown. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the underlying affiliated master portfolios and funds invest and from money market funds, and extraordinary expenses are excluded from the expense cap. All other acquired fund fees and expenses from the affiliated master portfolios and funds are included in the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Without this cap, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
| 3 | The S&P Target Date Index is designed as a benchmark for multi-asset class portfolios with risk profiles that become more conservative over time, corresponding to the target retirement date. This index is representative of the investment opportunity available to investors for the target date horizon, with asset class exposures driven by a survey of available target date funds for that horizon. You cannot invest directly in an index. |
| 4 | Source: Wells Fargo Funds Management, LLC. The Wells Fargo Dynamic Target Blended Index is designed as a benchmark for multi-asset class portfolios with risk profiles that become more conservative over time, corresponding to the target retirement date. The index weightings among the major asset classes are adjusted annually. The inception date of the index is September 21, 2018. Performance results for the periods indicated are not yet available. See Appendix B for additional information. You cannot invest directly in an index. |
| 5 | The chart compares the performance of Class A shares since inception with the S&P Target Date 2030 Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%. |
| 6 | Holdings, excluding cash, cash equivalents and any money market funds, are calculated based on the value of the investments divided by total net assets of the Fund. Holdings are subject to change and may have changed since the date specified. |
| 7 | The effective allocation includes the effect of any tactical futures overlay that may be in place. Effective cash is comprised of the net impact of long and/or short futures contracts held as part of a dynamic risk management strategy. The amounts are subject to change and may have changed since the date specified. |
| 8 | These metrics show the degree and timing of the Fund’s fluctuations compared to S&P Target Date 2030 Index over 36 months. |
| 9 | Beta measures fund volatility relative to general market movements. It is a standardized measure of systematic risk in comparison with a specified index. The benchmark beta is 1.00 by definition. Beta is based on historical performance and does not represent future results. |
| 10 | Standard deviation is the square root of the sum of squared deviations from the mean. It is often used as a measure of volatility, variability, or risk. Standard deviation is based on historical performance and does not represent future results. |
| 11 | R-squared (R2) is a statistical measure that reflects the percentage of a fund’s movements that can be explained by movements in its benchmark index. The measure ranges from 0.0, which means that the fund’s performance bears no relationship to the performance of the index, to 1.0, which means that the fund’s performance was perfectly synchronized with the performance of the benchmark. R2 is based on historical performance and does not represent future results. |
| | | | | | |
| Performance highlights (unaudited) | | Target Date Retirement Funds | | | 17 | |
Dynamic Target 2035 Fund
Average annual total returns (%) as of February 28, 2019
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Including sales charge | | | Excluding sales charge | | | Expense ratios1 (%) | |
| | | Inception date | | 1 year | | | Since
inception | | | 1 year | | | Since
inception | | | Gross | | | Net2 | |
| | | | | | | |
| Class A (WDTTX) | | 11-30-2015 | | | -2.56 | | | | 6.59 | | | | 3.39 | | | | 8.55 | | | | 4.79 | | | | 0.68 | |
| | | | | | | |
| Class C (WDCTX) | | 11-30-2015 | | | 1.64 | | | | 7.72 | | | | 2.64 | | | | 7.72 | | | | 5.54 | | | | 1.43 | |
| | | | | | | |
| Class R4 (WDTVX) | | 11-30-2015 | | | – | | | | – | | | | 3.69 | | | | 8.87 | | | | 4.51 | | | | 0.37 | |
| | | | | | | |
| Class R6 (WDTWX) | | 11-30-2015 | | | – | | | | – | | | | 3.85 | | | | 9.02 | | | | 4.36 | | | | 0.22 | |
| | | | | | | |
| S&P Target Date 2035 Index3 | | – | | | – | | | | – | | | | 1.51 | | | | 7.86 | * | | | – | | | | – | |
| | | | | | | |
| Wells Fargo Dynamic Target 2035 Blended Index4 | | – | | | – | | | | – | | | | – | | | | – | | | | – | | | | – | |
| * | | Return is based on the inception date of the Fund’s classes. |
Figures quoted represent past performance,which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance shown without sales charges would be lower if sales charges were reflected. Current performance may be lower or higher than the performance data quoted and assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund’s website, wfam.com.
Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.
For Class A shares, the maximum front-end sales charge is 5.75%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Class R4 and Class R6 shares are sold without a front-end sales charge or contingent deferred sales charge.
|
| Growth of $10,000 investment as of February 28, 20195 |
|
 |
Please see footnotes on page 18.
| | | | |
| 18 | | Target Date Retirement Funds | | Performance highlights (unaudited) |
Dynamic Target 2035 Fund (continued)
| | | | |
| Holdings (%) as of February 28, 20196 | |
| |
Wells Fargo Factor Enhanced Large Cap Portfolio | | | 41.60 | |
| |
Wells Fargo Factor Enhanced International Portfolio | | | 24.80 | |
| |
Wells Fargo Bloomberg Barclays US Aggregateex-Corporate Portfolio | | | 10.66 | |
| |
Wells Fargo Factor Enhanced Small Cap Portfolio | | | 10.44 | |
| |
Wells Fargo Factor Enhanced Emerging Markets Portfolio | | | 7.23 | |
| |
Wells Fargo Investment Grade Corporate Bond Portfolio | | | 5.55 | |
| |
Wells Fargo High Yield Corporate Bond Portfolio | | | 0.91 | |
| |
Wells Fargo Emerging Markets Bond Portfolio | | | 0.91 | |
| | | | | | | | |
| Allocations (%) as of February 28, 2019 | |
| | | Effective
allocation7 | | | Neutral
allocation | |
| | |
Equity | | | 82 | | | | 82 | |
| | |
Fixed Income | | | 16 | | | | 18 | |
| | |
Effective Cash | | | 2 | | | | 0 | |
| | | | | | | | | | | | |
| Volatility metrics as of February 28, 20198 | |
| | | Beta9 | | | Standard
deviation10 | | | R-squared11 | |
| | | |
Class A | | | 1.03 | | | | 8.81 | % | | | 0.98 | |
| | | |
Class C | | | 1.02 | | | | 8.77 | % | | | 0.98 | |
| | | |
Class R4 | | | 1.03 | | | | 8.78 | % | | | 0.98 | |
| | | |
Class R6 | | | 1.02 | | | | 8.73 | % | | | 0.98 | |
| 1 | Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.52% of acquired fund fees and expenses. Net expenses from affiliated master portfolios are included in the acquired fund fees and expense amount. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which only include net expenses from affiliated master portfolios. |
| 2 | The manager has committed through September 30, 2019, to waive fees and/or reimburse expenses to the extent necessary to cap the expenses of each class after fee waivers at the amounts shown. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the underlying affiliated master portfolios and funds invest and from money market funds, and extraordinary expenses are excluded from the expense cap. All other acquired fund fees and expenses from the affiliated master portfolios and funds are included in the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Without this cap, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
| 3 | The S&P Target Date Index is designed as a benchmark for multi-asset class portfolios with risk profiles that become more conservative over time, corresponding to the target retirement date. This index is representative of the investment opportunity available to investors for the target date horizon, with asset class exposures driven by a survey of available target date funds for that horizon. You cannot invest directly in an index. |
| 4 | Source: Wells Fargo Funds Management, LLC. The Wells Fargo Dynamic Target Blended Index is designed as a benchmark for multi-asset class portfolios with risk profiles that become more conservative over time, corresponding to the target retirement date. The index weightings among the major asset classes are adjusted annually. The inception date of the index is September 21, 2018. Performance results for the periods indicated are not yet available. See Appendix B for additional information. You cannot invest directly in an index. |
| 5 | The chart compares the performance of Class A shares since inception with the S&P Target Date 2035 Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%. |
| 6 | Holdings, excluding cash, cash equivalents and any money market funds, are calculated based on the value of the investments divided by total net assets of the Fund. Holdings are subject to change and may have changed since the date specified. |
| 7 | The effective allocation includes the effect of any tactical futures overlay that may be in place. Effective cash is comprised of the net impact of long and/or short futures contracts held as part of a dynamic risk management strategy. The amounts are subject to change and may have changed since the date specified. |
| 8 | These metrics show the degree and timing of the Fund’s fluctuations compared to S&P Target Date 2035 Index over 36 months. |
| 9 | Beta measures fund volatility relative to general market movements. It is a standardized measure of systematic risk in comparison with a specified index. The benchmark beta is 1.00 by definition. Beta is based on historical performance and does not represent future results. |
| 10 | Standard deviation is the square root of the sum of squared deviations from the mean. It is often used as a measure of volatility, variability, or risk. Standard deviation is based on historical performance and does not represent future results. |
| 11 | R-squared (R2) is a statistical measure that reflects the percentage of a fund’s movements that can be explained by movements in its benchmark index. The measure ranges from 0.0, which means that the fund’s performance bears no relationship to the performance of the index, to 1.0, which means that the fund’s performance was perfectly synchronized with the performance of the benchmark. R2 is based on historical performance and does not represent future results. |
| | | | | | |
| Performance highlights (unaudited) | | Target Date Retirement Funds | | | 19 | |
Dynamic Target 2040 Fund
Average annual total returns (%) as of February 28, 2019
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Including sales charge | | | Excluding sales charge | | | Expense ratios1 (%) | |
| | | Inception date | | 1 year | | | Since
inception | | | 1 year | | | Since
inception | | | Gross | | | Net2 | |
| | | | | | | |
| Class A (WTDAX) | | 11-30-2015 | | | -2.75 | | | | 6.73 | | | | 3.15 | | | | 8.70 | | | | 4.42 | | | | 0.68 | |
| | | | | | | |
| Class C (WTDCX) | | 11-30-2015 | | | 1.38 | | | | 7.90 | | | | 2.38 | | | | 7.90 | | | | 5.17 | | | | 1.43 | |
| | | | | | | |
| Class R4 (WTDEX) | | 11-30-2015 | | | – | | | | – | | | | 3.41 | | | | 9.04 | | | | 4.14 | | | | 0.37 | |
| | | | | | | |
| Class R6 (WTDFX) | | 11-30-2015 | | | – | | | | – | | | | 3.68 | | | | 9.22 | | | | 3.99 | | | | 0.22 | |
| | | | | | | |
| S&P Target Date 2040 Index3 | | – | | | – | | | | – | | | | 1.37 | | | | 8.23 | * | | | – | | | | – | |
| | | | | | | |
| Wells Fargo Dynamic Target 2040 Blended Index4 | | – | | | – | | | | – | | | | – | | | | – | | | | – | | | | – | |
| * | | Return is based on the inception date of the Fund’s classes. |
Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance shown without sales charges would be lower if sales charges were reflected. Current performance may be lower or higher than the performance data quoted and assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund’s website, wfam.com.
Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.
For Class A shares, the maximum front-end sales charge is 5.75%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Class R4 and Class R6 shares are sold without a front-end sales charge or contingent deferred sales charge.
|
| Growth of $10,000 investment as of February 28, 20195 |
|
 |
Please see footnotes on page 20.
| | | | |
| 20 | | Target Date Retirement Funds | | Performance highlights (unaudited) |
Dynamic Target 2040 Fund (continued)
| | | | |
| Holdings (%) as of February 28, 20196 | |
| |
Wells Fargo Factor Enhanced Large Cap Portfolio | | | 42.99 | |
| |
Wells Fargo Factor Enhanced International Portfolio | | | 26.48 | |
| |
Wells Fargo Factor Enhanced Small Cap Portfolio | | | 10.75 | |
| |
Wells Fargo Factor Enhanced Emerging Markets Portfolio | | | 7.76 | |
| |
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio | | | 7.73 | |
| |
Wells Fargo Investment Grade Corporate Bond Portfolio | | | 4.02 | |
| |
Wells Fargo High Yield Corporate Bond Portfolio | | | 0.66 | |
| |
Wells Fargo Emerging Markets Bond Portfolio | | | 0.66 | |
| | | | | | | | |
| Allocations (%) as of February 28, 2019 | |
| | | Effective
allocation7 | | | Neutral
allocation | |
| | |
Equity | | | 87 | | | | 87 | |
| | |
Fixed Income | | | 11 | | | | 13 | |
| | |
Effective Cash | | | 2 | | | | 0 | |
| | | | | | | | | | | | |
| Volatility metrics as of February 28, 20198 | |
| | | Beta9 | | | Standard
deviation10 | | | R-squared11 | |
| | | |
Class A | | | 1.00 | | | | 9.14 | % | | | 0.98 | |
| | | |
Class C | | | 1.00 | | | | 9.17 | % | | | 0.98 | |
| | | |
Class R4 | | | 1.00 | | | | 9.17 | % | | | 0.98 | |
| | | |
Class R6 | | | 1.01 | | | | 9.17 | % | | | 0.98 | |
| 1 | Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.52% of acquired fund fees and expenses. Net expenses from affiliated master portfolios are included in the acquired fund fees and expense amount. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which only include net expenses from affiliated master portfolios. |
| 2 | The manager has committed through September 30, 2019, to waive fees and/or reimburse expenses to the extent necessary to cap the expenses of each class after fee waivers at the amounts shown. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the underlying affiliated master portfolios and funds invest and from money market funds, and extraordinary expenses are excluded from the expense cap. All other acquired fund fees and expenses from the affiliated master portfolios and funds are included in the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Without this cap, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
| 3 | The S&P Target Date Index is designed as a benchmark for multi-asset class portfolios with risk profiles that become more conservative over time, corresponding to the target retirement date. This index is representative of the investment opportunity available to investors for the target date horizon, with asset class exposures driven by a survey of available target date funds for that horizon. You cannot invest directly in an index. |
| 4 | Source: Wells Fargo Funds Management, LLC. The Wells Fargo Dynamic Target Blended Index is designed as a benchmark for multi-asset class portfolios with risk profiles that become more conservative over time, corresponding to the target retirement date. The index weightings among the major asset classes are adjusted annually. The inception date of the index is September 21, 2018. Performance results for the periods indicated are not yet available. See Appendix B for additional information. You cannot invest directly in an index. |
| 5 | The chart compares the performance of Class A shares since inception with the S&P Target Date 2040 Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%. |
| 6 | Holdings, excluding cash, cash equivalents and any money market funds, are calculated based on the value of the investments divided by total net assets of the Fund. Holdings are subject to change and may have changed since the date specified. |
| 7 | The effective allocation includes the effect of any tactical futures overlay that may be in place. Effective cash is comprised of the net impact of long and/or short futures contracts held as part of a dynamic risk management strategy. The amounts are subject to change and may have changed since the date specified. |
| 8 | These metrics show the degree and timing of the Fund’s fluctuations compared to S&P Target Date 2040 Index over 36 months. |
| 9 | Beta measures fund volatility relative to general market movements. It is a standardized measure of systematic risk in comparison with a specified index. The benchmark beta is 1.00 by definition. Beta is based on historical performance and does not represent future results. |
| 10 | Standard deviation is the square root of the sum of squared deviations from the mean. It is often used as a measure of volatility, variability, or risk. Standard deviation is based on historical performance and does not represent future results. |
| 11 | R-squared (R2) is a statistical measure that reflects the percentage of a fund’s movements that can be explained by movements in its benchmark index. The measure ranges from 0.0, which means that the fund’s performance bears no relationship to the performance of the index, to 1.0, which means that the fund’s performance was perfectly synchronized with the performance of the benchmark. R2 is based on historical performance and does not represent future results. |
| | | | | | |
| Performance highlights (unaudited) | | Target Date Retirement Funds | | | 21 | |
Dynamic Target 2045 Fund
Average annual total returns (%) as of February 28, 2019
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Including sales charge | | | Excluding sales charge | | | Expense ratios1 (%) | |
| | | Inception date | | 1 year | | | Since
inception | | | 1 year | | | Since
inception | | | Gross | | | Net2 | |
| | | | | | | |
| Class A (WTDGX) | | 11-30-2015 | | | -3.05 | | | | 6.88 | | | | 2.89 | | | | 8.84 | | | | 4.57 | | | | 0.68 | |
| | | | | | | |
| Class C (WTDHX) | | 11-30-2015 | | | 1.14 | | | | 8.01 | | | | 2.14 | | | | 8.01 | | | | 5.32 | | | | 1.43 | |
| | | | | | | |
| Class R4 (WTDJX) | | 11-30-2015 | | | – | | | | – | | | | 3.16 | | | | 9.15 | | | | 4.29 | | | | 0.37 | |
| | | | | | | |
| Class R6 (WTDKX) | | 11-30-2015 | | | – | | | | – | | | | 3.32 | | | | 9.32 | | | | 4.14 | | | | 0.22 | |
| | | | | | | |
| S&P Target Date 2045 Index3 | | – | | | – | | | | – | | | | 1.21 | | | | 8.46 | * | | | – | | | | – | |
| | | | | | | |
| Wells Fargo Dynamic Target 2045 Blended Index4 | | – | | | – | | | | – | | | | – | | | | – | | | | – | | | | – | |
| * | | Return is based on the inception date of the Fund’s classes. |
Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance shown without sales charges would be lower if sales charges were reflected. Current performance may be lower or higher than the performance data quoted and assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund’s website, wfam.com.
Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.
For Class A shares, the maximum front-end sales charge is 5.75%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Class R4 and Class R6 shares are sold without a front-end sales charge or contingent deferred sales charge.
|
| Growth of $10,000 investment as of February 28, 20195 |
|
 |
Please see footnotes on page 22.
| | | | |
| 22 | | Target Date Retirement Funds | | Performance highlights (unaudited) |
Dynamic Target 2045 Fund (continued)
| | | | |
| Holdings (%) as of February 28, 20196 | |
| |
Wells Fargo Factor Enhanced Large Cap Portfolio | | | 45.23 | |
| |
Wells Fargo Factor Enhanced International Portfolio | | | 28.41 | |
| |
Wells Fargo Factor Enhanced Small Cap Portfolio | | | 11.35 | |
| |
Wells Fargo Factor Enhanced Emerging Markets Portfolio | | | 8.30 | |
| |
Wells Fargo Bloomberg Barclays US Aggregateex-Corporate Portfolio | | | 4.70 | |
| |
Wells Fargo Investment Grade Corporate Bond Portfolio | | | 2.45 | |
| |
Wells Fargo High Yield Corporate Bond Portfolio | | | 0.40 | |
| |
Wells Fargo Emerging Markets Bond Portfolio | | | 0.40 | |
| | | | | | | | |
| Allocations (%) as of February 28, 2019 | |
| | | Effective
allocation7 | | | Neutral
allocation | |
| | |
Equity | | | 92 | | | | 92 | |
| | |
Fixed Income | | | 6 | | | | 8 | |
| | |
Effective Cash | | | 2 | | | | 0 | |
| | | | | | | | | | | | |
| Volatility metrics as of February 28, 20198 | |
| | | Beta9 | | | Standard
deviation10 | | | R-squared11 | |
| | | |
Class A | | | 1.01 | | | | 9.49 | % | | | 0.98 | |
| | | |
Class C | | | 1.00 | | | | 9.47 | % | | | 0.98 | |
| | | |
Class R4 | | | 1.00 | | | | 9.43 | % | | | 0.98 | |
| | | |
Class R6 | | | 1.00 | | | | 9.41 | % | | | 0.98 | |
| 1 | Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.53% of acquired fund fees and expenses. Net expenses from affiliated master portfolios are included in the acquired fund fees and expense amount. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which only include net expenses from affiliated master portfolios. |
| 2 | The manager has committed through September 30, 2019, to waive fees and/or reimburse expenses to the extent necessary to cap the expenses of each class after fee waivers at the amounts shown. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the underlying affiliated master portfolios and funds invest and from money market funds, and extraordinary expenses are excluded from the expense cap. All other acquired fund fees and expenses from the affiliated master portfolios and funds are included in the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Without this cap, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
| 3 | The S&P Target Date Index is designed as a benchmark for multi-asset class portfolios with risk profiles that become more conservative over time, corresponding to the target retirement date. This index is representative of the investment opportunity available to investors for the target date horizon, with asset class exposures driven by a survey of available target date funds for that horizon. You cannot invest directly in an index. |
| 4 | Source: Wells Fargo Funds Management, LLC. The Wells Fargo Dynamic Target Blended Index is designed as a benchmark for multi-asset class portfolios with risk profiles that become more conservative over time, corresponding to the target retirement date. The index weightings among the major asset classes are adjusted annually. The inception date of the index is September 21, 2018. Performance results for the periods indicated are not yet available. See Appendix B for additional information. You cannot invest directly in an index. |
| 5 | The chart compares the performance of Class A shares since inception with the S&P Target Date 2045 Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%. |
| 6 | Holdings, excluding cash, cash equivalents and any money market funds, are calculated based on the value of the investments divided by total net assets of the Fund. Holdings are subject to change and may have changed since the date specified. |
| 7 | The effective allocation includes the effect of any tactical futures overlay that may be in place. Effective cash is comprised of the net impact of long and/or short futures contracts held as part of a dynamic risk management strategy. The amounts are subject to change and may have changed since the date specified. |
| 8 | These metrics show the degree and timing of the Fund’s fluctuations compared to S&P Target Date 2045 Index over 36 months. |
| 9 | Beta measures fund volatility relative to general market movements. It is a standardized measure of systematic risk in comparison with a specified index. The benchmark beta is 1.00 by definition. Beta is based on historical performance and does not represent future results. |
| 10 | Standard deviation is the square root of the sum of squared deviations from the mean. It is often used as a measure of volatility, variability, or risk. Standard deviation is based on historical performance and does not represent future results. |
| 11 | R-squared (R2) is a statistical measure that reflects the percentage of a fund’s movements that can be explained by movements in its benchmark index. The measure ranges from 0.0, which means that the fund’s performance bears no relationship to the performance of the index, to 1.0, which means that the fund’s performance was perfectly synchronized with the performance of the benchmark. R2 is based on historical performance and does not represent future results. |
| | | | | | |
| Performance highlights (unaudited) | | Target Date Retirement Funds | | | 23 | |
Dynamic Target 2050 Fund
Average annual total returns (%) as of February 28, 2019
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Including sales charge | | | Excluding sales charge | | | Expense ratios1 (%) | |
| | | Inception date | | 1 year | | | Since
inception | | | 1 year | | | Since
inception | | | Gross | | | Net2 | |
| | | | | | | |
| Class A (WTDLX) | | 11-30-2015 | | | -3.21 | | | | 6.83 | | | | 2.72 | | | | 8.80 | | | | 4.75 | | | | 0.68 | |
| | | | | | | |
| Class C (WTDMX) | | 11-30-2015 | | | 0.94 | | | | 7.97 | | | | 1.94 | | | | 7.97 | | | | 5.50 | | | | 1.43 | |
| | | | | | | |
| Class R4 (WTDOX) | | 11-30-2015 | | | – | | | | – | | | | 3.02 | | | | 9.12 | | | | 4.47 | | | | 0.37 | |
| | | | | | | |
| Class R6 (WTDPX) | | 11-30-2015 | | | – | | | | – | | | | 3.09 | | | | 9.27 | | | | 4.32 | | | | 0.22 | |
| | | | | | | |
| S&P Target Date 2050 Index3 | | – | | | – | | | | – | | | | 1.15 | | | | 8.66 | * | | | – | | | | – | |
| | | | | | | |
| Wells Fargo Dynamic Target 2050 Blended Index4 | | – | | | – | | | | – | | | | – | | | | – | | | | – | | | | – | |
| * | | Return is based on the inception date of the Fund’s classes. |
Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance shown without sales charges would be lower if sales charges were reflected. Current performance may be lower or higher than the performance data quoted and assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund’s website, wfam.com.
Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.
For Class A shares, the maximum front-end sales charge is 5.75%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Class R4 and Class R6 shares are sold without a front-end sales charge or contingent deferred sales charge.
|
| Growth of $10,000 investment as of February 28, 20195 |
|
 |
Please see footnotes on page 24.
| | | | |
| 24 | | Target Date Retirement Funds | | Performance highlights (unaudited) |
Dynamic Target 2050 Fund (continued)
| | | | |
| Holdings (%) as of February 28, 20196 | |
| |
Wells Fargo Factor Enhanced Large Cap Portfolio | | | 46.71 | |
| |
Wells Fargo Factor Enhanced International Portfolio | | | 29.58 | |
| |
Wells Fargo Factor Enhanced Small Cap Portfolio | | | 11.71 | |
| |
Wells Fargo Factor Enhanced Emerging Markets Portfolio | | | 8.63 | |
| |
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio | | | 2.95 | |
| |
Wells Fargo Investment Grade Corporate Bond Portfolio | | | 1.54 | |
| |
Wells Fargo High Yield Corporate Bond Portfolio | | | 0.25 | |
| |
Wells Fargo Emerging Markets Bond Portfolio | | | 0.25 | |
| | | | | | | | |
| Allocations (%) as of February 28, 2019 | |
| | | Effective
allocation7 | | | Neutral
allocation | |
| | |
Equity | | | 95 | | | | 95 | |
| | |
Fixed Income | | | 3 | | | | 5 | |
| | |
Effective Cash | | | 2 | | | | 0 | |
| | | | | | | | | | | | |
| Volatility metrics as of February 28, 20198 | |
| | | Beta9 | | | Standard
deviation10 | | | R-squared11 | |
| | | |
Class A | | | 0.99 | | | | 9.61 | % | | | 0.98 | |
| | | |
Class C | | | 0.99 | | | | 9.59 | % | | | 0.98 | |
| | | |
Class R4 | | | 0.98 | | | | 9.54 | % | | | 0.98 | |
| | | |
Class R6 | | | 0.99 | | | | 9.58 | % | | | 0.98 | |
| 1 | Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.53% of acquired fund fees and expenses. Net expenses from affiliated master portfolios are included in the acquired fund fees and expense amount. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which only include net expenses from affiliated master portfolios. |
| 2 | The manager has committed through September 30, 2019, to waive fees and/or reimburse expenses to the extent necessary to cap the expenses of each class after fee waivers at the amounts shown. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the underlying affiliated master portfolios and funds invest and from money market funds, and extraordinary expenses are excluded from the expense cap. All other acquired fund fees and expenses from the affiliated master portfolios and funds are included in the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Without this cap, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
| 3 | The S&P Target Date Index is designed as a benchmark for multi-asset class portfolios with risk profiles that become more conservative over time, corresponding to the target retirement date. This index is representative of the investment opportunity available to investors for the target date horizon, with asset class exposures driven by a survey of available target date funds for that horizon. You cannot invest directly in an index. |
| 4 | Source: Wells Fargo Funds Management, LLC. The Wells Fargo Dynamic Target Blended Index is designed as a benchmark for multi-asset class portfolios with risk profiles that become more conservative over time, corresponding to the target retirement date. The index weightings among the major asset classes are adjusted annually. The inception date of the index is September 21, 2018. Performance results for the periods indicated are not yet available. See Appendix B for additional information. You cannot invest directly in an index. |
| 5 | The chart compares the performance of Class A shares since inception with the S&P Target Date 2050 Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%. |
| 6 | Holdings, excluding cash, cash equivalents and any money market funds, are calculated based on the value of the investments divided by total net assets of the Fund. Holdings are subject to change and may have changed since the date specified. |
| 7 | The effective allocation includes the effect of any tactical futures overlay that may be in place. Effective cash is comprised of the net impact of long and/or short futures contracts held as part of a dynamic risk management strategy. The amounts are subject to change and may have changed since the date specified. |
| 8 | These metrics show the degree and timing of the Fund’s fluctuations compared to S&P Target Date 2050 Index over 36 months. |
| 9 | Beta measures fund volatility relative to general market movements. It is a standardized measure of systematic risk in comparison with a specified index. The benchmark beta is 1.00 by definition. Beta is based on historical performance and does not represent future results. |
| 10 | Standard deviation is the square root of the sum of squared deviations from the mean. It is often used as a measure of volatility, variability, or risk. Standard deviation is based on historical performance and does not represent future results. |
| 11 | R-squared (R2) is a statistical measure that reflects the percentage of a fund’s movements that can be explained by movements in its benchmark index. The measure ranges from 0.0, which means that the fund’s performance bears no relationship to the performance of the index, to 1.0, which means that the fund’s performance was perfectly synchronized with the performance of the benchmark. R2 is based on historical performance and does not represent future results. |
| | | | | | |
| Performance highlights (unaudited) | | Target Date Retirement Funds | | | 25 | |
Dynamic Target 2055 Fund
Average annual total returns (%) as of February 28, 2019
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Including sales charge | | | Excluding sales charge | | | Expense ratios1 (%) | |
| | | Inception date | | 1 year | | | Since
inception | | | 1 year | | | Since
inception | | | Gross | | | Net2 | |
| | | | | | | |
| Class A (WTDQX) | | 11-30-2015 | | | -3.20 | | | | 6.82 | | | | 2.72 | | | | 8.79 | | | | 4.66 | | | | 0.68 | |
| | | | | | | |
| Class C (WTDRX) | | 11-30-2015 | | | 0.86 | | | | 7.96 | | | | 1.86 | | | | 7.96 | | | | 5.41 | | | | 1.43 | |
| | | | | | | |
| Class R4 (WTDTX) | | 11-30-2015 | | | – | | | | – | | | | 3.02 | | | | 9.11 | | | | 4.38 | | | | 0.37 | |
| | | | | | | |
| Class R6 (WTDUX) | | 11-30-2015 | | | – | | | | – | | | | 3.13 | | | | 9.27 | | | | 4.23 | | | | 0.22 | |
| | | | | | | |
| S&P Target Date 2055 Index3 | | – | | | – | | | | – | | | | 1.09 | | | | 8.79 | * | | | – | | | | – | |
| | | | | | | |
| Wells Fargo Dynamic Target 2055 Blended Index4 | | – | | | – | | | | – | | | | – | | | | – | | | | – | | | | – | |
| * | | Return is based on the inception date of the Fund’s classes. |
Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance shown without sales charges would be lower if sales charges were reflected. Current performance may be lower or higher than the performance data quoted and assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund’s website,wfam.com.
Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.
For Class A shares, the maximum front-end sales charge is 5.75%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Class R4 and Class R6 shares are sold without a front-end sales charge or contingent deferred sales charge.
|
| Growth of $10,000 investment as of February 28, 20195 |
|
 |
Please see footnotes on page 26.
| | | | |
| 26 | | Target Date Retirement Funds | | Performance highlights (unaudited) |
Dynamic Target 2055 Fund (continued)
| | | | |
| Holdings (%) as of February 28, 20196 | |
| |
Wells Fargo Factor Enhanced Large Cap Portfolio | | | 46.55 | |
| |
Wells Fargo Factor Enhanced International Portfolio | | | 29.48 | |
| |
Wells Fargo Factor Enhanced Small Cap Portfolio | | | 11.67 | |
| |
Wells Fargo Factor Enhanced Emerging Markets Portfolio | | | 8.60 | |
| |
Wells Fargo Bloomberg Barclays US Aggregateex-Corporate Portfolio | | | 2.94 | |
| |
Wells Fargo Investment Grade Corporate Bond Portfolio | | | 1.53 | |
| |
Wells Fargo High Yield Corporate Bond Portfolio | | | 0.25 | |
| |
Wells Fargo Emerging Markets Bond Portfolio | | | 0.25 | |
| | | | | | | | |
| Allocations (%) as of February 28, 2019 | |
| | | Effective
allocation7 | | | Neutral
allocation | |
| | |
Equity | | | 95 | | | | 95 | |
| | |
Fixed Income | | | 3 | | | | 5 | |
| | |
Effective Cash | | | 2 | | | | 0 | |
| | | | | | | | | | | | |
| Volatility metrics as of February 28, 20198 | |
| | | Beta9 | | | Standard
deviation10 | | | R-squared11 | |
| | | |
Class A | | | 0.98 | | | | 9.57 | % | | | 0.98 | |
| | | |
Class C | | | 0.98 | | | | 9.57 | % | | | 0.98 | |
| | | |
Class R4 | | | 0.98 | | | | 9.58 | % | | | 0.98 | |
| | | |
Class R6 | | | 0.98 | | | | 9.57 | % | | | 0.98 | |
| 1 | Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.53% of acquired fund fees and expenses. Net expenses from affiliated master portfolios are included in the acquired fund fees and expense amount. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which only include net expenses from affiliated master portfolios. |
| 2 | The manager has committed through September 30, 2019, to waive fees and/or reimburse expenses to the extent necessary to cap the expenses of each class after fee waivers at the amounts shown. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the underlying affiliated master portfolios and funds invest and from money market funds, and extraordinary expenses are excluded from the expense cap. All other acquired fund fees and expenses from the affiliated master portfolios and funds are included in the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Without this cap, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
| 3 | The S&P Target Date Index is designed as a benchmark for multi-asset class portfolios with risk profiles that become more conservative over time, corresponding to the target retirement date. This index is representative of the investment opportunity available to investors for the target date horizon, with asset class exposures driven by a survey of available target date funds for that horizon. You cannot invest directly in an index. |
| 4 | Source: Wells Fargo Funds Management, LLC. The Wells Fargo Dynamic Target Blended Index is designed as a benchmark for multi-asset class portfolios with risk profiles that become more conservative over time, corresponding to the target retirement date. The index weightings among the major asset classes are adjusted annually. The inception date of the index is September 21, 2018. Performance results for the periods indicated are not yet available. See Appendix B for additional information. You cannot invest directly in an index. |
| 5 | The chart compares the performance of Class A shares since inception with the S&P Target Date 2055 Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%. |
| 6 | Holdings, excluding cash, cash equivalents and any money market funds, are calculated based on the value of the investments divided by total net assets of the Fund. Holdings are subject to change and may have changed since the date specified. |
| 7 | The effective allocation includes the effect of any tactical futures overlay that may be in place. Effective cash is comprised of the net impact of long and/or short futures contracts held as part of a dynamic risk management strategy. The amounts are subject to change and may have changed since the date specified. |
| 8 | These metrics show the degree and timing of the Fund’s fluctuations compared to S&P Target Date 2055 Index over 36 months. |
| 9 | Beta measures fund volatility relative to general market movements. It is a standardized measure of systematic risk in comparison with a specified index. The benchmark beta is 1.00 by definition. Beta is based on historical performance and does not represent future results. |
| 10 | Standard deviation is the square root of the sum of squared deviations from the mean. It is often used as a measure of volatility, variability, or risk. Standard deviation is based on historical performance and does not represent future results. |
| 11 | R-squared (R2) is a statistical measure that reflects the percentage of a fund’s movements that can be explained by movements in its benchmark index. The measure ranges from 0.0, which means that the fund’s performance bears no relationship to the performance of the index, to 1.0, which means that the fund’s performance was perfectly synchronized with the performance of the benchmark. R2 is based on historical performance and does not represent future results. |
| | | | | | |
| Performance highlights (unaudited) | | Target Date Retirement Funds | | | 27 | |
Dynamic Target 2060 Fund
Average annual total returns (%) as of February 28, 2019
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Including Sales Charge | | | Excluding Sales Charge | | | | | | Expense ratio1 (%) | |
| | | Inception date | | 1 year | | | Since
Inception | | | 1 year | | | Since
Inception | | | | | | Gross | | | Net2 | |
| | | | | | | | |
| Class A (WTDVX) | | 11-30-2015 | | | -3.18 | | | | 6.87 | | | | 2.75 | | | | 8.84 | | | | | | | | 4.72 | | | | 0.68 | |
| | | | | | | | |
| Class C (WTDWX) | | 11-30-2015 | | | 0.87 | | | | 8.01 | | | | 1.87 | | | | 8.01 | | | | | | | | 5.47 | | | | 1.43 | |
| | | | | | | | |
| Class R4 (WTDZX) | | 11-30-2015 | | | – | | | | – | | | | 2.95 | | | | 9.16 | | | | | | | | 4.44 | | | | 0.37 | |
| | | | | | | | |
| Class R6 (WTSZX) | | 11-30-2015 | | | – | | | | – | | | | 3.21 | | | | 9.34 | | | | | | | | 4.29 | | | | 0.22 | |
| | | | | | | | |
| S&P Target Date 2055 Index3 | | – | | | – | | | | – | | | | 1.09 | | | | 8.79 | * | | | | | | | – | | | | – | |
| | | | | | | | |
| S&P Target Date 2060+ Index3** | | – | | | – | | | | – | | | | 1.13 | | | | – | | | | | | | | – | | | | – | |
| | | | | | | | |
| Wells Fargo Dynamic Target 2060 Blended Index4 | | – | | | – | | | | – | | | | – | | | | – | | | | | | | | – | | | | – | |
| * | | Return is based on the inception date of the Fund’s classes. |
| ** | | The inception date of the index is May 31, 2016. |
Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance shown without sales charges would be lower if sales charges were reflected. Current performance may be lower or higher than the performance data quoted and assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund’s website,wfam.com.
Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.
For Class A shares, the maximum front-end sales charge is 5.75%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Class R4 and Class R6 shares are sold without a front-end sales charge or contingent deferred sales charge.
|
| Growth of $10,000 investment as of February 28, 20195 |
|
 |
Please see footnotes on page 28.
| | | | |
| 28 | | Target Date Retirement Funds | | Performance highlights (unaudited) |
Dynamic Target 2060 Fund (continued)
| | | | |
| Holdings (%) as of February 28, 20196 | |
| |
Wells Fargo Factor Enhanced Large Cap Portfolio | | | 46.70 | |
| |
Wells Fargo Factor Enhanced International Portfolio | | | 29.55 | |
| |
Wells Fargo Factor Enhanced Small Cap Portfolio | | | 11.71 | |
| |
Wells Fargo Factor Enhanced Emerging Markets Portfolio | | | 8.62 | |
| |
Wells Fargo Bloomberg Barclays US Aggregateex-Corporate Portfolio | | | 2.95 | |
| |
Wells Fargo Investment Grade Corporate Bond Portfolio | | | 1.53 | |
| |
Wells Fargo High Yield Corporate Bond Portfolio | | | 0.25 | |
| |
Wells Fargo Emerging Markets Bond Portfolio | | | 0.25 | |
| | | | | | | | |
| Allocations (%) as of February 28, 2019 | |
| | | Effective
allocation7 | | | Neutral
allocation | |
| | |
Equity | | | 95 | | | | 95 | |
| | |
Fixed Income | | | 3 | | | | 5 | |
| | |
Effective Cash | | | 2 | | | | 0 | |
| 1 | Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.53% of acquired fund fees and expenses. Net expenses from affiliated master portfolios are included in the acquired fund fees and expense amount. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which only include net expenses from affiliated master portfolios. |
| 2 | The manager has committed through September 30, 2019, to waive fees and/or reimburse expenses to the extent necessary to cap the expenses of each class after fee waivers at the amounts shown. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the underlying affiliated master portfolios and funds invest and from money market funds, and extraordinary expenses are excluded from the expense cap. All other acquired fund fees and expenses from the affiliated master portfolios and funds are included in the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Without this cap, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
| 3 | The S&P Target Date Index is designed as a benchmark for multi-asset class portfolios with risk profiles that become more conservative over time, corresponding to the target retirement date. This index is representative of the investment opportunity available to investors for the target date horizon, with asset class exposures driven by a survey of available target date funds for that horizon. You cannot invest directly in an index. |
| 4 | Source: Wells Fargo Funds Management, LLC. The Wells Fargo Dynamic Target Blended Index is designed as a benchmark for multi-asset class portfolios with risk profiles that become more conservative over time, corresponding to the target retirement date. The index weightings among the major asset classes are adjusted annually. The inception date of the index is September 21, 2018. Performance results for the periods indicated are not yet available. See Appendix B for additional information. You cannot invest directly in an index. |
| 5 | The chart compares the performance of Class A shares since inception with the S&P Target Date 2060+ Index. The performance shown for the S&P Target Date 2060+ Index represents the returns of the S&P Target Date 2055 Index from 11/30/2015 to 4/30/2016 and the S&P Target Date 2060+ Index from 5/1/2016 (index inception date) through period end. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%. |
| 6 | Holdings, excluding cash, cash equivalents and any money market funds, are calculated based on the value of the investments divided by total net assets of the Fund. Holdings are subject to change and may have changed since the date specified. |
| 7 | The effective allocation includes the effect of any tactical futures overlay that may be in place. Effective cash is comprised of the net impact of long and/or short futures contracts held as part of a dynamic risk management strategy. The amounts are subject to change and may have changed since the date specified. |
| | | | | | |
| Performance highlights (unaudited) | | Target Date Retirement Funds | | | 29 | |
MANAGER’S DISCUSSION
Highlights
The Wells Fargo Dynamic Target Date Funds seek to manage the asset allocation and risk profile of multi-asset-class funds for investors as they save for their target retirement date. The strategic asset allocations are designed with the goal of providing high levels of diversification across equity and fixed-income investments. Our approach to portfolio construction helps investors make more aggressive allocations when they may be most beneficial while remaining diversified to manage risks during bear markets. In September 2018, we introduced a number of factor-based equity strategies and passively managed fixed-income strategies into the Funds. The results over the period have contributed positively to performance.
The portfolio management team employs three levers as it seeks to manage investment risk.
The Dynamic Target Date Funds portfolio management team incorporates three levers as it seeks to manage investment risk over each Fund’s investment time horizon: tactical asset allocation, volatility management, and tail risk management. Tactical asset allocation, a futures overlay, uses timely shifts toward assets with higher expected returns and is driven by the market outlook of the Wells Fargo Multi-Asset Solutions team. Volatility management reduces exposure to risk assets in high-volatility markets and adds risk assets in low-volatility markets. Tail risk management uses institutional hedging techniques in an effort to mitigate risk during severe market downturns when a portfolio’s value falls to a specific level. Together, volatility management and tail risk management comprise the Funds’ Dynamic Risk Hedging (DRH) strategy.
During the period, tactical asset allocation benefited all Funds and DRH reduced the Funds’ volatility.
This report is for a nine-month period from May 31, 2018, through February 28, 2019, reflecting a change in the annual fiscal year-end for the Dynamic Target Date Funds. For the nine-month period that ended February 28, 2019, each Wells Fargo Dynamic Target Date Fund posted positive returns before expenses. The near-dated Funds generated slightly higher absolute returns due to their higher fixed-income allocations.
Eleven funds—each offering four share classes, including two classes with sales charges—comprise the Dynamic Target Date Funds series. For the nine-month period that ended February 28, 2019, all classes of the Dynamic Target Date Funds outperformed their S&P Target Date Indices before sales charges. In general, the benchmark relative performance tended to be higher for the longer-dated Funds. Those Funds have a higher allocation to equity investments, which tended to outperform over this period. As a whole, the Funds’ underlying allocations contributed positively to performance. Domestic assets, both stocks and bonds, tended to have stronger performance than did foreign stocks and bonds.
Over the period, tactical asset allocation activities executed within the Funds contributed positively to performance. Based upon market optimism and our belief that interest rates were going to rise, the Funds started the period with a short position in 10-year U.S. Treasuries futures contracts and a long position in S&P 500 Index1 futures. The Treasury futures position was closed out in October; it was reestablished in late December and remained in effect until the end of the period. The long S&P 500 position was trimmed in September. Near the market lows in December, we increased the size of the position and realized gains in the first week of February 2019
The DRH overlay detracted from performance during the period. This is expected during periods of market declines that are not of an extended duration. During the period of heightened market volatility in December 2018, the DRH overlay was hedged as much as 22.9% of the portfolios’ equity exposures.
Global macroeconomic conditions continue to be supportive for slow growth.
Risky assets experienced significant volatility late in 2018 but managed a significant rebound in January and February 2019. Our view is that while growth in 2019 may slow from its near 3% pace in 2018, it is unlikely that we will see a recession in the U.S. over the next year. As with most things, our view on this could change with the data and we continue to vigilantly monitor the situation. The fundamentals are in place for continued, yet slower, economic growth. Corporate earnings in the U.S. are quite sound. We anticipate receiving reports of strong consumer spending in the fourth quarter, which should prove to be just what the economy needs to extend growth.
| 1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock’s weight in the index proportionate to its market value. You cannot invest directly in an index. |
| | | | |
| 30 | | Target Date Retirement Funds | | Fund expenses (unaudited) |
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (if any) on redemptions and (2) ongoing costs, including management fees, distribution (12b-1) and/or shareholder servicing fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the
entire period from September 1, 2018 to February 28, 2019.
Actual expenses
The “Actual” line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the “Actual” line under the heading entitled “Expenses paid during period” for your applicable class of shares to estimate the expenses you paid on your account during this period.
Hypothetical example for comparison purposes
The “Hypothetical” line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) and contingent deferred sales charges. Therefore, the “Hypothetical” line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| | | | | | | | | | | | | | | | |
| Dynamic Target Today Fund | | Beginning
account value
9-1-2018 | | | Ending
account value
2-28-2019 | | | Expenses
paid during
the period¹ | | | Annualized net
expense ratio | |
Class A | | | | | | | | | | | | | | | | |
| | | | |
Actual | | $ | 1,000.00 | | | $ | 1,008.35 | | | $ | 2.96 | | | | 0.59 | % |
| | | | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,021.85 | | | $ | 2.97 | | | | 0.59 | % |
Class C | | | | | | | | | | | | | | | | |
| | | | |
Actual | | $ | 1,000.00 | | | $ | 1,005.48 | | | $ | 6.68 | | | | 1.34 | % |
| | | | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,018.13 | | | $ | 6.72 | | | | 1.34 | % |
Class R4 | | | | | | | | | | | | | | | | |
| | | | |
Actual | | $ | 1,000.00 | | | $ | 1,010.84 | | | $ | 1.48 | | | | 0.30 | % |
| | | | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,023.32 | | | $ | 1.49 | | | | 0.30 | % |
Class R6 | | | | | | | | | | | | | | | | |
| | | | |
Actual | | $ | 1,000.00 | | | $ | 1,010.62 | | | $ | 0.74 | | | | 0.15 | % |
| | | | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,024.06 | | | $ | 0.74 | | | | 0.15 | % |
| 1 | Expenses paid is equal to the annualized net expense ratio of each class multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year (to reflect the one-half-year period). |
| | | | | | |
| Fund expenses (unaudited) | | Target Date Retirement Funds | | | 31 | |
| | | | | | | | | | | | | | | | |
| Dynamic Target 2015 Fund | | Beginning
account value
9-1-2018 | | | Ending
account value
2-28-2019 | | | Expenses
paid during
the period¹ | | | Annualized net
expense ratio | |
Class A | | | | | | | | | | | | | | | | |
| | | | |
Actual | | $ | 1,000.00 | | | $ | 1,003.65 | | | $ | 3.01 | | | | 0.61 | % |
| | | | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,021.79 | | | $ | 3.04 | | | | 0.61 | % |
Class C | | | | | | | | | | | | | | | | |
| | | | |
Actual | | $ | 1,000.00 | | | $ | 1,000.09 | | | $ | 6.71 | | | | 1.35 | % |
| | | | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,018.08 | | | $ | 6.77 | | | | 1.35 | % |
Class R4 | | | | | | | | | | | | | | | | |
| | | | |
Actual | | $ | 1,000.00 | | | $ | 1,005.78 | | | $ | 1.51 | | | | 0.30 | % |
| | | | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,023.29 | | | $ | 1.52 | | | | 0.30 | % |
Class R6 | | | | | | | | | | | | | | | | |
| | | | |
Actual | | $ | 1,000.00 | | | $ | 1,005.65 | | | $ | 0.77 | | | | 0.15 | % |
| | | | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,024.03 | | | $ | 0.77 | | | | 0.15 | % |
| Dynamic Target 2020 Fund | | | | | | | | | | | | |
Class A | | | | | | | | | | | | | | | | |
| | | | |
Actual | | $ | 1,000.00 | | | $ | 1,002.77 | | | $ | 2.96 | | | | 0.60 | % |
| | | | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,021.84 | | | $ | 2.99 | | | | 0.60 | % |
Class C | | | | | | | | | | | | | | | | |
| | | | |
Actual | | $ | 1,000.00 | | | $ | 1,004.84 | | | $ | 6.74 | | | | 1.36 | % |
| | | | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,018.05 | | | $ | 6.78 | | | | 1.36 | % |
Class R4 | | | | | | | | | | | | | | | | |
| | | | |
Actual | | $ | 1,000.00 | | | $ | 1,004.52 | | | $ | 1.52 | | | | 0.31 | % |
| | | | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,023.28 | | | $ | 1.53 | | | | 0.31 | % |
Class R6 | | | | | | | | | | | | | | | | |
| | | | |
Actual | | $ | 1,000.00 | | | $ | 1,004.32 | | | $ | 0.78 | | | | 0.16 | % |
| | | | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,024.02 | | | $ | 0.79 | | | | 0.16 | % |
| Dynamic Target 2025 Fund | | | | | | | | | | | | |
Class A | | | | | | | | | | | | | | | | |
| | | | |
Actual | | $ | 1,000.00 | | | $ | 994.42 | | | $ | 2.92 | | | | 0.59 | % |
| | | | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,021.87 | | | $ | 2.96 | | | | 0.59 | % |
Class C | | | | | | | | | | | | | | | | |
| | | | |
Actual | | $ | 1,000.00 | �� | | $ | 991.10 | | | $ | 6.63 | | | | 1.34 | % |
| | | | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,018.13 | | | $ | 6.72 | | | | 1.34 | % |
Class R4 | | | | | | | | | | | | | | | | |
| | | | |
Actual | | $ | 1,000.00 | | | $ | 995.61 | | | $ | 1.45 | | | | 0.29 | % |
| | | | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,023.34 | | | $ | 1.47 | | | | 0.29 | % |
Class R6 | | | | | | | | | | | | | | | | |
| | | | |
Actual | | $ | 1,000.00 | | | $ | 996.46 | | | $ | 0.71 | | | | 0.14 | % |
| | | | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,024.08 | | | $ | 0.72 | | | | 0.14 | % |
| 1 | Expenses paid is equal to the annualized net expense ratio of each class multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year (to reflect the one-half-year period). |
| | | | |
| 32 | | Target Date Retirement Funds | | Fund expenses (unaudited) |
| | | | | | | | | | | | | | | | |
| Dynamic Target 2030 Fund | | Beginning
account value
9-1-2018 | | | Ending
account value
2-28-2019 | | | Expenses
paid during
the period¹ | | | Annualized net
expense ratio | |
Class A | | | | | | | | | | | | | | | | |
| | | | |
Actual | | $ | 1,000.00 | | | $ | 992.92 | | | $ | 2.90 | | | | 0.59 | % |
| | | | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,021.88 | | | $ | 2.94 | | | | 0.59 | % |
Class C | | | | | | | | | | | | | | | | |
| | | | |
Actual | | $ | 1,000.00 | | | $ | 994.32 | | | $ | 6.54 | | | | 1.32 | % |
| | | | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,018.23 | | | $ | 6.62 | | | | 1.32 | % |
Class R4 | | | | | | | | | | | | | | | | |
| | | | |
Actual | | $ | 1,000.00 | | | $ | 994.15 | | | $ | 1.43 | | | | 0.29 | % |
| | | | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,023.36 | | | $ | 1.45 | | | | 0.29 | % |
Class R6 | | | | | | | | | | | | | | | | |
| | | | |
Actual | | $ | 1,000.00 | | | $ | 994.04 | | | $ | 0.69 | | | | 0.14 | % |
| | | | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,024.10 | | | $ | 0.70 | | | | 0.14 | % |
| Dynamic Target 2035 Fund | | | | | | | | | | | | |
Class A | | | | | | | | | | | | | | | | |
| | | | |
Actual | | $ | 1,000.00 | | | $ | 991.32 | | | $ | 2.86 | | | | 0.58 | % |
| | | | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,021.93 | | | $ | 2.90 | | | | 0.58 | % |
Class C | | | | | | | | | | | | | | | | |
| | | | |
Actual | | $ | 1,000.00 | | | $ | 987.28 | | | $ | 6.56 | | | | 1.33 | % |
| | | | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,018.19 | | | $ | 6.67 | | | | 1.33 | % |
Class R4 | | | | | | | | | | | | | | | | |
| | | | |
Actual | | $ | 1,000.00 | | | $ | 992.70 | | | $ | 1.40 | | | | 0.28 | % |
| | | | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,023.39 | | | $ | 1.42 | | | | 0.28 | % |
Class R6 | | | | | | | | | | | | | | | | |
| | | | |
Actual | | $ | 1,000.00 | | | $ | 993.43 | | | $ | 0.66 | | | | 0.13 | % |
| | | | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,024.13 | | | $ | 0.67 | | | | 0.13 | % |
| Dynamic Target 2040 Fund | | | | | | | | | | | | |
Class A | | | | | | | | | | | | | | | | |
| | | | |
Actual | | $ | 1,000.00 | | | $ | 986.80 | | | $ | 3.08 | | | | 0.63 | % |
| | | | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,021.69 | | | $ | 3.14 | | | | 0.63 | % |
Class C | | | | | | | | | | | | | | | | |
| | | | |
Actual | | $ | 1,000.00 | | | $ | 983.51 | | | $ | 6.76 | | | | 1.37 | % |
| | | | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,017.98 | | | $ | 6.88 | | | | 1.37 | % |
Class R4 | | | | | | | | | | | | | | | | |
| | | | |
Actual | | $ | 1,000.00 | | | $ | 989.90 | | | $ | 1.60 | | | | 0.32 | % |
| | | | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,023.18 | | | $ | 1.63 | | | | 0.32 | % |
Class R6 | | | | | | | | | | | | | | | | |
| | | | |
Actual | | $ | 1,000.00 | | | $ | 989.63 | | | $ | 0.87 | | | | 0.18 | % |
| | | | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,023.92 | | | $ | 0.88 | | | | 0.18 | % |
| 1 | Expenses paid is equal to the annualized net expense ratio of each class multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year (to reflect the one-half-year period). |
| | | | | | |
| Fund expenses (unaudited) | | Target Date Retirement Funds | | | 33 | |
| | | | | | | | | | | | | | | | |
| Dynamic Target 2045 Fund | | Beginning
account value
9-1-2018 | | | Ending
account value
2-28-2019 | | | Expenses
paid during
the period¹ | | | Annualized net
expense ratio | |
Class A | | | | | | | | | | | | | | | | |
| | | | |
Actual | | $ | 1,000.00 | | | $ | 984.50 | | | $ | 2.93 | | | | 0.60 | % |
| | | | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,021.84 | | | $ | 2.99 | | | | 0.60 | % |
Class C | | | | | | | | | | | | | | | | |
| | | | |
Actual | | $ | 1,000.00 | | | $ | 980.51 | | | $ | 6.61 | | | | 1.35 | % |
| | | | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,018.12 | | | $ | 6.74 | | | | 1.35 | % |
Class R4 | | | | | | | | | | | | | | | | |
| | | | |
Actual | | $ | 1,000.00 | | | $ | 984.84 | | | $ | 1.46 | | | | 0.30 | % |
| | | | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,023.32 | | | $ | 1.49 | | | | 0.30 | % |
Class R6 | | | | | | | | | | | | | | | | |
| | | | |
Actual | | $ | 1,000.00 | | | $ | 986.35 | | | $ | 0.73 | | | | 0.15 | % |
| | | | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,024.06 | | | $ | 0.74 | | | | 0.15 | % |
| Dynamic Target 2050 Fund | | | | | | | | | | | | |
Class A | | | | | | | | | | | | | | | | |
| | | | |
Actual | | $ | 1,000.00 | | | $ | 982.06 | | | $ | 2.81 | | | | 0.57 | % |
| | | | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,021.96 | | | $ | 2.87 | | | | 0.57 | % |
Class C | | | | | | | | | | | | | | | | |
| | | | |
Actual | | $ | 1,000.00 | | | $ | 984.03 | | | $ | 6.50 | | | | 1.32 | % |
| | | | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,018.24 | | | $ | 6.61 | | | | 1.32 | % |
Class R4 | | | | | | | | | | | | | | | | |
| | | | |
Actual | | $ | 1,000.00 | | | $ | 983.48 | | | $ | 1.34 | | | | 0.27 | % |
| | | | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,023.45 | | | $ | 1.36 | | | | 0.27 | % |
Class R6 | | | | | | | | | | | | | | | | |
| | | | |
Actual | | $ | 1,000.00 | | | $ | 983.44 | | | $ | 0.61 | | | | 0.12 | % |
| | | | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,024.18 | | | $ | 0.62 | | | | 0.12 | % |
| Dynamic Target 2055 Fund | | | | | | | | | | | | |
Class A | | | | | | | | | | | | | | | | |
| | | | |
Actual | | $ | 1,000.00 | | | $ | 981.33 | | | $ | 2.95 | | | | 0.60 | % |
| | | | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,021.82 | | | $ | 3.01 | | | | 0.60 | % |
Class C | | | | | | | | | | | | | | | | |
| | | | |
Actual | | $ | 1,000.00 | | | $ | 977.79 | | | $ | 6.60 | | | | 1.35 | % |
| | | | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,018.12 | | | $ | 6.73 | | | | 1.35 | % |
Class R4 | | | | | | | | | | | | | | | | |
| | | | |
Actual | | $ | 1,000.00 | | | $ | 982.63 | | | $ | 1.45 | | | | 0.30 | % |
| | | | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,023.33 | | | $ | 1.48 | | | | 0.30 | % |
Class R6 | | | | | | | | | | | | | | | | |
| | | | |
Actual | | $ | 1,000.00 | | | $ | 983.78 | | | $ | 0.72 | | | | 0.15 | % |
| | | | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,024.07 | | | $ | 0.74 | | | | 0.15 | % |
| 1 | Expenses paid is equal to the annualized net expense ratio of each class multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year (to reflect the one-half-year period). |
| | | | |
| 34 | | Target Date Retirement Funds | | Fund expenses (unaudited) |
| | | | | | | | | | | | | | | | |
| Dynamic Target 2060 Fund | | Beginning
account value
9-1-2018 | | | Ending
account value
2-28-2019 | | | Expenses
paid during
the period¹ | | | Annualized net
expense ratio | |
Class A | | | | | | | | | | | | | | | | |
| | | | |
Actual | | $ | 1,000.00 | | | $ | 981.56 | | | $ | 2.75 | | | | 0.56 | % |
| | | | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,022.02 | | | $ | 2.81 | | | | 0.56 | % |
Class C | | | | | | | | | | | | | | | | |
| | | | |
Actual | | $ | 1,000.00 | | | $ | 977.10 | | | $ | 6.49 | | | | 1.32 | % |
| | | | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,018.23 | | | $ | 6.62 | | | | 1.32 | % |
Class R4 | | | | | | | | | | | | | | | | |
| | | | |
Actual | | $ | 1,000.00 | | | $ | 982.81 | | | $ | 1.35 | | | | 0.27 | % |
| | | | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,023.44 | | | $ | 1.37 | | | | 0.27 | % |
Class R6 | | | | | | | | | | | | | | | | |
| | | | |
Actual | | $ | 1,000.00 | | | $ | 983.78 | | | $ | 0.61 | | | | 0.12 | % |
| | | | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,024.18 | | | $ | 0.63 | | | | 0.12 | % |
| 1 | Expenses paid is equal to the annualized net expense ratio of each class multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year (to reflect the one-half-year period). |
| | | | | | |
| Portfolio of investments—February 28, 2019 | | Target Date Retirement Funds | | | 35 | |
DYNAMIC TARGET TODAY FUND
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | | | | Value | |
| | | | |
Investment Companies: 101.07% | | | | | | | | | | | | | | | | |
| | | | |
| Affiliated Master Portfolios: 101.07% | | | | | | | | | | | | | | | | |
| | | | |
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio | | | | | | | | | | | | | | $ | 1,596,119 | |
| | | | |
Wells Fargo Emerging Markets Bond Portfolio | | | | | | | | | | | | | | | 137,435 | |
| | | | |
Wells Fargo Factor Enhanced Emerging Markets Portfolio | | | | | | | | | | | | | | | 159,614 | |
| | | | |
Wells Fargo Factor Enhanced International Portfolio | | | | | | | | | | | | | | | 545,009 | |
| | | | |
Wells Fargo Factor Enhanced Large Cap Portfolio | | | | | | | | | | | | | | | 1,058,699 | |
| | | | |
Wells Fargo Factor Enhanced Small Cap Portfolio | | | | | | | | | | | | | | | 262,968 | |
| | | | |
Wells Fargo High Yield Corporate Bond Portfolio | | | | | | | | | | | | | | | 137,986 | |
| | | | |
Wells Fargo Investment Grade Corporate Bond Portfolio | | | | | | | | | | | | | | | 831,045 | |
| | | | |
Wells Fargo Strategic Retirement Bond Portfolio | | | | | | | | | | | | | | | 540,283 | |
| | | | |
Wells Fargo U.S. REIT Portfolio | | | | | | | | | | | | | | | 179,554 | |
| | | | |
Total Investment Companies (Cost $5,275,279) | | | | | | | | | | | | | | | 5,448,712 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | Yield | | | Maturity date | | | Principal | | | | |
| U.S. Treasury Securities: 0.09% | | | | | | | | | | | | | | | | |
| | | | |
U.S. Treasury Bill #(z) | | | 2.31 | % | | | 4-2-2019 | | | $ | 5,000 | | | | 4,989 | |
| | | | | | | | | | | | | | | | |
| |
Total U.S. Treasury Securities (Cost $4,989) | | | | 4,989 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | |
| Total investments in securities (Cost $5,280,268) | | | 101.16 | % | | | 5,453,701 | |
| | |
Other assets and liabilities, net | | | (1.16 | ) | | | (62,818 | ) |
| | | | | | | | |
| Total net assets | | | 100.00 | % | | $ | 5,390,883 | |
| | | | | | | | |
| # | All or a portion of this security is segregated as collateral for investments in derivative instruments. |
| (z) | Zero coupon security. The rate represents the purchase yield to maturity. |
Futures Contracts
| | | | | | | | | | | | | | | | | | | | | | | | |
| Description | | Number of
contracts | | | Expiration
date | | | Notional
cost | | | Notional
value | | | Unrealized
gains | | | Unrealized
losses | |
| | | | | | |
Long | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
VSTOXX Futures Index | | | 6 | | | | 3-19-2019 | | | $ | 10,512 | | | $ | 10,237 | | | $ | 0 | | | $ | (275 | ) |
| | | | | | |
Short | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
10-Year U.S. Treasury Notes | | | (1) | | | | 6-19-2019 | | | | (122,458 | ) | | | (122,000 | ) | | | 458 | | | | 0 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | | | | | | | | | | | | | | | | | $ | 458 | | | $ | (275 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 36 | | Target Date Retirement Funds | | Portfolio of investments—February 28, 2019 |
DYNAMIC TARGET TODAY FUND
Investments in Affiliates
An affiliated investment is an investment in which the Fund owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Fund and the issuer having the same investment manager. Transactions with issuers that were either affiliated persons of the Fund at the beginning of the period or the end of the period were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Shares,
beginning of
period | | | Shares
purchased | | | Shares
sold | | | Shares,
end of
period | | | Net
realized
gains
(losses) on
affiliated
Underlying
Funds | | | Net
change in
unrealized
gains
(losses) on
affiliated
Underlying
Funds | | | Dividends
from
affiliated
Underlying
Funds | | | Value,
end
of period | | | % of
net
assets | |
Investment Companies | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Bond Funds | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Wells Fargo International Bond Fund Class R6 *† | | | 31,153 | | | | 1,797 | | | | 32,950 | | | | 0 | | | $ | 9,449 | | | $ | (17,018 | ) | | $ | 0 | | | $ | 0 | | | | | |
Wells Fargo Short-Term Bond Fund Institutional Class * | | | 66,050 | | | | 1,382 | | | | 67,432 | | | | 0 | | | | (7,359 | ) | | | 6,030 | | | | 3,884 | | | | 0 | | | | | |
Wells Fargo Strategic Income Fund Institutional Class * | | | 60,363 | | | | 2,197 | | | | 62,560 | | | | 0 | | | | 19,431 | | | | (19,397 | ) | | | 6,303 | | | | 0 | | | | | |
| | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 0 | | | | 0.00 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Stock Funds | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Wells Fargo Diversified International Fund Class R6 * | | | 18,777 | | | | 968 | | | | 19,745 | | | | 0 | | | | 32,327 | | | | (31,542 | ) | | | 0 | | | | 0 | | | | | |
Wells Fargo Emerging Markets Equity Income Fund Class R6 * | | | 9,926 | | | | 948 | | | | 10,874 | | | | 0 | | | | 11,885 | | | | (18,625 | ) | | | 1,515 | | | | 0 | | | | | |
Wells Fargo Endeavor Select Fund Institutional Class * | | | 14,233 | | | | 0 | | | | 14,233 | | | | 0 | | | | 8,932 | | | | 4,571 | | | | 0 | | | | 0 | | | | | |
Wells Fargo Enterprise Fund Class R6 *† | | | 1,898 | | | | 0 | | | | 1,898 | | | | 0 | | | | 22,356 | | | | (13,873 | ) | | | 0 | | | | 0 | | | | | |
Wells Fargo Intrinsic Value Fund Class R6 * | | | 7,673 | | | | 0 | | | | 7,673 | | | | 0 | | | | 3,854 | | | | 4,570 | | | | 0 | | | | 0 | | | | | |
Wells Fargo Premier Large Company Growth Fund Class R6 *† | | | 9,398 | | | | 0 | | | | 9,398 | | | | 0 | | | | 14,786 | | | | (1,941 | ) | | | 0 | | | | 0 | | | | | |
Wells Fargo Special Mid Cap Value Fund Class R6 * | | | 2,691 | | | | 0 | | | | 2,691 | | | | 0 | | | | 17,244 | | | | (10,791 | ) | | | 0 | | | | 0 | | | | | |
| | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 0 | | | | 0.00 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | | | | | | | | | | $ | 132,905 | | | $ | (98,016 | ) | | $ | 11,702 | | | $ | 0 | | | | 0.00 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | * | No longer held at the end of the period |
| | † | Non-income-earning security |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—February 28, 2019 | | Target Date Retirement Funds | | | 37 | |
DYNAMIC TARGET TODAY FUND
Transactions with the affiliated Master Portfolios were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | % of
ownership,
beginning of
period | | | % of
ownership,
end of
period | | | Net
realized
gains
(losses) on
securities
transactions
allocated
from
affiliated
Master
Portfolios | | | Net
change in
unrealized
gains
(losses) on
securities
transactions
allocated
from
affiliated
Master
Portfolios | | | Interest
allocated
from
affiliated
Master
Portfolios | | | Dividends
allocated
from
affiliated
Master
Portfolios | | | Affiliated
Income
allocated
from
affiliated
Master
Portfolios | | | Value,
end
of period | | | % of
net
assets | |
Affiliated Master Portfolios | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio | | | 0.00 | % | | | 0.26 | % | | $ | 20,366 | | | $ | 6,984 | | | $ | 18,167 | | | $ | 0 | | | $ | 282 | | | $ | 1,596,119 | | | | | |
Wells Fargo C&B Large Cap Value Portfolio * | | | 0.02 | | | | 0.00 | | | | 1,381 | | | | 5,484 | | | | 0 | | | | 540 | | | | 14 | | | | 0 | | | | | |
Wells Fargo Core Bond Portfolio * | | | 0.01 | | | | 0.00 | | | | (5,125 | ) | | | (2,703 | ) | | | 7,181 | | | | 0 | | | | 79 | | | | 0 | | | | | |
Wells Fargo Emerging Markets Bond Portfolio | | | 0.00 | | | | 0.31 | | | | (95 | ) | | | 3,601 | | | | 3,346 | | | | 0 | | | | 25 | | | | 137,435 | | | | | |
Wells Fargo Factor Enhanced Emerging Markets Portfolio | | | 0.00 | | | | 0.06 | | | | (4,097 | ) | | | 1,472 | | | | 7 | | | | 1,272 | | | | 45 | | | | 159,614 | | | | | |
Wells Fargo Factor Enhanced International Portfolio | | | 0.00 | | | | 0.08 | | | | (55,625 | ) | | | 24,285 | | | | 14 | | | | 5,029 | | | | 145 | | | | 545,009 | | | | | |
Wells Fargo Factor Enhanced Large Cap Portfolio | | | 0.00 | | | | 0.09 | | | | (79,065 | ) | | | 61,959 | | | | 35 | | | | 8,607 | | | | 305 | | | | 1,058,699 | | | | | |
Wells Fargo Factor Enhanced Small Cap Portfolio | | | 0.00 | | | | 0.09 | | | | (30,816 | ) | | | 9,761 | | | | 10 | | | | 916 | | | | 93 | | | | 262,968 | | | | | |
Wells Fargo High Yield Corporate Bond Portfolio | | | 0.00 | | | | 0.16 | | | | (1,180 | ) | | | (670 | ) | | | 3,799 | | | | 0 | | | | 17 | | | | 137,986 | | | | | |
Wells Fargo Investment Grade Corporate Bond Portfolio | | | 0.00 | | | | 0.32 | | | | (3,303 | ) | | | 8,137 | | | | 14,629 | | | | 0 | | | | 71 | | | | 831,045 | | | | | |
Wells Fargo Large Company Value Portfolio * | | | 0.15 | | | | 0.00 | | | | 2,524 | | | | 2,916 | | | | 0 | | | | 644 | | | | 11 | | | | 0 | | | | | |
Wells Fargo Real Return Portfolio* | | | 0.22 | | | | 0.00 | | | | (155 | ) | | | (2,625 | ) | | | 2,961 | | | | 393 | | | | 37 | | | | 0 | | | | | |
Wells Fargo Small Company Growth Portfolio * | | | 0.00 | ** | | | 0.00 | | | | 3,260 | | | | 1,660 | | | | 0 | | | | 109 | | | | 22 | | | | 0 | | | | | |
Wells Fargo Small Company Value Portfolio * | | | 0.04 | | | | 0.00 | | | | (967 | ) | | | 1,922 | | | | 0 | | | | 241 | | | | 22 | | | | 0 | | | | | |
Wells Fargo Strategic Retirement Bond Portfolio | | | 0.00 | | | | 0.74 | | | | (101 | ) | | | 7,995 | | | | 2,261 | | | | 0 | | | | 41 | | | | 540,283 | | | | | |
Wells Fargo U.S. REIT Portfolio | | | 0.00 | | | | 0.41 | | | | 2,804 | | | | 3,309 | | | | 0 | | | | 767 | | | | 10 | | | | 179,554 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | | $ | (150,194 | ) | | $ | 133,487 | | | $ | 52,410 | | | $ | 18,518 | | | $ | 1,219 | | | $ | 5,448,712 | | | | 101.07 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | * | No longer held at the end of the period |
| | ** | The amount owned is less than 0.005% |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 38 | | Target Date Retirement Funds | | Portfolio of investments—February 28, 2019 |
DYNAMIC TARGET 2015 FUND
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | | | | Value | |
| | | | |
Investment Companies: 101.10% | | | | | | | | | | | | | | | | |
| | | | |
| Affiliated Master Portfolios: 101.10% | | | | | | | | | | | | | | | | |
| | | | |
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio | | | | | | | | | | | | | | $ | 1,294,679 | |
| | | | |
Wells Fargo Emerging Markets Bond Portfolio | | | | | | | | | | | | | | | 111,602 | |
| | | | |
Wells Fargo Factor Enhanced Emerging Markets Portfolio | | | | | | | | | | | | | | | 198,375 | |
| | | | |
Wells Fargo Factor Enhanced International Portfolio | | | | | | | | | | | | | | | 679,960 | |
| | | | |
Wells Fargo Factor Enhanced Large Cap Portfolio | | | | | | | | | | | | | | | 1,326,201 | |
| | | | |
Wells Fargo Factor Enhanced Small Cap Portfolio | | | | | | | | | | | | | | | 332,648 | |
| | | | |
Wells Fargo High Yield Corporate Bond Portfolio | | | | | | | | | | | | | | | 112,071 | |
| | | | |
Wells Fargo Investment Grade Corporate Bond Portfolio | | | | | | | | | | | | | | | 674,670 | |
| | | | |
Wells Fargo Strategic Retirement Bond Portfolio | | | | | | | | | | | | | | | 438,791 | |
| | | | |
Wells Fargo U.S. REIT Portfolio | | | | | | | | | | | | | | | 223,744 | |
| | | | |
Total Investment Companies (Cost $5,169,278) | | | | | | | | | | | | | | | 5,392,741 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | Yield | | | Maturity date | | | Principal | | | | |
| U.S. Treasury Securities: 0.09% | | | | | | | | | | | | | | | | |
| | | | |
U.S. Treasury Bill #(z) | | | 2.31 | % | | | 4-2-2019 | | | $ | 5,000 | | | | 4,989 | |
| | | | | | | | | | | | | | | | |
| |
Total U.S. Treasury Securities (Cost $4,989) | | | | 4,989 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | |
| Total investments in securities (Cost $5,174,267) | | | 101.19 | % | | | 5,397,730 | |
| | |
Other assets and liabilities, net | | | (1.19 | ) | | | (63,631 | ) |
| | | | | | | | |
| Total net assets | | | 100.00 | % | | $ | 5,334,099 | |
| | | | | | | | |
| # | All or a portion of this security is segregated as collateral for investments in derivative instruments. |
| (z) | Zero coupon security. The rate represents the purchase yield to maturity. |
Futures Contracts
| | | | | | | | | | | | | | | | | | | | | | | | |
| Description | | Number of
contracts | | | Expiration
date | | | Notional
cost | | | Notional
value | | | Unrealized
gains | | | Unrealized
losses | |
| | | | | | |
Long | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
VSTOXX Futures Index | | | 6 | | | | 3-19-2019 | | | $ | 10,512 | | | $ | 10,237 | | | $ | 0 | | | $ | (275 | ) |
| | | | | | |
Short | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
10-Year U.S. Treasury Notes | | | (1) | | | | 6-19-2019 | | | | (122,458 | ) | | | (122,000 | ) | | | 458 | | | | 0 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | | | | | | | | | | | | | | | | | $ | 458 | | | $ | (275 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—February 28, 2019 | | Target Date Retirement Funds | | | 39 | |
DYNAMIC TARGET 2015 FUND
Investments in Affiliates
An affiliated investment is an investment in which the Fund owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Fund and the issuer having the same investment manager. Transactions with issuers that were either affiliated persons of the Fund at the beginning of the period or the end of the period were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Shares,
beginning of
period | | | Shares
purchased | | | Shares
sold | | | Shares,
end of
period | | | Net
realized
gains
(losses) on
affiliated
Underlying
Funds | | | Net
change in
unrealized
gains
(losses) on
affiliated
Underlying
Funds | | | Dividends
from
affiliated
Underlying
Funds | | | Value,
end
of period | | | % of
net
assets | |
Investment Companies | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Bond Funds | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Wells Fargo International Bond Fund Class R6 *† | | | 25,533 | | | | 1,789 | | | | 27,322 | | | | 0 | | | $ | 6,709 | | | $ | (12,947 | ) | | $ | 0 | | | $ | 0 | | | | | |
Wells Fargo Short-Term Bond Fund Institutional Class * | | | 54,017 | | | | 1,750 | | | | 55,767 | | | | 0 | | | | (5,903 | ) | | | 4,817 | | | | 3,198 | | | | 0 | | | | | |
Wells Fargo Strategic Income Fund Institutional Class * | | | 49,403 | | | | 2,367 | | | | 51,770 | | | | 0 | | | | 15,306 | | | | (15,284 | ) | | | 5,190 | | | | 0 | | | | | |
| | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 0 | | | | 0.00 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Stock Funds | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Wells Fargo Diversified International Fund Class R6 * | | | 26,323 | | | | 1,307 | | | | 27,630 | | | | 0 | | | | 47,037 | | | | (46,033 | ) | | | 0 | | | | 0 | | | | | |
Wells Fargo Emerging Markets Equity Income Fund Class R6 * | | | 13,894 | | | | 1,306 | | | | 15,200 | | | | 0 | | | | 16,766 | | | | (26,300 | ) | | | 2,112 | | | | 0 | | | | | |
Wells Fargo Endeavor Select Fund Institutional Class * | | | 20,172 | | | | 0 | | | | 20,172 | | | | 0 | | | | 18,005 | | | | 1,025 | | | | 0 | | | | 0 | | | | | |
Wells Fargo Enterprise Fund Class R6 *† | | | 2,663 | | | | 0 | | | | 2,663 | | | | 0 | | | | 33,522 | | | | (21,667 | ) | | | 0 | | | | 0 | | | | | |
Wells Fargo Intrinsic Value Fund Class R6 * | | | 10,817 | | | | 0 | | | | 10,817 | | | | 0 | | | | 5,706 | | | | 6,127 | | | | 0 | | | | 0 | | | | | |
Wells Fargo Premier Large Company Growth Fund Class R6 *† | | | 13,316 | | | | 43 | | | | 13,359 | | | | 0 | | | | 22,857 | | | | (4,724 | ) | | | 0 | | | | 0 | | | | | |
Wells Fargo Special Mid Cap Value Fund Class R6 * | | | 3,750 | | | | 0 | | | | 3,750 | | | | 0 | | | | 25,112 | | | | (16,130 | ) | | | 0 | | | | 0 | | | | | |
| | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 0 | | | | 0.00 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | | | | | | | | | | $ | 185,117 | | | $ | (131,116 | ) | | $ | 10,500 | | | $ | 0 | | | | 0.00 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | * | No longer held at the end of the period |
| | † | Non-income-earning security |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 40 | | Target Date Retirement Funds | | Portfolio of investments—February 28, 2019 |
DYNAMIC TARGET 2015 FUND
Transactions with the affiliated Master Portfolios were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | % of
ownership, beginning of
period | | | % of
ownership, end of
period | | | Net
realized
gains
(losses) on
securities
transactions
allocated
from
affiliated
Master
Portfolios | | | Net
change in
unrealized
gains
(losses) on
securities
transactions
allocated
from
affiliated
Master
Portfolios | | | Interest
allocated
from
affiliated
Master
Portfolios | | | Dividends
allocated
from
affiliated
Master
Portfolios | | | Affiliated
income
allocated
from
affiliated
Master
Portfolios | | | Value, end
of period | | | % of
net
assets | |
Affiliated Master Portfolios | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio | | | 0.00 | % | | | 0.21 | % | | $ | 16,223 | | | $ | 5,441 | | | $ | 14,687 | | | $ | 0 | | | $ | 228 | | | $ | 1,294,679 | | | | | |
Wells Fargo C&B Large Cap Value Portfolio * | | | 0.03 | | | | 0.00 | | | | 1,938 | | | | 7,689 | | | | 0 | | | | 757 | | | | 19 | | | | 0 | | | | | |
Wells Fargo Core Bond Portfolio * | | | 0.01 | | | | 0.00 | | | | (4,209 | ) | | | (2,206 | ) | | | 5,899 | | | | 0 | | | | 65 | | | | 0 | | | | | |
Wells Fargo Emerging Markets Bond Portfolio | | | 0.00 | | | | 0.25 | | | | (101 | ) | | | 2,810 | | | | 2,707 | | | | 0 | | | | 20 | | | | 111,602 | | | | | |
Wells Fargo Factor Enhanced Emerging Markets Portfolio | | | 0.00 | | | | 0.08 | | | | (5,759 | ) | | | 1,665 | | | | 10 | | | | 1,646 | | | | 59 | | | | 198,375 | | | | | |
Wells Fargo Factor Enhanced International Portfolio | | | 0.00 | | | | 0.10 | | | | (74,798 | ) | | | 29,917 | | | | 18 | | | | 6,575 | | | | 189 | | | | 679,960 | | | | | |
Wells Fargo Factor Enhanced Large Cap Portfolio | | | 0.00 | | | | 0.11 | | | | (114,097 | ) | | | 83,407 | | | | 46 | | | | 11,242 | | | | 398 | | | | 1,326,201 | | | | | |
Wells Fargo Factor Enhanced Small Cap Portfolio | | | 0.00 | | | | 0.12 | | | | (41,799 | ) | | | 11,420 | | | | 14 | | | | 1,249 | | | | 121 | | | | 332,648 | | | | | |
Wells Fargo High Yield Corporate Bond Portfolio | | | 0.00 | | | | 0.13 | | | | (988 | ) | | | (664 | ) | | | 3,076 | | | | 0 | | | | 14 | | | | 112,071 | | | | | |
Wells Fargo Investment Grade Corporate Bond Portfolio | | | 0.00 | | | | 0.26 | | | | (2,781 | ) | | | 6,050 | | | | 11,839 | | | | 0 | | | | 57 | | | | 674,670 | | | | | |
Wells Fargo Large Company Value Portfolio * | | | 0.22 | | | | 0.00 | | | | 3,551 | | | | 4,085 | | | | 0 | | | | 905 | | | | 15 | | | | 0 | | | | | |
Wells Fargo Real Return Portfolio * | | | 0.18 | | | | 0.00 | | | | (128 | ) | | | (2,155 | ) | | | 2,439 | | | | 324 | | | | 30 | | | | 0 | | | | | |
Wells Fargo Small Company Growth Portfolio * | | | 0.00 | ** | | | 0.00 | | | | 4,590 | | | | 2,466 | | | | 0 | | | | 154 | | | | 31 | | | | 0 | | | | | |
Wells Fargo Small Company Value Portfolio * | | | 0.05 | | | | 0.00 | | | | (1,358 | ) | | | 2,719 | | | | 0 | | | | 338 | | | | 31 | | | | 0 | | | | | |
Wells Fargo Strategic Retirement Bond Portfolio | | | 0.00 | | | | 0.60 | | | | (91 | ) | | | 6,279 | | | | 1,850 | | | | 0 | | | | 33 | | | | 438,791 | | | | | |
Wells Fargo U.S. REIT Portfolio | | | 0.00 | | | | 0.51 | | | | 3,180 | | | | 3,862 | | | | 0 | | | | 1,160 | | | | 13 | | | | 223,744 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | | $ | (216,627 | ) | | $ | 162,785 | | | $ | 42,585 | | | $ | 24,350 | | | $ | 1,323 | | | $ | 5,392,741 | | | | 101.10 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | * | No longer held at the end of the period |
| | ** | The amount owned is less than 0.005% |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—February 28, 2019 | | Target Date Retirement Funds | | | 41 | |
DYNAMIC TARGET 2020 FUND
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | | | | Value | |
| | | | |
Investment Companies: 100.75% | | | | | | | | | | | | | | | | |
| | | | |
| Affiliated Master Portfolios: 100.75% | | | | | | | | | | | | | | | | |
| | | | |
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio | | | | | | | | | | | | | | $ | 1,165,592 | |
| | | | |
Wells Fargo Emerging Markets Bond Portfolio | | | | | | | | | | | | | | | 99,989 | |
| | | | |
Wells Fargo Factor Enhanced Emerging Markets Portfolio | | | | | | | | | | | | | | | 250,183 | |
| | | | |
Wells Fargo Factor Enhanced International Portfolio | | | | | | | | | | | | | | | 849,415 | |
| | | | |
Wells Fargo Factor Enhanced Large Cap Portfolio | | | | | | | | | | | | | | | 1,609,239 | |
| | | | |
Wells Fargo Factor Enhanced Small Cap Portfolio | | | | | | | | | | | | | | | 404,164 | |
| | | | |
Wells Fargo High Yield Corporate Bond Portfolio | | | | | | | | | | | | | | | 100,229 | |
| | | | |
Wells Fargo Investment Grade Corporate Bond Portfolio | | | | | | | | | | | | | | | 607,093 | |
| | | | |
Wells Fargo Strategic Retirement Bond Portfolio | | | | | | | | | | | | | | | 328,695 | |
| | | | |
Wells Fargo U.S. REIT Portfolio | | | | | | | | | | | | | | | 222,702 | |
| | | | |
Total Investment Companies (Cost $5,369,948) | | | | | | | | | | | | | | | 5,637,301 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | Yield | | | Maturity date | | | Principal | | | | |
| Short-Term Investments: 0.09% | | | | | | | | | | | | | | | | |
| | | | |
| U.S. Treasury Securities: 0.09% | | | | | | | | | | | | | | | | |
| | | | |
U.S. Treasury Bill #(z) | | | 2.31 | % | | | 4-2-2019 | | | $ | 5,000 | | | | 4,989 | |
| | | | | | | | | | | | | | | | |
| | | | |
Total Short-Term Investments (Cost $4,989) | | | | | | | | | | | | | | | 4,989 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | |
| Total investments in securities (Cost $5,374,937) | | | 100.84 | % | | | 5,642,290 | |
| | |
Other assets and liabilities, net | | | (0.84 | ) | | | (47,102 | ) |
| | | | | | | | |
| Total net assets | | | 100.00 | % | | $ | 5,595,188 | |
| | | | | | | | |
| # | All or a portion of this security is segregated as collateral for investments in derivative instruments. |
| (z) | Zero coupon security. The rate represents the current yield to maturity. |
Futures Contracts
| | | | | | | | | | | | | | | | | | | | | | | | |
| Description | | Number of
contracts | | | Expiration
date | | | Notional
cost | | | Notional
value | | | Unrealized
gains | | | Unrealized
losses | |
| | | | | | |
Long | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
VSTOXX Futures Index | | | 6 | | | | 3-19-2019 | | | $ | 10,512 | | | $ | 10,237 | | | $ | 0 | | | $ | (275 | ) |
| | | | | | |
Short | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
10-Year U.S. Treasury Notes | | | (1) | | | | 6-19-2019 | | | | (122,458 | ) | | | (122,000 | ) | | | 458 | | | | 0 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | | | | | | | | | | | | | | | | | $ | 458 | | | $ | (275 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 42 | | Target Date Retirement Funds | | Portfolio of investments—February 28, 2019 |
DYNAMIC TARGET 2020 FUND
Investments in Affiliates
An affiliated investment is an investment in which the Fund owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Fund and the issuer having the same investment manager. Transactions with issuers that were either affiliated persons of the Fund at the beginning of the period or the end of the period were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Shares,
beginning of
period | | | Shares
purchased | | | Shares
sold | | | Shares,
end of
period | | | Net
realized
gains
(losses) on
affiliated
Underlying
Funds | | | Net
change in
unrealized
gains
(losses) on
affiliated
Underlying
Funds | | | Dividends
from
affiliated
Underlying
Funds | | | Value,
end
of period | | | % of
net
assets | |
Investment Companies | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Bond Funds | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Wells Fargo International Bond Fund Class R6 *† | | | 21,256 | | | | 1,410 | | | | 22,666 | | | | 0 | | | $ | 4,852 | | | $ | (10,023 | ) | | $ | 0 | | | $ | 0 | | | | | |
Wells Fargo Short-Term Bond Fund Institutional Class * | | | 44,996 | | | | 1,700 | | | | 46,696 | | | | 0 | | | | (4,748 | ) | | | 3,838 | | | | 3,346 | | | | 0 | | | | | |
Wells Fargo Strategic Income Fund Institutional Class * | | | 41,137 | | | | 1,785 | | | | 42,922 | | | | 0 | | | | 11,951 | | | | (11,917 | ) | | | 4,290 | | | | 0 | | | | | |
| | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 0 | | | | 0.00 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Stock Funds | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Wells Fargo Diversified International Fund Class R6 * | | | 32,478 | | | | 1,513 | | | | 33,991 | | | | 0 | | | | 57,552 | | | | (56,288 | ) | | | 0 | | | | 0 | | | | | |
Wells Fargo Emerging Markets Equity Income Fund Class R6 * | | | 17,211 | | | | 1,638 | | | | 18,849 | | | | 0 | | | | 20,370 | | | | (32,029 | ) | | | 2,625 | | | | 0 | | | | | |
Wells Fargo Endeavor Select Fund Institutional Class * | | | 24,422 | | | | 1 | | | | 24,423 | | | | 0 | | | | 20,703 | | | | 2,318 | | | | 0 | | | | 0 | | | | | |
Wells Fargo Enterprise Fund Class R6 *† | | | 3,275 | | | | 0 | | | | 3,275 | | | | 0 | | | | 38,868 | | | | (24,291 | ) | | | 0 | | | | 0 | | | | | |
Wells Fargo Intrinsic Value Fund Class R6 * | | | 13,185 | | | | 0 | | | | 13,185 | | | | 0 | | | | 6,636 | | | | 7,709 | | | | 0 | | | | 0 | | | | | |
Wells Fargo Premier Large Company Growth Fund Class R6 *† | | | 16,124 | | | | 11 | | | | 16,135 | | | | 0 | | | | 26,661 | | | | (4,748 | ) | | | 0 | | | | 0 | | | | | |
Wells Fargo Special Mid Cap Value Fund Class R6 * | | | 4,646 | | | | 0 | | | | 4,646 | | | | 0 | | | | 30,274 | | | | (19,195 | ) | | | 0 | | | | 0 | | | | | |
| | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 0 | | | | 0.00 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | | | | | | | | | | $ | 213,119 | | | $ | (144,626 | ) | | $ | 10,261 | | | $ | 0 | | | | 0.00 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | * | No longer held at the end of the period |
| | † | Non-income-earning security |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—February 28, 2019 | | Target Date Retirement Funds | | | 43 | |
DYNAMIC TARGET 2020 FUND
Transactions with the affiliated Master Portfolios were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | % of
ownership, beginning of
period | | | % of
ownership, end of
period | | | Net
realized
gains
(losses) on
securities
transactions
allocated
from
affiliated
Master
Portfolios | | | Net
change in
unrealized
gains
(losses) on
securities
transactions
allocated
from
affiliated
Master
Portfolios | | | Interest
allocated
from
affiliated
Master
Portfolios | | | Dividends
allocated
from
affiliated
Master
Portfolios | | | Affiliated
income
allocated
from
affiliated
Master
Portfolios | | | Value, end
of period | | | % of
net
assets | |
Dynamic Target 2020 Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Affiliated Master Portfolios | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio | | | 0.00 | % | | | 0.19 | % | | $ | 14,144 | | | $ | (24,587 | ) | | | 12,705 | | | $ | 0 | | | $ | 199 | | | $ | 1,165,592 | | | | | |
Wells Fargo C&B Large Cap Value Portfolio * | | | 0.04 | | | | 0.00 | | | | 2,358 | | | | 38,583 | | | | 0 | | | | 918 | | | | 23 | | | | 0 | | | | | |
Wells Fargo Core Bond Portfolio * | | | 0.01 | | | | 0.00 | | | | (3,498 | ) | | | (1,838 | ) | | | 4,891 | | | | 0 | | | | 54 | | | | 0 | | | | | |
Wells Fargo Emerging Markets Bond Portfolio | | | 0.00 | | | | 0.23 | | | | (87 | ) | | | 2,455 | | | | 2,365 | | | | 0 | | | | 17 | | | | 99,989 | | | | | |
Wells Fargo Factor Enhanced Emerging Markets Portfolio | | | 0.00 | | | | 0.10 | | | | (7,034 | ) | | | 2,227 | | | | 12 | | | | 1,983 | | | | 74 | | | | 250,183 | | | | | |
Wells Fargo Factor Enhanced International Portfolio | | | 0.00 | | | | 0.12 | | | | (93,684 | ) | | | 37,046 | | | | 23 | | | | 8,177 | | | | 235 | | | | 849,415 | | | | | |
Wells Fargo Factor Enhanced Large Cap Portfolio | | | 0.00 | | | | 0.14 | | | | (141,640 | ) | | | 103,630 | | | | 55 | | | | 13,468 | | | | 486 | | | | 1,609,239 | | | | | |
Wells Fargo Factor Enhanced Small Cap Portfolio | | | 0.00 | | | | 0.15 | | | | (51,084 | ) | | | 14,049 | | | | 16 | | | | 1,567 | | | | 147 | | | | 404,164 | | | | | |
Wells Fargo High Yield Corporate Bond Portfolio | | | 0.00 | | | | 0.11 | | | | (847 | ) | | | (521 | ) | | | 2,662 | | | | 0 | | | | 12 | | | | 100,229 | | | | | |
Wells Fargo Investment Grade Corporate Bond Portfolio | | | 0.00 | | | | 0.23 | | | | (2,418 | ) | | | 5,470 | | | | 10,324 | | | | 0 | | | | 50 | | | | 607,093 | | | | | |
Wells Fargo Large Company Value Portfolio * | | | 0.26 | | | | 0.00 | | | | 4,311 | | | | 4,955 | | | | 2 | | | | 1,097 | | | | 18 | | | | 0 | | | | | |
Wells Fargo Real Return Portfolio * | | | 0.15 | | | | 0.00 | | | | (105 | ) | | | (1,787 | ) | | | 2,019 | | | | 268 | | | | 25 | | | | 0 | | | | | |
Wells Fargo Small Company Growth Portfolio * | | | 0.01 | | | | 0.00 | | | | 5,478 | | | | 2,923 | | | | 0 | | | | 184 | | | | 37 | | | | 0 | | | | | |
Wells Fargo Small Company Value Portfolio * | | | 0.07 | | | | 0.00 | | | | (1,647 | ) | | | 3,286 | | | | 0 | | | | 410 | | | | 38 | | | | 0 | | | | | |
Wells Fargo Strategic Retirement Bond Portfolio | | | 0.00 | | | | 0.45 | | | | (60 | ) | | | 4,131 | | | | 1,156 | | | | 0 | | | | 22 | | | | 328,695 | | | | | |
Wells Fargo U.S. REIT Portfolio | | | 0.00 | | | | 0.51 | | | | 3,498 | | | | 3,684 | | | | 0 | | | | 348 | | | | 0 | | | | 222,702 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | | $ | (272,315 | ) | | $ | 193,706 | | | $ | 36,230 | | | $ | 28,420 | | | $ | 1,437 | | | $ | 5,637,301 | | | | 100.75 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | * | No longer held at the end of the period |
| | ** | The amount owned is less than 0.005%. |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 44 | | Target Date Retirement Funds | | Portfolio of investments—February 28, 2019 |
DYNAMIC TARGET 2025 FUND
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | | | | Value | |
| | | | |
Investment Companies: 101.58% | | | | | | | | | | | | | | | | |
| | | | |
| Affiliated Master Portfolios: 101.58% | | | | | | | | | | | | | | | | |
| | | | |
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio | | | | | | | | | | | | | | $ | 1,197,550 | |
| | | | |
Wells Fargo Emerging Markets Bond Portfolio | | | | | | | | | | | | | | | 101,889 | |
| | | | |
Wells Fargo Factor Enhanced Emerging Markets Portfolio | | | | | | | | | | | | | | | 394,489 | |
| | | | |
Wells Fargo Factor Enhanced International Portfolio | | | | | | | | | | | | | | | 1,323,243 | |
| | | | |
Wells Fargo Factor Enhanced Large Cap Portfolio | | | | | | | | | | | | | | | 2,418,927 | |
| | | | |
Wells Fargo Factor Enhanced Small Cap Portfolio | | | | | | | | | | | | | | | 608,974 | |
| | | | |
Wells Fargo High Yield Corporate Bond Portfolio | | | | | | | | | | | | | | | 102,262 | |
| | | | |
Wells Fargo Investment Grade Corporate Bond Portfolio | | | | | | | | | | | | | | | 623,741 | |
| | | | |
Wells Fargo Strategic Retirement Bond Portfolio | | | | | | | | | | | | | | | 168,433 | |
| | | | |
Wells Fargo U.S. REIT Portfolio | | | | | | | | | | | | | | | 173,023 | |
| | | | |
Total Investment Companies (Cost $6,749,273) | | | | | | | | | | | | | | | 7,112,531 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | Yield | | | Maturity date | | | Principal | | | | |
| Short-Term Investments: 0.09% | | | | | | | | | | | | | | | | |
| | | | |
| U.S. Treasury Securities: 0.09% | | | | | | | | | | | | | | | | |
| | | | |
U.S. Treasury Bill #(z) | | | 2.31 | % | | | 4-2-2019 | | | $ | 6,000 | | | | 5,987 | |
| | | | | | | | | | | | | | | | |
| | | | |
Total Short-Term Investments (Cost $5,987) | | | | | | | | | | | | | | | 5,987 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | |
| Total investments in securities (Cost $6,755,260) | | | 101.67 | % | | | 7,118,518 | |
| | |
Other assets and liabilities, net | | | (1.67 | ) | | | (116,812 | ) |
| | | | | | | | |
| Total net assets | | | 100.00 | % | | $ | 7,001,706 | |
| | | | | | | | |
| # | All or a portion of this security is segregated as collateral for investments in derivative instruments. |
| (z) | Zero coupon security. The rate represents the purchase yield to maturity. |
Futures Contracts
| | | | | | | | | | | | | | | | | | | | | | | | |
| Description | | Number of
contracts | | | Expiration
date | | | Notional
cost | | | Notional
value | | | Unrealized
gains | | | Unrealized
losses | |
| | | | | | |
Long | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
VSTOXX Futures Index | | | 8 | | | | 3-19-2019 | | | $ | 14,016 | | | $ | 13,649 | | | $ | 0 | | | $ | (367 | ) |
| | | | | | |
Short | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
10-Year U.S. Treasury Notes | | | (1) | | | | 6-19-2019 | | | | (122,458 | ) | | | (122,000 | ) | | | 458 | | | | 0 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | | | | | | | | | | | | | | | | | $ | 458 | | | $ | (367 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—February 28, 2019 | | Target Date Retirement Funds | | | 45 | |
DYNAMIC TARGET 2025 FUND
Investments in Affiliates
An affiliated investment is an investment in which the Fund owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Fund and the issuer having the same investment manager. Transactions with issuers that were either affiliated persons of the Fund at the beginning of the period or the end of the period were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Shares,
beginning of
period | | | Shares
purchased | | | Shares sold | | | Shares,
end of
period | | | Net
realized
gains
(losses) on
affiliated
Underlying
Funds | | | Net
change in
unrealized
gains
(losses) on
affiliated
Underlying
Funds | | | Dividends
from
affiliated
Underlying
Funds | | | Value,
end
of period | | | % of
net
assets | |
Investment Companies | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Bond Funds | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Wells Fargo International Bond Fund Class R6 *† | | | 18,750 | | | | 2,085 | | | | 20,835 | | | | 0 | | | $ | 2,553 | | | $ | 3,105 | | | $ | 0 | | | $ | 0 | | | | | |
Wells Fargo Short-Term Bond Fund Institutional Class * | | | 39,818 | | | | 3,334 | | | | 43,152 | | | | 0 | | | | (3,918 | ) | | | (7,249 | ) | | | 3,060 | | | | 0 | | | | | |
Wells Fargo Strategic Income Fund Institutional Class * | | | 36,449 | | | | 3,283 | | | | 39,732 | | | | 0 | | | | 8,749 | | | | (8,731 | ) | | | 3,982 | | | | 0 | | | | | |
| | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 0 | | | | 0.00 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Stock Funds | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Wells Fargo Diversified International Fund Class R6 * | | | 44,751 | | | | 4,332 | | | | 49,083 | | | | 0 | | | | 69,800 | | | | (67,791 | ) | | | | | | | 0 | | | | | |
Wells Fargo Emerging Markets Equity Income Fund Class R6 * | | | 23,820 | | | | 3,641 | | | | 27,461 | | | | 0 | | | | 23,383 | | | | (40,192 | ) | | | 3,905 | | | | 0 | | | | | |
Wells Fargo Endeavor Select Fund Institutional Class * | | | 33,222 | | | | 287 | | | | 33,509 | | | | 0 | | | | 23,753 | | | | 8,381 | | | | | | | | 0 | | | | | |
Wells Fargo Enterprise Fund Class R6 *† | | | 4,442 | | | | 47 | | | | 4,489 | | | | 0 | | | | 52,600 | | | | (32,327 | ) | | | | | | | 0 | | | | | |
Wells Fargo Intrinsic Value Fund Class R6 * | | | 17,906 | | | | 192 | | | | 18,098 | | | | 0 | | | | 10,257 | | | | 9,861 | | | | | | | | 0 | | | | | |
Wells Fargo Premier Large Company Growth Fund Class R6 *† | | | 21,924 | | | | 386 | | | | 22,310 | | | | 0 | | | | 36,295 | | | | (5,684 | ) | | | | | | | 0 | | | | | |
Wells Fargo Special Mid Cap Value Fund Class R6 * | | | 6,312 | | | | 143 | | | | 6,455 | | | | 0 | | | | 38,080 | | | | (22,561 | ) | | | | | | | 0 | | | | | |
| | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 0 | | | | 0.00 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | | | | | | | | | | $ | 261,552 | | | $ | (163,188 | ) | | $ | 10,947 | | | $ | 0 | | | | 0.00 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | * | No longer held at the end of the period |
| | † | Non-income-earning security |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 46 | | Target Date Retirement Funds | | Portfolio of investments—February 28, 2019 |
DYNAMIC TARGET 2025 FUND
;Transactions with the affiliated Master Portfolios were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | % of
ownership, beginning of
period | | | % of
ownership, end of
period | | | Net realized
gains
(losses) on
securities
transactions
allocated
from
affiliated
Master
Portfolios | | | Net change in
unrealized
gains
(losses) on
securities
transactions
allocated
from
affiliated
Master
Portfolios | | | Interest
allocated
from
affiliated
Master
Portfolios | | | Dividends
allocated
from
affiliated
Master
Portfolios | | | Affiliated
Income
allocated
from
affiliated
Master
Portfolios | | | Value, end of period | | | % of
net
assets | |
Affiliated Master Portfolios | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio | | | 0.00 | % | | | 0.20 | % | | $ | 13,850 | | | $ | 4,657 | | | $ | 12,524 | | | $ | 0 | | | $ | 197 | | | $ | 1,197,550 | | | | | |
Wells Fargo C&B Large Cap Value Portfolio * | | | 0.02 | | | | 0.00 | | | | 3,322 | | | | 13,214 | | | | 0 | | | | 1,299 | | | | 33 | | | | 0 | | | | | |
Wells Fargo Core Bond Portfolio * | | | 0.01 | | | | 0.00 | | | | (3,229 | ) | | | (1,654 | ) | | | 4,521 | | | | 0 | | | | 50 | | | | 0 | | | | | |
Wells Fargo Emerging Markets Bond Portfolio | | | 0.00 | | | | 0.23 | | | | (83 | ) | | | 2,431 | | | | 2,295 | | | | 0 | | | | 17 | | | | 101,889 | | | | | |
Wells Fargo Factor Enhanced Emerging Markets Portfolio | | | 0.00 | | | | 0.15 | | | | (10,904 | ) | | | 3,134 | | | | 18 | | | | 2,923 | | | | 112 | | | | 394,489 | | | | | |
Wells Fargo Factor Enhanced International Portfolio | | | 0.00 | | | | 0.19 | | | | (142,405 | ) | | | 57,041 | | | | 35 | | | | 12,127 | | | | 356 | | | | 1,323,243 | | | | | |
Wells Fargo Factor Enhanced Large Cap Portfolio | | | 0.00 | | | | 0.21 | | | | (211,343 | ) | | | 157,755 | | | | 80 | | | | 19,554 | | | | 703 | | | | 2,418,927 | | | | | |
Wells Fargo Factor Enhanced Small Cap Portfolio | | | 0.00 | | | | 0.22 | | | | (74,315 | ) | | | 20,720 | | | | 24 | | | | 2,086 | | | | 213 | | | | 608,974 | | | | | |
Wells Fargo High Yield Corporate Bond Portfolio | | | 0.00 | | | | 0.12 | | | | (831 | ) | | | (509 | ) | | | 2,607 | | | | 0 | | | | 12 | | | | 102,262 | | | | | |
Wells Fargo Investment Grade Corporate Bond Portfolio | | | 0.00 | | | | 0.24 | | | | (2,372 | ) | | | 5,406 | | | | 10,183 | | | | 0 | | | | 49 | | | | 623,741 | | | | | |
Wells Fargo Large Company Value Portfolio * | | | 0.15 | | | | 0.00 | | | | 6,009 | | | | 7,014 | | | | 3 | | | | 1,257 | | | | 28 | | | | 0 | | | | | |
Wells Fargo Real Return Portfolio * | | | 0.22 | | | | 0.00 | | | | (98 | ) | | | (1,648 | ) | | | 1,856 | | | | 247 | | | | 23 | | | | 0 | | | | | |
Wells Fargo Small Company Growth Portfolio * | | | 0.00 | ** | | | 0.00 | | | | 7,829 | | | | 4,455 | | | | 0 | | | | 263 | | | | 53 | | | | 0 | | | | | |
Wells Fargo Small Company Value Portfolio * | | | 0.04 | | | | 0.00 | | | | (2,337 | ) | | | 4,543 | | | | 0 | | | | 581 | | | | 53 | | | | 0 | | | | | |
Wells Fargo Strategic Retirement Bond Portfolio | | | 0.00 | | | | 0.23 | | | | (27 | ) | | | 1,932 | | | | 507 | | | | 0 | | | | 10 | | | | 168,433 | | | | | |
Wells Fargo U.S. REIT Portfolio | | | 0.00 | | | | 0.40 | | | | 2,726 | | | | 2,544 | | | | 0 | | | | 289 | | | | 8 | | | | 173,023 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | | $ | (414,208 | ) | | $ | 281,035 | | | $ | 34,653 | | | $ | 40,626 | | | $ | 1,917 | | | $ | 7,112,531 | | | | 101.58 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | * | No longer held at the end of the period |
| | ** | The amount owned is less than 0.005%. |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—February 28, 2019 | | Target Date Retirement Funds | | | 47 | |
DYNAMIC TARGET 2030 FUND
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | | | | Value | |
| | | | |
Investment Companies: 101.86% | | | | | | | | | | | | | | | | |
| | | | |
| Affiliated Master Portfolios: 101.86% | | | | | | | | | | | | | | | | |
| | | | |
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio | | | | | | | | | | | | | | $ | 803,409 | |
| | | | |
Wells Fargo Emerging Markets Bond Portfolio | | | | | | | | | | | | | | | 68,270 | |
| | | | |
Wells Fargo Factor Enhanced Emerging Markets Portfolio | | | | | | | | | | | | | | | 394,224 | |
| | | | |
Wells Fargo Factor Enhanced International Portfolio | | | | | | | | | | | | | | | 1,373,994 | |
| | | | |
Wells Fargo Factor Enhanced Large Cap Portfolio | | | | | | | | | | | | | | | 2,376,450 | |
| | | | |
Wells Fargo Factor Enhanced Small Cap Portfolio | | | | | | | | | | | | | | | 583,762 | |
| | | | |
Wells Fargo High Yield Corporate Bond Portfolio | | | | | | | | | | | | | | | 68,441 | |
| | | | |
Wells Fargo Investment Grade Corporate Bond Portfolio | | | | | | | | | | | | | | | 418,631 | |
| | | | |
Wells Fargo Strategic Retirement Bond Portfolio | | | | | | | | | | | | | | | 30,852 | |
| | | | |
Wells Fargo U.S. REIT Portfolio | | | | | | | | | | | | | | | 36,019 | |
| | | | |
Total Investment Companies (Cost $5,777,624) | | | | | | | | | | | | | | | 6,154,052 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | Yield | | | Maturity date | | | Principal | | | | |
| Short-Term Investments: 0.10% | | | | | | | | | | | | | | | | |
| | | | |
| U.S. Treasury Securities: 0.10% | | | | | | | | | | | | | | | | |
| | | | |
U.S. Treasury Bill #(z) | | | 2.31 | % | | | 4-2-2019 | | | $ | 6,000 | | | | 5,987 | |
| | | | | | | | | | | | | | | | |
| | | | |
Total Short-Term Investments (Cost $5,987) | | | | | | | | | | | | | | | 5,987 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | |
| Total investments in securities (Cost $5,783,611) | | | 101.96 | % | | | 6,160,039 | |
| | |
Other assets and liabilities, net | | | (1.96 | ) | | | (118,496 | ) |
| | | | | | | | |
| Total net assets | | | 100.00 | % | | $ | 6,041,543 | |
| | | | | | | | |
| # | All or a portion of this security is segregated as collateral for investments in derivative instruments. |
| (z) | Zero coupon security. The rate represents the current yield to maturity. |
Futures Contracts
| | | | | | | | | | | | | | | | | | | | | | | | |
| Description | | Number of
contracts | | | Expiration
date | | | Notional cost | | | Notional value | | | Unrealized
gains | | | Unrealized losses | |
| | | | | | |
Long | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
VSTOXX Futures Index | | | 7 | | | | 3-19-2019 | | | $ | 12,277 | | | $ | 11,943 | | | $ | 0 | | | $ | (334 | ) |
| | | | | | |
Short | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
10-Year U.S. Treasury Notes | | | (1) | | | | 6-19-2019 | | | | (122,458 | ) | | | (122,000 | ) | | | 458 | | | | 0 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | | | | | | | | | | | | | | | | | $ | 458 | | | $ | (334 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 48 | | Target Date Retirement Funds | | Portfolio of investments—February 28, 2019 |
DYNAMIC TARGET 2030 FUND
Investments in Affiliates
An affiliated investment is an investment in which the Fund owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Fund and the issuer having the same investment manager. Transactions with issuers that were either affiliated persons of the Fund at the beginning of the period or the end of the period were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Shares,
beginning of
period | | | Shares
purchased | | | Shares
sold | | | Shares,
end of
period | | | Net
realized
gains
(losses) on
affiliated
Underlying
Funds | | | Net
change in
unrealized
gains
(losses) on
affiliated
Underlying
Funds | | | Dividends
from
affiliated
Underlying
Funds | | | Value,
end of period | | | % of
net
assets | |
Investment Companies | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Bond Funds | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Wells Fargo International Bond Fund Class R6 *† | | | 12,419 | | | | 1,323 | | | | 13,742 | | | | 0 | | | $ | 2,036 | | | $ | (5,118 | ) | | $ | 0 | | | $ | 0 | | | | | |
Wells Fargo Short-Term Bond Fund Institutional Class * | | | 26,466 | | | | 1,610 | | | | 28,076 | | | | 0 | | | | (2,517 | ) | | | 1,977 | | | | 1,720 | | | | 0 | | | | | |
Wells Fargo Strategic Income Fund Institutional Class * | | | 24,147 | | | | 1,991 | | | | 26,138 | | | | 0 | | | | 6,097 | | | | (6,090 | ) | | | 2,592 | | | | 0 | | | | | |
| | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 0 | | | | 0.00 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Stock Funds | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Wells Fargo Diversified International Fund Class R6 * | | | 47,505 | | | | 3,101 | | | | 50,606 | | | | 0 | | | | 81,618 | | | | (80,005 | ) | | | 0 | | | | 0 | | | | | |
Wells Fargo Emerging Markets Equity Income Fund Class R6 * | | | 25,336 | | | | 2,598 | | | | 27,934 | | | | 0 | | | | 28,848 | | | | (46,512 | ) | | | 3,935 | | | | 0 | | | | | |
Wells Fargo Endeavor Select Fund Institutional Class * | | | 36,005 | | | | 0 | | | | 36,005 | | | | 0 | | | | 23,981 | | | | 10,613 | | | | 0 | | | | 0 | | | | | |
Wells Fargo Enterprise Fund Class R6 *† | | | 4,769 | | | | 4 | | | | 4,773 | | | | 0 | | | | 56,236 | | | | (34,602 | ) | | | 0 | | | | 0 | | | | | |
Wells Fargo Intrinsic Value Fund Class R6 * | | | 19,233 | | | | 61 | | | | 19,294 | | | | 0 | | | | 10,549 | | | | 10,900 | | | | 0 | | | | 0 | | | | | |
Wells Fargo Premier Large Company Growth Fund Class R6 *† | | | 23,729 | | | | 7 | | | | 23,736 | | | | 0 | | | | 37,909 | | | | (5,067 | ) | | | 0 | | | | 0 | | | | | |
Wells Fargo Special Mid Cap Value Fund Class R6 * | | | 6,819 | | | | 38 | | | | 6,857 | | | | 0 | | | | 42,832 | | | | (26,316 | ) | | | 0 | | | | 0 | | | | | |
| | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 0 | | | | 0.00 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | | | | | | | | | | $ | 287,589 | | | $ | (180,220 | ) | | $ | 8,247 | | | $ | 0 | | | | 0.00 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | * | No longer held at the end of the period |
| | † | Non-income-earning security |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—February 28, 2019 | | Target Date Retirement Funds | | | 49 | |
DYNAMIC TARGET 2030 FUND
Transactions with the affiliated Master Portfolios were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | % of
ownership,
beginning of
period | | | % of
ownership,
end of
period | | | Net
realized
gains
(losses) on
securities
transactions
allocated
from
affiliated
Master
Portfolios | | | Net
change in
unrealized
gains
(losses) on
securities
transactions
allocated
from
affiliated
Master
Portfolios | | | Interest
allocated
from
affiliated
Master
Portfolios | | | Dividends
allocated
from
affiliated
Master
Portfolios | | | Affiliated
Income
allocated
from
affiliated
Master
Portfolios | | | Value,
end
of period | | | % of
net
assets | |
Affiliated Master Portfolios | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio | | | 0.00 | % | | | 0.13 | % | | $ | 10,162 | | | $ | 3,329 | | | $ | 9,289 | | | $ | 0 | | | $ | 142 | | | $ | 803,409 | | | | | |
Wells Fargo C&B Large Cap Value Portfolio * | | | 0.06 | | | | 0.00 | | | | 3,516 | | | | 13,963 | | | | 0 | | | | 1,375 | | | | 33 | | | | 0 | | | | | |
Wells Fargo Core Bond Portfolio * | | | 0.01 | | | | 0.00 | | | | (2,114 | ) | | | (1,073 | ) | | | 2,931 | | | | 0 | | | | 33 | | | | 0 | | | | | |
Wells Fargo Emerging Markets Bond Portfolio | | | 0.00 | | | | 0.15 | | | | (75 | ) | | | 1,703 | | | | 1,545 | | | | 0 | | | | 12 | | | | 68,270 | | | | | |
Wells Fargo Factor Enhanced Emerging Markets Portfolio | | | 0.00 | | | | 0.15 | | | | (11,704 | ) | | | 2,831 | | | | 19 | | | | 3,078 | | | | 136 | | | | 394,224 | | | | | |
Wells Fargo Factor Enhanced International Portfolio | | | 0.00 | | | | 0.20 | | | | (153,187 | ) | | | 58,540 | | | | 37 | | | | 13,088 | | | | 417 | | | | 1,373,994 | | | | | |
Wells Fargo Factor Enhanced Large Cap Portfolio | | | 0.00 | | | | 0.20 | | | | (218,509 | ) | | | 156,535 | | | | 81 | | | | 19,742 | | | | 801 | | | | 2,376,450 | | | | | |
Wells Fargo Factor Enhanced Small Cap Portfolio | | | 0.00 | | | | 0.21 | | | | (76,769 | ) | | | 19,024 | | | | 24 | | | | 2,267 | | | | 238 | | | | 583,762 | | | | | |
Wells Fargo High Yield Corporate Bond Portfolio | | | 0.00 | | | | 0.08 | | | | (524 | ) | | | (468 | ) | | | 1,965 | | | | 0 | | | | 8 | | | | 68,441 | | | | | |
Wells Fargo Investment Grade Corporate Bond Portfolio | | | 0.00 | | | | 0.16 | | | | (1,554 | ) | | | 3,755 | | | | 7,233 | | | | 0 | | | | 36 | | | | 418,631 | | | | | |
Wells Fargo Large Company Value Portfolio * | | | 0.38 | | | | 0.00 | | | | 6,388 | | | | 7,425 | | | | 3 | | | | 1,639 | | | | 30 | | | | 0 | | | | | |
Wells Fargo Real Return Portfolio * | | | 0.09 | | | | 0.00 | | | | (63 | ) | | | (1,080 | ) | | | 1,112 | | | | 161 | | | | 15 | | | | 0 | | | | | |
Wells Fargo Small Company Growth Portfolio * | | | 0.00 | ** | | | 0.00 | | | | 8,447 | | | | 4,398 | | | | 0 | | | | 283 | | | | 57 | | | | 0 | | | | | |
Wells Fargo Small Company Value Portfolio * | | | 0.10 | | | | 0.00 | | | | (2,489 | ) | | | 4,873 | | | | 0 | | | | 620 | | | | 57 | | | | 0 | | | | | |
Wells Fargo Strategic Retirement Bond Portfolio | | | 0.00 | | | | 0.04 | | | | 198 | | | | 328 | | | | 68 | | | | 0 | | | | 2 | | �� | | 30,852 | | | | | |
Wells Fargo U.S. REIT Portfolio | | | 0.00 | | | | 0.08 | | | | (25 | ) | | | 515 | | | | 0 | | | | 76 | | | | 2 | | | | 36,019 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | | $ | (438,302 | ) | | $ | 274,598 | | | $ | 24,307 | | | $ | 42,329 | | | $ | 2,019 | | | $ | 6,154,052 | | | | 101.86 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | * | No longer held at the end of the period |
| | ** | The amount owned is less than 0.005%. |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 50 | | Target Date Retirement Funds | | Portfolio of investments—February 28, 2019 |
DYNAMIC TARGET 2035 FUND
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | | | | Value | |
| | | | |
Investment Companies: 102.10% | | | | | | | | | | | | | | | | |
| | | | |
| Affiliated Master Portfolios: 102.10% | | | | | | | | | | | | | | | | |
| | | | |
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio | | | | | | | | | | | | | | $ | 581,735 | |
| | | | |
Wells Fargo Emerging Markets Bond Portfolio | | | | | | | | | | | | | | | 49,589 | |
| | | | |
Wells Fargo Factor Enhanced Emerging Markets Portfolio | | | | | | | | | | | | | | | 394,459 | |
| | | | |
Wells Fargo Factor Enhanced International Portfolio | | | | | | | | | | | | | | | 1,353,901 | |
| | | | |
Wells Fargo Factor Enhanced Large Cap Portfolio | | | | | | | | | | | | | | | 2,271,154 | |
| | | | |
Wells Fargo Factor Enhanced Small Cap Portfolio | | | | | | | | | | | | | | | 569,834 | |
| | | | |
Wells Fargo High Yield Corporate Bond Portfolio | | | | | | | | | | | | | | | 49,722 | |
| | | | |
Wells Fargo Investment Grade Corporate Bond Portfolio | | | | | | | | | | | | | | | 302,963 | |
| | | | |
Total Investment Companies (Cost $5,201,047) | | | | | | | | | | | | | | | 5,573,357 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | Yield | | | Maturity date | | | Principal | | | | |
| Short-Term Investments: 0.09% | | | | | | | | | | | | | | | | |
| | | | |
| U.S. Treasury Securities: 0.09% | | | | | | | | | | | | | | | | |
| | | | |
U.S. Treasury Bill #(z) | | | 2.31 | % | | | 4-2-2019 | | | $ | 5,000 | | | | 4,989 | |
| | | | | | | | | | | | | | | | |
| | | | |
Total Short-Term Investments (Cost $4,989) | | | | | | | | | | | | | | | 4,989 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | |
| Total investments in securities (Cost $5,206,036) | | | 102.19 | % | | | 5,578,346 | |
| | |
Other assets and liabilities, net | | | (2.19 | ) | | | (119,403 | ) |
| | | | | | | | |
| Total net assets | | | 100.00 | % | | $ | 5,458,943 | |
| | | | | | | | |
| # | All or a portion of this security is segregated as collateral for investments in derivative instruments. |
| (z) | Zero coupon security. The rate represents the purchase yield to maturity. |
Futures Contracts
| | | | | | | | | | | | | | | | | | | | | | | | |
| Description | | Number of
contracts | | | Expiration
date | | | Notional
cost | | | Notional
value | | | Unrealized
gains | | | Unrealized
losses | |
| | | | | | |
Long | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
VSTOXX Futures Index | | | 6 | | | | 3-19-2019 | | | $ | 10,523 | | | $ | 10,237 | | | $ | 0 | | | $ | (286 | ) |
| | | | | | |
Short | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
10-Year U.S. Treasury Notes | | | (1) | | | | 6-19-2019 | | | | (122,458 | ) | | | (122,000 | ) | | | 458 | | | | 0 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | | | | | | | | | | | | | | | | | $ | 458 | | | $ | (286 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—February 28, 2019 | | Target Date Retirement Funds | | | 51 | |
DYNAMIC TARGET 2035 FUND
Investments in Affiliates
An affiliated investment is an investment in which the Fund owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Fund and the issuer having the same investment manager. Transactions with issuers that were either affiliated persons of the Fund at the beginning of the period or the end of the period were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Shares,
beginning of
period | | | Shares
purchased | | | Shares
sold | | | Shares,
end of
period | | | Net
realized
gains
(losses) on
affiliated
Underlying
Funds | | | Net
change in
unrealized
gains
(losses) on
affiliated
Underlying
Funds | | | Dividends
from
affiliated
Underlying
Funds | | | Value,
end
of period | | | % of
net
assets | |
Investment Companies | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Bond Funds | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Wells Fargo International Bond Fund Class R6 *† | | | 7,674 | | | | 931 | | | | 8,605 | | | | 0 | | | $ | 1,594 | | | $ | (3,500 | ) | | $ | 0 | | | $ | 0 | | | | | |
Wells Fargo Short-Term Bond Fund Institutional Class * | | | 16,371 | | | | 1,058 | | | | 17,429 | | | | 0 | | | | (1,552 | ) | | | 1,218 | | | | 986 | | | | 0 | | | | | |
Wells Fargo Strategic Income Fund Institutional Class * | | | 14,972 | | | | 1,488 | | | | 16,460 | | | | 0 | | | | 4,124 | | | | (4,113 | ) | | | 1,595 | | | | 0 | | | | | |
| | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 0 | | | | 0.00 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Stock Funds | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Wells Fargo Diversified International Fund Class R6 * | | | 49,185 | | | | 2,473 | | | | 51,658 | | | | 0 | | | | 86,889 | | | | (84,967 | ) | | | 0 | | | | 0 | | | | | |
Wells Fargo Emerging Markets Equity Income Fund Class R6 * | | | 25,961 | | | | 2,459 | | | | 28,420 | | | | 0 | | | | 32,881 | | | | (50,542 | ) | | | 3,953 | | | | 0 | | | | | |
Wells Fargo Endeavor Select Fund Institutional Class * | | | 37,082 | | | | 0 | | | | 37,082 | | | | 0 | | | | 28,032 | | | | 7,657 | | | | 0 | | | | 0 | | | | | |
Wells Fargo Enterprise Fund Class R6 *† | | | 4,955 | | | | 0 | | | | 4,955 | | | | 0 | | | | 58,354 | | | | (35,948 | ) | | | 0 | | | | 0 | | | | | |
Wells Fargo Intrinsic Value Fund Class R6 * | | | 19,940 | | | | 2 | | | | 19,942 | | | | 0 | | | | 10,378 | | | | 11,789 | | | | 0 | | | | 0 | | | | | |
Wells Fargo Premier Large Company Growth Fund Class R6 *† | | | 24,470 | | | | 0 | | | | 24,470 | | | | 0 | | | | 40,682 | | | | (6,792 | ) | | | 0 | | | | 0 | | | | | |
Wells Fargo Special Mid Cap Value Fund Class R6 * | | | 6,966 | | | | 9 | | | | 6,975 | | | | 0 | | | | 44,766 | | | | (27,905 | ) | | | 0 | | | | 0 | | | | | |
| | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 0 | | | | 0.00 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | | | | | | | | | | $ | 306,148 | | | $ | (193,103 | ) | | $ | 6,534 | | | $ | 0 | | | | 0.00 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | * | No longer held at the end of the period |
| | † | Non-income-earning security |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 52 | | Target Date Retirement Funds | | Portfolio of investments—February 28, 2019 |
DYNAMIC TARGET 2035 FUND
Transactions with the affiliated Master Portfolios were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | % of
ownership,
beginning of
period | | | % of
ownership,
end of
period | | | Net
realized
gains
(losses) on
securities
transactions
allocated
from
affiliated
Master
Portfolios | | | Net
change in
unrealized
gains
(losses) on
securities
transactions
allocated
from
affiliated
Master
Portfolios | | | Interest
allocated
from
affiliated
Master
Portfolios | | | Dividends
allocated
from
affiliated
Master
Portfolios | | | Affiliated
income
allocated
from
affiliated
Master
Portfolios | | | Value,
end
of period | | | % of
net
assets | |
Affiliated Master Portfolios | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio | | | 0.00 | % | | | 0.10 | % | | $ | 7,261 | | | $ | 2,326 | | | $ | 6,605 | | | $ | 0 | | | $ | 104 | | | $ | 581,735 | | | | | |
Wells Fargo C&B Large Cap Value Portfolio * | | | 0.06 | | | | 0.00 | | | | 3,591 | | | | 14,277 | | | | 0 | | | | 1,404 | | | | 35 | | | | 0 | | | | | |
Wells Fargo Core Bond Portfolio * | | | 0.00 | ** | | | 0.00 | | | | (1,304 | ) | | | (678 | ) | | | 1,824 | | | | 0 | | | | 20 | | | | 0 | | | | | |
Wells Fargo Emerging Markets Bond Portfolio | | | 0.00 | | | | 0.11 | | | | (67 | ) | | | 1,200 | | | | 1,213 | | | | 0 | | | | 9 | | | | 49,589 | | | | | |
Wells Fargo Factor Enhanced Emerging Markets Portfolio | | | 0.00 | | | | 0.15 | | | | (12,847 | ) | | | 2,306 | | | | 19 | | | | 3,325 | | | | 119 | | | | 394,459 | | | | | |
Wells Fargo Factor Enhanced International Portfolio | | | 0.00 | | | | 0.19 | | | | (158,183 | ) | | | 56,988 | | | | 37 | | | | 13,344 | | | | 383 | | | | 1,353,901 | | | | | |
Wells Fargo Factor Enhanced Large Cap Portfolio | | | 0.00 | | | | 0.19 | | | | (216,572 | ) | | | 151,433 | | | | 79 | | | | 19,256 | | | | 685 | | | | 2,271,154 | | | | | |
Wells Fargo Factor Enhanced Small Cap Portfolio | | | 0.00 | | | | 0.21 | | | | (76,305 | ) | | | 18,040 | | | | 24 | | | | 2,197 | | | | 210 | | | | 569,834 | | | | | |
Wells Fargo High Yield Corporate Bond Portfolio | | | 0.00 | | | | 0.06 | | | | (468 | ) | | | (363 | ) | | | 1,378 | | | | 0 | | | | 6 | | | | 49,722 | | | | | |
Wells Fargo Investment Grade Corporate Bond Portfolio | | | 0.00 | | | | 0.11 | | | | (1,317 | ) | | | 2,523 | | | | 5,362 | | | | 0 | | | | 26 | | | | 302,963 | | | | | |
Wells Fargo Large Company Value Portfolio * | | | 0.40 | | | | 0.00 | | | | 6,591 | | | | 7,667 | | | | 3 | | | | 1,691 | | | | 28 | | | | 0 | | | | | |
Wells Fargo Real Return Portfolio * | | | 0.05 | | | | 0.00 | | | | (39 | ) | | | (673 | ) | | | 744 | | | | 99 | | | | 9 | | | | 0 | | | | | |
Wells Fargo Small Company Growth Portfolio * | | | 0.01 | | | | 0.00 | | | | 8,654 | | | | 4,323 | | | | 0 | | | | 291 | | | | 59 | | | | 0 | | | | | |
Wells Fargo Small Company Value Portfolio * | | | 0.10 | | | | 0.00 | | | | (2,558 | ) | | | 5,025 | | | | 0 | | | | 637 | | | | 59 | | | | 0 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | | $ | (443,563 | ) | | $ | 264,394 | | | $ | 17,288 | | | $ | 42,244 | | | $ | 1,752 | | | $ | 5,573,357 | | | | 102.10 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | * | No longer held at the end of the period |
| | ** | The amount owned is less than 0.005%. |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—February 28, 2019 | | Target Date Retirement Funds | | | 53 | |
DYNAMIC TARGET 2040 FUND
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | | | | Value | |
| | | | |
Investment Companies: 101.05% | | | | | | | | | | | | | | | | |
| | | | |
| Affiliated Master Portfolios: 101.05% | | | | | | | | | | | | | | | | |
| | | | |
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio | | | | | | | | | | | | | | $ | 414,538 | |
| | | | |
Wells Fargo Emerging Markets Bond Portfolio | | | | | | | | | | | | | | | 35,288 | |
| | | | |
Wells Fargo Factor Enhanced Emerging Markets Portfolio | | | | | | | | | | | | | | | 416,010 | |
| | | | |
Wells Fargo Factor Enhanced International Portfolio | | | | | | | | | | | | | | | 1,420,171 | |
| | | | |
Wells Fargo Factor Enhanced Large Cap Portfolio | | | | | | | | | | | | | | | 2,305,619 | |
| | | | |
Wells Fargo Factor Enhanced Small Cap Portfolio | | | | | | | | | | | | | | | 576,593 | |
| | | | |
Wells Fargo High Yield Corporate Bond Portfolio | | | | | | | | | | | | | | | 35,290 | |
| | | | |
Wells Fargo Investment Grade Corporate Bond Portfolio | | | | | | | | | | | | | | | 215,849 | |
| | | | |
Total Investment Companies (Cost $5,034,070) | | | | | | | | | | | | | | | 5,419,358 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | Yield | | | Maturity date | | | Principal | | | | |
| Short-Term Investments: 0.09% | | | | | | | | | | | | | | | | |
| | | | |
| U.S. Treasury Securities: 0.09% | | | | | | | | | | | | | | | | |
| | | | |
U.S. Treasury Bill #(z) | | | 2.31 | % | | | 4-2-2019 | | | $ | 5,000 | | | | 4,989 | |
| | | | | | | | | | | | | | | | |
| | | | |
Total Short-Term Investments (Cost $4,989) | | | | | | | | | | | | | | | 4,989 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | |
| Total investments in securities (Cost $5,039,059) | | | 101.14 | % | | | 5,424,347 | |
| | |
Other assets and liabilities, net | | | (1.14 | ) | | | (60,983 | ) |
| | | | | | | | |
| Total net assets | | | 100.00 | % | | $ | 5,363,364 | |
| | | | | | | | |
| # | All or a portion of this security is segregated as collateral for investments in derivative instruments. |
| (z) | Zero coupon security. The rate represents the purchase yield to maturity. |
Futures Contracts
| | | | | | | | | | | | | | | | | | | | | | | | |
| Description | | Number of
contracts | | | Expiration
date | | | Notional
cost | | | Notional
value | | | Unrealized
gains | | | Unrealized
losses | |
| | | | | | |
Long | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
VSTOXX Futures Index | | | 6 | | | | 3-19-2019 | | | $ | 10,512 | | | $ | 10,237 | | | $ | 0 | | | $ | (275 | ) |
| | | | | | |
Short | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
10-Year U.S. Treasury Notes | | | (1) | | | | 6-19-2019 | | | | (122,458 | ) | | | (122,000 | ) | | | 458 | | | | 0 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | | | | | | | | | | | | | | | | | $ | 458 | | | $ | (275 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 54 | | Target Date Retirement Funds | | Portfolio of investments—February 28, 2019 |
DYNAMIC TARGET 2040 FUND
Investments in Affiliates
An affiliated investment is an investment in which the Fund owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Fund and the issuer having the same investment manager. Transactions with issuers that were either affiliated persons of the Fund at the beginning of the period or the end of the period were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Shares,
beginning of
period | | | Shares
purchased | | | Shares
sold | | | Shares,
end of
period | | | Net
realized
gains
(losses) on
affiliated
Underlying
Funds | | | Net
change in
unrealized
gains
(losses) on
affiliated
Underlying
Funds | | | Dividends
from
affiliated
Underlying
Funds | | | Value,
end
of period | | | % of
net
assets | |
Investment Companies | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Bond Funds | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Wells Fargo International Bond Fund Class R6 *† | | | 4,998 | | | | 758 | | | | 5,756 | | | | 0 | | | $ | 799 | | | $ | (2,055 | ) | | $ | 0 | | | $ | 0 | | | | | |
Wells Fargo Short-Term Bond Fund Institutional Class * | | | 10,460 | | | | 877 | | | | 11,337 | | | | 0 | | | | (908 | ) | | | 694 | | | | 631 | | | | 0 | | | | | |
Wells Fargo Strategic Income Fund Institutional Class * | | | 9,567 | | | | 1,180 | | | | 10,747 | | | | 0 | | | | 2,576 | | | | (2,573 | ) | | | 1,024 | | | | 0 | | | | | |
| | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 0 | | | | 0.00 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Stock Funds | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Wells Fargo Diversified International Fund Class R6 * | | | 51,768 | | | | 2,343 | | | | 54,111 | | | | 0 | | | | 91,843 | | | | (90,023 | ) | | | 0 | | | | 0 | | | | | |
Wells Fargo Emerging Markets Equity Income Fund Class R6 * | | | 27,568 | | | | 2,177 | | | | 29,745 | | | | 0 | | | | 33,950 | | | | (52,848 | ) | | | 4,190 | | | | 0 | | | | | |
Wells Fargo Endeavor Select Fund Institutional Class * | | | 39,834 | | | | 0 | | | | 39,834 | | | | 0 | | | | 33,494 | | | | 4,661 | | | | 0 | | | | 0 | | | | | |
Wells Fargo Enterprise Fund Class R6 *† | | | 5,302 | | | | 0 | | | | 5,302 | | | | 0 | | | | 62,555 | | | | (38,632 | ) | | | 0 | | | | 0 | | | | | |
Wells Fargo Intrinsic Value Fund Class R6 * | | | 21,243 | | | | 7 | | | | 21,250 | | | | 0 | | | | 11,968 | | | | 11,659 | | | | 0 | | | | 0 | | | | | |
Wells Fargo Premier Large Company Growth Fund Class R6 *† | | | 26,244 | | | | 0 | | | | 26,244 | | | | 0 | | | | 42,535 | | | | (6,336 | ) | | | 0 | | | | 0 | | | | | |
Wells Fargo Special Mid Cap Value Fund Class R6 * | | | 7,433 | | | | 14 | | | | 7,447 | | | | 0 | | | | 47,465 | | | | (29,472 | ) | | | 0 | | | | 0 | | | | | |
| | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 0 | | | | 0.00 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | | | | | | | | | | $ | 326,277 | | | $ | (204,925 | ) | | $ | 5,845 | | | $ | 0 | | | | 0.00 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | * | No longer held at the end of the period |
| | † | Non-income-earning security |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—February 28, 2019 | | Target Date Retirement Funds | | | 55 | |
DYNAMIC TARGET 2040 FUND
Transactions with the affiliated Master Portfolios were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | % of
ownership, beginning of
period | | | % of
ownership, end of
period | | | Net realized
gains
(losses) on
securities
transactions
allocated
from
affiliated
Master
Portfolios | | | Net change in
unrealized
gains
(losses) on
securities
transactions
allocated
from
affiliated
Master
Portfolios | | | Interest
allocated
from
affiliated
Master
Portfolios | | | Dividends
allocated
from
affiliated
Master
Portfolios | | | Affiliated
income
allocated
from
affiliated
Master
Portfolios | | | Value, end
of period | | | % of
net
assets | |
Affiliated Master Portfolios | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio | | | 0.00 | % | | | 0.07 | % | | $ | 5,001 | | | $ | 1,574 | | | $ | 4,595 | | | $ | 0 | | | $ | 72 | | | $ | 414,538 | | | | | |
Wells Fargo C&B Large Cap Value Portfolio * | | | 0.07 | | | | 0.00 | | | | 3,859 | | | | 15,321 | | | | 0 | | | | 1,508 | | | | 38 | | | | 0 | | | | | |
Wells Fargo Core Bond Portfolio * | | | 0.00 | ** | | | 0.00 | | | | (834 | ) | | | (431 | ) | | | 1,167 | | | | 0 | | | | 13 | | | | 0 | | | | | |
Wells Fargo Emerging Markets Bond Portfolio | | | 0.00 | | | | 0.08 | | | | (50 | ) | | | 830 | | | | 845 | | | | 0 | | | | 6 | | | | 35,288 | | | | | |
Wells Fargo Factor Enhanced Emerging Markets Portfolio | | | 0.00 | | | | 0.16 | | | | (13,900 | ) | | | 2,454 | | | | 21 | | | | 3,538 | | | | 127 | | | | 416,010 | | | | | |
Wells Fargo Factor Enhanced International Portfolio | | | 0.00 | | | | 0.20 | | | | (169,465 | ) | | | 59,268 | | | | 39 | | | | 14,132 | | | | 405 | | | | 1,420,171 | | | | | |
Wells Fargo Factor Enhanced Large Cap Portfolio | | | 0.00 | | | | 0.20 | | | | (226,826 | ) | | | 155,410 | | | | 81 | | | | 19,764 | | | | 702 | | | | 2,305,619 | | | | | |
Wells Fargo Factor Enhanced Small Cap Portfolio | | | 0.00 | | | | 0.21 | | | | (79,598 | ) | | | 17,896 | | | | 24 | | | | 2,290 | | | | 215 | | | | 576,593 | | | | | |
Wells Fargo High Yield Corporate Bond Portfolio | | | 0.00 | | | | 0.04 | | | | (328 | ) | | | (257 | ) | | | 959 | | | | 0 | | | | 4 | | | | 35,290 | | | | | |
Wells Fargo Investment Grade Corporate Bond Portfolio | | | 0.00 | | | | 0.08 | | | | (924 | ) | | | 1,712 | | | | 3,734 | | | | 0 | | | | 18 | | | | 215,849 | | | | | |
Wells Fargo Large Company Value Portfolio * | | | 0.42 | | | | 0.00 | | | | 7,052 | | | | 8,186 | | | | 3 | | | | 1,809 | | | | 30 | | | | 0 | | | | | |
Wells Fargo Real Return Portfolio * | | | 0.03 | | | | 0.00 | | | | (25 | ) | | | (436 | ) | | | 480 | | | | 64 | | | | 6 | | | | 0 | | | | | |
Wells Fargo Small Company Growth Portfolio * | | | 0.01 | | | | 0.00 | | | | 9,345 | | | | 4,732 | | | | 0 | | | | 313 | | | | 63 | | | | 0 | | | | | |
Wells Fargo Small Company Value Portfolio * | | | 0.11 | | | | 0.00 | | | | (2,729 | ) | | | 5,366 | | | | 0 | | | | 680 | | | | 63 | | | | 0 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | | $ | (469,422 | ) | | $ | 271,625 | | | $ | 11,948 | | | $ | 44,098 | | | $ | 1,762 | | | $ | 5,419,358 | | | | 101.05 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | * | No longer held at the end of the period |
| | ** | The amount owned is less than 0.005%. |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 56 | | Target Date Retirement Funds | | Portfolio of investments—February 28, 2019 |
DYNAMIC TARGET 2045 FUND
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | | | | Value | |
| | | | |
Investment Companies: 101.22% | | | | | | | | | | | | | | | | |
| | | | |
| Affiliated Master Portfolios: 101.22% | | | | | | | | | | | | | | | | |
| | | | |
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio | | | | | | | | | | | | | | $ | 245,492 | |
| | | | |
Wells Fargo Emerging Markets Bond Portfolio | | | | | | | | | | | | | | | 20,915 | |
| | | | |
Wells Fargo Factor Enhanced Emerging Markets Portfolio | | | | | | | | | | | | | | | 433,874 | |
| | | | |
Wells Fargo Factor Enhanced International Portfolio | | | | | | | | | | | | | | | 1,485,006 | |
| | | | |
Wells Fargo Factor Enhanced Large Cap Portfolio | | | | | | | | | | | | | | | 2,364,301 | |
| | | | |
Wells Fargo Factor Enhanced Small Cap Portfolio | | | | | | | | | | | | | | | 593,433 | |
| | | | |
Wells Fargo High Yield Corporate Bond Portfolio | | | | | | | | | | | | | | | 20,971 | |
| | | | |
Wells Fargo Investment Grade Corporate Bond Portfolio | | | | | | | | | | | | | | | 127,827 | |
| | | | |
Total Investment Companies (Cost $4,898,208) | | | | | | | | | | | | | | | 5,291,819 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | Yield | | | Maturity date | | | Principal | | | | |
| Short-Term Investments: 0.10% | | | | | | | | | | | | | | | | |
| | | | |
| U.S. Treasury Securities: 0.10% | | | | | | | | | | | | | | | | |
| | | | |
U.S. Treasury Bill #(z) | | | 2.31 | % | | | 4-2-2019 | | | $ | 5,000 | | | | 4,989 | |
| | | | | | | | | | | | | | | | |
| | | | |
Total Short-Term Investments (Cost $4,989) | | | | | | | | | | | | | | | 4,989 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | |
| Total investments in securities (Cost $4,903,197) | | | 101.32 | % | | | 5,296,808 | |
| | |
Other assets and liabilities, net | | | (1.32 | ) | | | (69,031 | ) |
| | | | | | | | |
| Total net assets | | | 100.00 | % | | $ | 5,227,777 | |
| | | | | | | | |
| # | All or a portion of this security is segregated as collateral for investments in derivative instruments. |
| (z) | Zero coupon security. The rate represents the purchase yield to maturity. |
Futures Contracts
| | | | | | | | | | | | | | | | | | | | | | | | |
| Description | | Number of
contracts | | | Expiration
date | | | Notional
cost | | | Notional
value | | | Unrealized
gains | | | Unrealized
losses | |
| | | | | | |
Long | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
VSTOXX Futures Index | | | 6 | | | | 3-19-2019 | | | $ | 10,512 | | | $ | 10,237 | | | $ | 0 | | | $ | (275 | ) |
| | | | | | |
Short | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
10-Year U.S. Treasury Notes | | | (1) | | | | 6-19-2019 | | | | (122,458 | ) | | | (122,000 | ) | | | 458 | | | | 0 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | | | | | | | | | | | | | | | | | $ | 458 | | | $ | (275 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—February 28, 2019 | | Target Date Retirement Funds | | | 57 | |
DYNAMIC TARGET 2045 FUND
Investments in Affiliates
An affiliated investment is an investment in which the Fund owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Fund and the issuer having the same investment manager. Transactions with issuers that were either affiliated persons of the Fund at the beginning of the period or the end of the period were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Shares,
beginning of
period | | | Shares
purchased | | | Shares
sold | | | Shares,
end of
period | | | Net realized
gains
(losses) on
affiliated
Underlying
Funds | | | Net change in
unrealized
gains
(losses) on
affiliated
Underlying
Funds | | | Dividends
from
affiliated
Underlying
Funds | | | Value,
end
of period | | | % of
net
assets | |
Investment Companies | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Bond Funds | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Wells Fargo International Bond Fund Class R6 *† | | | 3,470 | | | | 568 | | | | 4,038 | | | | 0 | | | $ | 805 | | | $ | (1,671 | ) | | $ | 0 | | | $ | 0 | | | | | |
Wells Fargo Short-Term Bond Fund Institutional Class * | | | 7,211 | | | | 608 | | | | 7,819 | | | | 0 | | | | (592 | ) | | | 445 | | | | 431 | | | | 0 | | | | | |
Wells Fargo Strategic Income Fund Institutional Class * | | | 6,601 | | | | 893 | | | | 7,494 | | | | 0 | | | | 2,011 | | | | (2,007 | ) | | | 697 | | | | 0 | | | | | |
| | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 0 | | | | 0.00 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Stock Funds | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Wells Fargo Diversified International Fund Class R6 * | | | 52,806 | | | | 2,917 | | | | 55,723 | | | | 0 | | | | 91,447 | | | | (89,622 | ) | | | 0 | | | | 0 | | | | | |
Wells Fargo Emerging Markets Equity Income Fund Class R6 * | | | 27,934 | | | | 2,781 | | | | 30,715 | | | | 0 | | | | 33,924 | | | | (53,221 | ) | | | 4,302 | | | | 0 | | | | | |
Wells Fargo Endeavor Select Fund Institutional Class * | | | 40,261 | | | | 0 | | | | 40,261 | | | | 0 | | | | 28,416 | | | | 10,185 | | | | 0 | | | | 0 | | | | | |
Wells Fargo Enterprise Fund Class R6 *† | | | 5,297 | | | | 0 | | | | 5,297 | | | | 0 | | | | 62,634 | | | | (38,651 | ) | | | 0 | | | | 0 | | | | | |
Wells Fargo Intrinsic Value Fund Class R6 * | | | 21,336 | | | | 41 | | | | 21,377 | | | | 0 | | | | 11,533 | | | | 12,270 | | | | 0 | | | | 0 | | | | | |
Wells Fargo Premier Large Company Growth Fund Class R6 *† | | | 26,499 | | | | 0 | | | | 26,499 | | | | 0 | | | | 43,054 | | | | (6,461 | ) | | | 0 | | | | 0 | | | | | |
Wells Fargo Special Mid Cap Value Fund Class R6 * | | | 7,462 | | | | 47 | | | | 7,509 | | | | 0 | | | | 47,332 | | | | (29,208 | ) | | | 0 | | | | 0 | | | | | |
| | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 0 | | | | 0.00 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | | | | | | | | | | $ | 320,564 | | | $ | (197,941 | ) | | $ | 5,430 | | | $ | 0 | | | | 0.00 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | * | No longer held at the end of the period |
| | † | Non-income-earning security |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 58 | | Target Date Retirement Funds | | Portfolio of investments—February 28, 2019 |
DYNAMIC TARGET 2045 FUND
Transactions with the affiliated Master Portfolios were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | % of
ownership, beginning of
period | | | % of
ownership, end of
period | | | Net realized
gains
(losses) on
securities
transactions
allocated
from
affiliated
Master
Portfolios | | | Net change in
unrealized
gains
(losses) on
securities
transactions
allocated
from
affiliated
Master
Portfolios | | | Interest
allocated
from
affiliated
Master
Portfolios | | | Dividends
allocated
from
affiliated
Master
Portfolios | | | Affiliated
income
allocated
from
affiliated
Master
Portfolios | | | Value, end
of period | | | % of
net
assets | |
Affiliated Master Portfolios | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio | | | 0.00 | % | | | 0.04 | % | | $ | 2,884 | | | $ | 917 | | | $ | 2,655 | | | $ | 0 | | | $ | 42 | | | $ | 245,492 | | | | | |
Wells Fargo C&B Large Cap Value Portfolio * | | | 0.07 | | | | 0.00 | | | | 3,876 | | | | 15,401 | | | | 0 | | | | 1,517 | | | | 38 | | | | 0 | | | | | |
Wells Fargo Core Bond Portfolio * | | | 0.00 | ** | | | 0.00 | | | | (570 | ) | | | (304 | ) | | | 796 | | | | 0 | | | | 9 | | | | 0 | | | | | |
Wells Fargo Emerging Markets Bond Portfolio | | | 0.00 | | | | 0.05 | | | | (28 | ) | | | 482 | | | | 488 | | | | 0 | | | | 4 | | | | 20,915 | | | | | |
Wells Fargo Factor Enhanced Emerging Markets Portfolio | | | 0.00 | | | | 0.17 | | | | (14,943 | ) | | | 2,448 | | | | 22 | | | | 3,715 | | | | 134 | | | | 433,874 | | | | | |
Wells Fargo Factor Enhanced International Portfolio | | | 0.00 | | | | 0.21 | | | | (180,157 | ) | | | 61,504 | | | | 41 | | | | 14,898 | | | | 427 | | | | 1,485,006 | | | | | |
Wells Fargo Factor Enhanced Large Cap Portfolio | | | 0.00 | | | | 0.20 | | | | (236,820 | ) | | | 160,481 | | | | 83 | | | | 20,363 | | | | 723 | | | | 2,364,301 | | | | | |
Wells Fargo Factor Enhanced Small Cap Portfolio | | | 0.00 | | | | 0.21 | | | | (83,099 | ) | | | 17,977 | | | | 25 | | | | 2,371 | | | | 222 | | | | 593,433 | | | | | |
Wells Fargo High Yield Corporate Bond Portfolio | | | 0.00 | | | | 0.02 | | | | (189 | ) | | | (138 | ) | | | 555 | | | | 0 | | | | 2 | | | | 20,971 | | | | | |
Wells Fargo Investment Grade Corporate Bond Portfolio | | | 0.00 | | | | 0.05 | | | | (527 | ) | | | 1,034 | | | | 2,158 | | | | 0 | | | | 10 | | | | 127,827 | | | | | |
Wells Fargo Large Company Value Portfolio * | | | 0.42 | | | | 0.00 | | | | 7,076 | | | | 8,235 | | | | 3 | | | | 1,816 | | | | 30 | | | | 0 | | | | | |
Wells Fargo Real Return Portfolio * | | | 0.02 | | | | 0.00 | | | | (17 | ) | | | (300 | ) | | | 327 | | | | 44 | | | | 4 | | | | 0 | | | | | |
Wells Fargo Small Company Growth Portfolio * | | | 0.01 | | | | 0.00 | | | | 9,453 | | | | 4,757 | | | | 0 | | | | 317 | | | | 64 | | | | 0 | | | | | |
Wells Fargo Small Company Value Portfolio * | | | 0.11 | | | | 0.00 | | | | (2,767 | ) | | | 5,445 | | | | 0 | | | | 689 | | | | 64 | | | | 0 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | | $ | (495,828 | ) | | $ | 277,939 | | | $ | 7,153 | | | $ | 45,730 | | | $ | 1,773 | | | $ | 5,291,819 | | | | 101.22 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | * | No longer held at the end of the period |
| | ** | The amount owned is less than 0.005%. |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—February 28, 2019 | | Target Date Retirement Funds | | | 59 | |
DYNAMIC TARGET 2050 FUND
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | | | | Value | |
| | | | |
Investment Companies: 101.62% | | | | | | | | | | | | | | | | |
| | | | |
| Affiliated Master Portfolios: 101.62% | | | | | | | | | | | | | | | | |
| | | | |
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio | | | | | | | | | | | | | | $ | 149,900 | |
| | | | |
Wells Fargo Emerging Markets Bond Portfolio | | | | | | | | | | | | | | | 12,769 | |
| | | | |
Wells Fargo Factor Enhanced Emerging Markets Portfolio | | | | | | | | | | | | | | | 438,660 | |
| | | | |
Wells Fargo Factor Enhanced International Portfolio | | | | | | | | | | | | | | | 1,503,480 | |
| | | | |
Wells Fargo Factor Enhanced Large Cap Portfolio | | | | | | | | | | | | | | | 2,374,658 | |
| | | | |
Wells Fargo Factor Enhanced Small Cap Portfolio | | | | | | | | | | | | | | | 595,329 | |
| | | | |
Wells Fargo High Yield Corporate Bond Portfolio | | | | | | | | | | | | | | | 12,800 | |
| | | | |
Wells Fargo Investment Grade Corporate Bond Portfolio | | | | | | | | | | | | | | | 78,052 | |
| | | | |
Total Investment Companies (Cost $4,773,568) | | | | | | | | | | | | | | | 5,165,648 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | Yield | | | Maturity date | | | Principal | | | | |
| Short-Term Investments: 0.10% | | | | | | | | | | | | | | | | |
| | | | |
| U.S. Treasury Securities: 0.10% | | | | | | | | | | | | | | | | |
| | | | |
U.S. Treasury Bill #(z) | | | 2.31 | % | | | 4-2-2019 | | | $ | 5,000 | | | | 4,989 | |
| | | | | | | | | | | | | | | | |
| | | | |
Total Short-Term Investments (Cost $4,989) | | | | | | | | | | | | | | | 4,989 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | |
| Total investments in securities (Cost $4,778,557) | | | 101.72 | % | | | 5,170,637 | |
| | |
Other assets and liabilities, net | | | (1.72 | ) | | | (87,271 | ) |
| | | | | | | | |
| Total net assets | | | 100.00 | % | | $ | 5,083,366 | |
| | | | | | | | |
| # | All or a portion of this security is segregated as collateral for investments in derivative instruments. |
| (z) | Zero coupon security. The rate represents the purchase yield to maturity. |
Futures Contracts
| | | | | | | | | | | | | | | | | | | | | | | | |
| Description | | Number of
contracts | | | Expiration
date | | | Notional
cost | | | Notional
value | | | Unrealized
gains | | | Unrealized
losses | |
| | | | | | |
Long | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
VSTOXX Futures Index | | | 6 | | | | 3-19-2019 | | | $ | 10,512 | | | $ | 10,237 | | | $ | 0 | | | $ | (275 | ) |
| | | | | | |
Short | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
10-Year U.S. Treasury Notes | | | (1) | | | | 6-19-2019 | | | | (122,458 | ) | | | (122,000 | ) | | | 458 | | | | 0 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | | | | | | | | | | | | | | | | | $ | 458 | | | $ | (275 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 60 | | Target Date Retirement Funds | | Portfolio of investments—February 28, 2019 |
DYNAMIC TARGET 2050 FUND
Investments in Affiliates
An affiliated investment is an investment in which the Fund owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Fund and the issuer having the same investment manager. Transactions with issuers that were either affiliated persons of the Fund at the beginning of the period or the end of the period were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Shares,
beginning of
period | | | Shares
purchased | | | Shares
sold | | | Shares,
end of
period | | | Net
realized
gains
(losses) on
affiliated
Underlying
Funds | | | Net
change in
unrealized
gains
(losses) on
affiliated
Underlying
Funds | | | Dividends
from
affiliated
Underlying
Funds | | | Value,
end
of period | | | % of
net
assets | |
Investment Companies | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Bond Funds | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Wells Fargo International Bond Fund Class R6 *† | | | 3,080 | | | | 510 | | | | 3,590 | | | | 0 | | | $ | 834 | | | $ | (1,598 | ) | | $ | 0 | | | $ | 0 | | | | | |
Wells Fargo Short-Term Bond Fund Institutional Class * | | | 6,522 | | | | 573 | | | | 7,095 | | | | 0 | | | | (524 | ) | | | 392 | | | | 387 | | | | 0 | | | | | |
Wells Fargo Strategic Income Fund Institutional Class * | | | 5,967 | | | | 823 | | | | 6,790 | | | | 0 | | | | 1,948 | | | | (1,945 | ) | | | 627 | | | | 0 | | | | | |
| | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 0 | | | | 0.00 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Stock Funds | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Wells Fargo Diversified International Fund Class R6 * | | | 52,267 | | | | 2,930 | | | | 55,197 | | | | 0 | | | | 90,102 | | | | (88,292 | ) | | | | | | | 0 | | | | | |
Wells Fargo Emerging Markets Equity Income Fund Class R6 * | | | 27,692 | | | | 2,724 | | | | 30,416 | | | | 0 | | | | 33,824 | | | | (52,942 | ) | | | 4,257 | | | | 0 | | | | | |
Wells Fargo Endeavor Select Fund Institutional Class * | | | 40,193 | | | | 0 | | | | 40,193 | | | | 0 | | | | 26,172 | | | | 12,159 | | | | 0 | | | | 0 | | | | | |
Wells Fargo Enterprise Fund Class R6 *† | | | 5,295 | | | | 0 | | | | 5,295 | | | | 0 | | | | 62,253 | | | | (38,398 | ) | | | 0 | | | | 0 | | | | | |
Wells Fargo Intrinsic Value Fund Class R6 * | | | 21,326 | | | | 28 | | | | 21,354 | | | | 0 | | | | 11,354 | | | | 12,317 | | | | 0 | | | | 0 | | | | | |
Wells Fargo Premier Large Company Growth Fund Class R6 *† | | | 26,450 | | | | 5 | | | | 26,455 | | | | 0 | | | | 42,008 | | | | (5,644 | ) | | | 0 | | | | 0 | | | | | |
Wells Fargo Special Mid Cap Value Fund Class R6 * | | | 7,448 | | | | 41 | | | | 7,489 | | | | 0 | | | | 46,936 | | | | (28,883 | ) | | | 0 | | | | 0 | | | | | |
| | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 0 | | | | 0.00 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | | | | | | | | | | $ | 314,907 | | | $ | (192,834 | ) | | $ | 5,271 | | | $ | 0 | | | | 0.00 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | * | No longer held at the end of the period |
| | † | Non-income-earning security |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—February 28, 2019 | | Target Date Retirement Funds | | | 61 | |
DYNAMIC TARGET 2050 FUND
Transactions with the affiliated Master Portfolios were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | % of
ownership,
beginning of
period | | | % of
ownership,
end of
period | | | Net realized
gains
(losses) on
securities
transactions
allocated
from
affiliated
Master
Portfolios | | | Net change in
unrealized
gains
(losses) on
securities
transactions
allocated
from
affiliated
Master
Portfolios | | | Interest
allocated
from
affiliated
Master
Portfolios | | | Dividends
allocated
from
affiliated
Master
Portfolios | | | Affiliated
income
allocated
from
affiliated
Master
Portfolios | | | Value, end of period | | | % of net
assets | |
Affiliated Master Portfolios | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio | | | 0.00 | % | | | 0.02 | % | | $ | 2,040 | | | $ | 635 | | | $ | 1,816 | | | $ | 0 | | | $ | 28 | | | $ | 149,900 | | | | | |
Wells Fargo C&B Large Cap Value Portfolio * | | | 0.07 | | | | 0.00 | | | | 3,863 | | | | 15,346 | | | | 0 | | | | 1,511 | | | | 38 | | | | 0 | | | | | |
Wells Fargo Core Bond Portfolio * | | | 0.00 | ** | | | 0.00 | | | | (513 | ) | | | (267 | ) | | | 716 | | | | 0 | | | | 8 | | | | 0 | | | | | |
Wells Fargo Emerging Markets Bond Portfolio | | | 0.00 | | | | 0.03 | | | | (23 | ) | | | 311 | | | | 334 | | | | 0 | | | | 2 | | | | 12,769 | | | | | |
Wells Fargo Factor Enhanced Emerging Markets Portfolio | | | 0.00 | | | | 0.17 | | | | (15,060 | ) | | | 2,429 | | | | 22 | | | | 3,746 | | | | 135 | | | | 438,660 | | | | | |
Wells Fargo Factor Enhanced International Portfolio | | | 0.00 | | | | 0.22 | | | | (182,188 | ) | | | 61,983 | | | | 42 | | | | 15,034 | | | | 431 | | | | 1,503,480 | | | | | |
Wells Fargo Factor Enhanced Large Cap Portfolio | | | 0.00 | | | | 0.20 | | | | (237,520 | ) | | | 161,194 | | | | 84 | | | | 20,331 | | | | 722 | | | | 2,374,658 | | | | | |
Wells Fargo Factor Enhanced Small Cap Portfolio | | | 0.00 | | | | 0.21 | | | | (83,099 | ) | | | 18,010 | | | | 25 | | | | 2,367 | | | | 222 | | | | 595,329 | | | | | |
Wells Fargo High Yield Corporate Bond Portfolio | | | 0.00 | | | | 0.01 | | | | (138 | ) | | | (135 | ) | | | 380 | | | | 0 | | | | 2 | | | | 12,800 | | | | | |
Wells Fargo Investment Grade Corporate Bond Portfolio | | | 0.00 | | | | 0.03 | | | | (373 | ) | | | 649 | | | | 1,477 | | | | 0 | | | | 7 | | | | 78,052 | | | | | |
Wells Fargo Large Company Value Portfolio * | | | 0.42 | | | | 0.00 | | | | 7,058 | | | | 8,192 | | | | 3 | | | | 1,808 | | | | 30 | | | | 0 | | | | | |
Wells Fargo Real Return Portfolio * | | | 0.02 | | | | 0.00 | | | | (15 | ) | | | (268 | ) | | | 295 | | | | 39 | | | | 4 | | | | 0 | | | | | |
Wells Fargo Small Company Growth Portfolio * | | | 0.01 | | | | 0.00 | | | | 9,290 | | | | 4,748 | | | | 0 | | | | 311 | | | | 63 | | | | 0 | | | | | |
Wells Fargo Small Company Value Portfolio * | | | 0.11 | | | | 0.00 | | | | (2,733 | ) | | | 5,425 | | | | 0 | | | | 682 | | | | 63 | | | | 0 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | | $ | (499,411 | ) | | $ | 278,252 | | | $ | 5,194 | | | $ | 45,829 | | | $ | 1,755 | | | $ | 5,165,648 | | | | 101.62 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | * | No longer held at the end of the period |
| | ** | The amount owned is less than 0.005%. |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 62 | | Target Date Retirement Funds | | Portfolio of investments—February 28, 2019 |
DYNAMIC TARGET 2055 FUND
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | | | | Value | |
| | | | |
Investment Companies: 101.28% | | | | | | | | | | | | | | | | |
| | | | |
| Affiliated Master Portfolios: 101.28% | | | | | | | | | | | | | | | | |
| | | | |
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio | | | | | | | | | | | | | | $ | 148,306 | |
| | | | |
Wells Fargo Emerging Markets Bond Portfolio | | | | | | | | | | | | | | | 12,631 | |
| | | | |
Wells Fargo Factor Enhanced Emerging Markets Portfolio | | | | | | | | | | | | | | | 433,472 | |
| | | | |
Wells Fargo Factor Enhanced International Portfolio | | | | | | | | | | | | | | | 1,485,769 | |
| | | | |
Wells Fargo Factor Enhanced Large Cap Portfolio | | | | | | | | | | | | | | | 2,346,316 | |
| | | | |
Wells Fargo Factor Enhanced Small Cap Portfolio | | | | | | | | | | | | | | | 588,250 | |
| | | | |
Wells Fargo High Yield Corporate Bond Portfolio | | | | | | | | | | | | | | | 12,662 | |
| | | | |
Wells Fargo Investment Grade Corporate Bond Portfolio | | | | | | | | | | | | | | | 77,223 | |
| | | | |
Total Investment Companies (Cost $4,715,554) | | | | | | | | | | | | | | | 5,104,629 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | Yield | | | Maturity date | | | Principal | | | | |
| U.S. Treasury Securities: 0.10% | | | | | | | | | | | | | | | | |
| | | | |
U.S. Treasury Bill #(z) | | | 2.31 | % | | | 4-2-2019 | | | $ | 5,000 | | | | 4,989 | |
| | | | | | | | | | | | | | | | |
| | | | |
Total U.S. Treasury Securities (Cost $4,989) | | | | | | | | | | | | | | | 4,989 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | |
| Total investments in securities (Cost $4,720,543) | | | 101.38 | % | | | 5,109,618 | |
| | |
Other assets and liabilities, net | | | (1.38 | ) | | | (69,290 | ) |
| | | | | | | | |
| Total net assets | | | 100.00 | % | | $ | 5,040,328 | |
| | | | | | | | |
| # | All or a portion of this security is segregated as collateral for investments in derivative instruments. |
| (z) | Zero coupon security. The rate represents the purchase yield to maturity. |
Futures Contracts
| | | | | | | | | | | | | | | | | | | | | | | | |
| Description | | Number of
contracts | | | Expiration
date | | | Notional
cost | | | Notional
value | | | Unrealized
gains | | | Unrealized
losses | |
| | | | | | |
Long | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
VSTOXX Futures Index | | | 6 | | | | 3-19-2019 | | | $ | 10,523 | | | $ | 10,237 | | | $ | 0 | | | $ | (286 | ) |
| | | | | | |
Short | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
10-Year U.S. Treasury Notes | | | (1) | | | | 6-19-2019 | | | | (122,458 | ) | | | (122,000 | ) | | | 458 | | | | 0 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | | | | | | | | | | | | | | | | | $ | 458 | | | $ | (286 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—February 28, 2019 | | Target Date Retirement Funds | | | 63 | |
DYNAMIC TARGET 2055 FUND
Investments in Affiliates
An affiliated investment is an investment in which the Fund owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Fund and the issuer having the same investment manager. Transactions with issuers that were either affiliated persons of the Fund at the beginning of the period or the end of the period were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Shares,
beginning of
period | | | Shares
purchased | | | Shares
sold | | | Shares,
end of
period | | | Net
realized
gains
(losses) on
affiliated
Underlying
Funds | | | Net
change in
unrealized
gains
(losses) on
affiliated
Underlying
Funds | | | Dividends
from
affiliated
Underlying
Funds | | | Value,
end
of period | | | % of
net
assets | |
Investment Companies | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Bond Funds | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Wells Fargo International Bond Fund Class R6 *† | | | 3,030 | | | | 539 | | | | 3,569 | | | | 0 | | | $ | 819 | | | $ | (1,575 | ) | | $ | 0 | | | $ | 0 | | | | | |
Wells Fargo Short-Term Bond Fund Institutional Class * | | | 6,415 | | | | 572 | | | | 6,987 | | | | 0 | | | | (515 | ) | | | 385 | | | | 384 | | | | 0 | | | | | |
Wells Fargo Strategic Income Fund Institutional Class * | | | 5,869 | | | | 853 | | | | 6,722 | | | | 0 | | | | 1,958 | | | | (1,955 | ) | | | 619 | | | | 0 | | | | | |
| | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 0 | | | | 0.00 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Stock Funds | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Wells Fargo Diversified International Fund Class R6 * | | | 51,370 | | | | 2,974 | | | | 54,344 | | | | 0 | | | | 89,749 | | | | (87,960 | ) | | | 0 | | | | 0 | | | | | |
Wells Fargo Emerging Markets Equity Income Fund Class R6 * | | | 27,223 | | | | 2,697 | | | | 29,920 | | | | 0 | | | | 33,448 | | | | (52,250 | ) | | | 4,184 | | | | 0 | | | | | |
Wells Fargo Endeavor Select Fund Institutional Class * | | | 39,651 | | | | 0 | | | | 39,651 | | | | 0 | | | | 24,724 | | | | 13,327 | | | | 0 | | | | 0 | | | | | |
Wells Fargo Enterprise Fund Class R6 *† | | | 5,220 | | | | 0 | | | | 5,220 | | | | 0 | | | | 61,604 | | | | (37,963 | ) | | | 0 | | | | 0 | | | | | |
Wells Fargo Intrinsic Value Fund Class R6 * | | | 20,960 | | | | 32 | | | | 20,992 | | | | 0 | | | | 11,038 | | | | 12,349 | | | | 0 | | | | 0 | | | | | |
Wells Fargo Premier Large Company Growth Fund Class R6 *† | | | 26,111 | | | | 0 | | | | 26,111 | | | | 0 | | | | 41,439 | | | | (5,351 | ) | | | 0 | | | | 0 | | | | | |
Wells Fargo Special Mid Cap Value Fund Class R6 * | | | 7,316 | | | | 43 | | | | 7,359 | | | | 0 | | | | 46,922 | | | | (29,153 | ) | | | 0 | | | | 0 | | | | | |
| | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 0 | | | | 0.00 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | | | | | | | | | | $ | 311,186 | | | $ | (190,146 | ) | | $ | 5,187 | | | $ | 0 | | | | 0.00 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | * | No longer held at the end of the period |
| | † | Non-income-earning security |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 64 | | Target Date Retirement Funds | | Portfolio of investments—February 28, 2019 |
DYNAMIC TARGET 2055 FUND
Transactions with the affiliated Master Portfolios were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | % of
ownership,
beginning of
period | | | % of
ownership,
end of
period | | | Net realized
gains
(losses) on
securities
transactions
allocated
from
affiliated
Master
Portfolios | | | Net change in
unrealized
gains
(losses) on
securities
transactions
allocated
from
affiliated
Master
Portfolios | | | Dividends
allocated
from
affiliated
Master
Portfolios | | | Interest
allocated
from
affiliated
Master
Portfolios | | | Affiliated
income
allocated
from
affiliated
Master
Portfolios | | | Value,
end
of period | | | % of
net
assets | |
Affiliated Master Portfolios | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio | | | 0.00 | % | | | 0.03 | % | | $ | 2,013 | | | $ | 635 | | | $ | 0 | | | $ | 1,810 | | | $ | 28 | | | $ | 148,306 | | | | | |
Wells Fargo C&B Large Cap Value Portfolio * | | | 0.07 | | | | 0.00 | | | | 3,802 | | | | 15,110 | | | | 1,488 | | | | 0 | | | | 37 | | | | 0 | | | | | |
Wells Fargo Core Bond Portfolio * | | | 0.00 | ** | | | 0.00 | | | | (507 | ) | | | (270 | ) | | | 0 | | | | 707 | | | | 8 | | | | 0 | | | | | |
Wells Fargo Emerging Markets Bond Portfolio | | | 0.00 | | | | 0.03 | | | | (23 | ) | | | 308 | | | | 0 | | | | 330 | | | | 2 | | | | 12,631 | | | | | |
Wells Fargo Factor Enhanced Emerging Markets Portfolio | | | 0.00 | | | | 0.17 | | | | (15,002 | ) | | | 2,369 | | | | 3,706 | | | | 22 | | | | 133 | | | | 433,472 | | | | | |
Wells Fargo Factor Enhanced International Portfolio | | | 0.00 | | | | 0.21 | | | | (180,814 | ) | | | 61,115 | | | | 14,882 | | | | 41 | | | | 426 | | | | 1,485,769 | | | | | |
Wells Fargo Factor Enhanced Large Cap Portfolio | | | 0.00 | | | | 0.20 | | | | (235,699 | ) | | | 159,032 | | | | 20,122 | | | | 83 | | | | 717 | | | | 2,346,316 | | | | | |
Wells Fargo Factor Enhanced Small Cap Portfolio | | | 0.00 | | | | 0.21 | | | | (82,431 | ) | | | 17,751 | | | | 2,348 | | | | 25 | | | | 220 | | | | 588,250 | | | | | |
Wells Fargo High Yield Corporate Bond Portfolio | | | 0.00 | | | | 0.01 | | | | (135 | ) | | | (122 | ) | | | 0 | | | | 374 | | | | 2 | | | | 12,662 | | | | | |
Wells Fargo Investment Grade Corporate Bond Portfolio | | | 0.00 | | | | 0.03 | | | | (367 | ) | | | 656 | | | | 0 | | | | 1,461 | | | | 7 | | | | 77,223 | | | | | |
Wells Fargo Large Company Value Portfolio * | | | 0.42 | | | | 0.00 | | | | 6,951 | | | | 8,094 | | | | 1,785 | | | | 0 | | | | 29 | | | | 0 | | | | | |
Wells Fargo Real Return Portfolio * | | | 0.02 | | | | 0.00 | | | | (15 | ) | | | (268 | ) | | | 39 | | | | 291 | | | | 4 | | | | 0 | | | | | |
Wells Fargo Small Company Growth Portfolio * | | | 0.01 | | | | 0.00 | | | | 9,290 | | | | 4,673 | | | | 312 | | | | 0 | | | | 63 | | | | 0 | | | | | |
Wells Fargo Small Company Value Portfolio * | | | 0.11 | | | | 0.00 | | | | (2,708 | ) | | | 5,326 | | | | 675 | | | | 0 | | | | 62 | | | | 0 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | | $ | (495,645 | ) | | $ | 274,409 | | | $ | 45,357 | | | $ | 5,144 | | | $ | 1,738 | | | $ | 5,104,629 | | | | 101.28 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | * | No longer held at the end of the period |
| | ** | The amount owned is less than 0.005% |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—February 28, 2019 | | Target Date Retirement Funds | | | 65 | |
DYNAMIC TARGET 2060 FUND
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | | | | Value | |
| | | | |
Investment Companies: 101.56% | | | | | | | | | | | | | | | | |
| | | | |
| Affiliated Master Portfolios: 101.56% | | | | | | | | | | | | | | | | |
| | | | |
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio | | | | | | | | | | | | | | $ | 153,144 | |
| | | | |
Wells Fargo Emerging Markets Bond Portfolio | | | | | | | | | | | | | | | 13,045 | |
| | | | |
Wells Fargo Factor Enhanced Emerging Markets Portfolio | | | | | | | | | | | | | | | 448,145 | |
| | | | |
Wells Fargo Factor Enhanced International Portfolio | | | | | | | | | | | | | | | 1,536,083 | |
| | | | |
Wells Fargo Factor Enhanced Large Cap Portfolio | | | | | | | | | | | | | | | 2,427,132 | |
| | | | |
Wells Fargo Factor Enhanced Small Cap Portfolio | | | | | | | | | | | | | | | 608,646 | |
| | | | |
Wells Fargo High Yield Corporate Bond Portfolio | | | | | | | | | | | | | | | 13,078 | |
| | | | |
Wells Fargo Investment Grade Corporate Bond Portfolio | | | | | | | | | | | | | | | 79,741 | |
| | | | |
Total Investment Companies (Cost $4,880,537) | | | | | | | | | | | | | | | 5,279,014 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | Yield | | | Maturity date | | | Principal | | | | |
| U.S. Treasury Securities: 0.10% | | | | | | | | | | | | | | | | |
| | | | |
U.S. Treasury Bill #(z) | | | 2.31 | % | | | 4-2-2019 | | | $ | 5,000 | | | | 4,989 | |
| | | | | | | | | | | | | | | | |
| |
Total U.S. Treasury Securities (Cost $4,989) | | | | 4,989 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | |
| Total investments in securities (Cost $4,885,526) | | | 101.66 | % | | | 5,284,003 | |
| | |
Other assets and liabilities, net | | | (1.66 | ) | | | (86,310 | ) |
| | | | | | | | |
| Total net assets | | | 100.00 | % | | $ | 5,197,693 | |
| | | | | | | | |
| # | All or a portion of this security is segregated as collateral for investments in derivative instruments. |
| (z) | Zero coupon security. The rate represents the purchase yield to maturity. |
Futures Contracts
| | | | | | | | | | | | | | | | | | | | | | | | |
| Description | | Number of
contracts | | | Expiration
date | | | Notional
cost | | | Notional
value | | | Unrealized
gains | | | Unrealized
losses | |
| | | | | | |
Long | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
VSTOXX Futures Index | | | 6 | | | | 3-19-2019 | | | $ | 10,512 | | | $ | 10,237 | | | $ | 0 | | | $ | (275 | ) |
| | | | | | |
Short | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
10-Year U.S. Treasury Notes | | | (1) | | | | 6-19-2019 | | | | (122,458 | ) | | | (122,000 | ) | | | 458 | | | | 0 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | | | | | | | | | | | | | | | | | $ | 458 | | | $ | (275 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 66 | | Target Date Retirement Funds | | Portfolio of investments—February 28, 2019 |
DYNAMIC TARGET 2060 FUND
Investments in Affiliates
An affiliated investment is an investment in which the Fund owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Fund and the issuer having the same investment manager. Transactions with issuers that were either affiliated persons of the Fund at the beginning of the period or the end of the period were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Shares,
beginning of
period | | | Shares
purchased | | | Shares
sold | | | Shares,
end of
period | | | Net
realized
gains
(losses) on
affiliated
Underlying
Funds | | | Net
change in
unrealized
gains
(losses) on
affiliated
Underlying
Funds | | | Dividends
from
affiliated
Underlying
Funds | | | Value,
end
of period | | | % of
net
assets | |
Investment Companies | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Bond Funds | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Wells Fargo International Bond Fund Class R6 *† | | | 3,093 | | | | 524 | | | | 3,617 | | | | 0 | | | $ | 822 | | | $ | (1,592 | ) | | $ | 0 | | | $ | 0 | | | | | |
Wells Fargo Short-Term Bond Fund Institutional Class * | | | 6,549 | | | | 588 | | | | 7,137 | | | | 0 | | | | (529 | ) | | | 395 | | | | 390 | | | | 0 | | | | | |
Wells Fargo Strategic Income Fund Institutional Class * | | | 5,992 | | | | 861 | | | | 6,853 | | | | 0 | | | | 1,958 | | | | (1,954 | ) | | | 629 | | | | 0 | | | | | |
| | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 0 | | | | 0.00 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Stock Funds | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Wells Fargo Diversified International Fund Class R6 * | | | 52,343 | | | | 3,062 | | | | 55,405 | | | | 0 | | | | 91,694 | | | | (89,895 | ) | | | 0 | | | | 0 | | | | | |
Wells Fargo Emerging Markets Equity Income Fund Class R6 * | | | 27,921 | | | | 2,671 | | | | 30,592 | | | | 0 | | | | 33,933 | | | | (53,212 | ) | | | 4,288 | | | | 0 | | | | | |
Wells Fargo Endeavor Select Fund Institutional Class * | | | 40,259 | | | | 0 | | | | 40,259 | | | | 0 | | | | 24,575 | | | | 13,759 | | | | 0 | | | | 0 | | | | | |
Wells Fargo Enterprise Fund Class R6 *† | | | 5,322 | | | | 0 | | | | 5,322 | | | | 0 | | | | 62,628 | | | | (38,650 | ) | | | 0 | | | | 0 | | | | | |
Wells Fargo Intrinsic Value Fund Class R6 * | | | 21,445 | | | | 13 | | | | 21,458 | | | | 0 | | | | 11,455 | | | | 12,330 | | | | 0 | | | | 0 | | | | | |
Wells Fargo Premier Large Company Growth Fund Class R6 *† | | | 26,513 | | | | 0 | | | | 26,513 | | | | 0 | | | | 41,744 | | | | (5,357 | ) | | | 0 | | | | 0 | | | | | |
Wells Fargo Special Mid Cap Value Fund Class R6 * | | | 7,502 | | | | 35 | | | | 7,537 | | | | 0 | | | | 47,269 | | | | (29,121 | ) | | | 0 | | | | 0 | | | | | |
| | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 0 | | | | 0.00 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | | | | | | | | | | $ | 315,549 | | | $ | (193,297 | ) | | $ | 5,307 | | | $ | 0 | | | | 0.00 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | * | No longer held at the end of the period |
| | † | Non-income-earning security |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—February 28, 2019 | | Target Date Retirement Funds | | | 67 | |
DYNAMIC TARGET 2060 FUND
Transactions with the affiliated Master Portfolios were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | % of
ownership,
beginning of
period | | | % of
ownership,
end of
period | | | Net realized
gains
(losses) on
securities
transactions
allocated
from
affiliated
Master
Portfolios | | | Net change in
unrealized
gains
(losses) on
securities
transactions
allocated
from
affiliated
Master
Portfolios | | | Dividends
allocated
from
affiliated
Master
Portfolios | | | Interest
allocated
from
affiliated
Master
Portfolios | | | Affiliated
income
allocated
from
affiliated
Master
Portfolios | | | Value,
end
of period | | | % of
net
assets | |
Affiliated Master Portfolios | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio | | | 0.00 | % | | | 0.02 | % | | $ | 2,068 | | | $ | 658 | | | $ | 0 | | | $ | 1,889 | | | $ | 29 | | | $ | 153,144 | | | | | |
Wells Fargo C&B Large Cap Value Portfolio * | | | 0.07 | | | | 0.00 | | | | 3,891 | | | | 15,456 | | | | 1,521 | | | | 0 | | | | 38 | | | | 0 | | | | | |
Wells Fargo Core Bond Portfolio * | | | 0.00 | ** | | | 0.00 | | | | (515 | ) | | | (274 | ) | | | 0 | | | | 720 | | | | 8 | | | | 0 | | | | | |
Wells Fargo Emerging Markets Bond Portfolio | | | 0.00 | | | | 0.03 | | | | (21 | ) | | | 323 | | | | 0 | | | | 338 | | | | 2 | | | | 13,045 | | | | | |
Wells Fargo Factor Enhanced Emerging Markets Portfolio | | | 0.00 | | | | 0.17 | | | | (14,993 | ) | | | 2,515 | | | | 3,796 | | | | 22 | | | | 136 | | | | 448,145 | | | | | |
Wells Fargo Factor Enhanced International Portfolio | | | 0.00 | | | | 0.22 | | | | (183,686 | ) | | | 63,530 | | | | 15,206 | | | | 42 | | | | 435 | | | | 1,536,083 | | | | | |
Wells Fargo Factor Enhanced Large Cap Portfolio | | | 0.00 | | | | 0.21 | | | | (240,474 | ) | | | 164,962 | | | | 20,522 | | | | 85 | | | | 734 | | | | 2,427,132 | | | | | |
Wells Fargo Factor Enhanced Small Cap Portfolio | | | 0.00 | | | | 0.22 | | | | (83,490 | ) | | | 18,535 | | | | 2,368 | | | | 25 | | | | 224 | | | | 608,646 | | | | | |
Wells Fargo High Yield Corporate Bond Portfolio | | | 0.00 | | | | 0.02 | | | | (136 | ) | | | (119 | ) | | | 0 | | | | 356 | | | | 2 | | | | 13,078 | | | | | |
Wells Fargo Investment Grade Corporate Bond Portfolio | | | 0.00 | | | | 0.03 | | | | (366 | ) | | | 707 | | | | 0 | | | | 1,495 | | | | 7 | | | | 79,741 | | | | | |
Wells Fargo Large Company Value Portfolio * | | | 0.43 | | | | 0.00 | | | | 7,102 | | | | 8,240 | | | | 1,819 | | | | 0 | | | | 30 | | | | 0 | | | | | |
Wells Fargo Real Return Portfolio * | | | 0.02 | | | | 0.00 | | | | (16 | ) | | | (272 | ) | | | 39 | | | | 281 | | | | 4 | | | | 0 | | | | | |
Wells Fargo Small Company Growth Portfolio * | | | 0.01 | | | | 0.00 | | | | 9,307 | | | | 4,695 | | | | 312 | | | | 0 | | | | 63 | | | | 0 | | | | | |
Wells Fargo Small Company Value Portfolio * | | | 0.11 | | | | 0.00 | | | | (2,738 | ) | | | 5,395 | | | | 682 | | | | 0 | | | | 63 | | | | 0 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | | $ | (504,067 | ) | | $ | 284,351 | | | $ | 46,265 | | | $ | 5,253 | | | $ | 1,775 | | | $ | 5,279,014 | | | | 101.56 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | * | No longer held at the end of the period |
| | ** | The amount owned is less than 0.005% |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 68 | | Target Date Retirement Funds | | Statements of assets and liabilities—February 28, 2019 |
| | | | | | | | |
| | | Dynamic Target
Today Fund | | | Dynamic Target
2015 Fund | |
| | |
Assets | | | | | | | | |
Investments in affiliated Master Portfolios, at value (see cost below) | | $ | 5,448,712 | | | $ | 5,392,741 | |
Investments in unaffiliated securities, at value (see cost below) | | | 4,989 | | | | 4,989 | |
Cash | | | 10,000 | | | | 10,000 | |
Receivable for daily variation margin on open futures contracts | | | 219 | | | | 219 | |
Receivable from manager | | | 13,607 | | | | 13,272 | |
Prepaid expenses and other assets | | | 47,977 | | | | 44,987 | |
| | | | |
Total assets | | | 5,525,504 | | | | 5,466,208 | |
| | | | |
| | |
Liabilities | | | | | | | | |
Shareholder report expenses payable | | | 61,426 | | | | 59,327 | |
Professional fees payable | | | 40,158 | | | | 40,320 | |
Custodian and accounting fees payable | | | 31,194 | | | | 30,629 | |
Trustees’ fees and expenses payable | | | 1,174 | | | | 1,174 | |
Payable for daily variation margin on open futures contracts | | | 307 | | | | 307 | |
Administration fees payable | | | 198 | | | | 193 | |
Payable for Fund shares redeemed | | | 0 | | | | 0 | |
Distribution fee payable | | | 59 | | | | 58 | |
Accrued expenses and other liabilities | | | 105 | | | | 101 | |
| | | | |
Total liabilities | | | 134,621 | | | | 132,109 | |
| | | | |
Total net assets | | $ | 5,390,883 | | | $ | 5,334,099 | |
| | | | |
| | |
NET ASSETS CONSIST OF | | | | | | | | |
Paid-in capital | | $ | 5,296,414 | | | $ | 5,249,422 | |
Total distributable earnings | | | 94,469 | | | | 84,677 | |
| | | | |
Total net assets | | $ | 5,390,883 | | | $ | 5,334,099 | |
| | | | |
| | |
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE | | | | | | | | |
Net assets – Class A | | $ | 400,047 | | | $ | 390,081 | |
Shares outstanding – Class A1 | | | 39,551 | | | | 39,044 | |
Net asset value per share – Class A | | | $10.11 | | | | $9.99 | |
Maximum offering price per share – Class A2 | | | $10.73 | | | | $10.60 | |
Net assets – Class C | | $ | 102,429 | | | $ | 101,432 | |
Shares outstanding – Class C1 | | | 10,163 | | | | 10,180 | |
Net asset value per share – Class C | | | $10.08 | | | | $9.96 | |
Net assets – Class R4 | | $ | 103,810 | | | $ | 102,836 | |
Share outstanding – Class R41 | | | 10,279 | | | | 10,296 | |
Net asset value per share – Class R4 | | | $10.10 | | | | $9.99 | |
Net assets – Class R6 | | $ | 4,784,597 | | | $ | 4,739,750 | |
Shares outstanding – Class R61 | | | 473,623 | | | | 474,416 | |
Net asset value per share – Class R6 | | | $10.10 | | | | $9.99 | |
| | |
Investments in affiliated Master Portfolios, at cost | | $ | 5,275,279 | | | $ | 5,169,278 | |
| | | | |
Investments in unaffiliated securities, at cost | | $ | 4,989 | | | $ | 4,989 | |
| | | | |
| 1 | Each Fund has an unlimited number of authorized shares. |
| 2 | Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced. |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Statements of assets and liabilities—February 28, 2019 | | Target Date Retirement Funds | | | 69 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Dynamic Target
2020 Fund | | | Dynamic Target
2025 Fund | | | Dynamic Target
2030 Fund | | | Dynamic Target
2035 Fund | | | Dynamic Target
2040 Fund | | | Dynamic Target
2045 Fund | | | Dynamic Target
2050 Fund | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 5,637,301 | | | $ | 7,112,531 | | | $ | 6,154,052 | | | $ | 5,573,357 | | | $ | 5,419,358 | | | $ | 5,291,819 | | | $ | 5,165,648 | |
| | 4,989 | | | | 5,987 | | | | 5,987 | | | | 4,989 | | | | 4,989 | | | | 4,989 | | | | 4,989 | |
| | 10,000 | | | | 10,000 | | | | 10,000 | | | | 10,000 | | | | 10,000 | | | | 10,000 | | | | 10,000 | |
| | 219 | | | | 219 | | | | 219 | | | | 219 | | | | 219 | | | | 219 | | | | 219 | |
| | 13,092 | | | | 14,055 | | | | 13,532 | | | | 13,592 | | | | 14,319 | | | | 13,680 | | | | 13,392 | |
| | 53,361 | | | | 1,686 | | | | 314 | | | | 455 | | | | 30,757 | | | | 37,064 | | | | 13,776 | |
| | |
| | 5,718,962 | | | | 7,144,478 | | | | 6,184,104 | | | | 5,602,612 | | | | 5,479,642 | | | | 5,357,771 | | | | 5,208,024 | |
| | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 59,915 | | | | 61,904 | | | | 62,634 | | | | 63,304 | | | | 48,465 | | | | 62,745 | | | | 67,271 | |
| | 32,591 | | | | 48,718 | | | | 48,675 | | | | 48,840 | | | | 38,015 | | | | 40,158 | | | | 25,072 | |
| | 29,503 | | | | 27,496 | | | | 28,095 | | | | 28,635 | | | | 27,543 | | | | 25,149 | | | | 25,828 | |
| | 1,174 | | | | 1,215 | | | | 1,285 | | | | 1,285 | | | | 1,468 | | | | 1,174 | | | | 1,152 | |
| | 307 | | | | 631 | | | | 580 | | | | 529 | | | | 529 | | | | 529 | | | | 529 | |
| | 226 | | | | 429 | | | | 300 | | | | 212 | | | | 201 | | | | 181 | | | | 160 | |
| | 0 | | | | 1,250 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
| | 58 | | | | 74 | | | | 87 | | | | 58 | | | | 57 | | | | 58 | | | | 58 | |
| | 0 | | | | 1,055 | | | | 905 | | | | 806 | | | | 0 | | | | 0 | | | | 4,588 | |
| | |
| | 123,774 | | | | 142,772 | | | | 142,561 | | | | 143,669 | | | | 116,278 | | | | 129,994 | | | | 124,658 | |
| | |
| $ | 5,595,188 | | | $ | 7,001,706 | | | $ | 6,041,543 | | | $ | 5,458,943 | | | $ | 5,363,364 | | | $ | 5,227,777 | | | $ | 5,083,366 | |
| | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 5,490,755 | | | $ | 6,912,228 | | | $ | 5,958,600 | | | $ | 5,383,730 | | | $ | 5,298,121 | | | $ | 5,178,383 | | | $ | 5,046,156 | |
| | 104,433 | | | | 89,478 | | | | 82,943 | | | | 75,213 | | | | 65,243 | | | | 49,394 | | | | 37,210 | |
| | |
| $ | 5,595,188 | | | $ | 7,001,706 | | | $ | 6,041,543 | | | $ | 5,458,943 | | | $ | 5,363,364 | | | $ | 5,227,777 | | | $ | 5,083,366 | |
| | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 622,599 | | | $ | 1,928,861 | | | $ | 1,010,190 | | | $ | 520,575 | | | $ | 453,599 | | | $ | 328,883 | | | $ | 197,845 | |
| | 62,571 | | | | 190,996 | | | | 101,657 | | | | 52,920 | | | | 46,420 | | | | 33,808 | | | | 20,343 | |
| | $9.95 | | | | $10.10 | | | | $9.94 | | | | $9.84 | | | | $9.77 | | | | $9.73 | | | | $9.73 | |
| | $10.56 | | | | $10.72 | | | | $10.55 | | | | $10.44 | | | | $10.37 | | | | $10.32 | | | | $10.32 | |
| $ | 102,027 | | | $ | 129,625 | | | $ | 153,129 | | | $ | 101,712 | | | $ | 100,339 | | | $ | 102,080 | | | $ | 102,031 | |
| | 10,250 | | | | 12,838 | | | | 15,495 | | | | 10,349 | | | | 10,278 | | | | 10,513 | | | | 10,538 | |
| | $9.95 | | | | $10.10 | | | | $9.88 | | | | $9.83 | | | | $9.76 | | | | $9.71 | | | | $9.68 | |
| $ | 103,426 | | | $ | 104,971 | | | $ | 103,586 | | | $ | 102,703 | | | $ | 102,124 | | | $ | 101,827 | | | $ | 101,571 | |
| | 10,356 | | | | 10,347 | | | | 10,369 | | | | 10,388 | | | | 10,387 | | | | 10,408 | | | | 10,410 | |
| | $9.99 | | | | $10.14 | | | | $9.99 | | | | $9.89 | | | | $9.83 | | | | $9.78 | | | | $9.76 | |
| $ | 4,767,136 | | | $ | 4,838,249 | | | $ | 4,774,638 | | | $ | 4,733,953 | | | $ | 4,707,302 | | | $ | 4,694,987 | | | $ | 4,681,919 | |
| | 477,115 | | | | 476,727 | | | | 477,709 | | | | 478,582 | | | | 478,520 | | | | 479,504 | | | | 479,600 | |
| | $9.99 | | | | $10.15 | | | | $9.99 | | | | $9.89 | | | | $9.84 | | | | $9.79 | | | | $9.76 | |
| | | | | | |
| $ | 5,369,948 | | | $ | 6,749,273 | | | $ | 5,777,624 | | | $ | 5,201,047 | | | $ | 5,034,070 | | | $ | 4,898,208 | | | $ | 4,773,568 | |
| | |
| $ | 4,989 | | | $ | 5,987 | | | $ | 5,987 | | | $ | 4,989 | | | $ | 4,989 | | | $ | 4,989 | | | $ | 4,989 | |
| | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 70 | | Target Date Retirement Funds | | Statements of assets and liabilities—February 28, 2019 |
| | | | | | | | |
| | | Dynamic Target
2055 Fund | | | Dynamic Target
2060 Fund | |
| | |
Assets | | | | | | | | |
Investments in affiliated Master Portfolios, at value (see cost below) | | $ | 5,104,629 | | | $ | 5,279,014 | |
Investments in unaffiliated securities, at value (see cost below) | | | 4,989 | | | | 4,989 | |
Cash | | | 10,000 | | | | 10,000 | |
Receivable for daily variation margin on open futures contracts | | | 219 | | | | 219 | |
Receivable from manager | | | 13,799 | | | | 13,343 | |
Prepaid expenses and other assets | | | 32,015 | | | | 14,384 | |
| | | | |
Total assets | | | 5,165,651 | | | | 5,321,949 | |
| | | | |
| | |
Liabilities | | | | | | | | |
Shareholder report expenses payable | | | 67,221 | | | | 68,220 | |
Custodian and accounting fees payable | | | 26,419 | | | | 24,425 | |
Professional fees payable | | | 25,044 | | | | 25,044 | |
Trustees’ fees and expenses payable | | | 1,169 | | | | 1,169 | |
Payable for daily variation margin on open futures contracts | | | 529 | | | | 529 | |
Administration fees payable | | | 154 | | | | 175 | |
Distribution fee payable | | | 57 | | | | 57 | |
Accrued expenses and other liabilities | | | 4,730 | | | | 4,637 | |
| | | | |
Total liabilities | | | 125,323 | | | | 124,256 | |
| | | | |
Total net assets | | $ | 5,040,328 | | | $ | 5,197,693 | |
| | | | |
| | |
NET ASSETS CONSIST OF | | | | | | | | |
Paid-in capital | | $ | 5,006,124 | | | $ | 5,157,123 | |
Total distributable earnings | | | 34,204 | | | | 40,570 | |
| | | | |
Total net assets | | $ | 5,040,328 | | | $ | 5,197,693 | |
| | | | |
| | |
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE | | | | | | | | |
Net assets – Class A | | $ | 160,700 | | | $ | 289,567 | |
Shares outstanding – Class A1 | | | 16,518 | | | | 29,726 | |
Net asset value per share – Class A | | | $9.73 | | | | $9.74 | |
Maximum offering price per share – Class A2 | | | $10.32 | | | | $10.33 | |
Net assets – Class C | | $ | 99,693 | | | $ | 100,265 | |
Shares outstanding – Class C1 | | | 10,305 | | | | 10,320 | |
Net asset value per share – Class C | | | $9.67 | | | | $9.72 | |
Net assets – Class R4 | | $ | 101,535 | | | $ | 102,091 | |
Share outstanding – Class R41 | | | 10,413 | | | | 10,424 | |
Net asset value per share – Class R4 | | | $9.75 | | | | $9.79 | |
Net assets – Class R6 | | $ | 4,678,400 | | | $ | 4,705,770 | |
Shares outstanding – Class R61 | | | 479,736 | | | | 480,261 | |
Net asset value per share – Class R6 | | | $9.75 | | | | $9.80 | |
| | |
Investments in affiliated Master Portfolios, at cost | | $ | 4,715,554 | | | $ | 4,880,537 | |
| | | | |
Investments in unaffiliated securities, at cost | | $ | 4,989 | | | $ | 4,989 | |
| | | | |
| 1 | Each Fund has an unlimited number of authorized shares. |
| 2 | Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced. |
The accompanying notes are an integral part of these financial statements.
This page is intentionally left blank.
| | | | |
| 72 | | Target Date Retirement Funds | | Statements of operations—year ended February 28, 20191 |
| | | | | | | | |
| | | Dynamic Target
Today Fund | | | Dynamic Target
2015 Fund | |
| | |
Investment income | | | | | | | | |
Interest allocated from affiliated Master Portfolios | | $ | 52,410 | | | $ | 42,585 | |
Dividends allocated from affiliated Master Portfolios* | | | 18,518 | | | | 24,350 | |
Dividends from unaffiliated Underlying Funds | | | 13,692 | | | | 13,342 | |
Dividends from affiliated Underlying Funds | | | 11,702 | | | | 10,500 | |
Affiliated income allocated from affiliated Master Portfolios | | | 1,219 | | | | 1,323 | |
Interest | | | 238 | | | | 280 | |
Expenses allocated from affiliated Master Portfolios | | | (5,948 | ) | | | (6,258 | ) |
Waivers allocated from affiliated Master Portfolios | | | 965 | | | | 1,015 | |
| | | | |
Total investment income | | | 92,796 | | | | 87,137 | |
| | | | |
| | |
Expenses | | | | | | | | |
Management fee | | | 7,178 | | | | 7,345 | |
Administration fees | | | | | | | | |
Class A | | | 589 | | | | 647 | |
Class C | | | 168 | | | | 170 | |
Class R4 | | | 65 | | | | 66 | |
Class R6 | | | 1,126 | | | | 1,144 | |
Shareholder servicing fees | | | | | | | | |
Class A | | | 702 | | | | 770 | |
Class C | | | 200 | | | | 203 | |
Class R4 | | | 81 | | | | 83 | |
Distribution fee | | | | | | | | |
Class C | | | 599 | | | | 609 | |
Custody and accounting fees | | | 19,397 | | | | 19,405 | |
Professional fees | | | 29,843 | | | | 29,776 | |
Registration fees | | | 51,693 | | | | 48,387 | |
Shareholder report expenses | | | 32,422 | | | | 32,533 | |
Trustees’ fees and expenses | | | 16,471 | | | | 16,500 | |
Other fees and expenses | | | 3,175 | | | | 2,325 | |
| | | | |
Total expenses | | | 163,709 | | | | 159,963 | |
Less: Fee waivers and/or expense reimbursements | | | (159,685 | ) | | | (155,671 | ) |
| | | | |
Net expenses | | | 4,024 | | | | 4,292 | |
| | | | |
Net investment income | | | 88,772 | | | | 82,845 | |
| | | | |
| | |
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | | | | | | | | |
| | |
Net realized gains (losses) on: | | | | | | | | |
Securities transactions allocated from affiliated Master Portfolios | | | (150,194 | ) | | | (216,627 | ) |
Unaffiliated Underlying Funds | | | 207,820 | | | | 293,625 | |
Affiliated Underlying Funds | | | 132,905 | | | | 185,117 | |
Futures contracts | | | 14,442 | | | | 8,701 | |
| | | | |
Net realized gains on investments | | | 204,973 | | | | 270,816 | |
| | | | |
| | |
Net change in unrealized gains (losses) on: | | | | | | | | |
Securities transactions allocated from affiliated Master Portfolios | | | 133,487 | | | | 162,785 | |
Unaffiliated Underlying Funds | | | (162,717 | ) | | | (232,400 | ) |
Affiliated Underlying Funds | | | (98,016 | ) | | | (131,116 | ) |
Futures contracts | | | 9,405 | | | | 9,405 | |
| | | | |
Net change in unrealized gains (losses) on investments | | | (117,841 | ) | | | (191,326 | ) |
| | | | |
Net realized and unrealized gains (losses) on investments | | | 87,132 | | | | 79,490 | |
| | | | |
Net increase in net assets resulting from operations | | $ | 175,904 | | | $ | 162,335 | |
| | | | |
| | |
* Net of foreign dividend withholding taxes allocated from affiliated Master Portfolios in the amount of | | | $825 | | | | $1,077 | |
| 1 | For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019. |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Statements of operations—year ended February 28, 20191 | | Target Date Retirement Funds | | | 73 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Dynamic Target
2020 Fund | | | Dynamic Target
2025 Fund | | | Dynamic Target
2030 Fund | | | Dynamic Target
2035 Fund | | | Dynamic Target
2040 Fund | | | Dynamic Target
2045 Fund | | | Dynamic Target
2050 Fund | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 36,230 | | | $ | 34,653 | | | $ | 24,307 | | | $ | 17,288 | | | $ | 11,948 | | | $ | 7,153 | | | $ | 5,194 | |
| | 28,420 | | | | 40,626 | | | | 42,329 | | | | 42,244 | | | | 44,098 | | | | 45,730 | | | | 45,829 | |
| | 12,474 | | | | 14,038 | | | | 11,953 | | | | 10,235 | | | | 9,803 | | | | 9,519 | | | | 9,422 | |
| | 10,261 | | | | 10,947 | | | | 8,247 | | | | 6,534 | | | | 5,845 | | | | 5,430 | | | | 5,271 | |
| | 1,437 | | | | 1,917 | | | | 2,019 | | | | 1,752 | | | | 1,762 | | | | 1,773 | | | | 1,755 | |
| | 305 | | | | 352 | | | | 335 | | | | 335 | | | | 344 | | | | 359 | | | | 344 | |
| | (6,530 | ) | | | (8,159 | ) | | | (7,613 | ) | | | (7,187 | ) | | | (7,248 | ) | | | (7,254 | ) | | | (7,181 | ) |
| | 1,057 | | | | 1,311 | | | | 1,207 | | | | 1,144 | | | | 1,161 | | | | 1,173 | | | | 1,166 | |
| | |
| | 83,654 | | | | 95,685 | | | | 82,784 | | | | 72,345 | | | | 67,713 | | | | 63,883 | | | | 61,800 | |
| | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 7,535 | | | | 9,117 | | | | 8,377 | | | | 7,785 | | | | 7,785 | | | | 7,652 | | | | 7,503 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 745 | | | | 2,513 | | | | 1,531 | | | | 757 | | | | 707 | | | | 521 | | | | 339 | |
| | 173 | | | | 220 | | | | 198 | | | | 179 | | | | 179 | | | | 181 | | | | 181 | |
| | 67 | | | | 68 | | | | 69 | | | | 69 | | | | 70 | | | | 70 | | | | 70 | |
| | 1,162 | | | | 1,180 | | | | 1,191 | | | | 1,199 | | | | 1,205 | | | | 1,208 | | | | 1,207 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 887 | | | | 2,991 | | | | 1,822 | | | | 901 | | | | 841 | | | | 620 | | | | 404 | |
| | 206 | | | | 262 | | | | 236 | | | | 214 | | | | 213 | | | | 215 | | | | 215 | |
| | 84 | | | | 85 | | | | 86 | | | | 87 | | | | 87 | | | | 87 | | | | 87 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 619 | | | | 787 | | | | 709 | | | | 641 | | | | 640 | | | | 645 | | | | 645 | |
| | 19,405 | | | | 19,410 | | | | 19,410 | | | | 19,405 | | | | 19,405 | | | | 19,402 | | | | 19,847 | |
| | 26,815 | | | | 36,445 | | | | 36,402 | | | | 36,567 | | | | 29,180 | | | | 29,843 | | | �� | 26,373 | |
| | 47,412 | | | | 53,613 | | | | 52,848 | | | | 52,696 | | | | 53,305 | | | | 50,901 | | | | 54,053 | |
| | 32,165 | | | | 32,884 | | | | 31,879 | | | | 31,878 | | | | 29,719 | | | | 32,236 | | | | 35,914 | |
| | 16,471 | | | | 15,221 | | | | 16,491 | | | | 16,491 | | | | 16,784 | | | | 16,471 | | | | 16,394 | |
| | 2,761 | | | | 5,060 | | | | 5,060 | | | | 5,060 | | | | 2,576 | | | | 2,913 | | | | 3,175 | |
| | |
| | 156,507 | | | | 179,856 | | | | 176,309 | | | | 173,929 | | | | 162,696 | | | | 162,965 | | | | 166,407 | |
| | (151,857 | ) | | | (171,407 | ) | | | (170,303 | ) | | | (170,026 | ) | | | (157,638 | ) | | | (159,302 | ) | | | (163,906 | ) |
| | |
| | 4,650 | | | | 8,449 | | | | 6,006 | | | | 3,903 | | | | 5,058 | | | | 3,663 | | | | 2,501 | |
| | |
| | 79,004 | | | | 87,236 | | | | 76,778 | | | | 68,442 | | | | 62,655 | | | | 60,220 | | | | 59,299 | |
| | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | (272,315 | ) | | | (414,208 | ) | | | (438,302 | ) | | | (443,563 | ) | | | (469,422 | ) | | | (495,828 | ) | | | (499,411 | ) |
| | 349,773 | | | | 445,297 | | | | 493,761 | | | | 520,737 | | | | 553,841 | | | | 554,859 | | | | 550,044 | |
| | 213,119 | | | | 261,552 | | | | 287,589 | | | | 306,148 | | | | 326,277 | | | | 320,564 | | | | 314,907 | |
| | 28,049 | | | | 11,695 | | | | 17,944 | | | | 20,053 | | | | 14,438 | | | | 9,099 | | | | (205 | ) |
| | |
| | 318,626 | | | | 304,336 | | | | 360,992 | | | | 403,375 | | | | 425,134 | | | | 388,694 | | | | 365,335 | |
| | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 193,706 | | | | 281,035 | | | | 274,598 | | | | 264,394 | | | | 271,625 | | | | 277,939 | | | | 278,252 | |
| | (274,610 | ) | | | (341,012 | ) | | | (383,516 | ) | | | (406,910 | ) | | | (434,150 | ) | | | (433,726 | ) | | | (429,583 | ) |
| | (144,626 | ) | | | (163,188 | ) | | | (180,220 | ) | | | (193,103 | ) | | | (204,925 | ) | | | (197,941 | ) | | | (192,834 | ) |
| | 9,405 | | | | 9,313 | | | | 9,346 | | | | 9,394 | | | | 9,405 | | | | 9,405 | | | | 9,405 | |
| | |
| | (216,125 | ) | | | (213,852 | ) | | | (279,792 | ) | | | (326,225 | ) | | | (358,045 | ) | | | (344,323 | ) | | | (334,760 | ) |
| | |
| | 102,501 | | | | 90,484 | | | | 81,200 | | | | 77,150 | | | | 67,089 | | | | 44,371 | | | | 30,575 | |
| | |
| $ | 181,505 | | | $ | 177,720 | | | $ | 157,978 | | | $ | 145,592 | | | $ | 129,744 | | | $ | 104,591 | | | $ | 89,874 | |
| | |
| | | | | | |
| | $1,337 | | | | $2,021 | | | | $2,123 | | | | $2,151 | | | | $2,277 | | | | $2,394 | | | | $2,414 | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 74 | | Target Date Retirement Funds | | Statements of operations—year ended February 28, 20191 |
| | | | | | | | |
| | | Dynamic Target
2055 Fund | | | Dynamic Target
2060 Fund | |
| | |
Investment income | | | | | | | | |
Dividends allocated from affiliated Master Portfolios* | | $ | 45,357 | | | $ | 46,265 | |
Dividends from unaffiliated Underlying Funds | | | 9,279 | | | | 9,433 | |
Dividends from affiliated Underlying Funds | | | 5,187 | | | | 5,307 | |
Interest allocated from affiliated Master Portfolios | | | 5,144 | | | | 5,253 | |
Affiliated income allocated from affiliated Master Portfolios | | | 1,738 | | | | 1,775 | |
Interest | | | 343 | | | | 344 | |
Expenses allocated from affiliated Master Portfolios | | | (7,107 | ) | | | (7,253 | ) |
Waivers allocated from affiliated Master Portfolios | | | 1,153 | | | | 1,181 | |
| | | | |
Total investment income | | | 61,094 | | | | 62,305 | |
| | | | |
| | |
Expenses | | | | | | | | |
Management fee | | | 7,444 | | | | 7,565 | |
Administration fees | | | | | | | | |
Class A | | | 273 | | | | 399 | |
Class C | | | 180 | | | | 180 | |
Class R4 | | | 70 | | | | 70 | |
Class R6 | | | 1,206 | | | | 1,210 | |
Shareholder servicing fees | | | | | | | | |
Class A | | | 325 | | | | 475 | |
Class C | | | 214 | | | | 215 | |
Class R4 | | | 87 | | | | 87 | |
Distribution fee | | | | | | | | |
Class C | | | 641 | | | | 643 | |
Custody and accounting fees | | | 19,850 | | | | 19,402 | |
Professional fees | | | 26,344 | | | | 26,344 | |
Registration fees | | | 51,196 | | | | 53,971 | |
Shareholder report expenses | | | 35,914 | | | | 35,914 | |
Trustees’ fees and expenses | | | 16,410 | | | | 16,410 | |
Other fees and expenses | | | 3,102 | | | | 3,215 | |
| | | | |
Total expenses | | | 163,256 | | | | 166,100 | |
Less: Fee waivers and/or expense reimbursements | | | (160,227 | ) | | | (163,453 | ) |
| | | | |
Net expenses | | | 3,029 | | | | 2,647 | |
| | | | |
Net investment income | | | 58,065 | | | | 59,658 | |
| | | | |
| | |
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | | | | | | | | |
| | |
Net realized gains (losses) on: | | | | | | | | |
Securities transactions allocated from affiliated Master Portfolios | | | (495,645 | ) | | | (504,067 | ) |
Unaffiliated Underlying Funds | | | 545,180 | | | | 556,802 | |
Affiliated Underlying Funds | | | 311,186 | | | | 315,549 | |
Futures contracts | | | 685 | | | | (165 | ) |
| | | | |
Net realized gains on investments | | | 361,406 | | | | 368,119 | |
| | | | |
| | |
Net change in unrealized gains (losses) on: | | | | | | | | |
Securities transactions allocated from affiliated Master Portfolios | | | 274,409 | | | | 284,351 | |
Unaffiliated Underlying Funds | | | (426,152 | ) | | | (435,813 | ) |
Affiliated Underlying Funds | | | (190,146 | ) | | | (193,297 | ) |
Futures contracts | | | 9,394 | | | | 9,405 | |
| | | | |
Net change in unrealized gains (losses) on investments | | | (332,495 | ) | | | (335,354 | ) |
| | | | |
Net realized and unrealized gains (losses) on investments | | | 28,911 | | | | 32,765 | |
| | | | |
Net increase in net assets resulting from operations | | $ | 86,976 | | | $ | 92,423 | |
| | | | |
| | |
* Net of foreign dividend withholding taxes allocated from affiliated Master Portfolios in the amount of | | | $2,388 | | | | $2,441 | |
| 1 | For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019. |
The accompanying notes are an integral part of these financial statements.
