UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSRS
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)
Catherine Kennedy
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: July 31
Registrant is making a filing for 10 of its series:
Wells Fargo Disciplined U.S. Core Fund, Wells Fargo Endeavor Select Fund, Wells Fargo Growth Fund, Wells Fargo Classic Value Fund, Wells Fargo Large Cap Core Fund, Wells Fargo Large Cap Growth Fund, Wells Fargo Large Company Value Fund, Wells Fargo Low Volatility U.S. Equity Fund, Wells Fargo Omega Growth Fund, and Wells Fargo Premier Large Company Growth Fund.
Date of reporting period: January 31, 2021
ITEM 1. | REPORT TO STOCKHOLDERS |
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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 and emerging markets, excluding the United States. 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. |
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. |
3 | The MSCI Emerging Markets (EM) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index. |
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. |
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. |
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. |
5 | The Bloomberg Barclays Global Aggregate ex-USD Index (unhedged) 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. |
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. |
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. |
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. |
7 | The ICE BofA 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 2021. ICE Data Indices, LLC. All rights reserved. |
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President
Wells Fargo Funds
Jean-Baptiste Nadal, CFA®‡
Including sales charge | Excluding sales charge | Expense ratios1 (%) | |||||||||
Inception date | 1 year | 5 year | 10 year | 1 year | 5 year | 10 year | Gross | Net 2 | |||
Class A (EIVAX) | 8-1-2006 | -3.83 | 9.04 | 8.80 | 2.03 | 10.34 | 9.45 | 1.19 | 1.11 | ||
Class C (EIVCX) | 8-1-2006 | 0.49 | 9.55 | 8.64 | 1.49 | 9.55 | 8.64 | 1.94 | 1.86 | ||
Class R (EIVTX)3 | 3-1-2013 | – | – | – | 2.03 | 10.11 | 9.21 | 1.44 | 1.36 | ||
Class R6 (EIVFX)4 | 11-30-2012 | – | – | – | 2.56 | 11.00 | 9.96 | 0.76 | 0.65 | ||
Administrator Class (EIVDX) | 7-30-2010 | – | – | – | 2.23 | 10.52 | 9.64 | 1.11 | 0.95 | ||
Institutional Class (EIVIX) | 8-1-2006 | – | – | – | 2.42 | 10.77 | 9.88 | 0.86 | 0.70 | ||
Russell 1000® Value Index5 | – | – | – | – | 4.09 | 10.71 | 10.15 | – | – |
Ten largest holdings (%) as of January 31, 20216 | |
NextEra Energy Incorporated | 3.88 |
Mondelez International Incorporated Class A | 3.72 |
JPMorgan Chase & Company | 3.63 |
Honeywell International Incorporated | 3.52 |
Bank of America Corporation | 3.38 |
The Goldman Sachs Group Incorporated | 3.33 |
Northrop Grumman Corporation | 3.14 |
Merck & Company Incorporated | 3.08 |
Kellogg Company | 2.96 |
Intercontinental Exchange Incorporated | 2.84 |
Sector allocation as of January 31, 20217 |
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‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
1 | Reflects the expense ratios as stated in the most recent prospectuses. 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 contractually committed through November 30, 2021, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.11% for Class A, 1.86% for Class C, 1.36% for Class R, 0.65% for Class R6, 0.95% for Administrator Class, and 0.70% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, 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 the Class R shares prior to their inception reflects the performance of the Institutional Class shares, adjusted to reflect the higher expenses applicable to the Class R shares. |
4 | Historical performance shown for the Class R6 shares prior to their inception reflects the performance of the Institutional Class shares, and includes the higher expenses applicable to the Institutional Class shares. If these expenses had not been included, returns for the Class R6 shares would be higher. |
5 | The Russell 1000® Value Index measures the performance of those Russell 1000 companies with lower price/book ratios and lower forecasted growth values. You cannot invest directly in an index. |
6 | Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified. |
7 | Figures represent the percentage of the Fund's long-term investments. These amounts are subject to change and may have changed since the date specified. |
Beginning account value 8-1-2020 | Ending account value 1-31-2021 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $1,119.22 | $5.82 | 1.09% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.71 | $5.55 | 1.09% |
Class C | ||||
Actual | $1,000.00 | $1,117.38 | $9.93 | 1.86% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,015.83 | $9.45 | 1.86% |
Class R | ||||
Actual | $1,000.00 | $1,121.24 | $7.27 | 1.36% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,018.35 | $6.92 | 1.36% |
Class R6 | ||||
Actual | $1,000.00 | $1,122.09 | $3.48 | 0.65% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.93 | $3.31 | 0.65% |
Administrator Class | ||||
Actual | $1,000.00 | $1,121.17 | $4.87 | 0.91% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.62 | $4.63 | 0.91% |
Institutional Class | ||||
Actual | $1,000.00 | $1,120.91 | $3.74 | 0.70% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.68 | $3.57 | 0.70% |
Shares | Value | ||||
Common stocks: 94.00% | |||||
Communication services: 9.85% | |||||
Diversified telecommunication services: 2.50% | |||||
Verizon Communications Incorporated | 362,400 | $ 19,841,400 | |||
Entertainment: 2.47% | |||||
The Walt Disney Company | 116,800 | 19,642,256 | |||
Interactive media & services: 2.20% | |||||
Alphabet Incorporated Class C † | 9,500 | 17,439,530 | |||
Media: 2.68% | |||||
Comcast Corporation Class A | 429,300 | 21,280,401 | |||
Consumer discretionary: 3.31% | |||||
Multiline retail: 2.41% | |||||
Dollar Tree Incorporated † | 188,300 | 19,142,578 | |||
Specialty retail: 0.90% | |||||
Advance Auto Parts Incorporated | 48,000 | 7,158,720 | |||
Consumer staples: 11.14% | |||||
Beverages: 1.82% | |||||
The Coca-Cola Company | 300,600 | 14,473,890 | |||
Food & staples retailing: 0.43% | |||||
The Kroger Company | 97,500 | 3,363,750 | |||
Food products: 6.68% | |||||
Kellogg Company | 398,600 | 23,493,484 | |||
Mondelez International Incorporated Class A | 532,700 | 29,532,888 | |||
53,026,372 | |||||
Household products: 2.21% | |||||
The Procter & Gamble Company | 137,000 | 17,564,770 | |||
Energy: 4.49% | |||||
Oil, gas & consumable fuels: 4.49% | |||||
Chevron Corporation | 170,800 | 14,552,160 | |||
ConocoPhillips | 289,703 | 11,596,811 | |||
EOG Resources Incorporated | 186,200 | 9,488,752 | |||
35,637,723 | |||||
Financials: 20.27% | |||||
Banks: 9.64% | |||||
Bank of America Corporation | 905,600 | 26,851,040 | |||
JPMorgan Chase & Company | 223,900 | 28,809,213 | |||
Truist Financial Corporation | 435,800 | 20,909,684 | |||
76,569,937 |
Shares | Value | ||||
Capital markets: 6.17% | |||||
Intercontinental Exchange Incorporated | 204,800 | $ 22,599,680 | |||
The Goldman Sachs Group Incorporated | 97,500 | 26,439,075 | |||
49,038,755 | |||||
Insurance: 4.46% | |||||
American International Group Incorporated | 383,300 | 14,350,752 | |||
The Allstate Corporation | 196,300 | 21,039,434 | |||
35,390,186 | |||||
Health care: 12.78% | |||||
Biotechnology: 1.20% | |||||
Gilead Sciences Incorporated | 145,000 | 9,512,000 | |||
Health care equipment & supplies: 4.62% | |||||
Medtronic plc | 152,000 | 16,922,160 | |||
Stryker Corporation | 89,581 | 19,798,297 | |||
36,720,457 | |||||
Health care providers & services: 2.53% | |||||
Cigna Corporation | 92,500 | 20,077,125 | |||
Pharmaceuticals: 4.43% | |||||
Eli Lilly & Company | 51,500 | 10,710,455 | |||
Merck & Company Incorporated | 318,000 | 24,508,260 | |||
35,218,715 | |||||
Industrials: 13.52% | |||||
Aerospace & defense: 7.63% | |||||
General Dynamics Corporation | 120,300 | 17,645,604 | |||
Northrop Grumman Corporation | 87,000 | 24,935,070 | |||
The Boeing Company | 92,800 | 18,020,832 | |||
60,601,506 | |||||
Commercial services & supplies: 2.37% | |||||
Waste Management Incorporated | 169,000 | 18,813,080 | |||
Industrial conglomerates: 3.52% | |||||
Honeywell International Incorporated | 143,200 | 27,976,984 | |||
Information technology: 12.92% | |||||
Communications equipment: 4.81% | |||||
Cisco Systems Incorporated | 369,700 | 16,481,226 | |||
Motorola Solutions Incorporated | 129,500 | 21,697,725 | |||
38,178,951 | |||||
IT services: 3.45% | |||||
Fiserv Incorporated † | 190,800 | 19,593,252 | |||
Visa Incorporated Class A | 40,300 | 7,787,975 | |||
27,381,227 | |||||
Semiconductors & semiconductor equipment: 2.15% | |||||
NXP Semiconductors NV | 106,600 | 17,106,102 |
Shares | Value | ||||
Software: 2.51% | |||||
Microsoft Corporation | 86,100 | $ 19,971,756 | |||
Utilities: 5.72% | |||||
Electric utilities: 3.88% | |||||
NextEra Energy Incorporated | 380,800 | 30,795,296 | |||
Multi-utilities: 1.84% | |||||
WEC Energy Group Incorporated | 164,500 | 14,624,050 | |||
Total Common stocks (Cost $566,142,236) | 746,547,517 |
Yield | |||||
Short-term investments: 1.49% | |||||
Investment companies: 1.49% | |||||
Wells Fargo Government Money Market Fund Select Class ♠∞ | 0.03% | 11,820,114 | 11,820,114 | ||
Total Short-term investments (Cost $11,820,114) | 11,820,114 | ||||
Total investments in securities (Cost $577,962,350) | 95.49% | 758,367,631 | |||
Other assets and liabilities, net | 4.51 | 35,795,297 | |||
Total net assets | 100.00% | $794,162,928 |
† | Non-income-earning security |
♠ | The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
∞ | The rate represents the 7-day annualized yield at period end. |
Value, beginning of period | Purchases | Sales proceeds | Net realized gains (losses) | Net change in unrealized gains (losses) | Value, end of period | % of net assets | Shares, end of period | Income from affiliated securities | ||||
Short-term investments | ||||||||||||
Investment companies | ||||||||||||
Securities Lending Cash Investments LLC* | $ 0 | $29,888,005 | $(29,888,005) | $0 | $0 | $ 0 | 0 | $ 1,815# | ||||
Wells Fargo Government Money Market Fund Select Class | 19,155,681 | 67,809,666 | (75,145,233) | 0 | 0 | 11,820,114 | 11,820,114 | 3,502 | ||||
$0 | $0 | $11,820,114 | 1.49% | $5,317 |
* | No longer held at the end of period. |
# | Amount shown represents income before fees and rebates. |
Assets | |
Investments in unaffiliated securities, at value (cost $566,142,236) | $ 746,547,517 |
Investments in affiliated securites, at value (cost $11,820,114) | 11,820,114 |
Receivable for investments sold | 36,097,998 |
Receivable for dividends | 830,657 |
Receivable for Fund shares sold | 19,758 |
Prepaid expenses and other assets | 2,690 |
Total assets | 795,318,734 |
Liabilities | |
Management fee payable | 390,599 |
Payable for Fund shares redeemed | 343,546 |
Shareholder servicing fees payable | 151,016 |
Administration fees payable | 108,246 |
Trustees’ fees and expenses payable | 2,218 |
Distribution fees payable | 1,692 |
Accrued expenses and other liabilities | 158,489 |
Total liabilities | 1,155,806 |
Total net assets | $794,162,928 |
Net assets consist of | |
Paid-in capital | $ 568,040,945 |
Total distributable earnings | 226,121,983 |
Total net assets | $794,162,928 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 256,889,607 |
Shares outstanding – Class A1 | 20,448,447 |
Net asset value per share – Class A | $12.56 |
Maximum offering price per share – Class A2 | $13.33 |
Net assets – Class C | $ 2,409,624 |
Shares outstanding – Class C1 | 196,160 |
Net asset value per share – Class C | $12.28 |
Net assets – Class R | $ 90,885 |
Shares outstanding – Class R1 | 7,161 |
Net asset value per share – Class R | $12.69 |
Net assets – Class R6 | $ 13,432,447 |
Shares outstanding – Class R61 | 1,089,439 |
Net asset value per share – Class R6 | $12.33 |
Net assets – Administrator Class | $ 433,338,819 |
Shares outstanding – Administrator Class1 | 32,651,629 |
Net asset value per share – Administrator Class | $13.27 |
Net assets – Institutional Class | $ 88,001,546 |
Shares outstanding – Institutional Class1 | 6,963,670 |
Net asset value per share – Institutional Class | $12.64 |
1 | The 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. |
Investment income | |
Dividends (net of foreign withholdings taxes of $16,026) | $ 7,817,436 |
Income from affiliated securities | 9,582 |
Total investment income | 7,827,018 |
Expenses | |
Management fee | 2,688,084 |
Administration fees | |
Class A | 266,561 |
Class C | 3,679 |
Class R | 87 |
Class R6 | 1,930 |
Administrator Class | 274,634 |
Institutional Class | 55,356 |
Shareholder servicing fees | |
Class A | 304,971 |
Class C | 4,379 |
Class R | 103 |
Administrator Class | 527,881 |
Distribution fees | |
Class C | 13,082 |
Class R | 95 |
Custody and accounting fees | 19,768 |
Professional fees | 22,706 |
Registration fees | 49,681 |
Shareholder report expenses | 36,568 |
Trustees’ fees and expenses | 9,708 |
Other fees and expenses | 23,982 |
Total expenses | 4,303,255 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (294,144) |
Class A | (33,832) |
Class C | (274) |
Class R6 | (1,930) |
Administrator Class | (257,796) |
Institutional Class | (34,643) |
Net expenses | 3,680,636 |
Net investment income | 4,146,382 |
Payment from affiliate | 91,336 |
Realized and unrealized gains (losses) on investments | |
Net realized gains on investments | 56,414,693 |
Net change in unrealized gains (losses) on investments | 27,649,934 |
Net realized and unrealized gains (losses) on investments | 84,064,627 |
Net increase in net assets resulting from operations | 88,302,345 |
Six months ended January 31, 2021 (unaudited) | Year ended July 31, 2020 | |||
Operations | ||||
Net investment income | $ 4,146,382 | $ 10,772,949 | ||
Payment from affiliate | 91,336 | 0 | ||
Net realized gains (losses) on investments | 56,414,693 | (3,781,048) | ||
Net change in unrealized gains (losses) on investments | 27,649,934 | (43,117,237) | ||
Net increase (decrease) in net assets resulting from operations | 88,302,345 | (36,125,336) | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (2,978,223) | (28,687,356) | ||
Class C | 0 | (597,397) | ||
Class R | (777) | (9,076) | ||
Class R6 | (209,259) | (458,181) | ||
Administrator Class | (5,693,424) | (45,185,976) | ||
Institutional Class | (1,346,136) | (10,686,553) | ||
Total distributions to shareholders | (10,227,819) | (85,624,539) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 271,257 | 3,280,747 | 374,915 | 4,569,597 |
Class C | 13,217 | 162,725 | 58,656 | 692,729 |
Class R | 565 | 7,203 | 705 | 8,409 |
Class R6 | 123,143 | 1,445,198 | 774,821 | 8,508,694 |
Administrator Class | 75,466 | 1,003,074 | 365,622 | 4,856,780 |
Institutional Class | 352,790 | 4,270,429 | 1,902,355 | 21,368,302 |
10,169,376 | 40,004,511 | |||
Reinvestment of distributions | ||||
Class A | 224,806 | 2,850,540 | 2,187,382 | 27,522,364 |
Class C | 0 | 0 | 46,079 | 559,402 |
Class R | 49 | 634 | 588 | 7,444 |
Class R6 | 9,762 | 121,435 | 36,211 | 448,674 |
Administrator Class | 399,009 | 5,342,733 | 3,206,695 | 42,691,455 |
Institutional Class | 105,063 | 1,339,551 | 812,821 | 10,324,119 |
9,654,893 | 81,553,458 | |||
Payment for shares redeemed | ||||
Class A | (1,725,772) | (20,894,383) | (3,055,060) | (36,802,224) |
Class C | (217,493) | (2,537,916) | (282,178) | (3,247,977) |
Class R | (72) | (896) | (1,307) | (13,014) |
Class R6 | (78,792) | (958,490) | (103,056) | (1,219,499) |
Administrator Class | (1,390,155) | (17,901,448) | (3,608,759) | (45,625,921) |
Institutional Class | (887,351) | (10,559,713) | (3,405,957) | (37,492,113) |
(52,852,846) | (124,400,748) | |||
Net decrease in net assets resulting from capital share transactions | (33,028,577) | (2,842,779) | ||
Total increase (decrease) in net assets | 45,045,949 | (124,592,654) | ||
Net assets | ||||
Beginning of period | 749,116,979 | 873,709,633 | ||
End of period | $794,162,928 | $ 749,116,979 |
Year ended July 31 | ||||||
Class A | Six months ended January 31, 2021 (unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 |
Net asset value, beginning of period | $11.35 | $13.13 | $13.05 | $12.61 | $12.01 | $13.73 |
Net investment income | 0.06 | 0.14 | 0.10 | 0.11 | 0.12 1 | 0.13 |
Payment from affiliate | 0.00 2 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Net realized and unrealized gains (losses) on investments | 1.29 | (0.58) | 0.94 | 1.39 | 1.43 | (0.42) |
Total from investment operations | 1.35 | (0.44) | 1.04 | 1.50 | 1.55 | (0.29) |
Distributions to shareholders from | ||||||
Net investment income | (0.14) | (0.10) | (0.12) | (0.06) | (0.14) | (0.11) |
Net realized gains | 0.00 | (1.24) | (0.84) | (1.00) | (0.81) | (1.32) |
Total distributions to shareholders | (0.14) | (1.34) | (0.96) | (1.06) | (0.95) | (1.43) |
Net asset value, end of period | $12.56 | $11.35 | $13.13 | $13.05 | $12.61 | $12.01 |
Total return3 | 11.92% 4 | (4.25)% | 9.03% | 12.43% | 13.50% | (1.73)% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.18% | 1.18% | 1.18% | 1.18% | 1.17% | 1.17% |
Net expenses | 1.09% | 1.10% | 1.10% | 1.10% | 1.10% | 1.10% |
Net investment income | 0.92% | 1.20% | 0.81% | 0.83% | 0.95% | 1.12% |
Supplemental data | ||||||
Portfolio turnover rate | 12% | 34% | 27% | 21% | 27% | 34% |
Net assets, end of period (000s omitted) | $256,890 | $245,977 | $291,111 | $289,683 | $293,599 | $318,543 |
1 | Calculated based upon average shares outstanding |
2 | Amount is less than $0.005. |
3 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
4 | During the six months ended January 31, 2021, the Fund received a payment from an affiliate that had an impact of less than 0.005% on total return. See Note 4 in the Notes to Financial Statements for additional information. |
Year ended July 31 | ||||||
Class C | Six months ended January 31, 2021 (unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 |
Net asset value, beginning of period | $10.99 | $12.75 | $12.69 | $12.31 | $11.74 | $13.45 |
Net investment income | 0.01 | 0.05 1 | 0.00 1,2 | 0.01 1 | 0.02 1 | 0.03 |
Payment from affiliate | 0.05 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Net realized and unrealized gains (losses) on investments | 1.23 | (0.57) | 0.92 | 1.37 | 1.40 | (0.41) |
Total from investment operations | 1.29 | (0.52) | 0.92 | 1.38 | 1.42 | (0.38) |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | 0.00 | (0.02) | 0.00 | (0.04) | (0.01) |
Net realized gains | 0.00 | (1.24) | (0.84) | (1.00) | (0.81) | (1.32) |
Total distributions to shareholders | 0.00 | (1.24) | (0.86) | (1.00) | (0.85) | (1.33) |
Net asset value, end of period | $12.28 | $10.99 | $12.75 | $12.69 | $12.31 | $11.74 |
Total return3 | 11.74% 4 | (4.990)% | 8.16% | 11.65% | 12.58% | (2.47)% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.94% | 1.94% | 1.94% | 1.93% | 1.93% | 1.93% |
Net expenses | 1.86% | 1.86% | 1.86% | 1.86% | 1.86% | 1.86% |
Net investment income | 0.17% | 0.44% | 0.03% | 0.08% | 0.20% | 0.37% |
Supplemental data | ||||||
Portfolio turnover rate | 12% | 34% | 27% | 21% | 27% | 34% |
Net assets, end of period (000s omitted) | $2,410 | $4,401 | $7,370 | $19,874 | $21,727 | $28,756 |
1 | Calculated based upon average shares outstanding |
2 | Amount is less than $0.005. |
3 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
4 | During the six months ended January 31, 2021, the Fund received a payment from an affiliate that had an impact of 0.41% on total return. See Note 4 in the Notes to Financial Statements for additional information. |
Year ended July 31 | ||||||
Class R | Six months ended January 31, 2021 (unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 |
Net asset value, beginning of period | $11.42 | $13.22 | $13.15 | $12.70 | $12.09 | $13.81 |
Net investment income | 0.04 | 0.11 | 0.06 | 0.05 | 0.08 1 | 0.10 |
Payment from affiliate | 0.03 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Net realized and unrealized gains (losses) on investments | 1.32 | (0.59) | 0.95 | 1.44 | 1.45 | (0.43) |
Total from investment operations | 1.39 | (0.48) | 1.01 | 1.49 | 1.53 | (0.33) |
Distributions to shareholders from | ||||||
Net investment income | (0.12) | (0.08) | (0.10) | (0.04) | (0.11) | (0.07) |
Net realized gains | 0.00 | (1.24) | (0.84) | (1.00) | (0.81) | (1.32) |
Total distributions to shareholders | (0.12) | (1.32) | (0.94) | (1.04) | (0.92) | (1.39) |
Net asset value, end of period | $12.69 | $11.42 | $13.22 | $13.15 | $12.70 | $12.09 |
Total return2 | 12.12% 3 | (4.56)% | 8.70% | 12.21% | 13.22% | (1.99)% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.42% | 1.41% | 1.43% | 1.44% | 1.44% | 1.44% |
Net expenses | 1.36% | 1.36% | 1.36% | 1.36% | 1.36% | 1.36% |
Net investment income | 0.64% | 0.95% | 0.55% | 0.56% | 0.69% | 0.86% |
Supplemental data | ||||||
Portfolio turnover rate | 12% | 34% | 27% | 21% | 27% | 34% |
Net assets, end of period (000s omitted) | $91 | $76 | $88 | $74 | $48 | $43 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
3 | During the six months ended January 31, 2021, the Fund received a payment from an affiliate that had an impact of 0.23% on total return. See Note 4 in the Notes to Financial Statements for additional information. |
Year ended July 31 | ||||||
Class R6 | Six months ended January 31, 2021 (unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 |
Net asset value, beginning of period | $11.16 | $12.93 | $12.92 | $12.49 | $11.90 | $13.62 |
Net investment income | 0.08 | 0.19 1 | 0.16 1 | 0.16 | 0.17 1 | 0.17 |
Net realized and unrealized gains (losses) on investments | 1.28 | (0.57) | 1.00 | 1.39 | 1.42 | (0.40) |
Total from investment operations | 1.36 | (0.38) | 1.16 | 1.55 | 1.59 | (0.23) |
Distributions to shareholders from | ||||||
Net investment income | (0.19) | (0.15) | (0.31) | (0.12) | (0.19) | (0.17) |
Net realized gains | 0.00 | (1.24) | (0.84) | (1.00) | (0.81) | (1.32) |
Total distributions to shareholders | (0.19) | (1.39) | (1.15) | (1.12) | (1.00) | (1.49) |
Net asset value, end of period | $12.33 | $11.16 | $12.93 | $12.92 | $12.49 | $11.90 |
Total return2 | 12.21% | (3.87)% | 10.38% | 12.96% | 14.03% | (1.30)% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.76% | 0.76% | 0.76% | 0.75% | 0.75% | 0.75% |
Net expenses | 0.65% | 0.65% | 0.65% | 0.65% | 0.65% | 0.65% |
Net investment income | 1.36% | 1.67% | 1.27% | 1.29% | 1.40% | 1.47% |
Supplemental data | ||||||
Portfolio turnover rate | 12% | 34% | 27% | 21% | 27% | 34% |
Net assets, end of period (000s omitted) | $13,432 | $11,552 | $4,231 | $2,578 | $2,397 | $2,842 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
Year ended July 31 | ||||||
Administrator Class | Six months ended January 31, 2021 (unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 |
Net asset value, beginning of period | $11.99 | $13.81 | $13.68 | $13.17 | $12.51 | $14.25 |
Net investment income | 0.07 | 0.17 | 0.12 | 0.13 | 0.14 1 | 0.15 |
Payment from affiliate | 0.00 2 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Net realized and unrealized gains (losses) on investments | 1.38 | (0.62) | 1.00 | 1.47 | 1.49 | (0.43) |
Total from investment operations | 1.45 | (0.45) | 1.12 | 1.60 | 1.63 | (0.28) |
Distributions to shareholders from | ||||||
Net investment income | (0.17) | (0.13) | (0.15) | (0.09) | (0.16) | (0.14) |
Net realized gains | 0.00 | (1.24) | (0.84) | (1.00) | (0.81) | (1.32) |
Total distributions to shareholders | (0.17) | (1.37) | (0.99) | (1.09) | (0.97) | (1.46) |
Net asset value, end of period | $13.27 | $11.99 | $13.81 | $13.68 | $13.17 | $12.51 |
Total return3 | 12.12% 4 | (4.15)% | 9.21% | 12.63% | 13.66% | (1.58)% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.11% | 1.11% | 1.11% | 1.10% | 1.10% | 1.10% |
Net expenses | 0.91% | 0.93% | 0.95% | 0.95% | 0.95% | 0.95% |
Net investment income | 1.10% | 1.37% | 0.96% | 0.98% | 1.10% | 1.27% |
Supplemental data | ||||||
Portfolio turnover rate | 12% | 34% | 27% | 21% | 27% | 34% |
Net assets, end of period (000s omitted) | $433,339 | $402,567 | $464,041 | $469,464 | $459,650 | $470,152 |
1 | Calculated based upon average shares outstanding |
2 | Amount is less than $0.005. |
3 | Returns for periods of less than one year are not annualized. |
4 | During the six months ended January 31, 2021, the Fund received a payment from an affiliate that had an impact of 0.02% on total return. See Note 4 in the Notes to Financial Statements for additional information. |
Year ended July 31 | ||||||
Institutional Class | Six months ended January 31, 2021 (unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 |
Net asset value, beginning of period | $11.44 | $13.22 | $13.14 | $12.68 | $12.08 | $13.80 |
Net investment income | 0.12 | 0.19 1 | 0.15 1 | 0.22 | 0.17 1 | 0.18 |
Net realized and unrealized gains (losses) on investments | 1.28 | (0.58) | 0.94 | 1.35 | 1.43 | (0.41) |
Total from investment operations | 1.40 | (0.39) | 1.09 | 1.57 | 1.60 | (0.23) |
Distributions to shareholders from | ||||||
Net investment income | (0.20) | (0.15) | (0.17) | (0.11) | (0.19) | (0.17) |
Net realized gains | 0.00 | (1.24) | (0.84) | (1.00) | (0.81) | (1.32) |
Total distributions to shareholders | (0.20) | (1.39) | (1.01) | (1.11) | (1.00) | (1.49) |
Net asset value, end of period | $12.64 | $11.44 | $13.22 | $13.14 | $12.68 | $12.08 |
Total return2 | 12.09% | (3.86)% | 9.44% | 12.96% | 13.88% | (1.27)% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.86% | 0.86% | 0.86% | 0.85% | 0.85% | 0.85% |
Net expenses | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |
Net investment income | 1.31% | 1.59% | 1.22% | 1.24% | 1.36% | 1.52% |
Supplemental data | ||||||
Portfolio turnover rate | 12% | 34% | 27% | 21% | 27% | 34% |
Net assets, end of period (000s omitted) | $88,002 | $84,544 | $106,869 | $137,263 | $162,480 | $215,175 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
Gross unrealized gains | $402,466,571 |
Gross unrealized losses | (70,704,736) |
Net unrealized gains | $331,761,835 |
■ | 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) |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Common stocks | ||||
Communication services | $ 78,203,587 | $0 | $0 | $ 78,203,587 |
Consumer discretionary | 26,301,298 | 0 | 0 | 26,301,298 |
Consumer staples | 88,428,782 | 0 | 0 | 88,428,782 |
Energy | 35,637,723 | 0 | 0 | 35,637,723 |
Financials | 160,998,878 | 0 | 0 | 160,998,878 |
Health care | 101,528,297 | 0 | 0 | 101,528,297 |
Industrials | 107,391,570 | 0 | 0 | 107,391,570 |
Information technology | 102,638,036 | 0 | 0 | 102,638,036 |
Utilities | 45,419,346 | 0 | 0 | 45,419,346 |
Short-term investments | ||||
Investment companies | 11,820,114 | 0 | 0 | 11,820,114 |
Total assets | $758,367,631 | $0 | $0 | $758,367,631 |
Average daily net assets | Management fee |
First $500 million | 0.700% |
Next $500 million | 0.675 |
Next $1 billion | 0.650 |
Next $2 billion | 0.625 |
Next $1 billion | 0.600 |
Next $3 billion | 0.590 |
Next $2 billion | 0.565 |
Next $2 billion | 0.555 |
Next $4 billion | 0.530 |
Over $16 billion | 0.505 |
Class-level administration fee | |
Class A | 0.21% |
Class C | 0.21 |
Class R | 0.21 |
Class R6 | 0.03 |
Administrator Class | 0.13 |
Institutional Class | 0.13 |
Expense ratio caps | |
Class A | 1.11% |
Class C | 1.86 |
Class R | 1.36 |
Class R6 | 0.65 |
Administrator Class | 0.95 |
Institutional Class | 0.70 |
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 also an inactive Chartered Financial Analyst. | N/A |
Isaiah Harris, Jr. (Born 1952) | Trustee, since 2009; Audit Committee Chair, 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). Mr. Harris is a certified public accountant (inactive status). | CIGNA Corporation |
Judith M. Johnson (Born 1949) | Trustee, since 2008 | 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 (Emeritus), 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 |
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 Chair, 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; Chair, 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 January 2020; previously Trustee from January 2018 to July 2019 | Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Interim President of the McKnight Foundation from January to September 2020. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Human Services Manager (part-time), Minnesota Department of Human Services, October 2019 through December 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 |
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 DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Fund Complex) | 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. |
Michelle Rhee (Born 1966) | Chief Legal Officer, since 2019 | Secretary of Wells Fargo Funds Management, LLC and Chief Legal Counsel of Wells Fargo Asset Management since 2018. Deputy General Counsel of Wells Fargo Bank, N.A. since 2020 and Assistant General Counsel of Wells Fargo Bank, N.A. from 2018 to 2020. Associate General Counsel and Managing Director of Bank of America Corporation from 2004 to 2018. |
Catherine Kennedy (Born 1969) | Secretary, since 2019 | Vice President of Wells Fargo Funds Management, LLC and Senior Counsel of the Wells Fargo Legal Department since 2010. Vice President and Senior Counsel of Evergreen Investment Management Company, LLC from 1998 to 2010. |
Michael H. Whitaker (Born 1967) | Chief Compliance Officer, since 2016 | Chief Compliance Officer of Wells Fargo Asset Management since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016. |
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P.O. Box 219967
Kansas City, MO 64121-9967
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SA207/SAR207 01-21
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Disciplined U.S. Core Fund
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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 and emerging markets, excluding the United States. 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. |
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. |
3 | The MSCI Emerging Markets (EM) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index. |
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. |
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. |
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. |
5 | The Bloomberg Barclays Global Aggregate ex-USD Index (unhedged) 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. |
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. |
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. |
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. |
7 | The ICE BofA 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 2021. ICE Data Indices, LLC. All rights reserved. |
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President
Wells Fargo Funds
Robert M. Wicentowski, CFA®‡
Including sales charge | Excluding sales charge | Expense ratios1 (%) | |||||||||
Inception date | 1 year | 5 year | 10 year | 1 year | 5 year | 10 year | Gross | Net 2 | |||
Class A (EVSAX) | 2-28-1990 | 10.04 | 12.65 | 12.06 | 16.76 | 13.99 | 12.72 | 0.86 | 0.86 | ||
Class C (EVSTX) | 6-30-1999 | 14.95 | 13.15 | 11.89 | 15.95 | 13.15 | 11.89 | 1.61 | 1.61 | ||
Class R (EVSHX)3 | 9-30-2015 | – | – | – | 16.50 | 13.71 | 12.43 | 1.11 | 1.11 | ||
Class R6 (EVSRX)4 | 9-30-2015 | – | – | – | 17.26 | 14.48 | 13.21 | 0.43 | 0.43 | ||
Administrator Class (EVSYX) | 2-21-1995 | – | – | – | 16.92 | 14.11 | 12.88 | 0.78 | 0.74 | ||
Institutional Class (EVSIX) | 7-30-2010 | – | – | – | 17.21 | 14.41 | 13.17 | 0.53 | 0.48 | ||
S&P 500 Index5 | – | – | – | – | 17.25 | 16.16 | 13.50 | – | – |
Ten largest holdings (%) as of January 31, 20216 | |
Apple Incorporated | 6.78 |
Microsoft Corporation | 6.04 |
Amazon.com Incorporated | 4.30 |
Alphabet Incorporated Class C | 2.07 |
Facebook Incorporated Class A | 1.90 |
Alphabet Incorporated Class A | 1.88 |
Johnson & Johnson | 1.76 |
Tesla Motors Incorporated | 1.69 |
JPMorgan Chase & Company | 1.53 |
The Procter & Gamble Company | 1.34 |
Sector allocation as of January 31, 20217 |
![](https://capedge.com/proxy/N-CSRS/0001193125-21-106244/g19380img29ba767a4.jpg)
‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
1 | Reflects the expense ratios as stated in the most recent prospectuses. 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 contractually committed through November 30, 2021, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.87% for Class A, 1.62% for Class C, 1.12% for Class R, 0.43% for Class R6, 0.74% for Administrator Class, and 0.48% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, 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 the Class R shares prior to their inception reflects the performance of the Administrator Class shares, adjusted to reflect higher expenses applicable to the Class R shares. |
4 | Historical performance shown for the Class R6 shares prior to their inception reflects the performance of the Institutional Class shares, and includes the higher expenses applicable to the Institutional Class shares. If these expenses had not been included, returns for the Class R6 shares would be higher. |