This page is intentionally left blank.
| | | | |
| 76 | | Target Date Retirement Funds | | Statements of operations—year ended May 31, 2018 |
| | | | | | | | |
| | | Dynamic Target
Today Fund | | | Dynamic Target
2015 Fund | |
| | |
Investment income | | | | | | | | |
Dividends from unaffiliated Underlying Funds | | $ | 41,232 | | | $ | 43,651 | |
Dividends from affiliated Underlying Funds | | | 39,149 | | | | 39,145 | |
Interest allocated from affiliated Master Portfolios* | | | 26,278 | | | | 21,251 | |
Dividends allocated from affiliated Master Portfolios** | | | 6,066 | | | | 7,462 | |
Interest | | | 132 | | | | 133 | |
Affiliated income allocated from affiliated Master Portfolios | | | 814 | | | | 843 | |
Expenses allocated from affiliated Master Portfolios | | | (6,189 | ) | | | (6,297 | ) |
Waivers allocated from affiliated Master Portfolios | | | 298 | | | | 293 | |
| | | | |
Total investment income | | | 107,780 | | | | 106,481 | |
| | | | |
| | |
Expenses | | | | | | | | |
Management fee | | | 11,417 | | | | 11,912 | |
Administration fees | | | | | | | | |
Class A | | | 615 | | | | 890 | |
Class C | | | 230 | | | | 235 | |
Class R | | | 105 | 1 | | | 107 | 1 |
Class R4 | | | 89 | | | | 91 | |
Class R6 | | | 1,543 | | | | 1,577 | |
Shareholder servicing fees | | | | | | | | |
Class A | | | 733 | | | | 1,059 | |
Class C | | | 274 | | | | 280 | |
Class R | | | 125 | 1 | | | 128 | 1 |
Class R4 | | | 111 | | | | 114 | |
Distribution fees | | | | | | | | |
Class C | | | 823 | | | | 840 | |
Class R | | | 125 | 1 | | | 128 | 1 |
Custody and accounting fees | | | 25,933 | | | | 25,944 | |
Professional fees | | | 39,665 | | | | 39,665 | |
Registration fees | | | 69,113 | | | | 64,693 | |
Shareholder report expenses | | | 54,688 | | | | 54,542 | |
Trustees’ fees and expenses | | | 20,064 | | | | 20,064 | |
Other fees and expenses | | | 3,578 | | | | 2,252 | |
| | | | |
Total expenses | | | 229,231 | | | | 224,521 | |
Less: Fee waivers and/or expense reimbursements | | | (222,233 | ) | | | (216,516 | ) |
| | | | |
Net expenses | | | 6,998 | | | | 8,005 | |
| | | | |
Net investment income | | | 100,782 | | | | 98,476 | |
| | | | |
| | |
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | | | | | | | | |
| | |
Net realized gains (losses) on: | | | | | | | | |
Securities transactions allocated from affiliated Master Portfolios | | | 32,805 | | | | 50,290 | |
Unaffiliated Underlying Funds | | | 16,647 | | | | 26,788 | |
Affiliated Underlying Funds | | | (9,206 | ) | | | (14,459 | ) |
Futures transactions | | | 16,630 | | | | 11,578 | |
Capital gain distributions from unaffiliated Underlying Funds | | | 4,752 | | | | 4,900 | |
Capital gain distributions from affiliated Underlying Funds | | | 73,174 | | | | 106,517 | |
| | | | |
Net realized gains on investments | | | 134,802 | | | | 185,614 | |
| | | | |
| | |
Net change in unrealized gains (losses) on: | | | | | | | | |
Securities transactions allocated from affiliated Master Portfolios | | | (16,845 | ) | | | (12,390 | ) |
Unaffiliated Underlying Funds | | | 43,898 | | | | 73,123 | |
Affiliated Underlying Funds | | | 43,593 | | | | 70,704 | |
Futures transactions | | | (7,951 | ) | | | (7,951 | ) |
| | | | |
Net change in unrealized gains (losses) on investments | | | 62,695 | | | | 123,486 | |
| | | | |
Net realized and unrealized gains (losses) on investments | | | 197,497 | | | | 309,100 | |
| | | | |
Net increase in net assets resulting from operations | | $ | 298,279 | | | $ | 407,576 | |
| | | | |
| | |
* Net of foreign interest withholding taxes allocated from affiliated Master Portfolios in the amount of | | | $3 | | | | $3 | |
** Net of foreign dividend withholding taxes allocated from affiliated Master Portfolios in the amount of | | | $91 | | | | $83 | |
| 1 | For the period from June 1, 2017 to November 13, 2017. Effective at the close of business on November 13, 2017, Class R shares were liquidated and the class was subsequently closed. Class R shares are no longer offered by the Fund. |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Statements of operations—year ended May 31, 2018 | | Target Date Retirement Funds | | | 77 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Dynamic Target
2020 Fund | | | Dynamic Target
2025 Fund | | | Dynamic Target
2030 Fund | | | Dynamic Target
2035 Fund | | | Dynamic Target
2040 Fund | | | Dynamic Target
2045 Fund | | | Dynamic Target
2050 Fund | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 44,477 | | | $ | 47,826 | | | $ | 47,088 | | | $ | 45,058 | | | $ | 45,290 | | | $ | 44,555 | | | $ | 44,065 | |
| | 38,434 | | | | 39,959 | | | | 38,740 | | | | 36,368 | | | | 35,780 | | | | 34,427 | | | | 33,932 | |
| | 17,363 | | | | 14,419 | | | | 9,714 | | | | 6,236 | | | | 3,935 | | | | 2,781 | | | | 2,566 | |
| | 8,598 | | | | 10,363 | | | | 11,026 | | | | 11,219 | | | | 11,676 | | | | 11,656 | | | | 11,572 | |
| | 138 | | | | 138 | | | | 138 | | | | 138 | | | | 138 | | | | 138 | | | | 138 | |
| | 858 | | | | 937 | | | | 912 | | | | 880 | | | | 875 | | | | 859 | | | | 848 | |
| | (6,340 | ) | | | (6,828 | ) | | | (6,612 | ) | | | (6,334 | ) | | | (6,274 | ) | | | (6,134 | ) | | | (6,062 | ) |
| | 289 | | | | 307 | | | | 287 | | | | 270 | | | | 265 | | | | 255 | | | | 253 | |
| | |
| | 103,817 | | | | 107,121 | | | | 101,293 | | | | 93,835 | | | | 91,685 | | | | 88,537 | | | | 87,312 | |
| | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 12,197 | | | | 13,208 | | | | 12,963 | | | | 12,530 | | | | 12,565 | | | | 12,329 | | | | 12,176 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 992 | | | | 1,868 | | | | 1,482 | | | | 907 | | | | 874 | | | | 569 | | | | 407 | |
| | 239 | | | | 271 | | | | 246 | | | | 248 | | | | 250 | | | | 251 | | | | 251 | |
| | 108 | 1 | | | 110 | 1 | | | 111 | 1 | | | 112 | 1 | | | 112 | 1 | | | 113 | 1 | | | 113 | 1 |
| | 93 | | | | 94 | | | | 95 | | | | 96 | | | | 97 | | | | 97 | | | | 97 | |
| | 1,603 | | | | 1,625 | | | | 1,646 | | | | 1,663 | | | | 1,672 | | | | 1,680 | | | | 1,680 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 1,181 | | | | 2,223 | | | | 1,764 | | | | 1,080 | | | | 1,040 | | | | 678 | | | | 485 | |
| | 285 | | | | 323 | | | | 293 | | | | 296 | | | | 297 | | | | 299 | | | | 298 | |
| | 129 | 1 | | | 131 | 1 | | | 132 | 1 | | | 133 | 1 | | | 133 | 1 | | | 134 | 1 | | | 134 | 1 |
| | 116 | | | | 118 | | | | 119 | | | | 120 | | | | 121 | | | | 121 | | | | 121 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 855 | | | | 969 | | | | 880 | | | | 887 | | | | 891 | | | | 897 | | | | 895 | |
| | 129 | 1 | | | 130 | 1 | | | 132 | 1 | | | 133 | 1 | | | 133 | 1 | | | 134 | 1 | | | 134 | 1 |
| | 25,944 | | | | 25,952 | | | | 25,952 | | | | 25,944 | | | | 25,944 | | | | 25,941 | | | | 26,536 | |
| | 34,665 | | | | 48,498 | | | | 48,498 | | | | 48,498 | | | | 30,570 | | | | 39,665 | | | | 38,887 | |
| | 63,389 | | | | 73,288 | | | | 74,350 | | | | 74,350 | | | | 73,364 | | | | 68,054 | | | | 75,588 | |
| | 54,265 | | | | 54,790 | | | | 54,535 | | | | 54,535 | | | | 54,684 | | | | 54,381 | | | | 54,345 | |
| | 20,064 | | | | 19,772 | | | | 19,772 | | | | 19,772 | | | | 19,509 | | | | 20,064 | | | | 21,046 | |
| | 2,949 | | | | 6,383 | | | | 6,384 | | | | 6,386 | | | | 2,586 | | | | 3,197 | | | | 3,573 | |
| | |
| | 219,203 | | | | 249,753 | | | | 249,354 | | | | 247,690 | | | | 224,842 | | | | 228,604 | | | | 236,766 | |
| | (210,236 | ) | | | (238,109 | ) | | | (238,228 | ) | | | (237,985 | ) | | | (214,786 | ) | | | (219,496 | ) | | | (228,145 | ) |
| | |
| | 8,967 | | | | 11,644 | | | | 11,126 | | | | 9,705 | | | | 10,056 | | | | 9,108 | | | | 8,621 | |
| | |
| | 94,850 | | | | 95,477 | | | | 90,167 | | | | 84,130 | | | | 81,629 | | | | 79,429 | | | | 78,691 | |
| | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 61,029 | | | | 78,155 | | | | 84,174 | | | | 90,588 | | | | 95,023 | | | | 96,842 | | | | 97,148 | |
| | 25,684 | | | | 14,953 | | | | 20,315 | | | | 18,925 | | | | 14,901 | | | | 19,402 | | | | 19,096 | |
| | (21,704 | ) | | | (25,805 | ) | | | (27,038 | ) | | | (30,609 | ) | | | (34,643 | ) | | | (24,644 | ) | | | (25,619 | ) |
| | 8,596 | | | | 473 | | | | 4,939 | | | | 5,196 | | | | 4,314 | | | | 3,909 | | | | 3,909 | |
| | 4,973 | | | | 5,472 | | | | 5,523 | | | | 5,267 | | | | 5,314 | | | | 5,149 | | | | 5,080 | |
| | 128,821 | | | | 160,193 | | | | 183,393 | | | | 191,810 | | | | 204,578 | | | | 203,164 | | | | 201,000 | |
| | |
| | 207,399 | | | | 233,441 | | | | 271,306 | | | | 281,177 | | | | 289,487 | | | | 303,822 | | | | 300,614 | |
| | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | (8,148 | ) | | | (9,489 | ) | | | 2,136 | | | | 4,277 | | | | 6,592 | | | | 7,643 | | | | 6,013 | |
| | 102,118 | | | | 140,285 | | | | 168,138 | | | | 183,598 | | | | 199,655 | | | | 197,785 | | | | 195,607 | |
| | 92,357 | | | | 104,529 | | | | 125,915 | | | | 139,903 | | | | 147,505 | | | | 141,644 | | | | 141,129 | |
| | (7,951 | ) | | | (7,951 | ) | | | (7,951 | ) | | | (7,951 | ) | | | (7,951 | ) | | | (7,951 | ) | | | (7,951 | ) |
| | |
| | 178,376 | | | | 227,374 | | | | 288,238 | | | | 319,827 | | | | 345,801 | | | | 339,121 | | | | 334,798 | |
| | |
| | 385,775 | | | | 460,815 | | | | 559,544 | | | | 601,004 | | | | 635,288 | | | | 642,943 | | | | 635,412 | |
| | |
| $ | 480,625 | | | $ | 556,292 | | | $ | 649,711 | | | $ | 685,134 | | | $ | 716,917 | | | $ | 722,372 | | | $ | 714,103 | |
| | |
| | | | | | |
| | $2 | | | | $3 | | | | $2 | | | | $1 | | | | $0 | | | | $0 | | | | $1 | |
| | $77 | | | | $77 | | | | $66 | | | | $58 | | | | $53 | | | | $50 | | | | $49 | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 78 | | Target Date Retirement Funds | | Statements of operations—year ended May 31, 2018 |
| | | | | | | | |
| | | Dynamic Target
2055 Fund | | | Dynamic Target
2060 Fund | |
| | |
Investment income | | | | | | | | |
Dividends from unaffiliated Underlying Funds | | $ | 43,757 | | | $ | 44,495 | |
Dividends from affiliated Underlying Funds | | | 33,663 | | | | 34,352 | |
Interest allocated from affiliated Master Portfolios* | | | 2,545 | | | | 2,582 | |
Dividends allocated from affiliated Master Portfolios** | | | 11,464 | | | | 11,673 | |
Affiliated income allocated from affiliated Master Portfolios | | | 840 | | | | 852 | |
Interest | | | 133 | | | | 133 | |
Expenses allocated from affiliated Master Portfolios | | | (6,002 | ) | | | (6,094 | ) |
Waivers allocated from affiliated Master Portfolios | | | 250 | | | | 255 | |
| | | | |
Total investment income | | | 86,650 | | | | 88,248 | |
| | | | |
| | |
Expenses | | | | | | | | |
Management fee | | | 12,091 | | | | 12,244 | |
Administration fees | | | | | | | | |
Class A | | | 319 | | | | 457 | |
Class C | | | 251 | | | | 251 | |
Class R | | | 113 | 1 | | | 113 | 1 |
Class R4 | | | 97 | | | | 97 | |
Class R6 | | | 1,680 | | | | 1,683 | |
Shareholder servicing fees | | | | | | | | |
Class A | | | 380 | | | | 545 | |
Class C | | | 298 | | | | 299 | |
Class R | | | 134 | 1 | | | 134 | 1 |
Class R4 | | | 121 | | | | 122 | |
Distribution fees | | | | | | | | |
Class C | | | 895 | | | | 897 | |
Class R | | | 134 | 1 | | | 134 | 1 |
Custody and accounting fees | | | 26,539 | | | | 25,941 | |
Professional fees | | | 38,887 | | | | 38,887 | |
Registration fees | | | 68,448 | | | | 75,453 | |
Shareholder report expenses | | | 54,345 | | | | 54,345 | |
Trustees’ fees and expenses | | | 21,046 | | | | 21,046 | |
Other fees and expenses | | | 3,446 | | | | 3,632 | |
| | | | |
Total expenses | | | 229,224 | | | | 236,280 | |
Less: Fee waivers and/or expense reimbursements | | | (220,767 | ) | | | (227,514 | ) |
| | | | |
Net expenses | | | 8,457 | | | | 8,766 | |
| | | | |
Net investment income | | | 78,193 | | | | 79,482 | |
| | | | |
| | |
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | | | | | | | | |
| | |
Net realized gains (losses) on: | | | | | | | | |
Securities transactions allocated from affiliated Master Portfolios | | | 95,925 | | | | 97,677 | |
Unaffiliated Underlying Funds | | | 21,577 | | | | 14,131 | |
Affiliated Underlying Funds | | | (24,402 | ) | | | (29,088 | ) |
Futures transactions | | | 3,909 | | | | 3,905 | |
Capital gain distributions from unaffiliated Underlying Funds | | | 5,047 | | | | 5,164 | |
Capital gain distributions from affiliated Underlying Funds | | | 199,835 | | | | 204,433 | |
| | | | |
Net realized gains on investments | | | 301,891 | | | | 296,222 | |
| | | | |
| | |
Net change in unrealized gains (losses) on: | | | | | | | | |
Securities transactions allocated from affiliated Master Portfolios | | | 7,121 | | | | 6,386 | |
Unaffiliated Underlying Funds | | | 192,507 | | | | 201,809 | |
Affiliated Underlying Funds | | | 140,211 | | | | 143,864 | |
Futures transactions | | | (7,951 | ) | | | (7,951 | ) |
| | | | |
Net change in unrealized gains (losses) on investments | | | 331,888 | | | | 344,108 | |
| | | | |
Net realized and unrealized gains (losses) on investments | | | 633,779 | | | | 640,330 | |
| | | | |
Net increase in net assets resulting from operations | | $ | 711,972 | | | $ | 719,812 | |
| | | | |
| | |
* Net of foreign interest withholding taxes allocated from affiliated Master Portfolios in the amount of | | | $1 | | | | $1 | |
** Net of foreign dividend withholding taxes allocated from affiliated Master Portfolios in the amount of | | | $49 | | | | $50 | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Statements of changes in net assets | | Target Date Retirement Funds | | | 79 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Dynamic Target Today Fund | |
| | | Year ended
February 28, 20191 | | | Year ended
May 31, 20182 | | | Year ended
May 31, 20172 | |
| | | |
Operations | | | | | | | | | | | | |
Net investment income | | | | | | $ | 88,772 | | | | | | | $ | 100,782 | | | | | | | $ | 85,014 | |
Net realized gains on investments | | | | | | | 204,973 | | | | | | | | 134,802 | | | | | | | | 83,361 | |
Net change in unrealized gains (losses) on investments | | | | | | | (117,841 | ) | | | | | | | 62,695 | | | | | | | | 248,990 | |
| | | | |
Net increase in net assets resulting from operations | | | | | | | 175,904 | | | | | | | | 298,279 | | | | | | | | 417,365 | |
| | | | |
| | | | |
Distributions to shareholders from net investment income and net realized gains | | | | | | | | | | | | | | | | | |
Class A | | | | | | | (36,024 | ) | | | | | | | (8,659 | ) | | | | | | | (2,204 | ) |
Class C | | | | | | | (9,345 | ) | | | | | | | (2,744 | ) | | | | | | | (1,371 | ) |
Class R | | | | | | | N/A | | | | | | | | 0 | 3 | | | | | | | (1,886 | ) |
Class R4 | | | | | | | (10,587 | ) | | | | | | | (3,896 | ) | | | | | | | (2,440 | ) |
Class R6 | | | | | | | (495,495 | ) | | | | | | | (187,081 | ) | | | | | | | (119,501 | ) |
| | | | |
Total distributions to shareholders | | | | | | | (551,451 | ) | | | | | | | (202,380 | ) | | | | | | | (127,402 | ) |
| | | | |
| | | | | | |
Capital share transactions | | | Shares | | | | | | | | Shares | | | | | | | | Shares | | | | | |
Proceeds from shares sold | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | 5,826 | | | | 59,358 | | | | 15,000 | | | | 163,052 | | | | 12,071 | | | | 124,990 | |
| | | | |
Reinvestment of distributions | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | 2,634 | | | | 25,760 | | | | 460 | | | | 5,007 | | | | 217 | | | | 2,204 | |
Class C | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 135 | | | | 1,371 | |
Class R | | | N/A | | | | N/A | | | | 0 | 3 | | | 0 | 3 | | | 186 | | | | 1,886 | |
Class R4 | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 242 | | | | 2,440 | |
Class R6 | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 11,839 | | | | 119,501 | |
| | | | |
| | | | | | |
| | | | | | | 25,760 | | | | | | | | 5,007 | | | | | | | | 127,402 | |
| | | | |
Payment for shares redeemed | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | (4,404 | ) | | | (46,017 | ) | | | (2,288 | ) | | | (25,033 | ) | | | 0 | | | | 0 | |
Class R | | | N/A | | | | N/A | | | | (10,219 | )3 | | | (111,799 | )3 | | | 0 | | | | 0 | |
| | | | |
| | | | | | |
| | | | | | | (46,017 | ) | | | | | | | (136,832 | ) | | | | | | | 0 | |
| | | | |
Net increase in net assets resulting from capital share transactions | | | | | | | 39,101 | | | | | | | | 31,227 | | | | | | | | 252,392 | |
| | | | |
Total increase (decrease) in net assets | | | | | | | (336,446 | ) | | | | | | | 127,126 | | | | | | | | 542,355 | |
| | | | |
| | |
Net assets | | | | | | | | |
Beginning of period | | | | | | | 5,727,329 | | | | | | | | 5,600,203 | | | | | | | | 5,057,848 | |
| | | | |
End of period | | | | | | $ | 5,390,883 | | | | | | | $ | 5,727,329 | | | | | | | $ | 5,600,203 | |
| | | | |
| 1 | For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019. |
| 2 | Effective for all filings after November 4, 2018, the SEC prospectively eliminated the requirement to parenthetically disclose undistributed net investment income at the end of the period and permitted the aggregation of distributions, with the exception of tax basis returns of capital. Undistributed net investment income at May 31, 2018 and May 31, 2017 were $23,461 and $32,823, respectively. The disaggregated distributions information for the years ended May 31, 2018 and May 31, 2017 is included in Note 9,Distributions to Shareholders, in the notes to the financial statements. |
| 3 | For the period from June 1, 2017 to November 13, 2017. Effective at the close of business on November 13, 2017, Class R shares were liquidated and the class was subsequently closed. Class R shares are no longer offered by the Fund. |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 80 | | Target Date Retirement Funds | | Statements of changes in net assets |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Dynamic Target 2015 Fund | |
| | | Year ended
February 28, 20191 | | | Year ended
May 31, 20182 | | | Year ended
May 31, 20172 | |
| | | |
Operations | | | | | | | | | | | | |
Net investment income | | | | | | $ | 82,845 | | | | | | | $ | 98,476 | | | | | | | $ | 84,277 | |
Net realized gains on investments | | | | | | | 270,816 | | | | | | | | 185,614 | | | | | | | | 106,903 | |
Net change in unrealized gains (losses) on investments | | | | | | | (191,326 | ) | | | | | | | 123,486 | | | | | | | | 345,081 | |
| | | | |
Net increase in net assets resulting from operations | | | | | | | 162,335 | | | | | | | | 407,576 | | | | | | | | 536,261 | |
| | | | |
| | | | |
Distributions to shareholders from net investment income and net realized gains | | | | | | | | | | | | | | | | | |
Class A | | | | | | | (49,785 | ) | | | | | | | (17,269 | ) | | | | | | | (7,091 | ) |
Class C | | | | | | | (12,834 | ) | | | | | | | (3,262 | ) | | | | | | | (1,454 | ) |
Class R | | | | | | | N/A | | | | | | | | 0 | 3 | | | | | | | (1,968 | ) |
Class R4 | | | | | | | (14,143 | ) | | | | | | | (4,434 | ) | | | | | | | (2,516 | ) |
Class R6 | | | | | | | (659,519 | ) | | | | | | | (212,012 | ) | | | | | | | (122,927 | ) |
| | | | |
Total distributions to shareholders | | | | | | | (736,281 | ) | | | | | | | (236,977 | ) | | | | | | | (135,956 | ) |
| | | | |
| | | | | | |
Capital share transactions | | | Shares | | | | | | | | Shares | | | | | | | | Shares | | | | | |
Proceeds from shares sold | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | 3,093 | | | | 34,587 | | | | 20,386 | | | | 225,685 | | | | 19,725 | | | | 200,792 | |
| | | | |
Reinvestment of distributions | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | 3,744 | | | | 36,027 | | | | 1,177 | | | | 13,065 | | | | 698 | | | | 7,091 | |
Class C | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 143 | | | | 1,454 | |
Class R | | | N/A | | | | N/A | | | | 0 | 3 | | | 0 | 3 | | | 195 | | | | 1,968 | |
Class R4 | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 249 | | | | 2,516 | |
Class R6 | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 12,204 | | | | 122,927 | |
| | | | |
| | | | | | |
| | | | | | | 36,027 | | | | | | | | 13,065 | | | | | | | | 135,956 | |
| | | | |
Payment for shares redeemed | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | (9,037 | ) | | | (98,206 | ) | | | (14,072 | ) | | | (157,011 | ) | | | (6,551 | ) | | | (67,923 | ) |
Class R | | | N/A | | | | N/A | | | | (10,237 | )3 | | | (114,241 | )3 | | | 0 | | | | 0 | |
| | | | |
| | | | | | |
| | | | | | | (98,206 | ) | | | | | | | (271,252 | ) | | | | | | | (67,923 | ) |
| | | | |
Net increase (decrease) in net assets resulting from capital share transactions | | | | | | | (27,592 | ) | | | | | | | (32,502 | ) | | | | | | | 268,825 | |
| | | | |
Total increase (decrease) in net assets | | | | | | | (601,538 | ) | | | | | | | 138,097 | | | | | | | | 669,130 | |
| | | | |
| | |
Net assets | | | | | | | | |
Beginning of period | | | | | | | 5,935,637 | | | | | | | | 5,797,540 | | | | | | | | 5,128,410 | |
| | | | |
End of period | | | | | | $ | 5,334,099 | | | | | | | $ | 5,935,637 | | | | | | | $ | 5,797,540 | |
| | | | |
| 1 | For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019. |
| 2 | Effective for all filings after November 4, 2018, the SEC prospectively eliminated the requirement to parenthetically disclose undistributed net investment income at the end of the period and permitted the aggregation of distributions, with the exception of tax basis returns of capital. Undistributed net investment income at May 31, 2018 and May 31, 2017 were $18,398 and $31,897, respectively. The disaggregated distributions information for the years ended May 31, 2018 and May 31, 2017 is included in Note 9,Distributions to Shareholders, in the notes to the financial statements. |
| 3 | For the period from June 1, 2017 to November 13, 2017. Effective at the close of business on November 13, 2017, Class R shares were liquidated and the class was subsequently closed. Class R shares are no longer offered by the Fund. |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Statements of changes in net assets | | Target Date Retirement Funds | | | 81 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Dynamic Target 2020 Fund | |
| | | Year ended
February 28, 20191 | | | Year ended
May 31, 20182 | | | Year ended
May 31, 20172 | |
| | | |
Operations | | | | | | | | | | | | |
Net investment income | | | | | | $ | 79,004 | | | | | | | $ | 94,850 | | | | | | | $ | 80,858 | |
Net realized gains on investments | | | | | | | 318,626 | | | | | | | | 207,399 | | | | | | | | 123,613 | |
Net change in unrealized gains (losses) on investments | | | | | | | (216,125 | ) | | | | | | | 178,376 | | | | | | | | 396,446 | |
| | | | |
Net increase in net assets resulting from operations | | | | | | | 181,505 | | | | | | | | 480,625 | | | | | | | | 600,917 | |
| | | | |
| | | | |
Distributions to shareholders from net investment income and net realized gains | | | | | | | | | | | | | | | | | |
Class A | | | | | | | (60,870 | ) | | | | | | | (17,727 | ) | | | | | | | (8,914 | ) |
Class C | | | | | | | (14,641 | ) | | | | | | | (3,584 | ) | | | | | | | (2,119 | ) |
Class R | | | | | | | N/A | | | | | | | | 0 | 3 | | | | | | | (2,576 | ) |
Class R4 | | | | | | | (15,976 | ) | | | | | | | (4,812 | ) | | | | | | | (3,107 | ) |
Class R6 | | | | | | | (744,080 | ) | | | | | | | (229,454 | ) | | | | | | | (149,849 | ) |
| | | | |
Total distributions to shareholders | | | | | | | (835,567 | ) | | | | | | | (255,577 | ) | | | | | | | (166,565 | ) |
| | | | |
| | | | | | |
Capital share transactions | | | Shares | | | | | | | | Shares | | | | | | | | Shares | | | | | |
Proceeds from shares sold | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | 25,542 | | | | 246,644 | | | | 37,638 | | | | 417,972 | | | | 30,516 | | | | 311,046 | |
| | | | |
Reinvestment of distributions | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | 4,744 | | | | 45,187 | | | | 1,179 | | | | 13,202 | | | | 877 | | | | 8,914 | |
Class C | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 209 | | | | 2,119 | |
Class R | | | N/A | | | | N/A | | | | 0 | 3 | | | 0 | 3 | | | 253 | | | | 2,576 | |
Class R4 | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 305 | | | | 3,107 | |
Class R6 | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 14,705 | | | | 149,849 | |
| | | | |
| | | | | | |
| | | | | | | 45,187 | | | | | | | | 13,202 | | | | | | | | 166,565 | |
| | | | |
Payment for shares redeemed | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | (16,021 | ) | | | (171,963 | ) | | | (25,710 | ) | | | (288,158 | ) | | | (8,091 | ) | | | (84,862 | ) |
Class R | | | N/A | | | | N/A | | | | (10,299 | )3 | | | (116,280 | )3 | | | 0 | | | | 0 | |
| | | | |
| | | | | | |
| | | | | | | (171,963 | ) | | | | | | | (404,438 | ) | | | | | | | (84,862 | ) |
| | | | |
Net increase in net assets resulting from capital share transactions | | | | | | | 119,868 | | | | | | | | 26,736 | | | | | | | | 392,749 | |
| | | | |
Total increase (decrease) in net assets | | | | | | | (534,194 | ) | | | | | | | 251,784 | | | | | | | | 827,101 | |
| | | | |
| | |
Net assets | | | | | | | | |
Beginning of period | | | | | | | 6,129,382 | | | | | | | | 5,877,598 | | | | | | | | 5,050,497 | |
| | | | |
End of period | | | | | | $ | 5,595,188 | | | | | | | $ | 6,129,382 | | | | | | | $ | 5,877,598 | |
| | | | |
| 1 | For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019. |
| 2 | Effective for all filings after November 4, 2018, the SEC prospectively eliminated the requirement to parenthetically disclose undistributed net investment income at the end of the period and permitted the aggregation of distributions, with the exception of tax basis returns of capital. Undistributed net investment income at May 31, 2018 and May 31, 2017 were $14,722 and $29,342, respectively. The disaggregated distributions information for the years ended May 31, 2018 and May 31, 2017 is included in Note 9,Distributions to Shareholders, in the notes to the financial statements. |
| 3 | For the period from June 1, 2017 to November 13, 2017. Effective at the close of business on November 13, 2017, Class R shares were liquidated and the class was subsequently closed. Class R shares are no longer offered by the Fund. |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 82 | | Target Date Retirement Funds | | Statements of changes in net assets |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Dynamic Target 2025 Fund | |
| | | Year ended
February 28, 20191 | | | Year ended
May 31, 20182 | | | Year ended
May 31, 20172 | |
| | | |
Operations | | | | | | | | | | | | |
Net investment income | | | | | | $ | 87,236 | | | | | | | $ | 95,477 | | | | | | | $ | 79,136 | |
Net realized gains on investments | | | | | | | 304,336 | | | | | | | | 233,441 | | | | | | | | 140,868 | |
Net change in unrealized gains (losses) on investments | | | | | | | (213,852 | ) | | | | | | | 227,374 | | | | | | | | 454,255 | |
| | | | |
Net increase in net assets resulting from operations | | | | | | | 177,720 | | | | | | | | 556,292 | | | | | | | | 674,259 | |
| | | | |
| | | | |
Distributions to shareholders from net investment income and net realized gains | | | | | | | | | | | | | | | | | |
Class A | | | | | | | (211,810 | ) | | | | | | | (30,732 | ) | | | | | | | (10,262 | ) |
Class C | | | | | | | (17,720 | ) | | | | | | | (4,346 | ) | | | | | | | (2,245 | ) |
Class R | | | | | | | N/A | | | | | | | | 0 | 3 | | | | | | | (2,442 | ) |
Class R4 | | | | | | | (15,828 | ) | | | | | | | (5,079 | ) | | | | | | | (2,971 | ) |
Class R6 | | | | | | | (737,362 | ) | | | | | | | (241,848 | ) | | | | | | | (143,548 | ) |
| | | | |
Total distributions to shareholders | | | | | | | (982,720 | ) | | | | | | | (282,005 | ) | | | | | | | (161,468 | ) |
| | | | |
| | | | | | |
Capital share transactions | | | Shares | | | | | | | | Shares | | | | | | | | Shares | | | | | |
Proceeds from shares sold | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | 50,265 | | | | 506,905 | | | | 103,325 | | | | 1,193,158 | | | | 34,604 | | | | 357,936 | |
Class C | | | 2,262 | | | | 26,062 | | | | 40 | | | | 460 | | | | 1,182 | | | | 11,621 | |
| | | | |
| | | | | | |
| | | | | | | 532,967 | | | | | | | | 1,193,618 | | | | | | | | 369,557 | |
| | | | |
Reinvestment of distributions | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | 20,342 | | | | 196,231 | | | | 2,278 | | | | 25,877 | | | | 1,009 | | | | 10,262 | |
Class C | | | 332 | | | | 3,183 | | | | 0 | | | | 0 | | | | 222 | | | | 2,245 | |
Class R | | | N/A | | | | N/A | | | | 0 | 3 | | | 0 | 3 | | | 240 | | | | 2,442 | |
Class R4 | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 291 | | | | 2,971 | |
Class R6 | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 14,081 | | | | 143,548 | |
| | | | |
| | | | | | |
| | | | | | | 199,414 | | | | | | | | 25,877 | | | | | | | | 161,468 | |
| | | | |
Payment for shares redeemed | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | (11,116 | ) | | | (107,757 | ) | | | (20,981 | ) | | | (239,625 | ) | | | (7,624 | ) | | | (80,810 | ) |
Class C | | | (1,246 | ) | | | (13,796 | ) | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
Class R | | | N/A | | | | N/A | | | | (10,291 | )3 | | | (117,732 | )3 | | | 0 | | | | 0 | |
| | | | |
| | | | | | |
| | | | | | | (121,553 | ) | | | | | | | (357,357 | ) | | | | | | | (80,810 | ) |
| | | | |
Net increase in net assets resulting from capital share transactions | | | | | | | 610,828 | | | | | | | | 862,138 | | | | | | | | 450,215 | |
| | | | |
Total increase (decrease) in net assets | | | | | | | (194,172 | ) | | | | | | | 1,136,425 | | | | | | | | 963,006 | |
| | | | |
| | |
Net assets | | | | | | | | |
Beginning of period | | | | | | | 7,195,878 | | | | | | | | 6,059,453 | | | | | | | | 5,096,447 | |
| | | | |
End of period | | | | | | $ | 7,001,706 | | | | | | | $ | 7,195,878 | | | | | | | $ | 6,059,453 | |
| | | | |
| 1 | For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019. |
| 2 | Effective for all filings after November 4, 2018, the SEC prospectively eliminated the requirement to parenthetically disclose undistributed net investment income at the end of the period and permitted the aggregation of distributions, with the exception of tax basis returns of capital. Undistributed net investment income at May 31, 2018 and May 31, 2017 were $12,057 and $28,262, respectively. The disaggregated distributions information for the years ended May 31, 2018 and May 31, 2017 is included in Note 9,Distributions to Shareholders, in the notes to the financial statements. |
| 3 | For the period from June 1, 2017 to November 13, 2017. Effective at the close of business on November 13, 2017, Class R shares were liquidated and the class was subsequently closed. Class R shares are no longer offered by the Fund. |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Statements of changes in net assets | | Target Date Retirement Funds | | | 83 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Dynamic Target 2030 Fund | |
| | | Year ended
February 28, 20191 | | | Year ended
May 31, 20182 | | | Year ended
May 31, 2017 | |
| | | |
Operations | | | | | | | | | | | | |
Net investment income | | | | | | $ | 76,778 | | | | | | | $ | 90,167 | | | | | | | $ | 75,853 | |
Net realized gains on investments | | | | | | | 360,992 | | | | | | | | 271,306 | | | | | | | | 151,269 | |
Net change in unrealized gains (losses) on investments | | | | | | | (279,792 | ) | | | | | | | 288,238 | | | | | | | | 501,589 | |
| | | | |
Net increase in net assets resulting from operations | | | | | | | 157,978 | | | | | | | | 649,711 | | | | | | | | 728,711 | |
| | | | |
| | | | |
Distributions to shareholders from net investment income and net realized gains | | | | | | | | | | | | | | | | | |
Class A | | | | | | | (159,867 | ) | | | | | | | (33,469 | ) | | | | | | | (10,026 | ) |
Class C | | | | | | | (18,837 | ) | | | | | | | (4,147 | ) | | | | | | | (2,129 | ) |
Class R | | | | | | | N/A | | | | | | | | 0 | 3 | | | | | | | (2,624 | ) |
Class R4 | | | | | | | (19,212 | ) | | | | | | | (5,342 | ) | | | | | | | (3,151 | ) |
Class R6 | | | | | | | (893,363 | ) | | | | | | | (253,969 | ) | | | | | | | (151,816 | ) |
| | | | |
Total distributions to shareholders | | | | | | | (1,091,279 | ) | | | | | | | (296,927 | ) | | | | | | | (169,746 | ) |
| | | | |
| | | | | | |
Capital share transactions | | | Shares | | | | | | | | Shares | | | | | | | | Shares | | | | | |
Proceeds from shares sold | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | 20,826 | | | | 215,923 | | | | 42,081 | | | | 487,575 | | | | 32,383 | | | | 332,697 | |
Class C | | | 5,158 | | | | 47,355 | | | | 23 | | | | 253 | | | | 16 | | | | 173 | |
Class R | | | N/A | | | | N/A | | | | 0 | 3 | | | 0 | 3 | | | 0 | | | | 0 | |
Class R4 | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
Class R6 | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
| | | | |
| | | | | | |
| | | | | | | 263,278 | | | | | | | | 487,828 | | | | | | | | 332,870 | |
| | | | |
Reinvestment of distributions | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | 13,298 | | | | 125,493 | | | | 2,468 | | | | 28,325 | | | | 986 | | | | 10,026 | |
Class C | | | 40 | | | | 362 | | | | 0 | | | | 0 | | | | 210 | | | | 2,129 | |
Class R | | | N/A | | | | N/A | | | | 0 | 3 | | | 0 | 3 | | | 258 | | | | 2,624 | |
Class R4 | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 309 | | | | 3,151 | |
Class R6 | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 14,883 | | | | 151,816 | |
| | | | |
| | | | | | |
| | | | | | | 125,855 | | | | | | | | 28,325 | | | | | | | | 169,746 | |
| | | | |
Payment for shares redeemed | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | (11,891 | ) | | | (113,848 | ) | | | (14,800 | ) | | | (168,809 | ) | | | (1,189 | ) | | | (12,035 | ) |
Class C | | | (1 | ) | | | (10 | ) | | | (1 | ) | | | (10 | ) | | | 0 | | | | 0 | |
Class R | | | N/A | | | | N/A | | | | (10,313 | )3 | | | (119,216 | )3 | | | 0 | | | | 0 | |
| | | | |
| | | | | | |
| | | | | | | (113,858 | ) | | | | | | | (288,035 | ) | | | | | | | (12,035 | ) |
| | | | |
Net increase in net assets resulting from capital share transactions | | | | | | | 275,275 | | | | | | | | 228,118 | | | | | | | | 490,581 | |
| | | | |
Total increase (decrease) in net assets | | | | | | | (658,026 | ) | | | | | | | 580,902 | | | | | | | | 1,049,546 | |
| | | | |
| | |
Net assets | | | | | | | | |
Beginning of period | | | | | | | 6,699,569 | | | | | | | | 6,118,667 | | | | | | | | 5,069,121 | |
| | | | |
End of period | | | | | | $ | 6,041,543 | | | | | | | $ | 6,699,569 | | | | | | | $ | 6,118,667 | |
| | | | |
| 1 | For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019. |
| 2 | Effective for all filings after November 4, 2018, the SEC prospectively eliminated the requirement to parenthetically disclose undistributed net investment income at the end of the period and permitted the aggregation of distributions, with the exception of tax basis returns of capital. Undistributed net investment income at May 31, 2018 and May 31, 2017 were $6,806 and $26,138, respectively. The disaggregated distributions information for the years ended May 31, 2018 and May 31, 2017 is included in Note 9,Distributions to Shareholders, in the notes to the financial statements. |
| 3 | For the period from June 1, 2017 to November 13, 2017. Effective at the close of business on November 13, 2017, Class R shares were liquidated and the class was subsequently closed. Class R shares are no longer offered by the Fund. |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 84 | | Target Date Retirement Funds | | Statements of changes in net assets |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Dynamic Target 2035 Fund | |
| | | Year ended
February 28, 20191 | | | Year ended
May 31, 20182 | | | Year ended
May 31, 20172 | |
| | | |
Operations | | | | | | | | | | | | |
Net investment income | | | | | | $ | 68,442 | | | | | | | $ | 84,130 | | | | | | | $ | 73,263 | |
Net realized gains on investments | | | | | | | 403,375 | | | | | | | | 281,177 | | | | | | | | 165,636 | |
Net change in unrealized gains (losses) on investments | | | | | | | (326,225 | ) | | | | | | | 319,827 | | | | | | | | 525,988 | |
| | | | |
Net increase in net assets resulting from operations | | | | | | | 145,592 | | | | | | | | 685,134 | | | | | | | | 764,887 | |
| | | | |
| | | | |
Distributions to shareholders from net investment income and net realized gains | | | | | | | | | | | | | | | | | |
Class A | | | | | | | (92,213 | ) | | | | | | | (20,258 | ) | | | | | | | (6,527 | ) |
Class C | | | | | | | (20,401 | ) | | | | | | | (4,536 | ) | | | | | | | (2,295 | ) |
Class R | | | | | | | N/A | | | | | | | | 0 | 3 | | | | | | | (2,788 | ) |
Class R4 | | | | | | | (21,533 | ) | | | | | | | (5,751 | ) | | | | | | | (3,313 | ) |
Class R6 | | | | | | | (1,000,400 | ) | | | | | | | (272,883 | ) | | | | | | | (159,280 | ) |
| | | | |
Total distributions to shareholders | | | | | | | (1,134,547 | ) | | | | | | | (303,428 | ) | | | | | | | (174,203 | ) |
| | | | |
| | | | | | |
Capital share transactions | | | Shares | | | | | | | | Shares | | | | | | | | Shares | | | | | |
Proceeds from shares sold | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | 7,644 | | | | 86,194 | | | | 11,749 | | | | 136,284 | | | | 18,090 | | | | 186,267 | |
Class C | | | 28 | | | | 311 | | | | 33 | | | | 371 | | | | 0 | | | | 0 | |
| | | | |
| | | | | | |
| | | | | | | 86,505 | | | | | | | | 136,655 | | | | | | | | 186,267 | |
| | | | |
Reinvestment of distributions | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | 7,619 | | | | 70,937 | | | | 1,274 | | | | 14,733 | | | | 642 | | | | 6,527 | |
Class C | | | 11 | | | | 101 | | | | 0 | | | | 0 | | | | 226 | | | | 2,295 | |
Class R | | | N/A | | | | N/A | | | | 0 | 3 | | | 0 | 3 | | | 274 | | | | 2,788 | |
Class R4 | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 325 | | | | 3,313 | |
Class R6 | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 15,622 | | | | 159,280 | |
| | | | |
| | | | | | |
| | | | | | | 71,038 | | | | | | | | 14,733 | | | | | | | | 174,203 | |
| | | | |
Payment for shares redeemed | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | (1,204 | ) | | | (12,540 | ) | | | (4,960 | ) | | | (57,989 | ) | | | 0 | | | | 0 | |
Class C | | | (1 | ) | | | (10 | ) | | | (1 | ) | | | (10 | ) | | | 0 | | | | 0 | |
Class R | | | N/A | | | | N/A | | | | (10,332 | )3 | | | (120,471 | )3 | | | 0 | | | | 0 | |
| | | | |
| | | | | | |
| | | | | | | (12,550 | ) | | | | | | | (178,470 | ) | | | | | | | 0 | |
| | | | |
Net increase (decrease) in net assets resulting from capital share transactions | | | | | | | 144,993 | | | | | | | | (27,082 | ) | | | | | | | 360,470 | |
| | | | |
Total increase (decrease) in net assets | | | | | | | (843,962 | ) | | | | | | | 354,624 | | | | | | | | 951,154 | |
| | | | |
| | |
Net assets | | | | | | | | |
Beginning of period | | | | | | | 6,302,905 | | | | | | | | 5,948,281 | | | | | | | | 4,997,127 | |
| | | | |
End of period | | | | | | $ | 5,458,943 | | | | | | | $ | 6,302,905 | | | | | | | $ | 5,948,281 | |
| | | | |
| 1 | For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019. |
| 2 | Effective for all filings after November 4, 2018, the SEC prospectively eliminated the requirement to parenthetically disclose undistributed net investment income at the end of the period and permitted the aggregation of distributions, with the exception of tax basis returns of capital. Undistributed net investment income at May 31, 2018 and May 31, 2017 were $3,822 and $24,795, respectively. The disaggregated distributions information for the years ended May 31, 2018 and May 31, 2017 is included in Note 9,Distributions to Shareholders, in the notes to the financial statements. |
| 3 | For the period from June 1, 2017 to November 13, 2017. Effective at the close of business on November 13, 2017, Class R shares were liquidated and the class was subsequently closed. Class R shares are no longer offered by the Fund. |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Statements of changes in net assets | | Target Date Retirement Funds | | | 85 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Dynamic Target 2040 Fund | |
| | | Year ended
February 28, 20191 | | | Year ended
May 31, 20182 | | | Year ended
May 31, 20172 | |
| | | |
Operations | | | | | | | | | | | | |
Net investment income | | | | | | $ | 62,655 | | | | | | | $ | 81,629 | | | | | | | $ | 71,924 | |
Net realized gains on investments | | | | | | | 425,134 | | | | | | | | 289,487 | | | | | | | | 169,081 | |
Net change in unrealized gains (losses) on investments | | | | | | | (358,045 | ) | | | | | | | 345,801 | | | | | | | | 550,218 | |
| | | | |
Net increase in net assets resulting from operations | | | | | | | 129,744 | | | | | | | | 716,917 | | | | | | | | 791,223 | |
| | | | |
| | | | |
Distributions to shareholders from net investment income and net realized gains | | | | | | | | | | | | | | | | | |
Class A | | | | | | | (81,122 | ) | | | | | | | (23,446 | ) | | | | | | | (6,907 | ) |
Class C | | | | | | | (21,572 | ) | | | | | | | (4,589 | ) | | | | | | | (2,256 | ) |
Class R | | | | | | | N/A | | | | | | | | 0 | 3 | | | | | | | (2,749 | ) |
Class R4 | | | | | | | (22,716 | ) | | | | | | | (5,818 | ) | | | | | | | (3,274 | ) |
Class R6 | | | | | | | (1,054,983 | ) | | | | | | | (276,025 | ) | | | | | | | (157,492 | ) |
| | | | |
Total distributions to shareholders | | | | | | | (1,180,393 | ) | | | | | | | (309,878 | ) | | | | | | | (172,678 | ) |
| | | | |
| | | | | | |
Capital share transactions | | | Shares | | | | | | | | Shares | | | | | | | | Shares | | | | | |
Proceeds from shares sold | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | 4,693 | | | | 45,463 | | | | 22,665 | | | | 262,751 | | | | 12,026 | | | | 124,333 | |
| | | | |
Reinvestment of distributions | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | 6,359 | | | | 58,731 | | | | 1,531 | | | | 17,789 | | | | 680 | | | | 6,907 | |
Class C | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 222 | | | | 2,256 | |
Class R | | | N/A | | | | N/A | | | | 0 | 3 | | | 0 | 3 | | | 270 | | | | 2,749 | |
Class R4 | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 322 | | | | 3,274 | |
Class R6 | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 15,447 | | | | 157,492 | |
| | | | |
| | | | | | |
| | | | | | | 58,731 | | | | | | | | 17,789 | | | | | | | | 172,678 | |
| | | | |
Payment for shares redeemed | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | (4,887 | ) | | | (56,564 | ) | | | (11,843 | ) | | | (133,335 | ) | | | (751 | ) | | | (7,273 | ) |
Class R | | | N/A | | | | N/A | | | | (10,331 | )3 | | | (121,078 | )3 | | | 0 | | | | 0 | |
| | | | |
| | | | | | |
| | | | | | | (56,564 | ) | | | | | | | (254,413 | ) | | | | | | | (7,273 | ) |
| | | | |
Net increase in net assets resulting from capital share transactions | | | | | | | 47,630 | | | | | | | | 26,127 | | | | | | | | 289,738 | |
| | | | |
Total increase (decrease) in net assets | | | | | | | (1,003,019 | ) | | | | | | | 433,166 | | | | | | | | 908,283 | |
| | | | |
| | |
Net assets | | | | | | | | |
Beginning of period | | | | | | | 6,366,383 | | | | | | | | 5,933,217 | | | | | | | | 5,024,934 | |
| | | | |
End of period | | | | | | $ | 5,363,364 | | | | | | | $ | 6,366,383 | | | | | | | $ | 5,933,217 | |
| | | | |
| 1 | For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019. |
| 2 | Effective for all filings after November 4, 2018, the SEC prospectively eliminated the requirement to parenthetically disclose undistributed net investment income at the end of the period and permitted the aggregation of distributions, with the exception of tax basis returns of capital. Undistributed net investment income at May 31, 2018 and May 31, 2017 were $1,231 and $23,734, respectively. The disaggregated distributions information for the years ended May 31, 2018 and May 31, 2017 is included in Note 9,Distributions to Shareholders, in the notes to the financial statements. |
| 3 | For the period from June 1, 2017 to November 13, 2017. Effective at the close of business on November 13, 2017, Class R shares were liquidated and the class was subsequently closed. Class R shares are no longer offered by the Fund. |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 86 | | Target Date Retirement Funds | | Statements of changes in net assets |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Dynamic Target 2045 Fund | |
| | | Year ended
February 28, 20191 | | | Year ended
May 31, 20182 | | | Year ended
May 31, 20172 | |
| | | |
Operations | | | | | | | | | | | | |
Net investment income | | | | | | $ | 60,220 | | | | | | | $ | 79,429 | | | | | | | $ | 71,101 | |
Net realized gains on investments | | | | | | | 388,694 | | | | | | | | 303,822 | | | | | | | | 169,342 | |
Net change in unrealized gains (losses) on investments | | | | | | | (344,323 | ) | | | | | | | 339,121 | | | | | | | | 556,472 | |
| | | | |
Net increase in net assets resulting from operations | | | | | | | 104,591 | | | | | | | | 722,372 | | | | | | | | 796,915 | |
| | | | |
| | | | |
Distributions to shareholders from net investment income and net realized gains | | | | | | | | | | | | | | | | | |
Class A | | | | | | | (61,549 | ) | | | | | | | (12,713 | ) | | | | | | | (4,628 | ) |
Class C | | | | | | | (22,266 | ) | | | | | | | (4,745 | ) | | | | | | | (2,470 | ) |
Class R | | | | | | | N/A | | | | | | | | 0 | 3 | | | | | | | (2,963 | ) |
Class R4 | | | | | | | (23,244 | ) | | | | | | | (5,966 | ) | | | | | | | (3,489 | ) |
Class R6 | | | | | | | (1,078,242 | ) | | | | | | | (282,869 | ) | | | | | | | (167,393 | ) |
| | | | |
Total distributions to shareholders | | | | | | | (1,185,301 | ) | | | | | | | (306,293 | ) | | | | | | | (180,943 | ) |
| | | | |
| | | | | | |
Capital share transactions | | | Shares | | | | | | | | Shares | | | | | | | | Shares | | | | | |
Proceeds from shares sold | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | 4,514 | | | | 47,669 | | | | 7,143 | | | | 83,118 | | | | 8,445 | | | | 87,252 | |
Class C | | | 198 | | | | 1,981 | | | | 107 | | | | 1,260 | | | | 0 | | | | 0 | |
| | | | |
| | | | | | |
| | | | | | | 49,650 | | | | | | | | 84,378 | | | | | | | | 87,252 | |
| | | | |
Reinvestment of distributions | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | 4,186 | | | | 38,472 | | | | 602 | | | | 7,025 | | | | 455 | | | | 4,628 | |
Class C | | | 16 | | | | 145 | | | | 0 | | | | 0 | | | | 244 | | | | 2,470 | |
Class R | | | N/A | | | | N/A | | | | 0 | 3 | | | 0 | 3 | | | 291 | | | | 2,963 | |
Class R4 | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 342 | | | | 3,489 | |
Class R6 | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 16,406 | | | | 167,393 | |
| | | | |
| | | | | | |
| | | | | | | 38,617 | | | | | | | | 7,025 | | | | | | | | 180,943 | |
| | | | |
Payment for shares redeemed | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | (2,637 | ) | | | (30,241 | ) | | | (87 | ) | | | (1,040 | ) | | | (1,098 | ) | | | (12,116 | ) |
Class C | | | (1 | ) | | | (10 | ) | | | (107 | ) | | | (1,258 | ) | | | 0 | | | | 0 | |
Class R | | | N/A | | | | N/A | | | | (10,352 | )3 | | | (121,641 | )3 | | | 0 | | | | 0 | |
| | | | |
| | | | | | |
| | | | | | | (30,251 | ) | | | | | | | (123,939 | ) | | | | | | | (12,116 | ) |
| | | | |
Net increase (decrease) in net assets resulting from capital share transactions | | | | | | | 58,016 | | | | | | | | (32,536 | ) | | | | | | | 256,079 | |
| | | | |
Total increase (decrease) in net assets | | | | | | | (1,022,694 | ) | | | | | | | 383,543 | | | | | | | | 872,051 | |
| | | | |
| | |
Net assets | | | | | | | | |
Beginning of period | | | | | | | 6,250,471 | | | | | | | | 5,866,928 | | | | | | | | 4,994,877 | |
| | | | |
End of period | | | | | | $ | 5,227,777 | | | | | | | $ | 6,250,471 | | | | | | | $ | 5,866,928 | |
| | | | |
| 1 | For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019. |
| 2 | Effective for all filings after November 4, 2018, the SEC prospectively eliminated the requirement to parenthetically disclose undistributed net investment income at the end of the period and permitted the aggregation of distributions, with the exception of tax basis returns of capital. Undistributed net investment income at May 31, 2018 and May 31, 2017 were $589 and $23,339, respectively. The disaggregated distributions information for the years ended May 31, 2018 and May 31, 2017 is included in Note 9,Distributions to Shareholders, in the notes to the financial statements. |
| 3 | For the period from June 1, 2017 to November 13, 2017. Effective at the close of business on November 13, 2017, Class R shares were liquidated and the class was subsequently closed. Class R shares are no longer offered by the Fund. |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Statements of changes in net assets | | Target Date Retirement Funds | | | 87 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Dynamic Target 2050 Fund | |
| | | Year ended
February 28, 20191 | | | Year ended
May 31, 20182 | | | Year ended
May 31, 20172 | |
| | | |
Operations | | | | | | | | | | | | |
Net investment income | | | | | | $ | 59,299 | | | | | | | $ | 78,691 | | | | | | | $ | 70,686 | |
Net realized gains on investments | | | | | | | 365,335 | | | | | | | | 300,614 | | | | | | | | 169,521 | |
Net change in unrealized gains (losses) on investments | | | | | | | (334,760 | ) | | | | | | | 334,798 | | | | | | | | 549,636 | |
| | | | |
Net increase in net assets resulting from operations | | | | | | | 89,874 | | | | | | | | 714,103 | | | | | | | | 789,843 | |
| | | | |
| | | | |
Distributions to shareholders from net investment income and net realized gains | | | | | | | | | | | | | | | | | |
Class A | | | | | | | (40,596 | ) | | | | | | | (8,611 | ) | | | | | | | (3,621 | ) |
Class C | | | | | | | (22,330 | ) | | | | | | | (4,797 | ) | | | | | | | (2,493 | ) |
Class R | | | | | | | N/A | | | | | | | | 0 | 3 | | | | | | | (2,986 | ) |
Class R4 | | | | | | | (23,283 | ) | | | | | | | (6,031 | ) | | | | | | | (3,511 | ) |
Class R6 | | | | | | | (1,081,115 | ) | | | | | | | (285,870 | ) | | | | | | | (168,356 | ) |
| | | | |
Total distributions to shareholders | | | | | | | (1,167,324 | ) | | | | | | | (305,309 | ) | | | | | | | (180,967 | ) |
| | | | |
| | | | | | |
Capital share transactions | | | Shares | | | | | | | | Shares | | | | | | | | Shares | | | | | |
Proceeds from shares sold | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | 1,021 | | | | 11,491 | | | | 10,646 | | | | 126,421 | | | | 2,695 | | | | 28,389 | |
Class C | | | 222 | | | | 2,200 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
| | | | |
| | | | | | |
| | | | | | | 13,691 | | | | | | | | 126,421 | | | | | | | | 28,389 | |
| | | | |
Reinvestment of distributions | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | 1,930 | | | | 17,714 | | | | 241 | | | | 2,807 | | | | 356 | | | | 3,621 | |
Class C | | | 16 | | | | 147 | | | | 0 | | | | 0 | | | | 246 | | | | 2,493 | |
Class R | | | N/A | | | | N/A | | | | 0 | 3 | | | 0 | 3 | | | 294 | | | | 2,986 | |
Class R4 | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 344 | | | | 3,511 | |
Class R6 | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 16,500 | | | | 168,356 | |
| | | | |
| | | | | | |
| | | | | | | 17,861 | | | | | | | | 2,807 | | | | | | | | 180,967 | |
| | | | |
Payment for shares redeemed | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | (4,313 | ) | | | (51,547 | ) | | | (1,328 | ) | | | (15,284 | ) | | | (1,898 | ) | | | (20,471 | ) |
Class C | | | (2 | ) | | | (20 | ) | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
Class R | | | N/A | | | | N/A | | | | (10,355 | )3 | | | (121,770 | )3 | | | 0 | | | | 0 | |
| | | | |
| | | | | | |
| | | | | | | (51,567 | ) | | | | | | | (137,054 | ) | | | | | | | (20,471 | ) |
| | | | |
Net increase (decrease) in net assets resulting from capital share transactions | | | | | | | (20,015 | ) | | | | | | | (7,826 | ) | | | | | | | 188,885 | |
| | | | |
Total increase (decrease) in net assets | | | | | | | (1,097,465 | ) | | | | | | | 400,968 | | | | | | | | 797,761 | |
| | | | |
| | |
Net assets | | | | | | | | |
Beginning of period | | | | | | | 6,180,831 | | | | | | | | 5,779,863 | | | | | | | | 4,982,102 | |
| | | | |
End of period | | | | | | $ | 5,083,366 | | | | | | | $ | 6,180,831 | | | | | | | $ | 5,779,863 | |
| | | | |
| 1 | For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019. |
| 2 | Effective for all filings after November 4, 2018, the SEC prospectively eliminated the requirement to parenthetically disclose undistributed net investment income at the end of the period and permitted the aggregation of distributions, with the exception of tax basis returns of capital. Undistributed net investment income at May 31, 2018 and May 31, 2017 were $583 and $22,984, respectively. The disaggregated distributions information for the years ended May 31, 2018 and May 31, 2017 is included in Note 9,Distributions to Shareholders, in the notes to the financial statements. |
| 3 | For the period from June 1, 2017 to November 13, 2017. Effective at the close of business on November 13, 2017, Class R shares were liquidated and the class was subsequently closed. Class R shares are no longer offered by the Fund. |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 88 | | Target Date Retirement Funds | | Statements of changes in net assets |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Dynamic Target 2055 Fund | |
| | | Year ended
February 28, 20191 | | | Year ended
May 31, 20182 | | | Year ended
May 31, 20172 | |
| | | |
Operations | | | | | | | | | | | | |
Net investment income | | | | | | $ | 58,065 | | | | | | | $ | 78,193 | | | | | | | $ | 70,570 | |
Net realized gains on investments | | | | | | | 361,406 | | | | | | | | 301,891 | | | | | | | | 169,167 | |
Net change in unrealized gains (losses) on investments | | | | | | | (332,495 | ) | | | | | | | 331,888 | | | | | | | | 548,064 | |
| | | | |
Net increase in net assets resulting from operations | | | | | | | 86,976 | | | | | | | | 711,972 | | | | | | | | 787,801 | |
| | | | |
| | | | |
Distributions to shareholders from net investment income and net realized gains | | | | | | | | | | | | | | | | | |
Class A | | | | | | | (35,463 | ) | | | | | | | (7,154 | ) | | | | | | | (3,505 | ) |
Class C | | | | | | | (22,192 | ) | | | | | | | (4,817 | ) | | | | | | | (2,524 | ) |
Class R | | | | | | | N/A | | | | | | | | 0 | 3 | | | | | | | (3,016 | ) |
Class R4 | | | | | | | (23,284 | ) | | | | | | | (6,052 | ) | | | | | | | (3,541 | ) |
Class R6 | | | | | | | (1,082,903 | ) | | | | | | | (286,844 | ) | | | | | | | (169,743 | ) |
| | | | |
Total distributions to shareholders | | | | | | | (1,163,842 | ) | | | | | | | (304,867 | ) | | | | | | | (182,329 | ) |
| | | | |
| | | | | | |
Capital share transactions | | | Shares | | | | | | | | Shares | | | | | | | | Shares | | | | | |
Proceeds from shares sold | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | 2,394 | | | | 26,457 | | | | 2,190 | | | | 25,733 | | | | 1,397 | | | | 14,252 | |
| | | | |
Reinvestment of distributions | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | 1,365 | | | | 12,548 | | | | 121 | | | | 1,413 | | | | 344 | | | | 3,505 | |
Class C | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 249 | | | | 2,524 | |
Class R | | | N/A | | | | N/A | | | | 0 | 3 | | | 0 | 3 | | | 297 | | | | 3,016 | |
Class R4 | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 347 | | | | 3,541 | |
Class R6 | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 16,636 | | | | 169,743 | |
| | | | |
| | | | | | |
| | | | | | | 12,548 | | | | | | | | 1,413 | | | | | | | | 182,329 | |
| | | | |
Payment for shares redeemed | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | (1,685 | ) | | | (15,080 | ) | | | (1 | ) | | | (10 | ) | | | 0 | | | | 0 | |
Class R | | | N/A | | | | N/A | | | | (10,358 | )3 | | | (121,701 | )3 | | | 0 | | | | 0 | |
| | | | |
| | | | | | |
| | | | | | | (15,080 | ) | | | | | | | (121,711 | ) | | | | | | | 0 | |
| | | | |
Net increase (decrease) in net assets resulting from capital share transactions | | | | | | | 23,925 | | | | | | | | (94,565 | ) | | | | | | | 196,581 | |
| | | | |
Total increase (decrease) in net assets | | | | | | | (1,052,941 | ) | | | | | | | 312,540 | | | | | | | | 802,053 | |
| | | | |
| | |
Net assets | | | | | | | | |
Beginning of period | | | | | | | 6,093,269 | | | | | | | | 5,780,729 | | | | | | | | 4,978,676 | |
| | | | |
End of period | | | | | | $ | 5,040,328 | | | | | | | $ | 6,093,269 | | | | | | | $ | 5,780,729 | |
| | | | |
| 1 | For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019. |
| 2 | Effective for all filings after November 4, 2018, the SEC prospectively eliminated the requirement to parenthetically disclose undistributed net investment income at the end of the period and permitted the aggregation of distributions, with the exception of tax basis returns of capital. Undistributed net investment income at May 31, 2018 and May 31, 2017 were $573 and $22,922, respectively. The disaggregated distributions information for the years ended May 31, 2018 and May 31, 2017 is included in Note 9,Distributions to Shareholders, in the notes to the financial statements. |
| 3 | For the period from June 1, 2017 to November 13, 2017. Effective at the close of business on November 13, 2017, Class R shares were liquidated and the class was subsequently closed. Class R shares are no longer offered by the Fund. |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Statements of changes in net assets | | Target Date Retirement Funds | | | 89 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Dynamic Target 2060 Fund | |
| | | Year ended
February 28, 20191 | | | Year ended
May 31, 20182 | | | Year ended
May 31, 20172 | |
| | | |
Operations | | | | | | | | | | | | |
Net investment income | | | | | | $ | 59,658 | | | | | | | $ | 79,482 | | | | | | | $ | 70,716 | |
Net realized gains on investments | | | | | | | 368,119 | | | | | | | | 296,222 | | | | | | | | 169,695 | |
Net change in unrealized gains (losses) on investments | | | | | | | (335,354 | ) | | | | | | | 344,108 | | | | | | | | 548,107 | |
| | | | |
Net increase in net assets resulting from operations | | | | | | | 92,423 | | | | | | | | 719,812 | | | | | | | | 788,518 | |
| | | | |
| | | | |
Distributions to shareholders from net investment income and net realized gains | | | | | | | | | | | | | | | | | |
Class A | | | | | | | (56,802 | ) | | | | | | | (12,696 | ) | | | | | | | (3,596 | ) |
Class C | | | | | | | (21,948 | ) | | | | | | | (4,746 | ) | | | | | | | (2,637 | ) |
Class R | | | | | | | N/A | | | | | | | | 0 | 3 | | | | | | | (3,131 | ) |
Class R4 | | | | | | | (23,022 | ) | | | | | | | (5,982 | ) | | | | | | | (3,658 | ) |
Class R6 | | | | | | | (1,069,143 | ) | | | | | | | (283,632 | ) | | | | | | | (175,135 | ) |
| | | | |
Total distributions to shareholders | | | | | | | (1,170,915 | ) | | | | | | | (307,056 | ) | | | | | | | (188,157 | ) |
| | | | |
| | | | | | |
Capital share transactions | | | Shares | | | | | | | | Shares | | | | | | | | Shares | | | | | |
Proceeds from shares sold | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | 7,237 | | | | 85,061 | | | | 15,177 | | | | 179,059 | | | | 888 | | | | 9,236 | |
Class C | | | 0 | | | | 0 | | | | 5 | | | | 51 | | | | 0 | | | | 0 | |
| | | | |
| | | | | | |
| | | | | | | 85,061 | | | | | | | | 179,110 | | | | | | | | 9,236 | |
| | | | |
Reinvestment of distributions | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | 3,703 | | | | 34,050 | | | | 585 | | | | 6,830 | | | | 353 | | | | 3,596 | |
Class C | | | 1 | | | | 8 | | | | 0 | | | | 0 | | | | 260 | | | | 2,637 | |
Class R | | | N/A | | | | N/A | | | | 0 | 3 | | | 0 | 3 | | | 308 | | | | 3,131 | |
Class R4 | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 358 | | | | 3,658 | |
Class R6 | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 17,162 | | | | 175,135 | |
| | | | |
| | | | | | |
| | | | | | | 34,058 | | | | | | | | 6,830 | | | | | | | | 188,157 | |
| | | | |
Payment for shares redeemed | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | (3,315 | ) | | | (40,040 | ) | | | (5,149 | ) | | | (60,843 | ) | | | (1 | ) | | | (10 | ) |
Class C | | | (1 | ) | | | (10 | ) | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
Class R | | | N/A | | | | N/A | | | | (10,369 | )3 | | | (121,936 | )3 | | | 0 | | | | 0 | |
| | | | |
| | | | | | |
| | | | | | | (40,050 | ) | | | | | | | (182,779 | ) | | | | | | | (10 | ) |
| | | | |
Net increase in net assets resulting from capital share transactions | | | | | | | 79,069 | | | | | | | | 3,161 | | | | | | | | 197,383 | |
| | | | |
Total increase (decrease) in net assets | | | | | | | (999,423 | ) | | | | | | | 415,917 | | | | | | | | 797,744 | |
| | | | |
| | |
Net assets | | | | | | | | |
Beginning of period | | | | | | | 6,197,116 | | | | | | | | 5,781,199 | | | | | | | | 4,983,455 | |
| | | | |
End of period | | | | | | $ | 5,197,693 | | | | | | | $ | 6,197,116 | | | | | | | $ | 5,781,199 | |
| | | | |
| 1 | For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019. |
| 2 | Effective for all filings after November 4, 2018, the SEC prospectively eliminated the requirement to parenthetically disclose undistributed net investment income at the end of the period and permitted the aggregation of distributions, with the exception of tax basis returns of capital. Undistributed net investment income at May 31, 2018 and May 31, 2017 were $507 and $22,977, respectively. The disaggregated distributions information for the years ended May 31, 2018 and May 31, 2017 is included in Note 9,Distributions to Shareholders, in the notes to the financial statements. |
| 3 | For the period from June 1, 2017 to November 13, 2017. Effective at the close of business on November 13, 2017, Class R shares were liquidated and the class was subsequently closed. Class R shares are no longer offered by the Fund. |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 90 | | Target Date Retirement Funds | | Financial highlights |
| | | | | | | | | | | | | | | | | | | | | | | | |
| Dynamic Target Today Fund | | Beginning
net asset
value per
share | | | Net
investment
income | | | Net realized
and unrealized
gains (losses)
on investments | | | Distributions
from net
investment
income | | | Distributions
from net
realized gains | | | Ending
net asset
value per
share | |
| | | | | | |
Class A | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 20193 | | $ | 10.82 | | | | 0.13 | | | | 0.16 | | | | (0.15 | ) | | | (0.85 | ) | | $ | 10.11 | |
Year ended May 31, 2018 | | $ | 10.65 | | | | 0.15 | | | | 0.38 | | | | (0.19 | ) | | | (0.17 | ) | | $ | 10.82 | |
Year ended May 31, 2017 | | $ | 10.06 | | | | 0.12 | 6 | | | 0.65 | | | | (0.09 | ) | | | (0.09 | ) | | $ | 10.65 | |
Year ended May 31, 20167 | | $ | 10.00 | | | | 0.06 | | | | 0.03 | | | | (0.03 | ) | | | 0.00 | | | $ | 10.06 | |
| | | | | | |
Class C | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 20193 | | $ | 10.76 | | | | 0.08 | | | | 0.15 | | | | (0.06 | ) | | | (0.85 | ) | | $ | 10.08 | |
Year ended May 31, 2018 | | $ | 10.58 | | | | 0.07 | | | | 0.38 | | | | (0.10 | ) | | | (0.17 | ) | | $ | 10.76 | |
Year ended May 31, 2017 | | $ | 10.03 | | | | 0.05 | | | | 0.64 | | | | (0.05 | ) | | | (0.09 | ) | | $ | 10.58 | |
Year ended May 31, 20167 | | $ | 10.00 | | | | 0.03 | | | | 0.03 | | | | (0.03 | ) | | | 0.00 | | | $ | 10.03 | |
| | | | | | |
Class R4 | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 20193 | | $ | 10.81 | | | | 0.16 | | | | 0.16 | | | | (0.18 | ) | | | (0.85 | ) | | $ | 10.10 | |
Year ended May 31, 2018 | | $ | 10.63 | | | | 0.18 | | | | 0.38 | | | | (0.21 | ) | | | (0.17 | ) | | $ | 10.81 | |
Year ended May 31, 2017 | | $ | 10.07 | | | | 0.16 | | | | 0.64 | | | | (0.15 | ) | | | (0.09 | ) | | $ | 10.63 | |
Year ended May 31, 20167 | | $ | 10.00 | | | | 0.08 | | | | 0.03 | | | | (0.04 | ) | | | 0.00 | | | $ | 10.07 | |
| | | | | | |
Class R6 | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 20193 | | $ | 10.82 | | | | 0.17 | | | | 0.15 | | | | (0.19 | ) | | | (0.85 | ) | | $ | 10.10 | |
Year ended May 31, 2018 | | $ | 10.64 | | | | 0.20 | | | | 0.38 | | | | (0.23 | ) | | | (0.17 | ) | | $ | 10.82 | |
Year ended May 31, 2017 | | $ | 10.08 | | | | 0.17 | | | | 0.65 | | | | (0.17 | ) | | | (0.09 | ) | | $ | 10.64 | |
Year ended May 31, 20167 | | $ | 10.00 | | | | 0.09 | | | | 0.03 | | | | (0.04 | ) | | | 0.00 | | | $ | 10.08 | |
| 1 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
| 2 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with the direct purchases and sales in Underlying Funds and unaffiliated securities and included in the portfolio turnover calculation. |
| 3 | For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019. |
| 4 | Ratios reflect net expenses allocated from the affiliated Master Portfolios which were as follows: |
| | | | |
| | | Year ended
February 28, 20193 | |
Class A | | | 0.12 | % |
Class C | | | 0.11 | |
Class R4 | | | 0.11 | |
Class R6 | | | 0.12 | |
| 5 | Ratios do not reflect net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts: |
| | | | | | | | | | | | |
| | | Year ended May 31 | |
| | | 2018 | | | 2017 | | | 20167 | |
Class A | | | 0.10 | % | | | 0.11 | % | | | 0.11 | % |
Class C | | | 0.10 | | | | 0.10 | | | | 0.10 | |
Class R4 | | | 0.10 | | | | 0.10 | | | | 0.11 | |
Class R6 | | | 0.10 | | | | 0.11 | | | | 0.11 | |
| 6 | Calculated based upon average shares outstanding |
| 7 | For the period from November 30, 2015 (commencement of class operations) to May 31, 2016 |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Financial highlights | | Target Date Retirement Funds | | | 91 | |
| | | | | | | | | | | | | | | | | | | | | | |
| Ratio to average net assets (annualized) | | | | | | Portfolio
turnover
rate2 | | | Net assets at
end of period
(000s omitted) | |
Net investment
income | | | Gross
expenses | | | Net
expenses | | | Total
return1 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 1.75 | %4 | | | 4.39 | %4 | | | 0.59 | %4 | | | 3.16 | % | | | 48 | % | | $ | 400 | |
| | 1.37 | % | | | 4.39 | %5 | | | 0.48 | %5 | | | 4.96 | % | | | 94 | % | | $ | 384 | |
| | 1.16 | % | | | 4.67 | %5 | | | 0.53 | %5 | | | 7.97 | % | | | 97 | % | | $ | 238 | |
| | 1.31 | % | | | 5.22 | %5 | | | 0.53 | %5 | | | 0.95 | % | | | 66 | % | | $ | 101 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 0.99 | %4 | | | 5.14 | %4 | | | 1.34 | %4 | | | 2.60 | % | | | 48 | % | | $ | 102 | |
| | 0.65 | % | | | 5.14 | %5 | | | 1.24 | %5 | | | 4.25 | % | | | 94 | % | | $ | 109 | |
| | 0.45 | % | | | 5.45 | %5 | | | 1.28 | %5 | | | 7.12 | % | | | 97 | % | | $ | 108 | |
| | 0.56 | % | | | 5.97 | %5 | | | 1.28 | %5 | | | 0.58 | % | | | 66 | % | | $ | 101 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 2.02 | %4 | | | 4.11 | %4 | | | 0.31 | %4 | | | 3.42 | % | | | 48 | % | | $ | 104 | |
| | 1.67 | % | | | 4.11 | %5 | | | 0.22 | %5 | | | 5.27 | % | | | 94 | % | | $ | 111 | |
| | 1.51 | % | | | 4.42 | %5 | | | 0.22 | %5 | | | 8.21 | % | | | 97 | % | | $ | 109 | |
| | 1.62 | % | | | 4.94 | %5 | | | 0.22 | %5 | | | 1.08 | % | | | 66 | % | | $ | 101 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 2.17 | %4 | | | 3.97 | %4 | | | 0.16 | %4 | | | 3.49 | % | | | 48 | % | | $ | 4,785 | |
| | 1.82 | % | | | 3.96 | %5 | | | 0.07 | %5 | | | 5.42 | % | | | 94 | % | | $ | 5,123 | |
| | 1.67 | % | | | 4.27 | %5 | | | 0.06 | %5 | | | 8.48 | % | | | 97 | % | | $ | 5,037 | |
| | 1.77 | % | | | 4.79 | %5 | | | 0.07 | %5 | | | 1.19 | % | | | 66 | % | | $ | 4,654 | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 92 | | Target Date Retirement Funds | | Financial highlights |
| | | | | | | | | | | | | | | | | | | | | | | | |
| Dynamic Target 2015 Fund | | Beginning
net asset
value per
share | | | Net
investment
income | | | Net realized
and unrealized
gains (losses)
on investments | | | Distributions
from net
investment
income | | | Distributions
from net
realized gains | | | Ending
net asset
value per
share | |
| | | | | | |
Class A | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 20193 | | $ | 11.06 | | | | 0.12 | | | | 0.15 | | | | (0.13 | ) | | | (1.21 | ) | | $ | 9.99 | |
Year ended May 31, 2018 | | $ | 10.76 | | | | 0.15 | 5 | | | 0.56 | | | | (0.19 | ) | | | (0.22 | ) | | $ | 11.06 | |
Year ended May 31, 2017 | | $ | 9.99 | | | | 0.11 | | | | 0.86 | | | | (0.09 | ) | | | (0.11 | ) | | $ | 10.76 | |
Year ended May 31, 20167 | | $ | 10.00 | | | | 0.07 | | | | (0.04 | ) | | | (0.04 | ) | | | 0.00 | | | $ | 9.99 | |
| | | | | | |
Class C | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 20193 | | $ | 11.01 | | | | 0.06 | | | | 0.15 | | | | (0.05 | ) | | | (1.21 | ) | | $ | 9.96 | |
Year ended May 31, 2018 | | $ | 10.71 | | | | 0.06 | | | | 0.56 | | | | (0.10 | ) | | | (0.22 | ) | | $ | 11.01 | |
Year ended May 31, 2017 | | $ | 9.97 | | | | 0.04 | | | | 0.85 | | | | (0.04 | ) | | | (0.11 | ) | | $ | 10.71 | |
Year ended May 31, 20167 | | $ | 10.00 | | | | 0.03 | | | | (0.02 | ) | | | (0.04 | ) | | | 0.00 | | | $ | 9.97 | |
| | | | | | |
Class R4 | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 20193 | | $ | 11.07 | | | | 0.15 | | | | 0.14 | | | | (0.16 | ) | | | (1.21 | ) | | $ | 9.99 | |
Year ended May 31, 2018 | | $ | 10.75 | | | | 0.17 | | | | 0.58 | | | | (0.21 | ) | | | (0.22 | ) | | $ | 11.07 | |
Year ended May 31, 2017 | | $ | 10.01 | | | | 0.15 | | | | 0.84 | | | | (0.14 | ) | | | (0.11 | ) | | $ | 10.75 | |
Year ended May 31, 20167 | | $ | 10.00 | | | | 0.08 | | | | (0.02 | ) | | | (0.05 | ) | | | 0.00 | | | $ | 10.01 | |
| | | | | | |
Class R6 | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 20193 | | $ | 11.07 | | | | 0.16 | | | | 0.15 | | | | (0.18 | ) | | | (1.21 | ) | | $ | 9.99 | |
Year ended May 31, 2018 | | $ | 10.76 | | | | 0.19 | | | | 0.57 | | | | (0.23 | ) | | | (0.22 | ) | | $ | 11.07 | |
Year ended May 31, 2017 | | $ | 10.01 | | | | 0.16 | | | | 0.86 | | | | (0.16 | ) | | | (0.11 | ) | | $ | 10.76 | |
Year ended May 31, 20167 | | $ | 10.00 | | | | 0.09 | | | | (0.03 | ) | | | (0.05 | ) | | | 0.00 | | | $ | 10.01 | |
| 1 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
| 2 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with the direct purchases and sales in Underlying Funds and unaffiliated securities and included in the portfolio turnover calculation. |
| 3 | For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019. |
| 4 | Ratios reflect net expenses allocated from the affiliated Master Portfolios which were as follows: |
| | | | |
| | | Year ended
February 28, 20193 | |
Class A | | | 0.12 | % |
Class C | | | 0.11 | |
Class R4 | | | 0.11 | |
Class R6 | | | 0.12 | |
| 5 | Calculated based upon average shares outstanding |
| 6 | Ratios do not reflect net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts: |
| | | | | | | | | | | | |
| | | Year ended May 31 | |
| | | 2018 | | | 2017 | | | 20167 | |
Class A | | | 0.10 | % | | | 0.11 | % | | | 0.10 | % |
Class C | | | 0.09 | | | | 0.10 | | | | 0.10 | |
Class R4 | | | 0.09 | | | | 0.10 | | | | 0.10 | |
Class R6 | | | 0.10 | | | | 0.11 | | | | 0.11 | |
| 7 | For the period from November 30, 2015 (commencement of class operations) to May 31, 2016 |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Financial highlights | | Target Date Retirement Funds | | | 93 | |
| | | | | | | | | | | | | | | | | | | | | | |
| Ratio to average net assets (annualized) | | | | | | Portfolio
turnover
rate2 | | | Net assets at
end of period
(000s omitted) | |
Net investment
income | | | Gross
expenses | | | Net
expenses | | | Total
return1 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 1.50 | %4 | | | 4.23 | %4 | | | 0.61 | %4 | | | 3.09 | % | | | 45 | % | | $ | 390 | |
| | 1.33 | % | | | 4.14 | %6 | | | 0.51 | %6 | | | 6.62 | % | | | 82 | % | | $ | 456 | |
| | 1.14 | % | | | 4.42 | %6 | | | 0.51 | %6 | | | 9.95 | % | | | 81 | % | | $ | 363 | |
| | 1.16 | % | | | 5.21 | %6 | | | 0.45 | %6 | | | 0.34 | % | | | 38 | % | | $ | 199 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 0.76 | %4 | | | 4.97 | %4 | | | 1.36 | %4 | | | 2.46 | % | | | 45 | % | | $ | 101 | |
| | 0.52 | % | | | 4.89 | %6 | | | 1.27 | %6 | | | 5.80 | % | | | 82 | % | | $ | 112 | |
| | 0.40 | % | | | 5.18 | %6 | | | 1.27 | %6 | | | 9.18 | % | | | 81 | % | | $ | 109 | |
| | 0.56 | % | | | 5.96 | %6 | | | 1.28 | %6 | | | 0.07 | % | | | 38 | % | | $ | 100 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 1.77 | %4 | | | 3.94 | %4 | | | 0.31 | %4 | | | 3.30 | % | | | 45 | % | | $ | 103 | |
| | 1.56 | % | | | 3.86 | %6 | | | 0.23 | %6 | | | 7.01 | % | | | 82 | % | | $ | 114 | |
| | 1.45 | % | | | 4.15 | %6 | | | 0.22 | %6 | | | 10.28 | % | | | 81 | % | | $ | 111 | |
| | 1.61 | % | | | 4.93 | %6 | | | 0.22 | %6 | | | 0.57 | % | | | 38 | % | | $ | 101 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 1.91 | %4 | | | 3.80 | %4 | | | 0.16 | %4 | | | 3.47 | % | | | 45 | % | | $ | 4,740 | |
| | 1.72 | % | | | 3.71 | %6 | | | 0.07 | %6 | | | 7.06 | % | | | 82 | % | | $ | 5,253 | |
| | 1.60 | % | | | 4.00 | %6 | | | 0.06 | %6 | | | 10.44 | % | | | 81 | % | | $ | 5,105 | |
| | 1.77 | % | | | 4.78 | %6 | | | 0.06 | %6 | | | 0.58 | % | | | 38 | % | | $ | 4,629 | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 94 | | Target Date Retirement Funds | | Financial highlights |
| | | | | | | | | | | | | | | | | | | | | | | | |
| Dynamic Target 2020 Fund | | Beginning
net asset
value per
share | | | Net
investment
income | | | Net realized
and unrealized
gains (losses)
on investments | | | Distributions
from net
investment
income | | | Distributions
from net
realized gains | | | Ending
net asset
value per
share | |
| | | | | | |
Class A | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 20193 | | $ | 11.18 | | | | 0.11 | | | | 0.18 | | | | (0.12 | ) | | | (1.40 | ) | | $ | 9.95 | |
Year ended May 31, 2018 | | $ | 10.78 | | | | 0.14 | | | | 0.70 | | | | (0.19 | ) | | | (0.25 | ) | | $ | 11.18 | |
Year ended May 31, 2017 | | $ | 9.99 | | | | 0.11 | 4 | | | 0.97 | | | | (0.12 | ) | | | (0.17 | ) | | $ | 10.78 | |
Year ended May 31, 20167 | | $ | 10.00 | | | | 0.06 | | | | (0.03 | ) | | | (0.04 | ) | | | 0.00 | | | $ | 9.99 | |
| | | | | | |
Class C | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 20193 | | $ | 11.15 | | | | 0.06 | | | | 0.17 | | | | (0.03 | ) | | | (1.40 | ) | | $ | 9.95 | |
Year ended May 31, 2018 | | $ | 10.76 | | | | 0.05 | | | | 0.69 | | | | (0.10 | ) | | | (0.25 | ) | | $ | 11.15 | |
Year ended May 31, 2017 | | $ | 9.96 | | | | 0.03 | | | | 0.98 | | | | (0.04 | ) | | | (0.17 | ) | | $ | 10.76 | |
Year ended May 31, 20167 | | $ | 10.00 | | | | 0.03 | | | | (0.03 | ) | | | (0.04 | ) | | | 0.00 | | | $ | 9.96 | |
| | | | | | |
Class R4 | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 20193 | | $ | 11.22 | | | | 0.14 | | | | 0.17 | | | | (0.14 | ) | | | (1.40 | ) | | $ | 9.99 | |
Year ended May 31, 2018 | | $ | 10.82 | | | | 0.17 | | | | 0.69 | | | | (0.21 | ) | | | (0.25 | ) | | $ | 11.22 | |
Year ended May 31, 2017 | | $ | 10.01 | | | | 0.14 | | | | 0.97 | | | | (0.13 | ) | | | (0.17 | ) | | $ | 10.82 | |
Year ended May 31, 20167 | | $ | 10.00 | | | | 0.08 | | | | (0.02 | ) | | | (0.05 | ) | | | 0.00 | | | $ | 10.01 | |
| | | | | | |
Class R6 | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 20193 | | $ | 11.23 | | | | 0.15 | | | | 0.17 | | | | (0.16 | ) | | | (1.40 | ) | | $ | 9.99 | |
Year ended May 31, 2018 | | $ | 10.82 | | | | 0.18 | | | | 0.71 | | | | (0.23 | ) | | | (0.25 | ) | | $ | 11.23 | |
Year ended May 31, 2017 | | $ | 10.01 | | | | 0.16 | | | | 0.97 | | | | (0.15 | ) | | | (0.17 | ) | | $ | 10.82 | |
Year ended May 31, 20167 | | $ | 10.00 | | | | 0.08 | | | | (0.02 | ) | | | (0.05 | ) | | | 0.00 | | | $ | 10.01 | |
| 1 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
| 2 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with the direct purchases and sales in Underlying Funds and unaffiliated securities and included in the portfolio turnover calculation. |
| 3 | For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019. |
| 4 | Calculated based upon average shares outstanding |
| 5 | Ratios reflect net expenses allocated from the affiliated Master Portfolios which were as follows: |
| | | | |
| | | Year ended February 28, 20193 | |
Class A | | | 0.12 | % |
Class C | | | 0.11 | |
Class R4 | �� | | 0.11 | |
Class R6 | | | 0.13 | |
| 6 | Ratios do not reflect net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts: |
| | | | | | | | | | | | |
| | | Year ended May 31 | |
| | | 2018 | | | 2017 | | | 20167 | |
Class A | | | 0.10 | % | | | 0.10 | % | | | 0.10 | % |
Class C | | | 0.09 | | | | 0.10 | | | | 0.10 | |
Class R4 | | | 0.09 | | | | 0.10 | | | | 0.10 | |
Class R6 | | | 0.10 | | | | 0.11 | | | | 0.11 | |
| 7 | For the period from November 30, 2015 (commencement of class operations) to May 31, 2016 |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Financial highlights | | Target Date Retirement Funds | | | 95 | |
| | | | | | | | | | | | | | | | | | | | | | |
| Ratio to average net assets (annualized) | | | | | | Portfolio
turnover
rate2 | | | Net assets at
end of period
(000s omitted) | |
Net investment
income | | | Gross
expenses | | | Net
expenses | | | Total
return1 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 1.38 | %5 | | | 4.04 | %5 | | | 0.61 | %5 | | | 3.33 | % | | | 42 | % | | $ | 623 | |
| | 1.15 | % | | | 3.96 | %6 | | | 0.52 | %6 | | | 7.80 | % | | | 72 | % | | $ | 540 | |
| | 1.09 | % | | | 4.32 | %6 | | | 0.51 | %6 | | | 11.18 | % | | | 69 | % | | $ | 380 | |
| | 1.33 | % | | | 5.21 | %6 | | | 0.54 | %6 | | | 0.35 | % | | | 38 | % | | $ | 119 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 0.66 | %5 | | | 4.79 | %5 | | | 1.37 | %5 | | | 2.72 | % | | | 42 | % | | $ | 102 | |
| | 0.43 | % | | | 4.71 | %6 | | | 1.28 | %6 | | | 6.89 | % | | | 72 | % | | $ | 114 | |
| | 0.33 | % | | | 5.09 | %6 | | | 1.28 | %6 | | | 10.39 | % | | | 69 | % | | $ | 110 | |
| | 0.53 | % | | | 5.97 | %6 | | | 1.29 | %6 | | | 0.01 | % | | | 38 | % | | $ | 100 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 1.71 | %5 | | | 3.77 | %5 | | | 0.32 | %5 | | | 3.59 | % | | | 42 | % | | $ | 103 | |
| | 1.47 | % | | | 3.68 | %6 | | | 0.24 | %6 | | | 8.03 | % | | | 72 | % | | $ | 116 | |
| | 1.39 | % | | | 4.06 | %6 | | | 0.23 | %6 | | | 11.60 | % | | | 69 | % | | $ | 112 | |
| | 1.59 | % | | | 4.94 | %6 | | | 0.23 | %6 | | | 0.61 | % | | | 38 | % | | $ | 101 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 1.86 | %5 | | | 3.63 | %5 | | | 0.17 | %5 | | | 3.65 | % | | | 42 | % | | $ | 4,767 | |
| | 1.63 | % | | | 3.53 | %6 | | | 0.08 | %6 | | | 8.28 | % | | | 72 | % | | $ | 5,359 | |
| | 1.54 | % | | | 3.91 | %6 | | | 0.07 | %6 | | | 11.64 | % | | | 69 | % | | $ | 5,165 | |
| | 1.74 | % | | | 4.79 | %6 | | | 0.07 | %6 | | | 0.62 | % | | | 38 | % | | $ | 4,631 | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 96 | | Target Date Retirement Funds | | Financial highlights |
| | | | | | | | | | | | | | | | | | | | | | | | |
| Dynamic Target 2025 Fund | | Beginning
net asset
value per
share | | | Net
investment
income | | | Net realized
and unrealized
gains (losses)
on investments | | | Distributions
from net
investment
income | | | Distributions
from net
realized gains | | | Ending
net asset
value per
share | |
| | | | | | |
Class A | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 20193 | | $ | 11.38 | | | | 0.10 | | | | 0.12 | | | | (0.10 | ) | | | (1.40 | ) | | $ | 10.10 | |
Year ended May 31, 2018 | | $ | 10.87 | | | | 0.11 | 4 | | | 0.87 | | | | (0.19 | ) | | | (0.28 | ) | | $ | 11.38 | |
Year ended May 31, 2017 | | $ | 9.94 | | | | 0.09 | | | | 1.13 | | | | (0.12 | ) | | | (0.17 | ) | | $ | 10.87 | |
Year ended May 31, 20167 | | $ | 10.00 | | | | 0.07 | | | | (0.08 | ) | | | (0.05 | ) | | | 0.00 | | | $ | 9.94 | |
| | | | | | |
Class C | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 20193 | | $ | 11.35 | | | | 0.05 | | | | 0.12 | | | | (0.02 | ) | | | (1.40 | ) | | $ | 10.10 | |
Year ended May 31, 2018 | | $ | 10.84 | | | | 0.04 | | | | 0.85 | | | | (0.10 | ) | | | (0.28 | ) | | $ | 11.35 | |
Year ended May 31, 2017 | | $ | 9.91 | | | | 0.03 | | | | 1.10 | | | | (0.03 | ) | | | (0.17 | ) | | $ | 10.84 | |
Year ended May 31, 20167 | | $ | 10.00 | | | | 0.02 | | | | (0.06 | ) | | | (0.05 | ) | | | 0.00 | | | $ | 9.91 | |
| | | | | | |
Class R4 | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 20193 | | $ | 11.42 | | | | 0.14 | | | | 0.11 | | | | (0.13 | ) | | | (1.40 | ) | | $ | 10.14 | |
Year ended May 31, 2018 | | $ | 10.90 | | | | 0.16 | | | | 0.85 | | | | (0.21 | ) | | | (0.28 | ) | | $ | 11.42 | |
Year ended May 31, 2017 | | $ | 9.96 | | | | 0.14 | | | | 1.10 | | | | (0.13 | ) | | | (0.17 | ) | | $ | 10.90 | |
Year ended May 31, 20167 | | $ | 10.00 | | | | 0.08 | | | | (0.07 | ) | | | (0.05 | ) | | | 0.00 | | | $ | 9.96 | |
| | | | | | |
Class R6 | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 20193 | | $ | 11.43 | | | | 0.15 | | | | 0.11 | | | | (0.14 | ) | | | (1.40 | ) | | $ | 10.15 | |
Year ended May 31, 2018 | | $ | 10.91 | | | | 0.18 | | | | 0.85 | | | | (0.23 | ) | | | (0.28 | ) | | $ | 11.43 | |
Year ended May 31, 2017 | | $ | 9.96 | | | | 0.15 | | | | 1.11 | | | | (0.14 | ) | | | (0.17 | ) | | $ | 10.91 | |
Year ended May 31, 20167 | | $ | 10.00 | | | | 0.08 | | | | (0.06 | ) | | | (0.06 | ) | | | 0.00 | | | $ | 9.96 | |
| 1 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
| 2 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with the direct purchases and sales in Underlying Funds and unaffiliated securities and included in the portfolio turnover calculation. |
| 3 | For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019. |
| 4 | Calculated based upon average shares outstanding |
| 5 | Ratios reflect net expenses allocated from the affiliated Master Portfolios which were as follows: |
| | | | |
| | | Year ended February 28, 20193 | |
Class A | | | 0.13 | % |
Class C | | | 0.12 | |
Class R4 | | | 0.12 | |
Class R6 | | | 0.13 | |
| 6 | Ratios do not reflect net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts: |
| | | | | | | | | | | | |
| | | Year ended May 31 | |
| | | 2018 | | | 2017 | | | 20167 | |
Class A | | | 0.10 | % | | | 0.10 | % | | | 0.10 | % |
Class C | | | 0.09 | | | | 0.10 | | | | 0.10 | |
Class R4 | | | 0.09 | | | | 0.10 | | | | 0.11 | |
Class R6 | | | 0.10 | | | | 0.11 | | | | 0.11 | |
| 7 | For the period from November 30, 2015 (commencement of class operations) to May 31, 2016 |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Financial highlights | | Target Date Retirement Funds | | | 97 | |
| | | | | | | | | | | | | | | | | | | | | | |
| Ratio to average net assets (annualized) | | | | | | Portfolio
turnover
rate2 | | | Net assets at
end of period
(000s omitted) | |
Net investment
income | | | Gross
expenses | | | Net
expenses | | | Total
return1 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 1.31 | %5 | | | 3.81 | %5 | | | 0.60 | %5 | | | 2.76 | % | | | 41 | % | | $ | 1,929 | |
| | 1.00 | % | | | 4.06 | %6 | | | 0.52 | %6 | | | 9.07 | % | | | 62 | % | | $ | 1,497 | |
| | 1.07 | % | | | 4.75 | %6 | | | 0.49 | %6 | | | 12.62 | % | | | 58 | % | | $ | 510 | |
| | 1.09 | % | | | 5.25 | %6 | | | 0.46 | %6 | | | (0.07 | )% | | | 38 | % | | $ | 188 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 0.56 | %5 | | | 4.56 | %5 | | | 1.36 | %5 | | | 2.17 | % | | | 41 | % | | $ | 130 | |
| | 0.36 | % | | | 4.88 | %6 | | | 1.28 | %6 | | | 8.24 | % | | | 62 | % | | $ | 130 | |
| | 0.29 | % | | | 5.55 | %6 | | | 1.29 | %6 | | | 11.77 | % | | | 58 | % | | $ | 124 | |
| | 0.52 | % | | | 6.00 | %6 | | | 1.30 | %6 | | | (0.44 | )% | | | 38 | % | | $ | 100 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 1.62 | %5 | | | 3.53 | %5 | | | 0.31 | %5 | | | 2.96 | % | | | 41 | % | | $ | 105 | |
| | 1.41 | % | | | 3.85 | %6 | | | 0.24 | %6 | | | 9.33 | % | | | 62 | % | | $ | 118 | |
| | 1.35 | % | | | 4.52 | %6 | | | 0.23 | %6 | | | 12.84 | % | | | 58 | % | | $ | 113 | |
| | 1.58 | % | | | 4.97 | %6 | | | 0.23 | %6 | | | 0.16 | % | | | 38 | % | | $ | 100 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 1.77 | %5 | | | 3.39 | %5 | | | 0.16 | %5 | | | 3.13 | % | | | 41 | % | | $ | 4,838 | |
| | 1.56 | % | | | 3.70 | %6 | | | 0.09 | %6 | | | 9.48 | % | | | 62 | % | | $ | 5,451 | |
| | 1.50 | % | | | 4.37 | %6 | | | 0.08 | %6 | | | 13.10 | % | | | 58 | % | | $ | 5,201 | |
| | 1.73 | % | | | 4.82 | %6 | | | 0.08 | %6 | | | 0.17 | % | | | 38 | % | | $ | 4,609 | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 98 | | Target Date Retirement Funds | | Financial highlights |
| | | | | | | | | | | | | | | | | | | | | | | | |
| Dynamic Target 2030 Fund | | Beginning
net asset
value per
share | | | Net
investment
income | | | Net realized
and unrealized
gains (losses)
on investments | | | Distributions
from net
investment
income | | | Distributions
from net
realized gains | | | Ending
net asset
value per
share | |
| | | | | | |
Class A | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 20193 | | $ | 11.54 | | | | 0.11 | | | | 0.12 | | | | (0.09 | ) | | | (1.74 | ) | | $ | 9.94 | |
Year ended May 31, 2018 | | $ | 10.92 | | | | 0.13 | | | | 0.98 | | | | (0.19 | ) | | | (0.30 | ) | | $ | 11.54 | |
Year ended May 31, 2017 | | $ | 9.91 | | | | 0.09 | | | | 1.22 | | | | (0.11 | ) | | | (0.19 | ) | | $ | 10.92 | |
Year ended May 31, 20166 | | $ | 10.00 | | | | 0.06 | | | | (0.10 | ) | | | (0.05 | ) | | | 0.00 | | | $ | 9.91 | |
| | | | | | |
Class C | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 20193 | | $ | 11.52 | | | | 0.05 | | | | 0.11 | | | | (0.06 | ) | | | (1.74 | ) | | $ | 9.88 | |
Year ended May 31, 2018 | | $ | 10.90 | | | | 0.03 | | | | 0.99 | | | | (0.10 | ) | | | (0.30 | ) | | $ | 11.52 | |
Year ended May 31, 2017 | | $ | 9.88 | | | | 0.02 | | | | 1.21 | | | | (0.02 | ) | | | (0.19 | ) | | $ | 10.90 | |
Year ended May 31, 20166 | | $ | 10.00 | | | | 0.02 | | | | (0.09 | ) | | | (0.05 | ) | | | 0.00 | | | $ | 9.88 | |
| | | | | | |
Class R4 | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 20193 | | $ | 11.59 | | | | 0.13 | | | | 0.12 | | | | (0.11 | ) | | | (1.74 | ) | | $ | 9.99 | |
Year ended May 31, 2018 | | $ | 10.96 | | | | 0.15 | | | | 0.99 | | | | (0.21 | ) | | | (0.30 | ) | | $ | 11.59 | |
Year ended May 31, 2017 | | $ | 9.93 | | | | 0.13 | | | | 1.21 | | | | (0.12 | ) | | | (0.19 | ) | | $ | 10.96 | |
Year ended May 31, 20166 | | $ | 10.00 | | | | 0.07 | | | | (0.08 | ) | | | (0.06 | ) | | | 0.00 | | | $ | 9.93 | |
| | | | | | |
Class R6 | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 20193 | | $ | 11.60 | | | | 0.14 | | | | 0.12 | | | | (0.13 | ) | | | (1.74 | ) | | $ | 9.99 | |
Year ended May 31, 2018 | | $ | 10.96 | | | | 0.17 | | | | 1.00 | | | | (0.23 | ) | | | (0.30 | ) | | $ | 11.60 | |
Year ended May 31, 2017 | | $ | 9.93 | | | | 0.14 | | | | 1.22 | | | | (0.14 | ) | | | (0.19 | ) | | $ | 10.96 | |
Year ended May 31, 20166 | | $ | 10.00 | | | | 0.08 | | | | (0.09 | ) | | | (0.06 | ) | | | 0.00 | | | $ | 9.93 | |
| 1 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
| 2 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with the direct purchases and sales in Underlying Funds and unaffiliated securities and included in the portfolio turnover calculation. |
| 3 | For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019. |
| 4 | Ratios reflect net expenses allocated from the affiliated Master Portfolios which were as follows: |
| | | | |
| | | Year ended February 28, 20193 | |
Class A | | | 0.13 | % |
Class C | | | 0.12 | |
Class R4 | | | 0.12 | |
Class R6 | | | 0.13 | |
| 5 | Ratios do not reflect net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts: |
| | | | | | | | | | | | |
| | | Year ended May 31 | |
| | | 2018 | | | 2017 | | | 20166 | |
Class A | | | 0.10 | % | | | 0.10 | % | | | 0.10 | % |
Class C | | | 0.09 | | | | 0.10 | | | | 0.10 | |
Class R4 | | | 0.09 | | | | 0.10 | | | | 0.10 | |
Class R6 | | | 0.10 | | | | 0.11 | | | | 0.11 | |
| 6 | For the period from November 30, 2015 (commencement of class operations) to May 31, 2016 |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Financial highlights | | Target Date Retirement Funds | | | 99 | |
| | | | | | | | | | | | | | | | | | | | | | |
| Ratio to average net assets (annualized) | | | | | | Portfolio
turnover
rate2 | | | Net assets at
end of period
(000s omitted) | |
Net investment
income | | | Gross
expenses | | | Net
expenses | | | Total
return1 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 1.23 | %4 | | | 4.08 | %4 | | | 0.60 | %4 | | | 2.99 | % | | | 37 | % | | $ | 1,010 | |
| | 1.08 | % | | | 4.20 | %5 | | | 0.53 | %5 | | | 10.30 | % | | | 53 | % | | $ | 917 | |
| | 1.04 | % | | | 4.76 | %5 | | | 0.48 | %5 | | | 13.72 | % | | | 46 | % | | $ | 543 | |
| | 1.19 | % | | | 5.29 | %5 | | | 0.45 | %5 | | | (0.34 | )% | | | 22 | % | | $ | 173 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 0.49 | %4 | | | 4.81 | %4 | | | 1.35 | %4 | | | 2.32 | % | | | 37 | % | | $ | 153 | |
| | 0.27 | % | | | 4.95 | %5 | | | 1.29 | %5 | | | 9.43 | % | | | 53 | % | | $ | 119 | |
| | 0.24 | % | | | 5.59 | %5 | | | 1.29 | %5 | | | 12.86 | % | | | 46 | % | | $ | 112 | |
| | 0.49 | % | | | 6.03 | %5 | | | 1.30 | %5 | | | (0.70 | )% | | | 22 | % | | $ | 99 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 1.51 | %4 | | | 3.80 | %4 | | | 0.31 | %4 | | | 3.19 | % | | | 37 | % | | $ | 104 | |
| | 1.32 | % | | | 3.92 | %5 | | | 0.25 | %5 | | | 10.53 | % | | | 53 | % | | $ | 120 | |
| | 1.29 | % | | | 4.56 | %5 | | | 0.24 | %5 | | | 13.99 | % | | | 46 | % | | $ | 114 | |
| | 1.55 | % | | | 5.00 | %5 | | | 0.24 | %5 | | | (0.10 | )% | | | 22 | % | | $ | 100 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 1.66 | %4 | | | 3.66 | %4 | | | 0.16 | %4 | | | 3.26 | % | | | 37 | % | | $ | 4,775 | |
| | 1.47 | % | | | 3.77 | %5 | | | 0.09 | %5 | | | 10.77 | % | | | 53 | % | | $ | 5,544 | |
| | 1.44 | % | | | 4.41 | %5 | | | 0.08 | %5 | | | 14.15 | % | | | 46 | % | | $ | 5,238 | |
| | 1.70 | % | | | 4.85 | %5 | | | 0.09 | %5 | | | (0.09 | )% | | | 22 | % | | $ | 4,597 | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 100 | | Target Date Retirement Funds | | Financial highlights |
| | | | | | | | | | | | | | | | | | | | | | | | |
| Dynamic Target 2035 Fund | | Beginning
net asset
value per
share | | | Net
investment
income | | | Net realized
and unrealized
gains (losses)
on investments | | | Distributions
from net
investment
income | | | Distributions
from net
realized gains | | | Ending
net asset
value per
share | |
| | | | | | |
Class A | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 20193 | | $ | 11.66 | | | | 0.09 | | | | 0.14 | | | | (0.08 | ) | | | (1.97 | ) | | $ | 9.84 | |
Year ended May 31, 2018 | | $ | 10.97 | | | | 0.11 | | | | 1.11 | | | | (0.19 | ) | | | (0.34 | ) | | $ | 11.66 | |
Year ended May 31, 2017 | | $ | 9.88 | | | | 0.09 | | | | 1.32 | | | | (0.11 | ) | | | (0.21 | ) | | $ | 10.97 | |
Year ended May 31, 20166 | | $ | 10.00 | | | | 0.06 | | | | (0.12 | ) | | | (0.06 | ) | | | 0.00 | | | $ | 9.88 | |
| | | | | | |
Class C | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 20193 | | $ | 11.63 | | | | 0.03 | | | | 0.14 | | | | 0.00 | | | | (1.97 | ) | | $ | 9.83 | |
Year ended May 31, 2018 | | $ | 10.95 | | | | 0.02 | | | | 1.10 | | | | (0.10 | ) | | | (0.34 | ) | | $ | 11.63 | |
Year ended May 31, 2017 | | $ | 9.84 | | | | 0.02 | | | | 1.32 | | | | (0.02 | ) | | | (0.21 | ) | | $ | 10.95 | |
Year ended May 31, 20166 | | $ | 10.00 | | | | 0.02 | | | | (0.13 | ) | | | (0.05 | ) | | | 0.00 | | | $ | 9.84 | |
| | | | | | |
Class R4 | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 20193 | | $ | 11.71 | | | | 0.12 | | | | 0.13 | | | | (0.10 | ) | | | (1.97 | ) | | $ | 9.89 | |
Year ended May 31, 2018 | | $ | 11.00 | | | | 0.15 | | | | 1.11 | | | | (0.21 | ) | | | (0.34 | ) | | $ | 11.71 | |
Year ended May 31, 2017 | | $ | 9.89 | | | | 0.13 | | | | 1.31 | | | | (0.12 | ) | | | (0.21 | ) | | $ | 11.00 | |
Year ended May 31, 20166 | | $ | 10.00 | | | | 0.07 | | | | (0.12 | ) | | | (0.06 | ) | | | 0.00 | | | $ | 9.89 | |
| | | | | | |
Class R6 | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 20193 | | $ | 11.72 | | | | 0.13 | | | | 0.13 | | | | (0.12 | ) | | | (1.97 | ) | | $ | 9.89 | |
Year ended May 31, 2018 | | $ | 11.01 | | | | 0.16 | | | | 1.12 | | | | (0.23 | ) | | | (0.34 | ) | | $ | 11.72 | |
Year ended May 31, 2017 | | $ | 9.89 | | | | 0.14 | | | | 1.33 | | | | (0.14 | ) | | | (0.21 | ) | | $ | 11.01 | |
Year ended May 31, 20166 | | $ | 10.00 | | | | 0.08 | | | | (0.13 | ) | | | (0.06 | ) | | | 0.00 | | | $ | 9.89 | |
| 1 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
| 2 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with the direct purchases and sales in Underlying Funds and unaffiliated securities and included in the portfolio turnover calculation. |
| 3 | For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019. |
| 4 | Ratios reflect net expenses allocated from the affiliated Master Portfolios which were as follows: |
| | | | |
| | | Year ended February 28, 20193 | |
Class A | | | 0.13 | % |
Class C | | | 0.13 | |
Class R4 | | | 0.13 | |
Class R6 | | | 0.13 | |
| 5 | Ratios do not reflect net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts: |
| | | | | | | | | | | | |
| | | Year ended May 31 | |
| | | 2018 | | | 2017 | | | 20166 | |
Class A | | | 0.09 | % | | | 0.10 | % | | | 0.10 | % |
Class C | | | 0.09 | | | | 0.10 | | | | 0.10 | |
Class R4 | | | 0.09 | | | | 0.10 | | | | 0.10 | |
Class R6 | | | 0.10 | | | | 0.11 | | | | 0.11 | |
| 6 | For the period from November 30, 2015 (commencement of class operations) to May 31, 2016 |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Financial highlights | | Target Date Retirement Funds | | | 101 | |
| | | | | | | | | | | | | | | | | | | | | | |
| Ratio to average net assets (annualized) | | | | | | Portfolio
turnover
rate2 | | | Net assets at
end of period
(000s omitted) | |
Net investment
income | | | Gross
expenses | | | Net
expenses | | | Total
return1 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 1.16 | %4 | | | 4.34 | %4 | | | 0.60 | %4 | | | 3.13 | % | | | 34 | % | | $ | 521 | |
| | 0.99 | % | | | 4.32 | %5 | | | 0.53 | %5 | | | 11.24 | % | | | 44 | % | | $ | 453 | |
| | 1.05 | % | | | 4.86 | %5 | | | 0.49 | %5 | | | 14.74 | % | | | 39 | % | | $ | 338 | |
| | 1.24 | % | | | 5.32 | %5 | | | 0.55 | %5 | | | (0.62 | )% | | | 19 | % | | $ | 119 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 0.37 | %4 | | | 5.08 | %4 | | | 1.36 | %4 | | | 2.55 | % | | | 34 | % | | $ | 102 | |
| | 0.21 | % | | | 5.07 | %5 | | | 1.29 | %5 | | | 10.30 | % | | | 44 | % | | $ | 120 | |
| | 0.21 | % | | | 5.67 | %5 | | | 1.29 | %5 | | | 14.02 | % | | | 39 | % | | $ | 113 | |
| | 0.48 | % | | | 6.06 | %5 | | | 1.30 | %5 | | | (1.08 | )% | | | 19 | % | | $ | 99 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 1.42 | %4 | | | 4.06 | %4 | | | 0.31 | %4 | | | 3.34 | % | | | 34 | % | | $ | 103 | |
| | 1.26 | % | | | 4.04 | %5 | | | 0.25 | %5 | | | 11.59 | % | | | 44 | % | | $ | 122 | |
| | 1.26 | % | | | 4.64 | %5 | | | 0.24 | %5 | | | 15.05 | % | | | 39 | % | | $ | 114 | |
| | 1.54 | % | | | 5.03 | %5 | | | 0.24 | %5 | | | (0.48 | )% | | | 19 | % | | $ | 99 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 1.57 | %4 | | | 3.91 | %4 | | | 0.16 | %4 | | | 3.41 | % | | | 34 | % | | $ | 4,734 | |
| | 1.41 | % | | | 3.89 | %5 | | | 0.09 | %5 | | | 11.73 | % | | | 44 | % | | $ | 5,608 | |
| | 1.41 | % | | | 4.49 | %5 | | | 0.08 | %5 | | | 15.31 | % | | | 39 | % | | $ | 5,270 | |
| | 1.69 | % | | | 4.88 | %5 | | | 0.08 | %5 | | | (0.46 | )% | | | 19 | % | | $ | 4,580 | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 102 | | Target Date Retirement Funds | | Financial highlights |
| | | | | | | | | | | | | | | | | | | | | | | | |
| Dynamic Target 2040 Fund | | Beginning
net asset
value per
share | | | Net
investment
income | | | Net realized
and unrealized
gains (losses)
on investments | | | Distributions
from net
investment
income | | | Distributions
from net
realized gains | | | Ending
net asset
value per
share | |
| | | | | | |
Class A | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 20193 | | $ | 11.74 | | | | 0.08 | | | | 0.11 | | | | (0.06 | ) | | | (2.10 | ) | | $ | 9.77 | |
Year ended May 31, 2018 | | $ | 11.00 | | | | 0.09 | | | | 1.20 | | | | (0.20 | ) | | | (0.35 | ) | | $ | 11.74 | |
Year ended May 31, 2017 | | $ | 9.85 | | | | 0.09 | | | | 1.37 | | | | (0.11 | ) | | | (0.20 | ) | | $ | 11.00 | |
Year ended May 31, 20166 | | $ | 10.00 | | | | 0.06 | | | | (0.15 | ) | | | (0.06 | ) | | | 0.00 | | | $ | 9.85 | |
| | | | | | |
Class C | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 20193 | | $ | 11.72 | | | | 0.02 | | | | 0.12 | | | | 0.00 | | | | (2.10 | ) | | $ | 9.76 | |
Year ended May 31, 2018 | | $ | 10.98 | | | | 0.02 | | | | 1.17 | | | | (0.10 | ) | | | (0.35 | ) | | $ | 11.72 | |
Year ended May 31, 2017 | | $ | 9.82 | | | | 0.02 | | | | 1.36 | | | | (0.02 | ) | | | (0.20 | ) | | $ | 10.98 | |
Year ended May 31, 20166 | | $ | 10.00 | | | | 0.02 | | | | (0.15 | ) | | | (0.05 | ) | | | 0.00 | | | $ | 9.82 | |
| | | | | | |
Class R4 | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 20193 | | $ | 11.80 | | | | 0.11 | | | | 0.11 | | | | (0.09 | ) | | | (2.10 | ) | | $ | 9.83 | |
Year ended May 31, 2018 | | $ | 11.04 | | | | 0.14 | | | | 1.18 | | | | (0.21 | ) | | | (0.35 | ) | | $ | 11.80 | |
Year ended May 31, 2017 | | $ | 9.86 | | | | 0.13 | | | | 1.37 | | | | (0.12 | ) | | | (0.20 | ) | | $ | 11.04 | |
Year ended May 31, 20166 | | $ | 10.00 | | | | 0.07 | | | | (0.15 | ) | | | (0.06 | ) | | | 0.00 | | | $ | 9.86 | |
| | | | | | |
Class R6 | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 20193 | | $ | 11.81 | | | | 0.12 | | | | 0.12 | | | | (0.11 | ) | | | (2.10 | ) | | $ | 9.84 | |
Year ended May 31, 2018 | | $ | 11.04 | | | | 0.16 | | | | 1.19 | | | | (0.23 | ) | | | (0.35 | ) | | $ | 11.81 | |
Year ended May 31, 2017 | | $ | 9.87 | | | | 0.14 | | | | 1.36 | | | | (0.13 | ) | | | (0.20 | ) | | $ | 11.04 | |
Year ended May 31, 20166 | | $ | 10.00 | | | | 0.08 | | | | (0.14 | ) | | | (0.07 | ) | | | 0.00 | | | $ | 9.87 | |
| 1 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
| 2 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with the direct purchases and sales in Underlying Funds and unaffiliated securities and included in the portfolio turnover calculation. |
| 3 | For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019. |
| 4 | Ratios reflect net expenses allocated from the affiliated Master Portfolios which were as follows: |
| | | | |
| | | Year ended February 28, 20193 | |
Class A | | | 0.13 | % |
Class C | | | 0.13 | |
Class R4 | | | 0.13 | |
Class R6 | | | 0.13 | |
| 5 | Ratios do not reflect net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts: |
| | | | | | | | | | | | |
| | | Year ended May 31 | |
| | | 2018 | | | 2017 | | | 20166 | |
Class A | | | 0.09 | % | | | 0.10 | % | | | 0.10 | % |
Class C | | | 0.09 | | | | 0.10 | | | | 0.10 | |
Class R4 | | | 0.09 | | | | 0.10 | | | | 0.10 | |
Class R6 | | | 0.10 | | | | 0.11 | | | | 0.11 | |
| 6 | For the period from November 30, 2015 (commencement of class operations) to May 31, 2016 |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Financial highlights | | Target Date Retirement Funds | | | 103 | |
| | | | | | | | | | | | | | | | | | | | | | |
| Ratio to average net assets (annualized) | | | | | | Portfolio
turnover
rate2 | | | Net assets at
end of period
(000s omitted) | |
Net investment
income | | | Gross
expenses | | | Net
expenses | | | Total
return1 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 0.99 | %4 | | | 4.11 | %4 | | | 0.63 | %4 | | | 2.80 | % | | | 32 | % | | $ | 454 | |
| | 1.02 | % | | | 3.93 | %5 | | | 0.54 | %5 | | | 11.79 | % | | | 40 | % | | $ | 472 | |
| | 1.01 | % | | | 4.46 | %5 | | | 0.51 | %5 | | | 15.34 | % | | | 33 | % | | $ | 307 | |
| | 1.22 | % | | | 5.33 | %5 | | | 0.53 | %5 | | | (0.90 | )% | | | 15 | % | | $ | 157 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 0.25 | %4 | | | 4.85 | %4 | | | 1.38 | %4 | | | 2.30 | % | | | 32 | % | | $ | 100 | |
| | 0.16 | % | | | 4.70 | %5 | | | 1.29 | %5 | | | 10.88 | % | | | 40 | % | | $ | 120 | |
| | 0.18 | % | | | 5.25 | %5 | | | 1.30 | %5 | | | 14.52 | % | | | 33 | % | | $ | 113 | |
| | 0.47 | % | | | 6.07 | %5 | | | 1.30 | %5 | | | (1.25 | )% | | | 15 | % | | $ | 99 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 1.29 | %4 | | | 3.82 | %4 | | | 0.34 | %4 | | | 3.06 | % | | | 32 | % | | $ | 102 | |
| | 1.21 | % | | | 3.67 | %5 | | | 0.25 | %5 | | | 12.07 | % | | | 40 | % | | $ | 123 | |
| | 1.24 | % | | | 4.22 | %5 | | | 0.24 | %5 | | | 15.78 | % | | | 33 | % | | $ | 115 | |
| | 1.53 | % | | | 5.04 | %5 | | | 0.24 | %5 | | | (0.76 | )% | | | 15 | % | | $ | 99 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 1.44 | %4 | | | 3.67 | %4 | | | 0.19 | %4 | | | 3.24 | % | | | 32 | % | | $ | 4,707 | |
| | 1.36 | % | | | 3.52 | %5 | | | 0.10 | %5 | | | 12.31 | % | | | 40 | % | | $ | 5,651 | |
| | 1.39 | % | | | 4.07 | %5 | | | 0.09 | %5 | | | 15.82 | % | | | 33 | % | | $ | 5,285 | |
| | 1.69 | % | | | 4.90 | %5 | | | 0.09 | %5 | | | (0.64 | )% | | | 15 | % | | $ | 4,571 | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 104 | | Target Date Retirement Funds | | Financial highlights |
| | | | | | | | | | | | | | | | | | | | | | | | |
| Dynamic Target 2045 Fund | | Beginning
net asset
value per
share | | | Net
investment
income | | | Net realized
and unrealized
gains (losses)
on investments | | | Distributions
from net
investment
income | | | Distributions
from net
realized gains | | | Ending
net asset
value per
share | |
| | | | | | |
Class A | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 20193 | | $ | 11.79 | | | | 0.08 | | | | 0.08 | | | | (0.07 | ) | | | (2.15 | ) | | $ | 9.73 | |
Year ended May 31, 2018 | | $ | 11.02 | | | | 0.12 | | | | 1.20 | | | | (0.19 | ) | | | (0.36 | ) | | $ | 11.79 | |
Year ended May 31, 2017 | | $ | 9.86 | | | | 0.08 | | | | 1.41 | | | | (0.10 | ) | | | (0.23 | ) | | $ | 11.02 | |
Year ended May 31, 20166 | | $ | 10.00 | | | | 0.06 | | | | (0.14 | ) | | | (0.06 | ) | | | 0.00 | | | $ | 9.86 | |
| | | | | | |
Class C | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 20193 | | $ | 11.75 | | | | 0.02 | | | | 0.09 | | | | 0.00 | | | | (2.15 | ) | | $ | 9.71 | |
Year ended May 31, 2018 | | $ | 10.99 | | | | 0.02 | | | | 1.20 | | | | (0.10 | ) | | | (0.36 | ) | | $ | 11.75 | |
Year ended May 31, 2017 | | $ | 9.83 | | | | 0.02 | | | | 1.39 | | | | (0.02 | ) | | | (0.23 | ) | | $ | 10.99 | |
Year ended May 31, 20166 | | $ | 10.00 | | | | 0.02 | | | | (0.14 | ) | | | (0.05 | ) | | | 0.00 | | | $ | 9.83 | |
| | | | | | |
Class R4 | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 20193 | | $ | 11.83 | | | | 0.11 | | | | 0.08 | | | | (0.09 | ) | | | (2.15 | ) | | $ | 9.78 | |
Year ended May 31, 2018 | | $ | 11.05 | | | | 0.14 | | | | 1.22 | | | | (0.22 | ) | | | (0.36 | ) | | $ | 11.83 | |
Year ended May 31, 2017 | | $ | 9.88 | | | | 0.13 | | | | 1.39 | | | | (0.12 | ) | | | (0.23 | ) | | $ | 11.05 | |
Year ended May 31, 20166 | | $ | 10.00 | | | | 0.07 | | | | (0.13 | ) | | | (0.06 | ) | | | 0.00 | | | $ | 9.88 | |
| | | | | | |
Class R6 | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 20193 | | $ | 11.84 | | | | 0.12 | | | | 0.08 | | | | (0.10 | ) | | | (2.15 | ) | | $ | 9.79 | |
Year ended May 31, 2018 | | $ | 11.06 | | | | 0.16 | | | | 1.21 | | | | (0.23 | ) | | | (0.36 | ) | | $ | 11.84 | |
Year ended May 31, 2017 | | $ | 9.88 | | | | 0.14 | | | | 1.40 | | | | (0.13 | ) | | | (0.23 | ) | | $ | 11.06 | |
Year ended May 31, 20166 | | $ | 10.00 | | | | 0.08 | | | | (0.13 | ) | | | (0.07 | ) | | | 0.00 | | | $ | 9.88 | |
| 1 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
| 2 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with the direct purchases and sales in Underlying Funds and unaffiliated securities and included in the portfolio turnover calculation. |
| 3 | For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019. |
| 4 | Ratios reflect net expenses allocated from the affiliated Master Portfolios which were as follows: |
| | | | |
| | | Year ended February 28, 20193 | |
Class A | | | 0.14 | % |
Class C | | | 0.13 | |
Class R4 | | | 0.13 | |
Class R6 | | | 0.14 | |
| 5 | Ratios do not reflect net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts: |
| | | | | | | | | | | | |
| | | Year ended May 31 | |
| | | 2018 | | | 2017 | | | 20166 | |
Class A | | | 0.09 | % | | | 0.10 | % | | | 0.10 | % |
Class C | | | 0.09 | | | | 0.10 | | | | 0.10 | |
Class R4 | | | 0.09 | | | | 0.10 | | | | 0.10 | |
Class R6 | | | 0.10 | | | | 0.11 | | | | 0.11 | |
| 6 | For the period from November 30, 2015 (commencement of class operations) to May 31, 2016 |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Financial highlights | | Target Date Retirement Funds | | | 105 | |
| | | | | | | | | | | | | | | | | | | | | | |
| Ratio to average net assets (annualized) | | | | | | Portfolio
turnover
rate2 | | | Net assets at
end of period
(000s omitted) | |
Net investment
income | | | Gross
expenses | | | Net
expenses | | | Total
return1 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 0.97 | %4 | | | 4.18 | %4 | | | 0.61 | %4 | | | 2.62 | % | | | 31 | % | | $ | 329 | |
| | 0.90 | % | | | 4.09 | %5 | | | 0.54 | %5 | | | 12.06 | % | | | 35 | % | | $ | 327 | |
| | 0.98 | % | | | 4.58 | %5 | | | 0.51 | %5 | | | 15.64 | % | | | 31 | % | | $ | 221 | |
| | 1.23 | % | | | 5.36 | %5 | | | 0.53 | %5 | | | (0.79 | )% | | | 14 | % | | $ | 121 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 0.21 | %4 | | | 4.92 | %4 | | | 1.36 | %4 | | | 2.06 | % | | | 31 | % | | $ | 102 | |
| | 0.15 | % | | | 4.84 | %5 | | | 1.29 | %5 | | | 11.18 | % | | | 35 | % | | $ | 121 | |
| | 0.17 | % | | | 5.37 | %5 | | | 1.30 | %5 | | | 14.74 | % | | | 31 | % | | $ | 113 | |
| | 0.48 | % | | | 6.10 | %5 | | | 1.30 | %5 | | | (1.15 | )% | | | 14 | % | | $ | 99 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 1.25 | %4 | | | 3.89 | %4 | | | 0.32 | %4 | | | 2.81 | % | | | 31 | % | | $ | 102 | |
| | 1.19 | % | | | 3.81 | %5 | | | 0.25 | %5 | | | 12.36 | % | | | 35 | % | | $ | 123 | |
| | 1.23 | % | | | 4.34 | %5 | | | 0.24 | %5 | | | 15.88 | % | | | 31 | % | | $ | 115 | |
| | 1.54 | % | | | 5.07 | %5 | | | 0.24 | %5 | | | (0.55 | )% | | | 14 | % | | $ | 99 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 1.40 | %4 | | | 3.75 | %4 | | | 0.17 | %4 | | | 2.97 | % | | | 31 | % | | $ | 4,695 | |
| | 1.35 | % | | | 3.66 | %5 | | | 0.10 | %5 | | | 12.51 | % | | | 35 | % | | $ | 5.679 | |
| | 1.38 | % | | | 4.19 | %5 | | | 0.09 | %5 | | | 16.14 | % | | | 31 | % | | $ | 5,303 | |
| | 1.69 | % | | | 4.92 | %5 | | | 0.09 | %5 | | | (0.53 | )% | | | 14 | % | | $ | 4,576 | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 106 | | Target Date Retirement Funds | | Financial highlights |
| | | | | | | | | | | | | | | | | | | | | | | | |
| Dynamic Target 2050 Fund | | Beginning
net asset
value per
share | | | Net
investment
income | | | Net realized
and unrealized
gains (losses)
on investments | | | Distributions
from net
investment
income | | | Distributions
from net
realized gains | | | Ending
net asset
value per
share | |
| | | | | | |
Class A | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 20193 | | $ | 11.80 | | | | 0.07 | | | | 0.06 | | | | (0.05 | ) | | | (2.15 | ) | | $ | 9.73 | |
Year ended May 31, 2018 | | $ | 11.03 | | | | 0.11 | | | | 1.22 | | | | (0.20 | ) | | | (0.36 | ) | | $ | 11.80 | |
Year ended May 31, 2017 | | $ | 9.86 | | | | 0.09 | | | | 1.40 | | | | (0.09 | ) | | | (0.23 | ) | | $ | 11.03 | |
Year ended May 31, 20166 | | $ | 10.00 | | | | 0.06 | | | | (0.14 | ) | | | (0.06 | ) | | | 0.00 | | | $ | 9.86 | |
| | | | | | |
Class C | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 20193 | | $ | 11.76 | | | | 0.02 | | | | 0.05 | | | | 0.00 | | | | (2.15 | ) | | $ | 9.68 | |
Year ended May 31, 2018 | | $ | 10.99 | | | | 0.02 | | | | 1.21 | | | | (0.10 | ) | | | (0.36 | ) | | $ | 11.76 | |
Year ended May 31, 2017 | | $ | 9.83 | | | | 0.02 | | | | 1.39 | | | | (0.02 | ) | | | (0.23 | ) | | $ | 10.99 | |
Year ended May 31, 20166 | | $ | 10.00 | | | | 0.02 | | | | (0.14 | ) | | | (0.05 | ) | | | 0.00 | | | $ | 9.83 | |
| | | | | | |
Class R4 | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 20193 | | $ | 11.83 | | | | 0.10 | | | | 0.06 | | | | (0.08 | ) | | | (2.15 | ) | | $ | 9.76 | |
Year ended May 31, 2018 | | $ | 11.05 | | | | 0.14 | | | | 1.22 | | | | (0.22 | ) | | | (0.36 | ) | | $ | 11.83 | |
Year ended May 31, 2017 | | $ | 9.88 | | | | 0.13 | | | | 1.39 | | | | (0.12 | ) | | | (0.23 | ) | | $ | 11.05 | |
Year ended May 31, 20166 | | $ | 10.00 | | | | 0.07 | | | | (0.13 | ) | | | (0.06 | ) | | | 0.00 | | | $ | 9.88 | |
| | | | | | |
Class R6 | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 20193 | | $ | 11.84 | | | | 0.12 | | | | 0.05 | | | | (0.10 | ) | | | (2.15 | ) | | $ | 9.76 | |
Year ended May 31, 2018 | | $ | 11.06 | | | | 0.16 | | | | 1.21 | | | | (0.23 | ) | | | (0.36 | ) | | $ | 11.84 | |
Year ended May 31, 2017 | | $ | 9.88 | | | | 0.14 | | | | 1.40 | | | | (0.13 | ) | | | (0.23 | ) | | $ | 11.06 | |
Year ended May 31, 20166 | | $ | 10.00 | | | | 0.08 | | | | (0.13 | ) | | | (0.07 | ) | | | 0.00 | | | $ | 9.88 | |
| 1 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
| 2 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with the direct purchases and sales in Underlying Funds and unaffiliated securities and included in the portfolio turnover calculation. |
| 3 | For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019. |
| 4 | Ratios reflect net expenses allocated from the affiliated Master Portfolios which were as follows: |
| | | | |
| | | Year ended February 28, 20193 | |
Class A | | | 0.13 | % |
Class C | | | 0.13 | |
Class R4 | | | 0.13 | |
Class R6 | | | 0.14 | |
| 5 | Ratios do not reflect net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts: |
| | | | | | | | | | | | |
| | | Year ended May 31 | |
| | | 2018 | | | 2017 | | | 20166 | |
Class A | | | 0.09 | % | | | 0.10 | % | | | 0.10 | % |
Class C | | | 0.09 | | | | 0.10 | | | | 0.10 | |
Class R4 | | | 0.09 | | | | 0.10 | | | | 0.10 | |
Class R6 | | | 0.10 | | | | 0.11 | | | | 0.11 | |
| 6 | For the period from November 30, 2015 (commencement of class operations) to May 31, 2016 |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Financial highlights | | Target Date Retirement Funds | | | 107 | |
| | | | | | | | | | | | | | | | | | | | | | |
| Ratio to average net assets (annualized) | | | | | | Portfolio
turnover
rate2 | | | Net assets at
end of period
(000s omitted) | |
Net investment
income | | | Gross
expenses | | | Net
expenses | | | Total
return1 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 0.96 | %4 | | | 4.34 | %4 | | | 0.60 | %4 | | | 2.37 | % | | | 31 | % | | $ | 198 | |
| | 0.83 | % | | | 4.26 | %5 | | | 0.54 | %5 | | | 12.16 | % | | | 35 | % | | $ | 256 | |
| | 0.91 | % | | | 4.80 | %5 | | | 0.53 | %5 | | | 15.65 | % | | | 31 | % | | $ | 134 | |
| | 1.22 | % | | | 5.25 | %5 | | | 0.53 | %5 | | | (0.78 | )% | | | 14 | % | | $ | 108 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 0.21 | %4 | | | 5.09 | %4 | | | 1.35 | %4 | | | 1.77 | % | | | 31 | % | | $ | 102 | |
| | 0.15 | % | | | 5.02 | %5 | | | 1.29 | %5 | | | 11.33 | % | | | 35 | % | | $ | 121 | |
| | 0.18 | % | | | 5.56 | %5 | | | 1.29 | %5 | | | 14.77 | % | | | 31 | % | | $ | 113 | |
| | 0.48 | % | | | 6.00 | %5 | | | 1.30 | %5 | | | (1.15 | )% | | | 14 | % | | $ | 99 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 1.25 | %4 | | | 4.06 | %4 | | | 0.30 | %4 | | | 2.67 | % | | | 31 | % | | $ | 102 | |
| | 1.19 | % | | | 3.99 | %5 | | | 0.25 | %5 | | | 12.42 | % | | | 35 | % | | $ | 123 | |
| | 1.23 | % | | | 4.53 | %5 | | | 0.24 | %5 | | | 15.90 | % | | | 31 | % | | $ | 115 | |
| | 1.53 | % | | | 4.97 | %5 | | | 0.24 | %5 | | | (0.55 | )% | | | 14 | % | | $ | 99 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 1.40 | %4 | | | 3.92 | %4 | | | 0.15 | %4 | | | 2.75 | % | | | 31 | % | | $ | 4,682 | |
| | 1.35 | % | | | 3.84 | %5 | | | 0.10 | %5 | | | 12.56 | % | | | 35 | % | | $ | 5,681 | |
| | 1.39 | % | | | 4.38 | %5 | | | 0.09 | %5 | | | 16.17 | % | | | 31 | % | | $ | 5,304 | |
| | 1.69 | % | | | 4.82 | %5 | | | 0.09 | %5 | | | (0.53 | )% | | | 14 | % | | $ | 4,576 | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 108 | | Target Date Retirement Funds | | Financial highlights |
| | | | | | | | | | | | | | | | | | | | | | | | |
| Dynamic Target 2055 Fund | | Beginning
net asset
value per
share | | | Net
investment
income | | | Net realized
and unrealized
gains (losses)
on investments | | | Distributions
from net
investment
income | | | Distributions
from net
realized gains | | | Ending
net asset
value per
share | |
| | | | | | |
Class A | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 20193 | | $ | 11.80 | | | | 0.08 | | | | 0.05 | | | | (0.05 | ) | | | (2.15 | ) | | $ | 9.73 | |
Year ended May 31, 2018 | | $ | 11.03 | | | | 0.11 | | | | 1.22 | | | | (0.19 | ) | | | (0.37 | ) | | $ | 11.80 | |
Year ended May 31, 2017 | | $ | 9.87 | | | | 0.09 | | | | 1.39 | | | | (0.09 | ) | | | (0.23 | ) | | $ | 11.03 | |
Year ended May 31, 20166 | | $ | 10.00 | | | | 0.06 | | | | (0.13 | ) | | | (0.06 | ) | | | 0.00 | | | $ | 9.87 | |
| | | | | | |
Class C | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 20193 | | $ | 11.75 | | | | 0.02 | | | | 0.05 | | | | 0.00 | | | | (2.15 | ) | | $ | 9.67 | |
Year ended May 31, 2018 | | $ | 10.99 | | | | 0.02 | | | | 1.21 | | | | (0.10 | ) | | | (0.37 | ) | | $ | 11.75 | |
Year ended May 31, 2017 | | $ | 9.84 | | | | 0.02 | | | | 1.38 | | | | (0.02 | ) | | | (0.23 | ) | | $ | 10.99 | |
Year ended May 31, 20166 | | $ | 10.00 | | | | 0.02 | | | | (0.13 | ) | | | (0.05 | ) | | | 0.00 | | | $ | 9.84 | |
| | | | | | |
Class R4 | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 20193 | | $ | 11.83 | | | | 0.10 | | | | 0.05 | | | | (0.08 | ) | | | (2.15 | ) | | $ | 9.75 | |
Year ended May 31, 2018 | | $ | 11.05 | | | | 0.14 | | | | 1.23 | | | | (0.22 | ) | | | (0.37 | ) | | $ | 11.83 | |
Year ended May 31, 2017 | | $ | 9.88 | | | | 0.13 | | | | 1.39 | | | | (0.12 | ) | | | (0.23 | ) | | $ | 11.05 | |
Year ended May 31, 20166 | | $ | 10.00 | | | | 0.07 | | | | (0.13 | ) | | | (0.06 | ) | | | 0.00 | | | $ | 9.88 | |
| | | | | | |
Class R6 | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 20193 | | $ | 11.84 | | | | 0.12 | | | | 0.04 | | | | (0.10 | ) | | | (2.15 | ) | | $ | 9.75 | |
Year ended May 31, 2018 | | $ | 11.06 | | | | 0.16 | | | | 1.22 | | | | (0.23 | ) | | | (0.37 | ) | | $ | 11.84 | |
Year ended May 31, 2017 | | $ | 9.89 | | | | 0.14 | | | | 1.39 | | | | (0.13 | ) | | | (0.23 | ) | | $ | 11.06 | |
Year ended May 31, 20166 | | $ | 10.00 | | | | 0.08 | | | | (0.12 | ) | | | (0.07 | ) | | | 0.00 | | | $ | 9.89 | |
| 1 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
| 2 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with the direct purchases and sales in Underlying Funds and unaffiliated securities and included in the portfolio turnover calculation. |
| 3 | For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019. |
| 4 | Ratios reflect net expenses allocated from the affiliated Master Portfolios which were as follows: |
| | | | |
| | | Year ended
February 28, 20193 | |
Class A | | | 0.13 | % |
Class C | | | 0.13 | |
Class R4 | | | 0.13 | |
Class R6 | | | 0.14 | |
| 5 | Ratios do not reflect net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts: |
| | | | | | | | | | | | |
| | | Year ended May 31 | |
| | | 2018 | | | 2017 | | | 20166 | |
Class A | | | 0.09 | % | | | 0.10 | % | | | 0.10 | % |
Class C | | | 0.09 | | | | 0.10 | | | | 0.10 | |
Class R4 | | | 0.09 | | | | 0.10 | | | | 0.10 | |
Class R6 | | | 0.10 | | | | 0.11 | | | | 0.11 | |
| 6 | For the period from November 30, 2015 (commencement of class operations) to May 31, 2016 |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Financial highlights | | Target Date Retirement Funds | | | 109 | |
| | | | | | | | | | | | | | | | | | | | | | |
| Ratio to average net assets (annualized) | | | | | | Portfolio
turnover
rate2 | | | Net assets at
end of period
(000s omitted) | |
Net investment
income | | | Gross
expenses | | | Net
expenses | | | Total
return1 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 0.95 | %4 | | | 4.31 | %4 | | | 0.61 | %4 | | | 2.37 | % | | | 31 | % | | $ | 161 | |
| | 0.89 | % | | | 4.18 | %5 | | | 0.54 | %5 | | | 12.10 | % | | | 34 | % | | $ | 170 | |
| | 0.90 | % | | | 4.67 | %5 | | | 0.54 | %5 | | | 15.56 | % | | | 31 | % | | $ | 134 | |
| | 1.21 | % | | | 5.23 | %5 | | | 0.54 | %5 | | | (0.68 | )% | | | 14 | % | | $ | 103 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 0.18 | %4 | | | 5.04 | %4 | | | 1.36 | %4 | | | 1.77 | % | | | 31 | % | | $ | 100 | |
| | 0.15 | % | | | 4.93 | %5 | | | 1.29 | %5 | | | 11.25 | % | | | 34 | % | | $ | 121 | |
| | 0.17 | % | | | 5.42 | %5 | | | 1.30 | %5 | | | 14.68 | % | | | 31 | % | | $ | 113 | |
| | 0.47 | % | | | 5.98 | %5 | | | 1.30 | %5 | | | (1.05 | )% | | | 14 | % | | $ | 99 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 1.23 | %4 | | | 4.02 | %4 | | | 0.32 | %4 | | | 2.58 | % | | | 31 | % | | $ | 102 | |
| | 1.19 | % | | | 3.90 | %5 | | | 0.25 | %5 | | | 12.44 | % | | | 34 | % | | $ | 123 | |
| | 1.23 | % | | | 4.39 | %5 | | | 0.24 | %5 | | | 15.94 | % | | | 31 | % | | $ | 115 | |
| | 1.53 | % | | | 4.95 | %5 | | | 0.24 | %5 | | | (0.55 | )% | | | 14 | % | | $ | 99 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 1.38 | %4 | | | 3.87 | %4 | | | 0.17 | %4 | | | 2.70 | % | | | 31 | % | | $ | 4,678 | |
| | 1.34 | % | | | 3.75 | %5 | | | 0.10 | %5 | | | 12.58 | % | | | 34 | % | | $ | 5,679 | |
| | 1.38 | % | | | 4.25 | %5 | | | 0.09 | %5 | | | 16.08 | % | | | 31 | % | | $ | 5,305 | |
| | 1.69 | % | | | 4.80 | %5 | | | 0.09 | %5 | | | (0.43 | )% | | | 14 | % | | $ | 4,579 | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 110 | | Target Date Retirement Funds | | Financial highlights |
| | | | | | | | | | | | | | | | | | | | | | | | |
| Dynamic Target 2060 Fund | | Beginning
net asset
value per
share | | | Net
investment
income | | | Net realized
and unrealized
gains (losses)
on investments | | | Distributions
from net
investment
income | | | Distributions
from net
realized gains | | | Ending
net asset
value per
share | |
| | | | | | |
Class A | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 20193 | | $ | 11.79 | | | | 0.08 | | | | 0.06 | | | | (0.06 | ) | | | (2.13 | ) | | $ | 9.74 | |
Year ended May 31, 2018 | | $ | 11.03 | | | | 0.09 | | | | 1.23 | | | | (0.20 | ) | | | (0.36 | ) | | $ | 11.79 | |
Year ended May 31, 2017 | | $ | 9.88 | | | | 0.09 | | | | 1.39 | | | | (0.09 | ) | | | (0.24 | ) | | $ | 11.03 | |
Year ended May 31, 20166 | | $ | 10.00 | | | | 0.06 | | | | (0.12 | ) | | | (0.06 | ) | | | 0.00 | | | $ | 9.88 | |
| | | | | | |
Class C | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 20193 | | $ | 11.76 | | | | 0.02 | | | | 0.07 | | | | 0.00 | | | | (2.13 | ) | | $ | 9.72 | |
Year ended May 31, 2018 | | $ | 10.99 | | | | 0.02 | | | | 1.21 | | | | (0.10 | ) | | | (0.36 | ) | | $ | 11.76 | |
Year ended May 31, 2017 | | $ | 9.85 | | | | 0.02 | | | | 1.38 | | | | (0.02 | ) | | | (0.24 | ) | | $ | 10.99 | |
Year ended May 31, 20166 | | $ | 10.00 | | | | 0.02 | | | | (0.12 | ) | | | (0.05 | ) | | | 0.00 | | | $ | 9.85 | |
| | | | | | |
Class R4 | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 20193 | | $ | 11.84 | | | | 0.10 | | | | 0.06 | | | | (0.08 | ) | | | (2.13 | ) | | $ | 9.79 | |
Year ended May 31, 2018 | | $ | 11.05 | | | | 0.14 | | | | 1.22 | | | | (0.21 | ) | | | (0.36 | ) | | $ | 11.84 | |
Year ended May 31, 2017 | | $ | 9.89 | | | | 0.13 | | | | 1.39 | | | | (0.12 | ) | | | (0.24 | ) | | $ | 11.05 | |
Year ended May 31, 20166 | | $ | 10.00 | | | | 0.07 | | | | (0.12 | ) | | | (0.06 | ) | | | 0.00 | | | $ | 9.89 | |
| | | | | | |
Class R6 | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 20193 | | $ | 11.85 | | | | 0.12 | | | | 0.06 | | | | (0.10 | ) | | | (2.13 | ) | | $ | 9.80 | |
Year ended May 31, 2018 | | $ | 11.06 | | | | 0.16 | | | | 1.22 | | | | (0.23 | ) | | | (0.36 | ) | | $ | 11.85 | |
Year ended May 31, 2017 | | $ | 9.90 | | | | 0.14 | | | | 1.39 | | | | (0.13 | ) | | | (0.24 | ) | | $ | 11.06 | |
Year ended May 31, 20166 | | $ | 10.00 | | | | 0.08 | | | | (0.11 | ) | | | (0.07 | ) | | | 0.00 | | | $ | 9.90 | |
| 1 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
| 2 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with the direct purchases and sales in Underlying Funds and unaffiliated securities and included in the portfolio turnover calculation. |
| 3 | For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019. |
| 4 | Ratios reflect net expenses allocated from the affiliated Master Portfolios which were as follows: |
| | | | |
| | | Year ended
February 28, 20193 | |
Class A | | | 0.14 | % |
Class C | | | 0.13 | |
Class R4 | | | 0.13 | |
Class R6 | | | 0.14 | |
| 5 | Ratios do not reflect net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts: |
| | | | | | | | | | | | |
| | | Year ended May 31 | |
| | | 2018 | | | 2017 | | | 20166 | |
Class A | | | 0.09 | % | | | 0.10 | % | | | 0.10 | % |
Class C | | | 0.09 | | | | 0.10 | | | | 0.10 | |
Class R4 | | | 0.09 | | | | 0.10 | | | | 0.10 | |
Class R6 | | | 0.10 | | | | 0.11 | | | | 0.11 | |
| 6 | For the period from November 30, 2015 (commencement of class operations) to May 31, 2016 |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Financial highlights | | Target Date Retirement Funds | | | 111 | |
| | | | | | | | | | | | | | | | | | | | | | |
| Ratio to average net assets (annualized) | | | | | | Portfolio
turnover
rate2 | | | Net assets at
end of period
(000s omitted) | |
Net investment
income | | | Gross
expenses | | | Net
expenses | | | Total
return1 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 0.97 | %4 | | | 4.30 | %4 | | | 0.59 | %4 | | | 2.40 | % | | | 31 | % | | $ | 290 | |
| | 1.03 | % | | | 4.22 | %5 | | | 0.53 | %5 | | | 12.12 | % | | | 36 | % | | $ | 261 | |
| | 0.92 | % | | | 4.80 | %5 | | | 0.55 | %5 | | | 15.57 | % | | | 30 | % | | $ | 127 | |
| | 1.22 | % | | | 5.24 | %5 | | | 0.55 | %5 | | | (0.58 | )% | | | 14 | % | | $ | 101 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 0.20 | %4 | | | 5.04 | %4 | | | 1.35 | %4 | | | 1.89 | % | | | 31 | % | | $ | 100 | |
| | 0.15 | % | | | 4.99 | %5 | | | 1.29 | %5 | | | 11.28 | % | | | 36 | % | | $ | 121 | |
| | 0.17 | % | | | 5.55 | %5 | | | 1.30 | %5 | | | 14.69 | % | | | 30 | % | | $ | 113 | |
| | 0.48 | % | | | 5.99 | %5 | | | 1.30 | %5 | | | (0.94 | )% | | | 14 | % | | $ | 99 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 1.25 | %4 | | | 4.01 | %4 | | | 0.30 | %4 | | | 2.60 | % | | | 31 | % | | $ | 102 | |
| | 1.19 | % | | | 3.96 | %5 | | | 0.25 | %5 | | | 12.46 | % | | | 36 | % | | $ | 123 | |
| | 1.23 | % | | | 4.52 | %5 | | | 0.24 | %5 | | | 15.94 | % | | | 30 | % | | $ | 115 | |
| | 1.53 | % | | | 4.96 | %5 | | | 0.24 | %5 | | | (0.45 | )% | | | 14 | % | | $ | 100 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 1.40 | %4 | | | 3.87 | %4 | | | 0.15 | %4 | | | 2.78 | % | | | 31 | % | | $ | 4,706 | |
| | 1.35 | % | | | 3.81 | %5 | | | 0.10 | %5 | | | 12.60 | % | | | 36 | % | | $ | 5,692 | |
| | 1.39 | % | | | 4.37 | %5 | | | 0.09 | %5 | | | 16.09 | % | | | 30 | % | | $ | 5,312 | |
| | 1.69 | % | | | 4.81 | %5 | | | 0.09 | %5 | | | (0.33 | )% | | | 14 | % | | $ | 4,584 | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 112 | | Target Date Retirement Funds | | Notes to financial statements |
1. ORGANIZATION
Wells Fargo Funds Trust (the “Trust”), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies. These financial statements report on the following funds: Wells Fargo Dynamic Target Today Fund (“Dynamic Target Today Fund”), Wells Fargo Dynamic Target 2015 Fund (“Dynamic Target 2015 Fund”), Wells Fargo Dynamic Target 2020 Fund (“Dynamic Target 2020 Fund”), Wells Fargo Dynamic Target 2025 Fund (“Dynamic Target 2025 Fund”), Wells Fargo Dynamic Target 2030 Fund (“Dynamic Target 2030 Fund”), Wells Fargo Dynamic Target 2035 Fund (“Dynamic Target 2035 Fund”), Wells Fargo Dynamic Target 2040 Fund (“Dynamic Target 2040 Fund”), Wells Fargo Dynamic Target 2045 Fund (“Dynamic Target 2045 Fund”), Wells Fargo Dynamic Target 2050 Fund (“Dynamic Target 2050 Fund”), Wells Fargo Dynamic Target 2055 Fund (“Dynamic Target 2055 Fund”), and Wells Fargo Dynamic Target 2060 Fund (“Dynamic Target 2060 Fund”) (each, a “Fund”, collectively, the “Funds”). Each Fund is a diversified series of the Trust.
Effective at the close of business on November 13, 2017, Class R shares were liquidated and the class was subsequently closed. Class R shares are no longer offered by the Fund. Information for Class R shares reflected in the financial statements represents activity through November 13, 2017.
Each Fund is a fund-of-funds that invests in various diversified portfolios (each, an “affiliated Master Portfolio”, collectively, the “affiliated Master Portfolios”) of Wells Fargo Master Trust, a registered open-end management investment company. Each affiliated Master Portfolio, in turn, invests in a combination of securities to get exposure to equity and fixed income asset classes (including money market securities). Each affiliated Master Portfolio directly acquires portfolio securities, and each Fund investing in an affiliated Master Portfolio acquires an indirect interest in those securities. Each Fund accounts for its investment in the affiliated Master Portfolios as partnership investments and records on a daily basis its share of the affiliated Master Portfolio’s income, expense and realized and unrealized gains and losses. The financial statements of the affiliated Master Portfolios are available by visiting the SEC website at sec.gov and are filed with the SEC under Wells Fargo Master Trust.
Prior to September 21, 2018, each Fund invested in various affiliated mutual funds, unaffiliated mutual funds and exchange-traded funds (collectively, the “Underlying Funds”) to pursue its investment objective. Subsequent to September 21, 2018, each Fund invests solely in affiliated Master Portfolios.
2. SIGNIFICANT ACCOUNTING POLICIES
The following significant accounting policies, which are consistently followed in the preparation of the financial statements of each Fund, are in conformity with U.S. generally accepted accounting principles which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Securities valuation
All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (generally 4 p.m. Eastern Time), although the Funds may deviate from this calculation time under unusual or unexpected circumstances.
Investments in the affiliated Master Portfolios are valued daily based on each Fund’s proportionate share of each affiliated Master Portfolio’s net assets, which are also valued daily.
Investments in underlying mutual funds were valued at net asset per share as reported by the Underlying Funds as of the close of the regular trading on the New York Stock Exchange on each day the exchange was open for trading.
Equity securities and futures contracts that are listed on a foreign or domestic exchange or market are valued at the official closing price or, if none, the last sales price. If no sale occurs on the principal exchange or market that day, a fair value price will be determined in accordance with the Funds’ Valuation Procedures.
Debt securities are valued at the evaluated bid price provided by an independent pricing service (e.g. taking into account various factors, including yields, maturities, or credit ratings) or, if a reliable price is not available, the quoted bid price from an independent broker-dealer.
| | | | | | |
| Notes to financial statements | | Target Date Retirement Funds | | | 113 | |
Investments which are not valued using the methods discussed above are valued at their fair value, as determined in good faith by the Board of Trustees of the Funds. The Board of Trustees has established a Valuation Committee comprised of the Trustees and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities, unless the determination has been delegated to the Wells Fargo Asset Management Pricing Committee at Wells Fargo Funds Management, LLC (“Funds Management”). The Board of Trustees retains the authority to make or ratify any valuation decisions or approve any changes to the Valuation Procedures as it deems appropriate. On a quarterly basis, the Board of Trustees receives reports on any valuation actions taken by the Valuation Committee or the Wells Fargo Asset Management Pricing Committee which may include items for ratification.
Futures contracts
Each Fund is subject to interest rate risk and equity price risk in the normal course of pursuing its investment objectives. Futures contracts are agreements between the Fund and a counterparty to buy or sell a specific amount of a commodity, financial instrument or currency at specified price and on a specified date. The Fund may buy and sell futures contracts in order to gain exposure to, or protect against, changes in interest rates and security values. The primary risks associated with the use of futures contracts are the imperfect correlation between changes in market values of securities held by the Fund and the prices of futures contracts, and the possibility of an illiquid market. Futures contracts are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the exchange. With futures contracts, there is minimal counterparty risk to the Fund since futures contracts are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures contracts against default.
Upon entering into a futures contracts, the Fund is required to deposit either cash or securities (initial margin) with the broker in an amount equal to a certain percentage of the contract value. Subsequent payments (variation margin) are paid to or from the broker each day equal to the daily changes in the contract value. Such payments are recorded as unrealized gains or losses and, if any, shown as variation margin receivable (payable) in the Statements of Assets and Liabilities. Should the Fund fail to make requested variation margin payments, the broker can gain access to the initial margin to satisfy the Fund’s payment obligations. When the contracts are closed, a realized gain or loss is recorded in the Statements of Operations.
Security transactions and income recognition
Securities transactions are recorded on a trade date basis. Realized gains or losses are recorded on the basis of identified cost.
Each Fund records on a daily basis its proportionate share of each affiliated Master Portfolio’s interest and dividend income, in addition to expenses and realized and unrealized gains and losses. Income from foreign securities in each affiliated Master Portfolio is recorded net of foreign taxes withheld where recovery of such taxes is not assured.
Income dividends and capital gain distributions from Underlying Funds are recorded on the ex-dividend date. Capital gain distributions from Underlying Funds are treated as realized gains.
Interest income is accrued daily and bond discounts are accreted and premiums are amortized daily. To the extent debt obligations are placed on non-accrual status, any related interest income may be reduced by writing off interest receivables when the collection of all or a portion of interest has been determined to be doubtful based on consistently applied procedures and the fair value has decreased. If the issuer subsequently resumes interest payments or when the collectability of interest is reasonably assured, the debt obligation is removed from non-accrual status.
Distributions to shareholders
Distributions to shareholders from net investment income and any net realized gains are recorded on the ex-dividend date and paid at least annually. Such distributions are determined in accordance with income tax regulations and may differ from U.S. generally accepted accounting principles. Dividend sources are estimated at the time of declaration. The tax character of distributions is determined as of each Fund’s fiscal year end. Therefore, a portion of each Fund’s distributions made prior to the Fund’s fiscal year end may be categorized as a tax return of capital at year end.
Federal and other taxes
Each Fund is treated as a separate entity for federal income tax purposes. Each Fund intends to continue to qualify as a regulated investment company by distributing substantially all of its investment company taxable income and any net realized capital gains (after reduction for capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provision for federal income taxes was required.
| | | | |
| 114 | | Target Date Retirement Funds | | Notes to financial statements |
Each Fund’s income and federal excise tax returns and all financial records supporting those returns for the prior three fiscal years are subject to examination by the federal and Delaware revenue authorities. Management has analyzed each Fund’s tax positions taken on federal, state, and foreign tax returns for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability.
As of February 28, 2019, the aggregate cost of all investments for federal income tax purposes and the unrealized gains (losses) were as follows:
| | | | | | | | | | | | | | | | |
| | | Tax Cost | | | Gross
unrealized
gains | | | Gross
unrealized
gains | | | Net unrealized
gains | |
| | | | |
Dynamic Target Today Fund | | $ | 5,287,703 | | | $ | 173,433 | | | $ | (7,252 | ) | | $ | 166,181 | |
| | | | |
Dynamic Target 2015 Fund | | | 5,181,512 | | | | 223,463 | | | | (7,062 | ) | | | 216,401 | |
| | | | |
Dynamic Target 2020 Fund | | | 5,382,647 | | | | 267,354 | | | | (7,528 | ) | | | 259,826 | |
| | | | |
Dynamic Target 2025 Fund | | | 6,760,635 | | | | 363,258 | | | | (5,284 | ) | | | 357,974 | |
| | | | |
Dynamic Target 2030 Fund | | | 5,795,041 | | | | 376,427 | | | | (11,305 | ) | | | 365,122 | |
| | | | |
Dynamic Target 2035 Fund | | | 5,216,690 | | | | 372,310 | | | | (10,482 | ) | | | 361,828 | |
| | | | |
Dynamic Target 2040 Fund | | | 5,050,349 | | | | 385,288 | | | | (11,107 | ) | | | 374,181 | |
| | | | |
Dynamic Target 2045 Fund | | | 4,915,771 | | | | 393,611 | | | | (12,391 | ) | | | 381,220 | |
| | | | |
Dynamic Target 2050 Fund | | | 4,790,265 | | | | 392,080 | | | | (11,525 | ) | | | 380,555 | |
| | | | |
Dynamic Target 2055 Fund | | | 4,733,354 | | | | 389,074 | | | | (12,638 | ) | | | 376,436 | |
| | | | |
Dynamic Target 2060 Fund | | | 4,897,263 | | | | 398,477 | | | | (11,554 | ) | | | 386,923 | |
Reclassifications are made to each Fund’s capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. U.S. generally accepted accounting principles require that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset values per share. At February 28, 2019, as a result of permanent book-to-tax differences, the following reclassification adjustments were made on the Statements of Assets and Liabilities:
| | | | | | | | |
| | | Paid-in
capital | | | Total
distributable
earnings | |
| | |
Dynamic Target Today Fund | | $ | (45,247 | ) | | $ | 45,247 | |
| | |
Dynamic Target 2015 Fund | | | (74,002 | ) | | | 74,002 | |
| | |
Dynamic Target 2020 Fund | | | (92,868 | ) | | | 92,868 | |
| | |
Dynamic Target 2025 Fund | | | (119,404 | ) | | | 119,404 | |
| | |
Dynamic Target 2030 Fund | | | (136,681 | ) | | | 136,681 | |
| | |
Dynamic Target 2035 Fund | | | (145,481 | ) | | | 145,481 | |
| | |
Dynamic Target 2040 Fund | | | (154,982 | ) | | | 154,982 | |
| | |
Dynamic Target 2045 Fund | | | (157,412 | ) | | | 157,412 | |
| | |
Dynamic Target 2050 Fund | | | (156,449 | ) | | | 156,449 | |
| | |
Dynamic Target 2055 Fund | | | (155,522 | ) | | | 155,522 | |
| | |
Dynamic Target 2060 Fund | | | (157,005 | ) | | | 157,005 | |
| | | | | | |
| Notes to financial statements | | Target Date Retirement Funds | | | 115 | |
At February 28, 2019, current year deferred post-October capital losses which will be recognized on the first day of the following fiscal year were as follows:
| | | | | | | | |
| | | Deferred post-October capital losses | |
| | | Short-term | | | Long-term | |
| | |
Dynamic Target Today Fund | | $ | 22,618 | | | $ | 64,870 | |
| | |
Dynamic Target 2015 Fund | | | 50,234 | | | | 95,289 | |
| | |
Dynamic Target 2020 Fund | | | 62,317 | | | | 106,470 | |
| | |
Dynamic Target 2025 Fund | | | 110,987 | | | | 173,666 | |
| | |
Dynamic Target 2030 Fund | | | 117,757 | | | | 178,918 | |
| | |
Dynamic Target 2035 Fund | | | 120,453 | | | | 179,532 | |
| | |
Dynamic Target 2040 Fund | | | 130,149 | | | | 189,853 | |
| | |
Dynamic Target 2045 Fund | | | 140,752 | | | | 201,649 | |
| | |
Dynamic Target 2050 Fund | | | 146,139 | | | | 208,260 | |
| | |
Dynamic Target 2055 Fund | | | 144,652 | | | | 206,159 | |
| | |
Dynamic Target 2060 Fund | | | 147,602 | | | | 210,038 | |
Class allocations
The separate classes of shares offered by each Fund differ principally in applicable sales charges, distribution, shareholder servicing, and administration fees. Class specific expenses are charged directly to that share class. Investment income, common expenses, and realized and unrealized gains (losses) on investments are allocated daily to each class of shares based on the relative proportion of net assets of each class.
3. FAIR VALUATION MEASUREMENTS
Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of each Fund’s investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). Each Fund’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:
| ∎ | | Level 1 – quoted prices in active markets for identical securities |
| ∎ | | Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
| ∎ | | Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) |
The inputs or methodologies used for valuing investments in securities are not necessarily an indication of the risk associated with investing in those securities.
| | | | |
| 116 | | Target Date Retirement Funds | | Notes to financial statements |
The following is a summary of the inputs used in valuing each Fund’s assets and liabilities as of February 28, 2019:
| | | | | | | | | | | | | | | | |
| | | | |
| Dynamic Target Today Fund | | Quoted prices
(Level 1) | | | Other significant
observable inputs
(Level 2) | | | Significant
unobservable inputs (Level 3) | | | Total | |
| | | | |
Assets | | | | | | | | | | | | | | | | |
Investments in: | | | | | | | | | | | | | | | | |
| | | | |
Short-term investments | | | | | | | | | | | | | | | | |
| | | | |
U.S. Treasury securities | | $ | 4,989 | | | $ | 0 | | | $ | 0 | | | $ | 4,989 | |
| | | | |
Investments measured at net asset value* | | | | | | | | | | | | | | | 5,448,712 | |
| | | | |
| | | 4,989 | | | | 0 | | | | 0 | | | | 5,453,701 | |
| | | | |
Futures contracts | | | 458 | | | | 0 | | | | 0 | | | | 458 | |
| | | | |
Total assets | | $ | 5,447 | | | $ | 0 | | | $ | 0 | | | $ | 5,454,159 | |
Liabilities | | | | | | | | | | | | | | | | |
| | | | |
Futures contracts | | $ | 275 | | | $ | 0 | | | $ | 0 | | | $ | 275 | |
| | | | |
Total liabilities | | $ | 275 | | | $ | 0 | | | $ | 0 | | | $ | 275 | |
| * | Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities. The Fund’s investments in the affiliated Master Portfolios are valued at $5,448,712. Each affiliated Master Portfolio does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments. |
| | | | | | | | | | | | | | | | |
| | | | |
| Dynamic Target 2015 Fund | | Quoted prices
(Level 1) | | | Other significant
observable inputs
(Level 2) | | | Significant
unobservable inputs (Level 3) | | | Total | |
| | | | |
Assets | | | | | | | | | | | | | | | | |
Investments in: | | | | | | | | | | | | | | | | |
| | | | |
Short-term investments | | | | | | | | | | | | | | | | |
| | | | |
U.S. Treasury securities | | $ | 4,989 | | | $ | 0 | | | $ | 0 | | | $ | 4,989 | |
| | | | |
Investments measured at net asset value* | | | | | | | | | | | | | | | 5,392,741 | |
| | | | |
| | | 4,989 | | | | 0 | | | | 0 | | | | 5,397,730 | |
| | | | |
Futures contracts | | | 458 | | | | 0 | | | | 0 | | | | 458 | |
| | | | |
Total assets | | $ | 5,447 | | | $ | 0 | | | $ | 0 | | | $ | 5,398,188 | |
Liabilities | | | | | | | | | | | | | | | | |
| | | | |
Futures contracts | | $ | 275 | | | $ | 0 | | | $ | 0 | | | $ | 275 | |
| | | | |
Total liabilities | | $ | 275 | | | $ | 0 | | | $ | 0 | | | $ | 275 | |
| * | Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities. The Fund’s investments in the affiliated Master Portfolios are valued at $5,392,741. Each affiliated Master Portfolio does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments. |
| | | | | | |
| Notes to financial statements | | Target Date Retirement Funds | | | 117 | |
| | | | | | | | | | | | | | | | |
| | | | |
| Dynamic Target 2020 Fund | | Quoted prices
(Level 1) | | | Other significant
observable inputs
(Level 2) | | | Significant
unobservable inputs (Level 3) | | | Total | |
| | | | |
Assets | | | | | | | | | | | | | | | | |
Investments in: | | | | | | | | | | | | | | | | |
| | | | |
Short-term investments | | | | | | | | | | | | | | | | |
| | | | |
U.S. Treasury securities | | $ | 4,989 | | | $ | 0 | | | $ | 0 | | | $ | 4,989 | |
| | | | |
Investments measured at net asset value* | | | | | | | | | | | | | | | 5,637,301 | |
| | | | |
| | | 4,989 | | | | 0 | | | | 0 | | | | 5,642,290 | |
| | | | |
Futures contracts | | | 458 | | | | 0 | | | | 0 | | | | 458 | |
| | | | |
Total assets | | $ | 5,447 | | | $ | 0 | | | $ | 0 | | | $ | 5,642,748 | |
Liabilities | | | | | | | | | | | | | | | | |
| | | | |
Futures contracts | | $ | 275 | | | $ | 0 | | | $ | 0 | | | $ | 275 | |
| | | | |
Total liabilities | | $ | 275 | | | $ | 0 | | | $ | 0 | | | $ | 275 | |
| * | Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities. The Fund’s investments in the affiliated Master Portfolios are valued at $5,637,301. Each affiliated Master Portfolio does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments. |
| | | | | | | | | | | | | | | | |
| | | | |
| Dynamic Target 2025 Fund | | Quoted prices
(Level 1) | | | Other significant
observable inputs
(Level 2) | | | Significant
unobservable inputs (Level 3) | | | Total | |
| | | | |
Assets | | | | | | | | | | | | | | | | |
Investments in: | | | | | | | | | | | | | | | | |
| | | | |
Short-term investments | | | | | | | | | | | | | | | | |
| | | | |
U.S. Treasury securities | | $ | 5,987 | | | $ | 0 | | | $ | 0 | | | $ | 5,987 | |
| | | | |
Investments measured at net asset value* | | | | | | | | | | | | | | | 7,112,531 | |
| | | | |
| | | 5,987 | | | | 0 | | | | 0 | | | | 7,118,518 | |
| | | | |
Futures contracts | | | 458 | | | | 0 | | | | 0 | | | | 458 | |
| | | | |
Total assets | | $ | 6,445 | | | $ | 0 | | | $ | 0 | | | $ | 7,118,976 | |
Liabilities | | | | | | | | | | | | | | | | |
| | | | |
Futures contracts | | $ | 367 | | | $ | 0 | | | $ | 0 | | | $ | 367 | |
| | | | |
Total liabilities | | $ | 367 | | | $ | 0 | | | $ | 0 | | | $ | 367 | |
| * | Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities. The Fund’s investments in the affiliated Master Portfolios are valued at $7,112,531. Each affiliated Master Portfolio does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments. |
| | | | |
| 118 | | Target Date Retirement Funds | | Notes to financial statements |
| | | | | | | | | | | | | | | | |
| | | | |
| Dynamic Target 2030 Fund | | Quoted prices
(Level 1) | | | Other significant
observable inputs
(Level 2) | | | Significant
unobservable inputs (Level 3) | | | Total | |
| | | | |
Assets | | | | | | | | | | | | | | | | |
Investments in: | | | | | | | | | | | | | | | | |
| | | | |
Short-term investments | | | | | | | | | | | | | | | | |
| | | | |
U.S. Treasury securities | | $ | 5,987 | | | $ | 0 | | | $ | 0 | | | $ | 5,987 | |
| | | | |
Investments measured at net asset value* | | | | | | | | | | | | | | | 6,154,052 | |
| | | | |
| | | 5,987 | | | | 0 | | | | 0 | | | | 6,160,039 | |
| | | | |
Futures contracts | | | 458 | | | | 0 | | | | 0 | | | | 458 | |
| | | | |
Total assets | | $ | 6,445 | | | $ | 0 | | | $ | 0 | | | $ | 6,160,497 | |
Liabilities | | | | | | | | | | | | | | | | |
| | | | |
Futures contracts | | $ | 334 | | | $ | 0 | | | $ | 0 | | | $ | 334 | |
| | | | |
Total liabilities | | $ | 334 | | | $ | 0 | | | $ | 0 | | | $ | 334 | |
| * | Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities. The Fund’s investments in the affiliated Master Portfolios are valued at $6,154,052. Each affiliated Master Portfolio does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments. |
| | | | | | | | | | | | | | | | |
| | | | |
| Dynamic Target 2035 Fund | | Quoted prices
(Level 1) | | | Other significant
observable inputs
(Level 2) | | | Significant
unobservable inputs (Level 3) | | | Total | |
| | | | |
Assets | | | | | | | | | | | | | | | | |
Investments in: | | | | | | | | | | | | | | | | |
| | | | |
Short-term investments | | | | | | | | | | | | | | | | |
| | | | |
U.S. Treasury securities | | $ | 4,989 | | | $ | 0 | | | $ | 0 | | | $ | 4,989 | |
| | | | |
Investments measured at net asset value* | | | | | | | | | | | | | | | 5,573,357 | |
| | | | |
| | | 4,989 | | | | 0 | | | | 0 | | | | 5,578,346 | |
| | | | |
Futures contracts | | | 458 | | | | 0 | | | | 0 | | | | 458 | |
| | | | |
Total assets | | $ | 5,447 | | | $ | 0 | | | $ | 0 | | | $ | 5,578,804 | |
Liabilities | | | | | | | | | | | | | | | | |
| | | | |
Futures contracts | | $ | 286 | | | $ | 0 | | | $ | 0 | | | $ | 286 | |
| | | | |
Total liabilities | | $ | 286 | | | $ | 0 | | | $ | 0 | | | $ | 286 | |
| * | Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities. The Fund’s investments in the affiliated Master Portfolios are valued at $5,573,357. Each affiliated Master Portfolio does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments. |
| | | | | | |
| Notes to financial statements | | Target Date Retirement Funds | | | 119 | |
| | | | | | | | | | | | | | | | |
| | | | |
| Dynamic Target 2040 Fund | | Quoted prices
(Level 1) | | | Other significant
observable inputs
(Level 2) | | | Significant
unobservable inputs (Level 3) | | | Total | |
| | | | |
Assets | | | | | | | | | | | | | | | | |
Investments in: | | | | | | | | | | | | | | | | |
| | | | |
Short-term investments | | | | | | | | | | | | | | | | |
| | | | |
U.S. Treasury securities | | $ | 4,989 | | | $ | 0 | | | $ | 0 | | | $ | 4,989 | |
| | | | |
Investments measured at net asset value* | | | | | | | | | | | | | | | 5,419,358 | |
| | | | |
| | | 4,989 | | | | 0 | | | | 0 | | | | 5,424,347 | |
| | | | |
Futures contracts | | | 458 | | | | 0 | | | | 0 | | | | 458 | |
| | | | |
Total assets | | $ | 5,447 | | | $ | 0 | | | $ | 0 | | | $ | 5,424,805 | |
Liabilities | | | | | | | | | | | | | | | | |
| | | | |
Futures contracts | | $ | 275 | | | $ | 0 | | | $ | 0 | | | $ | 275 | |
| | | | |
Total liabilities | | $ | 275 | | | $ | 0 | | | $ | 0 | | | $ | 275 | |
| * | Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities. The Fund’s investments in the affiliated Master Portfolios are valued at $5,419,358. Each affiliated Master Portfolio does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments. |
| | | | | | | | | | | | | | | | |
| | | | |
| Dynamic Target 2045 Fund | | Quoted prices
(Level 1) | | | Other significant
observable inputs
(Level 2) | | | Significant
unobservable inputs (Level 3) | | | Total | |
| | | | |
Assets | | | | | | | | | | | | | | | | |
Investments in: | | | | | | | | | | | | | | | | |
| | | | |
Short-term investments | | | | | | | | | | | | | | | | |
| | | | |
U.S. Treasury securities | | $ | 4,989 | | | $ | 0 | | | $ | 0 | | | $ | 4,989 | |
| | | | |
Investments measured at net asset value* | | | | | | | | | | | | | | | 5,291,819 | |
| | | | |
| | | 4,989 | | | | 0 | | | | 0 | | | | 5,296,808 | |
| | | | |
Futures contracts | | | 458 | | | | 0 | | | | 0 | | | | 458 | |
| | | | |
Total assets | | $ | 5,447 | | | $ | 0 | | | $ | 0 | | | $ | 5,297,266 | |
Liabilities | | | | | | | | | | | | | | | | |
| | | | |
Futures contracts | | $ | 275 | | | $ | 0 | | | $ | 0 | | | $ | 275 | |
| | | | |
Total liabilities | | $ | 275 | | | $ | 0 | | | $ | 0 | | | $ | 275 | |
| * | Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities. The Fund’s investments in the affiliated Master Portfolios are valued at $5,291,819. Each affiliated Master Portfolio does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments. |
| | | | |
| 120 | | Target Date Retirement Funds | | Notes to financial statements |
| | | | | | | | | | | | | | | | |
| | | | |
| Dynamic Target 2050 Fund | | Quoted prices
(Level 1) | | | Other significant
observable inputs
(Level 2) | | | Significant
unobservable inputs (Level 3) | | | Total | |
| | | | |
Assets | | | | | | | | | | | | | | | | |
Investments in: | | | | | | | | | | | | | | | | |
| | | | |
Short-term investments | | | | | | | | | | | | | | | | |
| | | | |
U.S. Treasury securities | | $ | 4,989 | | | $ | 0 | | | $ | 0 | | | $ | 4,989 | |
| | | | |
Investments measured at net asset value* | | | | | | | | | | | | | | | 5,165,648 | |
| | | | |
| | | 4,989 | | | | 0 | | | | 0 | | | | 5,170,637 | |
| | | | |
Futures contracts | | | 458 | | | | 0 | | | | 0 | | | | 458 | |
| | | | |
Total assets | | $ | 5,447 | | | $ | 0 | | | $ | 0 | | | $ | 5,171,095 | |
Liabilities | | | | | | | | | | | | | | | | |
| | | | |
Futures contracts | | $ | 275 | | | $ | 0 | | | $ | 0 | | | $ | 275 | |
| | | | |
Total liabilities | | $ | 275 | | | $ | 0 | | | $ | 0 | | | $ | 275 | |
| * | Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities. The Fund’s investments in the affiliated Master Portfolios are valued at $5,165,648. Each affiliated Master Portfolio does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments. |
| | | | | | | | | | | | | | | | |
| | | | |
| Dynamic Target 2055 Fund | | Quoted prices
(Level 1) | | | Other significant
observable inputs
(Level 2) | | | Significant
unobservable inputs (Level 3) | | | Total | |
| | | | |
Assets | | | | | | | | | | | | | | | | |
Investments in: | | | | | | | | | | | | | | | | |
| | | | |
Short-term investments | | | | | | | | | | | | | | | | |
| | | | |
U.S. Treasury securities | | $ | 4,989 | | | $ | 0 | | | $ | 0 | | | $ | 4,989 | |
| | | | |
Investments measured at net asset value* | | | | | | | | | | | | | | | 5,104,629 | |
| | | | |
| | | 4,989 | | | | 0 | | | | 0 | | | | 5,109,618 | |
| | | | |
Futures contracts | | | 458 | | | | 0 | | | | 0 | | | | 458 | |
| | | | |
Total assets | | $ | 5,447 | | | $ | 0 | | | $ | 0 | | | $ | 5,110,076 | |
Liabilities | | | | | | | | | | | | | | | | |
| | | | |
Futures contracts | | $ | 286 | | | $ | 0 | | | $ | 0 | | | $ | 286 | |
| | | | |
Total liabilities | | $ | 286 | | | $ | 0 | | | $ | 0 | | | $ | 286 | |
| * | Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities. The Fund’s investments in the affiliated Master Portfolios are valued at $5,104,629. Each affiliated Master Portfolio does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments. |
| | | | | | |
| Notes to financial statements | | Target Date Retirement Funds | | | 121 | |
| | | | | | | | | | | | | | | | |
| | | | |
| Dynamic Target 2060 Fund | | Quoted prices
(Level 1) | | | Other significant
observable inputs
(Level 2) | | | Significant
unobservable inputs (Level 3) | | | Total | |
| | | | |
Assets | | | | | | | | | | | | | | | | |
Investments in: | | | | | | | | | | | | | | | | |
| | | | |
Short-term investments | | | | | | | | | | | | | | | | |
| | | | |
U.S. Treasury securities | | $ | 4,989 | | | $ | 0 | | | $ | 0 | | | $ | 4,989 | |
| | | | |
Investments measured at net asset value* | | | | | | | | | | | | | | | 5,279,014 | |
| | | | |
| | | 4,989 | | | | 0 | | | | 0 | | | | 5,284,003 | |
| | | | |
Futures contracts | | | 458 | | | | 0 | | | | 0 | | | | 458 | |
| | | | |
Total assets | | $ | 5,447 | | | $ | 0 | | | $ | 0 | | | $ | 5,284,461 | |
Liabilities | | | | | | | | | | | | | | | | |
| | | | |
Futures contracts | | $ | 275 | | | $ | 0 | | | $ | 0 | | | $ | 275 | |
| | | | |
Total liabilities | | $ | 275 | | | $ | 0 | | | $ | 0 | | | $ | 275 | |
| * | Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities. The Fund’s investments in the affiliated Master Portfolios are valued at $5,279,014. Each affiliated Master Portfolio does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments. |
Futures contracts are reported at their cumulative unrealized gains (losses) at measurement date as reported in the table following each Portfolio of Investments. For futures contracts, the current day’s variation margin is reported on the Statements of Assets and Liabilities. All other assets and liabilities are reported at their market value at measurement date.
At February 28, 2019, the Funds did not have any transfers into/out of Level 3.
The investment objective of each affiliated Master Portfolio is as follows:
| | |
| |
| Affiliated Master Portfolio | | Investment objective |
| |
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio | | Seeks to replicate the total return of the Bloomberg Barclays U.S. Aggregate ex-Corporate Index, before fees and expenses |
| |
Wells Fargo Emerging Markets Bond Portfolio | | Seeks to replicate the total return of the JP Morgan EMBI Global Diversified Index, before fees and expenses |
| |
Wells Fargo Factor Enhanced Emerging Markets Portfolio | | Seeks to replicate the total return of the Wells Fargo Factor Enhanced Emerging Markets Index (Net), before fees and expenses |
| |
Wells Fargo Factor Enhanced International Portfolio | | Seeks to replicate the total return of the Wells Fargo Factor Enhanced International Index (Net), before fees and expenses |
| |
Wells Fargo Factor Enhanced Large Cap Portfolio | | Seeks to replicate the total return of the Wells Fargo Factor Enhanced Large Cap Index, before fees and expenses |
| |
Wells Fargo Factor Enhanced Small Cap Portfolio | | Seeks to replicate the total return of the Wells Fargo Factor Enhanced Small Cap Index, before fees and expenses |
| |
Wells Fargo High Yield Corporate Bond Portfolio | | Seeks to replicate the total return of the Wells Fargo U.S. High Yield Bond Index, before fees and expenses |
| |
Wells Fargo Investment Grade Corporate Bond Portfolio | | Seeks to replicate the total return of the Wells Fargo U.S. Investment Grade Corporate Bond Index, before fees and expenses |
| |
Wells Fargo Strategic Retirement Bond Portfolio | | Seeks to replicate the total return of a blended index that is weighted 50% to the Bloomberg Barclays U.S. Treasury Inflation-Linked1-10 Year Bond Index and 50% to the Bloomberg Barclays U.S. Intermediate Government Bond Index, before fees and expenses |
| |
Wells Fargo U.S. REIT Portfolio | | Seeks to replicate the total return of the Wells Fargo U.S. REIT Index, before fees and expenses |
| | | | |
| 122 | | Target Date Retirement Funds | | Notes to financial statements |
4. TRANSACTIONS WITH AFFILIATES
Management fee
Funds Management, an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”), is the manager of each Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of each Fund, supervising the subadviser and providing fund-level administrative services in connection with each Fund’s operations. As compensation for its services under the investment management agreement, Funds Management is entitled to receive a management fee at the following annual rate based on each Fund’s average daily net assets:
| | | | | | | | |
| | |
| Average daily net assets | | Management fee rate | | | Rate prior to
September 21,
2018 | |
| | |
First $5 billion | | | 0.15 | % | | | 0.20 | % |
| | |
Next $5 billion | | | 0.14 | | | | 0.19 | |
| | |
Over $10 billion | | | 0.13 | | | | 0.18 | |
For the nine months ended February 28, 2019 and the year ended May 31, 2018, the management fee was equivalent to an annual rate of 0.17% and 0.20%, respectively, of each Fund’s average daily net assets.
Funds Management has retained the services of a subadviser to provide daily portfolio management to the Funds. The fee for subadvisory services is borne by Funds Management. Wells Capital Management Incorporated (“WellsCap”), an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo, is the subadviser to each Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.10% and declining to 0.06% as the average daily net assets of each Fund increase. Prior to September 21, 2018, WellsCap received a fee at an annual rate which started at 0.15% and declined to 0.08% as the average daily net assets of each Fund increased.
Funds Management also serves as the adviser to each affiliated Master Portfolio and is entitled to receive a fee from each affiliated Master Portfolio for those services.
Administration fees
Under a class-level administration agreement, Funds Management provides class-level administrative services to each Fund, which includes paying fees and expenses for services provided by the transfer agent, sub-transfer agents, omnibus account servicers and record-keepers. As compensation for its services under the class-level administration agreement, Funds Management receives an annual fee which is calculated based on the average daily net assets of each class as follows:
| | | | |
| | | Class-level
administration fee | |
| |
Class A, Class C, Class R | | | 0.21 | % |
| |
Class R4 | | | 0.08 | |
| |
Class R6 | | | 0.03 | |
Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for each Fund. When each class of a Fund has exceeded its expense cap, Funds Management has waived fees and/or reimbursed expenses from fund level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund level expenses. Acquired fund fees and expenses (if any) from funds in which the underlying affiliated Master Portfolios and funds invest and from money market funds are excluded from the expense cap. All other acquired fund fees and expenses from the affiliated Master Portfolios and funds are included in the expense cap. Funds Management has committed through September 30, 2019 to waive fees and/or reimburse expenses to the extent necessary to cap each Fund’s expenses at 0.68% for Class A shares, 1.43% for Class C shares, 0.37% for Class R4 shares, and 0.22% for Class R6 shares. Prior to or after the commitment expiration date, each expense cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.
| | | | | | |
| Notes to financial statements | | Target Date Retirement Funds | | | 123 | |
Prior to September 21, 2018, the expenses caps (including acquired fund fees and expenses from the affiliated Master Portfolios and Underlying Funds) were as follows:
| | | | | | | | | | | | | | | | |
| | | | |
| | | Class A | | | Class C | | | Class R4 | | | Class R6 | |
Dynamic Target Today Fund | | | 0.91 | % | | | 1.66 | % | | | 0.67 | % | | | 0.52 | % |
Dynamic Target 2015 Fund | | | 0.97 | % | | | 1.72 | % | | | 0.69 | % | | | 0.54 | % |
Dynamic Target 2020 Fund | | | 0.99 | % | | | 1.74 | % | | | 0.71 | % | | | 0.56 | % |
Dynamic Target 2025 Fund | | | 1.01 | % | | | 1.76 | % | | | 0.73 | % | | | 0.58 | % |
Dynamic Target 2030 Fund | | | 1.03 | % | | | 1.78 | % | | | 0.75 | % | | | 0.60 | % |
Dynamic Target 2035 Fund | | | 1.04 | % | | | 1.79 | % | | | 0.76 | % | | | 0.61 | % |
Dynamic Target 2040 Fund | | | 1.05 | % | | | 1.80 | % | | | 0.77 | % | | | 0.62 | % |
Dynamic Target 2045 Fund | | | 1.05 | % | | | 1.80 | % | | | 0.77 | % | | | 0.62 | % |
Dynamic Target 2050 Fund | | | 1.05 | % | | | 1.80 | % | | | 0.77 | % | | | 0.62 | % |
Dynamic Target 2055 Fund | | | 1.05 | % | | | 1.80 | % | | | 0.77 | % | | | 0.62 | % |
Dynamic Target 2060 Fund | | | 1.05 | % | | | 1.80 | % | | | 0.77 | % | | | 0.62 | % |
Distribution fee
The Trust has adopted a Distribution Plan for Class C shares of each Fund pursuant to Rule 12b-1 under the 1940 Act. A Distribution fee is charged to the Class C shares and paid to Wells Fargo Funds Distributor, LLC (“Funds Distributor”), the principal underwriter of each Fund, at an annual rate of 0.75% of the average daily net assets of Class C shares.
In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the nine months ended February 28, 2019, Funds Distributor did not receive any material amounts from front-end sales charges incurred by Class A shares. No contigent deferred sales charges were incurred by Class A or Class C shares of each Fund for the nine months ended February 28, 2019.
Shareholder servicing fees
The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A and Class C of each Fund are charged a fee at an annual rate of 0.25% of the average daily net assets of each respective class. Class R4 is charged a fee at an annual rate of 0.10% of its average daily net assets. A portion of these total shareholder servicing fees were paid to affiliates of Wells Fargo.
| | | | |
| 124 | | Target Date Retirement Funds | | Notes to financial statements |
Affiliated income
The Funds changed their fiscal year end from May 31 to February 28, effective February 28, 2019. Affiliated income from transactions with affiliated Master Portfolios for the nine months ended February 28, 2019 are reported in the table following each Portfolio of Investments. Affiliated income for the year ended May 31, 2018 was as follows for each Fund.
| | | | | | | | | | | | | | | | |
| | | | |
| Dynamic Target Today Fund | | Net realized gains (losses) on
affiliated
Underlying Funds | | | Capital gain distributions
from
affiliated
Underlying
Funds | | | Net change in
unrealized
gains (losses)
on affiliated
Underlying
Funds | | | Dividends from
affiliated
Underlying
Funds | |
| | | | |
Investment Companies | | | | | | | | | | | | | | | | |
Bond Funds | | | | | | | | | | | | | | | | |
Wells Fargo International Bond Fund Class R6 | | $ | 1,293 | | | $ | 0 | | | $ | (1,145 | ) | | $ | 0 | |
| | | | |
Wells Fargo Short-Term Bond Fund Institutional Class | | | (348 | ) | | | 0 | | | | (6,762 | ) | | | 10,019 | |
| | | | |
Wells Fargo Strategic Income Fund Institutional Class | | | (63 | ) | | | 0 | | | | (3,714 | ) | | | 17,700 | |
| | | | |
Stock Funds | | | | | | | | | | | | | | | | |
Wells Fargo Diversified International Fund Class R6 | | | 3,854 | | | | 0 | | | | 11,224 | | | | 6,844 | |
| | | | |
Wells Fargo Emerging Markets Equity Income Fund Class R6 | | | 2,272 | | | | 0 | | | | 6,381 | | | | 2,493 | |
| | | | |
Wells Fargo Endeavor Select Fund Institutional Class | | | (16,034 | ) | | | 23,620 | | | | 25,455 | | | | 159 | |
| | | | |
Wells Fargo Enterprise Fund Class R6 | | | 1,476 | | | | 9,290 | | | | 5,295 | | | | 0 | |
| | | | |
Wells Fargo Intrinsic Value Fund Class R6 | | | (913 | ) | | | 7,028 | | | | 2,681 | | | | 904 | |
| | | | |
Wells Fargo Premier Large Company Growth Fund Class R6 | | | (1,543 | ) | | | 29,919 | | | | 4,568 | | | | 0 | |
| | | | |
Wells Fargo Special Mid Cap Value Fund Class R6 | | | 800 | | | | 3,317 | | | | (390 | ) | | | 1,030 | |
| | | | |
| | | $ | (9,206 | ) | | $ | 73,174 | | | $ | 43,593 | | | $ | 39,149 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Dynamic Target Today Fund | | Net realized gains
(losses) on
securities
transactions
allocated from
affiliated Master
Portfolios | | | Net change in
unrealized gains
(losses) on
securities
transactions
allocated from
affiliated Master
Portfolios | | | Dividends
allocated
from
affiliated
Master
Portfolios | | | Interest allocated
from affiliated
Master Portfolios | | | Affiliated income
allocated from
affiliated Master
Portfolios | |
| | | | | |
Affiliated Master Portfolios | | | | | | | | | | | | | | | | | | | | |
Wells Fargo C&B Large Cap Value Portfolio | | $ | 7,011 | | | $ | (1,785 | ) | | $ | 1,512 | | | $ | 0 | | | $ | 72 | |
| | | | | |
Wells Fargo Core Bond Portfolio | | | (7,319 | ) | | | (13,380 | ) | | | 0 | | | | 18,934 | | | | 406 | |
| | | | | |
Wells Fargo Large Company Value Portfolio | | | 6,208 | | | | 1,186 | | | | 1,844 | | | | 0 | | | | 17 | |
| | | | | |
Wells Fargo Real Return Portfolio | | | 2,920 | | | | (5,716 | ) | | | 1,904 | | | | 7,344 | | | | 117 | |
| | | | | |
Wells Fargo Small Company Growth Portfolio | | | 4,529 | | | | 11,001 | | | | 276 | | | | 0 | | | | 92 | |
| | | | | |
Wells Fargo Small Company Value Portfolio | | | 19,456 | | | | (8,151 | ) | | | 530 | | | | 0 | | | | 110 | |
| | | | | |
| | | $ | 32,805 | | | $ | (16,845 | ) | | $ | 6,066 | | | $ | 26,278 | | | $ | 814 | |
| | | | | | |
| Notes to financial statements | | Target Date Retirement Funds | | | 125 | |
| | | | | | | | | | | | | | | | |
| | | | |
| Dynamic Target 2015 Fund | | Net realized gains
(losses) on
affiliated
Underlying Funds | | | Capital gain
distributions
from
affiliated
Underlying
Funds | | | Net change in
unrealized
gains (losses)
on affiliated
Underlying
Funds | | | Dividends from
affiliated
Underlying
Funds | |
| | | | |
Investment Companies | | | | | | | | | | | | | | | | |
Bond Funds | | | | | | | | | | | | | | | | |
Wells Fargo International Bond Fund Class R6 | | $ | (95 | ) | | $ | 0 | | | $ | 52 | | | $ | 0 | |
| | | | |
Wells Fargo Short-Term Bond Fund Institutional Class | | | (408 | ) | | | 0 | | | | (5,375 | ) | | | 8,171 | |
| | | | |
Wells Fargo Strategic Income Fund Institutional Class | | | (131 | ) | | | 0 | | | | (3,100 | ) | | | 14,392 | |
| | | | |
Stock Funds | | | | | | | | | | | | | | | | |
Wells Fargo Diversified International Fund Class R6 | | | 6,875 | | | | 0 | | | | 15,512 | | | | 9,966 | |
| | | | |
Wells Fargo Emerging Markets Equity Income Fund Class R6 | | | 4,451 | | | | 0 | | | | 8,457 | | | | 3,576 | |
| | | | |
Wells Fargo Endeavor Select Fund Institutional Class | | | (24,392 | ) | | | 34,420 | | | | 37,607 | | | | 232 | |
| | | | |
Wells Fargo Enterprise Fund Class R6 | | | 2,243 | | | | 13,457 | | | | 7,441 | | | | 0 | |
| | | | |
Wells Fargo Intrinsic Value Fund Class R6 | | | (1,271 | ) | | | 10,237 | | | | 3,784 | | | | 1,316 | |
| | | | |
Wells Fargo Premier Large Company Growth Fund Class R6 | | | (2,889 | ) | | | 43,599 | | | | 6,810 | | | | 0 | |
| | | | |
Wells Fargo Special Mid Cap Value Fund Class R6 | | | 1,158 | | | | 4,804 | | | | (484 | ) | | | 1,492 | |
| | | | |
| | | $ | (14,459 | ) | | $ | 106,517 | | | $ | 70,704 | | | $ | 39,145 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Dynamic Target 2015 Fund | | Net realized gains
(losses) on
securities
transactions
allocated from
affiliated Master
Portfolios | | | Net change in
unrealized gains
(losses) on
securities
transactions
allocated from
affiliated Master
Portfolios | | | Dividends
allocated
from
affiliated
Master
Portfolios | | | Interest allocated
from affiliated
Master Portfolios | | | Affiliated income
allocated from
affiliated Master
Portfolios | |
| | | | | |
Affiliated Master Portfolios | | | | | | | | | | | | | | | | | | | | |
Wells Fargo C&B Large Cap Value Portfolio | | $ | 10,287 | | | $ | (2,564 | ) | | $ | 2,170 | | | $ | 0 | | | $ | 103 | |
| | | | | |
Wells Fargo Core Bond Portfolio | | | (6,101 | ) | | | (10,765 | ) | | | 0 | | | | 15,301 | | | | 329 | |
| | | | | |
Wells Fargo Large Company Value Portfolio | | | 9,040 | | | | 1,701 | | | | 2,650 | | | | 0 | | | | 25 | |
| | | | | |
Wells Fargo Real Return Portfolio | | | 1,950 | | | | (4,127 | ) | | | 1,535 | | | | 5,950 | | | | 95 | |
| | | | | |
Wells Fargo Small Company Growth Portfolio | | | 6,629 | | | | 15,677 | | | | 395 | | | | 0 | | | | 132 | |
| | | | | |
Wells Fargo Small Company Value Portfolio | | | 28,485 | | | | (12,312 | ) | | | 712 | | | | 0 | | | | 159 | |
| | | | | |
| | | $ | 50,290 | | | $ | (12,390 | ) | | $ | 7,462 | | | $ | 21,251 | | | $ | 843 | |
| | | | | | | | | | | | | | | | |
| | | | |
| Dynamic Target 2020 fund | | Net realized gains
(losses) on
affiliated
Underlying
Funds | | | Capital gain
distributions
from
affiliated
Underlying
Funds | | | Net change in
unrealized
gains (losses)
on affiliated
Underlying
Funds | | | Dividends from
affiliated
Underlying
Funds | |
| | | | |
Investment Companies | | | | | | | | | | | | | | | | |
Bond Funds | | | | | | | | | | | | | | | | |
Wells Fargo International Bond Fund Class R6 | | $ | 33 | | | $ | 0 | | | $ | (276 | ) | | $ | 0 | |
| | | | |
Wells Fargo Short-Term Bond Institutional Class | | | (418 | ) | | | 0 | | | | (4,312 | ) | | | 6,655 | |
| | | | |
Wells Fargo Strategic Income Fund Institutional Class | | | (115 | ) | | | 0 | | | | (2,604 | ) | | | 11,721 | |
| | | | |
Stock Funds | | | | | | | | | | | | | | | | |
Wells Fargo Diversified International Fund Class R6 | | | 6,006 | | | | 0 | | | | 20,400 | | | | 12,021 | |
| | | | |
Wells Fargo Emerging Markets Equity Income Fund Class R6 | | | 4,877 | | | | 0 | | | | 10,658 | | | | 4,347 | |
| | | | |
Wells Fargo Endeavor Select Fund Institutional Class | | | (29,947 | ) | | | 41,551 | | | | 46,166 | | | | 281 | |
| | | | |
Wells Fargo Enterprise Fund Class R6 | | | 2,329 | | | | 16,418 | | | | 9,410 | | | | 0 | |
| | | | |
Wells Fargo Intrinsic Value Fund Class R6 | | | (1,572 | ) | | | 12,359 | | | | 4,474 | | | | 1,589 | |
| | | | |
Wells Fargo Premier Large Company Growth Fund Class R6 | | | (3,961 | ) | | | 52,632 | | | | 8,891 | | | | 0 | |
| | | | |
Wells Fargo Special Mid Cap Value Fund Class R6 | | | 1,064 | | | | 5,861 | | | | (450 | ) | | | 1,820 | |
| | | | |
| | | $ | (21,704 | ) | | $ | 128,821 | | | $ | 92,357 | | | $ | 38,434 | |
| | | | |
| 126 | | Target Date Retirement Funds | | Notes to financial statements |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Dynamic Target 2020 Fund | | Net realized gains
(losses) on
securities
transactions
allocated from
affiliated Master
Portfolios | | | Net change in
unrealized gains
(losses) on
securities
transactions
allocated from
affiliated Master
Portfolios | | | Dividends
allocated
from
affiliated
Master
Portfolios | | | Interest allocated
from affiliated
Master Portfolios | | | Affiliated income
allocated from
affiliated Master
Portfolios | |
| | | | | |
Affiliated Master Portfolios | | | | | | | | | | | | | | | | | | | | |
Wells Fargo C&B Large Cap Value Portfolio | | $ | 12,213 | | | $ | (3,034 | ) | | $ | 2,631 | | | $ | 0 | | | $ | 125 | |
| | | | | |
Wells Fargo Core Bond Portfolio | | | (5,107 | ) | | | (8,867 | ) | | | 0 | | | | 12,477 | | | | 272 | |
| | | | | |
Wells Fargo Large Company Value Portfolio | | | 10,997 | | | | 2,065 | | | | 3,221 | | | | 2 | | | | 31 | |
| | | | | |
Wells Fargo Real Return Portfolio | | | 1,319 | | | | (3,229 | ) | | | 1,255 | | | | 4,884 | | | | 77 | |
| | | | | |
Wells Fargo Small Company Growth Portfolio | | | 7,859 | | | | 19,257 | | | | 480 | | | | 0 | | | | 160 | |
| | | | | |
Wells Fargo Small Company Value Portfolio | | | 33,748 | | | | (14,340 | ) | | | 1,011 | | | | 0 | | | | 193 | |
| | | | | |
| | | $ | 61,029 | | | $ | (8,148 | ) | | $ | 8,598 | | | $ | 17,363 | | | $ | 858 | |
| | | | | | | | | | | | | | | | |
| | | | |
| Dynamic Target 2025 Fund | | Net realized gains
(losses) on
affiliated
Underlying
Funds | | | Capital gain
distributions
from
affiliated
Underlying
Funds | | | Net change in
unrealized
gains (losses)
on affiliated
Underlying
Funds | | | Dividends from
affiliated
Underlying
Funds | |
| | | | |
Investment Companies | | | | | | | | | | | | | | | | |
Bond Funds | | | | | | | | | | | | | | | | |
Wells Fargo International Bond Fund Class R6 | | $ | (300 | ) | | $ | 0 | | | $ | (3,553 | ) | | $ | 0 | |
| | | | |
Wells Fargo Short-Term Bond Fund Institutional Class | | | (399 | ) | | | 0 | | | | (1,008 | ) | | | 5,530 | |
| | | | |
Wells Fargo Strategic Income Fund Institutional Class | | | (170 | ) | | | 0 | | | | (2,702 | ) | | | 9,622 | |
| | | | |
Stock Funds | | | | | | | | | | | | | | | | |
Wells Fargo Diversified International Fund Class R6 | | | 3,966 | | | | 0 | | | | 24,241 | | | | 14,777 | |
| | | | |
Wells Fargo Emerging Markets Equity Income Fund Class R6 | | | 1,819 | | | | 0 | | | | 14,659 | | | | 5,440 | |
| | | | |
Wells Fargo Endeavor Select Fund Institutional Class | | | (28,205 | ) | | | 51,871 | | | | 48,032 | | | | 350 | |
| | | | |
Wells Fargo Enterprise Fund Class R6 | | | 1,566 | | | | 20,277 | | | | 12,642 | | | | 0 | |
| | | | |
Wells Fargo Intrinsic Value Fund Class R6 | | | (1,681 | ) | | | 15,381 | | | | 4,218 | | | | 1,978 | |
| | | | |
Wells Fargo Premier Large Company Growth Fund Class R6 | | | (2,659 | ) | | | 65,382 | | | | 8,882 | | | | 0 | |
| | | | |
Wells Fargo Special Mid Cap Value Fund Class R6 | | | 258 | | | | 7,282 | | | | (882 | ) | | | 2,262 | |
| | | | |
| | | $ | (25,805 | ) | | $ | 160,193 | | | $ | 104,529 | | | $ | 39,959 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Dynamic Target 2025 Fund | | Net realized gains
(losses) on
securities
transactions
allocated from
affiliated Master
Portfolios | | | Net change in unrealized gains
(losses) on
securities
transactions
allocated from
affiliated Master
Portfolios | | | Dividends
allocated
from
affiliated
Master
Portfolios | | | Interest allocated
from affiliated
Master Portfolios | | | Affiliated income
allocated from
affiliated Master
Portfolios | |
| | | | | |
Affiliated Master Portfolios | | | | | | | | | | | | | | | | | | | | |
Wells Fargo C&B Large Cap Value Portfolio | | $ | 15,321 | | | $ | (5,848 | ) | | $ | 3,355 | | | $ | 0 | | | $ | 159 | |
| | | | | |
Wells Fargo Core Bond Portfolio | | | (2,317 | ) | | | (9,761 | ) | | | 0 | | | | 10,332 | | | | 229 | |
| | | | | |
Wells Fargo Large Company Value Portfolio | | | 13,032 | | | | 1,648 | | | | 4,083 | | | | 3 | | | | 40 | |
| | | | | |
Wells Fargo Real Return Portfolio | | | 1,624 | | | | (3,528 | ) | | | 1,026 | | | | 4,084 | | | | 64 | |
| | | | | |
Wells Fargo Small Company Growth Portfolio | | | 10,051 | | | | 24,244 | | | | 613 | | | | 0 | | | | 202 | |
| | | | | |
Wells Fargo Small Company Value Portfolio | | | 40,444 | | | | (16,244 | ) | | | 1,286 | | | | 0 | | | | 243 | |
| | | | | |
| | | $ | 78,155 | | | $ | (9,489 | ) | | $ | 10,363 | | | $ | 14,419 | | | $ | 937 | |
| | | | | | |
| Notes to financial statements | | Target Date Retirement Funds | | | 127 | |
| | | | | | | | | | | | | | | | |
| | | | |
| Dynamic Target 2030 Fund | | Net realized gains
(losses) on
affiliated
Underlying
Funds | | | Capital gain
distributions
from
affiliated
Underlying
Funds | | | Net change in
unrealized
gains (losses)
on affiliated
Underlying
Funds | | | Dividends from
affiliated
Underlying
Funds | |
| | | | |
Investment Companies | | | | | | | | | | | | | | | | |
Bond Funds | | | | | | | | | | | | | | | | |
Wells Fargo International Bond Fund Class R6 | | $ | (105 | ) | | $ | 0 | | | $ | (1,643 | ) | | $ | 0 | |
| | | | |
Wells Fargo Short-Term Bond Fund Institutional Class | | | (355 | ) | | | 0 | | | | (2,294 | ) | | | 3,730 | |
| | | | |
Wells Fargo Strategic Income Fund Institutional Class | | | (137 | ) | | | 0 | | | | (373 | ) | | | 6,611 | |
| | | | |
Stock Funds | | | | | | | | | | | | | | | | |
Wells Fargo Diversified International Fund Class R6 | | | 5,711 | | | | 0 | | | | 29,593 | | | | 17,034 | |
| | | | |
Wells Fargo Emerging Markets Equity Income Fund Class R6 | | | 3,546 | | | | 0 | | | | 17,244 | | | | 6,106 | |
| | | | |
Wells Fargo Endeavor Select Fund Institutional Class | | | (32,898 | ) | | | 59,423 | | | | 54,638 | | | | 401 | |
| | | | |
Wells Fargo Enterprise Fund Class R6 | | | 2,113 | | | | 23,208 | | | | 13,879 | | | | 0 | |
| | | | |
Wells Fargo Intrinsic Value Fund Class R6 | | | (1,696 | ) | | | 17,626 | | | | 5,236 | | | | 2,267 | |
| | | | |
Wells Fargo Premier Large Company Growth Fund Class R6 | | | (3,606 | ) | | | 74,794 | | | | 9,680 | | | | 0 | |
| | | | |
Wells Fargo Special Mid Cap Value Fund Class R6 | | | 389 | | | | 8,342 | | | | (45 | ) | | | 2,591 | |
| | | | |
| | | $ | (27,038 | ) | | $ | 183,393 | | | $ | 125,915 | | | $ | 38,740 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Dynamic Target 2030 Fund | | Net realized gains
(losses) on
securities
transactions
allocated from
affiliated Master
Portfolios | | | Net change in
unrealized gains
(losses) on
securities
transactions
allocated from
affiliated Master
Portfolios | | | Dividends
allocated
from
affiliated
Master
Portfolios | | | Interest allocated
from affiliated
Master Portfolios | | | Affiliated income
allocated from
affiliated Master
Portfolios | |
| | | | | |
Affiliated Master Portfolios | | | | | | | | | | | | | | | | | | | | |
Wells Fargo C&B Large Cap Value Portfolio | | $ | 15,786 | | | $ | (3,434 | ) | | $ | 3,713 | | | $ | 0 | | | $ | 176 | |
| | | | | |
Wells Fargo Core Bond Portfolio | | | (3,387 | ) | | | (4,496 | ) | | | 0 | | | | 6,982 | | | | 153 | |
| | | | | |
Wells Fargo Large Company Value Portfolio | | | 16,721 | | | | 1,098 | | | | 4,524 | | | | 3 | | | | 44 | |
| | | | | |
Wells Fargo Real Return Portfolio | | | 335 | | | | (1,443 | ) | | | 695 | | | | 2,729 | | | | 43 | |
| | | | | |
Wells Fargo Small Company Growth Portfolio | | | 10,256 | | | | 27,915 | | | | 680 | | | | 0 | | | | 226 | |
| | | | | |
Wells Fargo Small Company Value Portfolio | | | 44,463 | | | | (17,504 | ) | | | 1,414 | | | | 0 | | | | 270 | |
| | | | | |
| | | $ | 84,174 | | | $ | 2,136 | | | $ | 11,026 | | | $ | 9,714 | | | $ | 912 | |
| | | | | | | | | | | | | | | | |
| | | | |
| Dynamic Target 2035 Fund | | Net realized gains
(losses) on
affiliated
Underlying
Funds | | | Capital gain
distributions
from
affiliated
Underlying
Funds | | | Net change in
unrealized
gains (losses)
on affiliated
Underlying
Funds | | | Dividends from
affiliated
Underlying
Funds | |
| | | | |
Investment Companies | | | | | | | | | | | | | | | | |
Bond Funds | | | | | | | | | | | | | | | | |
Wells Fargo International Bond Fund Class R6 | | $ | (3 | ) | | $ | 0 | | | $ | (222 | ) | | $ | 0 | |
| | | | |
Wells Fargo Short-Term Bond Fund Institutional Class | | | (247 | ) | | | 0 | | | | (1,458 | ) | | | 2,400 | |
| | | | |
Wells Fargo Strategic Income Fund Institutional Class | | | (94 | ) | | | 0 | | | | (990 | ) | | | 4,196 | |
| | | | |
Stock Funds | | | | | | | | | | | | | | | | |
Wells Fargo Diversified International Fund Class R6 | | | 5,345 | | | | 0 | | | | 32,338 | | | | 17,817 | |
| | | | |
Wells Fargo Emerging Markets Equity Income Fund Class R6 | | | 2,981 | | | | 0 | | | | 19,002 | | | | 6,453 | |
| | | | |
Wells Fargo Endeavor Select Fund Institutional Class | | | (36,134 | ) | | | 62,024 | | | | 59,935 | | | | 423 | |
| | | | |
Wells Fargo Enterprise Fund Class R6 | | | 2,717 | | | | 24,277 | | | | 14,426 | | | | 0 | |
| | | | |
Wells Fargo Intrinsic Value Fund Class R6 | | | (1,475 | ) | | | 18,412 | | | | 5,384 | | | | 2,374 | |
| | | | |
Wells Fargo Premier Large Company Growth Fund Class R6 | | | (4,296 | ) | | | 78,388 | | | | 11,475 | | | | 0 | |
| | | | |
Wells Fargo Special Mid Cap Value Fund Class R6 | | | 597 | | | | 8,709 | | | | 13 | | | | 2,705 | |
| | | | |
| | | $ | (30,609 | ) | | $ | 191,810 | | | $ | 139,903 | | | $ | 36,368 | |
| | | | |
| 128 | | Target Date Retirement Funds | | Notes to financial statements |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Dynamic Target 2035 Fund | | Net realized gains
(losses) on
securities
transactions
allocated from
affiliated Master
Portfolios | | | Net change in
unrealized gains
(losses) on
securities
transactions
allocated from
affiliated Master
Portfolios | | | Dividends
allocated
from
affiliated
Master
Portfolios | | | Interest allocated
from affiliated
Master Portfolios | | | Affiliated income
allocated from
affiliated Master
Portfolios | |
| | | | | |
Affiliated Master Portfolios | | | | | | | | | | | | | | | | | | | | |
Wells Fargo C&B Large Cap Value Portfolio | | $ | 17,310 | | | $ | (4,171 | ) | | $ | 3,877 | | | $ | 0 | | | $ | 186 | |
| | | | | |
Wells Fargo Core Bond Portfolio | | | (1,684 | ) | | | (3,395 | ) | | | 0 | | | | 4,496 | | | | 98 | |
| | | | | |
Wells Fargo Large Company Value Portfolio | | | 15,958 | | | | 2,822 | | | | 3,711 | | | | 4 | | | | 46 | |
| | | | | |
Wells Fargo Real Return Portfolio | | | 372 | | | | (1,145 | ) | | | 424 | | | | 1,736 | | | | 27 | |
| | | | | |
Wells Fargo Small Company Growth Portfolio | | | 11,165 | | | | 29,027 | | | | 715 | | | | 0 | | | | 239 | |
| | | | | |
Wells Fargo Small Company Value Portfolio | | | 47,467 | | | | (18,861 | ) | | | 2,492 | | | | 0 | | | | 284 | |
| | | | | |
| | | $ | 90,588 | | | $ | 4,277 | | | $ | 11,219 | | | $ | 6,236 | | | $ | 880 | |
| | | | | | | | | | | | | | | | |
| | | | |
| Dynamic Target 2040 Fund | | Net realized gains
(losses) on
affiliated
Underlying
Funds | | | Capital gain
distributions
from
affiliated
Underlying
Funds | | | Net change in
unrealized
gains (losses)
on affiliated
Underlying
Funds | | | Dividends from
affiliated
Underlying
Funds | |
| | | | |
Investment Companies | | | | | | | | | | | | | | | | |
Bond Funds | | | | | | | | | | | | | | | | |
Wells Fargo International Bond Fund Class R6 | | $ | (10 | ) | | $ | 0 | | | $ | (191 | ) | | $ | 0 | |
| | | | |
Wells Fargo Short-Term Bond Fund Institutional Class | | | (214 | ) | | | 0 | | | | (862 | ) | | | 1,513 | |
| | | | |
Wells Fargo Strategic Income Fund Institutional Class | | | (82 | ) | | | 0 | | | | (642 | ) | | | 2,655 | |
| | | | |
Stock Funds | | | | | | | | | | | | | | | | |
Wells Fargo Diversified International Fund Class R6 | | | 3,947 | | | | 0 | | | | 34,836 | | | | 18,972 | |
| | | | |
Wells Fargo Emerging Markets Equity Income Fund Class R6 | | | 3,952 | | | | 0 | | | | 19,136 | | | | 6,774 | |
| | | | |
Wells Fargo Endeavor Select Fund Institutional Class | | | (38,990 | ) | | | 66,055 | | | | 63,057 | | | | 446 | |
| | | | |
Wells Fargo Enterprise Fund Class R6 | | | 2,014 | | | | 25,940 | | | | 15,698 | | | | 0 | |
| | | | |
Wells Fargo Intrinsic Value Fund Class R6 | | | (1,082 | ) | | | 19,686 | | | | 5,713 | | | | 2,531 | |
| | | | |
Wells Fargo Premier Large Company Growth Fund Class R6 | | | (4,432 | ) | | | 83,594 | | | | 10,594 | | | | 0 | |
| | | | |
Wells Fargo Special Mid Cap Value Fund Class R6 | | | 254 | | | | 9,303 | | | | 166 | | | | 2,889 | |
| | | | |
| | | $ | (34,643 | ) | | $ | 204,578 | | | $ | 147,505 | | | $ | 35,780 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Dynamic Target 2040 Fund | | Net realized gains
(losses) on
securities
transactions
allocated from
affiliated Master
Portfolios | | | Net change in
unrealized gains
(losses) on
securities
transactions
allocated from
affiliated Master
Portfolios | | | Dividends
allocated
from
affiliated
Master
Portfolios | | | Interest allocated
from affiliated
Master Portfolios | | | Affiliated income
allocated from
affiliated Master
Portfolios | |
| | | | | |
Affiliated Master Portfolios | | | | | | | | | | | | | | | | | | | | |
Wells Fargo C&B Large Cap Value Portfolio | | $ | 18,141 | | | $ | (4,514 | ) | | $ | 4,100 | | | $ | 0 | | | $ | 197 | |
| | | | | |
Wells Fargo Core Bond Portfolio | | | (1,080 | ) | | | (2,131 | ) | | | 0 | | | | 2,829 | | | | 61 | |
| | | | | |
Wells Fargo Large Company Value Portfolio | | | 16,281 | | | | 2,989 | | | | 3,917 | | | | 4 | | | | 49 | |
| | | | | |
Wells Fargo Real Return Portfolio | | | 217 | | | | (722 | ) | | | 268 | | | | 1,102 | | | | 17 | |
| | | | | |
Wells Fargo Small Company Growth Portfolio | | | 11,699 | | | | 30,575 | | | | 753 | | | | 0 | | | | 251 | |
| | | | | |
Wells Fargo Small Company Value Portfolio | | | 49,765 | | | | (19,605 | ) | | | 2,638 | | | | 0 | | | | 300 | |
| | | | | |
| | | $ | 95,023 | | | $ | 6,592 | | | $ | 11,676 | | | $ | 3,935 | | | $ | 875 | |
| | | | | | |
| Notes to financial statements | | Target Date Retirement Funds | | | 129 | |
| | | | | | | | | | | | | | | | |
| | | | |
| Dynamic Target 2045 Fund | | Net realized gains
(losses) on
affiliated
Underlying
Funds | | | Capital gain
distributions
from
affiliated
Underlying
Funds | | | Net change in
unrealized
gains (losses)
on affiliated
Underlying
Funds | | | Dividends from
affiliated
Underlying
Funds | |
| | | | |
Investment Companies | | | | | | | | | | | | | | | | |
Bond Funds | | | | | | | | | | | | | | | | |
Wells Fargo International Bond Fund Class R6 | | $ | 27 | | | $ | 0 | | | $ | (111 | ) | | $ | 0 | |
| | | | |
Wells Fargo Short-Term Bond Fund Institutional Class | | | (184 | ) | | | 0 | | | | (571 | ) | | | 1,069 | |
| | | | |
Wells Fargo Strategic Income Fund Institutional Class | | | (43 | ) | | | 0 | | | | (417 | ) | | | 1,872 | |
| | | | |
Stock Funds | | | | | | | | | | | | | | | | |
Wells Fargo Diversified International Fund Class R6 | | | 5,506 | | | | 0 | | | | 34,203 | | | | 18,842 | |
| | | | |
Wells Fargo Emerging Markets Equity Income Fund Class R6 | | | 3,702 | | | | 0 | | | | 19,644 | | | | 6,838 | |
| | | | |
Wells Fargo Endeavor Select Fund Institutional Class | | | (32,223 | ) | | | 65,635 | | | | 57,350 | | | | 443 | |
| | | | |
Wells Fargo Enterprise Fund Class R6 | | | 2,528 | | | | 25,705 | | | | 15,530 | | | | 0 | |
| | | | |
Wells Fargo Intrinsic Value Fund Class R6 | | | (1,527 | ) | | | 19,485 | | | | 5,708 | | | | 2,505 | |
| | | | |
Wells Fargo Premier Large Company Growth Fund Class R6 | | | (3,059 | ) | | | 83,137 | | | | 10,382 | | | | 0 | |
| | | | |
Wells Fargo Special Mid Cap Value Fund Class R6 | | | 629 | | | | 9,202 | | | | (74 | ) | | | 2,858 | |
| | | | |
| | | $ | (24,644 | ) | | $ | 203,164 | | | $ | 141,644 | | | $ | 34,427 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Dynamic Target 2045 Fund | | Net realized gains
(losses) on
securities
transactions
allocated from
affiliated Master
Portfolios | | | Net change in
unrealized gains
(losses) on
securities
transactions
allocated from
affiliated Master
Portfolios | | | Dividends
allocated
from
affiliated
Master
Portfolios | | | Interest allocated
from affiliated
Master Portfolios | | | Affiliated income
allocated from
affiliated Master
Portfolios | |
| | | | | |
Affiliated Master Portfolios | | | | | | | | | | | | | | | | | | | | |
Wells Fargo C&B Large Cap Value Portfolio | | $ | 18,273 | | | $ | (4,518 | ) | | $ | 4,115 | | | $ | 0 | | | $ | 198 | |
| | | | | |
Wells Fargo Core Bond Portfolio | | | (723 | ) | | | (1,482 | ) | | | 0 | | | | 2,000 | | | | 43 | |
| | | | | |
Wells Fargo Large Company Value Portfolio | | | 16,835 | | | | 3,024 | | | | 3,932 | | | | 4 | | | | 49 | |
| | | | | |
Wells Fargo Real Return Portfolio | | | 230 | | | | (554 | ) | | | 192 | | | | 777 | | | | 12 | |
| | | | | |
Wells Fargo Small Company Growth Portfolio | | | 11,842 | | | | 30,991 | | | | 761 | | | | 0 | | | | 254 | |
| | | | | |
Wells Fargo Small Company Value Portfolio | | | 50,385 | | | | (19,818 | ) | | | 2,656 | | | | 0 | | | | 303 | |
| | | | | |
| | | $ | 96,842 | | | $ | 7,643 | | | $ | 11,656 | | | $ | 2,781 | | | $ | 859 | |
| | | | | | | | | | | | | | | | |
| | | | |
| Dynamic Target 2050 Fund | | Net realized gains
(losses) on
affiliated
Underlying
Funds | | | Capital gain
distributions
from
affiliated
Underlying
Funds | | | Net change in
unrealized
gains (losses)
on affiliated
Underlying
Funds | | | Dividends from
affiliated
Underlying
Funds | |
| | | | |
Investment Companies | | | | | | | | | | | | | | | | |
Bond Funds | | | | | | | | | | | | | | | | |
Wells Fargo International Bond Fund Class R6 | | $ | 34 | | | $ | 0 | | | $ | (82 | ) | | $ | 0 | |
| | | | |
Wells Fargo Short-Term Bond Fund Institutional Class | | | (185 | ) | | | 0 | | | | (512 | ) | | | 984 | |
| | | | |
Wells Fargo Strategic Income Fund Institutional Class | | | (48 | ) | | | 0 | | | | (366 | ) | | | 1,723 | |
| | | | |
Stock Funds | | | | | | | | | | | | | | | | |
Wells Fargo Diversified International Fund Class R6 | | | 5,150 | | | | 0 | | | | 33,811 | | | | 18,688 | |
| | | | |
Wells Fargo Emerging Markets Equity Income Fund Class R6 | | | 2,639 | | | | 0 | | | | 20,223 | | | | 6,787 | |
| | | | |
Wells Fargo Endeavor Select Fund Institutional Class | | | (31,766 | ) | | | 64,899 | | | | 56,912 | | | | 438 | |
| | | | |
Wells Fargo Enterprise Fund Class R6 | | | 2,322 | | | | 25,481 | | | | 15,588 | | | | 0 | |
| | | | |
Wells Fargo Intrinsic Value Fund Class R6 | | | (1,515 | ) | | | 19,302 | | | | 5,620 | | | | 2,482 | |
| | | | |
Wells Fargo Premier Large Company Growth Fund Class R6 | | | (2,883 | ) | | | 82,205 | | | | 10,302 | | | | 0 | |
| | | | |
Wells Fargo Special Mid Cap Value Fund Class R6 | | | 633 | | | | 9,113 | | | | (367 | ) | | | 2,830 | |
| | | | |
| | | $ | (25,619 | ) | | $ | 201,000 | | | $ | 141,129 | | | $ | 33,932 | |
| | | | |
| 130 | | Target Date Retirement Funds | | Notes to financial statements |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Dynamic Target 2050 Fund | | Net realized gains
(losses) on
securities
transactions
allocated from
affiliated Master
Portfolios | | | Net change in
unrealized gains
(losses) on
securities
transactions
allocated from
affiliated Master
Portfolios | | | Dividends
allocated
from
affiliated
Master
Portfolios | | | Interest allocated
from affiliated
Master Portfolios | | | Affiliated income
allocated from
affiliated Master
Portfolios | |
| | | | | |
Affiliated Master Portfolios | | | | | | | | | | | | | | | | | | | | |
Wells Fargo C&B Large Cap Value Portfolio | | $ | 18,485 | | | $ | (5,002 | ) | | $ | 4,094 | | | $ | 0 | | | $ | 196 | |
| | | | | |
Wells Fargo Core Bond Portfolio | | | (580 | ) | | | (1,452 | ) | | | 0 | | | | 1,846 | | | | 40 | |
| | | | | |
Wells Fargo Large Company Value Portfolio | | | 16,849 | | | | 2,714 | | | | 3,917 | | | | 4 | | | | 49 | |
| | | | | |
Wells Fargo Real Return Portfolio | | | 269 | | | | (573 | ) | | | 176 | | | | 716 | | | | 11 | |
| | | | | |
Wells Fargo Small Company Growth Portfolio | | | 11,994 | | | | 30,345 | | | | 754 | | | | 0 | | | | 251 | |
| | | | | |
Wells Fargo Small Company Value Portfolio | | | 50,131 | | | | (20,019 | ) | | | 2,631 | | | | 0 | | | | 301 | |
| | | | | |
| | | $ | 97,148 | | | $ | 6,013 | | | $ | 11,572 | | | $ | 2,566 | | | $ | 848 | |
| | | | | | | | | | | | | | | | |
| | | | |
| Dynamic Target 2055 Fund | | Net realized gains
(losses) on
affiliated
Underlying
Funds | | | Capital gain
distributions
from
affiliated
Underlying
Funds | | | Net change in
unrealized
gains (losses)
on affiliated
Underlying
Funds | | | Dividends from
affiliated
Underlying
Funds | |
| | | | |
Investment Companies | | | | | | | | | | | | | | | | |
Bond Funds | | | | | | | | | | | | | | | | |
Wells Fargo International Bond Fund Class R6 | | $ | 60 | | | $ | 0 | | | $ | (95 | ) | | $ | 0 | |
| | | | |
Wells Fargo Short-Term Bond Fund Institutional Class | | | (185 | ) | | | 0 | | | | (504 | ) | | | 967 | |
| | | | |
Wells Fargo Strategic Income Fund Institutional Class | | | (44 | ) | | | 0 | | | | (355 | ) | | | 1,709 | |
| | | | |
Stock Funds | | | | | | | | | | | | | | | | |
Wells Fargo Diversified International Fund Class R6 | | | 5,899 | | | | 0 | | | | 33,424 | | | | 18,535 | |
| | | | |
Wells Fargo Emerging Markets Equity Income Fund Class R6 | | | 3,437 | | | | 0 | | | | 19,516 | | | | 6,734 | |
| | | | |
Wells Fargo Endeavor Select Fund Institutional Class | | | (32,321 | ) | | | 64,523 | | | | 57,105 | | | | 436 | |
| | | | |
Wells Fargo Enterprise Fund Class R6 | | | 2,618 | | | | 25,333 | | | | 15,204 | | | | 0 | |
| | | | |
Wells Fargo Intrinsic Value Fund Class R6 | | | (1,489 | ) | | | 19,191 | | | | 5,677 | | | | 2,468 | |
| | | | |
Wells Fargo Premier Large Company Growth Fund Class R6 | | | (3,033 | ) | | | 81,278 | | | | 10,266 | | | | 0 | |
| | | | |
Wells Fargo Special Mid Cap Value Fund Class R6 | | | 656 | | | | 9,060 | | | | (27 | ) | | | 2,814 | |
| | | | |
| | | $ | (24,402 | ) | | $ | 199,385 | | | $ | 140,211 | | | $ | 33,663 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Dynamic Target 2055 Fund | | Net realized gains
(losses) on
securities
transactions
allocated from
affiliated Master
Portfolios | | | Net change in
unrealized gains
(losses) on
securities
transactions
allocated from
affiliated Master
Portfolios | | | Dividends
allocated
from
affiliated
Master
Portfolios | | | Interest allocated
from affiliated
Master Portfolios | | | Affiliated income
allocated from
affiliated Master
Portfolios | |
| | | | | |
Affiliated Master Portfolios | | | | | | | | | | | | | | | | | | | | |
Wells Fargo C&B Large Cap Value Portfolio | | $ | 18,055 | | | $ | (4,462 | ) | | $ | 4,090 | | | $ | 0 | | | $ | 195 | |
| | | | | |
Wells Fargo Core Bond Portfolio | | | (664 | ) | | | (1,337 | ) | | | 0 | | | | 1,836 | | | | 39 | |
| | | | | |
Wells Fargo Large Company Value Portfolio | | | 16,447 | | | | 3,013 | | | | 4,987 | | | | 0 | | | | 48 | |
| | | | | |
Wells Fargo Real Return Portfolio | | | 234 | | | | (529 | ) | | | 182 | | | | 709 | | | | 11 | |
| | | | | |
Wells Fargo Small Company Growth Portfolio | | | 11,676 | | | | 30,314 | | | | 750 | | | | 0 | | | | 249 | |
| | | | | |
Wells Fargo Small Company Value Portfolio | | | 50,177 | | | | (19,878 | ) | | | 1,455 | | | | 0 | | | | 298 | |
| | | | | |
| | | $ | 95,925 | | | $ | 7,121 | | | $ | 11,464 | | | $ | 2,545 | | | $ | 840 | |
| | | | | | |
| Notes to financial statements | | Target Date Retirement Funds | | | 131 | |
| | | | | | | | | | | | | | | | |
| | | | |
| Dynamic Target 2060 Fund | | Net realized gains
(losses) on
affiliated
Underlying
Funds | | | Capital gain
distributions
from
affiliated
Underlying
Funds | | | Net change in
unrealized
gains (losses)
on affiliated
Underlying
Funds | | | Dividends from
affiliated
Underlying
Funds | |
| | | | |
Investment Companies | | | | | | | | | | | | | | | | |
Bond Funds | | | | | | | | | | | | | | | | |
Wells Fargo International Bond Fund Class R6 | | $ | 60 | | | $ | 0 | | | $ | (81 | ) | | $ | 0 | |
| | | | |
Wells Fargo Short-Term Bond Fund Institutional Class | | | (187 | ) | | | 0 | | | | (514 | ) | | | 981 | |
| | | | |
Wells Fargo Strategic Income Fund Institutional Class | | | (43 | ) | | | 0 | | | | (368 | ) | | | 1,734 | |
| | | | |
Stock Funds | | | | | | | | | | | | | | | | |
Wells Fargo Diversified International Fund Class R6 | | | 3,826 | | | | 0 | | | | 35,389 | | | | 18,978 | |
| | | | |
Wells Fargo Emerging Markets Equity Income Fund Class R6 | | | 2,637 | | | | 0 | | | | 20,470 | | | | 6,811 | |
| | | | |
Wells Fargo Endeavor Select Fund Institutional Class | | | (32,682 | ) | | | 66,007 | | | | 57,218 | | | | 446 | |
| | | | |
Wells Fargo Enterprise Fund Class R6 | | | 2,048 | | | | 25,918 | | | | 15,807 | | | | 0 | |
| | | | |
Wells Fargo Intrinsic Value Fund Class R6 | | | (1,666 | ) | | | 19,632 | | | | 5,678 | | | | 2,524 | |
| | | | |
Wells Fargo Premier Large Company Growth Fund Class R6 | | | (3,589 | ) | | | 83,608 | | | | 10,371 | | | | 0 | |
| | | | |
Wells Fargo Special Mid Cap Value Fund Class R6 | | | 508 | | | | 9,268 | | | | (106 | ) | | | 2,878 | |
| | | | |
| | | $ | (29,088 | ) | | $ | 204,433 | | | $ | 143,864 | | | $ | 34,352 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Dynamic Target 2060 Fund | | Net realized gains
(losses) on
securities
transactions
allocated from
affiliated Master
Portfolios | | | Net change in
unrealized gains
(losses) on
securities
transactions
allocated from
affiliated Master
Portfolios | | | Dividends
allocated
from
affiliated
Master
Portfolios | | | Interest allocated
from affiliated
Master Portfolios | | | Affiliated income
allocated from
affiliated Master
Portfolios | |
| | | | | |
Affiliated Master Portfolios | | | | | | | | | | | | | | | | | | | | |
Wells Fargo C&B Large Cap Value Portfolio | | $ | 18,492 | | | $ | (4,902 | ) | | $ | 4,166 | | | $ | 0 | | | $ | 198 | |
| | | | | |
Wells Fargo Core Bond Portfolio | | | (578 | ) | | | (1,465 | ) | | | 0 | | | | 1,863 | | | | 40 | |
| | | | | |
Wells Fargo Large Company Value Portfolio | | | 16,750 | | | | 2,697 | | | | 5,078 | | | | 0 | | | | 49 | |
| | | | | |
Wells Fargo Real Return Portfolio | | | 277 | | | | (581 | ) | | | 185 | | | | 719 | | | | 11 | |
| | | | | |
Wells Fargo Small Company Growth Portfolio | | | 12,005 | | | | 30,656 | | | | 760 | | | | 0 | | | | 252 | |
| | | | | |
Wells Fargo Small Company Value Portfolio | | | 50,731 | | | | (20,019 | ) | | | 1,484 | | | | 0 | | | | 302 | |
| | | | | |
| | | $ | 97,677 | | | $ | 6,386 | | | $ | 11,673 | | | $ | 2,582 | | | $ | 852 | |
5. INVESTMENT PORTFOLIO TRANSACTIONS
The Funds seek to achieve their investment objectives by investing some of their investable assets in affiliated Master Portfolios. Purchases and sales related to these investments have been calculated by aggregating the results of multiplying each Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. Purchases and sales in Underlying Funds in which the Funds invested are actual aggregate purchases and sales of those investments.
| | | | |
| 132 | | Target Date Retirement Funds | | Notes to financial statements |
Purchases and sales of investments, excluding short-term securities, for the nine months ended February 28, 2019 were as follows:
| | | | | | | | | | | | | | | | |
| | | Purchases at cost | | | Sales proceeds | |
| | | U.S.
government | | | Non-U.S.
government | | | U.S.
government | | | Non-U.S.
government | |
Dynamic Target Today Fund | | $ | 1,630,703 | | | $ | 1,040,119 | | | $ | 2,187,460 | | | $ | 6,295,065 | |
Dynamic Target 2015 Fund | | | 1,330,493 | | | | 1,177,211 | | | | 1,780,902 | | | | 6,780,370 | |
Dynamic Target 2020 Fund | | | 1,105,659 | | | | 1,281,555 | | | | 1,471,561 | | | | 7,196,376 | |
Dynamic Target 2025 Fund | | | 1,022,915 | | | | 1,861,309 | | | | 1,336,516 | | | | 9,031,602 | |
Dynamic Target 2030 Fund | | | 668,929 | | | | 1,691,246 | | | | 870,448 | | | | 8,550,627 | |
Dynamic Target 2035 Fund | | | 423,832 | | | | 1,602,585 | | | | 567,639 | | | | 8,128,260 | |
Dynamic Target 2040 Fund | | | 276,975 | | | | 1,617,988 | | | | 378,994 | | | | 8,188,083 | |
Dynamic Target 2045 Fund | | | 178,483 | | | | 1,632,019 | | | | 236,661 | | | | 8,142,763 | |
Dynamic Target 2050 Fund | | | 153,786 | | | | 1,606,645 | | | | 190,504 | | | | 8,066,473 | |
Dynamic Target 2055 Fund | | | 153,341 | | | | 1,591,147 | | | | 189,530 | | | | 7,952,404 | |
Dynamic Target 2060 Fund | | | 154,231 | | | | 1,628,006 | | | | 191,478 | | | | 8,130,282 | |
Purchases and sales of investments, excluding short-term securities, for the year ended May 31, 2018 were as follows:
| | | | | | | | | | | | | | | | |
| | | Purchases at cost | | | Sales proceeds | |
| | | U.S.
government | | | Non-U.S.
government | | | U.S.
government | | | Non-U.S.
government | |
Dynamic Target Today Fund | | $ | 3,967,286 | | | $ | 1,616,607 | | | $ | 3,789,879 | | | $ | 1,612,986 | |
Dynamic Target 2015 Fund | | | 3,232,854 | | | | 1,697,702 | | | | 3,088,093 | | | | 1,800,812 | |
Dynamic Target 2020 Fund | | | 2,707,270 | | | | 1,734,496 | | | | 2,586,351 | | | | 1,816,872 | |
Dynamic Target 2025 Fund | | | 2,390,510 | | | | 2,315,259 | | | | 2,283,742 | | | | 1,818,594 | |
Dynamic Target 2030 Fund | | | 1,586,423 | | | | 1,983,991 | | | | 1,515,598 | | | | 1,934,191 | |
Dynamic Target 2035 Fund | | | 981,529 | | | | 1,744,404 | | | | 937,755 | | | | 1,901,401 | |
Dynamic Target 2040 Fund | | | 626,035 | | | | 1,847,532 | | | | 598,015 | | | | 1,993,086 | |
Dynamic Target 2045 Fund | | | 433,226 | | | | 1,716,710 | | | | 413,872 | | | | 1,897,362 | |
Dynamic Target 2050 Fund | | | 391,082 | | | | 1,736,552 | | | | 373,586 | | | | 1,886,652 | |
Dynamic Target 2055 Fund | | | 384,652 | | | | 1,646,509 | | | | 367,443 | | | | 1,878,493 | |
Dynamic Target 2060 Fund | | | 392,677 | | | | 1,795,062 | | | | 375,109 | | | | 1,930,619 | |
6. DERIVATIVE TRANSACTIONS
During the nine months ended February 28, 2019 and the year ended May 31, 2018, the following Funds entered into futures contracts to gain market exposure to certain asset classes consistent with an active asset allocation strategy.
| | | | | | |
| Notes to financial statements | | Target Date Retirement Funds | | | 133 | |
During the nine months ended February 28, 2019 and the year ended May 31, 2018, the Funds had average notional amounts in futures contracts outstanding as follows:
| | | | | | | | | | | | | | | | |
| | | Nine months ended
February 28, 2019 | | | Year ended
May 31, 2018 | |
| | | Average notional balance | | | Average notional balance | |
| | | Long futures | | | Short futures | | | Long futures | | | Short futures | |
Dynamic Target Today Fund | | $ | 223,730 | | | $ | 167,640 | | | $ | 91,953 | | | $ | 350,395 | |
Dynamic Target 2015 Fund | | | 223,730 | | | | 186,029 | | | | 91,953 | | | | 350,395 | |
Dynamic Target 2020 Fund | | | 223,730 | | | | 202,236 | | | | 91,953 | | | | 350,756 | |
Dynamic Target 2025 Fund | | | 223,820 | | | | 236,921 | | | | 91,953 | | | | 350,756 | |
Dynamic Target 2030 Fund | | | 223,775 | | | | 221,452 | | | | 91,953 | | | | 351,232 | |
Dynamic Target 2035 Fund | | | 223,730 | | | | 223,131 | | | | 91,953 | | | | 351,232 | |
Dynamic Target 2040 Fund | | | 223,730 | | | | 229,904 | | | | 91,953 | | | | 351,232 | |
Dynamic Target 2045 Fund | | | 223,730 | | | | 239,410 | | | | 91,953 | | | | 351,232 | |
Dynamic Target 2050 Fund | | | 201,197 | | | | 239,684 | | | | 91,953 | | | | 351,232 | |
Dynamic Target 2055 Fund | | | 201,198 | | | | 237,516 | | | | 91,953 | | | | 351,232 | |
Dynamic Target 2060 Fund | | | 201,197 | | | | 240,027 | | | | 91,953 | | | | 351,232 | |
The cumulative unrealized gains (losses) reported in the table following each Portfolio of Investments represents the fair value of futures contracts at the end of the period. Only the current day’s variation margin as of February 28, 2019 is reported separately on the Statements of Assets and Liabilities.
The effect of derivative instruments on the Statements of Operations for the nine months ended February 28, 2019 were as follows for the Funds:
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Amount of realized gains
(losses) on derivatives | | | Change in unrealized gains
(losses) on derivatives | |
| | | Interest rate
contracts | | | Equity
contracts | | | Total | | | Interest rate
contracts | | | Equity
contracts | | | Total | |
Dynamic Target Today Fund | | $ | 266 | | | $ | 14,176 | | | $ | 14,442 | | | $ | 1,336 | | | $ | 8,069 | | | $ | 9,405 | |
Dynamic Target 2015 Fund | | | 266 | | | | 8,435 | | | | 8,701 | | | | 1,336 | | | | 8,069 | | | | 9,405 | |
Dynamic Target 2020 Fund | | | 1,596 | | | | 26,453 | | | | 28,049 | | | | 1,336 | | | | 8,069 | | | | 9,405 | |
Dynamic Target 2025 Fund | | | 266 | | | | 11,429 | | | | 11,695 | | | | 1,336 | | | | 7,977 | | | | 9,313 | |
Dynamic Target 2030 Fund | | | 1,596 | | | | 16,348 | | | | 17,944 | | | | 1,336 | | | | 8,010 | | | | 9,346 | |
Dynamic Target 2035 Fund | | | 1,596 | | | | 18,457 | | | | 20,053 | | | | 1,336 | | | | 8,058 | | | | 9,394 | |
Dynamic Target 2040 Fund | | | 1,596 | | | | 12,842 | | | | 14,438 | | | | 1,336 | | | | 8,069 | | | | 9,405 | |
Dynamic Target 2045 Fund | | | 1,596 | | | | 7,503 | | | | 9,099 | | | | 1,336 | | | | 8,069 | | | | 9,405 | |
Dynamic Target 2050 Fund | | | 1,596 | | | | (1,801 | ) | | | (205 | ) | | | 1,336 | | | | 8,069 | | | | 9,405 | |
Dynamic Target 2055 Fund | | | 266 | | | | 419 | | | | 685 | | | | 1,336 | | | | 8,058 | | | | 9,394 | |
Dynamic Target 2060 Fund | | | 266 | | | | (431 | ) | | | (165 | ) | | | 1,336 | | | | 8,069 | | | | 9,405 | |
| | | | |
| 134 | | Target Date Retirement Funds | | Notes to financial statements |
The effect of derivative instruments on the Statements of Operations for the year ended May 31, 2018 were as follows for the Funds:
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Amount of realized gains
(losses) on derivatives | | | Change in unrealized gains
(losses) on derivatives | |
| | | Interest rate
contracts | | | Equity
contracts | | | Total | | | Interest rate
contracts | | | Equity
contracts | | | Total | |
Dynamic Target Today Fund | | $ | 15,865 | | | $ | 765 | | | $ | 16,630 | | | $ | 393 | | | $ | (8,344 | ) | | $ | (7,951 | ) |
Dynamic Target 2015 Fund | | | 15,865 | | | | (4,287 | ) | | | 11,578 | | | | 393 | | | | (8,344 | ) | | | (7,951 | ) |
Dynamic Target 2020 Fund | | | 15,865 | | | | (7,269 | ) | | | 8,598 | | | | 393 | | | | (8,344 | ) | | | (7,951 | ) |
Dynamic Target 2025 Fund | | | 15,865 | | | | (15,392 | ) | | | 473 | | | | 393 | | | | (8,344 | ) | | | (7,951 | ) |
Dynamic Target 2030 Fund | | | 15,865 | | | | (10,926 | ) | | | 4,939 | | | | 393 | | | | (8,344 | ) | | | (7,951 | ) |
Dynamic Target 2035 Fund | | | 15,862 | | | | (10,666 | ) | | | 5,196 | | | | 393 | | | | (8,344 | ) | | | (7,951 | ) |
Dynamic Target 2040 Fund | | | 15,864 | | | | (11,550 | ) | | | 4,314 | | | | 393 | | | | (8,344 | ) | | | (7,951 | ) |
Dynamic Target 2045 Fund | | | 15,864 | | | | (11,955 | ) | | | 3,909 | | | | 393 | | | | (8,344 | ) | | | (7,951 | ) |
Dynamic Target 2050 Fund | | | 15,864 | | | | (11,955 | ) | | | 3,909 | | | | 393 | | | | (8,344 | ) | | | (7,951 | ) |
Dynamic Target 2055 Fund | | | 15,865 | | | | (11,956 | ) | | | 3,909 | | | | 393 | | | | (8,344 | ) | | | (7,951 | ) |
Dynamic Target 2060 Fund | | | 15,865 | | | | (11,960 | ) | | | 3,905 | | | | 393 | | | | (8,344 | ) | | | (7,951 | ) |
7. BANK BORROWINGS
The Trust (excluding the money market funds), Wells Fargo Master Trust and Wells Fargo Variable Trust are parties to a $280,000,000 revolving credit agreement whereby each Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Fund based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.25% of the unused balance is allocated to each participating fund.
For the nine months ended February 28, 2019, there were no borrowings by the Funds under the agreement.
8. CONCENTRATION RISK
As of February 28, 2019, the Funds were primarily owned by Wells Fargo. Investment by and/or voting activities of Wells Fargo with respect to its holdings in each Fund could have a material impact on the Fund. At February 28, 2019, Wells Fargo’s ownership of each Fund was as follows:
| | | | |
| | | % of
ownership | |
Dynamic Target Today Fund | | | 94.50 | % |
Dynamic Target 2015 Fund | | | 94.61 | |
Dynamic Target 2020 Fund | | | 90.68 | |
Dynamic Target 2025 Fund | | | 73.48 | |
Dynamic Target 2030 Fund | | | 84.05 | |
Dynamic Target 2035 Fund | | | 92.28 | |
Dynamic Target 2040 Fund | | | 93.39 | |
Dynamic Target 2045 Fund | | | 95.58 | |
Dynamic Target 2050 Fund | | | 98.04 | |
Dynamic Target 2055 Fund | | | 98.81 | |
Dynamic Target 2060 Fund | | | 96.36 | |
| | | | | | |
| Notes to financial statements | | Target Date Retirement Funds | | | 135 | |
9. DISTRIBUTIONS TO SHAREHOLDERS
The tax character of distributions paid during the nine months ended February 28, 2019 and years ended May 31, 2018 and May 31, 2017, were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Ordinary income | | | Long-term capital gain | |
| | | Nine months ended
February 28, 2019 | | | Year ended May 31 | | | Nine months ended
February 28, 2019 | | | Year ended May 31 | |
| | | 2018 | | | 2017 | | | 2018 | | | 2017 | |
| | | | | | |
Dynamic Target Today Fund | | $ | 103,816 | | | $ | 124,638 | | | $ | 89,747 | | | $ | 447,635 | | | $ | 77,742 | | | $ | 37,655 | |
| | | | | | |
Dynamic Target 2015 Fund | | | 97,930 | | | | 132,289 | | | | 84,348 | | | | 638,351 | | | | 104,688 | | | | 51,608 | |
| | | | | | |
Dynamic Target 2020 Fund | | | 93,092 | | | | 135,985 | | | | 81,703 | | | | 742,475 | | | | 119,592 | | | | 84,862 | |
| | | | | | |
Dynamic Target 2025 Fund | | | 85,930 | | | | 141,386 | | | | 75,783 | | | | 896,790 | | | | 140,619 | | | | 85,685 | |
| | | | | | |
Dynamic Target 2030 Fund | | | 87,398 | | | | 143,677 | | | | 71,023 | | | | 1,003,881 | | | | 153,250 | | | | 98,723 | |
| | | | | | |
Dynamic Target 2035 Fund | | | 77,170 | | | | 142,730 | | | | 69,856 | | | | 1,057,377 | | | | 160,698 | | | | 104,347 | |
| | | | | | |
Dynamic Target 2040 Fund | | | 74,543 | | | | 143,182 | | | | 68,012 | | | | 1,105,850 | | | | 166,696 | | | | 104,666 | |
| | | | | | |
Dynamic Target 2045 Fund | | | 71,516 | | | | 141,095 | | | | 67,637 | | | | 1,113,785 | | | | 165,198 | | | | 113,306 | |
| | | | | | |
Dynamic Target 2050 Fund | | | 66,824 | | | | 139,471 | | | | 67,465 | | | | 1,100,500 | | | | 165,838 | | | | 113,502 | |
| | | | | | |
Dynamic Target 2055 Fund | | | 70,308 | | | | 138,999 | | | | 66,802 | | | | 1,093,534 | | | | 165,868 | | | | 115,527 | |
| | | | | | |
Dynamic Target 2060 Fund | | | 67,610 | | | | 140,602 | | | | 67,235 | | | | 1,103,305 | | | | 166,454 | | | | 120,922 | |
As of February 28, 2019, the components of distributable earnings on a tax basis were as follows:
| | | | | | | | | | | | | | | | |
| | | Undistributed
ordinary
income | | | Undistributed
long-term
gain | | | Unrealized
gains | | | Post-October
capital losses
deferred | |
| | | | |
Dynamic Target Today Fund | | $ | 14,405 | | | $ | 1,371 | | | $ | 166,181 | | | $ | (87,488 | ) |
| | | | |
Dynamic Target 2015 Fund | | | 11,975 | | | | 1,824 | | | | 216,401 | | | | (145,523 | ) |
| | | | |
Dynamic Target 2020 Fund | | | 11,786 | | | | 1,608 | | | | 259,826 | | | | (168,787 | ) |
| | | | |
Dynamic Target 2025 Fund | | | 15,109 | | | | 1,048 | | | | 357,974 | | | | (284,653 | ) |
| | | | |
Dynamic Target 2030 Fund | | | 14,275 | | | | 221 | | | | 365,122 | | | | (296,675 | ) |
| | | | |
Dynamic Target 2035 Fund | | | 13,370 | | | | 0 | | | | 361,828 | | | | (299,985 | ) |
| | | | |
Dynamic Target 2040 Fund | | | 11,064 | | | | 0 | | | | 374,181 | | | | (320,002 | ) |
| | | | |
Dynamic Target 2045 Fund | | | 10,575 | | | | 0 | | | | 381,220 | | | | (342,401 | ) |
| | | | |
Dynamic Target 2050 Fund | | | 11,054 | | | | 0 | | | | 380,555 | | | | (354,399 | ) |
| | | | |
Dynamic Target 2055 Fund | | | 8,579 | | | | 0 | | | | 376,436 | | | | (350,811 | ) |
| | | | |
Dynamic Target 2060 Fund | | | 11,287 | | | | 0 | | | | 386,923 | | | | (357,640 | ) |
| | | | |
| 136 | | Target Date Retirement Funds | | Notes to financial statements |
Effective for all filings after November 4, 2018, the Securities and Exchange Commission eliminated the requirement to separately state the components of distributions to shareholders under U.S. generally accepted accounting principles. The amounts of distributions to shareholders for the year ended May 31, 2018 were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Class A | | | Class C | | | Class R4 | | | Class R6 | |
| | | Net
investment
income | | | Net
realized
gains | | | Net
investment
income | | | Net
realized
gains | | | Net
investment
income | | | Net
realized
gains | | | Net investment income | | | Net realized gains | |
| | | | | | | | |
Dynamic Target Today Fund | | $ | 4,850 | | | $ | 3,809 | | | $ | 1,052 | | | $ | 1,692 | | | $ | 2,184 | | | $ | 1,712 | | | $ | 108,190 | | | $ | 78,891 | |
| | | | | | | | |
Dynamic Target 2015 Fund | | | 8,846 | | | | 8,423 | | | | 1,047 | | | | 2,215 | | | | 2,194 | | | | 2,240 | | | | 108,793 | | | | 103,219 | |
| | | | | | | | |
Dynamic Target 2020 Fund | | | 7,535 | | | | 10,192 | | | | 1,007 | | | | 2,577 | | | | 2,209 | | | | 2,603 | | | | 109,522 | | | | 119,932 | |
| | | | | | | | |
Dynamic Target 2025 Fund | | | 12,080 | | | | 18,652 | | | | 1,171 | | | | 3,175 | | | | 2,210 | | | | 2,869 | | | | 109,652 | | | | 132,196 | |
| | | | | | | | |
Dynamic Target 2030 Fund | | | 13,281 | | | | 20,188 | | | | 1,009 | | | | 3,138 | | | | 2,182 | | | | 3,160 | | | | 108,392 | | | | 145,577 | |
| | | | | | | | |
Dynamic Target 2035 Fund | | | 7,626 | | | | 12,632 | | | | 1,038 | | | | 3,498 | | | | 2,221 | | | | 3,530 | | | | 110,280 | | | | 162,603 | |
| | | | | | | | |
Dynamic Target 2040 Fund | | | 8,615 | | | | 14,831 | | | | 1,011 | | | | 3,578 | | | | 2,202 | | | | 3,616 | | | | 109,428 | | | | 166,597 | |
| | | | | | | | |
Dynamic Target 2045 Fund | | | 4,463 | | | | 8,250 | | | | 1,054 | | | | 3,691 | | | | 2,245 | | | | 3,721 | | | | 111,422 | | | | 171,447 | |
| | | | | | | | |
Dynamic Target 2050 Fund | | | 3,240 | | | | 5,371 | | | | 1,049 | | | | 3,748 | | | | 2,244 | | | | 3,787 | | | | 111,382 | | | | 174,488 | |
| | | | | | | | |
Dynamic Target 2055 Fund | | | 2,435 | | | | 4,719 | | | | 1,052 | | | | 3,765 | | | | 2,247 | | | | 3,805 | | | | 111,534 | | | | 175,310 | |
| | | | | | | | |
Dynamic Target 2060 Fund | | | 4,687 | | | | 8,009 | | | | 1,040 | | | | 3,706 | | | | 2,237 | | | | 3,745 | | | | 111,089 | | | | 172,543 | |
The amounts of distributions to shareholders for the year ended May 31, 2017 were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Class A | | | Class C | | | Class R | | | Class R4 | | | Class R6 | |
| | | Net
investment
income | | | Net
realized
gains | | | Net
investment
income | | | Net
realized
gains | | | Net
investment
income | | | Net
realized
gains | | | Net investment income | | | Net realized gains | | | Net
investment
income | | | Net
realized
gains | |
| | | | | | | | | | |
Dynamic Target Today Fund | | $ | 1,103 | | | $ | 1,101 | | | $ | 466 | | | $ | 905 | | | $ | 978 | | | $ | 908 | | | $ | 1,528 | | | $ | 912 | | | $ | 77,490 | | | $ | 42,011 | |
| | | | | | | | | | |
Dynamic Target 2015 Fund | | | 3,172 | | | | 3,919 | | | | 381 | | | | 1,073 | | | | 890 | | | | 1,078 | | | | 1,433 | | | | 1,083 | | | | 73,063 | | | | 49,864 | |
| | | | | | | | | | |
Dynamic Target 2020 Fund | | | 3,832 | | | | 5,082 | | | | 379 | | | | 1,740 | | | | 835 | | | | 1,741 | | | | 1,365 | | | | 1,742 | | | | 69,718 | | | | 80,131 | |
| | | | | | | | | | |
Dynamic Target 2025 Fund | | | 4,226 | | | | 6,036 | | | | 391 | | | | 1,854 | | | | 782 | | | | 1,660 | | | | 1,310 | | | | 1,661 | | | | 67,137 | | | | 76,411 | |
| | | | | | | | | | |
Dynamic Target 2030 Fund | | | 3,917 | | | | 6,109 | | | | 241 | | | | 1,888 | | | | 735 | | | | 1,889 | | | | 1,261 | | | | 1,890 | | | | 64,869 | | | | 86,947 | |
| | | | | | | | | | |
Dynamic Target 2035 Fund | | | 2,616 | | | | 3,911 | | | | 223 | | | | 2,072 | | | | 715 | | | | 2,073 | | | | 1,239 | | | | 2,074 | | | | 63,850 | | | | 95,430 | |
| | | | | | | | | | |
Dynamic Target 2040 Fund | | | 2,407 | | | | 4,500 | | | | 203 | | | | 2,053 | | | | 695 | | | | 2,054 | | | | 1,219 | | | | 2,055 | | | | 62,937 | | | | 94,555 | |
| | | | | | | | | | |
Dynamic Target 2045 Fund | | | 1,818 | | | | 2,810 | | | | 202 | | | | 2,268 | | | | 694 | | | | 2,269 | | | | 1,219 | | | | 2,270 | | | | 62,946 | | | | 104,447 | |
| | | | | | | | | | |
Dynamic Target 2050 Fund | | | 1,082 | | | | 2,539 | | | | 218 | | | | 2,275 | | | | 709 | | | | 2,277 | | | | 1,233 | | | | 2,278 | | | | 63,547 | | | | 104,809 | |
| | | | | | | | | | |
Dynamic Target 2055 Fund | | | 1,051 | | | | 2,454 | | | | 217 | | | | 2,307 | | | | 708 | | | | 2,308 | | | | 1,232 | | | | 2,309 | | | | 63,518 | | | | 106,225 | |
| | | | | | | | | | |
Dynamic Target 2060 Fund | | | 1,034 | | | | 2,562 | | | | 216 | | | | 2,421 | | | | 709 | | | | 2,422 | | | | 1,235 | | | | 2,423 | | | | 63,663 | | | | 111,472 | |
10. INDEMNIFICATION
Under the Trust’s organizational documents, the officers and Trustees have been granted certain indemnification rights against certain liabilities that may arise out of performance of their duties to the Trust. Additionally, in the normal course of business, the Trust may enter into contracts with service providers that contain a variety of indemnification clauses. The Trust’s maximum exposure under these arrangements is dependent on future claims that may be made against the Funds and, therefore, cannot be estimated.
11. NEW ACCOUNTING PRONOUNCEMENT
In August 2018, FASB issued Accounting Standards Update (“ASU”) No. 2018-13, Fair Value Measurement (Topic 820)Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement. ASU 2018-13 updates the disclosure requirements for fair value measurements by modifying or removing certain disclosures and adding certain new disclosures. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted. Management has adopted the removal and modification of disclosures early, as permitted, and will adopt the additional new disclosures at the effective date.
| | | | | | |
| Report of Independent Registered Public Accounting Firm | | Target Date Retirement Funds | | | 137 | |
TO THE SHAREHOLDERS OF THE FUNDS AND BOARD OF TRUSTEES OF WELLS FARGO FUNDS TRUST:
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities of Wells Fargo Dynamic Target Today Fund, Wells Fargo Dynamic Target 2015 Fund, Wells Fargo Dynamic Target 2020 Fund, Wells Fargo Dynamic Target 2025 Fund, Wells Fargo Dynamic Target 2030 Fund, Wells Fargo Dynamic Target 2035 Fund, Wells Fargo Dynamic Target 2040 Fund, Wells Fargo Dynamic Target 2045 Fund, Wells Fargo Dynamic Target 2050 Fund, Wells Fargo Dynamic Target 2055 Fund, and Wells Fargo Dynamic Target 2060 Fund (collectively, the Funds), eleven of the funds constituting Wells Fargo Funds Trust, including the portfolios of investments, as of February 28, 2019, the related statements of operations for the period from June 1, 2018 to February 28, 2019 and for the year ended May 31, 2018, the statements of changes in net assets for the period from June 1, 2018 to February 28, 2019 and for each of the years in the two-year period ended May 31, 2018, and the related notes (collectively, the financial statements) and the financial highlights for each of the years or periods in the period from November 30, 2015 (commencement of operations) to February 28, 2019. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of February 28, 2019, the results of their operations for the period then ended and the year ended May 31, 2018, the changes in their net assets for the period then ended and for each of the years in the two-year period ended May 31, 2018, and the financial highlights for each of the years or periods in the period from the commencement of operations to February 28, 2019, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of February 28, 2019, by correspondence with the custodian and transfer agent, or by other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.
We have not been able to determine the specific year that we began serving as the auditor of one or more Wells Fargo Funds investment companies, however we are aware that we have served as the auditor of one or more Wells Fargo Funds investment companies since at least 1955.
Boston, Massachusetts
April 26, 2019
| | | | |
| 138 | | Target Date Retirement Funds | | Other information (unaudited) |
TAX INFORMATION
For corporate shareholders, pursuant to Section 854 of the Internal Revenue Code, the percentage of ordinary income dividends qualifying for the corporate dividends-received deduction was as follows for the fiscal year ended February 28, 2019:
| | | | |
| | | Dividends-received deduction | |
| |
Dynamic Target Today Fund | | | 9.93 | % |
| |
Dynamic Target 2015 Fund | | | 14.06 | % |
| |
Dynamic Target 2020 Fund | | | 17.60 | % |
| |
Dynamic Target 2025 Fund | | | 25.64 | % |
| |
Dynamic Target 2030 Fund | | | 26.06 | % |
| |
Dynamic Target 2035 Fund | | | 28.69 | % |
| |
Dynamic Target 2040 Fund | | | 31.43 | % |
| |
Dynamic Target 2045 Fund | | | 33.63 | % |
| |
Dynamic Target 2050 Fund | | | 35.21 | % |
| |
Dynamic Target 2055 Fund | | | 34.79 | % |
| |
Dynamic Target 2060 Fund | | | 35.03 | % |
Pursuant to Section 852 of the Internal Revenue Code, the following amounts were designated as a 20% rate gain distribution for the fiscal year ended February 28, 2019:
| | | | |
| | | 20% rate gain distribution | |
| |
Dynamic Target Today Fund | | $ | 447,635 | |
| |
Dynamic Target 2015 Fund | | | 638,351 | |
| |
Dynamic Target 2020 Fund | | | 742,474 | |
| |
Dynamic Target 2025 Fund | | | 896,790 | |
| |
Dynamic Target 2030 Fund | | | 1,003,881 | |
| |
Dynamic Target 2035 Fund | | | 1,057,377 | |
| |
Dynamic Target 2040 Fund | | | 1,105,850 | |
| |
Dynamic Target 2045 Fund | | | 1,113,785 | |
| |
Dynamic Target 2050 Fund | | | 1,100,500 | |
| |
Dynamic Target 2055 Fund | | | 1,093,534 | |
| |
Dynamic Target 2060 Fund | | | 1,103,305 | |
| | | | | | |
| Other information (unaudited) | | Target Date Retirement Funds | | | 139 | |
Pursuant to Section 854 of the Internal Revenue Code, the following amounts of income dividends paid during the fiscal year ended February 28, 2019 have been designated as qualified dividend income (QDI):
| | | | |
| | | QDI | |
| |
Dynamic Target Today Fund | | $ | 16,269 | |
| |
Dynamic Target 2015 Fund | | | 21,548 | |
| |
Dynamic Target 2020 Fund | | | 25,887 | |
| |
Dynamic Target 2025 Fund | | | 35,698 | |
| |
Dynamic Target 2030 Fund | | | 37,051 | |
| |
Dynamic Target 2035 Fund | | | 36,378 | |
| |
Dynamic Target 2040 Fund | | | 38,823 | |
| |
Dynamic Target 2045 Fund | | | 40,219 | |
| |
Dynamic Target 2050 Fund | | | 39,592 | |
| |
Dynamic Target 2055 Fund | | | 41,107 | |
| |
Dynamic Target 2060 Fund | | | 39,881 | |
For the fiscal year ended February 28, 2019, the following amounts have been designated as interest-related dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code:
| | | | |
| | | Interest-related dividends | |
| |
Dynamic Target Today Fund | | $ | 40,949 | |
| |
Dynamic Target 2015 Fund | | | 32,961 | |
| |
Dynamic Target 2020 Fund | | | 27,332 | |
| |
Dynamic Target 2025 Fund | | | 24,267 | |
| |
Dynamic Target 2030 Fund | | | 16,988 | |
| |
Dynamic Target 2035 Fund | | | 12,224 | |
| |
Dynamic Target 2040 Fund | | | 8,755 | |
| |
Dynamic Target 2045 Fund | | | 5,924 | |
| |
Dynamic Target 2050 Fund | | | 4,715 | |
| |
Dynamic Target 2055 Fund | | | 4,835 | |
| |
Dynamic Target 2060 Fund | | | 4,735 | |
| | | | |
| 140 | | Target Date Retirement Funds | | Other information (unaudited) |
For the fiscal year ended February 28, 2019, the following amounts have been designated as short-term capital gain dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code:
| | | | |
| | | Short-term capital gain
dividends | |
| |
Dynamic Target Today Fund | | $ | 5,106 | |
| |
Dynamic Target 2015 Fund | | | 7,566 | |
| |
Dynamic Target 2020 Fund | | | 9,891 | |
| |
Dynamic Target 2025 Fund | | | 0 | |
| |
Dynamic Target 2030 Fund | | | 16,549 | |
| |
Dynamic Target 2035 Fund | | | 16,861 | |
| |
Dynamic Target 2040 Fund | | | 20,302 | |
| |
Dynamic Target 2045 Fund | | | 19,833 | |
| |
Dynamic Target 2050 Fund | | | 16,535 | |
| |
Dynamic Target 2055 Fund | | | 18,811 | |
| |
Dynamic Target 2060 Fund | | | 17,216 | |
For the fiscal year ended February 28, 2019, the percentage of ordinary income distributed which was derived from interest on U.S. government securities was as follows:
| | | | |
| | | % of U.S. government income | |
| |
Dynamic Target Today Fund | | | 9.14 | % |
| |
Dynamic Target 2015 Fund | | | 7.59 | % |
| |
Dynamic Target 2020 Fund | | | 6.40 | % |
| |
Dynamic Target 2025 Fund | | | 5.82 | % |
| |
Dynamic Target 2030 Fund | | | 3.81 | % |
| |
Dynamic Target 2035 Fund | | | 3.01 | % |
| |
Dynamic Target 2040 Fund | | | 2.07 | % |
| |
Dynamic Target 2045 Fund | | | 1.25 | % |
| | | | | | |
| Other information (unaudited) | | Target Date Retirement Funds | | | 141 | |
PROXY VOTING INFORMATION
A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling1-800-222-8222, visiting our website at wfam.com, or visiting the SEC website at sec.gov. Information regarding how the proxies related to portfolio securities were voted during the most recent 12-month period ended June 30 is available on the website atwfam.comor by visiting the SEC website at sec.gov.
PORTFOLIO HOLDINGS INFORMATION
The complete portfolio holdings are publicly available on the website (wfam.com) on a one-month delayed basis. In addition, top ten holdings information (excluding derivative positions) is publicly available on the website on a monthly, seven-day or more delayed basis. Each Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q, which is available by visiting the SEC website at sec.gov. In addition, each Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and at regional offices in New York City, at 233 Broadway, and in Chicago, at 175 West Jackson Boulevard, Suite 900. Information about the Public Reference Room may be obtained by calling 1-800-SEC-0330.
| | | | |
| 142 | | Target Date Retirement Funds | | Other information (unaudited) |
BOARD OF TRUSTEES AND OFFICERS
Each of the Trustees and Officers1 listed in the table below acts in identical capacities for each fund in the Wells Fargo family of funds, which consists of 152 mutual funds comprising the Wells Fargo Funds Trust, Wells Fargo Variable Trust, Wells Fargo Master Trust and four closed-end funds (collectively the “Fund Complex”). This table should be read in conjunction with the Prospectus and the Statement of Additional Information2. The mailing address of each Trustee and Officer is 525 Market Street, 12th Floor, San Francisco, CA 94105. Each Trustee and Officer serves an indefinite term, however, each Trustee serves such term until reaching the mandatory retirement age established by the Trustees.
Independent Trustees
| | | | | | |
Name and year of birth | | Position held and length of service* | | Principal occupations during past five years or longer | | Current other public company or
investment company
directorships |
| | | |
William R. Ebsworth (Born 1957) | | Trustee, since 2015 | | Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). Mr. Ebsworth is a CFA® charterholder. | | N/A |
| | | |
Jane A. Freeman (Born 1953) | | Trustee, since 2015; Chair Liaison, since 2018 | | Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a Board Member of The Ruth Bancroft Garden (non-profit organization). She is also an inactive Chartered Financial Analyst. | | N/A |
| | | |
Isaiah Harris, Jr.3 (Born 1952) | | Trustee, since 2009; Audit Committee Chairman, since 2019 | | Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Child Evangelism Fellowship (non-profit). Mr. Harris is a certified public accountant (inactive status). | | CIGNA Corporation |
| | | |
Judith M. Johnson3 (Born 1949) | | Trustee, since 2008; Audit Committee Chairman, from 2009 to 2018 | | Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant. | | N/A |
| | | |
David F. Larcker (Born 1950) | | Trustee, since 2009 | | James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005. | | N/A |
| | | | | | |
| Other information (unaudited) | | Target Date Retirement Funds | | | 143 | |
| | | | | | |
Name and year of birth | | Position held and length of service* | | Principal occupations during past five years or longer | | Current other public company or
investment company
directorships |
| | | |
Olivia S. Mitchell (Born 1953) | | Trustee, since 2006; Nominating and Governance Committee Chairman, since 2018 | | International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993. | | N/A |
| | | |
Timothy J. Penny (Born 1951) | | Trustee, since 1996; Chairman, since 2018 | | President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007. | | N/A |
| | | |
James G. Polisson (Born 1959) | | Trustee, since 2018 | | Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | | N/A |
| | | |
Pamela Wheelock (Born 1959) | | Trustee, since 2018 | | Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010. | | N/A |
| * | Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable. |
| | | | |
| 144 | | Target Date Retirement Funds | | Other information (unaudited) |
Officers
| | | | | | |
Name and year of birth | | Position held and
length of service | | Principal occupations during past five years or longer | | |
| | | |
Andrew Owen (Born 1960) | | President, since 2017 | | Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014. | | |
| | | |
Jeremy DePalma1 (Born 1974) | | Treasurer, since 2012 | | Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010. | | |
| | | |
Alexander Kymn (Born 1973) | | Secretary and Chief Legal Officer, since 2018 | | Senior Company Counsel of Wells Fargo Bank, N.A. since 2018 (previously Senior Counsel from 2007 to 2018). Vice President of Wells Fargo Funds Management, LLC from 2008 to 2014. | | |
| | | |
Michael H. Whitaker (Born 1967) | | Chief Compliance Officer, since 2016 | | Senior Vice President and Chief Compliance Officer since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016. | | |
| | | |
David Berardi (Born 1975) | | Assistant Treasurer, since 2009 | | Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010. | | |
| 1 | Jeremy DePalma acts as Treasurer of 76 funds and Assistant Treasurer of 76 funds in the Fund Complex. |
| 2 | The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request, by calling1-800-260-5969 or by visiting the website atwfam.com. |
| 3 | Mr. Harris became Chairman of the Audit Committee effective January 1, 2019. |
| | | | | | |
| Appendix A (unaudited) | | Target Date Retirement Funds | | | 145 | |
SALES CHARGE REDUCTIONS AND WAIVERS FOR CERTAIN INTERMEDIARIES
Raymond James & Associates, Inc., Raymond James Financial Services & Raymond James affiliates (“Raymond James”)
Effective on or about March 1, 2019, shareholders purchasing Fund shares through a Raymond James platform or account will be eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in the Fund’s Prospectus or SAI.
Front-end Sales Load Waivers on Class A shares Available at Raymond James
| | • | | Shares purchased in an investment advisory program. |
| | • | | Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family). |
| | • | | Employees and registered representatives of Raymond James or its affiliates and their family members as designated by Raymond James. |
| | • | | Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement). |
| | • | | A shareholder in the fund’s Class C shares will have their shares automatically exchanged at net asset value to Class A shares (or the appropriate share class) of the fund if the shares are no longer subject to a CDSC and the exchange is in line with the policies and procedures of Raymond James. |
CDSC Waivers on Class A and C Shares Available at Raymond James
| | • | | Death or disability of the shareholder. |
| | • | | Shares sold as part of a systematic withdrawal plan as described in the Fund’s Prospectus. |
| | • | | Return of excess contributions from an IRA Account. |
| | • | | Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching age 70½ as described in the Fund’s prospectus. |
| | • | | Shares sold to pay Raymond James fees but only if the transaction is initiated by Raymond James. |
| | • | | Shares acquired through a right of reinstatement. |
Front-end Load Discounts Available at Raymond James: Breakpoints, and/or Rights of Accumulation
| | • | | Breakpoints as described in the Fund’s Prospectus. |
| | • | | Rights of accumulation which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser’s household at Raymond James. Eligible fund family assets not held at Raymond James may be included in the rights of accumulation calculation only if the shareholder notifies his or her financial advisor about such assets. |
| | | | |
| 146 | | Target Date Retirement Funds | | Appendix B (unaudited) |
On February 28, 2019, the Wells Fargo Dynamic Target Blended Indexes were composed of the following indexes:
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Wells Fargo
Dynamic
Target Today
Blended
Index | | | Wells Fargo
Dynamic
Target 2015
Blended
Index | | | Wells Fargo
Dynamic
Target 2020
Blended
Index | | | Wells Fargo
Dynamic
Target 2025
Blended
Index | | | Wells Fargo
Dynamic
Target 2030
Blended
Index | | | Wells Fargo
Dynamic
Target 2035
Blended
Index | |
| | | | | | |
Bloomberg Barclays U.S. Government Intermediate Bond Index | | | 5.00 | % | | | 4.13 | % | | | 2.93 | % | | | 1.19 | % | | | 0.26 | % | | | 0.00 | % |
| | | | | | |
Bloomberg Barclays U.S. Treasury Inflation Notes: 1-10 Year Index | | | 5.00 | % | | | 4.13 | % | | | 2.93 | % | | | 1.19 | % | | | 0.26 | % | | | 0.00 | % |
| | | | | | |
Bloomberg Barclays U.S. Aggregate ex-Corporate Index | | | 29.57 | % | | | 24.37 | % | | | 20.78 | % | | | 16.93 | % | | | 13.31 | % | | | 10.65 | % |
| | | | | | |
JP Morgan EMBI Global Diversified Index | | | 2.52 | % | | | 2.08 | % | | | 1.77 | % | | | 1.43 | % | | | 1.12 | % | | | 0.90 | % |
| | | | | | |
Wells Fargo Factor Enhanced Emerging Markets Index (Net) | | | 2.96 | % | | | 3.74 | % | | | 4.50 | % | | | 5.60 | % | | | 6.57 | % | | | 7.24 | % |
| | | | | | |
Wells Fargo Factor Enhanced International Index (Net) | | | 9.88 | % | | | 12.47 | % | | | 15.00 | % | | | 18.67 | % | | | 22.39 | % | | | 24.27 | % |
| | | | | | |
Wells Fargo Factor Enhanced Large Cap Index | | | 19.07 | % | | | 24.08 | % | | | 28.38 | % | | | 33.83 | % | | | 38.18 | % | | | 40.39 | % |
| | | | | | |
Wells Fargo Factor Enhanced Small Cap Index | | | 4.76 | % | | | 6.01 | % | | | 7.10 | % | | | 8.48 | % | | | 9.26 | % | | | 10.10 | % |
| | | | | | |
Wells Fargo U.S. High Yield Bond Index | | | 2.52 | % | | | 2.08 | % | | | 1.77 | % | | | 1.43 | % | | | 1.12 | % | | | 0.90 | % |
| | | | | | |
Wells Fargo U.S. Investment Grade Corporate Bond Index | | | 15.39 | % | | | 12.70 | % | | | 10.82 | % | | | 8.82 | % | | | 6.93 | % | | | 5.55 | % |
| | | | | | |
Wells Fargo U.S. REIT Index | | | 3.33 | % | | | 4.21 | % | | | 4.02 | % | | | 2.43 | % | | | 0.60 | % | | | 0.00 | % |
Average annual total returns (%) as of February 28, 2019
| | | | | | | | | | | | |
| | | 1 year | | | 5 year | | | 10 year | |
Bloomberg Barclays U.S. Aggregate ex-Corporate Index1 | | | 3.36 | | | | – | | | | – | |
Bloomberg Barclays U.S. Government Intermediate Bond Index2 | | | 3.07 | | | | 1.33 | | | | 2.02 | |
Bloomberg Barclays U.S. Treasury Inflation Notes: 1-10 Year Index3 | | | 2.20 | | | | 1.10 | | | | 3.05 | |
JP Morgan EMBI Global Diversified Index4 | | | 3.05 | | | | 5.43 | | | | 8.76 | |
Wells Fargo Factor Enhanced Emerging Markets Index (Net)5* | | | -10.60 | | | | – | | | | – | |
Wells Fargo Factor Enhanced International Index (Net)6* | | | -2.81 | | | | – | | | | – | |
Wells Fargo Factor Enhanced Large Cap Index7* | | | 8.11 | | | | – | | | | – | |
Wells Fargo Factor Enhanced Small Cap Index8* | | | 7.57 | | | | – | | | | – | |
Wells Fargo U.S. High Yield Bond Index9* | | | 3.89 | | | | – | | | | – | |
Wells Fargo U.S. Investment Grade Corporate Bond Index10* | | | 2.50 | | | | – | | | | – | |
Wells Fargo U.S. REIT Index11** | | | 19.82 | | | | – | | | | – | |
| * | The inception date of the index is April 2017. |
| ** | The inception of the index date is March 2017. |
| 1 | The Bloomberg Barclays U.S. Aggregate ex-Corporate Bond Index is a broad-based benchmark that includes Treasuries, government-related securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities (agency and non-agency). You cannot invest directly in an index. |
| 2 | The Bloomberg Barclays U.S. Government Intermediate Bond Index is an unmanaged index composed of U.S. government securities with maturities in the 1- to 10-year range, including securities issued by the U.S. Treasury and U.S. government agencies. You cannot invest directly in an index. |
| 3 | Bloomberg Barclays U.S. Treasury Inflation Notes: 1-10 Year Index measures the performance of the U.S. Treasury Inflation Protected Securities (TIPS) market with maturities more than 1 year and less than 10 years. Federal Reserve holdings of U.S. TIPS are not index eligible and are excluded from the face amount outstanding of each bond in the index. You cannot invest directly in an index. |
| 4 | The J.P. Morgan Emerging Markets Bond Index (“EMBI”) Global Diversified Index is a composite index representing an unleveraged investment in emerging market bonds that is broadly based across the spectrum of emerging market bonds and includes reinvestment of income (to represent real assets). You cannot invest directly in an index. |
| 5 | The Wells Fargo Factor Enhanced Emerging Markets Index (Net) is an index of equity securities that is derived from a universe of companies domiciled in various emerging markets countries and that possess, in aggregate, diversified exposure to investment factors (or characteristics) that are commonly tied to a stock’s potential for enhanced risk-adjusted returns relative to the market. You cannot invest directly in an index. |
| | | | | | |
| Appendix B (unaudited) | | Target Date Retirement Funds | | | 147 | |
| | | | | | | | | | | | | | | | | | | | | | | |
Wells Fargo
Dynamic
Target 2040
Blended
Index | | Wells Fargo
Dynamic
Target 2045
Blended
Index | | Wells Fargo
Dynamic
Target 2050
Blended
Index | | Wells Fargo
Dynamic
Target 2055
Blended
Index | | Wells Fargo
Dynamic
Target 2060
Blended
Index |
| | | | |
| | | 0.00 | % | | | | 0.00 | % | | | | 0.00 | % | | | | 0.00 | % | | | | 0.00 | % |
| | | | |
| | | 0.00 | % | | | | 0.00 | % | | | | 0.00 | % | | | | 0.00 | % | | | | 0.00 | % |
| | | | |
| | | 7.70 | % | | | | 4.74 | % | | | | 2.96 | % | | | | 2.96 | % | | | | 2.96 | % |
| | | | |
| | | 0.65 | % | | | | 0.40 | % | | | | 0.25 | % | | | | 0.25 | % | | | | 0.25 | % |
| | | | |
| | | 7.87 | % | | | | 8.41 | % | | | | 8.74 | % | | | | 8.74 | % | | | | 8.74 | % |
| | | | |
| | | 26.24 | % | | | | 28.12 | % | | | | 29.26 | % | | | | 29.26 | % | | | | 29.26 | % |
| | | | |
| | | 42.31 | % | | | | 44.38 | % | | | | 45.60 | % | | | | 45.60 | % | | | | 45.60 | % |
| | | | |
| | | 10.58 | % | | | | 11.09 | % | | | | 11.40 | % | | | | 11.40 | % | | | | 11.40 | % |
| | | | |
| | | 0.65 | % | | | | 0.40 | % | | | | 0.25 | % | | | | 0.25 | % | | | | 0.25 | % |
| | | | |
| | | 4.00 | % | | | | 2.46 | % | | | | 1.54 | % | | | | 1.54 | % | | | | 1.54 | % |
| | | | |
| | | 0.00 | % | | | | 0.00 | % | | | | 0.00 | % | | | | 0.00 | % | | | | 0.00 | % |
| 6 | The Wells Fargo Factor Enhanced International Index (Net) is an index of equity securities that is derived from a universe of companies domiciled in various developed markets outside the U.S. and that possess, in aggregate, diversified exposure to investment factors (or characteristics) that are commonly tied to a stock’s potential for enhanced risk-adjusted returns relative to the market. You cannot invest directly in an index. |
| 7 | The Wells Fargo Factor Enhanced Large Cap Index is an index of equity securities that is derived from a universe of the largest 1,000 companies in the U.S. market and that possess, in aggregate, diversified exposure to investment factors (or characteristics) that are commonly tied to a stock’s potential for enhanced risk-adjusted returns relative to the market. You cannot invest directly in an index. |
| 8 | The Wells Fargo Factor Enhanced Small Cap Index is an index of equity securities that is derived from a universe of the smallest 2,000 companies in the U.S. market and that possess, in aggregate, diversified exposure to investment factors (or characteristics) that are commonly tied to a stock’s potential for enhanced risk-adjusted returns relative to the market. You cannot invest directly in an index. |
| 9 | The Wells Fargo US High Yield Bond Index is a rules-based index designed to measure the performance of U.S. dollar denominated below investment-grade corporate debt issued by U.S. or foreign issuers that have a remaining maturity of at least one year, regardless of optionality; it is constructed to provide increased diversification and liquidity versus traditional passive high yield bond indexes. You cannot invest directly in an index. |
| 10 | The Wells Fargo US Investment Grade Corporate Bond Index is a rules-based index designed to measure the performance of publicly issued U.S. dollar denominated investment grade, fixed rate corporate bonds issued by U.S. or foreign issuers that have a remaining maturity of at least one year, regardless of optionality; it is constructed to provide increased diversification and liquidity versus traditional passive corporate credit indexes. You cannot invest directly in an index. |
| 11 | The Wells Fargo U.S. REIT Index is a float-adjusted, capitalization-weighted index of all applicable NYSE MKT or NASDAQ-listed classes of REIT stock that satisfy specified market capitalization and other eligibility requirements. You cannot invest directly in an index. |
This page is intentionally left blank.
For more information
More information about Wells Fargo Funds is available free upon request. To obtain literature, please write, visit the Fund’s website, or call:
Wells Fargo Funds
P.O. Box 219967
Kansas City, MO 64121-9967
Website: wfam.com
Individual investors: 1-800-222-8222
Retail investment professionals: 1-888-877-9275
Institutional investment professionals:1-866-765-0778
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Wells Fargo Funds. If this report is used for promotional purposes, distribution of the report must be accompanied or preceded by a current prospectus. Before investing, please consider the investment objectives, risks, charges, and expenses of the investment. For a current prospectus and, if available, a summary prospectus, containing this information, call1-800-222-8222 or visit the Fund’s website atwfam.com. Read the prospectus carefully before you invest or send money.
Wells Fargo Asset Management (WFAM) is the trade name for certain investment advisory/management firms owned by Wells Fargo & Company. These firms include but are not limited to Wells Capital Management Incorporated and Wells Fargo Funds Management, LLC. Certain products managed by WFAM entities are distributed by Wells Fargo Funds Distributor, LLC (a broker-dealer and Member FINRA).
This material is for general informational and educational purposes only and is NOT intended to provide investment advice or a recommendation of any kind—including a recommendation for any specific investment, strategy, or plan.
INVESTMENT PRODUCTS: NOT FDIC INSURED ◾ NO BANK GUARANTEE ◾ MAY LOSE VALUE
© 2019 Wells Fargo Funds Management, LLC. All rights reserved.
| | |
 | | 321619 04-19 ADTD/AR104 02-19 |
Annual Report
February 28, 2019
| ◾ | | Wells Fargo Emerging Markets Bond Fund |
| ◾ | | Wells Fargo Factor Enhanced Emerging Markets Fund |
| ◾ | | Wells Fargo Factor Enhanced International Fund |
| ◾ | | Wells Fargo Factor Enhanced Large Cap Fund |
| ◾ | | Wells Fargo Factor Enhanced Small Cap Fund |
| ◾ | | Wells Fargo High Yield Corporate Bond Fund |
| ◾ | | Wells Fargo International Government Bond Fund |
| ◾ | | Wells Fargo U.S. Core Bond Fund |
Beginning on January 1, 2021, as permitted by new regulations adopted by the Securities and Exchange Commission, paper copies of the Wells Fargo Funds’ annual and semi-annual shareholder reports issued after this date will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds’ website, and you will be notified by mail each time a report is posted and provided with a website address to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically at any time by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling 1-800-222-8222 or by enrolling at wellsfargo.com/advantagedelivery.
You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports; if you invest directly with the Fund, you can call 1-800-222-8222. Your election to receive reports in paper will apply to all Wells Fargo Funds held in your account with your financial intermediary or, if you are a direct investor, to all Wells Fargo Funds that you hold.
Reduce clutter. Save trees.
Sign up for electronic delivery of prospectuses and shareholder reports atwellsfargo.com/advantagedelivery
Contents
The views expressed and any forward-looking statements are as of February 28, 2019, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. Discussions of individual securities, or the markets generally, or any Wells Fargo Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements. The views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Funds Management, LLC and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.
INVESTMENT PRODUCTS: NOT FDIC INSURED ◾ NO BANK GUARANTEE ◾ MAY LOSE VALUE
| | | | |
| 2 | | Wells Fargo Funds | | Performance highlights (unaudited) |
Wells Fargo Emerging Markets Bond Fund1
Investment objective
The Fund seeks to replicate the total return of the JP Morgan EMBI Global Diversified Index, before fees and expenses.
Manager
Wells Fargo Funds Management, LLC
Subadviser for the affiliated master portfolio
Wells Fargo Asset Management (International), LLC
Portfolio managers
Michael Lee
Alex Perrin
Average annual total returns (%) as of February 28, 2019
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | Expense ratios2 (%) | |
| | | Inception date | | | 1 year | | | Since
inception | | | Gross | | | Net3 | |
| | | | | |
| Wells Fargo Emerging Markets Bond Fund (WBEMX) | | | 8-3-2017 | | | | 3.13 | | | | 2.16 | | | | 752.83 | | | | 0.00 | |
| | | | | |
| JP Morgan EMBI Global Diversified Index4 | | | – | | | | 3.05 | | | | 2.14 | * | | | – | | | | – | |
| | | | | |
| JP Morgan EMBI Global Index5 | | | – | | | | 2.43 | | | | 1.21 | * | | | – | | | | – | |
| * | | Return is based on the inception date of the Fund. |
Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted, which assumes the reinvestment of dividends and capital gains.
Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.
Shares are sold without a front-end sales charge or contingent deferred sales charge.
Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the Fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest rate changes and their impact on the Fund and its share price can be sudden and unpredictable. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). High-yield securities have a greater risk of default and tend to be more volatile than higher-rated debt securities. The Fund is exposed to foreign investment risk and focused portfolio risk. Consult the Fund’s prospectus for additional information on these and other risks.
Please see footnotes on page 3.
| | | | | | |
| Performance highlights (unaudited) | | Wells Fargo Funds | | | 3 | |
Wells Fargo Emerging Markets Bond Fund (continued)
|
| Growth of $10,000 investment as of Feburary 28, 20196 |
|
 |
| 1 | The Fund is a feeder fund that invests substantially all of its assets in a single affiliated master portfolio of Wells Fargo Master Trust with an identical investment objective. References to the investment activities of the Fund are intended to refer to the investment activities of the affiliated master portfolio in which it invests. |
| 2 | Reflects the expense ratios as stated in the most recent prospectus. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report. |
| 3 | The manager has contractually committed through June 30, 2019, to waive fees and/or reimburse expenses to the extent necessary to cap the expenses at the amount shown. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses from unaffiliated funds in which the affiliated master portfolio invests, and extraordinary expenses are excluded from the expense cap. All other acquired fund fees and expenses from the affiliated master portfolio are included in the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Without this cap, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectus. |
| 4 | The JP Morgan Emerging Markets Bond Index (EMBI) Global Diversified Index is a composite index representing an unleveraged investment in emerging market bonds that is broadly based across the spectrum of emerging market bonds and includes reinvestment of income (to represent real assets). You cannot invest directly in an index. |
| 5 | The JP Morgan Emerging Markets Bond Index (EMBI) Global Index tracks total returns for traded external debt instruments in the emerging markets. The index includes US dollar denominated Brady bonds, loans, and Eurobonds with an outstanding face value of at least $500 million. You cannot invest directly in an index. |
| 6 | The chart compares the performance of the Fund since inception with the JP Morgan EMBI Global Diversified Index and the JP Morgan EMBI Global Index. The chart assumes a hypothetical investment of $10,000 in the Fund and reflects all operating expenses of the Fund. |
| 7 | The ten largest holdings, excluding cash, cash equivalents and any money market funds, are calculated based on the value of the securities of the affiliated master portfolio allocable to the Fund divided by the total net assets of the Fund. Holdings are subject to change and may have changed since the date specified. |
| 8 | Amounts represent the portfolio composition of the affiliated master portfolio and are calculated based on the total long-term investments of the affiliated master portfolio. These amounts are subject to change and may have changed since the date specified. |
| | | | |
| 4 | | Wells Fargo Funds | | Performance highlights (unaudited) |
Wells Fargo Emerging Markets Bond Fund (continued)
MANAGER’S DISCUSSION
Fund highlights
| ∎ | | The Fund outperformed its benchmark, the JP Morgan EMBI Global Diversified Index, for the 12-month period that ended February 28, 2019. The Fund also outperformed the JP Morgan EMBI Global Index for the same period. |
| ∎ | | Performance of the Fund and the JP Morgan EMBI Global Diversified Index was particularly strong in the latter stage of the reporting period, helped by a dovish pivot from the U.S. Federal Reserve (Fed) amidst signs of a slowdown in global growth. |
| ∎ | | Several smaller African issuers were at the forefront of this late-stage recovery, with the bonds of Nigeria, Kenya, and Senegal doing particularly well. Languishing at the bottom of the returns table over the reporting period were Argentina, Zambia, and Mexico. Venezuela was wildly volatile but ended modestly positive. |
| ∎ | | With a number of new names from the Middle East being added to the benchmark, the Fund’s exposure to this region has risen. This has come largely at the expense of Eastern European issuers. |
Market commentary
Absolute returns for the Fund and its benchmark were positive over the reporting period, with the final four months particularly strong. The asset fixed-income class benefited from a more cautious tone on monetary policy from the Fed in late 2018, with policymakers signaling a pause in interest rate hikes in light of a turndown in the global economy. Geopolitical risk remained elevated throughout the reporting period, with trade fears at the top of the list. Some index constituents, such as Venezuela, faced fierce domestic upheaval but there was limited spillover into other emerging markets. The U.S. dollar traded higher in the second quarter of 2018 before locking into a more sideways range versus other major currencies.
Global fixed income is at an interesting juncture, with interest rates having risen in the U.S. while Japan and core Europe lag. With the peak in growth now behind us, however, it’s difficult to see any developed market central bank tightening monetary policy in the months to come. Global inflation remains tepid. Taken together, these factors suggest that the backdrop for fixed-income investing has turned more positive. This could support inflows into emerging markets. However, numerous geopolitical and trade risks warn that increased volatility could remain a feature of global markets. Investors will need to look through short-term noise and focus instead on longer-term value.
Investment approach
The investment objective of the Fund seeks to replicate, rather than precisely duplicate, the total return of the JP Morgan EMBI Global Diversified Index before fees and expenses through a sample replication process. The index is a composite index representing an unleveraged investment in emerging market bonds that is broadly based across the spectrum of emerging market bonds and includes reinvestment of income. One cannot invest directly in the index, and timing of cash flows and other practical issues may alter the Fund’s tracking error, which is a measure of how closely a portfolio tracks the index to which it is benchmarked.
Rather than purchase every security in the index, the underlying portfolio uses an optimization process that seeks to balance the replication of index performance with the minimization of security transaction costs. Using a stratified sampling technique, securities are selected and purchased in an effort to construct a portfolio that exhibits risk factors and other characteristics and performance of the index without incurring the level of transaction costs that would be associated with purchasing every security in the index.
Under normal circumstances, the Fund is expected to concentrate its investments in quality-rating segments and countries to approximately the same extent that the index is concentrated in such quality-rating segments or countries. The components of the index may change over time, and the index may or may not be concentrated in certain quality-rating segments or countries at any particular time. We continually monitor the performance and composition of the index and adjust the Fund’s portfolio as necessary to reflect changes to the index.
| | | | | | |
| Performance highlights (unaudited) | | Wells Fargo Funds | | | 5 | |
Wells Fargo Emerging Markets Bond Fund (continued)
| | | | |
| Ten largest holdings (%) as of February 28, 20197 | |
| |
Dominican Republic, 5.95%, 1-25-2027 | | | 2.58 | |
| |
Republic of Panama, 4.50%, 5-15-2047 | | | 1.38 | |
| |
Republic of Sri Lanka, 6.25%, 7-27-2021 | | | 1.37 | |
| |
Petroleos Mexicanos Company, 4.88%,1-24-2022 | | | 1.35 | |
| |
Republic of Colombia, 5.00%, 6-15-2045 | | | 1.33 | |
| |
Republic of Panama, 4.00%, 9-22-2024 | | | 1.31 | |
| |
Republic of Nigeria, 6.38%, 7-12-2023 | | | 1.28 | |
| |
Republic of Turkey, 5.63%, 3-30-2021 | | | 1.28 | |
| |
Republic of Turkey, 6.63%, 2-17-2045 | | | 1.25 | |
| |
Russian Federation, 7.50%, 3-31-2030 | | | 1.20 | |
|
| Portfolio composition as of February 28, 20198 |
|
|
Please see footnotes on page 3.
| | | | |
| 6 | | Wells Fargo Funds | | Performance highlights (unaudited) |
Wells Fargo Factor Enhanced Emerging Markets Fund1
Investment objective
The Fund seeks to replicate the total return of the Wells Fargo Factor Enhanced Emerging Markets Index (Net), before fees and expenses.
Manager
Wells Fargo Funds Management, LLC
Subadviser for the affiliated master portfolio
Wells Capital Management Incorporated
Portfolio managers
Dennis Bein, CFA®‡
Monisha Jayakumar
David Krider, CFA®‡
Harindra de Silva, Ph.D., CFA®‡
Average annual total returns (%) as of February 28, 2019
| | | | | | | | | | | | | | | | | | |
| | | | | | | | Expense ratios2 (%) | |
| | | Inception date | | 1 year | | | Since
inception | | | Gross | | | Net3 | |
| | | | | |
| Wells Fargo Factor Enhanced Emerging Markets Fund (WEEMX) | | 8-3-2017 | | | -10.64 | | | | -2.09 | | | | 728.50 | | | | 0.00 | |
| | | | | |
| Wells Fargo Factor Enhanced Emerging Markets Index (Net)4 | | – | | | -10.60 | | | | -1.47 | * | | | – | | | | – | |
| | | | | |
| MSCI Emerging Markets Index (Net)5 | | –
| | | -9.89 | | | | 1.30 | * | |
| –
|
| | | – | |
| * | | Return is based on the inception date of the Fund. |
Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted, which assumes the reinvestment of dividends and capital gains.
Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.
Shares are sold without a front-end sales charge or contingent deferred sales charge.
Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Foreign investments are especially volatile and can rise or fall dramatically due to differences in the political and economic conditions of the host country. These risks are generally intensified in emerging markets. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to focused portfolio risk, index tracking risk, and smaller-company securities risk. Consult the Fund’s prospectus for additional information on these and other risks.
Please see footnotes on page 7.
| | | | | | |
| Performance highlights (unaudited) | | Wells Fargo Funds | | | 7 | |
Wells Fargo Factor Enhanced Emerging Markets Fund (continued)
|
| Growth of $10,000 investment as of Feburary 28, 20196 |
|
|
| ‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
| 1 | The Fund is a feeder fund that invests substantially all of its assets in a single affiliated master portfolio of Wells Fargo Master Trust with an identical investment objective. References to the investment activities of the Fund are intended to refer to the investment activities of the affiliated master portfolio in which it invests. |
| 2 | Reflects the expense ratios as stated in the most recent prospectus. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report. |
| 3 | The manager has contractually committed through June 30, 2019, to waive fees and/or reimburse expenses to the extent necessary to cap expenses at the amount shown. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses from unaffiliated funds in which the affiliated master portfolio invests, and extraordinary expenses are excluded from the expense cap. All other acquired fund fees and expenses from the affiliated master portfolio are included in the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Without this cap, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectus. |
| 4 | The Wells Fargo Factor Enhanced Emerging Markets Index (Net) is an index of equity securities that is derived from a universe of companies domiciled in various emerging markets countries and that possess, in aggregate, diversified exposure to investment factors (or characteristics) that are commonly tied to a stock’s potential for enhanced risk-adjusted returns relative to the market. You cannot invest directly in an index. |
| 5 | The Morgan Stanley Capital International (MSCI) Emerging Markets (EM) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure large- and mid-cap equity market performance of emerging markets. The MSCI EM Index (Net) consists of the following 24 emerging markets country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, the Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey, and the United Arab Emirates. You cannot invest directly in an index. |
| 6 | The chart compares the performance of the Fund since inception with the Wells Fargo Factor Enhanced Emerging Markets Index (Net) and the MSCI EM Index (Net). The chart assumes a hypothetical investment of $10,000 in the Fund and reflects all operating expenses of the Fund. |
| 7 | The ten largest holdings, excluding cash, cash equivalents and any money market funds, are calculated based on the value of the securities of the affiliated master portfolio allocable to the Fund divided by the total net assets of the Fund. Holdings are subject to change and may have changed since the date specified. |
| 8 | Amounts represent the composition of the affiliated master portfolio and are calculated based on the total long-term investments of the affiliated master portfolio. These amounts are subject to change and may have changed since the date specified. |
| | | | |
| 8 | | Wells Fargo Funds | | Performance highlights (unaudited) |
Wells Fargo Factor Enhanced Emerging Markets Fund (continued)
MANAGER’S DISCUSSION
Fund highlights
| ∎ | | The Fund underperformed the Wells Fargo Factor Enhanced Emerging Markets Index (Net) as well as the MSCI Emerging Markets Index (Net) for the 12-month period that ended February 28, 2019. |
| ∎ | | The biggest detractors to performance for the Fund and the Wells Fargo Factor Enhanced Emerging Markets Index (Net) included tilts toward small-cap names and positioning within the financials and health care sectors. |
| ∎ | | The biggest contributors to performance for the Fund and the Wells Fargo Factor Enhanced Emerging Markets Index (Net) were our tilts toward low-beta and value stocks. |
Market commentary
The Wells Fargo Factor Enhanced Emerging Markets Index (Net) fell 10.60% over the past 12 months, due to fears over economic slowdowns in major emerging nations such as China and Korea, concerns over protectionist policies between the U.S. and China, and a strengthening U.S. dollar. The sell-off favored low-beta securities, and it also favored stocks that were cheap relative to classic valuation metrics like earnings and sales. As a result, our tilts toward low-beta and value factors helped our performance relative to the Wells Fargo Factor Enhanced Emerging Markets Index (Net). We were hurt by our tilts toward smaller stocks within the index, which tended to perform worse during the market decline. We were also negatively affected by performance in the health care and financials sectors.
Investment approach
The investment objective of the Fund seeks to replicate rather than precisely duplicate the total return of the index before fees and expenses. The Wells Fargo Factor Enhanced Emerging Markets Index (Net) seeks to incorporate active insights while preserving the benefits of a passively managed strategy, such as high transparency, low turnover, and low fees. The investment philosophy employed within the factor-enhanced strategy is that security returns are driven by exposure to certain key factors such as valuation, quality, price momentum, relative size, and risk and that market inefficiencies caused by patterns of investor behavior and economic change can be exploited to earn excess returns.
The index is built on a systematic, rules-based methodology designed to build a portfolio of stocks that has exposure to characteristics that we expect will maximize the portfolio’s risk-adjusted performance. One cannot invest directly in the index, and the timing of cash flows and other practical issues alter the Fund’s tracking error, which is a measure of how closely a portfolio tracks the index to which it is benchmarked. Under certain circumstances, such as the timing of cash flows and security trading, among other conditions, the Fund may outperform the index for periods of time, although the objective of the Fund is to replicate the return of the index before fund fees and expenses are deducted.
Rather than purchase every security in the index, the Fund uses an optimization process that seeks to balance the replication of index performance with the minimization of security transaction costs. Using a stratified sampling technique, securities are selected and purchased in order to construct a portfolio that exhibits risk factors and other characteristics of the index and seeks to match the performance of the index without incurring the level of transaction costs that would be associated with purchasing every security in the index.
Under normal circumstances, the Fund is expected to invest approximately the same percentage in each sector and country as the index does. The components of the index may change over time, and the index may or may not be concentrated in certain sectors or countries at any particular time. We continually monitor the performance and composition of the index and adjust the Fund’s portfolio as necessary to reflect changes to the index.
| | | | | | |
| Performance highlights (unaudited) | | Wells Fargo Funds | | | 9 | |
Wells Fargo Factor Enhanced Emerging Markets Fund (continued)
| | | | |
| Ten largest holdings (%) as of February 28, 20197 | |
| |
Industrial & Commercial Bank of China Limited H Shares | | | 1.76 | |
| |
China Mobile Limited | | | 1.65 | |
| |
Lukoil PJSC | | | 1.56 | |
| |
Itau Unibanco Holding SA | | | 1.36 | |
| |
Banco Bradesco SA | | | 1.12 | |
| |
Bank of China Limited H Shares | | | 1.05 | |
| |
Tata Consultancy Services Limited | | | 0.91 | |
| |
SK Hynix Incorporated | | | 0.88 | |
| |
Hon Hai Precision Industry | | | 0.84 | |
| |
Infosys Limited SP ADR | | | 0.83 | |
| | |
| Country allocation as of February 28, 20198 |
|
|
| | |
| Sector distribution as of February 28, 20198 |
|
 |
Please see footnotes on page 7.
| | | | |
| 10 | | Wells Fargo Funds | | Performance highlights (unaudited) |
Wells Fargo Factor Enhanced International Fund1
Investment objective
The Fund seeks to replicate the total return of the Wells Fargo Factor Enhanced International Index (Net), before fees and expenses.
Manager
Wells Fargo Funds Management, LLC
Subadviser for the affiliated master portfolio
Wells Capital Management Incorporated
Portfolio managers
Dennis Bein, CFA®‡
Monisha Jayakumar
David Krider, CFA®‡
Harindra de Silva, Ph.D., CFA®‡
Average annual total returns (%) as of February 28, 2019
| | | | | | | | | | | | | | | | | | |
| | | | | | | | Expense ratios2(%) | |
| | | Inception date | | 1 year | | | Since
inception | | | Gross | | | Net3 | |
| | | | | |
| Wells Fargo Factor Enhanced International Fund (WINTX) | | 8-3-2017 | | | -2.67 | | | | 1.45 | | | | 730.62 | | | | 0.00 | |
| | | | | |
| Wells Fargo Factor Enhanced International Index (Net)4 | | – | | | -2.81 | | | | 1.60 | * | | | – | | | | – | |
| | | | | |
| MSCI World ex-USA Index (Net)5 | | – | | | -5.30 | | | | 0.01 | * | | | | | | | | |
| * | | Return is based on the inception date of the Fund. |
Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted, which assumes the reinvestment of dividends and capital gains.
Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.
Shares are sold without a front-end sales charge or contingent deferred sales charge.
Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Foreign investments are especially volatile and can rise or fall dramatically due to differences in the political and economic conditions of the host country. These risks are generally intensified in emerging markets. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to focused portfolio risk, index tracking risk, and smaller company securities risk. Consult the Fund’s prospectus for additional information on these and other risks.
Please see footnotes on page 11.
| | | | | | |
| Performance highlights (unaudited) | | Wells Fargo Funds | | | 11 | |
Wells Fargo Factor Enhanced International Fund (continued)
|
| Growth of $10,000 investment as of Feburary 28, 20196 |
|
|
| ‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
| 1 | The Fund is a feeder fund that invests substantially all of its assets in a single affiliated master portfolio of Wells Fargo Master Trust with an identical investment objective. References to the investment activities of the Fund are intended to refer to the investment activities of the affiliated master portfolio in which it invests. |
| 2 | Reflects the expense ratios as stated in the most recent prospectus. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report. |
| 3 | The manager has contractually committed through June 30, 2019, to waive fees and/or reimburse expenses to the extent necessary to cap expenses at the amount shown. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses from unaffiliated funds in which the affiliated master portfolio invests, and extraordinary expenses are excluded from the expense cap. All other acquired fund fees and expenses from the affiliated master portfolio are included in the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Without this cap, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectus. |
| 4 | The Wells Fargo Factor Enhanced International Index (Net) is an index of equity securities that is derived from a universe of companies domiciled in various developed markets outside the U.S. and that possess, in aggregate, diversified exposure to investment factors (or characteristics) that are commonly tied to a stock’s potential for enhanced risk-adjusted returns relative to the market. You cannot invest directly in an index. |
| 5 | The Morgan Stanley Capital International (MSCI) World ex-USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed markets excluding the United States. The MSCI World ex-USA Index (Net) consists of the following 22 developed markets country indices: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom. You cannot invest directly in an index. |
| 6 | The chart compares the performance of the Fund since inception with the Wells Fargo Factor Enhanced International Index (Net) and the MSCI World ex-USA Index (Net). The chart assumes a hypothetical investment of $10,000 in the Fund and reflects all operating expenses of the Fund. |
| 7 | The ten largest holdings, excluding cash, cash equivalents and any money market funds, are calculated based on the value of the securities of the affiliated master portfolio allocable to the Fund divided by the total net assets of the Fund. Holdings are subject to change and may have changed since the date specified. |
| 8 | Amounts represent the composition of the affiliated master portfolio and are calculated based on the total long-term investments of the affiliated master portfolio. These amounts are subject to change and may have changed since the date specified. |
| | | | |
| 12 | | Wells Fargo Funds | | Performance highlights (unaudited) |
Wells Fargo Factor Enhanced International Fund (continued)
MANAGER’S DISCUSSION
Fund highlights
| ∎ | | The Fund outperformed the Wells Fargo Factor Enhanced International Index (Net) as well as the MSCI World ex-USA Index (Net) for the 12-month period that ended February 28, 2019. |
| ∎ | | The biggest contributor to performance was our tilt toward low-beta stocks. |
| ∎ | | The biggest detractors to performance included tilts toward small-cap names within the index and positioning within the financials and consumer staples sectors. |
Market commentary
The developed international stock universe was flat over the prior 12 months, though it experienced sharply negative performance prior to the market rally in the first two months of 2019. For the full period, the market experienced one of its most volatile years in the past decade, with choppiness increasing due to investor fears over rising interest rates; a slowing Chinese economy; and trade wars between the U.S., China, and Western Europe. International stocks also performed poorly for U.S.-based investors as a result of a consistently strengthening U.S. dollar. As a result, investors fled to low-beta stocks, and our tilts toward these issues helped our performance. We were hurt most by our tilt toward smaller names, which underperformed more than their mega-cap counterparts during the market sell-off in 2018. Moreover, our factor selection within the consumer staples and financials sectors hurt us the most of any market.
Investment approach
The investment objective of the Fund seeks to replicate rather than precisely duplicate the total return of the index before fees and expenses. The Wells Fargo Factor Enhanced International Index (Net) seeks to incorporate active insights while preserving the benefits of a passively managed strategy, such as high transparency, low turnover, and low fees. The investment philosophy employed within the factor-enhanced strategy is that security returns are driven by exposure to certain key factors such as valuation, quality, price momentum, relative size, and risk and that market inefficiencies caused by patterns of investor behavior and economic change can be exploited to earn excess returns.
The index is built on a systematic, rules-based methodology designed to build a portfolio of stocks that has exposure to characteristics that we expect will maximize the portfolio’s risk-adjusted performance. One cannot invest directly in the index, and the timing of cash flows and other practical issues alter the Fund’s tracking error, which is a measure of how closely a portfolio tracks the index to which it is benchmarked. Under certain circumstances, such as the timing of cash flows and security trading, among other conditions, the Fund may outperform the index for periods of time, although the objective of the Fund is to replicate the return of the index before fund fees and expenses are deducted.
Rather than purchase every security in the index, the Fund uses an optimization process that seeks to balance the replication of index performance with the minimization of security transaction costs. Using a stratified sampling technique, securities are selected and purchased in order to construct a portfolio that exhibits risk factors and other characteristics of the index and seeks to match the performance of the index without incurring the level of transaction costs that would be associated with purchasing every security in the index.
Under normal circumstances, the Fund is expected to invest approximately the same percentage in each sector as the index does. The components of the index may change over time, and the index may or may not be concentrated in certain sectors at any particular time. We continually monitor the performance and composition of the index and adjust the Fund’s portfolio as necessary to reflect changes to the index.
| | | | | | |
| Performance highlights (unaudited) | | Wells Fargo Funds | | | 13 | |
Wells Fargo Factor Enhanced International Fund (continued)
| | | | |
| Ten largest holdings (%) as of February 28, 20197 | |
| |
Roche Holding AG | | | 1.89 | |
| |
Royal Dutch Shell plc Class A | | | 1.40 | |
| |
Royal Bank of Canada | | | 1.09 | |
| |
AstraZeneca plc | | | 1.06 | |
| |
The Toronto-Dominion Bank | | | 1.02 | |
| |
GlaxoSmithKline plc | | | 0.98 | |
| |
Diageo plc | | | 0.97 | |
| |
Allianz AG | | | 0.93 | |
| |
Commonwealth Bank of Australia | | | 0.92 | |
| |
BHP Billiton Limited | | | 0.88 | |
| | |
| Country allocation as of February 28, 20198 |
|
|
|
| Sector distribution as of February 28, 20198 |
|
 |
Please see footnotes on page 11.
| | | | |
| 14 | | Wells Fargo Funds | | Performance highlights (unaudited) |
Wells Fargo Factor Enhanced Large Cap Fund1
Investment objective
The Fund seeks to replicate the total return of the Wells Fargo Factor Enhanced Large Cap Index, before fees and expenses.
Manager
Wells Fargo Funds Management, LLC
Subadviser for the affiliated master portfolio
Wells Capital Management Incorporated
Portfolio managers
Dennis Bein, CFA®‡
Ryan Brown, CFA®‡
Monisha Jayakumar
Harindra de Silva, Ph.D., CFA®‡
Average annual total returns (%) as of February 28, 2019
| | | | | | | | | | | | | | | | | | |
| | | | | | | | Expense ratios2 (%) | |
| | | Inception date | | 1 year | | | Since
inception | | | Gross | | | Net3 | |
| | | | | |
| Wells Fargo Factor Enhanced Large Cap Fund (WLECX) | | 8-3-2017 | | | 7.75 | | | | 10.74 | | | | 718.70 | | | | 0.00 | |
| | | | | |
| Wells Fargo Factor Enhanced Large Cap Index4 | | – | | | 8.11 | | | | 10.93 | * | | | – | | | | – | |
| | | | | |
| Russell 1000® Index5 | | – | | | 4.99 | | | | 10.16 | * | | | – | | | | – | |
| * | | Return is based on the inception date of the Fund. |
Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted, which assumes the reinvestment of dividends and capital gains.
Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.
Shares are sold without a front-end sales charge or contingent deferred sales charge.
Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to focused portfolio risk and index tracking risk. Consult the Fund’s prospectus for additional information on these and other risks.
Please see footnotes on page 15.
| | | | | | |
| Performance highlights (unaudited) | | Wells Fargo Funds | | | 15 | |
Wells Fargo Factor Enhanced Large Cap Fund (continued)
|
| Growth of $10,000 investment as of February 28, 20196 |
|
|
| ‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
| 1 | The Fund is a feeder fund that invests substantially all of its assets in a single affiliated master portfolio of Wells Fargo Master Trust with an identical investment objective. References to the investment activities of the Fund are intended to refer to the investment activities of the affiliated master portfolio in which it invests. |
| 2 | Reflects the expense ratios as stated in the most recent prospectus. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report. |
| 3 | The manager has contractually committed through June 30, 2019, to waive fees and/or reimburse expenses to the extent necessary to cap expenses at the amount shown. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses from unaffiliated funds in which the affiliated master portfolio invests, and extraordinary expenses are excluded from the expense cap. All other acquired fund fees and expenses from the affiliated master portfolio are included in the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Without this cap, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectus. |
| 4 | The Wells Fargo Factor Enhanced Large Cap Index is an index of equity securities that is derived from a universe of the largest 1,000 companies in the U.S. market and that possess, in aggregate, diversified exposure to investment factors (or characteristics) that are commonly tied to a stock’s potential for enhanced risk-adjusted returns relative to the market. You cannot invest directly in an index. |
| 5 | The Russell 1000® Index measures the performance of the 1,000 largest companies in the Russell 3000® Index, which represents approximately 92% of the total market capitalization of the Russell 3000® Index. You cannot invest directly in an index. |
| 6 | The chart compares the performance of the Fund since inception with the Wells Fargo Factor Enhanced Large Cap Index and the Russell 1000® Index. The chart assumes a hypothetical investment of $10,000 in the Fund and reflects all operating expenses of the Fund. |
| 7 | The Wells Fargo Large Cap USA Equity Index is designed to track the performance of securities in the large-cap segment of the U.S. equity market. You cannot invest directly in an index. |
| 8 | The ten largest holdings, excluding cash, cash equivalents and any money market funds, are calculated based on the value of the securities of the affiliated master portfolio allocable to the Fund divided by the total net assets of the Fund. Holdings are subject to change and may have changed since the date specified. |
| 9 | Amounts represent the sector distribution of the affiliated master portfolio and are calculated based on the total long-term investments of the affiliated master portfolio. These amounts are subject to change and may have changed since the date specified. |
| | | | |
| 16 | | Wells Fargo Funds | | Performance highlights (unaudited) |
Wells Fargo Factor Enhanced Large Cap Fund (continued)
MANAGER’S DISCUSSION
Fund highlights
| ∎ | | The Fund underperformed the Wells Fargo Factor Enhanced Large Cap Index for the 12-month period that ended February 28, 2019, while it outperformed the Russell 1000® Index for the same period. |
| ∎ | | The biggest detractors to performance included tilts toward value stocks and positioning in the information technology sector. |
| ∎ | | The biggest contributors to performance included tilts toward low-beta, high-quality stocks and positioning in the financials and health care sectors. |
Market commentary
U.S. equities, as measured by the Wells Fargo Large Cap USA Equity Index7, finished the period up 5.1% though most of this positive performance came during the market rally in the first two months of 2019. For the full period, the market experienced one of its most volatile years in the past decade, with choppiness increasing due to investor fears over rising interest rates; a slowing Chinese economy; and trade wars between the U.S., China, and Western Europe. As a result, investors fled toward less volatile, higher-quality stocks, and our tilts toward these issues helped our performance. In particular, these tilts helped us avoid big declines within the financials and health care sectors, segments of which tend to be more cyclical in nature. We were hurt most by our tilt away from the large technology names in the index, which rank poorly on size and value characteristics. Overall, our tilt toward value stocks was the largest detractor from performance.
Investment approach
The investment objective of the Fund seeks to replicate rather than precisely duplicate the total return of the Wells Fargo Factor Enhanced Large Cap Index before fees and expenses. The Wells Fargo Factor Enhanced Large Cap Index seeks to incorporate active insights while preserving the benefits of a passively managed strategy, such as high transparency, low turnover, and low fees. The investment philosophy employed within the factor-enhanced strategy is that security returns are driven by exposure to certain key factors such as valuation, quality, price momentum, relative size, and risk and that market inefficiencies caused by patterns of investor behavior and economic change can be exploited to earn excess returns.
The index is built on a systematic, rules-based methodology designed to build a portfolio of stocks that has exposure to characteristics that we expect will maximize the portfolio’s risk-adjusted performance. One cannot invest directly in the index, and the timing of cash flows and other practical issues alter the Fund’s tracking error, which is a measure of how closely a portfolio tracks the index to which it is benchmarked. Under certain circumstances, such as the timing of cash flows and security trading, among other conditions, the Fund may outperform the index for periods of time, although the objective of the Fund is to replicate the return of the index before fund fees and expenses are deducted.
Rather than purchase every security in the index, the Fund uses an optimization process that seeks to balance the replication of index performance with the minimization of security transaction costs. Using a stratified sampling technique, securities are selected and purchased in order to construct a portfolio that exhibits risk factors and other characteristics of the index and seeks to match the performance of the index without incurring the level of transaction costs that would be associated with purchasing every security in the index.
Under normal circumstances, the Fund is expected to invest approximately the same percentage in each sector as the index does. The components of the index may change over time, and the index may or may not be concentrated in certain sectors at any particular time. We continually monitor the performance and composition of the index and adjust the Fund’s portfolio as necessary to reflect changes to the index.
| | | | | | |
| Performance highlights (unaudited) | | Wells Fargo Funds | | | 17 | |
Wells Fargo Factor Enhanced Large Cap Fund (continued)
| | | | |
| Ten largest holdings (%) as of February 28, 20198 | |
| |
Exxon Mobil Corporation | | | 2.20 | |
| |
Alphabet Incorporated Class A | | | 2.19 | |
| |
Berkshire Hathaway Incorporated Class B | | | 1.81 | |
| |
Pfizer Incorporated | | | 1.65 | |
| |
The Boeing Company | | | 1.58 | |
| |
Verizon Communications Incorporated | | | 1.55 | |
| |
The Procter & Gamble Company | | | 1.53 | |
| |
AT&T Incorporated | | | 1.44 | |
| |
Merck & Company Incorporated | | | 1.38 | |
| |
Comcast Corporation Class A | | | 1.17 | |
|
| Sector distribution as of February 28, 20199 |
|
|
Please see footnotes on page 15.
| | | | |
| 18 | | Wells Fargo Funds | | Performance highlights (unaudited) |
Wells Fargo Factor Enhanced Small Cap Fund1
Investment objective
The Fund seeks to replicate the total return of the Wells Fargo Factor Enhanced Small Cap Index, before fees and expenses.
Manager
Wells Fargo Funds Management, LLC
Subadviser for the affiliated master portfolio
Wells Capital Management Incorporated
Portfolio managers
Dennis Bein, CFA®‡
Ryan Brown, CFA®‡
Monisha Jayakumar
Harindra de Silva, Ph.D., CFA®‡
Average annual total returns (%) as of February 28, 2019
| | | | | | | | | | | | | | | | | | |
| | | | | | | | Expense ratios2 (%) | |
| | | Inception date | | 1 year | | | Since
inception | | | Gross | | | Net3 | |
| | | | | |
| Wells Fargo Factor Enhanced Small Cap Fund (WFESX) | | 8-3-2017 | | | 7.23 | | | | 9.15 | | | | 717.31 | | | | 0.00 | |
| | | | | |
| Wells Fargo Factor Enhanced Small Cap Index4 | | – | | | 7.57 | | | | 9.06 | * | | | – | | | | – | |
| | | | | |
| Russell 2000® Index5 | | – | | | 5.58 | | | | 8.97 | * | | | – | | | | – | |
| * | | Return is based on the inception date of the Fund. |
Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted, which assumes the reinvestment of dividends and capital gains.
Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.
Shares are sold without a front-end sales charge or contingent deferred sales charge.
Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Smaller-company stocks tend to be more volatile and less liquid than those of larger companies. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to focused portfolio risk, and index tracking risk. Consult the Fund’s prospectus for additional information on these and other risks. Consult the Fund’s prospectus for additional information on these and other risks.
Please see footnotes on page 19.
| | | | | | |
| Performance highlights (unaudited) | | Wells Fargo Funds | | | 19 | |
Wells Fargo Factor Enhanced Small Cap Fund (continued)
|
| Growth of $10,000 investment as of Feburary 28, 20196 |
|
|
| ‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
| 1 | The Fund is a feeder fund that invests substantially all of its assets in a single affiliated master portfolio of Wells Fargo Master Trust with an identical investment objective. References to the investment activities of the Fund are intended to refer to the investment activities of the affiliated master portfolio in which it invests. |
| 2 | Reflects the expense ratios as stated in the most recent prospectus. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report. |
| 3 | The manager has contractually committed through June 30, 2019, to waive fees and/or reimburse expenses to the extent necessary to cap expenses at the amount shown. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses from unaffiliated funds in which the affiliated master portfolio invests, and extraordinary expenses are excluded from the expense cap. All other acquired fund fees and expenses from the affiliated master portfolio are included in the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Without this cap, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectus. |
| 4 | The Wells Fargo Factor Enhanced Small Cap Index is an index of equity securities that is derived from a universe of the smallest 2,000 companies in the U.S. market and that possess, in aggregate, diversified exposure to investment factors (or characteristics) that are commonly tied to a stock’s potential for enhanced risk-adjusted returns relative to the market. You cannot invest directly in an index. |
| 5 | The Russell 2000® Index measures the performance of the 2,000 smallest companies in the Russell 3000® Index, which represents approximately 8% of the total market capitalization of the Russell 3000® Index. You cannot invest directly in an index. |
| 6 | The chart compares the performance of the Fund since inception with the Wells Fargo Factor Enhanced Small Cap Index and the Russell 2000® Index. The chart assumes a hypothetical investment of $10,000 in the Fund and reflects all operating expenses of the Fund. |
| 7 | The Wells Fargo Small Cap USA Equity Index is designed to track the performance of securities in the small-cap segment of the U. S. equity market. You cannot invest directly in an index. |
| 8 | The ten largest holdings, excluding cash, cash equivalents and any money market funds, are calculated based on the value of the securities of the affiliated master portfolio allocable to the Fund divided by the total net assets of the Fund. Holdings are subject to change and may have changed since the date specified. |
| 9 | Amounts represent the sector distribution of the affiliated master portfolio and are calculated based on the total long-term investments of the affiliated master portfolio. These amounts are subject to change and may have changed since the date specified. |
| | | | |
| 20 | | Wells Fargo Funds | | Performance highlights (unaudited) |
Wells Fargo Factor Enhanced Small Cap Fund (continued)
MANAGER’S DISCUSSION
Fund highlights
| ∎ | | The Fund underperformed the Wells Fargo Factor Enhanced Small Cap Index for the 12-month period that ended February 28, 2019. The Fund outperformed the Russell 2000® Index for the same period. |
| ∎ | | The biggest detractors to performance included tilts toward value stocks and positioning in the information technology sector. |
| ∎ | | The biggest contributors to performance included tilts toward low-beta, high-quality stocks and positioning in the energy and health care sectors. |
Market commentary
Small-cap stocks, as measured by the Wells Fargo Small Cap USA Equity Index7, finished the period up 6.4%, though most of this positive performance came during the market rally in the first two months of 2019. For the full period, the market experienced one of its most volatile years in the past decade, with choppiness increasing due to investor fears over rising interest rates; a slowing Chinese economy; and trade wars between the U.S., China, and Western Europe. As a result, investors fled toward less volatile, higher-quality stocks, and our tilts toward these issues helped our performance. In particular, these tilts helped us avoid big declines within the energy and health care sectors, which tend to be more cyclical in nature. We were hurt most by our tilt away from the larger technology names within the Wells Fargo Small Cap USA Equity Index, which rank poorly on size and value characteristics. Overall, our tilt toward value stocks was the largest detractor from performance.
Investment approach
The investment objective of the Fund seeks to replicate rather than precisely duplicate the total return of the index before fees and expenses. The Wells Fargo Factor Enhanced Small Cap Index seeks to incorporate active insights while preserving the benefits of a passively managed strategy, such as high transparency, low turnover, and low fees. The investment philosophy employed within the factor-enhanced strategy is that security returns are driven by exposure to certain key factors such as valuation, quality, price momentum, relative size, and risk and that market inefficiencies caused by patterns of investor behavior and economic change can be exploited to earn excess returns.
The index is built on a systematic, rules-based methodology designed to build a portfolio of stocks that has exposure to characteristics that we expect will maximize the portfolio’s risk-adjusted performance. One cannot invest directly in the index, and the timing of cash flows and other practical issues alter the Fund’s tracking error, which is a measure of how closely a portfolio tracks the index to which it is benchmarked. Under certain circumstances, such as the timing of cash flows and security trading, among other conditions, the Fund may outperform the index for periods of time, although the objective of the Fund is to replicate the return of the index before fund fees and expenses are deducted.
Rather than purchase every security in the index, the Fund uses an optimization process that seeks to balance the replication of index performance with the minimization of security transaction costs. Using a stratified sampling technique, securities are selected and purchased in order to construct a portfolio that exhibits risk factors and other characteristics of the index and seeks to match the performance of the index without incurring the level of transaction costs that would be associated with purchasing every security in the index.
Under normal circumstances, the Fund is expected to invest approximately the same percentage in each sector as the index does. The components of the index may change over time, and the index may or may not be concentrated in certain sectors at any particular time. We continually monitor the performance and composition of the index and adjust the Fund’s portfolio as necessary to reflect changes to the index.
| | | | | | |
| Performance highlights (unaudited) | | Wells Fargo Funds | | | 21 | |
Wells Fargo Factor Enhanced Small Cap Fund (continued)
| | | | |
| Ten largest holdings (%) as of February 28, 20197 | |
| |
Tech Data Corporation | | | 0.28 | |
| |
Performance Food Group Company | | | 0.27 | |
| |
ACI Worldwide Incorporated | | | 0.25 | |
| |
Darling Ingredients Incorporated | | | 0.25 | |
| |
Omnicell Incorporated | | | 0.25 | |
| |
Armstrong World Industries Incorporated | | | 0.25 | |
| |
Cabot Microelectronics Corporation | | | 0.24 | |
| |
Science Applications International Corporation | | | 0.24 | |
| |
iRobot Corporation | | | 0.24 | |
| |
Community Bank System Incorporated | | | 0.24 | |
|
| Sector distribution as of February 28, 20198 |
|
 |
Please see footnotes on page 19.
| | | | |
| 22 | | Wells Fargo Funds | | Performance highlights (unaudited) |
Wells Fargo High Yield Corporate Bond Fund1
Investment objective
The Fund seeks to replicate the total return of the Wells Fargo U.S. High Yield Bond Index, before fees and expenses.
Manager
Wells Fargo Funds Management, LLC
Subadviser for the affiliated master portfolio
Wells Capital Management Incorporated
Portfolio managers
Thomas M. Price, CFA®‡
Janet S. Rilling, CFA®‡, CPA
Michael J. Schueller, CFA®‡
Average annual total returns (%) as of February 28, 2019
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | Expense ratios2 (%) | |
| | | Inception date | | 1 year | | | Since
inception | | | Gross | | | Net3 | |
| | | | | |
| Wells Fargo High Yield Corporate Bond Fund (WYCBX) | | 8-3-2017 | | | 3.92 | | | | 2.81 | | | | 761.12 | | | | 0.00 | |
| | | | | |
| Wells Fargo U.S. High Yield Bond Index4 | | – | | | 3.89 | | | | 3.22 | * | | | – | | | | – | |
| | | | | |
| Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index5 | | – | | | 4.31 | | | | 3.39 | * | | | – | | | | – | |
| * | | Return is based on the inception date of the Fund. |
Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted, which assumes the reinvestment of dividends and capital gains.
Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.
Shares are sold without a front-end sales charge or contingent deferred sales charge.
Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the Fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest-rate changes and their impact on the Fund and its share price can be sudden and unpredictable. The use of derivatives may reduce returns and/or increase volatility. High-yield securities have a greater risk of default and tend to be more volatile than higher-rated debt securities. The Fund is exposed to focus portfolio risk, index tracking risk, and foreign investment risk. Consult the Fund’s prospectus for additional information on these and other risks.
Please see footnotes on page 23.
| | | | | | |
| Performance highlights (unaudited) | | Wells Fargo Funds | | | 23 | |
Wells Fargo High Yield Corporate Bond Fund (continued)
|
| Growth of $10,000 investment as of Feburary 28, 20196 |
|
 |
| ‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
| 1 | The Fund is a feeder fund that invests substantially all of its assets in a single affiliated master portfolio of Wells Fargo Master Trust with an identical investment objective. References to the investment activities of the Fund are intended to refer to the investment activities of the affiliated master portfolio in which it invests. |
| 2 | Reflects the expense ratios as stated in the most recent prospectus. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report. |
| 3 | The manager has contractually committed through June 30, 2019, to waive fees and/or reimburse expenses to the extent necessary to cap expenses at the amount shown. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses from unaffiliated funds in which the affiliated master portfolio invests, and extraordinary expenses are excluded from the expense cap. All other acquired fund fees and expenses from the affiliated master portfolio are included in the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Without this cap, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectus. |
| 4 | The Wells Fargo U.S. High Yield Bond Index is a rules-based index designed to measure the performance of U.S. dollar denominated below investment-grade corporate debt issued by U.S. or foreign issuers that have a remaining maturity of at least one year, regardless of optionality; it is constructed to provide increased diversification and liquidity versus traditional passive high yield bond indices. You cannot invest directly in an index. |
| 5 | The Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index is an unmanaged, U.S. dollar-denominated, nonconvertible,non-investment-grade debt index and limits the exposure of each issuer to 2% of the total market value. The index consists of domestic corporate bonds rated Ba and below with a minimum outstanding amount of $150 million. You cannot invest directly in an index. |
| 6 | The chart compares the performance of the Fund since inception with the Wells Fargo U.S. High Yield Bond Index and the Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index. The chart assumes a hypothetical investment of $10,000 in the Fund and reflects all operating expenses of the Fund. |
| 7 | The ten largest holdings, excluding cash, cash equivalents and any money market funds, are calculated based on the value of the securities of the affiliated master portfolio allocable to the Fund divided by the total net assets of the Fund. Holdings are subject to change and may have changed since the date specified. |
| 8 | The credit quality distribution of portfolio holdings reflected in the chart is based on ratings from Standard & Poor’s, Moody’s Investors Service, and/or Fitch Ratings Ltd. Credit quality ratings apply to the underlying holdings of the affiliated master portfolio and not to the Fund itself. The percentages of the Fund’s portfolio with the ratings depicted in the chart are calculated based on the total market value of fixed income securities held by the affiliated master portfolio. If a security was rated by all three rating agencies, the middle rating was utilized. If rated by two of three rating agencies, the lower rating was utilized, and if rated by one of the rating agencies, that rating was utilized. Standard & Poor’s rates the creditworthiness of bonds, ranging from AAA (highest) to D (lowest). Ratings from A to CCC may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the rating categories. Standard & Poor’s rates the creditworthiness of short-term notes from SP-1 (highest) to SP-3 (lowest). Moody’s rates the creditworthiness of bonds, ranging from Aaa (highest) to C (lowest). Ratings Aa to B may be modified by the addition of a number 1 (highest) to 3 (lowest) to show relative standing within the ratings categories. Moody’s rates the creditworthiness of short-term U.S. tax-exempt municipal securities from MIG 1/VMIG 1 (highest) to SG (lowest). Fitch rates the creditworthiness of bonds, ranging from AAA (highest) to D (lowest). Credit quality distribution is subject to change and may have changed since the date specified. |
| | | | |
| 24 | | Wells Fargo Funds | | Performance highlights (unaudited) |
Wells Fargo High Yield Corporate Bond Fund (continued)
MANAGER’S DISCUSSION
Fund highlights
| ∎ | | The Fund outperformed its benchmark, the Wells Fargo U.S. High Yield Bond Index, for the 12-month period that ended February 28, 2019, and underperformed the Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index for the same period. |
| ∎ | | For the Fund and the Wells Fargo U.S. High Yield Bond Index, CCC-rated bonds tended to be detractors relative to other quality-rating sectors due to the substantial sell-off of risky assets in the fourth quarter of 2018. B-rated bonds were the best-performing rating category, followed closely by BB-rated bonds. |
| ∎ | | From a sector perspective, less-cyclical sectors, including pharmaceuticals, health care, cable satellite, and wireless, outperformed relative to other sectors in the Fund and the Wells Fargo U.S. High Yield Bond Index during the period. Energy-related sectors, including oil-field services and independent energy, underperformed the index. |
Market commentary
The first half of the reporting period was characterized by an extension of the historically low volatility that prevailed throughout 2017. Periods of low volatility in high-yield bond markets are common when the market is recovering from a spike in defaults such as that which occurred in 2015 and 2016 following the oil price crash that began in late 2014. The increase in defaults culled from the market certain bonds that were issues by some of the most over-leveraged and highest-cost structure companies, particularly in the energy sector. While energy remains a significant component of the high-yield index, it tends to now be populated with better-capitalized, lower-cost-structure companies, many of which were investment-grade-rated before entering high yield as fallen angels. These more resilient companies are not surprisingly less sensitive to oil price volatility. In fact, from the beginning of the reporting period through early October 2018, energy sectors significantly outperformed the Wells Fargo U.S. High Yield Bond Index as oil prices steadily rose.
In addition to the market stress released by the default cycle of 2015 and 2016, there are technical factors contributing to the sluggish market volatility. The size of the high-yield bond market reached a peak in 2014 and has been shrinking ever since. This was primarily driven by rising stars outnumbering fallen angels and because the majority of below-investment-grade issuance has shifted to the leveraged loan market. At the same time, the significant coupon income high-yield portfolios have generated has more than offset outflows and supported demand. These factors resulted in suppressed spread volatility for high-yield bonds and allowed valuations to grind tighter until the fourth quarter of 2018.
Despite all of the good news, high-yield spreads convincingly broke out of their tight trading range of between 300 basis points (bps; 100 bps equal 1.00%) and 400 bps of option-adjusted spread in November, reaching a recent wide of 537 bps on January 3, 2019. The move was so swift that spreads widened more than 200 bps in the three months leading up to that day. While volatility is the norm in high yield, it is less common for spreads to widen more than 200 bps within a three-month period. And when spreads do widen that far that fast, there is very often a sharp rally. This is, of course, exactly what happened as spreads tightened approximately 150 bps by the end of February 2019.
The lower-quality rating categories underperformed higher-quality categories during the fourth quarter sell-off and throughout the year, as is common when risk-off behavior drives weak high-yield performance. The worst-performing sectors were oil-field services and independent energy as oil prices collapsed from the mid-$70s per barrel to the low $40s. The best-performing sectors tended to be noncyclical and included pharmaceuticals, health care, cable satellite, and wireless. As expected, CCC-rated bonds have led the high-yield recovery since January 3, followed by B-rated bonds and then BB-rated bonds. However, CCC-rated outperformance has not fully offset its underperformance during the fourth-quarter sell-off, suggesting investors remain somewhat cautious about the high-yield market.
Investment approach
The investment objective of the Fund seeks to replicate rather than precisely duplicate the total return of the Wells Fargo U.S. High Yield Bond Index, before fees and expenses. The index is a rules-based index designed to measure the performance ofU.S.-dollar-denominated below-investment-grade corporate debt issued by U.S. or foreign issuers that have a remaining maturity
| | | | | | |
| Performance highlights (unaudited) | | Wells Fargo Funds | | | 25 | |
Wells Fargo High Yield Corporate Bond Fund (continued)
of at least one year, regardless of optionality. It is constructed to provide increased diversification and liquidity versus traditional passive high-yield bond indices. One cannot invest directly in the index. The timing of cash flows and other practical issues may alter the Fund’s tracking error, which is a measure of how closely a portfolio tracks the index to which it is benchmarked.
Rather than purchase every security in the index, the underlying portfolios use an optimization process that seeks to balance the replication of index performance with the minimization of security transaction costs. Using a stratified sampling technique, securities are selected and purchased in an effort to construct a portfolio that exhibits risk factors and other characteristics of the index and seeks to match the performance of the index without incurring the level of transaction costs that would be associated with purchasing every security in the index.
Under normal circumstances, the Fund is expected to invest approximately the same percentage in each industry as the index does. The components of an index may change over time, and the index may or may not be concentrated in an industry at any particular time. We continually monitor the performance and composition of the index and adjust the Fund’s portfolio as necessary to reflect any changes to the index.
| | | | |
| Ten largest holdings (%) as of February 28, 20197 | |
| |
Centurylink Incorporated, 7.50%, 4-1-2024 | | | 0.73 | |
| |
Alcoa Incorporated, 5.87%, 4-23-2022 | | | 0.72 | |
| |
Altice Finco, 8.13%, 1-15-2024 | | | 0.70 | |
| |
Clear Channel Worldwide Company Guar, 9.25%, 2-15-2024 | | | 0.60 | |
| |
CCO Holdings LLC, 5.88%, 5-1-2027 | | | 0.59 | |
| |
DISH DBS Corporation, 5.88%, 11-15-2024 | | | 0.58 | |
| |
United Rentals North America Incorporated,5.50%, 5-15-2027 | | | 0.57 | |
| |
Calpine Corporation, 5.38%, 1-15-2023 | | | 0.57 | |
| |
Netflix Incorporated, 4.88%, 4-15-2028 | | | 0.56 | |
| |
Standard Industries Incorporated, 5.00%, 2-15-2027 | | | 0.55 | |
| | |
| Credit quality as of February 28, 20198 |
|
|
Please see footnotes on page 23.
| | | | |
| 26 | | Wells Fargo Funds | | Performance highlights (unaudited) |
Wells Fargo International Government Bond Fund1
Investment objective
The Fund seeks to replicate the total return of the Wells Fargo International Government Bond Index, before fees and expenses.
Manager
Wells Fargo Funds Management, LLC
Subadviser for the affiliated master portfolio
Wells Fargo Asset Management (International), LLC
Portfolio managers
Michael Lee
Alex Perrin
Average annual total returns (%) as of February 28, 2019
| | | | | | | | | | | | | | | | | | |
| | | | | | | | Expense ratios2 (%) | |
| | | Inception date | | 1 year | | | Since
inception | | | Gross | | | Net3 | |
| | | | | |
| Wells Fargo International Government Bond Fund (WIGBX) | | 10-31-2017 | | | -3.44 | * | | | 0.58 | | | | 1,007.15 | | | | 0.00 | |
| | | | | |
| Wells Fargo International Government Bond Index4 | | – | | | -3.22 | | | | 0.75 | ** | | | – | | | | – | |
| | | | | |
| Bloomberg Barclays Global Treasury ex-US Total Return Index5 | | – | | | -3.82 | | | | 1.93 | ** | | | – | | | | – | |
| * | | Total return differs from the return in the Financial Highlights in this report. The total return presented is calculated based on the NAV at which the shareholder transactions were processed. The NAV and total return presented in the Financial Highlights reflects certain adjustments made to the net assets of the Fund that are necessary under U.S. generally accepted accounting principles. |
| ** | | Return is based on the inception date of the Fund. |
Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted, which assumes the reinvestment of dividends and capital gains.
Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.
Shares are sold without a front-end sales charge or contingent deferred sales charge.
Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the Fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest-rate changes and their impact on the Fund and its share price can be sudden and unpredictable. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). High-yield securities have a greater risk of default and tend to be more volatile than higher-rated debt securities. The Fund is exposed to foreign investment risk and focused portfolio risk. Consult the Fund’s prospectus for additional information on these and other risks.
Please see footnotes on page 27.
| | | | | | |
| Performance highlights (unaudited) | | Wells Fargo Funds | | | 27 | |
Wells Fargo International Government Bond Fund (continued)
|
| Growth of $10,000 investment as of Feburary 28, 20196 |
|
|
| 1 | The Fund is a feeder fund that invests substantially all of its assets in a single affiliated master portfolio of Wells Fargo Master Trust with an identical investment objective. References to the investment activities of the Fund are intended to refer to the investment activities of the affiliated master portfolio in which it invests. |
| 2 | Reflects the expense ratios as stated in the most recent prospectus. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report. |
| 3 | The manager has contractually committed through June 30, 2019, to waive fees and/or reimburse expenses to the extent necessary to cap expenses at the amount shown. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses from unaffiliated funds in which the affiliated master portfolio invests, and extraordinary expenses are excluded from the expense cap. All other acquired fund fees and expenses from the affiliated master portfolio are included in the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Without this cap, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectus. |
| 4 | The Wells Fargo International Government Bond Index is a rules-based index designed to track the performance of local currency government debt of both developed and emerging market countries excluding the United States. The Index is composed of fixed rate government bonds, issued by countries other than the U.S., having an investment grade rating or classified as investment grade by Bloomberg Index Services Limited. You cannot invest directly in an index. |
| 5 | The Bloomberg Barclays Global Treasury ex-US Total Return Index is a subset of the flagship Global Treasury Index that does not have any exposure to US debt. This multi-currency benchmark includes investment grade, fixed-rate bonds issued by governments in their native currencies. You cannot invest directly in an index. |
| 6 | The chart compares the performance of the Fund since inception with the Wells Fargo International Government Bond Index and the Bloomberg Barclays Global Treasury ex-US Total Return Index. The chart assumes a hypothetical investment of $10,000 in the Fund and reflects all operating expenses of the Fund. |
| 7 | The ten largest holdings, excluding cash, cash equivalents and any money market funds, are calculated based on the value of the securities of the affiliated master portfolio allocable to the Fund divided by the total net assets of the Fund. Holdings are subject to change and may have changed since the date specified. |
| 8 | Amounts represent the composition of the affiliated master portfolio and are calculated based on the total long-term investments of the affiliated master portfolio. These amounts are subject to change and may have changed since the date specified. |
| | | | |
| 28 | | Wells Fargo Funds | | Performance highlights (unaudited) |
Wells Fargo International Government Bond Fund (continued)
MANAGER’S DISCUSSION
Fund highlights
| ∎ | | The Fund underperformed its benchmark, the Wells Fargo International Government Bond Index, and outperformed the Bloomberg Barclays Global Treasury ex-US Total Return Index for the 12-month period that ended February 28, 2019. |
| ∎ | | Absolute returns on both the Fund and the index were negative over the reporting period, with the bulk of the pain being felt in the second quarter of 2018 as yields rose and the U.S. dollar strengthened. |
| ∎ | | The pressure of rising yields and a stronger dollar was most evident in Italy, where worries about government stability and bank debt drove bond yields consistently upwards. At the other end of the spectrum, slower housing price growth worked to support bond prices in Australia and New Zealand. |
| ∎ | | European currencies were the weakest link over the reporting period. The Swedish krona and Polish zloty fared particularly poorly, with the Australian dollar also under pressure. The Thai baht and Singaporean dollar saw the smallest losses versus the U.S. dollar. |
| ∎ | | Geopolitical risks were a source of intermittent volatility, and this is likely to remain the case, in our view. |
Market commentary
It’s been a volatile year for the global financial markets, with sentiment and risk appetite veering sharply between strength and weakness. This was particularly evident in the first half of the reporting period when bond yields tended to rise and the U.S. dollar tended to strengthen. Both of these factors were negative for overall Fund performance. The second half of the reporting period was notable for a steady retreat in economic growth optimism, which benefited sovereign bonds. This improvement in performance came about despite continued noise about trade wars and tariffs, elections, and the U.K.’s exit from the European Union.
Global fixed income is at an interesting juncture, with interest rates having risen in the U.S. while Japan and core Europe lag. With a peak in growth now behind us, however, it’s difficult to see any developed market central bank tightening monetary policy in the months to come. Global inflation remains tepid. Taken together, these factors suggest that the backdrop for fixed-income investing has turned more positive. However, numerous geopolitical and trade risks warn that increased volatility could remain a feature of global markets. Investors will need to look through short-term noise and focus instead on longer-term value.
Investment approach
The investment objective of the Fund rather than precisely duplicate the total return performance of the Wells Fargo International Government Bond Index before fees and expenses. The index is designed to track the performance of local currency government debt of both developed and emerging market countries excluding the U.S. and is composed of fixed rate, non-U.S.-dollar-denominated bonds having a remaining maturity of at least one year, regardless of optionality, and an investment-grade rating or classification as investment grade by Bloomberg Index Services Limited.
The index selects and weights securities by evaluating them on a country, currency, and individual basis. The evaluation is intended to create a subset of the Wells Fargo International Government Bond Index by screening securities based on current and consensus expected trends in market conditions, valuations, and currencies to arrive at projections for yield curves (and hence bond returns) and currency returns. The screening process combined with return, volatility, correlation, and constraint analysis determines the final index constituency based on projected value, to be replicated via a sampling process.
Rather than purchase every security in the index, the underlying portfolio uses an optimization process that seeks to balance the replication of index performance with the minimization of security transaction costs. Using a stratified sampling technique, securities are selected and purchased in an effort to construct a portfolio that exhibits risk factors and other characteristics of the index and seeks to match the performance of the index without incurring the level of transaction costs that would be associated with purchasing every security in the index. One cannot invest directly in the
| | | | | | |
| Performance highlights (unaudited) | | Wells Fargo Funds | | | 29 | |
Wells Fargo International Government Bond Fund (continued)
index, and the timing of cash flows and other practical issues may alter the Fund’s tracking error, which is a measure of how closely a portfolio tracks the index to which it is benchmarked.
Under normal circumstances, the Fund is expected to invest approximately the same percentage in quality-rating segments and countries as the index. The components of the index may change over time, and the index may or may not be concentrated in certain quality-rating segments or countries at any particular time. We continually monitor the performance and composition of the index and adjust the Fund’s portfolio as necessary to reflect changes to the index.
| | | | |
| Ten largest holdings (%) as of February 28, 20197 | |
| |
Japan, 0.10%, 11-1-2020 | | | 14.70 | |
| |
United Kingdom Gilt, 3.50%, 1-22-2045 | | | 6.28 | |
| |
Italy Buoni Poliennali del Tesoro, 5.50%, 9-1-2022 | | | 5.43 | |
| |
Spain Government Bond, 1.45%, 10-31-2027 | | | 4.15 | |
| |
Republic of Austria, 0.50%, 4-20-2027 | | | 3.97 | |
| |
Canada, 1.00%, 6-1-2027 | | | 3.94 | |
| |
France Government Bond, 1.25%, 5-25-2034 | | | 3.92 | |
| |
Australian Government Bond Series 153,2.25%, 11-21-2022 | | | 3.90 | |
| |
Netherlands Government Bond, 0.75%, 7-15-2027 | | | 3.87 | |
| |
France Government Bond, 2.00%, 5-25-2048 | | | 3.85 | |
|
| Country allocation as of February 28, 20198 |
|
 |
Please see footnotes on page 27.
| | | | |
| 30 | | Wells Fargo Funds | | Performance highlights (unaudited) |
Wells Fargo U.S. Core Bond Fund1
Investment objective
The Fund seeks to replicate the total return of the Wells Fargo U.S. Core Bond Index, before fees and expenses.
Manager
Wells Fargo Funds Management, LLC
Subadviser
Wells Capital Management Incorporated
Portfolio managers
Mark Clegg, CFA®‡
Christopher Y. Kauffman, CFA®‡
Janet S. Rilling, CFA®‡, CPA
Michael J. Schueller, CFA®‡
Michael Stanczyk
Noah M. Wise, CFA®‡
Average annual total returns (%) as of February 28, 2019
| | | | | | | | | | | | | | | | | | |
| | | | | | | | Expense ratios1 (%) | |
| | | Inception date | | 1 year | | | Since
inception | | | Gross | | | Net2 | |
| | | | | |
| Wells Fargo U.S. Core Bond Fund (WUSBX) | | 8-3-2017 | | | 3.06 | | | | 0.80 | | | | 762.71 | | | | 0.00 | |
| | | | | |
| Wells Fargo U.S. Core Bond Index4 | | – | | | 3.14 | | | | 0.89 | * | | | – | | | | – | |
| | | | | |
| Bloomberg Barclays U.S. Aggregate Bond Index5 | | – | | | 3.17 | | | | 0.92 | * | | | – | | | | – | |
| * | | Return is based on the inception date of the Fund. |
Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted, which assumes the reinvestment of dividends and capital gains.
Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.
Shares are sold without a front-end sales charge or contingent deferred sales charge.
Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the Fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest-rate changes and their impact on the Fund and its share price can be sudden and unpredictable. The use of derivatives may reduce returns and/or increase volatility. The Fund is exposed to focused portfolio risk, index tracking risk, and mortage- and asset-backed securities risk. Consult the Fund’s prospectus for additional information on these and other risks.
Please see footnotes on page 31.
| | | | | | |
| Performance highlights (unaudited) | | Wells Fargo Funds | | | 31 | |
Wells Fargo U.S. Core Bond Fund (continued)
|
| Growth of $10,000 investment as of Feburary 28, 20195 |
|
|
| ‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
| 1 | The Fund is a fund-of-funds that invests substantially all of its assets in two affiliated master portfolios of the Wells Fargo Master Trust in varying proportions. References to the investment activities of the Fund are intended to refer to the investment activities of the affiliated master portfolios in which it invests. |
| 2 | Reflects the expense ratios as stated in the most recent prospectus, which include the impact of 0.06% of acquired fund fees and expenses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report. |
| 3 | The manager has contractually committed through June 30, 2019, to waive fees and/or reimburse expenses to the extent necessary to cap expenses at the amount shown. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses from unaffiliated funds in which the affiliated master portfolios invest, and extraordinary expenses are excluded from the expense cap. All other acquired fund fees and expenses from the affiliated master portfolios are included in the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Without this cap, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectus. |
| 4 | The Wells Fargo U.S. Core Bond Index is a rules-based index designed to track the performance of fixed-rate, taxable, U.S. dollar denominated bonds, with an investment grade rating or classified as investment grade. The corporate bond component of the index is constructed to provide increased diversification and liquidity versus traditional passive corporate credit indexes. You cannot invest directly in an index. |
| 5 | The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
| 6 | The chart compares the performance of the Fund since inception with the Wells Fargo U.S. Core Bond Index and the Bloomberg Barclays U.S. Aggregate Bond Index. The chart assumes a hypothetical investment of $10,000 in the Fund and reflects all operating expenses of the Fund. |
| 7 | Holdings, excluding cash, cash equivalents and any money market funds, are calculated based on the value of the securities of the affiliated master portfolios allocable to the Fund divided by the total net assets of the Fund. Holdings are subject to change and may have changed since the date specified. |
| 8 | The credit quality distribution of portfolio holdings reflected in the chart is based on ratings from Standard & Poor’s, Moody’s Investors Service, and/or Fitch Ratings Ltd. Credit quality ratings apply to the underlying holdings of the affiliated master portfolios and not to the Fund itself. The percentages of the Fund’s portfolio with the ratings depicted in the chart are calculated based on the total market value of fixed income securities held by the affiliated master portfolio. If a security was rated by all three rating agencies, the middle rating was utilized. If rated by two of three rating agencies, the lower rating was utilized, and if rated by one of the rating agencies, that rating was utilized. Standard & Poor’s rates the creditworthiness of bonds, ranging from AAA (highest) to D (lowest). Ratings from A to CCC may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the rating categories. Standard & Poor’s rates the creditworthiness of short-term notes from SP-1 (highest) to SP-3 (lowest). Moody’s rates the creditworthiness of bonds, ranging from Aaa (highest) to C (lowest). Ratings Aa to B may be modified by the addition of a number 1 (highest) to 3 (lowest) to show relative standing within the ratings categories. Moody’s rates the creditworthiness of short-term U.S. tax-exempt municipal securities from MIG 1/VMIG 1 (highest) to SG (lowest). Fitch rates the creditworthiness of bonds, ranging from AAA (highest) to D (lowest). Credit quality distribution is subject to change and may have changed since the date specified. |
| | | | |
| 32 | | Wells Fargo Funds | | Performance highlights (unaudited) |
Wells Fargo U.S. Core Bond Fund (continued)
MANAGER’S DISCUSSION
Fund highlights
| ∎ | | The Fund underperformed its benchmark, the Wells Fargo U.S. Core Bond Index, as well as the Bloomberg Barclays U.S. Aggregate Bond Index for 12-month period that ended February 28, 2019. |
| ∎ | | Absolute returns were positive for the period for the Fund and the index, with noncorporate bonds outperforming the corporates. |
| ∎ | | The belly of the yield curve tended to outperform across sectors where rates were lower, as opposed to higher rates on the short end and flat rates further out the curve. |
| ∎ | | Within the corporate sector, financials outperformed utilities and industrials, and higher quality outperformed. Within the securitized sector, commercial mortgage-backed securities (CMBS) and mortgage pass-throughs outperformed asset-backed securities (ABS). |
Market commentary
Range-bound rates and heightened risk asset volatility characterized the period
Most of the reporting period was characterized by range-bound rates further out the curve and higher volatility in risk assets relative to the prior reporting period. The U.S. Federal Open Market Committee (FOMC) raised the federal funds rate four times during the period, with the range ending the period at 2.25% to 2.50%. In the January 2019 statement, the FOMC emphasized patience on rate hikes and published forecasts showing an expected slower path of future rate hikes. It is also tapering reinvestments and has indicated that it could be flexible in its balance sheet normalization.
While the U.S. Treasury yield curve steepened between 10- and 30-year maturities, it was flatter between short- and long-term maturities. This was consistent with the FOMC raising rates on the front end of the curve while longer-term maturities remained range-bound. The difference between the 2-year and 30-year U.S. Treasury yield ended the period at 57 basis points (bps; 100 bps equal 1.00%) from 88 bps at the beginning of the period, while the difference between the 10-year and 30-year U.S. Treasury yield ended the period at 36 bps from 26 bps at the outset of the period. Generally speaking, difference in the dimension of yield changes resulted in higher absolute returns in the belly of the curve where rates moved lower.
U.S. Treasuries outperformed other government-related sectors, with the exception of sovereign debt. Within corporates, BBB underperformed, led by a risk-off environment during the fourth quarter of 2018. Financials outperformed both industrials and utilities during the period. Within structured product, CMBS and mortgage-backed securities outperformed ABS.
Investment approach
The investment objective of the Fund seeks to replicate but not precisely duplicate the total return of the Wells Fargo U.S. Core Bond Index before fees and expenses through a sample replication process. The index is a rules-based index designed to track the performance of fixed-rate, taxable, U.S.-dollar-denominated bonds with an investment-grade rating or classified as investment grade. The corporate bond component of the index is constructed to provide increased diversification and liquidity versus traditional passive corporate credit indices.
One cannot invest directly in the index, and the timing of cash flows and other practical issues may alter the Fund’s tracking error, which is a measure of how closely a portfolio tracks the index to which it is benchmarked.
The Fund invests substantially all of its assets in two underlying portfolios: the Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio and the Wells Fargo Investment Grade Corporate Bond Portfolio. The Fund’s allocation to the two underlying portfolios will mirror the percentage weighting of the noncorporate and corporate sectors of the index and, in combination, the Fund will attempt to track the performance, liquidity, and diversification characteristics of the index.
| | | | | | |
| Performance highlights (unaudited) | | Wells Fargo Funds | | | 33 | |
Wells Fargo U.S. Core Bond Fund (continued)
Rather than purchase every security in the indices that they seek to track, the underlying portfolios use an optimization process that seeks to balance the replication of the indices’ performance with the minimization of security transaction costs. Using a stratified sampling technique, securities are selected and purchased in an effort to construct a portfolio that exhibits risk factors and other characteristics of the indices and seeks to match the performance of the indices without incurring the level of transaction costs that would be associated with purchasing every security in the indices.
Under normal circumstances, the Fund is expected to invest approximately the same percentage in each industry as the indices do. The components of an index may change over time, and the index may or may not be concentrated in an industry at any particular time. We continually monitor the performance and composition of the indices and adjust the Fund’s portfolio as necessary to reflect any changes to the indices.
| | | | |
| Holdings (%) as of February 28, 20197 | |
| |
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio | | | 75.28 | |
| |
Wells Fargo U.S. Investment Grade Corporate Bond Portfolio | | | 24.83 | |
|
| Credit quality as of February 28, 20198 |
|
 |
Please see footnotes on page 31.
| | | | |
| 34 | | Wells Fargo Funds | | Fund expenses (unaudited) |
As a shareholder of a Fund, you incur ongoing costs, including other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the
entire period from September 1, 2018 to February 28, 2019.
Actual expenses
The “Actual” line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the “Actual” line under the heading entitled “Expenses paid during period” for your applicable class of shares to estimate the expenses you paid on your account during this period.
Hypothetical example for comparison purposes
The “Hypothetical” line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only. Therefore, the “Hypothetical” line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds.
| | | | | | | | | | | | | | | | |
| Emerging Markets Bond Fund | | Beginning
account value
9-1-2018 | | | Ending
account value
2-28-2019 | | | Expenses
paid during
the period¹ | | | Annualized net
expense ratio2 | |
| | | | |
Actual | | $ | 1,000.00 | | | $ | 1,057.05 | | | $ | 0.00 | | | | 0.00 | % |
| | | | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,024.79 | | | $ | 0.00 | | | | 0.00 | % |
| Factor Enhanced Emerging Markets Fund | | | | | | | | | | | | |
| | | | |
Actual | | $ | 1,000.00 | | | $ | 986.26 | | | $ | 0.00 | | | | 0.00 | % |
| | | | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,024.79 | | | $ | 0.00 | | | | 0.00 | % |
| Factor Enhanced International Fund | | | | | | | | | | | | |
| | | | |
Actual | | $ | 1,000.00 | | | $ | 966.85 | | | $ | 0.00 | | | | 0.00 | % |
| | | | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,024.79 | | | $ | 0.00 | | | | 0.00 | % |
| Factor Enhanced Large Cap Fund | | | | | | | | | | | | |
| | | | |
Actual | | $ | 1,000.00 | | | $ | 1,007.80 | | | $ | 0.00 | | | | 0.00 | % |
| | | | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,024.79 | | | $ | 0.00 | | | | 0.00 | % |
| Factor Enhanced Small Cap Fund | | | | | | | | | | | | |
| | | | |
Actual | | $ | 1,000.00 | | | $ | 914.50 | | | $ | 0.00 | | | | 0.00 | % |
| | | | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,024.79 | | | $ | 0.00 | | | | 0.00 | % |
| High Yield Corporate Bond Fund | | | | | | | | | | | | |
| | | | |
Actual | | $ | 1,000.00 | | | $ | 1,020.48 | | | $ | 0.00 | | | | 0.00 | % |
| | | | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,024.79 | | | $ | 0.00 | | | | 0.00 | % |
| International Government Bond Fund | | | | | | | | | | | | |
| | | | |
Actual | | $ | 1,000.00 | | | $ | 1,008.11 | | | $ | 0.00 | | | | 0.00 | % |
| | | | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,024.79 | | | $ | 0.00 | | | | 0.00 | % |
| U.S. Core Bond Fund | | | | | | | | | | | | |
| | | | |
Actual | | $ | 1,000.00 | | | $ | 1,019.68 | | | $ | 0.00 | | | | 0.00 | % |
| | | | |
Hypothetical (5% return before expenses) | | $ | 1,000.00 | | | $ | 1,024.79 | | | $ | 0.00 | | | | 0.00 | % |
| 1 | Expenses paid is equal to the annualized net expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year (to reflect the one-half-year period). |
| 2 | Amounts reflect net expenses allocated from the affiliated Master Portfolio(s) in which the Fund invests. |
| | | | | | |
| Portfolio of investments—February 28, 2019 | | Wells Fargo Funds | | | 35 | |
EMERGING MARKETS BOND FUND
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | | | | Value | |
| | | | | | | | | | | | | | | | |
| | | |
Investment Companies: 99.73% | | | | | | | | | | | | | |
| | | |
| Affiliated Master Portfolio: 99.73% | | | | | | | | | | | | | |
| | | | |
Wells Fargo Emerging Markets Bond Portfolio | | | | | | | | | | | | | | $ | 1,043,631 | |
| | | | | | | | | | | | | | | | |
| | | |
Total Investment Companies (Cost $1,015,342) | | | | | | | | | | | | 1,043,631 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | |
| Total investments in securities (Cost $1,015,342) | | | 99.73 | % | | | 1,043,631 | |
| | |
Other assets and liabilities, net | | | 0.27 | | | | 2,853 | |
| | | | | | | | |
| Total net assets | | | 100.00 | % | | $ | 1,046,484 | |
| | | | | | | | |
Transactions with the affiliated Master Portfolio were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | % of
ownership,
beginning of
period | | | % of
ownership,
end of
period | | | Net
realized
gains
(losses) on
securities
transactions
allocated
from
affiliated
Master
Portfolio(s) | | | Net
change in
unrealized
gains
(losses) on
securities
transactions
allocated
from
affiliated
Master
Portfolio(s) | | | Interest
allocated
from
affiliated
Master
Portfolio(s) | | | Affiliated
income
allocated
from
affiliated
Master
Portfolio(s) | | | Value,
end
of period | | | % of
net
assets | |
Affiliated Master Portfolio | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Wells Fargo Emerging Markets Bond Portfolio | | | 0.01 | % | | | 2.37 | % | | $ | (1,056 | ) | | $ | 28,494 | | | $ | 27,561 | | | $ | 203 | | | $ | 1,043,631 | | | | 99.73 | % |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 36 | | Wells Fargo Funds | | Portfolio of investments—February 28, 2019 |
FACTOR ENHANCED EMERGING MARKETS FUND
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | | | | Value | |
| | | | | | | | | | | | | | | | |
| | | |
Investment Companies: 99.70% | | | | | | | | | | | | | |
| | | |
| Affiliated Master Portfolio: 99.70% | | | | | | | | | | | | | |
| | | | |
Wells Fargo Factor Enhanced Emerging Markets Portfolio | | | | | | | | | | | | | | $ | 989,610 | |
| | | | | | | | | | | | | | | | |
| | | |
Total Investment Companies (Cost $981,976) | | | | | | | | | | | | 989,610 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | |
| Total investments in securities (Cost $981,976) | | | 99.70 | % | | | 989,610 | |
| | |
Other assets and liabilities, net | | | 0.30 | | | | 2,986 | |
| | | | | | | | |
| Total net assets | | | 100.00 | % | | $ | 992,596 | |
| | | | | | | | |
Transactions with the affiliated Master Portfolio were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | % of
ownership,
beginning of
period | | | % of
ownership,
end of
period | | | Net
realized
gains
(losses) on
securities
transactions
allocated
from
affiliated
Master
Portfolio(s) | | | Net
change in
unrealized
gains
(losses) on
securities
transactions
allocated
from
affiliated
Master
Portfolio(s) | | | Dividend
allocated
from
affiliated
Master
Portfolio(s) | | | Affiliated
income
allocated
from
affiliated
Master
Portfolio(s) | | | Value,
end
of period | | | % of
net
assets | |
Affiliated Master Portfolio | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Wells Fargo Factor Enhanced Emerging Markets Portfolio | | | 0.00 | %* | | | 0.39 | % | | $ | (30,503 | ) | | $ | 7,203 | | | $ | 9,307 | | | $ | 358 | | | $ | 989,610 | | | | 99.70 | % |
| | * | The amount owned is less than 0.005%. |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—February 28, 2019 | | Wells Fargo Funds | | | 37 | |
FACTOR ENHANCED INTERNATIONAL FUND
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | | | | Value | |
| | | | | | | | | | | | | | | | |
| | | |
Investment Companies: 99.65% | | | | | | | | | | | | | |
| | | |
| Affiliated Master Portfolio: 99.65% | | | | | | | | | | | | | |
| | | | |
Wells Fargo Factor Enhanced International Portfolio | | | | | | | | | | | | | | $ | 956,855 | |
| | | | | | | | | | | | | | | | |
| | | |
Total Investment Companies (Cost $913,629) | | | | | | | | | | | | 956,855 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | |
| Total investments in securities (Cost $913,629) | | | 99.65 | % | | | 956,855 | |
| | |
Other assets and liabilities, net | | | 0.35 | | | | 3,342 | |
| | | | | | | | |
| Total net assets | | | 100.00 | % | | $ | 960,197 | |
| | | | | | | | |
Transactions with the affiliated Master Portfolio were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | % of
ownership,
beginning of
period | | | % of
ownership,
end of
period | | | Net
realized
gains
(losses) on
securities
transactions
allocated
from
affiliated
Master
Portfolio(s) | | | Net
change in
unrealized
gains
(losses) on
securities
transactions
allocated
from
affiliated
Master
Portfolio(s) | | | Dividend
allocated
from
affiliated
Master
Portfolio(s) | | | Affiliated
income
allocated
from
affiliated
Master
Portfolio(s) | | | Value,
end
of period | | | % of
net
assets | |
Affiliated Master Portfolio | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Wells Fargo Factor Enhanced International Portfolio | | | 0.00 | %* | | | 0.14 | % | | $ | (96,792 | ) | | $ | 42,968 | | | $ | 10,092 | | | $ | 322 | | | $ | 956,855 | | | | 99.65 | % |
| | * | The amount owned is less than 0.005%. |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 38 | | Wells Fargo Funds | | Portfolio of investments—February 28, 2019 |
FACTOR ENHANCED LARGE CAP FUND
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | | | | Value | |
| | | | | | | | | | | | | | | | |
| | | |
Investment Companies: 99.86% | | | | | | | | | | | | | |
| | | |
| Affiliated Master Portfolios: 99.86% | | | | | | | | | | | | | |
| | | | |
Wells Fargo Factor Enhanced Large Cap Portfolio | | | | | | | | | | | | | | $ | 1,008,877 | |
| | | | | | | | | | | | | | | | |
| | | |
Total Investment Companies (Cost $941,299) | | | | | | | | | | | | 1,008,877 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | |
| Total investments in securities (Cost $941,299) | | | 99.86 | % | | | 1,008,877 | |
| | |
Other assets and liabilities, net | | | 0.14 | | | | 1,434 | |
| | | | | | | | |
| Total net assets | | | 100.00 | % | | $ | 1,010,311 | |
| | | | | | | | |
Transactions with the affiliated Master Portfolio were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | % of
ownership,
beginning of
period | | | % of
ownership,
end of
period | | | Net
realized
gains
(losses) on
securities
transactions
allocated
from
affiliated
Master
Portfolio(s) | | | Net
change in
unrealized
gains
(losses) on
securities
transactions
allocated
from
affiliated
Master
Portfolio(s) | | |
Dividends
allocated
from
affiliated
Master
Portfolio(s) | | | Affiliated
income
allocated
from
affiliated
Master
Portfolio(s) | | | Value,
end
of period | | | % of
net
assets | |
Affiliated Master Portfolio | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Wells Fargo Factor Enhanced Large Cap Portfolio | | | 0.00 | %* | | | 0.09 | % | | $ | (68,608 | ) | | $ | 67,267 | | | $ | 9,130 | | | $ | 347 | | | $ | 1,008,877 | | | | 99.86 | % |
| | * | The amount owned is less than 0.005%. |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—February 28, 2019 | | Wells Fargo Funds | | | 39 | |
FACTOR ENHANCED SMALL CAP FUND
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | | | | Value | |
| | | | | | | | | | | | | | | | |
| | | |
Investment Companies: 99.81% | | | | | | | | | | | | | |
| | | |
| Affiliated Master Portfolio: 99.81% | | | | | | | | | | | | | |
| | | | |
Wells Fargo Factor Enhanced Small Cap Portfolio | | | | | | | | | | | | | | $ | 920,601 | |
| | | | | | | | | | | | | | | | |
| | | |
Total Investment Companies (Cost $888,910) | | | | | | | | | | | | 920,601 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | |
| Total investments in securities (Cost $888,910) | | | 99.81 | % | | | 920,601 | |
| | |
Other assets and liabilities, net | | | 0.19 | | | | 1,716 | |
| | | | | | | | |
| Total net assets | | | 100.00 | % | | $ | 922,317 | |
| | | | | | | | |
Transactions with the affiliated Master Portfolio were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | % of
ownership,
beginning of
period | | | % of
ownership,
end of
period | | | Net
realized
gains
(losses) on
securities
transactions
allocated
from
affiliated
Master
Portfolio(s) | | | Net
change in
unrealized
gains
(losses) on
securities
transactions
allocated
from
affiliated
Master
Portfolio(s) | | | Interest
allocated
from
affiliated
Master
Portfolio(s) | | | Dividends
allocated
from
affiliated
Master
Portfolio(s) | | | Income
from
affiliated
securities
allocated
from
affiliated
Master
Portfolio(s) | | | Value,
end
of period | | | % of
net
assets | |
Affiliated Master Portfolio | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Wells Fargo Factor Enhanced Small Cap Portfolio | | | 0.00 | %* | | | 0.33 | % | | $ | (116,944 | ) | | $ | 31,206 | | | $ | 41 | | | $ | 4,115 | | | $ | 350 | | | $ | 920,601 | | | | 99.81 | % |
| | * | The amount owned is less than 0.005%. |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 40 | | Wells Fargo Funds | | Portfolio of investments—February 28, 2019 |
HIGH YIELD CORPORATE BOND FUND
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | | | | Value | |
| | | | | | | | | | | | | | | | |
| | | |
Investment Companies: 100.29% | | | | | | | | | | | | | |
| | | |
| Affiliated Master Portfolio: 100.29% | | | | | | | | | | | | | |
| | | | |
Wells Fargo High Yield Corporate Bond Portfolio | | | | | | | | | | | | | | $ | 1,005,348 | |
| | | | | | | | | | | | | | | | |
| | | |
Total Investment Companies (Cost $1,012,917) | | | | | | | | | | | | 1,005,348 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | |
| Total investments in securities (Cost $1,012,917) | | | 100.29 | % | | | 1,005,348 | |
| | |
Other assets and liabilities, net | | | (0.29 | ) | | | (2,914 | ) |
| | | | | | | | |
| Total net assets | | | 100.00 | % | | $ | 1,002,434 | |
| | | | | | | | |
Transactions with the affiliated Master Portfolio were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | % of
ownership,
beginning of
period | | | % of
ownership,
end of
period | | | Net
realized
gains
(losses) on
securities
transactions
allocated
from
affiliated
Master
Portfolio(s) | | | Net
change in
unrealized
gains
(losses) on
securities
transactions
allocated
from
affiliated
Master
Portfolio(s) | | | Interest
allocated
from
affiliated
Master
Portfolio(s) | | | Income
from
affiliated
securities
allocated
from
affiliated
Master
Portfolio(s) | | | Value,
end
of period | | | % of
net
assets | |
Affiliated Master Portfolio | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Wells Fargo High Yield Corporate Bond Portfolio | | | 0.01 | % | | | 1.15 | % | | $ | (7,401 | ) | | $ | (7,366 | ) | | $ | 34,852 | | | $ | 134 | | | $ | 1,005,348 | | | | 100.29 | % |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—February 28, 2019 | | Wells Fargo Funds | | | 41 | |
INTERNATIONAL GOVERNMENT BOND FUND
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | | | | Value | |
| | | | | | | | | | | | | | | | |
| | | |
Investment Companies: 99.56% | | | | | | | | | | | | | |
| | | |
| Affiliated Master Portfolio: 99.56% | | | | | | | | | | | | | |
| | | | |
Wells Fargo International Government Bond Portfolio | | | | | | | | | | | | | | $ | 1,010,284 | |
| | | | | | | | | | | | | | | | |
| | | |
Total Investment Companies (Cost $980,700) | | | | | | | | | | | | 1,010,284 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | |
| Total investments in securities (Cost $980,700) | | | 99.56 | % | | | 1,010,284 | |
| | |
Other assets and liabilities, net | | | 0.44 | | | | 4,460 | |
| | | | | | | | |
| Total net assets | | | 100.00 | % | | $ | 1,014,744 | |
| | | | | | | | |
Transactions with the affiliated Master Portfolio were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | % of
ownership,
beginning of
period | | | % of
ownership,
end of
period | | | Net
realized
gains
(losses) on
securities
transactions
allocated
from
affiliated
Master
Portfolio(s) | | | Net
change in
unrealized
gains
(losses) on
securities
transactions
allocated
from
affiliated
Master
Portfolio(s) | | | Interest
allocated
from
affiliated
Master
Portfolio(s) | | | Income
from
affiliated
securities
allocated
from
affiliated
Master
Portfolio(s) | | | Value,
end
of period | | | % of
net
assets | |
Affiliated Master Portfolio | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Wells Fargo International Government Bond Portfolio | | | 0.10 | % | | | 9.43 | % | | $ | (32,227 | ) | | $ | 29,170 | | | $ | 7,429 | | | $ | 69 | | | $ | 1,010,284 | | | | 99.56 | % |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 42 | | Wells Fargo Funds | | Portfolio of investments—February 28, 2019 |
U.S. CORE BOND FUND
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | | | | Value | |
| | | | | | | | | | | | | | | | |
| | | |
Investment Companies: 100.11% | | | | | | | | | | | | | |
| | | |
| Affiliated Master Portfolios: 100.11% | | | | | | | | | | | | | |
| | | | |
Wells Fargo Bloomberg Barclays US Aggregateex-Corporate Portfolio | | | | | | | | | | | | | | $ | 763,937 | |
| | | | |
Wells Fargo Investment Grade Corporate Bond Portfolio | | | | | | | | | | | | | | | 252,036 | |
| | | | | | | | | | | | | | | | |
| | | |
Total Investment Companies (Cost $1,017,465) | | | | | | | | | | | | 1,015,973 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | |
| Total investments in securities (Cost $1,017,465) | | | 100.11 | % | | | 1,015,973 | |
| | |
Other assets and liabilities, net | | | (0.11 | ) | | | (1,135 | ) |
| | | | | | | | |
| Total net assets | | | 100.00 | % | | $ | 1,014,838 | |
| | | | | | | | |
Transactions with the affiliated Master Portfolios were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | % of
ownership,
beginning of
period | | | % of
ownership,
end of
period | | | Net
realized
gains
(losses) on
securities
transactions
allocated
from
affiliated
Master
Portfolio(s) | | | Net
change in
unrealized
gains
(losses) on
securities
transactions
allocated
from
affiliated
Master
Portfolio(s) | | | Interest
allocated
from
affiliated
Master
Portfolio(s) | | | Affiliated
income
allocated
from
affiliated
Master
Portfolio(s) | | | Value,
end
of period | | | % of
net
assets | |
Affiliated Master Portfolios | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Wells Fargo Bloomberg Barclays US Aggregateex-Corporate Portfolio | | | 0.00 | %* | | | 0.12 | % | | $ | 4,971 | | | $ | 570 | | | $ | 9,582 | | | $ | 149 | | | $ | 763,937 | | | | | |
Wells Fargo Investment Grade Corporate Bond Portfolio | | | 0.00 | * | | | 0.10 | | | | 1,294 | | | | (1,775 | ) | | | 4,907 | | | | 22 | | | | 252,036 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | $ | 6,265 | | | $ | (1,205 | ) | | $ | 14,489 | | | $ | 171 | | | $ | 1,015,973 | | | | 100.11 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | * | The amount owned is less than 0.005%. |
The accompanying notes are an integral part of these financial statements.
This page is intentionally left blank.
| | | | |
| 44 | | Wells Fargo Funds | | Statements of assets and liabilities—February 28, 2019 |
| | | | | | | | |
| | | Emerging Markets
Bond Fund | | | Factor Enhanced
Emerging Markets
Fund | |
| | |
Assets | | | | | | | | |
Investments in affiliated Master Portfolio(s), at value (see cost below) | | $ | 1,043,631 | | | $ | 989,610 | |
Cash | | | 7,447 | | | | 4,043 | |
Receivable from manager | | | 4,083 | | | | 10,004 | |
Prepaid expenses and other assets | | | 1,659 | | | | 0 | |
| | | | |
Total assets | | | 1,056,820 | | | | 1,003,657 | |
| | | | |
| | |
Liabilities | | | | | | | | |
Professional fees payable | | | 7,109 | | | | 7,109 | |
Shareholder report expenses payable | | | 1,661 | | | | 1,661 | |
Trustees’ fees and expenses payable | | | 846 | | | | 846 | |
Custodian and accounting fees payable | | | 720 | | | | 721 | |
Dividends payable | | | 0 | | | | 0 | |
Accrued expenses and other liabilities | | | 0 | | | | 724 | |
| | | | |
Total liabilities | | | 10,336 | | | | 11,061 | |
| | | | |
Total net assets | | $ | 1,046,484 | | | $ | 992,596 | |
| | | | |
| | |
NET ASSETS CONSIST OF | | | | | | | | |
Paid-in capital | | $ | 1,009,999 | | | $ | 1,009,961 | |
Total distributable earnings (loss) | | | 36,485 | | | | (17,365 | ) |
| | | | |
Total net assets | | $ | 1,046,484 | | | $ | 992,596 | |
| | | | |
| | |
COMPUTATION OF NET ASSET VALUE PER SHARE | | | | | | | | |
Net assets | | $ | 1,046,484 | | | $ | 992,596 | |
Shares outstanding1 | | | 107,610 | | | | 103,987 | |
Net asset value per share | | | $9.72 | | | | $9.55 | |
| | |
Investments in affiliated Master Portfolio(s), at cost | | $ | 1,015,342 | | | $ | 981,976 | |
| | | | | | | | |
| 1 | Each Fund has an unlimited number of authorized shares. |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Statements of assets and liabilities—February 28, 2019 | | Wells Fargo Funds | | | 45 | |
| | | | | | | | | | | | | | | | | | | | | | |
Factor Enhanced International Fund | | | Factor Enhanced
Large Cap Fund | | | Factor Enhanced
Small Cap Fund | | | High Yield
Corporate Bond
Fund | | | International
Government Bond
Fund | | | U.S. Core Bond
Fund | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| $ | 956,855 | | | $ | 1,008,877 | | | $ | 920,601 | | | $ | 1,005,348 | | | $ | 1,010,284 | | | $ | 1,015,973 | |
| | 6,581 | | | | 6,234 | | | | 6,474 | | | | 6,894 | | | | 10,139 | | | | 4,708 | |
| | 3,941 | | | | 3,887 | | | | 3,925 | | | | 4,029 | | | | 4,339 | | | | 3,854 | |
| | 3,157 | | | | 1,650 | | | | 1,654 | | | | 1,843 | | | | 2,120 | | | | 1,671 | |
| | |
| | 970,534 | | | | 1,020,648 | | | | 932,654 | | | | 1,018,114 | | | | 1,026,882 | | | | 1,026,206 | |
| | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 7,109 | | | | 7,109 | | | | 7,109 | | | | 7,109 | | | | 8,577 | | | | 7,109 | |
| | 1,661 | | | | 1,661 | | | | 1,661 | | | | 1,661 | | | | 1,966 | | | | 308 | |
| | 846 | | | | 846 | | | | 846 | | | | 846 | | | | 1,118 | | | | 846 | |
| | 721 | | | | 721 | | | | 721 | | | | 721 | | | | 477 | | | | 721 | |
| | 0 | | | | 0 | | | | 0 | | | | 5,343 | | | | 0 | | | | 2,384 | |
| | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
| | |
| | 10,337 | | | | 10,337 | | | | 10,337 | | | | 15,680 | | | | 12,138 | | | | 11,368 | |
| | |
| $ | 960,197 | | | $ | 1,010,311 | | | $ | 922,317 | | | $ | 1,002,434 | | | $ | 1,014,744 | | | $ | 1,014,838 | |
| | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| $ | 1,010,092 | | | $ | 1,010,083 | | | $ | 1,008,123 | | | $ | 1,009,986 | | | $ | 990,066 | | | $ | 1,010,080 | |
| | (49,895 | ) | | | 228 | | | | (85,806 | ) | | | (7,552 | ) | | | 24,678 | | | | 4,758 | |
| | |
| $ | 960,197 | | | $ | 1,010,311 | | | $ | 922,317 | | | $ | 1,002,434 | | | $ | 1,014,744 | | | $ | 1,014,838 | |
| | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| $ | 960,197 | | | $ | 1,010,311 | | | $ | 922,317 | | | $ | 1,002,434 | | | $ | 1,014,744 | | | $ | 1,014,838 | |
| | 95,073 | | | | 87,356 | | | | 81,386 | | | | 106,042 | | | | 102,112 | | | | 105,058 | |
| | $10.10 | | | | $11.57 | | | | $11.33 | | | | $9.45 | | | | $9.94 | | | | $9.66 | |
| | | | | |
| $ | 913,629 | | | $ | 941,299 | | | $ | 888,910 | | | $ | 1,012,917 | | | $ | 980,700 | | | $ | 1,017,465 | |
| | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 46 | | Wells Fargo Funds | | Statements of operations—year ended February 28, 2019 |
| | | | | | | | |
| | | Emerging Markets Bond Fund | | | Factor Enhanced Emerging Markets Fund | |
| | |
Investment income | | | | | | | | |
Interest allocated from affiliated Master Portfolio(s)* | | $ | 27,561 | | | $ | 0 | |
Dividends allocated from affiliated Master Portfolio(s)** | | | 0 | | | | 9,307 | |
Affiliated income allocated from affiliated Master Portfolio(s) | | | 203 | | | | 358 | |
Expenses allocated from affiliated Master Portfolio(s) | | | (2,470 | ) | | | (3,048 | ) |
Waivers allocated from affiliated Master Portfolio(s) | | | 517 | | | | 991 | |
| | | | |
Total investment income | | | 25,811 | | | | 7,608 | |
| | | | |
| | |
Expenses | | | | | | | | |
Custody and accounting fees | | | 1,000 | | | | 1,000 | |
Professional fees | | | 22,550 | | | | 22,550 | |
Registration fees | | | 1,000 | | | | 1,000 | |
Shareholder report expenses | | | 8,815 | | | | 8,815 | |
Trustees’ fees and expenses | | | 19,998 | | | | 19,998 | |
Other fees and expenses | | | 3,000 | | | | 8,909 | |
| | | | |
Total expenses | | | 56,363 | | | | 62,272 | |
Less: Fee waivers and/or expense reimbursements | | | (58,833 | ) | | | (65,320 | ) |
| | | | |
Net expenses | | | (2,470 | ) | | | (3,048 | ) |
| | | | |
Net investment income | | | 28,281 | | | | 10,656 | |
| | | | |
| | |
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | | | | | | | | |
Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolio(s) | | | (1,056 | ) | | | (30,503 | ) |
Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio(s) | | | 28,494 | | | | 7,203 | |
| | | | |
Net realized and unrealized gains (losses) on investments | | | 27,438 | | | | (23,300 | ) |
| | | | |
Net increase (decrease) in net assets resulting from operations | | $ | 55,719 | | | $ | (12,644 | ) |
| | | | |
| | |
* Net of foreign interest withholding taxes allocated from affiliated Master Portfolio(s) in the amount of | | | $ 0 | | | | $ 0 | |
** Net of foreign dividend withholding taxes allocated from affiliated Master Portfolio(s) in the amount of | | | $ 0 | | | | $ 1,573 | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Statements of operations—year ended February 28, 2019 | | Wells Fargo Funds | | | 47 | |
| | | | | | | | | | | | | | | | | | | | | | |
Factor Enhanced International Fund | | | Factor Enhanced Large Cap Fund | | | Factor Enhanced Small Cap Fund | | | High Yield Corporate Bond
Fund | | | International
Government Bond
Fund | | | U.S. Core Bond
Fund | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| $ | 0 | | | $ | 0 | | | $ | 41 | | | $ | 34,852 | | | $ | 7,429 | | | $ | 14,489 | |
| | 10,092 | | | | 9,130 | | | | 4,115 | | | | 0 | | | | 0 | | | | 0 | |
| | 322 | | | | 347 | | | | 350 | | | | 134 | | | | 69 | | | | 171 | |
| | (1,174 | ) | | | (626 | ) | | | (974 | ) | | | (1,781 | ) | | | (3,549 | ) | | | (433 | ) |
| | 239 | | | | 90 | | | | 166 | | | | 238 | | | | 0 | | | | 88 | |
| | |
| | 9,479 | | | | 8,941 | | | | 3,698 | | | | 33,443 | | | | 3,949 | | | | 14,315 | |
| | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 1,000 | | | | 1,000 | | | | 1,000 | | | | 1,000 | | | | 1,000 | | | | 1,000 | |
| | 22,550 | | | | 22,550 | | | | 22,550 | | | | 22,550 | | | | 23,011 | | | | 22,550 | |
| | 1,000 | | | | 1,000 | | | | 1,000 | | | | 1,000 | | | | 1,000 | | | | 1,000 | |
| | 8,815 | | | | 8,815 | | | | 8,815 | | | | 8,815 | | | | 8,815 | | | | 8,815 | |
| | 19,998 | | | | 19,998 | | | | 19,998 | | | | 19,998 | | | | 19,998 | | | | 19,998 | |
| | 3,000 | | | | 3,000 | | | | 3,000 | | | | 3,000 | | | | 3,000 | | | | 3,000 | |
| | |
| | 56,363 | | | | 56,363 | | | | 56,363 | | | | 56,363 | | | | 56,824 | | | | 56,363 | |
| | (57,537 | ) | | | (56,989 | ) | | | (57,337 | ) | | | (58,144 | ) | | | (60,373 | ) | | | (56,796 | ) |
| | |
| | (1,174 | ) | | | (626 | ) | | | (974 | ) | | | (1,781 | ) | | | (3,549 | ) | | | (433 | ) |
| | |
| | 10,653 | | | | 9,567 | | | | 4,672 | | | | 35,224 | | | | 7,498 | | | | 14,748 | |
| | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | (96,792 | ) | | | (68,608 | ) | | | (116,944 | ) | | | (7,401 | ) | | | (32,227 | ) | | | 6,265 | |
|
42,968 |
| | | 67,267 | | | | 31,206 | | | | (7,366 | ) | | | 29,170 | | | | (1,205 | ) |
| | |
| | (53,824 | ) | | | (1,341 | ) | | | (85,738 | ) | | | (14,767 | ) | | | (3,057 | ) | | | 5,060 | |
| | |
| $ | (43,171 | ) | | $ | 8,226 | | | $ | (81,066 | ) | | $ | 20,457 | | | $ | 4,441 | | | $ | 19,808 | |
| | |
| | | | | |
| | $ 1 | | | | $ 0 | | | | $ 0 | | | | $ 0 | | | | $ 239 | | | | $ 4 | |
| | | | | |
| | $ 1,004 | | | | $ 48 | | | | $ 0 | | | | $ 0 | | | | $ 0 | | | | $ 0 | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 48 | | Wells Fargo Funds | | Statements of changes in net assets |
| | | | | | | | | | | | | | | | |
| | | Emerging Markets Bond Fund | |
| | | Year ended
February 28, 2019 | | | Year ended
February 28, 20181,2 | |
| | | | |
Operations | | | | | | | | | | | | | | | | |
Net investment income | | | | | | $ | 28,281 | | | | | | | $ | 261 | |
Net realized losses on investments | | | | | | | (1,056 | ) | | | | | | | (26 | ) |
Net change in unrealized gains (losses) on investments | | | | | | | 28,494 | | | | | | | | (206 | ) |
| | | | |
Net increase in net assets resulting from operations | | | | | | | 55,719 | | | | | | | | 29 | |
| | | | |
Distributions to shareholders from net investment income and net realized gains | | | | | | | (19,031 | ) | | | | | | | (233 | ) |
| | | | |
| | | | |
Capital share transactions | | | Shares | | | | | | | | Shares | | | | | |
Proceeds from shares sold | | | 106,610 | | | | 1,000,000 | | | | 1,000 | | | | 10,000 | |
| | | | |
Net increase in net assets resulting from capital share transactions | | | | | | | 1,000,000 | | | | | | | | 10,000 | |
| | | | |
Total increase in net assets | | | | | | | 1,036,688 | | | | | | | | 9,796 | |
| | | | |
| | | | |
Net assets | | | | | | | | | | | | | | | | |
Beginning of period | | | | | | | 9,796 | | | | | | | | 0 | |
| | | | |
End of period | | | | | | $ | 1,046,484 | | | | | | | $ | 9,796 | |
| | | | |
| 1 | For the period from August 3, 2017 (commencement of operations) to February 28, 2018 |
| 2 | Effective for all filings after November 4, 2018, the SEC prospectively eliminated the requirement to parenthetically disclose undistributed net investment income at the end of the period and permitted the aggregation of distributions, with the exception of tax basis returns of capital. Undistributed net investment income at February 28, 2018 was $57. The disaggregated distributions information for the year ended February 28, 2018 is included in Note 7,Distributions to Shareholders, in the notes to the financial statements. |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Statements of changes in net assets | | Wells Fargo Funds | | | 49 | |
| | | | | | | | | | | | | | | | |
| | | Factor Enhanced Emerging Markets Fund | |
| | | Year ended
February 28, 2019 | | | Year ended
February 28, 20181,2 | |
| | | | |
Operations | | | | | | | | | | | | | | | | |
Net investment income | | | | | | $ | 10,656 | | | | | | | $ | 107 | |
Net realized gains (losses) on investments | | | | | | | (30,503 | ) | | | | | | | 326 | |
Net change in unrealized gains (losses) on investments | | | | | | | 7,203 | | | | | | | | 392 | |
| | | | |
Net increase (decrease) in net assets resulting from operations | | | | | | | (12,644 | ) | | | | | | | 825 | |
| | | | |
Distributions to shareholders from net investment income and net realized gains | | | | | | | (5,513 | ) | | | | | | | (72 | ) |
| | | | |
| | | | |
Capital share transactions | | | Shares | | | | | | | | Shares | | | | | |
Proceeds from shares sold | | | 102,987 | | | | 1,000,000 | | | | 1,000 | | | | 10,000 | |
| | | | |
Net increase in net assets resulting from capital share transactions | | | | | | | 1,000,000 | | | | | | | | 10,000 | |
| | | | |
Total increase in net assets | | | | | | | 981,843 | | | | | | | | 10,753 | |
| | | | |
| | | | |
Net assets | | | | | | | | | | | | | | | | |
Beginning of period | | | | | | | 10,753 | | | | | | | | 0 | |
| | | | |
End of period | | | | | | $ | 992,596 | | | | | | | $ | 10,753 | |
| | | | |
| 1 | For the period from August 3, 2017 (commencement of operations) to February 28, 2018 |
| 2 | Effective for all filings after November 4, 2018, the SEC prospectively eliminated the requirement to parenthetically disclose undistributed net investment income at the end of the period and permitted the aggregation of distributions, with the exception of tax basis returns of capital. Undistributed net investment income at February 28, 2018 was $48. The disaggregated distributions information for the year ended February 28, 2018 is included in Note 7,Distributions to Shareholders, in the notes to the financial statements. |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 50 | | Wells Fargo Funds | | Statements of changes in net assets |
| | | | | | | | | | | | | | | | |
| | | Factor Enhanced International Fund | |
| | | Year ended
February 28, 2019 | | | Year ended
February 28, 20181,2 | |
| | | | |
Operations | | | | | | | | | | | | | | | | |
Net investment income | | | | | | $ | 10,653 | | | | | | | $ | 115 | |
Net realized gains (losses) on investments | | | | | | | (96,792 | ) | | | | | | | 47 | |
Net change in unrealized gains (losses) on investments | | | | | | | 42,968 | | | | | | | | 350 | |
| | | | |
Net increase (decrease) in net assets resulting from operations | | | | | | | (43,171 | ) | | | | | | | 512 | |
| | | | |
Distributions to shareholders from net investment income and net realized gains | | | | | | | (7,095 | ) | | | | | | | (49 | ) |
| | | | |
| | | | |
Capital share transactions | | | Shares | | | | | | | | Shares | | | | | |
Proceeds from shares sold | | | 94,073 | | | | 1,000,000 | | | | 1,000 | | | | 10,000 | |
| | | | |
Net increase in net assets resulting from capital share transactions | | | | | | | 1,000,000 | | | | | | | | 10,000 | |
| | | | |
Total increase in net assets | | | | | | | 949,734 | | | | | | | | 10,463 | |
| | | | |
| | | | |
Net assets | | | | | | | | | | | | | | | | |
Beginning of period | | | | | | | 10,463 | | | | | | | | 0 | |
| | | | |
End of period | | | | | | $ | 960,197 | | | | | | | $ | 10,463 | |
| | | | |
| 1 | For the period from August 3, 2017 (commencement of operations) to February 28, 2018 |
| 2 | Effective for all filings after November 4, 2018, the SEC prospectively eliminated the requirement to parenthetically disclose undistributed net investment income at the end of the period and permitted the aggregation of distributions, with the exception of tax basis returns of capital. Undistributed net investment income at February 28, 2018 was $73. The disaggregated distributions information for the year ended February 28, 2018 is included in Note 7,Distributions to Shareholders, in the notes to the financial statements. |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Statements of changes in net assets | | Wells Fargo Funds | | | 51 | |
| | | | | | | | | | | | | | | | |
| | | Factor Enhanced Large Cap Fund | |
| | | Year ended
February 28, 2019 | | | Year ended
February 28, 20181,2 | |
| | | | |
Operations | | | | | | | | | | | | | | | | |
Net investment income | | | | | | $ | 9,567 | | | | | | | $ | 124 | |
Net realized gains (losses) on investments | | | | | | | (68,608 | ) | | | | | | | 374 | |
Net change in unrealized gains (losses) on investments | | | | | | | 67,267 | | | | | | | | 394 | |
| | | | |
Net increase in net assets resulting from operations | | | | | | | 8,226 | | | | | | | | 892 | |
| | | | |
Distributions to shareholders from net investment income and net realized gains | | | | | | | (8,751 | ) | | | | | | | (56 | ) |
| | | | |
| | | | |
Capital share transactions | | | Shares | | | | | | | | Shares | | | | | |
Proceeds from shares sold | | | 86,356 | | | | 1,000,000 | | | | 1,000 | | | | 10,000 | |
| | | | |
Net increase in net assets resulting from capital share transactions | | | | | | | 1,000,000 | | | | | | | | 10,000 | |
| | | | |
Total increase in net assets | | | | | | | 999,475 | | | | | | | | 10,836 | |
| | | | |
| | | | |
Net assets | | | | | | | | | | | | | | | | |
Beginning of period | | | | | | | 10,836 | | | | | | | | 0 | |
| | | | |
End of period | | | | | | $ | 1,010,311 | | | | | | | $ | 10,836 | |
| | | | |
| 1 | For the period from August 3, 2017 (commencement of operations) to February 28, 2018 |
| 2 | Effective for all filings after November 4, 2018, the SEC prospectively eliminated the requirement to parenthetically disclose undistributed net investment income at the end of the period and permitted the aggregation of distributions, with the exception of tax basis returns of capital. Undistributed net investment income at February 28, 2018 was $68. The disaggregated distributions information for the year ended February 28, 2018 is included in Note 7,Distributions to Shareholders, in the notes to the financial statements. |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 52 | | Wells Fargo Funds | | Statements of changes in net assets |
| | | | | | | | | | | | | | | | |
| | | Factor Enhanced Small Cap Fund | |
| | | Year ended
February 28, 2019 | | | Year ended
February 28, 20181,2 | |
| | | | |
Operations | | | | | | | | | | | | | | | | |
Net investment income | | | | | | $ | 4,672 | | | | | | | $ | 84 | |
Net realized gains (losses) on investments | | | | | | | (116,944 | ) | | | | | | | 246 | |
Net change in unrealized gains (losses) on investments | | | | | | | 31,206 | | | | | | | | 373 | |
| | | | |
Net increase (decrease) in net assets resulting from operations | | | | | | | (81,066 | ) | | | | | | | 703 | |
| | | | |
| | | | |
Distributions to shareholders from | | | | | | | | | | | | | | | | |
Net investment income and net realized gains | | | | | | | (5,513 | ) | | | | | | | (42 | ) |
Tax basis return of capital | | | | | | | (1,765 | ) | | | | | | | 0 | |
| | | | |
Total distributions to shareholders | | | | | | | (7,278 | ) | | | | | | | (42 | ) |
| | | | |
| | | | |
Capital share transactions | | | Shares | | | | | | | | Shares | | | | | |
Proceeds from shares sold | | | 80,386 | | | | 1,000,000 | | | | 1,000 | | | | 10,000 | |
| | | | |
Net increase in net assets resulting from capital share transactions | | | | | | | 1,000,000 | | | | | | | | 10,000 | |
| | | | |
Total increase in net assets | | | | | | | 911,656 | | | | | | | | 10,661 | |
| | | | |
| | | | |
Net assets | | | | | | | | | | | | | | | | |
Beginning of period | | | | | | | 10,661 | | | | | | | | 0 | |
| | | | |
End of period | | | | | | $ | 922,317 | | | | | | | $ | 10,661 | |
| | | | |
| 1 | For the period from August 3, 2017 (commencement of operations) to February 28, 2018 |
| ² | Effective for all filings after November 4, 2018, the SEC prospectively eliminated the requirement to parenthetically disclose undistributed net investment income at the end of the period and permitted the aggregation of distributions, with the exception of tax basis returns of capital. Undistributed net investment income at February 28, 2018 was $42. The disaggregated distributions information for the year ended February 28, 2018 is included in Note 7,Distributions to Shareholders, in the notes to the financial statements. |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Statements of changes in net assets | | Wells Fargo Funds | | | 53 | |
| | | | | | | | | | | | | | | | |
| | | High Yield Corporate Bond Fund | |
| | | Year ended
February 28, 2019 | | | Year ended
February 28, 20181,2 | |
| | | | |
Operations | | | | | | | | | | | | | | | | |
Net investment income | | | | | | $ | 35,224 | | | | | | | $ | 326 | |
Net realized losses on investments | | | | | | | (7,401 | ) | | | | | | | (66 | ) |
Net change in unrealized gains (losses) on investments | | | | | | | (7,366 | ) | | | | | | | (209 | ) |
| | | | |
Net increase in net assets resulting from operations | | | | | | | 20,457 | | | | | | | | 51 | |
| | | | |
| | | | |
Distributions to shareholders from | | | | | | | | | | | | | | | | |
Net investment income and net realized gains | | | | | | | (27,681 | ) | | | | | | | (385 | ) |
Tax basis return of capital | | | | | | | 0 | | | | | | | | (8 | ) |
| | | | |
Total distributions to shareholders | | | | | | | (27,681 | ) | | | | | | | (393 | ) |
| | | | |
| | | | |
Capital share transactions | | | Shares | | | | | | | | Shares | | | | | |
Proceeds from shares sold | | | 105,042 | | | | 1,000,000 | | | | 1,000 | | | | 10,000 | |
| | | | |
Net increase in net assets resulting from capital share transactions | | | | | | | 1,000,000 | | | | | | | | 10,000 | |
| | | | |
Total increase in net assets | | | | | | | 992,776 | | | | | | | | 9,658 | |
| | | | |
| | | | |
Net assets | | | | | | | | | | | | | | | | |
Beginning of period | | | | | | | 9,658 | | | | | | | | 0 | |
| | | | |
End of period | | | | | | $ | 1,002,434 | | | | | | | $ | 9,658 | |
| | | | |
| 1 | For the period from August 3, 2017 (commencement of operations) to February 28, 2018 |
| ² | Effective for all filings after November 4, 2018, the SEC prospectively eliminated the requirement to parenthetically disclose undistributed net investment income at the end of the period and permitted the aggregation of distributions, with the exception of tax basis returns of capital. Overdistributed net investment income at February 28, 2018 was $59. The disaggregated distributions information for the year ended February 28, 2018 is included in Note 7,Distributions to Shareholders, in the notes to the financial statements. |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 54 | | Wells Fargo Funds | | Statements of changes in net assets |
| | | | | | | | | | | | | | | | |
| | | International Government Bond Fund | |
| | | Year ended
February 28, 2019 | | | Year ended
February 28, 20181,2 | |
| | | | |
Operations | | | | | | | | | | | | | | | | |
Net investment income | | | | | | $ | 7,498 | | | | | | | $ | 54 | |
Net realized losses on investments | | | | | | | (32,227 | ) | | | | | | | (27 | ) |
Net change in unrealized gains (losses) on investments | | | | | | | 29,170 | | | | | | | | 414 | |
| | | | |
Net increase in net assets resulting from operations | | | | | | | 4,441 | | | | | | | | 441 | |
| | | | |
| | | | |
Distributions to shareholders from | | | | | | | | | | | | | | | | |
Net investment income and net realized gains | | | | | | | (8 | ) | | | | | | | (35 | ) |
Tax basis return of capital | | | | | | | (95 | ) | | | | | | | 0 | |
| | | | |
Total distributions to shareholders | | | | | | | (103 | ) | | | | | | | (35 | ) |
| | | | |
| | | | |
Capital share transactions | | | Shares | | | | | | | | Shares | | | | | |
Proceeds from shares sold | | | 101,112 | | | | 1,000,000 | | | | 1,000 | | | | 10,000 | |
| | | | |
Net increase in net assets resulting from capital share transactions | | | | | | | 1,000,000 | | | | | | | | 10,000 | |
| | | | |
Total increase in net assets | | | | | | | 1,004,338 | | | | | | | | 10,406 | |
| | | | |
| | | | |
Net assets | | | | | | | | | | | | | | | | |
Beginning of period | | | | | | | 10,406 | | | | | | | | 0 | |
| | | | |
End of period | | | | | | $ | 1,014,744 | | | | | | | $ | 10,406 | |
| | | | |
| 1 | For the period from October 31, 2017 (commencement of operations) to February 28, 2018 |
| ² | Effective for all filings after November 4, 2018, the SEC prospectively eliminated the requirement to parenthetically disclose undistributed net investment income at the end of the period and permitted the aggregation of distributions, with the exception of tax basis returns of capital. Overdistributed net investment income at February 28, 2018 was $7. The disaggregated distributions information for the year ended February 28, 2018 is included in Note 7,Distributions to Shareholders, in the notes to the financial statements. |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Statements of changes in net assets | | Wells Fargo Funds | | | 55 | |
| | | | | | | | | | | | | | | | |
| | | U.S. Core Bond Fund | |
| | | Year ended
February 28, 2019 | | | Year ended
February 28, 20181,2 | |
| | | | |
Operations | | | | | | | | | | | | | | | | |
Net investment income | | | | | | $ | 14,748 | | | | | | | $ | 137 | |
Net realized gains (losses) on investments | | | | | | | 6,265 | | | | | | | | (63 | ) |
Net change in unrealized gains (losses) on investments | | | | | | | (1,205 | ) | | | | | | | (250 | ) |
| | | | |
Net increase (decrease) in net assets resulting from operations | | | | | | | 19,808 | | | | | | | | (176 | ) |
| | | | |
| | | | |
Distributions to shareholders from | | | | | | | | | | | | | | | | |
Net investment income and net realized gains | | | | | | | (14,606 | ) | | | | | | | (166 | ) |
Tax basis return of capital | | | | | | | 0 | | | | | | | | (22 | ) |
| | | | |
Total distributions to shareholders | | | | | | | (14,606 | ) | | | | | | | (188 | ) |
| | | | |
| | | | |
Capital share transactions | | | Shares | | | | | | | | Shares | | | | | |
Proceeds from shares sold | | | 104,058 | | | | 1,000,000 | | | | 1,000 | | | | 10,000 | |
| | | | |
Net increase in net assets resulting from capital share transactions | | | | | | | 1,000,000 | | | | | | | | 10,000 | |
| | | | |
Total increase in net assets | | | | | | | 1,005,202 | | | | | | | | 9,636 | |
| | | | |
| | | | |
Net assets | | | | | | | | | | | | | | | | |
Beginning of period | | | | | | | 9,636 | | | | | | | | 0 | |
| | | | |
End of period | | | | | | $ | 1,014,838 | | | | | | | $ | 9,636 | |
| | | | |
| 1 | For the period from August 3, 2017 (commencement of operations) to February 28, 2018 |
| 2 | Effective for all filings after November 4, 2018, the SEC prospectively eliminated the requirement to parenthetically disclose undistributed net investment income at the end of the period and permitted the aggregation of distributions, with the exception of tax basis returns of capital. Undistributed net investment income at February 28, 2018 was $0. The disaggregated distributions information for the year ended February 28, 2018 is included in Note 7,Distributions to Shareholders, in the notes to the financial statements. |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 56 | | Wells Fargo Funds | | Financial highlights |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Beginning net asset
value per
share | | | Net
investment
income | | | Net realized and unrealized
gains (losses)
on investments | | | Distributions from net
investment
income | | | Distributions
from net
realized gains | | | Tax basis
return of
capital | | | Ending net asset
value per
share | |
| | | | | | | |
Emerging Markets Bond Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 2019 | | $ | 9.80 | | | | 0.39 | | | | (0.11 | ) | | | (0.36 | ) | | | 0.00 | | | | 0.00 | | | $ | 9.72 | |
Year ended February 28, 20185 | | $ | 10.00 | | | | 0.26 | | | | (0.23 | ) | | | (0.23 | ) | | | 0.00 | | | | 0.00 | | | $ | 9.80 | |
| | | | | | | |
Factor Enhanced Emerging Markets Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 2019 | | $ | 10.75 | | | | 0.04 | | | | (1.19 | ) | | | (0.05 | ) | | | (0.00 | )6 | | | 0.00 | | | $ | 9.55 | |
Year ended February 28, 20185 | | $ | 10.00 | | | | 0.12 | | | | 0.70 | | | | (0.07 | ) | | | 0.00 | | | | 0.00 | | | $ | 10.75 | |
| | | | | | | |
Factor Enhanced International Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 2019 | | $ | 10.46 | | | | 0.04 | | | | (0.33 | ) | | | (0.07 | ) | | | (0.00 | )6 | | | 0.00 | | | $ | 10.10 | |
Year ended February 28, 20185 | | $ | 10.00 | | | | 0.12 | | | | 0.39 | | | | (0.05 | ) | | | 0.00 | | | | 0.00 | | | $ | 10.46 | |
| | | | | | | |
Factor Enhanced Large Cap Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 2019 | | $ | 10.84 | | | | 0.04 | | | | 0.79 | | | | (0.10 | ) | | | (0.00 | )6 | | | 0.00 | | | $ | 11.57 | |
Year ended February 28, 20185 | | $ | 10.00 | | | | 0.12 | | | | 0.78 | | | | (0.06 | ) | | | 0.00 | | | | 0.00 | | | $ | 10.84 | |
| | | | | | | |
Factor Enhanced Small Cap Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 2019 | | $ | 10.66 | | | | 0.07 | | | | 0.69 | | | | (0.07 | ) | | | (0.00 | )6 | | | (0.02 | ) | | $ | 11.33 | |
Year ended February 28, 20185 | | $ | 10.00 | | | | 0.08 | | | | 0.62 | | | | (0.04 | ) | | | 0.00 | | | | 0.00 | | | $ | 10.66 | |
| | | | | | | |
High Yield Corporate Bond Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 2019 | | $ | 9.66 | | | | 0.54 | | | | (0.18 | ) | | | (0.57 | ) | | | 0.00 | | | | 0.00 | | | $ | 9.45 | |
Year ended February 28, 20185 | | $ | 10.00 | | | | 0.33 | | | | (0.28 | ) | | | (0.38 | ) | | | 0.00 | | | | (0.01 | ) | | $ | 9.66 | |
| | | | | | | |
International Government Bond Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 2019 | | $ | 10.41 | | | | 0.18 | | | | (0.55 | ) | | | (0.09 | ) | | | 0.00 | | | | (0.01 | ) | | $ | 9.94 | |
Year ended February 28, 20187 | | $ | 10.00 | | | | 0.05 | | | | 0.40 | | | | (0.04 | ) | | | 0.00 | | | | 0.00 | | | $ | 10.41 | |
| | | | | | | |
U.S. Core Bond Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 2019 | | $ | 9.64 | | | | 0.27 | | | | 0.02 | | | | (0.27 | ) | | | 0.00 | | | | 0.00 | | | $ | 9.66 | |
Year ended February 28, 20185 | | $ | 10.00 | | | | 0.14 | | | | (0.31 | ) | | | (0.17 | ) | | | 0.00 | | | | (0.02 | ) | | $ | 9.64 | |
| 1 | Ratios include net expenses allocated from the affiliated Master Portfolio(s), which are waived by the manager. These amounts were as follows: |
| | | | | | | | |
| | | Year ended
February 28, 2019 | | | Year ended
February 28, 2018 | |
Emerging Markets Bond Fund | | | 0.49 | % | | | 0.39 | %5 |
Factor Enhanced Emerging Markets Fund | | | 0.63 | | | | 0.46 | 5 |
Factor Enhanced International Fund | | | 0.25 | | | | 0.20 | 5 |
Factor Enhanced Large Cap Fund | | | 0.13 | | | | 0.11 | 5 |
Factor Enhanced Small Cap Fund | | | 0.21 | | | | 0.18 | 5 |
High Yield Corporate Bond Fund | | | 0.36 | | | | 0.33 | 5 |
International Government Bond Fund | | | 0.70 | | | | 1.76 | 7 |
U.S. Core Bond Fund | | | 0.09 | | | | 0.06 | 5 |
| 2 | The Funds incurred expenses typical of funds with similar structures and strategies. Since the Funds were not open to public investment during the period since each Fund’s commencement of operations and the only investment has been the initial seed capital investment, the gross expenses are higher than the typical operation of the Funds. These expenses were waived by the manager. |
| 3 | Returns for periods of less than one year are not annualized. |
| 4 | Portfolio turnover rate is calculated by aggregating the results of multiplying the Fund’s investment percentage in the respective affiliated Master Portfolio(s) by the corresponding affiliated Master Portfolio’s portfolio turnover rate. |
| 5 | For the period from August 3, 2017 (commencement of operations) to February 28, 2018 |
| 6 | Amount is less than $0.005. |
| 7 | For the period from October 31, 2017 (commencement of operations) to February 28, 2018 |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Financial highlights | | Wells Fargo Funds | | | 57 | |
| | | | | | | | | | | | | | | | | | | | | | |
| Ratio to average net assets (annualized) | | | Total
return3 | | | Portfolio
turnover
rate4 | | | Net assets at
end of period
(000s omitted) | |
Net investment
income1 | | | Gross
expenses1,2 | | | Net
expenses1 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | 5.56 | % | | | 11.56 | % | | | 0.00 | % | | | 3.13 | % | | | 38 | % | | $ | 1,046 | |
| | 4.55 | % | | | 752.83 | % | | | 0.00 | % | | | 0.29 | % | | | 18 | % | | $ | 10 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | 2.19 | % | | | 13.42 | % | | | 0.00 | % | | | (10.64 | )% | | | 81 | % | | $ | 993 | |
| | 1.80 | % | | | 728.50 | % | | | 0.00 | % | | | 8.25 | % | | | 79 | % | | $ | 11 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | 2.25 | % | | | 12.14 | % | | | 0.00 | % | | | (2.67 | )% | | | 47 | % | | $ | 960 | |
| | 1.94 | % | | | 730.62 | % | | | 0.00 | % | | | 5.09 | % | | | 44 | % | | $ | 10 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | 1.99 | % | | | 11.87 | % | | | 0.00 | % | | | 7.75 | % | | | 23 | % | | $ | 1,010 | |
| | 2.06 | % | | | 718.70 | % | | | 0.00 | % | | | 8.96 | % | | | 36 | % | | $ | 11 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | 1.03 | % | | | 12.58 | % | | | 0.00 | % | | | 7.23 | % | | | 37 | % | | $ | 922 | |
| | 1.39 | % | | | 717.33 | % | | | 0.00 | % | | | 7.01 | % | | | 44 | % | | $ | 11 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | 7.11 | % | | | 11.68 | % | | | 0.00 | % | | | 3.92 | % | | | 47 | % | | $ | 1,002 | |
| | 5.73 | % | | | 761.12 | % | | | 0.00 | % | | | 0.52 | % | | | 51 | % | | $ | 10 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | 1.49 | % | | | 11.96 | % | | | 0.00 | % | | | (3.53 | )% | | | 276 | % | | $ | 1,015 | |
| | 1.62 | % | | | 1,007.15 | % | | | 0.00 | % | | | 4.46 | % | | | 127 | % | | $ | 10 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | 2.92 | % | | | 11.25 | % | | | 0.00 | % | | | 3.06 | % | | | 60 | % | | $ | 1,015 | |
| | 2.43 | % | | | 762.71 | % | | | 0.00 | % | | | (1.74 | )% | | | 62 | % | | $ | 10 | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 58 | | Wells Fargo Funds | | Notes to financial statements |
1. ORGANIZATION
Wells Fargo Funds Trust (the “Trust”), a Delaware statutory trust organized on March 10, 1999, is anopen-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”)Accounting Standards Codification Topic 946, Financial Services – Investment Companies. These financial statements report on the following funds: Wells Fargo Emerging Markets Bond Fund (“Emerging Markets Bond Fund”), Wells Fargo Factor Enhanced Emerging Markets Fund (“Factor Enhanced Emerging Markets Fund”), Wells Fargo Factor Enhanced International Fund (“Factor Enhanced International Fund”), Wells Fargo Factor Enhanced Large Cap Fund (“Factor Enhanced Large Cap Fund”), Wells Fargo Factor Enhanced Small Cap Fund (“Factor Enhanced Small Cap Fund”), Wells Fargo High Yield Corporate Bond Fund (“High Yield Corporate Bond Fund”), Wells Fargo International Government Bond Fund (“International Government Bond Fund”), and Wells Fargo U.S. Core Bond Fund (“U.S. Core Bond Fund”) (each, a “Fund”, collectively, the “Funds”). Each Fund, except International Government Bond Fund, is a diversified series of the Trust. International Government Bond Fund is anon-diversified series of the Trust.
Each Fund seeks to achieve its investment objective by investing all investable assets in separate diversified portfolios (collectively, the “affiliated Master Portfolios”) of Wells Fargo Master Trust, a registeredopen-end management investment company. Each Fund, except U.S. Core Bond Fund, is a feeder fund in a master-feeder structure that invests substantially all of its assets in a single affiliated master portfolio with a substantially identical investment objective and substantially similar investment strategies. U. S. Core Bond Fund is afund-of-funds that invests in substantially all of its assets in two affiliated Master Portfolios. Each affiliated Master Portfolio directly acquires portfolio securities, and a Fund investing in an affiliated Master Portfolio acquires an indirect interest in those securities. Each Fund accounts for its investment in the affiliated Master Portfolios as a partnership investment and records on a daily basis its share of the affiliated Master Portfolio’s income, expense and realized and unrealized gains and losses. The financial statements of the affiliated Master Portfolios for the year ended February 28, 2019 are included in this report and should be read in conjunction with each Fund’s financial statements. As of February 28, 2019, each Funds in a master-feeder structure own the following percentages of the respective affiliated Master Portfolios:
| | | | | | | | | | | | | | |
| | | | | | | |
| | | Emerging
Markets
Bond
Fund | | Factor
Enhanced
Emerging
Markets
Fund | | Factor
Enhanced
International
Fund | | Factor
Enhanced
Large
Cap
Fund | | Factor
Enhanced
Small
Cap
Fund | | High
Yield
Corporate
Bond
Fund | | International
Government
Bond
Fund |
| | | | | | | |
Wells Fargo Emerging Markets Bond Portfolio | | 2.37% | | N/A | | N/A | | N/A | | N/A | | N/A | | N/A |
| | | | | | | |
Wells Fargo Factor Enhanced Emerging Markets Portfolio | | N/A | | 0.39% | | N/A | | N/A | | N/A | | N/A | | N/A |
| | | | | | | |
Wells Fargo Factor Enhanced International Portfolio | | N/A | | N/A | | 0.14% | | N/A | | N/A | | N/A | | N/A |
| | | | | | | |
Wells Fargo Factor Enhanced Large Cap Portfolio | | N/A | | N/A | | N/A | | 0.09% | | N/A | | N/A | | N/A |
| | | | | | | |
Wells Fargo Factor Enhanced Small Cap Portfolio | | N/A | | N/A | | N/A | | N/A | | 0.33% | | N/A | | N/A |
| | | | | | | |
Wells Fargo High Yield Corporate Bond Portfolio | | N/A | | N/A | | N/A | | N/A | | N/A | | 1.15% | | N/A |
| | | | | | | |
Wells Fargo International Government Bond Portfolio | | N/A | | N/A | | N/A | | N/A | | N/A | | N/A | | 9.43% |
2. SIGNIFICANT ACCOUNTING POLICIES
The following significant accounting policies, which are consistently followed in the preparation of the financial statements of each Fund, are in conformity with U.S. generally accepted accounting principles which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
| | | | | | |
| Notes to financial statements | | Wells Fargo Funds | | | 59 | |
Securities valuation
All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (generally 4 p.m. Eastern Time), although the Funds may deviate from this calculation time under unusual or unexpected circumstances.
Investments in the affiliated Master Portfolios are valued daily based on each Fund’s proportionate share of each affiliated Master Portfolio’s net assets, which are also valued daily.
Investment transactions, income and expenses
Investments in affiliated Master Portfolios are recorded on a trade basis.
Each Fund records daily its proportionate share of each affiliated Master Portfolio’s interest and dividend income, expenses and realized and unrealized gains or losses. Each Fund also accrues its own expenses.
Distributions to shareholders
Distributions to shareholders from net investment income and any net realized gains are recorded on theex-dividend date for each Fund as follows:
| | | | |
| | | Net
investment
income | | Net realized
gains |
| | |
Emerging Markets Bond Fund | | Semi-annually | | Annually |
| | |
Factor Enhanced Emerging Markets Fund | | Annually | | Annually |
| | |
Factor Enhanced International Fund | | Annually | | Annually |
| | |
Factor Enhanced Large Cap Fund | | Annually | | Annually |
| | |
Factor Enhanced Small Cap Fund | | Annually | | Annually |
| | |
High Yield Corporate Bond Fund | | Monthly | | Annually |
| | |
International Government Bond Fund | | Semi-annually | | Annually |
| | |
U.S. Core Bond Fund | | Monthly | | Annually |
Such distributions are determined in accordance with income tax regulations and may differ from U.S. generally accepted accounting principles. Dividend sources are estimated at the time of declaration. The tax character of distributions is determined as of the Funds’ fiscal year end. Therefore, a portion of each Fund’s distributions made prior to the Fund’s fiscal year end may be categorized as a tax return of capital at year end.
Federal and other taxes
Each Fund is treated as a separate entity for federal income tax purposes. Each Fund intends to continue to qualify as a regulated investment company by distributing substantially all of its investment company taxable income and any net realized capital gains (after reduction for capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provision for federal income taxes was required.
Each Fund’s income and federal excise tax returns and all financial records supporting those returns for the fiscal years since commencement of operations are subject to examination by the federal and Delaware revenue authorities. Management has analyzed each Fund’s tax positions taken on federal, state, and foreign tax returns for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability.
| | | | |
| 60 | | Wells Fargo Funds | | Notes to financial statements |
As of February 28, 2019, the aggregate cost of all investments for federal income tax purposes and the unrealized gains (losses) were as follows:
| | | | | | | | | | | | | | | | |
| | | | |
| | | Tax cost | | | Gross
unrealized
gains | | | Gross unrealized
losses | | | Net unrealized
gains (losses) | |
| | | | |
Emerging Markets Bond Fund | | $ | 1,015,348 | | | $ | 28,283 | | | $ | 0 | | | $ | 28,283 | |
| | | | |
Factor Enhanced Emerging Markets Fund | | | 997,066 | | | | 0 | | | | (7,456 | ) | | | (7,456 | ) |
| | | | |
Factor Enhanced International Fund | | | 916,741 | | | | 40,114 | | | | 0 | | | | 40,114 | |
| | | | |
Factor Enhanced Large Cap Fund | | | 941,424 | | | | 67,453 | | | | 0 | | | | 67,453 | |
| | | | |
Factor Enhanced Small Cap Fund | | | 895,935 | | | | 24,666 | | | | 0 | | | | 24,666 | |
| | | | |
High Yield Corporate Bond Fund | | | 1,008,213 | | | | 0 | | | | (2,865 | ) | | | (2,865 | ) |
| | | | |
International Government Bond Fund | | | 973,412 | | | | 36,872 | | | | 0 | | | | 36,872 | |
| | | | |
U.S. Core Bond Fund | | | 1,017,376 | | | | 0 | | | | (1,403 | ) | | | (1,403 | ) |
Reclassifications are made to each Fund’s capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. U.S. generally accepted accounting principles require that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset values per share. At February 28, 2019, as a result of permanentbook-to-tax differences, the following reclassification adjustments were made on the Statements of Assets and Liabilities:
| | | | | | | | |
| | | Paid-in
capital | | | Total distributable
earnings (loss) | |
| | |
International Government Bond Fund | | $ | (19,839 | ) | | $ | 19,839 | |
| | |
U.S. Core Bond Fund | | | 65 | | | | (65 | ) |
Capital loss carryforwards that do not expire are required to be utilized prior to capital loss carryforwards that expire. As of February 28, 2019, capital loss carryforwards available to offset future net realized capital gains were as follows through the indicated expiration dates:
| | | | | | | | |
| | | No expiration | |
| | | Short-term | | | Long-term | |
Emerging Markets Bond Fund | | $ | 0 | | | $ | 590 | |
Factor Enhanced Emerging Markets Fund | | | 11,090 | | | | 2,756 | |
Factor Enhanced International Fund | | | 51,385 | | | | 42,514 | |
Factor Enhanced Large Cap Fund | | | 31,253 | | | | 37,477 | |
Factor Enhanced Small Cap Fund | | | 55,472 | | | | 55,000 | |
High Yield Corporate Bond Fund | | | 3,959 | | | | 3,947 | |
At February 28, 2019, the International Government Bond Fund had a qualified late-year ordinary loss of $12,194 which will be recognized on the first day of the following fiscal year.
| | | | | | |
| Notes to financial statements | | Wells Fargo Funds | | | 61 | |
3. FAIR VALUATION MEASUREMENTS
At February 28, 2019, each Fund’s investment in an affiliated Master Portfolio was measured at fair value using the net
asset value per share (or its equivalent) as a practical expedient. The aggregate fair value of affiliated Master Portfolios
held in each Fund was as follows:
| | | | |
| | | Aggregate
value of affiliated
Master Portfolio(s) | |
Emerging Markets Bond Fund | | $ | 1,043,631 | |
Factor Enhanced Emerging Markets Fund | | | 989,610 | |
Factor Enhanced International Fund | | | 956,855 | |
Factor Enhanced Large Cap Fund | | | 1,008,877 | |
Factor Enhanced Small Cap Fund | | | 920,601 | |
High Yield Corporate Bond Fund | | | 1,005,348 | |
International Government Bond Fund | | | 1,010,284 | |
U.S. Core Bond Fund | | | 1,015,973 | |
Each Fund’s ownership in each affiliated Master Portfolio is disclosed in the Portfolio of Investments. The leveling of inputs for fair value measurements of each affiliated Master Portfolio are disclosed in the financial statements of each affiliated Master Portfolio.
The investment objective of each affiliated Master Portfolio is as follows:
| | |
| |
| Affiliated Master Portfolio | | Investment objective |
| |
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio | | Seeks to replicate the total return of the Bloomberg Barclays USex-Corporate Index, before fees and expenses |
| |
Wells Fargo Emerging Markets Bond Portfolio | | Seeks to replicate the total return of the JP Morgan EMBI Global Dividend Index, before fees and expenses |
| |
Wells Fargo Factor Enhanced Emerging Markets Portfolio | | Seeks to replicate the total return of the Wells Fargo Factor Enhanced Emerging Markets Index (Net), before fees and expenses |
| |
Wells Fargo Factor Enhanced International Portfolio | | Seeks to replicate the total return of the Wells Fargo Factor Enhanced International Index (Net), before fees and expenses |
| |
Wells Fargo Factor Enhanced Large Cap Portfolio | | Seeks to replicate the total return of the Wells Fargo Factor Enhanced Large Cap Index, before fees and expenses |
| |
Wells Fargo Factor Enhanced Small Cap Portfolio | | Seeks to replicate the total return of the Wells Fargo Factor Enhanced Small Cap Index, before fees and expenses |
| |
Wells Fargo High Yield Corporate Bond Portfolio | | Seeks to replicate the total return of the Wells Fargo U.S. High Yield Bond Index, before fees and expenses |
| |
Wells Fargo International Government Bond Portfolio | | Seeks to replicate the total return of the Wells Fargo International Government Bond Index, before fees and expenses |
| |
Wells Fargo Investment Grade Corporate Bond Portfolio | | Seeks to replicate the total return of the Wells Fargo U.S. Investment Grade Corporate Bond Index, before fees and expenses |
Each affiliated Master Portfolio does not have a redemption period notice, can be redeemed daily and does not have any
unfunded commitments.
4. TRANSACTIONS WITH AFFILIATES
Management fee
Wells Fargo Funds Management, LLC (“Funds Management”), an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”), is the manager of each Fund and provides advisory and administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of each Fund, supervising the applicable subadvisers and providing administrative services in connection with each Fund’s operations. Funds
| | | | |
| 62 | | Wells Fargo Funds | | Notes to financial statements |
Management does not receive an investment management or administration fee from each Fund. However, Funds Management also serves as the adviser to each affiliated Master Portfolio and is entitled to receive a fee from each affiliated Master Portfolio for those services.
Funds Management has retained the services of a subadviser to provide daily portfolio management to U.S. Core Bond Fund. Funds Management has engaged Wells Capital Management Incorporated (“WellsCap”), an affiliate of Funds Management and an indirect, wholly owned subsidiary of Wells Fargo, as subadviser. WellsCap does not receive an annual fee for its services.
Funds Management has committed through June 30, 2019 to waive fees and/or reimburse expenses to the extent necessary to cap each Fund’s expenses at 0.00%. Net expenses from affiliated Master Portfolios are included in the expense caps. Prior to or after the commitment expiration date, each expense cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.
5. INVESTMENT PORTFOLIO TRANSACTIONS
Purchases and sales of investments, excluding short-term securities, for the year ended February 28, 2019 were as follows:
| | | | | | | | |
| | | Purchases at cost* | | Sales proceeds* |
| | | U.S.
government | | Non-U.S.
government | | U.S.
government | | Non-U.S.
government |
| Emerging Markets Bond Fund | | $0 | | $517,214 | | $0 | | $1,175,023 |
| Factor Enhanced Emerging Markets Fund | | 0 | | 910,415 | | 0 | | 1,159,332 |
| Factor Enhanced International Fund | | 0 | | 571,895 | | 0 | | 1,084,073 |
| Factor Enhanced Large Cap Fund | | 0 | | 300,038 | | 0 | | 969,709 |
| Factor Enhanced Small Cap Fund | | 0 | | 435,695 | | 0 | | 1,046,281 |
| High Yield Corporate Bond Fund | | 0 | | 568,360 | | 0 | | 989,559 |
| International Government Bond Fund | | 0 | | 2,770,178 | | 0 | | 2,650,369 |
| U.S. Core Bond Fund | | 725,528 | | 99,789 | | 1,145,230 | | 333,029 |
| * | The Funds seek to achieve their investment objectives by investing substantially all of their investable assets in affiliated Master Portfolio(s). Purchases and sales related to these investments have been calculated by aggregating the results of multiplying each Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. |
6. BANK BORROWINGS
The Trust (excluding the money market funds), Wells Fargo Master Trust and Wells Fargo Variable Trust are parties to a $280,000,000 revolving credit agreement whereby each Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to each Fund based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.25% of the unused balance is allocated to each participating fund.
For the year ended February 28, 2019, there were no borrowings by the Funds under the agreement.
| | | | | | |
| Notes to financial statements | | Wells Fargo Funds | | | 63 | |
7. DISTRIBUTIONS TO SHAREHOLDERS
The tax character of distributions paid during the years ended February 28, 2019, and February 28, 2018, were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Ordinary income | | | Long-term capital gain | | | Tax basis return of capital | |
| | | 2019 | | | 2018 | | | 2019 | | | 2018 | | | 2019 | | | 2018 | |
Emerging Markets Bond Fund | | $ | 19,031 | | | $ | 233 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | |
Factor Enhanced Emerging Markets Fund | | | 5,436 | | | | 72 | | | | 77 | | | | 0 | | | | 0 | | | | 0 | |
Factor Enhanced International Fund | | | 7,048 | | | | 49 | | | | 47 | | | | 0 | | | | 0 | | | | 0 | |
Factor Enhanced Large Cap Fund | | | 8,388 | | | | 56 | | | | 363 | | | | 0 | | | | 0 | | | | 0 | |
Factor Enhanced Small Cap Fund | | | 5,359 | | | | 42 | | | | 154 | | | | 0 | | | | 1,765 | | | | 0 | |
High Yield Corporate Bond Fund | | | 27,681 | | | | 385 | | | | 0 | | | | 0 | | | | 0 | | | | 8 | |
International Government Bond Fund | | | 8 | | | | 35 | | | | 0 | | | | 0 | | | | 95 | | | | 0 | |
U.S. Core Bond Fund | | | 14,606 | | | | 166 | | | | 0 | | | | 0 | | | | 0 | | | | 22 | |
As of February 28, 2019, the components of distribuable earnings on a tax basis were as follows:
| | | | | | | | | | | | | | | | | | | | |
| | | Undistributed ordinary income | | | Undistributed long-term gain | | | Unrealized
gains (losses) | | | Late-year
ordinary losses
deferred | | | Capital loss carryforward | |
Emerging Markets Bond Fund | | $ | 8,792 | | | $ | 0 | | | $ | 28,283 | | | $ | 0 | | | $ | (590 | ) |
Factor Enhanced Emerging Markets Fund | | | 3,937 | | | | 0 | | | | (7,456 | ) | | | 0 | | | | (13,846 | ) |
Factor Enhanced International Fund | | | 3,890 | | | | 0 | | | | 40,114 | | | | 0 | | | | (93,899 | ) |
Factor Enhanced Large Cap Fund | | | 1,505 | | | | 0 | | | | 67,453 | | | | 0 | | | | (68,730 | ) |
Factor Enhanced Small Cap Fund | | | 0 | | | | 0 | | | | 24,666 | | | | 0 | | | | (110,472 | ) |
High Yield Corporate Bond Fund | | | 3,219 | | | | 0 | | | | (2,865 | ) | | | 0 | | | | (7,906 | ) |
International Government Bond Fund | | | 0 | | | | 0 | | | | 36,872 | | | | (12,194 | ) | | | 0 | |
U.S. Core Bond Fund | | | 5,574 | | | | 587 | | | | (1,403 | ) | | | 0 | | | | 0 | |
Effective for all filings after November 4, 2018, the Securities and Exchange Commission eliminated the requirement to separately state the components of distributions to shareholders under U.S. generally accepted accounting principles. The amounts of distributions to shareholders for the year ended February 28, 2018 were as follows:
| | | | | | | | |
| | | Net investment
income | | | Tax basis
return of
capital | |
Emerging Markets Bond Fund | | $ | 233 | | | $ | 0 | |
Factor Enhanced Emerging Markets Fund | | | 72 | | | | 0 | |
Factor Enhanced International Fund | | | 49 | | | | 0 | |
Factor Enhanced Large Cap Fund | | | 56 | | | | 0 | |
Factor Enhanced Small Cap Fund | | | 42 | | | | 0 | |
High Yield Corporate Bond Fund | | | 385 | | | | 8 | |
International Government Bond Fund | | | 35 | | | | 0 | |
U.S. Core Bond Fund | | | 166 | | | | 22 | |
8. CONCENTRATION OF OWNERSHIP
At February 28, 2019, Wells Fargo owned 100% of each Fund. Investment and/or voting activities of Wells Fargo with respect to their holdings in each Fund could have a material impact on each Fund.
| | | | |
| 64 | | Wells Fargo Funds | | Notes to financial statements |
9. INDEMNIFICATION
Under the Trust’s organizational documents, the officers and Trustees have been granted certain indemnification rights against certain liabilities that may arise out of performance of their duties to the Trust. Additionally, in the normal course of business, the Trust may enter into contracts with service providers that contain a variety of indemnification clauses. The Trust’s maximum exposure under these arrangements is dependent on future claims that may be made against the Funds and, therefore, cannot be estimated.
10. NEW ACCOUNTING PRONOUNCEMENT
In August 2018, FASB issued Accounting Standards Update (“ASU”)No. 2018-13, Fair Value Measurement (Topic 820)Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement. ASU2018-13 updates the disclosure requirements for fair value measurements by modifying or removing certain disclosures and adding certain new disclosures. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted. Management has adopted the removal and modification of disclosures early, as permitted, and will adopt the additional new disclosures at the effective date.
| | | | | | |
| Report of independent registered public accounting firm | | Wells Fargo Funds | | | 65 | |
TO THE SHAREHOLDERS OF THE FUNDS AND BOARD OF TRUSTEES OF WELLS FARGO FUNDS TRUST:
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities of Wells Fargo Emerging Markets Bond Fund, Wells Fargo Factor Enhanced Emerging Markets Fund, Wells Fargo Factor Enhanced International Fund, Wells Fargo Factor Enhanced Large Cap Fund, Wells Fargo Factor Enhanced Small Cap Fund, Wells Fargo High Yield Corporate Bond Fund, Wells Fargo International Government Bond Fund, and Wells Fargo U.S. Core Bond Fund (collectively, the Funds), eight of the funds constituting Wells Fargo Funds Trust, including the portfolios of investments, as of February 28, 2019, and the related statements of operations for the year then ended, the statements of changes in net assets for the year then ended and for the period from August 3, 2017 (commencement of operations) to February 28, 2018, except for Wells Fargo International Government Bond Fund which is for the year then ended and for the period from October 31, 2017 (commencement of operations) to February 28, 2018, and the related notes (collectively, the financial statements) and the financial highlights for each of the years or periods in the period from the commencement of operations to February 28, 2019. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of February 28, 2019, the results of their operations for the year then ended, the changes in their net assets for each of the years or periods from the commencement of operations to February 28, 2019, and the financial highlights for each of the years or periods from the commencement of operations to February 28, 2019, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of February 28, 2019, by correspondence with the custodian and transfer agent, or by other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.
We have not been able to determine the specific year that we began serving as the auditor of one or more Wells Fargo Funds investment companies; however, we are aware that we have served as the auditor of one or more Wells Fargo Funds investment companies since at least 1955.