5 | 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. |
6 | Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified. |
7 | Figures represent the percentage of the Fund's long-term investments. These amounts are subject to change and may have changed since the date specified. |
Beginning account value 8-1-2020 | Ending account value 1-31-2021 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $1,143.91 | $4.59 | 0.85% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.92 | $4.33 | 0.85% |
Class C | ||||
Actual | $1,000.00 | $1,140.76 | $8.69 | 1.61% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,017.09 | $8.19 | 1.61% |
Class R | ||||
Actual | $1,000.00 | $1,142.83 | $6.00 | 1.11% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.61 | $5.65 | 1.11% |
Class R6 | ||||
Actual | $1,000.00 | $1,146.96 | $2.33 | 0.43% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,023.04 | $2.19 | 0.43% |
Administrator Class | ||||
Actual | $1,000.00 | $1,144.87 | $4.00 | 0.74% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.48 | $3.77 | 0.74% |
Institutional Class | ||||
Actual | $1,000.00 | $1,146.18 | $2.60 | 0.48% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.79 | $2.45 | 0.48% |
Shares | Value | ||||
Common stocks: 97.36% | |||||
Communication services: 10.12% | |||||
Diversified telecommunication services: 1.30% | |||||
AT&T Incorporated | 209,195 | $ 5,989,253 | |||
Verizon Communications Incorporated | 118,565 | 6,491,434 | |||
12,480,687 | |||||
Entertainment: 2.15% | |||||
Activision Blizzard Incorporated | 43,432 | 3,952,312 | |||
Netflix Incorporated † | 13,137 | 6,994,007 | |||
The Walt Disney Company | 57,355 | 9,645,390 | |||
20,591,709 | |||||
Interactive media & services: 5.85% | |||||
Alphabet Incorporated Class A † | 9,871 | 18,037,871 | |||
Alphabet Incorporated Class C † | 10,805 | 19,835,171 | |||
Facebook Incorporated Class A † | 70,508 | 18,214,332 | |||
56,087,374 | |||||
Media: 0.70% | |||||
Comcast Corporation Class A | 83,707 | 4,149,356 | |||
Discovery Incorporated Class A † | 60,940 | 2,524,135 | |||
6,673,491 | |||||
Wireless telecommunication services: 0.12% | |||||
T-Mobile US Incorporated † | 9,006 | 1,135,476 | |||
Consumer discretionary: 12.73% | |||||
Auto components: 0.13% | |||||
BorgWarner Incorporated | 30,559 | 1,283,172 | |||
Automobiles: 2.27% | |||||
General Motors Company | 109,542 | 5,551,589 | |||
Tesla Motors Incorporated † | 20,440 | 16,219,753 | |||
21,771,342 | |||||
Hotels, restaurants & leisure: 1.30% | |||||
Chipotle Mexican Grill Incorporated † | 958 | 1,417,840 | |||
Las Vegas Sands Corporation | 27,375 | 1,316,464 | |||
McDonald's Corporation | 25,866 | 5,375,989 | |||
Royal Caribbean Cruises Limited | 12,507 | 812,955 | |||
Starbucks Corporation | 36,878 | 3,570,159 | |||
12,493,407 | |||||
Household durables: 0.79% | |||||
D.R. Horton Incorporated | 73,846 | 5,671,373 | |||
PulteGroup Incorporated | 44,382 | 1,930,617 | |||
7,601,990 | |||||
Internet & direct marketing retail: 4.30% | |||||
Amazon.com Incorporated † | 12,841 | 41,170,814 |
Shares | Value | ||||
Leisure products: 0.35% | |||||
Polaris Industries Incorporated | 28,601 | $ 3,336,879 | |||
Multiline retail: 0.67% | |||||
Target Corporation | 35,115 | 6,361,785 | |||
Specialty retail: 2.11% | |||||
AutoZone Incorporated † | 2,824 | 3,158,277 | |||
Best Buy Company Incorporated | 29,199 | 3,177,435 | |||
Lowe's Companies Incorporated | 6,423 | 1,071,678 | |||
The Home Depot Incorporated | 47,171 | 12,774,850 | |||
20,182,240 | |||||
Textiles, apparel & luxury goods: 0.81% | |||||
Nike Incorporated Class B | 57,776 | 7,718,296 | |||
Consumer staples: 5.54% | |||||
Beverages: 0.40% | |||||
PepsiCo Incorporated | 11,721 | 1,600,737 | |||
The Coca-Cola Company | 45,692 | 2,200,070 | |||
3,800,807 | |||||
Food & staples retailing: 1.47% | |||||
Costco Wholesale Corporation | 10,496 | 3,699,105 | |||
Sysco Corporation | 14,868 | 1,063,211 | |||
Walmart Incorporated | 66,376 | 9,325,164 | |||
14,087,480 | |||||
Food products: 1.03% | |||||
General Mills Incorporated | 34,771 | 2,020,195 | |||
Pilgrim's Pride Corporation † | 68,770 | 1,332,763 | |||
The Kraft Heinz Company | 56,450 | 1,891,640 | |||
Tyson Foods Incorporated Class A | 71,840 | 4,620,030 | |||
9,864,628 | |||||
Household products: 1.71% | |||||
Kimberly-Clark Corporation | 26,664 | 3,522,314 | |||
The Procter & Gamble Company | 100,162 | 12,841,770 | |||
16,364,084 | |||||
Personal products: 0.31% | |||||
The Estee Lauder Companies Incorporated Class A | 12,727 | 3,011,845 | |||
Tobacco: 0.62% | |||||
Altria Group Incorporated | 54,697 | 2,246,953 | |||
Philip Morris International Incorporated | 46,312 | 3,688,751 | |||
5,935,704 | |||||
Energy: 2.14% | |||||
Oil, gas & consumable fuels: 2.14% | |||||
Chevron Corporation | 72,171 | 6,148,969 | |||
ConocoPhillips | 49,777 | 1,992,573 | |||
Diamondback Energy Incorporated | 54,647 | 3,097,938 | |||
EOG Resources Incorporated | 45,629 | 2,325,254 |
Shares | Value | ||||
Oil, gas & consumable fuels (continued) | |||||
Exxon Mobil Corporation | 126,040 | $ 5,651,634 | |||
Valero Energy Corporation | 23,426 | 1,321,929 | |||
20,538,297 | |||||
Financials: 10.50% | |||||
Banks: 3.75% | |||||
Bank of America Corporation | 190,824 | 5,657,932 | |||
Citigroup Incorporated | 61,542 | 3,568,821 | |||
Citizens Financial Group Incorporated | 42,246 | 1,539,444 | |||
Huntington Bancshares Incorporated | 277,189 | 3,665,825 | |||
JPMorgan Chase & Company | 114,066 | 14,676,872 | |||
Signature Bank | 16,294 | 2,691,606 | |||
US Bancorp | 97,112 | 4,161,249 | |||
35,961,749 | |||||
Capital markets: 2.55% | |||||
Ameriprise Financial Incorporated | 18,776 | 3,715,207 | |||
Bank of New York Mellon Corporation | 77,627 | 3,091,883 | |||
BlackRock Incorporated | 4,666 | 3,272,079 | |||
Morgan Stanley | 70,018 | 4,694,707 | |||
Northern Trust Corporation | 45,175 | 4,029,158 | |||
S&P Global Incorporated | 6,371 | 2,019,607 | |||
The Goldman Sachs Group Incorporated | 13,242 | 3,590,833 | |||
24,413,474 | |||||
Consumer finance: 0.46% | |||||
Capital One Financial Corporation | 21,378 | 2,228,870 | |||
Synchrony Financial | 65,730 | 2,211,815 | |||
4,440,685 | |||||
Diversified financial services: 1.67% | |||||
Berkshire Hathaway Incorporated Class B † | 55,524 | 12,652,254 | |||
Equitable Holdings Incorporated | 133,367 | 3,304,834 | |||
15,957,088 | |||||
Insurance: 2.07% | |||||
MetLife Incorporated | 130,349 | 6,276,304 | |||
Progressive Corporation | 46,528 | 4,056,776 | |||
Reinsurance Group of America Incorporated | 14,907 | 1,565,980 | |||
The Allstate Corporation | 28,488 | 3,053,344 | |||
The Hartford Financial Services Group Incorporated | 102,466 | 4,920,417 | |||
19,872,821 | |||||
Health care: 13.90% | |||||
Biotechnology: 2.06% | |||||
AbbVie Incorporated | 85,876 | 8,800,572 | |||
Amgen Incorporated | 29,186 | 7,046,376 | |||
Biogen Incorporated † | 3,914 | 1,106,136 | |||
Vertex Pharmaceuticals Incorporated † | 12,100 | 2,771,868 | |||
19,724,952 | |||||
Health care equipment & supplies: 3.19% | |||||
Abbott Laboratories | 48,503 | 5,994,486 |
Shares | Value | ||||
Health care equipment & supplies (continued) | |||||
Baxter International Incorporated | 34,326 | $ 2,637,267 | |||
Danaher Corporation | 20,778 | 4,941,840 | |||
Edwards Lifesciences Corporation † | 47,027 | 3,883,490 | |||
Hologic Incorporated † | 25,092 | 2,000,585 | |||
Medtronic plc | 72,769 | 8,101,373 | |||
Zimmer Biomet Holdings Incorporated | 19,297 | 2,965,370 | |||
30,524,411 | |||||
Health care providers & services: 3.18% | |||||
AmerisourceBergen Corporation | 31,751 | 3,308,454 | |||
Anthem Incorporated | 10,250 | 3,044,045 | |||
Cigna Corporation | 14,774 | 3,206,697 | |||
CVS Health Corporation | 45,098 | 3,231,272 | |||
Humana Incorporated | 6,590 | 2,524,695 | |||
McKesson Corporation | 33,224 | 5,796,591 | |||
UnitedHealth Group Incorporated | 28,026 | 9,348,913 | |||
30,460,667 | |||||
Health care technology: 0.50% | |||||
Veeva Systems Incorporated Class A † | 17,356 | 4,797,893 | |||
Life sciences tools & services: 0.57% | |||||
Thermo Fisher Scientific Incorporated | 10,775 | 5,492,018 | |||
Pharmaceuticals: 4.40% | |||||
Bristol-Myers Squibb Company | 120,986 | 7,432,170 | |||
Eli Lilly & Company | 18,278 | 3,801,276 | |||
Johnson & Johnson | 103,152 | 16,827,186 | |||
Merck & Company Incorporated | 100,585 | 7,752,086 | |||
Pfizer Incorporated | 166,867 | 5,990,525 | |||
Viatris Incorporated † | 20,704 | 351,761 | |||
42,155,004 | |||||
Industrials: 7.56% | |||||
Aerospace & defense: 1.23% | |||||
Lockheed Martin Corporation | 13,816 | 4,446,265 | |||
Northrop Grumman Corporation | 6,242 | 1,789,020 | |||
Raytheon Technologies Corporation | 71,721 | 4,785,942 | |||
The Boeing Company | 3,987 | 774,236 | |||
11,795,463 | |||||
Air freight & logistics: 1.07% | |||||
Expeditors International of Washington Incorporated | 28,846 | 2,582,294 | |||
FedEx Corporation | 12,657 | 2,978,698 | |||
United Parcel Service Incorporated Class B | 30,355 | 4,705,025 | |||
10,266,017 | |||||
Airlines: 0.35% | |||||
Delta Air Lines Incorporated | 77,827 | 2,954,313 | |||
United Airlines Holdings Incorporated † | 9,714 | 388,463 | |||
3,342,776 | |||||
Building products: 0.64% | |||||
Masco Corporation | 112,095 | 6,087,879 |
Shares | Value | ||||
Commercial services & supplies: 0.45% | |||||
Waste Management Incorporated | 38,862 | $ 4,326,118 | |||
Construction & engineering: 0.60% | |||||
Quanta Services Incorporated | 81,748 | 5,760,782 | |||
Electrical equipment: 0.64% | |||||
AMETEK Incorporated | 23,120 | 2,618,571 | |||
Eaton Corporation plc | 29,809 | 3,508,519 | |||
6,127,090 | |||||
Industrial conglomerates: 0.85% | |||||
General Electric Company | 243,804 | 2,603,827 | |||
Honeywell International Incorporated | 28,415 | 5,551,439 | |||
8,155,266 | |||||
Machinery: 1.20% | |||||
AGCO Corporation | 39,159 | 4,342,728 | |||
Cummins Incorporated | 21,315 | 4,996,662 | |||
Illinois Tool Works Incorporated | 11,334 | 2,201,176 | |||
11,540,566 | |||||
Road & rail: 0.30% | |||||
Union Pacific Corporation | 14,386 | 2,840,803 | |||
Trading companies & distributors: 0.23% | |||||
W.W. Grainger Incorporated | 6,109 | 2,226,059 | |||
Information technology: 27.86% | |||||
Communications equipment: 0.83% | |||||
Cisco Systems Incorporated | 178,658 | 7,964,574 | |||
Electronic equipment, instruments & components: 0.54% | |||||
Keysight Technologies Incorporated † | 19,603 | 2,775,589 | |||
Zebra Technologies Corporation Class A † | 6,234 | 2,417,732 | |||
5,193,321 | |||||
IT services: 4.13% | |||||
Accenture plc Class A | 21,608 | 5,227,407 | |||
CACI International Incorporated Class A † | 15,201 | 3,666,785 | |||
Cognizant Technology Solutions Corporation Class A | 10,363 | 807,796 | |||
International Business Machines Corporation | 18,410 | 2,192,815 | |||
MasterCard Incorporated Class A | 19,941 | 6,307,139 | |||
PayPal Holdings Incorporated † | 36,668 | 8,591,679 | |||
Visa Incorporated Class A | 66,068 | 12,767,641 | |||
39,561,262 | |||||
Semiconductors & semiconductor equipment: 5.88% | |||||
Applied Materials Incorporated | 68,026 | 6,576,754 | |||
Broadcom Incorporated | 21,403 | 9,642,052 | |||
Enphase Energy Incorporated † | 4,603 | 839,357 | |||
Intel Corporation | 119,222 | 6,618,013 | |||
Lam Research Corporation | 13,963 | 6,757,394 | |||
Micron Technology Incorporated † | 49,003 | 3,835,465 | |||
NVIDIA Corporation | 18,369 | 9,544,349 |
Shares | Value | ||||
Semiconductors & semiconductor equipment (continued) | |||||
Qorvo Incorporated † | 15,478 | $ 2,644,881 | |||
QUALCOMM Incorporated | 63,282 | 9,889,711 | |||
56,347,976 | |||||
Software: 9.41% | |||||
Adobe Incorporated † | 13,977 | 6,412,228 | |||
Cadence Design Systems Incorporated † | 36,840 | 4,803,568 | |||
Fortinet Incorporated † | 16,391 | 2,372,597 | |||
Intuit Incorporated | 16,201 | 5,852,287 | |||
Microsoft Corporation | 249,361 | 57,841,778 | |||
Oracle Corporation | 104,050 | 6,287,742 | |||
Salesforce.com Incorporated † | 29,031 | 6,548,232 | |||
90,118,432 | |||||
Technology hardware, storage & peripherals: 7.07% | |||||
Apple Incorporated | 492,309 | 64,965,096 | |||
HP Incorporated | 114,461 | 2,785,981 | |||
67,751,077 | |||||
Materials: 2.43% | |||||
Chemicals: 0.65% | |||||
Eastman Chemical Company | 22,379 | 2,200,975 | |||
LyondellBasell Industries NV Class A | 46,850 | 4,017,856 | |||
6,218,831 | |||||
Containers & packaging: 0.51% | |||||
Avery Dennison Corporation | 8,912 | 1,344,553 | |||
WestRock Company | 85,404 | 3,538,288 | |||
4,882,841 | |||||
Metals & mining: 1.27% | |||||
Newmont Corporation | 54,959 | 3,275,556 | |||
Nucor Corporation | 75,754 | 3,691,492 | |||
Reliance Steel & Aluminum Company | 44,512 | 5,166,953 | |||
12,134,001 | |||||
Real estate: 2.52% | |||||
Equity REITs: 2.52% | |||||
Alexandria Real Estate Equities Incorporated | 21,708 | 3,627,624 | |||
American Tower Corporation | 16,829 | 3,826,241 | |||
Crown Castle International Corporation | 7,370 | 1,173,746 | |||
CyrusOne Incorporated | 28,226 | 2,059,087 | |||
Equinix Incorporated | 3,148 | 2,329,394 | |||
Essex Property Trust Incorporated | 7,235 | 1,733,578 | |||
Prologis Incorporated | 66,313 | 6,843,502 | |||
SBA Communications Corporation | 6,231 | 1,674,083 | |||
VICI Properties Incorporated | 34,766 | 878,884 | |||
24,146,139 | |||||
Utilities: 2.06% | |||||
Electric utilities: 0.93% | |||||
Eversource Energy | 18,844 | 1,648,850 |
Shares | Value | ||||
Electric utilities (continued) | |||||
NRG Energy Incorporated | 114,422 | $ 4,738,215 | |||
The Southern Company | 42,940 | 2,530,025 | |||
8,917,090 | |||||
Independent power & renewable electricity producers: 0.39% | |||||
AES Corporation | 154,522 | 3,768,792 | |||
Multi-utilities: 0.74% | |||||
Dominion Energy Incorporated | 34,800 | 2,536,572 | |||
Sempra Energy | 36,732 | 4,545,952 | |||
7,082,524 | |||||
Total Common stocks (Cost $520,558,402) | 932,847,948 |
Yield | |||||
Short-term investments: 0.94% | |||||
Investment companies: 0.94% | |||||
Wells Fargo Government Money Market Fund Select Class ♠∞ | 0.03% | 9,032,084 | 9,032,084 | ||
Total Short-term investments (Cost $9,032,084) | 9,032,084 | ||||
Total investments in securities (Cost $529,590,486) | 98.30% | 941,880,032 | |||
Other assets and liabilities, net | 1.70 | 16,307,664 | |||
Total net assets | 100.00% | $958,187,696 |
† | Non-income-earning security |
♠ | The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
∞ | The rate represents the 7-day annualized yield at period end. |
Abbreviations: | |
REIT | Real estate investment trust |
Value, beginning of period | Purchases | Sales proceeds | Net realized gains (losses) | Net change in unrealized gains (losses) | Value, end of period | % of net assets | Shares, end of period | Income from affiliated securities | ||||
Short-term investments | ||||||||||||
Investment companies | ||||||||||||
Securities Lending Cash Investments LLC* | $ 0 | $ 15,066,995 | $ (15,066,995) | $0 | $0 | $ 0 | 0 | $ 915# | ||||
Wells Fargo Government Money Market Fund Select Class | 15,915,451 | 118,066,643 | (124,950,010) | 0 | 0 | 9,032,084 | 9,032,084 | 3,649 | ||||
$0 | $0 | $9,032,084 | 0.94% | $4,564 |
* | No longer held at the end of period. |
# | Amount shown represents income before fees and rebates. |
Description | Number of contracts | Expiration date | Notional cost | Notional value | Unrealized gains | Unrealized losses |
Long | ||||||
E-Mini S&P 500 Index | 117 | 3-19-2021 | $21,609,981 | $21,675,420 | $65,439 | $0 |
Assets | |
Investments in unaffiliated securities, at value (cost $520,558,402) | $ 932,847,948 |
Investments in affiliated securites, at value (cost $9,032,084) | 9,032,084 |
Receivable for investments sold | 14,856,339 |
Segregated cash for futures contracts | 1,916,504 |
Receivable for dividends | 956,250 |
Receivable for Fund shares sold | 291,635 |
Receivable for securities lending income, net | 98 |
Prepaid expenses and other assets | 219,863 |
Total assets | 960,120,721 |
Liabilities | |
Payable for Fund shares redeemed | 1,218,819 |
Management fee payable | 286,739 |
Payable for daily variation margin on open futures contracts | 141,109 |
Administration fees payable | 118,520 |
Shareholder servicing fees payable | 115,804 |
Distribution fees payable | 16,061 |
Trustees’ fees and expenses payable | 2,229 |
Accrued expenses and other liabilities | 33,744 |
Total liabilities | 1,933,025 |
Total net assets | $958,187,696 |
Net assets consist of | |
Paid-in capital | $ 515,565,899 |
Total distributable earnings | 442,621,797 |
Total net assets | $958,187,696 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 454,224,921 |
Shares outstanding – Class A1 | 23,838,299 |
Net asset value per share – Class A | $19.05 |
Maximum offering price per share – Class A2 | $20.21 |
Net assets – Class C | $ 25,691,194 |
Shares outstanding – Class C1 | 1,469,166 |
Net asset value per share – Class C | $17.49 |
Net assets – Class R | $ 3,810,889 |
Shares outstanding – Class R1 | 198,090 |
Net asset value per share – Class R | $19.24 |
Net assets – Class R6 | $ 279,330,315 |
Shares outstanding – Class R61 | 14,259,146 |
Net asset value per share – Class R6 | $19.59 |
Net assets – Administrator Class | $ 44,962,142 |
Shares outstanding – Administrator Class1 | 2,283,130 |
Net asset value per share – Administrator Class | $19.69 |
Net assets – Institutional Class | $ 150,168,235 |
Shares outstanding – Institutional Class1 | 7,744,773 |
Net asset value per share – Institutional Class | $19.39 |
1 | The 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. |
Investment income | |
Dividends | $ 8,322,029 |
Income from affiliated securities | 6,702 |
Interest | 127 |
Total investment income | 8,328,858 |
Expenses | |
Management fee | 1,643,225 |
Administration fees | |
Class A | 465,447 |
Class C | 29,284 |
Class R | 3,900 |
Class R6 | 39,874 |
Administrator Class | 32,289 |
Institutional Class | 96,594 |
Shareholder servicing fees | |
Class A | 554,103 |
Class C | 34,861 |
Class R | 4,642 |
Administrator Class | 62,020 |
Distribution fees | |
Class C | 104,416 |
Class R | 4,627 |
Custody and accounting fees | 32,041 |
Professional fees | 28,245 |
Registration fees | 60,807 |
Shareholder report expenses | 39,818 |
Trustees’ fees and expenses | 9,707 |
Other fees and expenses | 61,215 |
Total expenses | 3,307,115 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (23,200) |
Class A | (10,923) |
Class C | (1) |
Class R6 | (1,347) |
Administrator Class | (6,012) |
Institutional Class | (18,371) |
Net expenses | 3,247,261 |
Net investment income | 5,081,597 |
Realized and unrealized gains (losses) on investments | |
Net realized gains on | |
Unaffiliated securities | 29,665,874 |
Futures contracts | 4,120,959 |
Net realized gains on investments | 33,786,833 |
Net change in unrealized gains (losses) on | |
Unaffiliated securities | 88,689,199 |
Futures contracts | (387,485) |
Net change in unrealized gains (losses) on investments | 88,301,714 |
Net realized and unrealized gains (losses) on investments | 122,088,547 |
Net increase in net assets resulting from operations | 127,170,144 |
Six months ended January 31, 2021 (unaudited) | Year ended July 31, 2020 | |||
Operations | ||||
Net investment income | $ 5,081,597 | $ 14,329,632 | ||
Net realized gains on investments | 33,786,833 | 71,533,398 | ||
Net change in unrealized gains (losses) on investments | 88,301,714 | (1,368,802) | ||
Net increase in net assets resulting from operations | 127,170,144 | 84,494,228 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (40,144,770) | (18,684,889) | ||
Class C | (2,202,870) | (1,266,022) | ||
Class R | (330,477) | (125,676) | ||
Class R6 | (25,321,636) | (13,828,583) | ||
Administrator Class | (4,226,866) | (2,526,202) | ||
Institutional Class | (13,403,739) | (9,162,742) | ||
Total distributions to shareholders | (85,630,358) | (45,594,114) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 756,009 | 14,674,357 | 1,168,491 | 19,900,273 |
Class C | 25,341 | 442,408 | 95,422 | 1,502,772 |
Class R | 9,380 | 183,707 | 46,128 | 784,721 |
Class R6 | 1,540,816 | 31,096,173 | 2,828,938 | 48,881,704 |
Administrator Class | 66,620 | 1,315,627 | 204,842 | 3,475,476 |
Institutional Class | 642,410 | 12,695,119 | 1,095,326 | 19,014,160 |
60,407,391 | 93,559,106 | |||
Reinvestment of distributions | ||||
Class A | 1,978,592 | 37,660,982 | 983,735 | 17,558,389 |
Class C | 123,928 | 2,147,585 | 71,599 | 1,167,986 |
Class R | 17,031 | 327,043 | 6,899 | 124,243 |
Class R6 | 1,222,488 | 23,967,764 | 704,180 | 12,911,375 |
Administrator Class | 190,727 | 3,751,963 | 122,596 | 2,255,074 |
Institutional Class | 620,802 | 12,045,656 | 466,052 | 8,456,868 |
79,900,993 | 42,473,935 | |||
Payment for shares redeemed | ||||
Class A | (2,003,635) | (38,621,292) | (4,165,810) | (70,522,271) |
Class C | (424,689) | (7,535,073) | (864,975) | (13,589,760) |
Class R | (19,151) | (373,796) | (41,436) | (711,640) |
Class R6 | (2,027,615) | (40,137,643) | (9,188,798) | (160,807,048) |
Administrator Class | (671,075) | (13,361,938) | (934,084) | (15,485,846) |
Institutional Class | (1,432,768) | (27,867,766) | (9,902,961) | (170,810,159) |
(127,897,508) | (431,926,724) | |||
Net increase (decrease) in net assets resulting from capital share transactions | 12,410,876 | (295,893,683) | ||
Total increase (decrease) in net assets | 53,950,662 | (256,993,569) | ||
Net assets | ||||
Beginning of period | 904,237,034 | 1,161,230,603 | ||
End of period | $ 958,187,696 | $ 904,237,034 |
Year ended July 31 | ||||||
Class A | Six months ended January 31, 2021 (unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 |
Net asset value, beginning of period | $18.22 | $17.29 | $17.70 | $16.30 | $14.50 | $15.45 |
Net investment income | 0.08 | 0.23 | 0.25 | 0.24 | 0.22 | 0.21 |
Net realized and unrealized gains on investments | 2.52 | 1.47 | 0.38 | 1.90 | 1.94 | 0.47 |
Total from investment operations | 2.60 | 1.70 | 0.63 | 2.14 | 2.16 | 0.68 |
Distributions to shareholders from | ||||||
Net investment income | (0.33) | (0.33) | (0.19) | (0.15) | (0.15) | (0.19) |
Net realized gains | (1.44) | (0.44) | (0.85) | (0.59) | (0.21) | (1.44) |
Total distributions to shareholders | (1.77) | (0.77) | (1.04) | (0.74) | (0.36) | (1.63) |
Net asset value, end of period | $19.05 | $18.22 | $17.29 | $17.70 | $16.30 | $14.50 |
Total return1 | 14.39% | 9.97% | 4.31% | 13.28% | 15.12% | 5.22% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.86% | 0.86% | 0.84% | 0.83% | 0.85% | 0.87% |
Net expenses | 0.85% | 0.85% | 0.84% | 0.83% | 0.85% | 0.87% |
Net investment income | 0.92% | 1.25% | 1.40% | 1.33% | 1.45% | 1.60% |
Supplemental data | ||||||
Portfolio turnover rate | 18% | 50% | 63% | 73% | 60% | 52% |
Net assets, end of period (000s omitted) | $454,225 | $421,005 | $434,367 | $480,602 | $467,491 | $412,629 |
1 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
Year ended July 31 | ||||||
Class C | Six months ended January 31, 2021 (unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 |
Net asset value, beginning of period | $16.70 | $15.85 | $16.28 | $15.04 | $13.45 | $14.50 |
Net investment income | 0.03 | 0.11 | 0.12 | 0.09 | 0.10 | 0.14 |
Net realized and unrealized gains on investments | 2.30 | 1.32 | 0.35 | 1.76 | 1.79 | 0.38 |
Total from investment operations | 2.33 | 1.43 | 0.47 | 1.85 | 1.89 | 0.52 |
Distributions to shareholders from | ||||||
Net investment income | (0.10) | (0.14) | (0.05) | (0.02) | (0.09) | (0.13) |
Net realized gains | (1.44) | (0.44) | (0.85) | (0.59) | (0.21) | (1.44) |
Total distributions to shareholders | (1.54) | (0.58) | (0.90) | (0.61) | (0.30) | (1.57) |
Net asset value, end of period | $17.49 | $16.70 | $15.85 | $16.28 | $15.04 | $13.45 |
Total return1 | 14.08% | 9.09% | 3.59% | 12.41% | 12.41% | 4.43% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.61% | 1.60% | 1.59% | 1.58% | 1.60% | 1.62% |
Net expenses | 1.61% | 1.60% | 1.59% | 1.58% | 1.60% | 1.62% |
Net investment income | 0.17% | 0.51% | 0.66% | 0.58% | 0.69% | 0.82% |
Supplemental data | ||||||
Portfolio turnover rate | 18% | 50% | 63% | 73% | 60% | 52% |
Net assets, end of period (000s omitted) | $25,691 | $29,141 | $38,708 | $52,647 | $54,054 | $46,801 |
1 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
Year ended July 31 | ||||||
Class R | Six months ended January 31, 2021 (unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 1 |
Net asset value, beginning of period | $18.38 | $17.44 | $17.88 | $16.51 | $14.77 | $14.62 |
Net investment income | 0.06 | 0.18 | 0.19 2 | 0.18 2 | 0.17 2 | 0.13 2 |
Net realized and unrealized gains on investments | 2.54 | 1.49 | 0.41 | 1.94 | 1.99 | 1.72 |
Total from investment operations | 2.60 | 1.67 | 0.60 | 2.12 | 2.16 | 1.85 |
Distributions to shareholders from | ||||||
Net investment income | (0.30) | (0.29) | (0.19) | (0.16) | (0.21) | (0.26) |
Net realized gains | (1.44) | (0.44) | (0.85) | (0.59) | (0.21) | (1.44) |
Total distributions to shareholders | (1.74) | (0.73) | (1.04) | (0.75) | (0.42) | (1.70) |
Net asset value, end of period | $19.24 | $18.38 | $17.44 | $17.88 | $16.51 | $14.77 |
Total return3 | 14.28% | 9.68% | 4.07% | 12.97% | 14.86% | 13.56% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.11% | 1.10% | 1.09% | 1.08% | 1.10% | 1.12% |
Net expenses | 1.11% | 1.10% | 1.09% | 1.08% | 1.10% | 1.12% |
Net investment income | 0.66% | 0.97% | 1.15% | 1.04% | 1.10% | 1.12% |
Supplemental data | ||||||
Portfolio turnover rate | 18% | 50% | 63% | 73% | 60% | 52% |
Net assets, end of period (000s omitted) | $3,811 | $3,507 | $3,126 | $3,298 | $2,001 | $201 |
1 | For the period from September 30, 2015 (commencement of class operations) to July 31, 2016 |
2 | Calculated based upon average shares outstanding |
3 | Returns for periods of less than one year are not annualized. |
Year ended July 31 | ||||||
Class R6 | Six months ended January 31, 2021 (unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 1 |
Net asset value, beginning of period | $18.72 | $17.76 | $18.17 | $16.71 | $14.86 | $14.62 |
Net investment income | 0.13 2 | 0.31 | 0.32 | 0.30 2 | 0.28 2 | 0.22 2 |
Net realized and unrealized gains on investments | 2.60 | 1.51 | 0.40 | 1.97 | 1.99 | 1.72 |
Total from investment operations | 2.73 | 1.82 | 0.72 | 2.27 | 2.27 | 1.94 |
Distributions to shareholders from | ||||||
Net investment income | (0.42) | (0.42) | (0.28) | (0.22) | (0.21) | (0.26) |
Net realized gains | (1.44) | (0.44) | (0.85) | (0.59) | (0.21) | (1.44) |
Total distributions to shareholders | (1.86) | (0.86) | (1.13) | (0.81) | (0.42) | (1.70) |
Net asset value, end of period | $19.59 | $18.72 | $17.76 | $18.17 | $16.71 | $14.86 |
Total return3 | 14.70% | 10.39% | 4.77% | 13.78% | 15.56% | 14.24% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.43% | 0.43% | 0.41% | 0.40% | 0.42% | 0.44% |
Net expenses | 0.43% | 0.42% | 0.41% | 0.40% | 0.42% | 0.43% |
Net investment income | 1.35% | 1.70% | 1.84% | 1.71% | 1.77% | 1.88% |
Supplemental data | ||||||
Portfolio turnover rate | 18% | 50% | 63% | 73% | 60% | 52% |
Net assets, end of period (000s omitted) | $279,330 | $253,223 | $340,606 | $445,678 | $41,770 | $4,024 |
1 | For the period from September 30, 2015 (commencement of class operations) to July 31, 2016 |
2 | Calculated based upon average shares outstanding |
3 | Returns for periods of less than one year are not annualized. |
Year ended July 31 | ||||||
Administrator Class | Six months ended January 31, 2021 (unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 |
Net asset value, beginning of period | $18.78 | $17.80 | $18.17 | $16.71 | $14.85 | $15.80 |
Net investment income | 0.10 1 | 0.24 1 | 0.26 1 | 0.25 1 | 0.25 1 | 0.24 1 |
Net realized and unrealized gains on investments | 2.60 | 1.53 | 0.41 | 1.97 | 1.98 | 0.48 |
Total from investment operations | 2.70 | 1.77 | 0.67 | 2.22 | 2.23 | 0.72 |
Distributions to shareholders from | ||||||
Net investment income | (0.35) | (0.35) | (0.19) | (0.17) | (0.16) | (0.23) |
Net realized gains | (1.44) | (0.44) | (0.85) | (0.59) | (0.21) | (1.44) |
Total distributions to shareholders | (1.79) | (0.79) | (1.04) | (0.76) | (0.37) | (1.67) |
Net asset value, end of period | $19.69 | $18.78 | $17.80 | $18.17 | $16.71 | $14.85 |
Total return2 | 14.49% | 10.08% | 4.43% | 13.40% | 15.24% | 5.36% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.78% | 0.77% | 0.76% | 0.75% | 0.77% | 0.78% |
Net expenses | 0.74% | 0.74% | 0.74% | 0.74% | 0.74% | 0.74% |
Net investment income | 1.05% | 1.37% | 1.50% | 1.42% | 1.60% | 1.71% |
Supplemental data | ||||||
Portfolio turnover rate | 18% | 50% | 63% | 73% | 60% | 52% |
Net assets, end of period (000s omitted) | $44,962 | $50,655 | $58,808 | $94,058 | $94,294 | $116,807 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
Year ended July 31 | ||||||
Institutional Class | Six months ended January 31, 2021 (unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 |
Net asset value, beginning of period | $18.54 | $17.57 | $17.98 | $16.55 | $14.72 | $15.66 |
Net investment income | 0.13 1 | 0.29 1 | 0.30 1 | 0.28 | 0.27 1 | 0.28 1 |
Net realized and unrealized gains on investments | 2.56 | 1.51 | 0.40 | 1.95 | 1.98 | 0.47 |
Total from investment operations | 2.69 | 1.80 | 0.70 | 2.23 | 2.25 | 0.75 |
Distributions to shareholders from | ||||||
Net investment income | (0.40) | (0.39) | (0.26) | (0.21) | (0.21) | (0.25) |
Net realized gains | (1.44) | (0.44) | (0.85) | (0.59) | (0.21) | (1.44) |
Total distributions to shareholders | (1.84) | (0.83) | (1.11) | (0.80) | (0.42) | (1.69) |
Net asset value, end of period | $19.39 | $18.54 | $17.57 | $17.98 | $16.55 | $14.72 |
Total return2 | 14.62% | 10.39% | 4.69% | 13.65% | 15.51% | 5.64% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.53% | 0.52% | 0.51% | 0.50% | 0.52% | 0.54% |
Net expenses | 0.48% | 0.48% | 0.48% | 0.48% | 0.48% | 0.48% |
Net investment income | 1.29% | 1.67% | 1.77% | 1.67% | 1.76% | 1.96% |
Supplemental data | ||||||
Portfolio turnover rate | 18% | 50% | 63% | 73% | 60% | 52% |
Net assets, end of period (000s omitted) | $150,168 | $146,707 | $285,616 | $411,988 | $353,573 | $163,674 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
Gross unrealized gains | $421,205,631 |
Gross unrealized losses | (9,881,266) |
Net unrealized gains | $411,324,365 |
■ | 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) |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Common stocks | ||||
Communication services | $ 96,968,737 | $0 | $0 | $ 96,968,737 |
Consumer discretionary | 121,919,925 | 0 | 0 | 121,919,925 |
Consumer staples | 53,064,548 | 0 | 0 | 53,064,548 |
Energy | 20,538,297 | 0 | 0 | 20,538,297 |
Financials | 100,645,817 | 0 | 0 | 100,645,817 |
Health care | 133,154,945 | 0 | 0 | 133,154,945 |
Industrials | 72,468,819 | 0 | 0 | 72,468,819 |
Information technology | 266,936,642 | 0 | 0 | 266,936,642 |
Materials | 23,235,673 | 0 | 0 | 23,235,673 |
Real estate | 24,146,139 | 0 | 0 | 24,146,139 |
Utilities | 19,768,406 | 0 | 0 | 19,768,406 |
Short-term investments | ||||
Investment companies | 9,032,084 | 0 | 0 | 9,032,084 |
941,880,032 | 0 | 0 | 941,880,032 | |
Futures contracts | 65,439 | 0 | 0 | 65,439 |
Total assets | $941,945,471 | $0 | $0 | $941,945,471 |
Average daily net assets | Management fee |
First $1 billion | 0.350% |
Next $4 billion | 0.325 |
Next $5 billion | 0.290 |
Over $10 billion | 0.280 |
Class-level administration fee | |
Class A | 0.21% |
Class C | 0.21 |
Class R | 0.21 |
Class R6 | 0.03 |
Administrator Class | 0.13 |
Institutional Class | 0.13 |
Expense ratio caps | |
Class A | 0.87% |
Class C | 1.62 |
Class R | 1.12 |
Class R6 | 0.43 |
Administrator Class | 0.74 |
Institutional Class | 0.48 |
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 also an inactive Chartered Financial Analyst. | N/A |
Isaiah Harris, Jr. (Born 1952) | Trustee, since 2009; Audit Committee Chair, 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). Mr. Harris is a certified public accountant (inactive status). | CIGNA Corporation |
Judith M. Johnson (Born 1949) | Trustee, since 2008 | 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 (Emeritus), 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 |
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 Chair, 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; Chair, 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 January 2020; previously Trustee from January 2018 to July 2019 | Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Interim President of the McKnight Foundation from January to September 2020. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Human Services Manager (part-time), Minnesota Department of Human Services, October 2019 through December 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 |
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 DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Fund Complex) | 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. |
Michelle Rhee (Born 1966) | Chief Legal Officer, since 2019 | Secretary of Wells Fargo Funds Management, LLC and Chief Legal Counsel of Wells Fargo Asset Management since 2018. Deputy General Counsel of Wells Fargo Bank, N.A. since 2020 and Assistant General Counsel of Wells Fargo Bank, N.A. from 2018 to 2020. Associate General Counsel and Managing Director of Bank of America Corporation from 2004 to 2018. |