Boston, Massachusetts
April 26, 2019
| | | | |
| 66 | | Wells Fargo Funds | | Portfolio of investments—February 28, 2019 |
BLOOMBERG BARCLAYS US AGGREGATE EX-CORPORATE PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
| | | | |
Agency Securities: 39.51% | | | | | | | | | | | | | | | | |
| | | | |
FFCB | | | 2.54 | % | | | 4-5-2021 | | | $ | 690,000 | | | $ | 689,575 | |
| | | | |
FHLB | | | 1.13 | | | | 7-14-2021 | | | | 120,000 | | | | 116,202 | |
| | | | |
FHLB | | | 2.13 | | | | 6-9-2023 | | | | 520,000 | | | | 509,212 | |
| | | | |
FHLB | | | 2.26 | | | | 10-4-2022 | | | | 1,000,000 | | | | 983,683 | |
| | | | |
FHLB | | | 2.63 | | | | 5-28-2020 | | | | 830,000 | | | | 830,655 | |
| | | | |
FHLB | | | 2.75 | | | | 12-13-2024 | | | | 870,000 | | | | 872,573 | |
| | | | |
FHLB | | | 5.63 | | | | 3-14-2036 | | | | 60,000 | | | | 77,245 | |
| | | | |
FHLMC | | | 1.38 | | | | 4-20-2020 | | | | 870,000 | | | | 858,645 | |
| | | | |
FHLMC | | | 2.38 | | | | 1-13-2022 | | | | 1,180,000 | | | | 1,174,894 | |
| | | | |
FHLMC | | | 2.50 | | | | 3-1-2032 | | | | 6,324,755 | | | | 6,207,415 | |
| | | | |
FHLMC | | | 3.00 | | | | 2-1-2047 | | | | 17,871,612 | | | | 17,498,075 | |
| | | | |
FHLMC | | | 3.00 | | | | 3-1-2048 | | | | 194,155 | | | | 189,953 | |
| | | | |
FHLMC | | | 3.50 | | | | 2-1-2044 | | | | 14,677,349 | | | | 14,803,144 | |
| | | | |
FHLMC | | | 3.50 | | | | 4-1-2045 | | | | 613,939 | | | | 616,733 | |
| | | | |
FHLMC | | | 3.50 | | | | 8-1-2047 | | | | 9,852,959 | | | | 9,869,344 | |
| | | | |
FHLMC | | | 6.00 | | | | 7-1-2040 | | | | 2,685,608 | | | | 2,950,985 | |
| | | | |
FHLMC Series K015 Class A2 | | | 3.23 | | | | 7-25-2021 | | | | 60,000 | | | | 60,474 | |
| | | | |
FHLMC Series K028 Class A1 | | | 2.18 | | | | 11-25-2022 | | | | 139,347 | | | | 137,911 | |
| | | | |
FHLMC Series K029 Class A2 ±± | | | 3.32 | | | | 2-25-2023 | | | | 545,000 | | | | 555,080 | |
| | | | |
FHLMC Series K030 Class A2 ±± | | | 3.25 | | | | 4-25-2023 | | | | 305,000 | | | | 309,960 | |
| | | | |
FHLMC Series K032 Class A2 ±± | | | 3.31 | | | | 5-25-2023 | | | | 50,000 | | | | 50,859 | |
| | | | |
FHLMC Series K034 Class A2 ±± | | | 3.53 | | | | 7-25-2023 | | | | 60,000 | | | | 61,538 | |
| | | | |
FHLMC Series K035 Class A2 ±± | | | 3.46 | | | | 8-25-2023 | | | | 55,000 | | | | 56,258 | |
| | | | |
FHLMC Series K048 Class A2 ±± | | | 3.28 | | | | 6-25-2025 | | | | 215,000 | | | | 218,444 | |
| | | | |
FHLMC Series K062 Class A2 | | | 3.41 | | | | 12-25-2026 | | | | 750,000 | | | | 764,427 | |
| | | | |
FHLMC Series K063 Class A2 ±± | | | 3.43 | | | | 1-25-2027 | | | | 45,000 | | | | 45,856 | |
| | | | |
FHLMC Series K070 Class A2 ±± | | | 3.30 | | | | 11-25-2027 | | | | 425,000 | | | | 427,386 | |
| | | | |
FHLMC Series K152 Class A1 | | | 2.83 | | | | 5-25-2030 | | | | 346,319 | | | | 339,939 | |
| | | | |
FHLMC Series K152 Class A2 | | | 3.08 | | | | 1-25-2031 | | | | 125,000 | | | | 120,549 | |
| | | | |
FHLMC Series K155 Class A3 | | | 3.75 | | | | 4-25-2033 | | | | 40,000 | | | | 40,683 | |
| | | | |
FHLMC Series K717 Class A2 | | | 2.99 | | | | 9-25-2021 | | | | 900,000 | | | | 902,749 | |
| | | | |
FNMA | | | 1.38 | | | | 2-26-2021 | | | | 120,000 | | | | 117,267 | |
| | | | |
FNMA | | | 1.50 | | | | 11-30-2020 | | | | 120,000 | | | | 117,813 | |
| | | | |
FNMA | | | 1.90 | | | | 10-27-2020 | | | | 580,000 | | | | 572,428 | |
| | | | |
FNMA | | | 2.13 | | | | 4-24-2026 | | | | 910,000 | | | | 868,248 | |
| | | | |
FNMA | | | 2.50 | | | | 12-1-2027 | | | | 836,770 | | | | 825,392 | |
| | | | |
FNMA | | | 2.50 | | | | 9-1-2031 | | | | 2,772,126 | | | | 2,725,234 | |
| | | | |
FNMA | | | 3.00 | | | | 12-1-2026 | | | | 3,817,185 | | | | 3,825,941 | |
| | | | |
FNMA | | | 3.00 | | | | 12-1-2030 | | | | 560,860 | | | | 560,257 | |
| | | | |
FNMA | | | 3.00 | | | | 7-1-2032 | | | | 4,393,612 | | | | 4,388,895 | |
| | | | |
FNMA | | | 3.00 | | | | 1-1-2034 | | | | 645,528 | | | | 644,550 | |
| | | | |
FNMA | | | 3.00 | | | | 8-1-2036 | | | | 289,997 | | | | 287,553 | |
| | | | |
FNMA | | | 3.00 | | | | 2-1-2037 | | | | 4,629,976 | | | | 4,590,948 | |
| | | | |
FNMA | | | 3.00 | | | | 11-1-2046 | | | | 827,545 | | | | 809,280 | |
| | | | |
FNMA | | | 3.00 | | | | 7-1-2047 | | | | 7,385,863 | | | | 7,222,825 | |
| | | | |
FNMA | | | 3.00 | | | | 12-1-2047 | | | | 2,344,766 | | | | 2,292,335 | |
| | | | |
FNMA | | | 3.50 | | | | 6-1-2031 | | | | 2,913,568 | | | | 2,965,252 | |
| | | | |
FNMA %% | | | 3.50 | | | | 3-18-2034 | | | | 2,015,000 | | | | 2,046,428 | |
| | | | |
FNMA | | | 3.50 | | | | 1-1-2035 | | | | 211,770 | | | | 215,048 | |
| | | | |
FNMA | | | 3.50 | | | | 3-1-2036 | | | | 3,013,999 | | | | 3,040,224 | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—February 28, 2019 | | Wells Fargo Funds | | | 67 | |
BLOOMBERG BARCLAYS US AGGREGATE EX-CORPORATE PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
| | | | |
| Agency Securities(continued) | | | | | | | | | | | | | | | | |
| | | | |
FNMA | | | 3.50 | % | | | 4-1-2037 | | | $ | 1,362,664 | | | $ | 1,367,787 | |
| | | | |
FNMA | | | 3.50 | | | | 6-1-2042 | | | | 2,924,048 | | | | 2,948,633 | |
| | | | |
FNMA | | | 3.50 | | | | 7-1-2042 | | | | 1,194,372 | | | | 1,205,512 | |
| | | | |
FNMA | | | 3.50 | | | | 10-1-2042 | | | | 6,137,261 | | | | 6,188,859 | |
| | | | |
FNMA | | | 3.50 | | | | 9-1-2043 | | | | 2,302,999 | | | | 2,326,522 | |
| | | | |
FNMA | | | 3.50 | | | | 1-1-2048 | | | | 1,145,000 | | | | 1,145,822 | |
| | | | |
FNMA | | | 3.50 | | | | 3-1-2048 | | | | 1,165,836 | | | | 1,166,673 | |
| | | | |
FNMA | | | 4.00 | | | | 6-1-2042 | | | | 11,151,665 | | | | 11,470,217 | |
| | | | |
FNMA | | | 4.00 | | | | 6-1-2042 | | | | 1,045,978 | | | | 1,075,849 | |
| | | | |
FNMA | | | 4.00 | | | | 8-1-2043 | | | | 7,838,763 | | | | 8,049,043 | |
| | | | |
FNMA | | | 4.00 | | | | 6-1-2048 | | | | 11,306,780 | | | | 11,532,857 | |
| | | | |
FNMA | | | 4.00 | | | | 8-1-2048 | | | | 1,335,000 | | | | 1,362,117 | |
| | | | |
FNMA | | | 4.00 | | | | 9-1-2048 | | | | 881,529 | | | | 899,243 | |
| | | | |
FNMA | | | 4.00 | | | | 10-1-2048 | | | | 2,320 | | | | 2,369 | |
| | | | |
FNMA | | | 4.00 | | | | 10-1-2048 | | | | 23,166 | | | | 23,656 | |
| | | | |
FNMA | | | 4.50 | | | | 5-1-2040 | | | | 459,184 | | | | 482,381 | |
| | | | |
FNMA | | | 4.50 | | | | 9-1-2040 | | | | 11,210,183 | | | | 11,744,419 | |
| | | | |
FNMA | | | 4.50 | | | | 2-1-2047 | | | | 3,516,640 | | | | 3,642,307 | |
| | | | |
FNMA %% | | | 4.50 | | | | 3-13-2049 | | | | 6,625,000 | | | | 6,854,183 | |
| | | | |
FNMA | | | 5.00 | | | | 1-1-2042 | | | | 400,542 | | | | 428,745 | |
| | | | |
FNMA | | | 5.00 | | | | 6-1-2045 | | | | 1,491,279 | | | | 1,595,874 | |
| | | | |
FNMA | | | 5.00 | | | | 7-1-2045 | | | | 5,084,767 | | | | 5,443,422 | |
| | | | |
FNMA | | | 5.50 | | | | 9-1-2040 | | | | 2,851,109 | | | | 3,062,361 | |
| | | | |
FNMA | | | 6.00 | | | | 5-1-2041 | | | | 150,409 | | | | 165,630 | |
| | | | |
FNMA | | | 6.25 | | | | 5-15-2029 | | | | 230,000 | | | | 293,425 | |
| | | | |
FNMA | | | 7.13 | | | | 1-15-2030 | | | | 810,000 | | | | 1,104,391 | |
| | | | |
FNMA | | | 7.25 | | | | 5-15-2030 | | | | 80,000 | | | | 110,678 | |
| | | | |
FNMA Series2012-M14 Class AI ±± | | | 2.89 | | | | 9-25-2027 | | | | 166,768 | | | | 162,538 | |
| | | | |
FNMA Series2016-M7 Class A2 | | | 2.50 | | | | 9-25-2026 | | | | 175,000 | | | | 167,934 | |
| | | | |
FNMA Series2017-M1 Class A2 ±± | | | 2.42 | | | | 10-25-2026 | | | | 275,000 | | | | 261,495 | |
| | | | |
FNMA Series2017-M11 Class A2 | | | 2.98 | | | | 8-25-2029 | | | | 320,000 | | | | 308,221 | |
| | | | |
FNMA Series2017-M3 Class A2 ±± | | | 2.48 | | | | 12-25-2026 | | | | 995,000 | | | | 948,429 | |
| | | | |
FNMA Series2017-M5 Class A2 ±± | | | 3.18 | | | | 4-25-2029 | | | | 70,000 | | | | 68,746 | |
| | | | |
FNMA Series2018-M13 Class A2 ±± | | | 3.70 | | | | 9-25-2030 | | | | 90,000 | | | | 92,423 | |
| | | | |
GNMA | | | 3.00 | | | | 4-20-2045 | | | | 8,631,156 | | | | 8,550,574 | |
| | | | |
GNMA | | | 3.00 | | | | 11-20-2045 | | | | 633,165 | | | | 626,861 | |
| | | | |
GNMA | | | 3.00 | | | | 3-20-2046 | | | | 6,008,530 | | | | 5,945,638 | |
| | | | |
GNMA | | | 3.50 | | | | 2-20-2045 | | | | 16,611,150 | | | | 16,781,805 | |
| | | | |
GNMA | | | 3.50 | | | | 6-20-2045 | | | | 2,697,091 | | | | 2,724,811 | |
| | | | |
GNMA | | | 3.50 | | | | 11-20-2045 | | | | 3,094,404 | | | | 3,130,040 | |
| | | | |
GNMA | | | 3.50 | | | | 7-20-2047 | | | | 868,331 | | | | 876,395 | |
| | | | |
GNMA | | | 3.50 | | | | 5-20-2048 | | | | 269,714 | | | | 272,193 | |
| | | | |
GNMA | | | 4.00 | | | | 7-20-2044 | | | | 2,942,625 | | | | 3,043,125 | |
| | | | |
GNMA | | | 4.00 | | | | 8-20-2044 | | | | 1,440,759 | | | | 1,484,196 | |
| | | | |
GNMA | | | 4.00 | | | | 9-20-2044 | | | | 2,909,666 | | | | 3,009,130 | |
| | | | |
GNMA | | | 4.00 | | | | 12-20-2047 | | | | 6,117,577 | | | | 6,283,007 | |
| | | | |
TVA | | | 2.88 | | | | 2-1-2027 | | | | 35,000 | | | | 34,744 | |
| | | | |
TVA | | | 3.50 | | | | 12-15-2042 | | | | 120,000 | | | | 117,421 | |
| | | | |
TVA | | | 3.88 | | | | 2-15-2021 | | | | 360,000 | | | | 368,616 | |
| | | | |
TVA | | | 4.63 | | | | 9-15-2060 | | | | 35,000 | | | | 41,978 | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 68 | | Wells Fargo Funds | | Portfolio of investments—February 28, 2019 |
BLOOMBERG BARCLAYS US AGGREGATE EX-CORPORATE PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
| | | | |
| Agency Securities(continued) | | | | | | | | | | | | | | | | |
| | | | |
TVA | | | 5.38 | % | | | 4-1-2056 | | | $ | 10,000 | | | $ | 13,420 | |
| | | | |
TVA | | | 6.75 | | | | 11-1-2025 | | | | 190,000 | | | | 233,480 | |
| | | | |
Total Agency Securities (Cost $246,797,726) | | | | | | | | | | | | | | | 241,696,559 | |
| | | | | | | | | | | | | | | | |
| | | | |
Asset-Backed Securities: 0.65% | | | | | | | | | | | | | | | | |
| | | | |
Bank of America Credit Card Trust Series2017-A1 Class A1 | | | 1.95 | | | | 8-15-2022 | | | | 15,000 | | | | 14,889 | |
| | | | |
Capital One Multi Asset Execution Trust Series2017-A1 Class A1 | | | 2.00 | | | | 1-17-2023 | | | | 15,000 | | | | 14,891 | |
| | | | |
Capital One Multi Asset Execution Trust Series2017-A3 Class A3 | | | 2.43 | | | | 1-15-2025 | | | | 110,000 | | | | 108,886 | |
| | | | |
Capital One Multi Asset Execution Trust Series2017-A4 Class A4 | | | 1.99 | | | | 7-17-2023 | | | | 50,000 | | | | 49,445 | |
| | | | |
Capital One Multi Asset Execution Trust Series2017-A6 Class A6 | | | 2.29 | | | | 7-15-2025 | | | | 85,000 | | | | 83,392 | |
| | | | |
CarMax Auto Owner Trust Series2016-2 Class A4 | | | 1.68 | | | | 9-15-2021 | | | | 335,000 | | | | 330,924 | |
| | | | |
CarMax Auto Owner Trust Series2016-3 Class A3 | | | 1.97 | | | | 4-15-2022 | | | | 240,000 | | | | 238,148 | |
| | | | |
CarMax Auto Owner Trust Series2016-3 Class A4 | | | 1.60 | | | | 1-18-2022 | | | | 17,000 | | | | 16,709 | |
| | | | |
CarMax Auto Owner Trust Series2016-4 Class A4 | | | 1.60 | | | | 6-15-2022 | | | | 10,000 | | | | 9,790 | |
| | | | |
CarMax Auto Owner Trust Series2017-2 Class A4 | | | 2.25 | | | | 9-15-2022 | | | | 195,000 | | | | 192,460 | |
| | | | |
CarMax Auto Owner Trust Series2017-3 Class A4 | | | 2.22 | | | | 11-15-2022 | | | | 89,000 | | | | 87,689 | |
| | | | |
CarMax Auto Owner Trust Series2018-3 Class D | | | 3.91 | | | | 1-15-2025 | | | | 80,000 | | | | 80,144 | |
| | | | |
Chase Issuance Trust Series2012-A7 Class A7 | | | 2.16 | | | | 9-15-2024 | | | | 205,000 | | | | 200,359 | |
| | | | |
Citibank Credit Card Issuance Trust Series2014-A5 Class A5 | | | 2.68 | | | | 6-7-2023 | | | | 110,000 | | | | 109,821 | |
| | | | |
Citibank Credit Card Issuance Trust Series2017-A3 Class A3 | | | 1.92 | | | | 4-7-2022 | | | | 165,000 | | | | 163,477 | |
| | | | |
Discover Card Execution Note Trust Series2017-A2 Class A2 | | | 2.39 | | | | 7-15-2024 | | | | 335,000 | | | | 330,659 | |
| | | | |
Ford Credit Floorplan Master Owner Trust Series2016-5 Class A1 | | | 1.95 | | | | 11-15-2021 | | | | 40,000 | | | | 39,748 | |
| | | | |
Ford Credit Floorplan Master Owner Trust Series2017-3 Class A | | | 2.48 | | | | 9-15-2024 | | | | 50,000 | | | | 49,275 | |
| | | | |
Mercedes-Benz Auto Lease Trust Series2017-A Class A4 | | | 2.01 | | | | 1-17-2023 | | | | 60,000 | | | | 59,680 | |
| | | | |
Nissan Auto Receivables Owner Trust Series2017-A Class A4 | | | 2.11 | | | | 5-15-2023 | | | | 15,000 | | | | 14,823 | |
| | | | |
Nissan Auto Receivables Owner Trust Series2017-C Class A3 | | | 2.12 | | | | 4-18-2022 | | | | 290,000 | | | | 287,815 | |
| | | | |
Nissan Auto Receivables Owner Trust Series2017-C Class A4 | | | 2.28 | | | | 2-15-2024 | | | | 95,000 | | | | 93,748 | |
| | | | |
Synchrony Credit Card Master Note Trust Series2015-1 Class A | | | 2.37 | | | | 3-15-2023 | | | | 425,000 | | | | 422,921 | |
| | | | |
Synchrony Credit Card Master Note Trust Series2016-2 Class A | | | 2.21 | | | | 5-15-2024 | | | | 175,000 | | | | 172,421 | |
| | | | |
Synchrony Credit Card Master Note Trust Series2018-2 Class A | | | 3.47 | | | | 5-15-2026 | | | | 105,000 | | | | 106,754 | |
| | | | |
World Financial Network Credit Card Master Trust Series2016-A Class A | | | 2.03 | | | | 4-15-2025 | | | | 72,000 | | | | 70,322 | |
| | | | |
World Omni Auto Receivables Trust Series2016-B Class A4 | | | 1.48 | | | | 11-15-2022 | | | | 192,000 | | | | 187,885 | |
| | | | |
World Omni Auto Receivables Trust Series2017-A Class A4 | | | 2.24 | | | | 6-15-2023 | | | | 210,000 | | | | 207,781 | |
| | | | |
World Omni Auto Receivables Trust Series2017-B Class A4 | | | 2.25 | | | | 10-16-2023 | | | | 205,000 | | | | 201,091 | |
| | | | |
World Omni Auto Receivables Trust Series2018-D Class A4 | | | 3.44 | | | | 12-16-2024 | | | | 28,000 | | | | 28,368 | |
| |
Total Asset-Backed Securities (Cost $4,003,227) | | | | 3,974,315 | |
| | | | | | | | | | | | | | | | |
|
Municipal Obligations: 0.82% | |
|
California: 0.28% | |
|
| Education Revenue: 0.01% | |
| | | | |
California Series B | | | 3.90 | | | | 11-1-2047 | | | | 15,000 | | | | 14,291 | |
| | | | |
University of California Series AD | | | 4.86 | | | | 5-15-2112 | | | | 70,000 | | | | 72,320 | |
| | | | |
| | | | | | | | | | | | | | | 86,611 | |
| | | | | | | | | | | | | | | | |
|
| GO Revenue: 0.17% | |
| | | | |
California Build America Bonds | | | 5.70 | | | | 11-1-2021 | | | | 90,000 | | | | 96,987 | |
| | | | |
California Build America Bonds | | | 7.55 | | | | 4-1-2039 | | | | 110,000 | | | | 161,563 | |
| | | | |
California Build America Bonds | | | 7.60 | | | | 11-1-2040 | | | | 15,000 | | | | 22,412 | |
| | | | |
California Build America Bonds | | | 7.63 | | | | 3-1-2040 | | | | 200,000 | | | | 292,998 | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—February 28, 2019 | | Wells Fargo Funds | | | 69 | |
BLOOMBERG BARCLAYS US AGGREGATE EX-CORPORATE PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
|
| GO Revenue(continued) | |
| | | | |
California Build America Bonds Taxable Various Purpose | | | 7.50 | % | | | 4-1-2034 | | | $ | 100,000 | | | $ | 140,794 | |
| | | | |
Los Angeles CA Community College District Build America Bonds | | | 6.75 | | | | 8-1-2049 | | | | 5,000 | | | | 7,227 | |
| | | | |
Los Angeles CA Unified School District Build America Bonds | | | 5.75 | | | | 7-1-2034 | | | | 15,000 | | | | 18,002 | |
| | | | |
Los Angeles CA Unified School District Build America Bonds | | | 5.76 | | | | 7-1-2029 | | | | 60,000 | | | | 69,493 | |
| | | | |
Los Angeles CA Unified School District Build America Bonds | | | 6.76 | | | | 7-1-2034 | | | | 160,000 | | | | 208,147 | |
| | | | |
| | | | | | | | | | | | | | | 1,017,623 | |
| | | | | | | | | | | | | | | | |
|
| Transportation Revenue: 0.06% | |
| | | | |
Bay Area CA Toll Authority Series 1 | | | 6.26 | | | | 4-1-2049 | | | | 100,000 | | | | 136,491 | |
| | | | |
Bay Area CA Toll Authority Series 1 | | | 6.92 | | | | 4-1-2040 | | | | 15,000 | | | | 20,144 | |
| | | | |
Bay Area CA Toll Authority Series 1 | | | 7.04 | | | | 4-1-2050 | | | | 140,000 | | | | 203,301 | |
| | | | |
| | | | | | | | | | | | | | | 359,936 | |
| | | | | | | | | | | | | | | | |
|
| Utilities Revenue: 0.04% | |
| | | | |
California Department of Water Resources Series P | | | 2.00 | | | | 5-1-2022 | | | | 55,000 | | | | 53,756 | |
| | | | |
Los Angeles CA DW&P Build America Bonds Series A | | | 5.72 | | | | 7-1-2039 | | | | 100,000 | | | | 123,019 | |
| | | | |
Los Angeles CA DW&P Build America Bonds Series D | | | 6.57 | | | | 7-1-2045 | | | | 55,000 | | | | 76,832 | |
| | | | |
| | | | | | | | | | | | | | | 253,607 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | 1,717,777 | |
| | | | | | | | | | | | | | | | |
|
Florida: 0.03% | |
|
| Miscellaneous Revenue: 0.03% | |
| | | | |
Florida Board of Administrative Finance Series A | | | 2.64 | | | | 7-1-2021 | | | | 150,000 | | | | 149,697 | |
| | | | | | | | | | | | | | | | |
|
Georgia: 0.03% | |
|
| Utilities Revenue: 0.03% | |
| | | | |
Municipal Electric Authority of Georgia Build America Bonds | | | 6.66 | | | | 4-1-2057 | | | | 149,000 | | | | 168,474 | |
| | | | |
Municipal Electric Authority of Georgia Build America Bonds | | | 7.06 | | | | 4-1-2057 | | | | 10,000 | | | | 11,138 | |
| | | | |
| | | | | | | | | | | | | | | 179,612 | |
| | | | | | | | | | | | | | | | |
|
Illinois: 0.11% | |
|
| GO Revenue: 0.06% | |
| | | | |
Chicago IL Series B | | | 6.31 | | | | 1-1-2044 | | | | 50,000 | | | | 48,666 | |
| | | | |
Illinois Taxable Pension | | | 5.10 | | | | 6-1-2033 | | | | 330,000 | | | | 313,002 | |
| | | | |
| | | | | | | | | | | | | | | 361,668 | |
| | | | | | | | | | | | | | | | |
|
| Miscellaneous Revenue: 0.01% | |
| | | | |
Illinois Build America Bonds Series 3 | | | 6.73 | | | | 4-1-2035 | | | | 45,000 | | | | 47,518 | |
| | | | | | | | | | | | | | | | |
|
| Tax Revenue: 0.04% | |
| | | | |
Chicago IL Transit Authority Series B | | | 6.90 | | | | 12-1-2040 | | | | 210,000 | | | | 267,441 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | 676,627 | |
| | | | | | | | | | | | | | | | |
|
Kansas: 0.00% | |
|
| Miscellaneous Revenue: 0.00% | |
| | | | |
Kansas Development Finance Authority Series H | | | 4.93 | | | | 4-15-2045 | | | | 5,000 | | | | 5,545 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 70 | | Wells Fargo Funds | | Portfolio of investments—February 28, 2019 |
BLOOMBERG BARCLAYS US AGGREGATE EX-CORPORATE PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
|
Massachusetts: 0.03% | |
|
| GO Revenue: 0.03% | |
| | | | |
Massachusetts Build America Bonds Series A | | | 4.91 | % | | | 5-1-2029 | | | $ | 130,000 | | | $ | 144,717 | |
| | | | |
Massachusetts Build America Bonds Series D | | | 4.50 | | | | 8-1-2031 | | | | 5,000 | | | | 5,443 | |
| | | | |
Massachusetts Build America Bonds Series E | | | 4.20 | | | | 12-1-2021 | | | | 10,000 | | | | 10,219 | |
| | | | |
| | | | | | | | | | | | | | | 160,379 | |
| | | | | | | | | | | | | | | | |
|
New Jersey: 0.06% | |
|
| Miscellaneous Revenue: 0.04% | |
| | | | |
New Jersey EDA Series A (National Insured) | | | 7.43 | | | | 2-15-2029 | | | | 225,000 | | | | 271,190 | |
| | | | | | | | | | | | | | | | |
|
| Transportation Revenue: 0.02% | |
| | | | |
New Jersey Turnpike Authority Build America Bonds Series A | | | 7.10 | | | | 1-1-2041 | | | | 70,000 | | | | 97,507 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | 368,697 | |
| | | | | | | | | | | | | | | | |
|
New York: 0.12% | |
|
| Airport Revenue: 0.04% | |
| | | | |
Port Authority of New York & New Jersey Consolidated Bonds Series 174 | | | 4.46 | | | | 10-1-2062 | | | | 190,000 | | | | 200,507 | |
| | | | | | | | | | | | | | | | |
|
| Tax Revenue: 0.04% | |
| | | | |
New York Metropolitan Transportation Authority Dedicated Tax Fund Build America Bonds | | | 7.34 | | | | 11-15-2039 | | | | 100,000 | | | | 142,221 | |
| | | | |
New York NY Transitional Finance Authority Build America Bonds SubseriesC-2 | | | 5.77 | | | | 8-1-2036 | | | | 100,000 | | | | 116,618 | |
| | | | |
| | | | | | | | | | | | | | | 258,839 | |
| | | | | | | | | | | | | | | | |
|
| Water & Sewer Revenue: 0.04% | |
| | | | |
New York NY Municipal Water Finance Authority | | | 5.44 | | | | 6-15-2043 | | | | 10,000 | | | | 12,266 | |
| | | | |
New York NY Municipal Water Finance Authority Series CC | | | 5.88 | | | | 6-15-2044 | | | | 190,000 | | | | 248,571 | |
| | | | |
| | | | | | | | | | | | | | | 260,837 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | 720,183 | |
| | | | | | | | | | | | | | | | |
|
Ohio: 0.03% | |
|
| Education Revenue: 0.00% | |
| | | | |
Ohio State University Build America Bonds | | | 4.91 | | | | 6-1-2040 | | | | 5,000 | | | | 5,764 | |
| | | | | | | | | | | | | | | | |
|
| Utilities Revenue: 0.03% | |
| | | | |
American Municipal Power Ohio Incorporated Build America Bonds | | | 5.94 | | | | 2-15-2047 | | | | 150,000 | | | | 186,821 | |
| | | | |
American Municipal Power Ohio Incorporated Build America Bonds Series E | | | 6.27 | | | | 2-15-2050 | | | | 10,000 | | | | 12,615 | |
| | | | |
| | | | | | | | | | | | | | | 199,436 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | 205,200 | |
| | | | | | | | | | | | | | | | |
|
Oregon: 0.04% | |
|
| Tax Revenue: 0.04% | |
| | | | |
Oregon | | | 5.76 | | | | 6-1-2023 | | | | 159,867 | | | | 170,711 | |
| | | | |
Oregon Department of Transportation Build America Bonds Series A | | | 5.83 | | | | 11-15-2034 | | | | 50,000 | | | | 61,903 | |
| | | | |
| | | | | | | | | | | | | | | 232,614 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—February 28, 2019 | | Wells Fargo Funds | | | 71 | |
BLOOMBERG BARCLAYS US AGGREGATE EX-CORPORATE PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
|
Pennsylvania: 0.00% | |
|
| Transportation Revenue: 0.00% | |
| | | | |
Pennsylvania Turnpike Comission Series B | | | 5.51 | % | | | 12-1-2045 | | | $ | 5,000 | | | $ | 6,062 | |
| | | | | | | | | | | | | | | | |
|
Texas: 0.08% | |
|
| Miscellaneous Revenue: 0.06% | |
| | | | |
Texas Build America Bonds | | | 5.52 | | | | 4-1-2039 | | | | 290,000 | | | | 357,808 | |
| | | | | | | | | | | | | | | | |
|
| Utilities Revenue: 0.02% | |
| | | | |
San Antonio TX | | | 4.43 | | | | 2-1-2042 | | | | 140,000 | | | | 149,716 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | 507,524 | |
| | | | | | | | | | | | | | | | |
|
Wisconsin: 0.01% | |
|
| Tax Revenue: 0.01% | |
| | | | |
Wisconsin General Fund Annual Appropriations Series C | | | 3.15 | | | | 5-1-2027 | | | | 80,000 | | | | 78,745 | |
| | | | | | | | | | | | | | | | |
| |
Total Municipal Obligations (Cost $5,167,672) | | | | 5,008,662 | |
| | | | | | | | | | | | | | | | |
|
Non-Agency Mortgage-Backed Securities: 1.62% | |
| | | | |
Benchmark Mortgage Trust Series2018-B1 Class A2 | | | 3.57 | | | | 1-15-2051 | | | | 480,000 | | | | 488,511 | |
| | | | |
Benchmark Mortgage Trust Series2018-B1 Class A4 | | | 3.40 | | | | 1-15-2051 | | | | 25,000 | | | | 24,815 | |
| | | | |
Benchmark Mortgage Trust Series2018-B6 Class A4 | | | 4.26 | | | | 10-10-2051 | | | | 135,000 | | | | 142,308 | |
| | | | |
Benchmark Mortgage Trust Series2018-B7 Class B | | | 4.86 | | | | 5-15-2053 | | | | 235,000 | | | | 253,923 | |
| | | | |
CenterPoint Energy Transition Restoration Bond Company LLC | | | 4.24 | | | | 8-15-2023 | | | | 103,784 | | | | 106,226 | |
| | | | |
CFCRE Commercial Mortgage Trust Series2016-C7 Class A3 | | | 3.84 | | | | 12-10-2054 | | | | 20,000 | | | | 20,326 | |
| | | | |
Citigroup Commercial Mortgage Trust Series 2015-GC27 Class A5 | | | 3.14 | | | | 2-10-2048 | | | | 55,000 | | | | 54,644 | |
| | | | |
Citigroup Commercial Mortgage Trust Series 2016 GC37 Class B | | | 4.23 | | | | 4-10-2049 | | | | 535,000 | | | | 546,239 | |
| | | | |
Citigroup Commercial Mortgage Trust Series 2016-GC36 Class A5 | | | 3.62 | | | | 2-10-2049 | | | | 680,000 | | | | 689,789 | |
| | | | |
Citigroup Commercial Mortgage Trust Series 2016-GC36 Class B ±± | | | 4.76 | | | | 2-10-2049 | | | | 40,000 | | | | 41,713 | |
| | | | |
Citigroup Commercial Mortgage Trust Series 2016-GC36 Class C ±± | | | 4.76 | | | | 2-10-2049 | | | | 95,000 | | | | 96,870 | |
| | | | |
Citigroup Commercial Mortgage Trust Series2016-P4 Class A4 | | | 2.90 | | | | 7-10-2049 | | | | 135,000 | | | | 130,642 | |
| | | | |
Citigroup Commercial Mortgage Trust Series2016-P5 Class A2 | | | 2.40 | | | | 10-10-2049 | | | | 141,000 | | | | 139,351 | |
| | | | |
Citigroup Commercial Mortgage Trust Series2018-C6 Class A4 | | | 4.41 | | | | 11-10-2051 | | | | 520,000 | | | | 553,061 | |
| | | | |
Commercial Mortgage Pass-Through Certificate Series2012-CR3 Class A3 | | | 2.82 | | | | 10-15-2045 | | | | 53,912 | | | | 53,310 | |
| | | | |
Commercial Mortgage Pass-Through Certificate Series2013-CR9 Class A4 ±± | | | 4.23 | | | | 7-10-2045 | | | | 505,000 | | | | 528,531 | |
| | | | |
Commercial Mortgage Trust Pass-Through Certificate Series2012-CR2 Class ASB | | | 2.75 | | | | 8-15-2045 | | | | 56,573 | | | | 56,282 | |
| | | | |
Commercial Mortgage Trust Series2012-LC4 Class A4 | | | 3.29 | | | | 12-10-2044 | | | | 631,341 | | | | 634,452 | |
| | | | |
Commercial Mortgage Trust Series2013-CR6 Class A4 | | | 3.10 | | | | 3-10-2046 | | | | 60,000 | | | | 60,032 | |
| | | | |
Commercial Mortgage Trust Series 2014 UBS5 Class C ±± | | | 4.61 | | | | 9-10-2047 | | | | 195,000 | | | | 196,317 | |
| | | | |
Commercial Mortgage Trust Series 2014-UBS6 Class C ±± | | | 4.46 | | | | 12-10-2047 | | | | 60,000 | | | | 59,164 | |
| | | | |
Commercial Mortgage Trust Series 2015-CR23 Class A3 | | | 3.23 | | | | 5-10-2048 | | | | 60,000 | | | | 59,865 | |
| | | | |
Commercial Mortgage Trust Series 2016-COR1 Class C ±± | | | 4.39 | | | | 10-10-2049 | | | | 65,000 | | | | 64,733 | |
| | | | |
Commercial Mortgage Trust Series 2016-CR28 Class A4 | | | 3.76 | | | | 2-10-2049 | | | | 215,000 | | | | 219,328 | |
| | | | |
Goldman Sachs Mortgage Securities Trust Series2012-GC6 Class A3 | | | 3.48 | | | | 1-10-2045 | | | | 722,272 | | | | 728,800 | |
| | | | |
Goldman Sachs Mortgage Securities Trust Series 2012-GCJ9 Class AS | | | 3.12 | | | | 11-10-2045 | | | | 40,000 | | | | 39,611 | |
| | | | |
Goldman Sachs Mortgage Securities Trust Series 2014-GC18 Class B ±± | | | 4.89 | | | | 1-10-2047 | | | | 80,000 | | | | 81,934 | |
| | | | |
Goldman Sachs Mortgage Securities Trust Series2017-GS5 Class A3 | | | 3.41 | | | | 3-10-2050 | | | | 600,000 | | | | 598,236 | |
| | | | |
GS Mortgage Securities Trust Series 2013-GC14 Class A5 | | | 4.24 | | | | 8-10-2046 | | | | 265,000 | | | | 277,027 | |
| | | | |
JPMorgan Chase Commercial Mortgage Securities Corporation Series2013-C15 Class A4 | | | 4.10 | | | | 11-15-2045 | | | | 17,885 | | | | 18,585 | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 72 | | Wells Fargo Funds | | Portfolio of investments—February 28, 2019 |
BLOOMBERG BARCLAYS US AGGREGATE EX-CORPORATE PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
|
Non-Agency Mortgage-Backed Securities(continued) | |
| | | | |
JPMorgan Chase Commercial Mortgage Securities Corporation Series2015-C30 Class A5 | | | 3.82 | % | | | 7-15-2048 | | | $ | 1,450,000 | | | $ | 1,488,542 | |
| | | | |
JPMorgan Chase Commercial Mortgage Securities Corporation Series2015-C31 Class A3 | | | 3.80 | | | | 8-15-2048 | | | | 195,000 | | | | 199,869 | |
| | | | |
JPMorgan Chase Commercial Mortgage Securities Trust Series2015-C28 Class A2 | | | 2.77 | | | | 10-15-2048 | | | | 17,163 | | | | 17,119 | |
| | | | |
Morgan Stanley Bank of America Merrill Lynch Trust Series2012-C5 Class A4 | | | 3.18 | | | | 8-15-2045 | | | | 60,000 | | | | 60,193 | |
| | | | |
Morgan Stanley Bank of America Merrill Lynch Trust Series2013-C11 Class AS ±± | | | 4.37 | | | | 8-15-2046 | | | | 360,000 | | | | 373,088 | |
| | | | |
Morgan Stanley Bank of America Merrill Lynch Trust Series2013-C8 Class A4 | | | 3.13 | | | | 12-15-2048 | | | | 50,000 | | | | 49,797 | |
| | | | |
Morgan Stanley Bank of America Merrill Lynch Trust Series2015-C22 Class A4 | | | 3.31 | | | | 4-15-2048 | | | | 60,000 | | | | 60,033 | |
| | | | |
Morgan Stanley Bank of America Merrill Lynch Trust Series2015-C22 Class B ±± | | | 3.88 | | | | 4-15-2048 | | | | 285,000 | | | | 283,167 | |
| | | | |
Morgan Stanley Bank of America Merrill Lynch Trust Series2015-C24 Class A4 | | | 3.73 | | | | 5-15-2048 | | | | 400,000 | | | | 408,581 | |
| |
TotalNon-Agency Mortgage-Backed Securities (Cost $10,084,663) | | | | 9,905,014 | |
| | | | | | | | | | | | | | | | |
|
U.S. Treasury Securities: 50.85% | |
| | | | |
U.S. Treasury Bond | | | 2.13 | | | | 9-30-2024 | | | | 3,270,000 | | | | 3,194,637 | |
| | | | |
U.S. Treasury Bond | | | 2.13 | | | | 11-30-2024 | | | | 4,755,000 | | | | 4,640,397 | |
| | | | |
U.S. Treasury Bond | | | 2.50 | | | | 2-15-2046 | | | | 100,000 | | | | 89,172 | |
| | | | |
U.S. Treasury Bond | | | 2.50 | | | | 5-15-2046 | | | | 1,925,000 | | | | 1,715,280 | |
| | | | |
U.S. Treasury Bond | | | 2.75 | | | | 8-15-2042 | | | | 6,035,000 | | | | 5,717,455 | |
| | | | |
U.S. Treasury Bond | | | 2.75 | | | | 11-15-2042 | | | | 4,170,000 | | | | 3,945,537 | |
| | | | |
U.S. Treasury Bond | | | 2.75 | | | | 11-15-2047 | | | | 1,255,000 | | | | 1,173,180 | |
| | | | |
U.S. Treasury Bond | | | 2.88 | | | | 5-15-2028 | | | | 2,295,000 | | | | 2,325,839 | |
| | | | |
U.S. Treasury Bond | | | 2.88 | | | | 5-15-2043 | | | | 5,955,000 | | | | 5,748,669 | |
| | | | |
U.S. Treasury Bond | | | 3.00 | | | | 5-15-2042 | | | | 2,600,000 | | | | 2,575,219 | |
| | | | |
U.S. Treasury Bond | | | 3.00 | | | | 11-15-2044 | | | | 585,000 | | | | 576,499 | |
| | | | |
U.S. Treasury Bond | | | 3.00 | | | | 5-15-2045 | | | | 105,000 | | | | 103,511 | |
| | | | |
U.S. Treasury Bond | | | 3.00 | | | | 11-15-2045 | | | | 55,000 | | | | 54,205 | |
| | | | |
U.S. Treasury Bond | | | 3.00 | | | | 2-15-2047 | | | | 70,000 | | | | 68,986 | |
| | | | |
U.S. Treasury Bond | | | 3.00 | | | | 5-15-2047 | | | | 20,761,000 | | | | 20,433,365 | |
| | | | |
U.S. Treasury Bond | | | 3.00 | | | | 2-15-2048 | | | | 435,000 | | | | 427,421 | |
| | | | |
U.S. Treasury Bond | | | 3.13 | | | | 11-15-2028 | | | | 1,855,000 | | | | 1,918,331 | |
| | | | |
U.S. Treasury Bond | | | 3.13 | | | | 11-15-2041 | | | | 2,125,000 | | | | 2,154,053 | |
| | | | |
U.S. Treasury Bond | | | 3.13 | | | | 2-15-2042 | | | | 370,000 | | | | 374,712 | |
| | | | |
U.S. Treasury Bond | | | 3.38 | | | | 5-15-2044 | | | | 20,000 | | | | 21,034 | |
| | | | |
U.S. Treasury Bond | | | 3.63 | | | | 8-15-2043 | | | | 490,000 | | | | 536,512 | |
| | | | |
U.S. Treasury Bond | | | 3.63 | | | | 2-15-2044 | | | | 35,000 | | | | 38,344 | |
| | | | |
U.S. Treasury Bond | | | 3.75 | | | | 8-15-2041 | | | | 780,000 | | | | 871,163 | |
| | | | |
U.S. Treasury Bond | | | 4.25 | | | | 11-15-2040 | | | | 480,000 | | | | 574,988 | |
| | | | |
U.S. Treasury Bond | | | 4.75 | | | | 2-15-2041 | | | | 390,000 | | | | 499,215 | |
| | | | |
U.S. Treasury Bond | | | 5.00 | | | | 5-15-2037 | | | | 1,914,000 | | | | 2,497,022 | |
| | | | |
U.S. Treasury Bond | | | 5.25 | | | | 2-15-2029 | | | | 760,000 | | | | 926,013 | |
| | | | |
U.S. Treasury Bond | | | 5.38 | | | | 2-15-2031 | | | | 2,017,000 | | | | 2,550,717 | |
| | | | |
U.S. Treasury Bond | | | 5.50 | | | | 8-15-2028 | | | | 430,000 | | | | 529,152 | |
| | | | |
U.S. Treasury Bond | | | 6.13 | | | | 11-15-2027 | | | | 2,285,000 | | | | 2,889,008 | |
| | | | |
U.S. Treasury Bond | | | 6.13 | | | | 8-15-2029 | | | | 475,000 | | | | 620,784 | |
| | | | |
U.S. Treasury Bond | | | 6.38 | | | | 8-15-2027 | | | | 730,000 | | | | 932,746 | |
| | | | |
U.S. Treasury Bond | | | 6.88 | | | | 8-15-2025 | | | | 335,000 | | | | 419,417 | |
| | | | |
U.S. Treasury Note | | | 2.88 | | | | 11-30-2025 | | | | 3,225,000 | | | | 3,275,643 | |
| | | | |
U.S. Treasury Note ## | | | 1.13 | | | | 3-31-2020 | | | | 3,065,000 | | | | 3,018,666 | |
| | | | |
U.S. Treasury Note | | | 1.13 | | | | 4-30-2020 | | | | 4,905,000 | | | | 4,825,294 | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—February 28, 2019 | | Wells Fargo Funds | | | 73 | |
BLOOMBERG BARCLAYS US AGGREGATE EX-CORPORATE PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
|
U.S. Treasury Securities(continued) | |
| | | | |
U.S. Treasury Note | | | 1.13 | % | | | 2-28-2021 | | | $ | 1,855,000 | | | $ | 1,804,205 | |
| | | | |
U.S. Treasury Note | | | 1.13 | | | | 6-30-2021 | | | | 2,555,000 | | | | 2,475,955 | |
| | | | |
U.S. Treasury Note | | | 1.13 | | | | 9-30-2021 | | | | 3,655,000 | | | | 3,530,502 | |
| | | | |
U.S. Treasury Note | | | 1.25 | | | | 3-31-2021 | | | | 885,000 | | | | 862,529 | |
| | | | |
U.S. Treasury Note | | | 1.25 | | | | 10-31-2021 | | | | 2,820,000 | | | | 2,728,791 | |
| | | | |
U.S. Treasury Note | | | 1.38 | | | | 5-31-2020 | | | | 3,325,000 | | | | 3,276,684 | |
| | | | |
U.S. Treasury Note | | | 1.38 | | | | 8-31-2020 | | | | 925,000 | | | | 909,029 | |
| | | | |
U.S. Treasury Note | | | 1.38 | | | | 9-15-2020 | | | | 3,265,000 | | | | 3,206,970 | |
| | | | |
U.S. Treasury Note | | | 1.38 | | | | 9-30-2020 | | | | 5,030,000 | | | | 4,937,259 | |
| | | | |
U.S. Treasury Note | | | 1.38 | | | | 10-31-2020 | | | | 3,365,000 | | | | 3,300,066 | |
| | | | |
U.S. Treasury Note | | | 1.38 | | | | 1-31-2021 | | | | 1,750,000 | | | | 1,711,719 | |
| | | | |
U.S. Treasury Note | | | 1.38 | | | | 4-30-2021 | | | | 1,560,000 | | | | 1,522,402 | |
| | | | |
U.S. Treasury Note | | | 1.38 | | | | 6-30-2023 | | | | 6,170,000 | | | | 5,880,299 | |
| | | | |
U.S. Treasury Note | | | 1.38 | | | | 8-31-2023 | | | | 435,000 | | | | 413,811 | |
| | | | |
U.S. Treasury Note | | | 1.38 | | | | 9-30-2023 | | | | 6,135,000 | | | | 5,830,407 | |
| | | | |
U.S. Treasury Note | | | 1.50 | | | | 5-31-2020 | | | | 2,810,000 | | | | 2,773,558 | |
| | | | |
U.S. Treasury Note | | | 1.50 | | | | 6-15-2020 | | | | 9,500,000 | | | | 9,372,344 | |
| | | | |
U.S. Treasury Note | | | 1.50 | | | | 8-15-2020 | | | | 1,465,000 | | | | 1,442,853 | |
| | | | |
U.S. Treasury Note | | | 1.50 | | | | 1-31-2022 | | | | 3,290,000 | | | | 3,198,111 | |
| | | | |
U.S. Treasury Note | | | 1.50 | | | | 3-31-2023 | | | | 6,085,000 | | | | 5,845,165 | |
| | | | |
U.S. Treasury Note | | | 1.50 | | | | 8-15-2026 | | | | 1,680,000 | | | | 1,550,325 | |
| | | | |
U.S. Treasury Note | | | 1.63 | | | | 3-15-2020 | | | | 10,000 | | | | 9,905 | |
| | | | |
U.S. Treasury Note | | | 1.63 | | | | 8-15-2022 | | | | 175,000 | | | | 169,859 | |
| | | | |
U.S. Treasury Note | | | 1.63 | | | | 11-15-2022 | | | | 2,035,000 | | | | 1,971,088 | |
| | | | |
U.S. Treasury Note | | | 1.63 | | | | 4-30-2023 | | | | 280,000 | | | | 270,123 | |
| | | | |
U.S. Treasury Note | | | 1.63 | | | | 5-31-2023 | | | | 3,090,000 | | | | 2,978,591 | |
| | | | |
U.S. Treasury Note | | | 1.63 | | | | 10-31-2023 | | | | 6,080,000 | | | | 5,839,887 | |
| | | | |
U.S. Treasury Note | | | 1.63 | | | | 2-15-2026 | | | | 6,240,000 | | | | 5,842,444 | |
| | | | |
U.S. Treasury Note | | | 1.63 | | | | 5-15-2026 | | | | 625,000 | | | | 583,740 | |
| | | | |
U.S. Treasury Note | | | 1.75 | | | | 10-31-2020 | | | | 3,080,000 | | | | 3,039,214 | |
| | | | |
U.S. Treasury Note | | | 1.75 | | | | 12-31-2020 | | | | 10,000 | | | | 9,857 | |
| | | | |
U.S. Treasury Note | | | 1.75 | | | | 11-30-2021 | | | | 1,975,000 | | | | 1,935,500 | |
| | | | |
U.S. Treasury Note | | | 1.75 | | | | 2-28-2022 | | | | 1,030,000 | | | | 1,007,791 | |
| | | | |
U.S. Treasury Note | | | 1.75 | | | | 3-31-2022 | | | | 2,585,000 | | | | 2,527,948 | |
| | | | |
U.S. Treasury Note | | | 1.75 | | | | 6-30-2022 | | | | 12,505,000 | | | | 12,207,518 | |
| | | | |
U.S. Treasury Note | | | 1.75 | | | | 9-30-2022 | | | | 10,000 | | | | 9,740 | |
| | | | |
U.S. Treasury Note | | | 1.75 | | | | 5-15-2023 | | | | 775,000 | | | | 751,114 | |
| | | | |
U.S. Treasury Note | | | 1.88 | | | | 6-30-2020 | | | | 1,870,000 | | | | 1,853,272 | |
| | | | |
U.S. Treasury Note | | | 1.88 | | | | 11-30-2021 | | | | 3,550,000 | | | | 3,491,342 | |
| | | | |
U.S. Treasury Note | | | 1.88 | | | | 7-31-2022 | | | | 1,670,000 | | | | 1,635,556 | |
| | | | |
U.S. Treasury Note | | | 1.88 | | | | 9-30-2022 | | | | 3,245,000 | | | | 3,174,776 | |
| | | | |
U.S. Treasury Note | | | 2.00 | | | | 5-31-2021 | | | | 5,890,000 | | | | 5,823,507 | |
| | | | |
U.S. Treasury Note | | | 2.00 | | | | 10-31-2021 | | | | 1,160,000 | | | | 1,144,866 | |
| | | | |
U.S. Treasury Note | | | 2.00 | | | | 12-31-2021 | | | | 3,630,000 | | | | 3,581,080 | |
| | | | |
U.S. Treasury Note | | | 2.00 | | | | 10-31-2022 | | | | 1,990,000 | | | | 1,954,164 | |
| | | | |
U.S. Treasury Note | | | 2.00 | | | | 2-15-2023 | | | | 30,000 | | | | 29,414 | |
| | | | |
U.S. Treasury Note | | | 2.00 | | | | 6-30-2024 | | | | 9,501,000 | | | | 9,238,238 | |
| | | | |
U.S. Treasury Note | | | 2.00 | | | | 2-15-2025 | | | | 340,000 | | | | 328,870 | |
| | | | |
U.S. Treasury Note | | | 2.00 | | | | 8-15-2025 | | | | 1,200,000 | | | | 1,156,641 | |
| | | | |
U.S. Treasury Note | | | 2.13 | | | | 9-30-2021 | | | | 3,355,000 | | | | 3,322,629 | |
| | | | |
U.S. Treasury Note | | | 2.13 | | | | 12-31-2022 | | | | 1,700,000 | | | | 1,675,695 | |
| | | | |
U.S. Treasury Note | | | 2.13 | | | | 11-30-2023 | | | | 2,290,000 | | | | 2,248,583 | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 74 | | Wells Fargo Funds | | Portfolio of investments—February 28, 2019 |
BLOOMBERG BARCLAYS US AGGREGATE EX-CORPORATE PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
|
U.S. Treasury Securities(continued) | |
| | | | |
U.S. Treasury Note | | | 2.13 | % | | | 7-31-2024 | | | $ | 570,000 | | | $ | 557,442 | |
| | | | |
U.S. Treasury Note | | | 2.13 | | | | 5-15-2025 | | | | 160,000 | | | | 155,631 | |
| | | | |
U.S. Treasury Note | | | 2.25 | | | | 3-31-2021 | | | | 5,810,000 | | | | 5,776,638 | |
| | | | |
U.S. Treasury Note | | | 2.25 | | | | 4-30-2021 | | | | 5,825,000 | | | | 5,791,324 | |
| | | | |
U.S. Treasury Note | | | 2.25 | | | | 7-31-2021 | | | | 5,580,000 | | | | 5,546,215 | |
| | | | |
U.S. Treasury Note | | | 2.25 | | | | 10-31-2024 | | | | 2,035,000 | | | | 2,000,739 | |
| | | | |
U.S. Treasury Note | | | 2.25 | | | | 11-15-2024 | | | | 4,275,000 | | | | 4,200,688 | |
| | | | |
U.S. Treasury Note | | | 2.25 | | | | 12-31-2024 | | | | 3,550,000 | | | | 3,486,488 | |
| | | | |
U.S. Treasury Note | | | 2.25 | | | | 11-15-2025 | | | | 565,000 | | | | 552,111 | |
| | | | |
U.S. Treasury Note | | | 2.25 | | | | 2-15-2027 | | | | 400,000 | | | | 388,203 | |
| | | | |
U.S. Treasury Note | | | 2.25 | | | | 11-15-2027 | | | | 1,045,000 | | | | 1,008,915 | |
| | | | |
U.S. Treasury Note | | | 2.38 | | | | 4-15-2021 | | | | 2,895,000 | | | | 2,885,953 | |
| | | | |
U.S. Treasury Note | | | 2.38 | | | | 8-15-2024 | | | | 490,000 | | | | 485,253 | |
| | | | |
U.S. Treasury Note | | | 2.38 | | | | 5-15-2027 | | | | 8,628,000 | | | | 8,442,633 | |
| | | | |
U.S. Treasury Note | | | 2.50 | | | | 8-15-2023 | | | | 5,540,000 | | | | 5,534,590 | |
| | | | |
U.S. Treasury Note | | | 2.50 | | | | 2-28-2026 | | | | 3,165,000 | | | | 3,140,150 | |
| | | | |
U.S. Treasury Note | | | 2.63 | | | | 1-31-2026 | | | | 2,230,000 | | | | 2,231,220 | |
| | | | |
U.S. Treasury Note | | | 2.75 | | | | 5-31-2023 | | | | 1,895,000 | | | | 1,912,173 | |
| | | | |
U.S. Treasury Note | | | 2.75 | | | | 11-15-2023 | | | | 2,040,000 | | | | 2,059,842 | |
| | | | |
U.S. Treasury Note | | | 2.75 | | | | 2-28-2025 | | | | 3,500,000 | | | | 3,531,445 | |
| | | | |
U.S. Treasury Note | | | 2.75 | | | | 6-30-2025 | | | | 1,270,000 | | | | 1,280,765 | |
| | | | |
U.S. Treasury Note | | | 2.75 | | | | 2-15-2028 | | | | 2,685,000 | | | | 2,695,069 | |
| | | | |
U.S. Treasury Note | | | 2.88 | | | | 8-15-2028 | | | | 1,675,000 | | | | 1,696,723 | |
| | | | |
U.S. Treasury Note | | | 3.13 | | | | 5-15-2021 | | | | 2,430,000 | | | | 2,460,945 | |
| | | | |
U.S. Treasury Note | | | 3.63 | | | | 2-15-2021 | | | | 695,000 | | | | 709,389 | |
| | | | |
U.S. Treasury Note | | | 6.00 | | | | 2-15-2026 | | | | 2,955,000 | | | | 3,585,015 | |
| | | | |
U.S. Treasury Note | | | 6.75 | | | | 8-15-2026 | | | | 795,000 | | | | 1,015,581 | |
| | | | |
U.S. Treasury Note | | | 7.25 | | | | 8-15-2022 | | | | 3,150,000 | | | | 3,638,373 | |
| | | | |
U.S. Treasury Note | | | 8.00 | | | | 11-15-2021 | | | | 760,000 | | | | 868,122 | |
| | | | |
U.S. Treasury Note | | | 8.13 | | | | 5-15-2021 | | | | 2,490,000 | | | | 2,786,077 | |
| | | | |
U.S. Treasury Note | | | 8.75 | | | | 5-15-2020 | | | | 1,865,000 | | | | 2,001,524 | |
| |
Total U.S. Treasury Securities (Cost $315,765,776) | | | | 311,073,358 | |
| | | | | | | | | | | | | | | | |
|
Yankee Corporate Bonds and Notes: 3.40% | |
|
Energy: 0.50% | |
|
| Oil, Gas & Consumable Fuels: 0.50% | |
| | | | |
CNOOC Petroleum North America ULC | | | 7.50 | | | | 7-30-2039 | | | | 60,000 | | | | 84,372 | |
| | | | |
CNOOC Petroleum North America ULC | | | 7.88 | | | | 3-15-2032 | | | | 200,000 | | | | 273,733 | |
| | | | |
Ecopetrol SA | | | 5.88 | | | | 9-18-2023 | | | | 440,000 | | | | 473,224 | |
| | | | |
Ecopetrol SA | | | 7.38 | | | | 9-18-2043 | | | | 20,000 | | | | 23,400 | |
| | | | |
Equinor ASA | | | 2.90 | | | | 11-8-2020 | | | | 110,000 | | | | 110,211 | |
| | | | |
Equinor ASA | | | 4.80 | | | | 11-8-2043 | | | | 200,000 | | | | 221,315 | |
| | | | |
Petroleos Mexicanos Company | | | 4.50 | | | | 1-23-2026 | | | | 140,000 | | | | 125,020 | |
| | | | |
Petroleos Mexicanos Company | | | 5.50 | | | | 6-27-2044 | | | | 1,250,000 | | | | 974,375 | |
| | | | |
Petroleos Mexicanos Company | | | 6.38 | | | | 2-4-2021 | | | | 430,000 | | | | 442,380 | |
| | | | |
Petroleos Mexicanos Company | | | 6.50 | | | | 3-13-2027 | | | | 250,000 | | | | 241,975 | |
| | | | |
Petroleos Mexicanos Company | | | 6.50 | | | | 6-2-2041 | | | | 110,000 | | | | 95,700 | |
| | | | |
Petroleos Mexicanos Company | | | 6.63 | | | | 6-15-2038 | | | | 10,000 | | | | 8,825 | |
| | | | |
| | | | | | | | | | | | | | | 3,074,530 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—February 28, 2019 | | Wells Fargo Funds | | | 75 | |
BLOOMBERG BARCLAYS US AGGREGATE EX-CORPORATE PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
|
Financials: 2.90% | |
|
| Banks: 2.90% | |
| | | | |
African Development Bank | | | 2.63 | % | | | 3-22-2021 | | | $ | 380,000 | | | $ | 379,816 | |
| | | | |
Asian Development Bank | | | 1.63 | | | | 5-5-2020 | | | | 140,000 | | | | 138,367 | |
| | | | |
Asian Development Bank | | | 2.00 | | | | 2-16-2022 | | | | 950,000 | | | | 933,434 | |
| | | | |
Asian Development Bank | | | 2.00 | | | | 4-24-2026 | | | | 60,000 | | | | 56,918 | |
| | | | |
Asian Development Bank | | | 2.63 | | | | 1-12-2027 | | | | 630,000 | | | | 620,863 | |
| | | | |
Asian Development Bank | | | 5.82 | | | | 6-16-2028 | | | | 10,000 | | | | 12,091 | |
| | | | |
Asian Development Bank | | | 6.22 | | | | 8-15-2027 | | | | 80,000 | | | | 97,762 | |
| | | | |
Corporación Andina de Fomento | | | 2.13 | | | | 9-27-2021 | | | | 10,000 | | | | 9,726 | |
| | | | |
Corporación Andina de Fomento | | | 4.38 | | | | 6-15-2022 | | | | 270,000 | | | | 278,786 | |
| | | | |
European Bank for Reconstruction & Development | | | 2.13 | | | | 3-7-2022 | | | | 370,000 | | | | 364,430 | |
| | | | |
European Investment Bank | | | 1.38 | | | | 6-15-2020 | | | | 970,000 | | | | 954,337 | |
| | | | |
European Investment Bank | | | 1.63 | | | | 12-15-2020 | | | | 280,000 | | | | 275,222 | |
| | | | |
European Investment Bank | | | 1.88 | | | | 2-10-2025 | | | | 110,000 | | | | 104,977 | |
| | | | |
European Investment Bank | | | 2.13 | | | | 10-15-2021 | | | | 750,000 | | | | 741,047 | |
| | | | |
European Investment Bank | | | 2.38 | | | | 6-15-2022 | | | | 1,080,000 | | | | 1,072,330 | |
| | | | |
European Investment Bank | | | 2.50 | | | | 3-15-2023 | | | | 200,000 | | | | 199,088 | |
| | | | |
European Investment Bank | | | 2.88 | | | | 8-15-2023 | | | | 10,000 | | | | 10,100 | |
| | | | |
European Investment Bank | | | 3.25 | | | | 1-29-2024 | | | | 100,000 | | | | 102,730 | |
| | | | |
FMS Wertmanagement | | | 1.75 | | | | 3-17-2020 | | | | 350,000 | | | | 346,806 | |
| | | | |
Inter-American Development Bank | | | 1.75 | | | | 4-14-2022 | | | | 580,000 | | | | 564,967 | |
| | | | |
Inter-American Development Bank | | | 1.75 | | | | 9-14-2022 | | | | 250,000 | | | | 242,656 | |
| | | | |
Inter-American Development Bank | | | 2.00 | | | | 6-2-2026 | | | | 260,000 | | | | 246,543 | |
| | | | |
Inter-American Development Bank | | | 2.13 | | | | 1-18-2022 | | | | 60,000 | | | | 59,198 | |
| | | | |
Inter-American Development Bank | | | 2.13 | | | | 1-15-2025 | | | | 690,000 | | | | 667,100 | |
| | | | |
Inter-American Development Bank | | | 3.20 | | | | 8-7-2042 | | | | 30,000 | | | | 29,008 | |
| | | | |
Inter-American Development Bank | | | 3.88 | | | | 2-14-2020 | | | | 140,000 | | | | 141,594 | |
| | | | |
Inter-American Development Bank | | | 4.38 | | | | 1-24-2044 | | | | 30,000 | | | | 34,852 | |
| | | | |
International Bank for Reconstruction & Development | | | 1.13 | | | | 8-10-2020 | | | | 190,000 | | | | 186,038 | |
| | | | |
International Bank for Reconstruction & Development | | | 1.38 | | | | 3-30-2020 | | | | 730,000 | | | | 720,387 | |
| | | | |
International Bank for Reconstruction & Development | | | 1.38 | | | | 5-24-2021 | | | | 890,000 | | | | 866,385 | |
| | | | |
International Bank for Reconstruction & Development | | | 1.88 | | | | 4-21-2020 | | | | 690,000 | | | | 684,207 | |
| | | | |
International Bank for Reconstruction & Development | | | 2.00 | | | | 1-26-2022 | | | | 240,000 | | | | 235,934 | |
| | | | |
International Bank for Reconstruction & Development | | | 2.50 | | | | 7-29-2025 | | | | 50,000 | | | | 49,303 | |
| | | | |
International Bank for Reconstruction & Development | | | 4.75 | | | | 2-15-2035 | | | | 80,000 | | | | 95,100 | |
| | | | |
International Finance Corporation | | | 2.13 | | | | 4-7-2026 | | | | 400,000 | | | | 384,384 | |
| | | | |
KfW ¤ | | | 0.00 | | | | 4-18-2036 | | | | 340,000 | | | | 191,958 | |
| | | | |
KfW | | | 1.50 | | | | 6-15-2021 | | | | 890,000 | | | | 868,155 | |
| | | | |
KfW | | | 2.00 | | | | 11-30-2021 | | | | 250,000 | | | | 245,970 | |
| | | | |
KfW | | | 2.00 | | | | 5-2-2025 | | | | 40,000 | | | | 38,406 | |
| | | | |
KfW | | | 2.13 | | | | 3-7-2022 | | | | 1,100,000 | | | | 1,084,895 | |
| | | | |
KfW | | | 2.13 | | | | 6-15-2022 | | | | 130,000 | | | | 128,025 | |
| | | | |
KfW | | | 2.13 | | | | 1-17-2023 | | | | 1,010,000 | | | | 991,495 | |
| | | | |
KfW | | | 2.75 | | | | 9-8-2020 | | | | 380,000 | | | | 380,643 | |
| | | | |
Landwirtschaftliche Rentenbank | | | 1.75 | | | | 7-27-2026 | | | | 10,000 | | | | 9,287 | |
| | | | |
Landwirtschaftliche Rentenbank | | | 2.25 | | | | 10-1-2021 | | | | 600,000 | | | | 594,470 | |
| | | | |
Nordic Investment Bank | | | 1.25 | | | | 8-2-2021 | | | | 400,000 | | | | 387,099 | |
| | | | |
Oesterreichische Kontrollbank AG | | | 2.88 | | | | 3-13-2023 | | | | 260,000 | | | | 261,893 | |
| | | | |
Swedish Export Credit ¤ | | | 0.00 | | | | 5-11-2037 | | | | 65,000 | | | | 33,478 | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 76 | | Wells Fargo Funds | | Portfolio of investments—February 28, 2019 |
BLOOMBERG BARCLAYS US AGGREGATE EX-CORPORATE PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
|
| Banks(continued) | |
| | | | |
Swedish Export Credit | | | 1.88 | % | | | 6-23-2020 | | | $ | 590,000 | | | $ | 584,003 | |
| | | | |
| | | | | | | | | | | | | | | 17,706,263 | |
| | | | | | | | | | | | | | | | |
| |
Total Yankee Corporate Bonds and Notes (Cost $21,204,953) | | | | 20,780,793 | |
| | | | | | | | | | | | | | | | |
|
Yankee Government Bonds: 2.07% | |
| | | | |
Canada | | | 2.00 | | | | 11-15-2022 | | | | 150,000 | | | | 146,893 | |
| | | | |
Export Development Canada | | | 2.00 | | | | 11-30-2020 | | | | 170,000 | | | | 168,183 | |
| | | | |
Export-Import Bank of Korea | | | 2.88 | | | | 1-21-2025 | | | | 400,000 | | | | 389,146 | |
| | | | |
Export-Import Bank of Korea | | | 5.13 | | | | 6-29-2020 | | | | 190,000 | | | | 195,172 | |
| | | | |
Hydro-Quebec | | | 9.40 | | | | 2-1-2021 | | | | 535,000 | | | | 599,412 | |
| | | | |
Italy | | | 5.38 | | | | 6-15-2033 | | | | 110,000 | | | | 113,155 | |
| | | | |
Italy | | | 6.88 | | | | 9-27-2023 | | | | 100,000 | | | | 109,500 | |
| | | | |
Japan Bank for International Cooperation | | | 1.88 | | | | 4-20-2021 | | | | 1,130,000 | | | | 1,109,429 | |
| | | | |
Japan Bank for International Cooperation | | | 2.75 | | | | 11-16-2027 | | | | 360,000 | | | | 347,389 | |
| | | | |
Korea Development Bank | | | 2.25 | | | | 5-18-2020 | | | | 450,000 | | | | 445,074 | |
| | | | |
Oriental Republic of Uruguay | | | 4.98 | | | | 4-20-2055 | | | | 100,000 | | | | 100,151 | |
| | | | |
Oriental Republic of Uruguay | | | 5.10 | | | | 6-18-2050 | | | | 385,000 | | | | 393,663 | |
| | | | |
Province of Alberta | | | 2.20 | | | | 7-26-2022 | | | | 250,000 | | | | 244,385 | |
| | | | |
Province of British Columbia | | | 7.25 | | | | 9-1-2036 | | | | 100,000 | | | | 149,132 | |
| | | | |
Province of British Columbia | | | 2.00 | | | | 10-23-2022 | | | | 15,000 | | | | 14,626 | |
| | | | |
Province of Manitoba | | | 2.10 | | | | 9-6-2022 | | | | 240,000 | | | | 233,699 | |
| | | | |
Province of Ontario | | | 1.88 | | | | 5-21-2020 | | | | 60,000 | | | | 59,386 | |
| | | | |
Province of Ontario | | | 2.20 | | | | 10-3-2022 | | | | 120,000 | | | | 117,395 | |
| | | | |
Province of Ontario | | | 2.50 | | | | 4-27-2026 | | | | 480,000 | | | | 462,207 | |
| | | | |
Province of Ontario | | | 3.20 | | | | 5-16-2024 | | | | 5,000 | | | | 5,054 | |
| | | | |
Province of Ontario | | | 4.40 | | | | 4-14-2020 | | | | 230,000 | | | | 234,158 | |
| | | | |
Province of Quebec | | | 2.50 | | | | 4-20-2026 | | | | 75,000 | | | | 72,414 | |
| | | | |
Province of Quebec | | | 2.63 | | | | 2-13-2023 | | | | 60,000 | | | | 59,517 | |
| | | | |
Republic of Chile | | | 3.63 | | | | 10-30-2042 | | | | 285,000 | | | | 271,349 | |
| | | | |
Republic of Colombia | | | 3.88 | | | | 4-25-2027 | | | | 210,000 | | | | 206,957 | |
| | | | |
Republic of Colombia | | | 6.13 | | | | 1-18-2041 | | | | 225,000 | | | | 254,027 | |
| | | | |
Republic of Colombia | | | 7.38 | | | | 9-18-2037 | | | | 280,000 | | | | 351,400 | |
| | | | |
Republic of Hungary | | | 5.38 | | | | 3-25-2024 | | | | 215,000 | | | | 233,512 | |
| | | | |
Republic of Hungary | | | 6.38 | | | | 3-29-2021 | | | | 30,000 | | | | 31,868 | |
| | | | |
Republic of Hungary | | | 7.63 | | | | 3-29-2041 | | | | 135,000 | | | | 196,766 | |
| | | | |
Republic of Indonesia | | | 2.95 | | | | 1-11-2023 | | | | 200,000 | | | | 195,375 | |
| | | | |
Republic of Korea | | | 3.88 | | | | 9-11-2023 | | | | 210,000 | | | | 217,014 | |
| | | | |
Republic of Panama | | | 9.38 | | | | 4-1-2029 | | | | 360,000 | | | | 515,196 | |
| | | | |
Republic of Peru | | | 5.63 | | | | 11-18-2050 | | | | 365,000 | | | | 446,213 | |
| | | | |
Republic of Philippines | | | 4.00 | | | | 1-15-2021 | | | | 105,000 | | | | 106,897 | |
| | | | |
Republic of Poland | | | 3.00 | | | | 3-17-2023 | | | | 490,000 | | | | 489,265 | |
| | | | |
Republic of Poland | | | 3.25 | | | | 4-6-2026 | | | | 10,000 | | | | 9,980 | |
| | | | |
Republic of Poland | | | 5.13 | | | | 4-21-2021 | | | | 10,000 | | | | 10,455 | |
| | | | |
Republic of the Philippines | | | 5.50 | | | | 3-30-2026 | | | | 705,000 | | | | 798,337 | |
| | | | |
Republic of the Philippines | | | 6.38 | | | | 10-23-2034 | | | | 185,000 | | | | 240,261 | |
| | | | |
State of Israel | | | 4.00 | | | | 6-30-2022 | | | | 365,000 | | | | 377,173 | |
| | | | |
State of Israel | | | 5.50 | | | | 12-4-2023 | | | | 240,000 | | | | 270,167 | |
| | | | |
State of Israel | | | 5.50 | | | | 4-26-2024 | | | | 60,000 | | | | 67,750 | |
| | | | |
State of Israel | | | 5.50 | | | | 9-18-2033 | | | | 6,000 | | | | 7,548 | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—February 28, 2019 | | Wells Fargo Funds | | | 77 | |
BLOOMBERG BARCLAYS US AGGREGATE EX-CORPORATE PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
|
Yankee Government Bonds (continued) | |
| | | | |
United Mexican States | | | 4.00 | % | | | 10-2-2023 | | | $ | 10,000 | | | $ | 10,102 | |
| | | | |
United Mexican States | | | 4.15 | | | | 3-28-2027 | | | | 205,000 | | | | 202,438 | |
| | | | |
United Mexican States | | | 4.35 | | | | 1-15-2047 | | | | 225,000 | | | | 201,544 | |
| | | | |
United Mexican States | | | 5.75 | | | | 10-12-2099 | | | | 175,000 | | | | 172,027 | |
| | | | |
United Mexican States | | | 6.05 | | | | 1-11-2040 | | | | 170,000 | | | | 187,597 | |
| | | | |
United Mexican States | | | 7.50 | | | | 4-8-2033 | | | | 610,000 | | | | 764,025 | |
| | | | |
United Mexican States | | | 8.30 | | | | 8-15-2031 | | | | 60,000 | | | | 79,211 | |
| |
Total Yankee Government Bonds (Cost $12,904,714) | | | | 12,683,594 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | Yield | | | | | | Shares | | | | |
| Short-Term Investments: 1.13% | |
|
| Investment Companies: 1.12% | |
| | | | |
Wells Fargo Government Money Market Fund Select Class (l)(u)## | | | 2.34 | | | | | | | | 6,855,231 | | | | 6,855,231 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | Principal | | | | |
| U.S. Treasury Securities: 0.01% | |
| | | | |
U.S. Treasury Bill (z) | | | 2.21 | | | | 3-14-2019 | | | $ | 70,000 | | | | 69,940 | |
| | | | | | | | | | | | | | | | |
| |
Total Short-Term Investments (Cost $6,925,171) | | | | 6,925,171 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | |
| Total investments in securities (Cost $622,853,902) | | | 100.05 | % | | | 612,047,466 | |
| | |
Other assets and liabilities, net | | | (0.05 | ) | | | (308,063 | ) |
| | | | | | | | |
| Total net assets | | | 100.00 | % | | $ | 611,739,403 | |
| | | | | | | | |
| ±± | The coupon of the security is adjusted based on the principal and interest payments received from the underlying pool of mortgages as well as the credit quality and the actual prepayment speed of the underlying mortgages. |
| %% | The security is issued on a when-issued basis. |
| ## | All or a portion of this security is segregated for when-issued securities. |
| ¤ | The security is issued in zero coupon form with no periodic interest payments. |
| (l) | The issuer of the security is an affiliated person of the Portfolio as defined in the Investment Company Act of 1940. |
| (u) | The rate represents the7-day annualized yield at period end. |
| (z) | Zero coupon security. The rate represents the current yield to maturity. |
Abbreviations:
| DW&P | Department of Water & Power |
| EDA | Economic Development Authority |
| FFCB | Federal Farm Credit Banks |
| FHLB | Federal Home Loan Bank |
| FHLMC | Federal Home Loan Mortgage Corporation |
| FNMA | Federal National Mortgage Association |
| GNMA | Government National Mortgage Association |
| National | National Public Finance Guarantee Corporation |
| TVA | Tennessee Valley Authority |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 78 | | Wells Fargo Funds | | Portfolio of investments—February 28, 2019 |
BLOOMBERG BARCLAYS US AGGREGATE EX-CORPORATE PORTFOLIO
Investments in Affiliates
An affiliated investment is an investment in which the Portfolio owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Portfolio and the issuer having the same adviser or investment manager. Transactions with issuers that were either affiliated persons of the Portfolio at the beginning of the period or the end of the period were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Shares, beginning of period | | | Shares purchased | | | Shares sold | | | Shares, end of period | | | Net
realized
gains
(losses) | | | Net
change in
unrealized
gains
(losses) | | | Income
from
affiliated
securities | | | Value, end of period | | | % of
net
assets | |
Short-Term Investments | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Investment Companies | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Wells Fargo Government Money Market Fund Select Class | | | 72,834,127 | | | | 341,762,042 | | | | 407,740,938 | | | | 6,855,231 | | | $ | 0 | | | $ | 0 | | | $ | 403,835 | | | $ | 6,855,231 | | | | 1.12 | % |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—February 28, 2019 | | Wells Fargo Funds | | | 79 | |
EMERGING MARKETS BOND PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
|
Yankee Corporate Bonds and Notes: 16.73% | |
|
| Azerbaijan: 1.42% | |
| | | | |
Southern Gas Corridor CJSC (Energy, Oil, Gas & Consumable Fuels) | | | 6.88 | % | | | 3-24-2026 | | | $ | 200,000 | | | $ | 222,650 | |
| | | | |
State Oil Company of the Azerbaijan Republic (Energy, Oil, Gas & Consumable Fuels) | | | 4.75 | | | | 3-13-2023 | | | | 400,000 | | | | 404,288 | |
| | | | |
| | | | | | | | | | | | | | | 626,938 | |
| | | | | | | | | | | | | | | | |
|
| Cayman Islands: 0.40% | |
| | | | |
Lamar Funding Limited (Utilities, Electric Utilities) | | | 3.96 | | | | 5-7-2025 | | | | 200,000 | | | | 174,000 | |
| | | | | | | | | | | | | | | | |
|
| Chile: 1.03% | |
| | | | |
Codelco Incorporated (Materials, Metals & Mining) | | | 4.88 | | | | 11-4-2044 | | | | 250,000 | | | | 262,360 | |
| | | | |
Empresa Nacional del Petroleo (Energy, Oil, Gas & Consumable Fuels) | | | 3.75 | | | | 8-5-2026 | | | | 200,000 | | | | 193,702 | |
| | | | |
| | | | | | | | | | | | | | | 456,062 | |
| | | | | | | | | | | | | | | | |
|
| China: 0.44% | |
| | | | |
Chinalco Capital Holdings Limited (Materials, Metals & Mining) | | | 4.25 | | | | 4-21-2022 | | | | 200,000 | | | | 194,133 | |
| | | | | | | | | | | | | | | | |
|
| Hong Kong: 0.46% | |
| | | | |
CNAC Hong Kong Finbridge Company Limited (Materials, Chemicals) | | | 4.63 | | | | 3-14-2023 | | | | 200,000 | | | | 204,466 | |
| | | | | | | | | | | | | | | | |
|
| Indonesia: 0.46% | |
| | | | |
PT Pertamina Persero Tbk (Energy, Oil, Gas & Consumable Fuels) | | | 5.63 | | | | 5-20-2043 | | | | 200,000 | | | | 201,098 | |
| | | | | | | | | | | | | | | | |
|
| Ireland: 0.63% | |
| | | | |
Vnesheconombank (Financials, Banks) | | | 5.94 | | | | 11-21-2023 | | | | 275,000 | | | | 277,682 | |
| | | | | | | | | | | | | | | | |
|
| Kazakhstan: 1.48% | |
| | | | |
KazMunayGas National Company JSC (Energy, Oil, Gas & Consumable Fuels) | | | 5.75 | | | | 4-19-2047 | | | | 450,000 | | | | 460,064 | |
| | | | |
KaztransGas Company JSC (Energy, Oil, Gas & Consumable Fuels) | | | 4.38 | | | | 9-26-2027 | | | | 200,000 | | | | 193,000 | |
| | | | |
| | | | | | | | | | | | | | | 653,064 | |
| | | | | | | | | | | | | | | | |
|
| Malaysia: 1.22% | |
| | | | |
Petronas Capital Limited (Energy, Oil, Gas & Consumable Fuels) | | | 3.50 | | | | 3-18-2025 | | | | 216,000 | | | | 217,563 | |
| | | | |
Petronas Capital Limited (Energy, Oil, Gas & Consumable Fuels) | | | 4.50 | | | | 3-18-2045 | | | | 300,000 | | | | 319,078 | |
| | | | |
| | | | | | | | | | | | | | | 536,641 | |
| | | | | | | | | | | | | | | | |
|
| Mexico: 3.39% | |
| | | | |
Comision Federal de Electricidad (Utilities, Electric Utilities) | | | 5.75 | | | | 2-14-2042 | | | | 200,000 | | | | 193,752 | |
| | | | |
Mexico City Airport Trust (Industrials, Airlines) | | | 5.50 | | | | 7-31-2047 | | | | 200,000 | | | | 172,500 | |
| | | | |
Petroleos Mexicanos Company (Energy, Oil, Gas & Consumable Fuels) | | | 4.88 | | | | 1-24-2022 | | | | 600,000 | | | | 596,400 | |
| | | | |
Petroleos Mexicanos Company (Energy, Oil, Gas & Consumable Fuels) | | | 5.63 | | | | 1-23-2046 | | | | 250,000 | | | | 196,225 | |
| | | | |
Petroleos Mexicanos Company (Energy, Oil, Gas & Consumable Fuels) | | | 6.63 | | | | 9-29-2049 | | | | 200,000 | | | | 163,000 | |
| | | | |
Petroleos Mexicanos Company (Energy, Oil, Gas & Consumable Fuels) | | | 6.75 | | | | 9-21-2047 | | | | 200,000 | | | | 173,420 | |
| | | | |
| | | | | | | | | | | | | | | 1,495,297 | |
| | | | | | | | | | | | | | | | |
|
| Netherlands: 0.56% | |
| | | | |
MDC-GMTN BV (Financials, Diversified Financial Services) | | | 3.75 | | | | 4-19-2029 | | | | 250,000 | | | | 247,915 | |
| | | | | | | | | | | | | | | | |
|
| Peru: 0.67% | |
| | | | |
Petroleos del Peru SA (Energy, Oil, Gas & Consumable Fuels) | | | 4.75 | | | | 6-19-2032 | | | | 300,000 | | | | 295,500 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 80 | | Wells Fargo Funds | | Portfolio of investments—February 28, 2019 |
EMERGING MARKETS BOND PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
|
| South Africa: 1.07% | |
| | | | |
Eskom Holdings SOC Limited (Utilities, Electric Utilities) | | | 5.75 | % | | | 1-26-2021 | | | $ | 275,000 | | | $ | 273,225 | |
| | | | |
ZAR Sovereign Capital Fund Proprietary Limited (Materials, Metals & Mining) | | | 3.90 | | | | 6-24-2020 | | | | 200,000 | | | | 199,266 | |
| | | | |
| | | | | | | | | | | | | | | 472,491 | |
| | | | | | | | | | | | | | | | |
|
| United Kingdom: 0.45% | |
| | | | |
Ukreximbank Via Biz Finance plc (Financials, Banks) | | | 9.75 | | | | 1-22-2025 | | | | 200,000 | | | | 196,200 | |
| | | | | | | | | | | | | | | | |
|
| Venezuela: 0.64% | |
| | | | |
Petroleos de Venezuela SA (Energy, Oil, Gas & Consumable Fuels) †† | | | 5.38 | | | | 4-12-2027 | | | | 200,000 | | | | 47,000 | |
| | | | |
Petroleos de Venezuela SA (Energy, Oil, Gas & Consumable Fuels) †† | | | 5.38 | | | | 4-12-2027 | | | | 350,000 | | | | 82,250 | |
| | | | |
Petroleos de Venezuela SA (Energy, Oil, Gas & Consumable Fuels) †† | | | 5.50 | | | | 4-12-2037 | | | | 200,000 | | | | 45,500 | |
| | | | |
Petroleos de Venezuela SA (Energy, Oil, Gas & Consumable Fuels) †† | | | 9.00 | | | | 11-17-2021 | | | | 400,000 | | | | 106,000 | |
| | | | |
| | | | | | | | | | | | | | | 280,750 | |
| | | | | | | | | | | | | | | | |
|
| Virgin Islands (British): 2.41% | |
| | | | |
CCTI 2017 Limited (Financials, Capital Markets) | | | 3.63 | | | | 8-8-2022 | | | | 200,000 | | | | 191,483 | |
| | | | |
Charming Light Investments Limited (Financials, Diversified Financial Services) | | | 2.38 | | | | 8-30-2021 | | | | 200,000 | | | | 192,214 | |
| | | | |
Sinopec Group Overseas Development (2015) Limited (Energy, Oil, Gas & Consumable Fuels) | | | 3.00 | | | | 4-12-2022 | | | | 200,000 | | | | 197,006 | |
| | | | |
State Grid Overseas Investment (2016) Limited (Utilities, Electric Utilities) | | | 2.75 | | | | 5-4-2022 | | | | 300,000 | | | | 294,577 | |
| | | | |
State Grid Overseas Investment (2016) Limited (Utilities, Electric Utilities) | | | 2.88 | | | | 5-18-2026 | | | | 200,000 | | | | 188,152 | |
| | | | |
| | | | | | | | | | | | | | | 1,063,432 | |
| | | | | | | | | | | | | | | | |
| |
Total Yankee Corporate Bonds and Notes (Cost $7,573,411) | | | | 7,375,669 | |
| | | | | | | | | | | | | | | | |
|
Yankee Government Bonds: 80.42% | |
| | | | |
Arab Republic of Egypt | | | 6.13 | | | | 1-31-2022 | | | | 200,000 | | | | 203,000 | |
| | | | |
Arab Republic of Egypt | | | 6.59 | | | | 2-21-2028 | | | | 250,000 | | | | 243,450 | |
| | | | |
Arab Republic of Egypt | | | 8.50 | | | | 1-31-2047 | | | | 250,000 | | | | 255,776 | |
| | | | |
Banco Nacional de Desenvolvimento Economico e Social | | | 5.50 | | | | 7-12-2020 | | | | 200,000 | | | | 206,750 | |
| | | | |
China Development Bank | | | 4.00 | | | | 1-24-2037 | | | | 350,000 | | | | 342,730 | |
| | | | |
Dominican Republic | | | 5.95 | | | | 1-25-2027 | | | | 1,100,000 | | | | 1,140,143 | |
| | | | |
Dominican Republic | | | 6.00 | | | | 7-19-2028 | | | | 200,000 | | | | 207,000 | |
| | | | |
Export Credit Bank of Turkey | | | 5.00 | | | | 9-23-2021 | | | | 200,000 | | | | 194,393 | |
| | | | |
Export-Import Bank of China | | | 2.00 | | | | 4-26-2021 | | | | 450,000 | | | | 439,009 | |
| | | | |
Export-Import Bank of India | | | 4.00 | | | | 1-14-2023 | | | | 475,000 | | | | 479,686 | |
| | | | |
Federation of Malaysia | | | 3.18 | | | | 4-27-2026 | | | | 400,000 | | | | 394,005 | |
| | | | |
Federative Republic of Brazil | | | 4.63 | | | | 1-13-2028 | | | | 400,000 | | | | 397,404 | |
| | | | |
Federative Republic of Brazil | | | 5.63 | | | | 1-7-2041 | | | | 450,000 | | | | 450,680 | |
| | | | |
Federative Republic of Brazil | | | 10.13 | | | | 5-15-2027 | | | | 25,000 | | | | 34,406 | |
| | | | |
Government of Jamaica | | | 6.75 | | | | 4-28-2028 | | | | 225,000 | | | | 249,037 | |
| | | | |
Government of Jamaica | | | 7.88 | | | | 7-28-2045 | | | | 300,000 | | | | 356,250 | |
| | | | |
Islamic Republic of Pakistan | | | 8.25 | | | | 4-15-2024 | | | | 350,000 | | | | 368,445 | |
| | | | |
Kingdom of Bahrain | | | 7.00 | | | | 10-12-2028 | | | | 200,000 | | | | 210,778 | |
| | | | |
Kingdom of Jordan | | | 5.75 | | | | 1-31-2027 | | | | 300,000 | | | | 292,884 | |
| | | | |
Kingdom of Morocco | | | 5.50 | | | | 12-11-2042 | | | | 200,000 | | | | 210,000 | |
| | | | |
Lebanese Republic | | | 6.60 | | | | 11-27-2026 | | | | 500,000 | | | | 426,290 | |
| | | | |
Lebanese Republic | | | 7.05 | | | | 11-2-2035 | | | | 200,000 | | | | 162,524 | |
| | | | |
Lebanese Republic | | | 8.25 | | | | 4-12-2021 | | | | 350,000 | | | | 338,261 | |
| | | | |
Mongolia Government | | | 5.63 | | | | 5-1-2023 | | | | 250,000 | | | | 252,156 | |
| | | | |
Oman Government International Bond | | | 6.50 | | | | 3-8-2047 | | | | 400,000 | | | | 353,520 | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—February 28, 2019 | | Wells Fargo Funds | | | 81 | |
EMERGING MARKETS BOND PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
|
Yankee Government Bonds (continued) | |
| | | | |
Oman Government International Bond | | | 3.88 | % | | | 3-8-2022 | | | $ | 500,000 | | | $ | 484,520 | |
| | | | |
Oriental Republic of Uruguay | | | 4.50 | | | | 8-14-2024 | | | | 500,000 | | | | 518,195 | |
| | | | |
Oriental Republic of Uruguay | | | 5.10 | | | | 6-18-2050 | | | | 450,000 | | | | 460,125 | |
| | | | |
Oriental Republic of Uruguay | | | 7.88 | | | | 1-15-2033 | | | | 250,000 | | | | 337,500 | |
| | | | |
Perusahaan Penerbit SBSN Indonesia III | | | 4.55 | | | | 3-29-2026 | | | | 500,000 | | | | 510,000 | |
| | | | |
Republic of Angola | | | 8.25 | | | | 5-9-2028 | | | | 400,000 | | | | 416,456 | |
| | | | |
Republic of Argentina | | | 5.63 | | | | 1-26-2022 | | | | 550,000 | | | | 493,350 | |
| | | | |
Republic of Argentina | | | 2.50 | | | | 12-31-2038 | | | | 250,000 | | | | 145,878 | |
| | | | |
Republic of Argentina | | | 7.50 | | | | 4-22-2026 | | | | 600,000 | | | | 521,700 | |
| | | | |
Republic of Argentina | | | 7.63 | | | | 4-22-2046 | | | | 250,000 | | | | 199,753 | |
| | | | |
Republic of Azerbaijan | | | 3.50 | | | | 9-1-2032 | | | | 200,000 | | | | 174,000 | |
| | | | |
Republic of Belarus | | | 7.63 | | | | 6-29-2027 | | | | 200,000 | | | | 215,144 | |
| | | | |
Republic of Chile | | | 3.86 | | | | 6-21-2047 | | | | 350,000 | | | | 340,375 | |
| | | | |
Republic of Colombia | | | 3.88 | | | | 4-25-2027 | | | | 243,000 | | | | 239,479 | |
| | | | |
Republic of Colombia | | | 5.00 | | | | 6-15-2045 | | | | 586,000 | | | | 586,299 | |
| | | | |
Republic of Colombia | | | 7.38 | | | | 9-18-2037 | | | | 250,000 | | | | 313,750 | |
| | | | |
Republic of Costa Rica | | | 7.00 | | | | 4-4-2044 | | | | 350,000 | | | | 332,500 | |
| | | | |
Republic of Croatia | | | 6.63 | | | | 7-14-2020 | | | | 278,000 | | | | 289,676 | |
| | | | |
Republic of Ecuador | | | 7.95 | | | | 6-20-2024 | | | | 350,000 | | | | 346,745 | |
| | | | |
Republic of Ecuador | | | 7.95 | | | | 6-20-2024 | | | | 200,000 | | | | 197,740 | |
| | | | |
Republic of Ecuador | | | 9.63 | | | | 6-2-2027 | | | | 300,000 | | | | 311,610 | |
| | | | |
Republic of Ecuador | | | 9.65 | | | | 12-13-2026 | | | | 200,000 | | | | 208,340 | |
| | | | |
Republic of El Salvador | | | 7.65 | | | | 6-15-2035 | | | | 347,000 | | | | 355,675 | |
| | | | |
Republic of Gabon | | | 6.38 | | | | 12-12-2024 | | | | 350,000 | | | | 337,372 | |
| | | | |
Republic of Ghana | | | 7.63 | | | | 5-16-2029 | | | | 300,000 | | | | 290,558 | |
| | | | |
Republic of Guatemala | | | 4.38 | | | | 6-5-2027 | | | | 400,000 | | | | 381,000 | |
| | | | |
Republic of Hungary | | | 5.38 | | | | 2-21-2023 | | | | 450,000 | | | | 481,491 | |
| | | | |
Republic of Hungary | | | 5.38 | | | | 3-25-2024 | | | | 200,000 | | | | 217,220 | |
| | | | |
Republic of Indonesia | | | 4.63 | | | | 4-15-2043 | | | | 200,000 | | | | 194,673 | |
| | | | |
Republic of Indonesia | | | 4.10 | | | | 4-24-2028 | | | | 300,000 | | | | 298,431 | |
| | | | |
Republic of Indonesia | | | 4.88 | | | | 5-5-2021 | | | | 200,000 | | | | 206,145 | |
| | | | |
Republic of Indonesia | | | 5.13 | | | | 1-15-2045 | | | | 200,000 | | | | 205,667 | |
| | | | |
Republic of Indonesia | | | 7.75 | | | | 1-17-2038 | | | | 25,000 | | | | 33,240 | |
| | | | |
Republic of Iraq | | | 5.80 | | | | 1-15-2028 | | | | 250,000 | | | | 241,550 | |
| | | | |
Republic of Ivory Coast | | | 5.38 | | | | 7-23-2024 | | | | 375,000 | | | | 365,175 | |
| | | | |
Republic of Ivory Coast | | | 6.13 | | | | 6-15-2033 | | | | 250,000 | | | | 231,875 | |
| | | | |
Republic of Kazakhstan | | | 3.88 | | | | 10-14-2024 | | | | 244,000 | | | | 249,192 | |
| | | | |
Republic of Kazakhstan | | | 4.88 | | | | 10-14-2044 | | | | 300,000 | | | | 314,788 | |
| | | | |
Republic of Kenya | | | 6.88 | | | | 6-24-2024 | | | | 200,000 | | | | 205,300 | |
| | | | |
Republic of Kenya | | | 8.25 | | | | 2-28-2048 | | | | 200,000 | | | | 201,340 | |
| | | | |
Republic of Lithuania | | | 6.63 | | | | 2-1-2022 | | | | 450,000 | | | | 491,215 | |
| | | | |
Republic of Nigeria | | | 6.38 | | | | 7-12-2023 | | | | 550,000 | | | | 565,829 | |
| | | | |
Republic of Nigeria | | | 7.63 | | | | 11-28-2047 | | | | 200,000 | | | | 194,000 | |
| | | | |
Republic of Nigeria | | | 7.88 | | | | 2-16-2032 | | | | 300,000 | | | | 307,146 | |
| | | | |
Republic of Panama | | | 4.00 | | | | 9-22-2024 | | | | 563,000 | | | | 578,770 | |
| | | | |
Republic of Panama | | | 4.50 | | | | 5-15-2047 | | | | 600,000 | | | | 607,500 | |
| | | | |
Republic of Paraguay | | | 4.63 | | | | 1-25-2023 | | | | 225,000 | | | | 229,518 | |
| | | | |
Republic of Paraguay | | | 5.00 | | | | 4-15-2026 | | | | 250,000 | | | | 259,330 | |
| | | | |
Republic of Peru | | | 4.13 | | | | 8-25-2027 | | | | 200,000 | | | | 212,000 | |
| | | | |
Republic of Peru | | | 6.55 | | | | 3-14-2037 | | | | 365,000 | | | | 473,588 | |
| | | | |
Republic of Peru | | | 7.35 | | | | 7-21-2025 | | | | 200,000 | | | | 246,702 | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 82 | | Wells Fargo Funds | | Portfolio of investments—February 28, 2019 |
EMERGING MARKETS BOND PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
|
Yankee Government Bonds (continued) | |
| | | | |
Republic of Peru | | | 8.75 | % | | | 11-21-2033 | | | $ | 25,000 | | | $ | 37,850 | |
| | | | |
Republic of Philippines | | | 3.70 | | | | 2-2-2042 | | | | 200,000 | | | | 195,967 | |
| | | | |
Republic of Philippines | | | 4.00 | | | | 1-15-2021 | | | | 450,000 | | | | 458,130 | |
| | | | |
Republic of Philippines | | | 5.50 | | | | 3-30-2026 | | | | 379,000 | | | | 429,177 | |
| | | | |
Republic of Philippines | | | 6.38 | | | | 1-15-2032 | | | | 300,000 | | | | 378,451 | |
| | | | |
Republic of Poland | | | 3.25 | | | | 4-6-2026 | | | | 400,000 | | | | 399,200 | |
| | | | |
Republic of Poland | | | 5.13 | | | | 4-21-2021 | | | | 225,000 | | | | 235,235 | |
| | | | |
Republic of Senegal | | | 6.25 | | | | 5-23-2033 | | | | 250,000 | | | | 237,500 | |
| | | | |
Republic of South Africa | | | 4.85 | | | | 9-27-2027 | | | | 400,000 | | | | 388,964 | |
| | | | |
Republic of South Africa | | | 6.25 | | | | 3-8-2041 | | | | 400,000 | | | | 414,788 | |
| | | | |
Republic of Sri Lanka | | | 6.25 | | | | 7-27-2021 | | | | 600,000 | | | | 603,610 | |
| | | | |
Republic of Sri Lanka | | | 6.75 | | | | 4-18-2028 | | | | 300,000 | | | | 285,706 | |
| | | | |
Republic of Turkey | | | 5.63 | | | | 3-30-2021 | | | | 561,000 | | | | 565,769 | |
| | | | |
Republic of Turkey | | | 4.49 | | | | 11-25-2024 | | | | 200,000 | | | | 184,006 | |
| | | | |
Republic of Turkey | | | 6.63 | | | | 2-17-2045 | | | | 600,000 | | | | 550,872 | |
| | | | |
Republic of Turkey | | | 8.00 | | | | 2-14-2034 | | | | 200,000 | | | | 214,000 | |
| | | | |
Republic of Venezuela † | | | 6.00 | | | | 12-9-2020 | | | | 225,000 | | | | 65,531 | |
| | | | |
Republic of Venezuela † | | | 7.00 | | | | 3-31-2038 | | | | 200,000 | | | | 58,000 | |
| | | | |
Republic of Venezuela † | | | 9.00 | | | | 5-7-2023 | | | | 1,010,000 | | | | 297,950 | |
| | | | |
Republic of Zambia | | | 8.50 | | | | 4-14-2024 | | | | 200,000 | | | | 162,072 | |
| | | | |
Republic of Zambia | | | 8.97 | | | | 7-30-2027 | | | | 200,000 | | | | 161,500 | |
| | | | |
Romania | | | 4.38 | | | | 8-22-2023 | | | | 250,000 | | | | 255,575 | |
| | | | |
Romania | | | 4.88 | | | | 1-22-2024 | | | | 250,000 | | | | 262,337 | |
| | | | |
Romania | | | 6.75 | | | | 2-7-2022 | | | | 50,000 | | | | 54,248 | |
| | | | |
Russian Federation | | | 5.25 | | | | 6-23-2047 | | | | 200,000 | | | | 198,285 | |
| | | | |
Russian Federation | | | 4.38 | | | | 3-21-2029 | | | | 200,000 | | | | 195,167 | |
| | | | |
Russian Federation | | | 4.50 | | | | 4-4-2022 | | | | 400,000 | | | | 409,158 | |
| | | | |
Russian Federation | | | 7.50 | | | | 3-31-2030 | | | | 477,250 | | | | 529,032 | |
| | | | |
Russian Federation | | | 12.75 | | | | 6-24-2028 | | | | 250,000 | | | | 399,688 | |
| | | | |
Saudi International Bond | | | 4.50 | | | | 4-17-2030 | | | | 200,000 | | | | 206,006 | |
| | | | |
State of Qatar | | | 4.63 | | | | 6-2-2046 | | | | 250,000 | | | | 257,199 | |
| | | | |
Ukraine Government | | | 7.75 | | | | 9-1-2023 | | | | 200,000 | | | | 191,729 | |
| | | | |
Ukraine Government | | | 7.38 | | | | 9-25-2032 | | | | 200,000 | | | | 172,264 | |
| | | | |
Ukraine Government | | | 7.75 | | | | 9-1-2025 | | | | 400,000 | | | | 372,392 | |
| | | | |
Ukraine Government | | | 7.75 | | | | 9-1-2027 | | | | 200,000 | | | | 182,984 | |
| | | | |
United Mexican States | | | 4.00 | | | | 10-2-2023 | | | | 200,000 | | | | 202,038 | |
| | | | |
United Mexican States | | | 4.60 | | | | 2-10-2048 | | | | 200,000 | | | | 185,500 | |
| | | | |
United Mexican States | | | 6.75 | | | | 9-27-2034 | | | | 200,000 | | | | 236,636 | |
| | | | |
Total Yankee Government Bonds (Cost $36,611,736) | | | | | | | | | | | | | | | 35,462,518 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | Yield | | | | | | Shares | | | | |
| Short-Term Investments: 6.23% | | | | | | | | | | | | | | | | |
| | | | |
| Investment Companies: 6.23% | | | | | | | | | | | | | | | | |
| | | | |
Wells Fargo Government Money Market Fund Select Class (l)(u) | | | 2.34 | | | | | | | | 2,749,145 | | | | 2,749,145 | |
| | | | | | | | | | | | | | | | |
| | | | |
Total Short-Term Investments (Cost $2,749,145) | | | | | | | | | | | | | | | 2,749,145 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | |
| Total investments in securities (Cost $46,934,292) | | | 103.38 | % | | | 45,587,332 | |
| | |
Other assets and liabilities, net | | | (3.38 | ) | | | (1,491,160 | ) |
| | | | | | | | |
| Total net assets | | | 100.00 | % | | $ | 44,096,172 | |
| | | | | | | | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—February 28, 2019 | | Wells Fargo Funds | | | 83 | |
EMERGING MARKETS BOND PORTFOLIO
| †† | On the last interest date, partial interest was paid. |
| † | Non-income-earning security |
| (l) | The issuer of the security is an affiliated person of the Portfolio as defined in the Investment Company Act of 1940. |
| (u) | The rate represents the7-day annualized yield at period end. |
Investments in Affiliates
An affiliated investment is an investment in which the Portfolio owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Portfolio and the issuer having the same adviser or investment manager. Transactions with issuers that were either affiliated persons of the Portfolio at the beginning of the period or the end of the period were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Shares,
beginning of
period | | | Shares
purchased | | | Shares
sold | | | Shares,
end of
period | | | Net
realized
gains
(losses) | | | Net
change in
unrealized
gains
(losses) | | | Income
from
affiliated
securities | | | Value,
end
of period | | | % of
net
assets | |
Short-Term Investments | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Investment Companies | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Wells Fargo Government Money Market Fund Select Class | | | 0 | | | | 25,423,463 | | | | 22,674,318 | | | | 2,749,145 | | | $ | 0 | | | $ | 0 | | | $ | 17,183 | | | $ | 2,749,145 | | | | 6.23 | % |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 84 | | Wells Fargo Funds | | Portfolio of investments—February 28, 2019 |
FACTOR ENHANCED EMERGING MARKETS PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | Shares | | | Value | |
|
Common Stocks: 91.19% | |
|
| Brazil: 4.37% | |
| | | | |
Aliansce Shopping Centers SA (Real Estate, Real Estate Management & Development) | | | | | | | | | | | 10,400 | | | $ | 55,653 | |
| | | | |
Arezzo Industria e Comercio SA (Consumer Discretionary, Textiles, Apparel & Luxury Goods) | | | | | | | | | | | 4,100 | | | | 58,911 | |
| | | | |
Atacadao Distribuicao Comercio e Industria Limitada (Consumer Staples, Food & Staples Retailing) | | | | | | | | | | | 42,600 | | | | 221,384 | |
| | | | |
B2W Companhia Digital (Consumer Discretionary, Internet & Direct Marketing Retail) † | | | | | | | | | | | 11,935 | | | | 153,630 | |
| | | | |
Banco de Brasil SA (Financials, Banks) | | | | | | | | | | | 89,100 | | | | 1,200,288 | |
| | | | |
Banco Santander (Brasil) SA (Financials, Banks) | | | | | | | | | | | 25,800 | | | | 158,393 | |
| | | | |
BB Seguridade Participacoes SA (Financials, Insurance) | | | | | | | | | | | 51,700 | | | | 375,760 | |
| | | | |
BK Brasil Operacao e Assessoria a Restaurantes SA (Consumer Discretionary, Hotels, Restaurants & Leisure) | | | | | | | | | | | 15,800 | | | | 93,257 | |
| | | | |
BRF SA (Consumer Staples, Food Products) † | | | | | | | | | | | 44,700 | | | | 244,793 | |
| | | | |
CCR SA (Industrials, Transportation Infrastructure) | | | | | | | | | | | 84,782 | | | | 321,193 | |
| | | | |
Centrais Electricas Brasileiras SA (Utilities, Electric Utilities) † | | | | | | | | | | | 22,100 | | | | 217,579 | |
| | | | |
Cia Siderurgica Nacional SA (Materials, Metals & Mining) † | | | | | | | | | | | 47,400 | | | | 165,061 | |
| | | | |
Companhia de Saneamento Basico do Estado de Sao Paulo SA (Utilities, Water Utilities) | | | | | | | | | | | 23,441 | | | | 245,571 | |
| | | | |
Companhia de Saneamento de Minas Gerais SA (Utilities, Water Utilities) | | | | | | | | | | | 4,659 | | | | 76,841 | |
| | | | |
Companhia Hering SA (Consumer Discretionary, Textiles, Apparel & Luxury Goods) | | | | | | | | | | | 10,710 | | | | 86,081 | |
| | | | |
CPFL Energias Renovaveis SA (Utilities, Independent Power & Renewable Electricity Producers) | | | | | | | | | | | 17,000 | | | | 71,057 | |
| | | | |
CVC Brasil Operadora e Agencia de Viagens SA (Consumer Discretionary, Hotels, Restaurants & Leisure) | | | | | | | | | | | 10,664 | | | | 165,802 | |
| | | | |
Duratex SA (Materials, Paper & Forest Products) | | | | | | | | | | | 26,700 | | | | 83,878 | |
| | | | |
Ecorodovias Infraestrutura Logistica SA (Industrials, Transportation Infrastructure) | | | | | | | | | | | 14,000 | | | | 42,192 | |
| | | | |
EDP Energias do Brasil SA (Utilities, Electric Utilities) | | | | | | | | | | | 20,947 | | | | 96,477 | |
| | | | |
Embraer SA (Industrials, Aerospace & Defense) | | | | | | | | | | | 51,430 | | | | 261,247 | |
| | | | |
Eneva SA (Utilities, Independent Power & Renewable Electricity Producers) † | | | | | | | | | | | 21,100 | | | | 104,990 | |
| | | | |
Engie Brasil Energia SA (Utilities, Independent Power & Renewable Electricity Producers) | | | | | | | | | | | 11,100 | | | | 121,634 | |
| | | | |
Equatorial Energia SA (Utilities, Electric Utilities) | | | | | | | | | | | 13,614 | | | | 297,677 | |
| | | | |
Estacio Participacoes SA (Consumer Discretionary, Diversified Consumer Services) | | | | | | | | | | | 20,833 | | | | 152,803 | |
| | | | |
EZTEC Empreendimentos e Participacoes SA (Consumer Discretionary, Household Durables) | | | | | | | | | | | 10,600 | | | | 75,264 | |
| | | | |
Fleury SA (Health Care, Health Care Providers & Services) | | | | | | | | | | | 18,005 | | | | 95,869 | |
| | | | |
Grendene SA (Consumer Discretionary, Textiles, Apparel & Luxury Goods) | | | | | | | | | | | 24,620 | | | | 56,828 | |
| | | | |
Hapvida Participacoes e Investimentos SA (Health Care, Health Care Providers & Services) 144A | | | | | | | | | | | 11,800 | | | | 102,382 | |
| | | | |
Hypermarcas SA (Health Care, Pharmaceuticals) | | | | | | | | | | | 32,036 | | | | 229,429 | |
| | | | |
Iguatemi Empresa de Shopping Centers SA (Real Estate, Real Estate Management & Development) | | | | | | | | | | | 7,180 | | | | 80,284 | |
| | | | |
Iochpe Maxion SA (Industrials, Machinery) | | | | | | | | | | | 9,600 | | | | 55,512 | |
| | | | |
IRB-Brasil Resseguros SA (Financials, Insurance) | | | | | | | | | | | 11,200 | | | | 265,378 | |
| | | | |
JBS SA (Consumer Staples, Food Products) | | | | | | | | | | | 85,629 | | | | 306,164 | |
| | | | |
Kroton Educacional SA (Consumer Discretionary, Diversified Consumer Services) | | | | | | | | | | | 116,869 | | | | 341,321 | |
| | | | |
Linx SA (Information Technology, Software) | | | | | | | | | | | 12,300 | | | | 93,392 | |
| | | | |
Localiza Rent A Car SA (Industrials, Road & Rail) | | | | | | | | | | | 38,021 | | | | 349,727 | |
| | | | |
Lojas Renner SA (Consumer Discretionary, Multiline Retail) | | | | | | | | | | | 53,333 | | | | 614,526 | |
| | | | |
M. Dias Branco SA (Consumer Staples, Food Products) | | | | | | | | | | | 9,855 | | | | 123,261 | |
| | | | |
Magazine Luiza SA (Consumer Discretionary, Multiline Retail) | | | | | | | | | | | 5,700 | | | | 263,228 | |
| | | | |
MRV Engenharia e Participacoes SA (Consumer Discretionary, Household Durables) | | | | | | | | | | | 23,400 | | | | 84,663 | |
| | | | |
Multiplan Empreendimentos Imobiliarios SA (Real Estate, Real Estate Management & Development) | | | | | | | | | | | 23,800 | | | | 159,484 | |
| | | | |
Natura Cosmeticos SA (Consumer Staples, Personal Products) | | | | | | | | | | | 18,076 | | | | 232,823 | |
| | | | |
Notre Dame Intermedica Participacoes SA (Health Care, Health Care Providers & Services) | | | | | | | | | | | 10,800 | | | | 95,517 | |
| | | | |
Odontoprev SA (Health Care, Health Care Providers & Services) | | | | | | | | | | | 21,362 | | | | 94,408 | |
| | | | |
Petrobras Distribuidora SA (Consumer Discretionary, Specialty Retail) | | | | | | | | | | | 26,800 | | | | 174,450 | |
| | | | |
Porto Seguro SA (Financials, Insurance) | | | | | | | | | | | 6,568 | | | | 97,991 | |
| | | | |
Qualicorp SA (Health Care, Health Care Providers & Services) | | | | | | | | | | | 19,701 | | | | 81,245 | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—February 28, 2019 | | Wells Fargo Funds | | | 85 | |
FACTOR ENHANCED EMERGING MARKETS PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | Shares | | | Value | |
|
| Brazil(continued) | |
| | | | |
Raia Drogasil SA (Consumer Staples, Food & Staples Retailing) | | | | | | | | | | | 14,833 | | | $ | 258,303 | |
| | | | |
Rumo SA (Industrials, Road & Rail) † | | | | | | | | | | | 82,800 | | | | 428,973 | |
| | | | |
Sao Martinho SA (Consumer Staples, Food Products) | | | | | | | | | | | 14,411 | | | | 72,052 | |
| | | | |
Smiles Fidelidade SA (Communication Services, Media) | | | | | | | | | | | 4,900 | | | | 62,617 | |
| | | | |
Suzano Papel e Celulose SA (Materials, Paper & Forest Products) | | | | | | | | | | | 36,556 | | | | 463,847 | |
| | | | |
Totvs SA (Information Technology, Software) | | | | | | | | | | | 9,500 | | | | 92,189 | |
| | | | |
Ultrapar Participacoes SA (Energy, Oil, Gas & Consumable Fuels) | | | | | | | | | | | 29,098 | | | | 413,755 | |
| | | | |
WEG SA (Industrials, Machinery) | | | | | | | | | | | 57,133 | | | | 280,178 | |
| | | | |
| | | | | | | | | | | | | | | 11,217,212 | |
| | | | | | | | | | | | | | | | |
|
| Chile: 1.65% | |
| | | | |
Aguas Andinas SA Class A (Utilities, Water Utilities) | | | | | | | | | | | 145,436 | | | | 85,156 | |
| | | | |
Antarchile SA (Industrials, Industrial Conglomerates) | | | | | | | | | | | 10,088 | | | | 146,130 | |
| | | | |
Banco de Chile (Financials, Banks) | | | | | | | | | | | 2,547,890 | | | | 404,469 | |
| | | | |
Banco de Credito e Inversiones (Financials, Banks) | | | | | | | | | | | 4,383 | | | | 299,681 | |
| | | | |
Banco Santander Chile (Financials, Banks) | | | | | | | | | | | 2,410,198 | | | | 192,206 | |
| | | | |
CAP SA (Materials, Metals & Mining) | | | | | | | | | | | 5,269 | | | | 58,086 | |
| | | | |
Cencosud SA (Consumer Staples, Food & Staples Retailing) | | | | | | | | | | | 102,093 | | | | 190,074 | |
| | | | |
Colbun SA (Utilities, Independent Power & Renewable Electricity Producers) | | | | | | | | | | | 427,363 | | | | 98,724 | |
| | | | |
Compania Cervecerias Unidas SA (Consumer Staples, Beverages) | | | | | | | | | | | 11,541 | | | | 163,219 | |
| | | | |
Empresa Nacional de Telecomunicaciones SA (Communication Services, Wireless Telecommunication Services) | | | | | | | | | | | 10,142 | | | | 106,705 | |
| | | | |
Empresas CMPC SA (Materials, Paper & Forest Products) | | | | | | | | | | | 93,546 | | | | 350,891 | |
| | | | |
Enel Americas SA (Utilities, Electric Utilities) | | | | | | | | | | | 1,486,879 | | | | 258,460 | |
| | | | |
Enel Chile SA (Utilities, Electric Utilities) | | | | | | | | | | | 1,657,530 | | | | 173,910 | |
| | | | |
Engie Energia Chile SA (Utilities, Electric Utilities) | | | | | | | | | | | 22,246 | | | | 44,402 | |
| | | | |
Gener SA (Utilities, Independent Power & Renewable Electricity Producers) | | | | | | | | | | | 104,670 | | | | 31,298 | |
| | | | |
Grupo Security SA (Financials, Banks) | | | | | | | | | | | 173,506 | | | | 76,167 | |
| | | | |
Hortifrut SA (Consumer Staples, Food Products) | | | | | | | | | | | 16,540 | | | | 54,728 | |
| | | | |
Inversiones Aguas Metropolitanas SA (Utilities, Water Utilities) | | | | | | | | | | | 12,277 | | | | 18,945 | |
| | | | |
Inversiones La Construccion SA (Financials, Diversified Financial Services) | | | | | | | | | | | 2,305 | | | | 41,540 | |
| | | | |
Itau CorpBanca SA (Financials, Banks) | | | | | | | | | | | 15,094,396 | | | | 142,929 | |
| | | | |
LATAM Airlines Group SA (Industrials, Airlines) | | | | | | | | | | | 30,044 | | | | 349,080 | |
| | | | |
Parque Arauco SA (Real Estate, Real Estate Management & Development) | | | | | | | | | | | 49,332 | | | | 135,398 | |
| | | | |
Quinenco SA (Industrials, Industrial Conglomerates) | | | | | | | | | | | 32,264 | | | | 93,964 | |
| | | | |
Ripley Corporation SA (Consumer Discretionary, Multiline Retail) | | | | | | | | | | | 95,617 | | | | 80,480 | |
| | | | |
Salfacorp SA (Industrials, Construction & Engineering) | | | | | | | | | | | 36,081 | | | | 55,363 | |
| | | | |
Sigdo Koppers SA (Industrials, Industrial Conglomerates) | | | | | | | | | | | 40,034 | | | | 76,305 | |
| | | | |
SMU SA (Consumer Staples, Food & Staples Retailing) † | | | | | | | | | | | 296,662 | | | | 79,387 | |
| | | | |
Sociedad Matriz del Banco de Chile SA Class B (Financials, Banks) | | | | | | | | | | | 407,856 | | | | 211,445 | |
| | | | |
Sociedad Matriz SAAM SA (Industrials, Transportation Infrastructure) | | | | | | | | | | | 464,220 | | | | 46,010 | |
| | | | |
Sonda SA (Information Technology, IT Services) | | | | | | | | | | | 39,384 | | | | 65,782 | |
| | | | |
Vina Concha y Toro SA (Consumer Staples, Beverages) | | | | | | | | | | | 49,128 | | | | 105,324 | |
| | | | |
| | | | | | | | | | | | | | | 4,236,258 | |
| | | | | | | | | | | | | | | | |
|
| China: 16.48% | |
| | | | |
3SBio Incorporated (Health Care, Biotechnology) 144A | | | | | | | | | | | 102,000 | | | | 168,663 | |
| | | | |
Agile Property Holdings Limited (Real Estate, Real Estate Management & Development) | | | | | | | | | | | 106,000 | | | | 132,470 | |
| | | | |
Agricultural Bank of China Limited H Shares (Financials, Banks) | | | | | | | | | | | 2,096,000 | | | | 1,003,976 | |
| | | | |
Air China H Shares (Industrials, Airlines) | | | | | | | | | | | 128,000 | | | | 138,277 | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 86 | | Wells Fargo Funds | | Portfolio of investments—February 28, 2019 |
FACTOR ENHANCED EMERGING MARKETS PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | Shares | | | Value | |
|
| China(continued) | |
| | | | |
Aluminum Corporation of China Limited H Shares (Materials, Metals & Mining) † | | | | | | | | | | | 290,000 | | | $ | 118,959 | |
| | | | |
Anhui Conch Cement Company Limited H Shares (Materials, Construction Materials) | | | | | | | | | | | 93,000 | | | | 531,953 | |
| | | | |
Anhui Gujing Distillery Company Class B (Consumer Staples, Beverages) | | | | | | | | | | | 9,700 | | | | 58,573 | |
| | | | |
AviChina Industry & Technology Company Limited H Shares (Industrials, Aerospace & Defense) | | | | | | | | | | | 199,000 | | | | 141,206 | |
| | | | |
BAIC Motor Corporation Limited H Shares (Consumer Discretionary, Automobiles) 144A | | | | | | | | | | | 105,500 | | | | 67,065 | |
| | | | |
Bank of China Limited H Shares (Financials, Banks) | | | | | | | | | | | 5,746,000 | | | | 2,679,112 | |
| | | | |
Bank of Communications Limited H Shares (Financials, Banks) | | | | | | | | | | | 545,000 | | | | 457,537 | |
| | | | |
BBMG Corporation H Shares (Materials, Construction Materials) | | | | | | | | | | | 157,000 | | | | 57,602 | |
| | | | |
Beijing Capital International Airport Company Limited H Shares (Industrials, Transportation Infrastructure) | | | | | | | | | | | 128,000 | | | | 128,004 | |
| | | | |
Beijing Enterprises Holdings Limited (Utilities, Gas Utilities) | | | | | | | | | | | 32,000 | | | | 187,726 | |
| | | | |
BYD Company Limited H Shares (Consumer Discretionary, Automobiles) | | | | | | | | | | | 52,000 | | | | 332,546 | |
| | | | |
CGN Power Company Limited H Shares (Utilities, Independent Power & Renewable Electricity Producers) | | | | | | | | | | | 641,000 | | | | 169,033 | |
| | | | |
China Agri-Industries Holdings Limited (Consumer Staples, Food Products) | | | | | | | | | | | 220,000 | | | | 78,194 | |
| | | | |
China Cinda Asset Management Company Limited H Shares (Financials, Capital Markets) | | | | | | | | | | | 748,000 | | | | 217,260 | |
| | | | |
China CITIC Bank H Shares (Financials, Banks) | | | | | | | | | | | 924,351 | | | | 600,553 | |
| | | | |
China Coal Energy Company Limited H Shares (Energy, Oil, Gas & Consumable Fuels) | | | | | | | | | | | 359,000 | | | | 155,953 | |
| | | | |
China Communications Construction Company Limited H Shares (Industrials, Construction & Engineering) | | | | | | | | | | | 321,000 | | | | 345,955 | |
| | | | |
China Communications Services Corporation Limited H Shares (Communication Services, Diversified Telecommunication Services) | | | | | | | | | | | 170,000 | | | | 170,872 | |
| | | | |
China Eastern Airlines Company H Shares (Industrials, Airlines) | | | | | | | | | | | 116,000 | | | | 74,035 | |
| | | | |
China Energy Engineering Corporation Limited H Shares (Industrials, Construction & Engineering) | | | | | | | | | | | 692,000 | | | | 85,511 | |
| | | | |
China Everbright Bank Company Limited H Shares (Financials, Banks) | | | | | | | | | | | 352,000 | | | | 168,607 | |
| | | | |
China Gas Holdings Limited (Utilities, Gas Utilities) | | | | | | | | | | | 153,000 | | | | 502,870 | |
| | | | |
China International Capital Corporation Limited H Shares (Financials, Capital Markets) 144A | | | | | | | | | | | 77,600 | | | | 180,315 | |
| | | | |
China Jinmao Holdings Group Limited (Real Estate, Real Estate Management & Development) | | | | | | | | | | | 372,000 | | | | 180,556 | |
| | | | |
China Longyuan Power Group Corporation H Shares (Utilities, Independent Power & Renewable Electricity Producers) | | | | | | | | | | | 216,000 | | | | 161,248 | |
| | | | |
China Mengniu Dairy Company Limited (Consumer Staples, Food Products) | | | | | | | | | | | 278,000 | | | | 858,817 | |
| | | | |
China Merchants Bank Company Limited H Shares (Financials, Banks) | | | | | | | | | | | 262,000 | | | | 1,201,567 | |
| | | | |
China Merchants Securities H Shares (Financials, Capital Markets) | | | | | | | | | | | 33,800 | | | | 48,656 | |
| | | | |
China Minsheng Banking Corporation Limited H Shares (Financials, Banks) | | | | | | | | | | | 461,200 | | | | 356,046 | |
| | | | |
China Mobile Limited (Communication Services, Wireless Telecommunication Services) | | | | | | | | | | | 398,500 | | | | 4,193,267 | |
| | | | |
China National Building Material Company Limited H Shares (Materials, Construction Materials) | | | | | | | | | | | 276,000 | | | | 219,752 | |
| | | | |
China Oilfield Services Limited H Shares (Energy, Energy Equipment & Services) | | | | | | | | | | | 118,000 | | | | 116,801 | |
| | | | |
China Overseas Land & Investment Limited (Real Estate, Real Estate Management & Development) | | | | | | | | | | | 272,000 | | | | 1,001,408 | |
| | | | |
China Petroleum & Chemical Corporation H Shares (Energy, Oil, Gas & Consumable Fuels) | | | | | | | | | | | 1,790,000 | | | | 1,546,062 | |
| | | | |
China Power International Development Limited (Utilities, Independent Power & Renewable Electricity Producers) | | | | | | | | | | | 269,000 | | | | 67,852 | |
| | | | |
China Railway Construction Corporation Limited H Shares (Industrials, Construction & Engineering) | | | | | | | | | | | 154,500 | | | | 222,408 | |
| | | | |
China Railway Group Limited H Shares (Industrials, Construction & Engineering) | | | | | | | | | | | 308,000 | | | | 305,263 | |
| | | | |
China Railway Signal & Communication Corporation Limited H Shares (Information Technology, Electronic Equipment, Instruments & Components) 144A | | | | | | | | | | | 112,000 | | | | 92,742 | |
| | | | |
China Reinsurance Group Corporation H Shares (Financials, Insurance) | | | | | | | | | | | 488,000 | | | | 112,523 | |
| | | | |
China Resources Beer Holdings Company Limited (Consumer Staples, Beverages) | | | | | | | | | | | 224,000 | | | | 834,676 | |
| | | | |
China Resources Cement Holdings Limited (Materials, Construction Materials) | | | | | | | | | | | 158,000 | | | | 168,270 | |
| | | | |
China Resources Gas Group Limited (Utilities, Gas Utilities) | | | | | | | | | | | 164,000 | | | | 712,430 | |
| | | | |
China Resources Land Limited (Real Estate, Real Estate Management & Development) | | | | | | | | | | | 194,000 | | | | 724,125 | |
| | | | |
China Resources Pharmaceutical Group Limited (Health Care, Pharmaceuticals) | | | | | | | | | | | 228,000 | | | | 305,559 | |
| | | | |
China Resources Power Holdings Company (Utilities, Independent Power & Renewable Electricity Producers) | | | | | | | | | | | 122,000 | | | | 231,263 | |
| | | | |
China Southern Airlines Company H Shares (Industrials, Airlines) | | | | | | | | | | | 116,000 | | | | 94,724 | |
| | | | |
China Telecom Corporation Limited H Shares (Communication Services, Diversified Telecommunication Services) | | | | | | | | | | | 966,000 | | | | 523,010 | |
| | | | |
China Travel International Investment Hong Kong Limited (Consumer Discretionary, Hotels, Restaurants & Leisure) | | | | | | | | | | | 184,000 | | | | 54,616 | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—February 28, 2019 | | Wells Fargo Funds | | | 87 | |
FACTOR ENHANCED EMERGING MARKETS PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | Shares | | | Value | |
|
| China(continued) | |
| | | | |
China Vanke Company Limited H Shares (Real Estate, Real Estate Management & Development) | | | | | | | | | | | 89,700 | | | $ | 340,528 | |
| | | | |
Chongqing Changchun Automobile Class B (Consumer Discretionary, Automobiles) | | | | | | | | | | | 58,900 | | | | 33,615 | |
| | | | |
Chongqing Rural Commercial Bank H Shares (Financials, Banks) | | | | | | | | | | | 191,000 | | | | 119,470 | |
| | | | |
CIFI Holdings Group Company Limited (Real Estate, Real Estate Management & Development) | | | | | | | | | | | 256,000 | | | | 166,976 | |
| | | | |
CITIC Securities Company Limited H Shares (Financials, Capital Markets) | | | | | | | | | | | 139,500 | | | | 338,009 | |
| | | | |
COSCO Shipping Development Company Limited H Shares (Industrials, Marine) † | | | | | | | | | | | 257,000 | | | | 34,049 | |
| | | | |
COSCO Shipping Holdings Company Limited H Shares (Industrials, Marine) | | | | | | | | | | | 192,000 | | | | 83,651 | |
| | | | |
COSCO Shipping Ports Limited (Industrials, Transportation Infrastructure) | | | | | | | | | | | 130,000 | | | | 138,119 | |
| | | | |
Country Garden Services Holdings Company Limited (Industrials, Commercial Services & Supplies) † | | | | | | | | | | | 83,000 | | | | 136,611 | |
| | | | |
CRRC Corporation Limited H Shares (Industrials, Machinery) | | | | | | | | | | | 329,000 | | | | 345,356 | |
| | | | |
CSC Financial Company Limited H Shares (Financials, Capital Markets) | | | | | | | | | | | 61,500 | | | | 55,626 | |
| | | | |
CSG Holding Company Limited Class B (Materials, Construction Materials) | | | | | | | | | | | 119,600 | | | | 42,661 | |
| | | | |
CSPC Pharmaceutical Group Limited (Health Care, Pharmaceuticals) | | | | | | | | | | | 304,000 | | | | 518,946 | |
| | | | |
Datang International Power Generation Company Limited H Shares (Utilities, Independent Power & Renewable Electricity Producers) | | | | | | | | | | | 172,000 | | | | 47,767 | |
| | | | |
Dongfeng Motor Group Company Limited H Shares (Consumer Discretionary, Automobiles) | | | | | | | | | | | 204,000 | | | | 217,001 | |
| | | | |
ENN Energy Holdings Limited (Utilities, Gas Utilities) | | | | | | | | | | | 56,700 | | | | 585,076 | |
| | | | |
Evergrande Health Industry Group Limited (Communication Services, Media) | | | | | | | | | | | 160,000 | | | | 244,594 | |
| | | | |
Far East Horizon Limited (Financials, Diversified Financial Services) | | | | | | | | | | | 185,000 | | | | 206,452 | |
| | | | |
Fu Shou Yuan International Group Limited (Consumer Discretionary, Diversified Consumer Services) | | | | | | | | | | | 114,620 | | | | 100,022 | |
| | | | |
Fuyao Glass Industry Group Company Limited H Shares (Consumer Discretionary, Auto Components) | | | | | | | | | | | 37,200 | | | | 132,929 | |
| | | | |
GF Securities Company Limited H Shares (Financials, Capital Markets) | | | | | | | | | | | 107,800 | | | | 181,824 | |
| | | | |
Great Wall Motor Company Limited H Shares (Consumer Discretionary, Automobiles) | | | | | | | | | | | 199,000 | | | | 145,769 | |
| | | | |
Guangdong Investment Limited (Utilities, Water Utilities) | | | | | | | | | | | 210,000 | | | | 402,892 | |
| | | | |
Guangzhou Automobile Group H Shares (Consumer Discretionary, Automobiles) | | | | | | | | | | | 180,400 | | | | 221,773 | |
| | | | |
Guangzhou R&F Properties Company Limited H Shares (Real Estate, Real Estate Management & Development) | | | | | | | | | | | 67,600 | | | | 126,420 | |
| | | | |
Guotai Junan Securities Company Limited H Shares (Financials, Capital Markets) | | | | | | | | | | | 44,000 | | | | 97,980 | |
| | | | |
Haitian International Holdings Limited (Industrials, Machinery) | | | | | | | | | | | 50,000 | | | | 109,303 | |
| | | | |
Haitong Securities Company Limited H Shares (Financials, Capital Markets) | | | | | | | | | | | 201,200 | | | | 267,079 | |
| | | | |
Hua Hong Semiconductor Limited (Information Technology, Semiconductors & Semiconductor Equipment) | | | | | | | | | | | 41,000 | | | | 95,896 | |
| | | | |
Huaneng Power International Incorporated H Shares (Utilities, Independent Power & Renewable Electricity Producers) | | | | | | | | | | | 288,000 | | | | 177,575 | |
| | | | |
Huaneng Renewables Corporation Limited H Shares (Utilities, Independent Power & Renewable Electricity Producers) | | | | | | | | | | | 300,000 | | | | 91,340 | |
| | | | |
Huatai Securities Company Limited H Shares (Financials, Capital Markets) | | | | | | | | | | | 106,400 | | | | 215,518 | |
| | | | |
Industrial & Commercial Bank of China Limited H Shares (Financials, Banks) | | | | | | | | | | | 5,813,000 | | | | 4,472,808 | |
| | | | |
Inner Mongolia Yitai Coal Company Limited Class B (Energy, Oil, Gas & Consumable Fuels) | | | | | | | | | | | 112,500 | | | | 138,938 | |
| | | | |
Jiangsu Express Company Limited H Shares (Industrials, Transportation Infrastructure) | | | | | | | | | | | 94,000 | | | | 129,568 | |
| | | | |
Jiangxi Copper Company Limited H Shares (Materials, Metals & Mining) | | | | | | | | | | | 92,000 | | | | 125,640 | |
| | | | |
Jiayuan International Group Limited (Real Estate, Real Estate Management & Development) | | | | | | | | | | | 86,000 | | | | 41,851 | |
| | | | |
Kunlun Energy Company Limited (Energy, Oil, Gas & Consumable Fuels) | | | | | | | | | | | 254,000 | | | | 278,924 | |
| | | | |
Lao Feng Xiang Company Limited Class B (Consumer Discretionary, Textiles, Apparel & Luxury Goods) | | | | | | | | | | | 25,612 | | | | 89,232 | |
| | | | |
Legend Holdings Corporation H Shares (Financials, Diversified Financial Services) | | | | | | | | | | | 39,800 | | | | 110,784 | |
| | | | |
Lenovo Group Limited (Information Technology, Technology Hardware, Storage & Peripherals) | | | | | | | | | | | 476,000 | | | | 428,717 | |
| | | | |
Li Ning Company Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods) † | | | | | | | | | | | 135,000 | | | | 189,178 | |
| | | | |
Logan Property Holdings Company Limited (Real Estate, Real Estate Management & Development) | | | | | | | | | | | 86,000 | | | | 122,485 | |
| | | | |
Longfor Properties Company Limited (Real Estate, Real Estate Management & Development) | | | | | | | | | | | 102,500 | | | | 304,245 | |
| | | | |
Luye Pharma Group Limited (Health Care, Pharmaceuticals) 144A | | | | | | | | | | | 142,000 | | | | 106,006 | |
| | | | |
Metallurgical Corporation of China Limited H Shares (Industrials, Construction & Engineering) | | | | | | | | | | | 272,000 | | | | 79,697 | |
| | | | |
New China Life Insurance Company Limited H Shares (Financials, Insurance) | | | | | | | | | | | 74,100 | | | | 358,712 | |
| | | | |
Nine Dragons Paper Holdings Limited (Materials, Paper & Forest Products) | | | | | | | | | | | 119,000 | | | | 123,400 | |
| | | | |
Orient Securities Company Limited of China H Shares (Financials, Diversified Financial Services) | | | | | | | | | | | 62,400 | | | | 55,566 | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 88 | | Wells Fargo Funds | | Portfolio of investments—February 28, 2019 |
FACTOR ENHANCED EMERGING MARKETS PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | Shares | | | Value | |
|
| China(continued) | |
| | | | |
PetroChina Company Limited H Shares (Energy, Oil, Gas & Consumable Fuels) | | | | | | | | | | | 1,562,692 | | | $ | 1,033,201 | |
| | | | |
PICC Property & Casualty Company Limited H Shares (Financials, Insurance) | | | | | | | | | | | 484,000 | | | | 579,585 | |
| | | | |
Poly Property Group Company Limited (Real Estate, Real Estate Management & Development) | | | | | | | | | | | 175,000 | | | | 65,989 | |
| | | | |
Postal Savings Bank of China Company Limited H Shares (Financials, Banks) | | | | | | | | | | | 461,000 | | | | 276,022 | |
| | | | |
Shandong Weigao Group Medical Polymer Company Limited H Shares (Health Care, Health Care Equipment & Supplies) | | | | | | | | | | | 176,000 | | | | 152,912 | |
| | | | |
Shanghai Electric Group Company Limited H Shares (Industrials, Electrical Equipment) | | | | | | | | | | | 250,000 | | | | 92,678 | |
| | | | |
Shanghai Fosun Pharmaceutical Company Limited H Shares (Health Care, Pharmaceuticals) | | | | | | | | | | | 41,000 | | | | 145,463 | |
| | | | |
Shanghai Lujiazui Finance & Trade Zone Development Company Limited (Real Estate, Real Estate Management & Development) | | | | | | | | | | | 77,200 | | | | 109,084 | |
| | | | |
Shanghai Pharmaceuticals Holding Company Limited H Shares (Health Care, Health Care Providers & Services) | | | | | | | | | | | 66,300 | | | | 148,990 | |
| | | | |
Shenzhen International Holdings Limited H Shares (Industrials, Transportation Infrastructure) | | | | | | | | | | | 75,500 | | | | 155,814 | |
| | | | |
Shimao Property Holding Limited (Real Estate, Real Estate Management & Development) | | | | | | | | | | | 72,500 | | | | 171,419 | |
| | | | |
Silergy Corporation (Information Technology, Semiconductors & Semiconductor Equipment) | | | | | | | | | | | 6,000 | | | | 107,277 | |
| | | | |
Sino-Ocean Land Holdings Limited (Real Estate, Real Estate Management & Development) | | | | | | | | | | | 243,000 | | | | 113,610 | |
| | | | |
Sinopec Engineering Group H Shares (Industrials, Construction & Engineering) | | | | | | | | | | | 111,500 | | | | 101,276 | |
| | | | |
Sinopec Shanghai Petrochemical Company Limited H Shares (Materials, Chemicals) | | | | | | | | | | | 232,000 | | | | 117,629 | |
| | | | |
Sinopharm Group Company Limited H Shares (Health Care, Health Care Providers & Services) | | | | | | | | | | | 86,800 | | | | 385,913 | |
| | | | |
Sinotrans Limited H Shares (Industrials, Air Freight & Logistics) | | | | | | | | | | | 163,000 | | | | 76,623 | |
| | | | |
Sinotruk Hong Kong Limited (Industrials, Machinery) | | | | | | | | | | | 49,000 | | | | 89,139 | |
| | | | |
Tong Ren Tang Technologies Company Limited H Shares (Health Care, Pharmaceuticals) | | | | | | | | | | | 64,000 | | | | 83,814 | |
| | | | |
Tsingtao Brewery Company Limited H Shares (Consumer Staples, Beverages) | | | | | | | | | | | 44,000 | | | | 186,656 | |
| | | | |
Uni-President China Holdings Limited (Consumer Staples, Food Products) | | | | | | | | | | | 94,000 | | | | 83,705 | |
| | | | |
Weichai Power Company Limited H Shares (Industrials, Machinery) | | | | | | | | | | | 142,000 | | | | 197,178 | |
| | | | |
Xinyi Solar Holdings Limited (Information Technology, Semiconductors & Semiconductor Equipment) | | | | | | | | | | | 302,000 | | | | 148,504 | |
| | | | |
Yantai Changyu Pioneer Wine Company Limited Class B (Consumer Staples, Beverages) | | | | | | | | | | | 26,800 | | | | 58,211 | |
| | | | |
Yanzhou Coal Mining Company Limited H Shares (Energy, Oil, Gas & Consumable Fuels) | | | | | | | | | | | 128,000 | | | | 127,026 | |
| | | | |
Yuexiu Property Company Limited (Real Estate, Real Estate Management & Development) | | | | | | | | | | | 538,000 | | | | 124,052 | |
| | | | |
Zall Smart Commerce Group Limited (Real Estate, Real Estate Management & Development) | | | | | | | | | | | 312,320 | | | | 160,741 | |
| | | | |
Zhaojin Mining Industry Company Limited H Shares (Materials, Metals & Mining) | | | | | | | | | | | 88,500 | | | | 94,365 | |
| | | | |
Zhejiang Expressway Company Limited H Shares (Industrials, Transportation Infrastructure) | | | | | | | | | | | 106,000 | | | | 110,595 | |
| | | | |
Zhuzhou CSR Times Electric Company Limited H Shares (Industrials, Electrical Equipment) | | | | | | | | | | | 42,100 | | | | 236,250 | |
| | | | |
Zijin Mining Group Company Limited H Shares (Materials, Metals & Mining) | | | | | | | | | | | 434,000 | | | | 185,769 | |
| | | | |
ZTE Corporation H Shares (Information Technology, Communications Equipment) † | | | | | | | | | | | 38,200 | | | | 114,117 | |
| | | | |
| | | | | | | | | | | | | | | 42,296,653 | |
| | | | | | | | | | | | | | | | |
|
| Colombia: 0.50% | |
| | | | |
Almacenes Exito SA (Consumer Staples, Food & Staples Retailing) | | | | | | | | | | | 20,631 | | | | 97,749 | |
| | | | |
Banco de Bogota SA (Financials, Banks) | | | | | | | | | | | 4,544 | | | | 93,077 | |
| | | | |
Corporacion Financiera Colombiana SA (Financials, Diversified Financial Services) | | | | | | | | | | | 9,653 | | | | 76,748 | |
| | | | |
Grupo Argos SA (Materials, Construction Materials) | | | | | | | | | | | 28,931 | | | | 168,244 | |
| | | | |
Grupo de Inversiones Suramericana SA (Financials, Diversified Financial Services) | | | | | | | | | | | 21,955 | | | | 249,367 | |
| | | | |
Grupo Energia Bogota SA (Utilities, Gas Utilities) | | | | | | | | | | | 232,569 | | | | 153,964 | |
| | | | |
Grupo Nutresa SA (Consumer Staples, Food Products) | | | | | | | | | | | 23,800 | | | | 201,584 | |
| | | | |
Interconexion Electrica SA (Utilities, Electric Utilities) | | | | | | | | | | | 32,599 | | | | 147,894 | |
| | | | |
Nexteer Automotive Group Limited (Consumer Discretionary, Auto Components) | | | | | | | | | | | 60,000 | | | | 85,455 | |
| | | | |
| | | | | | | | | | | | | | | 1,274,082 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—February 28, 2019 | | Wells Fargo Funds | | | 89 | |
FACTOR ENHANCED EMERGING MARKETS PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | Shares | | | Value | |
|
| Czech Republic: 0.39% | |
| | | | |
CEZ AS (Utilities, Electric Utilities) | | | | | | | | | | | 15,095 | | | $ | 365,764 | |
| | | | |
Komercni Banka AS (Financials, Banks) | | | | | | | | | | | 8,285 | | | | 347,823 | |
| | | | |
Moneta Money Bank (Financials, Banks) 144A | | | | | | | | | | | 58,958 | | | | 208,795 | |
| | | | |
O2 Czech Republic AS (Communication Services, Diversified Telecommunication Services) | | | | | | | | | | | 7,111 | | | | 77,474 | |
| | | | |
| | | | | | | | | | | | | | | 999,856 | |
| | | | | | | | | | | | | | | | |
|
| Egypt: 0.25% | |
| | | | |
Commercial International Bank ADR (Financials, Banks) | | | | | | | | | | | 159,890 | | | | 655,549 | |
| | | | | | | | | | | | | | | | |
|
| Greece: 0.30% | |
| | | | |
Eurobank Ergasias SA (Financials, Banks) † | | | | | | | | | | | 159,868 | | | | 121,652 | |
| | | | |
FF Group (Consumer Discretionary, Specialty Retail) (a)† | | | | | | | | | | | 3,820 | | | | 0 | |
| | | | |
Grivalia Properties Real Estate Investment Company (Real Estate, Equity REITs) | | | | | | | | | | | 4,474 | | | | 49,923 | |
| | | | |
Hellenic Petroleum SA (Energy, Oil, Gas & Consumable Fuels) | | | | | | | | | | | 6,932 | | | | 63,394 | |
| | | | |
Hellenic Telecommunications Organization SA (Communication Services, Diversified Telecommunication Services) | | | | | | | | | | | 19,643 | | | | 249,124 | |
| | | | |
Motor Oil (Hellas) Corinth Refineries SA (Energy, Oil, Gas & Consumable Fuels) | | | | | | | | | | | 5,105 | | | | 124,263 | |
| | | | |
Mytilineos Holdings SA (Industrials, Industrial Conglomerates) | | | | | | | | | | | 8,774 | | | | 91,516 | |
| | | | |
Titan Cement Company SA (Materials, Construction Materials) | | | | | | | | | | | 3,736 | | | | 81,846 | |
| | | | |
| | | | | | | | | | | | | | | 781,718 | |
| | | | | | | | | | | | | | | | |
|
| Hong Kong: 0.31% | |
| | | | |
Sino Biopharmaceutical Limited (Health Care, Pharmaceuticals) | | | | | | | | | | | 454,000 | | | | 393,865 | |
| | | | |
SSY Group Limited (Health Care, Pharmaceuticals) | | | | | | | | | | | 112,000 | | | | 99,305 | |
| | | | |
Sun Art Retail Group Limited (Consumer Staples, Food & Staples Retailing) | | | | | | | | | | | 176,500 | | | | 179,429 | |
| | | | |
Yuexiu Real Estate Investment Trust (Real Estate, Equity REITs) | | | | | | | | | | | 188,505 | | | | 127,515 | |
| | | | |
| | | | | | | | | | | | | | | 800,114 | |
| | | | | | | | | | | | | | | | |
|
| Hungary: 0.61% | |
| | | | |
Magyar Telekom Telecommunications plc (Communication Services, Diversified Telecommunication Services) | | | | | | | | | | | 61,247 | | | | 103,147 | |
| | | | |
MOL Hungarian Oil & Gas plc (Energy, Oil, Gas & Consumable Fuels) | | | | | | | | | | | 39,044 | | | | 455,710 | |
| | | | |
OTP Bank plc (Financials, Banks) | | | | | | | | | | | 18,387 | | | | 777,621 | |
| | | | |
Richter Gedeon (Health Care, Pharmaceuticals) | | | | | | | | | | | 11,919 | | | | 230,785 | |
| | | | |
| | | | | | | | | | | | | | | 1,567,263 | |
| | | | | | | | | | | | | | | | |
|
| India: 13.57% | |
| | | | |
3M India Limited (Industrials, Industrial Conglomerates) † | | | | | | | | | | | 225 | | | | 72,430 | |
| | | | |
Aarti Industries Limited (Materials, Chemicals) | | | | | | | | | | | 5,418 | | | | 105,890 | |
| | | | |
ABB Limited India (Industrials, Electrical Equipment) | | | | | | | | | | | 4,103 | | | | 70,784 | |
| | | | |
ACC Limited (Materials, Construction Materials) | | | | | | | | | | | 4,883 | | | | 97,645 | |
| | | | |
Adani Power Limited (Utilities, Independent Power & Renewable Electricity Producers) † | | | | | | | | | | | 81,065 | | | | 54,878 | |
| | | | |
Aditya Birla Fashion & Retail Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods) † | | | | | | | | | | | 33,685 | | | | 106,701 | |
| | | | |
Aia Engineering Limited (Industrials, Machinery) | | | | | | | | | | | 2,436 | | | | 58,751 | |
| | | | |
Ajanta Pharma Limited (Health Care, Pharmaceuticals) | | | | | | | | | | | 2,633 | | | | 36,238 | |
| | | | |
Alembic Pharmaceuticals Limited (Health Care, Pharmaceuticals) | | | | | | | | | | | 5,977 | | | | 46,634 | |
| | | | |
Alkem Laboratories Limited (Health Care, Pharmaceuticals) | | | | | | | | | | | 4,678 | | | | 114,690 | |
| | | | |
Amara Raja Batteries Limited (Industrials, Electrical Equipment) | | | | | | | | | | | 5,723 | | | | 57,684 | |
| | | | |
Anveshan Heavy Engineering Limited (Industrials, Machinery) †(a) | | | | | | | | | | | 697 | | | | 0 | |
| | | | |
Apollo Hospitals Enterprise Limited (Health Care, Health Care Providers & Services) | | | | | | | | | | | 8,981 | | | | 144,060 | |
| | | | |
Apollo Tyres Limited (Consumer Discretionary, Auto Components) | | | | | | | | | | | 33,347 | | | | 101,950 | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 90 | | Wells Fargo Funds | | Portfolio of investments—February 28, 2019 |
FACTOR ENHANCED EMERGING MARKETS PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | Shares | | | Value | |
|
| India(continued) | |
| | | | |
Arvind Fashions Limited (Consumer Discretionary, Specialty Retail) (a)‡ | | | | | | | | | | | 3,765 | | | $ | 53,238 | |
| | | | |
Arvind Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods) | | | | | | | | | | | 18,829 | | | | 20,013 | |
| | | | |
Asahi India Glass Limited (Consumer Discretionary, Auto Components) | | | | | | | | | | | 1,377 | | | | 4,966 | |
| | | | |
Ashok Leyland Limited (Industrials, Machinery) | | | | | | | | | | | 150,771 | | | | 183,360 | |
| | | | |
Asian Paints Limited (Materials, Chemicals) | | | | | | | | | | | 51,200 | | | | 1,011,529 | |
| | | | |
Astral Poly Technik Limited (Industrials, Building Products) | | | | | | | | | | | 4,035 | | | | 61,303 | |
| | | | |
Atul Limited (Materials, Chemicals) | | | | | | | | | | | 1,452 | | | | 68,734 | |
| | | | |
AU Small Finance Bank Limited (Financials, Banks) 144A | | | | | | | | | | | 9,710 | | | | 79,126 | |
| | | | |
Aurobindo Pharma Limited (Health Care, Pharmaceuticals) | | | | | | | | | | | 29,800 | | | | 298,330 | |
| | | | |
Bajaj Auto Limited (Consumer Discretionary, Automobiles) | | | | | | | | | | | 11,949 | | | | 487,292 | |
| | | | |
Bajaj Finance Limited (Financials, Consumer Finance) | | | | | | | | | | | 19,300 | | | | 718,802 | |
| | | | |
Bajaj Finserv Limited (Financials, Insurance) | | | | | | | | | | | 5,667 | | | | 514,897 | |
| | | | |
Balkrishna Industries Limited (Consumer Discretionary, Auto Components) | | | | | | | | | | | 7,151 | | | | 89,048 | |
| | | | |
Bandhan Bank Limited (Financials, Banks) 144A | | | | | | | | | | | 17,433 | | | | 117,660 | |
| | | | |
Bank of Baroda (Financials, Banks) † | | | | | | | | | | | 75,432 | | | | 107,114 | |
| | | | |
Bata India Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods) | | | | | | | | | | | 5,108 | | | | 92,556 | |
| | | | |
Bayer Cropscience Limited (Materials, Chemicals) | | | | | | | | | | | 1,222 | | | | 74,666 | |
| | | | |
Berger Paints India Limited (Materials, Chemicals) | | | | | | | | | | | 25,772 | | | | 110,496 | |
| | | | |
Bharat Financial Inclusion Limited (Financials, Consumer Finance) † | | | | | | | | | | | 10,493 | | | | 136,300 | |
| | | | |
Bharat Petroleum Corporation Limited (Energy, Oil, Gas & Consumable Fuels) | | | | | | | | | | | 67,685 | | | | 321,219 | |
| | | | |
Biocon Limited (Health Care, Biotechnology) | | | | | | | | | | | 20,165 | | | | 176,187 | |
| | | | |
Blue Star Limited (Industrials, Building Products) | | | | | | | | | | | 5,758 | | | | 50,257 | |
| | | | |
Bombay Burmah Trading Corporation Limited (Consumer Staples, Food Products) | | | | | | | | | | | 1,725 | | | | 28,918 | |
| | | | |
Bosch Limited (Consumer Discretionary, Auto Components) | | | | | | | | | | | 709 | | | | 189,658 | |
| | | | |
Britannia Industries Limited (Consumer Staples, Food Products) | | | | | | | | | | | 10,307 | | | | 442,979 | |
| | | | |
Cadila Healthcare Limited (Health Care, Pharmaceuticals) | | | | | | | | | | | 21,046 | | | | 94,302 | |
| | | | |
Canara Bank (Financials, Banks) † | | | | | | | | | | | 10,571 | | | | 34,399 | |
| | | | |
Carborundum Universal Limited (Industrials, Machinery) | | | | | | | | | | | 11,068 | | | | 57,879 | |
| | | | |
Care Ratings Limited (Financials, Capital Markets) | | | | | | | | | | | 2,126 | | | | 28,710 | |
| | | | |
Castrol India Limited (Materials, Chemicals) | | | | | | | | | | | 25,574 | | | | 55,606 | |
| | | | |
Ceat Limited (Consumer Discretionary, Auto Components) | | | | | | | | | | | 1,766 | | | | 27,070 | |
| | | | |
Century Textiles & Industries Limited (Materials, Construction Materials) | | | | | | | | | | | 3,870 | | | | 43,640 | |
| | | | |
Chambal Fertilisers and Chemicals Limited (Materials, Chemicals) | | | | | | | | | | | 27,183 | | | | 60,442 | |
| | | | |
Cholamandalam Investment Limited (Financials, Consumer Finance) | | | | | | | | | | | 5,071 | | | | 87,772 | |
| | | | |
Cipla Limited India (Health Care, Pharmaceuticals) | | | | | | | | | | | 46,472 | | | | 362,328 | |
| | | | |
City Union Bank Limited (Financials, Banks) | | | | | | | | | | | 56,535 | | | | 145,816 | |
| | | | |
Colgate-Palmolive Company India Limited (Consumer Staples, Personal Products) | | | | | | | | | | | 8,679 | | | | 153,315 | |
| | | | |
Container Corporation of India Limited (Industrials, Transportation Infrastructure) | | | | | | | | | | | 20,936 | | | | 139,156 | |
| | | | |
Coromandel International Limited (Materials, Chemicals) | | | | | | | | | | | 8,463 | | | | 52,574 | |
| | | | |
Crisil Limited (Financials, Capital Markets) | | | | | | | | | | | 1,403 | | | | 28,760 | |
| | | | |
Crompton Greaves Consumer Electricals Limited (Consumer Discretionary, Household Durables) | | | | | | | | | | | 33,438 | | | | 98,726 | |
| | | | |
Cummins India Limited (Industrials, Machinery) | | | | | | | | | | | 10,652 | | | | 104,803 | |
| | | | |
Cyient Limited (Information Technology, Software) | | | | | | | | | | | 8,001 | | | | 72,241 | |
| | | | |
Dabur India Limited (Consumer Staples, Personal Products) | | | | | | | | | | | 50,521 | | | | 311,147 | |
| | | | |
DCB Bank Limited (Financials, Banks) | | | | | | | | | | | 22,248 | | | | 56,851 | |
| | | | |
Dewan Housing Finance Corporation Limited (Financials, Thrifts & Mortgage Finance) | | | | | | | | | | | 15,215 | | | | 27,253 | |
| | | | |
Dish TV India Limited (Communication Services, Media) | | | | | | | | | | | 108,879 | | | | 59,701 | |
| | | | |
Divi’s Laboratories Limited (Health Care, Life Sciences Tools & Services) | | | | | | | | | | | 10,698 | | | | 248,813 | |
| | | | |
Dr. Reddy’s Laboratories Limited (Health Care, Pharmaceuticals) | | | | | | | | | | | 2,623 | | | | 97,050 | |
| | | | |
Dr. Reddy’s Laboratories Limited ADR (Health Care, Pharmaceuticals) | | | | | | | | | | | 6,978 | | | | 262,931 | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—February 28, 2019 | | Wells Fargo Funds | | | 91 | |
FACTOR ENHANCED EMERGING MARKETS PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | Shares | | | Value | |
|
| India(continued) | |
| | | | |
Edelweiss Financial Services Limited (Financials, Capital Markets) | | | | | | | | | | | 55,370 | | | $ | 106,456 | |
| | | | |
EIH Limited (Consumer Discretionary, Hotels, Restaurants & Leisure) | | | | | | | | | | | 16,783 | | | | 43,783 | |
| | | | |
Emami Limited (Consumer Staples, Personal Products) | | | | | | | | | | | 24,772 | | | | 136,440 | |
| | | | |
Endurance Technologies Limited (Consumer Discretionary, Auto Components) 144A | | | | | | | | | | | 2,208 | | | | 40,297 | |
| | | | |
Equitas Holdings Limited (Financials, Consumer Finance) † | | | | | | | | | | | 22,282 | | | | 35,651 | |
| | | | |
Eris Lifesciences Limited (Health Care, Pharmaceuticals) 144A† | | | | | | | | | | | 5,031 | | | | 43,094 | |
| | | | |
Escorts Limited (Industrials, Machinery) | | | | | | | | | | | 5,305 | | | | 49,048 | |
| | | | |
Exide Industries Limited (Consumer Discretionary, Auto Components) | | | | | | | | | | | 37,756 | | | | 116,650 | |
| | | | |
Fertilisers & Chemicals Travancore Limited (Materials, Chemicals) † | | | | | | | | | | | 54,493 | | | | 24,248 | |
| | | | |
Finolex Cables Limited (Industrials, Electrical Equipment) | | | | | | | | | | | 6,876 | | | | 39,017 | |
| | | | |
Finolex Industries Limited (Materials, Chemicals) | | | | | | | | | | | 4,539 | | | | 30,284 | |
| | | | |
Future Retail Limited (Consumer Discretionary, Multiline Retail) † | | | | | | | | | | | 18,947 | | | | 112,841 | |
| | | | |
Gillette India Limited (Consumer Staples, Personal Products) | | | | | | | | | | | 709 | | | | 64,889 | |
| | | | |
GlaxoSmithKline Consumer Healthcare Limited (Consumer Staples, Food Products) | | | | | | | | | | | 915 | | | | 92,804 | |
| | | | |
GlaxoSmithKline Pharmaceuticals Limited (Health Care, Pharmaceuticals) | | | | | | | | | | | 3,055 | | | | 57,328 | |
| | | | |
Glenmark Pharmaceuticals Limited (Health Care, Pharmaceuticals) | | | | | | | | | | | 12,721 | | | | 106,694 | |
| | | | |
Godrej Consumer Products Limited (Consumer Staples, Personal Products) | | | | | | | | | | | 34,913 | | | | 330,275 | |
| | | | |
Godrej Industries Limited (Industrials, Industrial Conglomerates) | | | | | | | | | | | 11,342 | | | | 78,623 | |
| | | | |
Godrej Properties Limited (Real Estate, Real Estate Management & Development) | | | | | | | | | | | 6,210 | | | | 61,942 | |
| | | | |
Graphite India Limited (Industrials, Electrical Equipment) | | | | | | | | | | | 5,721 | | | | 33,143 | |
| | | | |
Gruh Finance Limited (Financials, Thrifts & Mortgage Finance) | | | | | | | | | | | 24,629 | | | | 85,702 | |
| | | | |
Gujarat Fluorochemicals Limited (Materials, Chemicals) | | | | | | | | | | | 3,117 | | | | 39,860 | |
| | | | |
Gujarat Narmada Valley Fertilizers Company Limited (Materials, Chemicals) | | | | | | | | | | | 5,514 | | | | 20,137 | |
| | | | |
Gujarat Piavav Port Limited (Industrials, Transportation Infrastructure) | | | | | | | | | | | 20,579 | | | | 23,436 | |
| | | | |
Gujarat State Fertilizers & Chemicals Limited (Materials, Chemicals) | | | | | | | | | | | 16,567 | | | | 21,161 | |
| | | | |
Hatsun Agro Products Limited (Consumer Staples, Food Products) | | | | | | | | | | | 4,411 | | | | 40,875 | |
| | | | |
Havells India Limited (Industrials, Electrical Equipment) | | | | | | | | | | | 24,476 | | | | 246,167 | |
| | | | |
HCL Technologies Limited (Information Technology, IT Services) | | | | | | | | | | | 42,146 | | | | 624,491 | |
| | | | |
Hero Honda Motors Limited (Consumer Discretionary, Automobiles) | | | | | | | | | | | 10,215 | | | | 377,442 | |
| | | | |
Hexaware Technologies Limited (Information Technology, IT Services) | | | | | | | | | | | 6,139 | | | | 30,615 | |
| | | | |
Hindustan Petroleum Corporation Limited (Energy, Oil, Gas & Consumable Fuels) | | | | | | | | | | | 56,646 | | | | 177,879 | |
| | | | |
Hindustan Unilever Limited (Consumer Staples, Household Products) | | | | | | | | | | | 77,507 | | | | 1,888,086 | |
| | | | |
Honeywell Automation India Limited (Information Technology, Electronic Equipment, Instruments & Components) | | | | | | | | | | | 169 | | | | 51,332 | |
| | | | |
ICICI Lombard General Insurance Company Limited (Financials, Insurance) 144A | | | | | | | | | | | 8,880 | | | | 116,253 | |
| | | | |
IDFC Limited (Financials, Diversified Financial Services) | | | | | | | | | | | 90,973 | | | | 46,749 | |
| | | | |
IIFL Holdings Limited (Financials, Capital Markets) | | | | | | | | | | | 14,547 | | | | 67,258 | |
| | | | |
Indiabulls Housing Finance Limited (Financials, Thrifts & Mortgage Finance) | | | | | | | | | | | 27,642 | | | | 254,652 | |
| | | | |
Indiabulls Real Estate Limited (Real Estate, Real Estate Management & Development) † | | | | | | | | | | | 24,983 | | | | 24,745 | |
| | | | |
Indiabulls Ventures Limited (Financials, Capital Markets) | | | | | | | | | | | 28,423 | | | | 111,732 | |
| | | | |
Indian Energy Exchange Limited (Financials, Capital Markets) 144A | | | | | | | | | | | 2,914 | | | | 6,277 | |
| | | | |
Indian Hotels Company Limited (Consumer Discretionary, Hotels, Restaurants & Leisure) | | | | | | | | | | | 57,413 | | | | 111,958 | |
| | | | |
Indraprastha Gas Limited (Utilities, Gas Utilities) | | | | | | | | | | | 20,607 | | | | 84,831 | |
| | | | |
Infibeam Avenues Limited (Consumer Discretionary, Internet & Direct Marketing Retail) | | | | | | | | | | | 45,912 | | | | 23,206 | |
| | | | |
Info Edge India Limited (Communication Services, Interactive Media & Services) | | | | | | | | | | | 5,568 | | | | 140,100 | |
| | | | |
Infosys Limited (Information Technology, IT Services) | | | | | | | | | | | 99,030 | | | | 1,022,375 | |
| | | | |
Infosys Limited SP ADR (Information Technology, IT Services) | | | | | | | | | | | 198,070 | | | | 2,123,310 | |
| | | | |
Interglobe Aviation Limited (Industrials, Airlines) | | | | | | | | | | | 7,419 | | | | 117,382 | |
| | | | |
Ipca Laboratories Limited (Health Care, Pharmaceuticals) | | | | | | | | | | | 7,289 | | | | 82,988 | |
| | | | |
ITC Limited (Consumer Staples, Tobacco) | | | | | | | | | | | 529,738 | | | | 2,055,980 | |
| | | | |
Jain Irrigation Systems Limited (Industrials, Machinery) | | | | | | | | | | | 29,484 | | | | 23,566 | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 92 | | Wells Fargo Funds | | Portfolio of investments—February 28, 2019 |
FACTOR ENHANCED EMERGING MARKETS PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | Shares | | | Value | |
|
| India(continued) | |
| | | | |
JM Financial Limited (Financials, Capital Markets) | | | | | | | | | | | 36,726 | | | $ | 40,069 | |
| | | | |
JSW Steel Limited (Materials, Metals & Mining) | | | | | | | | | | | 93,401 | | | | 369,133 | |
| | | | |
Jubilant Foodworks Limited (Consumer Discretionary, Hotels, Restaurants & Leisure) | | | | | | | | | | | 5,763 | | | | 102,800 | |
| | | | |
Jubilant Organosys Limited (Health Care, Pharmaceuticals) | | | | | | | | | | | 7,613 | | | | 83,862 | |
| | | | |
Jyothy Laboratories Limited (Consumer Staples, Household Products) | | | | | | | | | | | 23,659 | | | | 59,658 | |
| | | | |
Kajaria Ceramics Limited (Industrials, Building Products) | | | | | | | | | | | 7,032 | | | | 53,581 | |
| | | | |
Kansai Nerolac Paints Limited (Materials, Chemicals) | | | | | | | | | | | 8,243 | | | | 52,175 | |
| | | | |
Karnataka Bank Limited (Financials, Banks) | | | | | | | | | | | 23,478 | | | | 37,053 | |
| | | | |
Karur Vysya Bank Limited (Financials, Banks) | | | | | | | | | | | 57,240 | | | | 55,650 | |
| | | | |
KEC International Limited (Industrials, Construction & Engineering) | | | | | | | | | | | 18,101 | | | | 67,186 | |
| | | | |
Kotak Mahindra Bank Limited (Financials, Banks) | | | | | | | | | | | 106,684 | | | | 1,819,558 | |
| | | | |
KPIT Engineering Limited (Consumer Discretionary, Auto Components) (a)‡ | | | | | | | | | | | 17,298 | | | | 19,857 | |
| | | | |
KPR Mill Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods) | | | | | | | | | | | 6,062 | | | | 45,342 | |
| | | | |
KRBL Limited (Consumer Staples, Food Products) | | | | | | | | | | | 7,133 | | | | 35,301 | |
| | | | |
L&T Finance Holdings Limited (Financials, Diversified Financial Services) | | | | | | | | | | | 54,484 | | | | 95,139 | |
| | | | |
Lakshmi Machine Works Limited (Industrials, Machinery) | | | | | | | | | | | 584 | | | | 47,098 | |
| | | | |
Larsen & Toubro Infotech Limited (Information Technology, IT Services) 144A | | | | | | | | | | | 2,491 | | | | 60,222 | |
| | | | |
Laurus Labs Limited (Health Care, Pharmaceuticals) 144A | | | | | | | | | | | 8,443 | | | | 39,582 | |
| | | | |
Lupin Limited (Health Care, Pharmaceuticals) | | | | | | | | | | | 19,432 | | | | 208,660 | |
| | | | |
Mahindra & Mahindra Financial Services Limited (Financials, Consumer Finance) | | | | | | | | | | | 22,698 | | | | 126,484 | |
| | | | |
Mahindra & Mahindra Limited (Consumer Discretionary, Automobiles) | | | | | | | | | | | 64,453 | | | | 585,300 | |
| | | | |
Manappuram Finance Limited (Financials, Consumer Finance) | | | | | | | | | | | 26,438 | | | | 42,021 | |
| | | | |
Marico Limited (Consumer Staples, Personal Products) | | | | | | | | | | | 54,668 | | | | 261,095 | |
| | | | |
Minda Industries Limited (Consumer Discretionary, Auto Components) | | | | | | | | | | | 8,242 | | | | 37,278 | |
| | | | |
Mindtree Limited (Information Technology, IT Services) | | | | | | | | | | | 8,602 | | | | 109,910 | |
| | | | |
Motherson Sumi Systems Limited (Consumer Discretionary, Auto Components) | | | | | | | | | | | 97,952 | | | | 223,926 | |
| | | | |
Motilal Oswal Financial Services Limited (Financials, Capital Markets) | | | | | | | | | | | 3,153 | | | | 24,973 | |
| | | | |
Mphasis Limited (Information Technology, IT Services) | | | | | | | | | | | 5,669 | | | | 82,987 | |
| | | | |
MRF Limited (Consumer Discretionary, Auto Components) | | | | | | | | | | | 263 | | | | 210,173 | |
| | | | |
Multi Commodity Exchange of India Limited (Financials, Capital Markets) | | | | | | | | | | | 3,249 | | | | 29,874 | |
| | | | |
Muthoot Finance Limited (Financials, Consumer Finance) | | | | | | | | | | | 22,531 | | | | 167,257 | |
| | | | |
Natco Pharma Limited (Health Care, Pharmaceuticals) | | | | | | | | | | | 9,623 | | | | 77,876 | |
| | | | |
National Aluminum Company Limited (Materials, Metals & Mining) | | | | | | | | | | | 43,369 | | | | 30,823 | |
| | | | |
Nestle India Limited (Consumer Staples, Food Products) | | | | | | | | | | | 2,777 | | | | 415,410 | |
| | | | |
NIIT Technologies Limited (Information Technology, IT Services) | | | | | | | | | | | 3,319 | | | | 61,628 | |
| | | | |
Oracle Financials Services Limited (Information Technology, Software) | | | | | | | | | | | 1,168 | | | | 57,506 | |
| | | | |
Orient Electric Limited (Industrials, Electrical Equipment) | | | | | | | | | | | 17,702 | | | | 35,329 | |
| | | | |
Page Industries Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods) | | | | | | | | | | | 316 | | | | 99,018 | |
| | | | |
Persistent Systems Limited (Information Technology, IT Services) | | | | | | | | | | | 4,455 | | | | 41,039 | |
| | | | |
Pfizer Limited (Health Care, Pharmaceuticals) | | | | | | | | | | | 1,442 | | | | 65,634 | |
| | | | |
Phoenix Mills Limited (Real Estate, Real Estate Management & Development) | | | | | | | | | | | 4,987 | | | | 43,717 | |
| | | | |
Pidilite Industries Limited (Materials, Chemicals) | | | | | | | | | | | 17,484 | | | | 283,291 | |
| | | | |
PNB Housing Finance Limited (Financials, Thrifts & Mortgage Finance) 144A | | | | | | | | | | | 8,574 | | | | 108,009 | |
| | | | |
Prestige Estates Projects Limited (Real Estate, Real Estate Management & Development) | | | | | | | | | | | 11,090 | | | | 32,104 | |
| | | | |
Procter & Gamble Hygiene & Healthcare Limited (Consumer Staples, Personal Products) | | | | | | | | | | | 975 | | | | 147,534 | |
| | | | |
PVR Limited (Communication Services, Entertainment) | | | | | | | | | | | 2,195 | | | | 46,371 | |
| | | | |
Quess Corporation Limited (Industrials, Professional Services) 144A† | | | | | | | | | | | 2,913 | | | | 29,324 | |
| | | | |
Rain Industries Limited (Materials, Chemicals) | | | | | | | | | | | 15,868 | | | | 20,268 | |
| | | | |
Rajesh Exports Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods) | | | | | | | | | | | 7,853 | | | | 64,048 | |
| | | | |
RBL Bank Limited (Financials, Banks) 144A | | | | | | | | | | | 30,252 | | | | 245,776 | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—February 28, 2019 | | Wells Fargo Funds | | | 93 | |
FACTOR ENHANCED EMERGING MARKETS PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | Shares | | | Value | |
|
| India(continued) | |
| | | | |
REC Limited (Financials, Diversified Financial Services) | | | | | | | | | | | 61,437 | | | $ | 117,776 | |
| | | | |
Relaxo Footwears Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods) | | | | | | | | | | | 5,932 | | | | 62,367 | |
| | | | |
Reliance Capital Limited (Financials, Diversified Financial Services) | | | | | | | | | | | 8,431 | | | | 20,477 | |
| | | | |
Reliance Energy Limited (Utilities, Electric Utilities) | | | | | | | | | | | 9,501 | | | | 16,404 | |
| | | | |
Reliance Nippon Life Asset Management Limited (Financials, Diversified Financial Services) | | | | | | | | | | | 27,248 | | | | 69,800 | |
| | | | |
Sanofi India Limited (Health Care, Pharmaceuticals) | | | | | | | | | | | 932 | | | | 78,229 | |
| | | | |
Shriram City Union Finance Limited (Financials, Consumer Finance) | | | | | | | | | | | 1,648 | | | | 37,991 | |
| | | | |
SKF India Limited (Industrials, Machinery) | | | | | | | | | | | 2,217 | | | | 60,354 | |
| | | | |
Solar Industries India Limited (Materials, Chemicals) | | | | | | | | | | | 3,967 | | | | 52,534 | |
| | | | |
South Indian Bank Limited (Financials, Banks) | | | | | | | | | | | 163,721 | | | | 30,384 | |
| | | | |
SRF Limited (Materials, Chemicals) | | | | | | | | | | | 2,016 | | | | 65,054 | |
| | | | |
Star Cement Limited (Materials, Construction Materials) | | | | | | | | | | | 27,479 | | | | 37,900 | |
| | | | |
State Bank of India (Financials, Banks) † | | | | | | | | | | | 213,218 | | | | 806,542 | |
| | | | |
Sterlite Technologies Limited (Information Technology, Communications Equipment) | | | | | | | | | | | 16,170 | | | | 54,926 | |
| | | | |
Strides Shasun Limited (Health Care, Pharmaceuticals) | | | | | | | | | | | 6,129 | | | | 36,269 | |
| | | | |
Sun TV Network Limited (Communication Services, Media) | | | | | | | | | | | 8,649 | | | | 73,964 | |
| | | | |
Sundaram Finance Limited (Financials, Consumer Finance) | | | | | | | | | | | 8,521 | | | | 196,114 | |
| | | | |
Sundram Fasteners Limited (Consumer Discretionary, Auto Components) | | | | | | | | | | | 8,962 | | | | 65,388 | |
| | | | |
Supreme Industries Limited (Materials, Chemicals) | | | | | | | | | | | 4,347 | | | | 69,798 | |
| | | | |
Tata Chemicals Limited (Materials, Chemicals) | | | | | | | | | | | 12,989 | | | | 101,600 | |
| | | | |
Tata Communications Limited (Communication Services, Diversified Telecommunication Services) | | | | | | | | | | | 6,868 | | | | 56,980 | |
| | | | |
Tata Consultancy Services Limited (Information Technology, IT Services) | | | | | | | | | | | 82,777 | | | | 2,308,347 | |
| | | | |
Tata Elxsi Limited (Information Technology, Software) | | | | | | | | | | | 2,567 | | | | 31,935 | |
| | | | |
Tata Power Company Limited (Utilities, Electric Utilities) | | | | | | | | | | | 103,573 | | | | 95,307 | |
| | | | |
Tech Mahindra Limited (Information Technology, IT Services) | | | | | | | | | | | 47,123 | | | | 549,996 | |
| | | | |
Thermax India Limited (Industrials, Machinery) | | | | | | | | | | | 3,528 | | | | 49,054 | |
| | | | |
TI Financial Holdings Limited (Financials, Insurance) | | | | | | | | | | | 8,746 | | | | 53,871 | |
| | | | |
Torrent Pharmaceuticals Limited (Health Care, Pharmaceuticals) | | | | | | | | | | | 4,137 | | | | 104,809 | |
| | | | |
Torrent Power Limited (Utilities, Electric Utilities) | | | | | | | | | | | 9,267 | | | | 31,654 | |
| | | | |
TTK Prestige Limited (Consumer Discretionary, Household Durables) | | | | | | | | | | | 431 | | | | 45,900 | |
| | | | |
Tube Investments of India Limited (Consumer Discretionary, Auto Components) | | | | | | | | | | | 10,424 | | | | 52,467 | |
| | | | |
TV18 Broadcast Limited (Communication Services, Media) † | | | | | | | | | | | 86,858 | | | | 41,032 | |
| | | | |
TVS Motor Company Limited (Consumer Discretionary, Automobiles) | | | | | | | | | | | 15,379 | | | | 97,937 | |
| | | | |
United Breweries Limited (Consumer Staples, Beverages) | | | | | | | | | | | 9,538 | | | | 180,190 | |
| | | | |
United Spirits Limited (Consumer Staples, Beverages) † | | | | | | | | | | | 24,628 | | | | 189,143 | |
| | | | |
UPL Limited (Materials, Chemicals) | | | | | | | | | | | 28,751 | | | | 354,748 | |
| | | | |
Vardhman Textiles Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods) | | | | | | | | | | | 3,491 | | | | 49,496 | |
| | | | |
Varun Beverages Limited (Consumer Staples, Beverages) | | | | | | | | | | | 4,095 | | | | 46,583 | |
| | | | |
VIP Industries Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods) | | | | | | | | | | | 9,230 | | | | 52,939 | |
| | | | |
Wabco India Limited (Consumer Discretionary, Auto Components) | | | | | | | | | | | 456 | | | | 43,633 | |
| | | | |
Whirlpool of India Limited (Consumer Discretionary, Household Durables) | | | | | | | | | | | 2,672 | | | | 51,600 | |
| | | | |
Zee Entertainment Enterprises Limited (Communication Services, Media) | | | | | | | | | | | 47,706 | | | | 313,026 | |
| | | | |
| | | | | | | | | | | | | | | 34,814,747 | |
| | | | | | | | | | | | | | | | |
|
| Indonesia: 1.28% | |
| | | | |
PT Ace Hardware Incorporated Indonesia Tbk (Consumer Discretionary, Specialty Retail) | | | | | | | | | | | 571,000 | | | | 71,235 | |
| | | | |
PT AKR Corporindo Tbk (Industrials, Trading Companies & Distributors) | | | | | | | | | | | 127,500 | | | | 50,302 | |
| | | | |
PT Astra International Tbk (Consumer Discretionary, Automobiles) | | | | | | | | | | | 1,519,000 | | | | 772,053 | |
| | | | |
PT Bank Danamon Indonesia Tbk (Financials, Banks) | | | | | | | | | | | 177,200 | | | | 107,384 | |
| | | | |
PT Bank Pembangunan Daerah Jawa Barat dan Banten Tbk (Financials, Banks) | | | | | | | | | | | 323,800 | | | | 47,186 | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 94 | | Wells Fargo Funds | | Portfolio of investments—February 28, 2019 |
FACTOR ENHANCED EMERGING MARKETS PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | Shares | | | Value | |
|
| Indonesia(continued) | |
| | | | |
PT Bank Tabungan Negara Persero Tbk (Financials, Banks) | | | | | | | | | | | 309,500 | | | $ | 53,463 | |
| | | | |
PT Bank Tabungan Pensiunan Nasional Tbk (Financials, Banks) | | | | | | | | | | | 172,440 | | | | 45,355 | |
| | | | |
PT Bayan Resources Group Tbk (Energy, Oil, Gas & Consumable Fuels) | | | | | | | | | | | 17,100 | | | | 23,065 | |
| | | | |
PT Bumi Serpong Damai Tbk (Real Estate, Real Estate Management & Development) † | | | | | | | | | | | 667,400 | | | | 64,285 | |
| | | | |
PT Charoen Pokphand Indonesia Tbk (Consumer Staples, Food Products) | | | | | | | | | | | 261,600 | | | | 135,751 | |
| | | | |
PT Ciputra Development Tbk (Real Estate, Real Estate Management & Development) | | | | | | | | | | | 728,600 | | | | 45,319 | |
| | | | |
PT Elang Mahkota Teknologi Tbk (Communication Services, Media) | | | | | | | | | | | 3,000 | | | | 1,802 | |
| | | | |
PT Gudang Garam Tbk (Consumer Staples, Tobacco) | | | | | | | | | | | 36,200 | | | | 219,760 | |
| | | | |
PT Hanjaya Mandala Sampoerna Tbk (Consumer Staples, Tobacco) | | | | | | | | | | | 686,800 | | | | 185,523 | |
| | | | |
PT Hanson International Tbk (Real Estate, Real Estate Management & Development) † | | | | | | | | | | | 5,071,900 | | | | 36,054 | |
| | | | |
PT Indo Tambangraya Megah Tbk (Energy, Oil, Gas & Consumable Fuels) | | | | | | | | | | | 31,900 | | | | 48,471 | |
| | | | |
PT Indofood CBP Sukses Makmur Tbk (Consumer Staples, Food Products) | | | | | | | | | | | 187,600 | | | | 136,358 | |
| | | | |
PT Indofood Sukses Makmur Tbk (Consumer Staples, Food Products) | | | | | | | | | | | 329,400 | | | | 165,666 | |
| | | | |
PT Jasa Marga (Persero) Tbk (Industrials, Transportation Infrastructure) | | | | | | | | | | | 147,300 | | | | 54,711 | |
| | | | |
PT Kalbe Farma Tbk (Health Care, Pharmaceuticals) | | | | | | | | | | | 1,600,900 | | | | 170,133 | |
| | | | |
PT Mayora Indah Tbk (Consumer Staples, Food Products) | | | | | | | | | | | 281,187 | | | | 52,769 | |
| | | | |
PT Media Nusantara Citra Tbk (Communication Services, Media) | | | | | | | | | | | 560,100 | | | | 37,227 | |
| | | | |
PT Mitra Adiperkasa Tbk (Consumer Discretionary, Multiline Retail) | | | | | | | | | | | 612,200 | | | | 46,130 | |
| | | | |
PT Mitra Keluarga Karyasehat Tbk (Health Care, Health Care Providers & Services) † | | | | | | | | | | | 420,200 | | | | 57,948 | |
| | | | |
PT Perusahaan Gas Negara Persero Tbk (Utilities, Gas Utilities) | | | | | | | | | | | 702,700 | | | | 126,878 | |
| | | | |
PT Semen Gresik Persero Tbk (Materials, Construction Materials) | | | | | | | | | | | 213,100 | | | | 191,627 | |
| | | | |
PT Sumber Alfaria Trijaya Tbk (Consumer Staples, Food & Staples Retailing) | | | | | | | | | | | 1,457,800 | | | | 85,494 | |
| | | | |
PT Summarecon Agung Tbk (Real Estate, Real Estate Management & Development) | | | | | | | | | | | 623,700 | | | | 41,676 | |
| | | | |
PT Surya Citra Media Tbk (Communication Services, Media) | | | | | | | | | | | 483,900 | | | | 60,197 | |
| | | | |
PT Tambang Batubara Bukit Asam Tbk (Energy, Oil, Gas & Consumable Fuels) | | | | | | | | | | | 245,000 | | | | 69,316 | |
| | | | |
PT Waskita Karya Persero Tbk (Industrials, Construction & Engineering) | | | | | | | | | | | 263,000 | | | | 35,054 | |
| | | | |
PT XL Axiata Tbk (Communication Services, Wireless Telecommunication Services) † | | | | | | | | | | | 285,600 | | | | 48,725 | |
| | | | |
| | | | | | | | | | | | | | | 3,286,917 | |
| | | | | | | | | | | | | | | | |
|
| Malaysia: 3.61% | |
| | | | |
Affin Holdings Bhd (Financials, Banks) | | | | | | | | | | | 125,000 | | | | 71,314 | |
| | | | |
AirAsia Bhd (Industrials, Airlines) | | | | | | | | | | | 188,200 | | | | 128,197 | |
| | | | |
Alliance Financial Group Bhd (Financials, Banks) | | | | | | | | | | | 96,600 | | | | 94,070 | |
| | | | |
AMMB Holdings Bhd (Financials, Banks) | | | | | | | | | | | 129,600 | | | | 142,460 | |
| | | | |
Astro Malaysia Holdings Bhd (Communication Services, Media) | | | | | | | | | | | 165,000 | | | | 66,544 | |
| | | | |
Batu Kawan Bhd (Materials, Chemicals) | | | | | | | | | | | 28,700 | | | | 120,686 | |
| | | | |
Bimb Holdings Bhd (Financials, Banks) | | | | | | | | | | | 51,800 | | | | 54,137 | |
| | | | |
Boustead Holdings Bhd (Industrials, Industrial Conglomerates) | | | | | | | | | | | 243,400 | | | | 86,790 | |
| | | | |
British American Tobacco Malaysia Bhd (Consumer Staples, Tobacco) | | | | | | | | | | | 11,400 | | | | 94,474 | |
| | | | |
Bursa Malaysia Bhd (Financials, Capital Markets) | | | | | | | | | | | 50,100 | | | | 87,473 | |
| | | | |
Carlsberg Brewery Malaysia Bhd (Consumer Staples, Beverages) | | | | | | | | | | | 12,200 | | | | 73,503 | |
| | | | |
Dialog Group Bhd (Energy, Energy Equipment & Services) | | | | | | | | | | | 373,900 | | | | 296,987 | |
| | | | |
Digi.com Bhd (Communication Services, Wireless Telecommunication Services) | | | | | | | | | | | 254,000 | | | | 284,200 | |
| | | | |
Felda Global Ventures Holdings Bhd (Consumer Staples, Food Products) † | | | | | | | | | | | 146,400 | | | | 40,322 | |
| | | | |
Fraser & Neave Holdings Bhd (Consumer Staples, Beverages) | | | | | | | | | | | 11,000 | | | | 95,488 | |
| | | | |
Gas Malaysia Bhd (Utilities, Gas Utilities) | | | | | | | | | | | 40,260 | | | | 28,315 | |
| | | | |
Genting Malaysia Bhd (Consumer Discretionary, Hotels, Restaurants & Leisure) | | | | | | | | | | | 224,600 | | | | 193,311 | |
| | | | |
HAP Seng Consolidated Bhd (Industrials, Industrial Conglomerates) | | | | | | | | | | | 46,500 | | | | 112,634 | |
| | | | |
Hartalega Holdings Bhd (Health Care, Health Care Equipment & Supplies) | | | | | | | | | | | 161,600 | | | | 198,697 | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—February 28, 2019 | | Wells Fargo Funds | | | 95 | |
FACTOR ENHANCED EMERGING MARKETS PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | Shares | | | Value | |
|
| Malaysia(continued) | |
| | | | |
Heineken Malaysia Bhd (Consumer Staples, Beverages) | | | | | | | | | | | 13,400 | | | $ | 74,736 | |
| | | | |
Hong Leong Bank Bhd (Financials, Banks) | | | | | | | | | | | 66,800 | | | | 349,564 | |
| | | | |
Hong Leong Financial Group Bhd (Financials, Banks) | | | | | | | | | | | 23,600 | | | | 114,329 | |
| | | | |
IGB REIT Bhd (Real Estate, Equity REITs) | | | | | | | | | | | 165,600 | | | | 70,858 | |
| | | | |
Inari Amertron Bhd (Information Technology, Electronic Equipment, Instruments & Components) | | | | | | | | | | | 162,100 | | | | 62,584 | |
| | | | |
IOI Properties Group Bhd (Real Estate, Real Estate Management & Development) | | | | | | | | | | | 141,100 | | | | 55,864 | |
| | | | |
KLCC Property Holdings Bhd (Real Estate, Equity REITs) | | | | | | | | | | | 27,400 | | | | 52,826 | |
| | | | |
Kossan Rubber Industries Bhd (Health Care, Health Care Equipment & Supplies) | | | | | | | | | | | 63,400 | | | | 60,492 | |
| | | | |
Kuala Lumpur Kepong Bhd (Consumer Staples, Food Products) | | | | | | | | | | | 44,700 | | | | 271,948 | |
| | | | |
Lotte Chemical Titan Holding Bhd (Materials, Chemicals) 144A | | | | | | | | | | | 45,300 | | | | 48,347 | |
| | | | |
LPI Capital Bhd (Financials, Insurance) | | | | | | | | | | | 19,900 | | | | 79,766 | |
| | | | |
Malakoff Corporation Bhd (Utilities, Independent Power & Renewable Electricity Producers) | | | | | | | | | | | 134,500 | | | | 29,437 | |
| | | | |
Malaysia Airports Holdings Bhd (Industrials, Transportation Infrastructure) | | | | | | | | | | | 87,600 | | | | 175,997 | |
| | | | |
MISC Bhd (Industrials, Marine) | | | | | | | | | | | 99,000 | | | | 167,982 | |
| | | | |
Nestle Malaysia Bhd (Consumer Staples, Food Products) | | | | | | | | | | | 5,200 | | | | 189,254 | |
| | | | |
Oriental Holdings Bhd (Consumer Discretionary, Automobiles) | | | | | | | | | | | 47,800 | | | | 79,343 | |
| | | | |
Padini Holdings Bhd (Consumer Discretionary, Specialty Retail) | | | | | | | | | | | 35,200 | | | | 33,326 | |
| | | | |
Petronas Chemicals Group Bhd (Materials, Chemicals) | | | | | | | | | | | 194,300 | | | | 440,538 | |
| | | | |
Petronas Dagangan Bhd (Energy, Oil, Gas & Consumable Fuels) | | | | | | | | | | | 20,800 | | | | 136,570 | |
| | | | |
Petronas Gas Bhd (Utilities, Gas Utilities) | | | | | | | | | | | 43,800 | | | | 194,738 | |
| | | | |
PPB Group Bhd (Consumer Staples, Food Products) | | | | | | | | | | | 60,900 | | | | 274,960 | |
| | | | |
Press Metal Bhd (Materials, Metals & Mining) | | | | | | | | | | | 160,300 | | | | 166,745 | |
| | | | |
Public Bank Bhd (Financials, Banks) | | | | | | | | | | | 230,700 | | | | 1,418,296 | |
| | | | |
Ql Resources Bhd (Consumer Staples, Food Products) | | | | | | | | | | | 59,560 | | | | 101,061 | |
| | | | |
RHB Capital Bhd (Financials, Banks) | | | | | | | | | | | 206,500 | | | | 287,419 | |
| | | | |
Scientex Bhd (Materials, Chemicals) | | | | | | | | | | | 23,800 | | | | 51,738 | |
| | | | |
Serba Dinamik Holdings Bhd (Energy, Energy Equipment & Services) | | | | | | | | | | | 52,700 | | | | 51,190 | |
| | | | |
Sime Darby Bhd (Industrials, Industrial Conglomerates) | | | | | | | | | | | 268,800 | | | | 143,439 | |
| | | | |
Sime Darby Property Bhd (Real Estate, Real Estate Management & Development) | | | | | | | | | | | 228,600 | | | | 59,026 | |
| | | | |
SP Setia Bhd (Real Estate, Real Estate Management & Development) | | | | | | | | | | | 138,700 | | | | 78,107 | |
| | | | |
Sunway Bhd (Real Estate, Real Estate Management & Development) | | | | | | | | | | | 167,800 | | | | 66,848 | |
| | | | |
Sunway REIT Bhd (Real Estate, Equity REITs) | | | | | | | | | | | 135,400 | | | | 58,602 | |
| | | | |
Telecom Malaysia Bhd (Communication Services, Diversified Telecommunication Services) | | | | | | | | | | | 146,900 | | | | 110,180 | |
| | | | |
Tenaga Nasional Bhd (Utilities, Electric Utilities) | | | | | | | | | | | 224,700 | | | | 741,540 | |
| | | | |
TIME dotCom Bhd (Communication Services, Diversified Telecommunication Services) | | | | | | | | | | | 42,600 | | | | 81,188 | |
| | | | |
Top Glove Corporation Bhd (Health Care, Health Care Equipment & Supplies) | | | | | | | | | | | 153,000 | | | | 170,815 | |
| | | | |
UMW Holdings Bhd (Consumer Discretionary, Automobiles) | | | | | | | | | | | 42,000 | | | | 59,904 | |
| | | | |
United Plantations Bhd (Consumer Staples, Food Products) | | | | | | | | | | | 11,200 | | | | 75,355 | |
| | | | |
VS Industry Bhd (Information Technology, Electronic Equipment, Instruments & Components) | | | | | | | | | | | 121,875 | | | | 29,821 | |
| | | | |
Westports Holdings Bhd (Industrials, Transportation Infrastructure) | | | | | | | | | | | 77,000 | | | | 69,871 | |
| | | | |
Yinson Holdings Bhd (Energy, Energy Equipment & Services) | | | | | | | | | | | 61,700 | | | | 66,001 | |
| | | | |
YTL Corporation Bhd (Utilities, Multi-Utilities) | | | | | | | | | | | 394,062 | | | | 102,719 | |
| | | | |
YTL Power International Bhd (Utilities, Multi-Utilities) | | | | | | | | | | | 182,700 | | | | 39,986 | |
| | | | |
| | | | | | | | | | | | | | | 9,262,912 | |
| | | | | | | | | | | | | | | | |
|
| Mexico: 3.94% | |
| | | | |
Aleatica SAB de CV (Industrials, Transportation Infrastructure) | | | | | | | | | | | 18,191 | | | | 17,812 | |
| | | | |
Alpek SAB de CV (Materials, Chemicals) † | | | | | | | | | | | 22,300 | | | | 32,684 | |
| | | | |
Alsea SAB de CV (Consumer Discretionary, Hotels, Restaurants & Leisure) | | | | | | | | | | | 37,574 | | | | 95,409 | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 96 | | Wells Fargo Funds | | Portfolio of investments—February 28, 2019 |
FACTOR ENHANCED EMERGING MARKETS PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | Shares | | | Value | |
|
| Mexico(continued) | |
| | | | |
America Movil SAB de CV Series L (Communication Services, Wireless Telecommunication Services) | | | | | | | | | | | 1,823,123 | | | $ | 1,308,620 | |
| | | | |
Arca Continental SAB de CV (Consumer Staples, Beverages) | | | | | | | | | | | 28,967 | | | | 163,769 | |
| | | | |
Banco del Bajio SA (Financials, Banks) | | | | | | | | | | | 60,700 | | | | 117,771 | |
| | | | |
Banco Santander Mexico SA (Financials, Banks) | | | | | | | | | | | 122,178 | | | | 167,792 | |
| | | | |
Becle SAB de CV ADR (Consumer Staples, Beverages) | | | | | | | | | | | 45,100 | | | | 63,505 | |
| | | | |
Cemex SAB de CV ADR (Materials, Construction Materials) † | | | | | | | | | | | 102,543 | | | | 497,334 | |
| | | | |
Coca-Cola Femsa SAB de CV Series L (Consumer Staples, Beverages) | | | | | | | | | | | 37,828 | | | | 229,090 | |
| | | | |
Corporacion Inmobiliaria Vesta SAB de CV (Real Estate, Real Estate Management & Development) | | | | | | | | | | | 48,900 | | | | 71,011 | |
| | | | |
El Puerto de Liverpool SAB de CV (Consumer Discretionary, Multiline Retail) | | | | | | | | | | | 15,833 | | | | 99,343 | |
| | | | |
Fibra Uno Administracion SAB de CV (Real Estate, Equity REITs) | | | | | | | | | | | 279,353 | | | | 388,139 | |
| | | | |
Fomento Economico Mexicano SAB de CV (Consumer Staples, Beverages) | | | | | | | | | | | 155,928 | | | | 1,414,006 | |
| | | | |
Genomma Lab Internacional SAB de CV Class B (Health Care, Pharmaceuticals) † | | | | | | | | | | | 88,593 | | | | 58,767 | |
| | | | |
Gentera SAB de CV (Financials, Consumer Finance) | | | | | | | | | | | 77,448 | | | | 64,147 | |
| | | | |
GMexico Transportes SAB de CV (Industrials, Road & Rail) 144A | | | | | | | | | | | 35,700 | | | | 47,677 | |
| | | | |
Gruma SAB de CV Class B (Consumer Staples, Food Products) | | | | | | | | | | | 15,055 | | | | 163,079 | |
| | | | |
Grupo Aeromexico SAB de CV (Industrials, Airlines) † | | | | | | | | | | | 34,970 | | | | 38,087 | |
| | | | |
Grupo Aeroportuario del Centro Norte SAB de CV (Industrials, Transportation Infrastructure) | | | | | | | | | | | 22,910 | | | | 130,559 | |
| | | | |
Grupo Aeroportuario del Pacifico SAB de CV Class B (Industrials, Transportation Infrastructure) | | | | | | | | | | | 27,415 | | | | 255,803 | |
| | | | |
Grupo Aeroportuario del Sureste SAB de CV Class B (Industrials, Transportation Infrastructure) | | | | | | | | | | | 13,705 | | | | 232,243 | |
| | | | |
Grupo Carso SAB de CV (Industrials, Industrial Conglomerates) | | | | | | | | | | | 35,101 | | | | 130,527 | |
| | | | |
Grupo Cementos de Chihuahua SAB de CV (Materials, Construction Materials) | | | | | | | | | | | 11,500 | | | | 62,613 | |
| | | | |
Grupo Comercial Chedraui SAB de CV (Consumer Staples, Food & Staples Retailing) | | | | | | | | | | | 24,844 | | | | 48,924 | |
| | | | |
Grupo Elektra SAB de CV (Financials, Banks) | | | | | | | | | | | 4,254 | | | | 220,404 | |
| | | | |
Grupo Financiero Banorte SAB de CV (Financials, Banks) | | | | | | | | | | | 186,600 | | | | 1,015,967 | |
| | | | |
Grupo Financiero Inbursa SAB de CV (Financials, Banks) | | | | | | | | | | | 156,800 | | | | 234,207 | |
| | | | |
Grupo Lala SAB de CV (Consumer Staples, Food Products) | | | | | | | | | | | 42,367 | | | | 51,197 | |
| | | | |
Grupo Televisa SAB ADR (Communication Services, Media) | | | | | | | | | | | 39,607 | | | | 462,610 | |
| | | | |
Industrias Bachoco SAB de CV Series B (Consumer Staples, Food Products) | | | | | | | | | | | 13,055 | | | | 50,957 | |
| | | | |
Industrias CH SAB de CV Series B (Materials, Metals & Mining) † | | | | | | | | | | | 10,000 | | | | 43,648 | |
| | | | |
Industrias Penoles SAB de CV (Materials, Metals & Mining) | | | | | | | | | | | 27,153 | | | | 359,653 | |
| | | | |
Macquarie Mexico Real Estate Management SA de CV (Real Estate, Equity REITs) 144A | | | | | | | | | | | 57,305 | | | | 66,752 | |
| | | | |
Mexichem SAB de CV (Materials, Chemicals) | | | | | | | | | | | 70,224 | | | | 170,776 | |
| | | | |
Nemak SAB de CV (Consumer Discretionary, Auto Components) | | | | | | | | | | | 223,800 | | | | 156,347 | |
| | | | |
PLA Administradora Industrial S de RL de CV (Real Estate, Equity REITs) | | | | | | | | | | | 59,904 | | | | 89,849 | |
| | | | |
Prologis Property Mexico SA de CV (Real Estate, Equity REITs) | | | | | | | | | | | 25,194 | | | | 46,909 | |
| | | | |
Promotora y Operadora de Infraestructura SAB de CV (Industrials, Transportation Infrastructure) | | | | | | | | | | | 16,949 | | | | 166,788 | |
| | | | |
Regional SAB de CV (Financials, Banks) | | | | | | | | | | | 15,000 | | | | 78,410 | |
| | | | |
Wal-Mart de Mexico SAB de CV (Consumer Staples, Food & Staples Retailing) | | | | | | | | | | | 385,939 | | | | 998,805 | |
| | | | |
| | | | | | | | | | | | | | | 10,111,990 | |
| | | | | | | | | | | | | | | | |
|
| Netherlands: 0.07% | |
| | | | |
X5 Retail Group NV (Consumer Staples, Food & Staples Retailing) | | | | | | | | | | | 6,830 | | | | 172,799 | |
| | | | | | | | | | | | | | | | |
|
| Philippines: 1.25% | |
| | | | |
Aboitiz Power Corporation (Utilities, Independent Power & Renewable Electricity Producers) | | | | | | | | | | | 116,600 | | | | 78,567 | |
| | | | |
Alliance Global Group Incorporated (Industrials, Industrial Conglomerates) | | | | | | | | | | | 480,400 | | | | 127,252 | |
| | | | |
Ayala Corporation (Financials, Diversified Financial Services) | | | | | | | | | | | 23,210 | | | | 415,105 | |
| | | | |
Bloomberry Resorts Corporation (Consumer Discretionary, Hotels, Restaurants & Leisure) | | | | | | | | | | | 291,500 | | | | 64,252 | |
| | | | |
China Banking Corporation (Financials, Banks) | | | | | | | | | | | 45,408 | | | | 24,276 | |
| | | | |
D&L Industries Incorporated (Materials, Chemicals) | | | | | | | | | | | 249,500 | | | | 56,345 | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—February 28, 2019 | | Wells Fargo Funds | | | 97 | |
FACTOR ENHANCED EMERGING MARKETS PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | Shares | | | Value | |
|
| Philippines(continued) | |
| | | | |
DMCI Holdings Incorporated (Industrials, Industrial Conglomerates) | | | | | | | | | | | 330,600 | | | $ | 72,870 | |
| | | | |
Energy Development Corporation (Utilities, Independent Power & Renewable Electricity Producers) (a)‡ | | | | | | | | | | | 231,800 | | | | 30,790 | |
| | | | |
Globe Telecom Incorporated (Communication Services, Wireless Telecommunication Services) | | | | | | | | | | | 2,395 | | | | 87,983 | |
| | | | |
Golden Bria Holdings Incorporated (Consumer Discretionary, Diversified Consumer Services) † | | | | | | | | | | | 6,640 | | | | 46,346 | |
| | | | |
GT Capital Holdings Incorporated (Financials, Diversified Financial Services) | | | | | | | | | | | 6,818 | | | | 125,893 | |
| | | | |
International Container Term Services Incorporated (Industrials, Transportation Infrastructure) | | | | | | | | | | | 130,810 | | | | 293,387 | |
| | | | |
Jollibee Foods Corporation (Consumer Discretionary, Hotels, Restaurants & Leisure) | | | | | | | | | | | 50,680 | | | | 301,611 | |
| | | | |
Manila Electric Company (Utilities, Electric Utilities) | | | | | | | | | | | 20,710 | | | | 147,196 | |
| | | | |
Manila Water Company (Utilities, Water Utilities) | | | | | | | | | | | 89,100 | | | | 46,514 | |
| | | | |
Megaworld Corporation (Real Estate, Real Estate Management & Development) | | | | | | | | | | | 1,000,000 | | | | 99,961 | |
| | | | |
Metro Pacific Investments Corporation (Financials, Diversified Financial Services) | | | | | | | | | | | 1,053,100 | | | | 95,699 | |
| | | | |
Petron Corporation (Energy, Oil, Gas & Consumable Fuels) | | | | | | | | | | | 299,708 | | | | 38,651 | |
| | | | |
Philippine National Bank (Financials, Banks) † | | | | | | | | | | | 92,930 | | | | 89,840 | |
| | | | |
Philippine Seven Corporation (Consumer Staples, Food & Staples Retailing) | | | | | | | | | | | 27,763 | | | | 71,555 | |
| | | | |
Pilipinas Shell Petroleum Corporation (Energy, Oil, Gas & Consumable Fuels) | | | | | | | | | | | 70,230 | | | | 66,469 | |
| | | | |
PLDT Incorporated (Communication Services, Wireless Telecommunication Services) | | | | | | | | | | | 8,955 | | | | 178,338 | |
| | | | |
Puregold Price Club Incorporated (Consumer Staples, Food & Staples Retailing) | | | | | | | | | | | 88,010 | | | | 80,063 | |
| | | | |
Rizal Commercial Banking (Financials, Banks) | | | | | | | | | | | 31,300 | | | | 16,037 | |
| | | | |
Robinsons Land Company (Real Estate, Real Estate Management & Development) | | | | | | | | | | | 164,200 | | | | 74,290 | |
| | | | |
Robinsons Retail Holdings Incorporated (Consumer Staples, Food & Staples Retailing) | | | | | | | | | | | 54,180 | | | | 91,662 | |
| | | | |
San Miguel Corporation (Industrials, Industrial Conglomerates) | | | | | | | | | | | 34,450 | | | | 113,834 | |
| | | | |
Union Bank of Philippines (Financials, Banks) | | | | | | | | | | | 22,350 | | | | 26,641 | |
| | | | |
Universal Robina Corporation (Consumer Staples, Food Products) | | | | | | | | | | | 73,740 | | | | 194,045 | |
| | | | |
Vista Land & Lifescapes Incorporated (Real Estate, Real Estate Management & Development) | | | | | | | | | | | 325,900 | | | | 46,629 | |
| | | | |
| | | | | | | | | | | | | | | 3,202,101 | |
| | | | | | | | | | | | | | | | |
|
| Russia: 5.06% | |
| | | | |
Aeroflot PJSC (Industrials, Airlines) | | | | | | | | | | | 42,318 | | | | 62,030 | |
| | | | |
Alrosa PJSC (Materials, Metals & Mining) | | | | | | | | | | | 225,600 | | | | 325,859 | |
| | | | |
Bank Otkritie Financial Corporation PJSC (Financials, Banks) (a)† | | | | | | | | | | | 3,758 | | | | 0 | |
| | | | |
Credit Bank of Moscow PJSC (Financials, Banks) † | | | | | | | | | | | 911,700 | | | | 75,544 | |
| | | | |
Federal Grid Company Unified Energy System PJSC (Utilities, Electric Utilities) | | | | | | | | | | | 19,390,000 | | | | 49,503 | |
| | | | |
Gazprom Neft PJSC (Energy, Oil, Gas & Consumable Fuels) | | | | | | | | | | | 26,875 | | | | 133,662 | |
| | | | |
Gazprom PJSC (Energy, Oil, Gas & Consumable Fuels) | | | | | | | | | | | 879,060 | | | | 2,117,317 | |
| | | | |
Inter Rao Ues PJSC (Utilities, Electric Utilities) | | | | | | | | | | | 2,745,002 | | | | 162,689 | |
| | | | |
LSR Group PJSC (Real Estate, Real Estate Management & Development) | | | | | | | | | | | 3,356 | | | | 32,517 | |
| | | | |
Lukoil PJSC (Energy, Oil, Gas & Consumable Fuels) | | | | | | | | | | | 47,517 | | | | 3,982,333 | |
| | | | |
M.video PSJC (Consumer Discretionary, Specialty Retail) † | | | | | | | | | | | 6,470 | | | | 40,019 | |
| | | | |
Magnit PJSC (Consumer Staples, Food & Staples Retailing) | | | | | | | | | | | 5,481 | | | | 314,744 | |
| | | | |
Magnitogorsk Iron & Steel Works PJSC (Materials, Metals & Mining) | | | | | | | | | | | 137,000 | | | | 92,636 | |
| | | | |
MegaFon PJSC (Communication Services, Wireless Telecommunication Services) † | | | | | | | | | | | 12,360 | | | | 122,719 | |
| | | | |
MMC Norilsk Nickel PJSC (Materials, Metals & Mining) | | | | | | | | | | | 4,388 | | | | 944,422 | |
| | | | |
Mobile TeleSystems PJSC (Communication Services, Wireless Telecommunication Services) | | | | | | | | | | | 74,284 | | | | 285,283 | |
| | | | |
Nizhnekamskneftekhim PJSC (Materials, Chemicals) † | | | | | | | | | | | 21,000 | | | | 20,258 | |
| | | | |
Novolipetsk Steel PJSC (Materials, Metals & Mining) | | | | | | | | | | | 74,890 | | | | 179,472 | |
| | | | |
PhosAgro PJSC (Materials, Chemicals) | | | | | | | | | | | 3,048 | | | | 117,750 | |
| | | | |
PIK Group PJSC (Real Estate, Real Estate Management & Development) | | | | | | | | | | | 12,779 | | | | 69,351 | |
| | | | |
Polyus PJSC (Materials, Metals & Mining) | | | | | | | | | | | 1,798 | | | | 147,265 | |
| | | | |
Rosgosstrakh PJSC (Financials, Insurance) † | | | | | | | | | | | 11,193,000 | | | | 25,466 | |
| | | | |
Rosneft Oil Company PJSC (Energy, Oil, Gas & Consumable Fuels) | | | | | | | | | | | 240,540 | | | | 1,448,786 | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 98 | | Wells Fargo Funds | | Portfolio of investments—February 28, 2019 |
FACTOR ENHANCED EMERGING MARKETS PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | Shares | | | Value | |
|
| Russia(continued) | |
| | | | |
Rostelecom PJSC (Communication Services, Diversified Telecommunication Services) | | | | | | | | | | | 85,960 | | | $ | 94,917 | |
| | | | |
Rushydro PJSC (Utilities, Electric Utilities) | | | | | | | | | | | 11,238,000 | | | | 84,664 | |
| | | | |
RussNeft PJSC (Energy, Oil, Gas & Consumable Fuels) † | | | | | | | | | | | 4,508 | | | | 38,878 | |
| | | | |
Safmar Financial Investment PJSC (Financials, Consumer Finance) | | | | | | | | | | | 6,350 | | | | 50,276 | |
| | | | |
Severstal PJSC (Materials, Metals & Mining) | | | | | | | | | | | 14,870 | | | | 230,955 | |
| | | | |
Sistema PJSFC (Communication Services, Wireless Telecommunication Services) | | | | | | | | | | | 270,800 | | | | 40,667 | |
| | | | |
Tatneft PJSC (Energy, Oil, Gas & Consumable Fuels) | | | | | | | | | | | 120,830 | | | | 1,431,156 | |
| | | | |
Unipro PJSC (Utilities, Independent Power & Renewable Electricity Producers) | | | | | | | | | | | 798,000 | | | | 32,571 | |
| | | | |
Uralkali PJSC (Materials, Chemicals) † | | | | | | | | | | | 11,090 | | | | 14,426 | |
| | | | |
VTB Bank PJSC (Financials, Banks) | | | | | | | | | | | 389,490,000 | | | | 212,645 | |
| | | | |
| | | | | | | | | | | | | | | 12,980,780 | |
| | | | | | | | | | | | | | | | |
|
| South Africa: 3.96% | |
| | | | |
Absa Group Limited (Financials, Banks) | | | | | | | | | | | 45,549 | | | | 583,674 | |
| | | | |
ADvTECH Limited (Consumer Discretionary, Diversified Consumer Services) | | | | | | | | | | | 37,839 | | | | 35,708 | |
| | | | |
AECI Limited (Materials, Chemicals) | | | | | | | | | | | 6,145 | | | | 42,685 | |
| | | | |
Anglo American Platinum Limited (Materials, Metals & Mining) | | | | | | | | | | | 4,359 | | | | 237,102 | |
| | | | |
Anglogold Ashanti Limited (Materials, Metals & Mining) | | | | | | | | | | | 29,808 | | | | 427,247 | |
| | | | |
Aspen Pharmacare Holdings Limited (Health Care, Pharmaceuticals) | | | | | | | | | | | 24,591 | | | | 243,297 | |
| | | | |
Astral Foods Limited (Consumer Staples, Food Products) | | | | | | | | | | | 2,565 | | | | 29,665 | |
| | | | |
Attacq Limited (Real Estate, Equity REITs) | | | | | | | | | | | 51,097 | | | | 57,029 | |
| | | | |
Avi Limited (Consumer Staples, Food Products) | | | | | | | | | | | 21,081 | | | | 133,931 | |
| | | | |
Barloworld Limited (Industrials, Trading Companies & Distributors) | | | | | | | | | | | 12,053 | | | | 107,850 | |
| | | | |
Bid Corporation Limited (Consumer Staples, Food & Staples Retailing) | | | | | | | | | | | 20,849 | | | | 435,908 | |
| | | | |
Capitec Bank Holdings Limited (Financials, Banks) | | | | | | | | | | | 4,278 | | | | 396,485 | |
| | | | |
Cashbuild Limited (Consumer Discretionary, Specialty Retail) | | | | | | | | | | | 1,727 | | | | 31,614 | |
| | | | |
Clicks Group Limited (Consumer Staples, Food & Staples Retailing) | | | | | | | | | | | 15,219 | | | | 195,084 | |
| | | | |
Coronation Fund Managers Limited (Financials, Capital Markets) | | | | | | | | | | | 9,952 | | | | 30,088 | |
| | | | |
Dis-Chem Pharmacies Limited (Consumer Staples, Food & Staples Retailing) | | | | | | | | | | | 62,739 | | | | 114,850 | |
| | | | |
Equites Property Fund Limited (Real Estate, Equity REITs) | | | | | | | | | | | 35,391 | | | | 50,423 | |
| | | | |
Foschini Limited (Consumer Discretionary, Specialty Retail) | | | | | | | | | | | 14,263 | | | | 173,863 | |
| | | | |
Gold Fields Limited (Materials, Metals & Mining) | | | | | | | | | | | 56,444 | | | | 230,322 | |
| | | | |
Growthpoint Properties Limited (Real Estate, Equity REITs) | | | | | | | | | | | 180,288 | | | | 312,382 | |
| | | | |
Harmony Gold Mining Company Limited (Materials, Metals & Mining) † | | | | | | | | | | | 30,936 | | | | 64,972 | |
| | | | |
Hosken Consolidated Investments Limited (Industrials, Industrial Conglomerates) | | | | | | | | | | | 4,243 | | | | 35,073 | |
| | | | |
Hyprop Investments Limited (Real Estate, Real Estate Management & Development) | | | | | | | | | | | 16,266 | | | | 89,433 | |
| | | | |
Imperial Holdings Limited (Consumer Discretionary, Distributors) | | | | | | | | | | | 10,866 | | | | 49,674 | |
| | | | |
Investec Limited (Financials, Capital Markets) | | | | | | | | | | | 18,477 | | | | 120,036 | |
| | | | |
Italtile Limited (Consumer Discretionary, Specialty Retail) | | | | | | | | | | | 49,793 | | | | 52,465 | |
| | | | |
JSE Limited (Financials, Capital Markets) | | | | | | | | | | | 5,729 | | | | 65,661 | |
| | | | |
KAP Industrial Holdings Limited (Industrials, Industrial Conglomerates) | | | | | | | | | | | 137,394 | | | | 76,526 | |
| | | | |
Liberty Holdings Limited (Financials, Insurance) | | | | | | | | | | | 8,090 | | | | 59,123 | |
| | | | |
Life Healthcare Group Holdings Limited (Health Care, Health Care Providers & Services) | | | | | | | | | | | 86,836 | | | | 166,725 | |
| | | | |
Massmart Holdings Limited (Consumer Staples, Food & Staples Retailing) | | | | | | | | | | | 5,919 | | | | 36,584 | |
| | | | |
MMI Holdings Limited (Financials, Insurance) † | | | | | | | | | | | 65,046 | | | | 71,998 | |
| | | | |
Mondi Limited (Materials, Paper & Forest Products) | | | | | | | | | | | 7,195 | | | | 169,086 | |
| | | | |
Montauk Holdings Limited (Utilities, Independent Power & Renewable Electricity Producers) | | | | | | | | | | | 6,217 | | | | 26,688 | |
| | | | |
Motus Holdings Limited (Consumer Discretionary, Specialty Retail) † | | | | | | | | | | | 14,801 | | | | 95,041 | |
| | | | |
Mr Price Group Limited (Consumer Discretionary, Specialty Retail) | | | | | | | | | | | 15,760 | | | | 241,414 | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—February 28, 2019 | | Wells Fargo Funds | | | 99 | |
FACTOR ENHANCED EMERGING MARKETS PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | Shares | | | Value | |
|
| South Africa(continued) | |
| | | | |
Nampak Limited (Materials, Containers & Packaging) † | | | | | | | | | | | 43,106 | | | $ | 35,020 | |
| | | | |
Nedbank Group Limited (Financials, Banks) | | | | | | | | | | | 32,614 | | | | 658,123 | |
| | | | |
Netcare Limited (Health Care, Health Care Providers & Services) | | | | | | | | | | | 86,944 | | | | 156,939 | |
| | | | |
Omnia Holdings Limited (Materials, Chemicals) | | | | | | | | | | | 3,715 | | | | 15,723 | |
| | | | |
Pepkor Holdings Limited (Consumer Discretionary, Household Durables) | | | | | | | | | | | 69,445 | | | | 98,449 | |
| | | | |
Pick’n Pay Stores Limited (Consumer Staples, Food & Staples Retailing) | | | | | | | | | | | 22,754 | | | | 111,932 | |
| | | | |
Pioneer Foods Group Limited (Consumer Staples, Food Products) | | | | | | | | | | | 10,871 | | | | 62,092 | |
| | | | |
PPC Limited (Materials, Construction Materials) † | | | | | | | | | | | 91,401 | | | | 33,723 | |
| | | | |
PSG Group Limited (Financials, Diversified Financial Services) | | | | | | | | | | | 12,506 | | | | 230,514 | |
| | | | |
Redefine Properties Limited (Real Estate, Equity REITs) | | | | | | | | | | | 365,772 | | | | 252,002 | |
| | | | |
Remgro Limited (Financials, Diversified Financial Services) | | | | | | | | | | | 31,006 | | | | 442,636 | |
| | | | |
Reunert Limited (Industrials, Industrial Conglomerates) | | | | | | | | | | | 10,611 | | | | 52,702 | |
| | | | |
RMB Holdings Limited (Financials, Diversified Financial Services) | | | | | | | | | | | 45,045 | | | | 256,071 | |
| | | | |
SA Corporate Real Estate Limited REIT (Real Estate, Equity REITs) | | | | | | | | | | | 143,910 | | | | 37,372 | |
| | | | |
Santam Limited (Financials, Insurance) | | | | | | | | | | | 2,629 | | | | 58,013 | |
| | | | |
Sappi Limited (Materials, Paper & Forest Products) | | | | | | | | | | | 35,264 | | | | 180,777 | |
| | | | |
Shoprite Holdings Limited (Consumer Staples, Food & Staples Retailing) | | | | | | | | | | | 30,698 | | | | 373,985 | |
| | | | |
Sibanye Gold Limited (Materials, Metals & Mining) † | | | | | | | | | | | 111,701 | | | | 121,895 | |
| | | | |
SPAR Group Limited (Consumer Staples, Food & Staples Retailing) | | | | | | | | | | | 11,559 | | | | 163,784 | |
| | | | |
Super Group Limited (Consumer Staples, Food & Staples Retailing) † | | | | | | | | | | | 25,601 | | | | 61,288 | |
| | | | |
Telkom SA SOC Limited (Communication Services, Diversified Telecommunication Services) | | | | | | | | | | | 16,113 | | | | 80,052 | |
| | | | |
The Bidvest Group Limited (Industrials, Industrial Conglomerates) | | | | | | | | | | | 21,377 | | | | 315,595 | |
| | | | |
Tiger Brands Limited (Consumer Staples, Food Products) | | | | | | | | | | | 12,236 | | | | 231,189 | |
| | | | |
Tongaat-Hulett Limited (Consumer Staples, Food Products) | | | | | | | | | | | 6,844 | | | | 13,631 | |
| | | | |
Truworths International Limited (Consumer Discretionary, Specialty Retail) | | | | | | | | | | | 25,735 | | | | 133,425 | |
| | | | |
Tsogo Sun Holdings Limited (Consumer Discretionary, Hotels, Restaurants & Leisure) | | | | | | | | | | | 45,304 | | | | 66,347 | |
| | | | |
Vodacom Group Limited (Communication Services, Wireless Telecommunication Services) | | | | | | | | | | | 37,672 | | | | 310,384 | |
| | | | |
Vukile Property Fund Limited REIT (Real Estate, Equity REITs) | | | | | | | | | | | 60,050 | | | | 85,726 | |
| | | | |
Wilson Bayly Holmes Ovcon Limited (Industrials, Construction & Engineering) | | | | | | | | | | | 4,005 | | | | 33,816 | |
| | | | |
Woolworths Holdings Limited (Consumer Discretionary, Multiline Retail) | | | | | | | | | | | 62,833 | | | | 204,186 | |
| | | | |
| | | | | | | | | | | | | | | 10,167,097 | |
| | | | | | | | | | | | | | | | |
|
| South Korea: 14.86% | |
| | | | |
Amicogen Incorporated (Health Care, Biotechnology) † | | | | | | | | | | | 1,496 | | | | 48,151 | |
| | | | |
Amorepacific Group (Consumer Staples, Personal Products) | | | | | | | | | | | 2,896 | | | | 188,741 | |
| | | | |
Asiana Airlines (Industrials, Airlines) † | | | | | | | | | | | 13,414 | | | | 50,331 | |
| | | | |
BH Company Limited (Information Technology, Electronic Equipment, Instruments & Components) † | | | | | | | | | | | 1,774 | | | | 30,679 | |
| | | | |
BNK Financial Group Incorporated (Financials, Banks) | | | | | | | | | | | 22,413 | | | | 141,289 | |
| | | | |
Bukwang Pharmaceutical Company (Health Care, Pharmaceuticals) | | | | | | | | | | | 3,628 | | | | 73,386 | |
| | | | |
Cafe24 Corporation (Information Technology, IT Services) † | | | | | | | | | | | 536 | | | | 56,283 | |
| | | | |
Celltrion Incorporated (Health Care, Pharmaceuticals) † | | | | | | | | | | | 6,668 | | | | 1,212,418 | |
| | | | |
Chabiotech Company Limited (Health Care, Health Care Providers & Services) † | | | | | | | | | | | 3,867 | | | | 82,518 | |
| | | | |
Cheil Worldwide Incorporated (Communication Services, Media) | | | | | | | | | | | 7,431 | | | | 165,508 | |
| | | | |
Chong Kun Dang Pharmaceutical Corporation (Health Care, Pharmaceuticals) | | | | | | | | | | | 660 | | | | 61,616 | |
| | | | |
CJ CGV Company Limited (Communication Services, Entertainment) | | | | | | | | | | | 1,111 | | | | 43,415 | |
| | | | |
CJ Cheiljedang Corporation (Consumer Staples, Food Products) | | | | | | | | | | | 657 | | | | 188,098 | |
| | | | |
CJ Corporation (Industrials, Industrial Conglomerates) | | | | | | | | | | | 1,294 | | | | 143,816 | |
| | | | |
CJ ENM Company Limited (Consumer Discretionary, Internet & Direct Marketing Retail) | | | | | | | | | | | 1,335 | | | | 282,858 | |
| | | | |
CJ Korea Express Corporation (Industrials, Road & Rail) † | | | | | | | | | | | 1,031 | | | | 174,171 | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 100 | | Wells Fargo Funds | | Portfolio of investments—February 28, 2019 |
FACTOR ENHANCED EMERGING MARKETS PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | Shares | | | Value | |
|
| South Korea(continued) | |
| | | | |
Com2us Corporation (Communication Services, Entertainment) | | | | | | | | | | | 755 | | | $ | 81,763 | |
| | | | |
Cosmax Incorporated (Consumer Staples, Personal Products) | | | | | | | | | | | 595 | | | | 77,503 | |
| | | | |
Coway Company Limited (Consumer Discretionary, Household Durables) | | | | | | | | | | | 2,667 | | | | 224,325 | |
| | | | |
CrystalGenomics Incorporated (Health Care, Biotechnology) † | | | | | | | | | | | 4,032 | | | | 66,680 | |
| | | | |
DAEA TI Company Limited (Information Technology, Electronic Equipment, Instruments & Components) | | | | | | | | | | | 4,660 | | | | 30,288 | |
| | | | |
Daelim Industrial Company Limited (Industrials, Construction & Engineering) | | | | | | | | | | | 2,048 | | | | 170,439 | |
| | | | |
Daesang Corporation (Consumer Staples, Food Products) | | | | | | | | | | | 1,759 | | | | 43,244 | |
| | | | |
Daewoo Engineering & Construction Company Limited (Industrials, Construction & Engineering) † | | | | | | | | | | | 15,826 | | | | 71,060 | |
| | | | |
Daewoo Shipbuilding & Marine Engineering Company Limited (Industrials, Machinery) † | | | | | | | | | | | 3,097 | | | | 87,014 | |
| | | | |
Daewoong Company Limited (Health Care, Pharmaceuticals) | | | | | | | | | | | 3,570 | | | | 63,484 | |
| | | | |
Daewoong Pharmaceutical Company (Health Care, Pharmaceuticals) | | | | | | | | | | | 500 | | | | 86,245 | |
| | | | |
Daishin Securities Company Limited (Financials, Capital Markets) | | | | | | | | | | | 3,811 | | | | 37,612 | |
| | | | |
Daou Technology Incorporated (Financials, Capital Markets) | | | | | | | | | | | 2,116 | | | | 41,391 | |
| | | | |
DB HiTek Company Limited (Information Technology, Semiconductors & Semiconductor Equipment) | | | | | | | | | | | 3,001 | | | | 33,220 | |
| | | | |
Dentium Company Limited (Health Care, Health Care Equipment & Supplies) | | | | | | | | | | | 625 | | | | 34,620 | |
| | | | |
DGB Financial Group Incorporated (Financials, Banks) | | | | | | | | | | | 12,022 | | | | 90,643 | |
| | | | |
Dong-A ST Company Limited (Health Care, Pharmaceuticals) | | | | | | | | | | | 544 | | | | 49,820 | |
| | | | |
Dongbu Insurance Company Limited (Financials, Insurance) | | | | | | | | | | | 4,455 | | | | 287,177 | |
| | | | |
Dongkuk Steel Mill Company Limited (Materials, Metals & Mining) | | | | | | | | | | | 4,679 | | | | 34,114 | |
| | | | |
Dongsung Pharmaceutical Company Limited (Health Care, Pharmaceuticals) † | | | | | | | | | | | 1,650 | | | | 26,114 | |
| | | | |
Doosan Bobcat Incorporated (Industrials, Machinery) | | | | | | | | | | | 3,555 | | | | 100,831 | |
| | | | |
Doosan Corporation (Industrials, Industrial Conglomerates) | | | | | | | | | | | 1,305 | | | | 112,782 | |
| | | | |
Doosan Heavy Industries & Construction Company Limited (Industrials, Electrical Equipment) † | | | | | | | | | | | 5,687 | | | | 41,867 | |
| | | | |
Doosan Infracore Company Limited (Industrials, Machinery) † | | | | | | | | | | | 9,314 | | | | 63,021 | |
| | | | |
DoubleUGames Company Limited (Consumer Discretionary, Hotels, Restaurants & Leisure) | | | | | | | | | | | 843 | | | | 45,946 | |
| | | | |
Douzone Bizon Company Limited (Information Technology, Software) | | | | | | | | | | | 1,477 | | | | 55,813 | |
| | | | |
E-MART Incorporated (Consumer Staples, Food & Staples Retailing) | | | | | | | | | | | 1,525 | | | | 244,065 | |
| | | | |
Ecopro Company Limited (Materials, Chemicals) † | | | | | | | | | | | 1,500 | | | | 43,345 | |
| | | | |
Enzychem Lifesciences Corporation (Health Care, Pharmaceuticals) † | | | | | | | | | | | 530 | | | | 45,333 | |
| | | | |
F&F Company Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods) | | | | | | | | | | | 667 | | | | 39,022 | |
| | | | |
Feelux Company Limited (Industrials, Electrical Equipment) | | | | | | | | | | | 3,196 | | | | 33,389 | |
| | | | |
Fila Korea Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods) | | | | | | | | | | | 3,716 | | | | 183,702 | |
| | | | |
Foosung Company Limited (Materials, Chemicals) † | | | | | | | | | | | 3,781 | | | | 27,399 | |
| | | | |
Genexine Company Limited (Health Care, Biotechnology) † | | | | | | | | | | | 1,093 | | | | 84,159 | |
| | | | |
Grand Korea Leisure Company Limited (Consumer Discretionary, Hotels, Restaurants & Leisure) | | | | | | | | | | | 2,380 | | | | 49,940 | |
| | | | |
Green Cross Corporation (Health Care, Biotechnology) | | | | | | | | | | | 710 | | | | 95,323 | |
| | | | |
Green Cross Holdings Corporation (Health Care, Biotechnology) | | | | | | | | | | | 4,581 | | | | 106,511 | |
| | | | |
GS Engineering & Construction Corporation (Industrials, Construction & Engineering) | | | | | | | | | | | 5,231 | | | | 199,064 | |
| | | | |
GS Holdings Corporation (Energy, Oil, Gas & Consumable Fuels) | | | | | | | | | | | 6,704 | | | | 319,494 | |
| | | | |
GS Home Shopping Incorporated (Consumer Discretionary, Internet & Direct Marketing Retail) | | | | | | | | | | | 387 | | | | 63,313 | |
| | | | |
GS Retail Company Limited (Consumer Staples, Food & Staples Retailing) | | | | | | | | | | | 2,088 | | | | 71,846 | |
| | | | |
Hana Tour Service Incorporated (Consumer Discretionary, Hotels, Restaurants & Leisure) | | | | | | | | | | | 717 | | | | 44,498 | |
| | | | |
Hanall Biopharma Company Limited (Health Care, Pharmaceuticals) † | | | | | | | | | | | 2,759 | | | | 91,255 | |
| | | | |
Handsome Company Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods) | | | | | | | | | | | 1,415 | | | | 46,236 | |
| | | | |
Hanjin Kal Corporation (Industrials, Airlines) | | | | | | | | | | | 3,824 | | | | 86,700 | |
| | | | |
Hankook Tire Company Limited (Consumer Discretionary, Auto Components) | | | | | | | | | | | 6,438 | | | | 244,709 | |
| | | | |
Hanon Systems (Consumer Discretionary, Auto Components) | | | | | | | | | | | 11,853 | | | | 131,208 | |
| | | | |
Hansol Chemical Company Limited (Materials, Chemicals) | | | | | | | | | | | 690 | | | | 55,215 | |
| | | | |
Hanssem Company Limited (Consumer Discretionary, Household Durables) | | | | | | | | | | | 1,368 | | | | 109,226 | |
| | | | |
Hanwha Chem Corporation (Materials, Chemicals) | | | | | | | | | | | 6,909 | | | | 143,746 | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—February 28, 2019 | | Wells Fargo Funds | | | 101 | |
FACTOR ENHANCED EMERGING MARKETS PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | Shares | | | Value | |
|
| South Korea(continued) | |
| | | | |
Hanwha Corporation (Korea) (Industrials, Industrial Conglomerates) | | | | | | | | | | | 4,184 | | | $ | 119,601 | |
| | | | |
Hanwha Life Insurance Company Limited (Financials, Insurance) | | | | | | | | | | | 30,916 | | | | 114,626 | |
| | | | |
Hanwha Techwin Company Limited (Industrials, Aerospace & Defense) † | | | | | | | | | | | 2,932 | | | | 85,898 | |
| | | | |
Harim Holdings Company Limited (Consumer Staples, Food Products) | | | | | | | | | | | 4,403 | | | | 48,348 | |
| | | | |
HDC Holdings Company Limited (Industrials, Construction & Engineering) | | | | | | | | | | | 2,911 | | | | 51,636 | |
| | | | |
HDC Hyundai DevelopmentCo-Engineering & Construction (Industrials, Construction & Engineering) | | | | | | | | | | | 2,511 | | | | 107,499 | |
| | | | |
Hite Jinro Company Limited (Consumer Staples, Beverages) | | | | | | | | | | | 3,067 | | | | 48,267 | |
| | | | |
HLB Life Science Company Limited (Health Care, Health Care Providers & Services) † | | | | | | | | | | | 2,597 | | | | 43,872 | |
| | | | |
Hotel Shilla Company Limited (Consumer Discretionary, Specialty Retail) | | | | | | | | | | | 2,720 | | | | 198,311 | |
| | | | |
Huchems Fine Chemical Corporation (Materials, Chemicals) | | | | | | | | | | | 1,529 | | | | 29,840 | |
| | | | |
Hugel Incorporated (Health Care, Biotechnology) † | | | | | | | | | | | 257 | | | | 80,160 | |
| | | | |
Hyosung Corporation (Materials, Chemicals) | | | | | | | | | | | 1,347 | | | | 89,824 | |
| | | | |
Hyundai Construction Equipment Corporation (Industrials, Machinery) | | | | | | | | | | | 824 | | | | 39,416 | |
| | | | |
Hyundai Department Store Company Limited (Consumer Discretionary, Multiline Retail) | | | | | | | | | | | 1,435 | | | | 123,507 | |
| | | | |
Hyundai Elevator Company (Industrials, Machinery) | | | | | | | | | | | 1,214 | | | | 102,867 | |
| | | | |
Hyundai Engineering & Construction Company Limited (Industrials, Construction & Engineering) | | | | | | | | | | | 4,979 | | | | 253,222 | |
| | | | |
Hyundai Glovis Company Limited (Industrials, Air Freight & Logistics) | | | | | | | | | | | 1,668 | | | | 206,887 | |
| | | | |
Hyundai Greenfood Company Limited (Consumer Staples, Food & Staples Retailing) | | | | | | | | | | | 5,363 | | | | 66,281 | |
| | | | |
Hyundai Home Shopping Network Corporation (Consumer Discretionary, Internet & Direct Marketing Retail) | | | | | | | | | | | 751 | | | | 72,783 | |
| | | | |
Hyundai Marine & Fire Insurance Company Limited (Financials, Insurance) | | | | | | | | | | | 5,459 | | | | 182,986 | |
| | | | |
Hyundai Merchant Marine Company Limited (Industrials, Marine) † | | | | | | | | | | | 20,866 | | | | 74,210 | |
| | | | |
Hyundai Mipo Dockyard Company Limited (Industrials, Machinery) | | | | | | | | | | | 1,795 | | | | 99,270 | |
| | | | |
Hyundai Mobis Company (Consumer Discretionary, Auto Components) | | | | | | | | | | | 5,260 | | | | 1,031,235 | |
| | | | |
Hyundai Motor Company (Consumer Discretionary, Automobiles) | | | | | | | | | | | 11,292 | | | | 1,270,061 | |
| | | | |
Hyundai Robotics Company Limited (Industrials, Machinery) | | | | | | | | | | | 835 | | | | 268,014 | |
| | | | |
Hyundai Rotem Company (Industrials, Machinery) † | | | | | | | | | | | 3,000 | | | | 69,085 | |
| | | | |
Hyundai Steel Company (Materials, Metals & Mining) | | | | | | | | | | | 5,806 | | | | 257,339 | |
| | | | |
Hyundai Wia Corporation (Consumer Discretionary, Auto Components) | | | | | | | | | | | 1,473 | | | | 56,906 | |
| | | | |
Iljin Materials Company Limited (Information Technology, Electronic Equipment, Instruments & Components) | | | | | | | | | | | 1,599 | | | | 57,935 | |
| | | | |
Ilyang Pharmaceutical Company Limited (Health Care, Pharmaceuticals) † | | | | | | | | | | | 1,833 | | | | 48,486 | |
| | | | |
Industrial Bank of Korea (Financials, Banks) | | | | | | | | | | | 20,293 | | | | 251,700 | |
| | | | |
Innocean Worldwide Incorporated (Communication Services, Media) | | | | | | | | | | | 799 | | | | 49,658 | |
| | | | |
Inscobee Incorporated (Communication Services, Diversified Telecommunication Services) † | | | | | | | | | | | 6,582 | | | | 33,650 | |
| | | | |
iNtRON Biotechnology Incorporated (Health Care, Biotechnology) † | | | | | | | | | | | 2,749 | | | | 50,351 | |
| | | | |
JB Financial Group Company Limited (Financials, Banks) | | | | | | | | | | | 13,077 | | | | 69,065 | |
| | | | |
Jcontentree Corporation (Communication Services, Entertainment) † | | | | | | | | | | | 6,096 | | | | 27,914 | |
| | | | |
JYP Entertainment Corporation (Communication Services, Entertainment) | | | | | | | | | | | 2,209 | | | | 55,976 | |
| | | | |
Kakao Corporation (Communication Services, Interactive Media & Services) | | | | | | | | | | | 4,251 | | | | 391,196 | |
| | | | |
Kangwon Land Incorporated (Consumer Discretionary, Hotels, Restaurants & Leisure) | | | | | | | | | | | 9,387 | | | | 257,898 | |
| | | | |
KCC Corporation (Industrials, Building Products) | | | | | | | | | | | 553 | | | | 157,094 | |
| | | | |
KEPCO Plant Service & Engineering Company Limited (Industrials, Commercial Services & Supplies) | | | | | | | | | | | 1,579 | | | | 50,822 | |
| | | | |
Kia Motors Corporation (Consumer Discretionary, Automobiles) | | | | | | | | | | | 20,701 | | | | 672,732 | |
| | | | |
Kiwoom Securities Company (Financials, Capital Markets) | | | | | | | | | | | 836 | | | | 60,208 | |
| | | | |
Koh Young Technology Incorporated (Information Technology, Semiconductors & Semiconductor Equipment) | | | | | | | | | | | 860 | | | | 61,631 | |
| | | | |
Kolmar Korea Company Limited (Consumer Staples, Personal Products) | | | | | | | | | | | 1,047 | | | | 73,728 | |
| | | | |
Kolon Industries Incorporated (Materials, Chemicals) | | | | | | | | | | | 1,340 | | | | 64,337 | |
| | | | |
Korea Aerospace Industries Limited (Industrials, Aerospace & Defense) † | | | | | | | | | | | 7,365 | | | | 240,982 | |
| | | | |
Korea Electric Power Corporation (Utilities, Electric Utilities) | | | | | | | | | | | 22,252 | | | | 689,501 | |
| | | | |
Korea Gas Corporation (Utilities, Gas Utilities) | | | | | | | | | | | 3,304 | | | | 147,177 | |
| | | | |
Korea Investment Holdings Company Limited (Financials, Capital Markets) | | | | | | | | | | | 3,013 | | | | 172,791 | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 102 | | Wells Fargo Funds | | Portfolio of investments—February 28, 2019 |
FACTOR ENHANCED EMERGING MARKETS PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | Shares | | | Value | |
|
| South Korea(continued) | |
| | | | |
Korea Petrochemical Industrial Company Limited (Materials, Chemicals) | | | | | | | | | | | 265 | | | $ | 41,233 | |
| | | | |
Korea Real Estate Investment & Trust Company Limited (Real Estate, Real Estate Management & Development) | | | | | | | | | | | 11,816 | | | | 26,685 | |
| | | | |
Korea Reinsurance Company (Financials, Insurance) | | | | | | | | | | | 8,647 | | | | 69,656 | |
| | | | |
Korea Zinc Company Limited (Materials, Metals & Mining) | | | | | | | | | | | 1,034 | | | | 419,686 | |
| | | | |
Korean Air Lines Company Limited (Industrials, Airlines) | | | | | | | | | | | 5,146 | | | | 168,376 | |
| | | | |
KT&G Corporation (Consumer Staples, Tobacco) | | | | | | | | | | | 10,077 | | | | 945,251 | |
| | | | |
Kumho Petrochemical Company Limited (Materials, Chemicals) | | | | | | | | | | | 1,581 | | | | 134,526 | |
| | | | |
Kumho Tire Company Incorporated (Consumer Discretionary, Auto Components) † | | | | | | | | | | | 11,278 | | | | 51,241 | |
| | | | |
L&F Company Limited (Information Technology, Electronic Equipment, Instruments & Components) | | | | | | | | | | | 1,435 | | | | 43,444 | |
| | | | |
LEENO Industrial Incorporated (Information Technology, Semiconductors & Semiconductor Equipment) | | | | | | | | | | | 872 | | | | 40,937 | |
| | | | |
LF Corporation (Consumer Discretionary, Textiles, Apparel & Luxury Goods) | | | | | | | | | | | 1,826 | | | | 41,238 | |
| | | | |
LG Chem Limited (Materials, Chemicals) | | | | | | | | | | | 3,359 | | | | 1,166,257 | |
| | | | |