Catherine Kennedy (Born 1969) | Secretary, since 2019 | Vice President of Wells Fargo Funds Management, LLC and Senior Counsel of the Wells Fargo Legal Department since 2010. Vice President and Senior Counsel of Evergreen Investment Management Company, LLC from 1998 to 2010. |
Michael H. Whitaker (Born 1967) | Chief Compliance Officer, since 2016 | Chief Compliance Officer of Wells Fargo Asset Management since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016. |
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P.O. Box 219967
Kansas City, MO 64121-9967
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SA203/SAR203 01-21
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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 and emerging markets, excluding the United States. 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. |
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. |
3 | The MSCI Emerging Markets (EM) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index. |
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. |
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. |
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. |
5 | The Bloomberg Barclays Global Aggregate ex-USD Index (unhedged) 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. |
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. |
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. |
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. |
7 | The ICE BofA 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 2021. ICE Data Indices, LLC. All rights reserved. |
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President
Wells Fargo Funds
Christopher J. Warner, CFA®‡
Including sales charge | Excluding sales charge | Expense ratios1 (%) | |||||||||
Inception date | 1 year | 5 year | 10 year | 1 year | 5 year | 10 year | Gross | Net 2 | |||
Class A (STAEX) | 12-29-2000 | 22.37 | 21.15 | 14.87 | 29.79 | 22.60 | 15.55 | 1.26 | 1.03 | ||
Class C (WECCX) | 12-29-2000 | 27.94 | 21.66 | 14.68 | 28.94 | 21.66 | 14.68 | 2.01 | 1.78 | ||
Class R6 (WECRX)3 | 9-20-2019 | – | – | – | 30.40 | 23.11 | 16.04 | 0.83 | 0.60 | ||
Administrator Class (WECDX) | 4-8-2005 | – | – | – | 30.24 | 22.86 | 15.82 | 1.18 | 0.94 | ||
Institutional Class (WFCIX) | 4-8-2005 | – | – | – | 30.23 | 23.05 | 16.01 | 0.93 | 0.70 | ||
Russell 1000® Growth Index4 | – | – | – | – | 34.46 | 22.22 | 16.83 | – | – |
Ten largest holdings (%) as of January 31, 20215 | |
Microsoft Corporation | 9.74 |
Amazon.com Incorporated | 9.57 |
Alphabet Incorporated Class A | 5.98 |
PayPal Holdings Incorporated | 4.19 |
Visa Incorporated Class A | 4.18 |
UnitedHealth Group Incorporated | 3.72 |
ServiceNow Incorporated | 3.68 |
MercadoLibre Incorporated | 3.47 |
The Home Depot Incorporated | 2.91 |
The Sherwin-Williams Company | 2.78 |
Sector allocation as of January 31, 20216 |
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‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
1 | Reflects the expense ratios as stated in the most recent prospectuses. 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 contractually committed through November 30, 2021, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.03% for Class A, 1.78% for Class C, 0.60% for Class R6, 0.94% for Administrator Class, and 0.70% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, 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 the Class R6 shares prior to their inception reflects the performance of the Institutional Class shares, and is not adjusted to reflect the Class R6 expenses. If these expenses had been included, returns for the Class R6 would be higher. |
4 | The Russell 1000® Growth Index measures the performance of those Russell 1000 companies with higher price/book ratios and higher forecasted growth values. You cannot invest directly in an index. |
5 | Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified. |
6 | Figures represent the percentage of the Fund's long-term investments. These amounts are subject to change and may have changed since the date specified. |
Beginning account value 8-1-2020 | Ending account value 1-31-2021 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $1,134.67 | $5.43 | 1.01% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.11 | $5.14 | 1.01% |
Class C | ||||
Actual | $1,000.00 | $1,130.10 | $9.56 | 1.78% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,016.23 | $9.05 | 1.78% |
Class R6 | ||||
Actual | $1,000.00 | $1,137.74 | $3.23 | 0.60% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.18 | $3.06 | 0.60% |
Administrator Class | ||||
Actual | $1,000.00 | $1,137.47 | $5.06 | 0.94% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.47 | $4.79 | 0.94% |
Institutional Class | ||||
Actual | $1,000.00 | $1,136.04 | $3.77 | 0.70% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.68 | $3.57 | 0.70% |
Shares | Value | ||||
Common stocks: 99.06% | |||||
Communication services: 11.16% | |||||
Entertainment: 2.55% | |||||
Netflix Incorporated † | 13,400 | $ 7,134,026 | |||
Interactive media & services: 6.67% | |||||
Alphabet Incorporated Class A † | 9,157 | 16,733,136 | |||
Alphabet Incorporated Class C † | 1,050 | 1,927,527 | |||
18,660,663 | |||||
Media: 1.94% | |||||
Match Group Incorporated † | 38,886 | 5,438,596 | |||
Consumer discretionary: 21.73% | |||||
Auto components: 1.82% | |||||
Aptiv plc | 38,150 | 5,096,840 | |||
Automobiles: 1.47% | |||||
Ferrari NV | 19,800 | 4,121,964 | |||
Hotels, restaurants & leisure: 2.49% | |||||
Chipotle Mexican Grill Incorporated † | 4,700 | 6,956,000 | |||
Internet & direct marketing retail: 13.04% | |||||
Amazon.com Incorporated † | 8,358 | 26,797,420 | |||
MercadoLibre Incorporated † | 5,450 | 9,698,330 | |||
36,495,750 | |||||
Specialty retail: 2.91% | |||||
The Home Depot Incorporated | 30,116 | 8,156,015 | |||
Financials: 4.63% | |||||
Capital markets: 4.63% | |||||
Intercontinental Exchange Incorporated | 67,590 | 7,458,557 | |||
S&P Global Incorporated | 17,341 | 5,497,097 | |||
12,955,654 | |||||
Health care: 14.07% | |||||
Biotechnology: 1.85% | |||||
Exact Sciences Corporation † | 37,800 | 5,184,648 | |||
Health care equipment & supplies: 8.50% | |||||
Alcon Incorporated † | 86,750 | 6,220,843 | |||
DexCom Incorporated † | 17,550 | 6,578,618 | |||
Edwards Lifesciences Corporation † | 52,150 | 4,306,547 | |||
Intuitive Surgical Incorporated † | 8,950 | 6,691,378 | |||
23,797,386 | |||||
Health care providers & services: 3.72% | |||||
UnitedHealth Group Incorporated | 31,247 | 10,423,374 |
Shares | Value | ||||
Industrials: 6.69% | |||||
Air freight & logistics: 1.75% | |||||
United Parcel Service Incorporated Class B | 31,700 | $ 4,913,500 | |||
Commercial services & supplies: 2.49% | |||||
Waste Connections Incorporated | 70,840 | 6,978,448 | |||
Road & rail: 2.45% | |||||
Union Pacific Corporation | 34,700 | 6,852,209 | |||
Information technology: 34.46% | |||||
Communications equipment: 1.53% | |||||
Motorola Solutions Incorporated | 25,600 | 4,289,280 | |||
IT services: 13.59% | |||||
Fiserv Incorporated † | 66,794 | 6,859,076 | |||
MongoDB Incorporated † | 21,000 | 7,761,810 | |||
PayPal Holdings Incorporated † | 50,100 | 11,738,931 | |||
Visa Incorporated Class A | 60,528 | 11,697,036 | |||
38,056,853 | |||||
Software: 19.34% | |||||
Atlassian Corporation plc Class A † | 27,800 | 6,425,414 | |||
Autodesk Incorporated † | 22,000 | 6,103,460 | |||
Microsoft Corporation | 117,581 | 27,274,087 | |||
ServiceNow Incorporated † | 18,980 | 10,309,177 | |||
Unity Software Incorporated †« | 26,916 | 4,032,555 | |||
54,144,693 | |||||
Materials: 4.68% | |||||
Chemicals: 4.68% | |||||
Air Products & Chemicals Incorporated | 19,900 | 5,308,524 | |||
The Sherwin-Williams Company | 11,250 | 7,782,750 | |||
13,091,274 | |||||
Real estate: 1.64% | |||||
Equity REITs: 1.64% | |||||
SBA Communications Corporation | 17,100 | 4,594,257 | |||
Total Common stocks (Cost $115,087,481) | 277,341,430 |
Yield | |||||
Short-term investments: 2.26% | |||||
Investment companies: 2.26% | |||||
Securities Lending Cash Investments LLC ♠∩∞ | 0.10% | 4,205,250 | 4,205,250 | ||
Wells Fargo Government Money Market Fund Select Class ♠∞ | 0.03 | 2,115,431 | 2,115,431 | ||
Total Short-term investments (Cost $6,320,681) | 6,320,681 | ||||
Total investments in securities (Cost $121,408,162) | 101.32% | 283,662,111 | |||
Other assets and liabilities, net | (1.32) | (3,686,556) | |||
Total net assets | 100.00% | $279,975,555 |
† | Non-income-earning security |
« | All or a portion of this security is on loan. |
♠ | The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
∩ | The investment is a non-registered investment company purchased with cash collateral received from securities on loan. |
∞ | The rate represents the 7-day annualized yield at period end. |
Abbreviations: | |
REIT | Real estate investment trust |
Value, beginning of period | Purchases | Sales proceeds | Net realized gains (losses) | Net change in unrealized gains (losses) | Value, end of period | % of net assets | Shares, end of period | Income from affiliated securities | ||||
Short-term investments | ||||||||||||
Investment companies | ||||||||||||
Securities Lending Cash Investments LLC | $ 0 | $15,725,735 | $(11,520,485) | $0 | $0 | $ 4,205,250 | 4,205,250 | $ 1,382# | ||||
Wells Fargo Government Money Market Fund Select Class | 12,402,416 | 23,058,368 | (33,345,353) | 0 | 0 | 2,115,431 | 2,115,431 | 683 | ||||
$0 | $0 | $6,320,681 | 2.26% | $2,065 |
# | Amount shown represents income before fees and rebates. |
Assets | |
Investments in unaffiliated securities (including $4,116,606 of securities loaned), at value (cost $115,087,481) | $ 277,341,430 |
Investments in affiliated securites, at value (cost $6,320,681) | 6,320,681 |
Receivable for investments sold | 950,894 |
Receivable for Fund shares sold | 409,602 |
Receivable for dividends | 35,195 |
Receivable for securities lending income, net | 1,777 |
Prepaid expenses and other assets | 133,488 |
Total assets | 285,193,067 |
Liabilities | |
Payable upon receipt of securities loaned | 4,205,250 |
Payable for Fund shares redeemed | 533,610 |
Payable for investments purchased | 266,679 |
Management fee payable | 119,452 |
Administration fees payable | 37,620 |
Distribution fee payable | 3,872 |
Trustees’ fees and expenses payable | 2,640 |
Accrued expenses and other liabilities | 48,389 |
Total liabilities | 5,217,512 |
Total net assets | $279,975,555 |
Net assets consist of | |
Paid-in capital | $ 107,839,822 |
Total distributable earnings | 172,135,733 |
Total net assets | $279,975,555 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 129,876,790 |
Shares outstanding – Class A1 | 12,940,474 |
Net asset value per share – Class A | $10.04 |
Maximum offering price per share – Class A2 | $10.65 |
Net assets – Class C | $ 5,932,758 |
Shares outstanding – Class C1 | 1,190,961 |
Net asset value per share – Class C | $4.98 |
Net assets – Class R6 | $ 41,129,810 |
Shares outstanding – Class R61 | 3,411,528 |
Net asset value per share – Class R6 | $12.06 |
Net assets – Administrator Class | $ 10,677,665 |
Shares outstanding – Administrator Class1 | 949,080 |
Net asset value per share – Administrator Class | $11.25 |
Net assets – Institutional Class | $ 92,358,532 |
Shares outstanding – Institutional Class1 | 7,675,555 |
Net asset value per share – Institutional Class | $12.03 |
1 | The 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. |
Investment income | |
Dividends (net of foreign withholdings taxes of $6,632) | $ 740,220 |
Income from affiliated securities | 6,107 |
Total investment income | 746,327 |
Expenses | |
Management fee | 976,157 |
Administration fees | |
Class A | 134,462 |
Class C | 6,744 |
Class R6 | 6,722 |
Administrator Class | 6,507 |
Institutional Class | 58,238 |
Shareholder servicing fees | |
Class A | 160,074 |
Class C | 8,028 |
Administrator Class | 12,513 |
Distribution fee | |
Class C | 24,085 |
Custody and accounting fees | 9,936 |
Professional fees | 23,337 |
Registration fees | 48,635 |
Shareholder report expenses | 25,899 |
Trustees’ fees and expenses | 9,707 |
Other fees and expenses | 12,753 |
Total expenses | 1,523,797 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (311,564) |
Class A | (12,477) |
Administrator Class | (500) |
Net expenses | 1,199,256 |
Net investment loss | (452,929) |
Realized and unrealized gains (losses) on investments | |
Net realized gains on investments | 16,812,563 |
Net change in unrealized gains (losses) on investments | 18,632,662 |
Net realized and unrealized gains (losses) on investments | 35,445,225 |
Net increase in net assets resulting from operations | 34,992,296 |
Six months ended January 31, 2021 (unaudited) | Year ended July 31, 2020 | |||
Operations | ||||
Net investment loss | $ (452,929) | $ (247,318) | ||
Net realized gains on investments | 16,812,563 | 18,984,175 | ||
Net change in unrealized gains (losses) on investments | 18,632,662 | 39,967,714 | ||
Net increase in net assets resulting from operations | 34,992,296 | 58,704,571 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (10,518,393) | (9,193,804) | ||
Class C | (883,514) | (639,884) | ||
Class R6 | (2,734,798) | (3,817,296) 1 | ||
Administrator Class | (764,611) | (594,711) | ||
Institutional Class | (6,195,904) | (5,072,891) | ||
Total distributions to shareholders | (21,097,220) | (19,318,586) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 611,886 | 6,242,989 | 2,464,894 | 20,299,260 |
Class C | 98,313 | 517,454 | 659,230 | 2,859,235 |
Class R6 | 403,210 | 4,740,428 | 6,365,048 1 | 60,326,316 1 |
Administrator Class | 140,387 | 1,575,292 | 256,326 | 2,382,284 |
Institutional Class | 697,768 | 8,303,242 | 4,348,587 | 41,589,495 |
21,379,405 | 127,456,590 | |||
Reinvestment of distributions | ||||
Class A | 1,050,716 | 10,276,001 | 1,136,944 | 8,970,487 |
Class C | 181,793 | 883,514 | 145,449 | 621,069 |
Class R6 | 232,545 | 2,730,078 | 410,012 1 | 3,813,107 1 |
Administrator Class | 69,407 | 760,704 | 67,574 | 590,592 |
Institutional Class | 527,036 | 6,176,862 | 543,524 | 5,054,778 |
20,827,159 | 19,050,033 | |||
Payment for shares redeemed | ||||
Class A | (1,646,675) | (16,607,380) | (2,755,225) | (22,584,078) |
Class C | (373,507) | (2,049,922) | (362,899) | (1,634,876) |
Class R6 | (1,483,713) | (17,256,242) | (2,770,957) 1 | (26,106,890) 1 |
Administrator Class | (103,055) | (1,149,259) | (304,554) | (2,668,949) |
Institutional Class | (1,157,818) | (13,806,121) | (9,604,487) | (91,582,332) |
(50,868,924) | (144,577,125) | |||
Net asset value of shares issued in acquisition | ||||
Class A | 0 | 0 | 9,924,795 | 82,228,406 |
Class C | 0 | 0 | 406,964 | 1,963,250 |
Class R6 | 0 | 0 | 255,383 1 | 2,459,686 1 |
Administrator Class | 0 | 0 | 539,878 | 4,913,234 |
Institutional Class | 0 | 0 | 1,198,969 | 11,547,626 |
0 | 103,112,202 | |||
Net increase (decrease) in net assets resulting from capital share transactions | (8,662,360) | 105,041,700 | ||
Total increase in net assets | 5,232,716 | 144,427,685 | ||
Net assets | ||||
Beginning of period | 274,742,839 | 130,315,154 | ||
End of period | $279,975,555 | $ 274,742,839 |
1 | For the period from September 20, 2019 (commencement of class operations) to July 31, 2020 |
Year ended July 31 | ||||||
Class A | Six months ended January 31, 2021 (unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 |
Net asset value, beginning of period | $9.62 | $8.33 | $9.43 | $9.09 | $8.96 | $13.74 |
Net investment loss | (0.02) | (0.03) 1 | (0.03) 1 | (0.04) 1 | (0.03) 1 | (0.04) 1 |
Net realized and unrealized gains (losses) on investments | 1.29 | 2.08 | 0.97 | 2.23 | 1.49 | (0.14) |
Total from investment operations | 1.27 | 2.05 | 0.94 | 2.19 | 1.46 | (0.18) |
Distributions to shareholders from | ||||||
Net realized gains | (0.85) | (0.76) | (2.04) | (1.85) | (1.33) | (4.60) |
Net asset value, end of period | $10.04 | $9.62 | $8.33 | $9.43 | $9.09 | $8.96 |
Total return2 | 13.47% | 26.57% | 15.37% | 27.35% | 19.39% | (0.07)% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.25% | 1.26% | 1.30% | 1.25% | 1.22% | 1.28% |
Net expenses | 1.01% | 1.02% | 1.20% | 1.20% | 1.20% | 1.20% |
Net investment loss | (0.48)% | (0.30)% | (0.35)% | (0.49)% | (0.33)% | (0.36)% |
Supplemental data | ||||||
Portfolio turnover rate | 12% | 16% | 20% | 36% | 59% | 79% |
Net assets, end of period (000s omitted) | $129,877 | $124,271 | $17,940 | $16,301 | $12,953 | $18,498 |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
Year ended July 31 | ||||||
Class C | Six months ended January 31, 2021 (unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 |
Net asset value, beginning of period | $5.18 | $4.86 | $6.46 | $6.80 | $7.09 | $11.93 |
Net investment loss | (0.03) 1 | (0.05) 1 | (0.06) 1 | (0.08) 1 | (0.07) 1 | (0.09) 1 |
Net realized and unrealized gains (losses) on investments | 0.68 | 1.13 | 0.50 | 1.59 | 1.11 | (0.15) |
Total from investment operations | 0.65 | 1.08 | 0.44 | 1.51 | 1.04 | (0.24) |
Distributions to shareholders from | ||||||
Net realized gains | (0.85) | (0.76) | (2.04) | (1.85) | (1.33) | (4.60) |
Net asset value, end of period | $4.98 | $5.18 | $4.86 | $6.46 | $6.80 | $7.09 |
Total return2 | 13.01% | 25.48% | 14.51% | 26.43% | 18.46% | (0.76)% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 2.00% | 2.01% | 2.05% | 2.00% | 1.97% | 2.03% |
Net expenses | 1.78% | 1.79% | 1.95% | 1.95% | 1.95% | 1.95% |
Net investment loss | (1.24)% | (1.06)% | (1.12)% | (1.22)% | (1.08)% | (1.11)% |
Supplemental data | ||||||
Portfolio turnover rate | 12% | 16% | 20% | 36% | 59% | 79% |
Net assets, end of period (000s omitted) | $5,933 | $6,651 | $2,116 | $3,792 | $3,676 | $4,845 |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
Year ended July 31 | ||
Class R6 | Six months ended January 31, 2021 (unaudited) | 2020 1 |
Net asset value, beginning of period | $11.37 | $9.63 |
Net investment income (loss) | (0.00) 2,3 | 0.01 |
Net realized and unrealized gains on investments | 1.54 | 2.49 |
Total from investment operations | 1.54 | 2.50 |
Distributions to shareholders from | ||
Net realized gains | (0.85) | (0.76) |
Net asset value, end of period | $12.06 | $11.37 |
Total return4 | 13.77% | 27.68% |
Ratios to average net assets (annualized) | ||
Gross expenses | 0.82% | 0.82% |
Net expenses | 0.60% | 0.60% |
Net investment income (loss) | (0.06)% | 0.11% |
Supplemental data | ||
Portfolio turnover rate | 12% | 16% |
Net assets, end of period (000s omitted) | $41,130 | $48,435 |
1 | For the period from September 20, 2019 (commencement of class operations) to July 31, 2020 |
2 | Calculated based upon average shares outstanding |
3 | Amount is more than $(0.005) |
4 | Returns for periods of less than one year are not annualized. |
Year ended July 31 | ||||||
Administrator Class | Six months ended January 31, 2021 (unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 |
Net asset value, beginning of period | $10.66 | $9.15 | $10.12 | $9.62 | $9.38 | $14.13 |
Net investment income (loss) | (0.02) 1 | (0.02) 1 | (0.01) 1 | (0.03) 1 | (0.01) 1 | 0.01 1 |
Net realized and unrealized gains (losses) on investments | 1.46 | 2.29 | 1.08 | 2.38 | 1.58 | (0.16) |
Total from investment operations | 1.44 | 2.27 | 1.07 | 2.35 | 1.57 | (0.15) |
Distributions to shareholders from | ||||||
Net realized gains | (0.85) | (0.76) | (2.04) | (1.85) | (1.33) | (4.60) |
Net asset value, end of period | $11.25 | $10.66 | $9.15 | $10.12 | $9.62 | $9.38 |
Total return2 | 13.75% | 26.59% | 15.63% | 27.55% | 19.71% | 0.16% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.17% | 1.18% | 1.21% | 1.16% | 1.14% | 1.14% |
Net expenses | 0.94% | 0.94% | 1.00% | 1.00% | 1.00% | 1.00% |
Net investment income (loss) | (0.41)% | (0.21)% | (0.16)% | (0.28)% | (0.12)% | 0.06% |
Supplemental data | ||||||
Portfolio turnover rate | 12% | 16% | 20% | 36% | 59% | 79% |
Net assets, end of period (000s omitted) | $10,678 | $8,979 | $2,590 | $3,068 | $3,695 | $5,254 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
Year ended July 31 | ||||||
Institutional Class | Six months ended January 31, 2021 (unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 |
Net asset value, beginning of period | $11.36 | $9.68 | $10.57 | $9.95 | $9.65 | $14.39 |
Net investment income (loss) | (0.01) 1 | 0.01 1 | 0.00 1,2 | (0.01) 1 | 0.00 1,2 | 0.00 1,2 |
Net realized and unrealized gains (losses) on investments | 1.53 | 2.43 | 1.15 | 2.49 | 1.64 | (0.14) |
Total from investment operations | 1.52 | 2.44 | 1.15 | 2.48 | 1.64 | (0.14) |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | 0.00 | 0.00 | (0.01) | (0.01) | 0.00 |
Net realized gains | (0.85) | (0.76) | (2.04) | (1.85) | (1.33) | (4.60) |
Total distributions to shareholders | (0.85) | (0.76) | (2.04) | (1.86) | (1.34) | (4.60) |
Net asset value, end of period | $12.03 | $11.36 | $9.68 | $10.57 | $9.95 | $9.65 |
Total return3 | 13.60% | 26.91% | 15.76% | 28.01% | 19.87% | 0.27% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.92% | 0.93% | 0.97% | 0.92% | 0.89% | 0.95% |
Net expenses | 0.70% | 0.72% | 0.80% | 0.80% | 0.80% | 0.80% |
Net investment income (loss) | (0.16)% | 0.07% | 0.05% | (0.08)% | 0.05% | 0.04% |
Supplemental data | ||||||
Portfolio turnover rate | 12% | 16% | 20% | 36% | 59% | 79% |
Net assets, end of period (000s omitted) | $92,359 | $86,407 | $107,670 | $131,655 | $144,199 | $162,935 |
1 | Calculated based upon average shares outstanding |
2 | Amount is less than $0.005. |
3 | Returns for periods of less than one year are not annualized. |
Gross unrealized gains | $162,398,079 |
Gross unrealized losses | (1,129,566) |
Net unrealized gains | $161,268,513 |
■ | 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) |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Common stocks | ||||
Communication services | $ 31,233,285 | $0 | $0 | $ 31,233,285 |
Consumer discretionary | 60,826,569 | 0 | 0 | 60,826,569 |
Financials | 12,955,654 | 0 | 0 | 12,955,654 |
Health care | 39,405,408 | 0 | 0 | 39,405,408 |
Industrials | 18,744,157 | 0 | 0 | 18,744,157 |
Information technology | 96,490,826 | 0 | 0 | 96,490,826 |
Materials | 13,091,274 | 0 | 0 | 13,091,274 |
Real estate | 4,594,257 | 0 | 0 | 4,594,257 |
Short-term investments | ||||
Investment companies | 6,320,681 | 0 | 0 | 6,320,681 |
Total assets | $283,662,111 | $0 | $0 | $283,662,111 |
Average daily net assets | Management fee |
First $500 million | 0.700% |
Next $500 million | 0.675 |
Next $1 billion | 0.650 |
Next $2 billion | 0.625 |
Next $1 billion | 0.600 |
Next $3 billion | 0.590 |
Next $2 billion | 0.565 |
Next $2 billion | 0.555 |
Next $4 billion | 0.530 |
Over $16 billion | 0.505 |
Class-level administration fee | |
Class A | 0.21% |
Class C | 0.21 |
Class R6 | 0.03 |
Administrator Class | 0.13 |
Institutional Class | 0.13 |
Expense ratio caps | |
Class A | 1.03% |
Class C | 1.78 |
Class R6 | 0.60 |
Administrator Class | 0.94 |
Institutional Class | 0.70 |
Counterparty | Value of securities on loan | Collateral received1 | Net amount |
Barclays Capital Incorporated | $4,116,606 | $(4,116,606) | $0 |
Net investment loss | $ (273,003) |
Net realized and unrealized gains on investments | 62,562,425 |
Net increase in net assets resulting from operations | $62,289,422 |
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 also an inactive Chartered Financial Analyst. | N/A |
Isaiah Harris, Jr. (Born 1952) | Trustee, since 2009; Audit Committee Chair, 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). Mr. Harris is a certified public accountant (inactive status). | CIGNA Corporation |
Judith M. Johnson (Born 1949) | Trustee, since 2008 | 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 (Emeritus), 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 |
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 Chair, 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; Chair, 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 January 2020; previously Trustee from January 2018 to July 2019 | Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Interim President of the McKnight Foundation from January to September 2020. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Human Services Manager (part-time), Minnesota Department of Human Services, October 2019 through December 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 |
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 DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Fund Complex) | 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. |
Michelle Rhee (Born 1966) | Chief Legal Officer, since 2019 | Secretary of Wells Fargo Funds Management, LLC and Chief Legal Counsel of Wells Fargo Asset Management since 2018. Deputy General Counsel of Wells Fargo Bank, N.A. since 2020 and Assistant General Counsel of Wells Fargo Bank, N.A. from 2018 to 2020. Associate General Counsel and Managing Director of Bank of America Corporation from 2004 to 2018. |
Catherine Kennedy (Born 1969) | Secretary, since 2019 | Vice President of Wells Fargo Funds Management, LLC and Senior Counsel of the Wells Fargo Legal Department since 2010. Vice President and Senior Counsel of Evergreen Investment Management Company, LLC from 1998 to 2010. |
Michael H. Whitaker (Born 1967) | Chief Compliance Officer, since 2016 | Chief Compliance Officer of Wells Fargo Asset Management since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016. |
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P.O. Box 219967
Kansas City, MO 64121-9967
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SA205/SAR205 01-21
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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 and emerging markets, excluding the United States. 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. |
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. |
3 | The MSCI Emerging Markets (EM) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index. |
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. |
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. |
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. |
5 | The Bloomberg Barclays Global Aggregate ex-USD Index (unhedged) 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. |
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. |
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. |
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. |
7 | The ICE BofA 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 2021. ICE Data Indices, LLC. All rights reserved. |
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President
Wells Fargo Funds
Robert Gruendyke, CFA®‡
Thomas C. Ognar, CFA®‡
Including sales charge | Excluding sales charge | Expense ratios1 (%) | |||||||||
Inception date | 1 year | 5 year | 10 year | 1 year | 5 year | 10 year | Gross | Net 2 | |||
Class A (SGRAX) | 2-24-2000 | 33.34 | 22.92 | 15.96 | 41.45 | 24.39 | 16.65 | 1.17 | 1.16 | ||
Class C (WGFCX) | 12-26-2002 | 41.59 | 23.82 | 15.95 | 42.59 | 23.82 | 15.95 | 1.92 | 1.91 | ||
Class R6 (SGRHX)3 | 9-30-2015 | – | – | – | 42.08 | 24.95 | 17.17 | 0.74 | 0.70 | ||
Administrator Class (SGRKX) | 8-30-2002 | – | – | – | 41.75 | 24.63 | 16.89 | 1.09 | 0.96 | ||
Institutional Class (SGRNX) | 2-24-2000 | – | – | – | 42.03 | 24.88 | 17.13 | 0.84 | 0.75 | ||
Russell 3000® Growth Index4 | – | – | – | – | 35.01 | 22.07 | 16.62 | – | – |
Ten largest holdings (%) as of January 31, 20215 | |
Amazon.com Incorporated | 8.66 |
Microsoft Corporation | 6.14 |
Alphabet Incorporated Class A | 4.57 |
Apple Incorporated | 3.42 |
Facebook Incorporated Class A | 3.28 |
MarketAxess Holdings Incorporated | 2.99 |
PayPal Holdings Incorporated | 2.97 |
Pinterest Incorporated Class A | 2.76 |
MasterCard Incorporated Class A | 2.60 |
Natera Incorporated | 2.50 |
Sector allocation as of January 31, 20216 |
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‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
1 | Reflects the expense ratios as stated in the most recent prospectuses. 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 contractually committed through November 30, 2021, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.16% for Class A, 1.91% for Class C, 0.70% for Class R6, 0.96% for Administrator Class, and 0.75% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, 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 the Class R6 shares prior to their inception reflects the performance of the Institutional Class shares, and includes the higher expenses applicable to the Institutional Class shares. If these expenses had not been included, returns for the Class R6 shares would be higher. |
4 | The Russell 3000® Growth Index measures the performance of those Russell 3000® Index companies with higher price/book ratios and higher forecasted growth values. You cannot invest directly in an index. |
5 | Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified. |
6 | Figures represent the percentage of the Fund's long-term investments. These amounts are subject to change and may have changed since the date specified. |
Beginning account value 8-1-2020 | Ending account value 1-31-2021 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $1,212.62 | $ 6.36 | 1.14% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.46 | $ 5.80 | 1.14% |
Class C | ||||
Actual | $1,000.00 | $1,226.49 | $10.72 | 1.91% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,015.58 | $ 9.70 | 1.91% |
Class R6 | ||||
Actual | $1,000.00 | $1,215.33 | $ 3.91 | 0.70% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.68 | $ 3.57 | 0.70% |
Administrator Class | ||||
Actual | $1,000.00 | $1,213.81 | $ 5.36 | 0.96% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.37 | $ 4.89 | 0.96% |
Institutional Class | ||||
Actual | $1,000.00 | $1,214.85 | $ 4.19 | 0.75% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.42 | $ 3.82 | 0.75% |
Shares | Value | ||||
Common stocks: 99.96% | |||||
Communication services: 14.34% | |||||
Entertainment: 1.97% | |||||
Roku Incorporated † | 255,700 | $ 99,474,971 | |||
Spotify Technology SA † | 44,900 | 14,143,500 | |||
113,618,471 | |||||
Interactive media & services: 11.60% | |||||
Alphabet Incorporated Class A † | 144,855 | 264,702,233 | |||
Alphabet Incorporated Class C † | 13,090 | 24,029,837 | |||
Facebook Incorporated Class A † | 734,800 | 189,820,884 | |||
Pinterest Incorporated Class A † | 2,336,376 | 160,065,120 | |||
ZoomInfo Technologies Incorporated † | 686,532 | 32,960,401 | |||
671,578,475 | |||||
Media: 0.77% | |||||
Cardlytics Incorporated † | 364,670 | 44,588,201 | |||
Consumer discretionary: 13.48% | |||||
Diversified consumer services: 1.60% | |||||
Bright Horizons Family Solutions Incorporated † | 78,780 | 11,972,197 | |||
Chegg Incorporated † | 691,072 | 65,831,519 | |||
Grand Canyon Education Incorporated † | 172,950 | 14,690,373 | |||
92,494,089 | |||||
Hotels, restaurants & leisure: 0.52% | |||||
Chipotle Mexican Grill Incorporated † | 20,250 | 29,970,000 | |||
Internet & direct marketing retail: 9.90% | |||||
Amazon.com Incorporated † | 156,450 | 501,609,990 | |||
Etsy Incorporated † | 179,700 | 35,776,473 | |||
Fiverr International Limited † | 156,900 | 32,401,419 | |||
Poshmark Incorporated Class A †« | 47,190 | 3,292,918 | |||
573,080,800 | |||||
Specialty retail: 1.46% | |||||
Burlington Stores Incorporated † | 65,960 | 16,417,444 | |||
Five Below Incorporated † | 292,259 | 51,358,674 | |||
Petco Health and Wellness Company †« | 352,303 | 9,170,447 | |||
The Home Depot Incorporated | 28,780 | 7,794,200 | |||
84,740,765 | |||||
Consumer staples: 0.37% | |||||
Personal products: 0.37% | |||||
The Estee Lauder Companies Incorporated Class A | 90,740 | 21,473,621 | |||
Financials: 4.78% | |||||
Capital markets: 4.47% | |||||
Assetmark Financial Holdings † | 900,534 | 20,730,293 | |||
MarketAxess Holdings Incorporated | 320,221 | 173,162,705 | |||
Tradeweb Markets Incorporated Class A | 1,062,587 | 64,594,664 | |||
258,487,662 |
Shares | Value | ||||
Insurance: 0.31% | |||||
ROOT Incorporated †« | 904,458 | $ 18,229,351 | |||
Health care: 14.25% | |||||
Biotechnology: 3.61% | |||||
Biohaven Pharmaceutical Holding Company † | 616,040 | 52,498,929 | |||
Natera Incorporated † | 1,357,485 | 144,762,200 | |||
Seagen Incorporated † | 71,300 | 11,712,451 | |||
208,973,580 | |||||
Health care equipment & supplies: 5.15% | |||||
Boston Scientific Corporation † | 1,155,036 | 40,934,476 | |||
DexCom Incorporated † | 66,570 | 24,953,765 | |||
Edwards Lifesciences Corporation † | 776,290 | 64,106,028 | |||
Insulet Corporation † | 183,900 | 49,134,402 | |||
iRhythm Technologies Incorporated † | 124,455 | 20,960,711 | |||
Novocure Limited † | 608,220 | 97,899,091 | |||
297,988,473 | |||||
Health care technology: 1.31% | |||||
Veeva Systems Incorporated Class A † | 274,750 | 75,951,890 | |||
Life sciences tools & services: 2.68% | |||||
Adaptive Biotechnologies Corporation † | 811,211 | 44,997,874 | |||
Bio-Techne Corporation | 46,690 | 15,170,048 | |||
Repligen Corporation † | 355,320 | 71,064,000 | |||
Sotera Health Company † | 916,609 | 23,914,329 | |||
155,146,251 | |||||