LG Corporation (Industrials, Industrial Conglomerates) | | | | | | | | | | | 9,942 | | | | 662,977 | |
| | | | |
LG Display Company Limited (Information Technology, Electronic Equipment, Instruments & Components) † | | | | | | | | | | | 15,043 | | | | 284,221 | |
| | | | |
LG Electronics Incorporated (Consumer Discretionary, Household Durables) | | | | | | | | | | | 7,660 | | | | 480,155 | |
| | | | |
LG Household & Health Care Limited (Consumer Staples, Personal Products) | | | | | | | | | | | 784 | | | | 868,555 | |
| | | | |
LG Innotek Company Limited (Information Technology, Electronic Equipment, Instruments & Components) | | | | | | | | | | | 956 | | | | 91,800 | |
| | | | |
LG International Corporation (Industrials, Trading Companies & Distributors) | | | | | | | | | | | 2,384 | | | | 35,823 | |
| | | | |
LG Uplus Corporation (Communication Services, Diversified Telecommunication Services) | | | | | | | | | | | 22,269 | | | | 296,999 | |
| | | | |
Lotte Chemical Corporation (Materials, Chemicals) | | | | | | | | | | | 1,126 | | | | 319,369 | |
| | | | |
Lotte Chilsung Beverage Company Limited (Consumer Staples, Beverages) | | | | | | | | | | | 26 | | | | 36,826 | |
| | | | |
Lotte Corporation (Industrials, Industrial Conglomerates) | | | | | | | | | | | 7,170 | | | | 338,514 | |
| | | | |
LOTTE Fine Chemical Company Limited (Materials, Chemicals) | | | | | | | | | | | 1,240 | | | | 53,472 | |
| | | | |
Lotte Food Company Limited (Consumer Staples, Food Products) | | | | | | | | | | | 68 | | | | 39,844 | |
| | | | |
LOTTE Himart Company Limited (Consumer Discretionary, Specialty Retail) | | | | | | | | | | | 947 | | | | 41,216 | |
| | | | |
Lotte Shopping Company Limited (Consumer Discretionary, Multiline Retail) | | | | | | | | | | | 968 | | | | 164,389 | |
| | | | |
LS Corporation (Industrials, Electrical Equipment) | | | | | | | | | | | 2,243 | | | | 120,656 | |
| | | | |
LS Industrial Systems Company Limited (Industrials, Electrical Equipment) | | | | | | | | | | | 1,148 | | | | 54,098 | |
| | | | |
Mando Corporation (Consumer Discretionary, Auto Components) | | | | | | | | | | | 2,617 | | | | 76,320 | |
| | | | |
Medy-Tox Incorporated (Health Care, Biotechnology) | | | | | | | | | | | 410 | | | | 199,040 | |
| | | | |
Meritz Financial Group Incorporated (Financials, Diversified Financial Services) | | | | | | | | | | | 3,177 | | | | 36,157 | |
| | | | |
Meritz Fire & Marine Insurance Company Limited (Financials, Insurance) | | | | | | | | | | | 4,006 | | | | 78,717 | |
| | | | |
Meritz Securities Company Limited (Financials, Capital Markets) | | | | | | | | | | | 23,908 | | | | 97,677 | |
| | | | |
Mezzion Pharma Company Limited (Health Care, Pharmaceuticals) † | | | | | | | | | | | 590 | | | | 61,167 | |
| | | | |
Mirae Asset Daewoo Company Limited (Financials, Capital Markets) | | | | | | | | | | | 35,722 | | | | 240,116 | |
| | | | |
Mirae Asset Life Insurance Company Limited (Financials, Insurance) | | | | | | | | | | | 10,079 | | | | 46,600 | |
| | | | |
Naver Corporation (Communication Services, Interactive Media & Services) | | | | | | | | | | | 12,047 | | | | 1,424,603 | |
| | | | |
NCsoft Corporation (Communication Services, Entertainment) | | | | | | | | | | | 1,155 | | | | 473,420 | |
| | | | |
NH Investment & Securities Company Limited (Financials, Capital Markets) | | | | | | | | | | | 10,517 | | | | 122,030 | |
| | | | |
NHN Entertainment Corporation (Communication Services, Entertainment) † | | | | | | | | | | | 847 | | | | 55,729 | |
| | | | |
Nong Shim Company Limited (Consumer Staples, Food Products) | | | | | | | | | | | 300 | | | | 71,752 | |
| | | | |
OIC Company Limited (Materials, Chemicals) | | | | | | | | | | | 1,428 | | | | 137,125 | |
| | | | |
Osstem Implant Company Limited (Health Care, Health Care Equipment & Supplies) † | | | | | | | | | | | 943 | | | | 44,186 | |
| | | | |
Ottogi Corporation (Consumer Staples, Food Products) | | | | | | | | | | | 184 | | | | 124,990 | |
| | | | |
Pan Ocean Company Limited (Industrials, Marine) † | | | | | | | | | | | 18,520 | | | | 71,218 | |
| | | | |
Paradise Company Limited (Consumer Discretionary, Hotels, Restaurants & Leisure) | | | | | | | | | | | 4,484 | | | | 73,358 | |
| | | | |
Pharmicell Company Limited (Health Care, Biotechnology) † | | | | | | | | | | | 4,639 | | | | 49,908 | |
| | | | |
Poongsan Corporation (Materials, Metals & Mining) | | | | | | | | | | | 1,271 | | | | 36,050 | |
| | | | |
POSCO (Materials, Metals & Mining) | | | | | | | | | | | 6,137 | | | | 1,435,077 | |
| | | | |
POSCO Chemtech Company Limited (Materials, Construction Materials) | | | | | | | | | | | 1,739 | | | | 106,533 | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—February 28, 2019 | | Wells Fargo Funds | | | 103 | |
FACTOR ENHANCED EMERGING MARKETS PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | Shares | | | Value | |
|
| South Korea(continued) | |
| | | | |
Posco Daewoo Corporation (Industrials, Trading Companies & Distributors) | | | | | | | | | | | 3,522 | | | $ | 59,342 | |
| | | | |
S-Oil Corporation (Energy, Oil, Gas & Consumable Fuels) | | | | | | | | | | | 3,001 | | | | 266,827 | |
| | | | |
S1 Corporation Incorporated (Industrials, Commercial Services & Supplies) | | | | | | | | | | | 1,646 | | | | 149,277 | |
| | | | |
Sam Chun Dang Pharmaceutical Company Limited (Health Care, Pharmaceuticals) | | | | | | | | | | | 1,019 | | | | 46,026 | |
| | | | |
Samjin Pharmaceutical Company Limited (Health Care, Pharmaceuticals) | | | | | | | | | | | 1,248 | | | | 44,940 | |
| | | | |
Samsung Card Company Limited (Financials, Consumer Finance) | | | | | | | | | | | 2,490 | | | | 75,384 | |
| | | | |
Samsung Electro-Mechanics Company Limited (Information Technology, Electronic Equipment, Instruments & Components) | | | | | | | | | | | 3,918 | | | | 372,745 | |
| | | | |
Samsung Engineering Company Limited (Industrials, Construction & Engineering) † | | | | | | | | | | | 11,772 | | | | 164,329 | |
| | | | |
Samsung Fire & Marine Insurance (Financials, Insurance) | | | | | | | | | | | 3,071 | | | | 823,248 | |
| | | | |
Samsung SDS Company Limited (Information Technology, Technology Hardware, Storage & Peripherals) | | | | | | | | | | | 2,850 | | | | 584,089 | |
| | | | |
Samsung Securities Company Limited (Financials, Capital Markets) | | | | | | | | | | | 4,702 | | | | 144,860 | |
| | | | |
Samwha Capacitor Company Limited (Information Technology, Electronic Equipment, Instruments & Components) | | | | | | | | | | | 504 | | | | 27,515 | |
| | | | |
Samyang Holdings Corporation (Consumer Staples, Food Products) | | | | | | | | | | | 618 | | | | 46,321 | |
| | | | |
Sangsangin Company Limited (Financials, Thrifts & Mortgage Finance) † | | | | | | | | | | | 2,883 | | | | 53,702 | |
| | | | |
Seegene Incorporated (Health Care, Biotechnology) † | | | | | | | | | | | 3,401 | | | | 65,165 | |
| | | | |
Seoul Semiconductor Company Limited (Information Technology, Semiconductors & Semiconductor Equipment) | | | | | | | | | | | 3,014 | | | | 63,646 | |
| | | | |
SFA Engineering Corporation (Information Technology, Electronic Equipment, Instruments & Components) | | | | | | | | | | | 1,411 | | | | 52,190 | |
| | | | |
Shinsegae Company Limited (Consumer Discretionary, Multiline Retail) | | | | | | | | | | | 530 | | | | 134,538 | |
| | | | |
SK Company Limited (Industrials, Industrial Conglomerates) | | | | | | | | | | | 3,579 | | | | 867,145 | |
| | | | |
SK Hynix Incorporated (Information Technology, Semiconductors & Semiconductor Equipment) | | | | | | | | | | | 36,020 | | | | 2,241,842 | |
| | | | |
SK Innovation Company Limited (Energy, Oil, Gas & Consumable Fuels) | | | | | | | | | | | 4,501 | | | | 752,368 | |
| | | | |
SK Materials Company Limited (Materials, Chemicals) | | | | | | | | | | | 348 | | | | 52,817 | |
| | | | |
SK Networks Company Limited (Industrials, Trading Companies & Distributors) | | | | | | | | | | | 12,642 | | | | 66,318 | |
| | | | |
SK Telecom Company Limited (Communication Services, Wireless Telecommunication Services) | | | | | | | | | | | 4,799 | | | | 1,111,532 | |
| | | | |
SKC Company Limited (Materials, Chemicals) | | | | | | | | | | | 1,649 | | | | 56,741 | |
| | | | |
SKCKOLONPI Incorporated (Materials, Chemicals) | | | | | | | | | | | 999 | | | | 30,644 | |
| | | | |
SM Entertainment Company (Communication Services, Entertainment) † | | | | | | | | | | | 1,664 | | | | 68,797 | |
| | | | |
Soulbrain Company Limited (Materials, Chemicals) | | | | | | | | | | | 824 | | | | 37,511 | |
| | | | |
Ssangyong Cement Industrial Company Limited (Materials, Construction Materials) | | | | | | | | | | | 8,265 | | | | 46,590 | |
| | | | |
STCube Incorporated (Health Care, Biotechnology) † | | | | | | | | | | | 1,909 | | | | 44,131 | |
| | | | |
Studio Dragon Corporation (Communication Services, Entertainment) † | | | | | | | | | | | 616 | | | | 51,539 | |
| | | | |
Taekwang Industrial Company Limited (Materials, Chemicals) | | | | | | | | | | | 52 | | | | 69,352 | |
| | | | |
Taeyoung Engineering & Construction Company Limited (Industrials, Construction & Engineering) | | | | | | | | | | | 3,231 | | | | 34,186 | |
| | | | |
Wonik IPS Company Limited (Information Technology, Semiconductors & Semiconductor Equipment) | | | | | | | | | | | 2,005 | | | | 41,091 | |
| | | | |
Woori Financial Group Incorporated (Financials, Banks) | | | | | | | | | | | 37,587 | | | | 494,610 | |
| | | | |
Young Poong Corporation (Materials, Metals & Mining) | | | | | | | | | | | 73 | | | | 51,276 | |
| | | | |
Youngone Corporation (Consumer Discretionary, Textiles, Apparel & Luxury Goods) | | | | | | | | | | | 1,801 | | | | 56,206 | |
| | | | |
Yuhan Corporation (Health Care, Pharmaceuticals) | | | | | | | | | | | 808 | | | | 187,147 | |
| | | | |
Yungjin Pharmaceutical Company (Health Care, Pharmaceuticals) † | | | | | | | | | | | 8,942 | | | | 52,712 | |
| | | | |
| | | | | | | | | | | | | | | 38,123,691 | |
| | | | | | | | | | | | | | | | |
|
| Taiwan: 12.76% | |
| | | | |
Accton Technology Corporation (Information Technology, Communications Equipment) | | | | | | | | | | | 34,000 | | | | 119,041 | |
| | | | |
Acer Incorporated (Information Technology, Technology Hardware, Storage & Peripherals) | | | | | | | | | | | 217,000 | | | | 142,628 | |
| | | | |
Advantech Company Limited (Information Technology, Technology Hardware, Storage & Peripherals) | | | | | | | | | | | 31,000 | | | | 236,185 | |
| | | | |
Aerospace industrial Development Corporation (Industrials, Aerospace & Defense) | | | | | | | | | | | 51,000 | | | | 55,310 | |
| | | | |
ASE Industrial Holding Company Limited (Information Technology, Semiconductors & Semiconductor Equipment) | | | | | | | | | | | 247,000 | | | | 500,312 | |
| | | | |
Asia Cement Corporation (Materials, Construction Materials) | | | | | | | | | | | 161,000 | | | | 202,037 | |
| | | | |
Asia Optical Company Incorporated (Information Technology, Electronic Equipment, Instruments & Components) | | | | | | | | | | | 19,000 | | | | 47,452 | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 104 | | Wells Fargo Funds | | Portfolio of investments—February 28, 2019 |
FACTOR ENHANCED EMERGING MARKETS PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | Shares | | | Value | |
|
| Taiwan(continued) | |
| | | | |
ASMedia Technology Incorporated (Information Technology, Semiconductors & Semiconductor Equipment) | | | | | | | | | | | 2,000 | | | $ | 37,526 | |
| | | | |
Asustek Computer Incorporated (Information Technology, Technology Hardware, Storage & Peripherals) | | | | | | | | | | | 53,000 | | | | 376,083 | |
| | | | |
AU Optronics Corporation (Information Technology, Electronic Equipment, Instruments & Components) | | | | | | | | | | | 599,000 | | | | 219,197 | |
| | | | |
BizLink Holding Incorporated (Industrials, Electrical Equipment) | | | | | | | | | | | 7,000 | | | | 45,113 | |
| | | | |
Capital Securities Corporation (Financials, Capital Markets) | | | | | | | | | | | 262,700 | | | | 78,869 | |
| | | | |
Career Technology Company Limited (Information Technology, Electronic Equipment, Instruments & Components) | | | | | | | | | | | 28,000 | | | | 27,067 | |
| | | | |
Cathay No.1 REIT (Real Estate, Equity REITs) | | | | | | | | | | | 137,500 | | | | 68,353 | |
| | | | |
Chailease Holding Company Limited (Financials, Diversified Financial Services) | | | | | | | | | | | 88,700 | | | | 348,442 | |
| | | | |
Chang Hwa Commercial Bank (Financials, Banks) | | | | | | | | | | | 490,280 | | | | 294,205 | |
| | | | |
Cheng Loong Corporation (Materials, Containers & Packaging) | | | | | | | | | | | 77,000 | | | | 50,386 | |
| | | | |
Cheng Shin Rubber Industry Company Limited (Consumer Discretionary, Auto Components) | | | | | | | | | | | 175,000 | | | | 248,723 | |
| | | | |
Chicony Electronics Company Limited (Information Technology, Technology Hardware, Storage & Peripherals) | | | | | | | | | | | 45,335 | | | | 99,987 | |
| | | | |
Chilisin Electronics Corporation (Information Technology, Electronic Equipment, Instruments & Components) | | | | | | | | | | | 15,225 | | | | 43,337 | |
| | | | |
Chin Poon Industrial Company Limited (Information Technology, Electronic Equipment, Instruments & Components) | | | | | | | | | | | 30,000 | | | | 40,201 | |
| | | | |
China Airlines (Industrials, Airlines) | | | | | | | | | | | 313,000 | | | | 102,714 | |
| | | | |
China Bills Finance Corporation (Financials, Capital Markets) | | | | | | | | | | | 4,000 | | | | 1,866 | |
| | | | |
China Development Financial Holding Corporation (Financials, Banks) | | | | | | | | | | | 1,122,000 | | | | 363,131 | |
| | | | |
China Life Insurance Company - Taiwan Exchange (Financials, Insurance) | | | | | | | | | | | 225,660 | | | | 210,435 | |
| | | | |
China Motor Company Limited (Consumer Discretionary, Automobiles) | | | | | | | | | | | 82,000 | | | | 64,520 | |
| | | | |
China Petrochemical Development Corporation (Materials, Chemicals) † | | | | | | | | | | | 207,000 | | | | 73,443 | |
| | | | |
China Steel Chemical Corporation (Materials, Chemicals) | | | | | | | | | | | 12,000 | | | | 52,545 | |
| | | | |
China Steel Corporation (Materials, Metals & Mining) | | | | | | | | | | | 915,000 | | | | 756,697 | |
| | | | |
Chong Hong Construction Company Limited (Real Estate, Real Estate Management & Development) | | | | | | | | | | | 15,000 | | | | 42,283 | |
| | | | |
Chroma ATE Incorporated (Information Technology, Electronic Equipment, Instruments & Components) | | | | | | | | | | | 32,000 | | | | 132,598 | |
| | | | |
Chunghwa Telecom Company Limited (Communication Services, Diversified Telecommunication Services) | | | | | | | | | | | 357,000 | | | | 1,240,771 | |
| | | | |
Cleanaway Company Limited (Industrials, Commercial Services & Supplies) | | | | | | | | | | | 7,000 | | | | 39,761 | |
| | | | |
Clevo Company (Information Technology, Technology Hardware, Storage & Peripherals) | | | | | | | | | | | 56,000 | | | | 54,395 | |
| | | | |
Compal Electronic Incorporated (Information Technology, Technology Hardware, Storage & Peripherals) | | | | | | | | | | | 322,000 | | | | 199,236 | |
| | | | |
Compeq Manufacturing Company Limited (Information Technology, Electronic Equipment, Instruments & Components) | | | | | | | | | | | 88,000 | | | | 64,468 | |
| | | | |
CTBC Financial Holding Company Limited (Financials, Banks) | | | | | | | | | | | 1,444,000 | | | | 975,870 | |
| | | | |
CTCI Corporation (Industrials, Construction & Engineering) | | | | | | | | | | | 52,000 | | | | 81,330 | |
| | | | |
Cub Elecparts Incorporated (Consumer Discretionary, Auto Components) | | | | | | | | | | | 3,777 | | | | 38,006 | |
| | | | |
Delta Electronics Incorporated (Information Technology, Electronic Equipment, Instruments & Components) | | | | | | | | | | | 146,000 | | | | 724,610 | |
| | | | |
E.SUN Financial Holding Company Limited (Financials, Banks) | | | | | | | | | | | 786,077 | | | | 563,353 | |
| | | | |
Eclat Textile Company Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods) | | | | | | | | | | | 17,000 | | | | 193,864 | |
| | | | |
Elan Microelectronics Corporation (Information Technology, Semiconductors & Semiconductor Equipment) | | | | | | | | | | | 25,100 | | | | 72,858 | |
| | | | |
Elite Material Company Limited (Information Technology, Electronic Equipment, Instruments & Components) | | | | | | | | | | | 19,000 | | | | 58,440 | |
| | | | |
Ennoconn Corporation (Information Technology, Technology Hardware, Storage & Peripherals) | | | | | | | | | | | 3,000 | | | | 28,506 | |
| | | | |
Epistar Corporation (Information Technology, Semiconductors & Semiconductor Equipment) | | | | | | | | | | | 88,000 | | | | 77,523 | |
| | | | |
Eternal Chemical Company Limited (Materials, Chemicals) | | | | | | | | | | | 83,453 | | | | 69,073 | |
| | | | |
Eva Airways Corporation (Industrials, Airlines) | | | | | | | | | | | 271,964 | | | | 136,134 | |
| | | | |
Evergreen Marine Corporation (Taiwan) Limited (Industrials, Marine) | | | | | | | | | | | 249,850 | | | | 100,832 | |
| | | | |
Everlight Electronics Company Limited (Information Technology, Semiconductors & Semiconductor Equipment) | | | | | | | | | | | 46,000 | | | | 47,198 | |
| | | | |
Far Eastern Department Stores Company Limited (Consumer Discretionary, Multiline Retail) | | | | | | | | | | | 144,000 | | | | 76,163 | |
| | | | |
Far Eastern International Bank (Financials, Banks) | | | | | | | | | | | 289,522 | | | | 101,407 | |
| | | | |
Far Eastern New Century Corporation (Industrials, Industrial Conglomerates) | | | | | | | | | | | 298,000 | | | | 294,427 | |
| | | | |
Far EasTone Telecommunications Company Limited (Communication Services, Wireless Telecommunication Services) | | | | | | | | | | | 174,000 | | | | 407,009 | |
| | | | |
Feng Hsin Iron & Steel Company (Materials, Metals & Mining) | | | | | | | | | | | 46,506 | | | | 89,304 | |
| | | | |
Feng Tay Enterprise Company Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods) | | | | | | | | | | | 38,000 | | | | 237,274 | |
| | | | |
First Financial Holding Company Limited (Financials, Banks) | | | | | | | | | | | 762,172 | | | | 514,860 | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—February 28, 2019 | | Wells Fargo Funds | | | 105 | |
FACTOR ENHANCED EMERGING MARKETS PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | Shares | | | Value | |
|
| Taiwan(continued) | |
| | | | |
Flexium Interconnect Incorporated (Information Technology, Electronic Equipment, Instruments & Components) | | | | | | | | | | | 22,000 | | | $ | 63,966 | |
| | | | |
Formosa Chemicals & Fibre Corporation (Materials, Chemicals) | | | | | | | | | | | 307,000 | | | | 1,050,484 | |
| | | | |
Formosa Petrochemical Corporation (Energy, Oil, Gas & Consumable Fuels) | | | | | | | | | | | 131,000 | | | | 494,832 | |
| | | | |
Formosa Plastics Corporation (Materials, Chemicals) | | | | | | | | | | | 338,000 | | | | 1,120,580 | |
| | | | |
Formosa Taffeta Company Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods) | | | | | | | | | | | 91,000 | | | | 104,980 | |
| | | | |
Foxconn Technology Company Limited (Information Technology, Electronic Equipment, Instruments & Components) | | | | | | | | | | | 71,000 | | | | 145,401 | |
| | | | |
Foxsemicon Integrated Technology Incorporated H Shares (Information Technology, Semiconductors & Semiconductor Equipment) | | | | | | | | | | | 6,400 | | | | 29,270 | |
| | | | |
Fubon Financial Holding Company Limited (Financials, Insurance) | | | | | | | | | | | 537,000 | | | | 792,619 | |
| | | | |
General Interface Solution Holding Limited (Information Technology, Electronic Equipment, Instruments & Components) | | | | | | | | | | | 16,000 | | | | 55,626 | |
| | | | |
Genius Electronic Optical Company (Information Technology, Electronic Equipment, Instruments & Components) | | | | | | | | | | | 4,000 | | | | 41,114 | |
| | | | |
Getac Technology Corporation (Information Technology, Technology Hardware, Storage & Peripherals) | | | | | | | | | | | 30,000 | | | | 45,909 | |
| | | | |
Giant Manufacturing Company Limited (Consumer Discretionary, Leisure Products) | | | | | | | | | | | 29,000 | | | | 159,197 | |
| | | | |
Gigabyte Technology Company Limited (Information Technology, Technology Hardware, Storage & Peripherals) | | | | | | | | | | | 42,000 | | | | 64,965 | |
| | | | |
Global Unichip Corporation (Information Technology, Semiconductors & Semiconductor Equipment) | | | | | | | | | | | 7,000 | | | | 47,542 | |
| | | | |
Gourmet Master Company Limited (Consumer Discretionary, Hotels, Restaurants & Leisure) | | | | | | | | | | | 6,936 | | | | 51,776 | |
| | | | |
Grand Pacific Petrochemical Corporation (Materials, Chemicals) | | | | | | | | | | | 62,000 | | | | 48,328 | |
| | | | |
Grape King Bio Limited (Consumer Staples, Personal Products) | | | | | | | | | | | 10,000 | | | | 65,866 | |
| | | | |
Great Wall Enterprises Company Limited (Consumer Staples, Food Products) | | | | | | | | | | | 61,740 | | | | 69,441 | |
| | | | |
Greatek Electronic Incorporated (Information Technology, Semiconductors & Semiconductor Equipment) | | | | | | | | | | | 32,000 | | | | 43,946 | |
| | | | |
Hannstar Display Corporation (Information Technology, Electronic Equipment, Instruments & Components) | | | | | | | | | | | 223,000 | | | | 51,319 | |
| | | | |
Highwealth Construction Corporation (Real Estate, Real Estate Management & Development) | | | | | | | | | | | 75,000 | | | | 116,049 | |
| | | | |
Hiwin Technologies Corporation (Industrials, Machinery) | | | | | | | | | | | 19,870 | | | | 177,380 | |
| | | | |
Holtek Semiconductor Incorporated (Information Technology, Semiconductors & Semiconductor Equipment) | | | | | | | | | | | 16,000 | | | | 37,711 | |
| | | | |
Holy Stone Enterprise Company Limited (Information Technology, Electronic Equipment, Instruments & Components) | | | | | | | | | | | 10,000 | | | | 38,964 | |
| | | | |
Hon Hai Precision Industry (Information Technology, Electronic Equipment, Instruments & Components) | | | | | | | | | | | 913,400 | | | | 2,148,888 | |
| | | | |
Hota Industrial Manufacturing Company Limited (Consumer Discretionary, Auto Components) | | | | | | | | | | | 21,000 | | | | 81,839 | |
| | | | |
HTC Corporation (Information Technology, Technology Hardware, Storage & Peripherals) † | | | | | | | | | | | 64,000 | | | | 76,079 | |
| | | | |
Hua Nan Financial Holdings Company Limited Class C (Financials, Banks) | | | | | | | | | | | 685,000 | | | | 420,218 | |
| | | | |
Huaku Development Company Limited (Real Estate, Real Estate Management & Development) | | | | | | | | | | | 22,000 | | | | 49,716 | |
| | | | |
Hung Sheng Construction Company Limited (Real Estate, Real Estate Management & Development) | | | | | | | | | | | 38,200 | | | | 34,932 | |
| | | | |
Innolux Display Corporation (Information Technology, Electronic Equipment, Instruments & Components) | | | | | | | | | | | 699,000 | | | | 232,327 | |
| | | | |
International CSRC Investment Holdings Company Limited (Materials, Chemicals) | | | | | | | | | | | 56,200 | | | | 81,196 | |
| | | | |
Inventec Company Limited (Information Technology, Technology Hardware, Storage & Peripherals) | | | | | | | | | | | 236,000 | | | | 181,714 | |
| | | | |
Kenda Rubber Industrial Company Limited (Consumer Discretionary, Auto Components) | | | | | | | | | | | 73,875 | | | | 73,594 | |
| | | | |
King Slide Works Company Limited (Industrials, Machinery) | | | | | | | | | | | 5,000 | | | | 54,422 | |
| | | | |
King Yuan Electronics Company Limited (Information Technology, Semiconductors & Semiconductor Equipment) | | | | | | | | | | | 88,000 | | | | 71,783 | |
| | | | |
King’s Town Bank Company Limited (Financials, Banks) | | | | | | | | | | | 72,000 | | | | 77,056 | |
| | | | |
Kinpo Electronics Incorporated (Consumer Discretionary, Household Durables) | | | | | | | | | | | 149,000 | | | | 57,287 | |
| | | | |
Kinsus Interconnect Technology Corporation (Information Technology, Semiconductors & Semiconductor Equipment) | | | | | | | | | | | 24,000 | | | | 32,863 | |
| | | | |
Lite-On Technology Corporation (Information Technology, Technology Hardware, Storage & Peripherals) | | | | | | | | | | | 160,000 | | | | 230,774 | |
| | | | |
Long Chen Paper Company Limited (Materials, Paper & Forest Products) | | | | | | | | | | | 42,000 | | | | 23,723 | |
| | | | |
Macronix International Company Limited (Information Technology, Semiconductors & Semiconductor Equipment) | | | | | | | | | | | 120,536 | | | | 90,302 | |
| | | | |
Makalot Industrial Company Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods) | | | | | | | | | | | 16,000 | | | | 97,186 | |
| | | | |
Mercuries Life Insurance Company (Financials, Insurance) † | | | | | | | | | | | 152,302 | | | | 56,064 | |
| | | | |
Merida Industry Company Limited (Consumer Discretionary, Leisure Products) | | | | | | | | | | | 19,000 | | | | 98,940 | |
| | | | |
Merry Electronics Company Limited (Information Technology, Electronic Equipment, Instruments & Components) | | | | | | | | | | | 12,000 | | | | 63,529 | |
| | | | |
Micro-Star International Company Limited (Information Technology, Technology Hardware, Storage & Peripherals) | | | | | | | | | | | 60,000 | | | | 158,820 | |
| | | | |
Mitac Holdings Corporation (Information Technology, Technology Hardware, Storage & Peripherals) | | | | | | | | | | | 59,134 | | | | 57,233 | |
| | | | |
Nan Kang Rubber Tire Company Limited (Consumer Discretionary, Auto Components) | | | | | | | | | | | 65,000 | | | | 59,177 | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 106 | | Wells Fargo Funds | | Portfolio of investments—February 28, 2019 |
FACTOR ENHANCED EMERGING MARKETS PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | Shares | | | Value | |
|
| Taiwan(continued) | |
| | | | |
Nan Ya Plastics Corporation (Materials, Chemicals) | | | | | | | | | | | 425,000 | | | $ | 1,059,668 | |
| | | | |
Nanya Technology Corporation (Information Technology, Semiconductors & Semiconductor Equipment) | | | | | | | | | | | 89,000 | | | | 177,339 | |
| | | | |
Nien Made Enterprise Company Limited (Consumer Discretionary, Household Durables) | | | | | | | | | | | 11,000 | | | | 95,406 | |
| | | | |
Novatek Microelectronics Corporation Limited (Information Technology, Semiconductors & Semiconductor Equipment) | | | | | | | | | | | 43,000 | | | | 236,619 | |
| | | | |
Oriental Union Chemical Corporation (Materials, Chemicals) | | | | | | | | | | | 41,000 | | | | 34,792 | |
| | | | |
Pegatron Corporation (Information Technology, Technology Hardware, Storage & Peripherals) | | | | | | | | | | | 160,000 | | | | 274,096 | |
| | | | |
Pou Chen Corporation (Consumer Discretionary, Textiles, Apparel & Luxury Goods) | | | | | | | | | | | 188,000 | | | | 236,099 | |
| | | | |
Powertech Technology Incorporated (Information Technology, Semiconductors & Semiconductor Equipment) | | | | | | | | | | | 59,000 | | | | 136,530 | |
| | | | |
President Chain Store Corporation (Consumer Staples, Food & Staples Retailing) | | | | | | | | | | | 40,000 | | | | 412,199 | |
| | | | |
Primax Electronics Limited (Information Technology, Technology Hardware, Storage & Peripherals) | | | | | | | | | | | 30,000 | | | | 56,530 | |
| | | | |
Prince Housing & Development Corporation (Real Estate, Real Estate Management & Development) | | | | | | | | | | | 170,800 | | | | 60,384 | |
| | | | |
Qisda Corporation (Information Technology, Technology Hardware, Storage & Peripherals) | | | | | | | | | | | 104,000 | | | | 67,073 | |
| | | | |
Quanta Computer Incorporated (Information Technology, Technology Hardware, Storage & Peripherals) | | | | | | | | | | | 208,000 | | | | 385,373 | |
| | | | |
Radiant Opto-Electronics Corporation (Information Technology, Semiconductors & Semiconductor Equipment) | | | | | | | | | | | 34,000 | | | | 101,171 | |
| | | | |
Realtek Semiconductor Corporation (Information Technology, Semiconductors & Semiconductor Equipment) | | | | | | | | | | | 38,000 | | | | 218,048 | |
| | | | |
Ritek Corporation (Information Technology, Technology Hardware, Storage & Peripherals) † | | | | | | | | | | | 101,000 | | | | 36,129 | |
| | | | |
Ruentex Development Company Limited (Real Estate, Real Estate Management & Development) | | | | | | | | | | | 44,880 | | | | 70,570 | |
| | | | |
Ruentex Industries Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods) | | | | | | | | | | | 29,000 | | | | 76,476 | |
| | | | |
Sanyang Industry Company Limited (Consumer Discretionary, Automobiles) | | | | | | | | | | | 106,000 | | | | 69,891 | |
| | | | |
Sercomm Corporation (Information Technology, Communications Equipment) | | | | | | | | | | | 22,000 | | | | 46,568 | |
| | | | |
Shihlin Electric & Engineering Corporation (Industrials, Electrical Equipment) | | | | | | | | | | | 41,700 | | | | 56,514 | |
| | | | |
Shin Kong Financial Holding Company Limited (Financials, Insurance) | | | | | | | | | | | 887,042 | | | | 265,690 | |
| | | | |
Shin Kong No.1 REIT (Real Estate, Equity REITs) | | | | | | | | | | | 145,000 | | | | 77,738 | |
| | | | |
Shinkong Synthetic Fibers Corporation (Materials, Chemicals) | | | | | | | | | | | 121,000 | | | | 51,346 | |
| | | | |
Sinbon Electronics Company Limited (Information Technology, Electronic Equipment, Instruments & Components) | | | | | | | | | | | 16,000 | | | | 46,791 | |
| | | | |
Sinopac Financial Holdings Company Limited (Financials, Banks) | | | | | | | | | | | 812,400 | | | | 282,609 | |
| | | | |
Synnex Technology International Corporation (Information Technology, Electronic Equipment, Instruments & Components) | | | | | | | | | | | 97,000 | | | | 117,726 | |
| | | | |
Ta Chen Stainless Pipe Company (Materials, Metals & Mining) | | | | | | | | | | | 79,840 | | | | 113,402 | |
| | | | |
Taichung Commercial Bank (Financials, Banks) | | | | | | | | | | | 237,112 | | | | 81,938 | |
| | | | |
Tainan Spinning Company Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods) | | | | | | | | | | | 161,000 | | | | 64,021 | |
| | | | |
Taishin Financial Holdings Company Limited (Financials, Banks) | | | | | | | | | | | 789,863 | | | | 357,590 | |
| | | | |
Taiwan Business Bank (Financials, Banks) | | | | | | | | | | | 343,020 | | | | 126,267 | |
| | | | |
Taiwan Cement Corporation (Materials, Construction Materials) | | | | | | | | | | | 377,300 | | | | 467,838 | |
| | | | |
Taiwan Cooperative Financial Holdings Company Limited (Financials, Banks) | | | | | | | | | | | 703,801 | | | | 436,195 | |
| | | | |
Taiwan Fertilizer Company Limited (Materials, Chemicals) | | | | | | | | | | | 60,000 | | | | 87,644 | |
| | | | |
Taiwan Glass Industrial Corporation (Industrials, Building Products) | | | | | | | | | | | 104,000 | | | | 46,069 | |
| | | | |
Taiwan High Speed Rail Corporation (Industrials, Transportation Infrastructure) | | | | | | | | | | | 234,000 | | | | 250,073 | |
| | | | |
Taiwan Hon Chuan Enterprise Company Limited (Materials, Containers & Packaging) | | | | | | | | | | | 28,000 | | | | 45,776 | |
| | | | |
Taiwan Mobile Company Limited (Communication Services, Wireless Telecommunication Services) | | | | | | | | | | | 201,000 | | | | 718,405 | |
| | | | |
Taiwan Secom Company Limited (Industrials, Commercial Services & Supplies) | | | | | | | | | | | 21,000 | | | | 58,870 | |
| | | | |
Tatung Company Limited (Consumer Discretionary, Household Durables) † | | | | | | | | | | | 160,000 | | | | 138,791 | |
| | | | |
Tong Hsing Electronic Industries Limited (Information Technology, Electronic Equipment, Instruments & Components) | | | | | | | | | | | 12,000 | | | | 41,082 | |
| | | | |
Tong Yang Industry Company Limited (Consumer Discretionary, Auto Components) | | | | | | | | | | | 36,000 | | | | 44,570 | |
| | | | |
TPK Holding Company Limited (Information Technology, Electronic Equipment, Instruments & Components) | | | | | | | | | | | 28,000 | | | | 47,725 | |
| | | | |
Transcend Information Incorporated (Information Technology, Technology Hardware, Storage & Peripherals) | | | | | | | | | | | 14,000 | | | | 31,208 | |
| | | | |
Tripod Technology Corporation (Information Technology, Electronic Equipment, Instruments & Components) | | | | | | | | | | | 34,000 | | | | 104,151 | |
| | | | |
TSRC Corporation (Materials, Chemicals) | | | | | | | | | | | 51,000 | | | | 46,776 | |
| | | | |
Tung Ho Steel Enterprise Corporation (Materials, Metals & Mining) | | | | | | | | | | | 66,000 | | | | 43,907 | |
| | | | |
U-Ming Marine Transport Corporation (Industrials, Marine) | | | | | | | | | | | 40,000 | | | | 39,876 | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—February 28, 2019 | | Wells Fargo Funds | | | 107 | |
FACTOR ENHANCED EMERGING MARKETS PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | Shares | | | Value | |
|
| Taiwan(continued) | |
| | | | |
Uni-President Enterprises Corporation (Consumer Staples, Food Products) | | | | | | | | | | | 405,000 | | | $ | 985,431 | |
| | | | |
Unimicron Technology Corporation (Information Technology, Electronic Equipment, Instruments & Components) | | | | | | | | | | | 104,000 | | | | 81,165 | |
| | | | |
Union Bank of Taiwan (Financials, Banks) | | | | | | | | | | | 240,320 | | | | 80,377 | |
| | | | |
United Microelectronics Corporation (Information Technology, Semiconductors & Semiconductor Equipment) | | | | | | | | | | | 856,000 | | | | 316,821 | |
| | | | |
Visual Photonics Epitaxy Company Limited (Information Technology, Semiconductors & Semiconductor Equipment) | | | | | | | | | | | 15,000 | | | | 34,600 | |
| | | | |
Voltronic Power Technology Corporation (Industrials, Electrical Equipment) | | | | | | | | | | | 5,000 | | | | 93,091 | |
| | | | |
Walsin Lihwa Corporation (Industrials, Electrical Equipment) | | | | | | | | | | | 205,000 | | | | 120,447 | |
| | | | |
Walsin Technology Corporation (Information Technology, Electronic Equipment, Instruments & Components) | | | | | | | | | | | 21,000 | | | | 122,461 | |
| | | | |
Wan Hai Lines Limited (Industrials, Marine) | | | | | | | | | | | 139,000 | | | | 72,009 | |
| | | | |
Waterland Financial Holdings (Financials, Capital Markets) | | | | | | | | | | | 228,527 | | | | 74,819 | |
| | | | |
Windbond Electronics Corporation (Information Technology, Semiconductors & Semiconductor Equipment) | | | | | | | | | | | 227,000 | | | | 111,917 | |
| | | | |
Wistron Corporation (Information Technology, Technology Hardware, Storage & Peripherals) | | | | | | | | | | | 210,607 | | | | 145,336 | |
| | | | |
Wistron Neweb Corporation (Information Technology, Communications Equipment) | | | | | | | | | | | 32,599 | | | | 83,137 | |
| | | | |
WPG Holdings Company Limited (Information Technology, Electronic Equipment, Instruments & Components) | | | | | | | | | | | 110,440 | | | | 142,400 | |
| | | | |
WT Microelectronics Company Limited (Information Technology, Electronic Equipment, Instruments & Components) | | | | | | | | | | | 33,000 | | | | 42,959 | |
| | | | |
Yageo Corporation (Information Technology, Electronic Equipment, Instruments & Components) | | | | | | | | | | | 15,566 | | | | 173,293 | |
| | | | |
Yang Ming Marine Transport (Industrials, Marine) † | | | | | | | | | | | 118,000 | | | | 35,335 | |
| | | | |
YFY Incorporated (Materials, Paper & Forest Products) | | | | | | | | | | | 129,000 | | | | 50,908 | |
| | | | |
Yieh Phui Enterprise Company Limited (Materials, Metals & Mining) | | | | | | | | | | | 135,150 | | | | 44,288 | |
| | | | |
Yuanta Financial Holding Company Limited (Financials, Capital Markets) | | | | | | | | | | | 825,000 | | | | 466,315 | |
| | | | |
Yulon Finance Corporation (Financials, Consumer Finance) | | | | | | | | | | | 11,000 | | | | 36,834 | |
| | | | |
Yulon Motor Company Limited (Consumer Discretionary, Automobiles) | | | | | | | | | | | 91,000 | | | | 55,774 | |
| | | | |
Yungtay Engineering Company Limited (Industrials, Machinery) | | | | | | | | | | | 26,000 | | | | 50,392 | |
| | | | |
Zhen Ding Technology Holding (Information Technology, Electronic Equipment, Instruments & Components) | | | | | | | | | | | 34,000 | | | | 97,717 | |
| | | | |
| | | | | | | | | | | | | | | 32,753,660 | |
| | | | | | | | | | | | | | | | |
|
| Thailand: 4.73% | |
| | | | |
Advanced Info Service PCL (Communication Services, Wireless Telecommunication Services) | | | | | | | | | | | 89,600 | | | | 517,484 | |
| | | | |
Amata Corporation PCL (Real Estate, Real Estate Management & Development) | | | | | | | | | | | 65,400 | | | | 45,035 | |
| | | | |
AP Thailand PCL (Real Estate, Real Estate Management & Development) | | | | | | | | | | | 180,900 | | | | 40,471 | |
| | | | |
B.Grimm PPCL (Utilities, Independent Power & Renewable Electricity Producers) | | | | | | | | | | | 54,700 | | | | 50,339 | |
| | | | |
Bangchak Corporation PCL (Energy, Oil, Gas & Consumable Fuels) | | | | | | | | | | | 98,300 | | | | 102,940 | |
| | | | |
Bangkok Bank PCL (Financials, Banks) | | | | | | | | | | | 96,100 | | | | 637,363 | |
| | | | |
Bangkok Chain Hospital PCL (Health Care, Health Care Providers & Services) | | | | | | | | | | | 107,700 | | | | 55,708 | |
| | | | |
Bangkok Dusit Medical Services PCL (Health Care, Health Care Providers & Services) | | | | | | | | | | | 912,600 | | | | 683,455 | |
| | | | |
Bangkok Expressway and Metro PCL (Industrials, Transportation Infrastructure) | | | | | | | | | | | 616,900 | | | | 207,509 | |
| | | | |
Bangkok Insurance PCL (Financials, Insurance) | | | | | | | | | | | 10,800 | | | | 112,413 | |
| | | | |
Bangkok Life Assurance PCL (Financials, Insurance) | | | | | | | | | | | 103,600 | | | | 93,696 | |
| | | | |
Bangkokland PCL (Real Estate, Real Estate Management & Development) | | | | | | | | | | | 1,553,400 | | | | 81,336 | |
| | | | |
Bank of Ayudhya PCL (Financials, Banks) | | | | | | | | | | | 144,000 | | | | 175,930 | |
| | | | |
Beauty Community PCL (Consumer Discretionary, Specialty Retail) | | | | | | | | | | | 211,300 | | | | 45,931 | |
| | | | |
BTS Group Holdings PCL (Industrials, Road & Rail) | | | | | | | | | | | 681,300 | | | | 224,848 | |
| | | | |
Bumrungrad Hospital PCL (Health Care, Health Care Providers & Services) | | | | | | | | | | | 39,200 | | | | 231,997 | |
| | | | |
Carabao Group PCL (Consumer Staples, Beverages) | | | | | | | | | | | 33,800 | | | | 58,992 | |
| | | | |
Central Plaza Hotel PCL (Consumer Discretionary, Hotels, Restaurants & Leisure) | | | | | | | | | | | 94,700 | | | | 134,481 | |
| | | | |
CH Karnchang PCL (Industrials, Construction & Engineering) | | | | | | | | | | | 107,700 | | | | 87,151 | |
| | | | |
Charoen Pokphand Foods PCL (Consumer Staples, Food Products) | | | | | | | | | | | 369,100 | | | | 307,461 | |
| | | | |
Cimb Thai Bank PCL (Financials, Banks) † | | | | | | | | | | | 1,894,100 | | | | 46,883 | |
| | | | |
Delta Electronics Thailand PCL (Information Technology, Electronic Equipment, Instruments & Components) | | | | | | | | | | | 91,700 | | | | 210,972 | |
| | | | |
Electricity Genera PCL (Utilities, Independent Power & Renewable Electricity Producers) | | | | | | | | | | | 18,400 | | | | 155,900 | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 108 | | Wells Fargo Funds | | Portfolio of investments—February 28, 2019 |
FACTOR ENHANCED EMERGING MARKETS PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | Shares | | | Value | |
|
| Thailand(continued) | |
| | | | |
Esso Thailand PCL (Energy, Oil, Gas & Consumable Fuels) | | | | | | | | | | | 94,500 | | | $ | 32,687 | |
| | | | |
Frasers Property PCL (Real Estate, Real Estate Management & Development) | | | | | | | | | | | 71,900 | | | | 37,875 | |
| | | | |
GFPT PCL (Consumer Staples, Food Products) | | | | | | | | | | | 97,900 | | | | 45,047 | |
| | | | |
Global Power Synergy PCL (Utilities, Independent Power & Renewable Electricity Producers) | | | | | | | | | | | 25,900 | | | | 52,807 | |
| | | | |
Glow Energy PCL (Utilities, Independent Power & Renewable Electricity Producers) | | | | | | | | | | | 30,100 | | | | 86,921 | |
| | | | |
Grand Canal Land PCL (Real Estate, Real Estate Management & Development) | | | | | | | | | | | 98,400 | | | | 8,306 | |
| | | | |
Hana Microelectronics PCL (Information Technology, Electronic Equipment, Instruments & Components) | | | | | | | | | | | 44,500 | | | | 50,484 | |
| | | | |
Home Product Center PCL (Consumer Discretionary, Specialty Retail) | | | | | | | | | | | 526,700 | | | | 250,710 | |
| | | | |
Indorama Ventures PCL (Materials, Chemicals) | | | | | | | | | | | 158,700 | | | | 259,359 | |
| | | | |
IRPC PCL (Energy, Oil, Gas & Consumable Fuels) | | | | | | | | | | | 873,100 | | | | 163,468 | |
| | | | |
Italian Thai Development PCL (Industrials, Construction & Engineering) † | | | | | | | | | | | 399,600 | | | | 30,687 | |
| | | | |
Jasmine International PCL (Communication Services, Diversified Telecommunication Services) | | | | | | | | | | | 307,400 | | | | 58,529 | |
| | | | |
KCE Electronics PCL (Information Technology, Electronic Equipment, Instruments & Components) | | | | | | | | | | | 50,800 | | | | 44,332 | |
| | | | |
Kiatnakin Bank PCL (Financials, Banks) | | | | | | | | | | | 67,500 | | | | 151,012 | |
| | | | |
Krung Thai Bank PCL (Financials, Banks) | | | | | | | | | | | 484,000 | | | | 296,428 | |
| | | | |
Krungthai Card PCL (Financials, Consumer Finance) | | | | | | | | | | | 67,800 | | | | 65,622 | |
| | | | |
Land & Houses PCL (Real Estate, Real Estate Management & Development) | | | | | | | | | | | 587,300 | | | | 195,689 | |
| | | | |
LPN Development PCL (Real Estate, Real Estate Management & Development) | | | | | | | | | | | 125,700 | | | | 27,922 | |
| | | | |
Major Cineplex Group PCL (Communication Services, Entertainment) | | | | | | | | | | | 64,600 | | | | 56,887 | |
| | | | |
MBK PCL (Real Estate, Real Estate Management & Development) | | | | | | | | | | | 82,900 | | | | 57,086 | |
| | | | |
Minor International PCL (Consumer Discretionary, Hotels, Restaurants & Leisure) | | | | | | | | | | | 251,700 | | | | 309,508 | |
| | | | |
MK Restaurants Group PCL (Consumer Discretionary, Hotels, Restaurants & Leisure) | | | | | | | | | | | 24,700 | | | | 58,590 | |
| | | | |
Muangthai Leasing PCL (Financials, Consumer Finance) | | | | | | | | | | | 52,000 | | | | 77,557 | |
| | | | |
Pruksa Holding PCL (Real Estate, Real Estate Management & Development) | | | | | | | | | | | 75,400 | | | | 45,940 | |
| | | | |
PTT Global Chemical PCL (Materials, Chemicals) | | | | | | | | | | | 168,100 | | | | 384,076 | |
| | | | |
PTT PCL (Energy, Oil, Gas & Consumable Fuels) | | | | | | | | | | | 1,003,600 | | | | 1,544,612 | |
| | | | |
Quality Houses PCL (Real Estate, Real Estate Management & Development) | | | | | | | | | | | 607,300 | | | | 58,971 | |
| | | | |
Ratchaburi Electricity Generating Holding PCL (Utilities, Independent Power & Renewable Electricity Producers) | | | | | | | | | | | 54,000 | | | | 92,963 | |
| | | | |
Robinson PCL (Consumer Discretionary, Multiline Retail) | | | | | | | | | | | 45,200 | | | | 92,516 | |
| | | | |
Saha Pathana Inter Holding PCL (Real Estate, Real Estate Management & Development) | | | | | | | | | | | 29,800 | | | | 66,196 | |
| | | | |
Sansiri PCL (Real Estate, Real Estate Management & Development) | | | | | | | | | | | 1,187,200 | | | | 51,990 | |
| | | | |
Siam City Cement PCL (Materials, Construction Materials) | | | | | | | | | | | 7,700 | | | | 54,489 | |
| | | | |
Siam Global House PCL (Consumer Discretionary, Specialty Retail) | | | | | | | | | | | 169,400 | | | | 102,137 | |
| | | | |
Sino Thai Engineering & Construction PCL (Industrials, Construction & Engineering) | | | | | | | | | | | 102,200 | | | | 72,322 | |
| | | | |
Sri Trang Agro-Industry PCL (Consumer Discretionary, Auto Components) | | | | | | | | | | | 86,600 | | | | 43,695 | |
| | | | |
Srisawad Power 1979 PCL (Financials, Diversified Financial Services) | | | | | | | | | | | 60,100 | | | | 95,836 | |
| | | | |
Star Petroleum Refining PCL (Energy, Oil, Gas & Consumable Fuels) | | | | | | | | | | | 153,500 | | | | 50,172 | |
| | | | |
Supalai PCL (Real Estate, Real Estate Management & Development) | | | | | | | | | | | 135,100 | | | | 84,029 | |
| | | | |
Thai Airways International PCL (Industrials, Airlines) † | | | | | | | | | | | 111,000 | | | | 46,144 | |
| | | | |
Thai Oil PCL (Energy, Oil, Gas & Consumable Fuels) | | | | | | | | | | | 77,800 | | | | 178,375 | |
| | | | |
Thai President Foods PCL (Consumer Staples, Food Products) | | | | | | | | | | | 7,900 | | | | 39,108 | |
| | | | |
Thai Union Group PCL (Consumer Staples, Food Products) | | | | | | | | | | | 297,300 | | | | 174,536 | |
| | | | |
Thai Vegetable Oil PCL (Consumer Staples, Food Products) | | | | | | | | | | | 61,000 | | | | 55,653 | |
| | | | |
Thanachart Capital PCL (Financials, Banks) | | | | | | | | | | | 79,500 | | | | 140,647 | |
| | | | |
The Siam Cement PCL (Materials, Construction Materials) | | | | | | | | | | | 63,900 | | | | 961,161 | |
| | | | |
Thonburi Healthcare Group PCL (Health Care, Health Care Providers & Services) | | | | | | | | | | | 53,000 | | | | 52,979 | |
| | | | |
Tipco Asphalt PCL (Materials, Construction Materials) | | | | | | | | | | | 97,300 | | | | 48,168 | |
| | | | |
Tisco Financial Group PCL (Financials, Banks) | | | | | | | | | | | 46,900 | | | | 130,226 | |
| | | | |
TOA Paint Thailand PCL (Materials, Chemicals) | | | | | | | | | | | 54,600 | | | | 60,643 | |
| | | | |
Total Access Communication PCL (Communication Services, Wireless Telecommunication Services) | | | | | | | | | | | 55,600 | | | | 89,542 | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—February 28, 2019 | | Wells Fargo Funds | | | 109 | |
FACTOR ENHANCED EMERGING MARKETS PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | Shares | | | Value | |
|
| Thailand(continued) | |
| | | | |
TPI Polene PCL (Materials, Construction Materials) | | | | | | | | | | | 870,800 | | | $ | 58,583 | |
| | | | |
True Corporation PCL (Communication Services, Diversified Telecommunication Services) | | | | | | | | | | | 1,742,600 | | | | 298,613 | |
| | | | |
TTW PCL (Utilities, Water Utilities) | | | | | | | | | | | 94,200 | | | | 37,964 | |
| | | | |
VGI Global Media PCL (Communication Services, Media) | | | | | | | | | | | 261,300 | | | | 64,677 | |
| | | | |
Vibhavadi Medical Center PCL (Health Care, Health Care Providers & Services) | | | | | | | | | | | 746,400 | | | | 45,477 | |
| | | | |
WHA Corporation PCL (Real Estate, Real Estate Management & Development) | | | | | | | | | | | 632,000 | | | | 84,233 | |
| | | | |
| | | | | | | | | | | | | | | 12,132,481 | |
| | | | | | | | | | | | | | | | |
| | | | |
| Turkey: 1.24% | | | | | | | | | | | | | | | | |
| | | | |
Akbank TAS (Financials, Banks) | | | | | | | | | | | 239,226 | | | | 307,869 | |
| | | | |
Anadolu Efes Biracilik ve Malt Sanayii AS (Consumer Staples, Beverages) | | | | | | | | | | | 15,201 | | | | 57,122 | |
| | | | |
Arcelik AS (Consumer Discretionary, Household Durables) | | | | | | | | | | | 19,930 | | | | 77,730 | |
| | | | |
Aselsan Elektronik Sanayi ve Ticaret AS (Industrials, Aerospace & Defense) | | | | | | | | | | | 22,117 | | | | 101,589 | |
| | | | |
Bim Birlesik Magazalar AS (Consumer Staples, Food & Staples Retailing) | | | | | | | | | | | 17,990 | | | | 288,811 | |
| | | | |
Emlak Konut Gayrimenkul Yati AS (Real Estate, Equity REITs) | | | | | | | | | | | 138,146 | | | | 39,594 | |
| | | | |
Eregli Demir ve Celik Fabrikalari TAS (Materials, Metals & Mining) | | | | | | | | | | | 109,068 | | | | 190,421 | |
| | | | |
Ford Otomotiv Sanayi AS (Consumer Discretionary, Automobiles) | | | | | | | | | | | 5,745 | | | | 59,675 | |
| | | | |
Haci Omer Sabanci Holding AS (Financials, Diversified Financial Services) | | | | | | | | | | | 98,215 | | | | 167,977 | |
| | | | |
Koç Holding AS (Industrials, Industrial Conglomerates) | | | | | | | | | | | 75,487 | | | | 263,584 | |
| | | | |
Petkim Petrokimya Holding AS (Materials, Chemicals) | | | | | | | | | | | 54,949 | | | | 56,717 | |
| | | | |
Soda Sanayii AS (Materials, Chemicals) | | | | | | | | | | | 27,884 | | | | 39,803 | |
| | | | |
Sok Marketler Ticaret AS (Consumer Staples, Food & Staples Retailing) † | | | | | | | | | | | 20,206 | | | | 40,350 | |
| | | | |
TAV Havalimanlari Holding AS (Industrials, Transportation Infrastructure) | | | | | | | | | | | 12,644 | | | | 65,894 | |
| | | | |
Tekfen Holding AS (Industrials, Construction & Engineering) | | | | | | | | | | | 14,557 | | | | 71,991 | |
| | | | |
Tofas Turk Otomobil Fabrikasi AS (Consumer Discretionary, Automobiles) | | | | | | | | | | | 9,190 | | | | 36,462 | |
| | | | |
Tupras Turkiye Petrol Rafinerileri AS (Energy, Oil, Gas & Consumable Fuels) | | | | | | | | | | | 8,907 | | | | 239,433 | |
| | | | |
Turk Hava Yollari Anonim Ortakligi AS (Industrials, Airlines) † | | | | | | | | | | | 55,043 | | | | 145,798 | |
| | | | |
Turk Sise ve Cam Fabrikalari AS (Industrials, Industrial Conglomerates) | | | | | | | | | | | 46,244 | | | | 58,387 | |
| | | | |
Turk Telekomunikasyon AS (Communication Services, Diversified Telecommunication Services) † | | | | | | | | | | | 56,231 | | | | 57,197 | |
| | | | |
Turkcell Iletisim Hizmetleri AS (Communication Services, Wireless Telecommunication Services) | | | | | | | | | | | 78,874 | | | | 211,286 | |
| | | | |
Turkiye Garanti Bankasi AS (Financials, Banks) | | | | | | | | | | | 161,067 | | | | 269,136 | |
| | | | |
Turkiye Halk Bankasi AS (Financials, Banks) | | | | | | | | | | | 44,269 | | | | 63,440 | |
| | | | |
Turkiye Is Bankasi Class C AS (Financials, Banks) | | | | | | | | | | | 101,911 | | | | 110,917 | |
| | | | |
Turkiye Vakiflar Bankasi TAO AS (Financials, Banks) | | | | | | | | | | | 73,615 | | | | 71,157 | |
| | | | |
Ulker Biskuvi Sanayi AS (Consumer Staples, Food Products) | | | | | | | | | | | 13,136 | | | | 47,689 | |
| | | | |
Yapi Ve Kredi Bankasi AS (Financials, Banks) † | | | | | | | | | | | 97,608 | | | | 39,312 | |
| | | | |
| | | | | | | | | | | | | | | 3,179,341 | |
| | | | | | | | | | | | | | | | |
| | | | |
Total Common Stocks (Cost $233,361,039) | | | | | | | | | | | | | | | 234,017,221 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | Dividend yield | | | | | | | | | | |
| Preferred Stocks: 4.50% | | | | | | | | | | | | | | | | |
| | | | |
| Brazil: 4.08% | | | | | | | | | | | | | | | | |
| | | | |
Alpargatas SA (Consumer Staples, Personal Products) | | | 2.49 | % | | | | | | | 13,072 | | | | 66,749 | |
| | | | |
Azul SA (Industrials, Transportation Infrastructure) † | | | 0.00 | | | | | | | | 21,000 | | | | 210,495 | |
| | | | |
Banco Bradesco SA (Financials, Banks) | | | 2.18 | | | | | | | | 247,028 | | | | 2,845,707 | |
| | | | |
Banco do Estado do Rio Grande do Sul SA Class B (Financials, Banks) | | | 2.86 | | | | | | | | 14,400 | | | | 95,843 | |
| | | | |
Bradespar SA (Materials, Metals & Mining) | | | 6.68 | | | | | | | | 16,300 | | | | 125,066 | |
| | | | |
Braskem SA Class A (Materials, Chemicals) | | | 3.68 | | | | | | | | 14,010 | | | | 202,906 | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 110 | | Wells Fargo Funds | | Portfolio of investments—February 28, 2019 |
FACTOR ENHANCED EMERGING MARKETS PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | Dividend yield | | | | | | Shares | | | Value | |
| | | | |
| Brazil(continued) | | | | | | | | | | | | | | | | |
| | | | |
Companhia Brasileira de Distribuicao (Consumer Staples, Food & Staples Retailing) | | | 1.29 | % | | | | | | | 11,373 | | | $ | 281,922 | |
| | | | |
Companhia de Saneamento do Parana (Utilities, Water Utilities) | | | 4.15 | | | | | | | | 23,040 | | | | 83,912 | |
| | | | |
Companhia de Transmissao de Energia Electrica Paulista (Utilities, Electric Utilities) | | | 15.27 | | | | | | | | 3,280 | | | | 67,414 | |
| | | | |
Companhia Energetica de Minas Gerais SA (Utilities, Electric Utilities) | | | 4.50 | | | | | | | | 63,569 | | | | 243,705 | |
| | | | |
Companhia Energetica de Sao Paulo Class B (Utilities, Independent Power & Renewable Electricity Producers) | | | 0.17 | | | | | | | | 14,200 | | | | 91,109 | |
| | | | |
Companhia Paranaense de Energia-Copel Class B (Utilities, Electric Utilities) | | | 2.73 | | | | | | | | 6,300 | | | | 59,945 | |
| | | | |
Energisa SA (Utilities, Electric Utilities) | | | 4.61 | | | | | | | | 800 | | | | 1,384 | |
| | | | |
Gerdau SA (Materials, Metals & Mining) | | | 2.26 | | | | | | | | 79,700 | | | | 321,249 | |
| | | | |
Gol Linhas Aereas Inteligentes SA (Industrials, Airlines) † | | | 0.00 | | | | | | | | 8,200 | | | | 58,201 | |
| | | | |
Itau Unibanco Holding SA (Financials, Banks) | | | 6.55 | | | | | | | | 369,570 | | | | 3,466,302 | |
| | | | |
Itaúsa Investimentos Itaú SA (Financials, Banks) | | | 8.00 | | | | | | | | 343,461 | | | | 1,131,108 | |
| | | | |
Klabin SA (Materials, Containers & Packaging) | | | 5.40 | | | | | | | | 225,400 | | | | 187,226 | |
| | | | |
Lojas Americanas SA (Consumer Discretionary, Multiline Retail) | | | 0.32 | | | | | | | | 52,600 | | | | 278,814 | |
| | | | |
Marcopolo SA (Industrials, Machinery) | | | 1.81 | | | | | | | | 55,400 | | | | 59,734 | |
| | | | |
Metalurgica Gerdau SA (Materials, Metals & Mining) | | | 2.71 | | | | | | | | 46,400 | | | | 88,695 | |
| | | | |
Telefonica Brasil SA (Communication Services, Diversified Telecommunication Services) | | | 7.84 | | | | | | | | 34,709 | | | | 432,367 | |
| | | | |
Usinas Siderurgicas de Minas Gerais SA Class A (Materials, Metals & Mining) | | | 1.23 | | | | | | | | 31,200 | | | | 80,240 | |
| | | | |
| | | | | | | | | | | | | | | 10,480,093 | |
| | | | | | | | | | | | | | | | |
|
| Chile: 0.06% | |
| | | | |
Coca-Cola Embonor SA Class B (Consumer Staples, Food Products) | | | 3.65 | | | | | | | | 23,265 | | | | 62,073 | |
| | | | |
Embotelladora Andina SA Class B (Consumer Staples, Food & Staples Retailing) | | | 3.84 | | | | | | | | 24,405 | | | | 91,357 | |
| | | | |
| | | | | | | | | | | | | | | 153,430 | |
| | | | | | | | | | | | | | | | |
|
| Colombia: 0.19% | |
| | | | |
Banco Davivienda SA (Financials, Banks) | | | 2.26 | | | | | | | | 8,291 | | | | 101,542 | |
| | | | |
Bancolombia SA (Financials, Banks) | | | 2.82 | | | | | | | | 32,389 | | | | 390,161 | |
| | | | |
| | | | | | | | | | | | | | | 491,703 | |
| | | | | | | | | | | | | | | | |
|
| Russia: 0.15% | |
| | | | |
Bashneft PAO (Energy, Oil, Gas & Consumable Fuels) | | | 8.91 | | | | | | | | 2,311 | | | | 65,425 | |
| | | | |
Transneft PJSC (Energy, Oil, Gas & Consumable Fuels) | | | 4.73 | | | | | | | | 121 | | | | 309,887 | |
| | | | |
| | | | | | | | | | | | | | | 375,312 | |
| | | | | | | | | | | | | | | | |
|
| South Korea: 0.02% | |
| | | | |
CJ Corporation (Industrials, Industrial Conglomerates) †(a)‡ | | | 0.00 | | | | | | | | 256 | | | | 8,346 | |
| | | | |
Mirae Asset Daewoo Company Limited Class P (Financials, Capital Markets) | | | 5.84 | | | | | | | | 11,972 | | | | 44,228 | |
| | | | |
| | | | | | | | | | | | | | | 52,574 | |
| | | | | | | | | | | | | | | | |
| |
Total Preferred Stocks (Cost $10,048,974) | | | | 11,553,112 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | Expiration date | | | | | | | |
| Warrants: 0.00% | | | | | | | | | | | | | | | | |
| | | | |
| Malaysia: 0.00% | | | | | | | | | | | | | | | | |
| | | | |
Sunway Bhd (Real Estate, Real Estate Management & Development) † | | | | | | | 10-3-2024 | | | | 122,430 | | | | 8,580 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—February 28, 2019 | | Wells Fargo Funds | | | 111 | |
FACTOR ENHANCED EMERGING MARKETS PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | | | | Expiration date | | | Shares | | | Value | |
| | | | |
| Thailand: 0.00% | | | | | | | | | | | | | | | | |
| | | | |
BTS Group Holdings (Industrials, Road & Rail) † | | | | | | | 11-29-2019 | | | | 98,790 | | | $ | 2,257 | |
| | | | | | | | | | | | | | | | |
| | | | |
Total Warrants (Cost $0) | | | | | | | | | | | | | | | 10,837 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | Yield | | | | | | | | | | |
| Short-Term Investments: 3.07% | | | | | | | | | | | | | | | | |
| | | | |
| Investment Companies: 3.07% | | | | | | | | | | | | | | | | |
| | | | |
Wells Fargo Government Money Market Fund Select Class (l)(u) | | | 2.34 | % | | | | | | | 7,871,946 | | | | 7,871,946 | |
| | | | | | | | | | | | | | | | |
| | | | |
Total Short-Term Investments (Cost $7,871,946) | | | | | | | | | | | | | | | 7,871,946 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | |
| Total investments in securities (Cost $251,281,959) | | | 98.76 | % | | | 253,453,116 | |
| | |
Other assets and liabilities, net | | | 1.24 | | | | 3,171,475 | |
| | | | | | | | |
| Total net assets | | | 100.00 | % | | $ | 256,624,591 | |
| | | | | | | | |
| † | Non-income-earning security |
| 144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933. |
| (a) | The security is fair valued in accordance with procedures approved by the Board of Trustees. |
| ‡ | Security is valued using significant unobservable inputs. |
| (l) | The issuer of the security is an affiliated person of the Portfolio as defined in the Investment Company Act of 1940. |
| (u) | The rate represents the7-day annualized yield at period end. |
Abbreviations:
| ADR | American depositary receipt |
| REIT | Real estate investment trust |
Futures Contracts
| | | | | | | | | | | | | | | | | | | | | | | | |
| Description | | Number of contracts | | | Expiration date | | | Notional cost | | | Notional value | | | Unrealized gains | | | Unrealized losses | |
| | | | | | |
Long | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
MSCI Emerging Markets Index | | | 212 | | | | 3-15-2019 | | | $ | 11,258,571 | | | $ | 11,095,020 | | | $ | 0 | | | $ | (163,551 | ) |
Investments in Affiliates
An affiliated investment is an investment in which the Portfolio owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Portfolio and the issuer having the same adviser or investment manager. Transactions with issuers that were either affiliated persons of the Portfolio at the beginning of the period or the end of the period were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Shares, beginning of period | | | Shares purchased | | | Shares sold | | | Shares, end of period | | | Net realized gains (losses) | | | Net change in unrealized gains (losses) | | | Income from affiliated securities | | | Value, end of period | | | % of net assets | |
Short-Term Investments | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Investment Companies | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Wells Fargo Government Money Market Fund Select Class | | | 7,994,492 | | | | 191,077,549 | | | | 191,200,095 | | | | 7,871,946 | | | $ | 0 | | | $ | 0 | | | $ | 157,778 | | | $ | 7,871,946 | | | | 3.07 | % |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 112 | | Wells Fargo Funds | | Portfolio of investments—February 28, 2019 |
FACTOR ENHANCED INTERNATIONAL PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | Shares | | | Value | |
|
Common Stocks: 94.50% | |
|
| Australia: 9.71% | |
| | | | |
AGL Energy Limited (Utilities, Multi-Utilities) | | | | | | | | | | | 43,079 | | | $ | 648,125 | |
| | | | |
ALS Limited (Industrials, Professional Services) | | | | | | | | | | | 31,538 | | | | 176,287 | |
| | | | |
Altium Limited (Information Technology, Software) | | | | | | | | | | | 7,624 | | | | 178,467 | |
| | | | |
Alumina Limited (Materials, Metals & Mining) | | | | | | | | | | | 174,011 | | | | 314,759 | |
| | | | |
Amcor Limited (Materials, Containers & Packaging) | | | | | | | | | | | 78,193 | | | | 834,767 | |
| | | | |
AMP Limited (Financials, Diversified Financial Services) | | | | | | | | | | | 185,013 | | | | 309,724 | |
| | | | |
Ansell Limited (Health Care, Health Care Equipment & Supplies) | | | | | | | | | | | 9,102 | | | | 158,959 | |
| | | | |
APA Group (Utilities, Gas Utilities) | | | | | | | | | | | 62,102 | | | | 440,961 | |
| | | | |
Aristocrat Leisure Limited (Consumer Discretionary, Hotels, Restaurants & Leisure) | | | | | | | | | | | 40,405 | | | | 705,641 | |
| | | | |
ASX Limited (Financials, Capital Markets) | | | | | | | | | | | 12,551 | | | | 621,166 | |
| | | | |
Atlas Arteria Stapled Securities (Industrials, Transportation Infrastructure) | | | | | | | | | | | 45,618 | | | | 230,397 | |
| | | | |
Aurizon Holdings Limited (Industrials, Road & Rail) | | | | | | | | | | | 131,333 | | | | 421,088 | |
| | | | |
AusNet Services (Utilities, Electric Utilities) | | | | | | | | | | | 116,927 | | | | 143,905 | |
| | | | |
Australia & New Zealand Banking Group Limited (Financials, Banks) | | | | | | | | | | | 186,975 | | | | 3,713,661 | |
| | | | |
Bank of Queensland Limited (Financials, Banks) | | | | | | | | | | | 25,475 | | | | 162,817 | |
| | | | |
Beach Petroleum Limited (Energy, Oil, Gas & Consumable Fuels) | | | | | | | | | | | 94,420 | | | | 139,312 | |
| | | | |
Bendigo Bank Limited (Financials, Banks) | | | | | | | | | | | 32,536 | | | | 227,563 | |
| | | | |
BHP Billiton Limited (Materials, Metals & Mining) | | | | | | | | | | | 228,562 | | | | 6,036,118 | |
| | | | |
BlueScope Steel Limited (Materials, Metals & Mining) | | | | | | | | | | | 32,819 | | | | 313,351 | |
| | | | |
Boral Limited (Materials, Construction Materials) | | | | | | | | | | | 75,647 | | | | 267,228 | |
| | | | |
Brambles Limited (Industrials, Commercial Services & Supplies) | | | | | | | | | | | 104,139 | | | | 868,723 | |
| | | | |
Caltex Australia Limited (Energy, Oil, Gas & Consumable Fuels) | | | | | | | | | | | 17,205 | | | | 349,045 | |
| | | | |
Carsales.com Limited (Communication Services, Interactive Media & Services) | | | | | | | | | | | 15,694 | | | | 141,272 | |
| | | | |
Challenger Financial Services Group Limited (Financials, Diversified Financial Services) | | | | | | | | | | | 36,232 | | | | 206,894 | |
| | | | |
Charter Hall Group (Real Estate, Equity REITs) | | | | | | | | | | | 30,970 | | | | 193,323 | |
| | | | |
CIMIC Group Limited (Industrials, Construction & Engineering) | | | | | | | | | | | 5,922 | | | | 210,669 | |
| | | | |
Cleanaway Waste Management Limited (Industrials, Commercial Services & Supplies) | | | | | | | | | | | 131,734 | | | | 202,777 | |
| | | | |
Coca-Cola Amatil Limited (Consumer Staples, Beverages) | | | | | | | | | | | 33,441 | | | | 189,059 | |
| | | | |
Cochlear Limited (Health Care, Health Care Equipment & Supplies) | | | | | | | | | | | 3,686 | | | | 445,800 | |
| | | | |
Coles Group Liimited (Consumer Staples, Food & Staples Retailing) † | | | | | | | | | | | 90,806 | | | | 729,802 | |
| | | | |
Commonwealth Bank of Australia (Financials, Banks) | | | | | | | | | | | 120,270 | | | | 6,308,937 | |
| | | | |
Computershare Limited (Information Technology, IT Services) | | | | | | | | | | | 34,705 | | | | 424,660 | |
| | | | |
Crown Limited (Consumer Discretionary, Hotels, Restaurants & Leisure) | | | | | | | | | | | 24,065 | | | | 195,628 | |
| | | | |
CSL Limited (Health Care, Biotechnology) | | | | | | | | | | | 29,036 | | | | 3,990,815 | |
| | | | |
Dexus Property Group (Real Estate, Equity REITs) | | | | | | | | | | | 65,296 | | | | 556,739 | |
| | | | |
Domino’s Pizza Enterprises Limited (Consumer Discretionary, Hotels, Restaurants & Leisure) | | | | | | | | | | | 4,144 | | | | 121,256 | |
| | | | |
Downer EDI Limited (Industrials, Commercial Services & Supplies) | | | | | | | | | | | 39,195 | | | | 206,854 | |
| | | | |
DuluxGroup Limited (Materials, Chemicals) | | | | | | | | | | | 25,646 | | | | 132,438 | |
| | | | |
Evolution Mining Limited (Materials, Metals & Mining) | | | | | | | | | | | 100,936 | | | | 258,472 | |
| | | | |
Flight Centre Travel Group Limited (Consumer Discretionary, Hotels, Restaurants & Leisure) | | | | | | | | | | | 3,868 | | | | 125,582 | |
| | | | |
Fortescue Metals Group Limited (Materials, Metals & Mining) | | | | | | | | | | | 114,417 | | | | 491,840 | |
| | | | |
Goodman Group (Real Estate, Equity REITs) | | | | | | | | | | | 103,728 | | | | 941,817 | |
| | | | |
Harvey Norman Holdings Limited (Consumer Discretionary, Multiline Retail) | | | | | | | | | | | 50,710 | | | | 129,496 | |
| | | | |
Healthscope Limited (Health Care, Health Care Providers & Services) | | | | | | | | | | | 111,431 | | | | 196,819 | |
| | | | |
Iluka Resources Limited (Materials, Metals & Mining) | | | | | | | | | | | 29,040 | | | | 188,898 | |
| | | | |
Incitec Pivot Limited (Materials, Chemicals) | | | | | | | | | | | 101,976 | | | | 243,775 | |
| | | | |
Insurance Australia Group Limited (Financials, Insurance) | | | | | | | | | | | 154,912 | | | | 807,668 | |
| | | | |
IOOF Holdings Limited (Financials, Capital Markets) | | | | | | | | | | | 20,968 | | | | 97,869 | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—February 28, 2019 | | Wells Fargo Funds | | | 113 | |
FACTOR ENHANCED INTERNATIONAL PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | Shares | | | Value | |
| | | | |
| Australia(continued) | | | | | | | | | | | | | | | | |
| | | | |
JBHi-Fi Limited (Consumer Discretionary, Specialty Retail) | | | | | | | | | | | 7,996 | | | $ | 123,082 | |
| | | | |
Lendlease Corporation Limited (Real Estate, Real Estate Management & Development) | | | | | | | | | | | 37,580 | | | | 343,347 | |
| | | | |
Link Administration Holdings Limited (Information Technology, IT Services) | | | | | | | | | | | 33,788 | | | | 182,153 | |
| | | | |
Macquarie Group Limited (Financials, Capital Markets) | | | | | | | | | | | 20,973 | | | | 1,913,803 | |
| | | | |
Magellan Financial Group Limited (Financials, Capital Markets) | | | | | | | | | | | 8,386 | | | | 207,369 | |
| | | | |
Medibank Private Limited (Financials, Insurance) | | | | | | | | | | | 185,262 | | | | 373,220 | |
| | | | |
Metcash Limited (Consumer Staples, Food & Staples Retailing) | | | | | | | | | | | 62,951 | | | | 116,548 | |
| | | | |
Mineral Resources Limited (Materials, Metals & Mining) | | | | | | | | | | | 11,155 | | | | 119,088 | |
| | | | |
Mirvac Group (Real Estate, Equity REITs) | | | | | | | | | | | 240,970 | | | | 439,296 | |
| | | | |
National Australia Bank Limited (Financials, Banks) | | | | | | | | | | | 182,439 | | | | 3,252,152 | |
| | | | |
Newcrest Mining Limited (Materials, Metals & Mining) | | | | | | | | | | | 47,441 | | | | 818,423 | |
| | | | |
Northern Star Resources Limited (Materials, Metals & Mining) | | | | | | | | | | | 42,587 | | | | 279,434 | |
| | | | |
Orica Limited (Materials, Chemicals) | | | | | | | | | | | 25,547 | | | | 319,849 | |
| | | | |
Orora Limited (Materials, Containers & Packaging) | | | | | | | | | | | 77,558 | | | | 173,300 | |
| | | | |
OZ Minerals Limited (Materials, Metals & Mining) | | | | | | | | | | | 21,637 | | | | 158,087 | |
| | | | |
Qantas Airways Limited (Industrials, Airlines) | | | | | | | | | | | 117,004 | | | | 475,572 | |
| | | | |
QBE Insurance Group Limited (Financials, Insurance) | | | | | | | | | | | 86,546 | | | | 758,184 | |
| | | | |
Qube Holdings Limited (Industrials, Transportation Infrastructure) | | | | | | | | | | | 96,143 | | | | 189,593 | |
| | | | |
Ramsay Health Care Limited (Health Care, Health Care Providers & Services) | | | | | | | | | | | 9,246 | | | | 424,869 | |
| | | | |
REA Group Limited (Communication Services, Interactive Media & Services) | | | | | | | | | | | 3,445 | | | | 199,260 | |
| | | | |
Reece Limited (Industrials, Trading Companies & Distributors) | | | | | | | | | | | 23,960 | | | | 177,439 | |
| | | | |
Reliance Worldwide Corporation Limited (Industrials, Building Products) | | | | | | | | | | | 51,502 | | | | 164,764 | |
| | | | |
Rio Tinto Limited (Materials, Metals & Mining) | | | | | | | | | | | 27,558 | | | | 1,879,762 | |
| | | | |
Scentre Group (Real Estate, Equity REITs) | | | | | | | | | | | 339,795 | | | | 932,800 | |
| | | | |
SEEK Limited (Industrials, Professional Services) | | | | | | | | | | | 23,605 | | | | 308,428 | |
| | | | |
Sonic Healthcare Limited (Health Care, Health Care Providers & Services) | | | | | | | | | | | 29,234 | | | | 500,180 | |
| | | | |
South32 Limited - Athens Exchange (Materials, Metals & Mining) | | | | | | | | | | | 344,665 | | | | 955,949 | |
| | | | |
Spark Infrastructure Group (Utilities, Electric Utilities) | | | | | | | | | | | 106,202 | | | | 175,529 | |
| | | | |
Stockland Corporation Limited (Real Estate, Equity REITs) | | | | | | | | | | | 159,626 | | | | 396,308 | |
| | | | |
Suncorp Group Limited (Financials, Insurance) | | | | | | | | | | | 90,658 | | | | 871,377 | |
| | | | |
Sydney Airport Holdings Limited (Industrials, Transportation Infrastructure) | | | | | | | | | | | 154,091 | | | | 786,992 | |
| | | | |
Telstra Corporation Limited (Communication Services, Diversified Telecommunication Services) | | | | | | | | | | | 781,585 | | | | 1,735,327 | |
| | | | |
The GPT Group (Real Estate, Equity REITs) | | | | | | | | | | | 101,454 | | | | 421,004 | |
| | | | |
The Star Entertainment Group Limited (Consumer Discretionary, Hotels, Restaurants & Leisure) | | | | | | | | | | | 63,107 | | | | 198,309 | |
| | | | |
TPG Telecom Limited (Communication Services, Diversified Telecommunication Services) | | | | | | | | | | | 26,303 | | | | 124,263 | |
| | | | |
Transurban Group (Industrials, Transportation Infrastructure) | | | | | | | | | | | 177,160 | | | | 1,567,086 | |
| | | | |
Treasury Wine Estates Limited (Consumer Staples, Beverages) | | | | | | | | | | | 48,414 | | | | 514,450 | |
| | | | |
Vicinity Centres (Real Estate, Equity REITs) | | | | | | | | | | | 207,335 | | | | 361,800 | |
| | | | |
Washington H. Soul Pattinson & Company Limited (Energy, Oil, Gas & Consumable Fuels) | | | | | | | | | | | 9,046 | | | | 188,846 | |
| | | | |
Wesfarmers Limited (Consumer Discretionary, Multiline Retail) | | | | | | | | | | | 77,263 | | | | 1,818,480 | |
| | | | |
Westpac Banking Corporation (Financials, Banks) | | | | | | | | | | | 224,151 | | | | 4,286,682 | |
| | | | |
Whitehaven Coal Limited (Energy, Oil, Gas & Consumable Fuels) | | | | | | | | | | | 57,397 | | | | 179,144 | |
| | | | |
Woodside Petroleum Limited (Energy, Oil, Gas & Consumable Fuels) | | | | | | | | | | | 53,976 | | | | 1,387,936 | |
| | | | |
Woolworths Group Limited (Consumer Staples, Food & Staples Retailing) | | | | | | | | | | | 87,761 | | | | 1,784,802 | |
| | | | |
WorleyParsons Limited (Energy, Energy Equipment & Services) | | | | | | | | | | | 20,692 | | | | 218,847 | |
| | | | |
| | | | | | | | | | | | | | | 67,804,356 | |
| | | | | | | | | | | | | | | | |
|
| Austria: 0.34% | |
| | | | |
Andritz AG (Industrials, Machinery) | | | | | | | | | | | 4,691 | | | | 234,241 | |
| | | | |
Erste Bank Der Oesterreichischen Sparkassen AG (Financials, Banks) | | | | | | | | | | | 20,586 | | | | 778,566 | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 114 | | Wells Fargo Funds | | Portfolio of investments—February 28, 2019 |
FACTOR ENHANCED INTERNATIONAL PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | Shares | | | Value | |
| | | | |
| Austria(continued) | | | | | | | | | | | | | | | | |
| | | | |
OMV AG (Energy, Oil, Gas & Consumable Fuels) | | | | | | | | | | | 9,432 | | | $ | 496,404 | |
| | | | |
Raiffeisen Bank International AG (Financials, Banks) | | | | | | | | | | | 9,264 | | | | 236,247 | |
| | | | |
Verbund AG (Utilities, Electric Utilities) | | | | | | | | | | | 4,189 | | | | 201,645 | |
| | | | |
Voestalpine AG (Materials, Metals & Mining) | | | | | | | | | | | 7,319 | | | | 226,606 | |
| | | | |
Wienerberger AG (Materials, Construction Materials) | | | | | | | | | | | 7,655 | | | | 173,273 | |
| | | | |
| | | | | | | | | | | | | | | 2,346,982 | |
| | | | | | | | | | | | | | | | |
|
| Belgium: 0.53% | |
| | | | |
Ackermans & Van Haaren NV (Financials, Diversified Financial Services) | | | | | | | | | | | 1,515 | | | | 238,668 | |
| | | | |
Ageas NV (Financials, Insurance) | | | | | | | | | | | 13,311 | | | | 656,042 | |
| | | | |
Cofinimmo SA (Real Estate, Equity REITs) | | | | | | | | | | | 1,500 | | | | 194,845 | |
| | | | |
Colruyt SA (Consumer Staples, Food & Staples Retailing) | | | | | | | | | | | 3,435 | | | | 244,978 | |
| | | | |
Proximus SA (Communication Services, Diversified Telecommunication Services) | | | | | | | | | | | 11,320 | | | | 299,108 | |
| | | | |
Sofina SA (Financials, Diversified Financial Services) | | | | | | | | | | | 1,026 | | | | 200,728 | |
| | | | |
Solvay SA (Materials, Chemicals) | | | | | | | | | | | 4,868 | | | | 544,962 | |
| | | | |
UCB SA (Health Care, Pharmaceuticals) | | | | | | | | | | | 8,220 | | | | 688,896 | |
| | | | |
Umicore SA (Materials, Chemicals) | | | | | | | | | | | 13,944 | | | | 602,703 | |
| | | | |
| | | | | | | | | | | | | | | 3,670,930 | |
| | | | | | | | | | | | | | | | |
|
| Canada: 9.78% | |
| | | | |
Agnico-Eagle Mines Limited (Materials, Metals & Mining) | | | | | | | | | | | 16,395 | | | | 697,312 | |
| | | | |
Alimentation Couche-Tard Incorporated Class B (Consumer Staples, Food & Staples Retailing) | | | | | | | | | | | 28,235 | | | | 1,591,390 | |
| | | | |
Bank of Montreal (Financials, Banks) | | | | | | | | | | | 41,491 | | | | 3,235,538 | |
| | | | |
Barrick Gold Corporation (Materials, Metals & Mining) | | | | | | | | | | | 89,271 | | | | 1,126,106 | |
| | | | |
Bausch Health Companies Incorporated (Health Care, Pharmaceuticals) † | | | | | | | | | | | 19,793 | | | | 469,094 | |
| | | | |
BCE Incorporated (Communication Services, Diversified Telecommunication Services) | | | | | | | | | | | 59,015 | | | | 2,624,384 | |
| | | | |
Brookfield Asset Management Incorporated Class A (Financials, Capital Markets) | | | | | | | | | | | 60,019 | | | | 2,710,992 | |
| | | | |
Canadian Imperial Bank of Commerce (Financials, Banks) | | | | | | | | | | | 28,474 | | | | 2,415,405 | |
| | | | |
Canadian National Railway Company (Industrials, Road & Rail) | | | | | | | | | | | 40,937 | | | | 3,512,752 | |
| | | | |
Canadian Pacific Railway Limited (Industrials, Road & Rail) | | | | | | | | | | | 9,282 | | | | 1,917,977 | |
| | | | |
Canadian Tire Corporation Limited Class A (Consumer Discretionary, Multiline Retail) | | | | | | | | | | | 4,075 | | | | 449,630 | |
| | | | |
CGI Incorporated (Information Technology, IT Services) † | | | | | | | | | | | 16,265 | | | | 1,090,513 | |
| | | | |
Constellation Software Incorporated (Information Technology, Software) | | | | | | | | | | | 1,328 | | | | 1,134,020 | |
| | | | |
Dollarama Incorporated (Consumer Discretionary, Multiline Retail) | | | | | | | | | | | 21,232 | | | | 574,706 | |
| | | | |
Fairfax Financial Holdings Limited (Financials, Insurance) | | | | | | | | | | | 1,900 | | | | 940,695 | |
| | | | |
Fortis Incorporated (Utilities, Electric Utilities) | | | | | | | | | | | 28,944 | | | | 1,043,651 | |
| | | | |
Franco-Nevada Corporation (Materials, Metals & Mining) | | | | | | | | | | | 12,908 | | | | 972,453 | |
| | | | |
Goldcorp Incorporated (Materials, Metals & Mining) | | | | | | | | | | | 62,800 | | | | 663,338 | |
| | | | |
Imperial Oil Limited (Energy, Oil, Gas & Consumable Fuels) | | | | | | | | | | | 15,962 | | | | 432,179 | |
| | | | |
Intact Financial Corporation (Financials, Insurance) | | | | | | | | | | | 9,275 | | | | 775,295 | |
| | | | |
Loblaw Companies Limited (Consumer Staples, Food & Staples Retailing) | | | | | | | | | | | 12,154 | | | | 605,322 | |
| | | | |
Magna International Incorporated (Consumer Discretionary, Auto Components) | | | | | | | | | | | 19,227 | | | | 1,014,570 | |
| | | | |
Metro Incorporated (Consumer Staples, Food & Staples Retailing) | | | | | | | | | | | 16,730 | | | | 628,797 | |
| | | | |
National Bank of Canada (Financials, Banks) | | | | | | | | | | | 21,608 | | | | 1,019,523 | |
| | | | |
Open Text Corporation (Information Technology, Software) | | | | | | | | | | | 17,248 | | | | 654,044 | |
| | | | |
Pembina Pipeline Corporation (Energy, Oil, Gas & Consumable Fuels) | | | | | | | | | | | 31,652 | | | | 1,158,373 | |
| | | | |
Power Corporation of Canada (Financials, Insurance) | | | | | | | | | | | 23,896 | | | | 510,079 | |
| | | | |
Restaurant Brands International Incorporated (Consumer Discretionary, Hotels, Restaurants & Leisure) | | | | | | | | | | | 16,403 | | | | 1,037,317 | |
| | | | |
Rogers Communications Incorporated Class B (Communication Services, Wireless Telecommunication Services) | | | | | | | | | | | 23,822 | | | | 1,316,234 | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—February 28, 2019 | | Wells Fargo Funds | | | 115 | |
FACTOR ENHANCED INTERNATIONAL PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | Shares | | | Value | |
| | | | |
| Canada(continued) | | | | | | | | | | | | | | | | |
| | | | |
Royal Bank of Canada (Financials, Banks) | | | | | | | | | | | 95,431 | | | $ | 7,458,550 | |
| | | | |
Shaw Communications Incorporated Class B (Communication Services, Media) | | | | | | | | | | | 28,226 | | | | 582,130 | |
| | | | |
Sun Life Financial Incorporated (Financials, Insurance) | | | | | | | | | | | 39,658 | | | | 1,501,396 | |
| | | | |
Suncor Energy Incorporated (Energy, Oil, Gas & Consumable Fuels) | | | | | | | | | | | 103,662 | | | | 3,573,166 | |
| | | | |
Teck Resources Limited Class B (Materials, Metals & Mining) | | | | | | | | | | | 32,300 | | | | 723,832 | |
| | | | |
Telus Corporation (Communication Services, Diversified Telecommunication Services) | | | | | | | | | | | 37,994 | | | | 1,380,078 | |
| | | | |
The Bank of Nova Scotia (Financials, Banks) | | | | | | | | | | | 79,808 | | | | 4,435,698 | |
| | | | |
The Toronto-Dominion Bank (Financials, Banks) | | | | | | | | | | | 122,228 | | | | 7,008,872 | |
| | | | |
Thomson Reuters Corporation (Industrials, Professional Services) | | | | | | | | | | | 12,053 | | | | 655,430 | |
| | | | |
TransCanada Corporation (Energy, Oil, Gas & Consumable Fuels) | | | | | | | | | | | 55,900 | | | | 2,499,878 | |
| | | | |
Waste Connections Incorporated - Toronto Exchange (Industrials, Commercial Services & Supplies) | | | | | | | | | | | 17,700 | | | | 1,475,639 | |
| | | | |
Wheaton Precious Metals Corporation (Materials, Metals & Mining) | | | | | | | | | | | 30,476 | | | | 662,809 | |
| | | | |
| | | | | | | | | | | | | | | 68,279,167 | |
| | | | | | | | | | | | | | | | |
|
| China: 0.54% | |
| | | | |
AAC Technologies Holdings Incorporated (Information Technology, Electronic Equipment, Instruments & Components) | | | | | | | | | | | 45,000 | | | | 267,429 | |
| | | | |
CSPC Pharmaceutical Group Limited (Health Care, Pharmaceuticals) | | | | | | | | | | | 284,000 | | | | 484,805 | |
| | | | |
Sands China Limited (Consumer Discretionary, Hotels, Restaurants & Leisure) | | | | | | | | | | | 165,200 | | | | 824,974 | |
| | | | |
Shenzhou International Group Holdings Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods) | | | | | | | | | | | 47,300 | | | | 590,516 | |
| | | | |
Xiaomi Corporation Class B (Information Technology, Technology Hardware, Storage & Peripherals) †144A | | | | | | | | | | | 1,063,000 | | | | 1,619,603 | |
| | | | |
| | | | | | | | | | | | | | | 3,787,327 | |
| | | | | | | | | | | | | | | | |
|
| Denmark: 2.23% | |
| | | | |
Ambu AS Class B (Health Care, Health Care Equipment & Supplies) | | | | | | | | | | | 11,675 | | | | 273,749 | |
| | | | |
Carlsberg AS Class B (Consumer Staples, Beverages) | | | | | | | | | | | 7,094 | | | | 859,368 | |
| | | | |
Christian Hansen Holding AS (Materials, Chemicals) | | | | | | | | | | | 6,660 | | | | 678,453 | |
| | | | |
Coloplast AS Class B (Health Care, Health Care Equipment & Supplies) | | | | | | | | | | | 8,154 | | | | 812,746 | |
| | | | |
Danske Bank AS (Financials, Banks) | | | | | | | | | | | 50,098 | | | | 996,713 | |
| | | | |
DSV AS (Industrials, Road & Rail) | | | | | | | | | | | 11,707 | | | | 973,776 | |
| | | | |
FLSmidth & Company AS (Industrials, Construction & Engineering) | | | | | | | | | | | 2,572 | | | | 123,437 | |
| | | | |
GN Store Nord AS (Health Care, Health Care Equipment & Supplies) | | | | | | | | | | | 8,217 | | | | 395,983 | |
| | | | |
H. Lundbeck AS (Health Care, Pharmaceuticals) | | | | | | | | | | | 4,104 | | | | 187,702 | |
| | | | |
ISS AS (Industrials, Commercial Services & Supplies) | | | | | | | | | | | 10,190 | | | | 318,003 | |
| | | | |
Jyske Bank AS (Financials, Banks) | | | | | | | | | | | 4,612 | | | | 180,631 | |
| | | | |
Novo Nordisk AS Class B (Health Care, Pharmaceuticals) | | | | | | | | | | | 116,033 | | | | 5,693,433 | |
| | | | |
Novozymes AS Class B (Materials, Chemicals) | | | | | | | | | | | 15,054 | | | | 683,464 | |
| | | | |
Orsted AS (Utilities, Electric Utilities) 144A | | | | | | | | | | | 11,614 | | | | 842,807 | |
| | | | |
Pandora AS (Consumer Discretionary, Textiles, Apparel & Luxury Goods) | | | | | | | | | | | 6,136 | | | | 321,985 | |
| | | | |
Rockwool International AS B Shares (Industrials, Building Products) | | | | | | | | | | | 619 | | | | 151,085 | |
| | | | |
Royal Unibrew AS (Consumer Staples, Beverages) | | | | | | | | | | | 2,942 | | | | 217,532 | |
| | | | |
SimCorp AS (Information Technology, Software) | | | | | | | | | | | 2,547 | | | | 229,292 | |
| | | | |
Tryg AS (Financials, Insurance) | | | | | | | | | | | 8,527 | | | | 232,436 | |
| | | | |
Vestas Wind Systems AS (Industrials, Electrical Equipment) | | | | | | | | | | | 14,089 | | | | 1,172,768 | |
| | | | |
William Demant Holding (Health Care, Health Care Equipment & Supplies) † | | | | | | | | | | | 6,569 | | | | 197,290 | |
| | | | |
| | | | | | | | | | | | | | | 15,542,653 | |
| | | | | | | | | | | | | | | | |
|
| Finland: 1.89% | |
| | | | |
Amer Sports Oyj (Consumer Discretionary, Leisure Products) | | | | | | | | | | | 7,985 | | | | 361,939 | |
| | | | |
Elisa Oyj (Communication Services, Diversified Telecommunication Services) | | | | | | | | | | | 10,079 | | | | 422,920 | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 116 | | Wells Fargo Funds | | Portfolio of investments—February 28, 2019 |
FACTOR ENHANCED INTERNATIONAL PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | Shares | | | Value | |
| | | | |
| Finland(continued) | | | | | | | | | | | | | | | | |
| | | | |
Fortum Oyj (Utilities, Electric Utilities) | | | | | | | | | | | 31,578 | | | $ | 701,127 | |
| | | | |
Huhtamaki Oyj (Materials, Containers & Packaging) | | | | | | | | | | | 6,742 | | | | 244,094 | |
| | | | |
Kesko Oyj Class B (Consumer Staples, Food & Staples Retailing) | | | | | | | | | | | 4,645 | | | | 277,276 | |
| | | | |
Kone Oyj Class B (Industrials, Machinery) | | | | | | | | | | | 27,190 | | | | 1,328,944 | |
| | | | |
Konecranes Oyj (Industrials, Machinery) | | | | | | | | | | | 4,336 | | | | 152,152 | |
| | | | |
Metso Oyj (Industrials, Machinery) | | | | | | | | | | | 8,525 | | | | 289,060 | |
| | | | |
Neste Oil Oyj (Energy, Oil, Gas & Consumable Fuels) | | | | | | | | | | | 8,692 | | | | 835,427 | |
| | | | |
Nokia Oyj (Information Technology, Communications Equipment) | | | | | | | | | | | 370,896 | | | | 2,242,690 | |
| | | | |
Nokian Renkaat Oyj (Consumer Discretionary, Auto Components) | | | | | | | | | | | 9,322 | | | | 329,763 | |
| | | | |
Nordea Bank AB (Financials, Banks) | | | | | | | | | | | 207,731 | | | | 1,883,884 | |
| | | | |
Orion Oyj Class B (Health Care, Pharmaceuticals) | | | | | | | | | | | 6,929 | | | | 247,554 | |
| | | | |
Sampo Oyj Class A (Financials, Insurance) | | | | | | | | | | | 33,614 | | | | 1,618,072 | |
| | | | |
Stora Enso Oyj (Materials, Paper & Forest Products) | | | | | | | | | | | 38,290 | | | | 513,271 | |
| | | | |
UPM-Kymmene Oyj (Materials, Paper & Forest Products) | | | | | | | | | | | 33,770 | | | | 1,018,677 | |
| | | | |
Valmet Corporation (Industrials, Machinery) | | | | | | | | | | | 8,964 | | | | 223,295 | |
| | | | |
Wartsila Oyj (Industrials, Machinery) | | | | | | | | | | | 31,728 | | | | 515,351 | |
| | | | |
| | | | | | | | | | | | | | | 13,205,496 | |
| | | | | | | | | | | | | | | | |
|
| France: 5.48% | |
| | | | |
Aeroports de Paris SA (Industrials, Transportation Infrastructure) | | | | | | | | | | | 1,936 | | | | 375,679 | |
| | | | |
Air Liquide SA (Materials, Chemicals) | | | | | | | | | | | 31,130 | | | | 3,882,575 | |
| | | | |
Alstom SA (Industrials, Machinery) | | | | | | | | | | | 11,211 | | | | 487,379 | |
| | | | |
ALTEN SA (Information Technology, IT Services) | | | | | | | | | | | 1,813 | | | | 186,938 | |
| | | | |
Altran Technologies SA (Information Technology, IT Services) | | | | | | | | | | | 14,650 | | | | 155,305 | |
| | | | |
Amundi SA (Financials, Diversified Financial Services) | | | | | | | | | | | 4,147 | | | | 277,171 | |
| | | | |
Arkema SA (Materials, Chemicals) | | | | | | | | | | | 4,489 | | | | 452,597 | |
| | | | |
Atos Origin SA (Information Technology, IT Services) | | | | | | | | | | | 6,157 | | | | 591,217 | |
| | | | |
bioMerieux (Health Care, Health Care Equipment & Supplies) | | | | | | | | | | | 2,990 | | | | 246,571 | |
| | | | |
Bouygues SA (Industrials, Construction & Engineering) | | | | | | | | | | | 20,961 | | | | 792,749 | |
| | | | |
Bureau Veritas SA (Industrials, Professional Services) | | | | | | | | | | | 19,257 | | | | 460,419 | |
| | | | |
Capgemini SA (Information Technology, IT Services) | | | | | | | | | | | 11,200 | | | | 1,340,188 | |
| | | | |
Christian Dior SA (Consumer Discretionary, Textiles, Apparel & Luxury Goods) | | | | | | | | | | | 429 | | | | 190,453 | |
| | | | |
CNP Assurances SA (Financials, Insurance) | | | | | | | | | | | 9,889 | | | | 228,564 | |
| | | | |
Compagnie Generale des Etablissements Michelin SCA (Consumer Discretionary, Auto Components) | | | | | | | | | | | 12,550 | | | | 1,506,011 | |
| | | | |
Covivio (Real Estate, Equity REITs) | | | | | | | | | | | 3,698 | | | | 374,360 | |
| | | | |
Dassault Aviation SA (Industrials, Aerospace & Defense) | | | | | | | | | | | 161 | | | | 271,031 | |
| | | | |
Dassault Systemes SA (Information Technology, Software) | | | | | | | | | | | 9,250 | | | | 1,353,579 | |
| | | | |
Eiffage SA (Industrials, Construction & Engineering) | | | | | | | | | | | 6,617 | | | | 645,623 | |
| | | | |
Electricite de France SA (Utilities, Electric Utilities) | | | | | | | | | | | 34,637 | | | | 503,110 | |
| | | | |
Eurazeo SA (Financials, Diversified Financial Services) | | | | | | | | | | | 3,254 | | | | 244,653 | |
| | | | |
Eutelsat Communications SA (Communication Services, Media) | | | | | | | | | | | 9,701 | | | | 191,557 | |
| | | | |
Gecina SA (Real Estate, Equity REITs) | | | | | | | | | | | 3,569 | | | | 529,366 | |
| | | | |
Groupe Danone SA (Consumer Staples, Food Products) | | | | | | | | | | | 44,607 | | | | 3,365,465 | |
| | | | |
Groupe Eurotunnel SE (Industrials, Transportation Infrastructure) | | | | | | | | | | | 32,228 | | | | 475,817 | |
| | | | |
Hermes International SA (Consumer Discretionary, Textiles, Apparel & Luxury Goods) | | | | | | | | | | | 2,030 | | | | 1,285,664 | |
| | | | |
ICADE (Real Estate, Equity REITs) | | | | | | | | | | | 1,859 | | | | 158,272 | |
| | | | |
Imerys SA (Materials, Construction Materials) | | | | | | | | | | | 2,208 | | | | 125,524 | |
| | | | |
Ingenico SA (Information Technology, Electronic Equipment, Instruments & Components) | | | | | | | | | | | 3,923 | | | | 263,360 | |
| | | | |
Ipsen SA (Health Care, Pharmaceuticals) | | | | | | | | | | | 2,494 | | | | 344,955 | |
| | | | |
JCDecaux SA (Communication Services, Media) | | | | | | | | | | | 5,052 | | | | 155,727 | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—February 28, 2019 | | Wells Fargo Funds | | | 117 | |
FACTOR ENHANCED INTERNATIONAL PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | Shares | | | Value | |
| | | | |
| France(continued) | | | | | | | | | | | | | | | | |
| | | | |
Klepierre SA (Real Estate, Equity REITs) | | | | | | | | | | | 14,546 | | | $ | 507,776 | |
| | | | |
Lagardere SCA (Communication Services, Media) | | | | | | | | | | | 7,083 | | | | 183,287 | |
| | | | |
Legrand SA (Industrials, Electrical Equipment) | | | | | | | | | | | 17,845 | | | | 1,177,271 | |
| | | | |
Orpea SA (Health Care, Health Care Providers & Services) | | | | | | | | | | | 3,135 | | | | 369,606 | |
| | | | |
Pernod-Ricard SA (Consumer Staples, Beverages) | | | | | | | | | | | 15,025 | | | | 2,587,453 | |
| | | | |
Peugeot SA (Consumer Discretionary, Automobiles) | | | | | | | | | | | 36,743 | | | | 934,498 | |
| | | | |
Publicis Groupe SA (Communication Services, Media) | | | | | | | | | | | 14,389 | | | | 797,552 | |
| | | | |
Remy Cointreau SA (Consumer Staples, Beverages) | | | | | | | | | | | 1,677 | | | | 218,409 | |
| | | | |
Rubis SCA (Utilities, Gas Utilities) | | | | | | | | | | | 5,655 | | | | 334,800 | |
| | | | |
Safran SA (Industrials, Aerospace & Defense) | | | | | | | | | | | 25,309 | | | | 3,451,646 | |
| | | | |
Sartorius Stedim Biotech SA (Health Care, Life Sciences Tools & Services) | | | | | | | | | | | 1,606 | | | | 189,068 | |
| | | | |
SCOR SE (Financials, Insurance) | | | | | | | | | | | 11,613 | | | | 522,952 | |
| | | | |
SEB SA (Consumer Discretionary, Household Durables) | | | | | | | | | | | 1,527 | | | | 262,964 | |
| | | | |
Societe BIC SA (Industrials, Commercial Services & Supplies) | | | | | | | | | | | 1,858 | | | | 175,728 | |
| | | | |
Sodexho Alliance SA (Consumer Discretionary, Hotels, Restaurants & Leisure) | | | | | | | | | | | 5,631 | | | | 618,593 | |
| | | | |
Sopra Steria Group (Information Technology, IT Services) | | | | | | | | | | | 904 | | | | 106,321 | |
| | | | |
Spie SA (Industrials, Commercial Services & Supplies) | | | | | | | | | | | 8,344 | | | | 132,588 | |
| | | | |
Suez Environnement Company SA (Utilities, Multi-Utilities) | | | | | | | | | | | 27,359 | | | | 349,627 | |
| | | | |
Teleperformance SE (Industrials, Professional Services) | | | | | | | | | | | 3,959 | | | | 706,996 | |
| | | | |
Thales SA (Industrials, Aerospace & Defense) | | | | | | | | | | | 7,291 | | | | 897,733 | |
| | | | |
Ubisoft Entertainment SA (Communication Services, Entertainment) † | | | | | | | | | | | 4,683 | | | | 338,244 | |
| | | | |
Vivendi SA (Communication Services, Entertainment) | | | | | | | | | | | 65,677 | | | | 1,919,900 | |
| | | | |
| | | | | | | | | | | | | | | 38,244,891 | |
| | | | | | | | | | | | | | | | |
|
| Germany: 5.09% | |
| | | | |
Aareal Bank AG (Financials, Thrifts & Mortgage Finance) | | | | | | | | | | | 4,156 | | | | 136,097 | |
| | | | |
Adidas AG (Consumer Discretionary, Textiles, Apparel & Luxury Goods) | | | | | | | | | | | 10,840 | | | | 2,633,678 | |
| | | | |
Allianz AG (Financials, Insurance) | | | | | | | | | | | 28,812 | | | | 6,410,241 | |
| | | | |
Aurubis AG (Materials, Metals & Mining) | | | | | | | | | | | 2,401 | | | | 132,099 | |
| | | | |
Axel Springer AG (Communication Services, Media) | | | | | | | | | | | 3,257 | | | | 185,789 | |
| | | | |
Bechtle AG (Information Technology, IT Services) | | | | | | | | | | | 1,789 | | | | 153,431 | |
| | | | |
Carl Zeiss Meditec AG (Health Care, Health Care Equipment & Supplies) | | | | | | | | | | | 2,379 | | | | 202,949 | |
| | | | |
Covestro AG (Materials, Chemicals) 144A | | | | | | | | | | | 11,325 | | | | 645,884 | |
| | | | |
Deutsche Boerse AG (Financials, Capital Markets) | | | | | | | | | | | 12,669 | | | | 1,600,989 | |
| | | | |
Deutsche Lufthansa AG (Industrials, Airlines) | | | | | | | | | | | 17,886 | | | | 456,732 | |
| | | | |
Deutsche Telekom AG (Communication Services, Diversified Telecommunication Services) | | | | | | | | | | | 226,627 | | | | 3,733,896 | |
| | | | |
Deutsche Wohnen AG (Real Estate, Real Estate Management & Development) | | | | | | | | | | | 22,307 | | | | 1,040,296 | |
| | | | |
E.ON SE (Utilities, Multi-Utilities) | | | | | | | | | | | 146,612 | | | | 1,615,107 | |
| | | | |
Evonik Industries AG (Materials, Chemicals) | | | | | | | | | | | 10,933 | | | | 307,784 | |
| | | | |
Evotec AG (Health Care, Life Sciences Tools & Services) † | | | | | | | | | | | 7,219 | | | | 169,644 | |
| | | | |
Fraport AG (Industrials, Transportation Infrastructure) | | | | | | | | | | | 2,538 | | | | 203,869 | |
| | | | |
Freenet AG (Communication Services, Wireless Telecommunication Services) | | | | | | | | | | | 9,071 | | | | 191,034 | |
| | | | |
Fresenius Medical Care AG & Company KGaA (Health Care, Health Care Providers & Services) | | | | | | | | | | | 14,384 | | | | 1,126,951 | |
| | | | |
Fresenius SE & Company KGaA (Health Care, Health Care Providers & Services) | | | | | | | | | | | 28,844 | | | | 1,621,729 | |
| | | | |
Gerresheimer AG (Health Care, Life Sciences Tools & Services) | | | | | | | | | | | 2,083 | | | | 159,928 | |
| | | | |
Grenke AG (Financials, Diversified Financial Services) | | | | | | | | | | | 1,945 | | | | 198,447 | |
| | | | |
Hannover Rueck SE (Financials, Insurance) | | | | | | | | | | | 3,991 | | | | 594,682 | |
| | | | |
HELLA GmbH & Company KGaA (Consumer Discretionary, Auto Components) | | | | | | | | | | | 2,836 | | | | 128,387 | |
| | | | |
Hochtief AG (Industrials, Construction & Engineering) | | | | | | | | | | | 1,190 | | | | 188,687 | |
| | | | |
Hugo Boss AG (Consumer Discretionary, Textiles, Apparel & Luxury Goods) | | | | | | | | | | | 4,034 | | | | 298,342 | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 118 | | Wells Fargo Funds | | Portfolio of investments—February 28, 2019 |
FACTOR ENHANCED INTERNATIONAL PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | Shares | | | Value | |
| | | | |
| Germany(continued) | | | | | | | | | | | | | | | | |
| | | | |
Innogy SE (Utilities, Multi-Utilities) | | | | | | | | | | | 5,310 | | | $ | 245,460 | |
| | | | |
Kion Group AG (Industrials, Machinery) | | | | | | | | | | | 4,585 | | | | 261,386 | |
| | | | |
Knorr Bremse AG (Industrials, Machinery) † | | | | | | | | | | | 3,129 | | | | 314,409 | |
| | | | |
LEG Immobilien AG (Real Estate, Real Estate Management & Development) | | | | | | | | | | | 4,162 | | | | 464,696 | |
| | | | |
MAN SE (Industrials, Machinery) | | | | | | | | | | | 1,107 | | | | 113,576 | |
| | | | |
Merck KGaA (Health Care, Pharmaceuticals) | | | | | | | | | | | 8,872 | | | | 916,102 | |
| | | | |
Metro AG (Consumer Staples, Food & Staples Retailing) | | | | | | | | | | | 11,534 | | | | 193,707 | |
| | | | |
MTU Aero Engines AG (Industrials, Aerospace & Defense) | | | | | | | | | | | 3,353 | | | | 718,914 | |
| | | | |
Muenchener Rueckversicherungs Gesellschaft AG (Financials, Insurance) | | | | | | | | | | | 10,325 | | | | 2,432,217 | |
| | | | |
Nemetschek SE (Information Technology, Software) | | | | | | | | | | | 1,125 | | | | 164,305 | |
| | | | |
Osram Licht AG (Industrials, Electrical Equipment) | | | | | | | | | | | 7,458 | | | | 323,206 | |
| | | | |
ProSiebenSat.1 Media AG (Communication Services, Media) | | | | | | | | | | | 15,990 | | | | 291,733 | |
| | | | |
Puma AG Rudolf Dassler Sport (Consumer Discretionary, Textiles, Apparel & Luxury Goods) | | | | | | | | | | | 529 | | | | 298,148 | |
| | | | |
Rheinmetall AG (Industrials, Industrial Conglomerates) | | | | | | | | | | | 2,842 | | | | 303,997 | |
| | | | |
Scout24 AG (Communication Services, Interactive Media & Services) | | | | | | | | | | | 7,613 | | | | 400,930 | |
| | | | |
Siltronic AG (Information Technology, Semiconductors & Semiconductor Equipment) | | | | | | | | | | | 1,298 | | | | 126,883 | |
| | | | |
Symrise AG (Materials, Chemicals) | | | | | | | | | | | 7,739 | | | | 682,035 | |
| | | | |
TAG Immobilien AG (Real Estate, Real Estate Management & Development) | | | | | | | | | | | 9,713 | | | | 226,485 | |
| | | | |
TUI AG (Consumer Discretionary, Hotels, Restaurants & Leisure) | | | | | | | | | | | 29,169 | | | | 309,584 | |
| | | | |
Uniper SE (Utilities, Independent Power & Renewable Electricity Producers) | | | | | | | | | | | 12,494 | | | | 363,951 | |
| | | | |
United Internet AG (Communication Services, Diversified Telecommunication Services) | | | | | | | | | | | 9,113 | | | | 331,595 | |
| | | | |
Vonovia SE (Real Estate, Real Estate Management & Development) | | | | | | | | | | | 32,397 | | | | 1,571,282 | |
| | | | |
Zalando SE (Consumer Discretionary, Internet & Direct Marketing Retail) †144A | | | | | | | | | | | 8,800 | | | | 324,310 | |
| | | | |
| | | | | | | | | | | | | | | 35,515,583 | |
| | | | | | | | | | | | | | | | |
|
| Hong Kong: 3.58% | |
| | | | |
ASM Pacific Technology (Information Technology, Semiconductors & Semiconductor Equipment) | | | | | | | | | | | 20,744 | | | | 219,735 | |
| | | | |
CK Asset Holdings Limited (Real Estate, Real Estate Management & Development) | | | | | | | | | | | 163,690 | | | | 1,358,566 | |
| | | | |
CK Hutchison Holdings Limited (Industrials, Industrial Conglomerates) | | | | | | | | | | | 186,070 | | | | 1,980,464 | |
| | | | |
CK Infrastructure Holdings Limited (Utilities, Electric Utilities) | | | | | | | | | | | 50,000 | | | | 416,892 | |
| | | | |
CLP Holdings Limited (Utilities, Electric Utilities) | | | | | | | | | | | 121,886 | | | | 1,444,046 | |
| | | | |
Dairy Farm International Holdings Limited (Consumer Staples, Food & Staples Retailing) | | | | | | | | | | | 20,340 | | | | 181,840 | |
| | | | |
Fullshare Holdings Limited (Industrials, Electrical Equipment) | | | | | | | | | | | 722,500 | | | | 144,505 | |
| | | | |
Hang Lung Group Limited (Real Estate, Real Estate Management & Development) | | | | | | | | | | | 56,705 | | | | 178,067 | |
| | | | |
Hang Lung Properties Limited (Real Estate, Real Estate Management & Development) | | | | | | | | | | | 127,332 | | | | 300,740 | |
| | | | |
Hang Seng Bank Limited (Financials, Banks) | | | | | | | | | | | 50,555 | | | | 1,252,645 | |
| | | | |
Henderson Land Development Company Limited (Real Estate, Real Estate Management & Development) | | | | | | | | | | | 76,908 | | | | 435,009 | |
| | | | |
HK Electric Investments Limited (Utilities, Electric Utilities) | | | | | | | | | | | 150,500 | | | | 156,832 | |
| | | | |
Hong Kong & China Gas Company Limited (Utilities, Gas Utilities) | | | | | | | | | | | 608,269 | | | | 1,408,749 | |
| | | | |
Hong Kong Exchanges & Clearing Limited (Financials, Capital Markets) | | | | | | | | | | | 78,500 | | | | 2,706,086 | |
| | | | |
Hong Kong Land Holdings Limited (Real Estate, Real Estate Management & Development) | | | | | | | | | | | 73,525 | | | | 527,174 | |
| | | | |
Hong Kong Telecommunications Trust & Hong Kong Trust Limited (Communication Services, Diversified Telecommunication Services) | | | | | | | | | | | 182,574 | | | | 285,150 | |
| | | | |
Hopewell Holdings (Industrials, Industrial Conglomerates) | | | | | | | | | | | 49,000 | | | | 225,345 | |
| | | | |
Hysan Development Company Limited (Real Estate, Real Estate Management & Development) | | | | | | | | | | | 41,574 | | | | 219,528 | |
| | | | |
Jardine Matheson Holdings Limited (Industrials, Industrial Conglomerates) | | | | | | | | | | | 19,528 | | | | 1,338,840 | |
| | | | |
Jardine Strategic Holdings Limited (Industrials, Industrial Conglomerates) | | | | | | | | | | | 12,017 | | | | 474,672 | |
| | | | |
Kerry Properties Limited (Real Estate, Real Estate Management & Development) | | | | | | | | | | | 40,500 | | | | 169,228 | |
| | | | |
Link REIT (Real Estate, Equity REITs) | | | | | | | | | | | 147,607 | | | | 1,668,858 | |
| | | | |
Minth Group Limited (Consumer Discretionary, Auto Components) | | | | | | | | | | | 44,000 | | | | 174,324 | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—February 28, 2019 | | Wells Fargo Funds | | | 119 | |
FACTOR ENHANCED INTERNATIONAL PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | Shares | | | Value | |
| | | | |
| Hong Kong(continued) | | | | | | | | | | | | | | | | |
| | | | |
MTR Corporation Limited (Industrials, Road & Rail) | | | | | | | | | | | 110,069 | | | $ | 632,391 | |
| | | | |
New World Development Limited (Real Estate, Real Estate Management & Development) | | | | | | | | | | | 360,961 | | | | 576,636 | |
| | | | |
NWS Holdings Limited (Industrials, Industrial Conglomerates) | | | | | | | | | | | 105,429 | | | | 255,187 | |
| | | | |
PCCW Limited (Communication Services, Diversified Telecommunication Services) | | | | | | | | | | | 301,000 | | | | 180,989 | |
| | | | |
Shangri-La Asia Limited (Consumer Discretionary, Hotels, Restaurants & Leisure) | | | | | | | | | | | 106,000 | | | | 150,700 | |
| | | | |
Sino Land Company (Real Estate, Real Estate Management & Development) | | | | | | | | | | | 201,899 | | | | 376,033 | |
| | | | |
SJM Holdings Limited (Consumer Discretionary, Hotels, Restaurants & Leisure) | | | | | | | | | | | 154,000 | | | | 173,623 | |
| | | | |
Sun Hung Kai Properties Limited (Real Estate, Real Estate Management & Development) | | | | | | | | | | | 101,000 | | | | 1,672,665 | |
| | | | |
Swire Pacific Limited Class A (Real Estate, Real Estate Management & Development) | | | | | | | | | | | 32,478 | | | | 386,232 | |
| | | | |
Swire Properties Limited (Real Estate, Real Estate Management & Development) | | | | | | | | | | | 76,353 | | | | 306,394 | |
| | | | |
Techtronic Industries Company Limited (Consumer Discretionary, Household Durables) | | | | | | | | | | | 97,743 | | | | 653,093 | |
| | | | |
The Bank of East Asia Limited (Financials, Banks) | | | | | | | | | | | 102,600 | | | | 357,478 | |
| | | | |
The Wharf Holdings Limited (Real Estate, Real Estate Management & Development) | | | | | | | | | | | 69,717 | | | | 218,039 | |
| | | | |
Vitasoy International Holdings Limited (Consumer Staples, Food Products) | | | | | | | | | | | 59,005 | | | | 254,820 | |
| | | | |
Wharf Real Estate Investment Company Limited (Real Estate, Real Estate Management & Development) | | | | | | | | | | | 78,000 | | | | 548,005 | |
| | | | |
Wheelock & Company Limited (Real Estate, Real Estate Management & Development) | | | | | | | | | | | 52,945 | | | | 358,486 | |
| | | | |
Wynn Macau Limited (Consumer Discretionary, Hotels, Restaurants & Leisure) | | | | | | | | | | | 104,334 | | | | 257,853 | |
| | | | |
Xinyi Glass Holdings Limited (Consumer Discretionary, Auto Components) | | | | | | | | | | | 150,000 | | | | 171,980 | |
| | | | |
Yue Yuen Industrial Holdings Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods) | | | | | | | | | | | 55,222 | | | | 185,721 | |
| | | | |
| | | | | | | | | | | | | | | 24,983,620 | |
| | | | | | | | | | | | | | | | |
|
| Ireland: 0.62% | |
| | | | |
AIB Group plc (Financials, Banks) | | | | | | | | | | | 64,573 | | | | 303,783 | |
| | | | |
Bank of Ireland Group plc (Financials, Banks) | | | | | | | | | | | 69,010 | | | | 448,601 | |
| | | | |
DCC plc (Industrials, Industrial Conglomerates) | | | | | | | | | | | 6,492 | | | | 561,846 | |
| | | | |
Glanbia plc (Consumer Staples, Food Products) | | | | | | | | | | | 15,796 | | | | 320,354 | |
| | | | |
Kerry Group plc Class A (Consumer Staples, Food Products) | | | | | | | | | | | 10,684 | | | | 1,099,802 | |
| | | | |
Kingspan Group plc (Industrials, Building Products) | | | | | | | | | | | 11,448 | | | | 539,872 | |
| | | | |
Paddy Power plc (Consumer Discretionary, Hotels, Restaurants & Leisure) | | | | | | | | | | | 5,911 | | | | 478,038 | |
| | | | |
Smurfit Kappa Group plc (Materials, Containers & Packaging) | | | | | | | | | | | 15,832 | | | | 449,122 | |
| | | | |
UDG Healthcare plc (Health Care, Health Care Providers & Services) | | | | | | | | | | | 18,502 | | | | 141,965 | |
| | | | |
| | | | | | | | | | | | | | | 4,343,383 | |
| | | | | | | | | | | | | | | | |
|
| Italy: 0.78% | |
| | | | |
A2A SpA (Utilities, Multi-Utilities) | | | | | | | | | | | 107,624 | | | | 190,725 | |
| | | | |
Atlantia SpA (Industrials, Transportation Infrastructure) | | | | | | | | | | | 30,935 | | | | 752,298 | |
| | | | |
Davide Campari-Milano SpA (Consumer Staples, Beverages) | | | | | | | | | | | 30,209 | | | | 288,119 | |
| | | | |
DiaSorin SpA (Health Care, Health Care Equipment & Supplies) | | | | | | | | | | | 1,767 | | | | 173,352 | |
| | | | |
FinecoBank SpA (Financials, Banks) | | | | | | | | | | | 25,603 | | | | 318,159 | |
| | | | |
Interpump Group SpA (Industrials, Machinery) | | | | | | | | | | | 5,488 | | | | 177,906 | |
| | | | |
Italgas SpA (Utilities, Gas Utilities) | | | | | | | | | | | 31,933 | | | | 193,452 | |
| | | | |
Mediobanca SpA (Financials, Banks) | | | | | | | | | | | 42,149 | | | | 422,947 | |
| | | | |
Moncler SpA (Consumer Discretionary, Textiles, Apparel & Luxury Goods) | | | | | | | | | | | 12,636 | | | | 484,651 | |
| | | | |
Poste Italiane SpA (Financials, Insurance) | | | | | | | | | | | 31,515 | | | | 284,264 | |
| | | | |
Recordati SpA (Health Care, Pharmaceuticals) | | | | | | | | | | | 7,292 | | | | 274,292 | |
| | | | |
Saipem SpA (Energy, Energy Equipment & Services) † | | | | | | | | | | | 34,677 | | | | 180,059 | |
| | | | |
Snam SpA (Energy, Oil, Gas & Consumable Fuels) | | | | | | | | | | | 142,274 | | | | 703,149 | |
| | | | |
Telecom Italia SpA (Communication Services, Diversified Telecommunication Services) † | | | | | | | | | | | 769,600 | | | | 469,029 | |
| | | | |
Terna SpA (Utilities, Electric Utilities) | | | | | | | | | | | 90,641 | | | | 563,748 | |
| | | | |
| | | | | | | | | | | | | | | 5,476,150 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 120 | | Wells Fargo Funds | | Portfolio of investments—February 28, 2019 |
FACTOR ENHANCED INTERNATIONAL PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | Shares | | | Value | |
|
| Japan: 20.83% | |
| | | | |
Acom Company Limited (Financials, Consumer Finance) | | | | | | | | | | | 34,900 | | | $ | 119,292 | |
| | | | |
Activia Properties Incorporated (Real Estate, Equity REITs) | | | | | | | | | | | 44 | | | | 183,358 | |
| | | | |
Advance Residence Investment Corporation (Real Estate, Equity REITs) | | | | | | | | | | | 88 | | | | 244,741 | |
| | | | |
Advantest Corporation (Information Technology, Semiconductors & Semiconductor Equipment) | | | | | | | | | | | 13,500 | | | | 318,409 | |
| | | | |
Aeon Company Limited (Consumer Staples, Food & Staples Retailing) | | | | | | | | | | | 62,000 | | | | 1,304,912 | |
| | | | |
Aica Kogyo Company Limited (Industrials, Building Products) | | | | | | | | | | | 4,900 | | | | 170,345 | |
| | | | |
Ain Holdings Incorporated (Consumer Staples, Food & Staples Retailing) | | | | | | | | | | | 2,000 | | | | 137,263 | |
| | | | |
Air Water Incorporated (Materials, Chemicals) | | | | | | | | | | | 12,800 | | | | 203,946 | |
| | | | |
Aisin Seiki Company Limited (Consumer Discretionary, Auto Components) | | | | | | | | | | | 11,900 | | | | 463,872 | |
| | | | |
Ajinomoto Company Incorporated (Consumer Staples, Food Products) | | | | | | | | | | | 38,600 | | | | 583,164 | |
| | | | |
Alfresa Holdings Corporation (Health Care, Health Care Providers & Services) | | | | | | | | | | | 13,600 | | | | 393,487 | |
| | | | |
All Nippon Airways Company Limited (Industrials, Airlines) | | | | | | | | | | | 26,400 | | | | 978,646 | |
| | | | |
Alps Electric Company Limited (Information Technology, Electronic Equipment, Instruments & Components) | | | | | | | | | | | 15,700 | | | | 308,042 | |
| | | | |
Amada Holdings Company Limited (Industrials, Machinery) | | | | | | | | | | | 25,200 | | | | 264,740 | |
| | | | |
Anritsu Corporation Anritsu Corp(Information Technology, Electronic Equipment, Instruments & Components) | | | | | | | | | | | 9,000 | | | | 177,796 | |
| | | | |
Aozora Bank Limited (Financials, Banks) | | | | | | | | | | | 8,000 | | | | 230,386 | |
| | | | |
Asahi Breweries Limited (Consumer Staples, Beverages) | | | | | | | | | | | 31,000 | | | | 1,336,895 | |
| | | | |
Asahi Glass Company Limited (Industrials, Building Products) | | | | | | | | | | | 15,900 | | | | 550,612 | |
| | | | |
Asahi Intecc Company Limited (Health Care, Health Care Equipment & Supplies) | | | | | | | | | | | 9,100 | | | | 436,774 | |
| | | | |
Asahi Kasei Corporation (Materials, Chemicals) | | | | | | | | | | | 96,700 | | | | 1,053,190 | |
| | | | |
ASICS Corporation (Consumer Discretionary, Textiles, Apparel & Luxury Goods) | | | | | | | | | | | 12,500 | | | | 166,196 | |
| | | | |
Astellas Pharma Incorporated (Health Care, Pharmaceuticals) | | | | | | | | | | | 125,100 | | | | 1,928,716 | |
| | | | |
Azbil Corporation (Information Technology, Electronic Equipment, Instruments & Components) | | | | | | | | | | | 10,000 | | | | 220,518 | |
| | | | |
Bandai Namco Holdings Incorporated (Consumer Discretionary, Leisure Products) | | | | | | | | | | | 16,200 | | | | 688,898 | |
| | | | |
Benesse Corporation (Consumer Discretionary, Diversified Consumer Services) | | | | | | | | | | | 5,500 | | | | 149,262 | |
| | | | |
Bic Camera Incorporated (Consumer Discretionary, Specialty Retail) | | | | | | | | | | | 9,900 | | | | 112,265 | |
| | | | |
Bridgestone Corporation (Consumer Discretionary, Auto Components) | | | | | | | | | | | 47,000 | | | | 1,852,339 | |
| | | | |
CALBEE Incorporated (Consumer Staples, Food Products) | | | | | | | | | | | 5,800 | | | | 160,526 | |
| | | | |
Casio Computer Company Limited (Consumer Discretionary, Household Durables) | | | | | | | | | | | 17,500 | | | | 237,227 | |
| | | | |
Central Japan Railway Company (Industrials, Road & Rail) | | | | | | | | | | | 13,900 | | | | 3,114,453 | |
| | | | |
Chubu Electric Power Company Incorporated (Utilities, Electric Utilities) | | | | | | | | | | | 44,200 | | | | 694,931 | |
| | | | |
Chugai Pharmaceutical Company Limited (Health Care, Pharmaceuticals) | | | | | | | | | | | 15,300 | | | | 1,039,080 | |
| | | | |
Citizen Holdings Company Limited (Information Technology, Electronic Equipment, Instruments & Components) | | | | | | | | | | | 21,700 | | | | 123,232 | |
| | | | |
Coca-Cola Bottlers Japan Incorporated (Consumer Staples, Beverages) | | | | | | | | | | | 11,300 | | | | 290,750 | |
| | | | |
Comsys Holdings Corporation (Industrials, Construction & Engineering) | | | | | | | | | | | 7,600 | | | | 202,776 | |
| | | | |
Cosmos Pharmaceutical Corporation (Consumer Staples, Food & Staples Retailing) | | | | | | | | | | | 800 | | | | 146,414 | |
| | | | |
Credit Saison Company Limited (Financials, Consumer Finance) | | | | | | | | | | | 10,900 | | | | 158,026 | |
| | | | |
CyberAgent Incorporated (Communication Services, Media) | | | | | | | | | | | 7,100 | | | | 220,711 | |
| | | | |
Dai Nippon Printing Company Limited (Industrials, Commercial Services & Supplies) | | | | | | | | | | | 19,600 | | | | 453,315 | |
| | | | |
Daicel Corporation (Materials, Chemicals) | | | | | | | | | | | 23,800 | | | | 250,245 | |
| | | | |
Daifuku Company Limited (Industrials, Machinery) | | | | | | | | | | | 8,600 | | | | 421,262 | |
| | | | |
Daiichikosho Company Limited (Communication Services, Entertainment) | | | | | | | | | | | 3,100 | | | | 152,963 | |
| | | | |
Daito Trust Construction Company Limited (Real Estate, Real Estate Management & Development) | | | | | | | | | | | 5,200 | | | | 720,065 | |
| | | | |
Daiwa House Residential Investment Corporation (Real Estate, Equity REITs) | | | | | | | | | | | 117 | | | | 260,735 | |
| | | | |
Daiwa Securities Group Incorporated (Financials, Capital Markets) | | | | | | | | | | | 107,400 | | | | 544,877 | |
| | | | |
DeNA Company Limited (Communication Services, Entertainment) | | | | | | | | | | | 7,400 | | | | 113,856 | |
| | | | |
Denka Company Limited (Materials, Chemicals) | | | | | | | | | | | 5,800 | | | | 174,575 | |
| | | | |
DIC Incorporated (Materials, Chemicals) | | | | | | | | | | | 6,200 | | | | 196,905 | |
| | | | |
Disco Corporation (Information Technology, Semiconductors & Semiconductor Equipment) | | | | | | | | | | | 2,100 | | | | 289,006 | |
| | | | |
DMG Mori Seiko Company Limited (Industrials, Machinery) | | | | | | | | | | | 8,500 | | | | 109,963 | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—February 28, 2019 | | Wells Fargo Funds | | | 121 | |
FACTOR ENHANCED INTERNATIONAL PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | Shares | | | Value | |
| | | | |
| Japan(continued) | | | | | | | | | | | | | | | | |
| | | | |
Ebara Corporation (Industrials, Machinery) | | | | | | | | | | | 6,600 | | | $ | 187,108 | |
| | | | |
Eisai Company Limited (Health Care, Pharmaceuticals) | | | | | | | | | | | 20,700 | | | | 1,707,590 | |
| | | | |
Electric Power Development Company Limited (Utilities, Independent Power & Renewable Electricity Producers) | | | | | | | | | | | 12,100 | | | | 302,215 | |
| | | | |
Ezaki Glico Company Limited (Consumer Staples, Food Products) | | | | | | | | | | | 4,200 | | | | 212,515 | |
| | | | |
FamilyMart Company Limited (Consumer Staples, Food & Staples Retailing) | | | | | | | | | | | 20,800 | | | | 592,473 | |
| | | | |
FANCL Corporation (Consumer Staples, Personal Products) | | | | | | | | | | | 8,600 | | | | 194,815 | |
| | | | |
Fuji Electric Holdings Company Limited (Industrials, Electrical Equipment) | | | | | | | | | | | 10,300 | | | | 323,420 | |
| | | | |
Fuji Television Network Incorporated (Communication Services, Media) | | | | | | | | | | | 14,400 | | | | 210,577 | |
| | | | |
FUJIFILM Holdings Corporation (Information Technology, Technology Hardware, Storage & Peripherals) | | | | | | | | | | | 27,600 | | | | 1,235,828 | |
| | | | |
Fujitsu Limited (Information Technology, IT Services) | | | | | | | | | | | 13,900 | | | | 936,393 | |
| | | | |
Fukuoka Financial Group Incorporated (Financials, Banks) | | | | | | | | | | | 11,500 | | | | 248,437 | |
| | | | |
Furukawa Electric Company Limited (Industrials, Electrical Equipment) | | | | | | | | | | | 4,600 | | | | 141,138 | |
| | | | |
GLPJ-REIT (Real Estate, Equity REITs) | | | | | | | | | | | 228 | | | | 237,890 | |
| | | | |
GMO Payment Gateway Incorporated (Information Technology, IT Services) | | | | | | | | | | | 2,200 | | | | 130,660 | |
| | | | |
GS Yuasa Corporation (Industrials, Electrical Equipment) | | | | | | | | | | | 5,600 | | | | 112,085 | |
| | | | |
Hakuhodo DY Holdings Incorporated (Communication Services, Media) | | | | | | | | | | | 22,200 | | | | 339,976 | |
| | | | |
Hamamatsu Photonics (Information Technology, Electronic Equipment, Instruments & Components) | | | | | | | | | | | 10,000 | | | | 351,680 | |
| | | | |
Haseko Corporation (Consumer Discretionary, Household Durables) | | | | | | | | | | | 19,300 | | | | 240,850 | |
| | | | |
Hikari Tsushin Incorporated (Consumer Discretionary, Specialty Retail) | | | | | | | | | | | 1,600 | | | | 286,368 | |
| | | | |
Hino Motors Limited (Industrials, Machinery) | | | | | | | | | | | 18,800 | | | | 172,542 | |
| | | | |
Hisamitsu Pharmaceutical Company Incorporated (Health Care, Pharmaceuticals) | | | | | | | | | | | 6,100 | | | | 300,991 | |
| | | | |
Hitachi Construction Machinery Company Limited (Industrials, Machinery) | | | | | | | | | | | 7,600 | | | | 189,480 | |
| | | | |
Hitachi High Technologies Corporation (Information Technology, Electronic Equipment, Instruments & Components) | | | | | | | | | | | 4,400 | | | | 167,174 | |
| | | | |
Horiba Limited (Information Technology, Electronic Equipment, Instruments & Components) | | | | | | | | | | | 2,900 | | | | 146,737 | |
| | | | |
Hoshizaki Electric Company Limited (Industrials, Machinery) | | | | | | | | | | | 3,500 | | | | 236,756 | |
| | | | |
House Foods Corporation (Consumer Staples, Food Products) | | | | | | | | | | | 5,500 | | | | 220,069 | |
| | | | |
Hoya Corporation (Health Care, Health Care Equipment & Supplies) | | | | | | | | | | | 27,400 | | | | 1,672,785 | |
| | | | |
Ibiden Company Limited (Information Technology, Electronic Equipment, Instruments & Components) | | | | | | | | | | | 9,400 | | | | 133,244 | |
| | | | |
Idemitsu Kosan Company Limited (Energy, Oil, Gas & Consumable Fuels) | | | | | | | | | | | 11,400 | | | | 403,983 | |
| | | | |
IHI Corporation (Industrials, Machinery) | | | | | | | | | | | 10,600 | | | | 279,205 | |
| | | | |
Iida Group Holdings Company (Consumer Discretionary, Household Durables) | | | | | | | | | | | 13,000 | | | | 237,222 | |
| | | | |
ITO EN Limited (Consumer Staples, Beverages) | | | | | | | | | | | 4,700 | | | | 212,515 | |
| | | | |
Itochu Corporation (Industrials, Trading Companies & Distributors) | | | | | | | | | | | 98,800 | | | | 1,770,981 | |
| | | | |
Itochu Techno-Science Corporation (Information Technology, IT Services) | | | | | | | | | | | 6,800 | | | | 159,835 | |
| | | | |
Izumi Company Limited (Consumer Discretionary, Multiline Retail) | | | | | | | | | | | 3,500 | | | | 158,884 | |
| | | | |
Japan Airlines Company Limited (Industrials, Airlines) | | | | | | | | | | | 25,400 | | | | 926,309 | |
| | | | |
Japan Airport Terminal Company Limited (Industrials, Transportation Infrastructure) | | | | | | | | | | | 5,400 | | | | 214,130 | |
| | | | |
Japan Exchange Group Incorporated (Financials, Capital Markets) | | | | | | | | | | | 36,100 | | | | 636,402 | |
| | | | |
Japan Hotel REIT Investment Corporation (Real Estate, Equity REITs) | | | | | | | | | | | 267 | | | | 205,762 | |
| | | | |
Japan Prime Realty Investment Corporation (Real Estate, Equity REITs) | | | | | | | | | | | 61 | | | | 239,151 | |
| | | | |
Japan Real Estate Investment Corporation (Real Estate, Equity REITs) | | | | | | | | | | | 86 | | | | 497,645 | |
| | | | |
Japan Retail Fund Investment Corporation (Real Estate, Equity REITs) | | | | | | | | | | | 177 | | | | 356,334 | |
| | | | |
JFE Holdings Incorporated (Materials, Metals & Mining) | | | | | | | | | | | 38,900 | | | | 677,561 | |
| | | | |
JGC Corporation (Industrials, Construction & Engineering) | | | | | | | | | | | 17,000 | | | | 246,921 | |
| | | | |
JSR Corporation (Materials, Chemicals) | | | | | | | | | | | 13,700 | | | | 226,889 | |
| | | | |
JTEKT Corporation (Industrials, Machinery) | | | | | | | | | | | 16,500 | | | | 204,279 | |
| | | | |
JXTG Holdings Incorporated (Energy, Oil, Gas & Consumable Fuels) | | | | | | | | | | | 233,400 | | | | 1,090,310 | |
| | | | |
K’s Holdings Corporation (Consumer Discretionary, Specialty Retail) | | | | | | | | | | | 14,200 | | | | 130,452 | |
| | | | |
Kagome Company Limited (Consumer Staples, Food Products) | | | | | | | | | | | 6,100 | | | | 156,406 | |
| | | | |
Kajima Corporation (Industrials, Construction & Engineering) | | | | | | | | | | | 35,900 | | | | 530,778 | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 122 | | Wells Fargo Funds | | Portfolio of investments—February 28, 2019 |
FACTOR ENHANCED INTERNATIONAL PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | Shares | | | Value | |
| | | | |
| Japan(continued) | | | | | | | | | | | | | | | | |
| | | | |
Kakaku.com Incorporated (Communication Services, Interactive Media & Services) | | | | | | | | | | | 8,800 | | | $ | 169,029 | |
| | | | |
Kaken Pharmaceutical Company Limited (Health Care, Pharmaceuticals) | | | | | | | | | | | 2,600 | | | | 125,492 | |
| | | | |
Kamigumi Company Limited (Industrials, Transportation Infrastructure) | | | | | | | | | | | 8,200 | | | | 189,873 | |
| | | | |
Kaneka Corporation (Materials, Chemicals) | | | | | | | | | | | 4,400 | | | | 171,910 | |
| | | | |
Kansai Electric Power Company Incorporated (Utilities, Electric Utilities) | | | | | | | | | | | 56,000 | | | | 836,747 | |
| | | | |
Kao Corporation (Consumer Staples, Personal Products) | | | | | | | | | | | 36,400 | | | | 2,750,941 | |
| | | | |
Kawasaki Heavy Industries Limited (Industrials, Machinery) | | | | | | | | | | | 10,800 | | | | 277,109 | |
| | | | |
KDDI Corporation (Communication Services, Wireless Telecommunication Services) | | | | | | | | | | | 118,700 | | | | 2,863,006 | |
| | | | |
Keihan Electric Railway Company Limited (Industrials, Industrial Conglomerates) | | | | | | | | | | | 7,200 | | | | 297,780 | |
| | | | |
Keio Corporation (Industrials, Road & Rail) | | | | | | | | | | | 8,400 | | | | 492,854 | |
| | | | |
Keisei Electric Railway Company Limited (Industrials, Road & Rail) | | | | | | | | | | | 11,700 | | | | 398,870 | |
| | | | |
Kenedix Realty Investment Corporation (Real Estate, Equity REITs) | | | | | | | | | | | 27 | | | | 179,976 | |
| | | | |
Kewpie Corporation (Consumer Staples, Food Products) | | | | | | | | | | | 8,500 | | | | 193,846 | |
| | | | |
Kikkoman Corporation (Consumer Staples, Food Products) | | | | | | | | | | | 14,300 | | | | 710,734 | |
| | | | |
Kinden Corporation (Industrials, Construction & Engineering) | | | | | | | | | | | 9,700 | | | | 157,163 | |
| | | | |
Kintetsu Corporation (Industrials, Road & Rail) | | | | | | | | | | | 12,800 | | | | 577,616 | |
| | | | |
Kirin Brewery Company Limited (Consumer Staples, Beverages) | | | | | | | | | | | 61,200 | | | | 1,366,589 | |
| | | | |
Kobayashi Pharmaceutical Company Limited (Consumer Staples, Personal Products) | | | | | | | | | | | 4,500 | | | | 362,535 | |
| | | | |
Kobe Steel Limited (Materials, Metals & Mining) | | | | | | | | | | | 24,000 | | | | 189,692 | |
| | | | |
Koito Manufacturing Company Limited (Consumer Discretionary, Auto Components) | | | | | | | | | | | 8,800 | | | | 508,429 | |
| | | | |
Konami Holdings Corporation (Communication Services, Entertainment) | | | | | | | | | | | 6,700 | | | | 276,199 | |
| | | | |
Konica Minolta Holdings Incorporated (Information Technology, Technology Hardware, Storage & Peripherals) | | | | | | | | | | | 32,900 | | | | 318,773 | |
| | | | |
Kuraray Company Limited (Materials, Chemicals) | | | | | | | | | | | 23,700 | | | | 317,658 | |
| | | | |
Kurita Water Industries Limited (Industrials, Machinery) | | | | | | | | | | | 8,100 | | | | 203,763 | |
| | | | |
Kyowa Exeo Corporation (Industrials, Construction & Engineering) | | | | | | | | | | | 6,400 | | | | 172,538 | |
| | | | |
Kyowa Hakko Kogyo Company Limited (Health Care, Pharmaceuticals) | | | | | | | | | | | 17,700 | | | | 337,597 | |
| | | | |
Kyudenko Corporation (Industrials, Construction & Engineering) | | | | | | | | | | | 4,100 | | | | 140,143 | |
| | | | |
Kyushu Electric Power Company Incorporated (Utilities, Electric Utilities) | | | | | | | | | | | 31,000 | | | | 368,223 | |
| | | | |
Kyushu Financial Group Incorporated (Financials, Banks) | | | | | | | | | | | 32,500 | | | | 131,790 | |
| | | | |
Kyushu Railway Company (Industrials, Road & Rail) | | | | | | | | | | | 10,900 | | | | 372,574 | |
| | | | |
Lawson Incorporated (Consumer Staples, Food & Staples Retailing) | | | | | | | | | | | 3,500 | | | | 211,950 | |
| | | | |
Lion Corporation (Consumer Staples, Household Products) | | | | | | | | | | | 21,600 | | | | 442,406 | |
| | | | |
LIXIL Group Corporation (Industrials, Building Products) | | | | | | | | | | | 19,300 | | | | 261,281 | |
| | | | |
M3 Incorporated (Health Care, Health Care Technology) | | | | | | | | | | | 26,600 | | | | 440,529 | |
| | | | |
Mabuchi Motor Company Limited (Industrials, Electrical Equipment) | | | | | | | | | | | 4,200 | | | | 144,314 | |
| | | | |
Makita Corporation (Industrials, Machinery) | | | | | | | | | | | 19,600 | | | | 693,689 | |
| | | | |
Marubeni Corporation (Industrials, Trading Companies & Distributors) | | | | | | | | | | | 118,500 | | | | 844,857 | |
| | | | |
Marui Group Company Limited (Consumer Discretionary, Multiline Retail) | | | | | | | | | | | 15,900 | | | | 279,443 | |
| | | | |
Maruichi Steel Tube Limited (Materials, Metals & Mining) | | | | | | | | | | | 5,700 | | | | 171,309 | |
| | | | |
Matsumotokiyoshi Holdings Company Limited (Consumer Staples, Food & Staples Retailing) | | | | | | | | | | | 7,300 | | | | 250,177 | |
| | | | |
Mebuki Financial Group Incorporated (Financials, Banks) | | | | | | | | | | | 71,000 | | | | 191,728 | |
| | | | |
Medipal Holdings Corporation (Health Care, Health Care Providers & Services) | | | | | | | | | | | 14,900 | | | | 347,018 | |
| | | | |
Meiji Holdings Company Limited (Consumer Staples, Food Products) | | | | | | | | | | | 10,200 | | | | 807,105 | |
| | | | |
Minebea Company Limited (Industrials, Machinery) | | | | | | | | | | | 29,000 | | | | 464,666 | |
| | | | |
Misumi Group Incorporated (Industrials, Machinery) | | | | | | | | | | | 18,900 | | | | 457,981 | |
| | | | |
Mitsubishi Chemical Holdings Corporation (Materials, Chemicals) | | | | | | | | | | | 94,400 | | | | 696,069 | |
| | | | |
Mitsubishi Gas Chemical Company Incorporated (Materials, Chemicals) | | | | | | | | | | | 14,500 | | | | 221,406 | |
| | | | |
Mitsubishi Heavy Industries Limited (Industrials, Machinery) | | | | | | | | | | | 22,200 | | | | 902,420 | |
| | | | |
Mitsubishi Materials Corporation (Materials, Metals & Mining) | | | | | | | | | | | 8,700 | | | | 238,837 | |
| | | | |
Mitsubishi Motors Corporation (Consumer Discretionary, Automobiles) | | | | | | | | | | | 44,500 | | | | 249,518 | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—February 28, 2019 | | Wells Fargo Funds | | | 123 | |
FACTOR ENHANCED INTERNATIONAL PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | Shares | | | Value | |
| | | | |
| Japan(continued) | | | | | | | | | | | | | | | | |
| | | | |
Mitsubishi UFJ Lease & Finance Company Limited (Financials, Diversified Financial Services) | | | | | | | | | | | 37,600 | | | $ | 191,264 | |
| | | | |
Mitsui & Company Limited (Industrials, Trading Companies & Distributors) | | | | | | | | | | | 118,400 | | | | 1,858,879 | |
| | | | |
Mitsui Chemicals Incorporated (Materials, Chemicals) | | | | | | | | | | | 13,800 | | | | 335,885 | |
| | | | |
Mitsui OSK Lines Limited (Industrials, Marine) | | | | | | | | | | | 8,100 | | | | 189,665 | |
| | | | |
Miura Company Limited (Industrials, Machinery) | | | | | | | | | | | 7,500 | | | | 171,579 | |
| | | | |
Mizuho Financial Group Incorporated (Financials, Banks) | | | | | | | | | | | 1,713,800 | | | | 2,693,740 | |
| | | | |
MonotaRO Company Limited (Industrials, Trading Companies & Distributors) | | | | | | | | | | | 10,400 | | | | 245,013 | |
| | | | |
Morinaga & Company Limited (Consumer Staples, Food Products) | | | | | | | | | | | 3,500 | | | | 156,686 | |
| | | | |
Nabtesco Corporation (Industrials, Machinery) | | | | | | | | | | | 8,300 | | | | 218,846 | |
| | | | |
Nagase & Company Limited (Industrials, Trading Companies & Distributors) | | | | | | | | | | | 8,800 | | | | 129,397 | |
| | | | |
Nagoya Railroad Company Limited (Industrials, Road & Rail) | | | | | | | | | | | 13,200 | | | | 362,966 | |
| | | | |
Nankai Electric Railway Company Limited (Industrials, Road & Rail) | | | | | | | | | | | 7,700 | | | | 206,411 | |
| | | | |
NEC Corporation (Information Technology, Technology Hardware, Storage & Peripherals) | | | | | | | | | | | 16,300 | | | | 543,260 | |
| | | | |
Nexon Company Limited (Communication Services, Entertainment) † | | | | | | | | | | | 30,900 | | | | 489,843 | |
| | | | |
NGK Insulators Limited (Industrials, Machinery) | | | | | | | | | | | 21,600 | | | | 329,237 | |
| | | | |
NGK Spark Plug Company Limited (Consumer Discretionary, Auto Components) | | | | | | | | | | | 14,800 | | | | 314,151 | |
| | | | |
NH Foods Limited (Consumer Staples, Food Products) | | | | | | | | | | | 6,800 | | | | 247,988 | |
| | | | |
NHK Spring Company Limited (Consumer Discretionary, Auto Components) | | | | | | | | | | | 14,000 | | | | 130,247 | |
| | | | |
Nichirei Corporation (Consumer Staples, Food Products) | | | | | | | | | | | 9,600 | | | | 238,568 | |
| | | | |
Nifco Incorporated (Consumer Discretionary, Auto Components) | | | | | | | | | | | 6,700 | | | | 170,107 | |
| | | | |
Nihon Kohden Corporation (Health Care, Health Care Equipment & Supplies) | | | | | | | | | | | 6,200 | | | | 186,058 | |
| | | | |
Nihon M&A Center Incorporated (Industrials, Professional Services) | | | | | | | | | | | 8,700 | | | | 219,324 | |
| | | | |
Nikon Corporation (Consumer Discretionary, Household Durables) | | | | | �� | | | | | | 27,200 | | | | 411,422 | |
| | | | |
Nippon Accommodations Fund Incorporated (Real Estate, Equity REITs) | | | | | | | | | | | 32 | | | | 159,045 | |
| | | | |
Nippon Building Fund Incorporated (Real Estate, Equity REITs) | | | | | | | | | | | 96 | | | | 624,411 | |
| | | | |
Nippon Electric Glass Company Limited (Information Technology, Electronic Equipment, Instruments & Components) | | | | | | | | | | | 6,000 | | | | 162,024 | |
| | | | |
Nippon Express Company Limited (Industrials, Road & Rail) | | | | | | | | | | | 7,200 | | | | 424,384 | |
| | | | |
Nippon Kayaku Company Limited (Materials, Chemicals) | | | | | | | | | | | 11,700 | | | | 142,229 | |
| | | | |
Nippon Paper Industries Company Limited (Materials, Paper & Forest Products) | | | | | | | | | | | 7,000 | | | | 139,353 | |
| | | | |
Nippon Prologis REIT Incorporated (Real Estate, Equity REITs) | | | | | | | | | | | 124 | | | | 263,430 | |
| | | | |
Nippon Shinyaku Company Limited (Health Care, Pharmaceuticals) | | | | | | | | | | | 5,400 | | | | 342,511 | |
| | | | |
Nippon Shokubai Company Limited (Materials, Chemicals) | | | | | | | | | | | 2,400 | | | | 163,424 | |
| | | | |
Nippon Television Network Corporation (Communication Services, Media) | | | | | | | | | | | 12,800 | | | | 200,845 | |
| | | | |
Nippon Yusen Kabushiki Kaisha (Industrials, Marine) | | | | | | | | | | | 11,300 | | | | 177,917 | |
| | | | |
Nishi-Nippon Railroad Company Limited (Industrials, Road & Rail) | | | | | | | | | | | 5,400 | | | | 128,817 | |
| | | | |
Nissan Chemical Industries Limited (Materials, Chemicals) | | | | | | | | | | | 10,200 | | | | 514,278 | |
| | | | |
Nissan Motor Company Limited (Consumer Discretionary, Automobiles) | | | | | | | | | | | 160,500 | | | | 1,385,773 | |
| | | | |
Nisshin Seifun Group Incorporated (Consumer Staples, Food Products) | | | | | | | | | | | 19,800 | | | | 424,191 | |
| | | | |
Nissin Food Products Company Limited (Consumer Staples, Food Products) | | | | | | | | | | | 5,700 | | | | 395,290 | |
| | | | |
Nitori Holdings Company Limited (Consumer Discretionary, Specialty Retail) | | | | | | | | | | | 6,000 | | | | 747,410 | |
| | | | |
NOF Corporation (Materials, Chemicals) | | | | | | | | | | | 6,200 | | | | 213,314 | |
| | | | |
NOK Corporation (Consumer Discretionary, Auto Components) | | | | | | | | | | | 8,200 | | | | 131,977 | |
| | | | |
Nomura Real Estate Holding Incorporated (Real Estate, Real Estate Management & Development) | | | | | | | | | | | 8,600 | | | | 162,718 | |
| | | | |
Nomura Real Estate Master Fund Incorporated (Real Estate, Equity REITs) | | | | | | | | | | | 281 | | | | 384,700 | |
| | | | |
Nomura Research Institute Limited (Information Technology, IT Services) | | | | | | | | | | | 8,300 | | | | 337,317 | |
| | | | |
NTN Corporation (Industrials, Machinery) | | | | | | | | | | | 35,100 | | | | 109,899 | |
| | | | |
NTT DOCOMO Incorporated (Communication Services, Wireless Telecommunication Services) | | | | | | | | | | | 79,300 | | | | 1,843,681 | |
| | | | |
Obayashi Corporation (Industrials, Construction & Engineering) | | | | | | | | | | | 49,100 | | | | 477,939 | |
| | | | |
OBIC Company Limited (Information Technology, IT Services) | | | | | | | | | | | 4,600 | | | | 438,685 | |
| | | | |
Odakyu Electric Railway Company Limited (Industrials, Road & Rail) | | | | | | | | | | | 22,900 | | | | 534,364 | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 124 | | Wells Fargo Funds | | Portfolio of investments—February 28, 2019 |
FACTOR ENHANCED INTERNATIONAL PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | Shares | | | Value | |
| | | | |
| Japan(continued) | | | | | | | | | | | | | | | | |
| | | | |
Oji Holdings Corporation (Materials, Paper & Forest Products) | | | | | | | | | | | 66,300 | | | $ | 393,761 | |
| | | | |
Oracle Corporation (Japan) (Information Technology, Software) | | | | | | | | | | | 2,000 | | | | 149,105 | |
| | | | |
Oriental Land Company Limited (Consumer Discretionary, Hotels, Restaurants & Leisure) | | | | | | | | | | | 15,700 | | | | 1,722,612 | |
| | | | |
ORIX Corporation (Financials, Diversified Financial Services) | | | | | | | | | | | 88,600 | | | | 1,281,328 | |
| | | | |
ORIX JREIT Incorporated (Real Estate, Equity REITs) | | | | | | | | | | | 186 | | | | 304,702 | |
| | | | |
Osaka Gas Company Limited (Utilities, Gas Utilities) | | | | | | | | | | | 26,900 | | | | 550,236 | |
| | | | |
OSG Corporation (Industrials, Machinery) | | | | | | | | | | | 6,700 | | | | 131,998 | |
| | | | |
Otsuka Corporation (Information Technology, IT Services) | | | | | | | | | | | 8,400 | | | | 301,817 | |
| | | | |
Otsuka Holdings Company Limited (Health Care, Pharmaceuticals) | | | | | | | | | | | 35,400 | | | | 1,474,246 | |
| | | | |
Pan Pacific International Holdings (Consumer Discretionary, Multiline Retail) | | | | | | | | | | | 10,700 | | | | 637,402 | |
| | | | |
Park24 Company Limited (Industrials, Commercial Services & Supplies) | | | | | | | | | | | 7,900 | | | | 189,518 | |
| | | | |
Persol Holdings Company Limited (Industrials, Professional Services) | | | | | | | | | | | 12,600 | | | | 215,680 | |
| | | | |
Pigeon Corporation (Consumer Staples, Household Products) | | | | | | | | | | | 9,200 | | | | 374,719 | |
| | | | |
Pola Orbis Holdings Incorporated (Consumer Staples, Personal Products) | | | | | | | | | | | 7,500 | | | | 210,268 | |
| | | | |
Rakuten Incorporated (Consumer Discretionary, Internet & Direct Marketing Retail) | | | | | | | | | | | 50,000 | | | | 392,948 | |
| | | | |
Recruit Holdings Company Limited (Industrials, Professional Services) | | | | | | | | | | | 102,300 | | | | 2,857,957 | |
| | | | |
Relo Holdings Incorporated (Real Estate, Real Estate Management & Development) | | | | | | | | | | | 7,800 | | | | 203,214 | |
| | | | |
Resona Holdings Incorporated (Financials, Banks) | | | | | | | | | | | 157,000 | | | | 708,905 | |
| | | | |
Ricoh Company Limited (Information Technology, Technology Hardware, Storage & Peripherals) | | | | | | | | | | | 50,700 | | | | 513,982 | |
| | | | |
Rinnai Corporation (Consumer Discretionary, Household Durables) | | | | | | | | | | | 2,900 | | | | 194,868 | |
| | | | |
Rohto Pharmaceutical Company Limited (Health Care, Pharmaceuticals) | | | | | | | | | | | 8,800 | | | | 231,082 | |
| | | | |
Ryohin Keikaku Company Limited (Consumer Discretionary, Multiline Retail) | | | | | | | | | | | 2,100 | | | | 497,753 | |
| | | | |
Sankyu Incorporated (Industrials, Road & Rail) | | | | | | | | | | | 4,100 | | | | 200,467 | |
| | | | |
Santen Pharmaceutical Company Limited (Health Care, Pharmaceuticals) | | | | | | | | | | | 29,000 | | | | 451,397 | |
| | | | |
Sanwa Holdings Corporation (Industrials, Building Products) | | | | | | | | | | | 16,200 | | | | 187,630 | |
| | | | |
Sawai Pharmaceutical Company Limited (Health Care, Pharmaceuticals) | | | | | | | | | | | 2,900 | | | | 165,989 | |
| | | | |
SBI Holdings Incorporated (Financials, Capital Markets) | | | | | | | | | | | 16,100 | | | | 338,567 | |
| | | | |
SCREEN Holdings Company Limited (Information Technology, Semiconductors & Semiconductor Equipment) | | | | | | | | | | | 3,000 | | | | 119,499 | |
| | | | |
SCSK Corporation (Information Technology, IT Services) | | | | | | | | | | | 3,400 | | | | 148,549 | |
| | | | |
Secom Company Limited (Industrials, Commercial Services & Supplies) | | | | | | | | | | | 14,900 | | | | 1,285,946 | |
| | | | |
Sega Sammy Holdings Incorporated (Consumer Discretionary, Leisure Products) | | | | | | | | | | | 12,600 | | | | 146,500 | |
| | | | |
Seibu Holdings Incorporated (Industrials, Industrial Conglomerates) | | | | | | | | | | | 19,900 | | | | 353,135 | |
| | | | |
Seiko Epson Corporation (Information Technology, Technology Hardware, Storage & Peripherals) | | | | | | | | | | | 22,100 | | | | 326,350 | |
| | | | |
SEINO Holdings Company Limited (Industrials, Road & Rail) | | | | | | | | | | | 12,500 | | | | 176,176 | |
| | | | |
Sekisui Chemical Company Limited (Consumer Discretionary, Household Durables) | | | | | | | | | | | 33,500 | | | | 525,048 | |
| | | | |
Sekisui House REIT incorporated (Real Estate, Equity REITs) | | | | | | | | | | | 230 | | | | 158,265 | |
| | | | |
Seven Bank Limited (Financials, Banks) | | | | | | | | | | | 50,200 | | | | 146,369 | |
| | | | |
SG Holdings Company Limited (Industrials, Air Freight & Logistics) | | | | | | | | | | | 18,200 | | | | 532,293 | |
| | | | |
Sharp Corporation (Consumer Discretionary, Household Durables) | | | | | | | | | | | 13,500 | | | | 157,691 | |
| | | | |
Shikoku Electric Power Company Incorporated (Utilities, Electric Utilities) | | | | | | | | | | | 13,500 | | | | 169,923 | |
| | | | |
Shimadzu Corporation (Information Technology, Electronic Equipment, Instruments & Components) | | | | | | | | | | | 17,700 | | | | 435,890 | |
| | | | |
Shimamura Company Limited (Consumer Discretionary, Specialty Retail) | | | | | | | | | | | 1,700 | | | | 143,516 | |
| | | | |
Shimizu Corporation (Industrials, Construction & Engineering) | | | | | | | | | | | 49,000 | | | | 429,929 | |
| | | | |
Shinsei Bank Limited (Financials, Banks) | | | | | | | | | | | 11,000 | | | | 150,890 | |
| | | | |
Shionogi & Company Limited (Health Care, Pharmaceuticals) | | | | | | | | | | | 20,800 | | | | 1,327,886 | |
| | | | |
Shizuoka Bank Limited (Financials, Banks) | | | | | | | | | | | 42,000 | | | | 331,207 | |
| | | | |
Showa Denko KK (Materials, Chemicals) | | | | | | | | | | | 9,600 | | | | 356,991 | |
| | | | |
Showa Shell Sekiyu KK (Energy, Oil, Gas & Consumable Fuels) | | | | | | | | | | | 13,700 | | | | 205,257 | |
| | | | |
Skylark Holdings Company Limited (Consumer Discretionary, Hotels, Restaurants & Leisure) | | | | | | | | | | | 13,300 | | | | 203,441 | |
| | | | |
Sohgo Security Services Company Limited (Industrials, Commercial Services & Supplies) | | | | | | | | | | | 6,200 | | | | 267,546 | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—February 28, 2019 | | Wells Fargo Funds | | | 125 | |
FACTOR ENHANCED INTERNATIONAL PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | Shares | | | Value | |
| | | | |
| Japan(continued) | | | | | | | | | | | | | | | | |
| | | | |
Sojitz Corporation (Industrials, Trading Companies & Distributors) | | | | | | | | | | | 81,600 | | | $ | 299,416 | |
| | | | |
Sompo Holdings Incorporated NKSJ Holdings Inc(Financials, Insurance) | | | | | | | | | | | 25,400 | | | | 947,273 | |
| | | | |
Sony Financial Holdings Incorporated (Financials, Insurance) | | | | | | | | | | | 11,200 | | | | 211,510 | |
| | | | |
Sotetsu Holdings Incorporated (Industrials, Road & Rail) | | | | | | | | | | | 6,300 | | | | 189,059 | |
| | | | |
Square Enix Company Limited (Communication Services, Entertainment) | | | | | | | | | | | 5,700 | | | | 167,730 | |
| | | | |
Sugi Pharmacy Company Limited (Consumer Staples, Food & Staples Retailing) | | | | | | | | | | | 3,000 | | | | 130,131 | |
| | | | |
Sumitomo Chemical Company Limited (Materials, Chemicals) | | | | | | | | | | | 108,900 | | | | 539,298 | |
| | | | |
Sumitomo Corporation (Industrials, Trading Companies & Distributors) | | | | | | | | | | | 84,700 | | | | 1,216,188 | |
| | | | |
Sumitomo Dainippon Pharma Company Limited (Health Care, Pharmaceuticals) | | | | | | | | | | | 11,400 | | | | 280,947 | |
| | | | |
Sumitomo Electric Industries Limited (Industrials, Electrical Equipment) | | | | | | | | | | | 53,300 | | | | 740,696 | |
| | | | |
Sumitomo Foresting Company Limited (Consumer Discretionary, Household Durables) | | | | | | | | | | | 11,900 | | | | 154,909 | |
| | | | |
Sumitomo Heavy Industries Limited (Industrials, Machinery) | | | | | | | | | | | 8,200 | | | | 280,285 | |
| | | | |
Sumitomo Mitsui Trust Holdings Incorporated (Financials, Banks) | | | | | | | | | | | 26,000 | | | | 984,112 | |
| | | | |
Sumitomo Rubber Industries Limited (Consumer Discretionary, Auto Components) | | | | | | | | | | | 12,400 | | | | 159,193 | |
| | | | |
Sundrug Company Limited (Consumer Staples, Food & Staples Retailing) | | | | | | | | | | | 4,300 | | | | 131,548 | |
| | | | |
Suntory Beverage & Food Limited (Consumer Staples, Beverages) | | | | | | | | | | | 8,700 | | | | 383,232 | |
| | | | |
Suzuken Company Limited (Health Care, Health Care Providers & Services) | | | | | | | | | | | 6,400 | | | | 350,244 | |
| | | | |
Taiheiyo Cement Corporation (Materials, Construction Materials) | | | | | | | | | | | 8,400 | | | | 286,745 | |
| | | | |
Taisei Corporation (Industrials, Construction & Engineering) | | | | | | | | | | | 15,000 | | | | 707,846 | |
| | | | |
Taisho Pharmaceutical Holding Company Limited (Health Care, Pharmaceuticals) | | | | | | | | | | | 3,700 | | | | 374,099 | |
| | | | |
Taiyo Nippon Sanso Corporation (Materials, Chemicals) | | | | | | | | | | | 14,900 | | | | 210,270 | |
| | | | |
Taiyo Yuden Company Limited (Information Technology, Electronic Equipment, Instruments & Components) | | | | | | | | | | | 9,700 | | | | 190,754 | |
| | | | |
Takara Holdings Incorporated (Consumer Staples, Beverages) | | | | | | | | | | | 14,100 | | | | 159,386 | |
| | | | |
TDK Corporation (Information Technology, Electronic Equipment, Instruments & Components) | | | | | | | | | | | 9,300 | | | | 725,878 | |
| | | | |
TechnoPro Holdings Incorporated (Industrials, Professional Services) | | | | | | | | | | | 2,300 | | | | 124,012 | |
| | | | |
Teijin Limited (Materials, Chemicals) | | | | | | | | | | | 13,000 | | | | 217,745 | |
| | | | |
Terumo Corporation (Health Care, Health Care Equipment & Supplies) | | | | | | | | | | | 25,800 | | | | 1,578,576 | |
| | | | |
The Bank of Kyoto Limited (Financials, Banks) | | | | | | | | | | | 5,300 | | | | 237,030 | |
| | | | |
The Chugoku Bank Limited (Financials, Banks) | | | | | | | | | | | 13,100 | | | | 122,462 | |
| | | | |
The Chugoku Electric Power Company Incorporated (Utilities, Electric Utilities) | | | | | | | | | | | 20,100 | | | | 260,931 | |
| | | | |
The Gunma Bank Limited (Financials, Banks) | | | | | | | | | | | 29,700 | | | | 124,966 | |
| | | | |
The Hachijuni Bank Limited (Financials, Banks) | | | | | | | | | | | 35,600 | | | | 147,874 | |
| | | | |
The Iyo Bank Limited (Financials, Banks) | | | | | | | | | | | 22,400 | | | | 123,389 | |
| | | | |
The Yokohama Rubber Company Limited (Consumer Discretionary, Auto Components) | | | | | | | | | | | 8,700 | | | | 177,255 | |
| | | | |
THK Company Limited (Industrials, Machinery) | | | | | | | | | | | 8,400 | | | | 206,185 | |
| | | | |
TIS Incorporated (Information Technology, IT Services) | | | | | | | | | | | 5,700 | | | | 264,890 | |
| | | | |
Tobu Railway Company Limited (Industrials, Road & Rail) | | | | | | | | | | | 14,200 | | | | 396,196 | |
| | | | |
Toda Corporation (Industrials, Construction & Engineering) | | | | | | | | | | | 20,100 | | | | 127,490 | |
| | | | |
Toho Company Limited Tokyo (Communication Services, Entertainment) | | | | | | | | | | | 9,400 | | | | 335,639 | |
| | | | |
Toho Gas Company Limited (Utilities, Gas Utilities) | | | | | | | | | | | 7,100 | | | | 322,307 | |
| | | | |
Tohoku Electric Power Company Incorporated (Utilities, Electric Utilities) | | | | | | | | | | | 32,700 | | | | 428,314 | |
| | | | |
Tokai Carbon Company Limited (Materials, Chemicals) | | | | | | | | | | | 12,500 | | | | 173,149 | |
| | | | |
Tokio Marine Holdings Incorporated (Financials, Insurance) | | | | | | | | | | | 50,800 | | | | 2,472,891 | |
| | | | |
Tokuyama Corporation (Materials, Chemicals) | | | | | | | | | | | 4,800 | | | | 120,231 | |
| | | | |
Tokyo Century Corporation (Financials, Diversified Financial Services) | | | | | | | | | | | 3,900 | | | | 173,718 | |
| | | | |
Tokyo Electric Power Company Holdings Incorporated (Utilities, Electric Utilities) † | | | | | | | | | | | 97,900 | | | | 609,542 | |
| | | | |
Tokyo Electron Limited (Information Technology, Semiconductors & Semiconductor Equipment) | | | | | | | | | | | 10,800 | | | | 1,467,905 | |
| | | | |
Tokyo Gas Company Limited (Utilities, Gas Utilities) | | | | | | | | | | | 25,900 | | | | 712,183 | |
| | | | |
Tokyo Tatemono Company Limited (Real Estate, Real Estate Management & Development) | | | | | | | | | | | 15,000 | | | | 174,001 | |
| | | | |
Tokyu Corporation (Industrials, Road & Rail) | | | | | | | | | | | 39,300 | | | | 665,313 | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 126 | | Wells Fargo Funds | | Portfolio of investments—February 28, 2019 |
FACTOR ENHANCED INTERNATIONAL PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | Shares | | | Value | |
| | | | |
| Japan(continued) | | | | | | | | | | | | | | | | |
| | | | |
Tokyu Fudosan Holdings Corporation (Real Estate, Real Estate Management & Development) | | | | | | | | | | | 40,700 | | | $ | 224,559 | |
| | | | |
Toppan Printing Company Limited (Industrials, Commercial Services & Supplies) | | | | | | | | | | | 20,900 | | | | 332,255 | |
| | | | |
Toray Industries Incorporated (Materials, Chemicals) | | | | | | | | | | | 109,900 | | | | 764,612 | |
| | | | |
Toshiba Corporation (Industrials, Industrial Conglomerates) | | | | | | | | | | | 42,300 | | | | 1,324,425 | |
| | | | |
Tosoh Corporation (Materials, Chemicals) | | | | | | | | | | | 22,100 | | | | 325,755 | |
| | | | |
Toyo Seikan Kaisha Limited (Materials, Containers & Packaging) | | | | | | | | | | | 11,500 | | | | 242,762 | |
| | | | |
Toyo Suisan Kaisha Limited (Consumer Staples, Food Products) | | | | | | | | | | | 6,800 | | | | 251,954 | |
| | | | |
Trend Micro Incorporated (Information Technology, Software) | | | | | | | | | | | 8,700 | | | | 428,502 | |
| | | | |
Tsumura & Company (Health Care, Pharmaceuticals) | | | | | | | | | | | 5,300 | | | | 167,133 | |
| | | | |
Tsuruha Holdings Incorporated (Consumer Staples, Food & Staples Retailing) | | | | | | | | | | | 3,000 | | | | 265,375 | |
| | | | |
UBE Industries Limited (Materials, Chemicals) | | | | | | | | | | | 7,200 | | | | 163,036 | |
| | | | |
ULVAC Incorporated (Information Technology, Semiconductors & Semiconductor Equipment) | | | | | | | | | | | 3,100 | | | | 88,440 | |
| | | | |
Unicharm Corporation (Consumer Staples, Household Products) | | | | | | | | | | | 34,200 | | | | 1,087,687 | |
| | | | |
United Urban Investment Corporation (Real Estate, Equity REITs) | | | | | | | | | | | 205 | | | | 317,436 | |
| | | | |
Wacoal Corporation (Consumer Discretionary, Textiles, Apparel & Luxury Goods) | | | | | | | | | | | 4,600 | | | | 115,181 | |
| | | | |
Welcia Holdings Company Limiited (Consumer Staples, Food & Staples Retailing) | | | | | | | | | | | 4,300 | | | | 152,380 | |
| | | | |
West Japan Railway Company (Industrials, Road & Rail) | | | | | | | | | | | 12,900 | | | | 971,102 | |
| | | | |
Yahoo! Japan Corporation (Communication Services, Interactive Media & Services) | | | | | | | | | | | 165,900 | | | | 443,531 | |
| | | | |
Yamada Denki Company Limited (Consumer Discretionary, Specialty Retail) | | | | | | | | | | | 46,800 | | | | 225,886 | |
| | | | |
Yamaguchi Financial Group (Financials, Banks) | | | | | | | | | | | 15,300 | | | | 142,479 | |
| | | | |
Yamaha Corporation (Consumer Discretionary, Leisure Products) | | | | | | | | | | | 12,200 | | | | 599,794 | |
| | | | |
Yamato Holdings Company Limited (Industrials, Air Freight & Logistics) | | | | | | | | | | | 29,700 | | | | 772,442 | |
| | | | |
Yamazaki Baking Company Limited (Consumer Staples, Food Products) | | | | | | | | | | | 13,200 | | | | 225,714 | |
| | | | |
Yokogawa Electric Corporation (Information Technology, Electronic Equipment, Instruments & Components) | | | | | | | | | | | 18,100 | | | | 348,149 | |
| | | | |
Zenkoku Hosho Company Limited (Financials, Diversified Financial Services) | | | | | | | | | | | 3,600 | | | | 132,257 | |
| | | | |
Zensho Holdings Company Limited (Consumer Discretionary, Hotels, Restaurants & Leisure) | | | | | | | | | | | 7,100 | | | | 164,721 | |
| | | | |
ZOZO Incorporated (Consumer Discretionary, Internet & Direct Marketing Retail) | | | | | | | | | | | 12,300 | | | | 231,291 | |
| | | | |
| | | | | | | | | | | | | | | 145,368,570 | |
| | | | | | | | | | | | | | | | |
|
| Luxembourg: 0.21% | |
| | | | |
Aroundtown SA (Real Estate, Real Estate Management & Development) | | | | | | | | | | | 49,841 | | | | 419,518 | |
| | | | |
RTL Group SA (Communication Services, Media) | | | | | | | | | | | 2,614 | | | | 147,416 | |
| | | | |
SES SA (Communication Services, Media) | | | | | | | | | | | 26,187 | | | | 526,177 | |
| | | | |
Tenaris SA (Energy, Energy Equipment & Services) | | | | | | | | | | | 30,199 | | | | 402,924 | |
| | | | |
| | | | | | | | | | | | | | | 1,496,035 | |
| | | | | | | | | | | | | | | | |
|
| Malta: 0.02% | |
| | | | |
Kindred Group plc SDR (Consumer Discretionary, Hotels, Restaurants & Leisure) | | | | | | | | | | | 14,911 | | | | 156,407 | |
| | | | | | | | | | | | | | | | |
|
| Netherlands: 2.86% | |
| | | | |
Aalberts Industries NV (Industrials, Machinery) | | | | | | | | | | | 6,458 | | | | 238,660 | |
| | | | |
ABN AMRO Group NV (Financials, Banks) 144A | | | | | | | | | | | 30,362 | | | | 736,291 | |
| | | | |
Aegon NV (Financials, Insurance) | | | | | | | | | | | 118,441 | | | | 636,959 | |
| | | | |
Argenx SE (Health Care, Biotechnology) † | | | | | | | | | | | 2,261 | | | | 300,383 | |
| | | | |
ASM International NV (Information Technology, Semiconductors & Semiconductor Equipment) | | | | | | | | | | | 2,462 | | | | 134,251 | |
| | | | |
ASR Nederland NV (Financials, Insurance) | | | | | | | | | | | 9,159 | | | | 403,589 | |
| | | | |
Euronext NV (Financials, Capital Markets) 144A | | | | | | | | | | | 3,549 | | | | 216,575 | |
| | | | |
Exor NV (Financials, Diversified Financial Services) | | | | | | | | | | | 7,200 | | | | 443,059 | |
| | | | |
Gemalto NV (Information Technology, Software) † | | | | | | | | | | | 10,383 | | | | 601,136 | |
| | | | |
Heineken Holding NV (Consumer Staples, Beverages) | | | | | | | | | | | 6,758 | | | | 653,769 | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—February 28, 2019 | | Wells Fargo Funds | | | 127 | |
FACTOR ENHANCED INTERNATIONAL PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | Shares | | | Value | |
| | | | |
| Netherlands(continued) | | | | | | | | | | | | | | | | |
| | | | |
Heineken NV (Consumer Staples, Beverages) | | | | | | | | | | | 16,432 | | | $ | 1,655,984 | |
| | | | |
IMCD Group NV (Industrials, Trading Companies & Distributors) | | | | | | | | | | | 3,255 | | | | 255,465 | |
| | | | |
Koninklijke Ahold Delhaize NV (Consumer Staples, Food & Staples Retailing) | | | | | | | | | | | 81,159 | | | | 2,093,226 | |
| | | | |
Koninklijke DSM NV (Materials, Chemicals) | | | | | | | | | | | 11,663 | | | | 1,252,317 | |
| | | | |
Koninklijke KPN NV (Communication Services, Diversified Telecommunication Services) | | | | | | | | | | | 248,233 | | | | 765,740 | |
| | | | |
Koninklijke Vopak NV (Energy, Oil, Gas & Consumable Fuels) | | | | | | | | | | | 4,027 | | | | 196,916 | |
| | | | |
NN Group NV (Financials, Insurance) | | | | | | | | | | | 22,627 | | | | 985,730 | |
| | | | |
Philips Lighting NV (Industrials, Electrical Equipment) 144A | | | | | | | | | | | 7,260 | | | | 192,822 | |
| | | | |
Qiagen NV (Health Care, Life Sciences Tools & Services) † | | | | | | | | | | | 14,987 | | | | 573,119 | |
| | | | |
Randstad Holdings NV (Industrials, Professional Services) | | | | | | | | | | | 7,920 | | | | 422,954 | |
| | | | |
SBM Offshore NV (Energy, Energy Equipment & Services) | | | | | | | | | | | 10,793 | | | | 203,667 | |
| | | | |
Unilever NV (Consumer Staples, Personal Products) | | | | | | | | | | | 107,935 | | | | 5,839,584 | |
| | | | |
Wolters Kluwer NV (Communication Services, Media) | | | | | | | | | | | 17,872 | | | | 1,178,646 | |
| | | | |
| | | | | | | | | | | | | | | 19,980,842 | |
| | | | | | | | | | | | | | | | |
|
| New Zealand: 0.36% | |
| | | | |
A2 Milk Company Limited (Consumer Staples, Food Products) † | | | | | | | | | | | 50,243 | | | | 489,623 | |
| | | | |
Auckland International Airport Limited (Industrials, Transportation Infrastructure) | | | | | | | | | | | 63,522 | | | | 336,118 | |
| | | | |
Contact Energy Limited (Utilities, Electric Utilities) | | | | | | | | | | | 46,425 | | | | 200,126 | |
| | | | |
Fisher & Paykel Healthcare Corporation (Health Care, Health Care Equipment & Supplies) | | | | | | | | | | | 37,393 | | | | 374,330 | |
| | | | |
Fletcher Building Limited (Materials, Construction Materials) | | | | | | | | | | | 56,755 | | | | 188,999 | |
| | | | |
Meridian Energy Limited (Utilities, Independent Power & Renewable Electricity Producers) | | | | | | | | | | | 80,390 | | | | 202,011 | |
| | | | |
Ryman Healthcare Limited (Health Care, Health Care Providers & Services) | | | | | | | | | | | 27,764 | | | | 207,980 | |
| | | | |
Spark New Zealand Limited (Communication Services, Diversified Telecommunication Services) | | | | | | | | | | | 126,896 | | | | 322,332 | |
| | | | |
Xero Limited (Information Technology, Software) † | | | | | | | | | | | 6,304 | | | | 212,408 | |
| | | | |
| | | | | | | | | | | | | | | 2,533,927 | |
| | | | | | | | | | | | | | | | |
|
| Norway: 0.93% | |
| | | | |
Aker BP ASA (Energy, Oil, Gas & Consumable Fuels) | | | | | | | | | | | 6,265 | | | | 212,332 | |
| | | | |
Den Norske Bank ASA (Financials, Banks) | | | | | | | | | | | 56,546 | | | | 1,083,782 | |
| | | | |
Equinor ASA (Energy, Oil, Gas & Consumable Fuels) | | | | | | | | | | | 72,395 | | | | 1,627,410 | |
| | | | |
Gjensidige Forsikring ASA (Financials, Insurance) | | | | | | | | | | | 12,705 | | | | 227,770 | |
| | | | |
Mowi ASA (Consumer Staples, Food Products) | | | | | | | | | | | 28,825 | | | | 664,986 | |
| | | | |
Norsk Hydro ASA (Materials, Metals & Mining) | | | | | | | | | | | 90,029 | | | | 372,883 | |
| | | | |
Orkla ASA (Consumer Staples, Food Products) | | | | | | | | | | | 54,973 | | | | 433,146 | |
| | | | |
Salmar ASA (Consumer Staples, Food Products) | | | | | | | | | | | 3,649 | | | | 174,931 | |
| | | | |
Schibsted ASA Class A (Communication Services, Media) | | | | | | | | | | | 4,950 | | | | 197,730 | |
| | | | |
Storebrand ASA (Financials, Insurance) | | | | | | | | | | | 31,083 | | | | 247,090 | |
| | | | |
Telenor ASA (Communication Services, Diversified Telecommunication Services) | | | | | | | | | | | 46,243 | | | | 901,713 | |
| | | | |
TGS Nopec Geophysical Company ASA (Energy, Energy Equipment & Services) | | | | | | | | | | | 5,912 | | | | 160,778 | |
| | | | |
Tomra Systems ASA (Industrials, Commercial Services & Supplies) | | | | | | | | | | | 7,118 | | | | 188,002 | |
| | | | |
| | | | | | | | | | | | | | | 6,492,553 | |
| | | | | | | | | | | | | | | | |
|
| Poland: 0.44% | |
| | | | |
Bank Pekao SA (Financials, Banks) | | | | | | | | | | | 12,956 | | | | 387,937 | |
| | | | |
Bank Zachodni WBK SA (Financials, Banks) | | | | | | | | | | | 2,181 | | | | 216,953 | |
| | | | |
CD Projekt SA (Communication Services, Entertainment) † | | | | | | | | | | | 4,275 | | | | 214,772 | |
| | | | |
KGHM Polska Miedz SA (Materials, Metals & Mining) † | | | | | | | | | | | 9,153 | | | | 245,038 | |
| | | | |
LPP SA (Consumer Discretionary, Textiles, Apparel & Luxury Goods) | | | | | | | | | | | 88 | | | | 189,656 | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 128 | | Wells Fargo Funds | | Portfolio of investments—February 28, 2019 |
FACTOR ENHANCED INTERNATIONAL PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | Shares | | | Value | |
| | | | |
| Poland(continued) | | | | | | | | | | | | | | | | |
| | | | |
PKO Bank Polski SA (Financials, Banks) | | | | | | | | | | | 61,571 | | | $ | 618,981 | |
| | | | |
Polski Koncern Naftowy Orlen SA (Energy, Oil, Gas & Consumable Fuels) | | | | | | | | | | | 20,977 | | | | 564,908 | |
| | | | |
Polskie Gornictwo Naftowe Gazownictwo SA (Energy, Oil, Gas & Consumable Fuels) | | | | | | | | | | | 110,127 | | | | 201,400 | |
| | | | |
Powszechny Zaklad Ubezpieczen SA (Financials, Insurance) | | | | | | | | | | | 40,114 | | | | 432,530 | |
| | | | |
| | | | | | | | | | | | | | | 3,072,175 | |
| | | | | | | | | | | | | | | | |
|
| Portugal: 0.20% | |
| | | | |
Energias de Portugal SA (Utilities, Electric Utilities) | | | | | | | | | | | 174,834 | | | | 641,339 | |
| | | | |
Galp Energia SGPS SA (Energy, Oil, Gas & Consumable Fuels) | | | | | | | | | | | 32,362 | | | | 531,170 | |
| | | | |
Jeronimo Martins SA (Consumer Staples, Food & Staples Retailing) | | | | | | | | | | | 16,445 | | | | 247,846 | |
| | | | |
| | | | | | | | | | | | | | | 1,420,355 | |
| | | | | | | | | | | | | | | | |
|
| Singapore: 1.76% | |
| | | | |
Ascendas REIT (Real Estate, Equity REITs) | | | | | | | | | | | 159,100 | | | | 329,497 | |
| | | | |
CapitaLand Commercial Trust Limited (Real Estate, Equity REITs) | | | | | | | | | | | 166,700 | | | | 239,200 | |
| | | | |
CapitaLand Limited (Real Estate, Real Estate Management & Development) | | | | | | | | | | | 172,463 | | | | 436,260 | |
| | | | |
CapitaLand Mall Trust (Real Estate, Equity REITs) | | | | | | | | | | | 175,100 | | | | 310,828 | |
| | | | |
City Developments Limited (Real Estate, Real Estate Management & Development) | | | | | | | | | | | 30,975 | | | | 204,362 | |
| | | | |
ComfortDelGro Corporation Limited (Industrials, Road & Rail) | | | | | | | | | | | 147,937 | | | | 261,516 | |
| | | | |
DBS Group Holdings Limited (Financials, Banks) | | | | | | | | | | | 117,913 | | | | 2,166,390 | |
| | | | |
Genting Singapore Limited (Consumer Discretionary, Hotels, Restaurants & Leisure) | | | | | | | | | | | 390,924 | | | | 294,928 | |
| | | | |
Jardine Cycle & Carriage Limited (Consumer Discretionary, Distributors) | | | | | | | | | | | 6,577 | | | | 162,187 | |
| | | | |
Keppel Corporation Limited (Industrials, Industrial Conglomerates) | | | | | | | | | | | 93,343 | | | | 425,291 | |
| | | | |
Mapletree Commercial Trust (Real Estate, Equity REITs) | | | | | | | | | | | 120,600 | | | | 157,886 | |
| | | | |
Oversea-Chinese Banking Corporation Limited (Financials, Banks) | | | | | | | | | | | 257,896 | | | | 2,109,711 | |
| | | | |
SembCorp Industries Limited (Industrials, Industrial Conglomerates) | | | | | | | | | | | 58,100 | | | | 112,590 | |
| | | | |
Singapore Airlines Limited (Industrials, Airlines) | | | | | | | | | | | 44,300 | | | | 327,990 | |
| | | | |
Singapore Airport Terminal Services Limited (Industrials, Transportation Infrastructure) | | | | | | | | | | | 43,400 | | | | 164,676 | |
| | | | |
Singapore Exchange Limited (Financials, Capital Markets) | | | | | | | | | | | 54,374 | | | | 315,305 | |
| | | | |
Singapore Press Holdings Limited (Communication Services, Media) | | | | | | | | | | | 101,700 | | | | 185,046 | |
| | | | |
Singapore Technologies Engineering Limited (Industrials, Aerospace & Defense) | | | | | | | | | | | 98,169 | | | | 271,562 | |
| | | | |
Singapore Telecommunications Limited (Communication Services, Diversified Telecommunication Services) | | | | | | | | | | | 485,905 | | | | 1,085,380 | |
| | | | |
Suntec REIT (Real Estate, Equity REITs) | | | | | | | | | | | 141,000 | | | | 201,280 | |
| | | | |
United Overseas Bank Limited (Financials, Banks) | | | | | | | | | | | 93,686 | | | | 1,733,745 | |
| | | | |
UOL Group Limited (Real Estate, Real Estate Management & Development) | | | | | | | | | | | 35,073 | | | | 171,993 | |
| | | | |
Venture Corporation Limited (Information Technology, Electronic Equipment, Instruments & Components) | | | | | | | | | | | 17,200 | | | | 226,450 | |
| | | | |
Wilmar International Limited (Consumer Staples, Food Products) | | | | | | | | | | | 177,585 | | | | 420,320 | |
| | | | |
| | | | | | | | | | | | | | | 12,314,393 | |
| | | | | | | | | | | | | | | | |
|
| South Africa: 0.07% | |
| | | | |
Old Mutual Limited (Financials, Insurance) | | | | | | | | | | | 279,695 | | | | 461,862 | |
| | | | | | | | | | | | | | | | |
|
| Spain: 2.43% | |
| | | | |
Actividades de Construccion y Servicios SA (Industrials, Construction & Engineering) | | | | | | | | | | | 18,385 | | | | 815,150 | |
| | | | |
Aena SA (Industrials, Transportation Infrastructure) 144A | | | | | | | | | | | 4,973 | | | | 887,510 | |
| | | | |
Amadeus IT Holding SA Class A (Information Technology, IT Services) | | | | | | | | | | | 29,615 | | | | 2,229,984 | |
| | | | |
Bankinter SA (Financials, Banks) | | | | | | | | | | | 46,377 | | | | 380,971 | |
| | | | |
Bolsas y Mercados Espanoles (Financials, Capital Markets) | | | | | | | | | | | 4,752 | | | | 135,561 | |
| | | | |
CaixaBank SA (Financials, Banks) | | | | | | | | | | | 243,922 | | | | 870,080 | |
| | | | |
Cellnex Telecom SA (Communication Services, Diversified Telecommunication Services) 144A | | | | | | | | | | | 10,545 | | | | 272,633 | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—February 28, 2019 | | Wells Fargo Funds | | | 129 | |
FACTOR ENHANCED INTERNATIONAL PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | Shares | | | Value | |
| | | | |
| Spain(continued) | | | | | | | | | | | | | | | | |
| | | | |
Enagás SA (Energy, Oil, Gas & Consumable Fuels) | | | | | | | | | | | 14,575 | | | $ | 415,287 | |
| | | | |
Endesa SA (Utilities, Electric Utilities) | | | | | | | | | | | 21,425 | | | | 539,792 | |
| | | | |
Grifols SA (Health Care, Biotechnology) | | | | | | | | | | | 19,516 | | | | 507,457 | |
| | | | |
Iberdrola SA (Utilities, Electric Utilities) | | | | | | | | | | | 412,442 | | | | 3,449,058 | |
| | | | |
Inmobiliaria Colonial Socimi SA (Real Estate, Equity REITs) | | | | | | | | | | | 16,161 | | | | 166,636 | |
| | | | |
International Consolidated Airlines Group SA (Industrials, Airlines) | | | | | | | | | | | 77,706 | | | | 617,361 | |
| | | | |
Mapfre SA (Financials, Insurance) | | | | | | | | | | | 64,845 | | | | 183,215 | |
| | | | |
Merlin Properties Socimi SA (Real Estate, Equity REITs) | | | | | | | | | | | 24,791 | | | | 321,745 | |
| | | | |
Red Eléctrica de Espana SA (Utilities, Electric Utilities) | | | | | | | | | | | 29,269 | | | | 632,548 | |
| | | | |
Repsol YPF SA (Energy, Oil, Gas & Consumable Fuels) | | | | | | | | | | | 97,072 | | | | 1,670,019 | |
| | | | |
Telefonica SA (Communication Services, Diversified Telecommunication Services) | | | | | | | | | | | 310,985 | | | | 2,684,455 | |
| | | | |
Viscofan SA (Consumer Staples, Food Products) | | | | | | | | | | | 2,476 | | | | 144,618 | |
| | | | |
| | | | | | | | | | | | | | | 16,924,080 | |
| | | | | | | | | | | | | | | | |
|
| Sweden: 3.18% | |
| | | | |
AAK AB (Consumer Staples, Food Products) | | | | | | | | | | | 11,639 | | | | 173,552 | |
| | | | |
Alfa Laval AB (Industrials, Machinery) | | | | | | | | | | | 19,870 | | | | 434,576 | |
| | | | |
Atlas Copco AB Class A (Industrials, Machinery) | | | | | | | | | | | 42,403 | | | | 1,148,912 | |
| | | | |
Castellum AB (Real Estate, Real Estate Management & Development) | | | | | | | | | | | 19,068 | | | | 347,357 | |
| | | | |
Dometic Group AB (Consumer Discretionary, Auto Components) 144A | | | | | | | | | | | 19,550 | | | | 163,093 | |
| | | | |
Electrolux AB Class B (Consumer Discretionary, Household Durables) | | | | | | | | | | | 15,105 | | | | 395,288 | |
| | | | |
Elekta AB Class B (Health Care, Health Care Equipment & Supplies) | | | | | | | | | | | 25,228 | | | | 290,493 | |
| | | | |
Epiroc AB Class A (Industrials, Machinery) | | | | | | | | | | | 43,539 | | | | 437,134 | |
| | | | |
Ericsson LM Class B (Information Technology, Communications Equipment) | | | | | | | | | | | 199,910 | | | | 1,829,839 | |
| | | | |
Essity Aktiebolag AB (Consumer Staples, Household Products) | | | | | | | | | | | 43,317 | | | | 1,208,617 | |
| | | | |
Fabege AB (Real Estate, Real Estate Management & Development) | | | | | | | | | | | 18,885 | | | | 253,708 | |
| | | | |
Fastighets AB Balder B Shares (Real Estate, Real Estate Management & Development) † | | | | | | | | | | | 6,213 | | | | 182,838 | |
| | | | |
Getinge AB Class B (Health Care, Health Care Equipment & Supplies) | | | | | | | | | | | 15,101 | | | | 178,625 | |
| | | | |
Hennes & Mauritz AB Class B (Consumer Discretionary, Specialty Retail) | | | | | | | | | | | 52,850 | | | | 799,846 | |
| | | | |
Hexagon AB Class B (Information Technology, Electronic Equipment, Instruments & Components) | | | | | | | | | | | 18,234 | | | | 959,082 | |
| | | | |
Hexpol AB (Materials, Chemicals) | | | | | | | | | | | 17,013 | | | | 151,875 | |
| | | | |
Husqvarna AB Class B (Consumer Discretionary, Household Durables) | | | | | | | | | | | 27,550 | | | | 225,805 | |
| | | | |
ICA Gruppen AB (Consumer Staples, Food & Staples Retailing) | | | | | | | | | | | 5,324 | | | | 204,636 | |
| | | | |
Industrivarden AB Class A (Financials, Diversified Financial Services) | | | | | | | | | | | 11,939 | | | | 253,490 | |
| | | | |
Investor AB Class B (Financials, Diversified Financial Services) | | | | | | | | | | | 30,465 | | | | 1,360,634 | |
| | | | |
Kinnevik AB Class B (Financials, Diversified Financial Services) | | | | | | | | | | | 16,055 | | | | 406,764 | |
| | | | |
Loomis AB Class B (Industrials, Commercial Services & Supplies) | | | | | | | | | | | 4,701 | | | | 171,019 | |
| | | | |
Lundbergforetagen AB Class B (Financials, Diversified Financial Services) | | | | | | | | | | | 4,951 | | | | 152,668 | |
| | | | |
Nibe Industrier AB Class B (Industrials, Building Products) | | | | | | | | | | | 22,228 | | | | 278,091 | |
| | | | |
Saab AB Class B (Industrials, Aerospace & Defense) | | | | | | | | | | | 5,730 | | | | 196,480 | |
| | | | |
Sandvik AB (Industrials, Machinery) | | | | | | | | | | | 72,320 | | | | 1,188,237 | |
| | | | |
Securitas AB (Industrials, Commercial Services & Supplies) | | | | | | | | | | | 22,074 | | | | 346,191 | |
| | | | |
Skandinaviska Enskilda Banken AB Class A (Financials, Banks) | | | | | | | | | | | 106,246 | | | | 1,081,556 | |
| | | | |
Skanska AB Class B (Industrials, Construction & Engineering) | | | | | | | | | | | 23,499 | | | | 423,878 | |
| | | | |
SKF AB Class B (Industrials, Machinery) | | | | | | | | | | | 24,488 | | | | 412,155 | |
| | | | |
Svenska Cellulosa AB Class B (Materials, Paper & Forest Products) | | | | | | | | | | | 38,321 | | | | 353,337 | |
| | | | |
Svenska Handelsbanken AB Class A (Financials, Banks) | | | | | | | | | | | 103,728 | | | | 1,183,169 | |
| | | | |
Swedbank AB Class A (Financials, Banks) | | | | | | | | | | | 59,821 | | | | 1,099,136 | |
| | | | |
Swedish Match AB (Consumer Staples, Tobacco) | | | | | | | | | | | 10,893 | | | | 510,683 | |
| | | | |
Swedish Orphan Biovitrum AB (Health Care, Biotechnology) † | | | | | | | | | | | 10,253 | | | | 222,800 | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 130 | | Wells Fargo Funds | | Portfolio of investments—February 28, 2019 |
FACTOR ENHANCED INTERNATIONAL PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | Shares | | | Value | |
| | | | |
| Sweden(continued) | | | | | | | | | | | | | | | | |
| | | | |
Tele2 AB Class B (Communication Services, Wireless Telecommunication Services) | | | | | | | | | | | 35,251 | | | $ | 464,301 | |
| | | | |
Telia Company AB (Communication Services, Diversified Telecommunication Services) | | | | | | | | | | | 186,911 | | | | 811,310 | |
| | | | |
Trelleborg AB Class B (Industrials, Machinery) | | | | | | | | | | | 16,405 | | | | 269,539 | |
| | | | |
Volvo AB Class B (Industrials, Machinery) | | | | | | | | | | | 110,939 | | | | 1,633,576 | |
| | | | |
| | | | | | | | | | | | | | | 22,204,290 | |
| | | | | | | | | | | | | | | | |
|
| Switzerland: 5.41% | |
| | | | |
Adecco SA (Industrials, Professional Services) | | | | | | | | | | | 10,772 | | | | 559,727 | |
| | | | |
Baloise Holding AG (Financials, Insurance) | | | | | | | | | | | 3,139 | | | | 512,657 | |
| | | | |
Barry Callebaut AG (Consumer Staples, Food Products) | | | | | | | | | | | 159 | | | | 273,855 | |
| | | | |
BB Biotech AG (Health Care, Biotechnology) | | | | | | | | | | | 42,018 | | | | 2,957,532 | |
| | | | |
Bucher Industries AG (Industrials, Machinery) | | | | | | | | | | | 433 | | | | 134,232 | |
| | | | |
Cembra Money Bank AG (Financials, Consumer Finance) | | | | | | | | | | | 1,771 | | | | 169,816 | |
| | | | |
Chocoladefabriken Lindt & Sprungli AG (Consumer Staples, Food Products) | | | | | | | | | | | 8 | | | | 591,554 | |
| | | | |
Clariant AG (Materials, Chemicals) | | | | | | | | | | | 13,223 | | | | 284,188 | |
| | | | |
Coca-Cola HBC AG (Consumer Staples, Beverages) | | | | | | | | | | | 13,547 | | | | 455,670 | |
| | | | |
Dksh Holding AG (Industrials, Professional Services) | | | | | | | | | | | 1,977 | | | | 115,980 | |
| | | | |
EMS-Chemie Holdings AG (Materials, Chemicals) | | | | | | | | | | | 559 | | | | 322,893 | |
| | | | |
Flughafen Zuerich AG (Industrials, Transportation Infrastructure) | | | | | | | | | | | 1,211 | | | | 215,736 | |
| | | | |
Galenica AG (Health Care, Pharmaceuticals) | | | | | | | | | | | 3,243 | | | | 147,780 | |
| | | | |
Geberit AG (Industrials, Building Products) | | | | | | | | | | | 2,632 | | | | 1,050,638 | |
| | | | |
Georg Fischer AG (Industrials, Machinery) | | | | | | | | | | | 271 | | | | 240,304 | |
| | | | |
Givaudan SA (Materials, Chemicals) | | | | | | | | | | | 538 | | | | 1,346,011 | |
| | | | |
Helvetia Holding AG (Financials, Insurance) | | | | | | | | | | | 427 | | | | 256,273 | |
| | | | |
Kuehne & Nagel International AG (Industrials, Marine) | | | | | | | | | | | 3,791 | | | | 494,743 | |
| | | | |
Logitech International SA (Information Technology, Technology Hardware, Storage & Peripherals) | | | | | | | | | | | 11,436 | | | | 430,032 | |
| | | | |
Lonza Group AG (Health Care, Life Sciences Tools & Services) | | | | | | | | | | | 4,713 | | | | 1,310,413 | |
| | | | |
Pargesa Holding SA (Financials, Diversified Financial Services) | | | | | | | | | | | 2,456 | | | | 201,785 | |
| | | | |
Partners Group Holding AG (Financials, Capital Markets) | | | | | | | | | | | 1,431 | | | | 1,035,201 | |
| | | | |
PSP Swiss Property AG (Real Estate, Real Estate Management & Development) | | | | | | | | | | | 2,640 | | | | 268,748 | |
| | | | |
Roche Holding AG (Health Care, Pharmaceuticals) | | | | | | | | | | | 46,532 | | | | 12,928,534 | |
| | | | |
Schindler Holding AG - Participation Certificate (Industrials, Machinery) | | | | | | | | | | | 2,709 | | | | 612,344 | |
| | | | |
SGS SA (Industrials, Professional Services) | | | | | | | | | | | 339 | | | | 864,441 | |
| | | | |
Sika AG (Materials, Chemicals) | | | | | | | | | | | 7,629 | | | | 1,031,927 | |
| | | | |
Sonova Holding AG (Health Care, Health Care Equipment & Supplies) | | | | | | | | | | | 3,664 | | | | 685,222 | |
| | | | |
Straumann Holding AG (Health Care, Health Care Equipment & Supplies) | | | | | | | | | | | 725 | | | | 565,878 | |
| | | | |
Sunrise Communications Group AG (Communication Services, Diversified Telecommunication Services) 144A | | | | | | | | | | | 2,251 | | | | 167,012 | |
| | | | |
Swatch Group AG Class B (Consumer Discretionary, Textiles, Apparel & Luxury Goods) | | | | | | | | | | | 2,072 | | | | 613,472 | |
| | | | |
Swiss Life Holding AG (Financials, Insurance) | | | | | | | | | | | 2,214 | | | | 964,972 | |
| | | | |
Swiss Prime Site AG (Real Estate, Real Estate Management & Development) | | | | | | | | | | | 5,042 | | | | 425,618 | |
| | | | |
Swisscom AG (Communication Services, Diversified Telecommunication Services) | | | | | | | | | | | 1,713 | | | | 793,124 | |
| | | | |
Tecan Group AG (Health Care, Life Sciences Tools & Services) | | | | | | | | | | | 775 | | | | 175,803 | |
| | | | |
Temenos Group AG (Information Technology, Software) | | | | | | | | | | | 4,206 | | | | 609,797 | |
| | | | |
VAT Group AG (Industrials, Machinery) 144A | | | | | | | | | | | 1,828 | | | | 190,117 | |
| | | | |
Vifor Pharma AG (Health Care, Pharmaceuticals) | | | | | | | | | | | 3,001 | | | | 375,708 | |
| | | | |
Zurich Insurance Group AG (Financials, Insurance) | | | | | | | | | | | 10,119 | | | | 3,345,794 | |
| | | | |
| | | | | | | | | | | | | | | 37,725,531 | |
| | | | | | | | | | | | | | | | |
|
| Thailand: 0.05% | |
| | | | |
Thai Beverage PCL (Consumer Staples, Beverages) | | | | | | | | | | | 526,600 | | | | 317,440 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—February 28, 2019 | | Wells Fargo Funds | | | 131 | |
FACTOR ENHANCED INTERNATIONAL PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | Shares | | | Value | |
|
| United Kingdom: 15.17% | |
| | | | |
Admiral Group plc (Financials, Insurance) | | | | | | | | | | | 16,010 | | | $ | 463,345 | |
| | | | |
Aggreko plc (Industrials, Commercial Services & Supplies) | | | | | | | | | | | 17,039 | | | | 161,949 | |
| | | | |
Ashtead Group plc (Industrials, Trading Companies & Distributors) | | | | | | | | | | | 30,023 | | | | 797,615 | |
| | | | |
AstraZeneca plc (Health Care, Pharmaceuticals) | | | | | | | | | | | 89,577 | | | | 7,293,772 | |
| | | | |
Auto Trader Group plc (Communication Services, Interactive Media & Services) 144A | | | | | | | | | | | 65,290 | | | | 411,944 | |
| | | | |
Babcock International Group plc (Industrials, Commercial Services & Supplies) | | | | | | | | | | | 15,846 | | | | 113,704 | |
| | | | |
BAE Systems plc (Industrials, Aerospace & Defense) | | | | | | | | | | | 202,620 | | | | 1,252,352 | |
| | | | |
Balfour Beatty plc (Industrials, Construction & Engineering) | | | | | | | | | | | 44,165 | | | | 168,705 | |
| | | | |
Barratt Developments plc (Consumer Discretionary, Household Durables) | | | | | | | | | | | 64,853 | | | | 515,246 | |
| | | | |
BBA Aviation plc (Industrials, Transportation Infrastructure) | | | | | | | | | | | 59,360 | | | | 191,634 | |
| | | | |
Beazley plc (Financials, Insurance) | | | | | | | | | | | 35,630 | | | | 258,737 | |
| | | | |
Bellway plc (Consumer Discretionary, Household Durables) | | | | | | | | | | | 7,562 | | | | 303,403 | |
| | | | |
BHP Group plc (Materials, Metals & Mining) | | | | | | | | | | | 147,050 | | | | 3,405,393 | |
| | | | |
B&M European Value Retail SA (Consumer Discretionary, Multiline Retail) | | | | | | | | | | | 53,961 | | | | 253,004 | |
| | | | |
British American Tobacco plc (Consumer Staples, Tobacco) | | | | | | | | | | | 154,804 | | | | 5,663,869 | |
| | | | |
Britvic plc (Consumer Staples, Beverages) | | | | | | | | | | | 16,795 | | | | 204,717 | |
| | | | |
BT Group plc (Communication Services, Diversified Telecommunication Services) | | | | | | | | | | | 630,243 | | | | 1,794,726 | |
| | | | |
BTG plc (Health Care, Pharmaceuticals) † | | | | | | | | | | | 23,715 | | | | 262,015 | |
| | | | |
Bunzl plc (Industrials, Trading Companies & Distributors) | | | | | | | | | | | 22,480 | | | | 707,542 | |
| | | | |
Burberry Group plc (Consumer Discretionary, Textiles, Apparel & Luxury Goods) | | | | | | | | | | | 28,125 | | | | 704,851 | |
| | | | |
Capita plc (Industrials, Professional Services) † | | | | | | | | | | | 109,661 | | | | 180,357 | |
| | | | |
Carnival plc (Consumer Discretionary, Hotels, Restaurants & Leisure) | | | | | | | | | | | 11,037 | | | | 617,177 | |
| | | | |
Centrica plc (Utilities, Multi-Utilities) | | | | | | | | | | | 389,496 | | | | 643,177 | |
| | | | |
Cineworld Group plc (Communication Services, Entertainment) | | | | | | | | | | | 61,877 | | | | 228,977 | |
| | | | |
Close Brothers Group plc (Financials, Capital Markets) | | | | | | | | | | | 9,975 | | | | 199,778 | |
| | | | |
Cobham plc (Industrials, Aerospace & Defense) † | | | | | | | | | | | 160,816 | | | | 250,945 | |
| | | | |
Compass Group plc (Consumer Discretionary, Hotels, Restaurants & Leisure) | | | | | | | | | | | 109,890 | | | | 2,426,780 | |
| | | | |
ConvaTec Limited (Health Care, Health Care Equipment & Supplies) 144A | | | | | | | | | | | 95,313 | | | | 167,694 | |
| | | | |
Croda International plc (Materials, Chemicals) | | | | | | | | | | | 8,871 | | | | 566,065 | |
| | | | |
Daily Mail & General Trust plc Class A (Communication Services, Media) | | | | | | | | | | | 18,804 | | | | 159,371 | |
| | | | |
Dechra Pharmaceuticals plc (Health Care, Pharmaceuticals) | | | | | | | | | | | 6,440 | | | | 211,151 | |
| | | | |
Derwent Valley Holdings plc (Real Estate, Equity REITs) | | | | | | | | | | | 7,032 | | | | 304,616 | |
| | | | |
Diageo plc (Consumer Staples, Beverages) | | | | | | | | | | | 172,651 | | | | 6,671,787 | |
| | | | |
Direct Line Insurance Group plc (Financials, Insurance) | | | | | | | | | | | 93,042 | | | | 440,190 | |
| | | | |
DS Smith plc (Materials, Containers & Packaging) | | | | | | | | | | | 84,343 | | | | 375,318 | |
| | | | |
easyJet plc (Industrials, Airlines) | | | | | | | | | | | 15,097 | | | | 245,793 | |
| | | | |
Electrocomponents plc (Information Technology, Electronic Equipment, Instruments & Components) | | | | | | | | | | | 29,395 | | | | 215,916 | |
| | | | |
EVRAZ plc (Materials, Metals & Mining) | | | | | | | | | | | 29,927 | | | | 224,110 | |
| | | | |
Experian Group Limited plc (Industrials, Professional Services) | | | | | | | | | | | 62,452 | | | | 1,626,430 | |
| | | | |
Ferguson plc (Industrials, Trading Companies & Distributors) | | | | | | | | | | | 15,182 | | | | 1,051,334 | |
| | | | |
G4S plc (Industrials, Commercial Services & Supplies) | | | | | | | | | | | 102,109 | | | | 284,272 | |
| | | | |
GlaxoSmithKline plc (Health Care, Pharmaceuticals) | | | | | | | | | | | 337,734 | | | | 6,707,654 | |
| | | | |
Great Portland Estates plc (Real Estate, Equity REITs) | | | | | | | | | | | 16,368 | | | | 165,384 | |
| | | | |
GVC Holdings plc (Consumer Discretionary, Hotels, Restaurants & Leisure) | | | | | | | | | | | 39,183 | | | | 341,185 | |
| | | | |
Halma plc (Information Technology, Electronic Equipment, Instruments & Components) | | | | | | | | | | | 25,365 | | | | 522,810 | |
| | | | |
Hammerson plc (Real Estate, Equity REITs) | | | | | | | | | | | 53,009 | | | | 268,367 | |
| | | | |
Hargreaves Lansdown plc (Financials, Capital Markets) | | | | | | | | | | | 18,504 | | | | 427,535 | |
| | | | |
Hays plc (Industrials, Professional Services) | | | | | | | | | | | 90,660 | | | | 182,775 | |
| | | | |
Hiscox Limited (Financials, Insurance) | | | | | | | | | | | 21,582 | | | | 457,718 | |
| | | | |
HomeServe plc (Industrials, Commercial Services & Supplies) | | | | | | | | | | | 19,321 | | | | 244,220 | |
| | | | |
Howden Joinery Group plc (Industrials, Trading Companies & Distributors) | | | | | | | | | | | 39,057 | | | | 255,235 | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 132 | | Wells Fargo Funds | | Portfolio of investments—February 28, 2019 |
FACTOR ENHANCED INTERNATIONAL PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | Shares | | | Value | |
| | | | |
| United Kingdom(continued) | | | | | | | | | | | | | | | | |
| | | | |
IG Group Holdings plc (Financials, Capital Markets) | | | | | | | | | | | 24,710 | | | $ | 185,010 | |
| | | | |
IMI plc (Industrials, Machinery) | | | | | | | | | | | 19,298 | | | | 242,137 | |
| | | | |
Imperial Tobacco Group plc (Consumer Staples, Tobacco) | | | | | | | | | | | 64,669 | | | | 2,153,349 | |
| | | | |
Inchcape plc (Consumer Discretionary, Distributors) | | | | | | | | | | | 27,368 | | | | 205,092 | |
| | | | |
Informa plc (Communication Services, Media) | | | | | | | | | | | 83,148 | | | | 777,718 | |
| | | | |
Inmarsat plc (Communication Services, Diversified Telecommunication Services) | | | | | | | | | | | 30,760 | | | | 163,112 | |
| | | | |
Intermediate Capital Group (Financials, Capital Markets) | | | | | | | | | | | 18,881 | | | | 262,449 | |
| | | | |
Intertek Group plc (Industrials, Professional Services) | | | | | | | | | | | 10,561 | | | | 712,425 | |
| | | | |
Investec plc (Financials, Capital Markets) | | | | | | | | | | | 39,930 | | | | 260,993 | |
| | | | |
ITV plc (Communication Services, Media) | | | | | | | | | | | 251,324 | | | | 437,013 | |
| | | | |
J Sainsbury plc (Consumer Staples, Food & Staples Retailing) | | | | | | | | | | | 114,104 | | | | 346,573 | |
| | | | |
Jardine Lloyd Thompson Group plc (Financials, Insurance) | | | | | | | | | | | 8,880 | | | | 224,724 | |
| | | | |
John Wood Group plc (Energy, Energy Equipment & Services) | | | | | | | | | | | 41,087 | | | | 283,596 | |
| | | | |
Johnson Matthey plc (Materials, Chemicals) | | | | | | | | | | | 13,152 | | | | 539,548 | |
| | | | |
Jupiter Fund Management plc (Financials, Capital Markets) | | | | | | | | | | | 31,186 | | | | 140,098 | |
| | | | |
Kingfisher plc (Consumer Discretionary, Specialty Retail) | | | | | | | | | | | 139,245 | | | | 447,129 | |
| | | | |
London Stock Exchange Group plc (Financials, Capital Markets) | | | | | | | | | | | 20,529 | | | | 1,227,194 | |
| | | | |
Man Group plc (Financials, Capital Markets) | | | | | | | | | | | 106,057 | | | | 194,334 | |
| | | | |
Marks & Spencer Group plc (Consumer Discretionary, Multiline Retail) | | | | | | | | | | | 101,755 | | | | 368,448 | |
| | | | |
Meggitt plc (Industrials, Aerospace & Defense) | | | | | | | | | | | 50,259 | | | | 359,436 | |
| | | | |
Merlin Entertainment plc (Consumer Discretionary, Hotels, Restaurants & Leisure) 144A | | | | | | | | | | | 47,939 | | | | 229,919 | |
| | | | |
Micro Focus International plc (Information Technology, Software) | | | | | | | | | | | 27,847 | | | | 691,236 | |
| | | | |
Mondi plc (Materials, Paper & Forest Products) | | | | | | | | | | | 23,418 | | | | 536,880 | |
| | | | |
National Grid plc (Utilities, Multi-Utilities) | | | | | | | | | | | 223,526 | | | | 2,513,800 | |
| | | | |
Next plc (Consumer Discretionary, Multiline Retail) | | | | | | | | | | | 8,150 | | | | 550,000 | |
| | | | |
NMC Health plc (Health Care, Health Care Providers & Services) | | | | | | | | | | | 6,475 | | | | 232,223 | |
| | | | |
Ocado Group plc (Consumer Discretionary, Internet & Direct Marketing Retail) † | | | | | | | | | | | 37,794 | | | | 518,575 | |
| | | | |
Pearson plc (Communication Services, Media) | | | | | | | | | | | 48,438 | | | | 543,519 | |
| | | | |
Pennon Group plc (Utilities, Water Utilities) | | | | | | | | | | | 28,349 | | | | 292,533 | |
| | | | |
Persimmon plc (Consumer Discretionary, Household Durables) | | | | | | | | | | | 19,209 | | | | 619,876 | |
| | | | |
Phoenix Group Holdings plc (Financials, Capital Markets) | | | | | | | | | | | 45,884 | | | | 425,399 | |
| | | | |
Polymetal International plc (Materials, Metals & Mining) | | | | | | | | | | | 19,270 | | | | 221,492 | |
| | | | |
Quilter plc (Financials, Capital Markets) | | | | | | | | | | | 115,228 | | | | 198,652 | |
| | | | |
Reckitt Benckiser Group plc (Consumer Staples, Household Products) | | | | | | | | | | | 50,609 | | | | 3,871,112 | |
| | | | |
RELX plc (Industrials, Professional Services) | | | | | | | | | | | 140,530 | | | | 3,222,716 | |
| | | | |
Rentokil Initial plc (Industrials, Commercial Services & Supplies) | | | | | | | | | | | 124,512 | | | | 579,664 | |
| | | | |
Rightmove plc (Communication Services, Interactive Media & Services) | | | | | | | | | | | 57,881 | | | | 370,110 | |
| | | | |
Rolls-Royce Holdings plc (Industrials, Aerospace & Defense) | | | | | | | | | | | 124,957 | | | | 1,582,785 | |
| | | | |
Rotork plc (Industrials, Machinery) | | | | | | | | | | | 57,428 | | | | 216,703 | |
| | | | |
Royal Dutch Shell plc Class A (Energy, Oil, Gas & Consumable Fuels) | | | | | | | | | | | 307,072 | | | | 9,580,719 | |
| | | | |
Royal Mail plc (Industrials, Air Freight & Logistics) | | | | | | | | | | | 66,261 | | | | 248,540 | |
| | | | |
RPC Group plc (Materials, Containers & Packaging) | | | | | | | | | | | 27,104 | | | | 284,719 | |
| | | | |
RSA Insurance Group plc (Financials, Insurance) | | | | | | | | | | | 69,422 | | | | 470,518 | |
| | | | |
Schroders plc (Financials, Capital Markets) | | | | | | | | | | | 7,450 | | | | 270,254 | |
| | | | |
Segro plc (Real Estate, Equity REITs) | | | | | | | | | | | 66,281 | | | | 581,097 | |
| | | | |
Severn Trent plc (Utilities, Water Utilities) | | | | | | | | | | | 16,355 | | | | 437,971 | |
| | | | |
Smith & Nephew plc (Health Care, Health Care Equipment & Supplies) | | | | | | | | | | | 62,529 | | | | 1,191,366 | |
| | | | |
Smiths Group plc (Industrials, Industrial Conglomerates) | | | | | | | | | | | 25,557 | | | | 484,904 | |
| | | | |
Spectris plc (Information Technology, Electronic Equipment, Instruments & Components) | | | | | | | | | | | 7,994 | | | | 279,809 | |
| | | | |
Spirax-Sarco Engineering plc (Industrials, Machinery) | | | | | | | | | | | 4,969 | | | | 439,266 | |
| | | | |
SSE plc (Utilities, Electric Utilities) | | | | | | | | | | | 67,880 | | | | 1,070,038 | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—February 28, 2019 | | Wells Fargo Funds | | | 133 | |
FACTOR ENHANCED INTERNATIONAL PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | Shares | | | Value | |
| | | | |
| United Kingdom(continued) | | | | | | | | | | | | | | | | |
| | | | |
SSP Group plc (Consumer Discretionary, Hotels, Restaurants & Leisure) | | | | | | | | | | | 30,458 | | | $ | 268,242 | |
| | | | |
Subsea 7 SA (Energy, Energy Equipment & Services) | | | | | | | | | | | 15,539 | | | | 189,955 | |
| | | | |
Tate & Lyle plc (Consumer Staples, Food Products) | | | | | | | | | | | 31,252 | | | | 288,085 | |
| | | | |
Taylor Wimpey plc (Consumer Discretionary, Household Durables) | | | | | | | | | �� | | 198,770 | | | | 478,240 | |
| | | | |
TechnipFMC plc - BATS Exchange (Energy, Energy Equipment & Services) | | | | | | | | | | | 29,814 | | | | 656,535 | |
| | | | |
Tesco plc (Consumer Staples, Food & Staples Retailing) | | | | | | | | | | | 601,937 | | | | 1,804,336 | |
| | | | |
The Berkeley Group Holdings plc (Consumer Discretionary, Household Durables) | | | | | | | | | | | 8,302 | | | | 434,949 | |
| | | | |
The Unite Group plc (Real Estate, Equity REITs) | | | | | | | | | | | 17,185 | | | | 208,673 | |
| | | | |
Tritax Big Box REIT plc (Real Estate, Equity REITs) | | | | | | | | | | | 95,618 | | | | 180,469 | |
| | | | |
Unilever plc (Consumer Staples, Personal Products) | | | | | | | | | | | 83,966 | | | | 4,463,640 | |
| | | | |
United Utilities Group plc (Utilities, Water Utilities) | | | | | | | | | | | 45,472 | | | | 506,740 | |
| | | | |
Victrex plc (Materials, Chemicals) | | | | | | | | | | | 5,769 | | | | 179,509 | |
| | | | |
WH Smith plc (Consumer Discretionary, Specialty Retail) | | | | | | | | | | | 6,929 | | | | 192,812 | |
| | | | |
Whitbread plc (Consumer Discretionary, Hotels, Restaurants & Leisure) | | | | | | | | | | | 11,792 | | | | 759,025 | |
| | | | |
William Morrison Supermarkets plc (Consumer Staples, Food & Staples Retailing) | | | | | | | | | | | 158,415 | | | | 483,472 | |
| | | | |
WPP plc (Communication Services, Media) | | | | | | | | | | | 84,699 | | | | 927,708 | |
| | | | |
| | | | | | | | | | | | | | | 105,901,807 | |
| | | | | | | | | | | | | | | | |
| | | | |
Total Common Stocks (Cost $644,711,075) | | | | | | | | | | | | | | | 659,570,805 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | Dividend yield | | | | | | | | | | |
| Preferred Stocks: 0.57% | | | | | | | | | | | | | | | | |
| | | | |
| Germany: 0.57% | | | | | | | | | | | | | | | | |
| | | | |
Fuchs Petrolub SE (Materials, Chemicals) | | | 2.31 | % | | | | | | | 4,455 | | | | 199,146 | |
| | | | |
Henkel AG & Company KGaA (Consumer Staples, Household Products) | | | 2.00 | | | | | | | | 12,411 | | | | 1,240,027 | |
| | | | |
Sartorius AG Vorzug (Health Care, Health Care Equipment & Supplies) | | | 0.37 | | | | | | | | 2,310 | | | | 366,275 | |
| | | | |
Volkswagen AG (Consumer Discretionary, Automobiles) | | | 2.69 | | | | | | | | 12,464 | | | | 2,139,335 | |
| | | | |
Total Preferred Stocks (Cost $4,271,202) | | | | | | | | | | | | | | | 3,944,783 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | Yield | | | | | | | | | | |
| Short-Term Investments: 3.60% | | | | | | | | | | | | | | | | |
| | | | |
| Investment Companies: 3.60% | | | | | | | | | | | | | | | | |
| | | | |
Wells Fargo Government Money Market Fund Select Class (l)(u) | | | 2.34 | | | | | | | | 25,160,866 | | | | 25,160,866 | |
| | | | | | | | | | | | | | | | |
| | | | |
Total Short-Term Investments (Cost $25,160,866) | | | | | | | | | | | | | | | 25,160,866 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | |
| Total investments in securities (Cost $674,143,143) | | | 98.67 | % | | | 688,676,454 | |
| | |
Other assets and liabilities, net | | | 1.33 | | | | 9,308,160 | |
| | | | | | | | |
| Total net assets | | | 100.00 | % | | $ | 697,984,614 | |
| | | | | | | | |
| † | Non-income-earning security |
| 144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933. |
| (l) | The issuer of the security is an affiliated person of the Portfolio as defined in the Investment Company Act of 1940. |
| (u) | The rate represents the7-day annualized yield at period end. |
Abbreviations:
| REIT | Real estate investment trust |
| SDR | Swedish depositary receipt |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 134 | | Wells Fargo Funds | | Portfolio of investments—February 28, 2019 |
FACTOR ENHANCED INTERNATIONAL PORTFOLIO
Futures Contracts
| | | | | | | | | | | | | | | | | | | | | | | | |
| Description | | Number of
contracts | | | Expiration
date | | | Notional cost | | | Notional value | | | Unrealized
gains | | | Unrealized
losses | |
| | | | | | |
Long | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
MSCI EAFE Index | | | 313 | | | | 3-15-2019 | | | $ | 29,214,135 | | | $ | 29,249,850 | | | $ | 35,715 | | | $ | 0 | |
Investments in Affiliates
An affiliated investment is an investment in which the Portfolio owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Portfolio and the issuer having the same adviser or investment manager. Transactions with issuers that were either affiliated persons of the Portfolio at the beginning of the period or the end of the period were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Shares, beginning of period | | | Shares purchased | | | Shares sold | | | Shares, end of period | | | Net realized gains (losses) | | | Net
change in unrealized gains (losses) | | | Income from affiliated securities | | | Value, end of period | | | % of
net
assets | |
Short-Term Investments | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Investment Companies | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Wells Fargo Government Money Market Fund Select Class | | | 27,179,905 | | | | 441,675,312 | | | | 443,694,351 | | | | 25,160,866 | | | $ | 0 | | | $ | 0 | | | $ | 475,385 | | | $ | 25,160,866 | | | | 3.60 | % |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—February 28, 2019 | | Wells Fargo Funds | | | 135 | |
FACTOR ENHANCED LARGE CAP PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | Shares | | | Value | |
|
Common Stocks: 95.70% | |
|
Communication Services: 8.98% | |
|
| Diversified Telecommunication Services: 2.98% | |
| | | | |
AT&T Incorporated | | | | | | | | | | | 518,492 | | | $ | 16,135,471 | |
| | | | |
CenturyLink Incorporated | | | | | | | | | | | 81,601 | | | | 1,076,317 | |
| | | | |
Verizon Communications Incorporated | | | | | | | | | | | 305,144 | | | | 17,368,796 | |
| | | | |
Zayo Group Holdings Incorporated † | | | | | | | | | | | 15,568 | | | | 386,086 | |
| | | | |
| | | | | | | | | | | | | | | 34,966,670 | |
| | | | | | | | | | | | | | | | |
|
| Entertainment: 1.53% | |
| | | | |
Cinemark Holdings Incorporated | | | | | | | | | | | 6,516 | | | | 245,197 | |
| | | | |
Live Nation Incorporated † | | | | | | | | | | | 9,574 | | | | 541,505 | |
| | | | |
The Madison Square Garden Company Class A † | | | | | | | | | | | 1,259 | | | | 362,768 | |
| | | | |
The Walt Disney Company | | | | | | | | | | | 102,787 | | | | 11,598,485 | |
| | | | |
Twenty-First Century Fox Incorporated Class A | | | | | | | | | | | 83,734 | | | | 4,222,706 | |
| | | | |
Viacom Incorporated Class B | | | | | | | | | | | 25,602 | | | | 748,090 | |
| | | | |
World Wrestling Entertainment Incorporated Class A | | | | | | | | | | | 2,788 | | | | 233,356 | |
| | | | |
| | | | | | | | | | | | | | | 17,952,107 | |
| | | | | | | | | | | | | | | | |
|
| Interactive Media & Services: 2.27% | |
| | | | |
Alphabet Incorporated Class A † | | | | | | | | | | | 21,794 | | | | 24,552,031 | |
| | | | |
IAC Corporation † | | | | | | | | | | | 5,228 | | | | 1,113,825 | |
| | | | |
TripAdvisor Incorporated † | | | | | | | | | | | 7,549 | | | | 401,380 | |
| | | | |
Yelp Incorporated † | | | | | | | | | | | 5,327 | | | | 198,484 | |
| | | | |
Zillow Group Incorporated Class C † | | | | | | | | | | | 7,486 | | | | 312,915 | |
| | | | |
| | | | | | | | | | | | | | | 26,578,635 | |
| | | | | | | | | | | | | | | | |
|
| Media: 2.02% | |
| | | | |
Altice USA Incorporated | | | | | | | | | | | 22,770 | | | | 496,614 | |
| | | | |
Cable One Incorporated | | | | | | | | | | | 323 | | | | 306,524 | |
| | | | |
CBS Corporation Class B | | | | | | | | | | | 25,985 | | | | 1,304,707 | |
| | | | |
Charter Communications Incorporated Class A † | | | | | | | | | | | 12,246 | | | | 4,223,768 | |
| | | | |
Comcast Corporation Class A | | | | | | | | | | | 340,078 | | | | 13,150,816 | |
| | | | |
Discovery Communications Incorporated Class A † | | | | | | | | | | | 11,235 | | | | 324,692 | |
| | | | |
DISH Network Corporation Class A † | | | | | | | | | | | 15,376 | | | | 499,874 | |
| | | | |
Interpublic Group of Companies Incorporated | | | | | | | | | | | 25,585 | | | | 589,223 | |
| | | | |
News Corporation Class A | | | | | | | | | | | 26,135 | | | | 340,278 | |
| | | | |
Nexstar Media Group Incorporated Class A | | | | | | | | | | | 2,800 | | | | 273,644 | |
| | | | |
Omnicom Group Incorporated | | | | | | | | | | | 15,136 | | | | 1,145,795 | |
| | | | |
Sirius XM Holdings Incorporated | | | | | | | | | | | 76,881 | | | | 455,904 | |
| | | | |
The New York Times Company Class A | | | | | | | | | | | 10,962 | | | | 360,102 | |
| | | | |
Tribune Media Company Class A | | | | | | | | | | | 4,655 | | | | 215,201 | |
| | | | |
| | | | | | | | | | | | | | | 23,687,142 | |
| | | | | | | | | | | | | | | | |
|
| Wireless Telecommunication Services: 0.18% | |
| | | | |
Sprint Corporation † | | | | | | | | | | | 44,100 | | | | 280,035 | |
| | | | |
T-Mobile US Incorporated † | | | | | | | | | | | 22,568 | | | | 1,629,635 | |
| | | | |
Telephone & Data Systems Incorporated | | | | | | | | | | | 7,273 | | | | 233,100 | |
| | | | |
| | | | | | | | | | | | | | | 2,142,770 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 136 | | Wells Fargo Funds | | Portfolio of investments—February 28, 2019 |
FACTOR ENHANCED LARGE CAP PORTFOLIO
��
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | Shares | | | Value | |
|
Consumer Discretionary: 8.97% | |
|
| Auto Components: 0.14% | |
| | | | |
Adient plc | | | | | | | | | | | 8,293 | | | $ | 161,216 | |
| | | | |
Gentex Corporation | | | | | | | | | | | 20,264 | | | | 412,170 | |
| | | | |
Lear Corporation | | | | | | | | | | | 5,047 | | | | 767,497 | |
| | | | |
The Goodyear Tire & Rubber Company | | | | | | | | | | | 17,704 | | | | 350,185 | |
| | | | |
| | | | | | | | | | | | | | | 1,691,068 | |
| | | | | | | | | | | | | | | | |
|
| Automobiles: 0.61% | |
| | | | |
Ford Motor Company | | | | | | | | | | | 303,500 | | | | 2,661,695 | |
| | | | |
General Motors Company | | | | | | | | | | | 94,907 | | | | 3,746,928 | |
| | | | |
Harley-Davidson Incorporated | | | | | | | | | | | 14,024 | | | | 520,571 | |
| | | | |
Thor Industries Incorporated | | | | | | | | | | | 4,243 | | | | 273,971 | |
| | | | |
| | | | | | | | | | | | | | | 7,203,165 | |
| | | | | | | | | | | | | | | | |
|
| Distributors: 0.19% | |
| | | | |
Genuine Parts Company | | | | | | | | | | | 10,427 | | | | 1,134,249 | |
| | | | |
LKQ Corporation † | | | | | | | | | | | 22,942 | | | | 635,493 | |
| | | | |
Pool Corporation | | | | | | | | | | | 2,923 | | | | 466,335 | |
| | | | |
| | | | | | | | | | | | | | | 2,236,077 | |
| | | | | | | | | | | | | | | | |
|
| Diversified Consumer Services: 0.20% | |
| | | | |
Bright Horizons Family Solutions Incorporated † | | | | | | | | | | | 4,238 | | | | 525,512 | |
| | | | |
Grand Canyon Education Incorporated † | | | | | | | | | | | 3,790 | | | | 438,427 | |
| | | | |
H&R Block Incorporated | | | | | | | | | | | 13,752 | | | | 332,111 | |
| | | | |
Service Corporation International | | | | | | | | | | | 12,650 | | | | 522,951 | |
| | | | |
ServiceMaster Global Holdings Incorporated | | | | | | | | | | | 11,093 | | | | 500,960 | |
| | | | |
| | | | | | | | | | | | | | | 2,319,961 | |
| | | | | | | | | | | | | | | | |
|
| Hotels, Restaurants & Leisure: 2.86% | |
| | | | |
Aramark | | | | | | | | | | | 20,748 | | | | 628,664 | |
| | | | |
Carnival Corporation | | | | | | | | | | | 30,232 | | | | 1,746,200 | |
| | | | |
Chipotle Mexican Grill Incorporated † | | | | | | | | | | | 1,970 | | | | 1,196,834 | |
| | | | |
Cracker Barrel Old Country Store Incorporated | | | | | | | | | | | 1,746 | | | | 282,835 | |
| | | | |
Darden Restaurants Incorporated | | | | | | | | | | | 9,255 | | | | 1,037,578 | |
| | | | |
Domino’s Pizza Incorporated | | | | | | | | | | | 3,199 | | | | 802,757 | |
| | | | |
Dunkin Brands Group Incorporated | | | | | | | | | | | 6,178 | | | | 441,418 | |
| | | | |
Hilton Worldwide Holdings Incorporated | | | | | | | | | | | 21,307 | | | | 1,770,612 | |
| | | | |
Hyatt Hotels Corporation Class A | | | | | | | | | | | 3,142 | | | | 228,643 | |
| | | | |
Marriott International Incorporated Class A | | | | | | | | | | | 19,612 | | | | 2,456,795 | |
| | | | |
Marriott Vacations Worldwide Corporation | | | | | | | | | | | 3,238 | | | | 315,187 | |
| | | | |
McDonald’s Corporation | | | | | | | | | | | 56,703 | | | | 10,424,280 | |
| | | | |
Norwegian Cruise Line Holdings Limited † | | | | | | | | | | | 15,464 | | | | 858,716 | |
| | | | |
Planet Fitness Incorporated Class A † | | | | | | | | | | | 6,268 | | | | 368,433 | |
| | | | |
Six Flags Entertainment Corporation | | | | | | | | | | | 5,253 | | | | 292,645 | |
| | | | |
Starbucks Corporation | | | | | | | | | | | 93,359 | | | | 6,559,403 | |
| | | | |
Texas Roadhouse Incorporated | | | | | | | | | | | 5,044 | | | | 319,336 | |
| | | | |
The Wendy’s Company | | | | | | | | | | | 13,945 | | | | 241,667 | |
| | | | |
Vail Resorts Incorporated | | | | | | | | | | | 3,528 | | | | 735,200 | |
| | | | |
Wyndham Hotels & Resorts Incorporated | | | | | | | | | | | 7,169 | | | | 376,874 | |
| | | | |
Wyndham Worldwide Corporation | | | | | | | | | | | 7,580 | | | | 341,327 | |
| | | | |
Yum! Brands Incorporated | | | | | | | | | | | 22,950 | | | | 2,168,775 | |
| | | | |
| | | | | | | | | | | | | | | 33,594,179 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—February 28, 2019 | | Wells Fargo Funds | | | 137 | |
FACTOR ENHANCED LARGE CAP PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | Shares | | | Value | |
|
| Household Durables: 0.52% | |
| | | | |
D.R. Horton Incorporated | | | | | | | | | | | 25,646 | | | $ | 997,373 | |
| | | | |
Garmin Limited | | | | | | | | | | | 8,679 | | | | 728,776 | |
| | | | |
Helen of Troy Limited † | | | | | | | | | | | 1,914 | | | | 214,579 | |
| | | | |
Leggett & Platt Incorporated | | | | | | | | | | | 9,395 | | | | 426,721 | |
| | | | |
Lennar Corporation Class A | | | | | | | | | | | 20,926 | | | | 1,004,029 | |
| | | | |
Mohawk Industries Incorporated † | | | | | | | | | | | 4,727 | | | | 643,439 | |
| | | | |
NVR Incorporated † | | | | | | | | | | | 235 | | | | 615,700 | |
| | | | |
Pulte Group Incorporated | | | | | | | | | | | 18,138 | | | | 489,726 | |
| | | | |
Toll Brothers Incorporated | | | | | | | | | | | 9,588 | | | | 341,333 | |
| | | | |
Whirlpool Corporation | | | | | | | | | | | 4,830 | | | | 683,493 | |
| | | | |
| | | | | | | | | | | | | | | 6,145,169 | |
| | | | | | | | | | | | | | | | |
|
| Internet & Direct Marketing Retail: 0.10% | |
| | | | |
Qurate Retail Incorporated † | | | | | | | | | | | 32,100 | | | | 578,121 | |
| | | | |
Stamps.com Incorporated † | | | | | | | | | | | 1,342 | | | | 126,135 | |
| | | | |
Wayfair Incorporated Class A † | | | | | | | | | | | 3,130 | | | | 518,578 | |
| | | | |
| | | | | | | | | | | | | | | 1,222,834 | |
| | | | | | | | | | | | | | | | |
|
| Leisure Products: 0.16% | |
| | | | |
Hasbro Incorporated | | | | | | | | | | | 8,940 | | | | 759,006 | |
| | | | |
Mattel Incorporated † | | | | | | | | | | | 26,597 | | | | 383,529 | |
| | | | |
Polaris Industries Incorporated | | | | | | | | | | | 4,740 | | | | 403,990 | |
| | | | |
The Brunswick Corporation | | | | | | | | | | | 6,462 | | | | 340,806 | |
| | | | |
| | | | | | | | | | | | | | | 1,887,331 | |
| | | | | | | | | | | | | | | | |
|
| Multiline Retail: 0.78% | |
| | | | |
Dollar General Corporation | | | | | | | | | | | 19,766 | | | | 2,341,480 | |
| | | | |
Dollar Tree Incorporated † | | | | | | | | | | | 17,071 | | | | 1,644,449 | |
| | | | |
Kohl’s Corporation | | | | | | | | | | | 12,554 | | | | 847,772 | |
| | | | |
Macy’s Incorporated | | | | | | | | | | | 23,532 | | | | 583,358 | |
| | | | |
Nordstrom Incorporated | | | | | | | | | | | 8,983 | | | | 424,716 | |
| | | | |
Ollie’s Bargain Outlet Holdings Incorporated † | | | | | | | | | | | 4,970 | | | | 438,453 | |
| | | | |
Target Corporation | | | | | | | | | | | 39,003 | | | | 2,833,178 | |
| | | | |
| | | | | | | | | | | | | | | 9,113,406 | |
| | | | | | | | | | | | | | | | |
|
| Specialty Retail: 2.18% | |
| | | | |
Aaron’s Incorporated | | | | | | | | | | | 5,196 | | | | 282,091 | |
| | | | |
Advance Auto Parts Incorporated | | | | | | | | | | | 5,377 | | | | 869,891 | |
| | | | |
American Eagle Outfitters Incorporated | | | | | | | | | | | 12,520 | | | | 255,408 | |
| | | | |
AutoZone Incorporated † | | | | | | | | | | | 1,686 | | | | 1,583,103 | |
| | | | |
Best Buy Company Incorporated | | | | | | | | | | | 18,102 | | | | 1,246,142 | |
| | | | |
Burlington Stores Incorporated † | | | | | | | | | | | 4,731 | | | | 803,040 | |
| | | | |
CarMax Incorporated † | | | | | | | | | | | 13,019 | | | | 808,480 | |
| | | | |
Five Below Incorporated † | | | | | | | | | | | 4,176 | | | | 502,582 | |
| | | | |
Foot Locker Incorporated | | | | | | | | | | | 8,873 | | | | 528,121 | |
| | | | |
L Brands Incorporated | | | | | | | | | | | 17,081 | | | | 446,497 | |
| | | | |
Lowe’s Companies Incorporated | | | | | | | | | | | 56,013 | | | | 5,886,406 | |
| | | | |
O’Reilly Automotive Incorporated † | | | | | | | | | | | 5,456 | | | | 2,029,414 | |
| | | | |
Ross Stores Incorporated | | | | | | | | | | | 27,930 | | | | 2,648,602 | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 138 | | Wells Fargo Funds | | Portfolio of investments—February 28, 2019 |
FACTOR ENHANCED LARGE CAP PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | Shares | | | Value | |
|
| Specialty Retail(continued) | |
| | | | |
The Gap Incorporated | | | | | | | | | | | 20,668 | | | $ | 524,967 | |
| | | | |
The TJX Companies Incorporated | | | | | | | | | | | 86,395 | | | | 4,431,200 | |
| | | | |
Tractor Supply Company | | | | | | | | | | | 9,047 | | | | 862,631 | |
| | | | |
ULTA Beauty Incorporated † | | | | | | | | | | | 4,677 | | | | 1,461,516 | |
| | | | |
Williams-Sonoma Incorporated | | | | | | | | | | | 6,155 | | | | 357,975 | |
| | | | |
| | | | | | | | | | | | | | | 25,528,066 | |
| | | | | | | | | | | | | | | | |
|
| Textiles, Apparel & Luxury Goods: 1.23% | |
| | | | |
Capri Holdings Limited † | | | | | | | | | | | 11,339 | | | | 517,058 | |
| | | | |
Carter’s Incorporated | | | | | | | | | | | 3,440 | | | | 335,194 | |
| | | | |
Deckers Outdoor Corporation † | | | | | | | | | | | 2,187 | | | | 323,567 | |
| | | | |
HanesBrands Incorporated | | | | | | | | | | | 27,335 | | | | 508,158 | |
| | | | |
Nike Incorporated Class B | | | | | | | | | | | 89,434 | | | | 7,667,177 | |
| | | | |
PVH Corporation | | | | | | | | | | | 5,992 | | | | 688,121 | |
| | | | |
Ralph Lauren Corporation | | | | | | | | | | | 3,959 | | | | 495,548 | |
| | | | |
Skechers U.S.A. Incorporated Class A † | | | | | | | | | | | 10,379 | | | | 349,046 | |
| | | | |
Tapestry Incorporated | | | | | | | | | | | 21,900 | | | | 765,186 | |
| | | | |
Under Armour Incorporated Class A † | | | | | | | | | | | 15,748 | | | | 355,117 | |
| | | | |
VF Corporation | | | | | | | | | | | 24,243 | | | | 2,117,868 | |
| | | | |
Wolverine World Wide Incorporated | | | | | | | | | | | 6,893 | | | | 246,494 | |
| | | | |
| | | | | | | | | | | | | | | 14,368,534 | |
| | | | | | | | | | | | | | | | |
|
Consumer Staples: 10.22% | |
|
| Beverages: 2.63% | |
| | | | |
Brown-Forman Corporation Class B | | | | | | | | | | | 22,088 | | | | 1,093,135 | |
| | | | |
Constellation Brands Incorporated Class A | | | | | | | | | | | 11,634 | | | | 1,968,007 | |
| | | | |
Keurig Dr Pepper Incorporated | | | | | | | | | | | 14,133 | | | | 355,445 | |
| | | | |
Molson Coors Brewing Company Class B | | | | | | | | | | | 12,963 | | | | 799,299 | |
| | | | |
Monster Beverage Corporation † | | | | | | | | | | | 29,849 | | | | 1,905,262 | |
| | | | |
PepsiCo Incorporated | | | | | | | | | | | 104,189 | | | | 12,048,416 | |
| | | | |
The Coca-Cola Company | | | | | | | | | | | 280,576 | | | | 12,721,316 | |
| | | | |
| | | | | | | | | | | | | | | 30,890,880 | |
| | | | | | | | | | | | | | | | |
|
| Food & Staples Retailing: 1.91% | |
| | | | |
Casey’s General Stores Incorporated | | | | | | | | | | | 2,443 | | | | 329,170 | |
| | | | |
Costco Wholesale Corporation | | | | | | | | | | | 30,975 | | | | 6,775,472 | |
| | | | |
Sprouts Farmers Market Incorporated † | | | | | | | | | | | 8,285 | | | | 193,206 | |
| | | | |
Sysco Corporation | | | | | | | | | | | 35,318 | | | | 2,385,731 | |
| | | | |
The Kroger Company | | | | | | | | | | | 56,030 | | | | 1,643,360 | |
| | | | |
US Foods Holding Corporation † | | | | | | | | | | | 16,173 | | | | 569,937 | |
| | | | |
Wal-Mart Stores Incorporated | | | | | | | | | | | 106,042 | | | | 10,497,098 | |
| | | | |
| | | | | | | | | | | | | | | 22,393,974 | |
| | | | | | | | | | | | | | | | |
|
| Food Products: 1.65% | |
| | | | |
Archer Daniels Midland Company | | | | | | | | | | | 39,622 | | | | 1,683,935 | |
| | | | |
Bunge Limited | | | | | | | | | | | 9,813 | | | | 520,874 | |
| | | | |
Campbell Soup Company | | | | | | | | | | | 14,334 | | | | 516,311 | |
| | | | |
ConAgra Foods Incorporated | | | | | | | | | | | 37,712 | | | | 881,329 | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—February 28, 2019 | | Wells Fargo Funds | | | 139 | |
FACTOR ENHANCED LARGE CAP PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | Shares | | | Value | |
|
| Food Products(continued) | |
| | | | |
Flowers Foods Incorporated | | | | | | | | | | | 13,450 | | | $ | 275,322 | |
| | | | |
General Mills Incorporated | | | | | | | | | | | 47,565 | | | | 2,241,738 | |
| | | | |
Hormel Foods Corporation | | | | | | | | | | | 19,118 | | | | 828,956 | |
| | | | |
Ingredion Incorporated | | | | | | | | | | | 5,510 | | | | 509,400 | |
| | | | |
Kellogg Company | | | | | | | | | | | 21,323 | | | | 1,199,632 | |
| | | | |
Lamb Weston Holdings Incorporated | | | | | | | | | | | 10,443 | | | | 723,804 | |
| | | | |
McCormick & Company Incorporated | | | | | | | | | | | 8,233 | | | | 1,119,523 | |
| | | | |
Mondelez International Incorporated Class A | | | | | | | | | | | 106,742 | | | | 5,033,953 | |
| | | | |
Post Holdings Incorporated † | | | | | | | | | | | 4,879 | | | | 497,073 | |
| | | | |
The Hershey Company | | | | | | | | | | | 9,963 | | | | 1,102,705 | |
| | | | |
The J.M. Smucker Company | | | | | | | | | | | 8,355 | | | | 884,878 | |
| | | | |
Tyson Foods Incorporated Class A | | | | | | | | | | | 22,058 | | | | 1,360,096 | |
| | | | |
| | | | | | | | | | | | | | | 19,379,529 | |
| | | | | | | | | | | | | | | | |
|
| Household Products: 2.29% | |
| | | | |
Church & Dwight Company Incorporated | | | | | | | | | | | 16,962 | | | | 1,116,100 | |
| | | | |
Colgate-Palmolive Company | | | | | | | | | | | 59,669 | | | | 3,930,397 | |
| | | | |
Energizer Holdings Incorporated | | | | | | | | | | | 3,924 | | | | 180,033 | |
| | | | |
Kimberly-Clark Corporation | | | | | | | | | | | 25,044 | | | | 2,925,891 | |
| | | | |
The Clorox Company | | | | | | | | | | | 9,142 | | | | 1,444,710 | |
| | | | |
The Procter & Gamble Company | | | | | | | | | | | 174,749 | | | | 17,221,514 | |
| | | | |
| | | | | | | | | | | | | | | 26,818,645 | |
| | | | | | | | | | | | | | | | |
|
| Personal Products: 0.30% | |
| | | | |
Coty Incorporated Class A | | | | | | | | | | | 34,552 | | | | 380,072 | |
| | | | |
Herbalife Limited † | | | | | | | | | | | 7,210 | | | | 404,481 | |
| | | | |
NU Skin Enterprises Incorporated Class A | | | | | | | | | | | 3,853 | | | | 231,604 | |
| | | | |
The Estee Lauder Companies Incorporated Class A | | | | | | | | | | | 15,983 | | | | 2,508,372 | |
| | | | |
| | | | | | | | | | | | | | | 3,524,529 | |
| | | | | | | | | | | | | | | | |
|
| Tobacco: 1.44% | |
| | | | |
Altria Group Incorporated | | | | | | | | | | | 135,609 | | | | 7,107,268 | |
| | | | |
Philip Morris International Incorporated | | | | | | | | | | | 112,821 | | | | 9,808,658 | |
| | | | |
| | | | | | | | | | | | | | | 16,915,926 | |
| | | | | | | | | | | | | | | | |
|
Energy: 3.69% | |
|
| Energy Equipment & Services: 0.38% | |
| | | | |
Apergy Corporation † | | | | | | | | | | | 6,011 | | | | 252,342 | |
| | | | |
Baker Hughes Incorporated | | | | | | | | | | | 30,842 | | | | 813,612 | |
| | | | |
Halliburton Company | | | | | | | | | | | 62,076 | | | | 1,905,112 | |
| | | | |
Helmerich & Payne Incorporated | | | | | | | | | | | 7,408 | | | | 401,514 | |
| | | | |
National Oilwell Varco Incorporated | | | | | | | | | | | 30,824 | | | | 867,387 | |
| | | | |
Patterson-UTI Energy Incorporated | | | | | | | | | | | 16,085 | | | | 213,287 | |
| | | | |
| | | | | | | | | | | | | | | 4,453,254 | |
| | | | | | | | | | | | | | | | |
|
| Oil, Gas & Consumable Fuels: 3.31% | |
| | | | |
Antero Resources Corporation † | | | | | | | | | | | 18,113 | | | | 156,859 | |
| | | | |
Centennial Resource Development Class A † | | | | | | | | | | | 14,251 | | | | 129,257 | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 140 | | Wells Fargo Funds | | Portfolio of investments—February 28, 2019 |
FACTOR ENHANCED LARGE CAP PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | Shares | | | Value | |
|
| Oil, Gas & Consumable Fuels(continued) | |
| | | | |
Chesapeake Energy Corporation † | | | | | | | | | | | 68,500 | | | $ | 202,760 | |
| | | | |
Delek US Holdings Incorporated | | | | | | | | | | | 5,794 | | | | 204,992 | |
| | | | |
Exxon Mobil Corporation | | | | | | | | | | | 312,587 | | | | 24,703,740 | |
| | | | |
HollyFrontier Corporation | | | | | | | | | | | 13,550 | | | | 693,760 | |
| | | | |
Marathon Petroleum Corporation | | | | | | | | | | | 50,794 | | | | 3,149,736 | |
| | | | |
ONEOK Incorporated | | | | | | | | | | | 29,771 | | | | 1,913,084 | |
| | | | |
PBF Energy Incorporated Class A | | | | | | | | | | | 9,261 | | | | 287,739 | |
| | | | |
Peabody Energy Corporation | | | | | | | | | | | 8,104 | | | | 250,008 | |
| | | | |
Phillips 66 Company | | | | | | | | | | | 32,539 | | | | 3,135,458 | |
| | | | |
Plains GP Holdings LP Class A | | | | | | | | | | | 10,178 | | | | 236,028 | |
| | | | |
Range Resources Corporation | | | | | | | | | | | 19,855 | | | | 212,449 | |
| | | | |
Tallgrass Energy GP LP | | | | | | | | | | | 10,588 | | | | 239,606 | |
| | | | |
Targa Resources Corporation | | | | | | | | | | | 16,117 | | | | 648,548 | |
| | | | |
Valero Energy Corporation | | | | | | | | | | | 32,510 | | | | 2,651,516 | |
| | | | |
| | | | | | | | | | | | | | | 38,815,540 | |
| | | | | | | | | | | | | | | | |
|
Financials: 11.25% | |
|
| Banks: 2.94% | |
| | | | |
Associated Banc Corporation | | | | | | | | | | | 13,055 | | | | 303,920 | |
| | | | |
Bank of Hawaii Corporation | | | | | | | | | | | 3,138 | | | | 258,038 | |
| | | | |
Bank of the Ozarks Incorporated | | | | | | | | | | | 10,185 | | | | 334,068 | |
| | | | |
BankUnited Incorporated | | | | | | | | | | | 8,016 | | | | 292,504 | |
| | | | |
BB&T Corporation | | | | | | | | | | | 59,848 | | | | 3,050,453 | |
| | | | |
Chemical Financial Corporation | | | | | | | | | | | 5,594 | | | | 256,373 | |
| | | | |
CIT Group Incorporated | | | | | | | | | | | 8,469 | | | | 431,665 | |
| | | | |
Citizens Financial Group Incorporated | | | | | | | | | | | 38,748 | | | | 1,431,351 | |
| | | | |
Commerce Bancshares Incorporated | | | | | | | | | | | 7,474 | | | | 470,339 | |
| | | | |
Cullen Frost Bankers Incorporated | | | | | | | | | | | 4,408 | | | | 457,021 | |
| | | | |
Fifth Third Bancorp | | | | | | | | | | | 52,426 | | | | 1,445,909 | |
| | | | |
First Financial Bankshares Incorporated | | | | | | | | | | | 4,861 | | | | 315,236 | |
| | | | |
First Horizon National Corporation | | | | | | | | | | | 26,271 | | | | 410,616 | |
| | | | |
FNB Corporation | | | | | | | | | | | 25,471 | | | | 311,765 | |
| | | | |
Fulton Financial Corporation | | | | | | | | | | | 13,184 | | | | 226,501 | |
| | | | |
Glacier Bancorp Incorporated | | | | | | | | | | | 6,423 | | | | 281,456 | |
| | | | |
Hancock Holding Company | | | | | | | | | | | 6,286 | | | | 274,572 | |
| | | | |
Home Bancshares Incorporated | | | | | | | | | | | 12,781 | | | | 248,974 | |
| | | | |
Huntington Bancshares Incorporated | | | | | | | | | | | 84,692 | | | | 1,220,412 | |
| | | | |
IBERIABANK Corporation | | | | | | | | | | | 4,070 | | | | 318,396 | |
| | | | |
KeyCorp | | | | | | | | | | | 84,892 | | | | 1,499,193 | |
| | | | |
M&T Bank Corporation | | | | | | | | | | | 9,917 | | | | 1,716,236 | |
| | | | |
MB Financial Incorporated | | | | | | | | | | | 6,368 | | | | 288,279 | |
| | | | |
PacWest Bancorp | | | | | | | | | | | 9,884 | | | | 405,442 | |
| | | | |
People’s United Financial Incorporated | | | | | | | | | | | 28,181 | | | | 500,495 | |
| | | | |
Pinnacle Financial Partners Incorporated | | | | | | | | | | | 6,078 | | | | 356,718 | |
| | | | |
PNC Financial Services Group Incorporated | | | | | | | | | | | 34,214 | | | | 4,311,648 | |
| | | | |
Regions Financial Corporation | | | | | | | | | | | 90,412 | | | | 1,482,757 | |
| | | | |
Sterling Bancorp | | | | | | | | | | | 17,653 | | | | 358,885 | |
| | | | |
SunTrust Banks Incorporated | | | | | | | | | | | 37,377 | | | | 2,424,646 | |
| | | | |
Synovus Financial Corporation | | | | | | | | | | | 8,601 | | | | 341,288 | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—February 28, 2019 | | Wells Fargo Funds | | | 141 | |
FACTOR ENHANCED LARGE CAP PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | Shares | | | Value | |
|
| Banks(continued) | |
| | | | |
TCF Financial Corporation | | | | | | | | | | | 11,571 | | | $ | 264,976 | |
| | | | |
Texas Capital Bancshares Incorporated † | | | | | | | | | | | 3,855 | | | | 235,271 | |
| | | | |
UMB Financial Corporation | | | | | | | | | | | 3,492 | | | | 240,285 | |
| | | | |
Umpqua Holdings Corporation | | | | | | | | | | | 16,791 | | | | 305,260 | |
| | | | |
United Bankshares Incorporated | | | | | | | | | | | 7,848 | | | | 301,285 | |
| | | | |
US Bancorp | | | | | | | | | | | 117,297 | | | | 6,063,082 | |
| | | | |
Valley National Bancorp | | | | | | | | | | | 25,146 | | | | 265,542 | |
| | | | |
Webster Financial Corporation | | | | | | | | | | | 7,383 | | | | 423,932 | |
| | | | |
Wintrust Financial Corporation | | | | | | | | | | | 4,390 | | | | 323,411 | |
| | | | |
| | | | | | | | | | | | | | | 34,448,200 | |
| | | | | | | | | | | | | | | | |
|
| Capital Markets: 2.12% | |
| | | | |
Affiliated Managers Group Incorporated | | | | | | | | | | | 4,118 | | | | 451,374 | |
| | | | |
BGC Partners Incorporated Class A | | | | | | | | | | | 34,914 | | | | 214,023 | |
| | | | |
CBOE Holdings Incorporated | | | | | | | | | | | 8,028 | | | | 769,965 | |
| | | | |
CME Group Incorporated | | | | | | | | | | | 24,238 | | | | 4,409,135 | |
| | | | |
Eaton Vance Corporation | | | | | | | | | | | 8,935 | | | | 373,930 | |
| | | | |
FactSet Research Systems Incorporated | | | | | | | | | | | 2,728 | | | | 641,544 | |
| | | | |
Franklin Resources Incorporated | | | | | | | | | | | 22,887 | | | | 746,345 | |
| | | | |
Interactive Brokers Group Incorporated Class A | | | | | | | | | | | 5,630 | | | | 310,945 | |
| | | | |
Intercontinental Exchange Incorporated | | | | | | | | | | | 42,093 | | | | 3,247,475 | |
| | | | |
KKR & Company Incorporated Class A | | | | | | | | | | | 39,168 | | | | 870,705 | |
| | | | |
Lazard Limited Class A | | | | | | | | | | | 9,826 | | | | 367,787 | |
| | | | |
LPL Financial Holdings Incorporated | | | | | | | | | | | 6,540 | | | | 493,181 | |
| | | | |
MarketAxess Holdings Incorporated | | | | | | | | | | | 2,430 | | | | 592,628 | |
| | | | |
Moody’s Corporation | | | | | | | | | | | 12,569 | | | | 2,175,945 | |
| | | | |
MSCI Incorporated | | | | | | | | | | | 6,229 | | | | 1,150,621 | |
| | | | |
Raymond James Financial Incorporated | | | | | | | | | | | 9,718 | | | | 802,512 | |
| | | | |
S&P Global Incorporated | | | | | | | | | | | 19,072 | | | | 3,821,457 | |
| | | | |
SEI Investments Company | | | | | | | | | | | 11,047 | | | | 582,729 | |
| | | | |
Stifel Financial Corporation | | | | | | | | | | | 5,152 | | | | 280,423 | |
| | | | |
T. Rowe Price Group Incorporated | | | | | | | | | | | 17,747 | | | | 1,782,331 | |
| | | | |
The NASDAQ OMX Group Incorporated | | | | | | | | | | | 8,349 | | | | 764,518 | |
| | | | |
| | | | | | | | | | | | | | | 24,849,573 | |
| | | | | | | | | | | | | | | | |
|
| Consumer Finance: 0.98% | |
| | | | |
Ally Financial Incorporated | | | | | | | | | | | 32,838 | | | | 889,581 | |
| | | | |
American Express Company | | | | | | | | | | | 51,580 | | | | 5,557,229 | |
| | | | |
Credit Acceptance Corporation † | | | | | | | | | | | 944 | | | | 415,228 | |
| | | | |
Discover Financial Services | | | | | | | | | | | 26,783 | | | | 1,917,931 | |
| | | | |
FirstCash Financial Services Incorporated | | | | | | | | | | | 3,242 | | | | 284,194 | |
| | | | |
Green Dot Corporation Class A † | | | | | | | | | | | 3,461 | | | | 223,408 | |
| | | | |
Navient Corporation | | | | | | | | | | | 20,981 | | | | 256,388 | |
| | | | |
SLM Corporation † | | | | | | | | | | | 33,761 | | | | 373,059 | |
| | | | |
Synchrony Financial | | | | | | | | | | | 48,076 | | | | 1,567,758 | |
| | | | |
| | | | | | | | | | | | | | | 11,484,776 | |
| | | | | | | | | | | | | | | | |
|
| Diversified Financial Services: 1.75% | |
| | | | |
AXA Equitable Holdings Incorporated | | | | | | | | | | | 12,617 | | | | 241,237 | |
| | | | |
Berkshire Hathaway Incorporated Class B † | | | | | | | | | | | 101,132 | | | | 20,357,872 | |
| | | | |
| | | | | | | | | | | | | | | 20,599,109 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 142 | | Wells Fargo Funds | | Portfolio of investments—February 28, 2019 |
FACTOR ENHANCED LARGE CAP PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | Shares | | | Value | |
|
| Insurance: 3.06% | |
| | | | |
AFLAC Incorporated | | | | | | | | | | | 57,581 | | | $ | 2,829,530 | |
| | | | |
Alleghany Corporation | | | | | | | | | | | 1,049 | | | | 674,465 | |
| | | | |
American Financial Group Incorporated | | | | | | | | | | | 5,379 | | | | 536,071 | |
| | | | |
Aon plc | | | | | | | | | | | 18,161 | | | | 3,115,156 | |
| | | | |
Arch Capital Group Limited † | | | | | | | | | | | 29,349 | | | | 958,832 | |
| | | | |
Arthur J. Gallagher & Company | | | | | | | | | | | 13,045 | | | | 1,047,253 | |
| | | | |
Assurant Incorporated | | | | | | | | | | | 4,113 | | | | 423,598 | |
| | | | |
Assured Guaranty Limited | | | | | | | | | | | 7,800 | | | | 325,728 | |
| | | | |
Athene Holding Limited Class A † | | | | | | | | | | | 12,013 | | | | 535,179 | |
| | | | |
Axis Capital Holdings Limited | | | | | | | | | | | 6,001 | | | | 342,477 | |
| | | | |
Brown & Brown Incorporated | | | | | | | | | | | 17,392 | | | | 515,151 | |
| | | | |
Cincinnati Financial Corporation | | | | | | | | | | | 11,167 | | | | 969,519 | |
| | | | |
CNO Financial Group Incorporated | | | | | | | | | | | 13,375 | | | | 227,776 | |
| | | | |
Erie Indemnity Company Class A | | | | | | | | | | | 1,821 | | | | 324,539 | |
| | | | |
Everest Reinsurance Group Limited | | | | | | | | | | | 2,881 | | | | 651,423 | |
| | | | |
Fidelity National Financial Incorporated | | | | | | | | | | | 19,239 | | | | 675,097 | |
| | | | |
First American Financial Corporation | | | | | | | | | | | 7,983 | | | | 405,457 | |
| | | | |
Kemper Corporation | | | | | | | | | | | 4,256 | | | | 353,674 | |
| | | | |
Loews Corporation | | | | | | | | | | | 19,269 | | | | 917,590 | |
| | | | |
Markel Corporation † | | | | | | | | | | | 1,046 | | | | 1,051,104 | |
| | | | |
Marsh & McLennan Companies Incorporated | | | | | | | | | | | 37,668 | | | | 3,503,877 | |
| | | | |
Old Republic International Corporation | | | | | | | | | | | 21,235 | | | | 442,962 | |
| | | | |
Primerica Incorporated | | | | | | | | | | | 3,459 | | | | 432,513 | |
| | | | |
Reinsurance Group of America Incorporated | | | | | | | | | | | 4,810 | | | | 694,997 | |
| | | | |
Selective Insurance Group Incorporated | | | | | | | | | | | 4,286 | | | | 282,705 | |
| | | | |
The Allstate Corporation | | | | | | | | | | | 26,027 | | | | 2,456,428 | |
| | | | |
The Hanover Insurance Group Incorporated | | | | | | | | | | | 3,103 | | | | 368,357 | |
| | | | |
The Hartford Financial Services Group Incorporated | | | | | | | | | | | 27,046 | | | | 1,334,991 | |
| | | | |
The Progressive Corporation | | | | | | | | | | | 42,393 | | | | 3,090,450 | |
| | | | |
The Travelers Companies Incorporated | | | | | | | | | | | 19,846 | | | | 2,637,732 | |
| | | | |
Torchmark Corporation | | | | | | | | | | | 8,092 | | | | 668,076 | |
| | | | |
Unum Group | | | | | | | | | | | 18,374 | | | | 686,453 | |
| | | | |
W.R. Berkley Corporation | | | | | | | | | | | 6,974 | | | | 583,445 | |
| | | | |
White Mountains Insurance Group Limited | | | | | | | | | | | 215 | | | | 201,969 | |
| | | | |
Willis Towers Watson plc | | | | | | | | | | | 9,417 | | | | 1,619,912 | |
| | | | |
| | | | | | | | | | | | | | | 35,884,486 | |
| | | | | | | | | | | | | | | | |
|
| Mortgage REITs: 0.28% | |
| | | | |
AGNC Investment Corporation | | | | | | | | | | | 33,175 | | | | 585,539 | |
| | | | |
Annaly Capital Management Incorporated | | | | | | | | | | | 90,927 | | | | 921,091 | |
| | | | |
Blackstone Mortgage Trust Incorporated Class A | | | | | | | | | | | 7,956 | | | | 274,323 | |
| | | | |
Chimera Investment Corporation | | | | | | | | | | | 12,910 | | | | 238,706 | |
| | | | |
MFA Financial Incorporated | | | | | | | | | | | 32,504 | | | | 236,304 | |
| | | | |
New Residential Investment Corporation | | | | | | | | | | | 25,689 | | | | 424,896 | |
| | | | |
Starwood Property Trust Incorporated | | | | | | | | | | | 18,459 | | | | 414,035 | |
| | | | |
Two Harbors Investment Corporation | | | | | | | | | | | 17,456 | | | | 242,115 | |
| | | | |
| | | | | | | | | | | | | | | 3,337,009 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—February 28, 2019 | | Wells Fargo Funds | | | 143 | |
FACTOR ENHANCED LARGE CAP PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | Shares | | | Value | |
|
| Thrifts & Mortgage Finance: 0.12% | |
| | | | |
Essent Group Limited † | | | | | | | | | | | 7,218 | | | $ | 311,385 | |
| | | | |
MGIC Investment Corporation † | | | | | | | | | | | 27,337 | | | | 354,834 | |
| | | | |
New York Community Bancorp Incorporated | | | | | | | | | | | 36,023 | | | | 450,648 | |
| | | | |
Radian Group Incorporated | | | | | | | | | | | 16,336 | | | | 332,601 | |
| | | | |
| | | | | | | | | | | | | | | 1,449,468 | |
| | | | | | | | | | | | | | | | |
|
Health Care: 15.35% | |
|
| Biotechnology: 1.94% | |
| | | | |
AbbVie Incorporated | | | | | | | | | | | 111,356 | | | | 8,823,849 | |
| | | | |
Biogen Incorporated † | | | | | | | | | | | 14,640 | | | | 4,802,066 | |
| | | | |
Gilead Sciences Incorporated | | | | | �� | | | | | | 96,365 | | | | 6,265,652 | |
| | | | |
Ligand Pharmaceuticals Incorporated † | | | | | | | | | | | 1,566 | | | | 194,309 | |
| | | | |
Regeneron Pharmaceuticals Incorporated † | | | | | | | | | | | 5,489 | | | | 2,364,332 | |
| | | | |
United Therapeutics Corporation † | | | | | | | | | | | 3,162 | | | | 399,329 | |
| | | | |
| | | | | | | | | | | | | | | 22,849,537 | |
| | | | | | | | | | | | | | | | |
|
| Health Care Equipment & Supplies: 4.92% | |
| | | | |
Abbott Laboratories | | | | | | | | | | | 124,616 | | | | 9,672,694 | |
| | | | |
Baxter International Incorporated | | | | | | | | | | | 35,927 | | | | 2,684,825 | |
| | | | |
Becton Dickinson & Company | | | | | | | | | | | 20,214 | | | | 5,029,041 | |
| | | | |
Boston Scientific Corporation † | | | | | | | | | | | 98,094 | | | | 3,935,531 | |
| | | | |
Cantel Medical Corporation | | | | | | | | | | | 2,679 | | | | 196,960 | |
| | | | |
Danaher Corporation | | | | | | | | | | | 46,863 | | | | 5,952,538 | |
| | | | |
Dentsply Sirona Incorporated | | | | | | | | | | | 15,596 | | | | 651,289 | |
| | | | |
DexCom Incorporated † | | | | | | | | | | | 6,727 | | | | 937,273 | |
| | | | |
Edwards Lifesciences Corporation † | | | | | | | | | | | 14,730 | | | | 2,493,642 | |
| | | | |
Globus Medical Incorporated Class A † | | | | | | | | | | | 5,386 | | | | 262,244 | |
| | | | |
Haemonetics Corporation † | | | | | | | | | | | 3,738 | | | | 324,720 | |
| | | | |
Hill-Rom Holdings Incorporated | | | | | | | | | | | 4,652 | | | | 493,345 | |
| | | | |
Hologic Incorporated † | | | | | | | | | | | 19,723 | | | | 929,939 | |
| | | | |
ICU Medical Incorporated † | | | | | | | | | | | 1,214 | | | | 298,353 | |
| | | | |
IDEXX Laboratories Incorporated † | | | | | | | | | | | 6,134 | | | | 1,294,458 | |
| | | | |
Inogen Incorporated † | | | | | | | | | | | 1,338 | | | | 143,781 | |
| | | | |
Insulet Corporation † | | | | | | | | | | | 4,124 | | | | 387,285 | |
| | | | |
Integra LifeSciences Holdings Corporation † | | | | | | | | | | | 5,519 | | | | 304,042 | |
| | | | |
LivaNova plc † | | | | | | | | | | | 3,570 | | | | 332,724 | |
| | | | |
Masimo Corporation † | | | | | | | | | | | 3,399 | | | | 446,221 | |
| | | | |
Medtronic plc | | | | | | | | | | | 96,795 | | | | 8,759,948 | |
| | | | |
Merit Medical Systems Incorporated † | | | | | | | | | | | 4,094 | | | | 228,159 | |
| | | | |
Neogen Corporation † | | | | | | | | | | | 3,576 | | | | 221,569 | |
| | | | |
NuVasive Incorporated † | | | | | | | | | | | 4,045 | | | | 238,251 | |
| | | | |
Penumbra Incorporated † | | | | | | | | | | | 2,354 | | | | 314,659 | |
| | | | |
ResMed Incorporated | | | | | | | | | | | 9,624 | | | | 985,786 | |
| | | | |
Steris plc | | | | | | | | | | | 6,024 | | | | 728,663 | |
| | | | |
Stryker Corporation | | | | | | | | | | | 22,063 | | | | 4,159,096 | |
| | | | |
Teleflex Incorporated | | | | | | | | | | | 3,332 | | | | 965,747 | |
| | | | |
The Cooper Companies Incorporated | | | | | | | | | | | 3,744 | | | | 1,070,747 | |
| | | | |
Varian Medical Systems Incorporated † | | | | | | | | | | | 6,573 | | | | 883,148 | |
| | | | |
West Pharmaceutical Services Incorporated | | | | | | | | | | | 5,255 | | | | 550,461 | |
| | | | |
Zimmer Biomet Holdings Incorporated | | | | | | | | | | | 14,903 | | | | 1,849,760 | |
| | | | |
| | | | | | | | | | | | | | | 57,726,899 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 144 | | Wells Fargo Funds | | Portfolio of investments—February 28, 2019 |
FACTOR ENHANCED LARGE CAP PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | Shares | | | Value | |
|
| Health Care Providers & Services: 2.39% | |
| | | | |
Acadia Healthcare Company Incorporated † | | | | | | | | | | | 6,703 | | | $ | 176,222 | |
| | | | |
AmerisourceBergen Corporation | | | | | | | | | | | 11,990 | | | | 998,767 | |
| | | | |
Anthem Incorporated | | | | | | | | | | | 19,049 | | | | 5,728,606 | |
| | | | |
Cardinal Health Incorporated | | | | | | | | | | | 21,641 | | | | 1,175,972 | |
| | | | |
Centene Corporation † | | | | | | | | | | | 29,889 | | | | 1,819,941 | |
| | | | |
Chemed Corporation | | | | | | | | | | | 1,141 | | | | 375,960 | |
| | | | |
Covetrus Incorporated † | | | | | | | | | | | 4,223 | | | | 151,099 | |
| | | | |
CVS Health Corporation | | | | | | | | | | | 100,217 | | | | 5,795,549 | |
| | | | |
DaVita HealthCare Partners Incorporated † | | | | | | | | | | | 10,166 | | | | 578,445 | |
| | | | |
Encompass Health Corporation | | | | | | | | | | | 6,845 | | | | 432,193 | |
| | | | |
HCA Holdings Incorporated | | | | | | | | | | | 20,283 | | | | 2,820,148 | |
| | | | |
Henry Schein Incorporated | | | | | | | | | | | 11,085 | | | | 657,341 | |
| | | | |
Humana Incorporated | | | | | | | | | | | 10,307 | | | | 2,937,907 | |
| | | | |
McKesson Corporation | | | | | | | | | | | 14,349 | | | | 1,824,619 | |
| | | | |
MEDNAX Incorporated † | | | | | | | | | | | 6,788 | | | | 223,393 | |
| | | | |
Molina Healthcare Incorporated † | | | | | | | | | | | 3,907 | | | | 525,999 | |
| | | | |
Universal Health Services Incorporated Class B | | | | | | | | | | | 6,209 | | | | 861,995 | |
| | | | |
WellCare Health Plans Incorporated † | | | | | | | | | | | 3,675 | | | | 931,907 | |
| | | | |
| | | | | | | | | | | | | | | 28,016,063 | |
| | | | | | | | | | | | | | | | |
|
| Health Care Technology: 0.14% | |
| | | | |
Cerner Corporation † | | | | | | | | | | | 23,068 | | | | 1,290,655 | |
| | | | |
Medidata Solutions Incorporated † | | | | | | | | | | | 4,370 | | | | 327,837 | |
| | | | |
| | | | | | | | | | | | | | | 1,618,492 | |
| | | | | | | | | | | | | | | | |
|
| Life Sciences Tools & Services: 1.31% | |
| | | | |
Bio-Rad Laboratories Incorporated Class A † | | | | | | | | | | | 1,628 | | | | 441,025 | |
| | | | |
Bio-Techne Corporation | | | | | | | | | | | 2,662 | | | | 516,162 | |
| | | | |
Charles River Laboratories International Incorporated † | | | | | | | | | | | 3,456 | | | | 491,340 | |
| | | | |
ICON plc ADR † | | | | | | | | | | | 3,929 | | | | 549,981 | |
| | | | |
IQVIA Holdings Incorporated † | | | | | | | | | | | 11,880 | | | | 1,664,388 | |
| | | | |
Mettler-Toledo International Incorporated † | | | | | | | | | | | 1,830 | | | | 1,246,065 | |
| | | | |
PerkinElmer Incorporated | | | | | | | | | | | 7,782 | | | | 732,753 | |
| | | | |
PRA Health Sciences Incorporated † | | | | | | | | | | | 4,470 | | | | 478,201 | |
| | | | |
Syneos Health Incorporated † | | | | | | | | | | | 6,544 | | | | 273,343 | |
| | | | |
Thermo Fisher Scientific Incorporated | | | | | | | | | | | 29,511 | | | | 7,660,170 | |
| | | | |
Waters Corporation † | | | | | | | | | | | 5,440 | | | | 1,317,677 | |
| | | | |
| | | | | | | | | | | | | | | 15,371,105 | |
| | | | | | | | | | | | | | | | |
|
| Pharmaceuticals: 4.65% | |
| | | | |
Bristol-Myers Squibb Company | | | | | | | | | | | 114,612 | | | | 5,920,856 | |
| | | | |
Catalent Incorporated † | | | | | | | | | | | 11,001 | | | | 475,463 | |
| | | | |
Eli Lilly & Company | | | | | | | | | | | 69,215 | | | | 8,741,162 | |
| | | | |
Endo International plc † | | | | | | | | | | | 14,923 | | | | 164,004 | |
| | | | |
Merck & Company Incorporated | | | | | | | | | | | 190,033 | | | | 15,447,783 | |
| | | | |
Mylan NV † | | | | | | | | | | | 38,454 | | | | 1,014,801 | |
| | | | |
Nektar Therapeutics † | | | | | | | | | | | 13,184 | | | | 534,479 | |
| | | | |
Perrigo Company plc | | | | | | | | | | | 9,446 | | | | 460,020 | |
| | | | |
Pfizer Incorporated | | | | | | | | | | | 427,088 | | | | 18,514,265 | |
| | | | |
Zoetis Incorporated | | | | | | | | | | | 35,102 | | | | 3,307,661 | |
| | | | |
| | | | | | | | | | | | | | | 54,580,494 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—February 28, 2019 | | Wells Fargo Funds | | | 145 | |
FACTOR ENHANCED LARGE CAP PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | Shares | | | Value | |
|
Industrials: 13.85% | |
|
| Aerospace & Defense: 4.13% | |
| | | | |
Axon Enterprise Incorporated † | | | | | | | | | | | 3,877 | | | $ | 208,699 | |
| | | | |
BWX Technologies Incorporated | | | | | | | | | | | 7,571 | | | | 396,342 | |
| | | | |
Curtiss-Wright Corporation | | | | | | | | | | | 2,989 | | | | 368,514 | |
| | | | |
Esterline Technologies Corporation † | | | | | | | | | | | 2,013 | | | | 245,083 | |
| | | | |
General Dynamics Corporation | | | | | | | | | | | 19,681 | | | | 3,350,100 | |
| | | | |
Harris Corporation | | | | | | | | | | | 7,954 | | | | 1,311,853 | |
| | | | |
HEICO Corporation | | | | | | | | | | | 2,850 | | | | 267,131 | |
| | | | |
Hexcel Corporation | | | | | | | | | | | 6,252 | | | | 451,019 | |
| | | | |
Huntington Ingalls Industries Incorporated | | | | | | | | | | | 3,221 | | | | 674,510 | |
| | | | |
L-3 Technologies Incorporated | | | | | | | | | | | 5,292 | | | | 1,120,581 | |
| | | | |
Lockheed Martin Corporation | | | | | | | | | | | 17,303 | | | | 5,353,721 | |
| | | | |
Northrop Grumman Corporation | | | | | | | | | | | 11,802 | | | | 3,422,108 | |
| | | | |
Raytheon Company | | | | | | | | | | | 20,641 | | | | 3,849,547 | |
| | | | |
Spirit AeroSystems Holdings Incorporated Class A | | | | | | | | | | | 8,215 | | | | 811,642 | |
| | | | |
Teledyne Technologies Incorporated † | | | | | | | | | | | 2,586 | | | | 610,399 | |
| | | | |
Textron Incorporated | | | | | | | | | | | 17,623 | | | | 956,929 | |
| | | | |
The Boeing Company | | | | | | | | | | | 40,308 | | | | 17,733,908 | |
| | | | |
United Technologies Corporation | | | | | | | | | | | 57,937 | | | | 7,280,943 | |
| | | | |
| | | | | | | | | | | | | | | 48,413,029 | |
| | | | | | | | | | | | | | | | |
|
| Air Freight & Logistics: 1.03% | |
| | | | |
C.H. Robinson Worldwide Incorporated | | | | | | | | | | | 10,233 | | | | 924,859 | |
| | | | |
Expeditors International of Washington Incorporated | | | | | | | | | | | 12,885 | | | | 965,731 | |
| | | | |
FedEx Corporation | | | | | | | | | | | 21,298 | | | | 3,854,938 | |
| | | | |
United Parcel Service Incorporated Class B | | | | | | | | | | | 57,012 | | | | 6,282,722 | |
| | | | |
| | | | | | | | | | | | | | | 12,028,250 | |
| | | | | | | | | | | | | | | | |
|
| Airlines: 0.25% | |
| | | | |
Alaska Air Group Incorporated | | | | | | | | | | | 10,416 | | | | 642,667 | |
| | | | |
JetBlue Airways Corporation † | | | | | | | | | | | 24,806 | | | | 414,260 | |
| | | | |
Spirit Airlines Incorporated † | | | | | | | | | | | 5,097 | | | | 286,706 | |
| | | | |
United Continental Holdings Incorporated † | | | | | | | | | | | 17,488 | | | | 1,535,621 | |
| | | | |
| | | | | | | | | | | | | | | 2,879,254 | |
| | | | | | | | | | | | | | | | |
|
| Building Products: 0.59% | |
| | | | |
A.O. Smith Corporation | | | | | | | | | | | 11,261 | | | | 584,784 | |
| | | | |
Allegion plc | | | | | | | | | | | 6,881 | | | | 619,015 | |
| | | | |
Fortune Brands Home & Security Incorporated | | | | | | | | | | | 10,380 | | | | 489,106 | |
| | | | |
Johnson Controls International plc | | | | | | | | | | | 69,702 | | | | 2,458,390 | |
| | | | |
Lennox International Incorporated | | | | | | | | | | | 2,877 | | | | 705,584 | |
| | | | |
Masco Corporation | | | | | | | | | | | 23,125 | | | | 868,575 | |
| | | | |
Owens Corning Incorporated | | | | | | | | | | | 9,198 | | | | 459,256 | |
| | | | |
Resideo Technologies Incorporated † | | | | | | | | | | | 8,367 | | | | 215,032 | |
| | | | |
Trex Company Incorporated † | | | | | | | | | | | 4,272 | | | | 320,186 | |
| | | | |
USG Corporation | | | | | | | | | | | 5,929 | | | | 255,599 | |
| | | | |
| | | | | | | | | | | | | | | 6,975,527 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 146 | | Wells Fargo Funds | | Portfolio of investments—February 28, 2019 |
FACTOR ENHANCED LARGE CAP PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | Shares | | | Value | |
|
| Commercial Services & Supplies: 0.77% | |
| | | | |
Cintas Corporation | | | | | | | | | | | 6,622 | | | $ | 1,368,105 | |
| | | | |
Clean Harbors Incorporated † | | | | | | | | | | | 4,254 | | | | 289,272 | |
| | | | |
Copart Incorporated † | | | | | | | | | | | 15,195 | | | | 891,491 | |
| | | | |
KAR Auction Services Incorporated | | | | | | | | | | | 10,923 | | | | 515,019 | |
| | | | |
MSA Safety Incorporated | | | | | | | | | | | 2,731 | | | | 282,358 | |
| | | | |
Republic Services Incorporated | | | | | | | | | | | 16,046 | | | | 1,258,488 | |
| | | | |
Rollins Incorporated | | | | | | | | | | | 11,419 | | | | 452,878 | |
| | | | |
Stericycle Incorporated † | | | | | | | | | | | 6,901 | | | | 307,647 | |
| | | | |
Tetra Tech Incorporated | | | | | | | | | | | 4,360 | | | | 261,687 | |
| | | | |
The Brink’s Company | | | | | | | | | | | 3,734 | | | | 294,687 | |
| | | | |
Waste Management Incorporated | | | | | | | | | | | 31,207 | | | | 3,159,709 | |
| | | | |
| | | | | | | | | | | | | | | 9,081,341 | |
| | | | | | | | | | | | | | | | |
|
| Construction & Engineering: 0.18% | |
| | | | |
Arcosa Incorporated | | | | | | | | | | | 3,877 | | | | 129,841 | |
| | | | |
EMCOR Group Incorporated | | | | | | | | | | | 4,370 | | | | 315,208 | |
| | | | |
Fluor Corporation | | | | | | | | | | | 11,752 | | | | 441,875 | |
| | | | |
Jacobs Engineering Group Incorporated | | | | | | | | | | | 10,671 | | | | 787,306 | |
| | | | |
Quanta Services Incorporated | | | | | | | | | | | 11,533 | | | | 411,036 | |
| | | | |
| | | | | | | | | | | | | | | 2,085,266 | |
| | | | | | | | | | | | | | | | |
|
| Electrical Equipment: 0.68% | |
| | | | |
Acuity Brands Incorporated | | | | | | | | | | | 3,115 | | | | 405,324 | |
| | | | |
Eaton Corporation plc | | | | | | | | | | | 32,900 | | | | 2,624,433 | |
| | | | |
Emerson Electric Company | | | | | | | | | | | 48,743 | | | | 3,321,835 | |
| | | | |
EnerSys | | | | | | | | | | | 3,160 | | | | 233,271 | |
| | | | |
Hubbell Incorporated | | | | | | | | | | | 4,002 | | | | 472,436 | |
| | | | |
Regal-Beloit Corporation | | | | | | | | | | | 3,158 | | | | 264,514 | |
| | | | |
Sensata Technologies Holding plc † | | | | | | | | | | | 12,323 | | | | 625,146 | |
| | | | |
| | | | | | | | | | | | | | | 7,946,959 | |
| | | | | | | | | | | | | | | | |
|
| Industrial Conglomerates: 2.34% | |
| | | | |
3M Company | | | | | | | | | | | 43,057 | | | | 8,929,591 | |
| | | | |
Carlisle Companies Incorporated | | | | | | | | | | | 4,387 | | | | 539,952 | |
| | | | |
General Electric Company | | | | | | | | | | | 679,548 | | | | 7,060,504 | |
| | | | |
Honeywell International Incorporated | | | | | | | | | | | 55,505 | | | | 8,551,655 | |
| | | | |
Roper Industries Incorporated | | | | | | | | | | | 7,515 | | | | 2,432,230 | |
| | | | |
| | | | | | | | | | | | | | | 27,513,932 | |
| | | | | | | | | | | | | | | | |
|
| Machinery: 2.28% | |
| | | | |
AGCO Corporation | | | | | | | | | | | 4,994 | | | | 337,495 | |
| | | | |
Allison Transmission Holdings Incorporated | | | | | | | | | | | 9,918 | | | | 492,925 | |
| | | | |
Barnes Group Incorporated | | | | | | | | | | | 3,769 | | | | 218,866 | |
| | | | |
Crane Company | | | | | | | | | | | 4,002 | | | | 338,449 | |
| | | | |
Cummins Incorporated | | | | | | | | | | | 12,459 | | | | 1,919,807 | |
| | | | |
Deere & Company | | | | | | | | | | | 23,600 | | | | 3,871,344 | |
| | | | |
Donaldson Company Incorporated | | | | | | | | | | | 10,588 | | | | 546,235 | |
| | | | |
Dover Corporation | | | | | | | | | | | 11,002 | | | | 996,011 | |
| | | | |
Flowserve Corporation | | | | | | | | | | | 10,096 | | | | 448,363 | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—February 28, 2019 | | Wells Fargo Funds | | | 147 | |
FACTOR ENHANCED LARGE CAP PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | Shares | | | Value | |
|
| Machinery(continued) | |
| | | | |
Fortive Corporation | | | | | | | | | | | 22,295 | | | $ | 1,818,603 | |
| | | | |
Graco Incorporated | | | | | | | | | | | 12,026 | | | | 564,741 | |
| | | | |
IDEX Corporation | | | | | | | | | | | 5,461 | | | | 786,930 | |
| | | | |
Ingersoll-Rand plc | | | | | | | | | | | 18,200 | | | | 1,921,192 | |
| | | | |
ITT Incorporated | | | | | | | | | | | 6,582 | | | | 380,176 | |
| | | | |
John Bean Technologies Corporation | | | | | | | | | | | 2,525 | | | | 236,593 | |
| | | | |
Kennametal Incorporated | | | | | | | | | | | 6,628 | | | | 249,809 | |
| | | | |
Lincoln Electric Holdings Incorporated | | | | | | | | | | | 4,572 | | | | 395,112 | |
| | | | |
Nordson Corporation | | | | | | | | | | | 3,803 | | | | 516,295 | |
| | | | |
Oshkosh Corporation | | | | | | | | | | | 5,603 | | | | 435,969 | |
| | | | |
PACCAR Incorporated | | | | | | | | | | | 25,827 | | | | 1,751,071 | |
| | | | |
Parker-Hannifin Corporation | | | | | | | | | | | 10,191 | | | | 1,795,247 | |
| | | | |
RBC Bearings Incorporated † | | | | | | | | | | | 1,952 | | | | 273,573 | |
| | | | |
Snap-on Incorporated | | | | | | | | | | | 4,413 | | | | 706,080 | |
| | | | |
Stanley Black & Decker Incorporated | | | | | | | | | | | 11,708 | | | | 1,550,490 | |
| | | | |
The Middleby Corporation † | | | | | | | | | | | 4,310 | | | | 528,363 | |
| | | | |
The Toro Company | | | | | | | | | | | 7,778 | | | | 533,415 | |
| | | | |
Trinity Industries Incorporated | | | | | | | | | | | 11,474 | | | | 268,606 | |
| | | | |
WABCO Holdings Incorporated † | | | | | | | | | | | 4,131 | | | | 568,136 | |
| | | | |
Wabtec Corporation | | | | | | | | | | | 11,008 | | | | 806,435 | |
| | | | |
Woodward Governor Company | | | | | | | | | | | 4,081 | | | | 393,164 | |
| | | | |
Xylem Incorporated | | | | | | | | | | | 14,161 | | | | 1,069,864 | |
| | | | |
| | | | | | | | | | | | | | | 26,719,359 | |
| | | | | | | | | | | | | | | | |
|
| Marine: 0.02% | |
| | | | |
Kirby Corporation † | | | | | | | | | | | 3,969 | | | | 294,579 | |
| | | | | | | | | | | | | | | | |
|
| Professional Services: 0.60% | |
| | | | |
ASGN Incorporated † | | | | | | | | | | | 3,971 | | | | 255,772 | |
| | | | |
Equifax Incorporated | | | | | | | | | | | 8,877 | | | | 972,120 | |
| | | | |
IHS Markit Limited † | | | | | | | | | | | 25,824 | | | | 1,373,062 | |
| | | | |
Insperity Incorporated | | | | | | | | | | | 2,762 | | | | 348,758 | |
| | | | |
Manpower Incorporated | | | | | | | | | | | 5,187 | | | | 437,005 | |
| | | | |
Nielsen Holdings plc | | | | | | | | | | | 26,048 | | | | 682,458 | |
| | | | |
Robert Half International Incorporated | | | | | | | | | | | 8,725 | | | | 594,958 | |
| | | | |
TransUnion | | | | | | | | | | | 13,698 | | | | 884,343 | |
| | | | |
Verisk Analytics Incorporated | | | | | | | | | | | 11,607 | | | | 1,467,473 | |
| | | | |
| | | | | | | | | | | | | | | 7,015,949 | |
| | | | | | | | | | | | | | | | |
|
| Road & Rail: 0.65% | |
| | | | |
Genesee & Wyoming Incorporated Class A † | | | | | | | | | | | 4,253 | | | | 348,746 | |
| | | | |
J.B. Hunt Transport Services Incorporated | | | | | | | | | | | 6,826 | | | | 734,955 | |
| | | | |
Kansas City Southern | | | | | | | | | | | 7,612 | | | | 826,968 | |
| | | | |
Knight-Swift Transportation Holdings Incorporated | | | | | | | | | | | 11,344 | | | | 381,499 | |
| | | | |
Landstar System Incorporated | | | | | | | | | | | 3,323 | | | | 361,144 | |
| | | | |
Norfolk Southern Corporation | | | | | | | | | | | 21,596 | | | | 3,872,163 | |
| | | | |
Old Dominion Freight Line Incorporated | | | | | | | | | | | 5,545 | | | | 836,020 | |
| | | | |
Ryder System Incorporated | | | | | | | | | | | 4,200 | | | | 261,072 | |
| | | | |
| | | | | | | | | | | | | | | 7,622,567 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 148 | | Wells Fargo Funds | | Portfolio of investments—February 28, 2019 |
FACTOR ENHANCED LARGE CAP PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | Shares | | | Value | |
|
| Trading Companies & Distributors: 0.31% | |
| | | | |
Fastenal Company | | | | | | | | | | | 21,896 | | | $ | 1,378,134 | |
| | | | |
HD Supply Holdings Incorporated † | | | | | | | | | | | 13,148 | | | | 565,495 | |
| | | | |
MSC Industrial Direct Company Class A | | | | | | | | | | | 3,515 | | | | 296,701 | |
| | | | |
W.W. Grainger Incorporated | | | | | | | | | | | 3,634 | | | | 1,107,534 | |
| | | | |
Watsco Incorporated | | | | | | | | | | | 2,310 | | | | 332,386 | |
| | | | |
| | | | | | | | | | | | | | | 3,680,250 | |
| | | | | | | | | | | | | | | | |
|
| Transportation Infrastructure: 0.02% | |
| | | | |
Macquarie Infrastructure Company LLC | | | | | | | | | | | 5,216 | | | | 213,282 | |
| | | | | | | | | | | | | | | | |
|
Information Technology: 9.57% | |
|
| Communications Equipment: 0.40% | |
| | | | |
ARRIS International plc † | | | | | | | | | | | 12,041 | | | | 381,459 | |
| | | | |
Ciena Corporation † | | | | | | | | | | | 9,899 | | | | 422,291 | |
| | | | |
CommScope Holdings Incorporated † | | | | | | | | | | | 13,847 | | | | 322,774 | |
| | | | |
F5 Networks Incorporated † | | | | | | | | | | | 4,316 | | | | 725,692 | |
| | | | |
Juniper Networks Incorporated | | | | | | | | | | | 24,041 | | | | 651,030 | |
| | | | |
Lumentum Holdings Incorporated † | | | | | | | | | | | 4,190 | | | | 208,453 | |
| | | | |
Motorola Solutions Incorporated | | | | | | | | | | | 11,484 | | | | 1,643,590 | |
| | | | |
Viasat Incorporated † | | | | | | | | | | | 4,055 | | | | 306,355 | |
| | | | |
| | | | | | | | | | | | | | | 4,661,644 | |
| | | | | | | | | | | | | | | | |
|
| Electronic Equipment, Instruments & Components: 0.71% | |
| | | | |
Amphenol Corporation Class A | | | | | | | | | | | 21,844 | | | | 2,052,681 | |
| | | | |
Arrow Electronics Incorporated † | | | | | | | | | | | 6,587 | | | | 524,984 | |
| | | | |
Avnet Incorporated | | | | | | | | | | | 8,655 | | | | 376,406 | |
| | | | |
CDW Corporation of Delaware | | | | | | | | | | | 10,711 | | | | 1,005,656 | |
| | | | |
Coherent Incorporated † | | | | | | | | | | | 1,938 | | | | 257,909 | |
| | | | |
Dolby Laboratories Incorporated Class A | | | | | | | | | | | 4,493 | | | | 291,146 | |
| | | | |
FLIR Systems Incorporated | | | | | | | | | | | 10,020 | | | | 515,529 | |
| | | | |
Jabil Circuit Incorporated | | | | | | | | | | | 11,048 | | | | 313,763 | |
| | | | |
Keysight Technologies Incorporated † | | | | | | | | | | | 13,458 | | | | 1,135,990 | |
| | | | |
Littelfuse Incorporated | | | | | | | | | | | 1,893 | | | | 365,519 | |
| | | | |
National Instruments Corporation | | | | | | | | | | | 9,108 | | | | 425,708 | |
| | | | |
SYNNEX Corporation | | | | | | | | | | | 2,850 | | | | 279,642 | |
| | | | |
Zebra Technologies Corporation Class A † | | | | | | | | | | | 3,807 | | | | 763,342 | |
| | | | |
| | | | | | | | | | | | | | | 8,308,275 | |
| | | | | | | | | | | | | | | | |
|
| IT Services: 3.94% | |
| | | | |
Accenture plc Class A | | | | | | | | | | | 46,690 | | | | 7,534,832 | |
| | | | |
Akamai Technologies Incorporated † | | | | | | | | | | | 11,758 | | | | 819,062 | |
| | | | |
Alliance Data Systems Corporation | | | | | | | | | | | 3,724 | | | | 644,252 | |
| | | | |
Amdocs Limited | | | | | | | | | | | 10,798 | | | | 600,045 | |
| | | | |
Automatic Data Processing Incorporated | | | | | | | | | | | 30,340 | | | | 4,642,930 | |
| | | | |
Black Knight Incorporated † | | | | | | | | | | | 10,244 | | | | 535,249 | |
| | | | |
Booz Allen Hamilton Holding Corporation | | | | | | | | | | | 9,957 | | | | 526,327 | |
| | | | |
Broadridge Financial Solutions Incorporated | | | | | | | | | | | 8,648 | | | | 875,610 | |
| | | | |
CACI International Incorporated Class A † | | | | | | | | | | | 1,742 | | | | 317,497 | |
| | | | |
Cognizant Technology Solutions Corporation Class A | | | | | | | | | | | 42,672 | | | | 3,028,859 | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—February 28, 2019 | | Wells Fargo Funds | | | 149 | |
FACTOR ENHANCED LARGE CAP PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | Shares | | | Value | |
|
| IT Services(continued) | |
| | | | |
Conduent Incorporated † | | | | | | | | | | | 15,826 | | | $ | 231,376 | |
| | | | |
CoreLogic Incorporated † | | | | | | | | | | | 6,101 | | | | 223,724 | |
| | | | |
DXC Technology Company | | | | | | | | | | | 21,623 | | | | 1,424,091 | |
| | | | |
EPAM Systems Incorporated † | | | | | | | | | | | 3,795 | | | | 613,955 | |
| | | | |
Euronet Worldwide Incorporated † | | | | | | | | | | | 3,614 | | | | 485,432 | |
| | | | |
Fidelity National Information Services Incorporated | | | | | | | | | | | 23,513 | | | | 2,542,931 | |
| | | | |
First Data Corporation Class A † | | | | | | | | | | | 41,966 | | | | 1,055,025 | |
| | | | |
Fiserv Incorporated † | | | | | | | | | | | 29,173 | | | | 2,470,661 | |
| | | | |
Gartner Incorporated † | | | | | | | | | | | 6,610 | | | | 940,603 | |
| | | | |
GoDaddy Incorporated Class A † | | | | | | | | | | | 11,485 | | | | 857,355 | |
| | | | |
International Business Machines Corporation | | | | | | | | | | | 66,065 | | | | 9,125,558 | |
| | | | |
Jack Henry & Associates Incorporated | | | | | | | | | | | 5,628 | | | | 746,442 | |
| | | | |
Leidos Holdings Incorporated | | | | | | | | | | | 11,052 | | | | 713,849 | |
| | | | |
LiveRamp Holdings incorporated † | | | | | | | | | | | 5,406 | | | | 290,573 | |
| | | | |
MAXIMUS Incorporated | | | | | | | | | | | 4,512 | | | | 318,908 | |
| | | | |
Paychex Incorporated | | | | | | | | | | | 23,505 | | | | 1,810,355 | |
| | | | |
Perspecta Incorporated | | | | | | | | | | | 10,464 | | | | 220,790 | |
| | | | |
Sabre Corporation | | | | | | | | | | | 17,641 | | | | 395,688 | |
| | | | |
The Western Union Company | | | | | | | | | | | 31,436 | | | | 561,761 | |
| | | | |
Total System Services Incorporated | | | | | | | | | | | 12,048 | | | | 1,137,331 | |
| | | | |
WEX Incorporated † | | | | | | | | | | | 3,001 | | | | 534,358 | |
| | | | |
| | | | | | | | | | | | | | | 46,225,429 | |
| | | | | | | | | | | | | | | | |
|
| Semiconductors & Semiconductor Equipment: 2.11% | |
| | | | |
Advanced Micro Devices Incorporated † | | | | | | | | | | | 68,671 | | | | 1,615,829 | |
| | | | |
Applied Materials Incorporated | | | | | | | | | | | 75,053 | | | | 2,877,532 | |
| | | | |
Cypress Semiconductor Corporation | | | | | | | | | | | 26,856 | | | | 414,388 | |
| | | | |
Entegris Incorporated | | | | | | | | | | | 10,893 | | | | 384,850 | |
| | | | |
Integrated Device Technology Incorporated † | | | | | | | | | | | 8,952 | | | | 432,650 | |
| | | | |
KLA-Tencor Corporation | | | | | | | | | | | 11,345 | | | | 1,310,234 | |
| | | | |
Lam Research Corporation | | | | | | | | | | | 12,423 | | | | 2,187,566 | |
| | | | |
Maxim Integrated Products Incorporated | | | | | | | | | | | 19,982 | | | | 1,087,620 | |
| | | | |
Micron Technology Incorporated † | | | | | | | | | | | 84,512 | | | | 3,454,851 | |
| | | | |
MKS Instruments Incorporated | | | | | | | | | | | 4,531 | | | | 375,484 | |
| | | | |
ON Semiconductor Corporation † | | | | | | | | | | | 31,624 | | | | 679,284 | |
| | | | |
Silicon Laboratories Incorporated † | | | | | | | | | | | 3,108 | | | | 251,810 | |
| | | | |
Skyworks Solutions Incorporated | | | | | | | | | | | 13,235 | | | | 1,080,770 | |
| | | | |
Teradyne Incorporated | | | | | | | | | | | 14,172 | | | | 578,643 | |
| | | | |
Texas Instruments Incorporated | | | | | | | | | | | 71,234 | | | | 7,535,133 | |
| | | | |
Versum Materials Incorporated | | | | | | | | | | | 9,056 | | | | 443,744 | |
| | | | |
| | | | | | | | | | | | | | | 24,710,388 | |
| | | | | | | | | | | | | | | | |
|
| Software: 1.80% | |
| | | | |
2U Incorporated † | | | | | | | | | | | 3,778 | | | | 278,439 | |
| | | | |
Aspen Technology Incorporated † | | | | | | | | | | | 4,990 | | | | 502,543 | |
| | | | |
Blackbaud Incorporated | | | | | | | | | | | 3,717 | | | | 287,101 | |
| | | | |
Cadence Design Systems Incorporated † | | | | | | | | | | | 19,787 | | | | 1,132,806 | |
| | | | |
CDK Global Incorporated | | | | | | | | | | | 9,441 | | | | 547,672 | |
| | | | |
Citrix Systems Incorporated | | | | | | | | | | | 8,854 | | | | 934,097 | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 150 | | Wells Fargo Funds | | Portfolio of investments—February 28, 2019 |
FACTOR ENHANCED LARGE CAP PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | Shares | | | Value | |
|
| Software(continued) | |
| | | | |
Ellie Mae Incorporated † | | | | | | | | | | | 2,464 | | | $ | 245,143 | |
| | | | |
Fair Isaac Corporation † | | | | | | | | | | | 2,101 | | | | 520,670 | |
| | | | |
Fortinet Incorporated † | | | | | | | | | | | 9,894 | | | | 858,700 | |
| | | | |
HubSpot Incorporated † | | | | | | | | | | | 2,621 | | | | 441,324 | |
| | | | |
Intuit Incorporated | | | | | | | | | | | 17,036 | | | | 4,210,107 | |
| | | | |
J2 Global Incorporated | | | | | | | | | | | 3,441 | | | | 292,519 | |
| | | | |
Manhattan Associates Incorporated † | | | | | | | | | | | 4,894 | | | | 267,947 | |
| | | | |
New Relic Incorporated † | | | | | | | | | | | 3,068 | | | | 324,441 | |
| | | | |
Nuance Communications Incorporated † | | | | | | | | | | | 20,923 | | | | 350,879 | |
| | | | |
PTC Incorporated † | | | | | | | | | | | 7,468 | | | | 693,180 | |
| | | | |
RealPage Incorporated † | | | | | | | | | | | 5,479 | | | | 335,370 | |
| | | | |
Red Hat Incorporated † | | | | | | | | | | | 12,570 | | | | 2,295,282 | |
| | | | |
RingCentral Incorporated Class A † | | | | | | | | | | | 4,404 | | | | 463,697 | |
| | | | |
SS&C Technologies Holdings Incorporated | | | | | | | | | | | 15,287 | | | | 941,373 | |
| | | | |
Symantec Corporation | | | | | | | | | | | 40,365 | | | | 907,809 | |
| | | | |
Synopsys Incorporated † | | | | | | | | | | | 10,631 | | | | 1,080,960 | |
| | | | |
Tableau Software Incorporated Class A † | | | | | | | | | | | 4,701 | | | | 620,062 | |
| | | | |
Teradata Corporation † | | | | | | | | | | | 8,241 | | | | 398,617 | |
| | | | |
The Ultimate Software Group Incorporated † | | | | | | | | | | | 2,244 | | | | 743,886 | |
| | | | |
Tyler Technologies Incorporated † | | | | | | | | | | | 2,703 | | | | 553,547 | |
| | | | |
VMware Incorporated Class A | | | | | | | | | | | 5,535 | | | | 950,968 | |
| | | | |
| | | | | | | | | | | | | | | 21,179,139 | |
| | | | | | | | | | | | | | | | |
|
| Technology Hardware, Storage & Peripherals: 0.61% | |
| | | | |
Hewlett Packard Enterprise Company | | | | | | | | | | | 107,747 | | | | 1,764,896 | |
| | | | |
HP Incorporated | | | | | | | | | | | 113,227 | | | | 2,233,969 | |
| | | | |
NCR Corporation † | | | | | | | | | | | 8,994 | | | | 252,012 | |
| | | | |
NetApp Incorporated | | | | | | | | | | | 18,919 | | | | 1,233,519 | |
| | | | |
Pure Storage Incorporated Class A † | | | | | | | | | | | 14,830 | | | | 303,718 | |
| | | | |
Seagate Technology plc | | | | | | | | | | | 19,344 | | | | 900,657 | |
| | | | |
Xerox Corporation | | | | | | | | | | | 15,540 | | | | 480,186 | |
| | | | |
| | | | | | | | | | | | | | | 7,168,957 | |
| | | | | | | | | | | | | | | | |
|
Materials: 2.91% | |
|
| Chemicals: 1.62% | |
| | | | |
Ashland Global Holdings Incorporated | | | | | | | | | | | 4,722 | | | | 365,388 | |
| | | | |
Axalta Coating Systems Limited † | | | | | | | | | | | 16,702 | | | | 446,444 | |
| | | | |
Celanese Corporation Series A | | | | | | | | | | | 10,655 | | | | 1,089,900 | |
| | | | |
CF Industries Holdings Incorporated | | | | | | | | | | | 16,450 | | | | 694,190 | |
| | | | |
Eastman Chemical Company | | | | | | | | | | | 9,839 | | | | 813,587 | |
| | | | |
Ecolab Incorporated | | | | | | | | | | | 18,923 | | | | 3,196,284 | |
| | | | |
Huntsman Corporation | | | | | | | | | | | 15,006 | | | | 371,999 | |
| | | | |
Ingevity Corporation † | | | | | | | | | | | 3,582 | | | | 412,718 | |
| | | | |
International Flavors & Fragrances Incorporated | | | | | | | | | | | 7,900 | | | | 1,007,250 | |
| | | | |
LyondellBasell Industries NV Class A | | | | | | | | | | | 24,415 | | | | 2,087,971 | |
| | | | |
NewMarket Corporation | | | | | | | | | | | 672 | | | | 295,008 | |
| | | | |
Olin Corporation | | | | | | | | | | | 12,040 | | | | 311,354 | |
| | | | |
PPG Industries Incorporated | | | | | | | | | | | 17,823 | | | | 1,995,641 | |
| | | | |
RPM International Incorporated | | | | | | | | | | | 9,997 | | | | 578,526 | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—February 28, 2019 | | Wells Fargo Funds | | | 151 | |
FACTOR ENHANCED LARGE CAP PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | Shares | | | Value | |
|
| Chemicals(continued) | |
| | | | |
ScottsMiracle-Gro Company Class A | | | | | | | | | | | 3,275 | | | $ | 268,223 | |
| | | | |
Sensient Technologies Corporation | | | | | | | | | | | 3,231 | | | | 209,046 | |
| | | | |
The Chemours Company | | | | | | | | | | | 12,810 | | | | 487,164 | |
| | | | |
The Mosaic Company | | | | | | | | | | | 29,575 | | | | 924,810 | |
| | | | |
The Sherwin-Williams Company | | | | | | | | | | | 6,347 | | | | 2,749,520 | |
| | | | |
Valvoline Incorporated | | | | | | | | | | | 14,015 | | | | 263,342 | |
| | | | |
W.R. Grace & Company | | | | | | | | | | | 4,892 | | | | 379,962 | |
| | | | |
| | | | | | | | | | | | | | | 18,948,327 | |
| | | | | | | | | | | | | | | | |
|
| Construction Materials: 0.19% | |
| | | | |
Eagle Materials Incorporated | | | | | | | | | | | 3,689 | | | | 281,987 | |
| | | | |
Martin Marietta Materials Incorporated | | | | | | | | | | | 4,737 | | | | 889,609 | |
| | | | |
Vulcan Materials Company | | | | | | | | | | | 9,914 | | | | 1,105,014 | |
| | | | |
| | | | | | | | | | | | | | | 2,276,610 | |
| | | | | | | | | | | | | | | | |
|
| Containers & Packaging: 0.68% | |
| | | | |
AptarGroup Incorporated | | | | | | | | | | | 4,623 | | | | 470,298 | |
| | | | |
Avery Dennison Corporation | | | | | | | | | | | 6,438 | | | | 695,562 | |
| | | | |
Ball Corporation | | | | | | | | | | | 24,445 | | | | 1,339,097 | |
| | | | |
Bemis Company Incorporated | | | | | | | | | | | 6,578 | | | | 347,976 | |
| | | | |
Berry Global Group Incorporated † | | | | | | | | | | | 9,787 | | | | 513,524 | |
| | | | |
Crown Holdings Incorporated † | | | | | | | | | | | 10,499 | | | | 569,991 | |
| | | | |
Graphic Packaging Holding Company | | | | | | | | | | | 23,412 | | | | 285,158 | |
| | | | |
International Paper Company | | | | | | | | | | | 30,404 | | | | 1,393,111 | |
| | | | |
Packaging Corporation of America | | | | | | | | | | | 6,985 | | | | 667,696 | |
| | | | |
Sealed Air Corporation | | | | | | | | | | | 12,111 | | | | 528,282 | |
| | | | |
Sonoco Products Company | | | | | | | | | | | 7,131 | | | | 412,814 | |
| | | | |
WestRock Company | | | | | | | | | | | 19,238 | | | | 719,116 | |
| | | | |
| | | | | | | | | | | | | | | 7,942,625 | |
| | | | | | | | | | | | | | | | |
|
| Metals & Mining: 0.40% | |
| | | | |
Alcoa Corporation † | | | | | | | | | | | 14,192 | | | | 418,664 | |
| | | | |
Allegheny Technologies Incorporated † | | | | | | | | | | | 9,241 | | | | 264,570 | |
| | | | |
Newmont Mining Corporation | | | | | | | | | | | 34,605 | | | | 1,180,723 | |
| | | | |
Nucor Corporation | | | | | | | | | | | 23,891 | | | | 1,447,078 | |
| | | | |
Reliance Steel & Aluminum Company | | | | | | | | | | | 5,314 | | | | 474,275 | |
| | | | |
Steel Dynamics Incorporated | | | | | | | | | | | 17,393 | | | | 649,107 | |
| | | | |
United States Steel Corporation | | | | | | | | | | | 13,980 | | | | 313,292 | |
| | | | |
| | | | | | | | | | | | | | | 4,747,709 | |
| | | | | | | | | | | | | | | | |
|
| Paper & Forest Products: 0.02% | |
| | | | |
Louisiana-Pacific Corporation | | | | | | | | | | | 10,836 | | | | 273,826 | |
| | | | | | | | | | | | | | | | |
|
Real Estate: 5.85% | |
|
| Equity REITs: 5.70% | |
| | | | |
Alexandria Real Estate Equities Incorporated | | | | | | | | | | | 7,508 | | | | 1,020,262 | |
| | | | |
American Campus Communities Incorporated | | | | | | | | | | | 9,778 | | | | 440,597 | |
| | | | |
American Homes 4 Rent Class A | | | | | | | | | | | 19,002 | | | | 415,004 | |
| | | | |
American Tower Corporation | | | | | | | | | | | 31,135 | | | | 5,484,430 | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 152 | | Wells Fargo Funds | | Portfolio of investments—February 28, 2019 |
FACTOR ENHANCED LARGE CAP PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | Shares | | | Value | |
|
| Equity REITs(continued) | |
| | | | |
Apartment Investment & Management Company Class A | | | | | | | | | | | 11,508 | | | $ | 563,089 | |
| | | | |
Apple Hospitality REIT Incorporated | | | | | | | | | | | 15,862 | | | | 261,406 | |
| | | | |
AvalonBay Communities Incorporated | | | | | | | | | | | 10,120 | | | | 1,969,656 | |
| | | | |
Boston Properties Incorporated | | | | | | | | | | | 11,473 | | | | 1,522,352 | |
| | | | |
Brixmor Property Group Incorporated | | | | | | | | | | | 21,819 | | | | 380,960 | |
| | | | |
Camden Property Trust | | | | | | | | | | | 6,757 | | | | 662,794 | |
| | | | |
Colony Capital Incorporated | | | | | | | | | | | 36,024 | | | | 200,293 | |
| | | | |
CoreSite Realty Corporation | | | | | | | | | | | 2,552 | | | | 260,942 | |
| | | | |
Cousins Properties Incorporated | | | | | | | | | | | 30,463 | | | | 290,008 | |
| | | | |
Crown Castle International Corporation | | | | | | | | | | | 29,117 | | | | 3,457,644 | |
| | | | |
CubeSmart | | | | | | | | | | | 12,986 | | | | 397,891 | |
| | | | |
CyrusOne Incorporated | | | | | | | | | | | 7,287 | | | | 363,184 | |
| | | | |
Digital Realty Trust Incorporated | | | | | | | | | | | 14,336 | | | | 1,621,688 | |
| | | | |
Douglas Emmett Incorporated | | | | | | | | | | | 11,832 | | | | 456,715 | |
| | | | |
Duke Realty Corporation | | | | | | | | | | | 25,965 | | | | 767,785 | |
| | | | |
EastGroup Properties Incorporated | | | | | | | | | | | 2,468 | | | | 260,769 | |
| | | | |
EPR Properties | | | | | | | | | | | 5,361 | | | | 393,926 | |
| | | | |
Equinix Incorporated | | | | | | | | | | | 5,575 | | | | 2,361,013 | |
| | | | |
Equity Commonwealth | | | | | | | | | | | 8,203 | | | | 267,828 | |
| | | | |
Equity Lifestyle Properties Incorporated | | | | | | | | | | | 5,661 | | | | 615,011 | |
| | | | |
Equity Residential | | | | | | | | | | | 26,247 | | | | 1,934,141 | |
| | | | |
Essex Property Trust Incorporated | | | | | | | | | | | 4,658 | | | | 1,303,495 | |
| | | | |
Extra Space Storage Incorporated | | | | | | | | | | | 8,481 | | | | 813,667 | |
| | | | |
Federal Realty Investment Trust | | | | | | | | | | | 5,212 | | | | 696,271 | |
| | | | |
First Industrial Realty Trust Incorporated | | | | | | | | | | | 9,007 | | | | 301,915 | |
| | | | |
Gaming and Leisure Properties Incorporated | | | | | | | | | | | 14,046 | | | | 510,993 | |
| | | | |
HCP Incorporated | | | | | | | | | | | 33,399 | | | | 1,027,687 | |
| | | | |
Healthcare Realty Trust Incorporated | | | | | | | | | | | 9,009 | | | | 285,135 | |
| | | | |
Healthcare Trust of America Incorporated Class A | | | | | | | | | | | 15,071 | | | | 429,373 | |
| | | | |
Highwoods Properties Incorporated | | | | | | | | | | | 7,548 | | | | 349,548 | |
| | | | |
Hospitality Properties Trust | | | | | | | | | | | 12,000 | | | | 324,840 | |
| | | | |
Host Hotels & Resorts Incorporated | | | | | | | | | | | 54,357 | | | | 1,065,941 | |
| | | | |
Hudson Pacific Properties Incorporated | | | | | | | | | | | 11,297 | | | | 375,286 | |
| | | | |
Invitation Homes Incorporated | | | | | | | | | | | 21,348 | | | | 491,004 | |
| | | | |
Iron Mountain Incorporated | | | | | | | | | | | 19,881 | | | | 704,185 | |
| | | | |
JBG Smith Properties | | | | | | | | | | | 8,416 | | | | 339,081 | |
| | | | |
Kilroy Realty Corporation | | | | | | | | | | | 7,851 | | | | 578,697 | |
| | | | |
Kimco Realty Corporation | | | | | | | | | | | 29,101 | | | | 511,887 | |
| | | | |
Lamar Advertising Company Class A | | | | | | | | | | | 6,320 | | | | 490,242 | |
| | | | |
Liberty Property Trust | | | | | | | | | | | 10,350 | | | | 489,866 | |
| | | | |
Life Storage Incorporated | | | | | | | | | | | 3,230 | | | | 315,248 | |
| | | | |
Medical Properties Trust Incorporated | | | | | | | | | | | 26,377 | | | | 480,853 | |
| | | | |
Mid-America Apartment Communities Incorporated | | | | | | | | | | | 8,316 | | | | 861,371 | |
| | | | |
National Retail Properties Incorporated | | | | | | | | | | | 11,125 | | | | 579,613 | |
| | | | |
Omega Healthcare Investors Incorporated | | | | | | | | | | | 14,464 | | | | 519,258 | |
| | | | |
Paramount Group Incorporated | | | | | | | | | | | 15,605 | | | | 224,088 | |
| | | | |
Park Hotels & Resorts Incorporated | | | | | | | | | | | 14,929 | | | | 466,382 | |
| | | | |
Prologis Incorporated | | | | | | | | | | | 46,000 | | | | 3,222,760 | |
| | | | |
Public Storage Incorporated | | | | | | | | | | | 10,981 | | | | 2,322,372 | |
| | | | |
Rayonier Incorporated | | | | | | | | | | | 9,643 | | | | 284,179 | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—February 28, 2019 | | Wells Fargo Funds | | | 153 | |
FACTOR ENHANCED LARGE CAP PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | Shares | | | Value | |
|
| Equity REITs(continued) | |
| | | | |
Realty Income Corporation | | | | | | | | | | | 20,173 | | | $ | 1,395,165 | |
| | | | |
Regency Centers Corporation | | | | | | | | | | | 11,663 | | | | 761,011 | |
| | | | |
RLJ Lodging Trust | | | | | | | | | | | 13,395 | | | | 248,745 | |
| | | | |
Ryman Hospitality Properties Incorporated | | | | | | | | | | | 3,332 | | | | 269,859 | |
| | | | |
Sabra Health Care REIT Incorporated | | | | | | | | | | | 12,861 | | | | 233,041 | |
| | | | |
SBA Communications Corporation † | | | | | | | | | | | 8,153 | | | | 1,472,106 | |
| | | | |
Senior Housing Properties Trust | | | | | | | | | | | 17,644 | | | | 228,490 | |
| | | | |
Simon Property Group Incorporated | | | | | | | | | | | 21,958 | | | | 3,977,911 | |
| | | | |
SL Green Realty Corporation | | | | | | | | | | | 6,775 | | | | 614,628 | |
| | | | |
Spirit Realty Capital Incorporated REIT | | | | | | | | | | | 5,902 | | | | 228,053 | |
| | | | |
STORE Capital Corporation | | | | | | | | | | | 13,033 | | | | 423,182 | |
| | | | |
Sun Communities Incorporated | | | | | | | | | | | 5,828 | | | | 661,886 | |
| | | | |
Sunstone Hotel Investors Incorporated | | | | | | | | | | | 17,019 | | | | 256,136 | |
| | | | |
Taubman Centers Incorporated | | | | | | | | | | | 4,304 | | | | 229,748 | |
| | | | |
The Macerich Company | | | | | | | | | | | 10,664 | | | | 464,950 | |
| | | | |
UDR Incorporated | | | | | | | | | | | 19,302 | | | | 857,395 | |
| | | | |
Uniti Group Incorporated | | | | | | | | | | | 13,353 | | | | 128,723 | |
| | | | |
Ventas Incorporated | | | | | | | | | | | 25,177 | | | | 1,579,857 | |
| | | | |
VEREIT Incorporated | | | | | | | | | | | 69,186 | | | | 551,412 | |
| | | | |
VICI Properties Incorporated | | | | | | | | | | | 27,692 | | | | 590,117 | |
| | | | |
Vornado Realty Trust | | | | | | | | | | | 12,827 | | | | 863,385 | |
| | | | |
Weingarten Realty Investors | | | | | | | | | | | 8,788 | | | | 253,182 | |
| | | | |
Welltower Incorporated | | | | | | | | | | | 26,235 | | | | 1,949,523 | |
| | | | |
Weyerhaeuser Company | | | | | | | | | | | 56,798 | | | | 1,413,702 | |
| | | | |
WP Carey Incorporated | | | | | | | | | | | 7,213 | | | | 532,824 | |
| | | | |
| | | | | | | | | | | | | | | 66,919,656 | |
| | | | | | | | | | | | | | | | |
|
| Real Estate Management & Development: 0.15% | |
| | | | |
CBRE Group Incorporated Class A † | | | | | | | | | | | 23,981 | | | | 1,193,295 | |
| | | | |
Jones Lang LaSalle Incorporated | | | | | | | | | | | 3,487 | | | | 575,773 | |
| | | | |
| | | | | | | | | | | | | | | 1,769,068 | |
| | | | | | | | | | | | | | | | |
|
Utilities: 5.06% | |
|
| Electric Utilities: 2.96% | |
| | | | |
ALLETE Incorporated | | | | | | | | | | | 3,757 | | | | 304,505 | |
| | | | |
Alliant Energy Corporation | | | | | | | | | | | 16,870 | | | | 773,827 | |
| | | | |
American Electric Power Company Incorporated | | | | | | | | | | | 34,173 | | | | 2,773,139 | |
| | | | |
Duke Energy Corporation | | | | | | | | | | | 49,836 | | | | 4,468,296 | |
| | | | |
Edison International | | | | | | | | | | | 21,641 | | | | 1,296,079 | |
| | | | |
Entergy Corporation | | | | | | | | | | | 12,433 | | | | 1,160,372 | |
| | | | |
Evergy Incorporated | | | | | | | | | | | 20,037 | | | | 1,120,269 | |
| | | | |
Eversource Energy | | | | | | | | | | | 22,295 | | | | 1,556,414 | |
| | | | |
Exelon Corporation | | | | | | | | | | | 67,654 | | | | 3,287,308 | |
| | | | |
FirstEnergy Corporation | | | | | | | | | | | 32,807 | | | | 1,336,885 | |
| | | | |
Hawaiian Electric Industries Incorporated | | | | | | | | | | | 7,631 | | | | 292,115 | |
| | | | |
IDACORP Incorporated | | | | | | | | | | | 3,544 | | | | 348,765 | |
| | | | |
NextEra Energy Incorporated | | | | | | | | | | | 33,822 | | | | 6,349,066 | |
| | | | |
OGE Energy Corporation | | | | | | | | | | | 13,735 | | | | 584,012 | |
| | | | |
PG&E Corporation † | | | | | | | | | | | 35,994 | | | | 612,978 | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 154 | | Wells Fargo Funds | | Portfolio of investments—February 28, 2019 |
FACTOR ENHANCED LARGE CAP PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | Shares | | | Value | |
|
| Electric Utilities(continued) | |
| | | | |
Pinnacle West Capital Corporation | | | | | | | | | | | 7,750 | | | $ | 726,485 | |
| | | | |
PNM Resources Incorporated | | | | | | | | | | | 5,594 | | | | 244,346 | |
| | | | |
Portland General Electric Company | | | | | | | | | | | 6,234 | | | | 312,573 | |
| | | | |
PPL Corporation | | | | | | | | | | | 49,394 | | | | 1,589,005 | |
| | | | |
The Southern Company | | | | | | | | | | | 72,344 | | | | 3,594,773 | |
| | | | |
Xcel Energy Incorporated | | | | | | | | | | | 35,652 | | | | 1,955,869 | |
| | | | |
| | | | | | | | | | | | | | | 34,687,081 | |
| | | | | | | | | | | | | | | | |
|
| Gas Utilities: 0.24% | |
| | | | |
Atmos Energy Corporation | | | | | | | | | | | 7,509 | | | | 742,265 | |
| | | | |
National Fuel Gas Company | | | | | | | | | | | 5,665 | | | | 340,976 | |
| | | | |
New Jersey Resources Corporation | | | | | | | | | | | 5,958 | | | | 288,367 | |
| | | | |
ONE Gas Incorporated | | | | | | | | | | | 3,570 | | | | 308,627 | |
| | | | |
Southwest Gas Corporation | | | | | | | | | | | 3,107 | | | | 254,588 | |
| | | | |
Spire Incorporated | | | | | | | | | | | 3,429 | | | | 271,988 | |
| | | | |
UGI Corporation | | | | | | | | | | | 11,906 | | | | 653,639 | |
| | | | |
| | | | | | | | | | | | | | | 2,860,450 | |
| | | | | | | | | | | | | | | | |
|
| Independent Power & Renewable Electricity Producers: 0.20% | |
| | | | |
AES Corporation | | | | | | | | | | | 45,071 | | | | 776,573 | |
| | | | |
NRG Energy Incorporated | | | | | | | | | | | 18,982 | | | | 791,170 | |
| | | | |
Vistra Energy Corporation | | | | | | | | | | | 27,931 | | | | 727,323 | |
| | | | |
| | | | | | | | | | | | | | | 2,295,066 | |
| | | | | | | | | | | | | | | | |
|
| Multi-Utilities: 1.52% | |
| | | | |
Ameren Corporation | | | | | | | | | | | 16,888 | | | | 1,203,101 | |
| | | | |
Avista Corporation | | | | | | | | | | | 5,225 | | | | 211,142 | |
| | | | |
Black Hills Corporation | | | | | | | | | | | 3,707 | | | | 263,123 | |
| | | | |
CenterPoint Energy Incorporated | | | | | | | | | | | 33,731 | | | | 1,016,652 | |
| | | | |
CMS Energy Corporation | | | | | | | | | | | 19,504 | | | | 1,061,018 | |
| | | | |
Consolidated Edison Incorporated | | | | | | | | | | | 21,131 | | | | 1,742,251 | |
| | | | |
Dominion Energy Incorporated | | | | | | | | | | | 51,617 | | | | 3,824,304 | |
| | | | |
DTE Energy Company | | | | | | | | | | | 12,847 | | | | 1,587,375 | |
| | | | |
MDU Resources Group Incorporated | | | | | | | | | | | 13,945 | | | | 368,427 | |
| | | | |
NiSource Incorporated | | | | | | | | | | | 24,826 | | | | 669,805 | |
| | | | |
Public Service Enterprise Group Incorporated | | | | | | | | | | | 35,582 | | | | 2,092,577 | |
| | | | |
Sempra Energy | | | | | | | | | | | 18,053 | | | | 2,174,303 | |
| | | | |
WEC Energy Group Incorporated | | | | | | | | | | | 21,701 | | | | 1,655,352 | |
| | | | |
| | | | | | | | | | | | | | | 17,869,430 | |
| | | | | | | | | | | | | | | | |
|
| Water Utilities: 0.14% | |
| | | |
American Water Works Company Incorporated | | | | | | | | 12,473 | | | | 1,267,506 | |
| | | |
Aqua America Incorporated | | | | | | | | 12,200 | | | | 438,468 | |
| | | | |
| | | | | | | | | | | | | | | 1,705,974 | |
| | | | | | | | | | | | | | | | |
| |
Total Common Stocks (Cost $942,205,343) | | | | 1,123,063,800 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—February 28, 2019 | | Wells Fargo Funds | | | 155 | |
FACTOR ENHANCED LARGE CAP PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | Yield | | | | | | Shares | | | Value | |
|
Short-Term Investments: 3.58% | |
|
| Investment Companies: 3.58% | |
| | | | |
Wells Fargo Government Money Market Fund Select Class (l)(u) | | | 2.34 | % | | | | | | | 42,045,039 | | | $ | 42,045,039 | |
| | | | | | | | | | | | | | | | |
| |
Total Short-Term Investments (Cost $42,045,039) | | | | 42,045,039 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | |
| Total investments in securities (Cost $984,250,382) | | | 99.28 | % | | | 1,165,108,839 | |
| | |
Other assets and liabilities, net | | | 0.72 | | | | 8,438,751 | |
| | | | | | | | |
| Total net assets | | | 100.00 | % | | $ | 1,173,547,590 | |
| | | | | | | | |
| † | Non-income-earning security |
| (l) | The issuer of the security is an affiliated person of the Portfolio as defined in the Investment Company Act of 1940. |
| (u) | The rate represents the7-day annualized yield at period end. |
Abbreviations:
| ADR | American depositary receipt |
| REIT | Real estate investment trust |
Futures Contracts
| | | | | | | | | | | | | | | | | | | | | | | | |
| Description | | Number of contracts | | | Expiration date | | | Notional cost | | | Notional value | | | Unrealized gains | | | Unrealized losses | |
| | | | | | |
Long | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
S&P 500E-Mini Index | | | 349 | | | | 3-15-2019 | | | $ | 48,728,228 | | | $ | 48,593,015 | | | $ | 0 | | | $ | (135,213 | ) |
Investments in Affiliates
An affiliated investment is an investment in which the Portfolio owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Portfolio and the issuer having the same adviser or investment manager. Transactions with issuers that were either affiliated persons of the Portfolio at the beginning of the period or the end of the period were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Shares, beginning of period | | | Shares purchased | | | Shares sold | | | Shares, end of period | | | Net realized gains (losses) | | | Net change in unrealized gains (losses) | | | Income from affiliated securities | | | Value, end of period | | | % of net assets | |
Short-Term Investments | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Investment Companies | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Wells Fargo Government Money Market Fund Select Class | | | 39,764,513 | | | | 661,972,847 | | | | 659,692,321 | | | | 42,045,039 | | | $ | 0 | | | $ | 0 | | | $ | 736,668 | | | $ | 42,045,039 | | | | 3.58 | % |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 156 | | Wells Fargo Funds | | Portfolio of investments—February 28, 2019 |
FACTOR ENHANCED SMALL CAP PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | Shares | | | Value | |
|
Common Stocks: 95.44% | |
|
Communication Services: 3.26% | |
|
| Diversified Telecommunication Services: 0.58% | |
| | | | |
ATN International Incorporated | | | | | | | | | | | 2,098 | | | $ | 117,761 | |
| | | | |
Bandwidth Incorporated Class A † | | | | | | | | | | | 1,844 | | | | 102,748 | |
| | | | |
Cincinnati Bell Incorporated † | | | | | | | | | | | 11,129 | | | | 107,951 | |
| | | | |
Cogent Communications Group Incorporated | | | | | | | | | | | 7,837 | | | | 381,740 | |
| | | | |
Consolidated Communications Holdings Incorporated | | | | | | | | | | | 15,108 | | | | 150,022 | |
| | | | |
Frontier Communications Corporation † | | | | | | | | | | | 26,617 | | | | 81,182 | |
| | | | |
Globalstar Incorporated † | | | | | | | | | | | 150,485 | | | | 75,498 | |
| | | | |
IDT Corporation Class B | | | | | | | | | | | 3,615 | | | | 21,835 | |
| | | | |
Ooma Incorporated † | | | | | | | | | | | 3,534 | | | | 57,640 | |
| | | | |
Pareteum Corporation † | | | | | | | | | | | 19,384 | | | | 77,924 | |
| | | | |
Vonage Holdings Corporation † | | | | | | | | | | | 43,276 | | | | 444,877 | |
| | | | |
Windstream Holdings Incorporated † | | | | | | | | | | | 7,895 | | | | 3,158 | |
| | | | |
| | | | | | | | | | | | | | | 1,622,336 | |
| | | | | | | | | | | | | | | | |
|
| Entertainment: 0.21% | |
| | | | |
AMC Entertainment Holdings Class A | | | | | | | | | | | 8,717 | | | | 122,300 | |
| | | | |
Global Eagle Entertainment Incorporated † | | | | | | | | | | | 8,637 | | | | 22,974 | |
| | | | |
Glu Mobile Incorporated † | | | | | | | | | | | 19,880 | | | | 178,522 | |
| | | | |
Marcus Corporation | | | | | | | | | | | 3,678 | | | | 155,910 | |
| | | | |
Reading International Incorporated Class A † | | | | | | | | | | | 3,059 | | | | 49,280 | |
| | | | |
Rosetta Stone Incorporated † | | | | | | | | | | | 3,929 | | | | 63,296 | |
| | | | |
| | | | | | | | | | | | | | | 592,282 | |
| | | | | | | | | | | | | | | | |
|
| Interactive Media & Services: 0.51% | |
| | | | |
Actua Corporation ‡(a) | | | | | | | | | | | 9,483 | | | | 6,069 | |
| | | | |
Angi Homeservices Incorporated Class A † | | | | | | | | | | | 12,487 | | | | 205,037 | |
| | | | |
Care.com Incorporated † | | | | | | | | | | | 5,131 | | | | 129,250 | |
| | | | |
Cars.com Incorporated † | | | | | | | | | | | 13,660 | | | | 321,556 | |
| | | | |
DHI Group Incorporated † | | | | | | | | | | | 9,664 | | | | 25,610 | |
| | | | |
Eventbrite Incorporated Class A † | | | | | | | | | | | 1,122 | | | | 33,189 | |
| | | | |
Match Group Incorporated | | | | | | | | | | | 9,135 | | | | 505,896 | |
| | | | |
QuinStreet Incorporated † | | | | | | | | | | | 7,806 | | | | 104,522 | |
| | | | |
The Meet Group Incorporated † | | | | | | | | | | | 13,934 | | | | 83,604 | |
| | | | |
| | | | | | | | | | | | | | | 1,414,733 | |
| | | | | | | | | | | | | | | | |
|
| Media: 1.62% | |
| | | | |
A.H. Belo Corporation Class A | | | | | | | | | | | 3,656 | | | | 14,807 | |
| | | | |
AMC Networks Incorporated Class A † | | | | | | | | | | | 8,673 | | | | 569,903 | |
| | | | |
Boston Omaha Corporation Class A † | | | | | | | | | | | 1,423 | | | | 35,547 | |
| | | | |
Cardlytics Incorporated † | | | | | | | | | | | 2,264 | | | | 39,892 | |
| | | | |
Clear Channel Outdoor Holdings Incorporated Class A † | | | | | | | | | | | 6,127 | | | | 33,576 | |
| | | | |
Cumulus Media Incorporated Class A † | | | | | | | | | | | 2,211 | | | | 39,378 | |
| | | | |
Daily Journal Corporation † | | | | | | | | | | | 189 | | | | 42,523 | |
| | | | |
Emerald Expositions Events Class I | | | | | | | | | | | 4,796 | | | | 60,334 | |
| | | | |
Entercom Communications Corporation | | | | | | | | | | | 23,681 | | | | 145,875 | |
| | | | |
Entravision Communications Corporation Class A | | | | | | | | | | | 13,480 | | | | 53,246 | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—February 28, 2019 | | Wells Fargo Funds | | | 157 | |
FACTOR ENHANCED SMALL CAP PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | Shares | | | Value | |
| | | | |
| Media(continued) | | | | | | | | | | | | | | | | |
| | | | |
Gannett Company Incorporated | | | | | | | | | | | 21,632 | | | $ | 253,960 | |
| | | | |
Gray Television Incorporated † | | | | | | | | | | | 15,850 | | | | 347,274 | |
| | | | |
Hemisphere Media Group Incorporated † | | | | | | | | | | | 3,320 | | | | 46,148 | |
| | | | |
John Wiley & Sons Incorporated Class A | | | | | | | | | | | 9,589 | | | | 497,573 | |
| | | | |
Lee Enterprises Incorporated † | | | | | | | | | | | 9,887 | | | | 30,155 | |
| | | | |
Marchex Incorporated Class B | | | | | | | | | | | 6,697 | | | | 28,998 | |
| | | | |
MSG Networks Incorporated Class A † | | | | | | | | | | | 12,180 | | | | 294,025 | |
| | | | |
National CineMedia Incorporated | | | | | | | | | | | 9,925 | | | | 76,820 | |
| | | | |
New Media Investment Group Incorporated | | | | | | | | | | | 11,358 | | | | 151,289 | |
| | | | |
Saga Communications Incorporated Class A | | | | | | | | | | | 1,027 | | | | 34,507 | |
| | | | |
Scholastic Corporation | | | | | | | | | | | 4,869 | | | | 206,007 | |
| | | | |
Sinclair Broadcast Group Incorporated Class A | | | | | | | | | | | 15,177 | | | | 547,890 | |
| | | | |
Techtarget † | | | | | | | | | | | 4,599 | | | | 76,251 | |
| | | | |
Tegna Incorporated | | | | | | | | | | | 42,076 | | | | 554,141 | |
| | | | |
The E.W. Scripps Company | | | | | | | | | | | 10,960 | | | | 231,804 | |
| | | | |
Tribune Publishing Company † | | | | | | | | | | | 3,007 | | | | 36,264 | |
| | | | |
WideOpenWest Incorporated † | | | | | | | | | | | 5,211 | | | | 42,834 | |
| | | | |
| | | | | | | | | | | | | | | 4,491,021 | |
| | | | | | | | | | | | | | | | |
|
| Wireless Telecommunication Services: 0.34% | |
| | | | |
Boingo Wireless Incorporated † | | | | | | | | | | | 8,677 | | | | 194,104 | |
| | | | |
Gogo Incorporated † | | | | | | | | | | | 10,721 | | | | 49,209 | |
| | | | |
NII Holdings Incorporated † | | | | | | | | | | | 19,970 | | | | 77,683 | |
| | | | |
Shenandoah Telecommunications Company | | | | | | | | | | | 9,776 | | | | 434,445 | |
| | | | |
Spok Holdings Incorporated | | | | | | | | | | | 3,846 | | | | 53,113 | |
| | | | |
United States Cellular Corporation † | | | | | | | | | | | 2,998 | | | | 139,977 | |
| | | | |
| | | | | | | | | | | | | | | 948,531 | |
| | | | | | | | | | | | | | | | |
|
Consumer Discretionary: 13.36% | |
|
| Auto Components: 1.52% | |
| | | | |
American Axle & Manufacturing Holdings Incorporated † | | | | | | | | | | | 22,917 | | | | 368,964 | |
| | | | |
Cooper Tire & Rubber Company | | | | | | | | | | | 10,702 | | | | 342,036 | |
| | | | |
Cooper-Standard Holdings Incorporated † | | | | | | | | | | | 3,725 | | | | 223,910 | |
| | | | |
Dorman Products Incorporated † | | | | | | | | | | | 5,329 | | | | 431,116 | |
| | | | |
Fox Factory Holding Corporation † | | | | | | | | | | | 6,931 | | | | 439,287 | |
| | | | |
Horizon Global Corporation † | | | | | | | | | | | 4,693 | | | | 12,624 | |
| | | | |
LCI Industries | | | | | | | | | | | 5,470 | | | | 445,696 | |
| | | | |
Modine Manufacturing Company † | | | | | | | | | | | 10,440 | | | | 156,913 | |
| | | | |
Motorcar Parts of America Incorporated † | | | | | | | | | | | 3,720 | | | | 76,967 | |
| | | | |
Shiloh Industries Incorporated † | | | | | | | | | | | 3,111 | | | | 19,382 | |
| | | | |
Standard Motor Products Incorporated | | | | | | | | | | | 3,951 | | | | 194,784 | |
| | | | |
Stoneridge Incorporated † | | | | | | | | | | | 5,685 | | | | 168,105 | |
| | | | |
Strattec Security Corporation | | | | | | | | | | | 657 | | | | 20,354 | |
| | | | |
Superior Industries International Incorporated | | | | | | | | | | | 5,149 | | | | 31,872 | |
| | | | |
Tenneco Incorporated | | | | | | | | | | | 17,631 | | | | 610,033 | |
| | | | |
Tower International Incorporated | | | | | | | | | | | 4,137 | | | | 106,114 | |
| | | | |
Visteon Corporation † | | | | | | | | | | | 6,554 | | | | 561,416 | |
| | | | |
Voxx International Corporation † | | | | | | | | | | | 4,216 | | | | 21,080 | |
| | | | |
| | | | | | | | | | | | | | | 4,230,653 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 158 | | Wells Fargo Funds | | Portfolio of investments—February 28, 2019 |
FACTOR ENHANCED SMALL CAP PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | Shares | | | Value | |
|
| Automobiles: 0.08% | |
| | | | |
Winnebago Industries Incorporated | | | | | | | | | | | 6,503 | | | $ | 212,193 | |
| | | | | | | | | | | | | | | | |
|
| Distributors: 0.12% | |
| | | | |
Core Mark Holding Company Incorporated | | | | | | | | | | | 8,739 | | | | 275,366 | |
| | | | |
Funko Incorporated Class A † | | | | | | | | | | | 1,889 | | | | 37,572 | |
| | | | |
Weyco Group Incorporated | | | | | | | | | | | 1,198 | | | | 36,323 | |
| | | | |
| | | | | | | | | | | | | | | 349,261 | |
| | | | | | | | | | | | | | | | |
|
| Diversified Consumer Services: 0.97% | |
| | | | |
American Public Education Incorporated † | | | | | | | | | | | 3,299 | | | | 106,591 | |
| | | | |
Bridgepoint Education Incorporated † | | | | | | | | | | | 4,936 | | | | 50,890 | |
| | | | |
Career Education Corporation † | | | | | | | | | | | 12,738 | | | | 211,706 | |
| | | | |
Carriage Services Incorporated | | | | | | | | | | | 3,420 | | | | 71,854 | |
| | | | |
Collectors Universe Incorporated | | | | | | | | | | | 1,685 | | | | 29,740 | |
| | | | |
Frontdoor Incorporated † | | | | | | | | | | | 14,031 | | | | 448,992 | |
| | | | |
Graham Holdings Company Class B | | | | | | | | | | | 820 | | | | 560,642 | |
| | | | |
K12 Incorporated † | | | | | | | | | | | 7,209 | | | | 230,976 | |
| | | | |
Laureate Education Incorporated Class A † | | | | | | | | | | | 14,929 | | | | 228,264 | |
| | | | |
Regis Corporation † | | | | | | | | | | | 6,797 | | | | 122,958 | |
| | | | |
Select Interior Concepts Class A † | | | | | | | | | | | 3,623 | | | | 47,099 | |
| | | | |
Strategic Education Incorporated | | | | | | | | | | | 4,495 | | | | 587,856 | |
| | | | |
| | | | | | | | | | | | | | | 2,697,568 | |
| | | | | | | | | | | | | | | | |
|
| Hotels, Restaurants & Leisure: 2.82% | |
| | | | |
BBX Capital Corporation | | | | | | | | | | | 12,638 | | | | 77,345 | |
| | | | |
Biglari Holdings Incorporated Class B † | | | | | | | | | | | 491 | | | | 65,799 | |
| | | | |
BJ’s Restaurants Incorporated | | | | | | | | | | | 4,325 | | | | 206,908 | |
| | | | |
Bloomin’ Brands Incorporated | | | | | | | | | | | 17,337 | | | | 358,529 | |
| | | | |
Bluegreen Vacations Corporation | | | | | | | | | | | 1,475 | | | | 19,308 | |
| | | | |
Brinker International Incorporated | | | | | | | | | | | 7,728 | | | | 353,711 | |
| | | | |
Carrols Restaurant Group Incorporated † | | | | | | | | | | | 7,177 | | | | 76,722 | |
| | | | |
Century Casinos Incorporated † | | | | | | | | | | | 5,592 | | | | 47,141 | |
| | | | |
Churchill Downs Incorporated | | | | | | | | | | | 6,235 | | | | 584,843 | |
| | | | |
Chuy’s Holding Incorporated † | | | | | | | | | | | 3,395 | | | | 75,946 | |
| | | | |
Dave & Buster’s Entertainment Incorporated | | | | | | | | | | | 8,930 | | | | 458,377 | |
| | | | |
Del Frisco’s Restaurant Group Incorporated † | | | | | | | | | | | 6,319 | | | | 53,522 | |
| | | | |
Del Taco Restaurants Incorporated † | | | | | | | | | | | 5,832 | | | | 60,303 | |
| | | | |
Denny’s Corporation † | | | | | | | | | | | 11,593 | | | | 202,414 | |
| | | | |
DineEquity Incorporated | | | | | | | | | | | 3,458 | | | | 343,034 | |
| | | | |
Drive Shack Incorporated † | | | | | | | | | | | 12,289 | | | | 54,194 | |
| | | | |
El Pollo Loco Holdings Incorporated † | | | | | | | | | | | 4,277 | | | | 64,711 | |
| | | | |
Eldorado Resorts Incorporated † | | | | | | | | | | | 12,292 | | | | 592,597 | |
| | | | |
Fiesta Restaurant Group Incorporated † | | | | | | | | | | | 4,316 | | | | 65,042 | |
| | | | |
Golden Entertainment Incorporated † | | | | | | | | | | | 3,442 | | | | 62,713 | |
| | | | |
International Speedway Corporation Class A | | | | | | | | | | | 4,481 | | | | 193,803 | |
| | | | |
J. Alexander’s Holdings Incorporated † | | | | | | | | | | | 2,825 | | | | 25,792 | |
| | | | |
Jack in the Box Incorporated | | | | | | | | | | | 5,442 | | | | 438,299 | |
| | | | |
Lindblad Expeditions Holding † | | | | | | | | | | | 4,814 | | | | 65,422 | |
| | | | |
Monarch Casino & Resort Incorporated † | | | | | | | | | | | 2,256 | | | | 98,926 | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—February 28, 2019 | | Wells Fargo Funds | | | 159 | |
FACTOR ENHANCED SMALL CAP PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | Shares | | | Value | |
| | | | |
| Hotels, Restaurants & Leisure(continued) | | | | | | | | | | | | | | | | |
| | | | |
Nathan S Famous Incorporated | | | | | | | | | | | 598 | | | $ | 42,506 | |
| | | | |
Noodles & Company † | | | | | | | | | | | 4,378 | | | | 34,324 | |
| | | | |
Papa John’s International Incorporated | | | | | | | | | | | 4,466 | | | | 195,209 | |
| | | | |
Penn National Gaming Incorporated † | | | | | | | | | | | 19,850 | | | | 493,273 | |
| | | | |
Playa Hotels & Resorts NV † | | | | | | | | | | | 16,464 | | | | 125,456 | |
| | | | |
Potbelly Corporation † | | | | | | | | | | | 4,721 | | | | 39,751 | |
| | | | |
RCI Hospitality Holdings Incorporated | | | | | | | | | | | 1,946 | | | | 45,517 | |
| | | | |
Red Lion Hotels Corporation † | | | | | | | | | | | 4,738 | | | | 37,809 | |
| | | | |
Red Robin Gourmet Burgers Incorporated † | | | | | | | | | | | 2,763 | | | | 84,023 | |
| | | | |
Red Rock Resorts Incorporated Class A | | | | | | | | | | | 14,693 | | | | 413,167 | |
| | | | |
Ruth’s Chris Steak House Incorporated | | | | | | | | | | | 5,509 | | | | 140,039 | |
| | | | |
SeaWorld Entertainment Incorporated † | | | | | | | | | | | 10,666 | | | | 291,075 | |
| | | | |
Shake Shack Incorporated Class A † | | | | | | | | | | | 6,347 | | | | 349,974 | |
| | | | |
Speedway Motorsports Incorporated | | | | | | | | | | | 2,217 | | | | 39,152 | |
| | | | |
The Cheesecake Factory Incorporated | | | | | | | | | | | 8,672 | | | | 410,186 | |
| | | | |
The Habit Restaurants Incorporated Class A † | | | | | | | | | | | 4,215 | | | | 47,503 | |
| | | | |
Town Sports International Holdings Incorporated † | | | | | | | | | | | 3,423 | | | | 18,655 | |
| | | | |
Wingstop Incorporated | | | | | | | | | | | 5,677 | | | | 378,145 | |
| | | | |
| | | | | | | | | | | | | | | 7,831,165 | |
| | | | | | | | | | | | | | | | |
|
| Household Durables: 1.95% | |
| | | | |
Bassett Furniture Industries Incorporated | | | | | | | | | | | 2,007 | | | | 39,638 | |
| | | | |
Cavco Industries Incorporated † | | | | | | | | | | | 1,867 | | | | 258,449 | |
| | | | |
Century Communities Incorporated † | | | | | | | | | | | 5,428 | | | | 123,921 | |
| | | | |
CSS Industries Incorporated | | | | | | | | | | | 1,539 | | | | 10,604 | |
| | | | |
Ethan Allen Interiors Incorporated | | | | | | | | | | | 4,950 | | | | 99,396 | |
| | | | |
Flexsteel Industries Incorporated | | | | | | | | | | | 1,485 | | | | 36,962 | |
| | | | |
GoPro Incorporated Class A † | | | | | | | | | | | 22,255 | | | | 129,747 | |
| | | | |
Green Brick Partners Incorporated † | | | | | | | | | | | 4,874 | | | | 43,427 | |
| | | | |
Hamilton Beach Brand Class A | | | | | | | | | | | 1,608 | | | | 39,026 | |
| | | | |
Hooker Furniture Corporation | | | | | | | | | | | 2,302 | | | | 72,283 | |
| | | | |
Hovnanian Enterprises Incorporated Class A † | | | | | | | | | | | 26,838 | | | | 18,172 | |
| | | | |
iRobot Corporation † | | | | | | | | | | | 5,329 | | | | 666,445 | |
| | | | |
KB Home Incorporated | | | | | | | | | | | 17,603 | | | | 401,524 | |
| | | | |
La-Z-Boy Incorporated | | | | | | | | | | | 9,621 | | | | 331,059 | |
| | | | |
LGI Homes Incorporated † | | | | | | | | | | | 3,846 | | | | 227,299 | |
| | | | |
Libbey Incorporated | | | | | | | | | | | 4,361 | | | | 17,182 | |
| | | | |
Lifetime Brands Incorporated | | | | | | | | | | | 2,526 | | | | 26,422 | |
| | | | |
M/I Homes Incorporated † | | | | | | | | | | | 5,640 | | | | 146,866 | |
| | | | |
MDC Holdings Incorporated | | | | | | | | | | | 9,664 | | | | 278,704 | |
| | | | |
Meritage Corporation † | | | | | | | | | | | 7,501 | | | | 328,919 | |
| | | | |
Skyline Champion Corporation | | | | | | | | | | | 9,539 | | | | 189,445 | |
| | | | |
Sonos Incorporated † | | | | | | | | | | | 3,235 | | | | 33,418 | |
| | | | |
Tempur-Pedic International Incorporated † | | | | | | | | | | | 8,955 | | | | 521,271 | |
| | | | |
The New Home Company Incorporated † | | | | | | | | | | | 2,807 | | | | 15,382 | |
| | | | |
TopBuild Corporation † | | | | | | | | | | | 7,329 | | | | 436,076 | |
| | | | |
TRI Pointe Homes Incorporated † | | | | | | | | | | | 30,605 | | | | 385,623 | |
| | | | |
Tupperware Brands Corporation | | | | | | | | | | | 8,736 | | | | 263,041 | |
| | | | |
Turtle Beach Corporation † | | | | | | | | | | | 1,769 | | | | 27,225 | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 160 | | Wells Fargo Funds | | Portfolio of investments—February 28, 2019 |
FACTOR ENHANCED SMALL CAP PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | Shares | | | Value | |
|
| Household Durables(continued) | |
| | | | |
Universal Electronics Incorporated † | | | | | | | | | | | 2,839 | | | $ | 94,794 | |
| | | | |
Vuzix Corporation † | | | | | | | | | | | 4,213 | | | | 13,819 | |
| | | | |
William Lyon Homes Class A † | | | | | | | | | | | 6,405 | | | | 90,631 | |
| | | | |
Zagg Incorporated † | | | | | | | | | | | 5,357 | | | | 62,141 | |
| | | | |
| | | | | | | | | | | | | | | 5,428,911 | |
| | | | | | | | | | | | | | | | |
|
| Internet & Direct Marketing Retail: 0.68% | |
| | | | |
1-800-Flowers.com Incorporated Class A † | | | | | | | | | | | 4,599 | | | | 82,046 | |
| | | | |
Duluth Holdings Incorporated Class B † | | | | | | | | | | | 4,196 | | | | 106,578 | |
| | | | |
Gaia Incorporated † | | | | | | | | | | | 2,362 | | | | 26,265 | |
| | | | |
Lands End Incorporated † | | | | | | | | | | | 2,945 | | | | 53,687 | |
| | | | |
Leaf Group Limited † | | | | | | | | | | | 3,182 | | | | 25,870 | |
| | | | |
Liberty Expedia Holdings Incorporated Class A † | | | | | | | | | | | 10,284 | | | | 455,581 | |
| | | | |
Liquidity Services Incorporated † | | | | | | | | | | | 5,095 | | | | 35,156 | |
| | | | |
Nutrisystem Incorporated | | | | | | | | | | | 4,704 | | | | 203,589 | |
| | | | |
Overstock.com Incorporated † | | | | | | | | | | | 4,280 | | | | 84,787 | |
| | | | |
PetMed Express Incorporated | | | | | | | | | | | 4,094 | | | | 94,367 | |
| | | | |
Shutterfly Incorporated † | | | | | | | | | | | 7,305 | | | | 327,337 | |
| | | | |
Shutterstock Incorporated | | | | | | | | | | | 3,578 | | | | 165,769 | |
| | | | |
Stitch Fix Incorporated Class A † | | | | | | | | | | | 8,864 | | | | 246,596 | |
| | | | |
| | | | | | | | | | | | | | | 1,907,628 | |
| | | | | | | | | | | | | | | | |
|
| Leisure Products: 0.51% | |
| | | | |
Acushnet Holdings Corporation | | | | | | | | | | | 6,192 | | | | 154,243 | |
| | | | |
American Outdoor Brands Corporation † | | | | | | | | | | | 9,559 | | | | 119,965 | |
| | | | |
Callaway Golf Company | | | | | | | | | | | 18,354 | | | | 315,872 | |
| | | | |
Clarus Corporation | | | | | | | | | | | 4,404 | | | | 53,641 | |
| | | | |
Escalade Incorporated | | | | | | | | | | | 1,877 | | | | 22,899 | |
| | | | |
Johnson Outdoors Incorporated Class A | | | | | | | | | | | 1,023 | | | | 67,150 | |
| | | | |
Malibu Boats Incorporated Class A † | | | | | | | | | | | 4,772 | | | | 220,514 | |
| | | | |
Marine Products Corporation | | | | | | | | | | | 1,760 | | | | 24,922 | |
| | | | |
Mastercraft Boat Holdings Incorporated † | | | | | | | | | | | 4,187 | | | | 103,293 | |
| | | | |
Nautilus Group Incorporated † | | | | | | | | | | | 6,352 | | | | 41,479 | |
| | | | |
Sturm, Ruger & Company Incorporated | | | | | | | | | | | 3,199 | | | | 182,183 | |
| | | | |
Vista Outdoor Incorporated † | | | | | | | | | | | 11,520 | | | | 102,643 | |
| | | | |
| | | | | | | | | | | | | | | 1,408,804 | |
| | | | | | | | | | | | | | | | |
|
| Multiline Retail: 0.24% | |
| | | | |
Big Lots Stores Incorporated | | | | | | | | | | | 11,357 | | | | 358,086 | |
| | | | |
Dillard’s Incorporated Class A | | | | | | | | | | | 2,488 | | | | 195,408 | |
| | | | |
JCPenny Company Incorporated † | | | | | | | | | | | 57,300 | | | | 87,096 | |
| | | | |
Tuesday Morning Corporation † | | | | | | | | | | | 9,308 | | | | 25,597 | |
| | | | |
| | | | | | | | | | | | | | | 666,187 | |
| | | | | | | | | | | | | | | | |
|
| Specialty Retail: 3.72% | |
| | | | |
Abercrombie & Fitch Company Class A | | | | | | | | | | | 13,613 | | | | 298,805 | |
| | | | |
America’sCar-Mart Incorporated † | | | | | | | | | | | 1,261 | | | | 102,898 | |
| | | | |
Asbury Automotive Group Incorporated † | | | | | | | | | | | 4,149 | | | | 297,857 | |
| | | | |
Ascena Retail Group Incorporated † | | | | | | | | | | | 30,399 | | | | 67,486 | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—February 28, 2019 | | Wells Fargo Funds | | | 161 | |
FACTOR ENHANCED SMALL CAP PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | Shares | | | Value | |
| | | | |
| Specialty Retail(continued) | | | | | | | | | | | | | | | | |
| | | | |
AutoNation Incorporated † | | | | | | | | | | | 12,715 | | | $ | 448,331 | |
| | | | |
Barnes & Noble Education Incorporated † | | | | | | | | | | | 9,664 | | | | 66,585 | |
| | | | |
Barnes & Noble Incorporated | | | | | | | | | | | 10,943 | | | | 68,941 | |
| | | | |
Bed Bath & Beyond Incorporated | | | | | | | | | | | 27,000 | | | | 451,710 | |
| | | | |
Big 5 Sporting Goods Corporation | | | | | | | | | | | 4,438 | | | | 17,885 | |
| | | | |
Boot Barn Holdings Incorporated † | | | | | | | | | | | 6,435 | | | | 183,398 | |
| | | | |
Build A Bear Workshop Incorporated † | | | | | | | | | | | 3,286 | | | | 16,923 | |
| | | | |
Caleres Incorporated | | | | | | | | | | | 7,415 | | | | 230,607 | |
| | | | |
Camping World Holdings Incorporated Class A | | | | | | | | | | | 7,642 | | | | 98,582 | |
| | | | |
Chico’s FAS Incorporated | | | | | | | | | | | 21,406 | | | | 125,011 | |
| | | | |
Children’s Place Retail Stores Incorporated | | | | | | | | | | | 3,930 | | | | 375,551 | |
| | | | |
Citi Trends Incorporated | | | | | | | | | | | 2,327 | | | | 50,356 | |
| | | | |
Container Store Group Incorporated † | | | | | | | | | | | 3,705 | | | | 25,305 | |
| | | | |
Destination Xl Group Incorporated † | | | | | | | | | | | 7,239 | | | | 18,894 | |
| | | | |
Dick’s Sporting Goods Incorporated | | | | | | | | | | | 14,570 | | | | 569,104 | |
| | | | |
DSW Incorporated Class A | | | | | | | | | | | 14,524 | | | | 430,056 | |
| | | | |
Express Incorporated † | | | | | | | | | | | 14,785 | | | | 76,882 | |
| | | | |
Francescas Holdings Corporation † | | | | | | | | | | | 9,309 | | | | 7,795 | |
| | | | |
GameStop Corporation Class A | | | | | | | | | | | 19,763 | | | | 231,227 | |
| | | | |
Genesco Incorporated † | | | | | | | | | | | 3,465 | | | | 167,256 | |
| | | | |
GNC Holdings Incorporated Class A † | | | | | | | | | | | 16,955 | | | | 50,526 | |
| | | | |
Group 1 Automotive Incorporated | | | | | | | | | | | 3,998 | | | | 248,596 | |
| | | | |
Guess? Incorporated | | | | | | | | | | | 11,867 | | | | 265,702 | |
| | | | |
Haverty Furniture Companies Incorporated | | | | | | | | | | | 3,520 | | | | 85,747 | |
| | | | |
Hibbett Sports Incorporated † | | | | | | | | | | | 3,821 | | | | 70,841 | |
| | | | |
Hudson Limited Class A † | | | | | | | | | | | 8,662 | | | | 129,064 | |
| | | | |
Kirkland’s Incorporated † | | | | | | | | | | | 2,923 | | | | 34,141 | |
| | | | |
Lithia Motors Incorporated Class A | | | | | | | | | | | 5,163 | | | | 466,064 | |
| | | | |
MarineMax Incorporated † | | | | | | | | | | | 5,563 | | | | 109,202 | |
| | | | |
Monro Muffler Brake Incorporated | | | | | | | | | | | 6,255 | | | | 477,319 | |
| | | | |
Murphy USA Incorporated † | | | | | | | | | | | 6,255 | | | | 486,451 | |
| | | | |
Office Depot Incorporated | | | | | | | | | | | 116,309 | | | | 403,592 | |
| | | | |
Party City Holdco Incorporated † | | | | | | | | | | | 12,784 | | | | 133,081 | |
| | | | |
Penske Auto Group Incorporated | | | | | | | | | | | 7,632 | | | | 339,166 | |
| | | | |
Pier 1 Imports Incorporated † | | | | | | | | | | | 15,095 | | | | 20,378 | |
| | | | |
Rent-A-Center Incorporated † | | | | | | | | | | | 9,164 | | | | 170,542 | |
| | | | |
RTW Retailwinds Incorporated † | | | | | | | | | | | 6,450 | | | | 19,608 | |
| | | | |
Sally Beauty Holdings Incorporated † | | | | | | | | | | | 25,245 | | | | 456,177 | |
| | | | |
Shoe Carnival Incorporated | | | | | | | | | | | 2,606 | | | | 99,393 | |
| | | | |
Sleep Number Corporation † | | | | | | | | | | | 6,908 | | | | 301,534 | |
| | | | |
Sonic Automotive Incorporated | | | | | | | | | | | 4,755 | | | | 71,468 | |
| | | | |
Sportsman’s Warehouse Holdings Incorporated † | | | | | | | | | | | 7,930 | | | | 49,880 | |
| | | | |
Tailored Brands Incorporated | | | | | | | | | | | 10,460 | | | | 135,562 | |
| | | | |
The Buckle Incorporated | | | | | | | | | | | 5,409 | | | | 103,799 | |
| | | | |
The Cato Corporation Class A | | | | | | | | | | | 4,410 | | | | 69,413 | |
| | | | |
The Michaels Companies Incorporated † | | | | | | | | | | | 20,268 | | | | 286,590 | |
| | | | |
Tile Shop Holdings Incorporated | | | | | | | | | | | 8,334 | | | | 53,171 | |
| | | | |
Tilly’s Incorporated Class A | | | | | | | | | | | 4,181 | | | | 50,716 | |
| | | | |
Travelcenters of America LLC † | | | | | | | | | | | 6,625 | | | | 30,078 | |
| | | | |
Urban Outfitters Incorporated † | | | | | | | | | | | 15,889 | | | | 490,176 | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 162 | | Wells Fargo Funds | | Portfolio of investments—February 28, 2019 |
FACTOR ENHANCED SMALL CAP PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | Shares | | | Value | |
| | | | |
| Specialty Retail(continued) | | | | | | | | | | | | | | | | |
| | | | |
Vitamin Shoppe Incorporated † | | | | | | | | | | | 4,836 | | | $ | 35,641 | |
| | | | |
Winmark Corporation | | | | | | | | | | | 463 | | | | 79,752 | |
| | | | |
Zumiez Incorporated † | | | | | | | | | | | 3,952 | | | | 97,614 | |
| | | | |
| | | | | | | | | | | | | | | 10,348,429 | |
| | | | | | | | | | | | | | | | |
|
| Textiles, Apparel & Luxury Goods: 0.75% | |
| | | | |
Crocs Incorporated † | | | | | | | | | | | 13,353 | | | | 342,905 | |
| | | | |
Culp Incorporated | | | | | | | | | | | 2,099 | | | | 38,936 | |
| | | | |
Delta Apparel Incorporated † | | | | | | | | | | | 1,108 | | | | 26,193 | |
| | | | |
Fossil Group Incorporated † | | | | | | | | | | | 9,290 | | | | 145,296 | |
| | | | |
G-III Apparel Group Limited † | | | | | | | | | | | 10,506 | | | | 374,119 | |
| | | | |
Lakeland Industries Incorporated † | | | | | | | | | | | 1,663 | | | | 18,393 | |
| | | | |
Movado Group Incorporated | | | | | | | | | | | 3,334 | | | | 116,790 | |
| | | | |
Oxford Industries Incorporated | | | | | | | | | | | 3,381 | | | | 267,200 | |
| | | | |
Rocky Brands Incorporated | | | | | | | | | | | 1,488 | | | | 44,566 | |
| | | | |
Steven Madden Limited | | | | | | | | | | | 16,684 | | | | 550,405 | |
| | | | |
Superior Uniform Group Incorporated | | | | | | | | | | | 1,805 | | | | 31,371 | |
| | | | |
Unifi Incorporated † | | | | | | | | | | | 3,174 | | | | 70,209 | |
| | | | |
Vera Bradley Incorporated † | | | | | | | | | | | 5,501 | | | | 52,535 | |
| | | | |
| | | | | | | | | | | | | | | 2,078,918 | |
| | | | | | | | | | | | | | | | |
|
Consumer Staples: 4.47% | |
|
| Beverages: 0.47% | |
| | | | |
Boston Beer Company Incorporated Class A † | | | | | | | | | | | 1,618 | | | | 505,722 | |
| | | | |
Castle Brands Incorporated † | | | | | | | | | | | 23,005 | | | | 20,244 | |
| | | | |
Coca Cola Bottling Corporation | | | | | | | | | | | 887 | | | | 219,852 | |
| | | | |
Craft Brew Alliance Incorporated † | | | | | | | | | | | 2,273 | | | | 38,755 | |
| | | | |
MGP Ingredients Incorporated | | | | | | | | | | | 2,889 | | | | 236,465 | |
| | | | |
National Beverage Corporation | | | | | | | | | | | 2,379 | | | | 163,176 | |
| | | | |
New Age Beverages Corporation † | | | | | | | | | | | 4,272 | | | | 25,077 | |
| | | | |
Primo Water Corporation † | | | | | | | | | | | 6,930 | | | | 101,663 | |
| | | | |
| | | | | | | | | | | | | | | 1,310,954 | |
| | | | | | | | | | | | | | | | |
|
| Food & Staples Retailing: 0.94% | |
| | | | |
BJ’s Wholesale Club Holdings Incorporated † | | | | | | | | | | | 11,215 | | | | 283,964 | |
| | | | |
Ingles Markets Incorporated Class A | | | | | | | | | | | 2,500 | | | | 77,800 | |
| | | | |
Natural Grocers By Vitamin C † | | | | | | | | | | | 1,984 | | | | 28,173 | |
| | | | |
Performance Food Group Company † | | | | | | | | | | | 19,585 | | | | 754,610 | |
| | | | |
Pricesmart Incorporated | | | | | | | | | | | 5,373 | | | | 347,418 | |
| | | | |
Rite Aid Corporation † | | | | | | | | | | | 237,479 | | | | 175,734 | |
| | | | |
Smart & Final Stores Incorporated † | | | | | | | | | | | 6,047 | | | | 37,491 | |
| | | | |
SpartanNash Company | | | | | | | | | | | 6,416 | | | | 121,776 | |
| | | | |
The Andersons Incorporated | | | | | | | | | | | 5,305 | | | | 196,073 | |
| | | | |
The Chef’s Warehouse Incorporated † | | | | | | | | | | | 4,861 | | | | 155,601 | |
| | | | |
United Natural Foods Incorporated † | | | | | | | | | | | 16,705 | | | | 250,742 | |
| | | | |
Village Super Market Class A | | | | | | | | | | | 1,449 | | | | 44,412 | |
| | | | |
Weis Markets Incorporated | | | | | | | | | | | 2,865 | | | | 144,138 | |
| | | | |
| | | | | | | | | | | | | | | 2,617,932 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—February 28, 2019 | | Wells Fargo Funds | | | 163 | |
FACTOR ENHANCED SMALL CAP PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | Shares | | | Value | |
|
| Food Products: 2.07% | |
| | | | |
Alico Incorporated | | | | | | | | | | | 567 | | | $ | 17,157 | |
| | | | |
B&G Foods Incorporated | | | | | | | | | | | 12,870 | | | | 316,859 | |
| | | | |
Cal-Maine Foods Incorporated | | | | | | | | | | | 5,944 | | | | 262,130 | |
| | | | |
Calavo Growers Incorporated | | | | | | | | | | | 3,408 | | | | 290,123 | |
| | | | |
Darling Ingredients Incorporated † | | | | | | | | | | | 32,290 | | | | 709,734 | |
| | | | |
Dean Foods Company | | | | | | | | | | | 19,605 | | | | 78,616 | |
| | | | |
Farmer Bros Corporation † | | | | | | | | | | | 2,136 | | | | 50,944 | |
| | | | |
Fresh Del Monte Produce Incorporated | | | | | | | | | | | 6,022 | | | | 166,689 | |
| | | | |
Freshpet Incorporated † | | | | | | | | | | | 4,743 | | | | 195,506 | |
| | | | |
Hain Celestial Group Incorporated † | | | | | | | | | | | 19,499 | | | | 383,545 | |
| | | | |
Hostess Brands Incorporated † | | | | | | | | | | | 18,492 | | | | 224,493 | |
| | | | |
J & J Snack Foods Corporation | | | | | | | | | | | 2,710 | | | | 420,809 | |
| | | | |
John B. Sanfilippo & Son Incorporated | | | | | | | | | | | 1,629 | | | | 113,183 | |
| | | | |
Lancaster Colony Corporation | | | | | | | | | | | 3,709 | | | | 581,460 | |
| | | | |
Landec Corporation † | | | | | | | | | | | 5,446 | | | | 69,927 | |
| | | | |
Limoneira Corporation | | | | | | | | | | | 3,273 | | | | 76,588 | |
| | | | |
Pilgrim’s Pride Corporation † | | | | | | | | | | | 12,146 | | | | 238,912 | |
| | | | |
Sanderson Farms Incorporated | | | | | | | | | | | 4,426 | | | | 509,875 | |
| | | | |
Seneca Foods Corporation Class A † | | | | | | | | | | | 1,287 | | | | 37,992 | |
| | | | |
Simply Good Foods Company † | | | | | | | | | | | 11,924 | | | | 243,965 | |
| | | | |
Tootsie Roll Industries Incorporated | | | | | | | | | | | 3,421 | | | | 127,227 | |
| | | | |
TreeHouse Foods Incorporated † | | | | | | | | | | | 10,547 | | | | 638,937 | |
| | | | |
| | | | | | | | | | | | | | | 5,754,671 | |
| | | | | | | | | | | | | | | | |
|
| Household Products: 0.41% | |
| | | | |
Central Garden & Pet Company Class A † | | | | | | | | | | | 7,841 | | | | 218,372 | |
| | | | |
Oil Dri Corporation of America | | | | | | | | | | | 1,035 | | | | 30,170 | |
| | | | |
Spectrum Brands Holdings Incorporated | | | | | | | | | | | 8,424 | | | | 456,328 | |
| | | | |
WD-40 Company | | | | | | | | | | | 2,494 | | | | 446,351 | |
| | | | |
| | | | | | | | | | | | | | | 1,151,221 | |
| | | | | | | | | | | | | | | | |
|
| Personal Products: 0.34% | |
| | | | |
Elf Beauty Incorporated † | | | | | | | | | | | 5,089 | | | | 40,458 | |
| | | | |
Inter Parfums Incorporated | | | | | | | | | | | 3,306 | | | | 243,884 | |
| | | | |
Lifevantage Corporation † | | | | | | | | | | | 2,229 | | | | 32,477 | |
| | | | |
Medifast Incorporated | | | | | | | | | | | 2,364 | | | | 301,245 | |
| | | | |
Natural Health Trends Corporation | | | | | | | | | | | 1,448 | | | | 18,419 | |
| | | | |
Revlon Incorporated Class A † | | | | | | | | | | | 1,393 | | | | 37,179 | |
| | | | |
USANA Health Sciences Incorporated † | | | | | | | | | | | 2,596 | | | | 255,706 | |
| | | | |
| | | | | | | | | | | | | | | 929,368 | |
| | | | | | | | | | | | | | | | |
|
| Tobacco: 0.24% | |
| | | | |
Pyxus International Incorporated † | | | | | | | | | | | 1,606 | | | | 43,346 | |
| | | | |
Turning Point Brands Incorporated | | | | | | | | | | | 1,457 | | | | 59,577 | |
| | | | |
Universal Corporation | | | | | | | | | | | 4,644 | | | | 275,575 | |
| | | | |
Vector Group Limited | | | | | | | | | | | 23,869 | | | | 279,745 | |
| | | | |
| | | | | | | | | | | | | | | 658,243 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 164 | | Wells Fargo Funds | | Portfolio of investments—February 28, 2019 |
FACTOR ENHANCED SMALL CAP PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | Shares | | | Value | |
|
Energy: 2.93% | |
|
| Energy Equipment & Services: 1.29% | |
| | | | |
Basic Energy Services Incorporated † | | | | | | | | | | | 5,305 | | | $ | 25,623 | |
| | | | |
Bristow Group Incorporated † | | | | | | | | | | | 7,642 | | | | 9,018 | |
| | | | |
C&J Energy Services Incorporated † | | | | | | | | | | | 12,900 | | | | 222,783 | |
| | | | |
Cactus Incorporated Class A † | | | | | | | | | | | 7,475 | | | | 271,044 | |
| | | | |
Covia Holdings Corporation | | | | | | | | | | | 9,554 | | | | 45,477 | |
| | | | |
Dawson Geophysical Corporation † | | | | | | | | | | | 4,240 | | | | 15,306 | |
| | | | |
Era Group Incorporated † | | | | | | | | | | | 4,036 | | | | 46,495 | |
| | | | |
Exterran Corporation † | | | | | | | | | | | 7,239 | | | | 123,570 | |
| | | | |
Forum Energy Technologies Incorporated † | | | | | | | | | | | 21,174 | | | | 123,444 | |
| | | | |
FTS International Incorporated † | | | | | | | | | | | 7,815 | | | | 80,416 | |
| | | | |
Gulf Island Fabrication Incorporated † | | | | | | | | | | | 2,612 | | | | 25,598 | |
| | | | |
Hornbeck Offshore Services Incorporated † | | | | | | | | | | | 7,435 | | | | 12,640 | |
| | | | |
Ion Geophysical Corporation † | | | | | | | | | | | 2,485 | | | | 32,703 | |
| | | | |
Keane Group Incorporated † | | | | | | | | | | | 9,665 | | | | 106,508 | |
| | | | |
Key Energy Services Incorporated † | | | | | | | | | | | 3,043 | | | | 7,790 | |
| | | | |
KLX Energy Services † | | | | | | | | | | | 2,937 | | | | 77,419 | |
| | | | |
Liberty Oilfield Services Class A | | | | | | | | | | | 7,158 | | | | 117,248 | |
| | | | |
Mammoth Energy Services Incorporated | | | | | | | | | | | 2,799 | | | | 64,349 | |
| | | | |
Matrix Service Company † | | | | | | | | | | | 5,465 | | | | 114,164 | |
| | | | |
McDermott International Incorporated † | | | | | | | | | | | 37,307 | | | | 316,363 | |
| | | | |
Natural Gas Services Group Incoporated † | | | | | | | | | | | 2,489 | | | | 45,997 | |
| | | | |
NCS Multistage Holdings Incorporated † | | | | | | | | | | | 2,586 | | | | 14,249 | |
| | | | |
Newpark Resources Incorporated † | | | | | | | | | | | 19,243 | | | | 170,108 | |
| | | | |
Nine Energy Service Incorporated † | | | | | | | | | | | 3,465 | | | | 90,852 | |
| | | | |
Oceaneering International Incorporated † | | | | | | | | | | | 20,926 | | | | 323,307 | |
| | | | |
Parker Drilling Company † | | | | | | | | | | | 2,262 | | | | 543 | |
| | | | |
PHI Incorporated - Non Voting † | | | | | | | | | | | 2,436 | | | | 7,576 | |
| | | | |
Pioneer Energy Services Corporation † | | | | | | | | | | | 16,717 | | | | 29,589 | |
| | | | |
ProPetro Holding Corporation † | | | | | | | | | | | 16,503 | | | | 327,750 | |
| | | | |
RigNet Incorporated † | | | | | | | | | | | 3,291 | | | | 50,945 | |
| | | | |
Seacor Holdings Incorporated † | | | | | | | | | | | 3,313 | | | | 147,959 | |
| | | | |
Seacor Marine Holdings Incorporated † | | | | | | | | | | | 4,154 | | | | 56,993 | |
| | | | |
Select Energy Services Incorporated Class A † | | | | | | | | | | | 12,518 | | | | 126,181 | |
| | | | |
Solaris Oilfield Infrastructure Incorporated Class A | | | | | | | | | | | 5,289 | | | | 89,913 | |
| | | | |
Superior Energy Services Incorporated † | | | | | | | | | | | 40,698 | | | | 190,467 | |
| | | | |
Tetra Technologies Incorporated † | | | | | | | | | | | 27,639 | | | | 66,057 | |
| | | | |
| | | | | | | | | | | | | | | 3,576,444 | |
| | | | | | | | | | | | | | | | |
|
| Oil, Gas & Consumable Fuels: 1.64% | |
| | | | |
Adams Resources & Energy Incorporated | | | | | | | | | | | 434 | | | | 17,247 | |
| | | | |
Alta Mesa Resources Incorporated † | | | | | | | | | | | 19,146 | | | | 4,940 | |
| | | | |
Arch Coal Incorporated | | | | | | | | | | | 3,133 | | | | 291,870 | |
| | | | |
Berry Petroleum Corporation | | | | | | | | | | | 2,854 | | | | 36,331 | |
| | | | |
Chaparral Energy Incorporated Class A † | | | | | | | | | | | 6,684 | | | | 36,094 | |
| | | | |
Cloud Peak Energy Incorporated † | | | | | | | | | | | 17,587 | | | | 9,145 | |
| | | | |
CNX Resources Corporation † | | | | | | | | | | | 28,588 | | | | 303,033 | |
| | | | |
Consol Energy Incorporated † | | | | | | | | | | | 5,049 | | | | 191,610 | |
| | | | |
Contango Oil & Gas Company † | | | | | | | | | | | 4,655 | | | | 15,780 | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—February 28, 2019 | | Wells Fargo Funds | | | 165 | |
FACTOR ENHANCED SMALL CAP PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | Shares | | | Value | |
| | | | |
| Oil, Gas & Consumable Fuels(continued) | | | | | | | | | | | | | | | | |
| | | | |
CVR Energy Incorporated | | | | | | | | | | | 2,943 | | | $ | 119,309 | |
| | | | |
Denbury Resources Incorporated † | | | | | | | | | | | 90,789 | | | | 174,315 | |
| | | | |
DHT Holdings Incorporated | | | | | | | | | | | 16,815 | | | | 72,641 | |
| | | | |
Dorian Lpg Limited † | | | | | | | | | | | 6,471 | | | | 38,179 | |
| | | | |
Earthstone Energy Incorporated Class A † | | | | | | | | | | | 5,425 | | | | 35,751 | |
| | | | |
Enlink Midstream LLC | | | | | | | | | | | 12,179 | | | | 135,796 | |
| | | | |
Euronav NV | | | | | | | | | | | 1 | | | | 8 | |
| | | | |
Evolution Petroleum Corporation | | | | | | | | | | | 5,897 | | | | 41,692 | |
| | | | |
Falcon Minerals Corporation | | | | | | | | | | | 7,580 | | | | 58,745 | |
| | | | |
Goodrich Petroleum Corporation † | | | | | | | | | | | 2,043 | | | | 26,498 | |
| | | | |
Green Plains Renewable Energy Incorporated | | | | | | | | | | | 7,691 | | | | 119,980 | |
| | | | |
Gulfport Energy Corporation † | | | | | | | | | | | 26,160 | | | | 200,386 | |
| | | | |
Halcon Resources Corporation † | | | | | | | | | | | 35,781 | | | | 53,672 | |
| | | | |
Hallador Energy Corporation | | | | | | | | | | | 3,901 | | | | 20,948 | |
| | | | |
International Seaways Incorporated † | | | | | | | | | | | 4,227 | | | | 70,337 | |
| | | | |
Laredo Petroleum Incorporated † | | | | | | | | | | | 35,258 | | | | 120,935 | |
| | | | |
Legacy Reserves Incorporated † | | | | | | | | | | | 22,521 | | | | 27,025 | |
| | | | |
Lilis Energy Incorporated † | | | | | | | | | | | 7,853 | | | | 14,135 | |
| | | | |
Lonestar Resources US Incorporated Class A † | | | | | | | | | | | 3,873 | | | | 17,312 | |
| | | | |
Magnolia Oil & Gas Corporation † | | | | | | | | | | | 19,859 | | | | 244,266 | |
| | | | |
Nacco Industries Class A | | | | | | | | | | | 715 | | | | 26,148 | |
| | | | |
Navigator Holdings Limited † | | | | | | | | | | | 5,906 | | | | 64,198 | |
| | | | |
Overseas Shipholding Group Class A † | | | | | | | | | | | 14,103 | | | | 27,783 | |
| | | | |
Pacific Ethanol Incorporated † | | | | | | | | | | | 7,085 | | | | 8,219 | |
| | | | |
Par Pacific Holdings Incorporated † | | | | | | | | | | | 6,478 | | | | 109,478 | |
| | | | |
Penn Virginia Corporation † | | | | | | | | | | | 2,391 | | | | 128,301 | |
| | | | |
Renewable Energy Group Incorporated † | | | | | | | | | | | 7,278 | | | | 193,376 | |
| | | | |
Rex American Resources Corporation † | | | | | | | | | | | 1,089 | | | | 86,804 | |
| | | | |
Sanchez Energy Corporation † | | | | | | | | | | | 27,646 | | | | 6,035 | |
| | | | |
SilverBow Resources Incorporated † | | | | | | | | | | | 1,369 | | | | 30,803 | |
| | | | |
Southwestern Energy Company † | | | | | | | | | | | 133,674 | | | | 565,441 | |
| | | | |
SRC Energy Incorporated † | | | | | | | | | | | 51,688 | | | | 237,765 | |
| | | | |
Talos Energy Incorporated † | | | | | | | | | | | 3,846 | | | | 86,343 | |
| | | | |
Vaalco Energy Incorporated † | | | | | | | | | | | 10,211 | | | | 23,792 | |
| | | | |
W&T Offshore Incorporated † | | | | | | | | | | | 20,164 | | | | 105,054 | |
| | | | |
World Fuel Services Corporation | | | | | | | | | | | 13,508 | | | | 374,037 | |
| | | | |
| | | | | | | | | | | | | | | 4,571,557 | |
| | | | | | | | | | | | | | | | |
|
Financials: 19.24% | |
|
| Banks: 10.48% | |
| | | | |
1st Constitution Bancorp | | | | | | | | | | | 1,349 | | | | 25,186 | |
| | | | |
1st Source Corporation | | | | | | | | | | | 1,975 | | | | 93,911 | |
| | | | |
ACNB Corporation | | | | | | | | | | | 1,263 | | | | 49,762 | |
| | | | |
Allegiance Bancshares Incorporated † | | | | | | | | | | | 4,260 | | | | 162,988 | |
| | | | |
Amalgamated Bank of New York Class A | | | | | | | | | | | 6,904 | | | | 122,270 | |
| | | | |
American National Bankshares Incorporated | | | | | | | | | | | 1,705 | | | | 61,039 | |
| | | | |
Ameris Bancorp | | | | | | | | | | | 10,482 | | | | 427,351 | |
| | | | |
AMES National Corporation | | | | | | | | | | | 1,778 | | | | 49,482 | |
| | | | |
Arrow Financial Corporation | | | | | | | | | | | 2,723 | | | | 96,449 | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 166 | | Wells Fargo Funds | | Portfolio of investments—February 28, 2019 |
FACTOR ENHANCED SMALL CAP PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | Shares | | | Value | |
| | | | |
| Banks(continued) | | | | | | | | | | | | | | | | |
| | | | |
Atlantic Capital Bancshares † | | | | | | | | | | | 5,083 | | | $ | 98,000 | |
| | | | |
Banc of California Incorporated | | | | | | | | | | | 9,561 | | | | 165,597 | |
| | | | |
BancFirst Corporation | | | | | | | | | | | 3,690 | | | | 208,042 | |
| | | | |
Bank of Commerce Holdings | | | | | | | | | | | 3,314 | | | | 37,614 | |
| | | | |
Bank of Marin Bancorp | | | | | | | | | | | 2,735 | | | | 121,708 | |
| | | | |
Bankwell Financial Group Incorporated | | | | | | | | | | | 1,278 | | | | 38,685 | |
| | | | |
Banner Corporation | | | | | | | | | | | 6,344 | | | | 394,153 | |
| | | | |
Bar Harbor Bankshares | | | | | | | | | | | 3,029 | | | | 78,209 | |
| | | | |
Baycom Corporation † | | | | | | | | | | | 2,090 | | | | 48,216 | |
| | | | |
BCB Bancorp Incorporated | | | | | | | | | | | 2,551 | | | | 33,469 | |
| | | | |
Berkshire Hills Bancorp Incorporated | | | | | | | | | | | 8,624 | | | | 270,104 | |
| | | | |
Blue Hills Bancorp Incorporated | | | | | | | | | | | 4,753 | | | | 118,255 | |
| | | | |
Boston Private Financial Holdings Incorporated | | | | | | | | | | | 17,945 | | | | 213,366 | |
| | | | |
Bridge Bancorp Incorporated | | | | | | | | | | | 3,678 | | | | 121,264 | |
| | | | |
Brookline Bancorp Incorporated | | | | | | | | | | | 16,348 | | | | 261,241 | |
| | | | |
Bryn Mawr Bank Corporation | | | | | | | | | | | 4,099 | | | | 167,075 | |
| | | | |
Business First Bancshares Incorporated | | | | | | | | | | | 2,343 | | | | 57,919 | |
| | | | |
Byline Bancorp Incorporated † | | | | | | | | | | | 4,447 | | | | 90,897 | |
| | | | |
C&F Financial Corporation | | | | | | | | | | | 682 | | | | 35,184 | |
| | | | |
Cadence Bancorp | | | | | | | | | | | 25,708 | | | | 513,903 | |
| | | | |
Cambridge Bancorp | | | | | | | | | | | 798 | | | | 66,226 | |
| | | | |
Camden National Corporation | | | | | | | | | | | 3,223 | | | | 144,552 | |
| | | | |
Capital City Bank Group Incorporated | | | | | | | | | | | 2,218 | | | | 54,740 | |
| | | | |
Capstar Financial Holdings Class I | | | | | | | | | | | 2,289 | | | | 38,364 | |
| | | | |
Carolina Financial Corporation | | | | | | | | | | | 4,375 | | | | 160,213 | |
| | | | |
CB Financial Services Incorporated | | | | | | | | | | | 965 | | | | 24,965 | |
| | | | |
CBTX Incorporated | | | | | | | | | | | 3,832 | | | | 127,644 | |
| | | | |
CenterState Banks Incorporated | | | | | | | | | | | 19,844 | | | | 525,072 | |
| | | | |
Central Pacific Financial Company | | | | | | | | | | | 5,816 | | | | 169,711 | |
| | | | |
Central Valley Community Bancorp | | | | | | | | | | | 2,390 | | | | 46,533 | |
| | | | |
Century Bancorp Incorporated Class A | | | | | | | | | | | 567 | | | | 43,857 | |
| | | | |
Chemung Financial Corporation | | | | | | | | | | | 723 | | | | 33,677 | |
| | | | |
Citizens & Northern Corporation | | | | | | | | | | | 2,371 | | | | 62,215 | |
| | | | |
City Holding Company | | | | | | | | | | | 3,021 | | | | 242,103 | |
| | | | |
Civista Bancshares Incorporated | | | | | | | | | | | 2,937 | | | | 62,646 | |
| | | | |
CNB Financial Corporation | | | | | | | | | | | 3,005 | | | | 83,539 | |
| | | | |
Codorus Valley Bancorp Incorporated | | | | | | | | | | | 1,853 | | | | 42,026 | |
| | | | |
Community Bank System Incorporated | | | | | | | | | | | 10,253 | | | | 664,292 | |
| | | | |
Community Bankers Trust Corporation | | | | | | | | | | | 4,391 | | | | 35,040 | |
| | | | |
Community Financial Corporation | | | | | | | | | | | 917 | | | | 27,565 | |
| | | | |
Community Trust Bancorp | | | | | | | | | | | 3,153 | | | | 134,885 | |
| | | | |
ConnectOne Bancorp Incorporated | | | | | | | | | | | 6,155 | | | | 132,763 | |
| | | | |
County Bancorp Incorporated | | | | | | | | | | | 1,064 | | | | 20,312 | |
| | | | |
Customers Bancorp Incorporated † | | | | | | | | | | | 5,871 | | | | 125,581 | |
| | | | |
DNB Financial Corporation | | | | | | | | | | | 704 | | | | 27,456 | |
| | | | |
Eagle Bancorp Incorporated † | | | | | | | | | | | 6,790 | | | | 401,900 | |
| | | | |
Enterprise Bancorp Incorporated | | | | | | | | | | | 1,824 | | | | 57,857 | |
| | | | |
Enterprise Financial Service | | | | | | | | | | | 4,585 | | | | 207,150 | |
| | | | |
Equity Bancshares Incorporated Class A † | | | | | | | | | | | 2,933 | | | | 99,693 | |
| | | | |
Esquire Financial Holdings Class I † | | | | | | | | | | | 1,104 | | | | 25,182 | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—February 28, 2019 | | Wells Fargo Funds | | | 167 | |
FACTOR ENHANCED SMALL CAP PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | Shares | | | Value | |
| | | | |
| Banks(continued) | | | | | | | | | | | | | | | | |
| | | | |
Evans Bancorp Incorporated | | | | | | | | | | | 972 | | | $ | 34,652 | |
| | | | |
Farmers & Merchants Banco | | | | | | | | | | | 2,018 | | | | 61,771 | |
| | | | |
Farmers Natl Banc Corporation | | | | | | | | | | | 5,284 | | | | 77,780 | |
| | | | |
FB Financial Corporation | | | | | | | | | | | 3,410 | | | | 120,885 | |
| | | | |
Fidelity D&D Bancorp Incorporated | | | | | | | | | | | 496 | | | | 28,882 | |
| | | | |
Fidelity Southern Corporation | | | | | | | | | | | 4,471 | | | | 145,665 | |
| | | | |
Financial Institutions Incorporated | | | | | | | | | | | 3,265 | | | | 98,407 | |
| | | | |
First Bancorp Incorporated | | | | | | | | | | | 1,979 | | | | 52,147 | |
| | | | |
First Bancorp of North Carolina | | | | | | | | | | | 6,368 | | | | 249,562 | |
| | | | |
First Bancshares Incorporated | | | | | | | | | | | 2,592 | | | | 84,914 | |
| | | | |
First Bank | | | | | | | | | | | 3,221 | | | | 37,267 | |
| | | | |
First Busey Corporation | | | | | | | | | | | 9,380 | | | | 252,697 | |
| | | | |
First Business Financial Service | | | | | | | | | | | 1,629 | | | | 35,936 | |
| | | | |
First Choice Bancorp | | | | | | | | | | | 1,936 | | | | 45,109 | |
| | | | |
First Citizens BancShares Corporation Class A | | | | | | | | | | | 1,210 | | | | 528,262 | |
| | | | |
First Commonwealth Financial Corporation | | | | | | | | | | | 20,517 | | | | 288,469 | |
| | | | |
First Community Bancshares | | | | | | | | | | | 2,864 | | | | 102,674 | |
| | | | |
First Community Corporation | | | | | | | | | | | 1,446 | | | | 28,992 | |
| | | | |
First Financial Bancorp | | | | | | | | | | | 19,641 | | | | 544,645 | |
| | | | |
First Financial Corporation | | | | | | | | | | | 2,005 | | | | 88,982 | |
| | | | |
First Financial Northwest | | | | | | | | | | | 1,615 | | | | 26,195 | |
| | | | |
First Foundation Incorporated | | | | | | | | | | | 8,170 | | | | 124,593 | |
| | | | |
First Guaranty Bancshares Incorporated | | | | | | | | | | | 1,025 | | | | 21,412 | |
| | | | |
First Internet Bancorp | | | | | | | | | | | 2,075 | | | | 44,820 | |
| | | | |
First Interstate BancSystem Class A | | | | | | | | | | | 7,649 | | | | 318,504 | |
| | | | |
First Merchants Corporation | | | | | | | | | | | 10,309 | | | | 416,381 | |
| | | | |
FirstMid-Illinois Bancshares | | | | | | | | | | | 2,382 | | | | 83,156 | |
| | | | |
First Midwest Bancorp Incorporated | | | | | | | | | | | 22,306 | | | | 516,384 | |
| | | | |
First Northwest Bancorp | | | | | | | | | | | 1,805 | | | | 29,097 | |
| | | | |
First of Long Island Corporation | | | | | | | | | | | 4,764 | | | | 111,287 | |
| | | | |
First United Corporation | | | | | | | | | | | 1,388 | | | | 24,012 | |
| | | | |
Flushing Financial Corporation | | | | | | | | | | | 5,531 | | | | 128,375 | |
| | | | |
Franklin Financial Network | | | | | | | | | | | 3,001 | | | | 98,433 | |
| | | | |
FVCBankcorp Incorporated † | | | | | | | | | | | 2,025 | | | | 35,944 | |
| | | | |
German American Bancorp | | | | | | | | | | | 4,636 | | | | 143,577 | |
| | | | |
Great Southern Bancorp Incorporated | | | | | | | | | | | 2,498 | | | | 141,462 | |
| | | | |
Great Western Bancorp Incorporated | | | | | | | | | | | 12,319 | | | | 462,578 | |
| | | | |
Guaranty Bancshares Incorporated | | | | | | | | | | | 1,620 | | | | 49,831 | |
| | | | |
Hanmi Financial Corporation | | | | | | | | | | | 6,753 | | | | 155,859 | |
| | | | |
Harborone Bancorp Incorporated † | | | | | | | | | | | 2,920 | | | | 47,100 | |
| | | | |
Hawthorn Bancshares Incorporated | | | | | | | | | | | 1,043 | | | | 24,657 | |
| | | | |
Heartland Financial USA Incorporated | | | | | | | | | | | 6,771 | | | | 329,003 | |
| | | | |
Heritage Commerce Corporation | | | | | | | | | | | 8,837 | | | | 123,453 | |
| | | | |
Heritage Financial Corporation | | | | | | | | | | | 7,571 | | | | 249,237 | |
| | | | |
Hilltop Holdings Incorporated | | | | | | | | | | | 15,046 | | | | 289,184 | |
| | | | |
Hometrust Bancshares Incorporated | | | | | | | | | | | 3,357 | | | | 91,411 | |
| | | | |
Hope Bancorp Incorporated | | | | | | | | | | | 27,630 | | | | 402,845 | |
| | | | |
Horizon Bancorp Indiana | | | | | | | | | | | 7,491 | | | | 132,366 | |
| | | | |
Howard Bancorp Incorporated † | | | | | | | | | | | 2,908 | | | | 38,589 | |
| | | | |
Independent Bank Corporation | | | | | | | | | | | 4,891 | | | | 113,716 | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 168 | | Wells Fargo Funds | | Portfolio of investments—February 28, 2019 |
FACTOR ENHANCED SMALL CAP PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | Shares | | | Value | |
| | | | |
| Banks(continued) | | | | | | | | | | | | | | | | |
| | | | |
Independent Bank Corporation | | | | | | | | | | | 5,539 | | | $ | 471,535 | |
| | | | |
Independent Bank Group Incorporated | | | | | | | | | | | 6,869 | | | | 398,127 | |
| | | | |
International Bancshares Corporation | | | | | | | | | | | 12,199 | | | | 497,963 | |
| | | | |
Investar Holding Corporation | | | | | | | | | | | 1,685 | | | | 41,013 | |
| | | | |
Lakeland Bancorp Incorporated | | | | | | | | | | | 9,489 | | | | 158,751 | |
| | | | |
Lakeland Financial Corporation | | | | | | | | | | | 5,141 | | | | 248,413 | |
| | | | |
LCNB Corporation | | | | | | | | | | | 2,478 | | | | 42,126 | |
| | | | |
LegacyTexas Financial Group | | | | | | | | | | | 9,832 | | | | 410,289 | |
| | | | |
Live Oak Bancshares Incorporated | | | | | | | | | | | 5,484 | | | | 88,896 | |
| | | | |
Macatawa Bank Corporation | | | | | | | | | | | 5,336 | | | | 58,216 | |
| | | | |
Mackinac Financial Corporation | | | | | | | | | | | 1,925 | | | | 30,357 | |
| | | | |
Malvern Bancorp Incorporated † | | | | | | | | | | | 1,528 | | | | 31,721 | |
| | | | |
MBT Financial Corporation | | | | | | | | | | | 3,639 | | | | 40,284 | |
| | | | |
Mercantile Bank Corporation | | | | | | | | | | | 3,420 | | | | 118,435 | |
| | | | |
Metropolitan Bank Holding Corporation † | | | | | | | | | | | 950 | | | | 36,604 | |
| | | | |
Mid Penn Bancorp Incorporated | | | | | | | | | | | 1,457 | | | | 35,682 | |
| | | | |
Middlefield Banc Corporation | | | | | | | | | | | 641 | | | | 26,890 | |
| | | | |
Midland States Bancorp Incorporated | | | | | | | | | | | 4,119 | | | | 105,035 | |
| | | | |
Midsouth Bancorp Incorporated | | | | | | | | | | | 2,843 | | | | 32,382 | |
| | | | |
Midwestone Financial Group Class I | | | | | | | | | | | 2,249 | | | | 69,921 | |
| | | | |
Mutualfirst Financial Incorporated | | | | | | | | | | | 1,506 | | | | 47,349 | |
| | | | |
MVB Financial Corporation | | | | | | | | | | | 2,019 | | | | 30,891 | |
| | | | |
National Bank Holdings Corporation Class A | | | | | | | | | | | 5,509 | | | | 199,040 | |
| | | | |
National Bankshares Incorporated | | | | | | | | | | | 1,361 | | | | 53,760 | |
| | | | |
National Commerce Corporation † | | | | | | | | | | | 3,862 | | | | 168,731 | |
| | | | |
NBT Bancorp Incorporated | | | | | | | | | | | 8,653 | | | | 334,265 | |
| | | | |
Nicolet Bankshares Incorporated † | | | | | | | | | | | 1,619 | | | | 92,963 | |
| | | | |
Northeast Bancorp | | | | | | | | | | | 1,509 | | | | 30,603 | |
| | | | |
Northrim BanCorp Incorporated | | | | | | | | | | | 1,413 | | | | 53,002 | |
| | | | |
Norwood Financial Corporation | | | | | | | | | | | 1,198 | | | | 36,707 | |
| | | | |
Oak Valley Bancorp | | | | | | | | | | | 1,196 | | | | 21,349 | |
| | | | |
Ohio Valley Banc Corporation | | | | | | | | | | | 785 | | | | 28,660 | |
| | | | |
Old Line Bancshares Incorporated | | | | | | | | | | | 2,780 | | | | 79,619 | |
| | | | |
Old Point Financial Corporation | | | | | | | | | | | 749 | | | | 17,414 | |
| | | | |
Old Second Bancorp Incorporated | | | | | | | | | | | 5,908 | | | | 84,366 | |
| | | | |
Opus Bank | | | | | | | | | | | 4,521 | | | | 102,943 | |
| | | | |
Origin Bancorp Incorporated | | | | | | | | | | | 1,140 | | | | 41,108 | |
| | | | |
Orrstown Financial Services Incorporated | | | | | | | | | | | 1,730 | | | | 35,327 | |
| | | | |
Pacific Mercantile Bancorp † | | | | | | | | | | | 4,485 | | | | 37,001 | |
| | | | |
Pacific Premier Bancorp Incorporated | | | | | | | | | | | 13,092 | | | | 390,796 | |
| | | | |
Park National Corporation | | | | | | | | | | | 2,778 | | | | 278,217 | |
| | | | |
Parke Bancorp Incorporated | | | | | | | | | | | 1,580 | | | | 35,060 | |
| | | | |
Peapack-Gladstone Financial Corporation | | | | | | | | | | | 3,662 | | | | 106,491 | |
| | | | |
Penns Woods Bancorp Incorporated | | | | | | | | | | | 896 | | | | 39,299 | |
| | | | |
People S Utah Bancorp | | | | | | | | | | | 3,268 | | | | 95,948 | |
| | | | |
Peoples Bancorp Incorporated | | | | | | | | | | | 3,623 | | | | 120,791 | |
| | | | |
Peoples Bancorp of North Carolina Incorporated | | | | | | | | | | | 922 | | | | 26,000 | |
| | | | |
Peoples Financial Services | | | | | | | | | | | 1,294 | | | | 56,613 | |
| | | | |
Plumas Bancorp | | | | | | | | | | | 785 | | | | 19,076 | |
| | | | |
Preferred Bank (Los Angeles) | | | | | | | | | | | 3,006 | | | | 153,967 | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—February 28, 2019 | | Wells Fargo Funds | | | 169 | |
FACTOR ENHANCED SMALL CAP PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | Shares | | | Value | |
| | | | |
| Banks(continued) | | | | | | | | | | | | | | | | |
| | | | |
Premier Financial Bancorp | | | | | | | | | | | 2,250 | | | $ | 37,283 | |
| | | | |
QCR Holdings Incorporated | | | | | | | | | | | 3,104 | | | | 110,968 | |
| | | | |
RBB Bancorp | | | | | | | | | | | 2,994 | | | | 64,820 | |
| | | | |
Reliant Bancorp Incorporated | | | | | | | | | | | 1,941 | | | | 42,586 | |
| | | | |
Renasant Corporation | | | | | | | | | | | 12,282 | | | | 470,155 | |
| | | | |
Republic Bancorp Incorporated Class A | | | | | | | | | | | 2,057 | | | | 93,059 | |
| | | | |
Republic First Bancorp Incorporated † | | | | | | | | | | | 9,583 | | | | 61,331 | |
| | | | |
S&T Bancorp Incorporated | | | | | | | | | | | 6,956 | | | | 287,839 | |
| | | | |
Sandy Spring Bancorp Incorporated | | | | | | | | | | | 7,179 | | | | 251,768 | |
| | | | |
SB Financial Group Incorporated | | | | | | | | | | | 1,184 | | | | 22,200 | |
| | | | |
SB One Bancorp | | | | | | | | | | | 1,417 | | | | 33,512 | |
| | | | |
Seacoast Banking Corporation † | | | | | | | | | | | 10,247 | | | | 297,368 | |
| | | | |
Select Bancorp Incorporated † | | | | | | | | | | | 3,540 | | | | 40,958 | |
| | | | |
ServisFirst Bancshares Incorporated | | | | | | | | | | | 9,972 | | | | 348,721 | |
| | | | |
Shore Bancshares Incorporated | | | | | | | | | | | 2,467 | | | | 38,855 | |
| | | | |
Sierra Bancorp | | | | | | | | | | | 2,785 | | | | 75,056 | |
| | | | |
Simmons First National Corporation Class A | | | | | | | | | | | 18,256 | | | | 489,808 | |
| | | | |
Smartfinancial Incorporated † | | | | | | | | | | | 2,412 | | | | 47,323 | |
| | | | |
Southern First Bancshares † | | | | | | | | | | | 1,469 | | | | 55,969 | |
| | | | |
Southern National Bancorp of Virginia | | | | | | | | | | | 4,226 | | | | 66,982 | |
| | | | |
Southside Bancshares Incorporated | | | | | | | | | | | 6,624 | | | | 229,985 | |
| | | | |
Stock Yards Bancorp Incorporated | | | | | | | | | | | 4,239 | | | | 150,993 | |
| | | | |
Summit Financial Group Incorporated | | | | | | | | | | | 2,149 | | | | 52,457 | |
| | | | |
The Bancorp Incorporated † | | | | | | | | | | | 10,958 | | | | 99,389 | |
| | | | |
The Bank of Princeton | | | | | | | | | | | 1,154 | | | | 37,540 | |
| | | | |
Tompkins Trust Company Incorporated | | | | | | | | | | | 2,994 | | | | 240,748 | |
| | | | |
Towne Bank | | | | | | | | | | | 13,455 | | | | 370,954 | |
| | | | |
TriCo Bancshares | | | | | | | | | | | 5,372 | | | | 216,062 | |
| | | | |
TriState Capital Holdings Incorporated † | | | | | | | | | | | 5,276 | | | | 119,290 | |
| | | | |
Triumph Bancorp Incorporated † | | | | | | | | | | | 4,945 | | | | 167,487 | |
| | | | |
Trustmark Corporation | | | | | | | | | | | 12,933 | | | | 458,863 | |
| | | | |
Two River Bancorp | | | | | | | | | | | 1,396 | | | | 22,643 | |
| | | | |
Union Bankshares Corporation | | | | | | | | | | | 15,787 | | | | 561,544 | |
| | | | |
Union Bankshares Incorporated | | | | | | | | | | | 662 | | | | 30,783 | |
| | | | |
United Community Bank | | | | | | | | | | | 16,000 | | | | 443,040 | |
| | | | |
United Security Bancshare | | | | | | | | | | | 2,672 | | | | 28,858 | |
| | | | |
Unity Bancorp Incorporated | | | | | | | | | | | 1,534 | | | | 33,886 | |
| | | | |
Univest Corporation of Pennsylvania | | | | | | | | | | | 5,814 | | | | 154,129 | |
| | | | |
Veritex Holdings Incorporated | | | | | | | | | | | 9,343 | | | | 261,697 | |
| | | | |
Washington Trust Bancorp | | | | | | | | | | | 2,879 | | | | 150,860 | |
| | | | |
WesBanco Incorporated | | | | | | | | | | | 10,975 | | | | 465,669 | |
| | | | |
West Bancorporation | | | | | | | | | | | 2,850 | | | | 65,892 | |
| | | | |
Westamerica Bancorporation | | | | | | | | | | | 5,406 | | | | 347,498 | |
| | | | |
| | | | | | | | | | | | | | | 29,137,081 | |
| | | | | | | | | | | | | | | | |
|
| Capital Markets: 1.93% | |
| | | | |
Ares Management Corporation Class A | | | | | | | | | | | 14,711 | | | | 347,474 | |
| | | | |
Artisan Partners Asset Management Incorporated Class A | | | | | | | | | | | 10,848 | | | | 285,302 | |
| | | | |
Associated Capital Group Class A | | | | | | | | | | | 581 | | | | 24,710 | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 170 | | Wells Fargo Funds | | Portfolio of investments—February 28, 2019 |
FACTOR ENHANCED SMALL CAP PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | Shares | | | Value | |
| | | | |
| Capital Markets(continued) | | | | | | | | | | | | | | | | |
| | | | |
B. Riley Financial Incorporated | | | | | | | | | | | 3,257 | | | $ | 55,499 | |
| | | | |
Blucora Incorporated † | | | | | | | | | | | 9,050 | | | | 243,355 | |
| | | | |
BrightSphere Investment Group Incorporated | | | | | | | | | | | 17,367 | | | | 245,743 | |
| | | | |
Cohen & Steers Incorporated | | | | | | | | | | | 4,163 | | | | 173,847 | |
| | | | |
Cowen Incorporated † | | | | | | | | | | | 5,533 | | | | 85,651 | |
| | | | |
Diamond Hill Investment Group | | | | | | | | | | | 738 | | | | 104,766 | |
| | | | |
Donnelley Financial Solutions † | | | | | | | | | | | 6,718 | | | | 95,463 | |
| | | | |
Federated Investors Incorporated Class B | | | | | | | | | | | 19,134 | | | | 569,237 | |
| | | | |
Focus Financial Partners Class A † | | | | | | | | | | | 3,880 | | | | 146,858 | |
| | | | |
Gain Capital Holdings Incorporated | | | | | | | | | | | 4,517 | | | | 31,167 | |
| | | | |
Gamco Investors Incorporated Class A | | | | | | | | | | | 1,023 | | | | 20,951 | |
| | | | |
Greenhill & Company Incorporated | | | | | | | | | | | 2,789 | | | | 65,653 | |
| | | | |
Hamilton Lane Incorporated Class A | | | | | | | | | | | 3,463 | | | | 161,653 | |
| | | | |
Houlihan Lokey Incorporated | | | | | | | | | | | 6,791 | | | | 312,250 | |
| | | | |
Intl Fcstone Incorporated † | | | | | | | | | | | 2,922 | | | | 127,107 | |
| | | | |
Investment Technology Group Incorporated | | | | | | | | | | | 6,089 | | | | 184,070 | |
| | | | |
Ladenburg Thalmann Financial Services Incorporated | | | | | | | | | | | 20,104 | | | | 59,106 | |
| | | | |
Moelis Company Class A | | | | | | | | | | | 9,489 | | | | 423,304 | |
| | | | |
Morningstar Incorporated | | | | | | | | | | | 3,925 | | | | 496,748 | |
| | | | |
PJT Partners Incorporated Class A | | | | | | | | | | | 3,929 | | | | 181,638 | |
| | | | |
Pzena Investment Managm Class A | | | | | | | | | | | 3,537 | | | | 35,229 | |
| | | | |
Siebert Financial Corporation † | | | | | | | | | | | 1,888 | | | | 23,789 | |
| | | | |
Victory Capital Holding Class A † | | | | | | | | | | | 2,603 | | | | 32,772 | |
| | | | |
Virtu Financial Incorporated Class A | | | | | | | | | | | 12,495 | | | | 314,124 | |
| | | | |
Virtus Investment Partners Incorporated | | | | | | | | | | | 1,432 | | | | 146,508 | |
| | | | |
Waddell & Reed Financial Incorporated Class A | | | | | | | | | | | 16,046 | | | | 297,011 | |
| | | | |
Westwood Holdings Group Incorporated | | | | | | | | | | | 1,614 | | | | 62,381 | |
| | | | |
| | | | | | | | | | | | | | | 5,353,366 | |
| | | | | | | | | | | | | | | | |
|
| Consumer Finance: 0.44% | |
| | | | |
Curo Group Holdings Corporation † | | | | | | | | | | | 3,151 | | | | 34,724 | |
| | | | |
Elevate Credit Incorporated † | | | | | | | | | | | 5,940 | | | | 26,017 | |
| | | | |
Encore Capital Group Incorporated † | | | | | | | | | | | 7,012 | | | | 239,810 | |
| | | | |
Enova International Incorporated † | | | | | | | | | | | 6,270 | | | | 160,010 | |
| | | | |
Ezcorp Incorporated † | | | | | | | | | | | 9,522 | | | | 93,030 | |
| | | | |
Nelnet Incorporated Class A | | | | | | | | | | | 2,643 | | | | 144,889 | |
| | | | |
PRA Group Incorporated † | | | | | | | | | | | 10,112 | | | | 325,505 | |
| | | | |
Regional Management Corporation † | | | | | | | | | | | 1,792 | | | | 48,724 | |
| | | | |
World Acceptance Corporation † | | | | | | | | | | | 1,313 | | | | 161,499 | |
| | | | |
| | | | | | | | | | | | | | | 1,234,208 | |
| | | | | | | | | | | | | | | | |
|
| Diversified Financial Services: 0.24% | |
| | | | |
Cannae Holdings Incorporated † | | | | | | | | | | | 13,194 | | | | 302,406 | |
| | | | |
FGL Holdings | | | | | | | | | | | 31,806 | | | | 263,990 | |
| | | | |
Marlin Business Services Incorporated | | | | | | | | | | | 1,748 | | | | 41,148 | |
| | | | |
On Deck Capital Incorporated † | | | | | | | | | | | 11,654 | | | | 71,556 | |
| | | | |
Schulman Incorporated Class A †‡(a) | | | | | | | | | | | 6,818 | | | | 2,952 | |
| | | | |
| | | | | | | | | | | | | | | 682,052 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—February 28, 2019 | | Wells Fargo Funds | | | 171 | |
FACTOR ENHANCED SMALL CAP PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | Shares | | | Value | |
|
| Insurance: 2.48% | |
| | | | |
Ambac Financial Group Incorporated † | | | | | | | | | | | 9,422 | | | $ | 186,273 | |
| | | | |
American National Insurance Company | | | | | | | | | | | 1,493 | | | | 219,755 | |
| | | | |
Amerisafe Incorporated | | | | | | | | | | | 3,709 | | | | 234,075 | |
| | | | |
Argo Group International Holdings Limited | | | | | | | | | | | 6,420 | | | | 446,254 | |
| | | | |
Atlas Financial Holdings Incorporated † | | | | | | | | | | | 1,997 | | | | 18,133 | |
| | | | |
Crawford & Company Class A | | | | | | | | | | | 3,060 | | | | 30,722 | |
| | | | |
Crawford & Company Class B | | | | | | | | | | | 2,293 | | | | 23,572 | |
| | | | |
Donegal Group Incorporated Class A | | | | | | | | | | | 2,302 | | | | 31,008 | |
| | | | |
EMC Insurance Group Incorporated | | | | | | | | | | | 1,715 | | | | 54,760 | |
| | | | |
Employers Holdings Incorporated | | | | | | | | | | | 6,576 | | | | 273,956 | |
| | | | |
FBL Financial Group Incorporated | | | | | | | | | | | 1,934 | | | | 135,129 | |
| | | | |
FedNat Holding Company | | | | | | | | | | | 2,269 | | | | 41,409 | |
| | | | |
Genworth Financial Incorporated Class A † | | | | | | | | | | | 103,659 | | | | 401,160 | |
| | | | |
Goosehead Insurance Incorporated Class A † | | | | | | | | | | | 1,832 | | | | 57,800 | |
| | | | |
Hallmark Financial Services Incorporated † | | | | | | | | | | | 2,645 | | | | 27,640 | |
| | | | |
HCI Group Incorporated | | | | | | | | | | | 1,419 | | | | 65,501 | |
| | | | |
Health Insurance Innovations Incorporated Class A † | | | | | | | | | | | 2,918 | | | | 108,579 | |
| | | | |
Heritage Insurance Holdings Incorporated | | | | | | | | | | | 4,832 | | | | 72,093 | |
| | | | |
Horace Mann Educators Corporation | | | | | | | | | | | 8,277 | | | | 324,376 | |
| | | | |
Independence Holding Company | | | | | | | | | | | 942 | | | | 35,975 | |
| | | | |
Investors Title Company | | | | | | | | | | | 253 | | | | 43,114 | |
| | | | |
James River Group Holdings Limited | | | | | | | | | | | 5,748 | | | | 236,185 | |
| | | | |
Kingstone Company Incorporated | | | | | | | | | | | 1,778 | | | | 29,888 | |
| | | | |
Kinsale Capital Group Incorporated | | | | | | | | | | | 3,772 | | | | 251,819 | |
| | | | |
Maiden Holdings Limited | | | | | | | | | | | 15,088 | | | | 18,558 | |
| | | | |
Mercury General Corporation | | | | | | | | | | | 5,428 | | | | 287,521 | |
| | | | |
National General Holdings Corporation | | | | | | | | | | | 12,179 | | | | 314,340 | |
| | | | |
National Western Life Group Class A | | | | | | | | | | | 443 | | | | 136,444 | |
| | | | |
NI Holdings Incorporated † | | | | | | | | | | | 1,816 | | | | 27,403 | |
| | | | |
ProAssurance Corporation | | | | | | | | | | | 11,157 | | | | 452,974 | |
| | | | |
Protective Insurance Corporation Class B | | | | | | | | | | | 1,872 | | | | 39,518 | |
| | | | |
RLI Corporation | | | | | | | | | | | 8,533 | | | | 601,747 | |
| | | | |
Safety Insurance Group Incorporated | | | | | | | | | | | 2,846 | | | | 254,262 | |
| | | | |
State Auto Financial Corporation | | | | | | | | | | | 3,264 | | | | 109,899 | |
| | | | |
Stewart Information Services Corporation | | | | | | | | | | | 4,511 | | | | 193,657 | |
| | | | |
The Navigators Group Incorporated | | | | | | | | | | | 5,141 | | | | 358,739 | |
| | | | |
Tiptree Incorporated | | | | | | | | | | | 4,999 | | | | 30,644 | |
| | | | |
Trupanion Incorporated † | | | | | | | | | | | 5,864 | | | | 177,972 | |
| | | | |
United Fire Group Incorporated | | | | | | | | | | | 4,218 | | | | 205,585 | |
| | | | |
United Insurance Holdings Company | | | | | | | | | | | 4,141 | | | | 67,830 | |
| | | | |
Universal Insurance Holdings Company | | | | | | | | | | | 6,856 | | | | 267,658 | |
| | | | |
| | | | | | | | | | | | | | | 6,893,927 | |
| | | | | | | | | | | | | | | | |
|
| Mortgage REITs: 1.21% | |
| | | | |
AG Mortgage Investment Trust Incorporated | | | | | | | | | | | 5,473 | | | | 97,310 | |
| | | | |
Anworth Mortgage Asset Corporation | | | | | | | | | | | 18,490 | | | | 78,767 | |
| | | | |
Apollo Commercial Real Estate Finance Incorporated | | | | | | | | | | | 23,889 | | | | 433,824 | |
| | | | |
Arbor Realty Trust Incorporated | | | | | | | | | | | 11,994 | | | | 155,202 | |
| | | | |
Ares Commercial Real Estate | | | | | | | | | | | 4,934 | | | | 75,293 | |
| | | | |
Arlington Asset Investment Class A | | | | | | | | | | | 5,567 | | | | 46,150 | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 172 | | Wells Fargo Funds | | Portfolio of investments—February 28, 2019 |
FACTOR ENHANCED SMALL CAP PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | Shares | | | Value | |
|
| Mortgage REITs(continued) | |
| | | | |
ARMOUR Residential REIT Incorporated | | | | | | | | | | | 8,095 | | | $ | 162,305 | |
| | | | |
Capstead Mortgage Corporation | | | | | | | | | | | 18,245 | | | | 151,434 | |
| | | | |
Cherry Hill Mortgage Investment REIT | | | | | | | | | | | 2,881 | | | | 53,414 | |
| | | | |
Dynex Capital Incorporated | | | | | | | | | | | 10,468 | | | | 63,855 | |
| | | | |
Ellington Residential Mortgage REIT | | | | | | | | | | | 1,833 | | | | 21,556 | |
| | | | |
Exantas Capital Corporation REIT | | | | | | | | | | | 5,858 | | | | 63,559 | |
| | | | |
Granite Point Mortgage Trust Incorporated | | | | | | | | | | | 8,202 | | | | 156,002 | |
| | | | |
Great Ajax Corporation REIT | | | | | | | | | | | 2,972 | | | | 39,320 | |
| | | | |
Invesco Mortgage Capital Incorporated | | | | | | | | | | | 21,582 | | | | 343,585 | |
| | | | |
KKR Real Estate Finance Trust | | | | | | | | | | | 3,925 | | | | 79,952 | |
| | | | |
Ladder Capital Corporation | | | | | | | | | | | 17,349 | | | | 318,354 | |
| | | | |
New York Mortgage Trust Incorporated | | | | | | | | | | | 26,981 | | | | 161,886 | |
| | | | |
Owens Realty Mortgage Incorporated | | | | | | | | | | | 1,557 | | | | 35,671 | |
| | | | |
PennyMac Mortgage Investment Trust | | | | | | | | | | | 11,628 | | | | 236,979 | |
| | | | |
Ready Capital Corporation | | | | | | | | | | | 3,508 | | | | 56,584 | |
| | | | |
Redwood Trust Incorporated | | | | | | | | | | | 16,288 | | | | 249,206 | |
| | | | |
Tpg Re Finance Trust Incorporated | | | | | | | | | | | 9,758 | | | | 195,355 | |
| | | | |
Western Asset Mortgage Capital REIT | | | | | | | | | | | 9,215 | | | | 92,426 | |
| | | | |
| | | | | | | | | | | | | | | 3,367,989 | |
| | | | | | | | | | | | | | | | |
|
| Thrifts & Mortgage Finance: 2.46% | |
| | | | |
Axos Financial Incorporated † | | | | | | | | | | | 11,383 | | | | 367,443 | |
| | | | |
BankFinancial Corporation | | | | | | | | | | | 2,683 | | | | 41,962 | |
| | | | |
Beneficial Bancorp Incorporated | | | | | | | | | | | 13,565 | | | | 218,668 | |
| | | | |
Bridgewater Bancshares Incorporated † | | | | | | | | | | | 3,925 | | | | 43,803 | |
| | | | |
BSB Bancorp Incorporated † | | | | | | | | | | | 1,785 | | | | 63,011 | |
| | | | |
Capitol Federal Financial Incorporated | | | | | | | | | | | 27,519 | | | | 367,929 | |
| | | | |
Dime Community Bancshares | | | | | | | | | | | 6,432 | | | | 128,511 | |
| | | | |
Entegra Financial Corporation † | | | | | | | | | | | 1,461 | | | | 35,108 | |
| | | | |
Essa Bancorp Incorporated | | | | | | | | | | | 1,818 | | | | 29,070 | |
| | | | |
Federal Agricultural Mortgage Corporation Class C | | | | | | | | | | | 1,763 | | | | 144,337 | |
| | | | |
First Defiance Financial Corporation | | | | | | | | | | | 4,083 | | | | 126,328 | |
| | | | |
Flagstar Bancorp Incorporated | | | | | | | | | | | 6,540 | | | | 213,596 | |
| | | | |
FS Bancorp Incorporated | | | | | | | | | | | 659 | | | | 34,169 | |
| | | | |
Greene County Bancorp Incorporated | | | | | | | | | | | 685 | | | | 21,578 | |
| | | | |
Hingham Institution For Savings Corporation | | | | | | | | | | | 274 | | | | 53,649 | |
| | | | |
Home Bancorp Incorporated | | | | | | | | | | | 1,553 | | | | 54,930 | |
| | | | |
Homestreet Incorporated † | | | | | | | | | | | 5,657 | | | | 157,830 | |
| | | | |
Kearny Financial Corporation | | | | | | | | | | | 17,740 | | | | 241,087 | |
| | | | |
Luther Burbank Corporation | | | | | | | | | | | 3,376 | | | | 35,313 | |
| | | | |
Merchants Bancorp Incorporated | | | | | | | | | | | 3,543 | | | | 73,872 | |
| | | | |
Meridian Bancorp Incorporated | | | | | | | | | | | 9,864 | | | | 160,685 | |
| | | | |
Meta Financial Group Incorporated | | | | | | | | | | | 7,705 | | | | 179,912 | |
| | | | |
MMA Capital Management LLC † | | | | | | | | | | | 872 | | | | 24,721 | |
| | | | |
Mr. Cooper Group Incorporated † | | | | | | | | | | | 15,494 | | | | 211,493 | |
| | | | |
NewStar Financial Incorporated †(a) | | | | | | | | | | | 9,129 | | | | 0 | |
| | | | |
NMI Holdings Incorporated Class A † | | | | | | | | | | | 13,053 | | | | 315,230 | |
| | | | |
Northfield Bancorp Incorporated | | | | | | | | | | | 8,726 | | | | 130,105 | |
| | | | |
Northwest Bancshares Incorporated | | | | | | | | | | | 19,239 | | | | 357,845 | |
| | | | |
OceanFirst Financial Corporation | | | | | | | | | | | 8,553 | | | | 215,536 | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—February 28, 2019 | | Wells Fargo Funds | | | 173 | |
FACTOR ENHANCED SMALL CAP PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | Shares | | | Value | |
| | | | |
| Thrifts & Mortgage Finance(continued) | | | | | | | | | | | | | | | | |
| | | | |
Ocwen Financial Corporation † | | | | | | | | | | | 29,469 | | | $ | 63,064 | |
| | | | |
OP Bancorp | | | | | | | | | | | 2,592 | | | | 23,535 | |
| | | | |
Oritani Financial Corporation | | | | | | | | | | | 8,034 | | | | 144,210 | |
| | | | |
PCSB Financial Corporation | | | | | | | | | | | 3,220 | | | | 65,463 | |
| | | | |
PDL Community Bancorp † | | | | | | | | | | | 1,608 | | | | 21,049 | |
| | | | |
PennyMac Financial Services Incorporated | | | | | | | | | | | 3,960 | | | | 92,347 | |
| | | | |
Provident Bancorp Incorporated † | | | | | | | | | | | 943 | | | | 21,717 | |
| | | | |
Provident Financial Holdings | | | | | | | | | | | 1,079 | | | | 21,871 | |
| | | | |
Provident Financial Services Incorporated | | | | | | | | | | | 12,623 | | | | 346,501 | |
| | | | |
Prudential Bancorp Incorporated | | | | | | | | | | | 1,275 | | | | 23,167 | |
| | | | |
Riverview Bancorp Incorporated | | | | | | | | | | | 4,277 | | | | 33,104 | |
| | | | |
Si Financial Group Incorporated | | | | | | | | | | | 2,079 | | | | 30,665 | |
| | | | |
Southern Missouri Bancorp | | | | | | | | | | | 1,396 | | | | 50,507 | |
| | | | |
Standard AVB Financial Corporation | | | | | | | | | | | 812 | | | | 24,352 | |
| | | | |
Sterling Bancorp Incorporated | | | | | | | | | | | 3,294 | | | | 33,236 | |
| | | | |
Territorial Bancorp Incorporated | | | | | | | | | | | 1,589 | | | | 44,651 | |
| | | | |
Timberland Bancorp Incorporated | | | | | | | | | | | 1,570 | | | | 48,042 | |
| | | | |
Trustco Bank Corporation | | | | | | | | | | | 20,009 | | | | 169,476 | |
| | | | |
United Community Financial Corporation | | | | | | | | | | | 10,056 | | | | 100,761 | |
| | | | |
United Financial Bancorp Incorporated | | | | | | | | | | | 10,084 | | | | 156,605 | |
| | | | |
Walker & Dunlop Incorporated | | | | | | | | | | | 6,101 | | | | 340,436 | |
| | | | |
Washington Federal Incorporated | | | | | | | | | | | 16,851 | | | | 516,989 | |
| | | | |
Waterstone Financial Incorporated | | | | | | | | | | | 5,020 | | | | 84,537 | |
| | | | |
Western New England Bancorp | | | | | | | | | | | 5,312 | | | | 52,164 | |
| | | | |
WSFS Financial Corporation | | | | | | | | | | | 6,312 | | | | 273,183 | |
| | | | |
| | | | | | | | | | | | | | | 6,829,353 | |
| | | | | | | | | | | | | | | | |
|
Health Care: 10.88% | |
|
| Biotechnology: 3.18% | |
| | | | |
Achaogen Incorporated † | | | | | | | | | | | 6,281 | | | | 4,554 | |
| | | | |
Acorda Therapeutics Incorporated † | | | | | | | | | | | 11,605 | | | | 171,058 | |
| | | | |
ADMA Biologics Incorporated † | | | | | | | | | | | 5,892 | | | | 24,098 | |
| | | | |
Aeglea BioTherapeutics Incorporated † | | | | | | | | | | | 3,486 | | | | 29,143 | |
| | | | |
AgeX Therapeutics Incorporated † | | | | | | | | | | | 3,240 | | | | 13,770 | |
| | | | |
Akebia Therapeutics Incorporated † | | | | | | | | | | | 7,640 | | | | 55,619 | |
| | | | |
Albireo Pharma Incorporated † | | | | | | | | | | | 1,403 | | | | 39,452 | |
| | | | |
Aldeyra Therapeutics Incorporated † | | | | | | | | | | | 4,260 | | | | 34,421 | |
| | | | |
Allogene Therapeutics Incorporated † | | | | | | | | | | | 4,530 | | | | 143,556 | |
| | | | |
AMAG Pharmaceuticals Incorporated † | | | | | | | | | | | 6,694 | | | | 99,674 | |
| | | | |
Anavex Life Sciences Corporation † | | | | | | | | | | | 8,997 | | | | 19,254 | |
| | | | |
Anika Therapeutics Incorporated † | | | | | | | | | | | 3,076 | | | | 100,370 | |
| | | | |
Aptinyx Incorporated † | | | | | | | | | | | 1,218 | | | | 6,455 | |
| | | | |
Arcus Biosciences Incorporated † | | | | | | | | | | | 5,135 | | | | 60,542 | |
| | | | |
Ardelyx Incorporated † | | | | | | | | | | | 9,196 | | | | 25,841 | |
| | | | |
Arqule Incorporated † | | | | | | | | | | | 20,971 | | | | 68,575 | |
| | | | |
Athenex Incorporated † | | | | | | | | | | | 7,183 | | | | 94,600 | |
| | | | |
Athersys Incorporated † | | | | | | | | | | | 21,845 | | | | 32,549 | |
| | | | |
Aveo Pharmaceuticals Incorporated † | | | | | | | | | | | 23,448 | | | | 12,650 | |
| | | | |
Avid Bioservices Incorporated † | | | | | | | | | | | 10,005 | | | | 38,919 | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 174 | | Wells Fargo Funds | | Portfolio of investments—February 28, 2019 |
FACTOR ENHANCED SMALL CAP PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | Shares | | | Value | |
| | | | |
| Biotechnology(continued) | | | | | | | | | | | | | | | | |
| | | | |
Biospecifics Technologies † | | | | | | | | | | | 1,013 | | | $ | 70,353 | |
| | | | |
Calithera Biosciences Incorporated † | | | | | | | | | | | 5,518 | | | | 30,625 | |
| | | | |
CareDx Incorporated † | | | | | | | | | | | 5,511 | | | | 171,502 | |
| | | | |
Casi Pharmaceuticals Incorporated † | | | | | | | | | | | 6,881 | | | | 22,570 | |
| | | | |
Catalyst Biosciences Incorporated † | | | | | | | | | | | 2,326 | | | | 19,818 | |
| | | | |
Celcuity Incorporated † | | | | | | | | | | | 1,324 | | | | 29,525 | |
| | | | |
Chemocentryx Incorporated † | | | | | | | | | | | 7,561 | | | | 81,281 | |
| | | | |
Cohbar Incorporated † | | | | | | | | | | | 5,637 | | | | 17,926 | |
| | | | |
Conatus Pharmaceuticals Incorporated † | | | | | | | | | | | 14,543 | | | | 28,213 | |
| | | | |
Concert Pharmaceuticals Incorporated † | | | | | | | | | | | 4,154 | | | | 63,099 | |
| | | | |
Contrafect Corporation † | | | | | | | | | | | 16,451 | | | | 7,750 | |
| | | | |
Corbus Pharmaceuticals Holdings † | | | | | | | | | | | 9,212 | | | | 63,931 | |
| | | | |
Crinetics Pharmaceuticals Incorporated † | | | | | | | | | | | 1,211 | | | | 28,943 | |
| | | | |
Cti Biopharma Corporation † | | | | | | | | | | | 9,171 | | | | 9,354 | |
| | | | |
Cue Biopharma Incorporated † | | | | | | | | | | | 2,533 | | | | 16,211 | |
| | | | |
CytomX Therapeutics Incorporated † | | | | | | | | | | | 7,687 | | | | 86,248 | |
| | | | |
Eagle Pharmaceuticals Incorporated † | | | | | | | | | | | 2,654 | | | | 132,886 | |
| | | | |
Eiger BioPharmaceuticals Incorporated † | | | | | | | | | | | 2,965 | | | | 39,138 | |
| | | | |
Emergent BioSolutions Incorporated † | | | | | | | | | | | 9,256 | | | | 540,088 | |
| | | | |
Enanta Pharmaceuticals Incorporated † | | | | | | | | | | | 3,011 | | | | 308,748 | |
| | | | |
Fate Therapeutics Incorporated † | | | | | | | | | | | 7,917 | | | | 124,376 | |
| | | | |
Genomic Health Incorporated † | | | | | | | | | | | 4,182 | | | | 317,707 | |
| | | | |
Halozyme Therapeutics Incorporated † | | | | | | | | | | | 25,899 | | | | 446,758 | |
| | | | |
Infinity Pharmaceuticals Incorporated † | | | | | | | | | | | 8,254 | | | | 12,959 | |
| | | | |
Inovio Pharmaceuticals Incorporated † | | | | | | | | | | | 16,791 | | | | 61,455 | |
| | | | |
Insys Therapeutics Incorporated † | | | | | | | | | | | 6,955 | | | | 43,747 | |
| | | | |
Invitae Corporation † | | | | | | | | | | | 13,555 | | | | 272,727 | |
| | | | |
Ironwood Pharmaceuticals Incorporated † | | | | | | | | | | | 31,830 | | | | 453,259 | |
| | | | |
Jounce Therapeutics Incorporated † | | | | | | | | | | | 3,626 | | | | 16,136 | |
| | | | |
Kadmon Holdings Incorporated † | | | | | | | | | | | 23,518 | | | | 69,848 | |
| | | | |
KalVista Pharmaceuticals Incorporated † | | | | | | | | | | | 1,371 | | | | 31,094 | |
| | | | |
Kindred Biosciences Incorporated † | | | | | | | | | | | 6,656 | | | | 72,018 | |
| | | | |
Kiniksa Pharmaceuticals Limited Class A † | | | | | | | | | | | 990 | | | | 17,771 | |
| | | | |
Krystal Biotech Incorporated † | | | | | | | | | | | 1,558 | | | | 34,837 | |
| | | | |
Macrogenics Incorporated † | | | | | | | | | | | 9,167 | | | | 183,340 | |
| | | | |
Mannkind Corporation † | | | | | | | | | | | 28,137 | | | | 50,365 | |
| | | | |
Medicinova Incorporated † | | | | | | | | | | | 6,648 | | | | 60,829 | |
| | | | |
Mei Pharma Incorporated † | | | | | | | | | | | 15,632 | | | | 45,020 | |
| | | | |
Minerva Neurosciences Incorporated † | | | | | | | | | | | 6,289 | | | | 49,872 | |
| | | | |
Miragen Therapeutics Incorporated † | | | | | | | | | | | 4,532 | | | | 12,690 | |
| | | | |
Momenta Pharmaceuticals Incorporated † | | | | | | | | | | | 12,467 | | | | 175,660 | |
| | | | |
Myovant Sciences Limited † | | | | | | | | | | | 3,974 | | | | 87,428 | |
| | | | |
Myriad Genetics Incorporated † | | | | | | | | | | | 14,265 | | | | 442,643 | |
| | | | |
Natera Incorporated † | | | | | | | | | | | 8,102 | | | | 128,336 | |
| | | | |
Ophthotech Corporation † | | | | | | | | | | | 9,093 | | | | 12,912 | |
| | | | |
OPKO Health Incorporated † | | | | | | | | | | | 70,677 | | | | 180,226 | |
| | | | |
Organovo Holdings Incorporated † | | | | | | | | | | | 18,239 | | | | 19,333 | |
| | | | |
Osiris Therapeutics Incorporated † | | | | | | | | | | | 3,248 | | | | 56,548 | |
| | | | |
Palatin Technologies Incorporated † | | | | | | | | | | | 38,634 | | | | 38,170 | |
| | | | |
PDL BioPharma Incorporated † | | | | | | | | | | | 27,962 | | | | 101,502 | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—February 28, 2019 | | Wells Fargo Funds | | | 175 | |
FACTOR ENHANCED SMALL CAP PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | Shares | | | Value | |
| | | | |
| Biotechnology(continued) | | | | | | | | | | | | | | | | |
| | | | |
Pfenex Incorporated † | | | | | | | | | | | 4,960 | | | $ | 22,270 | |
| | | | |
Pieris Pharmaceuticals Incorporated † | | | | | | | | | | | 10,464 | | | | 31,392 | |
| | | | |
Principia Biopharma Incorporated † | | | | | | | | | | | 882 | | | | 31,240 | |
| | | | |
Protagonist Therapeutics Incorporated † | | | | | | | | | | | 2,811 | | | | 22,544 | |
| | | | |
Proteostasis Therapeutics Incorporated † | | | | | | | | | | | 5,045 | | | | 20,785 | |
| | | | |
PTC Therapeutics Incorporated † | | | | | | | | | | | 9,129 | | | | 315,316 | |
| | | | |
Recro Pharma Incorporated † | | | | | | | | | | | 2,686 | | | | 23,073 | |
| | | | |
REGENXBIO Incorporated † | | | | | | | | | | | 7,217 | | | | 373,335 | |
| | | | |
Repligen Corporation † | | | | | | | | | | | 8,034 | | | | 478,184 | |
| | | | |
Retrophin Incorporated † | | | | | | | | | | | 7,871 | | | | 177,570 | |
| | | | |
Rocket Pharmaceuticals Incorporated † | | | | | | | | | | | 4,157 | | | | 72,373 | |
| | | | |
Savara Incorporated † | | | | | | | | | | | 6,026 | | | | 41,459 | |
| | | | |
Sorrento Therapeutics Incorporated † | | | | | | | | | | | 18,212 | | | | 36,970 | |
| | | | |
Spring Bank Pharmaceuticals † | | | | | | | | | | | 2,695 | | | | 28,028 | |
| | | | |
Syndax Pharmaceuticals Incorporated † | | | | | | | | | | | 3,641 | | | | 22,465 | |
| | | | |
Synergy Pharmaceuticals Incorporated † | | | | | | | | | | | 61,586 | | | | 4,939 | |
| | | | |
Synlogic Incorporated † | | | | | | | | | | | 3,766 | | | | 32,727 | |
| | | | |
T2 Biosystems Incorporated † | | | | | | | | | | | 6,445 | | | | 27,971 | |
| | | | |
Tyme Technologies Incorporated † | | | | | | | | | | | 6,094 | | | | 14,808 | |
| | | | |
Unum Therapeutics Incorporated † | | | | | | | | | | | 3,962 | | | | 16,839 | |
| | | | |
Vanda Pharmaceuticals Incorporated † | | | | | | | | | | | 8,786 | | | | 177,829 | |
| | | | |
Veracyte Incorporated † | | | | | | | | | | | 6,048 | | | | 122,230 | |
| | | | |
Vericel Corporation † | | | | | | | | | | | 8,027 | | | | 150,185 | |
| | | | |
Viking Therapeutics Incorporated † | | | | | | | | | | | 13,578 | | | | 114,191 | |
| | | | |
XOMA Corporation † | | | | | | | | | | | 1,236 | | | | 17,378 | |
| | | | |
| | | | | | | | | | | | | | | 8,838,976 | |
| | | | | | | | | | | | | | | | |
|
| Health Care Equipment & Supplies: 2.58% | |
| | | | |
Accuray Incorporated † | | | | | | | | | | | 17,249 | | | | 83,140 | |
| | | | |
AngioDynamics Incorporated † | | | | | | | | | | | 6,980 | | | | 156,422 | |
| | | | |
Antares Pharma Incorporated † | | | | | | | | | | | 31,396 | | | | 112,712 | |
| | | | |
Apyx Medical Corporation † | | | | | | | | | | | 5,341 | | | | 37,494 | |
| | | | |
Atricure Incorporated † | | | | | | | | | | | 7,460 | | | | 238,272 | |
| | | | |
Atrion Corporation | | | | | | | | | | | 277 | | | | 217,824 | |
| | | | |
Avanos Medical Incorporated † | | | | | | | | | | | 9,156 | | | | 431,064 | |
| | | | |
Axogen Incorporated † | | | | | | | | | | | 7,161 | | | | 132,192 | |
| | | | |
BioLife Solutions Incorporated † | | | | | | | | | | | 2,416 | | | | 46,049 | |
| | | | |
Cardiovascular Systems Incorporated † | | | | | | | | | | | 6,863 | | | | 242,744 | |
| | | | |
CONMED Corporation | | | | | | | | | | | 5,150 | | | | 396,035 | |
| | | | |
CryoLife Incorporated † | | | | | | | | | | | 6,854 | | | | 202,741 | |
| | | | |
Cryoport Incorporated † | | | | | | | | | | | 5,565 | | | | 63,998 | |
| | | | |
Cutera Incorporated † | | | | | | | | | | | 2,778 | | | | 47,559 | |
| | | | |
Cytosorbents Corporation † | | | | | | | | | | | 5,622 | | | | 45,426 | |
| | | | |
Endologix Incorporated † | | | | | | | | | | | 21,084 | | | | 10,987 | |
| | | | |
Fonar Corporation † | | | | | | | | | | | 1,275 | | | | 27,604 | |
| | | | |
Glaukos Corporation † | | | | | | | | | | | 6,331 | | | | 469,570 | |
| | | | |
Heska Corporation † | | | | | | | | | | | 1,386 | | | | 113,361 | |
| | | | |
Integer Holdings Corporation † | | | | | | | | | | | 6,350 | | | | 577,596 | |
| | | | |
Intricon Corporation † | | | | | | | | | | | 1,786 | | | | 48,079 | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 176 | | Wells Fargo Funds | | Portfolio of investments—February 28, 2019 |
FACTOR ENHANCED SMALL CAP PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | Shares | | | Value | |
|
| Health Care Equipment & Supplies(continued) | |
| | | | |
Invacare Corporation | | | | | | | | | | | 6,468 | | | $ | 62,934 | |
| | | | |
IRadimed Corporation † | | | | | | | | | | | 990 | | | | 24,750 | |
| | | | |
Lantheus Holdings Incorporated † | | | | | | | | | | | 7,379 | | | | 168,610 | |
| | | | |
Lemaitre Vascular Incorporated | | | | | | | | | | | 3,164 | | | | 94,667 | |
| | | | |
Meridian Diagnostics Incorporated | | | | | | | | | | | 8,330 | | | | 142,193 | |
| | | | |
Misonix Incorporated † | | | | | | | | | | | 1,311 | | | | 25,827 | |
| | | | |
Natus Medical Incorporated † | | | | | | | | | | | 6,811 | | | | 188,188 | |
| | | | |
Neuronetics Incorporated † | | | | | | | | | | | 1,186 | | | | 20,696 | |
| | | | |
Nuvectra Corporation † | | | | | | | | | | | 3,790 | | | | 47,640 | |
| | | | |
OraSure Technologies Incorporated † | | | | | | | | | | | 12,096 | | | | 130,032 | |
| | | | |
Orthopediatrics Corporation † | | | | | | | | | | | 1,358 | | | | 55,827 | |
| | | | |
Oxford Immunotec Global plc † | | | | | | | | | | | 5,056 | | | | 84,385 | |
| | | | |
Quidel Corporation † | | | | | | | | | | | 7,817 | | | | 512,483 | |
| | | | |
RTI Biologics Incorporated † | | | | | | | | | | | 11,371 | | | | 56,628 | |
| | | | |
Seaspine Holdings Corporation † | | | | | | | | | | | 3,322 | | | | 50,959 | |
| | | | |
STAAR Surgical Company † | | | | | | | | | | | 9,032 | | | | 332,378 | |
| | | | |
Surmodics Incorporated † | | | | | | | | | | | 2,608 | | | | 152,177 | |
| | | | |
Tactile Systems Technology Class I † | | | | | | | | | | | 3,180 | | | | 241,712 | |
| | | | |
Tandem Diabetes Care Incorporated † | | | | | | | | | | | 9,733 | | | | 638,193 | |
| | | | |
Utah Medical Products Incorporated | | | | | | | | | | | 725 | | | | 61,538 | |
| | | | |
Varex Imaging Corporation † | | | | | | | | | | | 7,873 | | | | 247,527 | |
| | | | |
Viewray Incorporated † | | | | | | | | | | | 15,189 | | | | 128,803 | |
| | | | |
| | | | | | | | | | | | | | | 7,169,016 | |
| | | | | | | | | | | | | | | | |
|
| Health Care Providers & Services: 2.10% | |
| | | | |
AAC Holdings Incorporated † | | | | | | | | | | | 1,739 | | | | 4,434 | |
| | | | |
Addus Homecare Corporation † | | | | | | | | | | | 1,888 | | | | 126,892 | |
| | | | |
Amedisys Incorporated † | | | | | | | | | | | 4,704 | | | | 584,707 | |
| | | | |
American Renal Associates Holdings † | | | | | | | | | | | 2,632 | | | | 32,874 | |
| | | | |
Apollo Medical Holdings Incorporated † | | | | | | | | | | | 4,384 | | | | 85,663 | |
| | | | |
BioScrip Incorporated † | | | | | | | | | | | 24,915 | | | | 80,974 | |
| | | | |
Civitas Solutions Incorporated † | | | | | | | | | | | 3,103 | | | | 55,109 | |
| | | | |
CorVel Corporation † | | | | | | | | | | | 1,992 | | | | 134,062 | |
| | | | |
Cross Country Healthcare Incorporated † | | | | | | | | | | | 7,671 | | | | 67,045 | |
| | | | |
Diplomat Pharmacy Incorporated † | | | | | | | | | | | 12,251 | | | | 79,019 | |
| | | | |
Ensign Group Incorporated | | | | | | | | | | | 9,114 | | | | 450,687 | |
| | | | |
LHC Group Incorporated † | | | | | | | | | | | 5,733 | | | | 628,853 | |
| | | | |
Magellan Health Services Incorporated † | | | | | | | | | | | 4,364 | | | | 297,232 | |
| | | | |
National Healthcare Corporation | | | | | | | | | | | 2,039 | | | | 165,995 | |
| | | | |
National Research Corporation Class A | | | | | | | | | | | 2,215 | | | | 86,230 | |
| | | | |
Owens & Minor Incorporated | | | | | | | | | | | 13,896 | | | | 86,711 | |
| | | | |
Patterson Companies Incorporated | | | | | | | | | | | 17,386 | | | | 392,054 | |
| | | | |
PetIQ Incorporated † | | | | | | | | | | | 3,114 | | | | 93,763 | |
| | | | |
Premier Incorporated Class A † | | | | | | | | | | | 10,354 | | | | 378,749 | |
| | | | |
Providence Service Corporation † | | | | | | | | | | | 2,362 | | | | 168,458 | |
| | | | |
Psychemedics Corporation | | | | | | | | | | | 1,180 | | | | 23,081 | |
| | | | |
Quorum Health Corporation † | | | | | | | | | | | 6,692 | | | | 18,671 | |
| | | | |
R1 RCM Incorporated † | | | | | | | | | | | 17,427 | | | | 172,353 | |
| | | | |
RadNet Incorporated † | | | | | | | | | | | 7,729 | | | | 105,424 | |
| | | | |
Select Medical Holdings Corporation † | | | | | | | | | | | 21,326 | | | | 316,051 | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—February 28, 2019 | | Wells Fargo Funds | | | 177 | |
FACTOR ENHANCED SMALL CAP PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | Shares | | | Value | |
| | | | |
| Health Care Providers & Services(continued) | | | | | | | | | | | | | | | | |
| | | | |
Surgery Partners Incorporated † | | | | | | | | | | | 3,733 | | | $ | 46,737 | |
| | | | |
Tenet Healthcare Corporation † | | | | | | | | | | | 21,551 | | | | 615,928 | |
| | | | |
Tivity Health Incorporated † | | | | | | | | | | | 11,451 | | | | 245,051 | |
| | | | |
U.S. Physical Therapy Incorporated | | | | | | | | | | | 2,545 | | | | 280,561 | |
| | | | |
| | | | | | | | | | | | | | | 5,823,368 | |
| | | | | | | | | | | | | | | | |
|
| Health Care Technology: 0.93% | |
| | | | |
Allscripts Healthcare Solutions Incorporated † | | | | | | | | | | | 36,776 | | | | 394,239 | |
| | | | |
Computer Programs & Systems Incorporated | | | | | | | | | | | 2,597 | | | | 85,545 | |
| | | | |
HealthStream Incorporated | | | | | | | | | | | 4,867 | | | | 135,303 | |
| | | | |
HMS Holdings Corporation † | | | | | | | | | | | 14,692 | | | | 506,286 | |
| | | | |
Inovalon Holdings Incorporated Class A † | | | | | | | | | | | 14,294 | | | | 187,823 | |
| | | | |
NextGen Healthcare Incorporated † | | | | | | | | | | | 10,230 | | | | 179,025 | |
| | | | |
Omnicell Incorporated † | | | | | | | | | | | 8,113 | | | | 689,199 | |
| | | | |
OptimizeRx Corporation † | | | | | | | | | | | 1,774 | | | | 25,475 | |
| | | | |
Simulations Plus Incorporated | | | | | | | | | | | 2,279 | | | | 46,742 | |
| | | | |
Tabula Rasa Healthcare Incorporated † | | | | | | | | | | | 3,109 | | | | 171,337 | |
| | | | |
Vocera Communications Incorporated † | | | | | | | | | | | 5,186 | | | | 171,864 | |
| | | | |
| | | | | | | | | | | | | | | 2,592,838 | |
| | | | | | | | | | | | | | | | |
|
| Life Sciences Tools & Services: 0.59% | |
| | | | |
Cambrex Corporation † | | | | | | | | | | | 7,047 | | | | 291,323 | |
| | | | |
Chromadex Corporation † | | | | | | | | | | | 7,753 | | | | 27,058 | |
| | | | |
Codexis Incorporated † | | | | | | | | | | | 10,592 | | | | 228,999 | |
| | | | |
Enzo Biochem Incorporated † | | | | | | | | | | | 8,625 | | | | 29,153 | |
| | | | |
Harvard Bioscience Incorporated † | | | | | | | | | | | 6,984 | | | | 28,076 | |
| | | | |
Luminex Corporation | | | | | | | | | | | 8,685 | | | | 221,294 | |
| | | | |
Medpace Holdings Incorporated † | | | | | | | | | | | 5,474 | | | | 300,796 | |
| | | | |
Nanostring Technologies Incorporated † | | | | | | | | | | | 4,907 | | | | 124,981 | |
| | | | |
Neogenomics Incorporated † | | | | | | | | | | | 19,941 | | | | 390,844 | |
| | | | |
| | | | | | | | | | | | | | | 1,642,524 | |
| | | | | | | | | | | | | | | | |
|
| Pharmaceuticals: 1.50% | |
| | | | |
AcelRx Pharmaceuticals Incorporated † | | | | | | | | | | | 12,047 | | | | 40,478 | |
| | | | |
Adamis Pharmaceuticals Corporation † | | | | | | | | | | | 8,896 | | | | 26,332 | |
| | | | |
Akorn Incorporated † | | | | | | | | | | | 28,272 | | | | 114,502 | |
| | | | |
Amneal Pharmaceuticals Incorporated † | | | | | | | | | | | 23,245 | | | | 314,505 | |
| | | | |
Amphastar Pharmaceuticals Incorporated † | | | | | | | | | | | 6,869 | | | | 170,695 | |
| | | | |
ANI Pharmaceuticals Incorporated † | | | | | | | | | | | 1,684 | | | | 110,790 | |
| | | | |
Aquestive Therapeutics Incorporated † | | | | | | | | | | | 3,225 | | | | 25,961 | |
| | | | |
Arvinas Incorporated † | | | | | | | | | | | 1,745 | | | | 33,783 | |
| | | | |
Assertio Therapeutics Incorporated † | | | | | | | | | | | 13,763 | | | | 56,979 | |
| | | | |
BioDelivery Sciences International Incorporated † | | | | | | | | | | | 9,221 | | | | 44,906 | |
| | | | |
Collegium Pharmaceutical Incorporated † | | | | | | | | | | | 5,571 | | | | 97,994 | |
| | | | |
Corcept Therapeutics Incorporated † | | | | | | | | | | | 15,899 | | | | 198,261 | |
| | | | |
Corium International Incorporated †‡(a) | | | | | | | | | | | 6,709 | | | | 1,208 | |
| | | | |
Cormedix Incorporated † | | | | | | | | | | | 15,573 | | | | 25,540 | |
| | | | |
Cymabay Therapeutics Incorporated † | | | | | | | | | | | 10,527 | | | | 124,324 | |
| | | | |
Dova Pharmaceuticals Incorporated † | | | | | | | | | | | 2,352 | | | | 18,063 | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 178 | | Wells Fargo Funds | | Portfolio of investments—February 28, 2019 |
FACTOR ENHANCED SMALL CAP PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | Shares | | | Value | |
| | | | |
| Pharmaceuticals(continued) | | | | | | | | | | | | | | | | |
| | | | |
Durect Corporation † | | | | | | | | | | | 34,405 | | | $ | 27,177 | |
| | | | |
Eloxx Pharmaceuticals Incorporated † | | | | | | | | | | | 4,464 | | | | 57,362 | |
| | | | |
Eyepoint Pharmaceuticals Incorporated † | | | | | | | | | | | 8,863 | | | | 23,044 | |
| | | | |
Innovate Biopharmaceuticals † | | | | | | | | | | | 3,674 | | | | 7,642 | |
| | | | |
Innoviva Incorporated † | | | | | | | | | | | 13,294 | | | | 208,716 | |
| | | | |
Intersect ENT Incorporated † | | | | | | | | | | | 5,378 | | | | 182,798 | |
| | | | |
Lannett Company Incorporated † | | | | | | | | | | | 6,865 | | | | 64,600 | |
| | | | |
Mallinckrodt plc † | | | | | | | | | | | 17,718 | | | | 442,241 | |
| | | | |
Neos Therapeutics Incorporated † | | | | | | | | | | | 4,438 | | | | 10,163 | |
| | | | |
Pacira Pharmaceuticals Incorporated † | | | | | | | | | | | 7,797 | | | | 321,080 | |
| | | | |
Phibro Animal Health Corporation Class A | | | | | | | | | | | 4,050 | | | | 118,665 | |
| | | | |
Prestige Brands Holdings Incorporated † | | | | | | | | | | | 11,419 | | | | 334,120 | |
| | | | |
Reata Pharmaceuticals Incorporated Class A † | | | | | | | | | | | 3,562 | | | | 336,039 | |
| | | | |
Siga Technologies Incorporated † | | | | | | | | | | | 10,103 | | | | 68,498 | |
| | | | |
Strongbridge Biopharma plc † | | | | | | | | | | | 9,342 | | | | 49,699 | |
| | | | |
Supernus Pharmaceuticals Incorporated † | | | | | | | | | | | 12,493 | | | | 510,214 | |
| | | | |
Teligent Incorporated † | | | | | | | | | | | 9,566 | | | | 15,114 | |
| | | | |
| | | | | | | | | | | | | | | 4,181,493 | |
| | | | | | | | | | | | | | | | |
|
Industrials: 14.73% | |
|
| Aerospace & Defense: 0.72% | |
| | | | |
AAR Corporation | | | | | | | | | | | 6,605 | | | | 241,281 | |
| | | | |
Aerojet Rocketdyne Holdings † | | | | | | | | | | | 12,925 | | | | 481,456 | |
| | | | |
AeroVironment Incorporated † | | | | | | | | | | | 4,324 | | | | 344,493 | |
| | | | |
Astronics Corporation | | | | | | | | | | | 4,303 | | | | 154,779 | |
| | | | |
Cubic Corporation | | | | | | | | | | | 5,317 | | | | 328,059 | |
| | | | |
Ducommun Incorporated † | | | | | | | | | | | 2,065 | | | | 87,618 | |
| | | | |
KEYW Holding Corporation † | | | | | | | | | | | 9,793 | | | | 72,468 | |
| | | | |
National Presto Industries Incorporated | | | | | | | | | | | 1,005 | | | | 112,701 | |
| | | | |
Sparton Corporation † | | | | | | | | | | | 1,463 | | | | 27,036 | |
| | | | |
Vectrus Incorporated † | | | | | | | | | | | 2,379 | | | | 64,138 | |
| | | | |
Wesco Aircraft Holdings Incorporated † | | | | | | | | | | | 10,369 | | | | 88,033 | |
| | | | |
| | | | | | | | | | | | | | | 2,002,062 | |
| | | | | | | | | | | | | | | | |
|
| Air Freight & Logistics: 0.52% | |
| | | | |
Air Transport Services Group † | | | | | | | | | | | 11,121 | | | | 258,786 | |
| | | | |
Atlas Air Worldwide Holdings Incorporated † | | | | | | | | | | | 5,046 | | | | 271,172 | |
| | | | |
Echo Global Logistics Incorporated † | | | | | | | | | | | 6,375 | | | | 153,128 | |
| | | | |
Forward Air Corporation | | | | | | | | | | | 6,238 | | | | 403,287 | |
| | | | |
Hub Group Incorporated Class A † | | | | | | | | | | | 7,157 | | | | 307,608 | |
| | | | |
Radiant Logistics Incorporated † | | | | | | | | | | | 7,422 | | | | 47,427 | |
| | | | |
| | | | | | | | | | | | | | | 1,441,408 | |
| | | | | | | | | | | | | | | | |
|
| Airlines: 0.25% | |
| | | | |
Allegiant Travel Company | | | | | | | | | | | 2,344 | | | | 309,642 | |
| | | | |
Hawaiian Holdings Incorporated | | | | | | | | | | | 13,029 | | | | 387,613 | |
| | | | |
| | | | | | | | | | | | | | | 697,255 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—February 28, 2019 | | Wells Fargo Funds | | | 179 | |
FACTOR ENHANCED SMALL CAP PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | Shares | | | Value | |
|
| Building Products: 1.37% | |
| | | | |
Advanced Drainage Systems Incorporated | | | | | | | | | | | 7,773 | | | $ | 197,590 | |
| | | | |
American Woodmark Corporation † | | | | | | | | | | | 3,407 | | | | 290,276 | |
| | | | |
Apogee Enterprises Incorporated | | | | | | | | | | | 5,848 | | | | 208,715 | |
| | | | |
Armstrong Flooring Incorporated † | | | | | | | | | | | 4,543 | | | | 65,147 | |
| | | | |
Armstrong World Industries Incorporated | | | | | | | | | | | 9,365 | | | | 685,331 | |
| | | | |
Continental Building Product † | | | | | | | | | | | 6,982 | | | | 201,291 | |
| | | | |
CSW Industrials Incorporated † | | | | | | | | | | | 3,121 | | | | 177,210 | |
| | | | |
Gibraltar Industries Incorporated † | | | | | | | | | | | 6,378 | | | | 258,309 | |
| | | | |
Griffon Corporation | | | | | | | | | | | 8,846 | | | | 157,813 | |
| | | | |
Insteel Industries Incorporated | | | | | | | | | | | 3,727 | | | | 84,789 | |
| | | | |
NCI Building Systems Incorporated † | | | | | | | | | | | 8,602 | | | | 60,386 | |
| | | | |
Patrick Industries Incorporated † | | | | | | | | | | | 5,274 | | | | 238,438 | |
| | | | |
PGT Incorporated † | | | | | | | | | | | 11,863 | | | | 178,894 | |
| | | | |
Quanex Building Products Corporation | | | | | | | | | | | 7,740 | | | | 133,051 | |
| | | | |
Simpson Manufacturing Company Incorporated | | | | | | | | | | | 8,543 | | | | 511,982 | |
| | | | |
Universal Forest Products Incorporated | | | | | | | | | | | 12,008 | | | | 371,888 | |
| | | | |
| | | | | | | | | | | | | | | 3,821,110 | |
| | | | | | | | | | | | | | | | |
|
| Commercial Services & Supplies: 2.62% | |
| | | | |
ABM Industries Incorporated | | | | | | | | | | | 14,560 | | | | 519,210 | |
| | | | |
ACCO Brands Corporation | | | | | | | | | | | 22,843 | | | | 212,440 | |
| | | | |
Advanced Disposal Services Incorporated † | | | | | | | | | | | 14,785 | | | | 392,098 | |
| | | | |
Arc Document Solutions Incorporated † | | | | | | | | | | | 7,846 | | | | 18,595 | |
| | | | |