Pharmaceuticals: 1.50% | |||||
Horizon Therapeutics plc † | 202,000 | 14,640,960 | |||
Pacira Pharmaceuticals Incorporated † | 618,680 | 40,882,374 | |||
Zoetis Incorporated | 203,310 | 31,360,568 | |||
86,883,902 | |||||
Industrials: 8.46% | |||||
Building products: 0.29% | |||||
The AZEK Company Incorporated † | 416,529 | 16,615,342 | |||
Commercial services & supplies: 2.82% | |||||
Casella Waste Systems Incorporated Class A † | 623,014 | 35,661,321 | |||
Copart Incorporated † | 764,750 | 83,931,313 | |||
Waste Connections Incorporated | 444,695 | 43,806,904 | |||
163,399,538 | |||||
Electrical equipment: 1.71% | |||||
Bloom Energy Corporation Class A † | 968,200 | 33,799,862 | |||
Generac Holdings Incorporated † | 163,468 | 40,281,785 | |||
Plug Power Incorporated † | 329,500 | 20,814,515 | |||
Shoals Technologies Group Class A † | 119,730 | 4,062,439 | |||
98,958,601 | |||||
Professional services: 0.96% | |||||
CoStar Group Incorporated † | 62,010 | 55,791,017 |
Shares | Value | ||||
Road & rail: 2.68% | |||||
CSX Corporation | 545,756 | $ 46,801,306 | |||
Norfolk Southern Corporation | 297,660 | 70,432,309 | |||
Union Pacific Corporation | 190,500 | 37,618,035 | |||
154,851,650 | |||||
Information technology: 42.63% | |||||
IT services: 13.72% | |||||
Affirm Holdings Incorporated † | 27,194 | 2,708,250 | |||
Global Payments Incorporated | 459,940 | 81,188,609 | |||
MasterCard Incorporated Class A | 476,680 | 150,769,117 | |||
MongoDB Incorporated † | 258,420 | 95,514,616 | |||
PayPal Holdings Incorporated † | 732,790 | 171,700,025 | |||
Shopify Incorporated Class A † | 2,800 | 3,076,052 | |||
Snowflake Incorporated Class A † | 56,585 | 15,416,583 | |||
Switch Incorporated Class A | 2,895,325 | 49,857,497 | |||
Twilio Incorporated Class A † | 366,509 | 131,734,330 | |||
Visa Incorporated Class A | 477,750 | 92,325,188 | |||
794,290,267 | |||||
Semiconductors & semiconductor equipment: 4.50% | |||||
Allegro MicroSystems Incorporated † | 378,752 | 10,574,756 | |||
Microchip Technology Incorporated | 831,830 | 113,220,381 | |||
Monolithic Power Systems Incorporated | 311,270 | 110,591,118 | |||
Texas Instruments Incorporated | 158,280 | 26,225,413 | |||
260,611,668 | |||||
Software: 20.99% | |||||
Atlassian Corporation plc Class A † | 78,600 | 18,166,818 | |||
C3.ai Incorporated Class A †« | 8,285 | 1,156,586 | |||
Cloudflare Incorporated Class A † | 423,992 | 32,503,227 | |||
Dynatrace Incorporated † | 2,406,582 | 99,897,219 | |||
Envestnet Incorporated † | 1,393,570 | 106,928,626 | |||
Everbridge Incorporated † | 687,640 | 91,407,985 | |||
HubSpot Incorporated † | 130,540 | 48,586,988 | |||
Jamf Holding Corporation † | 1,028,909 | 37,997,609 | |||
Microsoft Corporation | 1,532,830 | 355,555,247 | |||
Q2 Holdings Incorporated † | 432,300 | 55,330,077 | |||
Rapid7 Incorporated † | 698,200 | 60,617,724 | |||
RingCentral Incorporated Class A † | 156,900 | 58,511,148 | |||
ServiceNow Incorporated † | 79,160 | 42,996,546 | |||
Splunk Incorporated † | 293,790 | 48,484,164 | |||
The Trade Desk Incorporated † | 68,020 | 52,102,640 | |||
Unity Software Incorporated † | 77,094 | 11,550,223 | |||
Vertex Incorporated Class A † | 1,046,735 | 34,385,245 | |||
Zendesk Incorporated † | 409,000 | 58,994,160 | |||
1,215,172,232 | |||||
Technology hardware, storage & peripherals: 3.42% | |||||
Apple Incorporated | 1,499,810 | 197,914,928 |
Shares | Value | ||||
Materials: 1.65% | |||||
Chemicals: 1.65% | |||||
Air Products & Chemicals Incorporated | 122,470 | $ 32,670,097 | |||
Linde plc | 255,680 | 62,743,872 | |||
95,413,969 | |||||
Total Common stocks (Cost $2,161,567,932) | 5,786,224,743 |
Yield | |||||
Short-term investments: 0.76% | |||||
Investment companies: 0.76% | |||||
Securities Lending Cash Investments LLC ♠∩∞ | 0.10% | 43,000,170 | 43,000,170 | ||
Wells Fargo Government Money Market Fund Select Class ♠∞ | 0.03 | 1,171,796 | 1,171,796 | ||
Total Short-term investments (Cost $44,171,966) | 44,171,966 | ||||
Total investments in securities (Cost $2,205,739,898) | 100.72% | 5,830,396,709 | |||
Other assets and liabilities, net | (0.72) | (41,579,202) | |||
Total net assets | 100.00% | $5,788,817,507 |
† | Non-income-earning security |
« | All or a portion of this security is on loan. |
♠ | The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
∩ | The investment is a non-registered investment company purchased with cash collateral received from securities on loan. |
∞ | The rate represents the 7-day annualized yield at period end. |
Value, beginning of period | Purchases | Sales proceeds | Net realized gains (losses) | Net change in unrealized gains (losses) | Value, end of period | % of net assets | Shares, end of period | Income from affiliated securities | ||||
Short-term investments | ||||||||||||
Investment companies | ||||||||||||
Securities Lending Cash Investments LLC | $ 500 | $349,153,610 | $(306,153,940) | $0 | $0 | $ 43,000,170 | 43,000,170 | $ 27,927# | ||||
Wells Fargo Government Money Market Fund Select Class | 4,136,432 | 354,352,455 | (357,317,091) | 0 | 0 | 1,171,796 | 1,171,796 | 2,858 | ||||
$0 | $0 | $44,171,966 | 0.76% | $30,785 |
# | Amount shown represents income before fees and rebates. |
Assets | |
Investments in unaffiliated securities (including $42,095,796 of securities loaned), at value (cost $2,161,567,932) | $ 5,786,224,743 |
Investments in affiliated securites, at value (cost $44,171,966) | 44,171,966 |
Receivable for investments sold | 18,858,222 |
Receivable for Fund shares sold | 4,074,490 |
Receivable for dividends | 601,546 |
Receivable for securities lending income, net | 87,278 |
Prepaid expenses and other assets | 38,896 |
Total assets | 5,854,057,141 |
Liabilities | |
Payable upon receipt of securities loaned | 42,999,670 |
Payable for Fund shares redeemed | 10,867,079 |
Payable for investments purchased | 5,631,274 |
Management fee payable | 3,282,503 |
Administration fees payable | 824,523 |
Distribution fee payable | 27,894 |
Trustees’ fees and expenses payable | 2,889 |
Accrued expenses and other liabilities | 1,603,802 |
Total liabilities | 65,239,634 |
Total net assets | $5,788,817,507 |
Net assets consist of | |
Paid-in capital | $ 1,918,919,230 |
Total distributable earnings | 3,869,898,277 |
Total net assets | $5,788,817,507 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 2,881,998,354 |
Shares outstanding – Class A1 | 68,338,495 |
Net asset value per share – Class A | $42.17 |
Maximum offering price per share – Class A2 | $44.74 |
Net assets – Class C | $ 41,926,458 |
Shares outstanding – Class C1 | 1,532,993 |
Net asset value per share – Class C | $27.35 |
Net assets – Class R6 | $ 441,262,835 |
Shares outstanding – Class R61 | 7,549,353 |
Net asset value per share – Class R6 | $58.45 |
Net assets – Administrator Class | $ 633,594,372 |
Shares outstanding – Administrator Class1 | 12,277,857 |
Net asset value per share – Administrator Class | $51.60 |
Net assets – Institutional Class | $ 1,790,035,488 |
Shares outstanding – Institutional Class1 | 30,770,736 |
Net asset value per share – Institutional Class | $58.17 |
1 | The 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. |
Investment income | |
Dividends (net of foreign withholdings taxes of $34,669) | $ 8,562,941 |
Securities lending income from affiliates, net | 1,264,425 |
Income from affiliated securities | 2,858 |
Total investment income | 9,830,224 |
Expenses | |
Management fee | 18,976,486 |
Administration fees | |
Class A | 2,827,036 |
Class C | 85,383 |
Class R6 | 63,047 |
Administrator Class | 391,625 |
Institutional Class | 1,108,313 |
Shareholder servicing fees | |
Class A | 3,365,520 |
Class C | 101,647 |
Administrator Class | 753,124 |
Distribution fee | |
Class C | 304,302 |
Custody and accounting fees | 87,538 |
Professional fees | 24,066 |
Registration fees | 59,836 |
Shareholder report expenses | 62,238 |
Trustees’ fees and expenses | 9,707 |
Other fees and expenses | 54,468 |
Total expenses | 28,274,336 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (584,394) |
Class A | (291,440) |
Class C | (3) |
Class R6 | (32,672) |
Administrator Class | (181,398) |
Institutional Class | (343,540) |
Net expenses | 26,840,889 |
Net investment loss | (17,010,665) |
Payment from affiliate | 2,016,641 |
Realized and unrealized gains (losses) on investments | |
Net realized gains on investments | 518,894,575 |
Net change in unrealized gains (losses) on investments | 559,051,513 |
Net realized and unrealized gains (losses) on investments | 1,077,946,088 |
Net increase in net assets resulting from operations | 1,062,952,064 |
Six months ended January 31, 2021 (unaudited) | Year ended July 31, 2020 | |||
Operations | ||||
Net investment loss | $ (17,010,665) | $ (19,740,954) | ||
Payment from affiliate | 2,016,641 | 0 | ||
Net realized gains on investments | 518,894,575 | 491,576,159 | ||
Net change in unrealized gains (losses) on investments | 559,051,513 | 638,779,053 | ||
Net increase in net assets resulting from operations | 1,062,952,064 | 1,110,614,258 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (358,619,034) | (247,668,290) | ||
Class C | (7,818,137) | (20,979,782) | ||
Class R6 | (42,602,746) | (31,160,181) | ||
Administrator Class | (66,234,491) | (55,248,543) | ||
Institutional Class | (166,987,346) | (133,918,973) | ||
Total distributions to shareholders | (642,261,754) | (488,975,769) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 3,374,215 | 147,079,887 | 3,604,965 | 123,362,300 |
Class C | 137,810 | 3,969,861 | 559,222 | 12,911,460 |
Class R6 | 1,180,827 | 67,994,436 | 1,488,420 | 65,868,480 |
Administrator Class | 1,009,260 | 51,550,687 | 2,511,135 | 99,163,143 |
Institutional Class | 2,215,338 | 127,764,346 | 6,059,936 | 267,887,037 |
398,359,217 | 569,192,420 | |||
Reinvestment of distributions | ||||
Class A | 8,547,067 | 345,130,553 | 7,496,110 | 239,800,544 |
Class C | 276,129 | 7,240,102 | 799,568 | 17,614,481 |
Class R6 | 712,832 | 39,868,693 | 688,571 | 29,298,699 |
Administrator Class | 1,326,828 | 65,545,322 | 1,435,464 | 54,762,934 |
Institutional Class | 2,893,642 | 161,089,029 | 3,048,613 | 129,230,698 |
618,873,699 | 470,707,356 | |||
Payment for shares redeemed | ||||
Class A | (4,876,748) | (210,580,109) | (9,330,225) | (310,801,661) |
Class C | (3,058,532) | (94,622,080) | (3,213,997) | (78,810,374) |
Class R6 | (1,710,711) | (98,242,712) | (2,167,510) | (94,595,348) |
Administrator Class | (1,803,931) | (92,146,596) | (5,715,194) | (225,497,878) |
Institutional Class | (4,697,401) | (269,385,898) | (11,657,374) | (511,473,406) |
(764,977,395) | (1,221,178,667) | |||
Net increase (decrease) in net assets resulting from capital share transactions | 252,255,521 | (181,278,891) | ||
Total increase in net assets | 672,945,831 | 440,359,598 | ||
Net assets | ||||
Beginning of period | 5,115,871,676 | 4,675,512,078 | ||
End of period | $5,788,817,507 | $ 5,115,871,676 |
Year ended July 31 | ||||||
Class A | Six months ended January 31, 2021 (unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 |
Net asset value, beginning of period | $39.86 | $35.56 | $38.67 | $40.38 | $42.28 | $49.50 |
Net investment loss | (0.17) 1 | (0.19) | (0.13) | (0.12) | (0.19) 1 | (0.20) 1 |
Payment from affiliate | 0.00 2 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Net realized and unrealized gains (losses) on investments | 8.38 | 8.77 | 3.73 | 9.49 | 5.61 | (0.99) |
Total from investment operations | 8.21 | 8.58 | 3.60 | 9.37 | 5.42 | (1.19) |
Distributions to shareholders from | ||||||
Net realized gains | (5.90) | (4.28) | (6.71) | (11.08) | (7.32) | (6.03) |
Net asset value, end of period | $42.17 | $39.86 | $35.56 | $38.67 | $40.38 | $42.28 |
Total return3 | 21.26% 4 | 27.08% | 13.55% | 27.66% | 15.95% | (1.69)% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.16% | 1.17% | 1.18% | 1.18% | 1.17% | 1.15% |
Net expenses | 1.14% | 1.14% | 1.16% | 1.16% | 1.16% | 1.14% |
Net investment loss | (0.78)% | (0.59)% | (0.45)% | (0.45)% | (0.49)% | (0.49)% |
Supplemental data | ||||||
Portfolio turnover rate | 17% | 37% | 39% | 37% | 42% | 38% |
Net assets, end of period (000s omitted) | $2,881,998 | $2,443,132 | $2,116,542 | $2,142,855 | $1,950,551 | $2,582,955 |
1 | Calculated based upon average shares outstanding |
2 | Amount is less than $0.005. |
3 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
4 | During the six months ended January 31, 2021, the Fund received a payment from an affiliate which had a 0.01% impact on the total return. See Note 4 in the Notes to Financial Statements for additional information. |
Year ended July 31 | ||||||
Class C | Six months ended January 31, 2021 (unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 |
Net asset value, beginning of period | $27.32 | $25.87 | $30.33 | $34.05 | $37.07 | $44.51 |
Net investment loss | (0.22) 1 | (0.32) 1 | (0.31) 1 | (0.33) | (0.41) 1 | (0.46) 1 |
Payment from affiliate | 1.16 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Net realized and unrealized gains (losses) on investments | 4.99 | 6.05 | 2.56 | 7.69 | 4.71 | (0.95) |
Total from investment operations | 5.93 | 5.73 | 2.25 | 7.36 | 4.30 | (1.41) |
Distributions to shareholders from | ||||||
Net realized gains | (5.90) | (4.28) | (6.71) | (11.08) | (7.32) | (6.03) |
Net asset value, end of period | $27.35 | $27.32 | $25.87 | $30.33 | $34.05 | $37.07 |
Total return2 | 22.65% 3 | 26.11% | 12.68% | 26.73% | 15.05% | (2.44)% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.91% | 1.92% | 1.93% | 1.93% | 1.92% | 1.90% |
Net expenses | 1.91% | 1.91% | 1.91% | 1.91% | 1.91% | 1.89% |
Net investment loss | (1.54)% | (1.35)% | (1.19)% | (1.19)% | (1.23)% | (1.24)% |
Supplemental data | ||||||
Portfolio turnover rate | 17% | 37% | 39% | 37% | 42% | 38% |
Net assets, end of period (000s omitted) | $41,926 | $114,123 | $156,056 | $185,346 | $205,607 | $321,032 |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
3 | During the six months ended January 31, 2021, the Fund received a payment from an affiliate which had a 5.21% impact on the total return. See Note 4 in the Notes to Financial Statements for additional information. |
Year ended July 31 | ||||||
Class R6 | Six months ended January 31, 2021 (unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 1 |
Net asset value, beginning of period | $53.17 | $45.84 | $47.53 | $47.13 | $47.90 | $48.97 |
Net investment income (loss) | (0.10) | (0.07) | 0.00 2,3 | (0.01) 2 | (0.02) 2 | (0.02) |
Net realized and unrealized gains on investments | 11.28 | 11.68 | 5.02 | 11.49 | 6.57 | 4.98 |
Total from investment operations | 11.18 | 11.61 | 5.02 | 11.48 | 6.55 | 4.96 |
Distributions to shareholders from | ||||||
Net realized gains | (5.90) | (4.28) | (6.71) | (11.08) | (7.32) | (6.03) |
Net asset value, end of period | $58.45 | $53.17 | $45.84 | $47.53 | $47.13 | $47.90 |
Total return4 | 21.53% | 27.65% | 14.06% | 28.26% | 16.49% | 10.89% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.73% | 0.74% | 0.75% | 0.75% | 0.74% | 0.74% |
Net expenses | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |
Net investment income (loss) | (0.34)% | (0.15)% | 0.00% | (0.02)% | (0.05)% | (0.23)% |
Supplemental data | ||||||
Portfolio turnover rate | 17% | 37% | 39% | 37% | 42% | 38% |
Net assets, end of period (000s omitted) | $441,263 | $391,705 | $337,260 | $242,838 | $49,454 | $30,906 |
1 | For the period from September 30, 2015 (commencement of class operations) to July 31, 2016 |
2 | Calculated based upon average shares outstanding |
3 | Amount is less than $0.005. |
4 | Returns for periods of less than one year are not annualized. |
Year ended July 31 | ||||||
Administrator Class | Six months ended January 31, 2021 (unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 |
Net asset value, beginning of period | $47.60 | $41.58 | $43.89 | $44.40 | $45.66 | $52.86 |
Net investment loss | (0.15) 1 | (0.16) 1 | (0.10) 1 | (0.11) 1 | (0.11) 1 | (0.14) 1 |
Net realized and unrealized gains (losses) on investments | 10.05 | 10.46 | 4.50 | 10.68 | 6.17 | (1.03) |
Total from investment operations | 9.90 | 10.30 | 4.40 | 10.57 | 6.06 | (1.17) |
Distributions to shareholders from | ||||||
Net realized gains | (5.90) | (4.28) | (6.71) | (11.08) | (7.32) | (6.03) |
Net asset value, end of period | $51.60 | $47.60 | $41.58 | $43.89 | $44.40 | $45.66 |
Total return2 | 21.38% | 27.31% | 13.78% | 27.90% | 16.20% | (1.53)% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.08% | 1.09% | 1.10% | 1.10% | 1.09% | 1.07% |
Net expenses | 0.96% | 0.96% | 0.96% | 0.96% | 0.96% | 0.96% |
Net investment loss | (0.60)% | (0.40)% | (0.25)% | (0.24)% | (0.27)% | (0.31)% |
Supplemental data | ||||||
Portfolio turnover rate | 17% | 37% | 39% | 37% | 42% | 38% |
Net assets, end of period (000s omitted) | $633,594 | $559,109 | $561,900 | $564,391 | $637,987 | $1,528,288 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
Year ended July 31 | ||||||
Institutional Class | Six months ended January 31, 2021 (unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 |
Net asset value, beginning of period | $52.96 | $45.70 | $47.43 | $47.07 | $47.87 | $54.99 |
Net investment loss | (0.11) 1 | (0.09) 1 | (0.01) 1 | (0.02) 1 | (0.04) 1 | (0.05) 1 |
Net realized and unrealized gains (losses) on investments | 11.22 | 11.63 | 4.99 | 11.46 | 6.56 | (1.04) |
Total from investment operations | 11.11 | 11.54 | 4.98 | 11.44 | 6.52 | (1.09) |
Distributions to shareholders from | ||||||
Net realized gains | (5.90) | (4.28) | (6.71) | (11.08) | (7.32) | (6.03) |
Net asset value, end of period | $58.17 | $52.96 | $45.70 | $47.43 | $47.07 | $47.87 |
Total return2 | 21.48% | 27.58% | 14.00% | 28.21% | 16.44% | 1.31% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.83% | 0.84% | 0.85% | 0.85% | 0.84% | 0.82% |
Net expenses | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% |
Net investment loss | (0.39)% | (0.20)% | (0.03)% | (0.03)% | (0.08)% | (0.10)% |
Supplemental data | ||||||
Portfolio turnover rate | 17% | 37% | 39% | 37% | 42% | 38% |
Net assets, end of period (000s omitted) | $1,790,035 | $1,607,803 | $1,503,753 | $1,614,575 | $1,655,724 | $2,398,134 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
Gross unrealized gains | $3,627,946,736 |
Gross unrealized losses | (3,753,913) |
Net unrealized gains | $3,624,192,823 |
■ | 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) |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Common stocks | ||||
Communication services | $ 829,785,147 | $0 | $0 | $ 829,785,147 |
Consumer discretionary | 780,285,654 | 0 | 0 | 780,285,654 |
Consumer staples | 21,473,621 | 0 | 0 | 21,473,621 |
Financials | 276,717,013 | 0 | 0 | 276,717,013 |
Health care | 824,944,096 | 0 | 0 | 824,944,096 |
Industrials | 489,616,148 | 0 | 0 | 489,616,148 |
Information technology | 2,467,989,095 | 0 | 0 | 2,467,989,095 |
Materials | 95,413,969 | 0 | 0 | 95,413,969 |
Short-term investments | ||||
Investment companies | 44,171,966 | 0 | 0 | 44,171,966 |
Total assets | $5,830,396,709 | $0 | $0 | $5,830,396,709 |
Average daily net assets | Management fee |
First $500 million | 0.800% |
Next $500 million | 0.750 |
Next $1 billion | 0.700 |
Next $2 billion | 0.675 |
Next $1 billion | 0.650 |
Next $3 billion | 0.640 |
Next $2 billion | 0.615 |
Next $2 billion | 0.605 |
Next $4 billion | 0.580 |
Over $16 billion | 0.555 |
Class-level administration fee | |
Class A | 0.21% |
Class C | 0.21 |
Class R6 | 0.03 |
Administrator Class | 0.13 |
Institutional Class | 0.13 |
Expense ratio caps | |
Class A | 1.16% |
Class C | 1.91 |
Class R6 | 0.70 |
Administrator Class | 0.96 |
Institutional Class | 0.75 |
Counterparty | Value of securities on loan | Collateral received1 | Net amount |
Bank of America Securities Incorporated | $ 7,245,586 | $ (7,245,586) | $0 |
Barclays Capital Incorporated | 10,559,347 | (10,559,347) | 0 |
Citigroup Global Markets Incorporated | 12,280,522 | (12,280,522) | 0 |
JPMorgan Securities LLC | 8,759,828 | (8,759,828) | 0 |
Morgan Stanley & Company LLC | 334,823 | (334,823) | 0 |
National Financial Services LLC | 2,915,690 | (2,915,690) | 0 |
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 also an inactive Chartered Financial Analyst. | N/A |
Isaiah Harris, Jr. (Born 1952) | Trustee, since 2009; Audit Committee Chair, 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). Mr. Harris is a certified public accountant (inactive status). | CIGNA Corporation |
Judith M. Johnson (Born 1949) | Trustee, since 2008 | 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 (Emeritus), 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 |
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 Chair, 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; Chair, 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 January 2020; previously Trustee from January 2018 to July 2019 | Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Interim President of the McKnight Foundation from January to September 2020. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Human Services Manager (part-time), Minnesota Department of Human Services, October 2019 through December 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 |
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 DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Fund Complex) | 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. |
Michelle Rhee (Born 1966) | Chief Legal Officer, since 2019 | Secretary of Wells Fargo Funds Management, LLC and Chief Legal Counsel of Wells Fargo Asset Management since 2018. Deputy General Counsel of Wells Fargo Bank, N.A. since 2020 and Assistant General Counsel of Wells Fargo Bank, N.A. from 2018 to 2020. Associate General Counsel and Managing Director of Bank of America Corporation from 2004 to 2018. |
Catherine Kennedy (Born 1969) | Secretary, since 2019 | Vice President of Wells Fargo Funds Management, LLC and Senior Counsel of the Wells Fargo Legal Department since 2010. Vice President and Senior Counsel of Evergreen Investment Management Company, LLC from 1998 to 2010. |
Michael H. Whitaker (Born 1967) | Chief Compliance Officer, since 2016 | Chief Compliance Officer of Wells Fargo Asset Management since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016. |
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SA206/SAR206 01-21
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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 and emerging markets, excluding the United States. 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. |
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. |
3 | The MSCI Emerging Markets (EM) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index. |
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. |
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. |
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. |
5 | The Bloomberg Barclays Global Aggregate ex-USD Index (unhedged) 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. |
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. |
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. |
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. |
7 | The ICE BofA 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 2021. ICE Data Indices, LLC. All rights reserved. |
![](https://capedge.com/proxy/N-CSRS/0001193125-21-106244/g70030img2234ce493.jpg)
President
Wells Fargo Funds
Vince Fioramonti, CFA®‡*
Including sales charge | Excluding sales charge | Expense ratios1 (%) | |||||||||
Inception date | 1 year | 5 year | 10 year | 1 year | 5 year | 10 year | Gross | Net 2 | |||
Class A (EGOAX) | 12-17-2007 | 4.64 | 11.51 | 11.11 | 11.01 | 12.83 | 11.77 | 1.22 | 1.08 | ||
Class C (EGOCX) | 12-17-2007 | 9.10 | 11.97 | 10.92 | 10.10 | 11.97 | 10.92 | 1.97 | 1.83 | ||
Class R (EGOHX)3 | 9-30-2015 | – | – | – | 10.67 | 12.54 | 11.49 | 1.47 | 1.33 | ||
Class R6 (EGORX)4 | 9-30-2015 | – | – | – | 11.45 | 13.97 | 12.59 | 0.79 | 0.65 | ||
Administrator Class (WFLLX) | 7-16-2010 | – | – | – | 11.09 | 12.95 | 11.97 | 1.14 | 0.97 | ||
Institutional Class (EGOIX) | 12-17-2007 | – | – | – | 11.43 | 13.30 | 12.26 | 0.89 | 0.67 | ||
S&P 500 Index5 | – | – | – | – | 17.25 | 16.16 | 13.50 | – | – |
Ten largest holdings (%) as of January 31, 20216 | |
Apple Incorporated | 6.08 |
Microsoft Corporation | 5.14 |
Alphabet Incorporated Class C | 3.18 |
Amazon.com Incorporated | 3.05 |
Discovery Incorporated Class A | 2.44 |
The Goldman Sachs Group Incorporated | 2.37 |
Qorvo Incorporated | 2.28 |
Hologic Incorporated | 2.26 |
JPMorgan Chase & Company | 2.24 |
Citizens Financial Group Incorporated | 2.19 |
Sector allocation as of January 31, 20217 |
![](https://capedge.com/proxy/N-CSRS/0001193125-21-106244/g70030img079ad56a4.jpg)
‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
1 | Reflects the expense ratios as stated in the most recent prospectuses. 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 contractually committed through November 30, 2021, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.08% for Class A, 1.83% for Class C, 1.33% for Class R, 0.65% for Class R6, 0.97% for Administrator Class, and 0.67% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, 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 the Class R shares prior to their inception reflects the performance of the Administrator Class shares, adjusted to reflect higher expenses applicable to the Class R shares. |
4 | Historical performance shown for the Class R6 shares prior to their inception reflects the performance of the Institutional Class shares, adjusted to reflect higher expenses applicable to the Class R6 shares. |
5 | 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. |
6 | Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified. |
7 | Figures represent the percentage of the Fund's long-term investments. These amounts are subject to change and may have changed since the date specified. |
Beginning account value 8-1-2020 | Ending account value 1-31-2021 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $1,148.30 | $5.69 | 1.05% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.91 | $5.35 | 1.05% |
Class C | ||||
Actual | $1,000.00 | $1,143.90 | $9.89 | 1.83% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,015.98 | $9.30 | 1.83% |
Class R | ||||
Actual | $1,000.00 | $1,146.92 | $7.20 | 1.33% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,018.50 | $6.77 | 1.33% |
Class R6 | ||||
Actual | $1,000.00 | $1,150.41 | $3.52 | 0.65% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.93 | $3.31 | 0.65% |
Administrator Class | ||||
Actual | $1,000.00 | $1,149.15 | $5.25 | 0.97% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.32 | $4.94 | 0.97% |
Institutional Class | ||||
Actual | $1,000.00 | $1,150.23 | $3.63 | 0.67% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.83 | $3.41 | 0.67% |
Shares | Value | ||||
Common stocks: 98.90% | |||||
Communication services: 8.90% | |||||
Diversified telecommunication services: 1.31% | |||||
AT&T Incorporated | 218,854 | $ 6,265,790 | |||
Entertainment: 1.97% | |||||
Activision Blizzard Incorporated | 103,784 | 9,444,344 | |||
Interactive media & services: 3.18% | |||||
Alphabet Incorporated Class C † | 8,300 | 15,236,642 | |||
Media: 2.44% | |||||
Discovery Incorporated Class A † | 283,231 | 11,731,428 | |||
Consumer discretionary: 15.47% | |||||
Auto components: 1.50% | |||||
Lear Corporation | 47,628 | 7,180,397 | |||
Household durables: 3.65% | |||||
PulteGroup Incorporated | 191,744 | 8,340,864 | |||
Whirlpool Corporation | 49,560 | 9,173,060 | |||
17,513,924 | |||||
Internet & direct marketing retail: 3.05% | |||||
Amazon.com Incorporated † | 4,564 | 14,633,097 | |||
Multiline retail: 3.69% | |||||
Dollar General Corporation | 40,473 | 7,876,451 | |||
Target Corporation | 54,081 | 9,797,855 | |||
17,674,306 | |||||
Specialty retail: 3.58% | |||||
O'Reilly Automotive Incorporated † | 20,437 | 8,695,330 | |||
The Home Depot Incorporated | 31,344 | 8,488,582 | |||
17,183,912 | |||||
Consumer staples: 3.56% | |||||
Food & staples retailing: 3.56% | |||||
Costco Wholesale Corporation | 26,585 | 9,369,352 | |||
Walmart Incorporated | 54,959 | 7,721,190 | |||
17,090,542 | |||||
Energy: 1.95% | |||||
Oil, gas & consumable fuels: 1.95% | |||||
Chevron Corporation | 54,814 | 4,670,153 | |||
ConocoPhillips | 117,270 | 4,694,318 | |||
9,364,471 |
Shares | Value | ||||
Financials: 12.14% | |||||
Banks: 4.43% | |||||
Citizens Financial Group Incorporated | 287,913 | $ 10,491,550 | |||
JPMorgan Chase & Company | 83,662 | 10,764,790 | |||
21,256,340 | |||||
Capital markets: 6.28% | |||||
BlackRock Incorporated | 13,504 | 9,469,815 | |||
Evercore Partners Incorporated Class A | 84,974 | 9,270,663 | |||
The Goldman Sachs Group Incorporated | 41,903 | 11,362,837 | |||
30,103,315 | |||||
Insurance: 1.43% | |||||
The Allstate Corporation | 63,931 | 6,852,125 | |||
Health care: 15.24% | |||||
Biotechnology: 6.67% | |||||
AbbVie Incorporated | 64,676 | 6,627,996 | |||
Amgen Incorporated | 32,500 | 7,846,475 | |||
Regeneron Pharmaceuticals Incorporated † | 14,507 | 7,309,207 | |||
United Therapeutics Corporation † | 62,066 | 10,167,652 | |||
31,951,330 | |||||
Health care equipment & supplies: 2.26% | |||||
Hologic Incorporated † | 135,866 | 10,832,596 | |||
Health care providers & services: 3.08% | |||||
Anthem Incorporated | 21,563 | 6,403,780 | |||
CVS Health Corporation | 116,951 | 8,379,539 | |||
14,783,319 | |||||
Pharmaceuticals: 3.23% | |||||
Bristol-Myers Squibb Company | 121,543 | 7,466,386 | |||
Johnson & Johnson | 49,230 | 8,030,890 | |||
15,497,276 | |||||
Industrials: 8.94% | |||||
Aerospace & defense: 1.56% | |||||
Lockheed Martin Corporation | 23,267 | 7,487,786 | |||
Building products: 1.85% | |||||
Masco Corporation | 163,036 | 8,854,485 | |||
Construction & engineering: 1.78% | |||||
EMCOR Group Incorporated | 96,807 | 8,548,058 | |||
Machinery: 1.98% | |||||
Cummins Incorporated | 40,543 | 9,504,090 | |||
Road & rail: 1.77% | |||||
J.B. Hunt Transport Services Incorporated | 62,773 | 8,453,012 |
Shares | Value | ||||
Information technology: 29.23% | |||||
Electronic equipment, instruments & components: 3.62% | |||||
CDW Corporation of Delaware | 54,038 | $ 7,114,643 | |||
Zebra Technologies Corporation Class A † | 26,403 | 10,239,875 | |||
17,354,518 | |||||
IT services: 5.31% | |||||
Cognizant Technology Solutions Corporation Class A | 114,938 | 8,959,417 | |||
Leidos Holdings Incorporated | 76,393 | 8,102,242 | |||
MasterCard Incorporated Class A | 26,557 | 8,399,714 | |||
25,461,373 | |||||
Semiconductors & semiconductor equipment: 2.28% | |||||
Qorvo Incorporated † | 64,091 | 10,951,870 | |||
Software: 11.94% | |||||
Adobe Incorporated † | 19,062 | 8,745,074 | |||
Fortinet Incorporated † | 56,034 | 8,110,922 | |||
Intuit Incorporated | 28,198 | 10,185,964 | |||
Microsoft Corporation | 106,130 | 24,617,913 | |||
VMware Incorporated Class A † | 40,468 | 5,578,514 | |||
57,238,387 | |||||
Technology hardware, storage & peripherals: 6.08% | |||||
Apple Incorporated | 220,803 | 29,137,164 | |||
Materials: 3.47% | |||||
Metals & mining: 3.47% | |||||
Newmont Corporation | 132,936 | 7,922,986 | |||
Reliance Steel & Aluminum Company | 75,217 | 8,731,189 | |||
16,654,175 | |||||
Total Common stocks (Cost $338,519,445) | 474,240,072 |
Yield | |||||
Short-term investments: 2.01% | |||||
Investment companies: 2.01% | |||||
Securities Lending Cash Investments LLC ♠∩∞ | 0.10% | 6,671,775 | 6,671,775 | ||
Wells Fargo Government Money Market Fund Select Class ♠∞ | 0.03 | 2,974,499 | 2,974,499 | ||
Total Short-term investments (Cost $9,646,274) | 9,646,274 | ||||
Total investments in securities (Cost $348,165,719) | 100.91% | 483,886,346 | |||
Other assets and liabilities, net | (0.91) | (4,356,594) | |||
Total net assets | 100.00% | $479,529,752 |
† | Non-income-earning security |
♠ | The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
∩ | The investment is a non-registered investment company purchased with cash collateral received from securities on loan. |
∞ | The rate represents the 7-day annualized yield at period end. |
Value, beginning of period | Purchases | Sales proceeds | Net realized gains (losses) | Net change in unrealized gains (losses) | Value, end of period | % of net assets | Shares, end of period | Income from affiliated securities | ||||
Short-term investments | ||||||||||||
Investment companies | ||||||||||||
Securities Lending Cash Investments LLC | $ 0 | $79,417,610 | $(72,745,835) | $0 | $0 | $ 6,671,775 | 6,671,775 | $ 3,249# | ||||
Wells Fargo Government Money Market Fund Select Class | 4,601,813 | 56,491,731 | (58,119,045) | 0 | 0 | 2,974,499 | 2,974,499 | 722 | ||||
$0 | $0 | $9,646,274 | 2.01% | $3,971 |
# | Amount shown represents income before fees and rebates. |
Assets | |
Investments in unaffiliated securities (including $6,525,089 of securities loaned), at value (cost $338,519,445) | $ 474,240,072 |
Investments in affiliated securites, at value (cost $9,646,274) | 9,646,274 |
Receivable for investments sold | 2,840,203 |
Receivable for dividends | 436,719 |
Receivable for Fund shares sold | 59,044 |
Prepaid expenses and other assets | 30,204 |
Total assets | 487,252,516 |
Liabilities | |
Payable upon receipt of securities loaned | 6,669,853 |
Payable for Fund shares redeemed | 585,030 |
Management fee payable | 223,874 |
Administration fees payable | 78,879 |
Distribution fees payable | 19,546 |
Trustees’ fees and expenses payable | 2,751 |
Accrued expenses and other liabilities | 142,831 |
Total liabilities | 7,722,764 |
Total net assets | $479,529,752 |
Net assets consist of | |
Paid-in capital | $ 316,371,212 |
Total distributable earnings | 163,158,540 |
Total net assets | $479,529,752 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 319,081,601 |
Shares outstanding – Class A1 | 20,414,337 |
Net asset value per share – Class A | $15.63 |
Maximum offering price per share – Class A2 | $16.58 |
Net assets – Class C | $ 28,859,332 |
Shares outstanding – Class C1 | 1,877,056 |
Net asset value per share – Class C | $15.37 |
Net assets – Class R | $ 510,973 |
Shares outstanding – Class R1 | 32,433 |
Net asset value per share – Class R | $15.75 |
Net assets – Class R6 | $ 5,909,380 |
Shares outstanding – Class R61 | 376,059 |
Net asset value per share – Class R6 | $15.71 |
Net assets – Administrator Class | $ 2,079,487 |
Shares outstanding – Administrator Class1 | 130,370 |
Net asset value per share – Administrator Class | $15.95 |
Net assets – Institutional Class | $ 123,088,979 |
Shares outstanding – Institutional Class1 | 7,824,257 |
Net asset value per share – Institutional Class | $15.73 |
1 | The 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. |
Investment income | |
Dividends | $ 4,242,114 |
Income from affiliated securities | 11,017 |
Total investment income | 4,253,131 |
Expenses | |
Management fee | 1,706,690 |
Administration fees | |
Class A | 327,470 |
Class C | 33,623 |
Class R | 741 |
Class R6 | 986 |
Administrator Class | 1,433 |
Institutional Class | 87,269 |
Shareholder servicing fees | |
Class A | 389,845 |
Class C | 40,028 |
Class R | 872 |
Administrator Class | 2,736 |
Distribution fees | |
Class C | 119,864 |
Class R | 853 |
Custody and accounting fees | 21,543 |
Professional fees | 24,568 |
Registration fees | 62,606 |
Shareholder report expenses | 71,151 |
Trustees’ fees and expenses | 9,707 |
Other fees and expenses | 19,628 |
Total expenses | 2,921,613 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (385,126) |
Class A | (60,378) |
Class R6 | (280) |
Administrator Class | (406) |
Institutional Class | (59,250) |
Net expenses | 2,416,173 |
Net investment income | 1,836,958 |
Realized and unrealized gains (losses) on investments | |
Net realized gains on investments | 35,974,502 |
Net change in unrealized gains (losses) on investments | 30,413,735 |
Net realized and unrealized gains (losses) on investments | 66,388,237 |
Net increase in net assets resulting from operations | 68,225,195 |
Six months ended January 31, 2021 (unaudited) | Year ended July 31, 2020 | |||
Operations | ||||
Net investment income | $ 1,836,958 | $ 7,206,846 | ||
Net realized gains on investments | 35,974,502 | 104,757,110 | ||
Net change in unrealized gains (losses) on investments | 30,413,735 | (92,410,548) | ||
Net increase in net assets resulting from operations | 68,225,195 | 19,553,408 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (43,568,141) | (61,566,588) | ||
Class C | (4,062,417) | (7,938,179) | ||
Class R | (69,596) | (385,920) | ||
Class R6 | (942,745) | (1,869,850) | ||
Administrator Class | (283,218) | (2,568,605) | ||
Institutional Class | (18,363,526) | (59,147,753) | ||
Total distributions to shareholders | (67,289,643) | (133,476,895) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 569,934 | 9,219,153 | 1,500,692 | 25,056,011 |
Class C | 28,490 | 443,504 | 198,258 | 3,124,973 |
Class R | 2,001 | 32,462 | 42,012 | 683,541 |
Class R6 | 13,339 | 210,917 | 46,727 | 745,853 |
Administrator Class | 4,588 | 73,405 | 20,852 | 357,788 |
Institutional Class | 634,442 | 10,377,917 | 2,471,565 | 41,971,331 |
20,357,358 | 71,939,497 | |||
Reinvestment of distributions | ||||
Class A | 2,687,262 | 41,377,941 | 3,568,341 | 58,962,830 |
Class C | 259,190 | 3,893,123 | 419,517 | 6,752,912 |
Class R | 4,276 | 65,764 | 23,014 | 379,887 |
Class R6 | 18,442 | 286,328 | 25,087 | 417,888 |
Administrator Class | 17,840 | 279,907 | 151,848 | 2,548,476 |
Institutional Class | 1,082,589 | 16,825,725 | 3,285,183 | 54,781,650 |
62,728,788 | 123,843,643 | |||
Payment for shares redeemed | ||||
Class A | (1,965,986) | (31,800,548) | (4,307,171) | 71,082,640 |
Class C | (577,963) | (9,188,715) | (1,065,243) | (16,770,044) |
Class R | (31,823) | (513,216) | (117,013) | (1,764,327) |
Class R6 | (71,325) | (1,155,699) | (364,215) | (6,430,922) |
Administrator Class | (32,413) | (541,987) | (912,779) | (13,878,044) |
Institutional Class | (3,081,921) | (50,216,206) | (28,685,504) | (504,129,832) |
(93,416,371) | (614,055,809) | |||
Net decrease in net assets resulting from capital share transactions | (10,330,225) | (418,272,669) | ||
Total decrease in net assets | (9,394,673) | (532,196,156) | ||
Net assets | ||||
Beginning of period | 488,924,425 | 1,021,120,581 | ||
End of period | $479,529,752 | $ 488,924,425 |
Year ended July 31 | ||||||
Class A | Six months ended January 31, 2021 (unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 |
Net asset value, beginning of period | $15.71 | $18.57 | $20.82 | $18.01 | $15.13 | $15.81 |
Net investment income | 0.05 | 0.14 | 0.25 | 0.15 | 0.15 | 0.10 |
Net realized and unrealized gains (losses) on investments | 2.22 | 0.51 | (0.29) | 3.01 | 2.85 | (0.60) |
Total from investment operations | 2.27 | 0.65 | (0.04) | 3.16 | 3.00 | (0.50) |
Distributions to shareholders from | ||||||
Net investment income | (0.15) | (0.29) | (0.16) | (0.13) | (0.12) | (0.05) |
Net realized gains | (2.20) | (3.22) | (2.05) | (0.22) | 0.00 | (0.13) |
Total distributions to shareholders | (2.35) | (3.51) | (2.21) | (0.35) | (0.12) | (0.18) |
Net asset value, end of period | $15.63 | $15.71 | $18.57 | $20.82 | $18.01 | $15.13 |
Total return1 | 14.83% | 2.86% | 1.10% | 17.66% | 19.94% | (3.18)% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.25% | 1.23% | 1.19% | 1.18% | 1.19% | 1.20% |
Net expenses | 1.05% | 1.06% | 1.08% | 1.10% | 1.14% | 1.14% |
Net investment income | 0.69% | 0.97% | 1.42% | 0.73% | 0.82% | 0.80% |
Supplemental data | ||||||
Portfolio turnover rate | 28% | 28% | 45% | 33% | 50% | 51% |
Net assets, end of period (000s omitted) | $319,082 | $300,373 | $341,045 | $360,937 | $329,974 | $359,971 |
1 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
Year ended July 31 | ||||||
Class C | Six months ended January 31, 2021 (unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 |
Net asset value, beginning of period | $15.41 | $18.22 | $20.44 | $17.70 | $14.87 | $15.61 |
Net investment income (loss) | (0.01) | 0.03 | 0.13 | (0.00) 1 | 0.00 2 | 0.00 2,3 |
Net realized and unrealized gains (losses) on investments | 2.18 | 0.47 | (0.30) | 2.96 | 2.83 | (0.61) |
Total from investment operations | 2.17 | 0.50 | (0.17) | 2.96 | 2.83 | (0.61) |
Distributions to shareholders from | ||||||
Net investment income | (0.01) | (0.09) | 0.00 | 0.00 | 0.00 | 0.00 |
Net realized gains | (2.20) | (3.22) | (2.05) | (0.22) | 0.00 | (0.13) |
Total distributions to shareholders | (2.21) | (3.31) | (2.05) | (0.22) | 0.00 | (0.13) |
Net asset value, end of period | $15.37 | $15.41 | $18.22 | $20.44 | $17.70 | $14.87 |
Total return4 | 14.39% | 2.01% | 0.34% | 16.78% | 19.03% | (3.90)% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.99% | 1.97% | 1.94% | 1.93% | 1.94% | 1.95% |
Net expenses | 1.83% | 1.83% | 1.83% | 1.85% | 1.89% | 1.89% |
Net investment income (loss) | (0.08)% | 0.21% | 0.67% | (0.02)% | 0.07% | 0.02% |
Supplemental data | ||||||
Portfolio turnover rate | 28% | 28% | 45% | 33% | 50% | 51% |
Net assets, end of period (000s omitted) | $28,859 | $33,405 | $47,649 | $61,529 | $60,697 | $71,512 |
1 | Amount is more than $(0.005) |
2 | Amount is less than $0.005. |
3 | Calculated based upon average shares outstanding |
4 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
Year ended July 31 | ||||||
Class R | Six months ended January 31, 2021 (unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 1 |
Net asset value, beginning of period | $15.70 | $18.57 | $20.81 | $18.04 | $15.17 | $14.66 |
Net investment income | 0.04 2 | 0.11 2 | 0.21 | 0.12 | 0.13 | 0.06 |
Net realized and unrealized gains (losses) on investments | 2.21 | 0.49 | (0.29) | 2.99 | 2.84 | 0.66 |
Total from investment operations | 2.25 | 0.60 | (0.08) | 3.11 | 2.97 | 0.72 |
Distributions to shareholders from | ||||||
Net investment income | (0.00) 3 | (0.25) | (0.11) | (0.12) | (0.10) | (0.08) |
Net realized gains | (2.20) | (3.22) | (2.05) | (0.22) | 0.00 | (0.13) |
Total distributions to shareholders | (2.20) | (3.47) | (2.16) | (0.34) | (0.10) | (0.21) |
Net asset value, end of period | $15.75 | $15.70 | $18.57 | $20.81 | $18.04 | $15.17 |
Total return4 | 14.69% | 2.56% | 0.87% | 17.37% | 19.64% | 4.90% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.49% | 1.47% | 1.44% | 1.43% | 1.44% | 1.46% |
Net expenses | 1.33% | 1.33% | 1.33% | 1.34% | 1.39% | 1.39% |
Net investment income | 0.45% | 0.69% | 1.18% | 0.48% | 0.51% | 0.52% |
Supplemental data | ||||||
Portfolio turnover rate | 28% | 28% | 45% | 33% | 50% | 51% |
Net assets, end of period (000s omitted) | $511 | $910 | $2,043 | $2,042 | $1,369 | $26 |
1 | For the period from September 30, 2015 (commencement of class operations) to July 31, 2016 |
2 | Calculated based upon average shares outstanding |
3 | Amount is less than $0.005. |
4 | Returns for periods of less than one year are not annualized. |
Year ended July 31 | ||||||
Class R6 | Six months ended January 31, 2021 (unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 1 |
Net asset value, beginning of period | $15.81 | $18.68 | $20.92 | $18.09 | $15.24 | $14.66 |
Net investment income | 0.09 | 0.24 2 | 0.34 | 0.22 2 | 0.25 2 | 0.20 |
Net realized and unrealized gains (losses) on investments | 2.23 | 0.48 | (0.30) | 3.04 | 3.33 | 0.62 |
Total from investment operations | 2.32 | 0.72 | 0.04 | 3.26 | 3.58 | 0.82 |
Distributions to shareholders from | ||||||
Net investment income | (0.22) | (0.37) | (0.23) | (0.21) | (0.73) | (0.11) |
Net realized gains | (2.20) | (0.22) | (2.05) | (0.22) | 0.00 | (0.13) |
Total distributions to shareholders | (2.42) | (3.59) | (2.28) | (0.43) | (0.73) | (0.24) |
Net asset value, end of period | $15.71 | $15.81 | $18.68 | $20.92 | $18.09 | $15.24 |
Total return3 | 15.04% | 3.23% | 1.60% | 18.16% | 24.01% | 5.57% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.82% | 0.79% | 0.75% | 0.75% | 0.76% | 0.77% |
Net expenses | 0.65% | 0.65% | 0.65% | 0.65% | 0.68% | 0.68% |
Net investment income | 1.10% | 1.40% | 1.83% | 1.08% | 1.62% | 1.31% |
Supplemental data | ||||||
Portfolio turnover rate | 28% | 28% | 45% | 33% | 50% | 51% |
Net assets, end of period (000s omitted) | $5,909 | $6,570 | $13,223 | $15,225 | $122 | $2,449 |
1 | For the period from September 30, 2015 (commencement of class operations) to July 31, 2016 |
2 | Calculated based upon average shares outstanding |
3 | Returns for periods of less than one year are not annualized. |
Year ended July 31 | ||||||
Administrator Class | Six months ended January 31, 2021 (unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 |
Net asset value, beginning of period | $15.96 | $18.82 | $21.05 | $18.21 | $15.18 | $15.87 |
Net investment income | 0.06 1 | 0.18 1 | 0.29 1 | 0.17 1 | 0.16 1 | 0.15 |
Net realized and unrealized gains (losses) on investments | 2.26 | 0.49 | (0.30) | 3.05 | 2.87 | (0.62) |
Total from investment operations | 2.32 | 0.67 | 0.01 | 3.22 | 3.03 | (0.47) |
Distributions to shareholders from | ||||||
Net investment income | (0.13) | (0.31) | (0.17) | (0.16) | (0.00) 2 | (0.09) |
Net realized gains | (2.20) | (3.22) | (2.05) | (0.220) | 0.00 | (0.13) |
Total distributions to shareholders | (2.33) | (3.53) | (2.22) | (0.38) | (0.00) 2 | (0.22) |
Net asset value, end of period | $15.95 | $15.96 | $18.82 | $21.05 | $18.21 | $15.18 |
Total return3 | 14.92% | 2.90% | 1.26% | 17.81% | 19.99% | (2.98)% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.16% | 1.13% | 1.10% | 1.10% | 1.10% | 1.12% |
Net expenses | 0.97% | 0.97% | 0.97% | 0.98% | 1.00% | 0.96% |
Net investment income | 0.77% | 1.04% | 1.52% | 0.86% | 1.00% | 0.95% |
Supplemental data | ||||||
Portfolio turnover rate | 28% | 28% | 45% | 33% | 50% | 51% |
Net assets, end of period (000s omitted) | $2,079 | $2,241 | $16,566 | $25,444 | $32,091 | $57,879 |
1 | Calculated based upon average shares outstanding |
2 | Amount is less than $0.005. |
3 | Returns for periods of less than one year are not annualized. |
Year ended July 31 | ||||||
Institutional Class | Six months ended January 31, 2021 (unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 |
Net asset value, beginning of period | $15.83 | $18.70 | $20.95 | $18.12 | $15.23 | $15.91 |
Net investment income | 0.09 1 | 0.24 1 | 0.34 | 0.23 | 0.18 | 0.18 1 |
Net realized and unrealized gains (losses) on investments | 2.23 | 0.48 | (0.30) | 3.03 | 2.91 | (0.62) |
Total from investment operations | 2.32 | 0.72 | 0.04 | 3.26 | 3.09 | (0.44) |
Distributions to shareholders from | ||||||
Net investment income | (0.22) | (0.37) | (0.24) | (0.21) | (0.20) | (0.11) |
Net realized gains | (2.20) | (3.22) | (2.05) | (0.22) | 0.00 | (0.13) |
Total distributions to shareholders | (2.42) | (3.59) | (2.29) | (0.43) | (0.20) | (0.24) |
Net asset value, end of period | $15.73 | $15.83 | $18.70 | $20.95 | $18.12 | $15.23 |
Total return2 | 15.02% | 3.22% | 1.56% | 18.16% | 20.43% | (2.75)% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.92% | 0.89% | 0.86% | 0.85% | 0.86% | 0.87% |
Net expenses | 0.67% | 0.67% | 0.67% | 0.68% | 0.70% | 0.70% |
Net investment income | 1.09% | 1.40% | 1.82% | 1.15% | 1.23% | 1.22% |
Supplemental data | ||||||
Portfolio turnover rate | 28% | 28% | 45% | 33% | 50% | 51% |
Net assets, end of period (000s omitted) | $123,089 | $145,425 | $600,595 | $690,855 | $621,864 | $412,678 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
Gross unrealized gains | $142,475,497 |
Gross unrealized losses | (7,060,921) |
Net unrealized gains | $135,414,576 |
■ | 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) |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Common stocks | ||||
Communication services | $ 42,678,204 | $0 | $0 | $ 42,678,204 |
Consumer discretionary | 74,185,636 | 0 | 0 | 74,185,636 |
Consumer staples | 17,090,542 | 0 | 0 | 17,090,542 |
Energy | 9,364,471 | 0 | 0 | 9,364,471 |
Financials | 58,211,780 | 0 | 0 | 58,211,780 |
Health care | 73,064,521 | 0 | 0 | 73,064,521 |
Industrials | 42,847,431 | 0 | 0 | 42,847,431 |
Information technology | 140,143,312 | 0 | 0 | 140,143,312 |
Materials | 16,654,175 | 0 | 0 | 16,654,175 |
Short-term investments | ||||
Investment companies | 9,646,274 | 0 | 0 | 9,646,274 |
Total assets | $483,886,346 | $0 | $0 | $483,886,346 |
Average daily net assets | Management fee |
First $500 million | 0.700% |
Next $500 million | 0.675 |
Next $1 billion | 0.650 |
Next $2 billion | 0.625 |
Next $1 billion | 0.600 |
Next $3 billion | 0.590 |
Next $2 billion | 0.565 |
Next $2 billion | 0.555 |
Next $4 billion | 0.530 |
Over $16 billion | 0.505 |
Class-level administration fee | |
Class A | 0.21% |
Class C | 0.21 |
Class R | 0.21 |
Class R6 | 0.03 |
Administrator Class | 0.13 |
Institutional Class | 0.13 |
Expense ratio caps | |
Class A | 1.08% |
Class C | 1.83 |
Class R | 1.33 |
Class R6 | 0.65 |
Administrator Class | 0.97 |
Counterparty | Value of securities on loan | Collateral received1 | Net amount |
BNP Paribas Securities Corporation | $6,525,089 | $(6,525,089) | $0 |
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 also an inactive Chartered Financial Analyst. | N/A |
Isaiah Harris, Jr. (Born 1952) | Trustee, since 2009; Audit Committee Chair, 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). Mr. Harris is a certified public accountant (inactive status). | CIGNA Corporation |
Judith M. Johnson (Born 1949) | Trustee, since 2008 | 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 (Emeritus), 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 |
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 Chair, 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; Chair, 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 January 2020; previously Trustee from January 2018 to July 2019 | Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Interim President of the McKnight Foundation from January to September 2020. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Human Services Manager (part-time), Minnesota Department of Human Services, October 2019 through December 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 |
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 DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Fund Complex) | 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. |
Michelle Rhee (Born 1966) | Chief Legal Officer, since 2019 | Secretary of Wells Fargo Funds Management, LLC and Chief Legal Counsel of Wells Fargo Asset Management since 2018. Deputy General Counsel of Wells Fargo Bank, N.A. since 2020 and Assistant General Counsel of Wells Fargo Bank, N.A. from 2018 to 2020. Associate General Counsel and Managing Director of Bank of America Corporation from 2004 to 2018. |
Catherine Kennedy (Born 1969) | Secretary, since 2019 | Vice President of Wells Fargo Funds Management, LLC and Senior Counsel of the Wells Fargo Legal Department since 2010. Vice President and Senior Counsel of Evergreen Investment Management Company, LLC from 1998 to 2010. |
Michael H. Whitaker (Born 1967) | Chief Compliance Officer, since 2016 | Chief Compliance Officer of Wells Fargo Asset Management since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016. |
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P.O. Box 219967
Kansas City, MO 64121-9967
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SA208/SAR208 01-21
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Large Cap Growth Fund
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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 and emerging markets, excluding the United States. 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. |
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. |
3 | The MSCI Emerging Markets (EM) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index. |
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. |
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. |
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. |
5 | The Bloomberg Barclays Global Aggregate ex-USD Index (unhedged) 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. |
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. |
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. |
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. |
7 | The ICE BofA 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 2021. ICE Data Indices, LLC. All rights reserved. |
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President
Wells Fargo Funds
Robert Gruendyke, CFA®‡
Thomas C. Ognar, CFA®‡
Including sales charge | Excluding sales charge | Expense ratios1 (%) | |||||||||
Inception date | 1 year | 5 year | 10 year | 1 year | 5 year | 10 year | Gross | Net 2 | |||
Class A (STAFX) | 7-30-2010 | 17.16 | 17.88 | 13.90 | 24.31 | 19.28 | 14.58 | 1.18 | 1.07 | ||
Class C (STOFX) | 7-30-2010 | 22.38 | 18.38 | 13.72 | 23.38 | 18.38 | 13.72 | 1.93 | 1.82 | ||
Class R (STMFX)3 | 6-15-2012 | – | – | – | 23.99 | 18.97 | 14.29 | 1.43 | 1.32 | ||
Class R4 (SLGRX)4 | 11-30-2012 | – | – | – | 24.37 | 19.56 | 14.91 | 0.90 | 0.80 | ||
Class R6 (STFFX)5 | 11-30-2012 | – | – | – | 24.81 | 19.78 | 15.06 | 0.75 | 0.65 | ||
Administrator Class (STDFX) | 7-30-2010 | – | – | – | 24.44 | 19.42 | 14.72 | 1.10 | 0.95 | ||
Institutional Class (STNFX) | 7-30-2010 | – | – | – | 24.66 | 19.65 | 14.98 | 0.85 | 0.75 | ||
Russell 1000® Growth Index6 | – | – | – | – | 34.46 | 22.22 | 16.83 | – | – |
Ten largest holdings (%) as of January 31, 20217 | |
Amazon.com Incorporated | 9.86 |
Microsoft Corporation | 9.63 |
Apple Incorporated | 4.95 |
PayPal Holdings Incorporated | 4.76 |
Facebook Incorporated Class A | 4.05 |
Alphabet Incorporated Class A | 4.01 |
MasterCard Incorporated Class A | 3.93 |
MarketAxess Holdings Incorporated | 3.48 |
Visa Incorporated Class A | 2.61 |
ServiceNow Incorporated | 2.10 |
Sector allocation as of January 31, 20218 |
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‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
1 | Reflects the expense ratios as stated in the most recent prospectuses. 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 contractually committed through November 30, 2021, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.07% for Class A, 1.82% for Class C, 1.32% for Class R, 0.80% for Class R4, 0.65% for Class R6, 0.95% for Administrator Class, and 0.75% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, 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 the Class R shares prior to their inception reflects the performance of the former Investor Class shares, adjusted to reflect the higher expenses applicable to the Class R shares. |
4 | Historical performance shown for the Class R4 shares prior to their inception reflects the performance of the Institutional Class shares, adjusted to reflect the higher expenses applicable to the Class R4 shares. |
5 | Historical performance shown for the Class R6 shares prior to their inception reflects the performance of the Institutional Class shares, and includes the higher expenses applicable to the Institutional Class shares. If these expenses had not been included, returns for the Class R6 shares would be higher. |
6 | The Russell 1000® Growth Index measures the performance of those Russell 1000 companies with higher price/book ratios and higher forecasted growth values. You cannot invest directly in an index. |
7 | Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified. |
8 | Figures represent the percentage of the Fund's long-term investments. These amounts are subject to change and may have changed since the date specified. |
Beginning account value 8-1-2020 | Ending account value 1-31-2021 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $1,097.31 | $5.50 | 1.04% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.96 | $5.30 | 1.04% |
Class C | ||||
Actual | $1,000.00 | $1,093.07 | $9.60 | 1.82% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,016.03 | $9.25 | 1.82% |
Class R | ||||
Actual | $1,000.00 | $1,095.91 | $6.81 | 1.29% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,018.70 | $6.56 | 1.29% |
Class R4 | ||||
Actual | $1,000.00 | $1,098.59 | $4.23 | 0.80% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.17 | $4.08 | 0.80% |
Class R6 | ||||
Actual | $1,000.00 | $1,099.35 | $3.44 | 0.65% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.93 | $3.31 | 0.65% |
Administrator Class | ||||
Actual | $1,000.00 | $1,097.88 | $5.02 | 0.95% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.42 | $4.84 | 0.95% |
Institutional Class | ||||
Actual | $1,000.00 | $1,098.71 | $3.97 | 0.75% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.42 | $3.82 | 0.75% |
Shares | Value | ||||
Common stocks: 99.54% | |||||
Communication services: 10.69% | |||||
Entertainment: 1.47% | |||||
Activision Blizzard Incorporated | 119,630 | $ 10,886,330 | |||
Roku Incorporated † | 5,675 | 2,207,745 | |||
Spotify Technology SA † | 10,560 | 3,326,400 | |||
16,420,475 | |||||
Interactive media & services: 9.22% | |||||
Alphabet Incorporated Class A † | 24,480 | 44,733,773 | |||
Alphabet Incorporated Class C † | 7,035 | 12,914,431 | |||
Facebook Incorporated Class A † | 174,825 | 45,162,542 | |||
102,810,746 | |||||
Consumer discretionary: 15.37% | |||||
Hotels, restaurants & leisure: 1.62% | |||||
Chipotle Mexican Grill Incorporated † | 12,180 | 18,026,400 | |||
Internet & direct marketing retail: 9.86% | |||||
Amazon.com Incorporated † | 34,320 | 110,036,784 | |||
Specialty retail: 2.57% | |||||
The Home Depot Incorporated | 55,110 | 14,924,890 | |||
The TJX Companies Incorporated | 214,335 | 13,726,013 | |||
28,650,903 | |||||
Textiles, apparel & luxury goods: 1.32% | |||||
Nike Incorporated Class B | 110,480 | 14,759,023 | |||
Consumer staples: 0.96% | |||||
Beverages: 0.58% | |||||
Boston Beer Company Incorporated Class A † | 7,000 | 6,418,230 | |||
Personal products: 0.38% | |||||
The Estee Lauder Companies Incorporated Class A | 18,145 | 4,294,014 | |||
Financials: 4.59% | |||||
Capital markets: 4.59% | |||||
MarketAxess Holdings Incorporated | 71,755 | 38,802,234 | |||
MSCI Incorporated | 21,445 | 8,477,209 | |||
Tradeweb Markets Incorporated Class A | 65,200 | 3,963,508 | |||
51,242,951 | |||||
Health care: 9.66% | |||||
Biotechnology: 0.59% | |||||
Seagen Incorporated † | 40,470 | 6,648,007 | |||
Health care equipment & supplies: 5.44% | |||||
Abbott Laboratories | 150,225 | 18,566,308 | |||
Boston Scientific Corporation † | 299,359 | 10,609,283 |
Shares | Value | ||||
Health care equipment & supplies (continued) | |||||
Edwards Lifesciences Corporation † | 259,030 | $ 21,390,697 | |||
Stryker Corporation | 45,740 | 10,108,997 | |||
60,675,285 | |||||
Health care technology: 0.85% | |||||
Veeva Systems Incorporated Class A † | 34,150 | 9,440,426 | |||
Life sciences tools & services: 0.70% | |||||
Agilent Technologies Incorporated | 65,070 | 7,819,462 | |||
Pharmaceuticals: 2.08% | |||||
Horizon Therapeutics plc † | 74,160 | 5,375,117 | |||
Zoetis Incorporated | 115,750 | 17,854,438 | |||
23,229,555 | |||||
Industrials: 9.15% | |||||
Air freight & logistics: 1.71% | |||||
FedEx Corporation | 39,900 | 9,390,066 | |||
United Parcel Service Incorporated Class B | 62,800 | 9,734,000 | |||
19,124,066 | |||||
Commercial services & supplies: 1.73% | |||||
Copart Incorporated † | 104,960 | 11,519,360 | |||
Waste Connections Incorporated | 78,720 | 7,754,707 | |||
19,274,067 | |||||
Professional services: 0.84% | |||||
CoStar Group Incorporated † | 10,415 | 9,370,480 | |||
Road & rail: 4.87% | |||||
CSX Corporation | 148,690 | 12,750,911 | |||
Norfolk Southern Corporation | 83,000 | 19,639,460 | |||
Uber Technologies Incorporated † | 164,005 | 8,352,775 | |||
Union Pacific Corporation | 68,745 | 13,575,075 | |||
54,318,221 | |||||
Information technology: 44.57% | |||||
IT services: 16.76% | |||||
Affirm Holdings Incorporated † | 13,689 | 1,363,288 | |||
Fidelity National Information Services Incorporated | 119,003 | 14,692,110 | |||
Global Payments Incorporated | 79,585 | 14,048,344 | |||
MasterCard Incorporated Class A | 138,660 | 43,856,771 | |||
PayPal Holdings Incorporated † | 226,635 | 53,102,847 | |||
Shopify Incorporated Class A † | 2,295 | 2,521,264 | |||
Snowflake Incorporated Class A † | 11,995 | 3,268,038 | |||
Square Incorporated Class A † | 48,250 | 10,420,070 | |||
Twilio Incorporated Class A † | 40,775 | 14,655,758 | |||
Visa Incorporated Class A | 150,640 | 29,111,180 | |||
187,039,670 | |||||
Semiconductors & semiconductor equipment: 4.90% | |||||
Microchip Technology Incorporated | 171,770 | 23,379,615 |
Shares | Value | ||||
Semiconductors & semiconductor equipment (continued) | |||||
NVIDIA Corporation | 39,330 | $ 20,435,475 | |||
Texas Instruments Incorporated | 65,425 | 10,840,268 | |||
54,655,358 | |||||
Software: 17.96% | |||||
Adobe Incorporated † | 14,395 | 6,603,994 | |||
Atlassian Corporation plc Class A † | 41,825 | 9,667,012 | |||
Crowdstrike Holdings Incorporated Class A † | 26,690 | 5,759,702 | |||
Dynatrace Incorporated † | 255,900 | 10,622,409 | |||
Microsoft Corporation | 463,240 | 107,453,150 | |||
RingCentral Incorporated Class A † | 42,340 | 15,789,433 | |||
ServiceNow Incorporated † | 43,130 | 23,426,491 | |||
Splunk Incorporated † | 71,400 | 11,783,142 | |||
Workday Incorporated Class A † | 40,500 | 9,214,965 | |||
200,320,298 | |||||
Technology hardware, storage & peripherals: 4.95% | |||||
Apple Incorporated | 418,690 | 55,250,332 | |||
Materials: 4.55% | |||||
Chemicals: 4.55% | |||||
Air Products & Chemicals Incorporated | 71,810 | 19,156,036 | |||
Ecolab Incorporated | 54,755 | 11,197,945 | |||
Linde plc | 83,085 | 20,389,059 | |||
50,743,040 | |||||
Total Common stocks (Cost $475,403,684) | 1,110,567,793 |
Yield | |||||
Short-term investments: 0.04% | |||||
Investment companies: 0.04% | |||||
Wells Fargo Government Money Market Fund Select Class ♠∞ | 0.03% | 459,883 | 459,883 | ||
Total Short-term investments (Cost $459,883) | 459,883 | ||||
Total investments in securities (Cost $475,863,567) | 99.58% | 1,111,027,676 | |||
Other assets and liabilities, net | 0.42 | 4,693,962 | |||
Total net assets | 100.00% | $1,115,721,638 |
† | Non-income-earning security |
♠ | The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
∞ | The rate represents the 7-day annualized yield at period end. |
Value, beginning of period | Purchases | Sales proceeds | Net realized gains (losses) | Net change in unrealized gains (losses) | Value, end of period | % of net assets | Shares, end of period | Income from affiliated securities | ||||
Short-term investments | ||||||||||||
Investment companies | ||||||||||||
Securities Lending Cash Investments LLC* | $ 0 | $17,753,375 | $(17,753,375) | $0 | $0 | $ 0 | 0 | $175 # | ||||
Wells Fargo Government Money Market Fund Select Class | 2,815,713 | 94,192,247 | (96,548,077) | 0 | 0 | 459,883 | 459,883 | 764 | ||||
$0 | $0 | $459,883 | 0.04% | $939 |
* | No longer held at the end of period. |
# | Amount shown represents income before fees and rebates. |
Assets | |
Investments in unaffiliated securities, at value (cost $475,403,684) | $ 1,110,567,793 |
Investments in affiliated securites, at value (cost $459,883) | 459,883 |
Cash | 30,961 |
Receivable for investments sold | 9,871,422 |
Receivable for Fund shares sold | 333,265 |
Receivable for dividends | 323,244 |
Prepaid expenses and other assets | 13,716 |
Total assets | 1,121,600,284 |
Liabilities | |
Payable for investments purchased | 3,395,476 |
Payable for Fund shares redeemed | 1,506,401 |
Management fee payable | 567,548 |
Administration fees payable | 140,614 |
Distribution fees payable | 5,445 |
Trustees’ fees and expenses payable | 2,390 |
Accrued expenses and other liabilities | 260,772 |
Total liabilities | 5,878,646 |
Total net assets | $1,115,721,638 |
Net assets consist of | |
Paid-in capital | $ 434,614,485 |
Total distributable earnings | 681,107,153 |
Total net assets | $1,115,721,638 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 618,358,702 |
Shares outstanding – Class A1 | 13,026,428 |
Net asset value per share – Class A | $47.47 |
Maximum offering price per share – Class A2 | $50.37 |
Net assets – Class C | $ 7,196,855 |
Shares outstanding – Class C1 | 178,250 |
Net asset value per share – Class C | $40.38 |
Net assets – Class R | $ 2,644,736 |
Shares outstanding – Class R1 | 58,239 |
Net asset value per share – Class R | $45.41 |
Net assets – Class R4 | $ 17,482 |
Shares outstanding – Class R41 | 353 |
Net asset value per share – Class R4 | $49.52 |
Net assets – Class R6 | $ 337,877,081 |
Shares outstanding – Class R61 | 6,739,988 |
Net asset value per share – Class R6 | $50.13 |
Net assets – Administrator Class | $ 77,677,283 |
Shares outstanding – Administrator Class1 | 1,604,305 |
Net asset value per share – Administrator Class | $48.42 |
Net assets – Institutional Class | $ 71,949,499 |
Shares outstanding – Institutional Class1 | 1,444,983 |
Net asset value per share – Institutional Class | $49.79 |
1 | The 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. |
Investment income | |
Dividends (net of foreign withholdings taxes of $8,193) | $ 3,004,710 |
Income from affiliated securities | 1,921 |
Total investment income | 3,006,631 |
Expenses | |
Management fee | 3,829,712 |
Administration fees | |
Class A | 645,619 |
Class C | 9,219 |
Class R | 3,476 |
Class R4 | 8 |
Class R6 | 50,895 |
Administrator Class | 52,236 |
Institutional Class | 48,226 |
Shareholder servicing fees | |
Class A | 768,595 |
Class C | 10,975 |
Class R | 3,596 |
Class R4 | 7 |
Administrator Class | 100,454 |
Distribution fees | |
Class C | 32,892 |
Class R | 3,513 |
Custody and accounting fees | 24,281 |
Professional fees | 24,016 |
Registration fees | 58,935 |
Shareholder report expenses | 35,037 |
Trustees’ fees and expenses | 9,707 |
Other fees and expenses | 19,329 |
Total expenses | 5,730,728 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (375,081) |
Class A | (207,255) |
Class C | (1,604) |
Class R6 | (46,379) |
Administrator Class | (28,886) |
Institutional Class | (10,037) |
Net expenses | 5,061,486 |
Net investment loss | (2,054,855) |
Realized and unrealized gains (losses) on investments | |
Net realized gains on investments | 104,071,071 |
Net change in unrealized gains (losses) on investments | 1,972,450 |
Net realized and unrealized gains (losses) on investments | 106,043,521 |
Net increase in net assets resulting from operations | 103,988,666 |
Six months ended January 31, 2021 (unaudited) | Year ended July 31, 2020 | |||
Operations | ||||
Net investment loss | $ (2,054,855) | $ (921,213) | ||
Net realized gains on investments | 104,071,071 | 102,201,550 | ||