Brady Corporation Class A | | | | | | | | | | | 9,264 | | | | 438,280 | |
| | | | |
BrightView Holdings Incorporated † | | | | | | | | | | | 5,304 | | | | 71,604 | |
| | | | |
Casella Waste Systems Incorporated Class A † | | | | | | | | | | | 8,130 | | | | 286,826 | |
| | | | |
Ceco Environmental Corporation † | | | | | | | | | | | 5,973 | | | | 45,514 | |
| | | | |
Covanta Holding Corporation | | | | | | | | | | | 23,176 | | | | 393,528 | |
| | | | |
Ennis Incorporated | | | | | | | | | | | 5,358 | | | | 113,590 | |
| | | | |
Healthcare Services Group Incorporated | | | | | | | | | | | 15,197 | | | | 580,221 | |
| | | | |
Heritage Crystal Clean Incorporated † | | | | | | | | | | | 3,578 | | �� | | 86,444 | |
| | | | |
Herman Miller Incorporated | | | | | | | | | | | 11,950 | | | | 438,326 | |
| | | | |
HNI Corporation | | | | | | | | | | | 8,946 | | | | 345,584 | |
| | | | |
Interface Incorporated | | | | | | | | | | | 11,750 | | | | 208,563 | |
| | | | |
Kimball International Incorporated Class B | | | | | | | | | | | 7,424 | | | | 116,483 | |
| | | | |
Knoll Incorporated | | | | | | | | | | | 10,118 | | | | 214,097 | |
| | | | |
LSC Communications Incorporated | | | | | | | | | | | 7,574 | | | | 64,076 | |
| | | | |
Matthews International Corporation Class A | | | | | | | | | | | 6,096 | | | | 242,438 | |
| | | | |
McGrath RentCorp | | | | | | | | | | | 4,534 | | | | 271,315 | |
| | | | |
Multi-Color Corporation | | | | | | | | | | | 3,087 | | | | 153,887 | |
| | | | |
NRC Group Holdings Corporation † | | | | | | | | | | | 4,940 | | | | 42,533 | |
| | | | |
Pitney Bowes Incorporated | | | | | | | | | | | 36,903 | | | | 265,333 | |
| | | | |
Quad Graphics Incorporated | | | | | | | | | | | 7,326 | | | | 106,886 | |
| | | | |
RR Donnelley & Sons Company | | | | | | | | | | | 16,273 | | | | 87,549 | |
| | | | |
SP Plus Corporation † | | | | | | | | | | | 4,662 | | | | 160,373 | |
| | | | |
Steelcase Incorporated Class A | | | | | | | | | | | 16,853 | | | | 295,096 | |
| | | | |
TEAM Incorporated † | | | | | | | | | | | 5,933 | | | | 92,673 | |
| | | | |
UniFirst Corporation | | | | | | | | | | | 3,178 | | | | 457,060 | |
| | | | |
US Ecology Incorporated | | | | | | | | | | | 4,867 | | | | 279,268 | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 180 | | Wells Fargo Funds | | Portfolio of investments—February 28, 2019 |
FACTOR ENHANCED SMALL CAP PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | Shares | | | Value | |
| | | | |
| Commercial Services & Supplies(continued) | | | | | | | | | | | | | | | | |
| | | | |
Viad Corporation | | | | | | | | | | | 4,007 | | | $ | 232,005 | |
| | | | |
VSE Corporation | | | | | | | | | | | 1,507 | | | | 53,272 | |
| | | | |
| | | | | | | | | | | | | | | 7,285,167 | |
| | | | | | | | | | | | | | | | |
|
| Construction & Engineering: 0.82% | |
| | | | |
Ameresco Incorporated Class A † | | | | | | | | | | | 3,383 | | | | 55,380 | |
| | | | |
Argan Incorporated | | | | | | | | | | | 3,070 | | | | 142,755 | |
| | | | |
Comfort Systems Incorporated | | | | | | | | | | | 7,577 | | | | 406,279 | |
| | | | |
Construction Partners Incorporated Class A † | | | | | | | | | | | 2,544 | | | | 31,444 | |
| | | | |
Goldfield Corporation † | | | | | | | | | | | 3,947 | | | | 10,578 | |
| | | | |
Great Lakes Dredge & Dock Company † | | | | | | | | | | | 10,251 | | | | 91,234 | |
| | | | |
HC2 Holdings Incorporated † | | | | | | | | | | | 7,524 | | | | 23,701 | |
| | | | |
IES Holdings Incorporated † | | | | | | | | | | | 1,621 | | | | 29,794 | |
| | | | |
KBR Incorporated | | | | | | | | | | | 29,267 | | | | 578,316 | |
| | | | |
MYR Group Incorporated † | | | | | | | | | | | 3,350 | | | | 112,359 | |
| | | | |
Northwest Pipe Company † | | | | | | | | | | | 1,799 | | | | 44,381 | |
| | | | |
Nv5 Global Incorporated † | | | | | | | | | | | 2,191 | | | | 173,659 | |
| | | | |
Orion Marine Group Incorporated † | | | | | | | | | | | 5,417 | | | | 23,022 | |
| | | | |
Primoris Services Corporation | | | | | | | | | | | 9,125 | | | | 213,251 | |
| | | | |
Sterling Construction Company Incorporated † | | | | | | | | | | | 5,745 | | | | 83,934 | |
| | | | |
Tutor Perini Corporation † | | | | | | | | | | | 8,008 | | | | 150,711 | |
| | | | |
WillScot Corporation † | | | | | | | | | | | 9,458 | | | | 96,377 | |
| | | | |
| | | | | | | | | | | | | | | 2,267,175 | |
| | | | | | | | | | | | | | | | |
|
| Electrical Equipment: 0.67% | |
| | | | |
Allied Motion Technologies | | | | | | | | | | | 1,444 | | | | 60,143 | |
| | | | |
American Superconductor Corporation † | | | | | | | | | | | 2,626 | | | | 38,944 | |
| | | | |
Atkore International Incorporated † | | | | | | | | | | | 8,738 | | | | 201,848 | |
| | | | |
AZZ Incorporated | | | | | | | | | | | 5,600 | | | | 257,712 | |
| | | | |
Babcock & Wilcox Enterprises Incorporated † | | | | | | | | | | | 30,163 | | | | 19,334 | |
| | | | |
Bloom Energy Corporation Class A † | | | | | | | | | | | 3,306 | | | | 47,838 | |
| | | | |
Encore Wire Corporation | | | | | | | | | | | 3,961 | | | | 234,650 | |
| | | | |
GrafTech International Limited | | | | | | | | | | | 17,943 | | | | 258,738 | |
| | | | |
LSI Industries Incorporated | | | | | | | | | | | 5,038 | | | | 16,928 | |
| | | | |
Powell Industries Incorporated | | | | | | | | | | | 1,986 | | | | 63,731 | |
| | | | |
Preformed Line Products Company | | | | | | | | | | | 448 | | | | 26,746 | |
| | | | |
Sunrun Incorporated † | | | | | | | | | | | 18,089 | | | | 280,560 | |
| | | | |
Thermon Group Holdings Incorporated † | | | | | | | | | | | 6,336 | | | | 157,640 | |
| | | | |
TPI mposites Incorporated † | | | | | | | | | | | 4,966 | | | | 150,023 | |
| | | | |
Vivint Solar Incorporated † | | | | | | | | | | | 6,691 | | | | 34,994 | |
| | | | |
| | | | | | | | | | | | | | | 1,849,829 | |
| | | | | | | | | | | | | | | | |
|
| Electronic Equipment, Instruments & Components: 0.07% | |
| | | | |
ScanSource Incorporated † | | | | | | | | | | | 5,116 | | | | 192,106 | |
| | | | | | | | | | | | | | | | |
|
| Industrial Conglomerates: 0.10% | |
| | | | |
Raven Industries Incorporated | | | | | | | | | | | 7,271 | | | | 290,258 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—February 28, 2019 | | Wells Fargo Funds | | | 181 | |
FACTOR ENHANCED SMALL CAP PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | Shares | | | Value | |
|
| Machinery: 3.61% | |
| | | | |
Alamo Group Incorporated | | | | | | | | | | | 1,993 | | | $ | 191,408 | |
| | | | |
Albany International Corporation Class A | | | | | | | | | | | 5,706 | | | | 442,500 | |
| | | | |
Astec Industries Incorporated | | | | | | | | | | | 4,434 | | | | 169,201 | |
| | | | |
Blue Bird Corporation † | | | | | | | | | | | 3,359 | | | | 62,477 | |
| | | | |
Briggs & Stratton Corporation | | | | | | | | | | | 8,807 | | | | 115,460 | |
| | | | |
Circor International Incorporated † | | | | | | | | | | | 4,317 | | | | 136,115 | |
| | | | |
Columbus McKinnon Corporation | | | | | | | | | | | 4,883 | | | | 182,868 | |
| | | | |
Commercial Vehicle Group Incorporated † | | | | | | | | | | | 5,933 | | | | 47,464 | |
| | | | |
DMC Global Incorporated | | | | | | | | | | | 2,150 | | | | 101,007 | |
| | | | |
Douglas Dynamics Incorporated | | | | | | | | | | | 4,228 | | | | 178,337 | |
| | | | |
Eastern Company | | | | | | | | | | | 1,001 | | | | 29,129 | |
| | | | |
EnPro Industries Incorporated | | | | | | | | | | | 4,369 | | | | 299,670 | |
| | | | |
ESCO Technologies Incorporated | | | | | | | | | | | 5,053 | | | | 349,617 | |
| | | | |
Evoqua Water Technologies Company † | | | | | | | | | | | 11,105 | | | | 150,806 | |
| | | | |
Federal Signal Corporation | | | | | | | | | | | 12,605 | | | | 309,831 | |
| | | | |
Foster Company Class A † | | | | | | | | | | | 1,853 | | | | 32,075 | |
| | | | |
Franklin Electric Company Incorporated | | | | | | | | | | | 8,097 | | | | 430,841 | |
| | | | |
Freightcar America Incorporated | | | | | | | | | | | 2,747 | | | | 21,289 | |
| | | | |
Gencor Industries Incorporated † | | | | | | | | | | | 1,781 | | | | 23,705 | |
| | | | |
Global Brass & Copper Holdings Incorporated | | | | | | | | | | | 4,847 | | | | 163,586 | |
| | | | |
Gorman Rupp Company | | | | | | | | | | | 4,097 | | | | 138,520 | |
| | | | |
Graham Corporation | | | | | | | | | | | 1,992 | | | | 45,119 | |
| | | | |
Harsco Corporation † | | | | | | | | | | | 19,399 | | | | 434,150 | |
| | | | |
Hillenbrand Incorporated | | | | | | | | | | | 11,545 | | | | 511,328 | |
| | | | |
Hurco Companies Incorporated | | | | | | | | | | | 1,240 | | | | 53,171 | |
| | | | |
Hyster Yale Materials Handeling Incorporated | | | | | | | | | | | 1,899 | | | | 128,486 | |
| | | | |
Kadant Incorporated | | | | | | | | | | | 2,206 | | | | 192,915 | |
| | | | |
Lindsay Manufacturing Company | | | | | | | | | | | 2,086 | | | | 192,892 | |
| | | | |
Lydall Incorporated † | | | | | | | | | | | 3,483 | | | | 98,046 | |
| | | | |
Manitex International Incorporated † | | | | | | | | | | | 2,886 | | | | 22,049 | |
| | | | |
Meritor Incorporated † | | | | | | | | | | | 15,736 | | | | 350,598 | |
| | | | |
Milacron Holdings Corporation † | | | | | | | | | | | 14,730 | | | | 206,073 | |
| | | | |
Miller Industries Incorporated | | | | | | | | | | | 2,163 | | | | 73,347 | |
| | | | |
Mueller Industries Incorporated | | | | | | | | | | | 10,681 | | | | 353,007 | |
| | | | |
Mueller Water Products Incorporated Class A | | | | | | | | | | | 31,195 | | | | 325,676 | |
| | | | |
NN Incorporated | | | | | | | | | | | 8,358 | | | | 82,828 | |
| | | | |
Omega Flex Incorporated | | | | | | | | | | | 574 | | | | 42,419 | |
| | | | |
Park Ohio Holdings Corporation | | | | | | | | | | | 1,853 | | | | 58,907 | |
| | | | |
REV Group Incorporated | | | | | | | | | | | 6,121 | | | | 54,110 | |
| | | | |
Spartan Motors Incorporated | | | | | | | | | | | 6,734 | | | | 61,549 | |
| | | | |
SPX Corporation † | | | | | | | | | | | 8,867 | | | | 322,404 | |
| | | | |
Standex International Corporation | | | | | | | | | | | 2,722 | | | | 223,231 | |
| | | | |
Tennant Company | | | | | | | | | | | 3,485 | | | | 220,252 | |
| | | | |
The Greenbrier Companies Incorporated | | | | | | | | | | | 7,021 | | | | 289,616 | |
| | | | |
The Timken Company | | | | | | | | | | | 13,920 | | | | 603,989 | |
| | | | |
Titan International Incorporated | | | | | | | | | | | 11,428 | | | | 71,539 | |
| | | | |
Trimas Corporation † | | | | | | | | | | | 9,234 | | | | 298,535 | |
| | | | |
Twin Disc Incorporated † | | | | | | | | | | | 2,554 | | | | 45,180 | |
| | | | |
Wabash National Corporation | | | | | | | | | | | 12,190 | | | | 180,900 | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 182 | | Wells Fargo Funds | | Portfolio of investments—February 28, 2019 |
FACTOR ENHANCED SMALL CAP PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | Shares | | | Value | |
| | | | |
| Machinery(continued) | | | | | | | | | | | | | | | | |
| | | | |
Watts Water Technologies Incorporated | | | | | | | | | | | 5,528 | | | $ | 445,225 | |
| | | | |
Welbilt Incorporated † | | | | | | | | | | | 30,050 | | | | 479,899 | |
| | | | |
| | | | | | | | | | | | | | | 10,043,346 | |
| | | | | | | | | | | | | | | | |
|
| Marine: 0.13% | |
| | | | |
Genco Shipping & Trading Limited † | | | | | | | | | | | 3,004 | | | | 24,453 | |
| | | | |
Matson Incorporated | | | | | | | | | | | 8,953 | | | | 323,293 | |
| | | | |
| | | | | | | | | | | | | | | 347,746 | |
| | | | | | | | | | | | | | | | |
|
| Professional Services: 1.59% | |
| | | | |
Acacia Research-Acacia Technologies † | | | | | | | | | | | 9,034 | | | | 27,554 | |
| | | | |
Barrett Business Services Incorporated | | | | | | | | | | | 1,540 | | | | 120,952 | |
| | | | |
BG Staffing Incorporated | | | | | | | | | | | 1,754 | | | | 43,762 | |
| | | | |
CBIZ Incorporated † | | | | | | | | | | | 10,679 | | | | 220,308 | |
| | | | |
CRA International Incorporated | | | | | | | | | | | 1,545 | | | | 77,188 | |
| | | | |
Exponent Incorporated | | | | | | | | | | | 9,792 | | | | 554,521 | |
| | | | |
Forrester Research Incorporated | | | | | | | | | | | 2,067 | | | | 103,763 | |
| | | | |
Franklin Covey Company † | | | | | | | | | | | 1,822 | | | | 47,408 | |
| | | | |
FTI Consulting Incorporated † | | | | | | | | | | | 8,152 | | | | 604,552 | |
| | | | |
GP Strategies Corporation † | | | | | | | | | | | 2,451 | | | | 41,030 | |
| | | | |
Heidrick & Struggles International Incorporated | | | | | | | | | | | 3,814 | | | | 164,422 | |
| | | | |
Hill International Incorporated † | | | | | | | | | | | 9,566 | | | | 31,568 | |
| | | | |
Huron Consulting Group Incorporated † | | | | | | | | | | | 4,452 | | | | 203,991 | |
| | | | |
ICF International Incorporated | | | | | | | | | | | 3,546 | | | | 267,794 | |
| | | | |
InnerWorkings Incorporated † | | | | | | | | | | | 10,031 | | | | 48,650 | |
| | | | |
Kelly Services Incorporated Class A | | | | | | | | | | | 6,682 | | | | 161,237 | |
| | | | |
Kforce Incorporated | | | | | | | | | | | 4,753 | | | | 175,909 | |
| | | | |
Mistras Group Incorporated † | | | | | | | | | | | 3,727 | | | | 58,812 | |
| | | | |
Navigant Consulting Incorporated | | | | | | | | | | | 9,083 | | | | 187,019 | |
| | | | |
Resources Connection Incorporated | | | | | | | | | | | 6,269 | | | | 108,893 | |
| | | | |
TriNet Group Incorporated † | | | | | | | | | | | 9,051 | | | | 554,736 | |
| | | | |
TrueBlue Incorporated † | | | | | | | | | | | 7,957 | | | | 183,170 | |
| | | | |
Upwork Incorporated † | | | | | | | | | | | 3,051 | | | | 72,278 | |
| | | | |
WageWorks Incorporated † | | | | | | | | | | | 8,655 | | | | 284,750 | |
| | | | |
Willdan Group Incorporated † | | | | | | | | | | | 2,002 | | | | 75,836 | |
| | | | |
| | | | | | | | | | | | | | | 4,420,103 | |
| | | | | | | | | | | | | | | | |
|
| Road & Rail: 0.67% | |
| | | | |
Arcbest Corporation | | | | | | | | | | | 5,402 | | | | 188,152 | |
| | | | |
Covenant Transport Incorporated Class A † | | | | | | | | | | | 2,736 | | | | 62,408 | |
| | | | |
Daseke Incorporated † | | | | | | | | | | | 9,916 | | | | 47,101 | |
| | | | |
Heartland Express Incorporated | | | | | | | | | | | 9,382 | | | | 188,484 | |
| | | | |
Marten Transport Limited | | | | | | | | | | | 8,381 | | | | 156,306 | |
| | | | |
P.A.M. Transportation Services Incorporated † | | | | | | | | | | | 492 | | | | 24,925 | |
| | | | |
Saia Incorporated † | | | | | | | | | | | 5,448 | | | | 360,440 | |
| | | | |
Schneider National Incorporated Class B | | | | | | | | | | | 15,215 | | | | 333,056 | |
| | | | |
Universal Truckload Services | | | | | | | | | | | 1,899 | | | | 42,063 | |
| | | | |
US Xpress Enterprises Incorporated Class A † | | | | | | | | | | | 5,449 | | | | 47,679 | |
| | | | |
USA Truck Incorporated † | | | | | | | | | | | 1,979 | | | | 34,039 | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—February 28, 2019 | | Wells Fargo Funds | | | 183 | |
FACTOR ENHANCED SMALL CAP PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | Shares | | | Value | |
| | | | |
| Road & Rail(continued) | | | | | | | | | | | | | | | | |
| | | | |
Werner Enterprises Incorporated | | | | | | | | | | | 9,546 | | | $ | 329,623 | |
| | | | |
YRC Worldwide Incorporated † | | | | | | | | | | | 7,750 | | | | 59,443 | |
| | | | |
| | | | | | | | | | | | | | | 1,873,719 | |
| | | | | | | | | | | | | | | | |
|
| Trading Companies & Distributors: 1.59% | |
| | | | |
Applied Industrial Technologies Incorporated | | | | | | | | | | | 8,126 | | | | 472,446 | |
| | | | |
Bluelinx Holdings Incorporated † | | | | | | | | | | | 1,871 | | | | 59,947 | |
| | | | |
BMC Stock Holdings Incorporated † | | | | | | | | | | | 13,593 | | | | 260,034 | |
| | | | |
CAI International Incorporated † | | | | | | | | | | | 3,895 | | | | 91,766 | |
| | | | |
DXP Enterprises Incorporated † | | | | | | | | | | | 3,099 | | | | 109,612 | |
| | | | |
EVI Industries Incorporated | | | | | | | | | | | 922 | | | | 37,341 | |
| | | | |
Foundation Building Material † | | | | | | | | | | | 3,586 | | | | 39,876 | |
| | | | |
General Finance Corporation † | | | | | | | | | | | 3,121 | | | | 33,707 | |
| | | | |
GMS Incorporated † | | | | | | | | | | | 7,740 | | | | 151,317 | |
| | | | |
Houston Wire & Cable Company † | | | | | | | | | | | 3,103 | | | | 17,532 | |
| | | | |
Kaman Corporation | | | | | | | | | | | 5,248 | | | | 323,172 | |
| | | | |
Lawson Products Incorporated † | | | | | | | | | | | 863 | | | | 27,245 | |
| | | | |
MRC Global Incorporated † | | | | | | | | | | | 17,883 | | | | 301,507 | |
| | | | |
Nexeo Solutions Incorporated † | | | | | | | | | | | 6,332 | | | | 62,877 | |
| | | | |
NOW Incorporated † | | | | | | | | | | | 22,127 | | | | 319,293 | |
| | | | |
Rush Enterprises Incorporated | | | | | | | | | | | 6,904 | | | | 289,416 | |
| | | | |
SiteOne Landscape Supply Incorporated † | | | | | | | | | | | 8,723 | | | | 468,512 | |
| | | | |
Systemax Incorporated | | | | | | | | | | | 2,423 | | | | 49,090 | |
| | | | |
Titan Machinery Incorporated † | | | | | | | | | | | 3,940 | | | | 75,687 | |
| | | | |
Transcat Incorporated † | | | | | | | | | | | 1,375 | | | | 31,625 | |
| | | | |
Univar Incorporated † | | | | | | | | | | | 24,454 | | | | 552,905 | |
| | | | |
Veritiv Corporation † | | | | | | | | | | | 3,210 | | | | 92,737 | |
| | | | |
WESCO International Incorporated † | | | | | | | | | | | 9,736 | | | | 530,125 | |
| | | | |
Willis Lease Finance Corporation † | | | | | | | | | | | 672 | | | | 28,264 | |
| | | | |
| | | | | | | | | | | | | | | 4,426,033 | |
| | | | | | | | | | | | | | | | |
|
Information Technology: 10.52% | |
|
| Communications Equipment: 1.17% | |
| | | | |
ADTRAN Incorporated | | | | | | | | | | | 9,570 | | | | 143,741 | |
| | | | |
Aerohive Networks Incorporated † | | | | | | | | | | | 7,465 | | | | 37,698 | |
| | | | |
Applied Optoelectronics Incorporated † | | | | | | | | | | | 3,684 | | | | 49,734 | |
| | | | |
Calamp Corporation † | | | | | | | | | | | 7,733 | | | | 107,489 | |
| | | | |
Calix Networks Incorporated † | | | | | | | | | | | 8,902 | | | | 72,996 | |
| | | | |
Casa Systems Incorporated † | | | | | | | | | | | 6,219 | | | | 63,372 | |
| | | | |
Clearfield Incorporated † | | | | | | | | | | | 2,317 | | | | 33,643 | |
| | | | |
Comtech Telecommunications Corporation | | | | | | | | | | | 4,401 | | | | 116,627 | |
| | | | |
Digi International Incorporated † | | | | | | | | | | | 5,206 | | | | 68,719 | |
| | | | |
Echostar Corporation † | | | | | | | | | | | 9,695 | | | | 373,839 | |
| | | | |
Emcore Corporation † | | | | | | | | | | | 5,018 | | | | 20,574 | |
| | | | |
Extreme Networks Incorporated † | | | | | | | | | | | 23,202 | | | | 190,720 | |
| | | | |
Harmonic Incorporated † | | | | | | | | | | | 16,171 | | | | 89,264 | |
| | | | |
Inseego Corporation † | | | | | | | | | | | 8,050 | | | | 42,987 | |
| | | | |
InterDigital Incorporated | | | | | | | | | | | 6,926 | | | | 482,950 | |
| | | | |
KVH Industries Incorporated † | | | | | | | | | | | 3,092 | | | | 35,125 | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 184 | | Wells Fargo Funds | | Portfolio of investments—February 28, 2019 |
FACTOR ENHANCED SMALL CAP PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | Shares | | | Value | |
| | | | |
| Communications Equipment(continued) | | | | | | | | | | | | | | | | |
| | | | |
NETGEAR Incorporated | | | | | | | | | | | 6,259 | | | $ | 224,385 | |
| | | | |
PCTEL Incorporated | | | | | | | | | | | 3,521 | | | | 17,992 | |
| | | | |
Plantronics Incorporated | | | | | | | | | | | 7,344 | | | | 368,963 | |
| | | | |
Quantenna Communications Incorporated † | | | | | | | | | | | 4,614 | | | | 83,744 | |
| | | | |
Ribbon Communications Incorporated † | | | | | | | | | | | 9,862 | | | | 50,789 | |
| | | | |
Tessco Technologies Incorporated | | | | | | | | | | | 1,346 | | | | 22,209 | |
| | | | |
Viavi Solutions Incorporated † | | | | | | | | | | | 42,756 | | | | 561,386 | |
| | | | |
| | | | | | | | | | | | | | | 3,258,946 | |
| | | | | | | | | | | | | | | | |
|
| Electronic Equipment, Instruments & Components: 1.96% | |
| | | | |
Anixter International Incorporated † | | | | | | | | | | | 5,755 | | | | 337,703 | |
| | | | |
AVX Corporation | | | | | | | | | | | 9,426 | | | | 171,553 | |
| | | | |
Badger Meter Incorporated | | | | | | | | | | | 5,653 | | | | 332,623 | |
| | | | |
Bel Fuse Incorporated Class B | | | | | | | | | | | 2,125 | | | | 51,956 | |
| | | | |
Benchmark Electronics Incorporated | | | | | | | | | | | 9,439 | | | | 258,629 | |
| | | | |
Control4 Corporation † | | | | | | | | | | | 5,587 | | | | 100,622 | |
| | | | |
CTS Corporation | | | | | | | | | | | 6,510 | | | | 209,101 | |
| | | | |
Daktronics Incorporated | | | | | | | | | | | 7,603 | | | | 61,736 | |
| | | | |
Eplus Incorporated † | | | | | | | | | | | 2,836 | | | | 253,652 | |
| | | | |
ID Systems Incorporated † | | | | | | | | | | | 2,928 | | | | 20,935 | |
| | | | |
Insight Enterprises Incorporated † | | | | | | | | | | | 7,067 | | | | 394,480 | |
| | | | |
Iteris Incorporated † | | | | | | | | | | | 5,885 | | | | 25,423 | |
| | | | |
Kemet Corporation | | | | | | | | | | | 10,818 | | | | 205,001 | |
| | | | |
Kimball Electronics Incorporated † | | | | | | | | | | | 5,347 | | | | 82,879 | |
| | | | |
Mesa Laboratories Incorporated | | | | | | | | | | | 695 | | | | 159,913 | |
| | | | |
MicroVision Incorporated † | | | | | | | | | | | 24,737 | | | | 28,200 | |
| | | | |
MTS Systems Corporation | | | | | | | | | | | 3,837 | | | | 204,512 | |
| | | | |
Napco Security Technologies Incorporated † | | | | | | | | | | | 2,343 | | | | 50,351 | |
| | | | |
nLight Incorporated † | | | | | | | | | | | 2,346 | | | | 50,181 | |
| | | | |
OSI Systems Incorporated † | | | | | | | | | | | 3,116 | | | | 270,625 | |
| | | | |
Par Technology Corporation † | | | | | | | | | | | 1,721 | | | | 46,415 | |
| | | | |
Park Electrochemical Corporation | | | | | | | | | | | 3,648 | | | | 63,439 | |
| | | | |
PC Connection Incorporated | | | | | | | | | | | 2,302 | | | | 92,632 | |
| | | | |
PC Mall Incorporated † | | | | | | | | | | | 1,856 | | | | 62,343 | |
| | | | |
Plexus Corporation † | | | | | | | | | | | 6,667 | | | | 411,754 | |
| | | | |
Sanmina Corporation † | | | | | | | | | | | 11,787 | | | | 376,477 | |
| | | | |
Tech Data Corporation † | | | | | | | | | | | 7,669 | | | | 783,885 | |
| | | | |
TTM Technologies Incorporated † | | | | | | | | | | | 21,658 | | | | 262,495 | |
| | | | |
Vishay Precision Group † | | | | | | | | | | | 2,145 | | | | 74,775 | |
| | | | |
| | | | | | | | | | | | | | | 5,444,290 | |
| | | | | | | | | | | | | | | | |
|
| IT Services: 1.82% | |
| | | | |
Brightcove Incorporated † | | | | | | | | | | | 5,885 | | | | 52,200 | |
| | | | |
Carbonite Incorporated † | | | | | | | | | | | 6,455 | | | | 150,208 | |
| | | | |
Cardtronics Incorporated Class A † | | | | | | | | | | | 6,148 | | | | 181,427 | |
| | | | |
Cass Information Systems Incorporated | | | | | | | | | | | 2,549 | | | | 133,134 | |
| | | | |
CSG Systems International Incorporated | | | | | | | | | | | 6,566 | | | | 272,817 | |
| | | | |
Everi Holdings Incorporated † | | | | | | | | | | | 14,442 | | | | 111,059 | |
| | | | |
EVO Payments Incorporated Class A † | | | | | | | | | | | 4,621 | | | | 123,473 | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—February 28, 2019 | | Wells Fargo Funds | | | 185 | |
FACTOR ENHANCED SMALL CAP PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | Shares | | | Value | |
| | | | |
| IT Services(continued) | | | | | | | | | | | | | | | | |
| | | | |
Exela Technologies Incorporated † | | | | | | | | | | | 7,031 | | | $ | 27,983 | |
| | | | |
ExlService Holdings Incorporated † | | | | | | | | | | | 6,709 | | | | 411,933 | |
| | | | |
GreenSky Incorporated Class A † | | | | | | | | | | | 8,492 | | | | 95,960 | |
| | | | |
Hackett Group Incorporated | | | | | | | | | | | 4,734 | | | | 76,975 | |
| | | | |
I3 Verticals Incorporated Class A † | | | | | | | | | | | 1,808 | | | | 38,040 | |
| | | | |
Information Services Group Incorporated † | | | | | | | | | | | 6,623 | | | | 28,545 | |
| | | | |
Internap Corporation † | | | | | | | | | | | 5,587 | | | | 30,226 | |
| | | | |
International Money Express † | | | | | | | | | | | 2,170 | | | | 22,416 | |
| | | | |
Limelight Networks Incorporated † | | | | | | | | | | | 21,332 | | | | 62,289 | |
| | | | |
Luxoft Holding Incorporated † | | | | | | | | | | | 4,388 | | | | 255,777 | |
| | | | |
ManTech International Corporation Class A | | | | | | | | | | | 5,210 | | | | 283,164 | |
| | | | |
Moneygram International Incorporated † | | | | | | | | | | | 6,102 | | | | 14,828 | |
| | | | |
NIC Incorporated | | | | | | | | | | | 12,675 | | | | 216,616 | |
| | | | |
Perficient Incorporated † | | | | | | | | | | | 7,047 | | | | 201,615 | |
| | | | |
Pfsweb Incorporated † | | | | | | | | | | | 3,523 | | | | 22,054 | |
| | | | |
Presidio Incorporated | | | | | | | | | | | 7,257 | | | | 120,684 | |
| | | | |
PRGX Global Incorporated † | | | | | | | | | | | 3,916 | | | | 36,732 | |
| | | | |
Science Applications International Corporation | | | | | | | | | | | 9,075 | | | | 677,903 | |
| | | | |
ServiceSource International Incorporated † | | | | | | | | | | | 14,522 | | | | 13,513 | |
| | | | |
Switch Incorporated Class A | | | | | | | | | | | 9,280 | | | | 80,086 | |
| | | | |
Sykes Enterprises Incorporated † | | | | | | | | | | | 8,171 | | | | 241,780 | |
| | | | |
Travelport Worldwide Limited | | | | | | | | | | | 23,572 | | | | 370,552 | |
| | | | |
TTEC Holdings Incorporated | | | | | | | | | | | 2,835 | | | | 97,127 | |
| | | | |
Unisys Corporation † | | | | | | | | | | | 10,554 | | | | 142,585 | |
| | | | |
Verra Mobility Corporation † | | | | | | | | | | | 17,852 | | | | 189,231 | |
| | | | |
Virtusa Corporation † | | | | | | | | | | | 5,763 | | | | 290,859 | |
| | | | |
| | | | | | | | | | | | | | | 5,073,791 | |
| | | | | | | | | | | | | | | | |
|
| Semiconductors & Semiconductor Equipment: 1.76% | |
| | | | |
Adesto Technologies Corporation † | | | | | | | | | | | 4,570 | | | | 26,872 | |
| | | | |
Advanced Energy Industries Incorporated † | | | | | | | | | | | 8,487 | | | | 427,490 | |
| | | | |
Alpha & Omega Semiconductor † | | | | | | | | | | | 3,944 | | | | 42,437 | |
| | | | |
Amkor Technology Incorporated † | | | | | | | | | | | 18,605 | | | | 163,352 | |
| | | | |
Aquantia Corporation † | | | | | | | | | | | 4,178 | | | | 32,797 | |
| | | | |
Axcelis Technologies Incorporated † | | | | | | | | | | | 6,646 | | | | 139,699 | |
| | | | |
AXT Incorporated † | | | | | | | | | | | 8,793 | | | | 39,217 | |
| | | | |
Brooks Automation Incorporated | | | | | | | | | | | 14,924 | | | | 479,210 | |
| | | | |
Cabot Microelectronics Corporation | | | | | | | | | | | 6,016 | | | | 680,410 | |
| | | | |
Cirrus Logic Incorporated † | | | | | | | | | | | 11,576 | | | | 464,545 | |
| | | | |
Cohu Incorporated | | | | | | | | | | | 8,347 | | | | 149,328 | |
| | | | |
Cyberoptics Corporation † | | | | | | | | | | | 1,397 | | | | 27,884 | |
| | | | |
Diodes Incorporated † | | | | | | | | | | | 8,063 | | | | 325,181 | |
| | | | |
DSP Group Incorporated † | | | | | | | | | | | 3,962 | | | | 54,398 | |
| | | | |
FormFactor Incorporated † | | | | | | | | | | | 15,215 | | | | 241,158 | |
| | | | |
GSI Technology Incorporated † | | | | | | | | | | | 2,721 | | | | 22,040 | |
| | | | |
Ichor Holdings Limited † | | | | | | | | | | | 5,140 | | | | 107,786 | |
| | | | |
Lattice Semiconductor Corporation † | | | | | | | | | | | 19,591 | | | | 231,174 | |
| | | | |
Nanometrics Incorporated † | | | | | | | | | | | 4,884 | | | | 138,999 | |
| | | | |
Neophotonics Corporation † | | | | | | | | | | | 8,857 | | | | 70,856 | |
| | | | |
NVE Corporation | | | | | | | | | | | 941 | | | | 96,754 | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 186 | | Wells Fargo Funds | | Portfolio of investments—February 28, 2019 |
FACTOR ENHANCED SMALL CAP PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | Shares | | | Value | |
| | | | |
| Semiconductors & Semiconductor Equipment(continued) | | | | | | | | | | | | | | | | |
| | | | |
Photronics Incorporated † | | | | | | | | | | | 13,308 | | | $ | 130,551 | |
| | | | |
Pixelworks Incorporated † | | | | | | | | | | | 6,341 | | | | 25,301 | |
| | | | |
Quicklogic Corporation † | | | | | | | | | | | 18,419 | | | | 15,840 | |
| | | | |
Rudolph Technologies Incorporated † | | | | | | | | | | | 6,384 | | | | 144,151 | |
| | | | |
Smart Global Holdings Incorporated † | | | | | | | | | | | 2,523 | | | | 73,949 | |
| | | | |
Synaptics Incorporated † | | | | | | | | | | | 6,670 | | | | 279,273 | |
| | | | |
Ultra Clean Holdings Incorporated † | | | | | | | | | | | 8,217 | | | | 87,511 | |
| | | | |
Xperi Corporation | | | | | | | | | | | 7,087 | | | | 170,088 | |
| | | | |
| | | | | | | | | | | | | | | 4,888,251 | |
| | | | | | | | | | | | | | | | |
|
| Software: 3.60% | |
| | | | |
A10 Networks Incorporated † | | | | | | | | | | | 9,642 | | | | 67,301 | |
| | | | |
ACI Worldwide Incorporated † | | | | | | | | | | | 22,271 | | | | 709,777 | |
| | | | |
Agilysys Incorporated † | | | | | | | | | | | 3,544 | | | | 74,070 | |
| | | | |
Alarm.com Holdings Incorporated † | | | | | | | | | | | 6,420 | | | | 421,345 | |
| | | | |
Altair Engineering Incorporated Class A † | | | | | | | | | | | 6,200 | | | | 219,852 | |
| | | | |
Amber Road Incorporated † | | | | | | | | | | | 5,174 | | | | 50,912 | |
| | | | |
American Software Incorporated Class A | | | | | | | | | | | 5,606 | | | | 64,974 | |
| | | | |
AppFolio Incorporated Class A † | | | | | | | | | | | 2,936 | | | | 212,214 | |
| | | | |
Appian Corporation † | | | | | | | | | | | 3,617 | | | | 131,984 | |
| | | | |
Arlo Technologies Incorporated † | | | | | | | | | | | 15,553 | | | | 67,344 | |
| | | | |
Asure Software Incorporated † | | | | | | | | | | | 2,248 | | | | 14,522 | |
| | | | |
Avaya Holdings Corporation † | | | | | | | | | | | 18,442 | | | | 285,667 | |
| | | | |
Bottomline Technologies (de) Incorporated † | | | | | | | | | | | 8,704 | | | | 434,156 | |
| | | | |
Carbon Black Incorporated † | | | | | | | | | | | 1,659 | | | | 21,716 | |
| | | | |
ChannelAdvisor Corporation † | | | | | | | | | | | 4,840 | | | | 62,581 | |
| | | | |
Cision Limited † | | | | | | | | | | | 13,394 | | | | 174,390 | |
| | | | |
CommVault Systems Incorporated † | | | | | | | | | | | 8,351 | | | | 562,774 | |
| | | | |
Domo Incorporated Class B † | | | | | | | | | | | 1,490 | | | | 51,688 | |
| | | | |
Ebix Incorporated | | | | | | | | | | | 4,595 | | | | 267,751 | |
| | | | |
Egain Corporation † | | | | | | | | | | | 3,025 | | | | 34,304 | |
| | | | |
Five9 Incorporated † | | | | | | | | | | | 10,384 | | | | 550,767 | |
| | | | |
Fusion Connect Incorporated † | | | | | | | | | | | 11,803 | | | | 21,718 | |
| | | | |
Instructure Incorporated † | | | | | | | | | | | 5,939 | | | | 277,529 | |
| | | | |
LivePerson Incorporated † | | | | | | | | | | | 9,785 | | | | 273,589 | |
| | | | |
MicroStrategy Incorporated Class A † | | | | | | | | | | | 1,784 | | | | 252,436 | |
| | | | |
Mitek Systems Incorporated † | | | | | | | | | | | 6,519 | | | | 70,470 | |
| | | | |
MobileIron Incorporated † | | | | | | | | | | | 13,136 | | | | 66,468 | |
| | | | |
Model N Incorporated † | | | | | | | | | | | 5,130 | | | | 88,749 | |
| | | | |
Monotype Imaging Holdings Incorporated | | | | | | | | | | | 7,945 | | | | 155,722 | |
| | | | |
OneSpan Incorporated † | | | | | | | | | | | 6,477 | | | | 137,960 | |
| | | | |
Park City Group Incorporated † | | | | | | | | | | | 2,491 | | | | 19,828 | |
| | | | |
Pivotal Software Incorporated Class A † | | | | | | | | | | | 8,018 | | | | 179,764 | |
| | | | |
Progress Software Corporation | | | | | | | | | | | 8,510 | | | | 312,998 | |
| | | | |
PROS Holdings Incorporated † | | | | | | | | | | | 6,333 | | | | 269,786 | |
| | | | |
Q2 Holdings Incorporated † | | | | | | | | | | | 7,782 | | | | 535,557 | |
| | | | |
Qad Incorporated Class A | | | | | | | | | | | 2,043 | | | | 92,466 | |
| | | | |
Rapid7 Incorporated † | | | | | | | | | | | 6,735 | | | | 310,012 | |
| | | | |
Secureworks Corporation Class A † | | | | | | | | | | | 1,734 | | | | 38,477 | |
| | | | |
Shotspotter Incorporated † | | | | | | | | | | | 1,172 | | | | 58,530 | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—February 28, 2019 | | Wells Fargo Funds | | | 187 | |
FACTOR ENHANCED SMALL CAP PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | Shares | | | Value | |
|
| Software(continued) | |
| | | | |
Smartsheet Incorporated Class A † | | | | | | | | | | | 1,213 | | | $ | 46,385 | |
| | | | |
SPS Commerce Incorporated † | | | | | | | | | | | 3,246 | | | | 346,608 | |
| | | | |
SVMK Incorporated † | | | | | | | | | | | 3,813 | | | | 57,843 | |
| | | | |
Synchronoss Technologies Incorporated † | | | | | | | | | | | 7,475 | | | | 60,174 | |
| | | | |
Telaria Incorporated † | | | | | | | | | | | 6,111 | | | | 34,099 | |
| | | | |
TeleNav Incorporated † | | | | | | | | | | | 6,825 | | | | 40,814 | |
| | | | |
The Rubicon Project Incorporated † | | | | | | | | | | | 8,264 | | | | 48,510 | |
| | | | |
Tivo Corporation | | | | | | | | | | | 21,724 | | | | 217,892 | |
| | | | |
Upland Software Incorporated † | | | | | | | | | | | 3,393 | | | | 119,094 | |
| | | | |
Verint Systems Incorporated † | | | | | | | | | | | 11,662 | | | | 621,002 | |
| | | | |
Workiva Incorporated † | | | | | | | | | | | 5,099 | | | | 252,146 | |
| | | | |
Yext Incorporated † | | | | | | | | | | | 9,552 | | | | 177,476 | |
| | | | |
Zix Corporation † | | | | | | | | | | | 10,307 | | | | 93,072 | |
| | | | |
Zuora Inc † | | | | | | | | | | | 10,552 | | | | 250,716 | |
| | | | |
| | | | | | | | | | | | | | | 10,007,979 | |
| | | | | | | | | | | | | | | | |
|
| Technology Hardware, Storage & Peripherals: 0.21% | |
| | | | |
Astronova Incorporated | | | | | | | | | | | 1,243 | | | | 24,214 | |
| | | | |
Avid Technology Incorporated † | | | | | | | | | | | 7,690 | | | | 36,528 | |
| | | | |
Diebold Nixdorf Incorporated | | | | | | | | | | | 16,252 | | | | 149,356 | |
| | | | |
Electronics for Imaging Incorporated † | | | | | | | | | | | 8,433 | | | | 228,028 | |
| | | | |
Immersion Corporation † | | | | | | | | | | | 5,391 | | | | 48,411 | |
| | | | |
Intevac Incorporated † | | | | | | | | | | | 4,395 | | | | 27,820 | |
| | | | |
Transact Technologies Incorporated | | | | | | | | | | | 1,510 | | | | 15,629 | |
| | | | |
USA Technologies Incorporated † | | | | | | | | | | | 14,319 | | | | 56,703 | |
| | | | |
| | | | | | | | | | | | | | | 586,689 | |
| | | | | | | | | | | | | | | | |
|
Materials: 3.71% | |
|
| Chemicals: 2.03% | |
| | | | |
Advanced Emissions Solutions | | | | | | | | | | | 3,547 | | | | 41,926 | |
| | | | |
Advansix Incorporated † | | | | | | | | | | | 6,337 | | | | 207,537 | |
| | | | |
Agrofresh Solutions Incorporated † | | | | | | | | | | | 5,400 | | | | 23,274 | |
| | | | |
American Vanguard Corporation | | | | | | | | | | | 5,450 | | | | 102,351 | |
| | | | |
Amyris Incorporated † | | | | | | | | | | | 6,554 | | | | 31,066 | |
| | | | |
Balchem Corporation | | | | | | | | | | | 6,636 | | | | 588,812 | |
| | | | |
Chase Corporation | | | | | | | | | | | 1,530 | | | | 147,722 | |
| | | | |
Ferro Corporation † | | | | | | | | | | | 18,306 | | | | 354,953 | |
| | | | |
Flotek Industries Incorporated † | | | | | | | | | | | 11,102 | | | | 35,526 | |
| | | | |
Futurefuel Corporation | | | | | | | | | | | 5,410 | | | | 99,760 | |
| | | | |
Hawkins Incorporated | | | | | | | | | | | 1,801 | | | | 74,237 | |
| | | | |
HB Fuller Company | | | | | | | | | | | 11,226 | | | | 566,688 | |
| | | | |
Innophos Holdings Incorporated | | | | | | | | | | | 4,025 | | | | 133,630 | |
| | | | |
Innospec Incorporated | | | | | | | | | | | 5,098 | | | | 417,322 | |
| | | | |
Kooper Holdings Incorporated † | | | | | | | | | | | 4,067 | | | | 100,008 | |
| | | | |
Kraton Performance Polymers Incorporated † | | | | | | | | | | | 6,517 | | | | 231,875 | |
| | | | |
Kronos Worldwide Incorporated | | | | | | | | | | | 4,540 | | | | 69,235 | |
| | | | |
Northern Technologies International | | | | | | | | | | | 833 | | | | 25,906 | |
| | | | |
Omnova Solutions Incorporated † | | | | | | | | | | | 9,498 | | | | 77,409 | |
| | | | |
PolyOne Corporation | | | | | | | | | | | 17,017 | | | | 555,095 | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 188 | | Wells Fargo Funds | | Portfolio of investments—February 28, 2019 |
FACTOR ENHANCED SMALL CAP PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | Shares | | | Value | |
| | | | |
| Chemicals(continued) | | | | | | | | | | | | | | | | |
| | | | |
Quaker Chemical Corporation | | | | | | | | | | | 2,649 | | | $ | 553,615 | |
| | | | |
Rayonier Advanced Materials | | | | | | | | | | | 12,333 | | | | 173,772 | |
| | | | |
Stepan Company | | | | | | | | | | | 4,006 | | | | 376,965 | |
| | | | |
Trecora Resources † | | | | | | | | | | | 4,474 | | | | 42,950 | |
| | | | |
Tredegar Corporation | | | | | | | | | | | 5,927 | | | | 103,248 | |
| | | | |
Trinseo SA | | | | | | | | | | | 8,659 | | | | 434,595 | |
| | | | |
Venator Materials plc † | | | | | | | | | | | 13,141 | | | | 77,400 | |
| | | | |
| | | | | | | | | | | | | | | 5,646,877 | |
| | | | | | | | | | | | | | | | |
|
| Construction Materials: 0.07% | |
| | | | |
Forterra Incorporated † | | | | | | | | | | | 3,804 | | | | 19,971 | |
| | | | |
United States Lime & Mineral | | | | | | | | | | | 400 | | | | 28,800 | |
| | | | |
US Concrete Incorporated † | | | | | | | | | | | 3,384 | | | | 135,732 | |
| | | | |
| | | | | | | | | | | | | | | 184,503 | |
| | | | | | | | | | | | | | | | |
|
| Containers & Packaging: 0.29% | |
| | | | |
Greif Incorporated Class A | | | | | | | | | | | 5,503 | | | | 221,221 | |
| | | | |
Myers Industries Incorporated | | | | | | | | | | | 5,477 | | | | 104,501 | |
| | | | |
Silgan Holdings Incorporated | | | | | | | | | | | 15,073 | | | | 426,717 | |
| | | | |
UFP Technologies Incorporated † | | | | | | | | | | | 1,415 | | | | 47,403 | |
| | | | |
| | | | | | | | | | | | | | | 799,842 | |
| | | | | | | | | | | | | | | | |
|
| Metals & Mining: 0.95% | |
| | | | |
Commercial Metals Company | | | | | | | | | | | 23,584 | | | | 390,315 | |
| | | | |
Compass Minerals International Incorporated | | | | | | | | | | | 6,954 | | | | 364,251 | |
| | | | |
Constellium NV Class A † | | | | | | | | | | | 22,879 | | | | 216,435 | |
| | | | |
Ferroglobe plc | | | | | | | | | | | 15,564 | | | | 42,801 | |
| | | | |
Gold Resource Corporation | | | | | | | | | | | 10,173 | | | | 47,711 | |
| | | | |
Kaiser Aluminum Corporation | | | | | | | | | | | 3,364 | | | | 368,291 | |
| | | | |
Materion Corporation | | | | | | | | | | | 4,203 | | | | 242,849 | |
| | | | |
Olympic Steel Incorporated | | | | | | | | | | | 1,809 | | | | 35,131 | |
| | | | |
Ryerson Holding Corporation † | | | | | | | | | | | 3,503 | | | | 29,670 | |
| | | | |
Schnitzer Steel Industries Incorporated Class A | | | | | | | | | | | 5,206 | | | | 126,506 | |
| | | | |
Suncoke Energy Incorporated † | | | | | | | | | | | 13,616 | | | | 135,071 | |
| | | | |
Synalloy Corporation | | | | | | | | | | | 1,507 | | | | 23,012 | |
| | | | |
Universal Stainless & Alloy † | | | | | | | | | | | 1,880 | | | | 34,554 | |
| | | | |
Warrior Met Coal Incorporated | | | | | | | | | | | 9,034 | | | | 264,516 | |
| | | | |
Worthington Industries Incorporated | | | | | | | | | | | 8,499 | | | | 334,096 | |
| | | | |
| | | | | | | | | | | | | | | 2,655,209 | |
| | | | | | | | | | | | | | | | |
|
| Paper & Forest Products: 0.37% | |
| | | | |
Boise Cascade Company | | | | | | | | | | | 8,150 | | | | 227,304 | |
| | | | |
Clearwater Paper Corporation † | | | | | | | | | | | 3,449 | | | | 98,641 | |
| | | | |
Neenah Paper Incorporated | | | | | | | | | | | 3,410 | | | | 230,448 | |
| | | | |
PH Glatfelter Company | | | | | | | | | | | 9,468 | | | | 127,345 | |
| | | | |
Schweitzer-Mauduit International Incorporated | | | | | | | | | | | 5,460 | | | | 210,538 | |
| | | | |
Verso Corporation Class A † | | | | | | | | | | | 6,823 | | | | 134,072 | |
| | | | |
| | | | | | | | | | | | | | | 1,028,348 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—February 28, 2019 | | Wells Fargo Funds | | | 189 | |
FACTOR ENHANCED SMALL CAP PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | Shares | | | Value | |
|
Real Estate: 9.77% | |
|
| Equity REITs: 8.94% | |
| | | | |
Acadia Realty Trust | | | | | | | | | | | 16,392 | | | $ | 467,008 | |
| | | | |
Agree Realty Corporation | | | | | | | | | | | 6,174 | | | | 405,817 | |
| | | | |
Alexander & Baldwin Incorporated | | | | | | | | | | | 14,207 | | | | 325,767 | |
| | | | |
Alexander’s Incorporated | | | | | | | | | | | 396 | | | | 151,157 | |
| | | | |
American Assets Trust Incorporated | | | | | | | | | | | 6,159 | | | | 267,547 | |
| | | | |
American Finance Trust Incorporated REIT | | | | | | | | | | | 10,485 | | | | 113,343 | |
| | | | |
Armada Hoffler Properties Incorporated | | | | | | | | | | | 9,351 | | | | 143,070 | |
| | | | |
Ashford Hospitality Trust Incorporated | | | | | | | | | | | 19,855 | | | | 106,423 | |
| | | | |
Bluerock Residential Growth REIT Incorporated | | | | | | | | | | | 4,416 | | | | 46,810 | |
| | | | |
Braemar Hotels & Resorts Incorporated REIT | | | | | | | | | | | 5,426 | | | | 70,647 | |
| | | | |
Brandywine Realty Trust | | | | | | | | | | | 35,275 | | | | 554,523 | |
| | | | |
Brookfield Property REIT Class A | | | | | | | | | | | 32,372 | | | | 635,139 | |
| | | | |
BRT Apartments Corporation REIT | | | | | | | | | | | 1,679 | | | | 22,331 | |
| | | | |
CareTrust REIT Incorporated | | | | | | | | | | | 15,494 | | | | 346,136 | |
| | | | |
Catchmark Timber Trust Incorporated Class A | | | | | | | | | | | 9,994 | | | | 95,443 | |
| | | | |
CBL & Associates Properties Incorporated | | | | | | | | | | | 33,296 | | | | 71,253 | |
| | | | |
Cedar Shopping Centers Incorporated | | | | | | | | | | | 17,749 | | | | 61,767 | |
| | | | |
Chatham Lodging Trust | | | | | | | | | | | 9,056 | | | | 180,939 | |
| | | | |
Chesapeake Lodging Trust | | | | | | | | | | | 11,763 | | | | 354,302 | |
| | | | |
Clipper Realty Incorporated | | | | | | | | | | | 2,912 | | | | 38,322 | |
| | | | |
Columbia Property Trust Incorporated | | | | | | | | | | | 23,874 | | | | 516,395 | |
| | | | |
Community Healthcare Trust Incorporated | | | | | | | | | | | 3,379 | | | | 120,597 | |
| | | | |
CoreCivic Incorporated | | | | | | | | | | | 23,141 | | | | 490,126 | |
| | | | |
CorEnergy Infrastructure Trust Incorporated | | | | | | | | | | | 2,195 | | | | 80,030 | |
| | | | |
CorePoint Lodging Incorporated | | | | | | | | | | | 8,701 | | | | 121,553 | |
| | | | |
Corporate Office Properties Trust | | | | | | | | | | | 20,432 | | | | 531,028 | |
| | | | |
DiamondRock Hospitality | | | | | | | | | | | 42,490 | | | | 454,218 | |
| | | | |
Easterly Government Properties Incorporated | | | | | | | | | | | 12,145 | | | | 218,367 | |
| | | | |
Empire State Realty Trust Incorporated | | | | | | | | | | | 33,842 | | | | 515,075 | |
| | | | |
Essential Properties Realty REIT | | | | | | | | | | | 6,656 | | | | 112,952 | |
| | | | |
Farmland Partners REIT Incorporated | | | | | | | | | | | 6,675 | | | | 34,310 | |
| | | | |
Four Corners Property Trust Incorporated | | | | | | | | | | | 12,803 | | | | 350,674 | |
| | | | |
Franklin Street Properties Corporation | | | | | | | | | | | 21,100 | | | | 152,764 | |
| | | | |
Front Yard Residential Corporation REIT | | | | | | | | | | | 8,708 | | | | 96,920 | |
| | | | |
Getty Realty Corporation | | | | | | | | | | | 6,197 | | | | 204,191 | |
| | | | |
Gladstone Commercial Corporation | | | | | | | | | | | 5,483 | | | | 113,169 | |
| | | | |
Gladstone Land REIT Corporation | | | | | | | | | | | 2,833 | | | | 34,619 | |
| | | | |
Global Medical REIT Incorporated | | | | | | | | | | | 3,839 | | | | 39,542 | |
| | | | |
Global Net Lease Incorporated | | | | | | | | | | | 14,282 | | | | 254,791 | |
| | | | |
Hannon Armstrong Sustainable | | | | | | | | | | | 9,325 | | | | 229,582 | |
| | | | |
Hersha Hospitality Trust | | | | | | | | | | | 7,574 | | | | 142,770 | |
| | | | |
Independence Realty Trust Incorporated | | | | | | | | | | | 16,884 | | | | 174,918 | |
| | | | |
Industrial Logistics Properties Trust | | | | | | | | | | | 4,021 | | | | 83,878 | |
| | | | |
InfraReit Incorporated | | | | | | | | | | | 8,199 | | | | 175,049 | |
| | | | |
Innovative Industrial Properties Incorporated | | | | | | | | | | | 1,675 | | | | 132,308 | |
| | | | |
Investors Real Estate Trust REIT | | | | | | | | | | | 2,296 | | | | 138,632 | |
| | | | |
iStar Financial Incorporated | | | | | | | | | | | 12,938 | | | | 113,208 | |
| | | | |
Jernigan Capital Incorporated | | | | | | | | | | | 3,450 | | | | 74,003 | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 190 | | Wells Fargo Funds | | Portfolio of investments—February 28, 2019 |
FACTOR ENHANCED SMALL CAP PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | Shares | | | Value | |
| | | | |
| Equity REITs(continued) | | | | | | | | | | | | | | | | |
| | | | |
Kite Realty Group Trust | | | | | | | | | | | 16,591 | | | $ | 261,142 | |
| | | | |
Lexington Corporate Properties Trust | | | | | | | | | | | 42,299 | | | | 392,958 | |
| | | | |
LTC Properties Incorporated | | | | | | | | | | | 7,941 | | | | 352,739 | |
| | | | |
Mack-Cali Realty Corporation | | | | | | | | | | | 17,079 | | | | 358,830 | |
| | | | |
Medequities Realty Trust Incorporated | | | | | | | | | | | 4,375 | | | | 46,594 | |
| | | | |
MGM Growth Properties LLC Class A | | | | | | | | | | | 13,450 | | | | 413,722 | |
| | | | |
Monmouth Real Estate Investment Corporation | | | | | | | | | | | 16,598 | | | | 220,089 | |
| | | | |
National Health Investors Incorporated | | | | | | | | | | | 7,625 | | | | 594,979 | |
| | | | |
National Storage Affiliates Trust | | | | | | | | | | | 9,699 | | | | 274,676 | |
| | | | |
New Senior Investment Group Incorporated | | | | | | | | | | | 18,067 | | | | 93,226 | |
| | | | |
New York REIT Liquidating LLC ‡(a) | | | | | | | | | | | 4,209 | | | | 59,684 | |
| | | | |
NexPoint Residential | | | | | | | | | | | 3,112 | | | | 111,845 | |
| | | | |
NorthStar Realty Europe Corporation | | | | | | | | | | | 8,666 | | | | 155,468 | |
| | | | |
Office Properties Income Trust | | | | | | | | | | | 9,504 | | | | 289,967 | |
| | | | |
One Liberty Properties Incorporated | | | | | | | | | | | 2,842 | | | | 81,906 | |
| | | | |
OUTFRONT Media Incorporated | | | | | | | | | | | 28,147 | | | | 631,619 | |
| | | | |
Pebblebrook Hotel Trust | | | | | | | | | | | 13,528 | | | | 433,031 | |
| | | | |
Pennsylvania REIT | | | | | | | | | | | 13,254 | | | | 81,512 | |
| | | | |
Physicians Realty Trust | | | | | | | | | | | 35,836 | | | | 647,557 | |
| | | | |
Piedmont Office Realty Trust Incorporated Class A | | | | | | | | | | | 25,378 | | | | 519,488 | |
| | | | |
Potlatch Corporation | | | | | | | | | | | 12,439 | | | | 447,680 | |
| | | | |
Preferred Apartment Communities Incorporated Class A | | | | | | | | | | | 7,654 | | | | 116,647 | |
| | | | |
PS Business Parks Incorporated | | | | | | | | | | | 3,875 | | | | 570,284 | |
| | | | |
QTS Realty Trust Incorporated Class A | | | | | | | | | | | 9,728 | | | | 405,949 | |
| | | | |
Retail Opportunity Investment Corporation | | | | | | | | | | | 22,176 | | | | 380,762 | |
| | | | |
Retail Properties of America Incorporated Class A | | | | | | | | | | | 42,683 | | | | 531,830 | |
| | | | |
Retail Value Incorporated | | | | | | | | | | | 2,796 | | | | 87,039 | |
| | | | |
Rexford Industrial Realty Incorporated | | | | | | | | | | | 18,344 | | | | 628,832 | |
| | | | |
RPT Realty | | | | | | | | | | | 15,526 | | | | 196,870 | |
| | | | |
Safehold Incorporated REIT | | | | | | | | | | | 1,767 | | | | 33,838 | |
| | | | |
Saul Centers Incorporated | | | | | | | | | | | 2,429 | | | | 137,651 | |
| | | | |
Seritage Growth Property Class A | | | | | | | | | | | 6,377 | | | | 281,545 | |
| | | | |
SITE Centers Corporation | | | | | | | | | | | 27,230 | | | | 363,521 | |
| | | | |
Spirit MTA REIT | | | | | | | | | | | 8,960 | | | | 65,856 | |
| | | | |
STAG Industrial Incorporated | | | | | | | | | | | 20,600 | | | | 570,208 | |
| | | | |
Summit Hotel Properties Incorporated | | | | | | | | | | | 21,034 | | | | 239,577 | |
| | | | |
Tanger Factory Outlet Centers Incorporated | | | | | | | | | | | 17,904 | | | | 386,547 | |
| | | | |
Terreno Realty Corporation | | | | | | | | | | | 11,326 | | | | 463,233 | |
| | | | |
The Geo Group Incorporated | | | | | | | | | | | 23,365 | | | | 530,853 | |
| | | | |
Tier Incorporated | | | | | | | | | | | 10,415 | | | | 252,564 | |
| | | | |
UMH Properties Incorporated | | | | | | | | | | | 6,383 | | | | 87,319 | |
| | | | |
Universal Health Realty Income Trust | | | | | | | | | | | 2,478 | | | | 184,537 | |
| | | | |
Urban Edge Properties | | | | | | | | | | | 22,447 | | | | 435,921 | |
| | | | |
Urstadt Biddle Properties Incorporated | | | | | | | | | | | 5,669 | | | | 118,595 | |
| | | | |
Washington Prime Group Incorporated | | | | | | | | | | | 36,145 | | | | 208,918 | |
| | | | |
Washington REIT | | | | | | | | | | | 15,477 | | | | 409,986 | |
| | | | |
Whitestone REIT | | | | | | | | | | | 7,303 | | | | 95,012 | |
| | | | |
Xenia Hotels & Resorts Incorporated | | | | | | | | | | | 22,451 | | | | 438,468 | |
| | | | |
| | | | | | | | | | | | | | | 24,854,487 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—February 28, 2019 | | Wells Fargo Funds | | | 191 | |
FACTOR ENHANCED SMALL CAP PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | Shares | | | Value | |
|
| Real Estate Management & Development: 0.83% | |
| | | | |
Altisource Portfolio Solutions SA † | | | | | | | | | | | 1,319 | | | $ | 33,067 | |
| | | | |
Consolidated-Tomoka Land Company | | | | | | | | | | | 776 | | | | 45,862 | |
| | | | |
eXp World Holdings Incorporated † | | | | | | | | | | | 3,984 | | | | 44,820 | |
| | | | |
Five Point Holdings LLC Class A † | | | | | | | | | | | 9,170 | | | | 71,801 | |
| | | | |
Forestar Group Incorporated † | | | | | | | | | | | 2,194 | | | | 37,232 | |
| | | | |
FRP Holdings Incorporated † | | | | | | | | | | | 1,290 | | | | 66,113 | |
| | | | |
Griffin Industrial Realty Incorporated | | | | | | | | | | | 539 | | | | 18,348 | |
| | | | |
HFF Incorporated Class A | | | | | | | | | | | 7,348 | | | | 332,130 | |
| | | | |
Kennedy Wilson Holdings Incorporated | | | | | | | | | | | 23,111 | | | | 480,247 | |
| | | | |
Marcus & Millichap Incorporated † | | | | | | | | | | | 4,401 | | | | 169,967 | |
| | | | |
Newmark Group Incorporated Class A | | | | | | | | | | | 3,955 | | | | 36,623 | |
| | | | |
RE/MAX Holdings Incorporated Class A | | | | | | | | | | | 3,714 | | | | 145,700 | |
| | | | |
Realogy Holdings Corporation | | | | | | | | | | | 26,066 | | | | 354,498 | |
| | | | |
Redfin Corporation † | | | | | | | | | | | 11,769 | | | | 235,027 | |
| | | | |
Stratus Properties Incorporated † | | | | | | | | | | | 1,197 | | | | 29,087 | |
| | | | |
The RMR Group Incorporated Class A | | | | | | | | | | | 1,315 | | | | 94,088 | |
| | | | |
The St. Joe Company † | | | | | | | | | | | 6,747 | | | | 104,848 | |
| | | | |
| | | | | | | | | | | | | | | 2,299,458 | |
| | | | | | | | | | | | | | | | |
|
Utilities: 2.57% | |
|
| Electric Utilities: 0.62% | |
| | | | |
AVANGRID Incorporated | | | | | | | | | | | 10,506 | | | | 507,965 | |
| | | | |
El Paso Electric Company | | | | | | | | | | | 7,784 | | | | 418,779 | |
| | | | |
MGE Energy Incorporated | | | | | | | | | | | 6,547 | | | | 418,484 | |
| | | | |
Otter Tail Corporation | | | | | | | | | | | 7,242 | | | | 364,128 | |
| | | | |
Spark Energy Incorporated Class A | | | | | | | | | | | 2,344 | | | | 23,417 | |
| | | | |
| | | | | | | | | | | | | | | 1,732,773 | |
| | | | | | | | | | | | | | | | |
|
| Gas Utilities: 0.44% | |
| | | | |
Chesapeake Utilities Corporation | | | | | | | | | | | 2,834 | | | | 255,088 | |
| | | | |
Northwest Natural Holding Company | | | | | | | | | | | 5,396 | | | | 346,531 | |
| | | | |
RGC Resources Incorporated | | | | | | | | | | | 1,364 | | | | 37,592 | |
| | | | |
South Jersey Industries Incorporated | | | | | | | | | | | 16,901 | | | | 489,284 | |
| | |
Star Group LP | | | | 9,295 | | | | 91,556 | |
| | | | |
| | | | | | | | | | | | | | | 1,220,051 | |
| | | | | | | | | | | | | | | | |
|
| Independent Power & Renewable Electricity Producers: 0.60% | |
| | |
Clearway Energy Incorporated Class C | | | | 14,196 | | | | 212,798 | |
| | |
Nextera Energy Partners LP | | | | 10,969 | | | | 473,751 | |
| | |
Ormat Technologies Incorporated | | | | 7,908 | | | | 441,504 | |
| | |
Pattern Energy Group Incorporated | | | | 17,525 | | | | 365,572 | |
| | |
Terraform Power Incorporated Class A | | | | 12,917 | | | | 161,592 | |
| | | | |
| | | | | | | | | | | | | | | 1,655,217 | |
| | | | | | | | | | | | | | | | |
|
| Multi-Utilities: 0.29% | |
| | |
Northwestern Corporation | | | | 9,537 | | | | 653,666 | |
| | |
Unitil Corporation | | | | 2,735 | | | | 150,179 | |
| | | | |
| | | | | | | | | | | | | | | 803,845 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 192 | | Wells Fargo Funds | | Portfolio of investments—February 28, 2019 |
FACTOR ENHANCED SMALL CAP PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | Shares | | | Value | |
|
| Water Utilities: 0.62% | |
| | |
American States Water Company | | | | 6,860 | | | $ | 487,952 | |
| | |
Aquaventure Holdings Limited † | | | | 2,609 | | | | 57,711 | |
| | |
Artesian Resources Corporation Class A | | | | 1,521 | | | | 59,684 | |
| | |
California Water Service Group | | | | 8,729 | | | | 454,083 | |
| | |
Connecticut Water Service Incorporated | | | | 2,313 | | | | 155,156 | |
| | |
Global Water Resources Incorporated | | | | 1,857 | | | | 17,660 | |
| | |
Middlesex Water Company | | | | 2,798 | | | | 164,718 | |
| | |
Pure Cycle Corporation † | | | | 3,509 | | | | 35,581 | |
| | |
SJW Corporation | | | | 3,401 | | | | 208,039 | |
| | |
York Water Company | | | | 2,391 | | | | 87,152 | |
| | | | |
| | | | | | | | | | | | | | | 1,727,736 | |
| | | | | | | | | | | | | | | | |
| |
Total Common Stocks (Cost $246,222,316) | | | | 265,370,810 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | Yield | | | | | | | | | | |
| Short-Term Investments: 3.87% | |
|
| Investment Companies: 3.87% | |
| | | | |
Wells Fargo Government Money Market Fund Select Class (l)(u) | | | 2.34 | % | | | | | | | 10,752,908 | | | | 10,752,908 | |
| | | | | | | | | | | | | | | | |
| |
Total Short-Term Investments (Cost $10,752,908) | | | | 10,752,908 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | |
| Total investments in securities (Cost $256,975,224) | | | 99.31 | % | | | 276,123,718 | |
| | |
Other assets and liabilities, net | | | 0.69 | | | | 1,911,062 | |
| | | | | | | | |
| Total net assets | | | 100.00 | % | | $ | 278,034,780 | |
| | | | | | | | |
| † | Non-income-earning security |
| ‡ | Security is valued using significant unobservable inputs. |
| (a) | The security is fair valued in accordance with procedures approved by the Board of Trustees. |
| (l) | The issuer of the security is an affiliated person of the Portfolio as defined in the Investment Company Act of 1940. |
| (u) | The rate represents the7-day annualized yield at period end. |
Abbreviations:
| REIT | Real estate investment trust |
Futures Contracts
| | | | | | | | | | | | | | | | | | | | | | | | |
| Description | | Number of contracts | | | Expiration date | | | Notional cost | | | Notional value | | | Unrealized gains | | | Unrealized losses | |
| | | | | | |
Long | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
E-Mini Russell 2000 Index | | | 159 | | | | 3-15-2019 | | | $ | 12,645,939 | | | $ | 12,525,225 | | | $ | 0 | | | $ | (120,714 | ) |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—February 28, 2019 | | Wells Fargo Funds | | | 193 | |
FACTOR ENHANCED SMALL CAP PORTFOLIO
Investments in Affiliates
An affiliated investment is an investment in which the Portfolio owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Portfolio and the issuer having the same adviser or investment manager. Transactions with issuers that were either affiliated persons of the Portfolio at the beginning of the period or the end of the period were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Shares, beginning of period | | | Shares purchased | | | Shares sold | | | Shares, end of period | | | Net realized gains (losses) | | | Net change in unrealized gains (losses) | | | Income from affiliated securities | | | Value, end of period | | | % of net assets | |
Short-Term Investments | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Investment Companies | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Wells Fargo Government Money Market Fund Select Class | | | 14,195,316 | | | | 194,060,451 | | | | 197,502,859 | | | | 10,752,908 | | | $ | 0 | | | $ | 0 | | | $ | 210,967 | | | $ | 10,752,908 | | | | 3.87 | % |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 194 | | Wells Fargo Funds | | Portfolio of investments—February 28, 2019 |
HIGH YIELD CORPORATE BOND PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
|
Corporate Bonds and Notes: 82.75% | |
|
Communication Services: 13.46% | |
|
| Diversified Telecommunication Services: 3.38% | |
| | | | |
CenturyLink Incorporated | | | 5.63 | % | | | 4-1-2025 | | | $ | 300,000 | | | $ | 286,038 | |
| | | | |
CenturyLink Incorporated | | | 6.45 | | | | 6-15-2021 | | | | 200,000 | | | | 207,750 | |
| | | | |
CenturyLink Incorporated | | | 7.50 | | | | 4-1-2024 | | | | 600,000 | | | | 634,684 | |
| | | | |
Cincinnati Bell Incorporated 144A | | | 7.00 | | | | 7-15-2024 | | | | 200,000 | | | | 181,000 | |
| | | | |
Embarq Corporation | | | 8.00 | | | | 6-1-2036 | | | | 200,000 | | | | 193,000 | |
| | | | |
Frontier Communications Corporation 144A | | | 8.50 | | | | 4-1-2026 | | | | 200,000 | | | | 186,000 | |
| | | | |
Hughes Satellite Systems Company | | | 7.63 | | | | 6-15-2021 | | | | 300,000 | | | | 321,750 | |
| | | | |
Level 3 Financing Incorporated | | | 5.25 | | | | 3-15-2026 | | | | 230,000 | | | | 225,688 | |
| | | | |
Level 3 Financing Incorporated | | | 5.38 | | | | 1-15-2024 | | | | 200,000 | | | | 201,250 | |
| | | | |
Qwest Capital Funding | | | 6.88 | | | | 7-15-2028 | | | | 200,000 | | | | 171,000 | |
| | | | |
Windstream Services Finance Company 144A†† | | | 9.00 | | | | 6-30-2025 | | | | 236,000 | | | | 140,420 | |
| | | | |
Zayo Group LLC | | | 6.00 | | | | 4-1-2023 | | | | 200,000 | | | | 202,500 | |
| | | | |
| | | | | | | | | | | | | | | 2,951,080 | |
| | | | | | | | | | | | | | | | |
|
| Entertainment: 1.10% | |
| | | | |
AMC Entertainment Holdings Incorporated | | | 5.88 | | | | 11-15-2026 | | | | 300,000 | | | | 270,030 | |
| | | | |
Netflix Incorporated | | | 4.88 | | | | 4-15-2028 | | | | 500,000 | | | | 486,875 | |
| | | | |
Viacom Incorporated (3 Month LIBOR +3.90%) ± | | | 6.25 | | | | 2-28-2057 | | | | 200,000 | | | | 198,878 | |
| | | | |
| | | | | | | | | | | | | | | 955,783 | |
| | | | | | | | | | | | | | | | |
|
| Interactive Media & Services: 0.23% | |
| | | | |
Sabre GLBL Incorporated 144A | | | 5.38 | | | | 4-15-2023 | | | | 200,000 | | | | 204,000 | |
| | | | | | | | | | | | | | | | |
|
| Media: 6.97% | |
| | | | |
AMC Networks Incorporated | | | 4.75 | | | | 8-1-2025 | | | | 300,000 | | | | 291,750 | |
| | | | |
CCO Holdings LLC 144A | | | 5.88 | | | | 5-1-2027 | | | | 500,000 | | | | 513,594 | |
| | | | |
Clear Channel Worldwide Holdings Incorporated 144A | | | 9.25 | | | | 2-15-2024 | | | | 500,000 | | | | 524,375 | |
| | | | |
CSC Holdings LLC 144A | | | 5.50 | | | | 4-15-2027 | | | | 200,000 | | | | 201,000 | |
| | | | |
CSC Holdings LLC 144A | | | 6.50 | | | | 2-1-2029 | | | | 300,000 | | | | 313,878 | |
| | | | |
DISH DBS Corporation | | | 5.88 | | | | 7-15-2022 | | | | 200,000 | | | | 191,000 | |
| | | | |
DISH DBS Corporation | | | 5.88 | | | | 11-15-2024 | | | | 600,000 | | | | 505,320 | |
| | | | |
Gray Television Incorporated 144A | | | 5.88 | | | | 7-15-2026 | | | | 300,000 | | | | 303,000 | |
| | | | |
Lamar Media Corporation | | | 5.00 | | | | 5-1-2023 | | | | 200,000 | | | | 203,500 | |
| | | | |
Meredith Corporation | | | 6.88 | | | | 2-1-2026 | | | | 300,000 | | | | 309,840 | |
| | | | |
Neptune Finco Corporation 144A | | | 10.88 | | | | 10-15-2025 | | | | 200,000 | | | | 232,000 | |
| | | | |
Nielsen Finance LLC 144A | | | 5.00 | | | | 4-15-2022 | | | | 200,000 | | | | 199,500 | |
| | | | |
Outfront Media Capital Corporation | | | 5.63 | | | | 2-15-2024 | | | | 300,000 | | | | 307,125 | |
| | | | |
Sinclair Television Group Incorporated | | | 6.13 | | | | 10-1-2022 | | | | 200,000 | | | | 204,440 | |
| | | | |
Sinclair Television Group Incorporated 144A | | | 5.63 | | | | 8-1-2024 | | | | 200,000 | | | | 202,000 | |
| | | | |
Sirius XM Radio Incorporated 144A | | | 3.88 | | | | 8-1-2022 | | | | 200,000 | | | | 198,690 | |
| | | | |
Sirius XM Radio Incorporated 144A | | | 5.38 | | | | 7-15-2026 | | | | 200,000 | | | | 200,500 | |
| | | | |
Sirius XM Radio Incorporated 144A | | | 6.00 | | | | 7-15-2024 | | | | 200,000 | | | | 207,250 | |
| | | | |
TEGNA Incorporated | | | 6.38 | | | | 10-15-2023 | | | | 300,000 | | | | 309,000 | |
| | | | |
Tribune Media Company | | | 5.88 | | | | 7-15-2022 | | | | 300,000 | | | | 305,250 | |
| | | | |
Univision Communications Incorporated 144A | | | 5.13 | | | | 5-15-2023 | | | | 400,000 | | | | 363,000 | |
| | | | |
| | | | | | | | | | | | | | | 6,086,012 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—February 28, 2019 | | Wells Fargo Funds | | | 195 | |
HIGH YIELD CORPORATE BOND PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
|
| Wireless Telecommunication Services: 1.78% | |
| | | | |
Sprint Capital Corporation | | | 8.75 | % | | | 3-15-2032 | | | $ | 200,000 | | | $ | 216,770 | |
| | | | |
Sprint Communications Incorporated | | | 7.00 | | | | 8-15-2020 | | | | 200,000 | | | | 208,480 | |
| | | | |
Sprint Corporation | | | 7.13 | | | | 6-15-2024 | | | | 200,000 | | | | 206,646 | |
| | | | |
Sprint Corporation | | | 7.25 | | | | 9-15-2021 | | | | 200,000 | | | | 211,250 | |
| | | | |
T-Mobile USA Incorporated | | | 4.50 | | | | 2-1-2026 | | | | 300,000 | | | | 295,875 | |
| | | | |
T-Mobile USA Incorporated | | | 5.38 | | | | 4-15-2027 | | | | 200,000 | | | | 205,250 | |
| | | | |
T-Mobile USA Incorporated | | | 6.50 | | | | 1-15-2024 | | | | 200,000 | | | | 207,500 | |
| | | | |
| | | | | | | | | | | | | | | 1,551,771 | |
| | | | | | | | | | | | | | | | |
|
Consumer Discretionary: 10.92% | |
|
| Auto Components: 1.01% | |
| | | | |
Allison Transmission Incorporated 144A | | | 4.75 | | | | 10-1-2027 | | | | 200,000 | | | | 191,500 | |
| | | | |
American Axle & Manufacturing Incorporated | | | 6.50 | | | | 4-1-2027 | | | | 300,000 | | | | 296,250 | |
| | | | |
Dana Holding Corporation | | | 5.50 | | | | 12-15-2024 | | | | 200,000 | | | | 198,250 | |
| | | | |
Goodyear Tire & Rubber Company | | | 5.13 | | | | 11-15-2023 | | | | 200,000 | | | | 199,500 | |
| | | | |
| | | | | | | | | | | | | | | 885,500 | |
| | | | | | | | | | | | | | | | |
|
| Automobiles: 0.20% | |
| | | | |
Tesla Incorporated 144A | | | 5.30 | | | | 8-15-2025 | | | | 200,000 | | | | 178,000 | |
| | | | | | | | | | | | | | | | |
|
| Distributors: 0.21% | |
| | | | |
Ahern Rentals Incorporated 144A | | | 7.38 | | | | 5-15-2023 | | | | 200,000 | | | | 184,500 | |
| | | | | | | | | | | | | | | | |
|
| Diversified Consumer Services: 0.80% | |
| | | | |
APX Group Incorporated | | | 7.63 | | | | 9-1-2023 | | | | 200,000 | | | | 176,250 | |
| | | | |
Laureate Education Incorporated 144A | | | 8.25 | | | | 5-1-2025 | | | | 200,000 | | | | 216,000 | |
| | | | |
Service Corporation International | | | 5.38 | | | | 5-15-2024 | | | | 300,000 | | | | 306,750 | |
| | | | |
| | | | | | | | | | | | | | | 699,000 | |
| | | | | | | | | | | | | | | | |
|
| Hotels, Restaurants & Leisure: 4.14% | |
| | | | |
24 Hour Fitness Worldwide Incorporated 144A | | | 8.00 | | | | 6-1-2022 | | | | 200,000 | | | | 196,000 | |
| | | | |
Boyd Gaming Corporation | | | 6.88 | | | | 5-15-2023 | | | | 200,000 | | | | 209,000 | |
| | | | |
Caesars Resort Collection LLC 144A | | | 5.25 | | | | 10-15-2025 | | | | 400,000 | | | | 379,500 | |
| | | | |
Eldorado Resorts Incorporated | | | 6.00 | | | | 4-1-2025 | | | | 200,000 | | | | 203,250 | |
| | | | |
Golden Nugget Incorporated 144A | | | 6.75 | | | | 10-15-2024 | | | | 300,000 | | | | 301,500 | |
| | | | |
Jack Ohio Finance LLC 144A | | | 6.75 | | | | 11-15-2021 | | | | 200,000 | | | | 206,000 | |
| | | | |
KFC Holding Company 144A | | | 5.00 | | | | 6-1-2024 | | | | 300,000 | | | | 303,834 | |
| | | | |
MGM Resorts International | | | 4.63 | | | | 9-1-2026 | | | | 400,000 | | | | 380,000 | |
| | | | |
MGM Resorts International | | | 5.25 | | | | 3-31-2020 | | | | 200,000 | | | | 203,550 | |
| | | | |
MGM Resorts International | | | 6.63 | | | | 12-15-2021 | | | | 200,000 | | | | 213,524 | |
| | | | |
Scientific Games International Incorporated | | | 10.00 | | | | 12-1-2022 | | | | 400,000 | | | | 420,500 | |
| | | | |
Six Flags Entertainment Company 144A | | | 4.88 | | | | 7-31-2024 | | | | 200,000 | | | | 197,000 | |
| | | | |
Wynn Las Vegas LLC 144A | | | 5.50 | | | | 3-1-2025 | | | | 400,000 | | | | 398,120 | |
| | | | |
| | | | | | | | | | | | | | | 3,611,778 | |
| | | | | | | | | | | | | | | | |
|
| Household Durables: 1.42% | |
| | | | |
Hovnanian Enterprises Incorporated 144A | | | 10.00 | | | | 7-15-2022 | | | | 200,000 | | | | 160,000 | |
| | | | |
Lennar Corporation | | | 4.50 | | | | 4-30-2024 | | | | 300,000 | | | | 297,750 | |
| | | | |
Lennar Corporation | | | 4.88 | | | | 12-15-2023 | | | | 200,000 | | | | 203,000 | |
| | | | |
Pulte Group Incorporated | | | 4.25 | | | | 3-1-2021 | | | | 200,000 | | | | 201,500 | |
| | | | |
Toll Brothers Finance Corporation | | | 4.38 | | | | 4-15-2023 | | | | 200,000 | | | | 200,500 | |
| | | | |
William Lyon Homes Incorporated | | | 5.88 | | | | 1-31-2025 | | | | 200,000 | | | | 180,000 | |
| | | | |
| | | | | | | | | | | | | | | 1,242,750 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 196 | | Wells Fargo Funds | | Portfolio of investments—February 28, 2019 |
HIGH YIELD CORPORATE BOND PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
|
| Household Products: 0.24% | |
| | | | |
Avon International Operations Incorporated 144A | | | 7.88 | % | | | 8-15-2022 | | | $ | 200,000 | | | $ | 206,000 | |
| | | | | | | | | | | | | | | | |
|
| Leisure Products: 0.22% | |
| | | | |
Mattel Incorporated 144A | | | 6.75 | | | | 12-31-2025 | | | | 200,000 | | | | 197,000 | |
| | | | | | | | | | | | | | | | |
|
| Multiline Retail: 0.56% | |
| | | | |
J.C. Penney Corporation Incorporated 144A | | | 5.88 | | | | 7-1-2023 | | | | 300,000 | | | | 255,750 | |
| | | | |
J.C. Penney Corporation Incorporated | | | 6.38 | | | | 10-15-2036 | | | | 200,000 | | | | 74,000 | |
| | | | |
Neiman Marcus Group Limited 144A | | | 8.00 | | | | 10-15-2021 | | | | 300,000 | | | | 156,000 | |
| | | | |
| | | | | | | | | | | | | | | 485,750 | |
| | | | | | | | | | | | | | | | |
|
| Specialty Retail: 1.89% | |
| | | | |
Gap Incorporated | | | 5.95 | | | | 4-12-2021 | | | | 200,000 | | | | 207,869 | |
| | | | |
Group 1 Automotive Incorporated | | | 5.00 | | | | 6-1-2022 | | | | 100,000 | | | | 100,500 | |
| | | | |
L Brands Incorporated | | | 5.63 | | | | 10-15-2023 | | | | 200,000 | | | | 198,500 | |
| | | | |
L Brands Incorporated | | | 6.75 | | | | 7-1-2036 | | | | 200,000 | | | | 169,000 | |
| | | | |
New Albertsons Incorporated | | | 7.45 | | | | 8-1-2029 | | | | 200,000 | | | | 176,050 | |
| | | | |
Penske Auto Group Incorporated | | | 5.75 | | | | 10-1-2022 | | | | 300,000 | | | | 304,500 | |
| | | | |
PetSmart Incorporated 144A | | | 5.88 | | | | 6-1-2025 | | | | 200,000 | | | | 159,000 | |
| | | | |
PetSmart Incorporated 144A | | | 7.13 | | | | 3-15-2023 | | | | 200,000 | | | | 135,500 | |
| | | | |
Sally Holdings LLC | | | 5.63 | | | | 12-1-2025 | | | | 200,000 | | | | 196,250 | |
| | | | |
| | | | | | | | | | | | | | | 1,647,169 | |
| | | | | | | | | | | | | | | | |
|
| Textiles, Apparel & Luxury Goods: 0.23% | |
| | | | |
HanesBrands Incorporated 144A | | | 4.63 | | | | 5-15-2024 | | | | 200,000 | | | | 199,780 | |
| | | | | | | | | | | | | | | | |
|
Consumer Staples: 3.36% | |
|
| Beverages: 0.23% | |
| | | | |
Cott Beverages Incorporated 144A | | | 5.50 | | | | 4-1-2025 | | | | 200,000 | | | | 197,750 | |
| | | | | | | | | | | | | | | | |
|
| Food & Staples Retailing: 0.97% | |
| | | | |
Albertsons Companies LLC 144A | | | 7.50 | | | | 3-15-2026 | | | | 200,000 | | | | 206,000 | |
| | | | |
Aramark Services Incorporated | | | 4.75 | | | | 6-1-2026 | | | | 300,000 | | | | 297,750 | |
| | | | |
Rite Aid Corporation 144A | | | 6.13 | | | | 4-1-2023 | | | | 400,000 | | | | 341,716 | |
| | | | |
| | | | | | | | | | | | | | | 845,466 | |
| | | | | | | | | | | | | | | | |
|
| Food Products: 1.71% | |
| | | | |
B&G Foods Incorporated | | | 4.63 | | | | 6-1-2021 | | | | 200,000 | | | | 199,750 | |
| | | | |
JBS USA Finance Incorporated 144A | | | 5.75 | | | | 6-15-2025 | | | | 300,000 | | | | 304,290 | |
| | | | |
JBS USA Finance Incorporated 144A | | | 6.75 | | | | 2-15-2028 | | | | 200,000 | | | | 206,750 | |
| | | | |
Lamb Weston Holdings Incorporated 144A | | | 4.88 | | | | 11-1-2026 | | | | 200,000 | | | | 200,250 | |
| | | | |
Pilgrim’s Pride Corporation 144A | | | 5.88 | | | | 9-30-2027 | | | | 200,000 | | | | 196,500 | |
| | | | |
Post Holdings Incorporated 144A | | | 5.00 | | | | 8-15-2026 | | | | 200,000 | | | | 192,250 | |
| | | | |
Post Holdings Incorporated 144A | | | 5.63 | | | | 1-15-2028 | | | | 200,000 | | | | 193,250 | |
| | | | |
| | | | | | | | | | | | | | | 1,493,040 | |
| | | | | | | | | | | | | | | | |
|
| Household Products: 0.22% | |
| | | | |
Energizer Holdings Incorporated 144A | | | 5.50 | | | | 6-15-2025 | | | | 200,000 | | | | 195,500 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—February 28, 2019 | | Wells Fargo Funds | | | 197 | |
HIGH YIELD CORPORATE BOND PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
|
| Personal Products: 0.23% | |
| | | | |
First Quality Finance Company 144A | | | 4.63 | % | | | 5-15-2021 | | | $ | 200,000 | | | $ | 199,500 | |
| | | | | | | | | | | | | | | | |
|
Energy: 14.38% | |
|
| Energy Equipment & Services: 1.35% | |
| | | | |
Bruin E&P Partners LLC 144A | | | 8.88 | | | | 8-1-2023 | | | | 200,000 | | | | 195,500 | |
| | | | |
Diamond Offshore Drilling Incorporated | | | 5.70 | | | | 10-15-2039 | | | | 300,000 | | | | 202,500 | |
| | | | |
Hilcorp Energy Company 144A | | | 5.75 | | | | 10-1-2025 | | | | 200,000 | | | | 198,750 | |
| | | | |
NGPL PipeCo LLC 144A | | | 4.88 | | | | 8-15-2027 | | | | 200,000 | | | | 201,188 | |
| | | | |
SESI LLC | | | 7.13 | | | | 12-15-2021 | | | | 200,000 | | | | 185,000 | |
| | | | |
Unit Corporation | | | 6.63 | | | | 5-15-2021 | | | | 200,000 | | | | 196,000 | |
| | | | |
| | | | | | | | | | | | | | | 1,178,938 | |
| | | | | | | | | | | | | | | | |
|
| Oil, Gas & Consumable Fuels: 13.03% | |
| | | | |
Antero Resources Corporation | | | 5.13 | | | | 12-1-2022 | | | | 200,000 | | | | 200,320 | |
| | | | |
Antero Resources Corporation | | | 5.63 | | | | 6-1-2023 | | | | 200,000 | | | | 200,500 | |
| | | | |
Ascent Resources Utica Holdings LLC 144A | | | 10.00 | | | | 4-1-2022 | | | | 195,000 | | | | 210,113 | |
| | | | |
California Resources Corporation 144A | | | 8.00 | | | | 12-15-2022 | | | | 400,000 | | | | 319,500 | |
| | | | |
Carrizo Oil & Gas Incorporated | | | 6.25 | | | | 4-15-2023 | | | | 200,000 | | | | 197,250 | |
| | | | |
Cheniere Corpus Christi Holdings LLC | | | 5.88 | | | | 3-31-2025 | | | | 300,000 | | | | 319,503 | |
| | | | |
Cheniere Energy Partners LP | | | 5.25 | | | | 10-1-2025 | | | | 200,000 | | | | 202,500 | |
| | | | |
Chesapeake Energy Corporation | | | 6.13 | | | | 2-15-2021 | | | | 300,000 | | | | 306,750 | |
| | | | |
Chesapeake Energy Corporation | | | 8.00 | | | | 6-15-2027 | | | | 200,000 | | | | 198,070 | |
| | | | |
CONSOL Energy Incorporated | | | 5.88 | | | | 4-15-2022 | | | | 300,000 | | | | 303,000 | |
| | | | |
Crestwood Midstream Partners LP | | | 6.25 | | | | 4-1-2023 | | | | 200,000 | | | | 205,304 | |
| | | | |
CrownRock LP 144A | | | 5.63 | | | | 10-15-2025 | | | | 200,000 | | | | 193,750 | |
| | | | |
DCP Midstream Operating LP | | | 3.88 | | | | 3-15-2023 | | | | 200,000 | | | | 198,500 | |
| | | | |
DCP Midstream Operating LP 144A | | | 4.75 | | | | 9-30-2021 | | | | 200,000 | | | | 203,500 | |
| | | | |
DCP Midstream Operating LP (3 Month LIBOR +3.85%) 144A± | | | 5.85 | | | | 5-21-2043 | | | | 200,000 | | | | 177,000 | |
| | | | |
Denbury Resources Incorporated 144A | | | 9.00 | | | | 5-15-2021 | | | | 400,000 | | | | 403,500 | |
| | | | |
Diamondback Energy Incorporated | | | 4.75 | | | | 11-1-2024 | | | | 200,000 | | | | 202,250 | |
| | | | |
Energy Transfer Equity LP | | | 4.25 | | | | 3-15-2023 | | | | 200,000 | | | | 202,540 | |
| | | | |
Energy Transfer Equity LP | | | 5.88 | | | | 1-15-2024 | | | | 200,000 | | | | 214,500 | |
| | | | |
Enlink Midstream LLC | | | 5.45 | | | | 6-1-2047 | | | | 350,000 | | | | 308,875 | |
| | | | |
EP Energy Corporation 144A | | | 9.38 | | | | 5-1-2024 | | | | 200,000 | | | | 93,500 | |
| | | | |
EP Energy LLC 144A | | | 7.75 | | | | 5-15-2026 | | | | 200,000 | | | | 177,250 | |
| | | | |
Extraction Oil & Gas Incorporated 144A | | | 5.63 | | | | 2-1-2026 | | | | 200,000 | | | | 166,000 | |
| | | | |
Genesis Energy LP | | | 6.75 | | | | 8-1-2022 | | | | 400,000 | | | | 407,000 | |
| | | | |
Gulfport Energy Corporation | | | 6.00 | | | | 10-15-2024 | | | | 300,000 | | | | 271,500 | |
| | | | |
Jonah Energy LLC 144A | | | 7.25 | | | | 10-15-2025 | | | | 200,000 | | | | 129,000 | |
| | | | |
McDermott Technology Americas Incorporated 144A | | | 10.63 | | | | 5-1-2024 | | | | 200,000 | | | | 166,000 | |
| | | | |
Murphy Oil Corporation | | | 6.88 | | | | 8-15-2024 | | | | 200,000 | | | | 211,554 | |
| | | | |
Nabors Industries Incorporated | | | 5.00 | | | | 9-15-2020 | | | | 200,000 | | | | 200,750 | |
| | | | |
Newfield Exploration Company | | | 5.63 | | | | 7-1-2024 | | | | 200,000 | | | | 213,875 | |
| | | | |
Oasis Petroleum Incorporated | | | 6.88 | | | | 3-15-2022 | | | | 190,000 | | | | 189,763 | |
| | | | |
Parsley Energy LLC 144A | | | 5.38 | | | | 1-15-2025 | | | | 300,000 | | | | 300,750 | |
| | | | |
PDC Energy Incorporated | | | 5.75 | | | | 5-15-2026 | | | | 200,000 | | | | 193,250 | |
| | | | |
QEP Resources Incorporated | | | 5.25 | | | | 5-1-2023 | | | | 200,000 | | | | 192,500 | |
| | | | |
Range Resources Corporation | | | 4.88 | | | | 5-15-2025 | | | | 400,000 | | | | 366,375 | |
| | | | |
Rowan Companies Incorporated | | | 4.88 | | | | 6-1-2022 | | | | 400,000 | | | | 372,750 | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 198 | | Wells Fargo Funds | | Portfolio of investments—February 28, 2019 |
HIGH YIELD CORPORATE BOND PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
|
| Oil, Gas & Consumable Fuels(continued) | |
| | | | |
Sanchez Energy Corporation 144A | | | 7.25 | % | | | 2-15-2023 | | | $ | 400,000 | | | $ | 345,000 | |
| | | | |
SM Energy Company | | | 6.75 | | | | 9-15-2026 | | | | 200,000 | | | | 191,500 | |
| | | | |
Southwestern Energy Company | | | 7.75 | | | | 10-1-2027 | | | | 200,000 | | | | 207,750 | |
| | | | |
Suburban Propane Partners LP | | | 5.50 | | | | 6-1-2024 | | | | 200,000 | | | | 197,500 | |
| | | | |
Sunoco LP | | | 4.88 | | | | 1-15-2023 | | | | 210,000 | | | | 212,625 | |
| | | | |
Tallgrass Energy Partners LP 144A | | | 5.50 | | | | 1-15-2028 | | | | 200,000 | | | | 199,500 | |
| | | | |
Targa Resources Partners LP | | | 4.25 | | | | 11-15-2023 | | | | 200,000 | | | | 197,500 | |
| | | | |
Targa Resources Partners LP | | | 5.13 | | | | 2-1-2025 | | | | 200,000 | | | | 201,000 | |
| | | | |
Targa Resources Partners LP | | | 5.25 | | | | 5-1-2023 | | | | 200,000 | | | | 202,748 | |
| | | | |
Transocean Incorporated | | | 6.80 | | | | 3-15-2038 | | | | 300,000 | | | | 226,500 | |
| | | | |
Vine Oil & Gas LP 144A | | | 8.75 | | | | 4-15-2023 | | | | 200,000 | | | | 161,500 | |
| | | | |
Whiting Petroleum Corporation | | | 5.75 | | | | 3-15-2021 | | | | 200,000 | | | | 202,250 | |
| | | | |
WPX Energy Incorporated | | | 6.00 | | | | 1-15-2022 | | | | 400,000 | | | | 413,000 | |
| | | | |
| | | | | | | | | | | | | | | 11,377,415 | |
| | | | | | | | | | | | | | | | |
|
Financials: 6.88% | |
|
| Banks: 0.47% | |
| | | | |
CIT Group Incorporated | | | 5.00 | | | | 8-15-2022 | | | | 200,000 | | | | 206,500 | |
| | | | |
CIT Group Incorporated | | | 5.00 | | | | 8-1-2023 | | | | 200,000 | | | | 207,302 | |
| | | | |
| | | | | | | | | | | | | | | 413,802 | |
| | | | | | | | | | | | | | | | |
|
| Capital Markets: 0.79% | |
| | | | |
Banff Merger Subordinate Incorporated 144A | | | 9.75 | | | | 9-1-2026 | | | | 300,000 | | | | 290,625 | |
| | | | |
Jefferies Finance LLC 144A | | | 6.88 | | | | 4-15-2022 | | | | 200,000 | | | | 199,500 | |
| | | | |
MSCI Incorporated 144A | | | 5.25 | | | | 11-15-2024 | | | | 200,000 | | | | 205,000 | |
| | | | |
| | | | | | | | | | | | | | | 695,125 | |
| | | | | | | | | | | | | | | | |
|
| Consumer Finance: 2.71% | |
| | | | |
Ally Financial Incorporated | | | 5.13 | | | | 9-30-2024 | | | | 300,000 | | | | 315,000 | |
| | | | |
Ally Financial Incorporated | | | 5.75 | | | | 11-20-2025 | | | | 200,000 | | | | 212,000 | |
| | | | |
Navient Corporation | | | 5.88 | | | | 3-25-2021 | | | | 200,000 | | | | 203,750 | |
| | | | |
Navient Corporation | | | 5.88 | | | | 10-25-2024 | | | | 200,000 | | | | 192,500 | |
| | | | |
Navient Corporation | | | 6.50 | | | | 6-15-2022 | | | | 200,000 | | | | 205,000 | |
| | | | |
Navient Corporation | | | 6.75 | | | | 6-25-2025 | | | | 200,000 | | | | 195,750 | |
| | | | |
Quicken Loans Incorporated 144A | | | 5.25 | | | | 1-15-2028 | | | | 400,000 | | | | 364,500 | |
| | | | |
Springleaf Finance Corporation | | | 6.13 | | | | 5-15-2022 | | | | 300,000 | | | | 311,250 | |
| | | | |
Springleaf Finance Corporation | | | 8.25 | | | | 12-15-2020 | | | | 340,000 | | | | 364,055 | |
| | | | |
| | | | | | | | | | | | | | | 2,363,805 | |
| | | | | | | | | | | | | | | | |
|
| Diversified Financial Services: 1.53% | |
| | | | |
Harland Clarke Holdings 144A | | | 9.25 | | | | 3-1-2021 | | | | 200,000 | | | | 198,000 | |
| | | | |
Hilton Domestic Operating Company | | | 4.25 | | | | 9-1-2024 | | | | 200,000 | | | | 197,000 | |
| | | | |
Prime Services Company 144A | | | 9.25 | | | | 5-15-2023 | | | | 214,000 | | | | 225,663 | |
| | | | |
Refinitiv U.S. Holdings Company 144A | | | 8.25 | | | | 11-15-2026 | | | | 300,000 | | | | 293,531 | |
| | | | |
Transocean Incorporated 144A | | | 9.00 | | | | 7-15-2023 | | | | 400,000 | | | | 422,000 | |
| | | | |
| | | | | | | | | | | | | | | 1,336,194 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—February 28, 2019 | | Wells Fargo Funds | | | 199 | |
HIGH YIELD CORPORATE BOND PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
|
| Insurance: 0.91% | |
| | | | |
Alliant Holdings International LLC 144A | | | 8.25 | % | | | 8-1-2023 | | | $ | 200,000 | | | $ | 206,625 | |
| | | | |
Genworth Holdings Incorporated | | | 7.63 | | | | 9-24-2021 | | | | 200,000 | | | | 195,050 | |
| | | | |
HUB International Limited 144A | | | 7.00 | | | | 5-1-2026 | | | | 200,000 | | | | 196,000 | |
| | | | |
USIS Merger Subordinate Incorporated 144A | | | 6.88 | | | | 5-1-2025 | | | | 200,000 | | | | 194,500 | |
| | | | |
| | | | | | | | | | | | | | | 792,175 | |
| | | | | | | | | | | | | | | | |
|
| Thrifts & Mortgage Finance: 0.47% | |
| | | | |
Ladder Capital Finance LLC 144A | | | 5.25 | | | | 3-15-2022 | | | | 200,000 | | | | 203,000 | |
| | | | |
Nationstar Mortgage Holdings Incorporated 144A | | | 9.13 | | | | 7-15-2026 | | | | 200,000 | | | | 204,500 | |
| | | | |
| | | | | | | | | | | | | | | 407,500 | |
| | | | | | | | | | | | | | | | |
|
Health Care: 7.15% | |
|
| Health Care Equipment & Supplies: 0.56% | |
| | | | |
Crimson Incorporated 144A | | | 6.63 | | | | 5-15-2022 | | | | 300,000 | | | | 288,750 | |
| | | | |
Hologic Incorporated 144A | | | 4.38 | | | | 10-15-2025 | | | | 200,000 | | | | 196,500 | |
| | | | |
| | | | | | | | | | | | | | | 485,250 | |
| | | | | | | | | | | | | | | | |
|
| Health Care Providers & Services: 5.53% | |
| | | | |
Centene Corporation | | | 4.75 | | | | 5-15-2022 | | | | 200,000 | | | | 203,750 | |
| | | | |
Centene Corporation | | | 6.13 | | | | 2-15-2024 | | | | 200,000 | | | | 209,250 | |
| | | | |
CHS Incorporated | | | 5.13 | | | | 8-1-2021 | | | | 400,000 | | | | 392,500 | |
| | | | |
Community Health Systems Incorporated | | | 6.88 | | | | 2-1-2022 | | | | 200,000 | | | | 131,000 | |
| | | | |
Davita Incorporated | | | 5.00 | | | | 5-1-2025 | | | | 200,000 | | | | 192,940 | |
| | | | |
Davita Incorporated | | | 5.13 | | | | 7-15-2024 | | | | 300,000 | | | | 297,000 | |
| | | | |
Encompass Health Corporation | | | 5.75 | | | | 11-1-2024 | | | | 200,000 | | | | 202,060 | |
| | | | |
Envision Healthcare Corporation 144A | | | 8.75 | | | | 10-15-2026 | | | | 200,000 | | | | 180,500 | |
| | | | |
HCA Incorporated | | | 7.50 | | | | 2-15-2022 | | | | 300,000 | | | | 328,875 | |
| | | | |
Jaguar Holding Company II 144A | | | 6.38 | | | | 8-1-2023 | | | | 200,000 | | | | 201,500 | |
| | | | |
MPH Acquisition Holdings LLC 144A | | | 7.13 | | | | 6-1-2024 | | | | 300,000 | | | | 298,875 | |
| | | | |
MPT Operating Partnership LP | | | 5.00 | | | | 10-15-2027 | | | | 200,000 | | | | 198,500 | |
| | | | |
Polaris Intermediate Corporation 144A | | | 8.50 | | | | 12-1-2022 | | | | 300,000 | | | | 296,163 | |
| | | | |
RegionalCare Hospital Partners 144A | | | 8.25 | | | | 5-1-2023 | | | | 200,000 | | | | 214,000 | |
| | | | |
Team Health Holdings Incorporated 144A | | | 6.38 | | | | 2-1-2025 | | | | 300,000 | | | | 238,125 | |
| | | | |
Tenet Healthcare Corporation | | | 5.13 | | | | 5-1-2025 | | | | 300,000 | | | | 297,375 | |
| | | | |
Tenet Healthcare Corporation | | | 6.88 | | | | 11-15-2031 | | | | 350,000 | | | | 323,750 | |
| | | | |
Tenet Healthcare Corporation | | | 7.00 | | | | 8-1-2025 | | | | 200,000 | | | | 200,500 | |
| | | | |
Vizient Incorporated 144A | | | 10.38 | | | | 3-1-2024 | | | | 200,000 | | | | 216,500 | |
| | | | |
Wellcare Health Plans | | | 5.25 | | | | 4-1-2025 | | | | 200,000 | | | | 204,190 | |
| | | | |
| | | | | | | | | | | | | | | 4,827,353 | |
| | | | | | | | | | | | | | | | |
|
| Health Care Technology: 0.23% | |
| | | | |
Quintiles IMS Holdings Incorporated 144A | | | 4.88 | | | | 5-15-2023 | | | | 200,000 | | | | 203,000 | |
| | | | | | | | | | | | | | | | |
|
| Pharmaceuticals: 0.83% | |
| | | | |
Elanco Animal Health Incorporated 144A | | | 4.90 | | | | 8-28-2028 | | | | 300,000 | | | | 310,803 | |
| | | | |
Endo Finance LLC 144A | | | 5.38 | | | | 1-15-2023 | | | | 500,000 | | | | 415,000 | |
| | | | |
| | | | | | | | | | | | | | | 725,803 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 200 | | Wells Fargo Funds | | Portfolio of investments—February 28, 2019 |
HIGH YIELD CORPORATE BOND PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
|
Industrials: 6.49% | |
|
| Aerospace & Defense: 1.62% | |
| | | | |
Alcoa Incorporated | | | 5.87 | % | | | 2-23-2022 | | | $ | 600,000 | | | $ | 626,250 | |
| | | | |
Alcoa Incorporated | | | 6.15 | | | | 8-15-2020 | | | | 200,000 | | | | 206,500 | |
| | | | |
TransDigm Group Incorporated | | | 6.38 | | | | 6-15-2026 | | | | 200,000 | | | | 194,500 | |
| | | | |
TransDigm Group Incorporated | | | 6.50 | | | | 7-15-2024 | | | | 200,000 | | | | 202,000 | |
| | | | |
Triumph Group Incorporated | | | 7.75 | | | | 8-15-2025 | | | | 200,000 | | | �� | 190,000 | |
| | | | |
| | | | | | | | | | | | | | | 1,419,250 | |
| | | | | | | | | | | | | | | | |
|
| Air Freight & Logistics: 0.23% | |
| | | | |
XPO Logistics Incorporated 144A | | | 6.13 | | | | 9-1-2023 | | | | 200,000 | | | | 199,500 | |
| | | | | | | | | | | | | | | | |
|
| Building Products: 0.23% | |
| | | | |
Griffon Corporation | | | 5.25 | | | | 3-1-2022 | | | | 200,000 | | | | 197,500 | |
| | | | | | | | | | | | | | | | |
|
| Commercial Services & Supplies: 1.35% | |
| | | | |
ADT Corporation | | | 3.50 | | | | 7-15-2022 | | | | 200,000 | | | | 196,750 | |
| | | | |
ADT Corporation 144A | | | 4.88 | | | | 7-15-2032 | | | | 200,000 | | | | 168,500 | |
| | | | |
APTIM Corporation 144A | | | 7.75 | | | | 6-15-2025 | | | | 200,000 | | | | 157,250 | |
| | | | |
Aramark Services Incorporated 144A | | | 5.00 | | | | 4-1-2025 | | | | 200,000 | | | | 203,500 | |
| | | | |
Pitney Bowes Incorporated | | | 4.38 | | | | 5-15-2022 | | | | 300,000 | | | | 284,340 | |
| | | | |
West Corp Company 144A | | | 8.50 | | | | 10-15-2025 | | | | 200,000 | | | | 165,192 | |
| | | | |
| | | | | | | | | | | | | | | 1,175,532 | |
| | | | | | | | | | | | | | | | |
|
| Construction & Engineering: 0.93% | |
| | | | |
AECOM | | | 5.88 | | | | 10-15-2024 | | | | 300,000 | | | | 314,295 | |
| | | | |
United Rentals North America Incorporated | | | 5.50 | | | | 5-15-2027 | | | | 500,000 | | | | 500,000 | |
| | | | |
| | | | | | | | | | | | | | | 814,295 | |
| | | | | | | | | | | | | | | | |
|
| Electrical Equipment: 0.23% | |
| | | | |
Vertiv Group Corporation 144A | | | 9.25 | | | | 10-15-2024 | | | | 200,000 | | | | 200,260 | |
| | | | | | | | | | | | | | | | |
|
| Machinery: 0.34% | |
| | | | |
Gates Global LLC 144A | | | 6.00 | | | | 7-15-2022 | | | | 95,000 | | | | 95,371 | |
| | | | |
Navistar International Corporation 144A | | | 6.63 | | | | 11-1-2025 | | | | 200,000 | | | | 206,206 | |
| | | | |
| | | | | | | | | | | | | | | 301,577 | |
| | | | | | | | | | | | | | | | |
|
| Professional Services: 0.44% | |
| | | | |
Brand Industrial Services Incorporated 144A | | | 8.50 | | | | 7-15-2025 | | | | 200,000 | | | | 180,500 | |
| | | | |
Exela Technologies Incorporated 144A | | | 10.00 | | | | 7-15-2023 | | | | 200,000 | | | | 204,000 | |
| | | | |
| | | | | | | | | | | | | | | 384,500 | |
| | | | | | | | | | | | | | | | |
|
| Road & Rail: 0.67% | |
| | | | |
Hertz Corporation | | | 6.25 | | | | 10-15-2022 | | | | 300,000 | | | | 282,000 | |
| | | | |
Hertz Corporation | | | 7.38 | | | | 1-15-2021 | | | | 300,000 | | | | 300,000 | |
| | | | |
| | | | | | | | | | | | | | | 582,000 | |
| | | | | | | | | | | | | | | | |
|
| Trading Companies & Distributors: 0.45% | |
| | | | |
Beacon Escrow Corporation 144A | | | 4.88 | | | | 11-1-2025 | | | | 200,000 | | | | 186,188 | |
| | | | |
United Rentals North America Incorporated | | | 5.75 | | | | 11-15-2024 | | | | 200,000 | | | | 206,000 | |
| | | | |
| | | | | | | | | | | | | | | 392,188 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—February 28, 2019 | | Wells Fargo Funds | | | 201 | |
HIGH YIELD CORPORATE BOND PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
|
Information Technology: 4.29% | |
|
| Communications Equipment: 0.49% | |
| | | | |
CommScope Incorporated 144A | | | 5.50 | % | | | 6-15-2024 | | | $ | 260,000 | | | $ | 249,600 | |
| | | | |
CommScope Technologies Finance LLC 144A | | | 5.00 | | | | 3-15-2027 | | | | 200,000 | | | | 179,060 | |
| | | | |
| | | | | | | | | | | | | | | 428,660 | |
| | | | | | | | | | | | | | | | |
|
| IT Services: 1.04% | |
| | | | |
Infor Software Parent LLC (PIK at 7.88%) 144A¥ | | | 7.13 | | | | 5-1-2021 | | | | 400,000 | | | | 401,600 | |
| | | | |
Verisign Incorporated | | | 5.25 | | | | 4-1-2025 | | | | 300,000 | | | | 311,625 | |
| | | | |
Zayo Group LLC 144A | | | 5.75 | | | | 1-15-2027 | | | | 200,000 | | | | 194,000 | |
| | | | |
| | | | | | | | | | | | | | | 907,225 | |
| | | | | | | | | | | | | | | | |
|
| Software: 0.89% | |
| | | | |
CDK Global Incorporated | | | 4.88 | | | | 6-1-2027 | | | | 200,000 | | | | 196,542 | |
| | | | |
Solera Finance Incorporated 144A | | | 10.50 | | | | 3-1-2024 | | | | 200,000 | | | | 216,750 | |
| | | | |
Symantec Corporation 144A | | | 5.00 | | | | 4-15-2025 | | | | 200,000 | | | | 199,243 | |
| | | | |
Veritas US Incorporated 144A | | | 10.50 | | | | 2-1-2024 | | | | 200,000 | | | | 168,308 | |
| | | | |
| | | | | | | | | | | | | | | 780,843 | |
| | | | | | | | | | | | | | | | |
|
| Technology Hardware, Storage & Peripherals: 1.87% | |
| | | | |
CDW Finance Corporation | | | 5.00 | | | | 9-1-2023 | | | | 200,000 | | | | 202,000 | |
| | | | |
Dell International LLC 144A | | | 5.88 | | | | 6-15-2021 | | | | 200,000 | | | | 203,940 | |
| | | | |
Dell International LLC 144A | | | 7.13 | | | | 6-15-2024 | | | | 200,000 | | | | 212,227 | |
| | | | |
NCR Corporation | | | 5.00 | | | | 7-15-2022 | | | | 300,000 | | | | 299,967 | |
| | | | |
Western Digital Corporation | | | 4.75 | | | | 2-15-2026 | | | | 400,000 | | | | 378,000 | |
| | | | |
Xerox Corporation | | | 3.63 | | | | 3-15-2023 | | | | 340,000 | | | | 333,625 | |
| | | | |
| | | | | | | | | | | | | | | 1,629,759 | |
| | | | | | | | | | | | | | | | |
|
Materials: 9.32% | |
|
| Chemicals: 2.90% | |
| | | | |
Avantor Incorporated 144A | | | 6.00 | | | | 10-1-2024 | | | | 300,000 | | | | 306,000 | |
| | | | |
Avantor Incorporated 144A | | | 9.00 | | | | 10-1-2025 | | | | 200,000 | | | | 214,500 | |
| | | | |
Calumet Specialty Products Partners LP | | | 7.63 | | | | 1-15-2022 | | | | 200,000 | | | | 181,000 | |
| | | | |
CF Industries Incorporated | | | 3.45 | | | | 6-1-2023 | | | | 300,000 | | | | 290,250 | |
| | | | |
CF Industries Incorporated | | | 4.95 | | | | 6-1-2043 | | | | 200,000 | | | | 167,250 | |
| | | | |
Chemours Company | | | 6.63 | | | | 5-15-2023 | | | | 200,000 | | | | 207,510 | |
| | | | |
CVR Partners LP 144A | | | 9.25 | | | | 6-15-2023 | | | | 200,000 | | | | 210,980 | |
| | | | |
Hexion Incorporated | | | 6.63 | | | | 4-15-2020 | | | | 200,000 | | | | 170,500 | |
| | | | |
Huntsman International LLC | | | 4.88 | | | | 11-15-2020 | | | | 200,000 | | | | 205,125 | |
| | | | |
Olin Corporation | | | 5.00 | | | | 2-1-2030 | | | | 200,000 | | | | 194,250 | |
| | | | |
TPC Group Incorporated 144A | | | 8.75 | | | | 12-15-2020 | | | | 200,000 | | | | 196,000 | |
| | | | |
Tronox Incorporated 144A | | | 6.50 | | | | 4-15-2026 | | | | 200,000 | | | | 189,250 | |
| | | | |
| | | | | | | | | | | | | | | 2,532,615 | |
| | | | | | | | | | | | | | | | |
|
| Construction Materials: 0.78% | |
| | | | |
Standard Industries Incorporated 144A | | | 5.00 | | | | 2-15-2027 | | | | 500,000 | | | | 476,250 | |
| | | | |
Summit Materials LLC | | | 6.13 | | | | 7-15-2023 | | | | 200,000 | | | | 205,000 | |
| | | | |
| | | | | | | | | | | | | | | 681,250 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 202 | | Wells Fargo Funds | | Portfolio of investments—February 28, 2019 |
HIGH YIELD CORPORATE BOND PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
|
| Containers & Packaging: 3.14% | |
| | | | |
Ball Corporation | | | 4.00 | % | | | 11-15-2023 | | | $ | 200,000 | | | $ | 200,500 | |
| | | | |
Ball Corporation | | | 5.25 | | | | 7-1-2025 | | | | 200,000 | | | | 210,000 | |
| | | | |
Berry Global Incorporated | | | 6.00 | | | | 10-15-2022 | | | | 300,000 | | | | 308,250 | |
| | | | |
BWAY Holding Company 144A | | | 5.50 | | | | 4-15-2024 | | | | 300,000 | | | | 295,779 | |
| | | | |
Crown Americas Capital Corporation IV | | | 4.50 | | | | 1-15-2023 | | | | 300,000 | | | | 303,000 | |
| | | | |
Flex Acquisition Company Incorporated 144A | | | 6.88 | | | | 1-15-2025 | | | | 200,000 | | | | 189,000 | |
| | | | |
Owens-Brockway Glass Container Incorporated 144A | | | 5.88 | | | | 8-15-2023 | | | | 200,000 | | | | 210,500 | |
| | | | |
Reynolds Group Issuer Incorporated 144A | | | 5.13 | | | | 7-15-2023 | | | | 200,000 | | | | 200,000 | |
| | | | |
Reynolds Group Issuer Incorporated 144A | | | 7.00 | | | | 7-15-2024 | | | | 400,000 | | | | 409,592 | |
| | | | |
Sealed Air Corporation 144A | | | 5.25 | | | | 4-1-2023 | | | | 200,000 | | | | 205,750 | |
| | | | |
Sealed Air Corporation 144A | | | 5.50 | | | | 9-15-2025 | | | | 200,000 | | | | 208,500 | |
| | | | |
| | | | | | | | | | | | | | | 2,740,871 | |
| | | | | | | | | | | | | | | | |
|
| Metals & Mining: 2.50% | |
| | | | |
Big River Steel LLC 144A | | | 7.25 | | | | 9-1-2025 | | | | 200,000 | | | | 207,250 | |
| | | | |
Cleveland-Cliffs Incorporated | | | 5.75 | | | | 3-1-2025 | | | | 200,000 | | | | 195,500 | |
| | | | |
Freeport-McMoRan Copper & Gold Incorporated | | | 5.40 | | | | 11-14-2034 | | | | 400,000 | | | | 365,000 | |
| | | | |
Freeport-McMoRan Copper & Gold Incorporated | | | 6.88 | | | | 2-15-2023 | | | | 300,000 | | | | 316,875 | |
| | | | |
Joseph T Ryerson & Son Incorporated 144A | | | 11.00 | | | | 5-15-2022 | | | | 200,000 | | | | 209,750 | |
| | | | |
Novelis Corporation 144A | | | 6.25 | | | | 8-15-2024 | | | | 300,000 | | | | 302,157 | |
| | | | |
Steel Dynamics Incorporated | | | 5.00 | | | | 12-15-2026 | | | | 200,000 | | | | 203,500 | |
| | | | |
United States Steel Corporation | | | 6.25 | | | | 3-15-2026 | | | | 200,000 | | | | 189,250 | |
| | | | |
United States Steel Corporation | | | 6.88 | | | | 8-15-2025 | | | | 200,000 | | | | 197,000 | |
| | | | |
| | | | | | | | | | | | | | | 2,186,282 | |
| | | | | | | | | | | | | | | | |
|
Real Estate: 3.59% | |
|
| Equity REITs: 2.53% | |
| | | | |
CBL & Associates LP | | | 5.95 | | | | 12-15-2026 | | | | 300,000 | | | | 227,250 | |
| | | | |
Equinix Incorporated | | | 5.38 | | | | 4-1-2023 | | | | 300,000 | | | | 305,250 | |
| | | | |
Equinix Incorporated | | | 5.88 | | | | 1-15-2026 | | | | 200,000 | | | | 209,500 | |
| | | | |
ESH Hospitality Incorporated 144A | | | 5.25 | | | | 5-1-2025 | | | | 200,000 | | | | 199,000 | |
| | | | |
Iron Mountain Incorporated | | | 5.75 | | | | 8-15-2024 | | | | 400,000 | | | | 401,000 | |
| | | | |
Istar Incorporated | | | 5.25 | | | | 9-15-2022 | | | | 200,000 | | | | 195,442 | |
| | | | |
MGM Growth Properties Operating Partnership LP | | | 4.50 | | | | 9-1-2026 | | | | 300,000 | | | | 287,499 | |
| | | | |
SBA Communications Corporation | | | 4.88 | | | | 7-15-2022 | | | | 200,000 | | | | 202,280 | |
| | | | |
Uniti Group Incorporated 144A | | | 6.00 | | | | 4-15-2023 | | | | 200,000 | | | | 185,500 | |
| | | | |
| | | | | | | | | | | | | | | 2,212,721 | |
| | | | | | | | | | | | | | | | |
|
| Real Estate Management & Development: 1.06% | |
| | | | |
Icahn Enterprises Company | | | 6.25 | | | | 2-1-2022 | | | | 300,000 | | | | 308,940 | |
| | | | |
Icahn Enterprises Company | | | 6.75 | | | | 2-1-2024 | | | | 400,000 | | | | 418,500 | |
| | | | |
Kennedy Wilson Incorporated | | | 5.88 | | | | 4-1-2024 | | | | 200,000 | | | | 196,742 | |
| | | | |
| | | | | | | | | | | | | | | 924,182 | |
| | | | | | | | | | | | | | | | |
|
Utilities: 2.91% | |
|
| Electric Utilities: 0.75% | |
| | | | |
Clearway Energy Operating LLC | | | 5.00 | | | | 9-15-2026 | | | | 300,000 | | | | 279,750 | |
| | | | |
NextEra Energy Operating Partners LP 144A | | | 4.25 | | | | 9-15-2024 | | | | 200,000 | | | | 196,500 | |
| | | | |
Talen Energy Supply LLC | | | 6.50 | | | | 6-1-2025 | | | | 200,000 | | | | 178,200 | |
| | | | |
| | | | | | | | | | | | | | | 654,450 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—February 28, 2019 | | Wells Fargo Funds | | | 203 | |
HIGH YIELD CORPORATE BOND PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
|
| Gas Utilities: 0.65% | |
| | | | |
AmeriGas Partners LP | | | 5.50 | % | | | 5-20-2025 | | | $ | 300,000 | | | $ | 297,000 | |
| | | | |
Ferrellgas LP | | | 6.75 | | | | 6-15-2023 | | | | 300,000 | | | | 268,500 | |
| | | | |
| | | | | | | | | | | | | | | 565,500 | |
| | | | | | | | | | | | | | | | |
|
| Independent Power & Renewable Electricity Producers: 1.51% | |
| | | | |
Calpine Corporation | | | 5.38 | | | | 1-15-2023 | | | | 500,000 | | | | 495,000 | |
| | | | |
Dynergy Incorporated | | | 5.88 | | | | 6-1-2023 | | | | 200,000 | | | | 205,500 | |
| | | | |
NRG Energy Incorporated | | | 5.75 | | | | 1-15-2028 | | | | 200,000 | | | | 205,250 | |
| | | | |
The AES Corporation | | | 5.50 | | | | 4-15-2025 | | | | 200,000 | | | | 206,250 | |
| | | | |
Vistra Operations Company LLC 144A | | | 5.63 | | | | 2-15-2027 | | | | 200,000 | | | | 206,000 | |
| | | | |
| | | | | | | | | | | | | | | 1,318,000 | |
| | | | | | | | | | | | | | | | |
| |
Total Corporate Bonds and Notes (Cost $74,283,997) | | | | 72,252,449 | |
| | | | | | | | | | | | | | | | |
|
Yankee Corporate Bonds and Notes: 15.14% | |
|
Communication Services: 3.72% | |
|
| Diversified Telecommunication Services: 1.54% | |
| | | | |
SFR Group SA 144A | | | 7.38 | | | | 5-1-2026 | | | | 300,000 | | | | 295,011 | |
| | | | |
Telecom IItalia Capital SpA | | | 6.00 | | | | 9-30-2034 | | | | 200,000 | | | | 180,000 | |
| | | | |
Telecom Italia SpA 144A | | | 5.30 | | | | 5-30-2024 | | | | 200,000 | | | | 195,500 | |
| | | | |
Virgin Media Finance plc 144A | | | 6.00 | | | | 10-15-2024 | | | | 200,000 | | | | 205,250 | |
| | | | |
Wind Tre SpA 144A | | | 5.00 | | | | 1-20-2026 | | | | 200,000 | | | | 172,420 | |
| | | | |
Ziggo Bond Finance BV 144A | | | 5.88 | | | | 1-15-2025 | | | | 300,000 | | | | 291,660 | |
| | | | |
| | | | | | | | | | | | | | | 1,339,841 | |
| | | | | | | | | | | | | | | | |
|
| Media: 1.73% | |
| | | | |
Altice Finco SA 144A | | | 8.13 | | | | 1-15-2024 | | | | 600,000 | | | | 606,000 | |
| | | | |
Altice Luxembourg SA 144A | | | 7.75 | | | | 5-15-2022 | | | | 300,000 | | | | 298,125 | |
| | | | |
UPC Holding BV 144A | | | 5.50 | | | | 1-15-2028 | | | | 200,000 | | | | 205,500 | |
| | | | |
Videotron Limited 144A | | | 5.13 | | | | 4-15-2027 | | | | 200,000 | | | | 203,000 | |
| | | | |
Virgin Media Secured Finance plc 144A | | | 5.25 | | | | 1-15-2026 | | | | 200,000 | | | | 200,596 | |
| | | | |
| | | | | | | | | | | | | | | 1,513,221 | |
| | | | | | | | | | | | | | | | |
|
| Wireless Telecommunication Services: 0.45% | |
| | | | |
C&W Senior Financing Designated Activity 144A | | | 6.88 | | | | 9-15-2027 | | | | 200,000 | | | | 196,000 | |
| | | | |
Inmarsat Finance plc 144A | | | 4.88 | | | | 5-15-2022 | | | | 200,000 | | | | 200,000 | |
| | | | |
| | | | | | | | | | | | | | | 396,000 | |
| | | | | | | | | | | | | | | | |
|
Consumer Discretionary: 1.55% | |
|
| Automobiles: 0.53% | |
| | | | |
Fiat Chrysler Automobiles NV | | | 5.25 | | | | 4-15-2023 | | | | 300,000 | | | | 304,800 | |
| | | | |
Jaguar Land Rover Automotive plc 144A | | | 4.50 | | | | 10-1-2027 | | | | 200,000 | | | | 155,480 | |
| | | | |
| | | | | | | | | | | | | | | 460,280 | |
| | | | | | | | | | | | | | | | |
|
| Construction Materials: 0.21% | |
| | | | |
Cimpor Financial Operations BV 144A | | | 5.75 | | | | 7-17-2024 | | | | 200,000 | | | | 179,000 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 204 | | Wells Fargo Funds | | Portfolio of investments—February 28, 2019 |
HIGH YIELD CORPORATE BOND PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
|
| Hotels, Restaurants & Leisure: 0.81% | |
| | | | |
International Game Technology plc 144A | | | 6.50 | % | | | 2-15-2025 | | | $ | 400,000 | | | $ | 425,500 | |
| | | | |
Wynn Macau Limited 144A | | | 5.50 | | | | 10-1-2027 | | | | 300,000 | | | | 286,032 | |
| | | | |
| | | | | | | | | | | | | | | 711,532 | |
| | | | | | | | | | | | | | | | |
|
Consumer Staples: 0.12% | |
|
| Food & Staples Retailing: 0.12% | |
| | | | |
Tesco Place 144A | | | 6.15 | | | | 11-15-2037 | | | | 100,000 | | | | 104,472 | |
| | | | | | | | | | | | | | | | |
|
Energy: 2.30% | |
|
| Energy Equipment & Services: 1.04% | |
| | | | |
Alcoa Nederland Holding Company BV 144A | | | 6.75 | | | | 9-30-2024 | | | | 200,000 | | | | 211,250 | |
| | | | |
Alcoa Nederland Holding Company BV 144A | | | 7.00 | | | | 9-30-2026 | | | | 100,000 | | | | 107,000 | |
| | | | |
Ensco plc | | | 5.20 | | | | 3-15-2025 | | | | 300,000 | | | | 230,250 | |
| | | | |
Noble Holding International Limited | | | 8.95 | | | | 4-1-2045 | | | | 200,000 | | | | 164,000 | |
| | | | |
Precision Drilling Corporation 144A | | | 7.13 | | | | 1-15-2026 | | | | 200,000 | | | | 196,500 | |
| | | | |
| | | | | | | | | | | | | | | 909,000 | |
| | | | | | | | | | | | | | | | |
|
| Oil, Gas & Consumable Fuels: 1.26% | |
| | | | |
KCA Deutag UK Finance plc 144A | | | 9.63 | | | | 4-1-2023 | | | | 200,000 | | | | 152,500 | |
| | | | |
MEG Energy Corporation 144A | | | 6.50 | | | | 1-15-2025 | | | | 300,000 | | | | 294,750 | |
| | | | |
Seven Generations Energy 144A | | | 5.38 | | | | 9-30-2025 | | | | 400,000 | | | | 385,000 | |
| | | | |
Weatherford International Limited | | | 7.00 | | | | 3-15-2038 | | | | 200,000 | | | | 119,500 | |
| | | | |
Weatherford International Limited | | | 8.25 | | | | 6-15-2023 | | | | 200,000 | | | | 142,500 | |
| | | | |
| | | | | | | | | | | | | | | 1,094,250 | |
| | | | | | | | | | | | | | | | |
|
Financials: 2.90% | |
|
| Banks: 0.67% | |
| | | | |
Barclays plc | | | 4.38 | | | | 9-11-2024 | | | | 200,000 | | | | 196,267 | |
| | | | |
Intesa Sanpaolo SpA 144A | | | 5.02 | | | | 6-26-2024 | | | | 200,000 | | | | 185,224 | |
| | | | |
Nielsen Holding and Finance BV 144A | | | 5.50 | | | | 10-1-2021 | | | | 200,000 | | | | 201,750 | |
| | | | |
| | | | | | | | | | | | | | | 583,241 | |
| | | | | | | | | | | | | | | | |
|
| Capital Markets: 0.43% | |
| | | | |
Deutsche Bank AG | | | 4.50 | | | | 4-1-2025 | | | | 400,000 | | | | 372,356 | |
| | | | | | | | | | | | | | | | |
|
| Diversified Financial Services: 1.80% | |
| | | | |
GW Honos Security Corporation 144A | | | 8.75 | | | | 5-15-2025 | | | | 200,000 | | | | 191,500 | |
| | | | |
Intelsat Jackson Holdings SA | | | 5.50 | | | | 8-1-2023 | | | | 400,000 | | | | 367,000 | |
| | | | |
Intelsat Jackson Holdings SA 144A | | | 8.00 | | | | 2-15-2024 | | | | 200,000 | | | | 208,125 | |
| | | | |
New Red Finance Incorporated 144A | | | 5.00 | | | | 10-15-2025 | | | | 420,000 | | | | 407,295 | |
| | | | |
Park Aerospace Holdings Company 144A | | | 4.50 | | | | 3-15-2023 | | | | 200,000 | | | | 198,500 | |
| | | | |
Park Aerospace Holdings Company 144A | | | 5.25 | | | | 8-15-2022 | | | | 200,000 | | | | 204,742 | |
| | | | |
| | | | | | | | | | | | | | | 1,577,162 | |
| | | | | | | | | | | | | | | | |
|
Health Care: 1.17% | |
|
| Pharmaceuticals: 1.17% | |
| | | | |
Bausch Health Companies Incorporated 144A | | | 6.50 | | | | 3-15-2022 | | | | 300,000 | | | | 310,875 | |
| | | | |
Bausch Health Companies Incorporated 144A | | | 8.50 | | | | 1-31-2027 | | | | 300,000 | | | | 310,688 | |
| | | | |
Mallinckrodt plc 144A | | | 5.50 | | | | 4-15-2025 | | | | 300,000 | | | | 244,500 | |
| | | | |
Valeant Pharmaceuticals International Incorporated 144A | | | 5.63 | | | | 12-1-2021 | | | | 156,000 | | | | 156,234 | |
| | | | |
| | | | | | | | | | | | | | | 1,022,297 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—February 28, 2019 | | Wells Fargo Funds | | | 205 | |
HIGH YIELD CORPORATE BOND PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
|
Industrials: 1.25% | |
|
| Aerospace & Defense: 0.57% | |
| | | | |
Bombardier Incorporated 144A | | | 7.50 | % | | | 3-15-2025 | | | $ | 200,000 | | | $ | 200,250 | |
| | | | |
Bombardier Incorporated 144A | | | 6.00 | | | | 10-15-2022 | | | | 300,000 | | | | 301,500 | |
| | | | |
| | | | | | | | | | | | | | | 501,750 | |
| | | | | | | | | | | | | | | | |
|
| Electrical Equipment: 0.46% | |
| | | | |
Sensata Technologies BV 144A | | | 5.00 | | | | 10-1-2025 | | | | 400,000 | | | | 404,000 | |
| | | | | | | | | | | | | | | | |
|
| Professional Services: 0.22% | |
| | | | |
GFL Environmental Incorporated 144A | | | 5.38 | | | | 3-1-2023 | | | | 200,000 | | | | 188,375 | |
| | | | | | | | | | | | | | | | |
|
Information Technology: 0.48% | |
|
| Communications Equipment: 0.24% | |
| | | | |
Nokia Corporation | | | 6.63 | | | | 5-15-2039 | | | | 200,000 | | | | 210,000 | |
| | | | | | | | | | | | | | | | |
|
| Software: 0.24% | |
| | | | |
Open Text Corporation 144A | | | 5.63 | | | | 1-15-2023 | | | | 200,000 | | | | 205,250 | |
| | | | | | | | | | | | | | | | |
|
Materials: 1.65% | |
|
| Containers & Packaging: 0.70% | |
| | | | |
Ardagh Packaging Finance plc 144A | | | 6.00 | | | | 2-15-2025 | | | | 200,000 | | | | 197,500 | |
| | | | |
Ardagh Packaging Finance plc 144A | | | 7.25 | | | | 5-15-2024 | | | | 400,000 | | | | 417,000 | |
| | | | |
| | | | | | | | | | | | | | | 614,500 | |
| | | | | | | | | | | | | | | | |
|
| Metals & Mining: 0.95% | |
| | | | |
Constellium NV Company 144A | | | 5.75 | | | | 5-15-2024 | | | | 250,000 | | | | 244,900 | |
| | | | |
FMG Resources Proprietary Limited 144A | | | 4.75 | | | | 5-15-2022 | | | | 200,000 | | | | 200,000 | |
| | | | |
Hudbay Minerals Incorporated 144A | | | 7.63 | | | | 1-15-2025 | | | | 200,000 | | | | 207,250 | |
| | | | |
New Gold Incorporated 144A | | | 6.25 | | | | 11-15-2022 | | | | 200,000 | | | | 177,250 | |
| | | | |
| | | | | | | | | | | | | | | 829,400 | |
| | | | | | | | | | | | | | | | |
| |
Total Yankee Corporate Bonds and Notes (Cost $13,670,080) | | | | 13,215,927 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | Yield | | | | | | Shares | | | | |
| Short-Term Investments: 0.56% | |
|
| Investment Companies: 0.56% | |
| | | | |
Wells Fargo Government Money Market Fund Select Class (l)(u) | | | 2.34 | | | | | | | | 486,162 | | | | 486,162 | |
| | | | | | | | | | | | | | | | |
| |
Total Short-Term Investments (Cost $486,162) | | | | 486,162 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | |
| Total investments in securities (Cost $88,440,239) | | | 98.45 | % | | | 85,954,538 | |
| | |
Other assets and liabilities, net | | | 1.55 | | | | 1,354,546 | |
| | | | | | | | |
| Total net assets | | | 100.00 | % | | $ | 87,309,084 | |
| | | | | | | | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 206 | | Wells Fargo Funds | | Portfolio of investments—February 28, 2019 |
HIGH YIELD CORPORATE BOND PORTFOLIO
| 144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933. |
| †† | On the last interest date, partial interest was paid. |
| ± | Variable rate investment. The rate shown is the rate in effect at period end. |
| ¥ | Apayment-in-kind (PIK) security is a security in which the issuer may make interest or dividend payments in cash or additional securities. These additional securities generally have the same terms as the original holdings. |
| (l) | The issuer of the security is an affiliated person of the Portfolio as defined in the Investment Company Act of 1940. |
| (u) | The rate represents the7-day annualized yield at period end. |
Abbreviations:
| LIBOR | London Interbank Offered Rate |
| REIT | Real estate investment trust |
Investments in Affiliates
An affiliated investment is an investment in which the Portfolio owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Portfolio and the issuer having the same adviser or investment manager. Transactions with issuers that were either affiliated persons of the Portfolio at the beginning of the period or the end of the period were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Shares, beginning of period | | | Shares purchased | | | Shares sold | | | Shares, end of period | | | Net realized gains (losses) | | | Net change in unrealized gains (losses) | | | Income from affiliated securities | | | Value, end of period | | | % of net assets | |
Short-Term Investments | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Investment Companies | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Wells Fargo Government Money Market Fund Select Class | | | 1,484,192 | | | | 37,576,170 | | | | 38,574,200 | | | | 486,162 | | | $ | 0 | | | $ | 0 | | | $ | 23,896 | | | $ | 486,162 | | | | 0.56 | % |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—February 28, 2019 | | Wells Fargo Funds | | | 207 | |
INTERNATIONAL GOVERNMENT BOND PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
|
Foreign Government Bonds @: 99.16% | |
| | | | |
Australian Government Bond Series 153 (AUD) | | | 2.25 | % | | | 11-21-2022 | | | | 580,000 | | | $ | 420,360 | |
| | | | |
Belgium Government Bond (EUR) 144A | | | 1.45 | | | | 6-22-2037 | | | | 100,000 | | | | 116,407 | |
| | | | |
Belgium Government Bond Series 44 (EUR) 144A | | | 5.00 | | | | 3-28-2035 | | | | 100,000 | | | | 178,206 | |
| | | | |
Belgium Government Bond Series 78 (EUR) 144A | | | 1.60 | | | | 6-22-2047 | | | | 120,000 | | | | 135,841 | |
| | | | |
Bundesrepublik Deutschland (EUR) | | | 0.50 | | | | 2-15-2028 | | | | 290,000 | | | | 342,397 | |
| | | | |
Canada (CAD) | | | 1.00 | | | | 6-1-2027 | | | | 600,000 | | | | 423,951 | |
| | | | |
Czech Republic (CZK) | | | 0.75 | | | | 2-23-2021 | | | | 2,330,000 | | | | 101,140 | |
| | | | |
France Government Bond (EUR) | | | 1.25 | | | | 5-25-2034 | | | | 360,000 | | | | 422,258 | |
| | | | |
France Government Bond (EUR) 144A | | | 2.00 | | | | 5-25-2048 | | | | 330,000 | | | | 414,418 | |
| | | | |
Ireland Government Bond (EUR) | | | 0.90 | | | | 5-15-2028 | | | | 280,000 | | | | 324,892 | |
| | | | |
Italy Buoni Poliennali del Tesoro (EUR) | | | 1.20 | | | | 4-1-2022 | | | | 230,000 | | | | 262,193 | |
| | | | |
Italy Buoni Poliennali del Tesoro (EUR) | | | 5.50 | | | | 9-1-2022 | | | | 450,000 | | | | 584,543 | |
| | | | |
Japan (JPY) | | | 0.10 | | | | 8-1-2020 | | | | 33,800,000 | | | | 304,362 | |
| | | | |
Japan (JPY) | | | 0.10 | | | | 11-1-2020 | | | | 175,650,000 | | | | 1,582,639 | |
| | | | |
Japan (JPY) | | | 2.20 | | | | 12-20-2021 | | | | 25,600,000 | | | | 244,856 | |
| | | | |
Korea (KRW) | | | 2.13 | | | | 3-10-2047 | | | | 240,490,000 | | | | 216,205 | |
| | | | |
Korea (KRW) | | | 2.63 | | | | 9-10-2035 | | | | 216,090,000 | | | | 206,733 | |
| | | | |
Malaysia Government Bond (MYR) | | | 4.19 | | | | 7-15-2022 | | | | 1,260,000 | | | | 314,617 | |
| | | | |
Mexico (MXN) | | | 7.75 | | | | 11-13-2042 | | | | 4,740,000 | | | | 222,265 | |
| | | | |
Mexico (MXN) | | | 8.50 | | | | 11-18-2038 | | | | 3,710,000 | | | | 189,587 | |
| | | | |
Netherlands Government Bond (EUR) 144A | | | 0.75 | | | | 7-15-2027 | | | | 350,000 | | | | 416,672 | |
| | | | |
New Zealand Government Bond (NZD) | | | 4.50 | | | | 4-15-2027 | | | | 130,000 | | | | 105,214 | |
| | | | |
Norway Government Bond Series 480 (NOK) 144A | | | 2.00 | | | | 4-26-2028 | | | | 810,000 | | | | 96,755 | |
| | | | |
Poland (PLN) | | | 2.50 | | | | 7-25-2027 | | | | 1,230,000 | | | | 318,560 | |
| | | | |
Republic of Austria (EUR) 144A | | | 0.50 | | | | 4-20-2027 | | | | 370,000 | | | | 427,455 | |
| | | | |
Singapore Government Bond (SGD) | | | 2.75 | | | | 4-1-2042 | | | | 290,000 | | | | 218,680 | |
| | | | |
Spain Government Bond (EUR) 144A | | | 1.45 | | | | 10-31-2027 | | | | 380,000 | | | | 446,940 | |
| | | | |
Sweden Government Bond Series 1053 (SEK) | | | 3.50 | | | | 3-30-2039 | | | | 2,520,000 | | | | 393,064 | |
| | | | |
Switzerland Bonds (CHF) | | | 3.25 | | | | 6-27-2027 | | | | 100,000 | | | | 131,036 | |
| | | | |
Thailand Government Bond (THB) | | | 4.00 | | | | 6-17-2066 | | | | 2,160,000 | | | | 73,968 | |
| | | | |
Thailand Government Bond (THB) | | | 4.68 | | | | 6-29-2044 | | | | 3,400,000 | | | | 133,616 | |
| | | | |
United Kingdom Gilt (GBP) | | | 1.75 | | | | 1-22-2049 | | | | 140,000 | | | | 182,328 | |
| | | | |
United Kingdom Gilt (GBP) | | | 3.50 | | | | 1-22-2045 | | | | 380,000 | | | | 675,912 | |
| |
Total Foreign Government Bonds (Cost $10,544,395) | | | | 10,628,070 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | Yield | | | | | | Shares | | | | |
| Short-Term Investments: 0.12% | |
|
| Investment Companies: 0.12% | |
| | | | |
Wells Fargo Government Money Market Fund Select Class (l)(u) | | | 2.34 | | | | | | | | 13,185 | | | | 13,185 | |
| | | | | | | | | | | | | | | | |
| |
Total Short-Term Investments (Cost $13,185) | | | | 13,185 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | |
| Total investments in securities (Cost $10,557,580) | | | 99.28 | % | | | 10,641,255 | |
| | |
Other assets and liabilities, net | | | 0.72 | | | | 77,386 | |
| | | | | | | | |
| Total net assets | | | 100.00 | % | | $ | 10,718,641 | |
| | | | | | | | |
| @ | Foreign bond principal is denominated in the local currency of the issuer. |
| 144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933. |
| (l) | The issuer of the security is an affiliated person of the Portfolio as defined in the Investment Company Act of 1940. |
| (u) | The rate represents the7-day annualized yield at period end. |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 208 | | Wells Fargo Funds | | Portfolio of investments—February 28, 2019 |
INTERNATIONAL GOVERNMENT BOND PORTFOLIO
Abbreviations:
Forward Foreign Currency Contracts
| | | | | | | | | | | | | | |
Currency to be received | | Currency to be delivered | | Counterparty | | Settlement date | | Unrealized gains | | | Unrealized losses | |
| | | | | |
| 434,652 USD | | 340,000 GBP | | State Street Bank | | 3/6/2019 | | $ | 0 | | | $ | (16,353 | ) |
| | | | | |
| 91,332 USD | | 1,860,000 MXN | | State Street Bank | | 3/6/2019 | | | 0 | | | | (5,103 | ) |
| | | | | |
| 174,817 USD | | 230,000 CAD | | State Street Bank | | 3/6/2019 | | | 19 | | | | 0 | |
| | | | | |
| 103,959 USD | | 150,000 NZD | | State Street Bank | | 3/6/2019 | | | 1,804 | | | | 0 | |
| | | | | |
| 79,582 USD | | 300,000 PLN | | State Street Bank | | 3/6/2019 | | | 294 | | | | 0 | |
| | | | | |
| 94,842 USD | | 3,100,000 THB | | State Street Bank | | 3/6/2019 | | | 0 | | | | (3,535 | ) |
| | | | | |
| 102,566 USD | | 140,000 SGD | | State Street Bank | | 3/6/2019 | | | 0 | | | | (987 | ) |
| | | | | |
| 274,024 USD | | 2,460,000 SEK | | State Street Bank | | 3/6/2019 | | | 7,633 | | | | 0 | |
| | | | | |
| 430,000 AUD | | 317,666 USD | | State Street Bank | | 3/6/2019 | | | 0 | | | | (12,631 | ) |
| | | | | |
| 90,600,000 JPY | | 804,700 USD | | State Street Bank | | 3/6/2019 | | | 8,233 | | | | 0 | |
| | | | | |
| 1,525,000 DKK | | 234,036 USD | | State Street Bank | | 3/6/2019 | | | 0 | | | | (1,502 | ) |
| | | | | |
| 115,000 NOK | | 13,531 USD | | State Street Bank | | 3/6/2019 | | | 0 | | | | (90 | ) |
| | | | | |
| 118,500 EUR | | 135,602 USD | | State Street Bank | | 3/6/2019 | | | 0 | | | | (792 | ) |
| | | | | |
| 214,766 USD | | 14,450,000 RUB | | State Street Bank | | 3/12/2019 | | | 0 | | | | (4,067 | ) |
| | | | | |
| 340,000,000 KRW | | 306,859 USD | | State Street Bank | | 3/12/2019 | | | 0 | | | | (4,495 | ) |
| | | | | |
| 204,987 USD | | 855,000 MYR | | State Street Bank | | 3/12/2019 | | | 0 | | | | (5,233 | ) |
| | | | | | | | | | | | | | |
| | | | | |
| | | | | | | | $ | 17,983 | | | $ | (54,788 | ) |
| | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—February 28, 2019 | | Wells Fargo Funds | | | 209 | |
INTERNATIONAL GOVERNMENT BOND PORTFOLIO
Investments in Affiliates
An affiliated investment is an investment in which the Portfolio owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Portfolio and the issuer having the same adviser or investment manager. Transactions with issuers that were either affiliated persons of the Portfolio at the beginning of the period or the end of the period were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Shares, beginning of period | | | Shares purchased | | | Shares sold | | | Shares, end of period | | | Net realized gains (losses) | | | Net change in unrealized gains (losses) | | | Income from affiliated securities | | | Value, end of period | | | % of net assets | |
Short-Term Investments | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Investment Companies | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Wells Fargo Government Money Market Fund Select Class | | | 41,773 | | | | 1,678,331 | | | | 1,706,919 | | | | 13,185 | | | $ | 0 | | | $ | 0 | | | $ | 1,075 | | | $ | 13,185 | | | | 0.12 | % |
The following table shows the percent of total long-term investments by country allocation as of February 28, 2019:
| | | | |
Japan | | | 20.05 | % |
United Kingdom | | | 8.08 | |
Italy | | | 7.97 | |
France | | | 7.87 | |
Spain | | | 4.21 | |
Belgium | | | 4.05 | |
Austria | | | 4.02 | |
Canada | | | 3.99 | |
South Korea | | | 3.97 | |
Australia | | | 3.96 | |
Netherlands | | | 3.92 | |
Mexico | | | 3.88 | |
Sweden | | | 3.70 | |
Germany | | | 3.22 | |
Ireland | | | 3.06 | |
Poland | | | 3.00 | |
Malaysia | | | 2.96 | |
Singapore | | | 2.06 | |
Thailand | | | 1.95 | |
Switzerland | | | 1.23 | |
New Zealand | | | 0.99 | |
Czech Republic | | | 0.95 | |
Norway | | | 0.91 | |
| | | | |
| | | 100.00 | % |
| | | | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 210 | | Wells Fargo Funds | | Portfolio of investments—February 28, 2019 |
INVESTMENT GRADE CORPORATE BOND PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
|
Corporate Bonds and Notes: 82.20% | |
|
Communication Services: 4.53% | |
|
| Diversified Telecommunication Services: 0.76% | |
| | | | |
AT&T Incorporated | | | 3.00 | % | | | 2-15-2022 | | | $ | 200,000 | | | $ | 198,928 | |
| | | | |
AT&T Incorporated | | | 4.30 | | | | 12-15-2042 | | | | 350,000 | | | | 306,561 | |
| | | | |
AT&T Incorporated | | | 4.50 | | | | 5-15-2035 | | | | 230,000 | | | | 216,671 | |
| | | | |
AT&T Incorporated | | | 5.00 | | | | 3-1-2021 | | | | 200,000 | | | | 208,544 | |
| | | | |
Verizon Communications Incorporated | | | 3.85 | | | | 11-1-2042 | | | | 260,000 | | | | 234,327 | |
| | | | |
Verizon Communications Incorporated | | | 4.13 | | | | 3-16-2027 | | | | 200,000 | | | | 204,751 | |
| | | | |
Verizon Communications Incorporated | | | 4.67 | | | | 3-15-2055 | | | | 655,000 | | | | 638,127 | |
| | | | |
| | | | | | | | | | | | | | | 2,007,909 | |
| | | | | | | | | | | | | | | | |
|
| Entertainment: 0.84% | |
| | | | |
Viacom Incorporated | | | 4.25 | | | | 9-1-2023 | | | | 180,000 | | | | 184,387 | |
| | | | |
Viacom Incorporated | | | 4.50 | | | | 3-1-2021 | | | | 350,000 | | | | 357,795 | |
| | | | |
Viacom Incorporated | | | 5.85 | | | | 9-1-2043 | | | | 87,000 | | | | 90,682 | |
| | | | |
Viacom Incorporated | | | 6.88 | | | | 4-30-2036 | | | | 238,000 | | | | 271,145 | |
| | | | |
Walt Disney Company | | | 2.55 | | | | 2-15-2022 | | | | 175,000 | | | | 174,400 | |
| | | | |
Walt Disney Company | | | 2.75 | | | | 8-16-2021 | | | | 350,000 | | | | 350,507 | |
| | | | |
Walt Disney Company | | | 3.00 | | | | 2-13-2026 | | | | 350,000 | | | | 346,731 | |
| | | | |
Walt Disney Company | | | 4.13 | | | | 12-1-2041 | | | | 175,000 | | | | 177,065 | |
| | | | |
Walt Disney Company | | | 4.13 | | | | 6-1-2044 | | | | 245,000 | | | | 248,443 | |
| | | | |
| | | | | | | | | | | | | | | 2,201,155 | |
| | | | | | | | | | | | | | | | |
|
| Interactive Media & Services: 0.17% | |
| | | | |
Alphabet Incorporated | | | 3.38 | | | | 2-25-2024 | | | | 87,000 | | | | 89,323 | |
| | | | |
Alphabet Incorporated | | | 3.63 | | | | 5-19-2021 | | | | 350,000 | | | | 358,178 | |
| | | | |
| | | | | | | | | | | | | | | 447,501 | |
| | | | | | | | | | | | | | | | |
|
| Media: 2.77% | |
| | | | |
21st Century Fox America Incorporated | | | 3.00 | | | | 9-15-2022 | | | | 262,000 | | | | 261,433 | |
| | | | |
21st Century Fox America Incorporated | | | 4.50 | | | | 2-15-2021 | | | | 350,000 | | | | 359,245 | |
| | | | |
21st Century Fox America Incorporated | | | 8.15 | | | | 10-17-2036 | | | | 175,000 | | | | 252,976 | |
| | | | |
CBS Corporation | | | 3.70 | | | | 8-15-2024 | | | | 350,000 | | | | 347,735 | |
| | | | |
CBS Corporation | | | 4.85 | | | | 7-1-2042 | | | | 140,000 | | | | 133,387 | |
| | | | |
CBS Corporation | | | 4.90 | | | | 8-15-2044 | | | | 350,000 | | | | 331,814 | |
| | | | |
Charter Communications Operating LLC | | | 3.58 | | | | 7-23-2020 | | | | 200,000 | | | | 200,905 | |
| | | | |
Charter Communications Operating LLC | | | 4.46 | | | | 7-23-2022 | | | | 400,000 | | | | 410,287 | |
| | | | |
Charter Communications Operating LLC | | | 4.91 | | | | 7-23-2025 | | | | 400,000 | | | | 414,367 | |
| | | | |
Comcast Corporation | | | 2.35 | | | | 1-15-2027 | | | | 210,000 | | | | 192,206 | |
| | | | |
Comcast Corporation | | | 3.13 | | | | 7-15-2022 | | | | 350,000 | | | | 352,158 | |
| | | | |
Comcast Corporation | | | 4.00 | | | | 11-1-2049 | | | | 200,000 | | | | 185,734 | |
| | | | |
Comcast Corporation | | | 4.40 | | | | 8-15-2035 | | | | 210,000 | | | | 212,429 | |
| | | | |
Comcast Corporation | | | 4.75 | | | | 3-1-2044 | | | | 262,000 | | | | 271,983 | |
| | | | |
Discovery Communications LLC | | | 3.30 | | | | 5-15-2022 | | | | 175,000 | | | | 173,525 | |
| | | | |
Discovery Communications LLC | | | 3.95 | | | | 3-20-2028 | | | | 400,000 | | | | 380,784 | |
| | | | |
Discovery Communications LLC | | | 4.38 | | | | 6-15-2021 | | | | 210,000 | | | | 214,450 | |
| | | | |
Discovery Communications LLC | | | 6.35 | | | | 6-1-2040 | | | | 175,000 | | | | 187,101 | |
| | | | |
Omnicom Group Incorporated | | | 3.63 | | | | 5-1-2022 | | | | 175,000 | | | | 176,116 | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—February 28, 2019 | | Wells Fargo Funds | | | 211 | |
INVESTMENT GRADE CORPORATE BOND PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
|
| Media(continued) | |
| | | | |
Time Warner Cable Incorporated | | | 4.00 | % | | | 1-15-2022 | | | $ | 210,000 | | | $ | 214,089 | |
| | | | |
Time Warner Cable Incorporated | | | 4.70 | | | | 1-15-2021 | | | | 175,000 | | | | 180,153 | |
| | | | |
Time Warner Cable Incorporated | | | 5.50 | | | | 9-1-2041 | | | | 210,000 | | | | 198,719 | |
| | | | |
Time Warner Cable Incorporated | | | 6.55 | | | | 5-1-2037 | | | | 300,000 | | | | 318,120 | |
| | | | |
Time Warner Cable Incorporated | | | 7.63 | | | | 4-15-2031 | | | | 200,000 | | | | 257,456 | |
| | | | |
Time Warner Cable Incorporated | | | 8.38 | | | | 3-15-2023 | | | | 175,000 | | | | 201,951 | |
| | | | |
Time Warner Entertainment Company LP | | | 3.40 | | | | 6-15-2022 | | | | 70,000 | | | | 70,191 | |
| | | | |
Time Warner Entertainment Company LP | | | 4.75 | | | | 3-29-2021 | | | | 350,000 | | | | 362,264 | |
| | | | |
Time Warner Entertainment Company LP | | | 4.90 | | | | 6-15-2042 | | | | 36,000 | | | | 34,178 | |
| | | | |
Time Warner Entertainment Company LP | | | 8.38 | | | | 7-15-2033 | | | | 210,000 | | | | 265,806 | |
| | | | |
Viacom Incorporated | | | 5.50 | | | | 5-15-2033 | | | | 140,000 | | | | 148,062 | |
| | | | |
| | | | | | | | | | | | | | | 7,309,624 | |
| | | | | | | | | | | | | | | | |
|
Consumer Discretionary: 5.47% | |
|
| Auto Components: 0.12% | |
| | | | |
Lear Corporation | | | 5.25 | | | | 1-15-2025 | | | | 297,000 | | | | 304,844 | |
| | | | | | | | | | | | | | | | |
|
| Automobiles: 1.08% | |
| | | | |
American Honda Finance Corporation | | | 1.65 | | | | 7-12-2021 | | | | 500,000 | | | | 484,820 | |
| | | | |
American Honda Finance Corporation | | | 2.90 | | | | 2-16-2024 | | | | 200,000 | | | | 197,120 | |
| | | | |
Ford Motor Company | | | 7.45 | | | | 7-16-2031 | | | | 700,000 | | | | 738,152 | |
| | | | |
General Motors Company | | | 6.25 | | | | 10-2-2043 | | | | 175,000 | | | | 172,518 | |
| | | | |
General Motors Company | | | 6.60 | | | | 4-1-2036 | | | | 350,000 | | | | 361,351 | |
| | | | |
Toyota Motor Credit Corporation | | | 1.95 | | | | 4-17-2020 | | | | 300,000 | | | | 297,372 | |
| | | | |
Toyota Motor Credit Corporation | | | 2.60 | | | | 1-11-2022 | | | | 300,000 | | | | 297,522 | |
| | | | |
Toyota Motor Credit Corporation | | | 2.63 | | | | 1-10-2023 | | | | 310,000 | | | | 305,161 | |
| | | | |
| | | | | | | | | | | | | | | 2,854,016 | |
| | | | | | | | | | | | | | | | |
|
| Diversified Consumer Services: 0.09% | |
| | | | |
President & Fellows of Harvard College | | | 4.88 | | | | 10-15-2040 | | | | 210,000 | | | | 244,894 | |
| | | | | | | | | | | | | | | | |
|
| Hotels, Restaurants & Leisure: 0.96% | |
| | | | |
Marriott International Incorporated | | | 3.38 | | | | 10-15-2020 | | | | 117,000 | | | | 117,109 | |
| | | | |
McDonald’s Corporation | | | 2.63 | | | | 1-15-2022 | | | | 250,000 | | | | 247,946 | |
| | | | |
McDonald’s Corporation | | | 3.38 | | | | 5-26-2025 | | | | 245,000 | | | | 243,703 | |
| | | | |
McDonald’s Corporation | | | 3.50 | | | | 7-15-2020 | | | | 140,000 | | | | 141,204 | |
| | | | |
McDonald’s Corporation | | | 3.63 | | | | 5-20-2021 | | | | 70,000 | | | | 70,941 | |
| | | | |
McDonald’s Corporation | | | 4.60 | | | | 5-26-2045 | | | | 175,000 | | | | 174,279 | |
| | | | |
McDonald’s Corporation | | | 6.30 | | | | 10-15-2037 | | | | 210,000 | | | | 251,585 | |
| | | | |
Starbucks Corporation | | | 3.75 | | | | 12-1-2047 | | | | 800,000 | | | | 685,345 | |
| | | | |
Starbucks Corporation | | | 4.00 | | | | 11-15-2028 | | | | 500,000 | | | | 507,870 | |
| | | | |
Starbucks Corporation | | | 4.30 | | | | 6-15-2045 | | | | 105,000 | | | | 98,764 | |
| | | | |
| | | | | | | | | | | | | | | 2,538,746 | |
| | | | | | | | | | | | | | | | |
|
| Household Durables: 0.25% | |
| | | | |
Newell Rubbermaid Incorporated | | | 4.70 | | | | 8-15-2020 | | | | 350,000 | | | | 354,772 | |
| | | | |
Whirlpool Corporation | | | 4.00 | | | | 3-1-2024 | | | | 87,000 | | | | 87,719 | |
| | | | |
Whirlpool Corporation | | | 4.70 | | | | 6-1-2022 | | | | 140,000 | | | | 144,091 | |
| | | | |
Whirlpool Corporation | | | 4.85 | | | | 6-15-2021 | | | | 70,000 | | | | 72,093 | |
| | | | |
| | | | | | | | | | | | | | | 658,675 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 212 | | Wells Fargo Funds | | Portfolio of investments—February 28, 2019 |
INVESTMENT GRADE CORPORATE BOND PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
|
| Internet & Direct Marketing Retail: 0.78% | |
| | | | |
Amazon.com Incorporated | | | 3.80 | % | | | 12-5-2024 | | | $ | 200,000 | | | $ | 208,418 | |
| | | | |
Amazon.com Incorporated | | | 4.05 | | | | 8-22-2047 | | | | 400,000 | | | | 401,420 | |
| | | | |
Amazon.com Incorporated | | | 4.25 | | | | 8-22-2057 | | | | 400,000 | | | | 405,451 | |
| | | | |
Amazon.com Incorporated | | | 4.95 | | | | 12-5-2044 | | | | 300,000 | | | | 341,555 | |
| | | | |
eBay Incorporated | | | 3.25 | | | | 10-15-2020 | | | | 140,000 | | | | 140,298 | |
| | | | |
eBay Incorporated | | | 4.00 | | | | 7-15-2042 | | | | 175,000 | | | | 140,202 | |
| | | | |
Expedia Incorporated | | | 4.50 | | | | 8-15-2024 | | | | 70,000 | | | | 71,393 | |
| | | | |
QVC Incorporated | | | 4.38 | | | | 3-15-2023 | | | | 210,000 | | | | 211,733 | |
| | | | |
QVC Incorporated | | | 5.13 | | | | 7-2-2022 | | | | 140,000 | | | | 145,801 | |
| | | | |
| | | | | | | | | | | | | | | 2,066,271 | |
| | | | | | | | | | | | | | | | |
|
| Leisure Products: 0.04% | |
| | | | |
Hasbro Incorporated | | | 6.35 | | | | 3-15-2040 | | | | 108,000 | | | | 113,636 | |
| | | | | | | | | | | | | | | | |
|
| Multiline Retail: 0.66% | |
| | | | |
Dollar General Corporation | | | 3.25 | | | | 4-15-2023 | | | | 245,000 | | | | 241,439 | |
| | | | |
Kohl’s Corporation | | | 3.25 | | | | 2-1-2023 | | | | 105,000 | | | | 102,724 | |
| | | | |
Macy’s Retail Holdings Incorporated | | | 3.88 | | | | 1-15-2022 | | | | 140,000 | | | | 140,436 | |
| | | | |
Nordstrom Incorporated | | | 4.00 | | | | 10-15-2021 | | | | 175,000 | | | | 177,716 | |
| | | | |
Nordstrom Incorporated | | | 4.75 | | | | 5-1-2020 | | | | 94,000 | | | | 95,783 | |
| | | | |
Nordstrom Incorporated | | | 5.00 | | | | 1-15-2044 | | | | 70,000 | | | | 59,900 | |
| | | | |
Target Corporation | | | 2.90 | | | | 1-15-2022 | | | | 175,000 | | | | 176,229 | |
| | | | |
Target Corporation | | | 3.63 | | | | 4-15-2046 | | | | 210,000 | | | | 188,922 | |
| | | | |
Target Corporation | | | 3.90 | | | | 11-15-2047 | | | | 600,000 | | | | 565,702 | |
| | | | |
| | | | | | | | | | | | | | | 1,748,851 | |
| | | | | | | | | | | | | | | | |
|
| Specialty Retail: 1.31% | |
| | | | |
AutoZone Incorporated | | | 2.88 | | | | 1-15-2023 | | | | 175,000 | | | | 170,312 | |
| | | | |
AutoZone Incorporated | | | 3.13 | | | | 7-15-2023 | | | | 105,000 | | | | 103,367 | |
| | | | |
AutoZone Incorporated | | | 4.00 | | | | 11-15-2020 | | | | 140,000 | | | | 141,264 | |
| | | | |
Home Depot Incorporated | | | 3.50 | | | | 9-15-2056 | | | | 260,000 | | | | 229,167 | |
| | | | |
Home Depot Incorporated | | | 3.75 | | | | 2-15-2024 | | | | 350,000 | | | | 363,059 | |
| | | | |
Home Depot Incorporated | | | 3.95 | | | | 9-15-2020 | | | | 280,000 | | | | 284,910 | |
| | | | |
Home Depot Incorporated | | | 4.40 | | | | 4-1-2021 | | | | 350,000 | | | | 360,201 | |
| | | | |
Lowe’s Companies Incorporated | | | 2.50 | | | | 4-15-2026 | | | | 350,000 | | | | 319,791 | |
| | | | |
Lowe’s Companies Incorporated | | | 3.12 | | | | 4-15-2022 | | | | 140,000 | | | | 139,785 | |
| | | | |
Lowe’s Companies Incorporated | | | 3.75 | | | | 4-15-2021 | | | | 105,000 | | | | 106,403 | |
| | | | |
Lowe’s Companies Incorporated | | | 3.88 | | | | 9-15-2023 | | | | 175,000 | | | | 177,923 | |
| | | | |
Lowe’s Companies Incorporated | | | 4.25 | | | | 9-15-2044 | | | | 175,000 | | | | 161,169 | |
| | | | |
Lowe’s Companies Incorporated | | | 4.38 | | | | 9-15-2045 | | | | 200,000 | | | | 186,025 | |
| | | | |
O’Reilly Automotive Incorporated | | | 3.80 | | | | 9-1-2022 | | | | 105,000 | | | | 106,656 | |
| | | | |
O’Reilly Automotive Incorporated | | | 4.63 | | | | 9-15-2021 | | | | 105,000 | | | | 108,364 | |
| | | | |
O’Reilly Automotive Incorporated | | | 4.88 | | | | 1-14-2021 | | | | 31,000 | | | | 31,913 | |
| | | | |
Unilever Capital Corporation | | | 2.00 | | | | 7-28-2026 | | | | 500,000 | | | | 454,648 | |
| | | | |
| | | | | | | | | | | | | | | 3,444,957 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—February 28, 2019 | | Wells Fargo Funds | | | 213 | |
INVESTMENT GRADE CORPORATE BOND PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
|
| Textiles, Apparel & Luxury Goods: 0.18% | |
| | | | |
Nike Incorporated | | | 2.25 | % | | | 5-1-2023 | | | $ | 70,000 | | | $ | 68,915 | |
| | | | |
Nike Incorporated | | | 3.63 | | | | 5-1-2043 | | | | 70,000 | | | | 66,693 | |
| | | | |
Nike Incorporated | | | 3.88 | | | | 11-1-2045 | | | | 350,000 | | | | 346,173 | |
| | | | |
| | | | | | | | | | | | | | | 481,781 | |
| | | | | | | | | | | | | | | | |
|
Consumer Staples: 7.10% | |
|
| Beverages: 2.05% | |
| | | | |
Anheuser-Busch InBev Finance Company | | | 4.00 | | | | 1-17-2043 | | | | 210,000 | | | | 176,946 | |
| | | | |
Anheuser-Busch InBev Finance Company | | | 4.63 | | | | 2-1-2044 | | | | 245,000 | | | | 224,437 | |
| | | | |
Anheuser-Busch InBev Worldwide Incorporated | | | 3.75 | | | | 7-15-2042 | | | | 252,000 | | | | 208,386 | |
| | | | |
Anheuser-Busch InBev Worldwide Incorporated | | | 4.75 | | | | 4-15-2058 | | | | 400,000 | | | | 363,076 | |
| | | | |
Constellation Brands Incorporated | | | 3.50 | | | | 5-9-2027 | | | | 500,000 | | | | 474,744 | |
| | | | |
Constellation Brands Incorporated | | | 3.75 | | | | 5-1-2021 | | | | 98,000 | | | | 98,626 | |
| | | | |
Constellation Brands Incorporated | | | 4.25 | | | | 5-1-2023 | | | | 360,000 | | | | 370,778 | |
| | | | |
Keurig Dr Pepper Incorporated 144A | | | 4.60 | | | | 5-25-2028 | | | | 700,000 | | | | 707,645 | |
| | | | |
Molson Coors Brewing Company | | | 2.10 | | | | 7-15-2021 | | | | 260,000 | | | | 252,914 | |
| | | | |
PepsiCo Incorporated | | | 2.75 | | | | 3-5-2022 | | | | 259,000 | | | | 259,125 | |
| | | | |
PepsiCo Incorporated | | | 3.00 | | | | 8-25-2021 | | | | 175,000 | | | | 176,127 | |
| | | | |
PepsiCo Incorporated | | | 3.60 | | | | 8-13-2042 | | | | 285,000 | | | | 268,598 | |
| | | | |
PepsiCo Incorporated | | | 4.00 | | | | 3-5-2042 | | | | 175,000 | | | | 174,853 | |
| | | | |
PepsiCo Incorporated | | | 4.25 | | | | 10-22-2044 | | | | 140,000 | | | | 144,230 | |
| | | | |
PepsiCo Incorporated | | | 5.50 | | | | 1-15-2040 | | | | 210,000 | | | | 249,645 | |
| | | | |
The Coca-Cola Company | | | 2.50 | | | | 4-1-2023 | | | | 245,000 | | | | 243,207 | |
| | | | |
The Coca-Cola Company | | | 2.55 | | | | 6-1-2026 | | | | 500,000 | | | | 478,893 | |
| | | | |
The Coca-Cola Company | | | 2.88 | | | | 10-27-2025 | | | | 200,000 | | | | 197,647 | |
| | | | |
The Coca-Cola Company | | | 3.20 | | | | 11-1-2023 | | | | 280,000 | | | | 284,957 | |
| | | | |
The Coca-Cola Company | | | 3.30 | | | | 9-1-2021 | | | | 49,000 | | | | 49,692 | |
| | | | |
| | | | | | | | | | | | | | | 5,404,526 | |
| | | | | | | | | | | | | | | | |
|
| Food & Staples Retailing: 1.16% | |
| | | | |
Sysco Corporation | | | 3.30 | | | | 7-15-2026 | | | | 200,000 | | | | 193,300 | |
| | | | |
Sysco Corporation | | | 5.38 | | | | 9-21-2035 | | | | 200,000 | | | | 219,723 | |
| | | | |
The Kroger Company | | | 3.40 | | | | 4-15-2022 | | | | 175,000 | | | | 175,496 | |
| | | | |
The Kroger Company | | | 3.85 | | | | 8-1-2023 | | | | 175,000 | | | | 177,613 | |
| | | | |
The Kroger Company | | | 5.00 | | | | 4-15-2042 | | | | 175,000 | | | | 165,270 | |
| | | | |
The Kroger Company | | | 5.15 | | | | 8-1-2043 | | | | 105,000 | | | | 100,502 | |
| | | | |
The Kroger Company | | | 6.90 | | | | 4-15-2038 | | | | 210,000 | | | | 241,240 | |
| | | | |
Wal-Mart Stores Incorporated | | | 3.63 | | | | 7-8-2020 | | | | 270,000 | | | | 273,538 | |
| | | | |
Wal-Mart Stores Incorporated | | | 4.25 | | | | 4-15-2021 | | | | 350,000 | | | | 361,059 | |
| | | | |
Wal-Mart Stores Incorporated | | | 4.88 | | | | 7-8-2040 | | | | 175,000 | | | | 195,500 | |
| | | | |
Wal-Mart Stores Incorporated | | | 5.63 | | | | 4-1-2040 | | | | 180,000 | | | | 218,204 | |
| | | | |
Wal-Mart Stores Incorporated | | | 5.88 | | | | 4-5-2027 | | | | 70,000 | | | | 81,558 | |
| | | | |
Walgreens Boots Alliance Incorporated | | | 3.45 | | | | 6-1-2026 | | | | 200,000 | | | | 191,506 | |
| | | | |
Walgreens Boots Alliance Incorporated | | | 3.80 | | | | 11-18-2024 | | | | 200,000 | | | | 201,039 | |
| | | | |
Walgreens Boots Alliance Incorporated | | | 4.80 | | | | 11-18-2044 | | | | 300,000 | | | | 280,190 | |
| | | | |
| | | | | | | | | | | | | | | 3,075,738 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 214 | | Wells Fargo Funds | | Portfolio of investments—February 28, 2019 |
INVESTMENT GRADE CORPORATE BOND PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
|
| Food Products: 2.03% | |
| | | | |
Archer-Daniels-Midland Company | | | 4.54 | % | | | 3-26-2042 | | | $ | 175,000 | | | $ | 182,983 | |
| | | | |
Campbell Soup Company | | | 2.50 | | | | 8-2-2022 | | | | 85,000 | | | | 81,871 | |
| | | | |
ConAgra Brands Incorporated | | | 4.60 | | | | 11-1-2025 | | | | 200,000 | | | | 203,001 | |
| | | | |
ConAgra Brands Incorporated | | | 4.85 | | | | 11-1-2028 | | | | 600,000 | | | | 602,481 | |
| | | | |
ConAgra Foods Incorporated | | | 8.25 | | | | 9-15-2030 | | | | 84,000 | | | | 107,749 | |
| | | | |
General Mills Incorporated | | | 3.65 | | | | 2-15-2024 | | | | 175,000 | | | | 176,275 | |
| | | | |
General Mills Incorporated | | | 4.20 | | | | 4-17-2028 | | | | 800,000 | | | | 808,838 | |
| | | | |
J.M. Smucker Company | | | 3.50 | | | | 10-15-2021 | | | | 210,000 | | | | 211,550 | |
| | | | |
Kellogg Company | | | 4.00 | | | | 12-15-2020 | | | | 155,000 | | | | 157,399 | |
| | | | |
Kraft Heinz Foods Company | | | 2.80 | | | | 7-2-2020 | | | | 400,000 | | | | 397,812 | |
| | | | |
Kraft Heinz Foods Company | | | 3.00 | | | | 6-1-2026 | | | | 500,000 | | | | 460,392 | |
| | | | |
Kraft Heinz Foods Company | | | 4.38 | | | | 6-1-2046 | | | | 300,000 | | | | 248,572 | |
| | | | |
Mead Johnson Nutrition Company | | | 5.90 | | | | 11-1-2039 | | | | 70,000 | | | | 83,591 | |
| | | | |
Tyson Foods Incorporated | | | 4.35 | | | | 3-1-2029 | | | | 300,000 | | | | 301,431 | |
| | | | |
Tyson Foods Incorporated | | | 4.50 | | | | 6-15-2022 | | | | 350,000 | | | | 362,293 | |
| | | | |
Tyson Foods Incorporated | | | 4.88 | | | | 8-15-2034 | | | | 175,000 | | | | 175,080 | |
| | | | |
Unilever Capital Corporation | | | 4.25 | | | | 2-10-2021 | | | | 300,000 | | | | 308,490 | |
| | | | |
Unilever Capital Corporation | | | 5.90 | | | | 11-15-2032 | | | | 410,000 | | | | 501,737 | |
| | | | |
| | | | | | | | | | | | | | | 5,371,545 | |
| | | | | | | | | | | | | | | | |
|
| Household Products: 0.74% | |
| | | | |
Clorox Company | | | 3.05 | | | | 9-15-2022 | | | | 113,000 | | | | 113,015 | |
| | | | |
Clorox Company | | | 3.50 | | | | 12-15-2024 | | | | 140,000 | | | | 141,240 | |
| | | | |
Colgate-Palmolive Company | | | 2.30 | | | | 5-3-2022 | | | | 350,000 | | | | 345,412 | |
| | | | |
Kimberly-Clark Corporation | | | 2.40 | | | | 6-1-2023 | | | | 105,000 | | | | 102,207 | |
| | | | |
Kimberly-Clark Corporation | | | 5.30 | | | | 3-1-2041 | | | | 171,000 | | | | 198,914 | |
| | | | |
Kimberly-Clark Corporation | | | 6.63 | | | | 8-1-2037 | | | | 140,000 | | | | 184,578 | |
| | | | |
Procter & Gamble Company | | | 2.45 | | | | 11-3-2026 | | | | 900,000 | | | | 857,284 | |
| | | | |
| | | | | | | | | | | | | | | 1,942,650 | |
| | | | | | | | | | | | | | | | |
|
| Personal Products: 0.06% | |
| | | | |
Estee Lauder Companies Incorporated | | | 6.00 | | | | 5-15-2037 | | | | 140,000 | | | | 172,037 | |
| | | | | | | | | | | | | | | | |
|
| Tobacco: 1.06% | |
| | | | |
Altria Group Incorporated | | | 4.00 | | | | 1-31-2024 | | | | 62,000 | | | | 62,584 | |
| | | | |
Altria Group Incorporated | | | 4.25 | | | | 8-9-2042 | | | | 350,000 | | | | 282,685 | |
| | | | |
Altria Group Incorporated | | | 4.50 | | | | 5-2-2043 | | | | 175,000 | | | | 144,859 | |
| | | | |
Altria Group Incorporated | | | 4.75 | | | | 5-5-2021 | | | | 200,000 | | | | 206,787 | |
| | | | |
Philip Morris International Incorporated | | | 2.50 | | | | 8-22-2022 | | | | 175,000 | | | | 171,293 | |
| | | | |
Philip Morris International Incorporated | | | 2.63 | | | | 3-6-2023 | | | | 122,000 | | | | 119,277 | |
| | | | |
Philip Morris International Incorporated | | | 3.25 | | | | 11-10-2024 | | | | 210,000 | | | | 208,382 | |
| | | | |
Philip Morris International Incorporated | | | 4.13 | | | | 3-4-2043 | | | | 210,000 | | | | 188,832 | |
| | | | |
Philip Morris International Incorporated | | | 4.25 | | | | 11-10-2044 | | | | 210,000 | | | | 192,713 | |
| | | | |
Philip Morris International Incorporated | | | 4.50 | | | | 3-20-2042 | | | | 140,000 | | | | 132,423 | |
| | | | |
Reynolds American Incorporated | | | 4.00 | | | | 6-12-2022 | | | | 280,000 | | | | 283,387 | |
| | | | |
Reynolds American Incorporated | | | 4.45 | | | | 6-12-2025 | | | | 350,000 | | | | 352,947 | |
| | | | |
Reynolds American Incorporated | | | 5.70 | | | | 8-15-2035 | | | | 210,000 | | | | 207,079 | |
| | | | |
Reynolds American Incorporated | | | 6.15 | | | | 9-15-2043 | | | | 87,000 | | | | 85,699 | |
| | | | |
Reynolds American Incorporated | | | 7.25 | | | | 6-15-2037 | | | | 140,000 | | | | 153,020 | |
| | | | |
| | | | | | | | | | | | | | | 2,791,967 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—February 28, 2019 | | Wells Fargo Funds | | | 215 | |
INVESTMENT GRADE CORPORATE BOND PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
|
Energy: 8.55% | |
|
| Energy Equipment & Services: 0.45% | |
| | | | |
Halliburton Company | | | 3.25 | % | | | 11-15-2021 | | | $ | 140,000 | | | $ | 140,525 | |
| | | | |
Halliburton Company | | | 3.50 | | | | 8-1-2023 | | | | 350,000 | | | | 352,073 | |
| | | | |
Halliburton Company | | | 3.80 | | | | 11-15-2025 | | | | 350,000 | | | | 351,614 | |
| | | | |
Halliburton Company | | | 4.50 | | | | 11-15-2041 | | | | 175,000 | | | | 167,983 | |
| | | | |
Halliburton Company | | | 4.75 | | | | 8-1-2043 | | | | 175,000 | | | | 175,271 | |
| | | | |
| | | | | | | | | | | | | | | 1,187,466 | |
| | | | | | | | | | | | | | | | |
|
| Oil, Gas & Consumable Fuels: 8.10% | |
| | | | |
Anadarko Finance Company | | | 7.50 | | | | 5-1-2031 | | | | 227,000 | | | | 274,720 | |
| | | | |
Anadarko Petroleum Corporation | | | 6.20 | | | | 3-15-2040 | | | | 210,000 | | | | 230,546 | |
| | | | |
Anadarko Petroleum Corporation | | | 6.45 | | | | 9-15-2036 | | | | 160,000 | | | | 180,066 | |
| | | | |
Apache Corporation | | | 3.25 | | | | 4-15-2022 | | | | 253,000 | | | | 250,659 | |
| | | | |
Apache Corporation | | | 5.10 | | | | 9-1-2040 | | | | 402,000 | | | | 379,379 | |
| | | | |
Apache Corporation | | | 5.25 | | | | 2-1-2042 | | | | 70,000 | | | | 67,647 | |
| | | | |
Boardwalk Pipelines LP | | | 3.38 | | | | 2-1-2023 | | | | 70,000 | | | | 67,728 | |
| | | | |
BP Capital Markets America Incorporated | | | 3.94 | | | | 9-21-2028 | | | | 200,000 | | | | 205,914 | |
| | | | |
BP Capital Markets America Incorporated | | | 4.50 | | | | 10-1-2020 | | | | 350,000 | | | | 358,694 | |
| | | | |
Buckeye Partners LP | | | 4.15 | | | | 7-1-2023 | | | | 175,000 | | | | 173,941 | |
| | | | |
Chevron Corporation | | | 2.10 | | | | 5-16-2021 | | | | 260,000 | | | | 256,351 | |
| | | | |
Chevron Corporation | | | 2.36 | | | | 12-5-2022 | | | | 525,000 | | | | 515,691 | |
| | | | |
Chevron Corporation | | | 2.42 | | | | 11-17-2020 | | | | 350,000 | | | | 348,456 | |
| | | | |
Columbia Pipeline Group Incorporated | | | 5.80 | | | | 6-1-2045 | | | | 140,000 | | | | 151,865 | |
| | | | |
ConocoPhillips Company | | | 4.30 | | | | 11-15-2044 | | | | 210,000 | | | | 215,716 | |
| | | | |
ConocoPhillips Company | | | 4.95 | | | | 3-15-2026 | | | | 350,000 | | | | 383,234 | |
| | | | |
ConocoPhillips Company | | | 5.90 | | | | 10-15-2032 | | | | 175,000 | | | | 210,144 | |
| | | | |
ConocoPhillips Company | | | 6.95 | | | | 4-15-2029 | | | | 210,000 | | | | 266,500 | |
| | | | |
Devon Energy Corporation | | | 4.00 | | | | 7-15-2021 | | | | 140,000 | | | | 141,781 | |
| | | | |
Devon Energy Corporation | | | 7.95 | | | | 4-15-2032 | | | | 150,000 | | | | 193,617 | |
| | | | |
El Paso Pipeline Partners Operating LLC | | | 4.70 | | | | 11-1-2042 | | | | 70,000 | | | | 65,894 | |
| | | | |
Enbridge Energy Partners LP | | | 5.50 | | | | 9-15-2040 | | | | 140,000 | | | | 152,080 | |
| | | | |
Enbridge Energy Partners LP | | | 7.50 | | | | 4-15-2038 | | | | 189,000 | | | | 246,038 | |
| | | | |
Energy Transfer Partners LP | | | 4.75 | | | | 1-15-2026 | | | | 280,000 | | | | 285,140 | |
| | | | |
Energy Transfer Partners LP | | | 4.90 | | | | 2-1-2024 | | | | 210,000 | | | | 218,458 | |
| | | | |
Energy Transfer Partners LP | | | 5.95 | | | | 10-1-2043 | | | | 140,000 | | | | 140,183 | |
| | | | |
Energy Transfer Partners LP | | | 7.50 | | | | 7-1-2038 | | | | 70,000 | | | | 82,213 | |
| | | | |
Enterprise Products Operating LLC | | | 3.35 | | | | 3-15-2023 | | | | 245,000 | | | | 245,340 | |
| | | | |
Enterprise Products Operating LLC | | | 4.45 | | | | 2-15-2043 | | | | 355,000 | | | | 342,828 | |
| | | | |
Enterprise Products Operating LLC | | | 4.85 | | | | 3-15-2044 | | | | 280,000 | | | | 285,873 | |
| | | | |
Enterprise Products Operating LLC | | | 5.70 | | | | 2-15-2042 | | | | 140,000 | | | | 156,062 | |
| | | | |
Enterprise Products Operating LLC | | | 5.95 | | | | 2-1-2041 | | | | 70,000 | | | | 80,114 | |
| | | | |
Enterprise Products Operating LLC | | | 7.55 | | | | 4-15-2038 | | | | 70,000 | | | | 91,823 | |
| | | | |
EOG Resources Incorporated | | | 3.90 | | | | 4-1-2035 | | | | 140,000 | | | | 136,729 | |
| | | | |
EOG Resources Incorporated | | | 4.10 | | | | 2-1-2021 | | | | 140,000 | | | | 142,637 | |
| | | | |
EOG Resources Incorporated | | | 4.40 | | | | 6-1-2020 | | | | 210,000 | | | | 213,460 | |
| | | | |
EQT Corporation | | | 4.88 | | | | 11-15-2021 | | | | 210,000 | | | | 215,625 | |
| | | | |
Exxon Mobil Corporation | | | 2.71 | | | | 3-6-2025 | | | | 350,000 | | | | 344,954 | |
| | | | |
Exxon Mobil Corporation | | | 3.04 | | | | 3-1-2026 | | | | 500,000 | | | | 498,767 | |
| | | | |
Hess Corporation | | | 7.30 | | | | 8-15-2031 | | | | 269,000 | | | | 306,474 | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 216 | | Wells Fargo Funds | | Portfolio of investments—February 28, 2019 |
INVESTMENT GRADE CORPORATE BOND PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
|
| Oil, Gas & Consumable Fuels(continued) | |
| | | | |
Kerr-McGee Corporation | | | 6.95 | % | | | 7-1-2024 | | | $ | 140,000 | | | $ | 157,830 | |
| | | | |
Kinder Morgan Energy Partners LP | | | 3.45 | | | | 2-15-2023 | | | | 175,000 | | | | 175,253 | |
| | | | |
Kinder Morgan Energy Partners LP | | | 5.00 | | | | 8-15-2042 | | | | 175,000 | | | | 171,414 | |
| | | | |
Kinder Morgan Energy Partners LP | | | 5.00 | | | | 3-1-2043 | | | | 157,000 | | | | 153,626 | |
| | | | |
Kinder Morgan Energy Partners LP | | | 5.30 | | | | 9-15-2020 | | | | 87,000 | | | | 89,666 | |
| | | | |
Kinder Morgan Energy Partners LP | | | 5.50 | | | | 3-1-2044 | | | | 210,000 | | | | 217,489 | |
| | | | |
Kinder Morgan Energy Partners LP | | | 5.80 | | | | 3-15-2035 | | | | 70,000 | | | | 74,510 | |
| | | | |
Magellan Midstream Partners LP | | | 5.15 | | | | 10-15-2043 | | | | 140,000 | | | | 144,901 | |
| | | | |
Marathon Oil Corporation | | | 3.85 | | | | 6-1-2025 | | | | 245,000 | | | | 241,572 | |
| | | | |
Marathon Oil Corporation | | | 5.20 | | | | 6-1-2045 | | | | 140,000 | | | | 144,091 | |
| | | | |
Marathon Petroleum Corporation | | | 3.63 | | | | 9-15-2024 | | | | 350,000 | | | | 346,218 | |
| | | | |
Marathon Petroleum Corporation 144A | | | 3.80 | | | | 4-1-2028 | | | | 385,000 | | | | 371,339 | |
| | | | |
Marathon Petroleum Corporation | | | 5.13 | | | | 3-1-2021 | | | | 24,000 | | | | 24,823 | |
| | | | |
MPLX LP | | | 4.13 | | | | 3-1-2027 | | | | 200,000 | | | | 196,001 | |
| | | | |
MPLX LP | | | 4.70 | | | | 4-15-2048 | | | | 500,000 | | | | 458,498 | |
| | | | |
MPLX LP | | | 4.88 | | | | 6-1-2025 | | | | 200,000 | | | | 208,173 | |
| | | | |
MPLX LP | | | 5.20 | | | | 3-1-2047 | | | | 220,000 | | | | 214,564 | |
| | | | |
NextEra Energy Capital | | | 4.50 | | | | 6-1-2021 | | | | 140,000 | | | | 143,264 | |
| | | | |
Noble Energy Incorporated | | | 3.90 | | | | 11-15-2024 | | | | 210,000 | | | | 207,104 | |
| | | | |
Occidental Petroleum Corporation | | | 3.00 | | | | 2-15-2027 | | | | 200,000 | | | | 194,621 | |
| | | | |
Occidental Petroleum Corporation | | | 3.50 | | | | 6-15-2025 | | | | 200,000 | | | | 202,022 | |
| | | | |
Occidental Petroleum Corporation | | | 4.10 | | | | 2-1-2021 | | | | 322,000 | | | | 328,614 | |
| | | | |
Occidental Petroleum Corporation | | | 4.40 | | | | 4-15-2046 | | | | 200,000 | | | | 204,781 | |
| | | | |
ONEOK Incorporated | | | 4.00 | | | | 7-13-2027 | | | | 200,000 | | | | 196,646 | |
| | | | |
ONEOK Incorporated | | | 4.55 | | | | 7-15-2028 | | | | 500,000 | | | | 506,730 | |
| | | | |
ONEOK Partners LP | | | 3.38 | | | | 10-1-2022 | | | | 350,000 | | | | 350,001 | |
| | | | |
Phillips 66 | | | 4.30 | | | | 4-1-2022 | | | | 500,000 | | | | 517,161 | |
| | | | |
Phillips 66 | | | 4.65 | | | | 11-15-2034 | | | | 140,000 | | | | 144,687 | |
| | | | |
Phillips 66 | | | 5.88 | | | | 5-1-2042 | | | | 400,000 | | | | 463,299 | |
| | | | |
Plains All American Pipeline LP | | | 3.60 | | | | 11-1-2024 | | | | 210,000 | | | | 204,820 | |
| | | | |
Plains All American Pipeline LP | | | 3.85 | | | | 10-15-2023 | | | | 350,000 | | | | 348,112 | |
| | | | |
Plains All American Pipeline LP | | | 4.90 | | | | 2-15-2045 | | | | 175,000 | | | | 160,611 | |
| | | | |
Plains All American Pipeline LP | | | 5.00 | | | | 2-1-2021 | | | | 140,000 | | | | 142,915 | |
| | | | |
Plains All American Pipeline LP | | | 6.65 | | | | 1-15-2037 | | | | 140,000 | | | | 153,056 | |
| | | | |
Sabine Pass Liquefaction LLC | | | 4.20 | | | | 3-15-2028 | | | | 270,000 | | | | 265,803 | |
| | | | |
Sabine Pass Liquefaction LLC | | | 5.00 | | | | 3-15-2027 | | | | 400,000 | | | | 415,546 | |
| | | | |
Sabine Pass Liquefaction LLC | | | 5.63 | | | | 3-1-2025 | | | | 200,000 | | | | 216,444 | |
| | | | |
Sabine Pass Liquefaction LLC | | | 5.88 | | | | 6-30-2026 | | | | 200,000 | | | | 218,332 | |
| | | | |
Spectra Energy Partners LP | | | 3.38 | | | | 10-15-2026 | | | | 300,000 | | | | 287,725 | |
| | | | |
Spectra Energy Partners LP | | | 4.75 | | | | 3-15-2024 | | | | 245,000 | | | | 257,018 | |
| | | | |
Sunoco Logistics Partner LP | | | 3.45 | | | | 1-15-2023 | | | | 140,000 | | | | 138,144 | |
| | | | |
Sunoco Logistics Partner LP | | | 4.95 | | | | 1-15-2043 | | | | 105,000 | | | | 93,887 | |
| | | | |
Sunoco Logistics Partner LP | | | 5.35 | | | | 5-15-2045 | | | | 140,000 | | | | 132,035 | |
| | | | |
TC Pipelines LP | | | 4.65 | | | | 6-15-2021 | | | | 210,000 | | | | 213,625 | �� |
| | | | |
Tennessee Gas Pipeline Company | | | 7.00 | | | | 10-15-2028 | | | | 175,000 | | | | 208,052 | |
| | | | |
Texas Eastern Transmission LP | | | 7.00 | | | | 7-15-2032 | | | | 227,000 | | | | 275,147 | |
| | | | |
Valero Energy Corporation | | | 7.50 | | | | 4-15-2032 | | | | 210,000 | | | | 261,009 | |
| | | | |
Western Gas Partners LP | | | 4.00 | | | | 7-1-2022 | | | | 280,000 | | | | 281,171 | |
| | | | |
Williams Partners LP | | | 3.35 | | | | 8-15-2022 | | | | 175,000 | | | | 173,447 | |
| | | | |
Williams Partners LP | | | 4.13 | | | | 11-15-2020 | | | | 210,000 | | | | 212,456 | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—February 28, 2019 | | Wells Fargo Funds | | | 217 | |
INVESTMENT GRADE CORPORATE BOND PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
| | | | |
| Oil, Gas & Consumable Fuels(continued) | | | | | | | | | | | | | | | | |
| | | | |
Williams Partners LP | | | 5.25 | % | | | 3-15-2020 | | | $ | 448,000 | | | $ | 457,338 | |
| | | | |
Williams Partners LP | | | 6.30 | | | | 4-15-2040 | | | | 273,000 | | | | 306,877 | |
| | | | |
| | | | | | | | | | | | | | | 21,395,809 | |
| | | | | | | | | | | | | | | | |
|
Financials: 17.21% | |
|
| Banks: 7.07% | |
| | | | |
ABB Finance (USA) Incorporated | | | 4.38 | | | | 5-8-2042 | | | | 26,000 | | | | 26,826 | |
| | | | |
Australia & New Zealand Banking Group Limited | | | 2.55 | | | | 11-23-2021 | | | | 250,000 | | | | 245,978 | |
| | | | |
Australia & New Zealand Banking Group Limited | | | 2.63 | | | | 5-19-2022 | | | | 300,000 | | | | 294,634 | |
| | | | |
Australia & New Zealand Banking Group Limited | | | 2.63 | | | | 11-9-2022 | | | | 500,000 | | | | 490,758 | |
| | | | |
Bank of America Corporation | | | 3.25 | | | | 10-21-2027 | | | | 525,000 | | | | 502,380 | |
| | | | |
Bank of America Corporation (3 Month LIBOR +1.19%) ± | | | 3.95 | | | | 1-23-2049 | | | | 200,000 | | | | 189,353 | |
| | | | |
Bank of America Corporation | | | 4.18 | | | | 11-25-2027 | | | | 560,000 | | | | 557,375 | |
| | | | |
Bank of America Corporation | | | 4.25 | | | | 10-22-2026 | | | | 280,000 | | | | 281,282 | |
| | | | |
Bank One Corporation | | | 7.63 | | | | 10-15-2026 | | | | 168,000 | | | | 205,224 | |
| | | | |
BB&T Corporation | | | 2.05 | | | | 5-10-2021 | | | | 210,000 | | | | 205,923 | |
| | | | |
BB&T Corporation | | | 2.85 | | | | 10-26-2024 | | | | 500,000 | | | | 489,711 | |
| | | | |
BB&T Corporation | | | 3.80 | | | | 10-30-2026 | | | | 400,000 | | | | 402,230 | |
| | | | |
Citigroup Incorporated | | | 2.75 | | | | 4-25-2022 | | | | 200,000 | | | | 197,444 | |
| | | | |
Citigroup Incorporated | | | 4.45 | | | | 9-29-2027 | | | | 525,000 | | | | 526,818 | |
| | | | |
Citigroup Incorporated | | | 4.60 | | | | 3-9-2026 | | | | 200,000 | | | | 204,466 | |
| | | | |
Citigroup Incorporated | | | 4.65 | | | | 7-30-2045 | | | | 300,000 | | | | 311,801 | |
| | | | |
Citigroup Incorporated | | | 4.75 | | | | 5-18-2046 | | | | 300,000 | | | | 295,697 | |
| | | | |
Citizens Financial Group Incorporated | | | 4.30 | | | | 12-3-2025 | | | | 200,000 | | | | 201,694 | |
| | | | |
City National Corporation | | | 5.25 | | | | 9-15-2020 | | | | 140,000 | | | | 144,160 | |
| | | | |
Compass Bank Subordinated | | | 3.88 | | | | 4-10-2025 | | | | 250,000 | | | | 243,092 | |
| | | | |
Discover Bank | | | 3.10 | | | | 6-4-2020 | | | | 500,000 | | | | 499,589 | |
| | | | |
Discover Bank | | | 4.20 | | | | 8-8-2023 | | | | 310,000 | | | | 316,776 | |
| | | | |
Discover Bank | | | 4.25 | | | | 3-13-2026 | | | | 250,000 | | | | 247,151 | |
| | | | |
Fifth Third Bank | | | 2.25 | | | | 6-14-2021 | | | | 200,000 | | | | 196,476 | |
| | | | |
Fifth Third Bank | | | 2.88 | | | | 10-1-2021 | | | | 300,000 | | | | 297,451 | |
| | | | |
Fifth Third Bank | | | 3.85 | | | | 3-15-2026 | | | | 800,000 | | | | 798,571 | |
| | | | |
HSBC Bank USA NA | | | 5.00 | | | | 9-27-2020 | | | | 350,000 | | | | 358,219 | |
| | | | |
HSBC Bank USA NA | | | 5.63 | | | | 8-15-2035 | | | | 225,000 | | | | 253,637 | |
| | | | |
Huntington Bancshares Incorporated | | | 2.30 | | | | 1-14-2022 | | | | 500,000 | | | | 487,983 | |
| | | | |
Huntington Bancshares Incorporated | | | 3.15 | | | | 3-14-2021 | | | | 500,000 | | | | 499,680 | |
| | | | |
Huntington Bancshares Incorporated | | | 7.00 | | | | 12-15-2020 | | | | 17,000 | | | | 18,084 | |
| | | | |
JPMorgan Chase & Company | | | 2.95 | | | | 10-1-2026 | | | | 525,000 | | | | 500,528 | |
| | | | |
JPMorgan Chase & Company | | | 3.20 | | | | 1-25-2023 | | | | 200,000 | | | | 200,132 | |
| | | | |
JPMorgan Chase & Company | | | 4.13 | | | | 12-15-2026 | | | | 500,000 | | | | 505,977 | |
| | | | |
JPMorgan Chase & Company (3 Month LIBOR +1.58%) ± | | | 4.26 | | | | 2-22-2048 | | | | 240,000 | | | | 236,591 | |
| | | | |
Key Bank NA | | | 2.40 | | | | 6-9-2022 | | | | 700,000 | | | | 683,872 | |
| | | | |
Key Bank NA | | | 3.18 | | | | 10-15-2027 | | | | 250,000 | | | | 247,119 | |
| | | | |
Key Bank NA | | | 3.30 | | | | 6-1-2025 | | | | 250,000 | | | | 247,694 | |
| | | | |
KeyCorp | | | 5.10 | | | | 3-24-2021 | | | | 300,000 | | | | 312,037 | |
| | | | |
National Australia Bank | | | 2.63 | | | | 1-14-2021 | | | | 500,000 | | | | 497,058 | |
| | | | |
People’s United Financial Incorporated | | | 3.65 | | | | 12-6-2022 | | | | 105,000 | | | | 104,665 | |
| | | | |
PNC Bank NA | | | 2.15 | | | | 4-29-2021 | | | | 250,000 | | | | 245,487 | |
| | | | |
PNC Bank NA | | | 2.95 | | | | 1-30-2023 | | | | 300,000 | | | | 295,892 | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 218 | | Wells Fargo Funds | | Portfolio of investments—February 28, 2019 |
INVESTMENT GRADE CORPORATE BOND PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
| | | | |
| Banks(continued) | | | | | | | | | | | | | | | | |
| | | | |
PNC Bank NA | | | 3.30 | % | | | 10-30-2024 | | | $ | 500,000 | | | $ | 501,273 | |
| | | | |
PNC Bank NA | | | 4.20 | | | | 11-1-2025 | | | | 250,000 | | | | 259,820 | |
| | | | |
Santander Holdings USA Incorporated | | | 4.50 | | | | 7-17-2025 | | | | 350,000 | | | | 355,297 | |
| | | | |
Santander UK Group Holdings plc (3 Month LIBOR +1.40%) ± | | | 3.82 | | | | 11-3-2028 | | | | 1,000,000 | | | | 942,266 | |
| | | | |
SunTrust Banks Incorporated | | | 3.30 | | | | 5-15-2026 | | | | 1,200,000 | | | | 1,167,538 | |
| | | | |
UnionBanCal Corporation | | | 3.50 | | | | 6-18-2022 | | | | 140,000 | | | | 140,600 | |
| | | | |
US Bancorp | | | 2.38 | | | | 7-22-2026 | | | | 190,000 | | | | 178,333 | |
| | | | |
US Bancorp | | | 3.00 | | | | 3-15-2022 | | | | 350,000 | | | | 350,142 | |
| | | | |
US Bancorp | | | 3.60 | | | | 9-11-2024 | | | | 350,000 | | | | 355,136 | |
| | | | |
US Bancorp | | | 4.13 | | | | 5-24-2021 | | | | 350,000 | | | | 359,167 | |
| | | | |
| | | | | | | | | | | | | | | 18,677,087 | |
| | | | | | | | | | | | | | | | |
|
| Capital Markets: 3.16% | |
| | | | |
AGL Capital Corporation | | | 4.40 | | | | 6-1-2043 | | | | 140,000 | | | | 134,694 | |
| | | | |
Ameriprise Financial Incorporated | | | 5.30 | | | | 3-15-2020 | | | | 210,000 | | | | 215,049 | |
| | | | |
Bank of New York Mellon Corporation | | | 2.50 | | | | 4-15-2021 | | | | 350,000 | | | | 347,138 | |
| | | | |
Bank of New York Mellon Corporation | | | 2.95 | | | | 1-29-2023 | | | | 300,000 | | | | 298,649 | |
| | | | |
Bank of New York Mellon Corporation | | | 3.40 | | | | 1-29-2028 | | | | 300,000 | | | | 299,679 | |
| | | | |
Bank of New York Mellon Corporation | | | 3.55 | | | | 9-23-2021 | | | | 420,000 | | | | 426,791 | |
| | | | |
Charles Schwab Corporation | | | 4.45 | | | | 7-22-2020 | | | | 140,000 | | | | 143,036 | |
| | | | |
CME Group Incorporated | | | 4.15 | | | | 6-15-2048 | | | | 200,000 | | | | 203,708 | |
| | | | |
Deutsche Bank AG | | | 3.15 | | | | 1-22-2021 | | | | 200,000 | | | | 195,365 | |
| | | | |
Goldman Sachs Group Incorporated (3 Month LIBOR +1.51%) ± | | | 3.69 | | | | 6-5-2028 | | | | 700,000 | | | | 677,836 | |
| | | | |
Goldman Sachs Group Incorporated | | | 3.75 | | | | 5-22-2025 | | | | 350,000 | | | | 348,308 | |
| | | | |
Goldman Sachs Group Incorporated | | | 5.95 | | | | 1-15-2027 | | | | 200,000 | | | | 218,733 | |
| | | | |
Goldman Sachs Group Incorporated | | | 6.13 | | | | 2-15-2033 | | | | 200,000 | | | | 236,520 | |
| | | | |
Intercontinental Exchange Incorporated | | | 2.75 | | | | 12-1-2020 | | | | 350,000 | | | | 348,720 | |
| | | | |
Jefferies Group Incorporated | | | 5.13 | | | | 1-20-2023 | | | | 175,000 | | | | 181,511 | |
| | | | |
Jefferies Group Incorporated | | | 6.45 | | | | 6-8-2027 | | | | 105,000 | | | | 111,180 | |
| | | | |
Jefferies Group Incorporated | | | 6.88 | | | | 4-15-2021 | | | | 105,000 | | | | 111,206 | |
| | | | |
Legg Mason Incorporated | | | 4.75 | | | | 3-15-2026 | | | | 190,000 | | | | 192,406 | |
| | | | |
Moody’s Corporation | | | 4.50 | | | | 9-1-2022 | | | | 175,000 | | | | 181,282 | |
| | | | |
Moody’s Corporation | | | 5.25 | | | | 7-15-2044 | | | | 210,000 | | | | 226,941 | |
| | | | |
Morgan Stanley | | | 4.30 | | | | 1-27-2045 | | | | 350,000 | | | | 342,914 | |
| | | | |
Morgan Stanley | | | 5.00 | | | | 11-24-2025 | | | | 200,000 | | | | 210,225 | |
| | | | |
Morgan Stanley | | | 6.25 | | | | 8-9-2026 | | | | 300,000 | | | | 341,243 | |
| | | | |
Morgan Stanley | | | 7.25 | | | | 4-1-2032 | | | | 329,000 | | | | 427,886 | |
| | | | |
Northern Trust Corporation | | | 3.95 | | | | 10-30-2025 | | | | 175,000 | | | | 181,750 | |
| | | | |
PPL Capital Funding Incorporated | | | 3.10 | | | | 5-15-2026 | | | | 100,000 | | | | 94,042 | |
| | | | |
S&P Global Incorporated | | | 4.00 | | | | 6-15-2025 | | | | 227,000 | | | | 234,055 | |
| | | | |
State Street Corporation | | | 1.95 | | | | 5-19-2021 | | | | 600,000 | | | | 587,342 | |
| | | | |
State Street Corporation | | | 2.65 | | | | 5-19-2026 | | | | 400,000 | | | | 380,449 | |
| | | | |
State Street Corporation | | | 4.38 | | | | 3-7-2021 | | | | 300,000 | | | | 308,778 | |
| | | | |
TD Ameritrade Holding Corporation | | | 3.63 | | | | 4-1-2025 | | | | 140,000 | | | | 141,294 | |
| | | | |
| | | | | | | | | | | | | | | 8,348,730 | |
| | | | | | | | | | | | | | | | |
|
| Consumer Finance: 1.95% | |
| | | | |
American Express Company | | | 2.50 | | | | 8-1-2022 | | | | 600,000 | | | | 587,451 | |
| | | | |
American Express Company | | | 2.65 | | | | 12-2-2022 | | | | 402,000 | | | | 395,965 | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—February 28, 2019 | | Wells Fargo Funds | | | 219 | |
INVESTMENT GRADE CORPORATE BOND PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
|
| Consumer Finance(continued) | |
| | | | |
American Express Company | | | 4.20 | % | | | 11-6-2025 | | | $ | 200,000 | | | $ | 207,709 | |
| | | | |
American Express Credit Corporation | | | 2.25 | | | | 5-5-2021 | | | | 200,000 | | | | 197,047 | |
| | | | |
American Express Credit Corporation | | | 2.38 | | | | 5-26-2020 | | | | 175,000 | | | | 173,891 | |
| | | | |
American Honda Finance Corporation | | | 3.45 | | | | 7-14-2023 | | | | 200,000 | | | | 202,752 | |
| | | | |
Capital One Financial Corporation | | | 3.75 | | | | 7-28-2026 | | | | 525,000 | | | | 499,083 | |
| | | | |
Capital One Financial Corporation | | | 3.75 | | | | 3-9-2027 | | | | 330,000 | | | | 316,547 | |
| | | | |
Capital One Financial Corporation | | | 4.75 | | | | 7-15-2021 | | | | 315,000 | | | | 324,887 | |
| | | | |
Caterpillar Financial Services Corporation | | | 2.63 | | | | 3-1-2023 | | | | 260,000 | | | | 255,146 | |
| | | | |
Caterpillar Financial Services Corporation | | | 3.25 | | | | 12-1-2024 | | | | 200,000 | | | | 200,086 | |
| | | | |
Caterpillar Financial Services Corporation | | | 3.75 | | | | 11-24-2023 | | | | 175,000 | | | | 179,525 | |
| | | | |
Discover Financial Services | | | 3.95 | | | | 11-6-2024 | | | | 200,000 | | | | 197,952 | |
| | | | |
Ford Motor Credit Company LLC | | | 3.10 | | | | 5-4-2023 | | | | 200,000 | | | | 183,892 | |
| | | | |
Ford Motor Credit Company LLC | | | 5.75 | | | | 2-1-2021 | | | | 200,000 | | | | 205,359 | |
| | | | |
General Motors Financial Company Incorporated | | | 3.70 | | | | 5-9-2023 | | | | 380,000 | | | | 374,013 | |
| | | | |
John Deere Capital Corporation | | | 3.90 | | | | 7-12-2021 | | | | 210,000 | | | | 215,082 | |
| | | | |
Synchrony Financial | | | 3.70 | | | | 8-4-2026 | | | | 200,000 | | | | 182,211 | |
| | | | |
Toyota Motor Credit Corporation | | | 3.40 | | | | 9-15-2021 | | | | 245,000 | | | | 248,555 | |
| | | | |
| | | | | | | | | | | | | | | 5,147,153 | |
| | | | | | | | | | | | | | | | |
|
| Diversified Financial Services: 0.82% | |
| | | | |
Berkshire Hathaway Incorporated | | | 3.00 | | | | 2-11-2023 | | | | 75,000 | | | | 75,468 | |
| | | | |
Berkshire Hathaway Incorporated | | | 3.13 | | | | 3-15-2026 | | | | 525,000 | | | | 519,268 | |
| | | | |
Berkshire Hathaway Incorporated | | | 3.40 | | | | 1-31-2022 | | | | 175,000 | | | | 178,722 | |
| | | | |
Berkshire Hathaway Incorporated | | | 4.50 | | | | 2-11-2043 | | | | 275,000 | | | | 290,950 | |
| | | | |
Block Financial LLC | | | 5.50 | | | | 11-1-2022 | | | | 140,000 | | | | 145,551 | |
| | | | |
National Rural Utilities Cooperative Finance Corporation | | | 3.25 | | | | 11-1-2025 | | | | 300,000 | | | | 297,439 | |
| | | | |
National Rural Utilities Cooperative Finance Corporation | | | 3.40 | | | | 2-7-2028 | | | | 300,000 | | | | 296,689 | |
| | | | |
National Rural Utilities Cooperative Finance Corporation | | | 4.02 | | | | 11-1-2032 | | | | 140,000 | | | | 144,385 | |
| | | | |
National Rural Utilities Cooperative Finance Corporation (3 Month LIBOR +2.91%) ± | | | 4.75 | | | | 4-30-2043 | | | | 175,000 | | | | 169,337 | |
| | | | |
TECO Finance Incorporated | | | 5.15 | | | | 3-15-2020 | | | | 45,000 | | | | 45,913 | |
| | | | |
| | | | | | | | | | | | | | | 2,163,722 | |
| | | | | | | | | | | | | | | | |
|
| Insurance: 4.08% | |
| | | | |
ACE INA Holdings Incorporated | | | 2.70 | | | | 3-13-2023 | | | | 280,000 | | | | 275,830 | |
| | | | |
ACE INA Holdings Incorporated | | | 3.15 | | | | 3-15-2025 | | | | 200,000 | | | | 198,088 | |
| | | | |
ACE INA Holdings Incorporated | | | 3.35 | | | | 5-15-2024 | | | | 350,000 | | | | 351,424 | |
| | | | |
Alleghany Corporation | | | 5.63 | | | | 9-15-2020 | | | | 70,000 | | | | 72,217 | |
| | | | |
Allstate Corporation (3 Month LIBOR +2.12%) ± | | | 6.50 | | | | 5-15-2067 | | | | 140,000 | | | | 149,800 | |
| | | | |
American International Group Incorporated | | | 4.50 | | | | 7-16-2044 | | | | 300,000 | | | | 275,164 | |
| | | | |
American International Group Incorporated | | | 4.88 | | | | 6-1-2022 | | | | 600,000 | | | | 628,740 | |
| | | | |
American International Group Incorporated (3 Month LIBOR +2.87%) ± | | | 5.75 | | | | 4-1-2048 | | | | 200,000 | | | | 185,500 | |
| | | | |
American International Group Incorporated | | | 6.40 | | | | 12-15-2020 | | | | 200,000 | | | | 211,130 | |
| | | | |
Aon Corporation | | | 6.25 | | | | 9-30-2040 | | | | 70,000 | | | | 83,588 | |
| | | | |
Arch Capital Group Limited | | | 5.14 | | | | 11-1-2043 | | | | 147,000 | | | | 156,033 | |
| | | | |
Berkshire Hathaway Finance Corporation | | | 2.90 | | | | 10-15-2020 | | | | 150,000 | | | | 150,524 | |
| | | | |
Berkshire Hathaway Finance Corporation | | | 4.40 | | | | 5-15-2042 | | | | 180,000 | | | | 186,641 | |
| | | | |
Berkshire Hathaway Finance Corporation | | | 5.75 | | | | 1-15-2040 | | | | 175,000 | | | | 211,568 | |
| | | | |
Chubb Corporation | | | 6.00 | | | | 5-11-2037 | | | | 196,000 | | | | 242,334 | |
| | | | |
Chubb INA Holdings Incorporated | | | 2.30 | | | | 11-3-2020 | | | | 200,000 | | | | 198,047 | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 220 | | Wells Fargo Funds | | Portfolio of investments—February 28, 2019 |
INVESTMENT GRADE CORPORATE BOND PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
| | | | |
| Insurance(continued) | | | | | | | | | | | | | | | | |
| | | | |
CNA Financial Corporation | | | 5.88 | % | | | 8-15-2020 | | | $ | 350,000 | | | $ | 362,833 | |
| | | | |
Hartford Financial Services Group Incorporated | | | 4.30 | | | | 4-15-2043 | | | | 30,000 | | | | 28,828 | |
| | | | |
Hartford Financial Services Group Incorporated | | | 5.13 | | | | 4-15-2022 | | | | 168,000 | | | | 176,866 | |
| | | | |
Hartford Financial Services Group Incorporated | | | 5.95 | | | | 10-15-2036 | | | | 52,000 | | | | 59,515 | |
| | | | |
Hartford Financial Services Group Incorporated | | | 6.10 | | | | 10-1-2041 | | | | 175,000 | | | | 204,810 | |
| | | | |
Lincoln National Corporation | | | 4.00 | | | | 9-1-2023 | | | | 175,000 | | | | 179,332 | |
| | | | |
Lincoln National Corporation | | | 4.85 | | | | 6-24-2021 | | | | 56,000 | | | | 57,845 | |
| | | | |
Loews Corporation | | | 2.63 | | | | 5-15-2023 | | | | 105,000 | | | | 102,829 | |
| | | | |
Loews Corporation | | | 4.13 | | | | 5-15-2043 | | | | 140,000 | | | | 132,291 | |
| | | | |
Marsh & McLennan Companies Incorporated | | | 4.38 | | | | 3-15-2029 | | | | 1,100,000 | | | | 1,133,702 | |
| | | | |
Marsh & McLennan Companies Incorporated | | | 4.80 | | | | 7-15-2021 | | | | 210,000 | | | | 217,203 | |
| | | | |
MetLife Incorporated | | | 3.05 | | | | 12-15-2022 | | | | 190,000 | | | | 189,615 | |
| | | | |
MetLife Incorporated | | | 4.13 | | | | 8-13-2042 | | | | 210,000 | | | | 202,373 | |
| | | | |
MetLife Incorporated | | | 4.37 | | | | 9-15-2023 | | | | 400,000 | | | | 420,734 | |
| | | | |
MetLife Incorporated | | | 4.72 | | | | 12-15-2044 | | | | 175,000 | | | | 183,593 | |
| | | | |
MetLife Incorporated | | | 4.75 | | | | 2-8-2021 | | | | 200,000 | | | | 206,281 | |
| | | | |
MetLife Incorporated | | | 6.38 | | | | 6-15-2034 | | | | 196,000 | | | | 242,855 | |
| | | | |
MetLife Incorporated | | | 6.40 | | | | 12-15-2066 | | | | 200,000 | | | | 212,000 | |
| | | | |
MetLife Incorporated | | | 6.50 | | | | 12-15-2032 | | | | 140,000 | | | | 177,268 | |
| | | | |
Principal Financial Group Incorporated | | | 3.30 | | | | 9-15-2022 | | | | 175,000 | | | | 174,446 | |
| | | | |
Principal Financial Group Incorporated | | | 3.40 | | | | 5-15-2025 | | | | 140,000 | | | | 137,927 | |
| | | | |
Progressive Corporation | | | 6.25 | | | | 12-1-2032 | | | | 252,000 | | | | 312,318 | |
| | | | |
Prudential Financial Incorporated | | | 3.91 | | | | 12-7-2047 | | | | 155,000 | | | | 142,739 | |
| | | | |
Prudential Financial Incorporated | | | 3.94 | | | | 12-7-2049 | | | | 200,000 | | | | 185,985 | |
| | | | |
Prudential Financial Incorporated | | | 4.50 | | | | 11-16-2021 | | | | 175,000 | | | | 181,391 | |
| | | | |
Prudential Financial Incorporated | | | 4.60 | | | | 5-15-2044 | | | | 350,000 | | | | 361,402 | |
| | | | |
Prudential Financial Incorporated (3 Month LIBOR +3.04%) ± | | | 5.20 | | | | 3-15-2044 | | | | 175,000 | | | | 173,250 | |
| | | | |
Prudential Financial Incorporated | | | 5.75 | | | | 7-15-2033 | | | | 350,000 | | | | 400,818 | |
| | | | |
Prudential Financial Incorporated | | | 6.63 | | | | 12-1-2037 | | | | 45,000 | | | | 56,060 | |
| | | | |
Reinsurance Group of America Incorporated | | | 5.00 | | | | 6-1-2021 | | | | 42,000 | | | | 43,443 | |
| | | | |
Transatlantic Holdings Incorporated | | | 8.00 | | | | 11-30-2039 | | | | 70,000 | | | | 93,067 | |
| | | | |
Travelers Companies Incorporated | | | 5.35 | | | | 11-1-2040 | | | | 245,000 | | | | 285,853 | |
| | | | |
WR Berkley Corporation | | | 5.38 | | | | 9-15-2020 | | | | 140,000 | | | | 143,707 | |
| | | | |
| | | | | | | | | | | | | | | 10,759,807 | |
| | | | | | | | | | | | | | | | |
|
| Mortgage REITs: 0.13% | |
| | | | |
CC Holdings GS V LLC | | | 3.85 | | | | 4-15-2023 | | | | 350,000 | | | | 352,284 | |
| | | | | | | | | | | | | | | | |
|
Health Care: 10.32% | |
|
| Biotechnology: 1.68% | |
| | | | |
AbbVie Incorporated | | | 2.30 | | | | 5-14-2021 | | | | 350,000 | | | | 343,990 | |
| | | | |
AbbVie Incorporated | | | 2.50 | | | | 5-14-2020 | | | | 250,000 | | | | 248,340 | |
| | | | |
AbbVie Incorporated | | | 3.20 | | | | 5-14-2026 | | | | 420,000 | | | | 396,076 | |
| | | | |
AbbVie Incorporated | | | 4.45 | | | | 5-14-2046 | | | | 200,000 | | | | 175,685 | |
| | | | |
Amgen Incorporated | | | 3.63 | | | | 5-15-2022 | | | | 200,000 | | | | 202,768 | |
| | | | |
Amgen Incorporated | | | 3.63 | | | | 5-22-2024 | | | | 350,000 | | | | 355,033 | |
| | | | |
Amgen Incorporated | | | 3.88 | | | | 11-15-2021 | | | | 200,000 | | | | 203,600 | |
| | | | |
Amgen Incorporated | | | 4.50 | | | | 3-15-2020 | | | | 45,000 | | | | 45,691 | |
| | | | |
Amgen Incorporated | | | 5.75 | | | | 3-15-2040 | | | | 56,000 | | | | 61,728 | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—February 28, 2019 | | Wells Fargo Funds | | | 221 | |
INVESTMENT GRADE CORPORATE BOND PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
| | | | |
| Biotechnology(continued) | | | | | | | | | | | | | | | | |
| | | | |
Amgen Incorporated | | | 6.40 | % | | | 2-1-2039 | | | $ | 175,000 | | | $ | 204,249 | |
| | | | |
Baxalta Incorporated | | | 5.25 | | | | 6-23-2045 | | | | 280,000 | | | | 289,252 | |
| | | | |
Celgene Corporation | | | 3.25 | | | | 8-15-2022 | | | | 350,000 | | | | 348,111 | |
| | | | |
Celgene Corporation | | | 3.88 | | | | 8-15-2025 | | | | 175,000 | | | | 175,335 | |
| | | | |
Celgene Corporation | | | 3.95 | | | | 10-15-2020 | | | | 140,000 | | | | 141,645 | |
| | | | |
Celgene Corporation | | | 4.63 | | | | 5-15-2044 | | | | 240,000 | | | | 224,608 | |
| | | | |
Genzyme Corporation | | | 5.00 | | | | 6-15-2020 | | | | 140,000 | | | | 143,876 | |
| | | | |
Gilead Sciences Incorporated | | | 3.65 | | | | 3-1-2026 | | | | 350,000 | | | | 347,889 | |
| | | | |
Gilead Sciences Incorporated | | | 4.50 | | | | 2-1-2045 | | | | 200,000 | | | | 192,963 | |
| | | | |
Gilead Sciences Incorporated | | | 4.75 | | | | 3-1-2046 | | | | 350,000 | | | | 351,209 | |
| | | | |
| | | | | | | | | | | | | | | 4,452,048 | |
| | | | | | | | | | | | | | | | |
|
| Health Care Equipment & Supplies: 1.65% | |
| | | | |
Abbott Laboratories | | | 4.90 | | | | 11-30-2046 | | | | 700,000 | | | | 767,632 | |
| | | | |
Abbott Laboratories | | | 5.30 | | | | 5-27-2040 | | | | 175,000 | | | | 194,779 | |
| | | | |
Abbott Laboratories | | | 6.00 | | | | 4-1-2039 | | | | 105,000 | | | | 123,416 | |
| | | | |
Abbott Laboratories | | | 6.15 | | | | 11-30-2037 | | | | 166,000 | | | | 196,928 | |
| | | | |
Becton Dickinson & Company | | | 2.89 | | | | 6-6-2022 | | | | 500,000 | | | | 494,449 | |
| | | | |
Becton Dickinson & Company | | | 3.13 | | | | 11-8-2021 | | | | 210,000 | | | | 209,255 | |
| | | | |
Becton Dickinson & Company | | | 3.25 | | | | 11-12-2020 | | | | 245,000 | | | | 244,640 | |
| | | | |
Boston Scientific Corporation | | | 3.85 | | | | 5-15-2025 | | | | 200,000 | | | | 202,776 | |
| | | | |
Boston Scientific Corporation | | | 4.70 | | | | 3-1-2049 | | | | 600,000 | | | | 602,221 | |
| | | | |
Medtronic Incorporated | | | 2.50 | | | | 3-15-2020 | | | | 220,000 | | | | 219,518 | |
| | | | |
Medtronic Incorporated | | | 3.15 | | | | 3-15-2022 | | | | 350,000 | | | | 352,800 | |
| | | | |
Medtronic Incorporated | | | 3.50 | | | | 3-15-2025 | | | | 200,000 | | | | 203,175 | |
| | | | |
Medtronic Incorporated | | | 4.63 | | | | 3-15-2044 | | | | 175,000 | | | | 192,582 | |
| | | | |
Stryker Corporation | | | 4.63 | | | | 3-15-2046 | | | | 350,000 | | | | 359,273 | |
| | | | |
| | | | | | | | | | | | | | | 4,363,444 | |
| | | | | | | | | | | | | | | | |
|
| Health Care Providers & Services: 3.47% | |
| | | | |
Aetna Incorporated | | | 4.13 | | | | 6-1-2021 | | | | 340,000 | | | | 345,489 | |
| | | | |
Aetna Incorporated | | | 4.13 | | | | 11-15-2042 | | | | 175,000 | | | | 152,386 | |
| | | | |
Aetna Incorporated | | | 4.50 | | | | 5-15-2042 | | | | 200,000 | | | | 184,017 | |
| | | | |
Aetna Incorporated | | | 4.75 | | | | 3-15-2044 | | | | 400,000 | | | | 380,539 | |
| | | | |
AmerisourceBergen Corporation | | | 3.50 | | | | 11-15-2021 | | | | 210,000 | | | | 211,073 | |
| | | | |
AmerisourceBergen Corporation | | | 4.25 | | | | 3-1-2045 | | | | 175,000 | | | | 152,129 | |
| | | | |
Anthem Incorporated | | | 4.38 | | | | 12-1-2047 | | | | 200,000 | | | | 191,682 | |
| | | | |
Cardinal Health Incorporated | | | 2.62 | | | | 6-15-2022 | | | | 400,000 | | | | 388,403 | |
| | | | |
Catholic Health Initiatives | | | 4.35 | | | | 11-1-2042 | | | | 175,000 | | | | 158,282 | |
| | | | |
CIGNA Corporation | | | 4.00 | | | | 2-15-2022 | | | | 175,000 | | | | 178,345 | |
| | | | |
CIGNA Corporation | | | 4.50 | | | | 3-15-2021 | | | | 70,000 | | | | 71,524 | |
| | | | |
CIGNA Corporation | | | 5.13 | | | | 6-15-2020 | | | | 150,000 | | | | 153,655 | |
| | | | |
Coventry Health Care Incorporated | | | 5.45 | | | | 6-15-2021 | | | | 406,000 | | | | 422,087 | |
| | | | |
CVS Caremark Corporation | | | 2.75 | | | | 12-1-2022 | | | | 350,000 | | | | 341,567 | |
| | | | |
CVS Caremark Corporation | | | 5.30 | | | | 12-5-2043 | | | | 210,000 | | | | 212,388 | |
| | | | |
CVS Health Corporation | | | 2.13 | | | | 6-1-2021 | | | | 260,000 | | | | 253,530 | |
| | | | |
Express Scripts Holding Company | | | 4.80 | | | | 7-15-2046 | | | | 210,000 | | | | 205,381 | |
| | | | |
Express Scripts Holding Company | | | 6.13 | | | | 11-15-2041 | | | | 175,000 | | | | 197,170 | |
| | | | |
Halfmoon Parent Incorporated 144A | | | 4.90 | | | | 12-15-2048 | | | | 200,000 | | | | 199,134 | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 222 | | Wells Fargo Funds | | Portfolio of investments—February 28, 2019 |
INVESTMENT GRADE CORPORATE BOND PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
| | | | |
| Health Care Providers & Services(continued) | | | | | | | | | | | | | | | | |
| | | | |
HCA Incorporated | | | 5.50 | % | | | 6-15-2047 | | | $ | 800,000 | | | $ | 825,477 | |
| | | | |
Humana Incorporated | | | 3.15 | | | | 12-1-2022 | | | | 210,000 | | | | 209,113 | |
| | | | |
Kaiser Foundation Hospitals | | | 4.88 | | | | 4-1-2042 | | | | 175,000 | | | | 195,573 | |
| | | | |
Laboratory Corporation of America Holdings | | | 3.60 | | | | 2-1-2025 | | | | 350,000 | | | | 344,150 | |
| | | | |
Laboratory Corporation of America Holdings | | | 3.75 | | | | 8-23-2022 | | | | 39,000 | | | | 39,456 | |
| | | | |
Laboratory Corporation of America Holdings | | | 4.00 | | | | 11-1-2023 | | | | 105,000 | | | | 105,785 | |
| | | | |
McKesson Corporation | | | 2.85 | | | | 3-15-2023 | | | | 140,000 | | | | 135,961 | |
| | | | |
Quest Diagnostics Incorporated | | | 4.70 | | | | 4-1-2021 | | | | 112,000 | | | | 114,934 | |
| | | | |
UnitedHealth Group Incorporated | | | 2.70 | | | | 7-15-2020 | | | | 320,000 | | | | 319,991 | |
| | | | |
UnitedHealth Group Incorporated | | | 4.20 | | | | 1-15-2047 | | | | 200,000 | | | | 200,651 | |
| | | | |
UnitedHealth Group Incorporated | | | 4.25 | | | | 3-15-2043 | | | | 175,000 | | | | 178,149 | |
| | | | |
UnitedHealth Group Incorporated | | | 4.25 | | | | 4-15-2047 | | | | 300,000 | | | | 303,955 | |
| | | | |
UnitedHealth Group Incorporated | | | 4.25 | | | | 6-15-2048 | | | | 300,000 | | | | 302,750 | |
| | | | |
UnitedHealth Group Incorporated | | | 5.80 | | | | 3-15-2036 | | | | 175,000 | | | | 211,014 | |
| | | | |
UnitedHealth Group Incorporated | | | 6.63 | | | | 11-15-2037 | | | | 105,000 | | | | 135,851 | |
| | | | |
WellPoint Incorporated | | | 3.13 | | | | 5-15-2022 | | | | 350,000 | | | | 349,212 | |
| | | | |
WellPoint Incorporated | | | 3.30 | | | | 1-15-2023 | | | | 200,000 | | | | 200,355 | |
| | | | |
WellPoint Incorporated | | | 4.65 | | | | 1-15-2043 | | | | 315,000 | | | | 314,652 | |
| | | | |
WellPoint Incorporated | | | 4.65 | | | | 8-15-2044 | | | | 50,000 | | | | 49,861 | |
| | | | |
WellPoint Incorporated | | | 5.85 | | | | 1-15-2036 | | | | 200,000 | | | | 223,144 | |
| | | | |
| | | | | | | | | | | | | | | 9,158,815 | |
| | | | | | | | | | | | | | | | |
|
| Life Sciences Tools & Services: 0.51% | |
| | | | |
Agilent Technologies Incorporated | | | 3.88 | | | | 7-15-2023 | | | | 105,000 | | | | 106,753 | |
| | | | |
Life Technologies Corporation | | | 5.00 | | | | 1-15-2021 | | | | 105,000 | | | | 107,232 | |
| | | | |
Thermo Fisher Scientific Incorporated | | | 3.00 | | | | 4-15-2023 | | | | 200,000 | | | | 197,083 | |
| | | | |
Thermo Fisher Scientific Incorporated | | | 3.30 | | | | 2-15-2022 | | | | 210,000 | | | | 210,833 | |
| | | | |
Thermo Fisher Scientific Incorporated | | | 3.60 | | | | 8-15-2021 | | | | 280,000 | | | | 283,232 | |
| | | | |
Thermo Fisher Scientific Incorporated | | | 4.15 | | | | 2-1-2024 | | | | 280,000 | | | | 289,088 | |
| | | | |
Thermo Fisher Scientific Incorporated | | | 5.30 | | | | 2-1-2044 | | | | 140,000 | | | | 153,977 | |
| | | | |
| | | | | | | | | | | | | | | 1,348,198 | |
| | | | | | | | | | | | | | | | |
|
| Pharmaceuticals: 3.01% | |
| | | | |
Allergan Incorporated | | | 3.38 | | | | 9-15-2020 | | | | 350,000 | | | | 350,226 | |
| | | | |
Bristol-Myers Squibb Company | | | 3.25 | | | | 11-1-2023 | | | | 109,000 | | | | 109,661 | |
| | | | |
Bristol-Myers Squibb Company | | | 3.25 | | | | 8-1-2042 | | | | 175,000 | | | | 142,603 | |
| | | | |
Bristol-Myers Squibb Company | | | 4.50 | | | | 3-1-2044 | | | | 200,000 | | | | 199,079 | |
| | | | |
Eli Lilly & Company | | | 2.75 | | | | 6-1-2025 | | | | 70,000 | | | | 68,516 | |
| | | | |
Eli Lilly & Company | | | 3.95 | | | | 5-15-2047 | | | | 600,000 | | | | 590,757 | |
| | | | |
Eli Lilly & Company | | | 5.50 | | | | 3-15-2027 | | | | 280,000 | | | | 319,108 | |
| | | | |
GlaxoSmithKline Capital Incorporated | | | 2.80 | | | | 3-18-2023 | | | | 140,000 | | | | 138,555 | |
| | | | |
GlaxoSmithKline Capital Incorporated | | | 2.85 | | | | 5-8-2022 | | | | 700,000 | | | | 697,936 | |
| | | | |
GlaxoSmithKline Capital Incorporated | | | 5.38 | | | | 4-15-2034 | | | | 210,000 | | | | 241,910 | |
| | | | |
Johnson & Johnson | | | 3.38 | | | | 12-5-2023 | | | | 300,000 | | | | 307,961 | |
| | | | |
Johnson & Johnson | | | 3.70 | | | | 3-1-2046 | | | | 175,000 | | | | 170,054 | |
| | | | |
Johnson & Johnson | | | 4.38 | | | | 12-5-2033 | | | | 200,000 | | | | 215,291 | |
| | | | |
Johnson & Johnson | | | 4.85 | | | | 5-15-2041 | | | | 140,000 | | | | 158,406 | |
| | | | |
Johnson & Johnson | | | 4.95 | | | | 5-15-2033 | | | | 126,000 | | | | 144,099 | |
| | | | |
Merck & Company Incorporated | | | 2.35 | | | | 2-10-2022 | | | | 250,000 | | | | 247,450 | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—February 28, 2019 | | Wells Fargo Funds | | | 223 | |
INVESTMENT GRADE CORPORATE BOND PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
| | | | |
| Pharmaceuticals(continued) | | | | | | | | | | | | | | | | |
| | | | |
Merck & Company Incorporated | | | 2.75 | % | | | 2-10-2025 | | | $ | 270,000 | | | $ | 264,527 | |
| | | | |
Merck & Company Incorporated | | | 3.60 | | | | 9-15-2042 | | | | 175,000 | | | | 164,727 | |
| | | | |
Merck & Company Incorporated | | | 3.70 | | | | 2-10-2045 | | | | 200,000 | | | | 190,534 | |
| | | | |
Merck & Company Incorporated | | | 3.88 | | | | 1-15-2021 | | | | 245,000 | | | | 249,797 | |
| | | | |
Mylan Incorporated | | | 4.20 | | | | 11-29-2023 | | | | 200,000 | | | | 198,941 | |
| | | | |
Mylan NV Company | | | 3.15 | | | | 6-15-2021 | | | | 280,000 | | | | 276,809 | |
| | | | |
Novartis Capital Corporation | | | 2.40 | | | | 9-21-2022 | | | | 350,000 | | | | 345,772 | |
| | | | |
Novartis Capital Corporation | | | 3.70 | | | | 9-21-2042 | | | | 175,000 | | | | 168,340 | |
| | | | |
Novartis Capital Corporation | | | 4.40 | | | | 4-24-2020 | | | | 350,000 | | | | 356,903 | |
| | | | |
Pfizer Incorporated | | | 3.00 | | | | 12-15-2026 | | | | 400,000 | | | | 390,190 | |
| | | | |
Pfizer Incorporated | | | 4.13 | | | | 12-15-2046 | | | | 420,000 | | | | 427,343 | |
| | | | |
Pfizer Incorporated | | | 4.30 | | | | 6-15-2043 | | | | 210,000 | | | | 217,462 | |
| | | | |
Schering-Plough Corporation | | | 6.50 | | | | 12-1-2033 | | | | 175,000 | | | | 228,165 | |
| | | | |
Zoetis Incorporated | | | 4.70 | | | | 2-1-2043 | | | | 350,000 | | | | 360,229 | |
| | | | |
| | | | | | | | | | | | | | | 7,941,351 | |
| | | | | | | | | | | | | | | | |
|
Industrials: 8.59% | |
|
| Aerospace & Defense: 2.57% | |
| | | | |
Boeing Company | | | 3.20 | | | | 3-1-2029 | | | | 200,000 | | | | 196,144 | |
| | | | |
General Dynamics Corporation | | | 2.25 | | | | 11-15-2022 | | | | 350,000 | | | | 343,133 | |
| | | | |
General Dynamics Corporation | | | 3.75 | | | | 5-15-2028 | | | | 600,000 | | | | 614,937 | |
| | | | |
General Dynamics Corporation | | | 3.88 | | | | 7-15-2021 | | | | 140,000 | | | | 142,882 | |
| | | | |
L-3 Communications Corporation | | | 4.95 | | | | 2-15-2021 | | | | 350,000 | | | | 359,200 | |
| | | | |
Lockheed Martin Corporation | | | 2.50 | | | | 11-23-2020 | | | | 260,000 | | | | 258,028 | |
| | | | |
Lockheed Martin Corporation | | | 3.35 | | | | 9-15-2021 | | | | 175,000 | | | | 176,825 | |
| | | | |
Lockheed Martin Corporation | | | 4.07 | | | | 12-15-2042 | | | | 229,000 | | | | 223,925 | |
| | | | |
Lockheed Martin Corporation | | | 4.70 | | | | 5-15-2046 | | | | 350,000 | | | | 377,190 | |
| | | | |
Lockheed Martin Corporation | | | 6.15 | | | | 9-1-2036 | | | | 122,000 | | | | 149,083 | |
| | | | |
Northrop Grumman Corporation | | | 3.50 | | | | 3-15-2021 | | | | 210,000 | | | | 212,503 | |
| | | | |
Northrop Grumman Corporation | | | 4.03 | | | | 10-15-2047 | | | | 400,000 | | | | 374,389 | |
| | | | |
Northrop Grumman Corporation | | | 5.05 | | | | 11-15-2040 | | | | 70,000 | | | | 75,664 | |
| | | | |
Northrop Grumman Corporation | | | 7.75 | | | | 2-15-2031 | | | | 210,000 | | | | 282,175 | |
| | | | |
Precision Castparts Corporation | | | 2.50 | | | | 1-15-2023 | | | | 175,000 | | | | 172,534 | |
| | | | |
Precision Castparts Corporation | | | 3.90 | | | | 1-15-2043 | | | | 140,000 | | | | 133,914 | |
| | | | |
Raytheon Company | | | 2.50 | | | | 12-15-2022 | | | | 245,000 | | | | 241,515 | |
| | | | |
Raytheon Company | | | 7.20 | | | | 8-15-2027 | | | | 84,000 | | | | 106,500 | |
| | | | |
Rockwell Collins Incorporated | | | 3.70 | | | | 12-15-2023 | | | | 245,000 | | | | 245,571 | |
| | | | |
Rockwell Collins Incorporated | | | 4.80 | | | | 12-15-2043 | | | | 175,000 | | | | 175,973 | |
| | | | |
Textron Incorporated | | | 4.30 | | | | 3-1-2024 | | | | 140,000 | | | | 142,672 | |
| | | | |
The Boeing Company | | | 2.60 | | | | 10-30-2025 | | | | 300,000 | | | | 289,568 | |
| | | | |
The Boeing Company | | | 2.80 | | | | 3-1-2023 | | | | 200,000 | | | | 200,362 | |
| | | | |
The Boeing Company | | | 5.88 | | | | 2-15-2040 | | | | 21,000 | | | | 26,190 | |
| | | | |
The Boeing Company | | | 6.13 | | | | 2-15-2033 | | | | 126,000 | | | | 157,532 | |
| | | | |
United Technologies Corporation | | | 3.10 | | | | 6-1-2022 | | | | 200,000 | | | | 199,395 | |
| | | | |
United Technologies Corporation | | | 3.75 | | | | 11-1-2046 | | | | 200,000 | | | | 175,922 | |
| | | | |
United Technologies Corporation | | | 4.05 | | | | 5-4-2047 | | | | 400,000 | | | | 367,605 | |
| | | | |
United Technologies Corporation | | | 4.50 | | | | 4-15-2020 | | | | 350,000 | | | | 355,858 | |
| | | | |
| | | | | | | | | | | | | | | 6,777,189 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 224 | | Wells Fargo Funds | | Portfolio of investments—February 28, 2019 |
INVESTMENT GRADE CORPORATE BOND PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
|
| Air Freight & Logistics: 0.79% | |
| | | | |
FedEx Corporation | | | 3.88 | % | | | 8-1-2042 | | | $ | 140,000 | | | $ | 119,570 | |
| | | | |
FedEx Corporation | | | 4.00 | | | | 1-15-2024 | | | | 203,000 | | | | 208,857 | |
| | | | |
FedEx Corporation | | | 4.55 | | | | 4-1-2046 | | | | 350,000 | | | | 326,342 | |
| | | | |
FedEx Corporation | | | 4.90 | | | | 1-15-2034 | | | | 175,000 | | | | 183,957 | |
| | | | |
FedEx Corporation | | | 5.10 | | | | 1-15-2044 | | | | 210,000 | | | | 211,980 | |
| | | | |
United Parcel Service Incorporated | | | 2.35 | | | | 5-16-2022 | | | | 300,000 | | | | 295,165 | |
| | | | |
United Parcel Service Incorporated | | | 2.45 | | | | 10-1-2022 | | | | 280,000 | | | | 277,427 | |
| | | | |
United Parcel Service Incorporated | | | 3.13 | | | | 1-15-2021 | | | | 200,000 | | | | 201,564 | |
| | | | |
United Parcel Service Incorporated | | | 6.20 | | | | 1-15-2038 | | | | 206,000 | | | | 256,281 | |
| | | | |
| | | | | | | | | | | | | | | 2,081,143 | |
| | | | | | | | | | | | | | | | |
|
| Airlines: 0.29% | |
| | | | |
American Airlines Incorporated | | | 3.20 | | | | 12-15-2029 | | | | 55,769 | | | | 53,259 | |
| | | | |
American Airlines Incorporated | | | 3.38 | | | | 11-1-2028 | | | | 26,499 | | | | 25,561 | |
| | | | |
American Airlines Incorporated | | | 4.95 | | | | 7-15-2024 | | | | 110,803 | | | | 113,916 | |
| | | | |
Continental Airlines Incorporated Series A | | | 7.25 | | | | 5-10-2021 | | | | 5,885 | | | | 6,020 | |
| | | | |
Delta Air Lines Incorporated | | | 6.82 | | | | 2-10-2024 | | | | 34,215 | | | | 37,164 | |
| | | | |
United Airlines Incorporated | | | 4.00 | | | | 10-11-2027 | | | | 281,944 | | | | 282,396 | |
| | | | |
United Airlines Incorporated | | | 4.30 | | | | 2-15-2027 | | | | 178,841 | | | | 182,288 | |
| | | | |
US Airways Group Incorporated | | | 3.95 | | | | 5-15-2027 | | | | 75,427 | | | | 75,391 | |
| | | | |
| | | | | | | | | | | | | | | 775,995 | |
| | | | | | | | | | | | | | | | |
|
| Building Products: 0.17% | |
| | | | |
Johnson Controls International plc | | | 5.00 | | | | 3-30-2020 | | | | 100,000 | | | | 101,710 | |
| | | | |
Masco Corporation | | | 4.38 | | | | 4-1-2026 | | | | 190,000 | | | | 188,496 | |
| | | | |
Owens Corning Incorporated | | | 4.20 | | | | 12-15-2022 | | | | 149,000 | | | | 150,345 | |
| | | | |
| | | | | | | | | | | | | | | 440,551 | |
| | | | | | | | | | | | | | | | |
|
| Commercial Services & Supplies: 0.32% | |
| | | | |
Cintas Corporation No. 2 | | | 3.25 | | | | 6-1-2022 | | | | 70,000 | | | | 70,247 | |
| | | | |
Republic Services Incorporated | | | 2.90 | | | | 7-1-2026 | | | | 260,000 | | | | 248,081 | |
| | | | |
Republic Services Incorporated | | | 5.25 | | | | 11-15-2021 | | | | 35,000 | | | | 36,889 | |
| | | | |
Waste Management Incorporated | | | 4.10 | | | | 3-1-2045 | | | | 350,000 | | | | 342,849 | |
| | | | |
Waste Management Incorporated | | | 4.60 | | | | 3-1-2021 | | | | 140,000 | | | | 143,307 | |
| | | | |
| | | | | | | | | | | | | | | 841,373 | |
| | | | | | | | | | | | | | | | |
|
| Electrical Equipment: 0.18% | |
| | | | |
Eaton Corporation | | | 4.15 | | | | 11-2-2042 | | | | 350,000 | | | | 338,930 | |
| | | | |
Emerson Electric Company | | | 4.25 | | | | 11-15-2020 | | | | 140,000 | | | | 143,031 | |
| | | | |
| | | | | | | | | | | | | | | 481,961 | |
| | | | | | | | | | | | | | | | |
|
| Industrial Conglomerates: 1.05% | |
| | | | |
3M Company | | | 4.00 | | | | 9-14-2048 | | | | 800,000 | | | | 804,224 | |
| | | | |
3M Company | | | 5.70 | | | | 3-15-2037 | | | | 227,000 | | | | 273,303 | |
| | | | |
General Electric Capital Corporation | | | 3.10 | | | | 1-9-2023 | | | | 300,000 | | | | 293,433 | |
| | | | |
General Electric Capital Corporation | | | 4.38 | | | | 9-16-2020 | | | | 200,000 | | | | 202,795 | |
| | | | |
General Electric Capital Corporation | | | 4.63 | | | | 1-7-2021 | | | | 300,000 | | | | 306,922 | |
| | | | |
General Electric Capital Corporation | | | 5.88 | | | | 1-14-2038 | | | | 200,000 | | | | 209,532 | |
| | | | |
General Electric Company | | | 4.13 | | | | 10-9-2042 | | | | 400,000 | | | | 337,395 | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—February 28, 2019 | | Wells Fargo Funds | | | 225 | |
INVESTMENT GRADE CORPORATE BOND PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
|
| Industrial Conglomerates(continued) | |
| | | | |
General Electric Company | | | 4.50 | % | | | 3-11-2044 | | | $ | 200,000 | | | $ | 179,034 | |
| | | | |
Honeywell International Incorporated | | | 3.35 | | | | 12-1-2023 | | | | 140,000 | | | | 141,863 | |
| | | | |
Honeywell International Incorporated | | | 4.25 | | | | 3-1-2021 | | | | 35,000 | | | | 35,971 | |
| | | | |
| | | | | | | | | | | | | | | 2,784,472 | |
| | | | | | | | | | | | | | | | |
|
| Machinery: 0.82% | |
| | | | |
Caterpillar Incorporated | | | 3.80 | | | | 8-15-2042 | | | | 105,000 | | | | 100,662 | |
| | | | |
Caterpillar Incorporated | | | 4.75 | | | | 5-15-2064 | | | | 300,000 | | | | 316,904 | |
| | | | |
Deere & Company | | | 2.60 | | | | 6-8-2022 | | | | 350,000 | | | | 348,212 | |
| | | | |
Deere & Company | | | 3.90 | | | | 6-9-2042 | | | | 350,000 | | | | 348,352 | |
| | | | |
Deere & Company | | | 5.38 | | | | 10-16-2029 | | | | 210,000 | | | | 243,700 | |
| | | | |
Dover Corporation | | | 5.38 | | | | 10-15-2035 | | | | 140,000 | | | | 149,143 | |
| | | | |
Illinois Tool Works Incorporated | | | 3.38 | | | | 9-15-2021 | | | | 84,000 | | | | 84,959 | |
| | | | |
Illinois Tool Works Incorporated | | | 3.90 | | | | 9-1-2042 | | | | 214,000 | | | | 214,907 | |
| | | | |
Parker Hannifin Corporation | | | 3.50 | | | | 9-15-2022 | | | | 70,000 | | | | 70,338 | |
| | | | |
Parker Hannifin Corporation | | | 6.25 | | | | 5-15-2038 | | | | 42,000 | | | | 51,844 | |
| | | | |
Stanley Black & Decker Incorporated | | | 2.90 | | | | 11-1-2022 | | | | 245,000 | | | | 241,595 | |
| | | | |
| | | | | | | | | | | | | | | 2,170,616 | |
| | | | | | | | | | | | | | | | |
|
| Professional Services: 0.07% | |
| | | | |
Verisk Analytics Incorporated | | | 4.13 | | | | 9-12-2022 | | | | 175,000 | | | | 178,702 | |
| | | | | | | | | | | | | | | | |
|
| Road & Rail: 1.73% | |
| | | | |
Burlington Northern Santa Fe LLC | | | 3.00 | | | | 3-15-2023 | | | | 210,000 | | | | 209,806 | |
| | | | |
Burlington Northern Santa Fe LLC | | | 3.40 | | | | 9-1-2024 | | | | 210,000 | | | | 213,735 | |
| | | | |
Burlington Northern Santa Fe LLC | | | 4.55 | | | | 9-1-2044 | | | | 210,000 | | | | 220,350 | |
| | | | |
Burlington Northern Santa Fe LLC | | | 4.95 | | | | 9-15-2041 | | | | 140,000 | | | | 154,614 | |
| | | | |
Burlington Northern Santa Fe LLC | | | 5.15 | | | | 9-1-2043 | | | | 210,000 | | | | 238,007 | |
| | | | |
CSX Corporation | | | 3.40 | | | | 8-1-2024 | | | | 278,000 | | | | 279,115 | |
| | | | |
CSX Corporation | | | 3.70 | | | | 10-30-2020 | | | | 175,000 | | | | 176,707 | |
| | | | |
CSX Corporation | | | 4.50 | | | | 8-1-2054 | | | | 350,000 | | | | 335,963 | |
| | | | |
CSX Corporation | | | 4.75 | | | | 5-30-2042 | | | | 161,000 | | | | 165,593 | |
| | | | |
CSX Corporation | | | 6.22 | | | | 4-30-2040 | | | | 140,000 | | | | 166,830 | |
| | | | |
Kansas City Southern | | | 3.00 | | | | 5-15-2023 | | | | 51,000 | | | | 49,976 | |
| | | | |
Kansas City Southern | | | 4.30 | | | | 5-15-2043 | | | | 140,000 | | | | 132,342 | |
| | | | |
Norfolk Southern Corporation | | | 2.90 | | | | 6-15-2026 | | | | 250,000 | | | | 240,435 | |
| | | | |
Norfolk Southern Corporation | | | 2.90 | | | | 2-15-2023 | | | | 400,000 | | | | 395,695 | |
| | | | |
Norfolk Southern Corporation | | | 3.15 | | | | 6-1-2027 | | | | 300,000 | | | | 289,118 | |
| | | | |
Norfolk Southern Corporation | | | 3.85 | | | | 1-15-2024 | | | | 140,000 | | | | 143,094 | |
| | | | |
Ryder System Incorporated | | | 2.50 | | | | 5-11-2020 | | | | 140,000 | | | | 139,011 | |
| | | | |
Union Pacific Corporation | | | 2.75 | | | | 4-15-2023 | | | | 200,000 | | | | 196,806 | |
| | | | |
Union Pacific Corporation | | | 3.25 | | | | 1-15-2025 | | | | 175,000 | | | | 173,279 | |
| | | | |
Union Pacific Corporation | | | 3.75 | | | | 3-15-2024 | | | | 140,000 | | | | 142,794 | |
| | | | |
Union Pacific Corporation | | | 3.80 | | | | 10-1-2051 | | | | 200,000 | | | | 177,395 | |
| | | | |
Union Pacific Corporation | | | 4.15 | | | | 1-15-2045 | | | | 175,000 | | | | 164,303 | |
| | | | |
Union Pacific Corporation | | | 4.30 | | | | 6-15-2042 | | | | 175,000 | | | | 169,545 | |
| | | | |
| | | | | | | | | | | | | | | 4,574,513 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 226 | | Wells Fargo Funds | | Portfolio of investments—February 28, 2019 |
INVESTMENT GRADE CORPORATE BOND PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
|
| Trading Companies & Distributors: 0.60% | |
| | | | |
Air Lease Corporation | | | 3.25 | % | | | 3-1-2025 | | | $ | 200,000 | | | $ | 189,142 | |
| | | | |
Air Lease Corporation | | | 3.63 | | | | 12-1-2027 | | | | 900,000 | | | | 819,214 | |
| | | | |
GATX Corporation | | | 4.85 | | | | 6-1-2021 | | | | 70,000 | | | | 71,854 | |
| | | | |
International Lease Finance Corporation | | | 8.25 | | | | 12-15-2020 | | | | 200,000 | | | | 215,841 | |
| | | | |
W.W. Grainger Incorporated | | | 4.60 | | | | 6-15-2045 | | | | 280,000 | | | | 288,907 | |
| | | | |
| | | | | | | | | | | | | | | 1,584,958 | |
| | | | | | | | | | | | | | | | |
|
Information Technology: 6.51% | |
|
| Communications Equipment: 0.53% | |
| | | | |
Cisco Systems Incorporated | | | 2.45 | | | | 6-15-2020 | | | | 420,000 | | | | 418,735 | |
| | | | |
Cisco Systems Incorporated | | | 2.90 | | | | 3-4-2021 | | | | 210,000 | | | | 210,583 | |
| | | | |
Cisco Systems Incorporated | | | 2.95 | | | | 2-28-2026 | | | | 340,000 | | | | 334,815 | |
| | | | |
Cisco Systems Incorporated | | | 3.00 | | | | 6-15-2022 | | | | 340,000 | | | | 342,683 | |
| | | | |
Motorola Incorporated | | | 7.50 | | | | 5-15-2025 | | | | 84,000 | | | | 95,866 | |
| | | | |
| | | | | | | | | | | | | | | 1,402,682 | |
| | | | | | | | | | | | | | | | |
|
| Electronic Equipment, Instruments & Components: 0.29% | |
| | | | |
Amphenol Corporation | | | 4.00 | | | | 2-1-2022 | | | | 210,000 | | | | 214,791 | |
| | | | |
Avnet Incorporated | | | 5.88 | | | | 6-15-2020 | | | | 70,000 | | | | 71,811 | |
| | | | |
Corning Incorporated | | | 4.25 | | | | 8-15-2020 | | | | 175,000 | | | | 177,251 | |
| | | | |
Corning Incorporated | | | 5.75 | | | | 8-15-2040 | | | | 105,000 | | | | 113,409 | |
| | | | |
Keysight Technologies Incorporated | | | 4.55 | | | | 10-30-2024 | | | | 175,000 | | | | 179,143 | |
| | | | |
| | | | | | | | | | | | | | | 756,405 | |
| | | | | | | | | | | | | | | | |
|
| IT Services: 1.68% | |
| | | | |
Fidelity National Information Services Incorporated | | | 3.00 | | | | 8-15-2026 | | | | 400,000 | | | | 372,829 | |
| | | | |
Fidelity National Information Services Incorporated | | | 3.50 | | | | 4-15-2023 | | | | 49,000 | | | | 48,678 | |
| | | | |
Fidelity National Information Services Incorporated | | | 4.75 | | | | 5-15-2048 | | | | 300,000 | | | | 278,974 | |
| | | | |
Fidelity National Information Services Incorporated | | | 5.00 | | | | 10-15-2025 | | | | 195,000 | | | | 205,350 | |
| | | | |
Fiserv Incorporated | | | 2.70 | | | | 6-1-2020 | | | | 280,000 | | | | 278,070 | |
| | | | |
Fiserv Incorporated | | | 3.85 | | | | 6-1-2025 | | | | 210,000 | | | | 210,672 | |
| | | | |
IBM Corporation | | | 1.88 | | | | 8-1-2022 | | | | 280,000 | | | | 268,914 | |
| | | | |
IBM Corporation | | | 3.38 | | | | 8-1-2023 | | | | 210,000 | | | | 211,408 | |
| | | | |
IBM Corporation | | | 4.00 | | | | 6-20-2042 | | | | 350,000 | | | | 333,507 | |
| | | | |
IBM Corporation | | | 5.88 | | | | 11-29-2032 | | | | 175,000 | | | | 209,877 | |
| | | | |
IBM Corporation | | | 7.00 | | | | 10-30-2025 | | | | 210,000 | | | | 253,008 | |
| | | | |
Mastercard Incorporated | | | 3.50 | | | | 2-26-2028 | | | | 400,000 | | | | 405,110 | |
| | | | |
Total System Services Incorporated | | | 3.75 | | | | 6-1-2023 | | | | 105,000 | | | | 104,612 | |
| | | | |
Visa Incorporated | | | 2.75 | | | | 9-15-2027 | | | | 300,000 | | | | 289,247 | |
| | | | |
Visa Incorporated | | | 2.80 | | | | 12-14-2022 | | | | 800,000 | | | | 800,230 | |
| | | | |
Western Union Company | | | 5.25 | | | | 4-1-2020 | | | | 56,000 | | | | 57,096 | |
| | | | |
Western Union Company | | | 6.20 | | | | 11-17-2036 | | | | 122,000 | | | | 123,536 | |
| | | | |
| | | | | | | | | | | | | | | 4,451,118 | |
| | | | | | | | | | | | | | | | |
|
| Semiconductors & Semiconductor Equipment: 1.65% | |
| | | | |
Analog Devices Incorporated | | | 2.88 | | | | 6-1-2023 | | | | 105,000 | | | | 102,012 | |
| | | | |
Applied Materials Incorporated | | | 4.30 | | | | 6-15-2021 | | | | 210,000 | | | | 216,095 | |
| | | | |
Applied Materials Incorporated | | | 5.85 | | | | 6-15-2041 | | | | 140,000 | | | | 167,888 | |
| | | | |
Broadcom Corporation | | | 3.50 | | | | 1-15-2028 | | | | 900,000 | | | | 796,807 | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—February 28, 2019 | | Wells Fargo Funds | | | 227 | |
INVESTMENT GRADE CORPORATE BOND PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
|
| Semiconductors & Semiconductor Equipment(continued) | |
| | | | |
Broadcom Corporation | | | 3.88 | % | | | 1-15-2027 | | | $ | 300,000 | | | $ | 277,882 | |
| | | | |
Intel Corporation | | | 2.60 | | | | 5-19-2026 | | | | 220,000 | | | | 210,784 | |
| | | | |
Intel Corporation | | | 4.10 | | | | 5-19-2046 | | | | 300,000 | | | | 300,486 | |
| | | | |
Intel Corporation | | | 4.10 | | | | 5-11-2047 | | | | 310,000 | | | | 312,184 | |
| | | | |
Intel Corporation | | | 4.25 | | | | 12-15-2042 | | | | 175,000 | | | | 180,041 | |
| | | | |
Intel Corporation | | | 4.90 | | | | 7-29-2045 | | | | 230,000 | | | | 260,155 | |
| | | | |
Qualcomm Incorporated | | | 2.25 | | | | 5-20-2020 | | | | 500,000 | | | | 495,700 | |
| | | | |
Qualcomm Incorporated | | | 3.45 | | | | 5-20-2025 | | | | 700,000 | | | | 687,833 | |
| | | | |
Texas Instruments Incorporated | | | 2.25 | | | | 5-1-2023 | | | | 175,000 | | | | 171,026 | |
| | | | |
Xilinx Incorporated | | | 3.00 | | | | 3-15-2021 | | | | 175,000 | | | | 173,871 | |
| | | | |
| | | | | | | | | | | | | | | 4,352,764 | |
| | | | | | | | | | | | | | | | |
|
| Software: 0.90% | |
| | | | |
Autodesk Incorporated | | | 3.60 | | | | 12-15-2022 | | | | 175,000 | | | | 175,464 | |
| | | | |
Microsoft Corporation | | | 3.00 | | | | 10-1-2020 | | | | 280,000 | | | | 281,563 | |
| | | | |
Microsoft Corporation | | | 3.75 | | | | 5-1-2043 | | | | 33,000 | | | | 32,273 | |
| | | | |
Microsoft Corporation | | | 4.00 | | | | 2-12-2055 | | | | 350,000 | | | | 348,657 | |
| | | | |
Microsoft Corporation | | | 4.50 | | | | 2-6-2057 | | | | 250,000 | | | | 270,944 | |
| | | | |
Microsoft Corporation | | | 5.20 | | | | 6-1-2039 | | | | 77,000 | | | | 91,041 | |
| | | | |
Oracle Corporation | | | 3.88 | | | | 7-15-2020 | | | | 245,000 | | | | 248,665 | |
| | | | |
Oracle Corporation | | | 4.00 | | | | 7-15-2046 | | | | 350,000 | | | | 335,385 | |
| | | | |
Oracle Corporation | | | 4.30 | | | | 7-8-2034 | | | | 175,000 | | | | 182,155 | |
| | | | |
Oracle Corporation | | | 4.38 | | | | 5-15-2055 | | | | 200,000 | | | | 199,392 | |
| | | | |
Salesforce.com Incorporated | | | 3.70 | | | | 4-11-2028 | | | | 200,000 | | | | 204,866 | |
| | | | |
| | | | | | | | | | | | | | | 2,370,405 | |
| | | | | | | | | | | | | | | | |
|
| Technology Hardware, Storage & Peripherals: 1.46% | |
| | | | |
Apple Incorporated | | | 3.35 | | | | 2-9-2027 | | | | 200,000 | | | | 199,938 | |
| | | | |
Apple Incorporated | | | 3.75 | | | | 11-13-2047 | | | | 400,000 | | | | 378,325 | |
| | | | |
Apple Incorporated | | | 4.38 | | | | 5-13-2045 | | | | 350,000 | | | | 363,549 | |
| | | | |
Apple Incorporated | | | 4.65 | | | | 2-23-2046 | | | | 200,000 | | | | 215,285 | |
| | | | |
Dell International LLC 144A | | | 8.10 | | | | 7-15-2036 | | | | 400,000 | | | | 455,499 | |
| | | | |
Diamond 1 Finance Corporation 144A | | | 4.42 | | | | 6-15-2021 | | | | 400,000 | | | | 407,187 | |
| | | | |
Hewlett Packard Enterprise Company | | | 4.40 | | | | 10-15-2022 | | | | 200,000 | | | | 206,501 | |
| | | | |
Hewlett Packard Enterprise Company | | | 4.90 | | | | 10-15-2025 | | | | 900,000 | | | | 937,250 | |
| | | | |
Hewlett-Packard Company | | | 3.75 | | | | 12-1-2020 | | | | 29,000 | | | | 29,272 | |
| | | | |
Hewlett-Packard Company | | | 6.00 | | | | 9-15-2041 | | | | 332,000 | | | | 338,656 | |
| | | | |
Seagate HDD | | | 4.75 | | | | 1-1-2025 | | | | 350,000 | | | | 336,560 | |
| | | | |
| | | | | | | | | | | | | | | 3,868,022 | |
| | | | | | | | | | | | | | | | |
|
Materials: 2.77% | |
|
| Chemicals: 1.57% | |
| | | | |
Air Products & Chemicals Incorporated | | | 3.00 | | | | 11-3-2021 | | | | 175,000 | | | | 175,655 | |
| | | | |
Dow Chemical Company | | | 3.50 | | | | 10-1-2024 | | | | 200,000 | | | | 197,268 | |
| | | | |
Dow Chemical Company | | | 4.13 | | | | 11-15-2021 | | | | 350,000 | | | | 357,472 | |
| | | | |
Dow Chemical Company | | | 4.25 | | | | 10-1-2034 | | | | 175,000 | | | | 162,324 | |
| | | | |
Dow Chemical Company | | | 5.25 | | | | 11-15-2041 | | | | 175,000 | | | | 176,396 | |
| | | | |
DowDuPont Incorporated | | | 4.73 | | | | 11-15-2028 | | | | 1,100,000 | | | | 1,148,116 | |
| | | | |
Eastman Chemical Company | | | 4.80 | | | | 9-1-2042 | | | | 140,000 | | | | 132,687 | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 228 | | Wells Fargo Funds | | Portfolio of investments—February 28, 2019 |
INVESTMENT GRADE CORPORATE BOND PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
| | | | |
| Chemicals(continued) | | | | | | | | | | | | | | | | |
| | | | |
Ecolab Incorporated | | | 4.35 | % | | | 12-8-2021 | | | $ | 286,000 | | | $ | 296,335 | |
| | | | |
Mosaic Company | | | 3.75 | | | | 11-15-2021 | | | | 80,000 | | | | 80,405 | |
| | | | |
Mosaic Company | | | 5.63 | | | | 11-15-2043 | | | | 175,000 | | | | 178,385 | |
| | | | |
Praxair Incorporated | | | 2.45 | | | | 2-15-2022 | | | | 140,000 | | | | 137,859 | |
| | | | |
Praxair Incorporated | | | 2.70 | | | | 2-21-2023 | | | | 105,000 | | | | 103,298 | |
| | | | |
Praxair Incorporated | | | 4.05 | | | | 3-15-2021 | | | | 140,000 | | | | 143,038 | |
| | | | |
The Sherwin-Williams Company | | | 3.45 | | | | 8-1-2025 | | | | 400,000 | | | | 392,295 | |
| | | | |
The Sherwin-Williams Company | | | 4.00 | | | | 12-15-2042 | | | | 92,000 | | | | 78,384 | |
| | | | |
The Sherwin-Williams Company | | | 4.50 | | | | 6-1-2047 | | | | 400,000 | | | | 373,542 | |
| | | | |
| | | | | | | | | | | | | | | 4,133,459 | |
| | | | | | | | | | | | | | | | |
|
| Containers & Packaging: 0.58% | |
| | | | |
International Paper Company | | | 3.00 | | | | 2-15-2027 | | | | 200,000 | | | | 186,881 | |
| | | | |
International Paper Company | | | 3.65 | | | | 6-15-2024 | | | | 350,000 | | | | 354,745 | |
| | | | |
International Paper Company | | | 4.75 | | | | 2-15-2022 | | | | 24,000 | | | | 24,967 | |
| | | | |
International Paper Company | | | 4.80 | | | | 6-15-2044 | | | | 175,000 | | | | 166,829 | |
| | | | |
International Paper Company | | | 7.30 | | | | 11-15-2039 | | | | 175,000 | | | | 212,821 | |
| | | | |
International Paper Company | | | 7.50 | | | | 8-15-2021 | | | | 214,000 | | | | 235,175 | |
| | | | |
MeadWestvaco Corporation | | | 7.95 | | | | 2-15-2031 | | | | 35,000 | | | | 44,310 | |
| | | | |
Packaging Corporation of America | | | 3.65 | | | | 9-15-2024 | | | | 175,000 | | | | 173,815 | |
| | | | |
Packaging Corporation of America | | | 3.90 | | | | 6-15-2022 | | | | 140,000 | | | | 142,044 | |
| | | | |
| | | | | | | | | | | | | | | 1,541,587 | |
| | | | | | | | | | | | | | | | |
|
| Metals & Mining: 0.55% | |
| | | | |
Barrick Gold Finance Company LLC | | | 5.70 | | | | 5-30-2041 | | | | 210,000 | | | | 230,017 | |
| | | | |
Newmont Mining Corporation | | | 4.88 | | | | 3-15-2042 | | | | 350,000 | | | | 349,290 | |
| | | | |
Nucor Corporation | | | 4.00 | | | | 8-1-2023 | | | | 132,000 | | | | 135,939 | |
| | | | |
Nucor Corporation | | | 5.20 | | | | 8-1-2043 | | | | 140,000 | | | | 152,033 | |
| | | | |
Nucor Corporation | | | 6.40 | | | | 12-1-2037 | | | | 140,000 | | | | 170,216 | |
| | | | |
Southern Copper Corporation | | | 5.38 | | | | 4-16-2020 | | | | 63,000 | | | | 64,550 | |
| | | | |
Southern Copper Corporation | | | 6.75 | | | | 4-16-2040 | | | | 308,000 | | | | 358,046 | |
| | | | |
| | | | | | | | | | | | | | | 1,460,091 | |
| | | | | | | | | | | | | | | | |
|
| Paper & Forest Products: 0.07% | |
| | | | |
Georgia-Pacific LLC | | | 8.00 | | | | 1-15-2024 | | | | 140,000 | | | | 168,519 | |
| | | | | | | | | | | | | | | | |
|
Real Estate: 4.38% | |
|
| Equity REITs: 4.38% | |
| | | | |
American Campus Communities Incorporated | | | 3.75 | | | | 4-15-2023 | | | | 70,000 | | | | 69,883 | |
| | | | |
American Tower Corporation | | | 3.50 | | | | 1-31-2023 | | | | 295,000 | | | | 294,744 | |
| | | | |
American Tower Corporation | | | 4.00 | | | | 6-1-2025 | | | | 350,000 | | | | 353,225 | |
| | | | |
American Tower Corporation | | | 5.00 | | | | 2-15-2024 | | | | 245,000 | | | | 259,658 | |
| | | | |
AvalonBay Communities Incorporated | | | 3.45 | | | | 6-1-2025 | | | | 140,000 | | | | 139,901 | |
| | | | |
AvalonBay Communities Incorporated | | | 3.63 | | | | 10-1-2020 | | | | 140,000 | | | | 141,328 | |
| | | | |
AvalonBay Communities Incorporated | | | 4.20 | | | | 12-15-2023 | | | | 175,000 | | | | 181,602 | |
| | | | |
Boston Properties LP | | | 2.75 | | | | 10-1-2026 | | | | 500,000 | | | | 462,622 | |
| | | | |
Boston Properties LP | | | 3.13 | | | | 9-1-2023 | | | | 105,000 | | | | 103,619 | |
| | | | |
Boston Properties LP | | | 3.80 | | | | 2-1-2024 | | | | 300,000 | | | | 302,324 | |
| | | | |
Boston Properties LP | | | 3.85 | | | | 2-1-2023 | | | | 200,000 | | | | 203,392 | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—February 28, 2019 | | Wells Fargo Funds | | | 229 | |
INVESTMENT GRADE CORPORATE BOND PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
| | | | |
| Equity REITs(continued) | | | | | | | | | | | | | | | | |
| | | | |
Boston Properties LP | | | 4.13 | % | | | 5-15-2021 | | | $ | 210,000 | | | $ | 214,015 | |
| | | | |
Corporate Office Properties LP | | | 3.60 | | | | 5-15-2023 | | | | 70,000 | | | | 68,417 | |
| | | | |
Crown Castle International Corporation | | | 3.70 | | | | 6-15-2026 | | | | 350,000 | | | | 341,207 | |
| | | | |
Crown Castle International Corporation | | | 4.88 | | | | 4-15-2022 | | | | 50,000 | | | | 52,050 | |
| | | | |
Crown Castle International Corporation | | | 5.25 | | | | 1-15-2023 | | | | 350,000 | | | | 369,573 | |
| | | | |
Digital Realty Trust LP | | | 3.63 | | | | 10-1-2022 | | | | 140,000 | | | | 140,354 | |
| | | | |
Digital Realty Trust LP | | | 3.95 | | | | 7-1-2022 | | | | 140,000 | | | | 141,760 | |
| | | | |
Digital Realty Trust LP | | | 5.25 | | | | 3-15-2021 | | | | 70,000 | | | | 72,221 | |
| | | | |
Entertainment Properties Trust | | | 5.75 | | | | 8-15-2022 | | | | 105,000 | | | | 110,481 | |
| | | | |
Equity One Incorporated | | | 3.75 | | | | 11-15-2022 | | | | 175,000 | | | | 175,913 | |
| | | | |
Essex Portfolio LP | | | 3.25 | | | | 5-1-2023 | | | | 70,000 | | | | 69,037 | |
| | | | |
Federal Realty Investment Trust | | | 4.50 | | | | 12-1-2044 | | | | 175,000 | | | | 177,382 | |
| | | | |
HCP Incorporated | | | 3.15 | | | | 8-1-2022 | | | | 70,000 | | | | 69,227 | |
| | | | |
HCP Incorporated | | | 6.75 | | | | 2-1-2041 | | | | 95,000 | | | | 117,417 | |
| | | | |
Health Care REIT Incorporated | | | 4.00 | | | | 6-1-2025 | | | | 210,000 | | | | 211,832 | |
| | | | |
Health Care REIT Incorporated | | | 4.50 | | | | 1-15-2024 | | | | 140,000 | | | | 144,903 | |
| | | | |
Hospitality Properties Trust | | | 4.65 | | | | 3-15-2024 | | | | 350,000 | | | | 347,835 | |
| | | | |
Host Hotels & Resorts Company | | | 3.75 | | | | 10-15-2023 | | | | 70,000 | | | | 68,535 | |
| | | | |
Host Hotels & Resorts Company | | | 4.75 | | | | 3-1-2023 | | | | 175,000 | | | | 179,520 | |
| | | | |
Kilroy Realty Corporation | | | 3.80 | | | | 1-15-2023 | | | | 175,000 | | | | 175,449 | |
| | | | |
Kimco Realty Corporation | | | 2.80 | | | | 10-1-2026 | | | | 350,000 | | | | 322,790 | |
| | | | |
Liberty Property LP | | | 4.40 | | | | 2-15-2024 | | | | 109,000 | | | | 112,667 | |
| | | | |
Liberty Property LP | | | 4.75 | | | | 10-1-2020 | | | | 175,000 | | | | 178,448 | |
| | | | |
Mid-America Apartments LP | | | 4.30 | | | | 10-15-2023 | | | | 35,000 | | | | 35,976 | |
| | | | |
National Retail Properties Incorporated | | | 3.30 | | | | 4-15-2023 | | | | 70,000 | | | | 69,140 | |
| | | | |
National Retail Properties Incorporated | | | 3.80 | | | | 10-15-2022 | | | | 70,000 | | | | 70,738 | |
| | | | |
Plum Creek Timberlands LP | | | 3.25 | | | | 3-15-2023 | | | | 192,000 | | | | 190,068 | |
| | | | |
Realty Income Corporation | | | 4.65 | | | | 8-1-2023 | | | | 210,000 | | | | 220,707 | |
| | | | |
Simon Property Group LP | | | 3.30 | | | | 1-15-2026 | | | | 410,000 | | | | 403,206 | |
| | | | |
Simon Property Group LP | | | 3.75 | | | | 2-1-2024 | | | | 175,000 | | | | 178,760 | |
| | | | |
Simon Property Group LP | | | 4.13 | | | | 12-1-2021 | | | | 210,000 | | | | 215,449 | |
| | | | |
Simon Property Group LP | | | 4.38 | | | | 3-1-2021 | | | | 350,000 | | | | 358,575 | |
| | | | |
Simon Property Group LP | | | 4.75 | | | | 3-15-2042 | | | | 175,000 | | | | 185,967 | |
| | | | |
UDR Incorporated | | | 3.70 | | | | 10-1-2020 | | | | 175,000 | | | | 176,172 | |
| | | | |
UDR Incorporated | | | 4.63 | | | | 1-10-2022 | | | | 70,000 | | | | 72,177 | |
| | | | |
Ventas Realty LP | | | 3.50 | | | | 2-1-2025 | | | | 400,000 | | | | 394,233 | |
| | | | |
Ventas Realty LP | | | 4.25 | | | | 3-1-2022 | | | | 700,000 | | | | 717,200 | |
| | | | |
Ventas Realty LP | | | 5.70 | | | | 9-30-2043 | | | | 175,000 | | | | 193,780 | |
| | | | |
VEREIT Operating Partnership LP | | | 4.13 | | | | 6-1-2021 | | | | 80,000 | | | | 80,514 | |
| | | | |
VEREIT Operating Partnership LP | | | 4.60 | | | | 2-6-2024 | | | | 98,000 | | | | 99,572 | |
| | | | |
VEREIT Operating Partnership LP | | | 4.88 | | | | 6-1-2026 | | | | 119,000 | | | | 121,357 | |
| | | | |
Welltower Incorporated | | | 4.13 | | | | 3-15-2029 | | | | 1,100,000 | | | | 1,094,339 | |
| | | | |
Welltower Incorporated | | | 5.25 | | | | 1-15-2022 | | | | 70,000 | | | | 73,221 | |
| | | | |
Weyerhaeuser Company | | | 7.38 | | | | 3-15-2032 | | | | 200,000 | | | | 252,195 | |
| | | | |
| | | | | | | | | | | | | | | 11,576,677 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 230 | | Wells Fargo Funds | | Portfolio of investments—February 28, 2019 |
INVESTMENT GRADE CORPORATE BOND PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
|
Utilities: 6.76% | |
|
| Electric Utilities: 5.31% | |
| | | | |
Alabama Power Company | | | 3.55 | % | | | 12-1-2023 | | | $ | 175,000 | | | $ | 177,115 | |
| | | | |
Alabama Power Company | | | 3.85 | | | | 12-1-2042 | | | | 140,000 | | | | 131,136 | |
| | | | |
Alabama Power Company | | | 4.15 | | | | 8-15-2044 | | | | 105,000 | | | | 103,314 | |
| | | | |
American Electric Power Company Incorporated | | | 2.95 | | | | 12-15-2022 | | | | 300,000 | | | | 296,438 | |
| | | | |
Appalachian Power Company | | | 3.40 | | | | 6-1-2025 | | | | 175,000 | | | | 173,455 | |
| | | | |
Appalachian Power Company | | | 4.45 | | | | 6-1-2045 | | | | 175,000 | | | | 173,659 | |
| | | | |
Appalachian Power Company | | | 7.00 | | | | 4-1-2038 | | | | 70,000 | | | | 88,353 | |
| | | | |
Arizona Public Service Company | | | 3.15 | | | | 5-15-2025 | | | | 105,000 | | | | 103,324 | |
| | | | |
Arizona Public Service Company | | | 4.50 | | | | 4-1-2042 | | | | 70,000 | | | | 71,264 | |
| | | | |
Baltimore Gas & Electric Company | | | 3.50 | | | | 8-15-2046 | | | | 50,000 | | | | 44,409 | |
| | | | |
Carolina Power & Light Company | | | 2.80 | | | | 5-15-2022 | | | | 175,000 | | | | 174,383 | |
| | | | |
CenterPoint Energy Houston | | | 3.55 | | | | 8-1-2042 | | | �� | 175,000 | | | | 161,212 | |
| | | | |
CenterPoint Energy Houston | | | 4.50 | | | | 4-1-2044 | | | | 175,000 | | | | 184,941 | |
| | | | |
Commonwealth Edison Company | | | 3.80 | | | | 10-1-2042 | | | | 70,000 | | | | 66,138 | |
| | | | |
Commonwealth Edison Company | | | 5.90 | | | | 3-15-2036 | | | | 175,000 | | | | 206,699 | |
| | | | |
Connecticut Light & Power Company | | | 4.15 | | | | 6-1-2045 | | | | 87,000 | | | | 88,814 | |
| | | | |
Consolidated Edison Company of New York Incorporated Series07-A | | | 6.30 | | | | 8-15-2037 | | | | 175,000 | | | | 214,150 | |
| | | | |
Consolidated Edison Company of New York Incorporated Series14-C | | | 4.63 | | | | 12-1-2054 | | | | 300,000 | | | | 300,558 | |
| | | | |
Consolidated Edison Company of New York Incorporated Series16-C | | | 4.30 | | | | 12-1-2056 | | | | 245,000 | | | | 232,023 | |
| | | | |
Constellation Energy Group Incorporated | | | 5.15 | | | | 12-1-2020 | | | | 70,000 | | | | 71,947 | |
| | | | |
DTE Electric Company | | | 3.65 | | | | 3-15-2024 | | | | 105,000 | | | | 107,065 | |
| | | | |
Duke Energy Carolinas LLC | | | 4.30 | | | | 6-15-2020 | | | | 50,000 | | | | 50,986 | |
| | | | |
Duke Energy Corporation | | | 3.05 | | | | 8-15-2022 | | | | 70,000 | | | | 69,628 | |
| | | | |
Duke Energy Corporation | | | 3.95 | | | | 10-15-2023 | | | | 140,000 | | | | 143,308 | |
| | | | |
Duke Energy Florida Incorporated | | | 3.85 | | | | 11-15-2042 | | | | 70,000 | | | | 67,175 | |
| | | | |
Duke Energy Indiana Incorporated | | | 4.90 | | | | 7-15-2043 | | | | 105,000 | | | | 115,687 | |
| | | | |
Duke Energy Indiana Incorporated | | | 6.45 | | | | 4-1-2039 | | | | 45,000 | | | | 56,632 | |
| | | | |
Duke Energy Progress Incorporated | | | 4.10 | | | | 3-15-2043 | | | | 105,000 | | | | 104,211 | |
| | | | |
Emera US Finance LP | | | 3.55 | | | | 6-15-2026 | | | | 200,000 | | | | 191,854 | |
| | | | |
Entergy Arkansas Incorporated | | | 3.70 | | | | 6-1-2024 | | | | 175,000 | | | | 178,972 | |
| | | | |
Entergy Corporation | | | 5.13 | | | | 9-15-2020 | | | | 175,000 | | | | 178,245 | |
| | | | |
Entergy Gulf States Louisiana LLC | | | 5.59 | | | | 10-1-2024 | | | | 84,000 | | | | 93,207 | |
| | | | |
Entergy Louisiana LLC | | | 5.40 | | | | 11-1-2024 | | | | 175,000 | | | | 193,440 | |
| | | | |
Exelon Corporation | | | 4.95 | | | | 6-15-2035 | | | | 140,000 | | | | 143,648 | |
| | | | |
Exelon Generation Company LLC | | | 4.25 | | | | 6-15-2022 | | | | 157,000 | | | | 160,604 | |
| | | | |
FirstEnergy Corporation | | | 4.25 | | | | 3-15-2023 | | | | 168,000 | | | | 172,060 | |
| | | | |
Florida Power & Light Company | | | 4.05 | | | | 6-1-2042 | | | | 175,000 | | | | 176,166 | |
| | | | |
Florida Power & Light Company | | | 5.95 | | | | 2-1-2038 | | | | 224,000 | | | | 278,396 | |
| | | | |
Florida Power & Light Company | | | 5.96 | | | | 4-1-2039 | | | | 175,000 | | | | 219,631 | |
| | | | |
Florida Power Corporation | | | 5.65 | | | | 4-1-2040 | | | | 87,000 | | | | 103,669 | |
| | | | |
Georgia Power Company | | | 4.30 | | | | 3-15-2042 | | | | 175,000 | | | | 164,685 | |
| | | | |
Interstate Power & Light Company | | | 6.25 | | | | 7-15-2039 | | | | 21,000 | | | | 25,646 | |
| | | | |
Kansas City Power & Light Company | | | 3.15 | | | | 3-15-2023 | | | | 140,000 | | | | 137,791 | |
| | | | |
LG&E & KU Energy LLC | | | 3.75 | | | | 11-15-2020 | | | | 70,000 | | | | 70,475 | |
| | | | |
MidAmerican Energy Holdings Company | | | 5.95 | | | | 5-15-2037 | | | | 210,000 | | | | 250,522 | |
| | | | |
MidAmerican Energy Holdings Company | | | 6.13 | | | | 4-1-2036 | | | | 140,000 | | | | 169,896 | |
| | | | |
MidAmerican Energy Holdings Company | | | 6.75 | | | | 12-30-2031 | | | | 105,000 | | | | 135,080 | |
| | | | |
Northeast Utilities | | | 2.80 | | | | 5-1-2023 | | | | 122,000 | | | | 119,838 | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—February 28, 2019 | | Wells Fargo Funds | | | 231 | |
INVESTMENT GRADE CORPORATE BOND PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
| | | | |
| Electric Utilities(continued) | | | | | | | | | | | | | | | | |
| | | | |
Northern States Power Company of Minnesota | | | 2.15 | % | | | 8-15-2022 | | | $ | 175,000 | | | $ | 169,926 | |
| | | | |
Northern States Power Company of Minnesota | | | 2.60 | | | | 5-15-2023 | | | | 105,000 | | | | 103,416 | |
| | | | |
Northern States Power Company of Minnesota | | | 3.40 | | | | 8-15-2042 | | | | 175,000 | | | | 160,061 | |
| | | | |
Northern States Power Company of Minnesota | | | 5.35 | | | | 11-1-2039 | | | | 28,000 | | | | 32,700 | |
| | | | |
NSTAR Electric Company | | | 2.38 | | | | 10-15-2022 | | | | 140,000 | | | | 136,336 | |
| | | | |
NSTAR Electric Company | | | 5.50 | | | | 3-15-2040 | | | | 70,000 | | | | 80,851 | |
| | | | |
Oglethorpe Power Corporation | | | 5.38 | | | | 11-1-2040 | | | | 210,000 | | | | 225,577 | |
| | | | |
Oglethorpe Power Corporation | | | 5.95 | | | | 11-1-2039 | | | | 105,000 | | | | 118,068 | |
| | | | |
Ohio Edison Company | | | 6.88 | | | | 7-15-2036 | | | | 175,000 | | | | 217,672 | |
| | | | |
Ohio Power Company | | | 5.38 | | | | 10-1-2021 | | | | 45,000 | | | | 47,721 | |
| | | | |
Oncor Electric Delivery Company LLC | | | 4.55 | | | | 12-1-2041 | | | | 140,000 | | | | 150,432 | |
| | | | |
Oncor Electric Delivery Company LLC | | | 7.00 | | | | 5-1-2032 | | | | 122,000 | | | | 160,141 | |
| | | | |
PacifiCorp | | | 3.60 | | | | 4-1-2024 | | | | 175,000 | | | | 178,633 | |
| | | | |
PacifiCorp | | | 4.10 | | | | 2-1-2042 | | | | 70,000 | | | | 68,373 | |
| | | | |
PacifiCorp | | | 5.75 | | | | 4-1-2037 | | | | 175,000 | | | | 207,559 | |
| | | | |
Potomac Electric Power Company | | | 3.60 | | | | 3-15-2024 | | | | 175,000 | | | | 177,979 | |
| | | | |
Potomac Electric Power Company | | | 6.50 | | | | 11-15-2037 | | | | 140,000 | | | | 175,755 | |
| | | | |
PPL Capital Funding Incorporated | | | 4.20 | | | | 6-15-2022 | | | | 140,000 | | | | 142,614 | |
| | | | |
PPL Capital Funding Incorporated | | | 4.70 | | | | 6-1-2043 | | | | 87,000 | | | | 86,376 | |
| | | | |
PPL Electric Utilities | | | 4.75 | | | | 7-15-2043 | | | | 105,000 | | | | 113,567 | |
| | | | |
PPL Electric Utilities | | | 6.25 | | | | 5-15-2039 | | | | 31,000 | | | | 38,938 | |
| | | | |
PSEG Power LLC | | | 5.13 | | | | 4-15-2020 | | | | 196,000 | | | | 200,266 | |
| | | | |
PSEG Power LLC | | | 8.63 | | | | 4-15-2031 | | | | 75,000 | | | | 98,061 | |
| | | | |
Public Service Company of Colorado | | | 2.25 | | | | 9-15-2022 | | | | 70,000 | | | | 68,241 | |
| | | | |
Public Service Company of Colorado | | | 3.20 | | | | 11-15-2020 | | | | 210,000 | | | | 210,872 | |
| | | | |
Public Service Electric & Gas Company | | | 2.38 | | | | 5-15-2023 | | | | 140,000 | | | | 136,501 | |
| | | | |
Public Service Electric & Gas Company | | | 3.65 | | | | 9-1-2042 | | | | 175,000 | | | | 164,210 | |
| | | | |
Public Service Electric & Gas Company | | | 3.80 | | | | 1-1-2043 | | | | 140,000 | | | | 134,270 | |
| | | | |
Public Service Electric & Gas Company | | | 3.95 | | | | 5-1-2042 | | | | 70,000 | | | | 68,749 | |
| | | | |
Public Service Electric & Gas Company | | | 5.80 | | | | 5-1-2037 | | | | 70,000 | | | | 83,930 | |
| | | | |
South Carolina Electric & Gas Company | | | 4.50 | | | | 6-1-2064 | | | | 200,000 | | | | 205,197 | |
| | | | |
Southern California Edison Company | | | 3.88 | | | | 6-1-2021 | | | | 449,000 | | | | 451,784 | |
| | | | |
Southern California Edison Company | | | 3.90 | | | | 3-15-2043 | | | | 105,000 | | | | 93,669 | |
| | | | |
Southern California Edison Company | | | 5.35 | | | | 7-15-2035 | | | | 126,000 | | | | 129,747 | |
| | | | |
Southern California Edison Company | | | 5.50 | | | | 3-15-2040 | | | | 140,000 | | | | 151,355 | |
| | | | |
Southern California Edison Company | | | 6.00 | | | | 1-15-2034 | | | | 70,000 | | | | 77,195 | |
| | | | |
Southern Company | | | 2.75 | | | | 6-15-2020 | | | | 175,000 | | | | 174,546 | |
| | | | |
Southern Company | | | 2.95 | | | | 7-1-2023 | | | | 200,000 | | | | 196,473 | |
| | | | |
Southwestern Electric Power Company | | | 6.20 | | | | 3-15-2040 | | | | 35,000 | | | | 41,290 | |
| | | | |
TXU Electric Delivery Company | | | 7.25 | | | | 1-15-2033 | | | | 52,000 | | | | 69,514 | |
| | | | |
Union Electric Company | | | 3.90 | | | | 9-15-2042 | | | | 175,000 | | | | 171,746 | |
| | | | |
Union Electric Company | | | 8.45 | | | | 3-15-2039 | | | | 56,000 | | | | 83,040 | |
| | | | |
Virginia Electric & Power Company | | | 3.10 | | | | 5-15-2025 | | | | 70,000 | | | | 68,628 | |
| | | | |
Virginia Electric & Power Company | | | 3.45 | | | | 2-15-2024 | | | | 105,000 | | | | 106,149 | |
| | | | |
Virginia Electric & Power Company | | | 4.20 | | | | 5-15-2045 | | | | 105,000 | | | | 103,310 | |
| | | | |
Virginia Electric & Power Company | | | 4.45 | | | | 2-15-2044 | | | | 105,000 | | | | 106,810 | |
| | | | |
Virginia Electric & Power Company | | | 6.00 | | | | 1-15-2036 | | | | 70,000 | | | | 83,080 | |
| | | | |
Westar Energy Incorporated | | | 4.10 | | | | 4-1-2043 | | | | 210,000 | | | | 206,140 | |
| | | | |
Wisconsin Electric Power Company | | | 5.63 | | | | 5-15-2033 | | | | 70,000 | | | | 81,605 | |
| | | | |
Wisconsin Electric Power Company | | | 5.70 | | | | 12-1-2036 | | | | 105,000 | | | | 125,055 | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 232 | | Wells Fargo Funds | | Portfolio of investments—February 28, 2019 |
INVESTMENT GRADE CORPORATE BOND PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
| | | | |
| Electric Utilities(continued) | | | | | | | | | | | | | | | | |
| | | | |
Wisconsin Power & Light Company | | | 6.38 | % | | | 8-15-2037 | | | $ | 175,000 | | | $ | 219,407 | |
| | | | |
Xcel Energy Incorporated | | | 4.70 | | | | 5-15-2020 | | | | 175,000 | | | | 177,329 | |
| | | | |
| | | | | | | | | | | | | | | 14,022,713 | |
| | | | | | | | | | | | | | | | |
|
| Gas Utilities: 0.32% | |
| | | | |
Atmos Energy Corporation | | | 4.13 | | | | 10-15-2044 | | | | 245,000 | | | | 240,627 | |
| | | | |
Atmos Energy Corporation | | | 5.50 | | | | 6-15-2041 | | | | 42,000 | | | | 48,949 | |
| | | | |
CenterPoint Energy Resources Corporation | | | 4.50 | | | | 1-15-2021 | | | | 45,000 | | | | 45,947 | |
| | | | |
CenterPoint Energy Resources Corporation | | | 5.85 | | | | 1-15-2041 | | | | 77,000 | | | | 88,603 | |
| | | | |
National Fuel Gas Company | | | 3.75 | | | | 3-1-2023 | | | | 218,000 | | | | 215,030 | |
| | | | |
One Gas Incorporated | | | 3.61 | | | | 2-1-2024 | | | | 70,000 | | | | 70,618 | |
| | | | |
One Gas Incorporated | | | 4.66 | | | | 2-1-2044 | | | | 35,000 | | | | 37,193 | |
| | | | |
Piedmont Natural Gas Company | | | 4.65 | | | | 8-1-2043 | | | | 35,000 | | | | 36,501 | |
| | | | |
Southern California Gas Company | | | 5.13 | | | | 11-15-2040 | | | | 70,000 | | | | 77,182 | |
| | | | |
| | | | | | | | | | | | | | | 860,650 | |
| | | | | | | | | | | | | | | | |
|
| Multi-Utilities: 1.05% | |
| | | | |
Black Hills Corporation | | | 4.25 | | | | 11-30-2023 | | | | 210,000 | | | | 214,394 | |
| | | | |
CMS Energy Corporation | | | 5.05 | | | | 3-15-2022 | | | | 245,000 | | | | 256,008 | |
| | | | |
Consumers Energy Company | | | 3.95 | | | | 5-15-2043 | | | | 140,000 | | | | 139,047 | |
| | | | |
Dominion Resources Incorporated | | | 2.75 | | | | 9-15-2022 | | | | 210,000 | | | | 204,680 | |
| | | | |
Dominion Resources Incorporated | | | 4.90 | | | | 8-1-2041 | | | | 42,000 | | | | 42,955 | |
| | | | |
Dominion Resources Incorporated | | | 5.95 | | | | 6-15-2035 | | | | 157,000 | | | | 178,842 | |
| | | | |
DTE Energy Company | | | 3.30 | | | | 6-15-2022 | | | | 70,000 | | | | 69,697 | |
| | | | |
DTE Energy Company | | | 3.85 | | | | 12-1-2023 | | | | 170,000 | | | | 172,398 | |
| | | | |
NiSource Finance Corporation | | | 5.65 | | | | 2-1-2045 | | | | 140,000 | | | | 155,722 | |
| | | | |
Puget Energy Incorporated | | | 3.65 | | | | 5-15-2025 | | | | 140,000 | | | | 136,908 | |
| | | | |
Puget Energy Incorporated | | | 6.00 | | | | 9-1-2021 | | | | 175,000 | | | | 184,717 | |
| | | | |
Sempra Energy | | | 2.88 | | | | 10-1-2022 | | | | 140,000 | | | | 135,891 | |
| | | | |
Sempra Energy | | | 3.25 | | | | 6-15-2027 | | | | 300,000 | | | | 279,820 | |
| | | | |
Sempra Energy | | | 4.00 | | | | 2-1-2048 | | | | 400,000 | | | | 348,567 | |
| | | | |
WEC Energy Group Incorporated | | | 2.45 | | | | 6-15-2020 | | | | 105,000 | | | | 104,152 | |
| | | | |
WEC Energy Group Incorporated | | | 3.55 | | | | 6-15-2025 | | | | 140,000 | | | | 140,199 | |
| | | | |
| | | | | | | | | | | | | | | 2,763,997 | |
| | | | | | | | | | | | | | | | |
|
| Water Utilities: 0.08% | |
| | | | |
American Water Capital Corporation | | | 3.40 | | | | 3-1-2025 | | | | 210,000 | | | | 209,170 | |
| | | | | | | | | | | | | | | | |
| |
Total Corporate Bonds and Notes (Cost $216,688,996) | | | | 217,106,969 | |
| | | | | | | | | | | | | | | | |
|
Yankee Corporate Bonds and Notes: 16.51% | |
|
Communication Services: 1.38% | |
|
| Diversified Telecommunication Services: 0.53% | |
| | | | |
British Telecommunications plc | | | 9.63 | | | | 12-15-2030 | | | | 200,000 | | | | 279,398 | |
| | | | |
Telefonica Emisiones SA | | | 4.90 | | | | 3-6-2048 | | | | 800,000 | | | | 735,021 | |
| | | | |
Telefonica Europe BV | | | 8.25 | | | | 9-15-2030 | | | | 294,000 | | | | 379,408 | |
| | | | |
| | | | | | | | | | | | | | | 1,393,827 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—February 28, 2019 | | Wells Fargo Funds | | | 233 | |
INVESTMENT GRADE CORPORATE BOND PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
|
| Wireless Telecommunication Services: 0.85% | |
| | | | |
America Movil SAB de CV | | | 3.13 | % | | | 7-16-2022 | | | $ | 220,000 | | | $ | 219,154 | |
| | | | |
America Movil SAB de CV | | | 4.38 | | | | 7-16-2042 | | | | 250,000 | | | | 251,342 | |
| | | | |
America Movil SAB de CV | | | 6.13 | | | | 11-15-2037 | | | | 70,000 | | | | 83,030 | |
| | | | |
America Movil SAB de CV | | | 6.38 | | | | 3-1-2035 | | | | 395,000 | | | | 473,943 | |
| | | | |
Rogers Communications Incorporated | | | 3.00 | | | | 3-15-2023 | | | | 140,000 | | | | 139,218 | |
| | | | |
Rogers Communications Incorporated | | | 4.50 | | | | 3-15-2043 | | | | 140,000 | | | | 137,982 | |
| | | | |
Vodafone Group plc | | | 2.95 | | | | 2-19-2023 | | | | 190,000 | | | | 185,787 | |
| | | | |
Vodafone Group plc | | | 4.38 | | | | 2-19-2043 | | | | 350,000 | | | | 300,213 | |
| | | | |
Vodafone Group plc | | | 6.25 | | | | 11-30-2032 | | | | 210,000 | | | | 234,471 | |
| | | | |
Vodafone Group plc | | | 7.88 | | | | 2-15-2030 | | | | 175,000 | | | | 217,527 | |
| | | | |
| | | | | | | | | | | | | | | 2,242,667 | |
| | | | | | | | | | | | | | | | |
|
Consumer Discretionary: 0.38% | |
|
| Auto Components: 0.07% | |
| | | | |
Magna International Incorporated | | | 4.15 | | | | 10-1-2025 | | | | 175,000 | | | | 180,096 | |
| | | | | | | | | | | | | | | | |
|
| Internet & Direct Marketing Retail: 0.31% | |
| | | | |
Alibaba Group Holding Limited | | | 3.13 | | | | 11-28-2021 | | | | 250,000 | | | | 249,965 | |
| | | | |
Alibaba Group Holding Limited | | | 3.40 | | | | 12-6-2027 | | | | 400,000 | | | | 382,602 | |
| | | | |
Alibaba Group Holding Limited | | | 3.60 | | | | 11-28-2024 | | | | 200,000 | | | | 201,886 | |
| | | | |
| | | | | | | | | | | | | | | 834,453 | |
| | | | | | | | | | | | | | | | |
|
Consumer Staples: 0.13% | |
|
| Beverages: 0.13% | |
| | | | |
Diageo Capital plc | | | 2.63 | | | | 4-29-2023 | | | | 210,000 | | | | 207,177 | |
| | | | |
Diageo Capital plc | | | 5.88 | | | | 9-30-2036 | | | | 122,000 | | | | 147,146 | |
| | | | |
| | | | | | | | | | | | | | | 354,323 | |
| | | | | | | | | | | | | | | | |
|
Energy: 1.68% | |
|
| Oil, Gas & Consumable Fuels: 1.68% | |
| | | | |
BP Capital Markets plc | | | 3.81 | | | | 2-10-2024 | | | | 350,000 | | | | 359,210 | |
| | | | |
Canadian Natural Resources Limited | | | 3.85 | | | | 6-1-2027 | | | | 200,000 | | | | 195,670 | |
| | | | |
Canadian Natural Resources Limited | | | 3.90 | | | | 2-1-2025 | | | | 210,000 | | | | 210,612 | |
| | | | |
Canadian Natural Resources Limited | | | 4.95 | | | | 6-1-2047 | | | | 200,000 | | | | 208,243 | |
| | | | |
Canadian Natural Resources Limited | | | 6.75 | | | | 2-1-2039 | | | | 110,000 | | | | 132,393 | |
| | | | |
Cenovus Energy Incorporated | | | 3.00 | | | | 8-15-2022 | | | | 145,000 | | | | 140,119 | |
| | | | |
Cenovus Energy Incorporated | | | 6.75 | | | | 11-15-2039 | | | | 240,000 | | | | 253,459 | |
| | | | |
Encana Corporation | | | 6.50 | | | | 8-15-2034 | | | | 200,000 | | | | 228,278 | |
| | | | |
Husky Energy Incorporated | | | 6.80 | | | | 9-15-2037 | | | | 70,000 | | | | 83,605 | |
| | | | |
Petro-Canada | | | 5.95 | | | | 5-15-2035 | | | | 140,000 | | | | 157,472 | |
| | | | |
Suncor Energy Incorporated | | | 5.95 | | | | 12-1-2034 | | | | 52,000 | | | | 59,099 | |
| | | | |
Total Capital Canada Limited | | | 2.75 | | | | 7-15-2023 | | | | 245,000 | | | | 241,899 | |
| | | | |
Total Capital International SA | | | 2.70 | | | | 1-25-2023 | | | | 385,000 | | | | 380,457 | |
| | | | |
Total Capital International SA | | | 2.88 | | | | 2-17-2022 | | | | 175,000 | | | | 174,953 | |
| | | | |
Total Capital International SA | | | 3.75 | | | | 4-10-2024 | | | | 350,000 | | | | 360,117 | |
| | | | |
Total Capital SA | | | 4.13 | | | | 1-28-2021 | | | | 70,000 | | | | 71,793 | |
| | | | |
TransCanada PipeLines Limited | | | 3.75 | | | | 10-16-2023 | | | | 175,000 | | | | 178,057 | |
| | | | |
TransCanada PipeLines Limited | | | 3.80 | | | | 10-1-2020 | | | | 210,000 | | | | 212,493 | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 234 | | Wells Fargo Funds | | Portfolio of investments—February 28, 2019 |
INVESTMENT GRADE CORPORATE BOND PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
| | | | |
| Oil, Gas & Consumable Fuels(continued) | | | | | | | | | | | | | | | | |
| | | | |
TransCanada PipeLines Limited | | | 5.60 | % | | | 3-31-2034 | | | $ | 70,000 | | | $ | 76,795 | |
| | | | |
TransCanada PipeLines Limited | | | 6.10 | | | | 6-1-2040 | | | | 210,000 | | | | 243,243 | |
| | | | |
TransCanada PipeLines Limited | | | 7.63 | | | | 1-15-2039 | | | | 350,000 | | | | 461,675 | |
| | | | |
| | | | | | | | | | | | | | | 4,429,642 | |
| | | | | | | | | | | | | | | | |
|
Financials: 10.23% | |
|
| Banks: 8.47% | |
| | | | |
Banco Santander SA | | | 3.80 | | | | 2-23-2028 | | | | 200,000 | | | | 187,710 | |
| | | | |
Banco Santander SA | | | 4.38 | | | | 4-12-2028 | | | | 1,200,000 | | | | 1,180,602 | |
| | | | |
Bancolombia SA | | | 5.95 | | | | 6-3-2021 | | | | 200,000 | | | | 209,250 | |
| | | | |
Bank of Montreal | | | 1.90 | | | | 8-27-2021 | | | | 470,000 | | | | 458,226 | |
| | | | |
Bank of Montreal | | | 2.35 | | | | 9-11-2022 | | | | 200,000 | | | | 195,177 | |
| | | | |
Bank of Montreal (5 Year USD Swap +1.43%) ± | | | 3.80 | | | | 12-15-2032 | | | | 800,000 | | | | 764,400 | |
| | | | |
Bank of Nova Scotia | | | 2.45 | | | | 9-19-2022 | | | | 300,000 | | | | 293,316 | |
| | | | |
Bank of Nova Scotia | | | 4.38 | | | | 1-13-2021 | | | | 350,000 | | | | 358,672 | |
| | | | |
Bank of Nova Scotia | | | 4.50 | | | | 12-16-2025 | | | | 500,000 | | | | 512,559 | |
| | | | |
Bank of Nova Scotia (3 Month LIBOR +2.65%) ± | | | 4.65 | | | | 12-31-2099 | | | | 200,000 | | | | 182,750 | |
| | | | |
Barclays plc | | | 2.88 | | | | 6-8-2020 | | | | 300,000 | | | | 297,967 | |
| | | | |
Barclays plc | | | 3.25 | | | | 1-12-2021 | | | | 500,000 | | | | 496,561 | |
| | | | |
Barclays plc | | | 4.38 | | | | 1-12-2026 | | | | 200,000 | | | | 198,367 | |
| | | | |
BNP Paribas | | | 4.25 | | | | 10-15-2024 | | | | 400,000 | | | | 402,222 | |
| | | | |
BPCE SA | | | 2.75 | | | | 12-2-2021 | | | | 330,000 | | | | 325,389 | |
| | | | |
Cooperatieve Rabobank UA | | | 3.75 | | | | 7-21-2026 | | | | 780,000 | | | | 753,665 | |
| | | | |
Credit Suisse Group Funding Limited | | | 3.45 | | | | 4-16-2021 | | | | 550,000 | | | | 551,085 | |
| | | | |
Credit Suisse Group Funding Limited | | | 4.55 | | | | 4-17-2026 | | | | 750,000 | | | | 768,329 | |
| | | | |
HSBC Holdings plc | | | 4.00 | | | | 3-30-2022 | | | | 200,000 | | | | 205,021 | |
| | | | |
HSBC Holdings plc (3 Month LIBOR +1.55%) ± | | | 4.04 | | | | 3-13-2028 | | | | 500,000 | | | | 493,882 | |
| | | | |
HSBC Holdings plc | | | 4.88 | | | | 1-14-2022 | | | | 175,000 | | | | 183,084 | |
| | | | |
ING Banking Group plc | | | 4.55 | | | | 10-2-2028 | | | | 300,000 | | | | 306,466 | |
| | | | |
Lloyds Banking Group plc (3 Month LIBOR +1.21%) ± | | | 3.57 | | | | 11-7-2028 | | | | 800,000 | | | | 753,365 | |
| | | | |
Lloyds Banking Group plc | | | 4.58 | | | | 12-10-2025 | | | | 250,000 | | | | 246,767 | |
| | | | |
Lloyds Banking Group plc | | | 5.30 | | | | 12-1-2045 | | | | 300,000 | | | | 298,714 | |
| | | | |
Mitsubishi UFJ Financial Group Incorporated | | | 2.19 | | | | 9-13-2021 | | | | 600,000 | | | | 584,838 | |
| | | | |
Mitsubishi UFJ Financial Group Incorporated | | | 2.76 | | | | 9-13-2026 | | | | 700,000 | | | | 657,846 | |
| | | | |
Mitsubishi UFJ Financial Group Incorporated | | | 3.68 | | | | 2-22-2027 | | | | 200,000 | | | | 199,951 | |
| | | | |
Mizuho Financial Group | | | 2.95 | | | | 2-28-2022 | | | | 750,000 | | | | 741,975 | |
| | | | |
Mizuho Financial Group | | | 3.17 | | | | 9-11-2027 | | | | 600,000 | | | | 580,543 | |
| | | | |
National Australia Bank Limited | | | 2.50 | | | | 7-12-2026 | | | | 800,000 | | | | 742,114 | |
| | | | |
Rabobank Nederland NV | | | 3.88 | | | | 2-8-2022 | | | | 250,000 | | | | 255,345 | |
| | | | |
Rabobank Nederland NV | | | 4.50 | | | | 1-11-2021 | | | | 350,000 | | | | 359,977 | |
| | | | |
Royal Bank of Canada | | | 2.50 | | | | 1-19-2021 | | | | 350,000 | | | | 347,400 | |
| | | | |
Royal Bank of Canada | | | 4.65 | | | | 1-27-2026 | | | | 700,000 | | | | 731,913 | |
| | | | |
Royal Bank of Scotland Group plc | | | 3.88 | | | | 9-12-2023 | | | | 300,000 | | | | 297,361 | |
| | | | |
Royal Bank of Scotland Group plc | | | 4.80 | | | | 4-5-2026 | | | | 400,000 | | | | 405,491 | |
| | | | |
Royal Bank of Scotland Group plc (3 Month LIBOR +1.91%) ± | | | 5.08 | | | | 1-27-2030 | | | | 600,000 | | | | 616,327 | |
| | | | |
Santander UK plc | | | 4.00 | | | | 3-13-2024 | | | | 200,000 | | | | 205,998 | |
| | | | |
Sumitomo Mitsui Banking Corporation | | | 3.95 | | | | 7-19-2023 | | | | 250,000 | | | | 255,502 | |
| | | | |
Sumitomo Mitsui Financial Group | | | 3.01 | | | | 10-19-2026 | | | | 655,000 | | | | 628,558 | |
| | | | |
Sumitomo Mitsui Financial Group | | | 3.78 | | | | 3-9-2026 | | | | 500,000 | | | | 505,138 | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—February 28, 2019 | | Wells Fargo Funds | | | 235 | |
INVESTMENT GRADE CORPORATE BOND PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
| | | | |
| Banks(continued) | | | | | | | | | | | | | | | | |
| | | | |
Svenska Handelsbanken AB | | | 1.95 | % | | | 9-8-2020 | | | $ | 1,150,000 | | | $ | 1,131,796 | |
| | | | |
Toronto Dominion Bank | | | 1.80 | | | | 7-13-2021 | | | | 200,000 | | | | 194,918 | |
| | | | |
Toronto Dominion Bank | | | 2.50 | | | | 12-14-2020 | | | | 300,000 | | | | 297,944 | |
| | | | |
Toronto Dominion Bank | | | 3.50 | | | | 7-19-2023 | | | | 300,000 | | | | 304,855 | |
| | | | |
Toronto Dominion Bank (5 Year USD Swap +2.21%) ± | | | 3.63 | | | | 9-15-2031 | | | | 525,000 | | | | 507,002 | |
| | | | |
Westpac Banking Corporation | | | 2.10 | | | | 5-13-2021 | | | | 350,000 | | | | 342,341 | |
| | | | |
Westpac Banking Corporation | | | 2.50 | | | | 6-28-2022 | | | | 200,000 | | | | 196,017 | |
| | | | |
Westpac Banking Corporation | | | 2.85 | | | | 5-13-2026 | | | | 700,000 | | | | 665,364 | |
| | | | |
| | | | | | | | | | | | | | | 22,380,060 | |
| | | | | | | | | | | | | | | | |
|
| Capital Markets: 0.44% | |
| | | | |
Deutsche Bank AG | | | 3.13 | | | | 1-13-2021 | | | | 350,000 | | | | 341,555 | |
| | | | |
Deutsche Bank AG | | | 3.70 | | | | 5-30-2024 | | | | 700,000 | | | | 656,099 | |
| | | | |
Invesco Finance plc | | | 4.00 | | | | 1-30-2024 | | | | 175,000 | | | | 177,275 | |
| | | | |
| | | | | | | | | | | | | | | 1,174,929 | |
| | | | | | | | | | | | | | | | |
|
| Diversified Financial Services: 1.11% | |
| | | | |
Barrick Australian Finance Proprietary Limited | | | 5.95 | | | | 10-15-2039 | | | | 135,000 | | | | 151,617 | |
| | | | |
BHP Billiton Finance USA Limited | | | 3.85 | | | | 9-30-2023 | | | | 200,000 | | | | 205,634 | |
| | | | |
Brookfield Finance Incorporated | | | 4.25 | | | | 6-2-2026 | | | | 200,000 | | | | 196,828 | |
| | | | |
ConocoPhillips Canada Funding Company | | | 5.95 | | | | 10-15-2036 | | | | 210,000 | | | | 253,209 | |
| | | | |
GE Capital International Funding Company | | | 3.37 | | | | 11-15-2025 | | | | 550,000 | | | | 528,843 | |
| | | | |
Shell International Finance BV | | | 2.25 | | | | 1-6-2023 | | | | 175,000 | | | | 170,810 | |
| | | | |
Shell International Finance BV | | | 2.38 | | | | 8-21-2022 | | | | 175,000 | | | | 172,003 | |
| | | | |
Shell International Finance BV | | | 2.88 | | | | 5-10-2026 | | | | 230,000 | | | | 223,389 | |
| | | | |
Shell International Finance BV | | | 3.25 | | | | 5-11-2025 | | | | 350,000 | | | | 351,008 | |
| | | | |
Shell International Finance BV | | | 3.40 | | | | 8-12-2023 | | | | 175,000 | | | | 178,035 | |
| | | | |
Shell International Finance BV | | | 3.63 | | | | 8-21-2042 | | | | 175,000 | | | | 164,314 | |
| | | | |
WPP Finance 2010 | | | 3.75 | | | | 9-19-2024 | | | | 200,000 | | | | 192,495 | |
| | | | |
WPP Finance 2010 | | | 5.63 | | | | 11-15-2043 | | | | 140,000 | | | | 130,459 | |
| | | | |
| | | | | | | | | | | | | | | 2,918,644 | |
| | | | | | | | | | | | | | | | |
|
| Insurance: 0.21% | |
| | | | |
Aon plc | | | 3.88 | | | | 12-15-2025 | | | | 200,000 | | | | 203,282 | |
| | | | |
Aon plc | | | 4.00 | | | | 11-27-2023 | | | | 105,000 | | | | 106,708 | |
| | | | |
XL Capital Limited | | | 6.25 | | | | 5-15-2027 | | | | 70,000 | | | | 80,441 | |
| | | | |
XLIT Limited | | | 5.25 | | | | 12-15-2043 | | | | 140,000 | | | | 152,714 | |
| | | | |
| | | | | | | | | | | | | | | 543,145 | |
| | | | | | | | | | | | | | | | |
|
Health Care: 1.26% | |
|
| Health Care Equipment & Supplies: 0.09% | |
| | | | |
Koninklijke Philips Electronics NV | | | 6.88 | | | | 3-11-2038 | | | | 175,000 | | | | 225,988 | |
| | | | | | | | | | | | | | | | |
|
| Pharmaceuticals: 1.17% | |
| | | | |
Actavis Funding SCS | | | 3.85 | | | | 6-15-2024 | | | | 350,000 | | | | 348,684 | |
| | | | |
Actavis Funding SCS | | | 4.85 | | | | 6-15-2044 | | | | 350,000 | | | | 323,575 | |
| | | | |
AstraZeneca plc | | | 2.38 | | | | 11-16-2020 | | | | 350,000 | | | | 346,359 | |
| | | | |
AstraZeneca plc | | | 3.38 | | | | 11-16-2025 | | | | 500,000 | | | | 491,551 | |
| | | | |
AstraZeneca plc | | | 4.38 | | | | 11-16-2045 | | | | 200,000 | | | | 193,760 | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 236 | | Wells Fargo Funds | | Portfolio of investments—February 28, 2019 |
INVESTMENT GRADE CORPORATE BOND PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
| | | | |
| Pharmaceuticals(continued) | | | | | | | | | | | | | | | | |
| | | | |
AstraZeneca plc | | | 6.45 | % | | | 9-15-2037 | | | $ | 180,000 | | | $ | 219,035 | |
| | | | |
Mylan NV | | | 3.95 | | | | 6-15-2026 | | | | 700,000 | | | | 652,775 | |
| | | | |
Shire plc ADR | | | 3.20 | | | | 9-23-2026 | | | | 560,000 | | | | 525,092 | |
| | | | |
| | | | | | | | | | | | | | | 3,100,831 | |
| | | | | | | | | | | | | | | | |
|
Industrials: 0.77% | |
|
| Aerospace & Defense: 0.12% | |
| | | | |
Embraer Netherlands Finance BV | | | 5.05 | | | | 6-15-2025 | | | | 290,000 | | | | 307,693 | |
| | | | | | | | | | | | | | | | |
|
| Professional Services: 0.12% | |
| | | | |
Thomson Reuters Corporation | | | 4.30 | | | | 11-23-2023 | | | | 210,000 | | | | 213,796 | |
| | | | |
Thomson Reuters Corporation | | | 5.85 | | | | 4-15-2040 | | | | 94,000 | | | | 101,647 | |
| | | | |
| | | | | | | | | | | | | | | 315,443 | |
| | | | | | | | | | | | | | | | |
|
| Road & Rail: 0.14% | |
| | | | |
Canadian National Railway Company | | | 6.20 | | | | 6-1-2036 | | | | 140,000 | | | | 173,514 | |
| | | | |
Canadian Pacific Railway Company | | | 4.45 | | | | 3-15-2023 | | | | 140,000 | | | | 144,356 | |
| | | | |
Canadian Pacific Railway Company | | | 5.95 | | | | 5-15-2037 | | | | 45,000 | | | | 52,862 | |
| | | | |
| | | | | | | | | | | | | | | 370,732 | |
| | | | | | | | | | | | | | | | |
|
| Trading Companies & Distributors: 0.39% | |
| | | | |
AerCap Ireland Capital DAC | | | 4.25 | | | | 7-1-2020 | | | | 200,000 | | | | 201,800 | |
| | | | |
AerCap Ireland Capital DAC | | | 3.95 | | | | 2-1-2022 | | | | 520,000 | | | | 522,279 | |
| | | | |
AerCap Ireland Capital DAC | | | 4.63 | | | | 10-30-2020 | | | | 300,000 | | | | 304,794 | |
| | | | |
| | | | | | | | | | | | | | | 1,028,873 | |
| | | | | | | | | | | | | | | | |
|
Materials: 0.68% | |
|
| Chemicals: 0.29% | |
| | | | |
LyondellBasell Industries NV | | | 4.63 | | | | 2-26-2055 | | | | 350,000 | | | | 301,172 | |
| | | | |
Nutrien Limited | | | 4.88 | | | | 3-30-2020 | | | | 178,000 | | | | 180,648 | |
| | | | |
Nutrien Limited | | | 5.63 | | | | 12-1-2040 | | | | 140,000 | | | | 146,010 | |
| | | | |
Nutrien Limited | | | 6.13 | | | | 1-15-2041 | | | | 115,000 | | | | 127,356 | |
| | | | |
| | | | | | | | | | | | | | | 755,186 | |
| | | | | | | | | | | | | | | | |
|
| Metals & Mining: 0.39% | |
| | | | |
Goldcorp Incorporated | | | 3.70 | | | | 3-15-2023 | | | | 210,000 | | | | 211,304 | |
| | | | |
Rio Tinto Finance (USA) Limited | | | 4.13 | | | | 8-21-2042 | | | | 175,000 | | | | 175,957 | |
| | | | |
Vale Overseas Limited | | | 4.38 | | | | 1-11-2022 | | | | 140,000 | | | | 140,308 | |
| | | | |
Vale Overseas Limited | | | 6.88 | | | | 11-21-2036 | | | | 382,000 | | | | 417,411 | |
| | | | |
Vale Overseas Limited | | | 6.88 | | | | 11-10-2039 | | | | 91,000 | | | | 99,873 | |
| | | | |
| | | | | | | | | | | | | | | 1,044,853 | |
| | | | | | | | | | | | | | | | |
| |
Total Yankee Corporate Bonds and Notes (Cost $43,823,644) | | | | 43,601,385 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | Yield | | | | | | Shares | | | | |
| Short-Term Investments: 0.34% | |
|
| Investment Companies: 0.32% | |
| | | | |
Wells Fargo Government Money Market Fund Select Class (l)(u) | | | 2.34 | | | | | | | | 854,059 | | | | 854,059 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—February 28, 2019 | | Wells Fargo Funds | | | 237 | |
INVESTMENT GRADE CORPORATE BOND PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | Yield | | | Maturity date | | | Principal | | | Value | |
|
| U.S. Treasury Securities: 0.02% | |
| | | | |
U.S. Treasury Bill (z) | | | 2.21 | % | | | 3-14-2019 | | | $ | 50,000 | | | $ | 49,957 | |
| | | | | | | | | | | | | | | | |
| |
Total Short-Term Investments (Cost $904,016) | | | | 904,016 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | |
| Total investments in securities (Cost $261,416,656) | | | 99.05 | % | | | 261,612,370 | |
| | |
Other assets and liabilities, net | | | 0.95 | | | | 2,517,646 | |
| | | | | | | | |
| Total net assets | | | 100.00 | % | | $ | 264,130,016 | |
| | | | | | | | |
| 144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933. |
| ± | Variable rate investment. The rate shown is the rate in effect at period end. |
| (l) | The issuer of the security is an affiliated person of the Portfolio as defined in the Investment Company Act of 1940. |
| (u) | The rate represents the7-day annualized yield at period end. |
| (z) | Zero coupon security. The rate represents the current yield to maturity. |
Abbreviations:
| ADR | American depositary receipt |
| LIBOR | London Interbank Offered Rate |
| REIT | Real estate investment trust |
Investments in Affiliates
An affiliated investment is an investment in which the Portfolio owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Portfolio and the issuer having the same adviser or investment manager. Transactions with issuers that were either affiliated persons of the Portfolio at the beginning of the period or the end of the period were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Shares,
beginning of
period | | | Shares
purchased | | | Shares
sold | | | Shares,
end of
period | | | Net
realized
gains
(losses) | | | Net
change in
unrealized
gains
(losses) | | | Income
from
affiliated
securities | | | Value,
end
of period | | | % of
net
assets | |
Short-Term Investments | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Investment Companies | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Wells Fargo Government Money Market Fund Select Class | | | 0 | | | | 118,155,611 | | | | 117,301,552 | | | | 854,059 | | | | 0 | | | $ | 0 | | | $ | 47,308 | | | $ | 854,059 | | | | 0.32 | % |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 238 | | Wells Fargo Funds | | Portfolio of investments—February 28, 2019 |
STRATEGIC RETIREMENT BOND PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
|
Agency Securities: 2.00% | |
| | | | |
FHLB | | | 2.13 | % | | | 3-13-2020 | | | $ | 170,000 | | | $ | 169,358 | |
| | | | |
FHLB | | | 2.13 | | | | 6-9-2023 | | | | 35,000 | | | | 34,274 | |
| | | | |
FHLB | | | 2.26 | | | | 10-4-2022 | | | | 10,000 | | | | 9,837 | |
| | | | |
FHLB | | | 2.38 | | | | 3-30-2020 | | | | 390,000 | | | | 389,318 | |
| | | | |
FHLB | | | 2.75 | | | | 12-13-2024 | | | | 20,000 | | | | 20,059 | |
| | | | |
FHLMC | | | 3.25 | | | | 6-9-2023 | | | | 50,000 | | | | 51,455 | |
| | | | |
FNMA | | | 1.38 | | | | 10-7-2021 | | | | 45,000 | | | | 43,669 | |
| | | | |
FNMA | | | 1.50 | | | | 6-22-2020 | | | | 33,000 | | | | 32,547 | |
| | | | |
FNMA | | | 1.50 | | | | 11-30-2020 | | | | 110,000 | | | | 107,995 | |
| | | | |
FNMA | | | 1.88 | | | | 9-24-2026 | | | | 95,000 | | | | 88,655 | |
| | | | |
FNMA | | | 2.13 | | | | 4-24-2026 | | | | 28,000 | | | | 26,715 | |
| | | | |
FNMA | | | 2.50 | | | | 4-23-2020 | | | | 390,000 | | | | 389,836 | |
| | | | |
FNMA | | | 2.63 | | | | 9-6-2024 | | | | 100,000 | | | | 99,916 | |
| |
Total Agency Securities (Cost $1,465,617) | | | | 1,463,634 | |
| | | | | | | | | | | | | | | | |
|
U.S. Treasury Securities: 97.63% | |
| | | | |
TIPS | | | 0.13 | | | | 4-15-2020 | | | | 1,917,344 | | | | 1,902,664 | |
| | | | |
TIPS | | | 0.13 | | | | 4-15-2021 | | | | 1,097,245 | | | | 1,082,758 | |
| | | | |
TIPS | | | 0.13 | | | | 1-15-2022 | | | | 1,559,733 | | | | 1,536,398 | |
| | | | |
TIPS | | | 0.13 | | | | 4-15-2022 | | | | 953,616 | | | | 936,704 | |
| | | | |
TIPS | | | 0.13 | | | | 7-15-2022 | | | | 3,909,394 | | | | 3,858,160 | |
| | | | |
TIPS | | | 0.13 | | | | 1-15-2023 | | | | 2,954,325 | | | | 2,896,046 | |
| | | | |
TIPS | | | 0.13 | | | | 7-15-2024 | | | | 2,437,012 | | | | 2,380,751 | |
| | | | |
TIPS | | | 0.13 | | | | 7-15-2026 | | | | 1,805,052 | | | | 1,733,908 | |
| | | | |
TIPS | | | 0.25 | | | | 1-15-2025 | | | | 1,272,996 | | | | 1,242,489 | |
| | | | |
TIPS | | | 0.38 | | | | 7-15-2023 | | | | 59,382 | | | | 58,974 | |
| | | | |
TIPS | | | 0.38 | | | | 7-15-2025 | | | | 1,165,483 | | | | 1,146,726 | |
| | | | |
TIPS | | | 0.38 | | | | 1-15-2027 | | | | 1,388,627 | | | | 1,349,518 | |
| | | | |
TIPS | | | 0.38 | | | | 7-15-2027 | | | | 493,037 | | | | 479,507 | |
| | | | |
TIPS | | | 0.50 | | | | 1-15-2028 | | | | 1,853,907 | | | | 1,810,528 | |
| | | | |
TIPS | | | 0.63 | | | | 7-15-2021 | | | | 494,980 | | | | 496,769 | |
| | | | |
TIPS | | | 0.63 | | | | 4-15-2023 | | | | 460,260 | | | | 459,568 | |
| | | | |
TIPS | | | 0.63 | | | | 1-15-2024 | | | | 1,880,180 | | | | 1,880,474 | |
| | | | |
TIPS | | | 0.63 | | | | 1-15-2026 | | | | 502,289 | | | | 499,895 | |
| | | | |
TIPS | | | 0.75 | | | | 7-15-2028 | | | | 1,156,132 | | | | 1,156,945 | |
| | | | |
TIPS | | | 0.88 | | | | 1-15-2029 | | | | 686,612 | | | | 692,995 | |
| | | | |
TIPS | | | 1.13 | | | | 1-15-2021 | | | | 2,074,390 | | | | 2,092,216 | |
| | | | |
TIPS | | | 1.25 | | | | 7-15-2020 | | | | 1,405,599 | | | | 1,424,047 | |
| | | | |
TIPS | | | 1.75 | | | | 1-15-2028 | | | | 1,163,379 | | | | 1,259,017 | |
| | | | |
TIPS | | | 2.00 | | | | 1-15-2026 | | | | 1,019,090 | | | | 1,107,404 | |
| | | | |
TIPS | | | 2.38 | | | | 1-15-2025 | | | | 1,324,982 | | | | 1,454,918 | |
| | | | |
TIPS | | | 2.38 | | | | 1-15-2027 | | | | 732,613 | | | | 823,404 | |
| | | | |
TIPS | | | 2.50 | | | | 1-15-2029 | | | | 567,591 | | | | 659,292 | |
| | | | |
TIPS | | | 3.63 | | | | 4-15-2028 | | | | 77,675 | | | | 96,802 | |
| | | | |
U.S. Treasury Bond | | | 3.13 | | | | 11-15-2028 | | | | 480,000 | | | | 496,388 | |
| | | | |
U.S. Treasury Bond | | | 6.38 | | | | 8-15-2027 | | | | 125,000 | | | | 159,717 | |
| | | | |
U.S. Treasury Bond | | | 6.88 | | | | 8-15-2025 | | | | 20,000 | | | | 25,040 | |
| | | | |
U.S. Treasury Note | | | 2.88 | | | | 11-30-2025 | | | | 430,000 | | | | 436,752 | |
| | | | |
U.S. Treasury Note | | | 1.13 | | | | 4-30-2020 | | | | 369,000 | | | | 363,004 | |
| | | | |
U.S. Treasury Note | | | 1.13 | | | | 7-31-2021 | | | | 493,000 | | | | 477,016 | |
| | | | |
U.S. Treasury Note | | | 1.13 | | | | 9-30-2021 | | | | 510,000 | | | | 492,628 | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—February 28, 2019 | | Wells Fargo Funds | | | 239 | |
STRATEGIC RETIREMENT BOND PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
| | | | |
U.S. Treasury Securities(continued) | | | | | | | | | | | | | | | | |
| | | | |
U.S. Treasury Note | | | 1.25 | % | | | 10-31-2021 | | | $ | 513,000 | | | $ | 496,408 | |
| | | | |
U.S. Treasury Note | | | 1.25 | | | | 7-31-2023 | | | | 488,000 | | | | 462,113 | |
| | | | |
U.S. Treasury Note | | | 1.38 | | | | 3-31-2020 | | | | 275,000 | | | | 271,541 | |
| | | | |
U.S. Treasury Note | | | 1.38 | | | | 4-30-2020 | | | | 3,000 | | | | 2,960 | |
| | | | |
U.S. Treasury Note | | | 1.38 | | | | 5-31-2020 | | | | 99,000 | | | | 97,561 | |
| | | | |
U.S. Treasury Note | | | 1.38 | | | | 10-31-2020 | | | | 510,000 | | | | 500,159 | |
| | | | |
U.S. Treasury Note | | | 1.38 | | | | 4-30-2021 | | | | 479,000 | | | | 467,455 | |
| | | | |
U.S. Treasury Note | | | 1.38 | | | | 6-30-2023 | | | | 489,000 | | | | 466,040 | |
| | | | |
U.S. Treasury Note | | | 1.38 | | | | 8-31-2023 | | | | 490,000 | | | | 466,132 | |
| | | | |
U.S. Treasury Note | | | 1.38 | | | | 9-30-2023 | | | | 339,000 | | | | 322,169 | |
| | | | |
U.S. Treasury Note | | | 1.50 | | | | 4-15-2020 | | | | 1,000 | | | | 989 | |
| | | | |
U.S. Treasury Note | | | 1.50 | | | | 5-15-2020 | | | | 347,000 | | | | 342,663 | |
| | | | |
U.S. Treasury Note | | | 1.50 | | | | 5-31-2020 | | | | 488,000 | | | | 481,671 | |
| | | | |
U.S. Treasury Note | | | 1.50 | | | | 3-31-2023 | | | | 450,000 | | | | 432,264 | |
| | | | |
U.S. Treasury Note | | | 1.50 | | | | 8-15-2026 | | | | 670,000 | | | | 618,284 | |
| | | | |
U.S. Treasury Note | | | 1.63 | | | | 3-15-2020 | | | | 19,000 | | | | 18,819 | |
| | | | |
U.S. Treasury Note | | | 1.63 | | | | 6-30-2020 | | | | 2,000 | | | | 1,975 | |
| | | | |
U.S. Treasury Note | | | 1.63 | | | | 7-31-2020 | | | | 505,000 | | | | 498,411 | |
| | | | |
U.S. Treasury Note | | | 1.63 | | | | 8-15-2022 | | | | 365,000 | | | | 354,278 | |
| | | | |
U.S. Treasury Note | | | 1.63 | | | | 4-30-2023 | | | | 483,000 | | | | 465,963 | |
| | | | |
U.S. Treasury Note | | | 1.63 | | | | 5-31-2023 | | | | 20,000 | | | | 19,279 | |
| | | | |
U.S. Treasury Note | | | 1.63 | | | | 10-31-2023 | | | | 486,000 | | | | 466,807 | |
| | | | |
U.S. Treasury Note | | | 1.63 | | | | 2-15-2026 | | | | 663,000 | | | | 620,760 | |
| | | | |
U.S. Treasury Note | | | 1.63 | | | | 5-15-2026 | | | | 669,000 | | | | 624,836 | |
| | | | |
U.S. Treasury Note | | | 1.75 | | | | 10-31-2020 | | | | 473,000 | | | | 466,736 | |
| | | | |
U.S. Treasury Note | | | 1.75 | | | | 2-28-2022 | | | | 483,000 | | | | 472,585 | |
| | | | |
U.S. Treasury Note | | | 1.75 | | | | 3-31-2022 | | | | 484,000 | | | | 473,318 | |
| | | | |
U.S. Treasury Note | | | 1.75 | | | | 5-31-2022 | | | | 507,000 | | | | 495,097 | |
| | | | |
U.S. Treasury Note | | | 1.75 | | | | 6-30-2022 | | | | 305,000 | | | | 297,744 | |
| | | | |
U.S. Treasury Note | | | 1.75 | | | | 1-31-2023 | | | | 10,000 | | | | 9,714 | |
| | | | |
U.S. Treasury Note | | | 1.75 | | | | 5-15-2023 | | | | 595,000 | | | | 576,662 | |
| | | | |
U.S. Treasury Note | | | 1.88 | | | | 6-30-2020 | | | | 406,000 | | | | 402,368 | |
| | | | |
U.S. Treasury Note | | | 1.88 | | | | 2-28-2022 | | | | 450,000 | | | | 441,844 | |
| | | | |
U.S. Treasury Note | | | 1.88 | | | | 4-30-2022 | | | | 505,000 | | | | 495,433 | |
| | | | |
U.S. Treasury Note | | | 1.88 | | | | 8-31-2022 | | | | 417,000 | | | | 408,155 | |
| | | | |
U.S. Treasury Note | | | 1.88 | | | | 8-31-2024 | | | | 160,000 | | | | 154,438 | |
| | | | |
U.S. Treasury Note | | | 2.00 | | | | 7-31-2020 | | | | 434,000 | | | | 430,575 | |
| | | | |
U.S. Treasury Note | | | 2.00 | | | | 9-30-2020 | | | | 376,000 | | | | 372,769 | |
| | | | |
U.S. Treasury Note | | | 2.00 | | | | 11-30-2020 | | | | 449,000 | | | | 444,756 | |
| | | | |
U.S. Treasury Note | | | 2.00 | | | | 5-31-2021 | | | | 469,000 | | | | 463,705 | |
| | | | |
U.S. Treasury Note | | | 2.00 | | | | 10-31-2021 | | | | 479,000 | | | | 472,751 | |
| | | | |
U.S. Treasury Note | | | 2.00 | | | | 2-15-2022 | | | | 10,000 | | | | 9,860 | |
| | | | |
U.S. Treasury Note | | | 2.00 | | | | 11-30-2022 | | | | 645,000 | | | | 633,083 | |
| | | | |
U.S. Treasury Note | | | 2.00 | | | | 2-15-2023 | | | | 285,000 | | | | 279,434 | |
| | | | |
U.S. Treasury Note | | | 2.00 | | | | 4-30-2024 | | | | 10,000 | | | | 9,737 | |
| | | | |
U.S. Treasury Note | | | 2.00 | | | | 5-31-2024 | | | | 269,000 | | | | 261,781 | |
| | | | |
U.S. Treasury Note | | | 2.00 | | | | 6-30-2024 | | | | 185,000 | | | | 179,884 | |
| | | | |
U.S. Treasury Note | | | 2.00 | | | | 2-15-2025 | | | | 597,000 | | | | 577,458 | |
| | | | |
U.S. Treasury Note | | | 2.00 | | | | 8-15-2025 | | | | 645,000 | | | | 621,694 | |
| | | | |
U.S. Treasury Note | | | 2.00 | | | | 11-15-2026 | | | | 660,000 | | | | 630,016 | |
| | | | |
U.S. Treasury Note | | | 2.13 | | | | 1-31-2021 | | | | 157,000 | | | | 155,773 | |
| | | | |
U.S. Treasury Note | | | 2.13 | | | | 12-31-2021 | | | | 474,000 | | | | 469,112 | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 240 | | Wells Fargo Funds | | Portfolio of investments—February 28, 2019 |
STRATEGIC RETIREMENT BOND PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | Interest rate | | | Maturity date | | | Principal | | | Value | |
| | | | |
U.S. Treasury Securities(continued) | | | | | | | | | | | | | | | | |
| | | | |
U.S. Treasury Note | | | 2.13 | % | | | 12-31-2022 | | | $ | 510,000 | | | $ | 502,709 | |
| | | | |
U.S. Treasury Note | | | 2.13 | | | | 2-29-2024 | | | | 378,000 | | | | 370,676 | |
| | | | |
U.S. Treasury Note | | | 2.13 | | | | 5-15-2025 | | | | 75,000 | | | | 72,952 | |
| | | | |
U.S. Treasury Note | | | 2.25 | | | | 3-31-2021 | | | | 458,000 | | | | 455,370 | |
| | | | |
U.S. Treasury Note | | | 2.25 | | | | 7-31-2021 | | | | 463,000 | | | | 460,197 | |
| | | | |
U.S. Treasury Note | | | 2.25 | | | | 12-31-2023 | | | | 472,000 | | | | 465,971 | |
| | | | |
U.S. Treasury Note | | | 2.25 | | | | 1-31-2024 | | | | 474,000 | | | | 467,723 | |
| | | | |
U.S. Treasury Note | | | 2.25 | | | | 10-31-2024 | | | | 490,000 | | | | 481,750 | |
| | | | |
U.S. Treasury Note | | | 2.25 | | | | 11-15-2024 | | | | 385,000 | | | | 378,308 | |
| | | | |
U.S. Treasury Note | | | 2.25 | | | | 2-15-2027 | | | | 580,000 | | | | 562,895 | |
| | | | |
U.S. Treasury Note | | | 2.25 | | | | 8-15-2027 | | | | 480,000 | | | | 464,306 | |
| | | | |
U.S. Treasury Note | | | 2.25 | | | | 11-15-2027 | | | | 420,000 | | | | 405,497 | |
| | | | |
U.S. Treasury Note | | | 2.38 | | | | 12-31-2020 | | | | 443,000 | | | | 441,616 | |
| | | | |
U.S. Treasury Note | | | 2.38 | | | | 5-15-2027 | | | | 453,000 | | | | 443,268 | |
| | | | |
U.S. Treasury Note | | | 2.50 | | | | 12-31-2020 | | | | 595,000 | | | | 594,465 | |
| | | | |
U.S. Treasury Note | | | 2.50 | | | | 1-15-2022 | | | | 585,000 | | | | 584,909 | |
| | | | |
U.S. Treasury Note | | | 2.50 | | | | 8-15-2023 | | | | 544,000 | | | | 543,469 | |
| | | | |
U.S. Treasury Note | | | 2.63 | | | | 8-15-2020 | | | | 493,000 | | | | 493,385 | |
| | | | |
U.S. Treasury Note | | | 2.63 | | | | 11-15-2020 | | | | 275,000 | | | | 275,290 | |
| | | | |
U.S. Treasury Note | | | 2.63 | | | | 12-31-2023 | | | | 595,000 | | | | 597,464 | |
| | | | |
U.S. Treasury Note | | | 2.63 | | | | 1-31-2026 | | | | 445,000 | | | | 445,243 | |
| | | | |
U.S. Treasury Note | | | 2.75 | | | | 11-30-2020 | | | | 585,000 | | | | 586,920 | |
| | | | |
U.S. Treasury Note | | | 2.75 | | | | 9-15-2021 | | | | 560,000 | | | | 563,303 | |
| | | | |
U.S. Treasury Note | | | 2.75 | | | | 8-31-2023 | | | | 510,000 | | | | 514,961 | |
| | | | |
U.S. Treasury Note | | | 2.75 | | | | 11-15-2023 | | | | 16,000 | | | | 16,156 | |
| | | | |
U.S. Treasury Note | | | 2.88 | | | | 8-15-2028 | | | | 390,000 | | | | 395,058 | |
| | | | |
U.S. Treasury Note | | | 3.50 | | | | 5-15-2020 | | | | 4,000 | | | | 4,044 | |
| | | | |
U.S. Treasury Note | | | 6.00 | | | | 2-15-2026 | | | | 146,000 | | | | 177,128 | |
| | | | |
U.S. Treasury Note | | | 6.50 | | | | 11-15-2026 | | | | 30,000 | | | | 38,016 | |
| | | | |
U.S. Treasury Note | | | 6.75 | | | | 8-15-2026 | | | | 220,000 | | | | 281,041 | |
| | | | |
U.S. Treasury Note | | | 8.00 | | | | 11-15-2021 | | | | 331,000 | | | | 378,090 | |
| | | | |
U.S. Treasury Note | | | 8.13 | | | | 5-15-2021 | | | | 309,000 | | | | 345,742 | |
| | | | |
U.S. Treasury Note | | | 8.13 | | | | 8-15-2021 | | | | 300,000 | | | | 339,621 | |
| | | | |
U.S. Treasury Note | | | 8.75 | | | | 8-15-2020 | | | | 76,000 | | | | 82,668 | |
| |
Total U.S. Treasury Securities (Cost $72,113,129) | | | | 71,405,652 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | Yield | | | | | | Shares | | | | |
| Short-Term Investments: 0.21% | |
|
| Investment Companies: 0.19% | |
| | | | |
Wells Fargo Government Money Market Fund Select Class (l)(u) | | | 2.34 | | | | | | | | 140,309 | | | | 140,309 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | Principal | | | | |
| U.S. Treasury Securities: 0.02% | |
| | | | |
U.S. Treasury Bill (z) | | | 2.23 | | | | 3-14-2019 | | | $ | 15,000 | | | | 14,987 | |
| | | | | | | | | | | | | | | | |
| |
Total Short-Term Investments (Cost $155,296) | | | | 155,296 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | |
| Total investments in securities (Cost $73,734,042) | | | 99.84 | % | | | 73,024,582 | |
| | |
Other assets and liabilities, net | | | 0.16 | | | | 114,434 | |
| | | | | | | | |
| Total net assets | | | 100.00 | % | | $ | 73,139,016 | |
| | | | | | | | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—February 28, 2019 | | Wells Fargo Funds | | | 241 | |
STRATEGIC RETIREMENT BOND PORTFOLIO
| (l) | The issuer of the security is an affiliated person of the Portfolio as defined in the Investment Company Act of 1940. |
| (u) | The rate represents the7-day annualized yield at period end. |
| (z) | Zero coupon security. The rate represents the current yield to maturity. |
Abbreviations:
| FHLB | Federal Home Loan Bank |
| FHLMC | Federal Home Loan Mortgage Corporation |
| FNMA | Federal National Mortgage Association |
| TIPS | Treasury inflation-protected securities |
Investments in Affiliates
An affiliated investment is an investment in which the Portfolio owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Portfolio and the issuer having the same adviser or investment manager. Transactions with issuers that were either affiliated persons of the Portfolio at the beginning of the period or the end of the period were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Shares, beginning of period | | | Shares purchased | | | Shares sold | | | Shares, end of period | | | Net
realized
gains
(losses) | | | Net
change in
unrealized
gains
(losses) | | | Income
from
affiliated
securities | | | Value, end of period | | | % of
net
assets | |
Short-Term Investments | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Investment Companies | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Wells Fargo Government Money Market Fund Select Class | | | 0 | | | | 29,991,093 | | | | 29,850,784 | | | | 140,309 | | | $ | 0 | | | $ | 0 | | | $ | 8,885 | | | $ | 140,309 | | | | 0.19 | % |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 242 | | Wells Fargo Funds | | Portfolio of investments—February 28, 2019 |
U.S. REIT PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | Shares | | | Value | |
| | | | |
Common Stocks: 99.51% | | | | | | | | | | | | | | | | |
| | | | |
Real Estate: 99.51% | | | | | | | | | | | | | | | | |
| | | | |
| Equity REITs: 99.51% | | | | | | | | | | | | | | | | |
| | | | |
Acadia Realty Trust | | | | | | | | | | | 4,646 | | | $ | 132,365 | |
| | | | |
Alexander & Baldwin Incorporated | | | | | | | | | | | 3,838 | | | | 88,005 | |
| | | | |
Alexandria Real Estate Equities Incorporated | | | | | | | | | | | 6,106 | | | | 829,744 | |
| | | | |
American Assets Trust Incorporated | | | | | | | | | | | 2,092 | | | | 90,876 | |
| | | | |
American Campus Communities Incorporated | | | | | | | | | | | 7,859 | | | | 354,127 | |
| | | | |
American Homes 4 Rent Class A | | | | | | | | | | | 14,465 | | | | 315,916 | |
| | | | |
Americold Realty Trust | | | | | | | | | | | 5,941 | | | | 170,804 | |
| | | | |
Apartment Investment & Management Company Class A | | | | | | | | | | | 8,932 | | | | 437,031 | |
| | | | |
Apple Hospitality REIT Incorporated | | | | | | | | | | | 12,307 | | | | 202,819 | |
| | | | |
AvalonBay Communities Incorporated | | | | | | | | | | | 7,981 | | | | 1,553,342 | |
| | | | |
Boston Properties Incorporated | | | | | | | | | | | 8,837 | | | | 1,172,582 | |
| | | | |
Brandywine Realty Trust | | | | | | | | | | | 10,194 | | | | 160,250 | |
| | | | |
Brixmor Property Group Incorporated | | | | | | | | | | | 17,069 | | | | 298,025 | |
| | | | |
Brookfield Property REIT Class A | | | | | | | | | | | 7,067 | | | | 138,655 | |
| | | | |
Camden Property Trust | | | | | | | | | | | 5,328 | | | | 522,624 | |
| | | | |
CBL & Associates Properties Incorporated | | | | | | | | | | | 9,523 | | | | 20,379 | |
| | | | |
Chesapeake Lodging Trust | | | | | | | | | | | 3,393 | | | | 102,197 | |
| | | | |
Colony Capital Incorporated | | | | | | | | | | | 26,305 | | | | 146,256 | |
| | | | |
Columbia Property Trust Incorporated | | | | | | | | | | | 6,767 | | | | 146,370 | |
| | | | |
CoreCivic Incorporated | | | | | | | | | | | 6,912 | | | | 146,396 | |
| | | | |
CorePoint Lodging Incorporated | | | | | | | | | | | 2,427 | | | | 33,905 | |
| | | | |
Corporate Office Properties Trust | | | | | | | | | | | 6,245 | | | | 162,308 | |
| | | | |
Cousins Properties Incorporated | | | | | | | | | | | 24,286 | | | | 231,203 | |
| | | | |
CubeSmart | | | | | | | | | | | 10,698 | | | | 327,787 | |
| | | | |
DiamondRock Hospitality | | | | | | | | | | | 11,877 | | | | 126,965 | |
| | | | |
Digital Realty Trust Incorporated | | | | | | | | | | | 12,030 | | | | 1,360,834 | |
| | | | |
Douglas Emmett Incorporated | | | | | | | | | | | 9,287 | | | | 358,478 | |
| | | | |
Duke Realty Corporation | | | | | | | | | | | 20,593 | | | | 608,935 | |
| | | | |
Easterly Government Properties Incorporated | | | | | | | | | | | 3,466 | | | | 62,319 | |
| | | | |
EastGroup Properties Incorporated | | | | | | | | | | | 2,025 | | | | 213,962 | |
| | | | |
Empire State Realty Trust Incorporated | | | | | | | | | | | 9,839 | | | | 149,750 | |
| | | | |
Equity Commonwealth | | | | | | | | | | | 6,834 | | | | 223,130 | |
| | | | |
Equity Lifestyle Properties Incorporated | | | | | | | | | | | 4,703 | | | | 510,934 | |
| | | | |
Equity Residential | | | | | | | | | | | 21,118 | | | | 1,556,185 | |
| | | | |
Essex Property Trust Incorporated | | | | | | | | | | | 3,786 | | | | 1,059,474 | |
| | | | |
Extra Space Storage Incorporated | | | | | | | | | | | 7,142 | | | | 685,203 | |
| | | | |
Federal Realty Investment Trust | | | | | | | | | | | 4,222 | | | | 564,017 | |
| | | | |
First Industrial Realty Trust Incorporated | | | | | | | | | | | 7,227 | | | | 242,249 | |
| | | | |
Gaming and Leisure Properties Incorporated | | | | | | | | | | | 11,674 | | | | 424,700 | |
| | | | |
HCP Incorporated | | | | | | | | | | | 27,437 | | | | 844,236 | |
| | | | |
Healthcare Realty Trust Incorporated | | | | | | | | | | | 7,082 | | | | 224,145 | |
| | | | |
Healthcare Trust of America Incorporated Class A | | | | | | | | | | | 11,921 | | | | 339,629 | |
| | | | |
Hersha Hospitality Trust | | | | | | | | | | | 2,176 | | | | 41,018 | |
| | | | |
Highwoods Properties Incorporated | | | | | | | | | | | 5,840 | | | | 270,450 | |
| | | | |
Hospitality Properties Trust | | | | | | | | | | | 9,451 | | | | 255,839 | |
| | | | |
Host Hotels & Resorts Incorporated | | | | | | | | | | | 41,935 | | | | 822,345 | |
| | | | |
Hudson Pacific Properties Incorporated | | | | | | | | | | | 8,933 | | | | 296,754 | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Portfolio of investments—February 28, 2019 | | Wells Fargo Funds | | | 243 | |
U.S. REIT PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | Shares | | | Value | |
| | | | |
| Equity REITs(continued) | | | | | | | | | | | | | | | | |
| | | | |
Independence Realty Trust Incorporated | | | | | | | | | | | 5,135 | | | $ | 53,199 | |
| | | | |
Industrial Logistics Properties Trust | | | | | | | | | | | 3,716 | | | | 77,516 | |
| | | | |
Innovative Industrial Properties Incorporated | | | | | | | | | | | 544 | | | | 42,971 | |
| | | | |
Invitation Homes Incorporated | | | | | | | | | | | 16,995 | | | | 390,885 | |
| | | | |
Iron Mountain Incorporated | | | | | | | | | | | 16,465 | | | | 583,190 | |
| | | | |
JBG Smith Properties | | | | | | | | | | | 6,434 | | | | 259,226 | |
| | | | |
Kilroy Realty Corporation | | | | | | | | | | | 5,771 | | | | 425,380 | |
| | | | |
Kimco Realty Corporation | | | | | | | | | | | 23,353 | | | | 410,779 | |
| | | | |
Kite Realty Group Trust | | | | | | | | | | | 4,714 | | | | 74,198 | |
| | | | |
Lamar Advertising Company Class A | | | | | | | | | | | 4,931 | | | | 382,498 | |
| | | | |
Liberty Property Trust | | | | | | | | | | | 8,500 | | | | 402,305 | |
| | | | |
Life Storage Incorporated | | | | | | | | | | | 2,650 | | | | 258,640 | |
| | | | |
LTC Properties Incorporated | | | | | | | | | | | 2,244 | | | | 99,678 | |
| | | | |
Mack-Cali Realty Corporation | | | | | | | | | | | 5,032 | | | | 105,722 | |
| | | | |
Mid-America Apartment Communities Incorporated | | | | | | | | | | | 6,556 | | | | 679,070 | |
| | | | |
National Health Investors Incorporated | | | | | | | | | | | 2,362 | | | | 184,307 | |
| | | | |
National Storage Affiliates Trust | | | | | | | | | | | 3,221 | | | | 91,219 | |
| | | | |
Office Properties Income Trust | | | | | | | | | | | 2,759 | | | | 84,177 | |
| | | | |
Outfront Media Incorporated | | | | | | | | | | | 7,969 | | | | 178,824 | |
| | | | |
Paramount Group Incorporated | | | | | | | | | | | 11,962 | | | | 171,774 | |
| | | | |
Park Hotels & Resorts Incorporated | | | | | | | | | | | 11,406 | | | | 356,323 | |
| | | | |
Pebblebrook Hotel Trust | | | | | | | | | | | 7,464 | | | | 238,923 | |
| | | | |
Pennsylvania REIT | | | | | | | | | | | 3,608 | | | | 22,189 | |
| | | | |
Piedmont Office Realty Trust Incorporated Class A | | | | | | | | | | | 7,304 | | | | 149,513 | |
| | | | |
Preferred Apartment Communities Incorporated Class A | | | | | | | | | | | 2,417 | | | | 36,835 | |
| | | | |
Prologis Incorporated | | | | | | | | | | | 36,152 | | | | 2,532,809 | |
| | | | |
PS Business Parks Incorporated | | | | | | | | | | | 1,136 | | | | 167,185 | |
| | | | |
Public Storage Incorporated | | | | | | | | | | | 8,679 | | | | 1,835,522 | |
| | | | |
Regency Centers Corporation | | | | | | | | | | | 9,126 | | | | 595,472 | |
| | | | |
Retail Opportunity Investment Corporation | | | | | | | | | | | 6,395 | | | | 109,802 | |
| | | | |
Rexford Industrial Realty Incorporated | | | | | | | | | | | 5,339 | | | | 183,021 | |
| | | | |
RLJ Lodging Trust | | | | | | | | | | | 9,845 | | | | 182,822 | |
| | | | |
RPT Realty | | | | | | | | | | | 4,449 | | | | 56,413 | |
| | | | |
Ryman Hospitality Properties Incorporated | | | | | | | | | | | 2,608 | | | | 211,222 | |
| | | | |
SBA Communications Corporation † | | | | | | | | | | | 6,568 | | | | 1,185,918 | |
| | | | |
Senior Housing Properties Trust | | | | | | | | | | | 13,732 | | | | 177,829 | |
| | | | |
Seritage Growth Property Class A | | | | | | | | | | | 1,834 | | | | 80,971 | |
| | | | |
Simon Property Group Incorporated | | | | | | | | | | | 17,668 | | | | 3,200,735 | |
| | | | |
SITE Centers Corporation | | | | | | | | | | | 8,200 | | | | 109,470 | |
| | | | |
SL Green Realty Corporation | | | | | | | | | | | 4,884 | | | | 443,076 | |
| | | | |
STAG Industrial Incorporated | | | | | | | | | | | 6,282 | | | | 173,886 | |
| | | | |
Summit Hotel Properties Incorporated | | | | | | | | | | | 5,865 | | | | 66,802 | |
| | | | |
Sun Communities Incorporated | | | | | | | | | | | 4,877 | | | | 553,881 | |
| | | | |
Sunstone Hotel Investors Incorporated | | | | | | | | | | | 12,996 | | | | 195,590 | |
| | | | |
Tanger Factory Outlet Centers Incorporated | | | | | | | | | | | 5,317 | | | | 114,794 | |
| | | | |
Taubman Centers Incorporated | | | | | | | | | | | 3,304 | | | | 176,368 | |
| | | | |
Terreno Realty Corporation | | | | | | | | | | | 3,333 | | | | 136,320 | |
| | | | |
The Geo Group Incorporated | | | | | | | | | | | 6,967 | | | | 158,290 | |
| | | | |
The Macerich Company | | | | | | | | | | | 7,910 | | | | 344,876 | |
| | | | |
Tier Incorporated | | | | | | | | | | | 3,062 | | | | 74,254 | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 244 | | Wells Fargo Funds | | Portfolio of investments—February 28, 2019 |
U.S. REIT PORTFOLIO
| | | | | | | | | | | | | | | | |
| Security name | | | | | | | | Shares | | | Value | |
| | | | |
| Equity REITs(continued) | | | | | | | | | | | | | | | | |
| | | | |
UDR Incorporated | | | | | | | | | | | 15,722 | | | $ | 698,371 | |
| | | | |
Uniti Group Incorporated | | | | | | | | | | | 10,025 | | | | 96,641 | |
| | | | |
Urban Edge Properties | | | | | | | | | | | 6,294 | | | | 122,229 | |
| | | | |
Ventas Incorporated | | | | | | | | | | | 20,580 | | | | 1,291,395 | |
| | | | |
VICI Properties Incorporated | | | | | | | | | | | 23,421 | | | | 499,102 | |
| | | | |
Vornado Realty Trust | | | | | | | | | | | 10,035 | | | | 675,456 | |
| | | | |
Washington Prime Group Incorporated | | | | | | | | | | | 10,533 | | | | 60,881 | |
| | | | |
Washington REIT | | | | | | | | | | | 4,509 | | | | 119,443 | |
| | | | |
Weingarten Realty Investors | | | | | | | | | | | 6,881 | | | | 198,242 | |
| | | | |
Welltower Incorporated | | | | | | | | | | | 21,717 | | | | 1,613,790 | |
| | | | |
Xenia Hotels & Resorts Incorporated | | | | | | | | | | | 6,507 | | | | 127,082 | |
| | | | |
Total Common Stocks (Cost $39,048,618) | | | | | | | | | | | | | | | 43,354,818 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | Yield | | | | | | | | | | |
| Short-Term Investments: 0.44% | | | | | | | | | | | | | | | | |
| | | | |
| Investment Companies: 0.44% | | | | | | | | | | | | | | | | |
| | | | |
Wells Fargo Government Money Market Fund Select Class (l)(u) | | | 2.34 | % | | | | | | | 192,034 | | | | 192,034 | |
| | | | | | | | | | | | | | | | |
| | | | |
Total Short-Term Investments (Cost $192,034) | | | | | | | | | | | | | | | 192,034 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | |
| Total investments in securities (Cost $39,240,652) | | | 99.95 | % | | | 43,546,852 | |
| | |
Other assets and liabilities, net | | | 0.05 | | | | 19,930 | |
| | | | | | | | |
| Total net assets | | | 100.00 | % | | $ | 43,566,782 | |
| | | | | | | | |
| † | Non-income-earning security |
| (l) | The issuer of the security is an affiliated person of the Portfolio as defined in the Investment Company Act of 1940. |
| (u) | The rate represents the7-day annualized yield at period end. |
Abbreviations:
| REIT | Real estate investment trust |
Investments in Affiliates
An affiliated investment is an investment in which the Portfolio owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Portfolio and the issuer having the same adviser or investment manager. Transactions with issuers that were either affiliated persons of the Portfolio at the beginning of the period or the end of the period were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Shares, beginning of period | | | Shares purchased | | | Shares sold | | | Shares, end of period | | | Net
realized
gains
(losses) | | | Net
change in
unrealized
gains
(losses) | | | Income
from
affiliated
securities | | | Value, end of period | | | % of
net
assets | |
Short-Term Investments | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Investment Companies | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Wells Fargo Government Money Market Fund Select Class | | | 336,973 | | | | 13,544,503 | | | | 13,689,442 | | | | 192,034 | | | $ | 0 | | | $ | 0 | | | $ | 3,619 | | | $ | 192,034 | | | | 0.44 | % |
The accompanying notes are an integral part of these financial statements.
This page is intentionally left blank.
| | | | |
| 246 | | Wells Fargo Funds | | Statements of assets and liabilities—February 28, 2019 |
| | | | | | | | |
| | | Bloomberg Barclays US
Aggregate ex-Corporate
Portfolio | | | Emerging Markets
Bond Portfolio | |
| | |
Assets | | | | | | | | |
Investments in unaffiliated securities, at value (see cost below) | | $ | 605,192,235 | | | $ | 42,838,187 | |
Investments in affiliated securities, at value (see cost below) | | | 6,855,231 | | | | 2,749,145 | |
Cash | | | 0 | | | | 246,552 | |
Segregated cash for futures contracts | | | 0 | | | | 0 | |
Foreign currency, at value (see cost below) | | | 0 | | | | 0 | |
Receivable for investments sold | | | 11,132,997 | | | | 0 | |
Receivable for dividends and interest | | | 2,859,349 | | | | 592,126 | |
Unrealized gains on forward foreign currency contracts | | | 0 | | | | 0 | |
Receivable from adviser | | | 0 | | | | 0 | |
Prepaid expenses and other assets | | | 1,943 | | | | 0 | |
| | | | | | | | |
Total assets | | | 626,041,755 | | | | 46,426,010 | |
| | | | | | | | |
| | |
Liabilities | | | | | | | | |
Payable for investments purchased | | | 14,070,117 | | | | 2,252,536 | |
Custodian and accounting fees payable | | | 118,791 | | | | 0 | |
Professional fees payable | | | 72,977 | | | | 43,183 | |
Shareholder report expenses payable | | | 18,780 | | | | 19,487 | |
Advisory fee payable | | | 13,870 | | | | 3,059 | |
Due to custodian bank | | | 6,782 | | | | 0 | |
Trustees’ fees and expenses payable | | | 1,035 | | | | 1,035 | |
Payable for daily variation margin on open futures contracts | | | 0 | | | | 0 | |
Unrealized losses on forward foreign currency contracts | | | 0 | | | | 0 | |
Accrued expenses and other liabilities | | | 0 | | | | 10,538 | |
| | | | | | | | |
Total liabilities | | | 14,302,352 | | | | 2,329,838 | |
| | | | | | | | |
Total net assets | | $ | 611,739,403 | | | $ | 44,096,172 | |
| | | | | | | | |
| | |
Investments in unaffiliated securities, at cost | | $ | 615,998,671 | | | $ | 44,185,147 | |
| | | | | | | | |
Investments in affiliated securities, at cost | | $ | 6,855,231 | | | $ | 2,749,145 | |
| | | | | | | | |
Foreign currency, at cost | | $ | 0 | | | $ | 0 | |
| | | | | | | | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Statements of assets and liabilities—February 28, 2019 | | Wells Fargo Funds | | | 247 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Factor Enhanced
Emerging Markets
Portfolio | | | Factor Enhanced
International
Portfolio | | | Factor Enhanced
Large Cap Portfolio | | | Factor Enhanced
Small Cap
Portfolio | | | High Yield
Corporate Bond
Portfolio | | | International
Government Bond
Portfolio | | | Investment Grade
Corporate Bond
Portfolio | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 245,581,170 | | | $ | 663,515,588 | | | $ | 1,123,063,800 | | | $ | 265,370,810 | | | $ | 85,468,376 | | | $ | 10,628,070 | | | $ | 260,758,311 | |
| | 7,871,946 | | | | 25,160,866 | | | | 42,045,039 | | | | 10,752,908 | | | | 486,162 | | | | 13,185 | | | | 854,059 | |
| | 0 | | | | 0 | | | | 73 | | | | 16,605 | | | | 3,783,182 | | | | 0 | | | | 5,036,409 | |
| | 1,778,773 | | | | 3,474,972 | | | | 6,508,000 | | | | 1,880,000 | | | | 0 | | | | 0 | | | | 0 | |
| | 1,446,555 | | | | 777,083 | | | | 0 | | | | 0 | | | | 0 | | | | 62,524 | | | | 0 | |
| | 53,699 | | | | 0 | | | | 4,319 | | | | 0 | | | | 308,861 | | | | 6,033,997 | | | | 1,213,017 | |
| | 1,092,728 | | | | 3,256,257 | | | | 2,707,922 | | | | 223,016 | | | | 1,410,949 | | | | 73,821 | | | | 2,861,628 | |
| | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 17,983 | | | | 0 | |
| | 22,330 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
| | 37,660 | | | | 2,638,209 | | | | 27,401 | | | | 3,065 | | | | 0 | | | | 0 | | | | 67,637 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 257,884,861 | | | | 698,822,975 | | | | 1,174,356,554 | | | | 278,246,404 | | �� | | 91,457,530 | | | | 16,829,580 | | | | 270,791,061 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 112,398 | | | | 73,757 | | | | 201,768 | | | | 49,383 | | | | 4,092,043 | | | | 6,014,959 | | | | 6,449,936 | |
| | 950,402 | | | | 637,569 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 110,714 | |
| | 46,869 | | | | 11,888 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 92,966 | |
| | 106 | | | | 636 | | | | 0 | | | | 16 | | | | 0 | | | | 0 | | | | 0 | |
| | 0 | | | | 44,730 | | | | 74,036 | | | | 23,129 | | | | 12,180 | | | | 2,064 | | | | 3,623 | |
| | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
| | 1,035 | | | | 1,035 | | | | 1,035 | | | | 1,035 | | | | 1,035 | | | | 1,055 | | | | 1,125 | |
| | 149,460 | | | | 67,295 | | | | 181,480 | | | | 52,470 | | | | 0 | | | | 0 | | | | 0 | |
| | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 54,788 | | | | 0 | |
| | 0 | | | | 1,451 | | | | 350,645 | | | | 85,591 | | | | 43,188 | | | | 38,073 | | | | 2,681 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 1,260,270 | | | | 838,361 | | | | 808,964 | | | | 211,624 | | | | 4,148,446 | | | | 6,110,939 | | | | 6,661,045 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 256,624,591 | | | $ | 697,984,614 | | | $ | 1,173,547,590 | | | $ | 278,034,780 | | | $ | 87,309,084 | | | $ | 10,718,641 | | | $ | 264,130,016 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| $ | 243,410,013 | | | $ | 648,982,277 | | | $ | 942,205,343 | | | $ | 246,222,316 | | | $ | 87,954,077 | | | $ | 10,544,395 | | | $ | 260,562,597 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 7,871,946 | | | $ | 25,160,866 | | | $ | 42,045,039 | | | $ | 10,752,908 | | | $ | 486,162 | | | $ | 13,185 | | | $ | 854,059 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 1,447,404 | | | $ | 778,234 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 60,524 | | | $ | 0 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 248 | | Wells Fargo Funds | | Statements of assets and liabilities—February 28, 2019 |
| | | | | | | | |
| | | Strategic
Retirement Bond
Portfolio | | | U.S. REIT Portfolio | |
| | |
Assets | | | | | | | | |
Investments in unaffiliated securities, at value (see cost below) | | $ | 72,884,273 | | | $ | 43,354,818 | |
Investments in affiliated securities, at value (see cost below) | | | 140,309 | | | | 192,034 | |
Receivable for dividends and interest | | | 192,226 | | | | 42,923 | |
Receivable from adviser | | | 2,221 | | | | 793 | |
Prepaid expenses and other assets | | | 7,501 | | | | 0 | |
| | | | | | | | |
Total assets | | | 73,226,530 | | | | 43,590,568 | |
| | | | | | | | |
| | |
Liabilities | | | | | | | | |
Payable for investments purchased | | | 2,016 | | | | 2,554 | |
Professional fees payable | | | 57,489 | | | | 19,456 | |
Shareholder report expenses payable | | | 26,060 | | | | 741 | |
Due to custodian bank | | | 914 | | | | 0 | |
Trustees’ fees and expenses payable | | | 1,035 | | | | 1,035 | |
| | | | | | | | |
Total liabilities | | | 87,514 | | | | 23,786 | |
| | | | | | | | |
Total net assets | | $ | 73,139,016 | | | $ | 43,566,782 | |
| | | | | | | | |
| | |
Investments in unaffiliated securities, at cost | | $ | 73,593,733 | | | $ | 39,048,618 | |
| | | | | | | | |
Investments in affiliated securities, at cost | | $ | 140,309 | | | $ | 192,034 | |
| | | | | | | | |
The accompanying notes are an integral part of these financial statements.
This page is intentionally left blank.
| | | | |
| 250 | | Wells Fargo Funds | | Statements of operations—year ended February 28, 2019 |
| | | | | | | | |
| | | Bloomberg
Barclays US
Aggregate
ex-Corporate
Portfolio | | | Emerging Markets
Bond Portfolio | |
| | |
Investment income | | | | | | | | |
Interest* | | $ | 19,860,715 | | | $ | 3,050,052 | |
Income from affiliated securities | | | 403,835 | | | | 17,183 | |
Dividends** | | | 0 | | | | 0 | |
| | | | |
Total investment income | | | 20,264,550 | | | | 3,067,235 | |
| | | | |
| | |
Expenses | | | | | | | | |
Advisory fee | | | 413,355 | | | | 150,465 | |
Custody and accounting fees | | | 110,361 | | | | 9,873 | |
Professional fees | | | 52,206 | | | | 50,005 | |
Shareholder report expenses | | | 16,626 | | | | 16,107 | |
Trustees’ fees and expenses | | | 20,838 | | | | 20,838 | |
Other fees and expenses | | | 19,404 | | | | 19,604 | |
| | | | |
Total expenses | | | 632,790 | | | | 266,892 | |
Less: Fee waivers and/or expense reimbursements | | | (46,025 | ) | | | (25,639 | ) |
| | | | |
Net expenses | | | 586,765 | | | | 241,253 | |
| | | | |
Net investment income | | | 19,677,785 | | | | 2,825,982 | |
| | | | |
| | |
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | | | | | | | | |
| | |
Net realized gains (losses) on: | | | | | | | | |
Unaffiliated securities | | | (11,607,027 | ) | | | (2,373,659 | ) |
Futures contracts | | | (14,035 | ) | | | 0 | |
Forward foreign currency contracts | | | 0 | | | | 0 | |
Foreign currency and foreign currency translations | | | 0 | | | | 0 | |
| | | | |
Net realized gains (losses) on investments | | | (11,621,062 | ) | | | (2,373,659 | ) |
| | | | |
| | |
Net change in unrealized gains (losses) on: | | | | | | | | |
Unaffiliated securities | | | 15,499,429 | | | | 226,207 | |
Futures contracts | | | 0 | | | | 0 | |
Forward foreign currency contracts | | | 0 | | | | 0 | |
Foreign currency and foreign currency translations | | | 0 | | | | 0 | |
| | | | |
Net change in unrealized gains (losses) on investments | | | 15,499,429 | | | | 226,207 | |
| | | | |
Net realized and unrealized gains (losses) on investments | | | 3,878,367 | | | | (2,147,452 | ) |
| | | | |
Net increase (decrease) in net assets resulting from operations | | $ | 23,556,152 | | | $ | 678,530 | |
| | | | |
| | |
* Net of foreign interest withholding taxes in the amount of | | | $1,181 | | | | $0 | |
** Net of foreign dividend withholding taxes in the amount of | | | $0 | | | | $0 | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Statements of operations—year ended February 28, 2019 | | Wells Fargo Funds | | | 251 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Factor Enhanced
Emerging Markets
Portfolio | | | Factor Enhanced
International
Portfolio | | | Factor Enhanced
Large Cap
Portfolio | | | Factor Enhanced
Small Cap
Portfolio | | | High Yield
Corporate Bond
Portfolio | | | International
Government Bond
Portfolio | | | Investment Grade
Corporate Bond
Portfolio | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 22,787 | | | $ | 45,977 | | | $ | 82,077 | | | $ | 25,950 | | | $ | 6,882,656 | | | $ | 141,106 | | | $ | 14,001,566 | |
| | 157,778 | | | | 475,385 | | | | 736,668 | | | | 210,967 | | | | 23,896 | | | | 1,075 | | | | 47,308 | |
| | 8,301,561 | | | | 29,949,789 | | | | 34,338,987 | | | | 5,246,495 | | | | 0 | | | | 0 | | | | 0 | |
| | |
| | 8,482,126 | | | | 30,471,151 | | | | 35,157,732 | | | | 5,483,412 | | | | 6,906,552 | | | | 142,181 | | | | 14,048,874 | |
| | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 456,299 | | | | 1,410,928 | | | | 1,585,471 | | | | 570,211 | | | | 271,345 | | | | 25,652 | | | | 183,708 | |
| | 1,217,129 | | | | 696,566 | | | | 282,878 | | | | 115,450 | | | | 8,515 | | | | 4,000 | | | | 47,242 | |
| | 52,206 | | | | 52,206 | | | | 52,206 | | | | 52,206 | | | | 48,903 | | | | 48,067 | | | | 52,206 | |
| | 5,457 | | | | 5,457 | | | | 5,457 | | | | 5,844 | | | | 6,234 | | | | 7,486 | | | | 16,626 | |
| | 20,838 | | | | 20,838 | | | | 20,838 | | | | 20,838 | | | | 20,838 | | | | 20,838 | | | | 20,838 | |
| | 12,001 | | | | 13,452 | | | | 9,001 | | | | 9,000 | | | | 14,001 | | | | 7,001 | | | | 6,501 | |
| | |
| | 1,763,930 | | | | 2,199,447 | | | | 1,955,851 | | | | 773,549 | | | | 369,836 | | | | 113,044 | | | | 327,121 | |
| | (405,732 | ) | | | (253,587 | ) | | | (126,516 | ) | | | (65,715 | ) | | | (21,941 | ) | | | 0 | | | | (35,227 | ) |
| | |
| | 1,358,198 | | | | 1,945,860 | | | | 1,829,335 | | | | 707,834 | | | | 347,895 | | | | 113,044 | | | | 291,894 | |
| | |
| | 7,123,928 | | | | 28,525,291 | | | | 33,328,397 | | | | 4,775,578 | | | | 6,558,657 | | | | 29,137 | | | | 13,756,980 | |
| | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | (24,731,190 | ) | | | (24,198,948 | ) | | | 125,479,207 | | | | 32,755,315 | | | | (3,427,913 | ) | | | (416,693 | ) | | | (4,336,680 | ) |
| | (2,192,568 | ) | | | (3,996,814 | ) | | | (4,432,548 | ) | | | (482,397 | ) | | | 0 | | | | 0 | | | | 87,292 | |
| | (2,736 | ) | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 4,349 | | | | 0 | |
| | (918,114 | ) | | | (344,692 | ) | | | 0 | | | | 0 | | | | 0 | | | | (16,402 | ) | | | 0 | |
| | |
| | (27,844,608 | ) | | | (28,540,454 | ) | | | 121,046,659 | | | | 32,272,918 | | | | (3,427,913 | ) | | | (428,746 | ) | | | (4,249,388 | ) |
| | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | (17,821,385 | ) | | | (35,357,830 | ) | | | (53,077,239 | ) | | | (6,520,971 | ) | | | 55,211 | | | | (33,832 | ) | | | (4,066,644 | ) |
| | 206,325 | | | | 1,730,006 | | | | 1,726,199 | | | | 425,024 | | | | 0 | | | | 0 | | | | 0 | |
| | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | (42,046 | ) | | | 0 | |
| | (801 | ) | | | 4,707 | | | | 0 | | | | 0 | | | | 0 | | | | (918 | ) | | | 0 | |
| | |
| | (17,615,861 | ) | | | (33,623,117 | ) | | | (51,351,040 | ) | | | (6,095,947 | ) | | | 55,211 | | | | (76,796 | ) | | | (4,066,644 | ) |
| | |
| | (45,460,469 | ) | | | (62,163,571 | ) | | | 69,695,619 | | | | 26,176,971 | | | | (3,372,702 | ) | | | (505,542 | ) | | | (8,316,032 | ) |
| | |
| $ | (38,336,541 | ) | | $ | (33,638,280 | ) | | $ | 103,024,016 | | | $ | 30,952,549 | | | $ | 3,185,955 | | | $ | (476,405 | ) | | $ | 5,440,948 | |
| | |
| | | | | | |
| | $0 | | | | $477 | | | | $0 | | | | $0 | | | | $471 | | | | $3,935 | | | | $5,031 | |
| | $1,271,444 | | | | $3,102,285 | | | | $71,059 | | | | $0 | | | | $0 | | | | $0 | | | | $0 | |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 252 | | Wells Fargo Funds | | Statements of operations—year ended February 28, 2019 |
| | | | | | | | |
| | | Strategic
Retirement Bond
Portfolio | | | U.S. REIT Portfolio | |
| | |
Investment income | | | | | | | | |
Interest | | $ | 2,353,647 | | | $ | 0 | |
Income from affiliated securities | | | 8,885 | | | | 3,619 | |
Dividends | | | 0 | | | | 1,783,532 | |
| | | | |
Total investment income | | | 2,362,532 | | | | 1,787,151 | |
| | | | |
| | |
Expenses | | | | | | | | |
Advisory fee | | | 49,858 | | | | 56,855 | |
Custody and accounting fees | | | 7,939 | | | | 3,070 | |
Professional fees | | | 52,206 | | | | 52,206 | |
Shareholder report expenses | | | 19,484 | | | | 5,844 | |
Trustees’ fees and expenses | | | 20,838 | | | | 20,838 | |
Other fees and expenses | | | 6,501 | | | | 9,001 | |
| | | | |
Total expenses | | | 156,826 | | | | 147,814 | |
Less: Fee waivers and/or expense reimbursements | | | (21,274 | ) | | | (17,660 | ) |
| | | | |
Net expenses | | | 135,552 | | | | 130,154 | |
| | | | |
Net investment income | | | 2,226,980 | | | | 1,656,997 | |
| | | | |
| | |
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | | | | | | | | |
| | |
Net realized gains (losses) on: | | | | | | | | |
Unaffiliated securities | | | (1,311,344 | ) | | | 1,717,011 | |
Futures contracts | | | (4,501 | ) | | | 0 | |
| | | | |
Net realized gains (losses) on investments | | | (1,315,845 | ) | | | 1,717,011 | |
Net change in unrealized gains (losses) on investments | | | 1,248,713 | | | | 7,122,923 | |
| | | | |
Net realized and unrealized gains (losses) on investments | | | (67,132 | ) | | | 8,839,934 | |
| | | | |
Net increase in net assets resulting from operations | | $ | 2,159,848 | | | $ | 10,496,931 | |
| | | | |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Statements of changes in net assets | | Wells Fargo Funds | | | 253 | |
| | | | | | | | |
| | | Bloomberg Barclays US Aggregate
ex-Corporate Portfolio | |
| | | Year ended
February 28, 2019 | | | Year ended
February 28, 20181 | |
|
Operations | |
Net investment income | | $ | 19,677,785 | | | $ | 13,940,324 | |
Net realized gains (losses) on investments | | | (11,621,062 | ) | | | 2,695,847 | |
Net change in unrealized gains (losses) on investments | | | 15,499,429 | | | | (26,443,863 | ) |
| | | | |
Net increase (decrease) in net assets resulting from operations | | | 23,556,152 | | | | (9,807,692 | ) |
| | | | |
| | |
Capital transactions | | | | | | | | |
Transactions in investors’ beneficial interests | |
Contributions | | | 133,856,823 | | | | 1,487,528,060 | |
Withdrawals | | | (572,102,499 | ) | | | (451,291,441 | ) |
| | | | |
Net increase (decrease) in net assets resulting from capital transactions | | | (438,245,676 | ) | | | 1,036,236,619 | |
| | | | |
Total increase (decrease) in net assets | | | (414,689,524 | ) | | | 1,026,428,927 | |
| | | | |
| | |
Net assets | | | | | | | | |
Beginning of period | | | 1,026,428,927 | | | | 0 | |
| | | | |
End of period | | $ | 611,739,403 | | | $ | 1,026,428,927 | |
| | | | |
| 1 | For the period from May 23, 2017 (commencement of operations) to February 28, 2018 |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 254 | | Wells Fargo Funds | | Statements of changes in net assets |
| | | | | | | | |
| | | Emerging Markets Bond Portfolio | |
| | | Year ended
February 28, 2019 | | | Year ended
February 28, 20181 | |
|
Operations | |
Net investment income | | $ | 2,825,982 | | | $ | 2,384,919 | |
Net realized gains (losses) on investments | | | (2,373,659 | ) | | | 717,913 | |
Net change in unrealized gains (losses) on investments | | | 226,207 | | | | (1,714,801 | ) |
| | | | |
Net increase in net assets resulting from operations | | | 678,530 | | | | 1,388,031 | |
| | | | |
| | |
Capital transactions | | | | | | | | |
Transactions in investors’ beneficial interests | |
Contributions | | | 15,122,153 | | | | 129,766,929 | |
Withdrawals | | | (46,658,191 | ) | | | (56,201,280 | ) |
| | | | |
Net increase (decrease) in net assets resulting from capital transactions | | | (31,536,038 | ) | | | 73,565,649 | |
| | | | |
Total increase (decrease) in net assets | | | (30,857,508 | ) | | | 74,953,680 | |
| | | | |
| | |
Net assets | | | | | | | | |
Beginning of period | | | 74,953,680 | | | | 0 | |
| | | | |
End of period | | $ | 44,096,172 | | | $ | 74,953,680 | |
| | | | |
| 1 | For the period from May 23, 2017 (commencement of operations) to February 28, 2018 |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Statements of changes in net assets | | Wells Fargo Funds | | | 255 | |
| | | | | | | | |
| | | Factor Enhanced Emerging Markets Portfolio | |
| | | Year ended
February 28, 2019 | | | Year ended
February 28, 20181 | |
|
Operations | |
Net investment income | | $ | 7,123,928 | | | $ | 3,823,944 | |
Net realized gains (losses) on investments | | | (27,844,608 | ) | | | 15,886,798 | |
Net change in unrealized gains (losses) on investments | | | (17,615,861 | ) | | | 19,565,366 | |
| | | | |
Net increase (decrease) in net assets resulting from operations | | | (38,336,541 | ) | | | 39,276,108 | |
| | | | |
| | |
Capital transactions | | | | | | | | |
Transactions in investors’ beneficial interests | |
Contributions | | | 94,308,309 | | | | 515,679,635 | |
Withdrawals | | | (162,925,681 | ) | | | (191,377,239 | ) |
| | | | |
Net increase (decrease) in net assets resulting from capital transactions | | | (68,617,372 | ) | | | 324,302,396 | |
| | | | |
Total increase (decrease) in net assets | | | (106,953,913 | ) | | | 363,578,504 | |
| | | | |
| | |
Net assets | | | | | | | | |
Beginning of period | | | 363,578,504 | | | | 0 | |
| | | | |
End of period | | $ | 256,624,591 | | | $ | 363,578,504 | |
| | | | |
| 1 | For the period from May 23, 2017 (commencement of operations) to February 28, 2018 |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 256 | | Wells Fargo Funds | | Statements of changes in net assets |
| | | | | | | | |
| | | Factor Enhanced International Portfolio | |
| | | Year ended
February 28, 2019 | | | Year ended
February 28, 20181 | |
|
Operations | |
Net investment income | | $ | 28,525,291 | | | $ | 13,815,516 | |
Net realized gains (losses) on investments | | | (28,540,454 | ) | | | 129,352,717 | |
Net change in unrealized gains (losses) on investments | | | (33,623,117 | ) | | | (67,926,428 | ) |
| | | | |
Net increase (decrease) in net assets resulting from operations | | | (33,638,280 | ) | | | 75,241,805 | |
| | | | |
| | |
Capital transactions | | | | | | | | |
Transactions in investors’ beneficial interests | |
Contributions | | | 104,744,531 | | | | 1,627,315,279 | |
Withdrawals | | | (510,735,440 | ) | | | (564,943,281 | ) |
| | | | |
Net increase (decrease) in net assets resulting from capital transactions | | | (405,990,909 | ) | | | 1,062,371,998 | |
| | | | |
Total increase (decrease) in net assets | | | (439,629,189 | ) | | | 1,137,613,803 | |
| | | | |
| | |
Net assets | | | | | | | | |
Beginning of period | | | 1,137,613,803 | | | | 0 | |
| | | | |
End of period | | $ | 697,984,614 | | | $ | 1,137,613,803 | |
| | | | |
| 1 | For the period from May 23, 2017 (commencement of operations) to February 28, 2018 |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Statements of changes in net assets | | Wells Fargo Funds | | | 257 | |
| | | | | | | | |
| | | Factor Enhanced Large Cap Portfolio | |
| | | Year ended
February 28, 2019 | | | Year ended
February 28, 20181 | |
|
Operations | |
Net investment income | | $ | 33,328,397 | | | $ | 25,720,430 | |
Net realized gains on investments | | | 121,046,659 | | | | 360,790,673 | |
Net change in unrealized gains (losses) on investments | | | (51,351,040 | ) | | | (216,930,577 | ) |
| | | | |
Net increase in net assets resulting from operations | | | 103,024,016 | | | | 169,580,526 | |
| | | | |
| | |
Capital transactions | | | | | | | | |
Transactions in investors’ beneficial interests | |
Contributions | | | 148,666,933 | | | | 2,690,661,084 | |
Withdrawals | | | (987,981,319 | ) | | | (950,403,650 | ) |
| | | | |
Net increase (decrease) in net assets resulting from capital transactions | | | (839,314,386 | ) | | | 1,740,257,434 | |
| | | | |
Total increase (decrease) in net assets | | | (736,290,370 | ) | | | 1,909,837,960 | |
| | | | |
| | |
Net assets | | | | | | | | |
Beginning of period | | | 1,909,837,960 | | | | 0 | |
| | | | |
End of period | | $ | 1,173,547,590 | | | $ | 1,909,837,960 | |
| | | | |
| 1 | For the period from May 23, 2017 (commencement of operations) to February 28, 2018 |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 258 | | Wells Fargo Funds | | Statements of changes in net assets |
| | | | | | | | |
| | | Factor Enhanced Small Cap Portfolio | |
| | | Year ended
February 28, 2019 | | | Year ended
February 28, 20181 | |
|
Operations | |
Net investment income | | $ | 4,775,578 | | | $ | 3,985,942 | |
Net realized gains on investments | | | 32,272,918 | | | | 14,886,344 | |
Net change in unrealized gains (losses) on investments | | | (6,095,947 | ) | | | 15,424,466 | |
| | | | |
Net increase in net assets resulting from operations | | | 30,952,549 | | | | 34,296,752 | |
| | | | |
| | |
Capital transactions | | | | | | | | |
Transactions in investors’ beneficial interests | |
Contributions | | | 64,244,206 | | | | 671,189,441 | |
Withdrawals | | | (273,672,529 | ) | | | (248,975,639 | ) |
| | | | |
Net increase (decrease) in net assets resulting from capital transactions | | | (209,428,323 | ) | | | 422,213,802 | |
| | | | |
Total increase (decrease) in net assets | | | (178,475,774 | ) | | | 456,510,554 | |
| | | | |
| | |
Net assets | | | | | | | | |
Beginning of period | | | 456,510,554 | | | | 0 | |
| | | | |
End of period | | $ | 278,034,780 | | | $ | 456,510,554 | |
| | | | |
| 1 | For the period from May 23, 2017 (commencement of operations) to February 28, 2018 |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Statements of changes in net assets | | Wells Fargo Funds | | | 259 | |
| | | | | | | | |
| | | High Yield Corporate Bond Portfolio | |
| | | Year ended
February 28, 2019 | | | Year ended
February 28, 20181 | |
|
Operations | |
Net investment income | | $ | 6,558,657 | | | $ | 4,096,582 | |
Net realized losses on investments | | | (3,427,913 | ) | | | (309,369 | ) |
Net change in unrealized gains (losses) on investments | | | 55,211 | | | | (2,960,512 | ) |
| | | | |
Net increase in net assets resulting from operations | | | 3,185,955 | | | | 826,701 | |
| | | | |
| | |
Capital transactions | | | | | | | | |
Transactions in investors’ beneficial interests | |
Contributions | | | 14,575,719 | | | | 220,176,332 | |
Withdrawals | | | (60,910,365 | ) | | | (90,545,258 | ) |
| | | | |
Net increase (decrease) in net assets resulting from capital transactions | | | (46,334,646 | ) | | | 129,631,074 | |
| | | | |
Total increase (decrease) in net assets | | | (43,148,691 | ) | | | 130,457,775 | |
| | | | |
| | |
Net assets | | | | | | | | |
Beginning of period | | | 130,457,775 | | | | 0 | |
| | | | |
End of period | | $ | 87,309,084 | | | $ | 130,457,775 | |
| | | | |
| 1 | For the period from May 23, 2017 (commencement of operations) to February 28, 2018 |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 260 | | Wells Fargo Funds | | Statements of changes in net assets |
| | | | | | | | |
| | | International Government Bond Portfolio | |
| | | Year ended
February 28, 2019 | | | Year ended
February 28, 20181 | |
|
Operations | |
Net investment income (loss) | | $ | 29,137 | | | $ | (9,546 | ) |
Net realized gains (losses) on investments | | | (428,746 | ) | | | 78,824 | |
Net change in unrealized gains (losses) on investments | | | (76,796 | ) | | | 126,757 | |
| | | | |
Net increase (decrease) in net assets resulting from operations | | | (476,405 | ) | | | 196,035 | |
| | | | |
| | |
Capital transactions | | | | | | | | |
Transactions in investors’ beneficial interests | |
Contributions | | | 1,004,217 | | | | 10,000,000 | |
Withdrawals | | | (5,171 | ) | | | (35 | ) |
| | | | |
Net increase in net assets resulting from capital transactions | | | 999,046 | | | | 9,999,965 | |
| | | | |
Total increase in net assets | | | 522,641 | | | | 10,196,000 | |
| | | | |
| | |
Net assets | | | | | | | | |
Beginning of period | | | 10,196,000 | | | | 0 | |
| | | | |
End of period | | $ | 10,718,641 | | | $ | 10,196,000 | |
| | | | |
| 1 | For the period from August 16, 2017 (commencement of operations) to February 28, 2018 |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Statements of changes in net assets | | Wells Fargo Funds | | | 261 | |
| | | | | | | | |
| | | Investment Grade Corporate Bond Portfolio | |
| | | Year ended
February 28, 2019 | | | Year ended
February 28, 20181 | |
|
Operations | |
Net investment income | | $ | 13,756,980 | | | $ | 11,821,570 | |
Net realized gains (losses) on investments | | | (4,249,388 | ) | | | 7,149,309 | |
Net change in unrealized gains (losses) on investments | | | (4,066,644 | ) | | | 4,187,744 | |
| | | | |
Net increase in net assets resulting from operations | | | 5,440,948 | | | | 23,158,623 | |
| | | | |
| | |
Capital transactions | | | | | | | | |
Transactions in investors’ beneficial interests | |
Contributions | | | 66,284,750 | | | | 699,980,637 | |
Withdrawals | | | (269,591,983 | ) | | | (261,142,959 | ) |
| | | | |
Net increase (decrease) in net assets resulting from capital transactions | | | (203,307,233 | ) | | | 438,837,678 | |
| | | | |
Total increase (decrease) in net assets | | | (197,866,285 | ) | | | 461,996,301 | |
| | | | |
| | |
Net assets | | | | | | | | |
Beginning of period | | | 461,996,301 | | | | 0 | |
| | | | |
End of period | | $ | 264,130,016 | | | $ | 461,996,301 | |
| | | | |
| 1 | For the period from May 23, 2017 (commencement of operations) to February 28, 2018 |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 262 | | Wells Fargo Funds | | Statements of changes in net assets |
| | | | | | | | |
| | | Strategic Retirement Bond Portfolio | |
| | | Year ended
February 28, 2019 | | | Year ended
February 28, 20181 | |
|
Operations | |
Net investment income | | $ | 2,226,980 | | | $ | 1,236,369 | |
Net realized gains (losses) on investments | | | (1,315,845 | ) | | | 326,544 | |
Net change in unrealized gains (losses) on investments | | | 1,248,713 | | | | (2,020,610 | ) |
| | | | |
Net increase (decrease) in net assets resulting from operations | | | 2,159,848 | | | | (457,697 | ) |
| | | | |
| | |
Capital transactions | | | | | | | | |
Transactions in investors’ beneficial interests | |
Contributions | | | 19,159,799 | | | | 184,009,394 | |
Withdrawals | | | (74,404,978 | ) | | | (57,327,350 | ) |
| | | | |
Net increase (decrease) in net assets resulting from capital transactions | | | (55,245,179 | ) | | | 126,682,044 | |
| | | | |
Total increase (decrease) in net assets | | | (53,085,331 | ) | | | 126,224,347 | |
| | | | |
| | |
Net assets | | | | | | | | |
Beginning of period | | | 126,224,347 | | | | 0 | |
| | | | |
End of period | | $ | 73,139,016 | | | $ | 126,224,347 | |
| | | | |
| 1 | For the period from May 23, 2017 (commencement of operations) to February 28, 2018 |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Statements of changes in net assets | | Wells Fargo Funds | | | 263 | |
| | | | | | | | |
| | | U.S. REIT Portfolio | |
| | | Year ended
February 28, 2019 | | | Year ended
February 28, 20181 | |
|
Operations | |
Net investment income | | $ | 1,656,997 | | | $ | 891,262 | |
Net realized gains on investments | | | 1,717,011 | | | | 1,952,565 | |
Net change in unrealized gains (losses) on investments | | | 7,122,923 | | | | (8,390,155 | ) |
| | | | |
Net increase (decrease) in net assets resulting from operations | | | 10,496,931 | | | | (5,546,328 | ) |
| | | | |
| | |
Capital transactions | | | | | | | | |
Transactions in investors’ beneficial interests | |
Contributions | | | 9,516,600 | | | | 92,668,856 | |
Withdrawals | | | (42,660,330 | ) | | | (20,908,947 | ) |
| | | | |
Net increase (decrease) in net assets resulting from capital transactions | | | (33,143,730 | ) | | | 71,759,909 | |
| | | | |
Total increase (decrease) in net assets | | | (22,646,799 | ) | | | 66,213,581 | |
| | | | |
| | |
Net assets | | | | | | | | |
Beginning of period | | | 66,213,581 | | | | 0 | |
| | | | |
End of period | | $ | 43,566,782 | | | $ | 66,213,581 | |
| | | | |
| 1 | For the period from May 23, 2017 (commencement of operations) to February 28, 2018 |
The accompanying notes are an integral part of these financial statements.
| | | | |
| 264 | | Wells Fargo Funds | | Financial highlights |
| | | | | | | | | | | | | | | | | | | | |
| | | Ratio to average net assets (annualized) | | | Total
return1 | | | Portfolio turnover rate | |
| | | Net investment income | | | Gross expenses | | | Net expenses | |
| | | | | |
Bloomberg Barclays US Aggregateex-Corporate Portfolio | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 2019 | | | 2.38 | % | | | 0.08 | % | | | 0.07 | % | | | 3.23 | % | | | 72 | % |
Year ended February 28, 20182 | | | 2.03 | % | | | 0.08 | % | | | 0.07 | % | | | (1.39 | )% | | | 221 | % |
| | | | | |
Emerging Markets Bond Portfolio | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 2019 | | | 4.70 | % | | | 0.44 | % | | | 0.40 | % | | | 2.84 | % | | | 38 | % |
Year ended February 28, 20182 | | | 4.19 | % | | | 0.44 | % | | | 0.43 | % | | | 0.62 | % | | | 174 | % |
| | | | | |
Factor Enhanced Emerging Markets Portfolio | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 2019 | | | 2.33 | % | | | 0.58 | % | | | 0.45 | % | | | (11.16 | )% | | | 81 | % |
Year ended February 28, 20182 | | | 1.56 | % | | | 0.49 | % | | | 0.49 | % | | | 13.43 | % | | | 136 | % |
| | | | | |
Factor Enhanced International Portfolio | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 2019 | | | 3.03 | % | | | 0.23 | % | | | 0.20 | % | | | (2.91 | )% | | | 47 | % |
Year ended February 28, 20182 | | | 1.74 | % | | | 0.21 | % | | | 0.21 | % | | | 8.99 | % | | | 106 | % |
| | | | | |
Factor Enhanced Large Cap Portfolio | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 2019 | | | 2.09 | % | | | 0.12 | % | | | 0.11 | % | | | 7.60 | % | | | 23 | % |
Year ended February 28, 20182 | | | 1.94 | % | | | 0.12 | % | | | 0.12 | % | | | 11.92 | % | | | 75 | % |
| | | | | |
Factor Enhanced Small Cap Portfolio | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 2019 | | | 1.29 | % | | | 0.21 | % | | | 0.19 | % | | | 7.05 | % | | | 37 | % |
Year ended February 28, 20182 | | | 1.23 | % | | | 0.19 | % | | | 0.19 | % | | | 8.75 | % | | | 85 | % |
| | | | | |
High Yield Corporate Bond Portfolio | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 2019 | | | 6.06 | % | | | 0.34 | % | | | 0.32 | % | | | 3.70 | % | | | 47 | % |
Year ended February 28, 20182 | | | 5.36 | % | | | 0.37 | % | | | 0.37 | % | | | 0.49 | % | | | 122 | % |
| | | | | |
International Government Bond Portfolio | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 2019 | | | 0.28 | % | | | 1.10 | % | | | 1.10 | % | | | (4.67 | )% | | | 276 | % |
Year ended February 28, 20183 | | | (0.18 | )% | | | 1.69 | % | | | 1.69 | % | | | 1.95 | % | | | 224 | % |
| | | | | |
Investment Grade Corporate Bond Portfolio | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 2019 | | | 3.74 | % | | | 0.09 | % | | | 0.08 | % | | | 2.29 | % | | | 25 | % |
Year ended February 28, 20182 | | | 3.48 | % | | | 0.08 | % | | | 0.08 | % | | | (0.12 | )% | | | 61 | % |
| | | | | |
Strategic Retirement Bond Portfolio | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 2019 | | | 2.23 | % | | | 0.16 | % | | | 0.14 | % | | | 2.47 | % | | | 23 | % |
Year ended February 28, 20182 | | | 1.45 | % | | | 0.17 | % | | | 0.17 | % | | | (1.40 | )% | | | 193 | % |
| | | | | |
U.S. REIT Portfolio | | | | | | | | | | | | | | | | | | | | |
Year ended February 28, 2019 | | | 2.91 | % | | | 0.26 | % | | | 0.23 | % | | | 19.52 | % | | | 20 | % |
Year ended February 28, 20182 | | | 2.53 | % | | | 0.33 | % | | | 0.32 | % | | | (8.74 | )% | | | 51 | % |
| 1 | Returns for periods of less than one year are not annualized. |
| 2 | For the period from May 23, 2017 (commencement of class operations) to February 28, 2018 |
| 3 | For the period from August 16, 2017 (commencement of class operations) to February 28, 2018 |
The accompanying notes are an integral part of these financial statements.
| | | | | | |
| Notes to financial statements | | Wells Fargo Funds | | | 265 | |
1. ORGANIZATION
Wells Fargo Master Trust (the “Trust”), a Delaware statutory trust organized on March 10, 1999, is anopen-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946,Financial Services – Investment Companies. These financial statements report on the following portfolios: Wells Fargo Bloomberg Barclays US Aggregateex-Corporate Portfolio (“Bloomberg Barclays US Aggregateex-Corporate Portfolio”), Wells Fargo Emerging Markets Bond Portfolio (“Emerging Markets Bond Portfolio”), Wells Fargo Factor Enhanced Emerging Markets Portfolio (“Factor Enhanced Emerging Markets Portfolio”), Wells Fargo Factor Enhanced International Portfolio (“Factor Enhanced International Portfolio”), Wells Fargo Factor Enhanced Large Cap Portfolio (“Factor Enhanced Large Cap Portfolio”), Wells Fargo Factor Enhanced Small Cap Portfolio (“Factor Enhanced Small Cap Portfolio”), Wells Fargo High Yield Corporate Bond Portfolio (“High Yield Corporate Bond Portfolio”), Wells Fargo International Government Bond Portfolio (“International Government Bond Portfolio”), Wells Fargo Investment Grade Corporate Bond Portfolio (“Investment Grade Corporate Bond Portfolio”), Wells Fargo Strategic Retirement Bond Portfolio (“Strategic Retirement Bond Portfolio”), and Wells Fargo U.S. REIT Portfolio (“U.S. REIT Portfolio”) (each, a “Portfolio”, collectively, the “Portfolios”). Each Portfolio is a diversified series of the Trust and is structured as a partnership for for federal income tax purposes.
The Portfolios offer their shares to multiple affiliated funds rather than directly to the public.
2. SIGNIFICANT ACCOUNTING POLICIES
The following significant accounting policies, which are consistently followed in the preparation of the financial statements of each Portfolio, are in conformity with U.S. generally accepted accounting principles which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Securities valuation
All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (generally 4 p.m. Eastern Time), although the Portfolios may deviate from this calculation time under unusual or unexpected circumstances.
Debt securities are valued at the evaluated bid price provided by an independent pricing service (e.g. taking into account various factors, including yields, maturities, or credit ratings) or, if a reliable price is not available, the quoted bid price from an independent broker-dealer.
Equity securities and futures contracts that are listed on a foreign or domestic exchange or market are valued at the official closing price or, if none, the last sales price. If no sale occurs on the principal exchange or market that day, a fair value price will be determined in accordance with the Portfolios’ Valuation Procedures.
Swap contracts are valued at the evaluated price provided by an independent pricing service or, if a reliable price is not available, the quoted bid price from an independent broker-dealer.
The values of securities denominated in foreign currencies are translated into U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Wells Fargo Asset Management Pricing Committee at Wells Fargo Funds Management, LLC (“Funds Management”).
Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange and therefore may not fully reflect trading or events that occur after the close of the principal exchange in which the foreign securities are traded, but before the close of the New York Stock Exchange. If such trading or events are expected to materially affect the value of such securities, then fair value pricing procedures approved by the Board of Trustees of the Portfolios are applied. These procedures take into account multiple factors including movements in U.S. securities markets after foreign exchanges close. Foreign securities that are fair valued under these procedures are categorized as Level 2 and the application of these procedures may result in transfers between Level 1 and Level 2. Depending on market activity, such fair valuations may be frequent. Such fair value pricing may result in net asset values that are higher or lower than net asset values based on the last reported sales price or latest quoted bid price. On February 28, 2019, such fair value pricing was used in pricing certain foreign securities in Factor Enhanced Emerging Markets Portfolio.
Investments in registeredopen-end investment companies are valued at net asset value.
| | | | |
| 266 | | Wells Fargo Funds | | Notes to financial statements |
Investments which are not valued using the methods discussed above are valued at their fair value, as determined in good faith by the Board of Trustees. The Board of Trustees has established a Valuation Committee comprised of the Trustees and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities, unless the determination has been delegated to the Wells Fargo Asset Management Pricing Committee. The Board of Trustees retains the authority to make or ratify any valuation decisions or approve any changes to the Valuation Procedures as it deems appropriate. On a quarterly basis, the Board of Trustees receives reports on any valuation actions taken by the Valuation Committee or the Wells Fargo Asset Management Pricing Committee which may include items for ratification.
Foreign currency translation
The accounting records of each Portfolio are maintained in U.S. dollars. The values of other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Wells Fargo Asset Management Pricing Committee. Purchases and sales of securities, and income and expenses are converted at the rate of exchange on the respective dates of such transactions. Net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded and the U.S. dollar equivalent of the amounts actually paid or received. Net unrealized foreign exchange gains and losses arise from changes in the fair value of assets and liabilities other than investments in securities resulting from changes in exchange rates. The changes in net assets arising from changes in exchange rates of securities and the changes in net assets resulting from changes in market prices of securities are not separately presented. Such changes are included in net realized and unrealized gains or losses from investments.
Participation notes
Each Portfolio may invest in participation notes to gain exposure to securities in certain foreign markets. Participation notes are issued by banks or broker-dealers and are designed to offer a return linked to a particular underlying foreign security. Participation notes involve transaction costs, which may be higher than those applicable to the underlying foreign security. The holder of the participation note is entitled to receive from the bank or broker-dealer, an amount equal to the dividend paid by the issuer of the underlying foreign security; however, the holder is not entitled to the same rights (i.e. dividends, voting rights) as an owner of the underlying foreign security. Investments in participation notes involve risks beyond those normally associated with a direct investment in an underlying security. The Portfolio has no rights against the issuer of the underlying foreign security and participation notes expose the Portfolio to counterparty risk in the event the counterparty does not perform. There is also no assurance there will be a secondary trading market for the participation note or that the trading price of the participation note will equal the underlying value of the foreign security that it seeks to replicate.
Forward foreign currency contracts
Each Portfolio may be subject to foreign currency risk in the normal course of pursuing its investment objectives. A forward foreign currency contract is an agreement between two parties to purchase or sell a specific currency for an agreed-upon price at a future date. The Portfolio enters into forward foreign currency contracts to facilitate transactions in foreign-denominated securities and to attempt to minimize the risk to the Portfolio from adverse changes in the relationship between currencies. Forward foreign currency contracts are recorded at the forward rate and marked-to market daily. When the contracts are closed, realized gains and losses arising from such transactions are recorded as realized gains or losses on forward foreign currency contracts. The Portfolio could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts or if the value of the foreign currency changes unfavorably. The Portfolio’s maximum risk of loss from counterparty credit risk is the unrealized gains on the contracts. This risk may be mitigated if there is a master netting arrangement between the Portfolio and the counterparty.
When-issued transactions
Each Portfolio may purchase securities on a forward commitment or when-issued basis. A Portfolio records a when-issued transaction on the trade date and will segregate assets in an amount at least equal in value to the Portfolio’s commitment to purchase when-issued securities. Securities purchased on a when-issued basis aremarked-to-market daily and the Portfolio begins earning interest on the settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract.
Futures contracts
Each Portfolio is subject to equity price risk and foreign currency risk in the normal course of pursuing its investment objectives. Futures contracts are agreements between the Portfolio and a counterparty to buy or sell a specific amount of
| | | | | | |
| Notes to financial statements | | Wells Fargo Funds | | | 267 | |
a commodity, financial instrument or currency at specified price and on a specified date. The Portfolio may buy and sell futures contracts in order to gain exposure to, or protect against, changes in security values and foreign exchange rates. The primary risks associated with the use of futures contracts are the imperfect correlation between changes in market values of securities held by the Portfolio and the prices of futures contracts, and the possibility of an illiquid market. Futures contracts are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the exchange. With futures contracts, there is minimal counterparty risk to the Portfolio since futures contracts are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures contracts against default.
Upon entering into a futures contracts, the Portfolio is required to deposit either cash or securities (initial margin) with the broker in an amount equal to a certain percentage of the contract value. Subsequent payments (variation margin) are paid to or from the broker each day equal to the daily changes in the contract value. Such payments are recorded as unrealized gains or losses and, if any, shown as variation margin receivable (payable) in the Statements of Assets and Liabilities. Should the Portfolio fail to make requested variation margin payments, the broker can gain access to the initial margin to satisfy the Portfolio’s payment obligations. When the contracts are closed, a realized gain or loss is recorded in
the Statements of Operations.
Swap contracts
Swap contracts are agreements between the Portfolio and a counterparty to exchange a series of cash flows over a specified period. Swap agreements are privately negotiated contracts between the Portfolio and a counterparty in the OTC market and may be entered into as a bilateral contract (“OTC swaps”) or centrally cleared (“centrally cleared swaps”) with a central clearinghouse.
For OTC swaps, any upfront premiums paid and any upfront fees received are shown as swap premiums paid and swap premiums received, respectively, in the Statements of Assets and Liabilities and amortized over the term of the contract. The daily fluctuations in market value are recorded as unrealized gains or losses on OTC swaps in the Statements of Assets and Liabilities. Payments received or paid are recorded in the Statements of Operations as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund’s basis in the contract, if any. Generally, the basis of the contract is the premium received or paid.
In a centrally cleared swap, immediately following execution of the swap contract, the swap contract is novated to a central counterparty (the “CCP”) and the Portfolio’s counterparty on the swap agreement becomes the CCP. Upon entering into a centrally cleared swap, the Portfolio is required to deposit an initial margin with the broker in the form of cash or securities. Securities deposited as initial margin are designated in the Portfolio of Investments and cash deposited is shown as cash segregated for centrally cleared swaps in the Statements of Assets and Liabilities. Pursuant to the contract, the Portfolio agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). The variation margin is recorded as an unrealized gain (or loss) and shown as variation margin receivable (or payable) on centrally cleared swaps in the Statements of Assets and Liabilities. Payments received from (paid to) the counterparty, including at termination, are recorded as realized gains (losses) in the Statements of Operations.
Credit default swaps
Each Portfolio is subject to credit risk in the normal course of pursuing its investment objectives. Each Portfolio may enter into credit default swaps for hedging or speculative purposes to provide or receive a measure of protection against default on a referenced entity, obligation or index or a basket of single-name issuers or traded indexes. An index credit default swap references all the names in the index, and if a credit event is triggered, the credit event is settled based on that name’s weight in the index. Credit default swaps are agreements in which the protection buyer pays fixed periodic payments to the protection seller in consideration for a promise from the protection seller to make a specific payment should a negative credit event take place with respect to the referenced entity (e.g., bankruptcy, failure to pay, obligation acceleration, repudiation, moratorium or restructuring).
Each Portfolio may enter into credit default swaps as either the seller of protection or the buyer of protection. If the Portfolio is the buyer of protection and a credit event occurs, the Portfolio will either receive from the seller an amount equal to the notional amount of the swap and deliver the referenced security or underlying securities comprising the index, or receive a net settlement of cash equal to the notional amount of the swap less the recovery value of the security or underlying securities comprising the index. If the Portfolio is the seller of protection and a credit event occurs, the Portfolio will either pay the buyer an amount equal to the notional amount of the swap and take delivery of
| | | | |
| 268 | | Wells Fargo Funds | | Notes to financial statements |
the referenced security or underlying securities comprising the index or pay a net settlement of cash equal to the notional amount of the swap less the recovery value of the security or underlying securities comprising the index.
As the seller of protection, the Portfolio is subject to investment exposure on the notional amount of the swap and has assumed the risk of default of the underlying security or index. As the buyer of protection, the Portfolio could be exposed to risks if the seller of the protection defaults on its obligation to perform, or if there are unfavorable changes in the fluctuation of interest rates.
Certain credit default swap contracts entered into by the Portfolio provide for conditions that result in events of default or termination that enable the counterparty to the agreement to cause an early termination of the transactions under those agreements.
Security transactions and income recognition
Securities transactions are recorded on a trade date basis. Realized gains or losses are recorded on the basis of identified cost.
Interest income is accrued daily and bond discounts are accreted and premiums are amortized daily based. To the extent debt obligations are placed onnon-accrual status, any related interest income may be reduced by writing off interest receivables when the collection of all or a portion of interest has been determined to be doubtful based on consistently applied procedures and the fair value has decreased. If the issuer subsequently resumes interest payments or when the collectability of interest is reasonably assured, the debt obligation is removed fromnon-accrual status.
Dividend income is recognized on theex-dividend date, except for certain dividends from foreign securities which are recorded as soon as the custodian verifies theex-dividend date.
Income from foreign securities is recorded net of foreign taxes withheld where recovery of such taxes is not assured.
Federal and other taxes
Each Portfolio is treated as a separate entity for federal income tax purposes. Each Portfolio is not required to pay federal income taxes on its net investment income and net capital gain as it is treated as a partnership for federal income tax purposes. All interest, dividends, gains and losses of the Portfolio are deemed to have been “passed through” to the interestholders in proportion to their holdings of the Portfolio regardless of whether such interest, dividends and gains have been distributed by the Portfolio.
Each Portfolio’s income and federal tax returns and all financial records supporting those returns for the fiscal year since commencement of operations will be subject to examination by the federal revenue authority. Management has analyzed each Portfolio’s tax positions taken on federal, state, and foreign tax returns for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability.
As of February 28, 2019, the aggregate cost of all investments for federal income tax purposes and the unrealized gains (losses) were as follows:
| | | | | | | | | | | | | | | | |
| | | Tax Cost | | | Gross
unrealized
gains | | | Gross
unrealized
losses | | | Net unrealized
gains (losses) | |
| | | | |
Bloomberg Barclays US Aggregateex-Corporate Portfolio | | $ | 622,560,267 | | | $ | 647,078 | | | $ | (11,159,879 | ) | | $ | (10,512,801 | ) |
| | | | |
Emerging Markets Bond Portfolio | | | 46,975,095 | | | | 385,690 | | | | (1,773,453 | ) | | | (1,387,763 | ) |
| | | | |
Factor Enhanced Emerging Markets Portfolio | | | 261,621,341 | | | | 16,669,777 | | | | (25,001,553 | ) | | | (8,331,776 | ) |
| | | | |
Factor Enhanced International Portfolio | | | 681,342,389 | | | | 52,133,809 | | | | (44,764,029 | ) | | | 7,369,780 | |
| | | | |
Factor Enhanced Large Cap Portfolio | | | 989,774,001 | | | | 211,885,545 | | | | (36,685,920 | ) | | | 175,199,625 | |
| | | | |
Factor Enhanced Small Cap Portfolio | | | 262,820,840 | | | | 38,906,768 | | | | (25,724,604 | ) | | | 13,182,164 | |
| | | | |
High Yield Corporate Bond Portfolio | | | 88,537,787 | | | | 476,322 | | | | (3,059,571 | ) | | | (2,583,249 | ) |
| | | | |
International Government Bond Portfolio | | | 10,578,371 | | | | 94,965 | | | | (68,886 | ) | | | 26,079 | |
| | | | |
Investment Grade Corporate Bond Portfolio | | | 262,208,299 | | | | 4,505,857 | | | | (5,101,786 | ) | | | (595,929 | ) |
| | | | |
Strategic Retirement Bond Portfolio | | | 73,780,491 | | | | 73,717 | | | | (829,626 | ) | | | (755,909 | ) |
| | | | |
U.S. REIT Portfolio | | | 40,302,592 | | | | 4,932,337 | | | | (1,688,077 | ) | | | 3,244,260 | |
| | | | | | |
| Notes to financial statements | | Wells Fargo Funds | | | 269 | |
3. FAIR VALUATION MEASUREMENTS
Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of each Portfolio’s investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). Each Portfolio’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:
| ∎ | | Level 1 – quoted prices in active markets for identical securities |
| ∎ | | Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
| ∎ | | Level 3 – significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments) |
The inputs or methodologies used for valuing investments in securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used in valuing each Portfolio’s assets and liabilities as of February 28, 2019:
| | | | | | | | | | | | | | | | |
| | | | |
Bloomberg Barclays US Aggregateex-Corporate
Portfolio | | Quoted prices (Level 1) | | | Other significant observable inputs (Level 2) | | | Significant unobservable inputs (Level 3) | | | Total | |
| | | | |
Assets | | | | | | | | | | | | | | | | |
Investments in: | | | | | | | | | | | | | | | | |
| | | | |
Agency securities | | $ | 0 | | | $ | 241,696,559 | | | $ | 0 | | | $ | 241,696,559 | |
| | | | |
Asset-backed securities | | | 0 | | | | 3,974,315 | | | | 0 | | | | 3,974,315 | |
| | | | |
Municipal obligations | | | 0 | | | | 5,008,662 | | | | 0 | | | | 5,008,662 | |
| | | | |
Non-agency mortgage-backed securities | | | 0 | | | | 9,905,014 | | | | 0 | | | | 9,905,014 | |
| | | | |
U.S. Treasury securities | | | 311,073,358 | | | | 0 | | | | 0 | | | | 311,073,358 | |
| | | | |
Yankee corporate bonds and notes | | | 0 | | | | 20,780,793 | | | | 0 | | | | 20,780,793 | |
| | | | |
Yankee government bonds | | | 0 | | | | 12,683,594 | | | | 0 | | | | 12,683,594 | |
| | | | |
Short-term investments | | | | | | | | | | | | | | | | |
| | | | |
Investment companies | | | 6,855,231 | | | | 0 | | | | 0 | | | | 6,855,231 | |
| | | | |
U.S. Treasury securities | | | 69,940 | | | | 0 | | | | 0 | | | | 69,940 | |
| | | | |
Total assets | | $ | 317,998,529 | | | $ | 294,048,937 | | | $ | 0 | | | $ | 612,047,466 | |
| | | | | | | | | | | | | | | | |
| | | | |
| Emerging Markets Bond Portfolio | | Quoted prices (Level 1) | | | Other significant observable inputs (Level 2) | | | Significant unobservable inputs (Level 3) | | | Total | |
| | | | |
Assets | | | | | | | | | | | | | | | | |
Investments in: | | | | | | | | | | | | | | | | |
| | | | |
Yankee corporate bonds and notes | | $ | 0 | | | $ | 7,375,669 | | | $ | 0 | | | $ | 7,375,669 | |
| | | | |
Yankee government bonds | | | 0 | | | | 35,462,518 | | | | 0 | | | | 35,462,518 | |
| | | | |
Short-term investments | | | | | | | | | | | | | | | | |
| | | | |
Investment companies | | | 2,749,145 | | | | 0 | | | | 0 | | | | 2,749,145 | |
| | | | |
Total assets | | $ | 2,749,145 | | | $ | 42,838,187 | | | $ | 0 | | | $ | 45,587,332 | |
| | | | |
| 270 | | Wells Fargo Funds | | Notes to financial statements |
| | | | | | | | | | | | | | | | |
| | | | |
| Factor Enhanced Emerging Markets Portfolio | | Quoted prices (Level 1) | | | Other significant observable inputs (Level 2) | | | Significant unobservable inputs (Level 3) | | | Total | |
| | | | |
Assets | | | | | | | | | | | | | | | | |
Investments in: | | | | | | | | | | | | | | | | |
| | | | |
Common stocks | | | | | | | | | | | | | | | | |
| | | | |
Brazil | | $ | 11,217,212 | | | $ | 0 | | | $ | 0 | | | $ | 11,217,212 | |
| | | | |
Chile | | | 4,236,258 | | | | 0 | | | | 0 | | | | 4,236,258 | |
| | | | |
China | | | 42,189,376 | | | | 107,277 | | | | 0 | | | | 42,296,653 | |
| | | | |
Columbia | | | 1,274,082 | | | | 0 | | | | 0 | | | | 1,274,082 | |
| | | | |
Czech Republic | | | 999,856 | | | | 0 | | | | 0 | | | | 999,856 | |
| | | | |
Egypt | | | 655,549 | | | | 0 | | | | 0 | | | | 655,549 | |
| | | | |
Greece | | | 781,718 | | | | 0 | | | | 0 | | | | 781,718 | |
| | | | |
Hong Kong | | | 800,114 | | | | 0 | | | | 0 | | | | 800,114 | |
| | | | |
Hungary | | | 1,567,263 | | | | 0 | | | | 0 | | | | 1,567,263 | |
| | | | |
India | | | 34,741,652 | | | | 0 | | | | 73,095 | | | | 34,814,747 | |
| | | | |
Indonesia | | | 3,286,917 | | | | 0 | | | | 0 | | | | 3,286,917 | |
| | | | |
Malaysia | | | 9,262,912 | | | | 0 | | | | 0 | | | | 9,262,912 | |
| | | | |
Mexico | | | 10,111,990 | | | | 0 | | | | 0 | | | | 10,111,990 | |
| | | | |
Netherlands | | | 172,799 | | | | 0 | | | | 0 | | | | 172,799 | |
| | | | |
Philippines | | | 3,171,311 | | | | 0 | | | | 30,790 | | | | 3,202,101 | |
| | | | |
Russia | | | 12,980,780 | | | | 0 | | | | 0 | | | | 12,980,780 | |
| | | | |
South Africa | | | 10,167,097 | | | | 0 | | | | 0 | | | | 10,167,097 | |
| | | | |
South Korea | | | 38,123,691 | | | | 0 | | | | 0 | | | | 38,123,691 | |
| | | | |
Taiwan | | | 889,234 | | | | 31,864,426 | | | | 0 | | | | 32,753,660 | |
| | | | |
Thailand | | | 12,132,481 | | | | 0 | | | | 0 | | | | 12,132,481 | |
| | | | |
Turkey | | | 3,179,341 | | | | 0 | | | | 0 | | | | 3,179,341 | |
| | | | |
Preferred stocks | | | | | | | | | | | | | | | | |
| | | | |
Brazil | | | 10,480,093 | | | | 0 | | | | 0 | | | | 10,480,093 | |
| | | | |
Chile | | | 153,430 | | | | 0 | | | | 0 | | | | 153,430 | |
| | | | |
Colombia | | | 491,703 | | | | 0 | | | | 0 | | | | 491,703 | |
| | | | |
Russia | | | 375,312 | | | | 0 | | | | 0 | | | | 375,312 | |
| | | | |
South Korea | | | 44,228 | | | | 0 | | | | 8,346 | | | | 52,574 | |
| | | | |
Warrants | | | | | | | | | | | | | | | | |
| | | | |
Malaysia | | | 0 | | | | 8,580 | | | | 0 | | | | 8,580 | |
| | | | |
Thailand | | | 0 | | | | 2,257 | | | | 0 | | | | 2,257 | |
| | | | |
Short-term investments | | | | | | | | | | | | | | | | |
| | | | |
Investment companies | | | 7,871,946 | | | | 0 | | | | 0 | | | | 7,871,946 | |
| | | | |
Total assets | | $ | 221,358,345 | | | $ | 31,982,540 | | | $ | 112,231 | | | $ | 253,453,116 | |
| | | | |
Liabilities | | | | | | | | | | | | | | | | |
| | | | |
Future contracts | | $ | 163,551 | | | $ | 0 | | | $ | 0 | | | $ | 163,551 | |
| | | | |
Total liabilities | | $ | 163,551 | | | $ | 0 | | | $ | 0 | | | $ | 163,551 | |
| | | | | | |
| Notes to financial statements | | Wells Fargo Funds | | | 271 | |
| | | | | | | | | | | | | | | | |
| | | | |
| Factor Enhanced International Portfolio | | Quoted prices (Level 1) | | | Other significant observable inputs (Level 2) | | | Significant unobservable inputs (Level 3) | | | Total | |
| | | | |
Assets | | | | | | | | | | | | | | | | |
Investments in: | | | | | | | | | | | | | | | | |
| | | | |
Common stocks | | | | | | | | | | | | | | | | |
| | | | |
Australia | | $ | 67,804,356 | | | $ | 0 | | | $ | 0 | | | $ | 67,804,356 | |
| | | | |
Austria | | | 2,346,982 | | | | 0 | | | | 0 | | | | 2,346,982 | |
| | | | |
Belgium | | | 3,670,930 | | | | 0 | | | | 0 | | | | 3,670,930 | |
| | | | |
Canada | | | 66,899,089 | | | | 1,380,078 | | | | 0 | | | | 68,279,167 | |
| | | | |
China | | | 3,787,327 | | | | 0 | | | | 0 | | | | 3,787,327 | |
| | | | |
Denmark | | | 15,542,653 | | | | 0 | | | | 0 | | | | 15,542,653 | |
| | | | |
Finland | | | 13,205,496 | | | | 0 | | | | 0 | | | | 13,205,496 | |
| | | | |
France | | | 38,244,891 | | | | 0 | | | | 0 | | | | 38,244,891 | |
| | | | |
Germany | | | 35,515,583 | | | | 0 | | | | 0 | | | | 35,515,583 | |
| | | | |
Hong Kong | | | 24,983,620 | | | | 0 | | | | 0 | | | | 24,983,620 | |
| | | | |
Ireland | | | 4,343,383 | | | | 0 | | | | 0 | | | | 4,343,383 | |
| | | | |
Italy | | | 5,476,150 | | | | 0 | | | | 0 | | | | 5,476,150 | |
| | | | |
Japan | | | 145,368,570 | | | | 0 | | | | 0 | | | | 145,368,570 | |
| | | | |
Luxembourg | | | 1,496,035 | | | | 0 | | | | 0 | | | | 1,496,035 | |
| | | | |
Malta | | | 156,407 | | | | 0 | | | | 0 | | | | 156,407 | |
| | | | |
Netherlands | | | 19,980,842 | | | | 0 | | | | 0 | | | | 19,980,842 | |
| | | | |
New Zealand | | | 2,533,927 | | | | 0 | | | | 0 | | | | 2,533,927 | |
| | | | |
Norway | | | 6,492,553 | | | | 0 | | | | 0 | | | | 6,492,553 | |
| | | | |
Poland | | | 3,072,175 | | | | 0 | | | | 0 | | | | 3,072,175 | |
| | | | |
Portugal | | | 1,420,355 | | | | 0 | | | | 0 | | | | 1,420,355 | |
| | | | |
Singapore | | | 12,314,393 | | | | 0 | | | | 0 | | | | 12,314,393 | |
| | | | |
South Africa | | | 461,862 | | | | 0 | | | | 0 | | | | 461,862 | |
| | | | |
Spain | | | 16,924,080 | | | | 0 | | | | 0 | | | | 16,924,080 | |
| | | | |
Sweden | | | 22,204,290 | | | | 0 | | | | 0 | | | | 22,204,290 | |
| | | | |
Switzerland | | | 37,725,531 | | | | 0 | | | | 0 | | | | 37,725,531 | |
| | | | |
Thailand | | | 317,440 | | | | 0 | | | | 0 | | | | 317,440 | |
| | | | |
United Kingdom | | | 105,901,807 | | | | 0 | | | | 0 | | | | 105,901,807 | |
| | | | |
Preferred stocks | | | | | | | | | | | | | | | | |
| | | | |
Germany | | | 3,944,783 | | | | 0 | | | | 0 | | | | 3,944,783 | |
| | | | |
Short-term investments | | | | | | | | | | | | | | | | |
| | | | |
Investment companies | | | 25,160,866 | | | | 0 | | | | 0 | | | | 25,160,866 | |
| | | | |
| | | 687,296,376 | | | | 1,380,078 | | | | 0 | | | | 688,676,454 | |
| | | | |
Futures contracts | | | 35,715 | | | | 0 | | | | 0 | | | | 35,715 | |
| | | | |
Total assets | | $ | 687,332,091 | | | $ | 1,380,078 | | | $ | 0 | | | $ | 688,712,169 | |
| | | | |
| 272 | | Wells Fargo Funds | | Notes to financial statements |
| | | | | | | | | | | | | | | | |
| | | | |
| Factor Enhanced Large Cap Portfolio | | Quoted prices (Level 1) | | | Other significant observable inputs (Level 2) | | | Significant unobservable inputs (Level 3) | | | Total | |
| | | | |
Assets | | | | | | | | | | | | | | | | |
Investments in: | | | | | | | | | | | | | | | | |
| | | | |
Common stocks | | | | | | | | | | | | | | | | |
| | | | |
Communication services | | $ | 105,327,324 | | | $ | 0 | | | $ | 0 | | | $ | 105,327,324 | |
| | | | |
Consumer discretionary | | | 105,309,790 | | | | 0 | | | | 0 | | | | 105,309,790 | |
| | | | |
Consumer staples | | | 119,923,483 | | | | 0 | | | | 0 | | | | 119,923,483 | |
| | | | |
Energy | | | 43,268,794 | | | | 0 | | | | 0 | | | | 43,268,794 | |
| | | | |
Financials | | | 132,052,621 | | | | 0 | | | | 0 | | | | 132,052,621 | |
| | | | |
Health care | | | 180,162,590 | | | | 0 | | | | 0 | | | | 180,162,590 | |
| | | | |
Industrials | | | 162,469,544 | | | | 0 | | | | 0 | | | | 162,469,544 | |
| | | | |
Information technology | | | 112,253,832 | | | | 0 | | | | 0 | | | | 112,253,832 | |
| | | | |
Materials | | | 34,189,097 | | | | 0 | | | | 0 | | | | 34,189,097 | |
| | | | |
Real estate | | | 68,688,724 | | | | 0 | | | | 0 | | | | 68,688,724 | |
| | | | |
Utilities | | | 59,418,001 | | | | 0 | | | | 0 | | | | 59,418,001 | |
| | | | |
Short-term investments | | | | | | | | | | | | | | | | |
| | | | |
Investment companies | | | 42,045,039 | | | | 0 | | | | 0 | | | | 42,045,039 | |
| | | | |
Total assets | | $ | 1,165,108,839 | | | $ | 0 | | | $ | 0 | | | $ | 1,165,108,839 | |
Liabilities | | | | | | | | | | | | | | | | |
| | | | |
Future contracts | | $ | 135,213 | | | $ | 0 | | | $ | 0 | | | $ | 135,213 | |
| | | | |
Total liabilities | | $ | 135,213 | | | $ | 0 | | | $ | 0 | | | $ | 135,213 | |
| | | | | | | | | | | | | | | | |
| | | | |
| Factor Enhanced Small Cap Portfolio | | Quoted prices (Level 1) | | | Other significant observable inputs (Level 2) | | | Significant unobservable inputs (Level 3) | | | Total | |
| | | | |
Assets | | | | | | | | | | | | | | | | |
Investments in: | | | | | | | | | | | | | | | | |
| | | | |
Common stocks | | | | | | | | | | | | | | | | |
| | | | |
Communication services | | $ | 9,062,834 | | | $ | 0 | | | $ | 6,069 | | | $ | 9,068,903 | |
| | | | |
Consumer discretionary | | | 37,159,717 | | | | 0 | | | | 0 | | | | 37,159,717 | |
| | | | |
Consumer staples | | | 12,422,389 | | | | 0 | | | | 0 | | | | 12,422,389 | |
| | | | |
Energy | | | 8,148,001 | | | | 0 | | | | 0 | | | | 8,148,001 | |
| | | | |
Financials | | | 53,495,024 | | | | 0 | | | | 2,952 | | | | 53,497,976 | |
| | | | |
Health care | | | 30,247,007 | | | | 0 | | | | 1,208 | | | | 30,248,215 | |
| | | | |
Industrials | | | 40,957,317 | | | | 0 | | | | 0 | | | | 40,957,317 | |
| | | | |
Information technology | | | 29,259,946 | | | | 0 | | | | 0 | | | | 29,259,946 | |
| | | | |
Materials | | | 10,314,779 | | | | 0 | | | | 0 | | | | 10,314,779 | |
| | | | |
Real estate | | | 27,094,261 | | | | 0 | | | | 59,684 | | | | 27,153,945 | |
| | | | |
Utilities | | | 7,139,622 | | | | 0 | | | | 0 | | | | 7,139,622 | |
| | | | |
Short-term investments | | | | | | | | | | | | | | | | |
| | | | |
Investment companies | | | 10,752,908 | | | | 0 | | | | 0 | | | | 10,752,908 | |
| | | | |
Total assets | | $ | 276,053,805 | | | $ | 0 | | | $ | 69,913 | | | $ | 276,123,718 | |
Liabilities | | | | | | | | | | | | | | | | |
| | | | |
Future contracts | | $ | 120,714 | | | $ | 0 | | | $ | 0 | | | $ | 120,714 | |
| | | | |
Total liabilities | | $ | 120,714 | | | $ | 0 | | | $ | 0 | | | $ | 120,714 | |
| | | | | | |
| Notes to financial statements | | Wells Fargo Funds | | | 273 | |
| | | | | | | | | | | | | | | | |
| | | | |
| High Yield Corporate Bond Portfolio | | Quoted prices
(Level 1) | | | Other significant
observable inputs
(Level 2) | | | Significant
unobservable inputs
(Level 3) | | | Total | |
| | | | |
Assets | | | | | | | | | | | | | | | | |
Investments in: | | | | | | | | | | | | | | | | |
| | | | |
Corporate bonds and notes | | $ | 0 | | | $ | 72,252,449 | | | $ | 0 | | | $ | 72,252,449 | |
| | | | |
Yankee corporate bonds and notes | | | 0 | | | | 13,215,927 | | | | 0 | | | | 13,215,927 | |
| | | | |
Short-term investments | | | | | | | | | | | | | | | | |
| | | | |
Investment companies | | | 486,162 | | | | 0 | | | | 0 | | | | 486,162 | |
| | | | |
Total assets | | $ | 486,162 | | | $ | 85,468,376 | | | $ | 0 | | | $ | 85,954,538 | |
| | | | | | | | | | | | | | | | |
| | | | |
| International Government Bond Portfolio | | Quoted prices
(Level 1) | | | Other significant
observable inputs
(Level 2) | | | Significant
unobservable inputs
(Level 3) | | | Total | |
| | | | |
Assets | | | | | | | | | | | | | | | | |
Investments in: | | | | | | | | | | | | | | | | |
| | | | |
Foreign government bonds | | $ | 0 | | | $ | 10,628,070 | | | $ | 0 | | | $ | 10,628,070 | |
| | | | |
Short-term investments | | | | | | | | | | | | | | | | |
| | | | |
Investment companies | | | 13,185 | | | | 0 | | | | 0 | | | | 13,185 | |
| | | | |
| | | 13,185 | | | | 10,628,070 | | | | 0 | | | | 10,641,255 | |
| | | | |
Forward foreign currency contracts | | | 0 | | | | 17,983 | | | | 0 | | | | 17,983 | |
| | | | |
Total assets | | $ | 13,185 | | | $ | 10,646,053 | | | $ | 0 | | | $ | 10,659,238 | |
Liabilities | | | | | | | | | | | | | | | | |
| | | | |
Forward foreign currency contracts | | $ | 0 | | | $ | 54,788 | | | $ | 0 | | | $ | 54,788 | |
| | | | |
Total liabilities | | $ | 0 | | | $ | 54,788 | | | $ | 0 | | | $ | 54,788 | |
| | | | | | | | | | | | | | | | |
| | | | |
| Investment Grade Corporate Bond Portfolio | | Quoted prices
(Level 1) | | | Other significant
observable inputs
(Level 2) | | | Significant
unobservable inputs
(Level 3) | | | Total | |
| | | | |
Assets | | | | | | | | | | | | | | | | |
Investments in: | | | | | | | | | | | | | | | | |
| | | | |
Corporate bonds and notes | | $ | 0 | | | $ | 217,106,969 | | | $ | 0 | | | $ | 217,106,969 | |
| | | | |
Yankee corporate bonds and notes | | | 0 | | | | 43,601,385 | | | | 0 | | | | 43,601,385 | |
| | | | |
Short-term investments | | | | | | | | | | | | | | | | |
| | | | |
Investment companies | | | 854,059 | | | | 0 | | | | 0 | | | | 854,059 | |
| | | | |
U.S. Treasuries securities | | | 49,957 | | | | 0 | | | | 0 | | | | 49,957 | |
| | | | |
Total assets | | $ | 904,016 | | | $ | 260,708,354 | | | $ | 0 | | | $ | 261,612,370 | |
| | | | | | | | | | | | | | | | |
| | | | |
| Strategic Retirement Bond Portfolio | | Quoted prices
(Level 1) | | | Other significant
observable inputs
(Level 2) | | | Significant
unobservable inputs
(Level 3) | | | Total | |
| | | | |
Assets | | | | | | | | | | | | | | | | |
Investments in: | | | | | | | | | | | | | | | | |
| | | | |
Agency securities | | $ | 0 | | | $ | 1,463,634 | | | $ | 0 | | | $ | 1,463,634 | |
| | | | |
U.S. Treasury securities | | | 71,405,652 | | | | 0 | | | | 0 | | | | 71,405,652 | |
| | | | |
Short-term investments | | | | | | | | | | | | | | | | |
| | | | |
Investment companies | | | 140,309 | | | | 0 | | | | 0 | | | | 140,309 | |
| | | | |
U.S. Treasury securities | | | 14,987 | | | | 0 | | | | 0 | | | | 14,987 | |
| | | | |
Total assets | | $ | 71,560,948 | | | $ | 1,463,634 | | | $ | 0 | | | $ | 73,024,582 | |
| | | | |
| 274 | | Wells Fargo Funds | | Notes to financial statements |
| | | | | | | | | | | | | | | | |
| | | | |
| U.S. REIT Portfolio | | Quoted prices
(Level 1) | | | Other significant
observable inputs
(Level 2) | | | Significant
unobservable inputs
(Level 3) | | | Total | |
| | | | |
Assets | | | | | | | | | | | | | | | | |
Investments in: | | | | | | | | | | | | | | | | |
| | | | |
Common stocks | | | | | | | | | | | | | | | | |
| | | | |
Real estate | | $ | 43,354,818 | | | $ | 0 | | | $ | 0 | | | $ | 43,354,818 | |
| | | | |
Short-term investments | | | | | | | | | | | | | | | | |
| | | | |
Investment companies | | | 192,034 | | | | 0 | | | | 0 | | | | 192,034 | |
| | | | |
Total assets | | $ | 43,546,852 | | | $ | 0 | | | $ | 0 | | | $ | 43,546,852 | |
Additional sector, industry or geographic detail for each Portfolio is included in the Portfolio of Investments.
Future contracts and forward foreign currency contracts are reported at their cumulative unrealized gains (losses) at measurement date as reported in the tables following the Portfolio of Investments. For futures contracts, the current day’s variation margin is reported on the Statements of Assets and Liabilities. All other assets and liabilities are reported at their market value at measurement date.
At February 28, 2019, the Portfolios, except Factor Enhanced Emerging Markets Portfolio and Factor Enhanced Small Cap Portfolio, did not have any transfers into/out of Level 3. The Factor Enhanced Emerging Markets Portfolio and Factor Enhanced Small Cap Portfolio had no material transfers into/out of Level 3.
4. TRANSACTIONS WITH AFFILIATES
Advisory fees
The Trust has entered into an advisory contract with Funds Management, an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”). The adviser is responsible for implementing investment policies and guidelines and for supervising the applicable subadvisers, who are responsible forday-to-day portfolio management of the Portfolios. Pursuant to the contract, Funds Management is entitled to receive an advisory fee at the following annual rate based on the average daily net assets of each Portfolio.
| | | | | | |
Bloomberg Barclays US Aggregate ex-Corporate Portfolio
Investment Grade Corporate Bond
Strategic Retirement Bond Portfolio | | Average daily net assets | | Advisory fee | |
| | |
| | First $5 billion | | | 0.05 | % |
| | |
| | Next $5 billion | | | 0.04 | |
| | |
| | Over $10 billion | | | 0.03 | |
| | | | | | |
Emerging Markets Bond Portfolio
High Yield Corporate Bond Portfolio
International Government Bond Portfolio | | Average daily net assets | | Advisory fee | |
| | |
| | First $5 billion | | | 0.25 | % |
| | |
| | Next $5 billion | | | 0.23 | |
| | |
| | Over $10 billion | | | 0.21 | |
| | | | | | |
Factor Enhanced Emerging Markets Portfolio
Factor Enhanced International Portfolio
Factor Enhanced Small Cap Portfolio | | Average daily net assets | | Advisory fee | |
| | |
| | First $5 billion | | | 0.15 | % |
| | |
| | Next $5 billion | | | 0.13 | |
| | |
| | Over $10 billion | | | 0.11 | |
| | | | | | |
| Notes to financial statements | | Wells Fargo Funds | | | 275 | |
| | | | | | |
Factor Enhanced Large Cap Portfolio
U.S. REIT Portfolio | | Average daily net assets | | Advisory fee | |
| | |
| | First $5 billion | | | 0.10 | % |
| | |
| | Next $5 billion | | | 0.08 | |
| | |
| | Over $10 billion | | | 0.06 | |
For the year ended February 28, 2019, the advisory fee was equivalent to an annual rate for each Portfolio as follows:
| | | | |
| | | Advisory fee | |
| |
Bloomberg Barclays US Aggregate ex-Corporate Portfolio | | | 0.05 | % |
| |
Emerging Markets Bond Portfolio | | | 0.25 | |
| |
Factor Enhanced Emerging Markets Portfolio | | | 0.15 | |
| |
Factor Enhanced International Portfolio | | | 0.15 | |
| |
Factor Enhanced Large Cap Portfolio | | | 0.10 | |
| |
Factor Enhanced Small Cap Portfolio | | | 0.15 | |
| |
High Yield Corporate Bond Portfolio | | | 0.25 | |
| |
International Government Bond Portfolio | | | 0.25 | |
| |
Investment Grade Corporate Bond Portfolio | | | 0.05 | |
| |
Strategic Retirement Bond Portfolio | | | 0.05 | |
| |
U.S. REIT Portfolio | | | 0.10 | |
Funds Management has retained the services of certains subadvisers to provide daily portfolio management to the Portfolios. Funds Management has engaged Wells Capital Management Incorporated (“WellsCap”) and Wells Fargo Asset Management (International), LLC, each an affiliate of Funds Management and an indirect, wholly owned subsidiary of Wells Fargo, as subadvisers. The fee for sub-advisory services is borne by Funds Management. The subadvisers are each entitled to receive from Funds Management an annual subadvisory fee which is calculated based on the average daily net assets of each Portfolio as follows:
| | | | | | | | | | |
| | | | | Subadvisory fee | |
| | | Subadviser | | starting at | | | declining to | |
| | | |
Bloomberg Barclays US Aggregateex-Corporate Portfolio | | WellsCap | | | 0.04 | % | | | 0.03 | % |
| | | |
Emerging Markets Bond Portfolio | | Wells Fargo Asset
Management (International), LLC | | | 0.09 | | | | 0.07 | |
| | | |
Factor Enhanced Emerging Markets Portfolio | | WellsCap* | | | 0.08 | | | | 0.05 | |
| | | |
Factor Enhanced International Portfolio | | WellsCap* | | | 0.08 | | | | 0.05 | |
| | | |
Factor Enhanced Large Cap Portfolio | | WellsCap* | | | 0.06 | | | | 0.04 | |
| | | |
Factor Enhanced Small Cap Portfolio | | WellsCap* | | | 0.08 | | | | 0.05 | |
| | | |
High Yield Corporate Bond Portfolio | | WellsCap | | | 0.09 | | | | 0.07 | |
| | | |
International Government Bond Portfolio | | Wells Fargo Asset
Management (International), LLC | | | 0.09 | | | | 0.07 | |
| | | |
Investment Grade Corporate Bond Portfolio | | WellsCap | | | 0.04 | | | | 0.03 | |
| | | |
Strategic Retirement Bond Portfolio | | WellsCap | | | 0.04 | | | | 0.03 | |
| | | |
U.S. REIT Portfolio | | WellsCap | | | 0.06 | | | | 0.04 | |
| * | On November 1, 2018, Analytic Investors, LLC was consolidated into WellsCap and WellsCap became the subadviser to the Portfolio. The consolidation did not result in any changes to the services provided to the Portfolio or to its strategy or fees and expenses. |
Funds Management has voluntarily waived and/or reimbursed advisory fees to the extent necessary to maintain certain net operating expense ratios for the Portfolios.
| | | | |
| 276 | | Wells Fargo Funds | | Notes to financial statements |
Interfund transactions
The Portfolios may purchase or sell portfolio investment securities to certain other Wells Fargo affiliates pursuant toRule 17a-7 under the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices. Pursuant to these procedures, High Yield Corporate Bond Portfolio had $394,500 and $554,250 in interfund purchases and sales, respectively, during the year ended February 28, 2019.
5. INVESTMENT PORTFOLIO TRANSACTIONS
Purchases and sales of investments, excluding short-term securities, for the year ended February 28, 2019 were as follows:
| | | | | | | | | | | | | | | | |
| | | Purchase at cost | | | Sales proceeds | |
| | | U.S.
government | | | Non-U.S.
government | | | U.S.
government | | | Non-U.S.
government | |
| | | | |
Bloomberg Barclays US Aggregateex-Corporate Portfolio | | $ | 580,982,711 | | | $ | 12,157,641 | | | $ | 917,067,927 | | | $ | 56,735,684 | |
| | | | |
Emerging Markets Bond Portfolio | | | 0 | | | | 21,853,670 | | | | 0 | | | | 49,647,791 | |
| | | | |
Factor Enhanced Emerging Markets Portfolio | | | 0 | | | | 236,087,838 | | | | 0 | | | | 300,636,899 | |
| | | | |
Factor Enhanced International Portfolio | | | 0 | | | | 417,172,902 | | | | 0 | | | | 790,784,490 | |
| | | | |
Factor Enhanced Large Cap Portfolio | | | 0 | | | | 349,010,987 | | | | 0 | | | | 1,127,986,135 | |
| | | | |
Factor Enhanced Small Cap Portfolio | | | 0 | | | | 131,586,157 | | | | 0 | | | | 315,991,976 | |
| | | | |
High Yield Corporate Bond Portfolio | | | 0 | | | | 49,359,030 | | | | 0 | | | | 85,937,905 | |
| | | | |
International Government Bond Portfolio | | | 0 | | | | 29,390,309 | | | | 0 | | | | 28,119,186 | |
| | | | |
Investment Grade Corporate Bond Portfolio | | | 0 | | | | 88,666,081 | | | | 0 | | | | 274,758,637 | |
| | | | |
Strategic Retirement Bond Portfolio | | | 22,270,821 | | | | 0 | | | | 76,635,021 | | | | 0 | |
| | | | |
U.S. REIT Portfolio | | | 0 | | | | 11,435,631 | | | | 0 | | | | 41,991,710 | |
6. DERIVATIVE TRANSACTIONS
During the year ended February 28, 2019, Bloomberg Barclays US Aggregateex-Corporate Portfolio, Factor Enhanced Emerging Markets Portfolio, Factor Enhanced International Portfolio, Factor Enhanced Large Cap Portfolio, Factor Enhanced Small Cap Portfolio, Investment Grade Corporate Bond Portfolio, and Strategic Retirement Bond Portfolio entered into futures contracts to gain market exposure. Factor Enhanced Emerging Markets Portfolio and International Government Bond Portfolio entered into forward foreign currency contracts for economic hedging purposes.
The table below discloses the volume of the each Portfolio’s derivative transactions during the year months ended February 28, 2019.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Bloomberg
Barclays US
Aggregate ex-Corporate
Portfolio | | | Factor
Enhanced
Emerging
Markets
Portfolio | | | Factor
Enhanced
International
Portfolio | | | Factor
Enhanced
Large Cap
Portfolio | | | Factor
Enhanced
Small Cap
Portfolio | | | International
Government
Bond
Portfolio | | | Investment
Grade
Corporate
Bond
Portfolio | | | Strategic
Retirement
Bond
Portfolio | |
Futures contracts | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Average notional balance on long futures | | $ | 139,240 | | | $ | 11,715,583 | | | $ | 33,497,766 | | | $ | 52,204,915 | | | $ | 14,050,589 | | | | N/A | | | $ | 198,237 | | | $ | 9,439 | |
| | | | | | | | |
Average notional balance on short futures | | | 34,252 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | N/A | | | | 52,200 | | | | 0 | |
| | | | | | | | |
Forward foreign currency contracts | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Average contract amounts to buy | | | N/A | | | | 1,232 | | | | N/A | | | | N/A | | | | N/A | | | $ | 1,971,497 | | | | N/A | | | | N/A | |
| | | | | | | | |
Average contract amounts to sell | | | N/A | | | | 11,864 | | | | N/A | | | | N/A | | | | N/A | | | | 1,899,400 | | | | N/A | | | | N/A | |
The fair value, realized gains or losses and change in unrealized gains or losses, on these derivative transactions are reflected in the corresponding financial statement captions.
For certain types of derivative transactions, the Portfolios have entered into International Swaps and Derivatives Association, Inc. master agreements (“ISDA Master Agreements”) or similar agreements with approved counterparties. The ISDA Master Agreements or similar agreements may have requirements to deliver/deposit securities or cash to/with
| | | | | | |
| Notes to financial statements | | Wells Fargo Funds | | | 277 | |
an exchange or broker-dealer as collateral and allows a Portfolio to offset, with each counterparty, certain derivative financial instrument’s assets and/or liabilities with collateral held or pledged. Collateral requirements differ by type of derivative. Collateral or margin requirements are set by the broker or exchange clearinghouse for exchange traded derivatives while collateral terms are contract specific forover-the-counter traded derivatives. Cash collateral that has been pledged to cover obligations of a Portfolio under ISDA Master Agreements or similar agreements, if any, are reported separately in the Statements of Assets and Liabilities. Securities pledged as collateral, if any, are noted in the Portfolio of Investments. With respect to balance sheet offsetting, absent an event of default by the counterparty or a termination of the agreement, the reported amounts of financial assets and financial liabilities in the Statements of Assets and Liabilities are not offset across transactions between a Portfolio and the applicable counterparty. A reconciliation of the gross amounts on the Statements of Assets and Liabilities to the net amounts by counterparty, including any collateral exposure, is as follows:
| | | | | | | | | | | | | | | | |
| | | | | |
| | | Counterparty | | Gross amounts of assets in the Statements of Assets and Liabilities | | Amounts
subject to
netting
agreements | | | Collateral
received | | | Net amount
of assets | |
| | | | | |
International Government Bond Portfolio | | State Street Bank | | $17,983 | | $ | (17,983 | ) | | $ | 0 | | | $ | 0 | |
| | | | | | | | | | | | | | | | |
| | | | | |
| | | Counterparty | | Gross amounts of liabilities in the Statements of assets and Liabilities | | Amounts
subject to
netting
agreements | | | Collateral
pledged | | | Net amount
of liabilities | |
| | | | | |
International Government Bond Portfolio | | State Street Bank | | $54,788 | | $ | (17,983 | ) | | $ | 0 | | | $ | 36,805 | |
7. BANK BORROWINGS
The Trust, along with Wells Fargo Variable Trust and Wells Fargo Funds Trust (excluding the money market funds), are parties to a $280,000,000 revolving credit agreement whereby each Portfolio is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to each Portfolio based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.25% of the unused balance is allocated to each participating fund.
For the year ended February 28, 2019, there were no borrowings by the Portfolios under the agreement.
8. INDEMNIFICATION
Under the Trust’s organizational documents, the officers and Trustees have been granted certain indemnification rights against certain liabilities that may arise out of performance of their duties to the Trust. Additionally, in the normal course of business, the Trust may enter into contracts with service providers that contain a variety of indemnification clauses. The Trust’s maximum exposure under these arrangements is dependent on future claims that may be made against the Portfolios and, therefore, cannot be estimated.
9. NEW ACCOUNTING PRONOUNCEMENTS
In August 2018, FASB issued Accounting Standards Update (“ASU”)No. 2018-13, Fair Value Measurement (Topic 820)Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement. ASU2018-13 updates the disclosure requirements for fair value measurements by modifying or removing certain disclosures and adding certain new disclosures. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted. Management has adopted the removal and modification of disclosures early, as permitted, and will adopt the additional new disclosures at the effective date.
In March 2017, FASB issued ASU No. 2017-08,Premium Amortization on Purchased Callable Debt Securities. ASU 2017-08 shortens the amortization period for certain callable debt securities held at a premium. The amendments require the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount; the discount continues to be amortized to maturity. ASU 2017-08 is effective for fiscal years beginning after December 15, 2018 and for interim periods within those fiscal years. Management is currently evaluating the potential impact of this new guidance to the financial statements.
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| 278 | | Wells Fargo Funds | | Report of independent registered public accounting firm |
TO THE SHAREHOLDERS OF THE PORTFOLIOS AND BOARD OF TRUSTEES OF WELLS FARGO MASTER TRUST:
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities of Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio, Wells Fargo Emerging Markets Bond Portfolio, Wells Fargo Factor Enhanced Emerging Markets Portfolio, Wells Fargo Factor Enhanced International Portfolio, Wells Fargo Factor Enhanced Large Cap Portfolio, Wells Fargo Factor Enhanced Small Cap Portfolio, Wells Fargo High Yield Corporate Bond Portfolio, Wells Fargo International Government Bond Portfolio, Wells Fargo Investment Grade Corporate Bond Portfolio, Wells Fargo Strategic Retirement Bond Portfolio, and Wells Fargo U.S. REIT Portfolio (collectively, the Portfolios), eleven of the portfolios constituting Wells Fargo Master Trust, including the portfolios of investments, as of February 28, 2019, and the related statements of operations for the year then ended, the statements of changes in net assets for the year then ended and for the period from May 23, 2017 (commencement of operations) to February 28, 2018, except for Wells Fargo International Government Bond Portfolio which is for the year then ended and for the period from August 16, 2017 (commencement of operations) to February 28, 2018, and the related notes (collectively, the financial statements) and the financial highlights for each of the years or periods from the commencement of operations to February 28, 2019. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Portfolios as of February 28, 2019, the results of their operations for the year then ended, the changes in their net assets for each of the years or periods from the commencement of operations to February 28, 2019, and the financial highlights for each of the years or periods from the commencement of operations to February 28, 2019, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Portfolios’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Portfolios in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of February 28, 2019, by correspondence with the custodian and brokers, or by other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.
We have not been able to determine the specific year that we began serving as the auditor of one or more Wells Fargo Funds investment companies; however, we are aware that we have served as the auditor of one or more Wells Fargo Funds investment companies since at least 1955.
Boston, Massachusetts
April 26, 2019
| | | | | | |
| Other information (unaudited) | | Wells Fargo Funds | | | 279 | |
TAX INFORMATION
For corporate shareholders, pursuant to Section 854 of the Internal Revenue Code, the percentage of ordinary income dividends qualifying for the corporate dividends-received deduction was as follows for the fiscal year ended February 28, 2019:
| | | | |
| | | Dividends-received deduction | |
| |
Factor Enhanced Large Cap Fund | | | 93.09 | % |
| |
Factor Enhanced Small Cap Fund | | | 91.55 | |
Pursuant to Section 852 of the Internal Revenue Code, the following amounts were designated as a 20% rate gain distribution for the fiscal year ended February 28, 2019:
| | | | |
| | | 20% rate gain distribution | |
| |
Factor Enhanced Emerging Markets Fund | | $ | 77 | |
| |
Factor Enhanced International Fund | | | 47 | |
| |
Factor Enhanced Large Cap Fund | | | 363 | |
| |
Factor Enhanced Small Cap Fund | | | 156 | |
For the fiscal year ended February 28, 2019, the percentage of ordinary income distributed which was derived from interest on U.S. government securities was as follows:
| | | | |
| | | % of U.S. government income | |
| |
U.S. Core Bond Fund | | | 30.08 | % |
PROXY VOTING INFORMATION
A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling1-800-222-8222, visiting our website atwfam.com, or visiting the SEC website at sec.gov. Information regarding how the proxies related to portfolio securities were voted during the most recent12-month period ended June 30 is available on the website atwfam.com or by visiting the SEC website at sec.gov.
PORTFOLIO HOLDINGS INFORMATION
The complete portfolio holdings are publicly available on the website (wfam.com) on aone-month delayed basis. In addition, top ten holdings information (excluding derivative positions) is publicly available on the website on a monthly,seven-day or more delayed basis. Each Fund and Portfolio files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on FormN-Q, which is available by visiting the SEC website at sec.gov. In addition, each FormN-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and at regional offices in New York City, at 233 Broadway, and in Chicago, at 175 West Jackson Boulevard, Suite 900. Information about the Public Reference Room may be obtained by calling1-800-SEC-03
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| 280 | | Wells Fargo Funds | | Other information (unaudited) |
BOARD OF TRUSTEES AND OFFICERS
Each of the Trustees and Officers1 listed in the table below acts in identical capacities for each fund in the Wells Fargo family of funds, which consists of 152 mutual funds comprising the Wells Fargo Funds Trust, Wells Fargo Variable Trust, Wells Fargo Master Trust and fourclosed-end funds (collectively the “Fund Complex”). This table should be read in conjunction with the Prospectus and the Statement of Additional Information2. The mailing address of each Trustee and Officer is 525 Market Street, 12th Floor, San Francisco, CA 94105. Each Trustee and Officer serves an indefinite term, however, each Trustee serves such term until reaching the mandatory retirement age established by the Trustees.
Independent Trustees
| | | | | | |
Name and year of birth | | Position held and length of service* | | Principal occupations during past five years or longer | | Current other public company or investment company directorships |
| | | |
William R. Ebsworth (Born 1957) | | Trustee, since 2015 | | Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Board member of the Vincent Memorial Hospital Endowment(non-profit organization), where he serves on the Investment Committee and as a Chair of the Audit Committee. Mr. Ebsworth is a CFA® charterholder. | | N/A |
| | | |
Jane A. Freeman (Born 1953) | | Trustee, since 2015; Chair Liaison, since 2018 | | Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a Board Member of The Ruth Bancroft Garden(non-profit organization). She is also an inactive Chartered Financial Analyst. | | N/A |
| | | |
Isaiah Harris, Jr.3 (Born 1952) | | Trustee, since 2009; Audit Committee Chairman, since 2019 | | Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Child Evangelism Fellowship(non-profit). Mr. Harris is a certified public accountant (inactive status). | | CIGNA Corporation |
| | | |
Judith M. Johnson3 (Born 1949) | | Trustee, since 2008; Audit Committee Chairman, from 2009 to 2018 | | Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant. | | N/A |
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| Other information (unaudited) | | Wells Fargo Funds | | | 281 | |
| | | | | | |
Name and year of birth | | Position held and length of service* | | Principal occupations during past five years or longer | | Current other public company or investment company directorships |
| | | |
David F. Larcker (Born 1950) | | Trustee, since 2009 | | James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005. | | N/A |
| | | |
Olivia S. Mitchell (Born 1953) | | Trustee, since 2006; Nominating and Governance Committee Chairman, since 2018 | | International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993. | | N/A |
| | | |
Timothy J. Penny (Born 1951) | | Trustee, since 1996; Chairman, since 2018 | | President and Chief Executive Officer of Southern Minnesota Initiative Foundation, anon-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., anon-profit organization, since 2007. | | N/A |
| | | |
James G. Polisson (Born 1959) | | Trustee, since 2018 | | Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, anon-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | | N/A |
| | | |
Pamela Wheelock (Born 1959) | | Trustee, since 2018 | | Chief Operating Officer, Twin Cities Habitat for Humanity, since January, 2017. Vice President of University Services, University of Minnesota from 2012 to 2017. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim President and Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2010 to 2011, Chairman of the Board from 2009 to 2011 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently the Board Chair of the Minnesota Wild Foundation since 2010. | | N/A |
| * | Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable. |
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| 282 | | Wells Fargo Funds | | Other information (unaudited) |
Officers
| | | | | | |
Name and year of birth | | Position held and length of service | | Principal occupations during past five years or longer | | |
| | | |
Andrew Owen (Born 1960) | | President, since 2017 | | Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014. | | |
| | | |
Nancy Wiser1 (Born 1967) | | Treasurer, since 2012 | | Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011. | | |
| | | |
Alexander Kymn (Born 1973) | | Secretary and Chief Legal Officer, since 2018 | | Senior Company Counsel of Wells Fargo Bank, N.A. since 2018 (previously Senior Counsel from 2007 to 2018). Vice President of Wells Fargo Funds Management, LLC from 2008 to 2014. | | |
| | | |
Michael H. Whitaker (Born 1967) | | Chief Compliance Officer, since 2016 | | Senior Vice President and Chief Compliance Officer since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016. | | |
| | | |
David Berardi (Born 1975) | | Assistant Treasurer, since 2009 | | Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010. | | |
| | | |
Jeremy DePalma1 (Born 1974) | | Treasurer, since 2012; Assistant Treasurer, since 2009 | | Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010. | | |
| 1 | Jeremy DePalma acts as Treasurer of the Bloomberg Barclays US Aggregateex-Corporate Portfolio, Emerging Markets Bond Portfolio, Factor Enhanced Emerging Markets Portfolio, Factor Enhanced International Portfolio, Factor Enhanced Large Cap Portfolio, Factor Enhanced Small Cap Portfolio, High Yield Corporate Bond Portfolio, International Government Bond Portfolio, Investment Grade Corporate Bond Portfolio, Strategic Retirement Bond Portfolio and the U.S. REIT Portfolio and as the Assistant Treasurer of the remaining funds in this report. In addition, Jeremy DePalma acts as Treasurer of 65 other funds and Assistant Treasurer of 68 other funds in the Fund Complex. Nancy Wiser acts as Treasurer of 8 funds in this shareholder report and 68 other funds in the Fund Complex. |
| 2 | The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request, by calling1-800-222-8222 or by visiting the website atwfam.com. |
| 3 | Mr. Harris became Chairman of the Audit Committee effective January 1, 2019. |
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For more information
More information about Wells Fargo Funds is available free upon request. To obtain literature, please write, visit the Funds’ website, or call:
Wells Fargo Funds
P.O. Box 219967
Kansas City, MO 64121-9967
Website: wfam.com
Individual investors: 1-800-222-8222
Retail investment professionals: 1-888-877-9275
Institutional investment professionals: 1-866-765-0778
This report and the financial statements contained herein are submitted for the general information of the shareholders of Wells Fargo Funds. If this report is used for promotional purposes, distribution of the report must be accompanied or preceded by a current prospectus. Before investing, please consider the investment objectives, risks, charges, and expenses of the investment. For a current prospectus and, if available, a summary prospectus, containing this information, call1-800-222-8222 or visit the Funds’ website atwfam.com. Read the prospectus carefully before you invest or send money.
Wells Fargo Asset Management (WFAM) is the trade name for certain investment advisory/management firms owned by Wells Fargo & Company. These firms include but are not limited to Wells Capital Management Incorporated and Wells Fargo Funds Management, LLC. Certain products managed by WFAM entities are distributed by Wells Fargo Funds Distributor, LLC (a broker-dealer and Member FINRA).
This material is for general informational and educational purposes only and is NOT intended to provide investment advice or a recommendation of any kind—including a recommendation for any specific investment, strategy, or plan.
INVESTMENT PRODUCTS: NOT FDIC INSURED ◾ NO BANK GUARANTEE ◾ MAY LOSE VALUE
© 2019 Wells Fargo Funds Management, LLC. All rights reserved.
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 | | 321621 04-19 |
(a) As of the end of the period covered by the report, Wells Fargo Funds Trust has adopted a code of ethics that applies to its President and Treasurer. A copy of the code of ethics is filed as an exhibit to this FormN-CSR.
(c) During the period covered by this report, there were no amendments to the provisions of the code of ethics adopted in Item 2(a) above.
(d) During the period covered by this report, there were no implicit or explicit waivers to the provisions of the code of ethics adopted in Item 2(a) above.
| ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT |
The Board of Trustees of Wells Fargo Funds Trust has determined that Judith Johnson is an audit committee financial expert, as defined in Item 3 of FormN-CSR. Mrs. Johnson is independent for purposes of Item 3 of FormN-CSR.
| ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES |
(a), (b), (c), (d) The following table presents aggregate fees billed in each of the last two fiscal years for services rendered
to the Registrant by the Registrant’s principal accountant. These fees were billed to the registrant and were approved by the Registrant’s audit committee.
| | | | | | | | |
| | | Fiscal
year ended
February 28, 2019* | | | Fiscal
year ended
February 28, 2018 | |
Audit fees | | $ | 569,750 | | | $ | 353,936 | |
Audit-related fees | | | — | | | | — | |
Tax fees (1) | | | 103,670 | | | | 75,180 | |
All other fees | | | — | | | | — | |
| | | | | | | | |
| | $ | 673,420 | | | $ | 429,116 | |
| | | | | | | | |
| * | Amounts include fees for Dynamic Target Date Funds which changed their fiscal year from May 31 to February 28, effective February 28, 2019. |
| (1) | Tax fees consist of fees for tax compliance, tax advice, tax planning and excise tax. |
(e) The Chairman of the Audit Committees is authorized topre-approve: (1) audit services for the mutual funds of Wells Fargo Funds Trust;(2) non-audit tax or compliance consulting or training services provided to the Funds by the independent auditors (“Auditors”) if the fees for any particular engagement are not anticipated to exceed $50,000; and(3) non-audit tax or compliance consulting or training services provided by the Auditors to a Fund’s investment adviser and its controlling entities (wherepre-approval is required because the engagement relates directly to the operations and financial reporting of the Fund) if the fee to the Auditors for any particular engagement is not anticipated to exceed $50,000. For any suchpre-approval sought from the Chairman, Management shall prepare a brief description of the proposed services. If the Chairman approves of such service, he or she shall sign the statement prepared by Management. Such written statement shall be presented to the full Committees at their next regularly scheduled meetings.
(f) Not applicable
(g) Not applicable
(h) Not applicable
| ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS |
Not applicable.
A Portfolio of Investments for each series of Wells Fargo Funds Trust is included as part of the report to shareholders filed under Item 1 of this Form.
| ITEM 7. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FORCLOSED-END MANAGEMENT INVESTMENT COMPANIES |
Not applicable.
| ITEM 8. | PORTFOLIO MANAGERS OFCLOSED-END MANAGEMENT INVESTMENT COMPANIES |
Not applicable.
| ITEM 9. | PURCHASES OF EQUITY SECURITIES BYCLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS |
Not applicable.
| ITEM 10. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS |
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees that have been implemented since the registrant’s last provided disclosure in response to the requirements of this Item.
| ITEM 11. | CONTROLS AND PROCEDURES |
(a) The President and Treasurer have concluded that the Wells Fargo Funds Trust (the “Trust”) disclosure controls and procedures (as defined in Rule30a-3(c) under the Investment Company Act of 1940) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons based on their evaluation of these controls and procedures as of a date within 90 days of the filing of this report.
(b) There were no significant changes in the Trust’s internal controls over financial reporting (as defined in Rule30a-3(d) under the Investment Company Act of 1940) that occurred during the second fiscal quarter of the period covered by this report that materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
| ITEM 12. | DISCLOSURES OF SECURITIES LENDING ACTIVITES FORCLOSED-END MANAGEMENT INVESTMENT COMPANIES |
Not applicable.
(a)(1) Code of Ethics pursuant to Item 2 of FormN-CSR is filed and attached hereto as Exhibit COE.
(a)(2) Certification pursuant to Rule30a-2(a) under the Investment Company Act of 1940 (17 CFR270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.
(a)(3) Not applicable.
(b) Certification pursuant to Rule30a-2(b) under the Investment Company Act of 1940 (17 CFR270.30a-2(b)) is filed and attached hereto as Exhibit 99.906CERT.
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.
| | |
| Wells Fargo Funds Trust |
| |
| By: | | /s/ Andrew Owen |
| |
| | Andrew Owen |
| | President |
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 date indicated.
| | |
| Wells Fargo Funds Trust |
| |
| By: | | /s/ Andrew Owen |
| |
| | Andrew Owen |
| | President |
| |
Date: | | April 26, 2019 |
| | |
| By: | | /s/ Nancy Wiser |
| |
| | Nancy Wiser |
| | Treasurer |
| |
Date: | | April 26, 2019 |
| | |
| By: | | /s/ Jeremy DePalma |
| |
| | Jeremy DePalma |
| | Treasurer |
| |
Date: | | April 26, 2019 |