Net change in unrealized gains (losses) on investments | 1,972,450 | 109,642,689 | ||
Net increase in net assets resulting from operations | 103,988,666 | 210,923,026 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (79,883,893) | (48,085,264) | ||
Class C | (1,111,827) | (1,095,349) | ||
Class R | (455,637) | (417,971) | ||
Class R4 | (2,447) | (85,773) | ||
Class R6 | (42,121,261) | 29,201,378 | ||
Administrator Class | (10,082,395) | (6,247,883) | ||
Institutional Class | (9,083,723) | (6,697,849) | ||
Total distributions to shareholders | (142,741,183) | (91,831,467) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 224,064 | 11,421,162 | 380,850 | 16,129,700 |
Class C | 8,779 | 385,789 | 51,726 | 1,741,347 |
Class R | 7,874 | 366,163 | 32,914 | 1,386,119 |
Class R4 | 0 | 0 | 10,868 | 467,147 |
Class R6 | 539,917 | 28,597,175 | 1,409,952 | 60,242,135 |
Administrator Class | 54,337 | 2,802,980 | 222,967 | 9,665,543 |
Institutional Class | 79,261 | 4,217,464 | 196,605 | 8,571,145 |
47,790,733 | 98,203,136 | |||
Reinvestment of distributions | ||||
Class A | 1,646,859 | 77,616,455 | 1,127,986 | 46,360,245 |
Class C | 27,637 | 1,109,089 | 25,717 | 927,347 |
Class R | 7,808 | 352,223 | 4,263 | 169,064 |
Class R4 | 0 | 0 | 1,974 | 84,285 |
Class R6 | 795,939 | 39,597,989 | 647,777 | 27,895,354 |
Administrator Class | 209,572 | 10,074,123 | 149,395 | 6,242,050 |
Institutional Class | 175,339 | 8,665,260 | 140,193 | 6,001,246 |
137,415,139 | 87,679,591 | |||
Payment for shares redeemed | ||||
Class A | (688,311) | (34,957,128) | (1,628,537) | (68,860,332) |
Class C | (87,100) | (3,977,750) | (140,447) | (5,259,663) |
Class R | (26,931) | (1,248,673) | (72,655) | (2,962,212) |
Class R4 | 0 | 0 | (32,078) | (1,411,121) |
Class R6 | (901,267) | (47,730,441) | (2,851,205) | (123,114,591) |
Administrator Class | (231,568) | (11,990,989) | (296,951) | (12,894,932) |
Institutional Class | (216,223) | (11,454,268) | (679,804) | (30,194,632) |
(111,359,249) | (244,697,483) | |||
Net increase (decrease) in net assets resulting from capital share transactions | 73,846,623 | (58,814,756) | ||
Total increase in net assets | 35,094,106 | 60,276,803 | ||
Net assets | ||||
Beginning of period | 1,080,627,532 | 1,020,350,729 | ||
End of period | $1,115,721,638 | $1,080,627,532 |
Year ended July 31 | ||||||
Class A | Six months ended January 31, 2021 (unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 |
Net asset value, beginning of period | $49.63 | $44.23 | $52.01 | $50.10 | $46.05 | $49.55 |
Net investment loss | (0.13) 1 | (0.11) | (0.03) 1 | (0.08) | (0.03) 1 | (0.03) 1 |
Net realized and unrealized gains (losses) on investments | 4.90 | 9.66 | 3.47 | 12.56 | 6.39 | (0.92) |
Total from investment operations | 4.77 | 9.55 | 3.44 | 12.48 | 6.36 | (0.95) |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | (0.00) 2 |
Net realized gains | (6.93) | (4.15) | (11.22) | (10.57) | (2.31) | (2.55) |
Total distributions to shareholders | (6.93) | (4.15) | (11.22) | (10.57) | (2.31) | (2.55) |
Net asset value, end of period | $47.47 | $49.63 | $44.23 | $52.01 | $50.10 | $46.05 |
Total return3 | 9.73% | 23.51% | 11.00% | 27.98% | 14.60% | (1.83)% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.17% | 1.18% | 1.18% | 1.17% | 1.17% | 1.16% |
Net expenses | 1.04% | 1.05% | 1.07% | 1.07% | 1.07% | 1.07% |
Net investment loss | (0.50)% | (0.24)% | (0.07)% | (0.16)% | (0.06)% | (0.06)% |
Supplemental data | ||||||
Portfolio turnover rate | 19% | 34% | 43% | 34% | 40% | 31% |
Net assets, end of period (000s omitted) | $618,359 | $587,771 | $529,110 | $534,694 | $516,410 | $576,502 |
1 | Calculated based upon average shares outstanding |
2 | Amount is less than $0.005. |
3 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
Year ended July 31 | ||||||
Class C | Six months ended January 31, 2021 (unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 |
Net asset value, beginning of period | $43.32 | $39.41 | $47.97 | $47.25 | $43.88 | $47.68 |
Net investment loss | (0.28) 1 | (0.38) 1 | (0.32) 1 | (0.31) | (0.35) 1 | (0.32) 1 |
Net realized and unrealized gains (losses) on investments | 4.27 | 8.44 | 2.98 | 11.60 | 6.03 | (0.93) |
Total from investment operations | 3.99 | 8.06 | 2.66 | 11.29 | 5.68 | (1.25) |
Distributions to shareholders from | ||||||
Net realized gains | (6.93) | (4.15) | (11.22) | (10.57) | (2.31) | (2.55) |
Net asset value, end of period | $40.38 | $43.32 | $39.41 | $47.97 | $47.25 | $43.88 |
Total return2 | 9.31% | 22.57% | 10.17% | 27.03% | 13.74% | (2.56)% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.92% | 1.93% | 1.93% | 1.92% | 1.91% | 1.91% |
Net expenses | 1.82% | 1.82% | 1.82% | 1.82% | 1.82% | 1.82% |
Net investment loss | (1.28)% | (1.00)% | (0.80)% | (0.90)% | (0.81)% | (0.75)% |
Supplemental data | ||||||
Portfolio turnover rate | 19% | 34% | 43% | 34% | 40% | 31% |
Net assets, end of period (000s omitted) | $7,197 | $9,918 | $11,504 | $15,586 | $14,640 | $18,877 |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
Year ended July 31 | ||||||
Class R | Six months ended January 31, 2021 (unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 |
Net asset value, beginning of period | $47.81 | $42.86 | $50.89 | $49.34 | $45.50 | $49.11 |
Net investment loss | (0.18) 1 | (0.20) 1 | (0.13) 1 | (0.20) 1 | (0.14) 1 | (0.10) 1 |
Net realized and unrealized gains (losses) on investments | 4.71 | 9.30 | 3.32 | 12.32 | 6.29 | (0.96) |
Total from investment operations | 4.53 | 9.10 | 3.19 | 12.12 | 6.15 | (1.06) |
Distributions to shareholders from | ||||||
Net realized gains | (6.93) | (4.15) | (11.22) | (10.57) | (2.31) | (2.55) |
Net asset value, end of period | $45.41 | $47.81 | $42.86 | $50.89 | $49.34 | $45.50 |
Total return2 | 9.59% | 23.16% | 10.74% | 27.65% | 14.30% | (2.08)% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.35% | 1.41% | 1.42% | 1.42% | 1.41% | 1.41% |
Net expenses | 1.29% | 1.32% | 1.32% | 1.32% | 1.32% | 1.32% |
Net investment loss | (0.75)% | (0.49)% | (0.29)% | (0.40)% | (0.31)% | (0.23)% |
Supplemental data | ||||||
Portfolio turnover rate | 19% | 34% | 43% | 34% | 40% | 31% |
Net assets, end of period (000s omitted) | $2,645 | $3,322 | $4,499 | $5,661 | $6,387 | $8,218 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
Year ended July 31 | ||||||
Class R4 | Six months ended January 31, 2021 (unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 |
Net asset value, beginning of period | $51.43 | $45.72 | $53.23 | $50.94 | $46.69 | $50.23 |
Net investment income (loss) | (0.07) | 0.02 1 | 0.11 1 | 0.05 1 | 0.11 1 | 0.13 |
Net realized and unrealized gains (losses) on investments | 5.09 | 9.91 | 3.60 | 12.81 | 6.50 | (0.95) |
Total from investment operations | 5.02 | 9.93 | 3.71 | 12.86 | 6.61 | (0.82) |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.07) | 0.00 | 0.00 | (0.05) | (0.17) |
Net realized gains | (6.93) | (4.15) | (11.22) | (10.57) | (2.31) | (2.55) |
Total distributions to shareholders | (6.93) | (4.22) | (11.22) | (10.57) | (2.36) | (2.72) |
Net asset value, end of period | $49.52 | $51.43 | $45.72 | $53.23 | $50.94 | $46.69 |
Total return2 | 9.86% | 23.59% | 11.32% | 28.31% | 14.96% | (1.54)% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.86% | 0.90% | 0.90% | 0.90% | 0.88% | 0.88% |
Net expenses | 0.80% | 0.80% | 0.80% | 0.80% | 0.80% | 0.78% |
Net investment income (loss) | (0.25)% | 0.05% | 0.24% | 0.10% | 0.25% | 0.27% |
Supplemental data | ||||||
Portfolio turnover rate | 19% | 34% | 43% | 34% | 40% | 31% |
Net assets, end of period (000s omitted) | $17 | $18 | $896 | $2,089 | $337 | $8,400 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
Year ended July 31 | ||||||
Class R6 | Six months ended January 31, 2021 (unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 |
Net asset value, beginning of period | $51.95 | $46.06 | $53.49 | $51.12 | $46.82 | $50.34 |
Net investment income (loss) | (0.03) 1 | 0.08 1 | 0.16 1 | 0.14 | 0.17 | 0.22 |
Net realized and unrealized gains (losses) on investments | 5.14 | 10.09 | 3.65 | 12.85 | 6.52 | (0.97) |
Total from investment operations | 5.11 | 10.17 | 3.81 | 12.99 | 6.69 | (0.75) |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.13) | (0.02) | (0.05) | (0.08) | (0.22) |
Net realized gains | (6.93) | (4.15) | (11.22) | (10.57) | (2.31) | (2.55) |
Total distributions to shareholders | (6.93) | (4.28) | (11.24) | (10.62) | (2.39) | (2.77) |
Net asset value, end of period | $50.13 | $51.95 | $46.06 | $53.49 | $51.12 | $46.82 |
Total return2 | 9.94% | 24.03% | 11.46% | 28.51% | 15.09% | (1.39)% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.74% | 0.75% | 0.75% | 0.75% | 0.74% | 0.73% |
Net expenses | 0.65% | 0.65% | 0.65% | 0.65% | 0.65% | 0.64% |
Net investment income (loss) | (0.11)% | 0.17% | 0.35% | 0.27% | 0.36% | 0.39% |
Supplemental data | ||||||
Portfolio turnover rate | 19% | 34% | 43% | 34% | 40% | 31% |
Net assets, end of period (000s omitted) | $337,877 | $327,584 | $326,990 | $327,943 | $307,048 | $225,805 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
Year ended July 31 | ||||||
Administrator Class | Six months ended January 31, 2021 (unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 |
Net asset value, beginning of period | $50.47 | $44.87 | $52.54 | $50.46 | $46.32 | $49.84 |
Net investment income (loss) | (0.10) | (0.07) | 0.02 | (0.01) | 0.05 | 0.05 |
Net realized and unrealized gains (losses) on investments | 4.98 | 9.83 | 3.53 | 12.66 | 6.41 | (0.94) |
Total from investment operations | 4.88 | 9.76 | 3.55 | 12.65 | 6.46 | (0.89) |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.01) | 0.00 | 0.00 | (0.01) | (0.08) |
Net realized gains | (6.93) | (4.15) | (11.22) | (10.57) | (2.31) | (2.55) |
Total distributions to shareholders | (6.93) | (4.16) | (11.22) | (10.57) | (2.32) | (2.63) |
Net asset value, end of period | $48.42 | $50.47 | $44.87 | $52.54 | $50.46 | $46.32 |
Total return1 | 9.79% | 23.63% | 11.14% | 28.14% | 14.75% | (1.71)% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.09% | 1.10% | 1.10% | 1.09% | 1.08% | 1.08% |
Net expenses | 0.95% | 0.95% | 0.95% | 0.95% | 0.95% | 0.95% |
Net investment income (loss) | (0.41)% | (0.14)% | 0.05% | (0.03)% | 0.06% | 0.12% |
Supplemental data | ||||||
Portfolio turnover rate | 19% | 34% | 43% | 34% | 40% | 31% |
Net assets, end of period (000s omitted) | $77,677 | $79,334 | $67,158 | $79,154 | $80,937 | $237,577 |
1 | Returns for periods of less than one year are not annualized. |
Year ended July 31 | ||||||
Institutional Class | Six months ended January 31, 2021 (unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 |
Net asset value, beginning of period | $51.67 | $45.84 | $53.31 | $51.00 | $46.74 | $50.30 |
Net investment income (loss) | (0.06) 1 | 0.03 1 | 0.12 1 | 0.10 1 | 0.12 1 | 0.17 1 |
Net realized and unrealized gains (losses) on investments | 5.11 | 10.04 | 3.63 | 12.80 | 6.51 | (0.96) |
Total from investment operations | 5.05 | 10.07 | 3.75 | 12.90 | 6.63 | (0.79) |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.09) | 0.00 | (0.02) | (0.06) | (0.22) |
Net realized gains | (6.93) | (4.15) | (11.22) | (10.57) | (2.31) | (2.55) |
Total distributions to shareholders | (6.93) | (4.24) | (11.22) | (10.59) | (2.37) | (2.77) |
Net asset value, end of period | $49.79 | $51.67 | $45.84 | $53.31 | $51.00 | $46.74 |
Total return2 | 9.87% | 23.89% | 11.37% | 28.37% | 14.98% | (1.49)% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.84% | 0.85% | 0.85% | 0.84% | 0.83% | 0.83% |
Net expenses | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% | 0.71% |
Net investment income (loss) | (0.21)% | 0.07% | 0.26% | 0.18% | 0.27% | 0.37% |
Supplemental data | ||||||
Portfolio turnover rate | 19% | 34% | 43% | 34% | 40% | 31% |
Net assets, end of period (000s omitted) | $71,949 | $72,681 | $80,194 | $95,809 | $169,836 | $316,310 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
Gross unrealized gains | $636,920,559 |
Gross unrealized losses | (2,373,474) |
Net unrealized gains | $634,547,085 |
■ | 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) |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Common stocks | ||||
Communication services | $ 119,231,221 | $0 | $0 | $ 119,231,221 |
Consumer discretionary | 171,473,110 | 0 | 0 | 171,473,110 |
Consumer staples | 10,712,244 | 0 | 0 | 10,712,244 |
Financials | 51,242,951 | 0 | 0 | 51,242,951 |
Health care | 107,812,735 | 0 | 0 | 107,812,735 |
Industrials | 102,086,834 | 0 | 0 | 102,086,834 |
Information technology | 497,265,658 | 0 | 0 | 497,265,658 |
Materials | 50,743,040 | 0 | 0 | 50,743,040 |
Short-term investments | ||||
Investment companies | 459,883 | 0 | 0 | 459,883 |
Total assets | $1,111,027,676 | $0 | $0 | $1,111,027,676 |
Average daily net assets | Management fee |
First $500 million | 0.700% |
Next $500 million | 0.675 |
Next $1 billion | 0.650 |
Next $2 billion | 0.625 |
Next $1 billion | 0.600 |
Next $3 billion | 0.590 |
Next $2 billion | 0.565 |
Next $2 billion | 0.555 |
Next $4 billion | 0.530 |
Over $16 billion | 0.505 |
Class-level administration fee | |
Class A | 0.21% |
Class C | 0.21 |
Class R | 0.21 |
Class R4 | 0.08 |
Class R6 | 0.03 |
Administrator Class | 0.13 |
Institutional Class | 0.13 |
Expense ratio caps | |
Class A | 1.07% |
Class C | 1.82 |
Class R | 1.32 |
Class R4 | 0.80 |
Class R6 | 0.65 |
Administrator Class | 0.95 |
Institutional Class | 0.75 |
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 also an inactive Chartered Financial Analyst. | N/A |
Isaiah Harris, Jr. (Born 1952) | Trustee, since 2009; Audit Committee Chair, 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). Mr. Harris is a certified public accountant (inactive status). | CIGNA Corporation |
Judith M. Johnson (Born 1949) | Trustee, since 2008 | 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 (Emeritus), 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 |
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 Chair, 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; Chair, 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 January 2020; previously Trustee from January 2018 to July 2019 | Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Interim President of the McKnight Foundation from January to September 2020. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Human Services Manager (part-time), Minnesota Department of Human Services, October 2019 through December 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 |
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 DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Fund Complex) | 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. |
Michelle Rhee (Born 1966) | Chief Legal Officer, since 2019 | Secretary of Wells Fargo Funds Management, LLC and Chief Legal Counsel of Wells Fargo Asset Management since 2018. Deputy General Counsel of Wells Fargo Bank, N.A. since 2020 and Assistant General Counsel of Wells Fargo Bank, N.A. from 2018 to 2020. Associate General Counsel and Managing Director of Bank of America Corporation from 2004 to 2018. |
Catherine Kennedy (Born 1969) | Secretary, since 2019 | Vice President of Wells Fargo Funds Management, LLC and Senior Counsel of the Wells Fargo Legal Department since 2010. Vice President and Senior Counsel of Evergreen Investment Management Company, LLC from 1998 to 2010. |
Michael H. Whitaker (Born 1967) | Chief Compliance Officer, since 2016 | Chief Compliance Officer of Wells Fargo Asset Management since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016. |
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P.O. Box 219967
Kansas City, MO 64121-9967
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SA209/SAR209 01-21
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Large Company Value Fund
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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 and emerging markets, excluding the United States. 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. |
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. |
3 | The MSCI Emerging Markets (EM) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index. |
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. |
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. |
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. |
5 | The Bloomberg Barclays Global Aggregate ex-USD Index (unhedged) 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. |
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. |
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. |
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. |
7 | The ICE BofA 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 2021. ICE Data Indices, LLC. All rights reserved. |
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President
Wells Fargo Funds
Ryan Brown, CFA®‡
Harindra de Silva, Ph.D., CFA®‡
Including sales charge | Excluding sales charge | Expense ratios1 (%) | |||||||||
Inception date | 1 year | 5 year | 10 year | 1 year | 5 year | 10 year | Gross | Net 2 | |||
Class A (WLCAX) | 3-31-2008 | 3.72 | 9.39 | 8.18 | 10.04 | 10.69 | 8.82 | 0.99 | 0.83 | ||
Class C (WFLVX) | 3-31-2008 | 8.18 | 9.85 | 8.01 | 9.18 | 9.85 | 8.01 | 1.74 | 1.58 | ||
Class R6(WTLVX) 3 | 4-7-2017 | – | – | – | 10.39 | 11.13 | 9.30 | 0.56 | 0.40 | ||
Administrator Class (WWIDX) | 12-31-2001 | – | – | – | 10.10 | 10.78 | 9.01 | 0.91 | 0.75 | ||
Institutional Class (WLCIX) | 3-31-2008 | – | – | – | 10.36 | 11.06 | 9.26 | 0.66 | 0.50 | ||
Russell 1000® Value Index 4 | – | – | – | – | 4.09 | 10.71 | 10.15 | – | – |
Ten largest holdings (%) as of January 31, 20215 | |
Exxon Mobil Corporation | 3.19 |
JPMorgan Chase & Company | 2.83 |
Pfizer Incorporated | 2.74 |
Linde plc | 2.66 |
Raytheon Technologies Corporation | 2.56 |
Berkshire Hathaway Incorporated Class B | 2.50 |
CSX Corporation | 2.26 |
UnitedHealth Group Incorporated | 2.23 |
AT&T Incorporated | 2.20 |
US Bancorp | 2.17 |
Sector distribution as of January 31, 20216 |
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‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
1 | Reflects the expense ratios as stated in the most recent prospectuses. 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 contractually committed through November 30, 2021, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.83% for Class A, 1.58% for Class C, 0.40% for Class R6, 0.75% for Administrator Class, and 0.50% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, 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 the Class R6 shares prior to their inception reflects the performance of the Institutional Class shares, and is not adjusted to reflect the Class R6 expenses. If these expenses had been included, returns for the Class R6 shares would be higher. |
4 | The Russell 1000® Value Index measures the performance of those Russell 1000 companies with lower price/book ratios and lower forecasted growth values. You cannot invest directly in an index. |
5 | Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified. |
6 | Figures represent the percentage of the Fund's long-term investments. These amounts are subject to change and may have changed since the date specified. |
Beginning account value 8-1-2020 | Ending account value 1-31-2021 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $1,193.47 | $4.48 | 0.81% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.12 | $4.13 | 0.81% |
Class C | ||||
Actual | $1,000.00 | $1,189.33 | $8.72 | 1.58% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,017.24 | $8.03 | 1.58% |
Class R6 | ||||
Actual | $1,000.00 | $1,195.20 | $2.21 | 0.40% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,023.19 | $2.04 | 0.40% |
Administrator Class | ||||
Actual | $1,000.00 | $1,193.51 | $4.15 | 0.75% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.42 | $3.82 | 0.75% |
Institutional Class | ||||
Actual | $1,000.00 | $1,195.19 | $2.77 | 0.50% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.68 | $2.55 | 0.50% |
Shares | Value | ||||
Common stocks: 98.64% | |||||
Communication services: 7.32% | |||||
Diversified telecommunication services: 4.34% | |||||
AT&T Incorporated | 164,011 | $ 4,695,635 | |||
Verizon Communications Incorporated | 83,405 | 4,566,424 | |||
9,262,059 | |||||
Entertainment: 1.32% | |||||
The Walt Disney Company | 16,693 | 2,807,262 | |||
Media: 1.66% | |||||
Comcast Corporation Class A | 71,506 | 3,544,552 | |||
Consumer discretionary: 9.24% | |||||
Auto components: 1.94% | |||||
Gentex Corporation | 125,443 | 4,145,891 | |||
Automobiles: 1.05% | |||||
Tesla Motors Incorporated † | 2,824 | 2,240,929 | |||
Hotels, restaurants & leisure: 1.14% | |||||
Chipotle Mexican Grill Incorporated † | 698 | 1,033,040 | |||
Shake Shack Incorporated Class A † | 12,356 | 1,401,418 | |||
2,434,458 | |||||
Household durables: 2.14% | |||||
Garmin Limited | 16,621 | 1,909,088 | |||
Sonos Incorporated † | 101,548 | 2,655,480 | |||
4,564,568 | |||||
Specialty retail: 1.70% | |||||
GrowGeneration Corporation † | 1,915 | 82,709 | |||
Ross Stores Incorporated | 25,330 | 2,818,976 | |||
The TJX Companies Incorporated | 11,135 | 713,085 | |||
3,614,770 | |||||
Textiles, apparel & luxury goods: 1.27% | |||||
lululemon athletica Incorporated † | 5,039 | 1,656,219 | |||
Nike Incorporated Class B | 7,926 | 1,058,834 | |||
2,715,053 | |||||
Consumer staples: 8.27% | |||||
Beverages: 0.01% | |||||
PepsiCo Incorporated | 226 | 30,865 | |||
Food & staples retailing: 3.33% | |||||
Costco Wholesale Corporation | 8,198 | 2,889,221 | |||
Performance Food Group Company † | 22,750 | 1,066,520 | |||
The Kroger Company | 74,887 | 2,583,602 | |||
Walmart Incorporated | 4,011 | 563,505 | |||
7,102,848 |
Shares | Value | ||||
Food products: 1.51% | |||||
Hormel Foods Corporation | 2,642 | $ 123,804 | |||
Tyson Foods Incorporated Class A | 48,054 | 3,090,353 | |||
3,214,157 | |||||
Household products: 1.47% | |||||
The Procter & Gamble Company | 24,384 | 3,126,273 | |||
Personal products: 1.95% | |||||
The Estee Lauder Companies Incorporated Class A | 17,565 | 4,156,757 | |||
Energy: 4.24% | |||||
Oil, gas & consumable fuels: 4.24% | |||||
Antero Midstream Corporation | 270,356 | 2,189,884 | |||
Exxon Mobil Corporation | 151,842 | 6,808,595 | |||
Hess Corporation | 754 | 40,701 | |||
9,039,180 | |||||
Financials: 19.01% | |||||
Banks: 9.30% | |||||
Citigroup Incorporated | 79,466 | 4,608,233 | |||
First Financial Bankshares Incorporated | 30,173 | 1,142,953 | |||
JPMorgan Chase & Company | 46,916 | 6,036,682 | |||
Truist Financial Corporation | 71,155 | 3,414,017 | |||
US Bancorp | 107,974 | 4,626,686 | |||
19,828,571 | |||||
Capital markets: 2.80% | |||||
Bank of New York Mellon Corporation | 5,754 | 229,182 | |||
KKR & Company Incorporated Class A | 6,700 | 260,965 | |||
Morgan Stanley | 36,067 | 2,418,292 | |||
SEI Investments Company | 11,154 | 589,489 | |||
The Carlyle Group Incorporated | 1,309 | 42,241 | |||
The Charles Schwab Corporation | 4,497 | 231,775 | |||
The Goldman Sachs Group Incorporated | 8,093 | 2,194,579 | |||
5,966,523 | |||||
Consumer finance: 0.71% | |||||
OneMain Holdings Incorporated | 32,651 | 1,520,231 | |||
Diversified financial services: 2.50% | |||||
Berkshire Hathaway Incorporated Class B † | 23,410 | 5,334,438 | |||
Insurance: 1.40% | |||||
Assured Guaranty Limited | 5,102 | 182,397 | |||
Kinsale Capital Group Incorporated | 3,446 | 646,332 | |||
Prudential Financial Incorporated | 27,512 | 2,153,639 | |||
2,982,368 | |||||
Mortgage REITs: 0.59% | |||||
Arbor Realty Trust Incorporated | 87,489 | 1,247,593 |
Shares | Value | ||||
Thrifts & mortgage finance: 1.71% | |||||
Essent Group Limited | 39,018 | $ 1,632,123 | |||
NMI Holdings Incorporated Class A † | 95,278 | 2,020,846 | |||
3,652,969 | |||||
Health care: 13.88% | |||||
Biotechnology: 2.98% | |||||
Exact Sciences Corporation † | 17,038 | 2,336,932 | |||
Incyte Corporation † | 18,833 | 1,690,262 | |||
Vertex Pharmaceuticals Incorporated † | 10,127 | 2,319,893 | |||
6,347,087 | |||||
Health care equipment & supplies: 2.29% | |||||
Baxter International Incorporated | 3,692 | 283,656 | |||
Boston Scientific Corporation † | 17,702 | 627,359 | |||
Cardiovascular Systems Incorporated † | 1,830 | 82,332 | |||
Glaukos Corporation † | 10,380 | 920,602 | |||
Medtronic plc | 7,965 | 886,743 | |||
Novocure Limited † | 12,522 | 2,015,541 | |||
Tandem Diabetes Care Incorporated † | 753 | 69,765 | |||
4,885,998 | |||||
Health care providers & services: 2.23% | |||||
UnitedHealth Group Incorporated | 14,246 | 4,752,181 | |||
Pharmaceuticals: 6.38% | |||||
Bristol-Myers Squibb Company | 18,395 | 1,130,005 | |||
Johnson & Johnson | 13,151 | 2,145,323 | |||
Merck & Company Incorporated | 58,206 | 4,485,936 | |||
Pfizer Incorporated | 163,063 | 5,853,962 | |||
13,615,226 | |||||
Industrials: 11.34% | |||||
Aerospace & defense: 2.56% | |||||
Raytheon Technologies Corporation | 82,018 | 5,473,061 | |||
Air freight & logistics: 1.16% | |||||
C.H. Robinson Worldwide Incorporated | 28,916 | 2,474,053 | |||
Commercial services & supplies: 0.23% | |||||
McGrath RentCorp | 6,942 | 484,482 | |||
Construction & engineering: 0.50% | |||||
WillScot Mobile Mini Holdings Corporation † | 44,845 | 1,063,275 | |||
Machinery: 1.33% | |||||
Donaldson Company Incorporated | 17,976 | 1,068,493 | |||
Mueller Industries Incorporated | 7,448 | 254,349 | |||
PACCAR Incorporated | 13,268 | 1,210,307 | |||
Proto Labs Incorporated † | 619 | 131,104 | |||
Wabtec Corporation | 2,253 | 167,195 | |||
2,831,448 | |||||
Professional services: 2.92% | |||||
CoStar Group Incorporated † | 4,909 | 4,416,676 |
Shares | Value | ||||
Professional services (continued) | |||||
IHS Markit Limited | 386 | $ 33,613 | |||
TransUnion | 20,330 | 1,769,523 | |||
6,219,812 | |||||
Road & rail: 2.64% | |||||
CSX Corporation | 56,273 | 4,825,691 | |||
Lyft Incorporated Class A † | 3,076 | 136,759 | |||
Uber Technologies Incorporated † | 4,161 | 211,920 | |||
Union Pacific Corporation | 2,325 | 459,118 | |||
5,633,488 | |||||
Information technology: 11.90% | |||||
Communications equipment: 1.29% | |||||
Arista Networks Incorporated † | 4,479 | 1,377,561 | |||
Cisco Systems Incorporated | 30,698 | 1,368,517 | |||
2,746,078 | |||||
Electronic equipment, instruments & components: 2.75% | |||||
Amphenol Corporation Class A | 26,109 | 3,260,492 | |||
CDW Corporation of Delaware | 19,734 | 2,598,178 | |||
5,858,670 | |||||
IT services: 3.47% | |||||
International Business Machines Corporation | 7,240 | 862,356 | |||
LiveRamp Holdings Incorporated † | 18,555 | 1,404,799 | |||
MasterCard Incorporated Class A | 7,427 | 2,349,086 | |||
Square Incorporated Class A † | 12,850 | 2,775,086 | |||
7,391,327 | |||||
Semiconductors & semiconductor equipment: 3.46% | |||||
Advanced Micro Devices Incorporated † | 1,056 | 90,436 | |||
Ambarella Incorporated † | 1,708 | 161,167 | |||
Brooks Automation Incorporated | 56,371 | 4,270,667 | |||
Intel Corporation | 51,548 | 2,861,429 | |||
7,383,699 | |||||
Technology hardware, storage & peripherals: 0.93% | |||||
3D Systems Corporation †« | 55,129 | 1,959,285 | |||
Pure Storage Incorporated Class A † | 1,272 | 29,421 | |||
1,988,706 | |||||
Materials: 5.64% | |||||
Chemicals: 2.66% | |||||
Linde plc | 23,104 | 5,669,722 | |||
Metals & mining: 1.77% | |||||
Freeport-McMoRan Incorporated | 140,546 | 3,782,093 | |||
Paper & forest products: 1.21% | |||||
Louisiana-Pacific Corporation | 67,813 | 2,577,572 |
Shares | Value | ||||
Real estate: 4.14% | |||||
Equity REITs: 1.99% | |||||
AvalonBay Communities Incorporated | 1,306 | $ 213,753 | |||
Essential Properties Realty | 25,883 | 538,884 | |||
Innovative Industrial Properties Incorporated | 1,946 | 364,136 | |||
Invitation Homes Incorporated | 1,715 | 50,558 | |||
Outfront Media Incorporated | 1,803 | 32,869 | |||
SBA Communications Corporation | 1,736 | 466,411 | |||
VEREIT Incorporated | 73,107 | 2,575,560 | |||
4,242,171 | |||||
Real estate management & development: 2.15% | |||||
CBRE Group Incorporated Class A † | 75,414 | 4,598,746 | |||
Utilities: 3.66% | |||||
Electric utilities: 3.39% | |||||
Exelon Corporation | 93,658 | 3,892,426 | |||
NextEra Energy Incorporated | 41,390 | 3,347,209 | |||
7,239,635 | |||||
Independent power & renewable electricity producers: 0.06% | |||||
Vistra Energy Corporation | 5,901 | 117,843 | |||
Multi-utilities: 0.21% | |||||
Dominion Energy Incorporated | 6,195 | 451,554 | |||
Total Common stocks (Cost $197,892,901) | 210,360,242 |
Yield | |||||
Short-term investments: 2.29% | |||||
Investment companies: 2.29% | |||||
Securities Lending Cash Investments LLC ♠∩∞ | 0.10% | 2,026,625 | 2,026,625 | ||
Wells Fargo Government Money Market Fund Select Class ♠∞ | 0.03 | 2,859,588 | 2,859,588 | ||
Total Short-term investments (Cost $4,886,213) | 4,886,213 | ||||
Total investments in securities (Cost $202,779,114) | 100.93% | 215,246,455 | |||
Other assets and liabilities, net | (0.93) | (1,988,189) | |||
Total net assets | 100.00% | $213,258,266 |
† | Non-income-earning security |
« | All or a portion of this security is on loan. |
♠ | The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
∩ | The investment is a non-registered investment company purchased with cash collateral received from securities on loan. |
∞ | The rate represents the 7-day annualized yield at period end. |
Abbreviations: | |
REIT | Real estate investment trust |
Value, beginning of period | Purchases | Sales proceeds | Net realized gains (losses) | Net change in unrealized gains (losses) | Value, end of period | % of net assets | Shares, end of period | Income from affiliated securities | ||||
Short-term investments | ||||||||||||
Investment companies | ||||||||||||
Securities Lending Cash Investments LLC | $ 0 | $11,902,700 | $ (9,876,075) | $0 | $0 | $ 2,026,625 | 2,026,625 | $ 431# | ||||
Wells Fargo Government Money Market Fund Select Class | 2,774,458 | 22,833,901 | (22,748,771) | 0 | 0 | 2,859,588 | 2,859,588 | 638 | ||||
$0 | $0 | $4,886,213 | 2.29% | $1,069 |
# | Amount shown represents income before fees and rebates. |
Description | Number of contracts | Expiration date | Notional cost | Notional value | Unrealized gains | Unrealized losses |
Long | ||||||
E-Mini S&P 500 Index | 17 | 3-19-2021 | $3,127,128 | $3,149,420 | $22,292 | $0 |
Assets | |
Investments in unaffiliated securities (including $1,986,877 of securities loaned), at value (cost $197,892,901) | $ 210,360,242 |
Investments in affiliated securites, at value (cost $4,886,213) | 4,886,213 |
Segregated cash for futures contracts | 425,000 |
Receivable for dividends | 291,007 |
Receivable for Fund shares sold | 32,139 |
Receivable for securities lending income, net | 621 |
Prepaid expenses and other assets | 58,681 |
Total assets | 216,053,903 |
Liabilities | |
Payable upon receipt of securities loaned | 2,026,625 |
Payable for Fund shares redeemed | 522,390 |
Payable for daily variation margin on open futures contracts | 62,985 |
Management fee payable | 51,097 |
Administration fees payable | 38,445 |
Trustees’ fees and expenses payable | 2,378 |
Distribution fee payable | 371 |
Accrued expenses and other liabilities | 91,346 |
Total liabilities | 2,795,637 |
Total net assets | $213,258,266 |
Net assets consist of | |
Paid-in capital | $ 176,151,346 |
Total distributable earnings | 37,106,920 |
Total net assets | $213,258,266 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 196,067,981 |
Shares outstanding – Class A1 | 13,632,478 |
Net asset value per share – Class A | $14.38 |
Maximum offering price per share – Class A2 | $15.26 |
Net assets – Class C | $ 464,243 |
Shares outstanding – Class C1 | 31,171 |
Net asset value per share – Class C | $14.89 |
Net assets – Class R6 | $ 182,773 |
Shares outstanding – Class R61 | 12,654 |
Net asset value per share – Class R6 | $14.44 |
Net assets – Administrator Class | $ 13,482,944 |
Shares outstanding – Administrator Class1 | 928,197 |
Net asset value per share – Administrator Class | $14.53 |
Net assets – Institutional Class | $ 3,060,325 |
Shares outstanding – Institutional Class1 | 211,595 |
Net asset value per share – Institutional Class | $14.46 |
1 | The 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. |
Investment income | |
Dividends | $ 1,886,882 |
Income from affiliated securities | 1,536 |
Total investment income | 1,888,418 |
Expenses | |
Management fee | 407,163 |
Administration fees | |
Class A | 196,878 |
Class C | 530 |
Class R6 | 25 |
Administrator Class | 8,341 |
Institutional Class | 1,672 |
Shareholder servicing fees | |
Class A | 234,409 |
Class C | 602 |
Administrator Class | 16,038 |
Distribution fee | |
Class C | 1,778 |
Custody and accounting fees | 8,445 |
Professional fees | 21,674 |
Registration fees | 47,704 |
Shareholder report expenses | 35,038 |
Trustees’ fees and expenses | 9,707 |
Other fees and expenses | 18,749 |
Total expenses | 1,008,753 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (169,854) |
Class A | (22,210) |
Class C | (3) |
Administrator Class | (250) |
Net expenses | 816,436 |
Net investment income | 1,071,982 |
Realized and unrealized gains (losses) on investments | |
Net realized gains on | |
Unaffiliated securities | 38,362,808 |
Futures contracts | 496,162 |
Net realized gains on investments | 38,858,970 |
Net change in unrealized gains (losses) on | |
Unaffiliated securities | (4,238,164) |
Futures contracts | (49,905) |
Net change in unrealized gains (losses) on investments | (4,288,069) |
Net realized and unrealized gains (losses) on investments | 34,570,901 |
Net increase in net assets resulting from operations | 35,642,883 |
Six months ended January 31, 2021 (unaudited) | Year ended July 31, 2020 | |||
Operations | ||||
Net investment income | $ 1,071,982 | $ 3,248,406 | ||
Net realized gains (losses) on investments | 38,858,970 | (6,615,449) | ||
Net change in unrealized losses on investments | (4,288,069) | (1,641,747) | ||
Net increase (decrease) in net assets resulting from operations | 35,642,883 | (5,008,790) | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (4,142,134) | (4,138,739) | ||
Class C | (8,330) | (8,415) | ||
Class R6 | (4,127) | (1,720) | ||
Administrator Class | (284,934) | (307,818) | ||
Institutional Class | (66,123) | (76,019) | ||
Total distributions to shareholders | (4,505,648) | (4,532,711) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 117,509 | 1,611,325 | 393,071 | 4,710,162 |
Class C | 2,428 | 34,938 | 1,205 | 16,645 |
Class R6 | 250 | 3,383 | 10,550 | 145,462 |
Administrator Class | 9,566 | 137,304 | 14,119 | 176,541 |
Institutional Class | 56,819 | 798,249 | 71,355 | 926,976 |
2,585,199 | 5,975,786 | |||
Reinvestment of distributions | ||||
Class A | 288,161 | 4,039,471 | 331,283 | 4,035,013 |
Class C | 565 | 8,330 | 579 | 7,318 |
Class R6 | 257 | 3,611 | 106 | 1,111 |
Administrator Class | 19,746 | 279,451 | 24,225 | 299,549 |
Institutional Class | 4,625 | 65,284 | 6,020 | 74,841 |
4,396,147 | 4,417,832 | |||
Payment for shares redeemed | ||||
Class A | (905,049) | (12,332,958) | (1,762,779) | (22,001,832) |
Class C | (9,586) | (135,129) | (36,432) | (470,955) |
Class R6 | (29) | (408) | (29) | (332) |
Administrator Class | (51,026) | (696,506) | (149,524) | (1,951,878) |
Institutional Class | (22,767) | (310,183) | (130,502) | (1,675,849) |
(13,475,184) | (26,100,846) | |||
Net decrease in net assets resulting from capital share transactions | (6,493,838) | (15,707,228) | ||
Total increase (decrease) in net assets | 24,643,397 | (25,248,729) | ||
Net assets | ||||
Beginning of period | 188,614,869 | 213,863,598 | ||
End of period | $213,258,266 | $188,614,869 |
Year ended July 31 | ||||||
Class A | Six months ended January 31, 2021 (unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 |
Net asset value, beginning of period | $12.31 | $12.92 | $14.46 | $16.54 | $14.58 | $16.10 |
Net investment income | 0.07 | 0.20 | 0.24 | 0.19 | 0.14 | 0.17 |
Net realized and unrealized gains (losses) on investments | 2.31 | (0.53) | (0.15) | 1.29 | 1.93 | (0.41) |
Total from investment operations | 2.38 | (0.33) | 0.09 | 1.48 | 2.07 | (0.24) |
Distributions to shareholders from | ||||||
Net investment income | (0.05) | (0.21) | (0.25) | (0.18) | (0.11) | (0.16) |
Net realized gains | (0.26) | (0.07) | (1.38) | (3.38) | 0.00 | (1.12) |
Total distributions to shareholders | (0.31) | (0.28) | (1.63) | (3.56) | (0.11) | (1.28) |
Net asset value, end of period | $14.38 | $12.31 | $12.92 | $14.46 | $16.54 | $14.58 |
Total return1 | 19.35% | (2.49)% | 1.44% | 9.39% | 14.24% | (0.98)% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.00% | 0.99% | 0.97% | 0.94% | 1.09% | 1.24% |
Net expenses | 0.81% | 0.82% | 0.83% | 0.83% | 0.96% | 1.10% |
Net investment income | 1.05% | 1.63% | 1.84% | 1.28% | 0.91% | 1.19% |
Supplemental data | ||||||
Portfolio turnover rate | 222% | 366% | 221% | 258% | 221% | 50% |
Net assets, end of period (000s omitted) | $196,068 | $174,028 | $196,075 | $214,247 | $221,207 | $218,922 |
1 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
Year ended July 31 | ||||||
Class C | Six months ended January 31, 2021 (unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 |
Net asset value, beginning of period | $12.75 | $13.34 | $14.81 | $16.86 | $14.90 | $16.41 |
Net investment income | 0.02 1 | 0.12 1 | 0.16 1 | 0.08 | 0.03 1 | 0.06 |
Net realized and unrealized gains (losses) on investments | 2.40 | (0.56) | (0.15) | 1.30 | 1.96 | (0.40) |
Total from investment operations | 2.42 | (0.44) | 0.01 | 1.38 | 1.99 | (0.34) |
Distributions to shareholders from | ||||||
Net investment income | (0.02) | (0.08) | (0.10) | (0.05) | (0.03) | (0.05) |
Net realized gains | (0.26) | (0.07) | (1.38) | (3.38) | 0 | (1.12) |
Total distributions to shareholders | (0.28) | (0.15) | (1.48) | (3.43) | (0.03) | (1.17) |
Net asset value, end of period | $14.89 | $12.75 | $13.34 | $14.81 | $16.86 | $14.90 |
Total return2 | 18.93% | (3.27)% | 0.76% | 8.49% | 13.40% | (1.68)% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.75% | 1.74% | 1.71% | 1.69% | 1.84% | 1.99% |
Net expenses | 1.58% | 1.58% | 1.58% | 1.58% | 1.72% | 1.85% |
Net investment income | 0.27% | 0.92% | 1.15% | 0.55% | 0.16% | 0.44% |
Supplemental data | ||||||
Portfolio turnover rate | 222% | 366% | 221% | 258% | 221% | 50% |
Net assets, end of period (000s omitted) | $464 | $482 | $966 | $2,926 | $3,356 | $3,674 |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
Year ended July 31 | |||||
Class R6 | Six months ended January 31, 2021 (unaudited) | 2020 | 2019 | 2018 | 2017 1 |
Net asset value, beginning of period | $12.37 | $13.04 | $14.59 | $16.66 | $16.14 |
Net investment income | 0.10 | 0.30 | 0.30 | 0.26 | 0.03 2 |
Net realized and unrealized gains (losses) on investments | 2.31 | (0.57) | (0.14) | 1.30 | 0.49 |
Total from investment operations | 2.41 | (0.27) | 0.16 | 1.56 | 0.52 |
Distributions to shareholders from | |||||
Net investment income | (0.08) | (0.33) | (0.33) | (0.25) | 0.00 |
Net realized gains | (0.26) | (0.07) | (1.38) | (3.38) | 0.00 |
Total distributions to shareholders | (0.34) | (0.40) | (1.71) | (3.63) | 0.00 |
Net asset value, end of period | $14.44 | $12.37 | $13.04 | $14.59 | $16.66 |
Total return3 | 19.52% | (2.09)% | 1.92% | 9.88% | 3.22% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.57% | 0.58% | 0.55% | 0.51% | 0.49% |
Net expenses | 0.40% | (0.40)% | 0.40% | 0.40% | 0.40% |
Net investment income | 1.46% | 1.69% | 2.26% | 1.73% | 0.52% |
Supplemental data | |||||
Portfolio turnover rate | 222% | 366% | 221% | 258% | 221% |
Net assets, end of period (000s omitted) | $183 | $151 | $20 | $23 | $26 |
1 | For the period from April 7, 2017 (commencement of class operations) to July 31, 2017 |
2 | Calculated based upon average shares outstanding |
3 | Returns for periods of less than one year are not annualized. |
Year ended July 31 | ||||||
Administrator Class | Six months ended January 31, 2021 (unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 |
Net asset value, beginning of period | $12.44 | $13.06 | $14.59 | $16.66 | $14.68 | $16.20 |
Net investment income | 0.08 | 0.22 | 0.26 | 0.20 | 0.16 1 | 0.20 |
Net realized and unrealized gains (losses) on investments | 2.32 | (0.54) | (0.14) | 1.30 | 1.94 | (0.41) |
Total from investment operations | 2.40 | (0.32) | 0.12 | 1.50 | 2.10 | (0.21) |
Distributions to shareholders from | ||||||
Net investment income | (0.05) | (0.230) | (0.27) | (0.19) | (0.12) | (0.19) |
Net realized gains | (0.26) | (0.07) | (1.38) | (3.38) | 0.00 | (1.12) |
Total distributions to shareholders | (0.31) | (0.30) | (1.65) | (3.57) | (0.12) | (1.31) |
Net asset value, end of period | $14.53 | $12.44 | $13.06 | $14.59 | $16.66 | $14.68 |
Total return2 | 19.35% | (2.41)% | 1.61% | 9.44% | 14.35% | (0.79)% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.92% | 0.91% | 0.89% | 0.86% | 1.01% | 1.16% |
Net expenses | 0.75% | 0.75% | 0.75% | 0.75% | 0.87% | 0.93% |
Net investment income | 1.11% | 1.71% | 1.93% | 1.37% | 1.01% | 1.35% |
Supplemental data | ||||||
Portfolio turnover rate | 222% | 366% | 221% | 258% | 221% | 50% |
Net assets, end of period (000s omitted) | $13,483 | $11,813 | $13,854 | $16,744 | $18,296 | $24,164 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
Year ended July 31 | ||||||
Institutional Class | Six months ended January 31, 2021 (unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 |
Net asset value, beginning of period | $12.38 | $13.04 | $14.58 | $16.65 | $14.66 | $16.17 |
Net investment income | 0.09 | 0.26 | 0.29 1 | 0.24 | 0.19 1 | 0.21 1 |
Net realized and unrealized gains (losses) on investments | 2.32 | (0.55) | (0.14) | 1.30 | 1.94 | (0.38) |
Total from investment operations | 2.41 | (0.29) | 0.15 | 1.54 | 2.13 | (0.17) |
Distributions to shareholders from | ||||||
Net investment income | (0.07) | (0.30) | (0.31) | (0.23) | (0.14) | (0.22) |
Net realized gains | (0.26) | (0.07) | (1.38) | (3.38) | 0.00 | (1.12) |
Total distributions to shareholders | (0.33) | (0.37) | (1.69) | (3.61) | (0.14) | (1.34) |
Net asset value, end of period | $14.46 | $12.38 | $13.04 | $14.58 | $16.65 | $14.66 |
Total return2 | 19.52% | (2.20)% | 1.86% | 9.77% | 14.61% | (0.54)% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.67% | 0.66% | 0.63% | 0.62% | 0.74% | 0.91% |
Net expenses | 0.50% | 0.50% | 0.50% | 0.50% | 0.61% | 0.74% |
Net investment income | 1.34% | 1.96% | 2.14% | 1.60% | 1.21% | 1.52% |
Supplemental data | ||||||
Portfolio turnover rate | 222% | 366% | 221% | 258% | 221% | 50% |
Net assets, end of period (000s omitted) | $3,060 | $2,142 | $2,948 | $17,606 | $16,321 | $9,343 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
Gross unrealized gains | $16,870,538 |
Gross unrealized losses | (6,522,283) |
Net unrealized gains | $10,348,255 |
■ | 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) |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Common stocks | ||||
Communication services | $ 15,613,873 | $0 | $0 | $ 15,613,873 |
Consumer discretionary | 19,715,669 | 0 | 0 | 19,715,669 |
Consumer staples | 17,630,900 | 0 | 0 | 17,630,900 |
Energy | 9,039,180 | 0 | 0 | 9,039,180 |
Financials | 40,532,693 | 0 | 0 | 40,532,693 |
Health care | 29,600,492 | 0 | 0 | 29,600,492 |
Industrials | 24,179,619 | 0 | 0 | 24,179,619 |
Information technology | 25,368,480 | 0 | 0 | 25,368,480 |
Materials | 12,029,387 | 0 | 0 | 12,029,387 |
Real estate | 8,840,917 | 0 | 0 | 8,840,917 |
Utilities | 7,809,032 | 0 | 0 | 7,809,032 |
Short-term investments | ||||
Investment companies | 4,886,213 | 0 | 0 | 4,886,213 |
215,246,455 | 0 | 0 | 215,246,455 | |
Futures contracts | 22,292 | 0 | 0 | 22,292 |
Total assets | $215,268,747 | $0 | $0 | $215,268,747 |
Average daily net assets | Management fee |
First $1 billion | 0.400% |
Next $4 billion | 0.375 |
Next $5 billion | 0.340 |
Over $10 billion | 0.330 |
Class-level administration fee | |
Class A | 0.21% |
Class C | 0.21 |
Class R6 | 0.03 |
Administrator Class | 0.13 |
Institutional Class | 0.13 |
Expense ratio caps | |
Class A | 0.83% |
Class C | 1.58 |
Class R6 | 0.40 |
Administrator Class | 0.75 |
Institutional Class | 0.50 |
Counterparty | Value of securities on loan | Collateral received1 | Net amount |
Bank of America Securities Inc. | $1,986,877 | $(1,986,877) | $0 |
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 also an inactive Chartered Financial Analyst. | N/A |
Isaiah Harris, Jr. (Born 1952) | Trustee, since 2009; Audit Committee Chair, 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). Mr. Harris is a certified public accountant (inactive status). | CIGNA Corporation |
Judith M. Johnson (Born 1949) | Trustee, since 2008 | 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 (Emeritus), 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 |
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 Chair, 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; Chair, 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 January 2020; previously Trustee from January 2018 to July 2019 | Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Interim President of the McKnight Foundation from January to September 2020. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Human Services Manager (part-time), Minnesota Department of Human Services, October 2019 through December 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 |
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 DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Fund Complex) | 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. |
Michelle Rhee (Born 1966) | Chief Legal Officer, since 2019 | Secretary of Wells Fargo Funds Management, LLC and Chief Legal Counsel of Wells Fargo Asset Management since 2018. Deputy General Counsel of Wells Fargo Bank, N.A. since 2020 and Assistant General Counsel of Wells Fargo Bank, N.A. from 2018 to 2020. Associate General Counsel and Managing Director of Bank of America Corporation from 2004 to 2018. |
Catherine Kennedy (Born 1969) | Secretary, since 2019 | Vice President of Wells Fargo Funds Management, LLC and Senior Counsel of the Wells Fargo Legal Department since 2010. Vice President and Senior Counsel of Evergreen Investment Management Company, LLC from 1998 to 2010. |
Michael H. Whitaker (Born 1967) | Chief Compliance Officer, since 2016 | Chief Compliance Officer of Wells Fargo Asset Management since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016. |
![](https://capedge.com/proxy/N-CSRS/0001193125-21-106244/g23259imga4b0b0621.jpg)
P.O. Box 219967
Kansas City, MO 64121-9967
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SA210/SAR210 01-21
![](https://capedge.com/proxy/N-CSRS/0001193125-21-106244/g26573img1bb78cb11.jpg)
Low Volatility U.S. Equity Fund
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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 and emerging markets, excluding the United States. 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. |
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. |
3 | The MSCI Emerging Markets (EM) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index. |
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. |
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. |
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. |
5 | The Bloomberg Barclays Global Aggregate ex-USD Index (unhedged) 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. |
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. |
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. |
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. |
7 | The ICE BofA 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 2021. ICE Data Indices, LLC. All rights reserved. |
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President
Wells Fargo Funds
Ryan Brown, CFA®‡
Harindra de Silva, Ph.D., CFA®‡
Including sales charge | Excluding sales charge | Expense ratios(%) | |||||||
Inception date | 1 year | Since inception | 1 year | Since inception | Gross | Net | |||
Class A (WLVLX) | 10-31-2016 | -5.51 | 7.81 | 0.24 | 9.32 | 1.33 | 0.73 | ||
Class C (WLVKX) | 10-31-2016 | -1.46 | 8.52 | -0.46 | 8.52 | 2.08 | 1.48 | ||
Class R6 (WLVJX) | 10-31-2016 | - | - | 0.65 | 9.77 | 0.90 | 0.30 | ||
Administrator Class (WLVDX) | 10-31-2016 | - | - | 0.35 | 9.40 | 1.25 | 0.65 | ||
Institutional Class (WLVOX) | 10-31-2016 | - | - | 0.49 | 9.66 | 1.00 | 0.40 | ||
Russell 1000® Index | - | - | - | 19.84 | 16.79* | - | - |
Ten largest holdings (%) as of January 31, 20214 | |
Berkshire Hathaway Incorporated Class B | 2.30 |
The Coca-Cola Company | 2.10 |
The Kroger Company | 1.91 |
The Sherwin-Williams Company | 1.87 |
Johnson & Johnson | 1.84 |
Verizon Communications Incorporated | 1.81 |
AT&T Incorporated | 1.77 |
Linde plc | 1.76 |
Garmin Limited | 1.75 |
McDonald's Corporation | 1.74 |
Sector allocation as of January 31, 20215 |
![](https://capedge.com/proxy/N-CSRS/0001193125-21-106244/g26573img697952334.jpg)
‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
1 | Reflects the expense ratios as stated in the most recent prospectuses. 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 contractually committed through November 30, 2021, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.73% for Class A, 1.48% for Class C, 0.30% for Class R6, 0.65% for Administrator Class, and 0.40% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, 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 Russell 1000® Index measures the performance of the largest 1,000 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. |
4 | Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified. |
5 | Figures represent the percentage of the Fund's long-term investments. These amounts are subject to change and may have changed since the date specified. |
Beginning account value 8-1-2020 | Ending account value 1-31-2021 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $1,042.50 | $3.60 | 0.70% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.68 | $3.57 | 0.70% |
Class C | ||||
Actual | $1,000.00 | $1,039.80 | $7.56 | 1.47% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,017.80 | $7.48 | 1.47% |
Class R6 | ||||
Actual | $1,000.00 | $1,045.07 | $1.55 | 0.30% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,023.69 | $1.53 | 0.30% |
Administrator Class | ||||
Actual | $1,000.00 | $1,043.73 | $3.35 | 0.65% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.93 | $3.31 | 0.65% |
Institutional Class | ||||
Actual | $1,000.00 | $1,044.15 | $2.06 | 0.40% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,023.19 | $2.04 | 0.40% |
Shares | Value | ||||
Common stocks: 98.29% | |||||
Communication services: 6.88% | |||||
Diversified telecommunication services: 3.58% | |||||
AT&T Incorporated | 35,701 | $ 1,022,120 | |||
Verizon Communications Incorporated | 19,114 | 1,046,492 | |||
2,068,612 | |||||
Entertainment: 1.36% | |||||
Spotify Technology SA † | 1,752 | 551,880 | |||
The Madison Square Garden Company Class A | 1,443 | 233,607 | |||
785,487 | |||||
Media: 1.82% | |||||
John Wiley & Sons Incorporated Class A | 4,672 | 213,090 | |||
The New York Times Company Class A | 16,912 | 838,666 | |||
1,051,756 | |||||
Wireless telecommunication services: 0.12% | |||||
United States Cellular Corporation † | 2,119 | 66,070 | |||
Consumer discretionary: 10.82% | |||||
Auto components: 0.43% | |||||
Gentex Corporation | 7,532 | 248,933 | |||
Diversified consumer services: 0.99% | |||||
Grand Canyon Education Incorporated † | 6,491 | 551,346 | |||
Terminix Global Holdings Incorporated † | 415 | 19,787 | |||
571,133 | |||||
Hotels, restaurants & leisure: 5.06% | |||||
Chipotle Mexican Grill Incorporated † | 607 | 898,360 | |||
Domino's Pizza Incorporated | 1,204 | 446,395 | |||
McDonald's Corporation | 4,841 | 1,006,153 | |||
Starbucks Corporation | 1,409 | 136,405 | |||
Yum China Holdings Incorporated | 7,726 | 438,141 | |||
2,925,454 | |||||
Household durables: 1.75% | |||||
Garmin Limited | 8,776 | 1,008,011 | |||
Multiline retail: 1.15% | |||||
Ollie's Bargain Outlet Holdings Incorporated † | 7,023 | 665,289 | |||
Textiles, apparel & luxury goods: 1.44% | |||||
Nike Incorporated Class B | 6,217 | 830,529 | |||
Consumer staples: 30.47% | |||||
Beverages: 5.43% | |||||
Boston Beer Company Incorporated Class A † | 456 | 418,102 | |||
Brown-Forman Corporation Class B | 2,050 | 146,924 | |||
Monster Beverage Corporation † | 5,388 | 467,840 |
Shares | Value | ||||
Beverages (continued) | |||||
PepsiCo Incorporated | 6,518 | $ 890,163 | |||
The Coca-Cola Company | 25,152 | 1,211,069 | |||
3,134,098 | |||||
Food & staples retailing: 4.51% | |||||
Casey's General Stores Incorporated | 2,259 | 423,517 | |||
Costco Wholesale Corporation | 1,657 | 583,977 | |||
The Kroger Company | 32,001 | 1,104,035 | |||
Walmart Incorporated | 3,523 | 494,946 | |||
2,606,475 | |||||
Food products: 12.88% | |||||
Bunge Limited | 6,666 | 436,223 | |||
Campbell Soup Company | 10,212 | 491,299 | |||
ConAgra Foods Incorporated | 3,720 | 128,712 | |||
Flowers Foods Incorporated | 27,212 | 624,788 | |||
General Mills Incorporated | 11,399 | 662,282 | |||
Hormel Foods Corporation | 15,111 | 708,101 | |||
Kellogg Company | 13,143 | 774,648 | |||
McCormick & Company Incorporated | 8,492 | 760,374 | |||
Mondelez International Incorporated Class A | 11,290 | 625,918 | |||
The Hershey Company | 6,099 | 887,039 | |||
The J.M. Smucker Company | 6,108 | 711,032 | |||
Tyson Foods Incorporated Class A | 9,752 | 627,151 | |||
7,437,567 | |||||
Household products: 4.71% | |||||
Church & Dwight Company Incorporated | 6,790 | 573,280 | |||
Colgate-Palmolive Company | 10,727 | 836,706 | |||
The Clorox Company | 2,314 | 484,690 | |||
The Procter & Gamble Company | 6,443 | 826,057 | |||
2,720,733 | |||||
Personal products: 1.82% | |||||
Herbalife Nutrition Limited † | 1,564 | 79,701 | |||
NU Skin Enterprises Incorporated Class A | 799 | 46,238 | |||
The Estee Lauder Companies Incorporated Class A | 3,903 | 923,645 | |||
1,049,584 | |||||
Tobacco: 1.12% | |||||
Altria Group Incorporated | 15,773 | 647,955 | |||
Energy: 1.91% | |||||
Oil, gas & consumable fuels: 1.91% | |||||
Antero Midstream Corporation | 32,359 | 262,108 | |||
Cabot Oil & Gas Corporation | 46,051 | 844,115 | |||
1,106,223 | |||||
Financials: 7.53% | |||||
Banks: 0.24% | |||||
Commerce Bancshares Incorporated | 2,058 | 137,577 | |||
Capital markets: 2.21% | |||||
Cboe Global Markets Incorporated | 3,686 | 338,117 |
Shares | Value | ||||
Capital markets (continued) | |||||
MarketAxess Holdings Incorporated | 719 | $ 388,806 | |||
Morningstar Incorporated | 729 | 167,590 | |||
Tradeweb Markets Incorporated Class A | 6,257 | 380,363 | |||
1,274,876 | |||||
Diversified financial services: 2.30% | |||||
Berkshire Hathaway Incorporated Class B † | 5,841 | 1,330,985 | |||
Insurance: 2.78% | |||||
American National Group Incorporated | 379 | 33,496 | |||
Erie Indemnity Company Class A | 280 | 68,068 | |||
Marsh & McLennan Companies Incorporated | 3,136 | 344,678 | |||
Mercury General Corporation | 6,652 | 352,623 | |||
Progressive Corporation | 7,411 | 646,165 | |||
White Mountains Insurance Group Limited | 156 | 159,120 | |||
1,604,150 | |||||
Health care: 12.53% | |||||
Biotechnology: 0.20% | |||||
Ionis Pharmaceuticals Incorporated † | 1,966 | 118,098 | |||
Health care equipment & supplies: 1.12% | |||||
Haemonetics Corporation † | 580 | 66,288 | |||
Masimo Corporation † | 355 | 90,852 | |||
West Pharmaceutical Services Incorporated | 1,626 | 486,971 | |||
644,111 | |||||
Health care providers & services: 3.20% | |||||
Chemed Corporation | 1,197 | 619,926 | |||
CVS Health Corporation | 13,368 | 957,817 | |||
Henry Schein Incorporated † | 4,120 | 271,302 | |||
1,849,045 | |||||
Life sciences tools & services: 0.50% | |||||
Agilent Technologies Incorporated | 1,497 | 179,894 | |||
Mettler-Toledo International Incorporated † | 91 | 106,297 | |||
286,191 | |||||
Pharmaceuticals: 7.51% | |||||
Bristol-Myers Squibb Company | 15,299 | 939,818 | |||
Elanco Animal Health Incorporated † | 16,329 | 474,031 | |||
Eli Lilly & Company | 4,781 | 994,305 | |||
Johnson & Johnson | 6,510 | 1,061,976 | |||
Merck & Company Incorporated | 10,731 | 827,038 | |||
Perrigo Company plc | 958 | 40,907 | |||
4,338,075 | |||||
Industrials: 12.68% | |||||
Aerospace & defense: 0.56% | |||||
BWX Technologies Incorporated | 5,977 | 322,280 |
Shares | Value | ||||
Air freight & logistics: 2.69% | |||||
C.H. Robinson Worldwide Incorporated | 9,410 | $ 805,120 | |||
Expeditors International of Washington Incorporated | 8,364 | 748,745 | |||
1,553,865 | |||||
Commercial services & supplies: 1.12% | |||||
Copart Incorporated † | 614 | 67,387 | |||
Rollins Incorporated | 16,149 | 581,687 | |||
649,074 | |||||
Electrical equipment: 0.70% | |||||
Vertiv Holdings Company | 19,964 | 401,676 | |||
Industrial conglomerates: 1.41% | |||||
Roper Technologies Incorporated | 2,074 | 814,895 | |||
Machinery: 0.60% | |||||
The Toro Company | 3,666 | 345,521 | |||
Professional services: 1.56% | |||||
CoStar Group Incorporated † | 1,002 | 901,509 | |||
Road & rail: 1.87% | |||||
J.B. Hunt Transport Services Incorporated | 1,116 | 150,281 | |||
Old Dominion Freight Line Incorporated | 4,787 | 928,678 | |||
1,078,959 | |||||
Trading companies & distributors: 2.17% | |||||
Fastenal Company | 18,952 | 864,022 | |||
Watsco Incorporated | 1,642 | 391,601 | |||
1,255,623 | |||||
Information technology: 6.90% | |||||
Communications equipment: 3.57% | |||||
Arista Networks Incorporated † | 1,362 | 418,897 | |||
Cisco Systems Incorporated | 22,145 | 987,224 | |||
F5 Networks Incorporated † | 2,856 | 559,633 | |||
Juniper Networks Incorporated | 3,904 | 95,336 | |||
2,061,090 | |||||
Electronic equipment, instruments & components: 0.72% | |||||
Amphenol Corporation Class A | 3,318 | 414,352 | |||
IT services: 1.58% | |||||
Booz Allen Hamilton Holding Corporation | 4,011 | 341,617 | |||
Jack Henry & Associates Incorporated | 3,965 | 574,092 | |||
915,709 | |||||
Software: 1.03% | |||||
DocuSign Incorporated † | 1,031 | 240,110 | |||
Zoom Video Communications Incorporated † | 340 | 126,504 | |||
Zscaler Incorporated † | 1,130 | 225,661 | |||
592,275 |
Shares | Value | ||||
Materials: 5.91% | |||||
Chemicals: 4.10% | |||||
Air Products & Chemicals Incorporated | 915 | $ 244,085 | |||
Linde plc | 4,141 | 1,016,201 | |||
NewMarket Corporation | 72 | 28,238 | |||
The Sherwin-Williams Company | 1,557 | 1,077,133 | |||
2,365,657 | |||||
Containers & packaging: 1.42% | |||||
AptarGroup Incorporated | 6,154 | 818,297 | |||
Metals & mining: 0.39% | |||||
Royal Gold Incorporated | 2,133 | 227,975 | |||
Real estate: 0.17% | |||||
Equity REITs: 0.17% | |||||
Extra Space Storage Incorporated | 886 | 100,818 | |||
Utilities: 2.49% | |||||
Electric utilities: 0.50% | |||||
Hawaiian Electric Industries Incorporated | 8,736 | 288,812 | |||
Gas utilities: 0.92% | |||||
Atmos Energy Corporation | 5,275 | 469,475 | |||
UGI Corporation | 1,732 | 62,335 | |||
531,810 | |||||
Multi-utilities: 1.07% | |||||
MDU Resources Group Incorporated | 1,474 | 38,751 | |||
Public Service Enterprise Group Incorporated | 10,323 | 582,527 | |||
621,278 | |||||
Total Common stocks (Cost $51,887,540) | 56,768,492 |
Yield | |||||
Short-term investments: 1.76% | |||||
Investment companies: 1.76% | |||||
Wells Fargo Government Money Market Fund Select Class ♠∞ | 0.03% | 1,017,098 | 1,017,098 | ||
Total Short-term investments (Cost $1,017,098) | 1,017,098 | ||||
Total investments in securities (Cost $52,904,638) | 100.05% | 57,785,590 | |||
Other assets and liabilities, net | (0.05) | (29,314) | |||
Total net assets | 100.00% | $57,756,276 |
† | Non-income-earning security |
♠ | The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
∞ | The rate represents the 7-day annualized yield at period end. |
Abbreviations: | |
REIT | Real estate investment trust |
Value, beginning of period | Purchases | Sales proceeds | Net realized gains (losses) | Net change in unrealized gains (losses) | Value, end of period | % of net assets | Shares, end of period | Income from affiliated securities | |
Short-term investments | |||||||||
Investment companies | |||||||||
Wells Fargo Government Money Market Fund Select Class | $1,214,586 | $5,232,924 | $(5,430,412) | $0 | $0 | $1,017,098 | 1.76% | 1,017,098 | $240 |
Assets | |
Investments in unaffiliated securities, at value (cost $51,887,540) | $ 56,768,492 |
Investments in affiliated securites, at value (cost $1,017,098) | 1,017,098 |
Receivable for dividends | 82,014 |
Receivable for Fund shares sold | 34,993 |
Receivable from manager | 1,629 |
Total assets | 57,904,226 |
Liabilities | |
Payable for Fund shares redeemed | 57,249 |
Shareholder report expenses payable | 43,690 |
Professional fees payable | 19,781 |
Administration fees payable | 6,630 |
Trustees’ fees and expenses payable | 2,892 |
Distribution fee payable | 267 |
Accrued expenses and other liabilities | 17,441 |
Total liabilities | 147,950 |
Total net assets | $57,756,276 |
Net assets consist of | |
Paid-in capital | $ 50,362,491 |
Total distributable earnings | 7,393,785 |
Total net assets | $57,756,276 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 2,565,214 |
Shares outstanding – Class A1 | 206,202 |
Net asset value per share – Class A | $12.44 |
Maximum offering price per share – Class A2 | $13.20 |
Net assets – Class C | $ 409,284 |
Shares outstanding – Class C1 | 33,102 |
Net asset value per share – Class C | $12.36 |
Net assets – Class R6 | $ 1,249,185 |
Shares outstanding – Class R61 | 100,480 |
Net asset value per share – Class R6 | $12.43 |
Net assets – Administrator Class | $ 218,912 |
Shares outstanding – Administrator Class1 | 17,618 |
Net asset value per share – Administrator Class | $12.43 |
Net assets – Institutional Class | $ 53,313,681 |
Shares outstanding – Institutional Class1 | 4,280,509 |
Net asset value per share – Institutional Class | $12.45 |
1 | The 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. |
Investment income | |
Dividends | $ 498,305 |
Income from affiliated securities | 240 |
Total investment income | 498,545 |
Expenses | |
Management fee | 114,790 |
Administration fees | |
Class A | 2,202 |
Class C | 405 |
Class R6 | 186 |
Administrator Class | 122 |
Institutional Class | 34,765 |
Shareholder servicing fees | |
Class A | 2,621 |
Class C | 466 |
Administrator Class | 234 |
Distribution fee | |
Class C | 1,136 |
Custody and accounting fees | 5,089 |
Professional fees | 23,031 |
Registration fees | 52,282 |
Shareholder report expenses | 14,528 |
Trustees’ fees and expenses | 9,706 |
Other fees and expenses | 4,142 |
Total expenses | 265,705 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (109,043) |
Class A | (1,905) |
Class C | (2) |
Class R6 | (186) |
Administrator Class | (144) |
Institutional Class | (34,765) |
Net expenses | 119,660 |
Net investment income | 378,885 |
Realized and unrealized gains (losses) on investments | |
Net realized gains on investments | 4,773,208 |
Net change in unrealized gains (losses) on investments | (2,647,431) |
Net realized and unrealized gains (losses) on investments | 2,125,777 |
Net increase in net assets resulting from operations | 2,504,662 |
Six months ended January 31, 2021 (unaudited) | Year ended July 31, 2020 | |||
Operations | ||||
Net investment income | $ 378,885 | $ 791,944 | ||
Net realized gains (losses) on investments | 4,773,208 | (993,101) | ||
Net change in unrealized gains (losses) on investments | (2,647,431) | 2,023,097 | ||
Net increase in net assets resulting from operations | 2,504,662 | 1,821,940 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (13,576) | (74,979) | ||
Class C | (114) | (14,949) | ||
Class R6 | (12,328) | (59,692) | ||
Administrator Class | (1,313) | (5,557) | ||
Institutional Class | (481,314) | (2,494,914) | ||
Total distributions to shareholders | (508,645) | (2,650,091) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 92,904 | 1,152,926 | 42,642 | 495,950 |
Class C | 6,518 | 80,569 | 11,609 | 138,302 |
Administrator Class | 7,531 | 90,826 | 0 | 0 |
Institutional Class | 119,694 | 1,479,261 | 1,647,036 | 20,200,973 |
2,803,582 | 20,835,225 | |||
Reinvestment of distributions | ||||
Class A | 1,023 | 12,867 | 5,757 | 69,533 |
Class C | 6 | 81 | 857 | 10,265 |
Administrator Class | 45 | 563 | 0 | 0 |
Institutional Class | 6,296 | 79,285 | 39,816 | 481,655 |
92,796 | 561,453 | |||
Payment for shares redeemed | ||||
Class A | (28,363) | (350,055) | (35,036) | (396,795) |
Class C | (5,173) | (62,556) | (6,078) | (66,025) |
Institutional Class | (246,054) | (3,059,257) | (303,612) | (3,484,213) |
(3,471,868) | (3,947,033) | |||
Net increase (decrease) in net assets resulting from capital share transactions | (575,490) | 17,449,645 | ||
Total increase in net assets | 1,420,527 | 16,621,494 | ||
Net assets | ||||
Beginning of period | 56,335,749 | 39,714,255 | ||
End of period | $57,756,276 | $56,335,749 |
Year ended July 31 | |||||
Class A | Six months ended January 31, 2021 (unaudited) | 2020 | 2019 | 2018 | 2017 1 |
Net asset value, beginning of period | $12.00 | $12.09 | $11.56 | $11.21 | $10.00 |
Net investment income | 0.05 | 0.14 | 0.19 | 0.16 | 0.13 |
Net realized and unrealized gains on investments | 0.46 | 0.31 | 1.17 | 0.54 | 1.12 |
Total from investment operations | 0.51 | 0.45 | 1.36 | 0.70 | 1.25 |
Distributions to shareholders from | |||||
Net investment income | (0.07) | (0.19) | (0.18) | (0.17) | (0.04) |
Net realized gains | (0.00) 2 | (0.35) | (0.65) | (0.18) | 0.00 |
Total distributions to shareholders | (0.07) | (0.54) | (0.83) | (0.35) | (0.04) |
Net asset value, end of period | $12.44 | $12.00 | $12.09 | $11.56 | $11.21 |
Total return3 | 4.25% | 3.76% | 12.87% | 6.32% | 12.53% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.24% | 1.34% | 1.50% | 1.55% | 1.61% |
Net expenses | 0.70% | 0.71% | 0.76% | 0.83% | 0.82% |
Net investment income | 1.08% | 1.29% | 1.83% | 1.53% | 1.78% |
Supplemental data | |||||
Portfolio turnover rate | 60% | 165% | 74% | 75% | 39% |
Net assets, end of period (000s omitted) | $2,565 | $1,687 | $1,539 | $1,312 | $1,096 |
1 | For the period from October 31, 2016 (commencement of class operations) to July 31, 2017 |
2 | Amount is less than $0.005. |
3 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
Year ended July 31 | |||||
Class C | Six months ended January 31, 2021 (unaudited) | 2020 | 2019 | 2018 | 2017 1 |
Net asset value, beginning of period | $11.89 | $12.01 | $11.49 | $11.16 | $10.00 |
Net investment income | 0.02 | 0.05 | 0.11 | 0.08 | 0.08 |
Net realized and unrealized gains on investments | 0.45 | 0.30 | 1.17 | 0.52 | 1.11 |
Total from investment operations | 0.47 | 0.35 | 1.28 | 0.60 | 1.19 |
Distributions to shareholders from | |||||
Net investment income | 0.00 | (0.12) | (0.11) | (0.09) | (0.03) |
Net realized gains | (0.00) 2 | (0.35) | (0.65) | (0.18) | 0.00 |
Total distributions to shareholders | (0.00) 2 | (0.47) | (0.76) | (0.27) | (0.03) |
Net asset value, end of period | $12.36 | $11.89 | $12.01 | $11.49 | $11.16 |
Total return3 | 3.98% | 2.89% | 12.15% | 5.45% | 11.91% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.82% | 1.93% | 2.18% | 2.31% | 2.40% |
Net expenses | 1.47% | 1.48% | 1.51% | 1.58% | 1.58% |
Net investment income | 0.27% | 0.52% | 1.10% | 0.76% | 1.01% |
Supplemental data | |||||
Portfolio turnover rate | 60% | 165% | 74% | 75% | 39% |
Net assets, end of period (000s omitted) | $409 | $377 | $305 | $187 | $112 |
1 | For the period from October 31, 2016 (commencement of class operations) to July 31, 2017 |
2 | Amount is less than $0.005. |
3 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
Year ended July 31 | |||||
Class R6 | Six months ended January 31, 2021 (unaudited) | 2020 | 2019 | 2018 | 2017 1 |
Net asset value, beginning of period | $12.01 | $12.11 | $11.58 | $11.24 | $10.00 |
Net investment income | 0.09 | 0.20 | 0.26 | 0.22 | 0.18 |
Net realized and unrealized gains on investments | 0.45 | 0.30 | 1.15 | 0.52 | 1.11 |
Total from investment operations | 0.54 | 0.50 | 1.41 | 0.74 | 1.29 |
Distributions to shareholders from | |||||
Net investment income | (0.12) | (0.25) | (0.23) | (0.22) | (0.05) |
Net realized gains | (0.00) 2 | (0.35) | (0.65) | (0.18) | 0.00 |
Total distributions to shareholders | (0.12) | (0.60) | (0.88) | (0.40) | (0.05) |
Net asset value, end of period | $12.43 | $12.01 | $12.11 | $11.58 | $11.24 |
Total return3 | 4.51% | 4.10% | 13.39% | 6.70% | 12.94% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.81% | 0.91% | 1.07% | 1.12% | 1.22% |
Net expenses | 0.30% | 0.30% | 0.33% | 0.40% | 0.40% |
Net investment income | 1.44% | 1.71% | 2.27% | 1.96% | 2.19% |
Supplemental data | |||||
Portfolio turnover rate | 60% | 165% | 74% | 75% | 39% |
Net assets, end of period (000s omitted) | $1,249 | $1,207 | $1,217 | $1,164 | $1,129 |
1 | For the period from October 31, 2016 (commencement of class operations) to July 31, 2017 |
2 | Amount is less than $0.005. |
3 | Returns for periods of less than one year are not annualized. |
Year ended July 31 | |||||
Administrator Class | Six months ended January 31, 2021 (unaudited) | 2020 | 2019 | 2018 | 2017 1 |
Net asset value, beginning of period | $11.98 | $12.08 | $11.55 | $11.21 | $10.00 |
Net investment income | 0.07 2 | 0.16 | 0.22 | 0.18 | 0.15 |
Net realized and unrealized gains on investments | 0.45 | 0.30 | 1.15 | 0.53 | 1.10 |
Total from investment operations | 0.52 | 0.46 | 1.37 | 0.71 | 1.25 |
Distributions to shareholders from | |||||
Net investment income | (0.07) | (0.21) | (0.19) | (0.19) | (0.04) |
Net realized gains | (0.00) 3 | (0.35) | (0.65) | (0.18) | 0.00 |
Total distributions to shareholders | (0.07) | (0.56) | (0.84) | (0.37) | (0.04) |
Net asset value, end of period | $12.43 | $11.98 | $12.08 | $11.55 | $11.21 |
Total return4 | 4.37% | 3.77% | 13.00% | 6.36% | 12.57% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.15% | 1.26% | 1.42% | 1.47% | 1.57% |
Net expenses | 0.65% | 0.65% | 0.68% | 0.75% | 0.75% |
Net investment income | 1.17% | 1.36% | 1.92% | 1.61% | 1.87% |
Supplemental data | |||||
Portfolio turnover rate | 60% | 165% | 74% | 75% | 39% |
Net assets, end of period (000s omitted) | $219 | $120 | $121 | $116 | $113 |
1 | For the period from October 31, 2016 (commencement of class operations) to July 31, 2017 |
2 | Calculated based upon average shares outstanding |
3 | Amount is less than $0.005. |
4 | Returns for periods of less than one year are not annualized. |
Year ended July 31 | |||||
Institutional Class | Six months ended January 31, 2021 (unaudited) | 2020 | 2019 | 2018 | 2017 1 |
Net asset value, beginning of period | $12.03 | $12.11 | $11.58 | $11.23 | $10.00 |
Net investment income | 0.08 | 0.19 2 | 0.25 | 0.20 | 0.16 |
Net realized and unrealized gains on investments | 0.45 | 0.29 | 1.15 | 0.54 | 1.12 |
Total from investment operations | 0.53 | 0.48 | 1.40 | 0.74 | 1.28 |
Distributions to shareholders from | |||||
Net investment income | (0.11) | (0.21) | (0.22) | (0.21) | (0.05) |
Net realized gains | (0.00) 3 | (0.35) | (0.65) | (0.18) | 0.00 |
Total distributions to shareholders | (0.11) | (0.56) | (0.87) | (0.39) | (0.05) |
Net asset value, end of period | $12.45 | $12.03 | $12.11 | $11.58 | $11.23 |
Total return4 | 4.41% | 4.01% | 13.28% | 6.64% | 12.82% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.91% | 1.00% | 1.17% | 1.22% | 1.31% |
Net expenses | 0.40% | 0.40% | 0.43% | 0.50% | 0.50% |
Net investment income | 1.33% | 1.59% | 2.17% | 1.87% | 2.09% |
Supplemental data | |||||
Portfolio turnover rate | 60% | 165% | 74% | 75% | 39% |
Net assets, end of period (000s omitted) | $53,314 | $52,944 | $36,533 | $35,593 | $33,169 |
1 | For the period from October 31, 2016 (commencement of class operations) to July 31, 2017 |
2 | Calculated based upon average shares outstanding |
3 | Amount is less than $0.005. |
4 | Returns for periods of less than one year are not annualized. |
Gross unrealized gains | $5,481,361 |
Gross unrealized losses | (692,711) |
Net unrealized gains | $4,788,650 |
■ | 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) |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Common stocks | ||||
Communication services | $ 3,971,925 | $0 | $0 | $ 3,971,925 |
Consumer discretionary | 6,249,349 | 0 | 0 | 6,249,349 |
Consumer staples | 17,596,412 | 0 | 0 | 17,596,412 |
Energy | 1,106,223 | 0 | 0 | 1,106,223 |
Financials | 4,347,588 | 0 | 0 | 4,347,588 |
Health care | 7,235,520 | 0 | 0 | 7,235,520 |
Industrials | 7,323,402 | 0 | 0 | 7,323,402 |
Information technology | 3,983,426 | 0 | 0 | 3,983,426 |
Materials | 3,411,929 | 0 | 0 | 3,411,929 |
Real estate | 100,818 | 0 | 0 | 100,818 |
Utilities | 1,441,900 | 0 | 0 | 1,441,900 |
Short-term investments | ||||
Investment companies | 1,017,098 | 0 | 0 | 1,017,098 |
Total assets | $57,785,590 | $0 | $0 | $57,785,590 |
Average daily net assets | Management fee |
First $1 billion | 0.400% |
Next $4 billion | 0.375 |
Next $5 billion | 0.340 |
Over $10 billion | 0.330 |
Class-level administration fee | |
Class A | 0.21% |
Class C | 0.21 |
Class R6 | 0.03 |
Administrator Class | 0.13 |
Institutional Class | 0.13 |
Expense ratio caps | |
Class A | 0.73% |
Class C | 1.48 |
Class R6 | 0.30 |
Administrator Class | 0.65 |
Institutional Class | 0.40 |
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 also an inactive Chartered Financial Analyst. | N/A |
Isaiah Harris, Jr. (Born 1952) | Trustee, since 2009; Audit Committee Chair, 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). Mr. Harris is a certified public accountant (inactive status). | CIGNA Corporation |
Judith M. Johnson (Born 1949) | Trustee, since 2008 | 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 (Emeritus), 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 |
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 Chair, 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; Chair, 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 January 2020; previously Trustee from January 2018 to July 2019 | Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Interim President of the McKnight Foundation from January to September 2020. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Human Services Manager (part-time), Minnesota Department of Human Services, October 2019 through December 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 |
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 DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Fund Complex) | 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. |
Michelle Rhee (Born 1966) | Chief Legal Officer, since 2019 | Secretary of Wells Fargo Funds Management, LLC and Chief Legal Counsel of Wells Fargo Asset Management since 2018. Deputy General Counsel of Wells Fargo Bank, N.A. since 2020 and Assistant General Counsel of Wells Fargo Bank, N.A. from 2018 to 2020. Associate General Counsel and Managing Director of Bank of America Corporation from 2004 to 2018. |
Catherine Kennedy (Born 1969) | Secretary, since 2019 | Vice President of Wells Fargo Funds Management, LLC and Senior Counsel of the Wells Fargo Legal Department since 2010. Vice President and Senior Counsel of Evergreen Investment Management Company, LLC from 1998 to 2010. |
Michael H. Whitaker (Born 1967) | Chief Compliance Officer, since 2016 | Chief Compliance Officer of Wells Fargo Asset Management since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016. |
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P.O. Box 219967
Kansas City, MO 64121-9967
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SA270/SAR270 01-21
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Premier Large Company Growth Fund
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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 and emerging markets, excluding the United States. 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. |
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. |
3 | The MSCI Emerging Markets (EM) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index. |
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. |
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. |
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. |
5 | The Bloomberg Barclays Global Aggregate ex-USD Index (unhedged) 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. |
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. |
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. |
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. |
7 | The ICE BofA 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 2021. ICE Data Indices, LLC. All rights reserved. |
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President
Wells Fargo Funds
Robert Gruendyke, CFA®‡
Thomas C. Ognar, CFA®‡
Including sales charge | Excluding sales charge | Expense ratios1 (%) | |||||||||
Inception date | 1 year | 5 year | 10 year | 1 year | 5 year | 10 year | Gross | Net 2 | |||
Class A (EKJAX) | 1-20-1998 | 24.90 | 19.77 | 14.63 | 32.49 | 21.19 | 15.31 | 1.14 | 1.11 | ||
Class C (EKJCX) | 1-22-1998 | 30.56 | 20.27 | 14.45 | 31.56 | 20.27 | 14.45 | 1.89 | 1.86 | ||
Class R4 (EKJRX)3 | 11-30-2012 | – | – | – | 32.94 | 21.56 | 15.67 | 0.86 | 0.80 | ||
Class R6 (EKJFX)4 | 11-30-2012 | – | – | – | 33.18 | 21.76 | 15.83 | 0.71 | 0.65 | ||
Administrator Class (WFPDX) | 7-16-2010 | – | – | – | 32.66 | 21.33 | 15.47 | 1.06 | 1.00 | ||
Institutional Class (EKJYX) | 6-30-1999 | – | – | – | 33.06 | 21.68 | 15.78 | 0.81 | 0.70 | ||
Russell 1000® Growth Index5 | – | – | – | – | 34.46 | 22.22 | 16.83 | – | – |
Ten largest holdings (%) as of January 31, 20216 | |
Amazon.com Incorporated | 9.10 |
Microsoft Corporation | 8.58 |
Alphabet Incorporated Class A | 4.14 |
MasterCard Incorporated Class A | 3.58 |
PayPal Holdings Incorporated | 3.20 |
Facebook Incorporated Class A | 3.15 |
MarketAxess Holdings Incorporated | 2.69 |
CoStar Group Incorporated | 1.97 |
Microchip Technology Incorporated | 1.96 |
Pinterest Incorporated Class A | 1.95 |
Sector allocation as of January 31, 20217 |
![](https://capedge.com/proxy/N-CSRS/0001193125-21-106244/g124605img110f61264.jpg)
‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
1 | Reflects the expense ratios as stated in the most recent prospectuses. 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 contractually committed through November 30, 2021, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.11% for Class A, 1.86% for Class C, 0.80% for Class R4, 0.65% for Class R6, 1.00% for Administrator Class, and 0.70% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, 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 the Class R4 shares prior to their inception reflects the performance of the Institutional Class shares, adjusted to reflect the higher expenses applicable to the Class R4 shares. |
4 | Historical performance shown for the Class R6 shares prior to their inception reflects the performance of the Institutional Class shares, and includes the higher expenses applicable to the Institutional Class shares. If these expenses had not been included, returns for the Class R6 shares would be higher. |
5 | The Russell 1000® Growth Index measures the performance of those Russell 1000 companies with higher price/book ratios and higher forecasted growth values. You cannot invest directly in an index. |
6 | Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified. |
7 | Figures represent the percentage of the Fund's long-term investments. These amounts are subject to change and may have changed since the date specified. |
Beginning account value 8-1-2020 | Ending account value 1-31-2021 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $1,165.90 | $ 6.01 | 1.10% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.66 | $ 5.60 | 1.10% |
Class C | ||||
Actual | $1,000.00 | $1,160.96 | $10.13 | 1.86% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,015.83 | $ 9.45 | 1.86% |
Class R4 | ||||
Actual | $1,000.00 | $1,167.56 | $ 4.37 | 0.80% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.17 | $ 4.08 | 0.80% |
Class R6 | ||||
Actual | $1,000.00 | $1,168.66 | $ 3.55 | 0.65% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.93 | $ 3.31 | 0.65% |
Administrator Class | ||||
Actual | $1,000.00 | $1,166.27 | $ 5.46 | 1.00% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.16 | $ 5.09 | 1.00% |
Institutional Class | ||||
Actual | $1,000.00 | $1,168.34 | $ 3.83 | 0.70% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.68 | $ 3.57 | 0.70% |
Shares | Value | ||||
Common stocks: 99.86% | |||||
Communication services: 14.36% | |||||
Entertainment: 3.21% | |||||
Activision Blizzard Incorporated | 326,025 | $ 29,668,275 | |||
Roku Incorporated † | 130,000 | 50,573,900 | |||
Spotify Technology SA † | 67,935 | 21,399,525 | |||
101,641,700 | |||||
Interactive media & services: 10.85% | |||||
Alphabet Incorporated Class A † | 71,910 | 131,405,458 | |||
Alphabet Incorporated Class C † | 17,653 | 32,406,318 | |||
Facebook Incorporated Class A † | 386,570 | 99,862,628 | |||
Pinterest Incorporated Class A † | 902,820 | 61,852,198 | |||
ZoomInfo Technologies Incorporated † | 391,253 | 18,784,057 | |||
344,310,659 | |||||
Media: 0.30% | |||||
Match Group Incorporated † | 68,500 | 9,580,410 | |||
Consumer discretionary: 17.98% | |||||
Diversified consumer services: 0.86% | |||||
Chegg Incorporated † | 286,250 | 27,268,175 | |||
Hotels, restaurants & leisure: 1.32% | |||||
Airbnb Incorporated Class A † | 91,560 | 16,813,163 | |||
Chipotle Mexican Grill Incorporated † | 16,960 | 25,100,800 | |||
41,913,963 | |||||
Internet & direct marketing retail: 9.10% | |||||
Amazon.com Incorporated † | 90,030 | 288,654,186 | |||
Multiline retail: 0.93% | |||||
Dollar General Corporation | 151,195 | 29,424,059 | |||
Specialty retail: 2.92% | |||||
Burlington Stores Incorporated † | 103,135 | 25,670,302 | |||
Five Below Incorporated † | 123,270 | 21,662,237 | |||
Floor & Decor Holdings Incorporated Class A † | 211,610 | 19,482,933 | |||
Petco Health and Wellness Company † | 192,408 | 5,008,380 | |||
RH † | 44,220 | 21,020,419 | |||
92,844,271 | |||||
Textiles, apparel & luxury goods: 2.85% | |||||
Deckers Outdoor Corporation † | 111,375 | 32,519,273 | |||
lululemon athletica Incorporated † | 175,815 | 57,786,874 | |||
90,306,147 | |||||
Consumer staples: 0.79% | |||||
Beverages: 0.79% | |||||
Boston Beer Company Incorporated Class A † | 27,380 | 25,104,448 |
Shares | Value | ||||
Financials: 4.94% | |||||
Capital markets: 4.94% | |||||
LPL Financial Holdings Incorporated | 165,400 | $ 17,919,436 | |||
MarketAxess Holdings Incorporated | 158,020 | 85,450,895 | |||
MSCI Incorporated | 74,235 | 29,345,096 | |||
Tradeweb Markets Incorporated Class A | 395,960 | 24,070,408 | |||
156,785,835 | |||||
Health care: 14.42% | |||||
Biotechnology: 1.35% | |||||
Alnylam Pharmaceuticals Incorporated † | 47,380 | 7,129,742 | |||
Mirati Therapeutics Incorporated † | 49,420 | 10,147,409 | |||
Natera Incorporated † | 131,400 | 14,012,496 | |||
Seagen Incorporated † | 69,220 | 11,370,769 | |||
42,660,416 | |||||
Health care equipment & supplies: 5.05% | |||||
Abbott Laboratories | 378,020 | 46,719,492 | |||
Boston Scientific Corporation † | 157,790 | 5,592,078 | |||
Edwards Lifesciences Corporation † | 642,025 | 53,018,425 | |||
Insulet Corporation † | 155,350 | 41,506,413 | |||
Novocure Limited † | 83,980 | 13,517,421 | |||
160,353,829 | |||||
Health care providers & services: 1.29% | |||||
Amedisys Incorporated † | 142,430 | 40,921,560 | |||
Health care technology: 1.51% | |||||
Veeva Systems Incorporated Class A † | 172,710 | 47,743,952 | |||
Life sciences tools & services: 2.79% | |||||
Bio-Techne Corporation | 87,430 | 28,406,881 | |||
Repligen Corporation † | 223,860 | 44,772,000 | |||
Sotera Health Company † | 590,395 | 15,403,406 | |||
88,582,287 | |||||
Pharmaceuticals: 2.43% | |||||
Horizon Therapeutics plc † | 268,104 | 19,432,178 | |||
Zoetis Incorporated | 374,483 | 57,764,003 | |||
77,196,181 | |||||
Industrials: 8.45% | |||||
Air freight & logistics: 0.81% | |||||
FedEx Corporation | 108,725 | 25,587,342 | |||
Building products: 0.80% | |||||
The AZEK Company Incorporated † | 634,210 | 25,298,637 | |||
Commercial services & supplies: 1.14% | |||||
Copart Incorporated † | 292,095 | 32,057,426 | |||
Waste Connections Incorporated | 43,025 | 4,238,393 | |||
36,295,819 |
Shares | Value | ||||
Electrical equipment: 2.18% | |||||
Generac Holdings Incorporated † | 202,955 | $ 50,012,171 | |||
Plug Power Incorporated † | 266,055 | 16,806,694 | |||
Shoals Technologies Group Class A † | 65,174 | 2,211,354 | |||
69,030,219 | |||||
Professional services: 1.97% | |||||
CoStar Group Incorporated † | 69,525 | 62,552,338 | |||
Road & rail: 1.55% | |||||
CSX Corporation | 59,555 | 5,107,139 | |||
Norfolk Southern Corporation | 12,815 | 3,032,285 | |||
Uber Technologies Incorporated † | 249,700 | 12,717,221 | |||
Union Pacific Corporation | 143,725 | 28,381,376 | |||
49,238,021 | |||||
Information technology: 37.40% | |||||
IT services: 11.19% | |||||
Fidelity National Information Services Incorporated | 39,145 | 4,832,842 | |||
Global Payments Incorporated | 241,525 | 42,633,993 | |||
MasterCard Incorporated Class A | 358,730 | 113,462,712 | |||
PayPal Holdings Incorporated † | 433,220 | 101,507,778 | |||
Snowflake Incorporated Class A † | 9,882 | 2,692,351 | |||
Square Incorporated Class A † | 137,968 | 29,795,569 | |||
Visa Incorporated Class A | 158,235 | 30,578,914 | |||
WEX Incorporated † | 155,840 | 29,391,424 | |||
354,895,583 | |||||
Semiconductors & semiconductor equipment: 5.63% | |||||
Microchip Technology Incorporated | 457,600 | 62,283,936 | |||
Monolithic Power Systems Incorporated | 132,510 | 47,079,478 | |||
NXP Semiconductors NV | 289,700 | 46,488,159 | |||
Texas Instruments Incorporated | 138,025 | 22,869,362 | |||
178,720,935 | |||||
Software: 20.37% | |||||
Anaplan Incorporated † | 197,695 | 13,186,257 | |||
Atlassian Corporation plc Class A † | 126,475 | 29,232,167 | |||
C3.ai Incorporated Class A † | 121,972 | 17,027,291 | |||
Cloudflare Incorporated Class A † | 528,175 | 40,489,896 | |||
Dynatrace Incorporated † | 1,145,068 | 47,531,773 | |||
Everbridge Incorporated † | 210,635 | 27,999,711 | |||
HubSpot Incorporated † | 102,667 | 38,212,657 | |||
Microsoft Corporation | 1,173,545 | 272,215,498 | |||
RingCentral Incorporated Class A † | 116,240 | 43,348,221 | |||
ServiceNow Incorporated † | 89,145 | 48,419,998 | |||
Unity Software Incorporated † | 132,514 | 19,853,247 | |||
Zendesk Incorporated † | 338,775 | 48,864,906 | |||
646,381,622 | |||||
Technology hardware, storage & peripherals: 0.21% | |||||
Apple Incorporated | 50,920 | 6,719,403 |
Shares | Value | ||||
Materials: 1.52% | |||||
Chemicals: 1.52% | |||||
Linde plc | 196,595 | $ 48,244,413 | |||
Total Common stocks (Cost $1,464,291,878) | 3,168,256,410 |
Yield | |||||
Short-term investments: 1.46% | |||||
Investment companies: 1.46% | |||||
Securities Lending Cash Investments LLC ♠∩∞ | 0.10% | 42,278,978 | 42,278,978 | ||
Wells Fargo Government Money Market Fund Select Class ♠∞ | 0.03 | 3,996,168 | 3,996,168 | ||
Total Short-term investments (Cost $46,275,146) | 46,275,146 | ||||
Total investments in securities (Cost $1,510,567,024) | 101.32% | 3,214,531,556 | |||
Other assets and liabilities, net | (1.32) | (41,837,330) | |||
Total net assets | 100.00% | $3,172,694,226 |
† | Non-income-earning security |
♠ | The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
∩ | The investment is a non-registered investment company purchased with cash collateral received from securities on loan. |
∞ | The rate represents the 7-day annualized yield at period end. |
Value, beginning of period | Purchases | Sales proceeds | Net realized gains (losses) | Net change in unrealized gains (losses) | Value, end of period | % of net assets | Shares, end of period | Income from affiliated securities | ||||
Short-term investments | ||||||||||||
Investment companies | ||||||||||||
Securities Lending Cash Investments LLC | $ 0 | $258,323,050 | $(216,044,072) | $0 | $0 | $ 42,278,978 | 42,278,978 | $ 13,678# | ||||
Wells Fargo Government Money Market Fund Select Class | 2,465,488 | 205,650,581 | (204,119,901) | 0 | 0 | 3,996,168 | 3,996,168 | 1,052 | ||||
$0 | $0 | $46,275,146 | 1.46% | $14,730 |
# | Amount shown represents income before fees and rebates. |
Assets | |
Investments in unaffiliated securities (including $41,407,834 of securities loaned), at value (cost $1,464,291,878) | $ 3,168,256,410 |
Investments in affiliated securites, at value (cost $46,275,146) | 46,275,146 |
Receivable for investments sold | 16,886,230 |
Receivable for Fund shares sold | 1,649,262 |
Receivable for dividends | 538,889 |
Receivable for securities lending income, net | 36,461 |
Prepaid expenses and other assets | 95,490 |
Total assets | 3,233,737,888 |
Liabilities | |
Payable upon receipt of securities loaned | 42,278,978 |
Payable for investments purchased | 13,380,373 |
Payable for Fund shares redeemed | 2,506,749 |
Management fee payable | 1,682,196 |
Administration fees payable | 366,025 |
Distribution fee payable | 47,474 |
Trustees’ fees and expenses payable | 2,873 |
Accrued expenses and other liabilities | 778,994 |
Total liabilities | 61,043,662 |
Total net assets | $3,172,694,226 |
Net assets consist of | |
Paid-in capital | $ 1,305,814,618 |
Total distributable earnings | 1,866,879,608 |
Total net assets | $3,172,694,226 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 1,347,797,382 |
Shares outstanding – Class A1 | 80,876,545 |
Net asset value per share – Class A | $16.66 |
Maximum offering price per share – Class A2 | $17.68 |
Net assets – Class C | $ 68,232,464 |
Shares outstanding – Class C1 | 6,117,415 |
Net asset value per share – Class C | $11.15 |
Net assets – Class R4 | $ 1,345,743 |
Shares outstanding – Class R41 | 75,753 |
Net asset value per share – Class R4 | $17.76 |
Net assets – Class R6 | $ 1,056,158,606 |
Shares outstanding – Class R61 | 58,220,721 |
Net asset value per share – Class R6 | $18.14 |
Net assets – Administrator Class | $ 57,212,331 |
Shares outstanding – Administrator Class1 | 3,341,676 |
Net asset value per share – Administrator Class | $17.12 |
Net assets – Institutional Class | $ 641,947,700 |
Shares outstanding – Institutional Class1 | 35,596,931 |
Net asset value per share – Institutional Class | $18.03 |
1 | The 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. |
Investment income | |
Dividends (net of foreign withholdings taxes of $56,961) | $ 5,271,057 |
Income from affiliated securities | 134,546 |
Total investment income | 5,405,603 |
Expenses | |
Management fee | 10,102,443 |
Administration fees | |
Class A | 1,337,022 |
Class C | 98,913 |
Class R4 | 495 |
Class R6 | 151,967 |
Administrator Class | 36,674 |
Institutional Class | 425,641 |
Shareholder servicing fees | |
Class A | 1,591,693 |
Class C | 117,753 |
Class R4 | 619 |
Administrator Class | 70,527 |
Distribution fee | |
Class C | 352,516 |
Custody and accounting fees | 54,032 |
Professional fees | 25,605 |
Registration fees | 53,066 |
Shareholder report expenses | 84,579 |
Trustees’ fees and expenses | 9,707 |
Other fees and expenses | 28,741 |
Total expenses | 14,541,993 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (418,631) |
Class A | (84,906) |
Class C | (44) |
Class R4 | (155) |
Class R6 | (125,663) |
Administrator Class | (7,097) |
Institutional Class | (163,112) |
Net expenses | 13,742,385 |
Net investment loss | (8,336,782) |
Realized and unrealized gains (losses) on investments | |
Net realized gains on investments | 370,650,056 |
Net change in unrealized gains (losses) on investments | 111,806,313 |
Net realized and unrealized gains (losses) on investments | 482,456,369 |
Net increase in net assets resulting from operations | 474,119,587 |
Six months ended January 31, 2021 (unaudited) | Year ended July 31, 2020 | |||
Operations | ||||
Net investment loss | $ (8,336,782) | $ (8,544,770) | ||
Net realized gains on investments | 370,650,056 | 152,795,477 | ||
Net change in unrealized gains (losses) on investments | 111,806,313 | 410,793,163 | ||
Net increase in net assets resulting from operations | 474,119,587 | 555,043,870 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (148,403,252) | (79,445,426) | ||
Class C | (11,942,210) | (13,534,953) | ||
Class R4 | (135,124) | (288,415) | ||
Class R6 | (107,248,773) | (58,912,621) | ||
Administrator Class | (6,166,075) | (3,631,494) | ||
Institutional Class | (67,714,365) | (44,767,006) | ||
Total distributions to shareholders | (341,609,799) | (200,579,915) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 3,942,591 | 68,872,399 | 5,450,625 | 77,021,734 |
Class C | 219,972 | 2,558,023 | 768,733 | 7,336,013 |
Class R4 | 3,011 | 54,342 | 15,508 | 231,846 |
Class R6 | 2,250,919 | 41,278,532 | 5,901,603 | 86,487,057 |
Administrator Class | 153,683 | 2,639,029 | 1,510,542 | 21,788,823 |
Institutional Class | 1,731,056 | 31,502,542 | 5,199,312 | 74,602,092 |
146,904,867 | 267,467,565 | |||
Reinvestment of distributions | ||||
Class A | 8,581,749 | 138,681,054 | 5,635,528 | 74,670,743 |
Class C | 1,066,052 | 11,545,329 | 1,226,541 | 11,578,543 |
Class R4 | 7,716 | 132,869 | 20,543 | 287,184 |
Class R6 | 6,007,269 | 105,607,780 | 4,072,770 | 57,914,790 |
Administrator Class | 359,007 | 5,959,521 | 258,688 | 3,507,809 |
Institutional Class | 3,347,542 | 58,515,035 | 2,794,274 | 39,538,976 |
320,441,588 | 187,498,045 | |||
Payment for shares redeemed | ||||
Class A | (4,920,080) | (83,135,410) | (11,885,781) | (161,114,742) |
Class C | (4,910,159) | (60,555,511) | (6,937,436) | (70,405,278) |
Class R4 | (1,371) | (25,097) | (234,231) | (3,635,661) |
Class R6 | (5,194,968) | (95,382,637) | (9,076,035) | (132,489,008) |
Administrator Class | (471,089) | (8,227,484) | (1,855,137) | (26,245,495) |
Institutional Class | (7,124,410) | (128,013,405) | (13,095,393) | (188,459,918) |
(375,339,544) | (582,350,102) | |||
Net increase (decrease) in net assets resulting from capital share transactions | 92,006,911 | (127,384,492) | ||
Total increase in net assets | 224,516,699 | 227,079,463 | ||
Net assets | ||||
Beginning of period | 2,948,177,527 | 2,721,098,064 | ||
End of period | $3,172,694,226 | $2,948,177,527 |
Year ended July 31 | ||||||
Class A | Six months ended January 31, 2021 (unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 |
Net asset value, beginning of period | $16.08 | $14.19 | $15.10 | $15.34 | $14.68 | $16.28 |
Net investment loss | (0.06) 1 | (0.07) | (0.05) | (0.05) | (0.03) 1 | (0.03) |
Net realized and unrealized gains (losses) on investments | 2.67 | 3.07 | 1.50 | 3.56 | 2.12 | (0.52) |
Total from investment operations | 2.61 | 3.00 | 1.45 | 3.51 | 2.09 | (0.55) |
Distributions to shareholders from | ||||||
Net realized gains | (2.03) | (1.11) | (2.36) | (3.75) | (1.43) | (1.05) |
Net asset value, end of period | $16.66 | $16.08 | $14.19 | $15.10 | $15.34 | $14.68 |
Total return2 | 16.59% | 22.78% | 12.97% | 26.54% | 16.01% | (3.22)% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.13% | 1.14% | 1.15% | 1.15% | 1.14% | 1.13% |
Net expenses | 1.10% | 1.10% | 1.11% | 1.11% | 1.11% | 1.11% |
Net investment loss | (0.75)% | (0.52)% | (0.40)% | (0.34)% | (0.20)% | (0.17)% |
Supplemental data | ||||||
Portfolio turnover rate | 24% | 45% | 60% | 45% | 65% | 47% |
Net assets, end of period (000s omitted) | $1,347,797 | $1,178,453 | $1,050,751 | $1,048,632 | $986,791 | $1,697,746 |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
Year ended July 31 | ||||||
Class C | Six months ended January 31, 2021 (unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 |
Net asset value, beginning of period | $11.40 | $10.45 | $11.87 | $12.86 | $12.64 | $14.27 |
Net investment loss | (0.09) 1 | (0.13) 1 | (0.12) 1 | (0.13) 1 | (0.12) 1 | (0.12) 1 |
Net realized and unrealized gains (losses) on investments | 1.87 | 2.19 | 1.06 | 2.89 | 1.77 | (0.46) |
Total from investment operations | 1.78 | 2.06 | 0.94 | 2.76 | 1.65 | (0.58) |
Distributions to shareholders from | ||||||
Net realized gains | (2.03) | (1.11) | (2.36) | (3.75) | (1.43) | (1.05) |
Net asset value, end of period | $11.15 | $11.40 | $10.45 | $11.87 | $12.86 | $12.64 |
Total return2 | 16.10% | 21.87% | 12.09% | 25.68% | 15.05% | (3.92)% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.88% | 1.89% | 1.90% | 1.90% | 1.89% | 1.88% |
Net expenses | 1.86% | 1.86% | 1.86% | 1.86% | 1.86% | 1.86% |
Net investment loss | (1.50)% | (1.27)% | (1.14)% | (1.09)% | (0.95)% | (0.92)% |
Supplemental data | ||||||
Portfolio turnover rate | 24% | 45% | 60% | 45% | 65% | 47% |
Net assets, end of period (000s omitted) | $68,232 | $111,046 | $153,404 | $201,138 | $206,026 | $296,896 |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
Year ended July 31 | ||||||
Class R4 | Six months ended January 31, 2021 (unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 |
Net asset value, beginning of period | $17.00 | $14.89 | $15.69 | $15.75 | $15.00 | $16.56 |
Net investment income (loss) | (0.04) 1 | (0.03) 1 | (0.03) | (0.00) 1,2 | 0.01 1 | 0.02 1 |
Net realized and unrealized gains (losses) on investments | 2.83 | 3.25 | 1.59 | 3.69 | 2.17 | (0.53) |
Total from investment operations | 2.79 | 3.22 | 1.56 | 3.69 | 2.18 | (0.51) |
Distributions to shareholders from | ||||||
Net realized gains | (2.03) | (1.11) | (2.36) | (3.75) | (1.43) | (1.05) |
Net asset value, end of period | $17.76 | $17.00 | $14.89 | $15.69 | $15.75 | $15.00 |
Total return3 | 16.76% | 23.20% | 13.21% | 27.06% | 16.30% | (2.91)% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.85% | 0.86% | 0.87% | 0.87% | 0.86% | 0.85% |
Net expenses | 0.80% | 0.80% | 0.80% | 0.80% | 0.80% | 0.80% |
Net investment income (loss) | (0.45)% | (0.20)% | (0.10)% | (0.02)% | 0.09% | 0.13% |
Supplemental data | ||||||
Portfolio turnover rate | 24% | 45% | 60% | 45% | 65% | 47% |
Net assets, end of period (000s omitted) | $1,346 | $1,129 | $3,940 | $3,727 | $3,559 | $3,988 |
1 | Calculated based upon average shares outstanding |
2 | Amount is more than $(0.005) |
3 | Returns for periods of less than one year are not annualized. |
Year ended July 31 | ||||||
Class R6 | Six months ended January 31, 2021 (unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 |
Net asset value, beginning of period | $17.31 | $15.12 | $15.87 | $15.87 | $15.08 | $16.62 |
Net investment income (loss) | (0.03) | (0.01) | (0.00) 1,2 | 0.02 1 | 0.03 1 | 0.04 1 |
Net realized and unrealized gains (losses) on investments | 2.89 | 3.31 | 1.61 | 3.73 | 2.19 | (0.53) |
Total from investment operations | 2.86 | 3.30 | 1.61 | 3.75 | 2.22 | (0.49) |
Distributions to shareholders from | ||||||
Net realized gains | (2.03) | (1.11) | (2.36) | (3.75) | (1.43) | (1.05) |
Net asset value, end of period | $18.14 | $17.31 | $15.12 | $15.87 | $15.87 | $15.08 |
Total return3 | 16.87% | 23.39% | 13.40% | 27.27% | 16.48% | (2.78)% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.70% | 0.71% | 0.71% | 0.72% | 0.71% | 0.70% |
Net expenses | 0.65% | 0.65% | 0.65% | 0.65% | 0.65% | 0.65% |
Net investment income (loss) | (0.30)% | (0.07)% | (0.02)% | 0.12% | 0.25% | 0.28% |
Supplemental data | ||||||
Portfolio turnover rate | 24% | 45% | 60% | 45% | 65% | 47% |
Net assets, end of period (000s omitted) | $1,056,159 | $954,852 | $820,383 | $196,934 | $170,657 | $179,198 |
1 | Calculated based upon average shares outstanding |
2 | Amount is more than $(0.005) |
3 | Returns for periods of less than one year are not annualized. |
Year ended July 31 | ||||||
Administrator Class | Six months ended January 31, 2021 (unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 |
Net asset value, beginning of period | $16.47 | $14.48 | $15.35 | $15.52 | $14.82 | $16.41 |
Net investment loss | (0.06) 1 | (0.06) 1 | (0.04) 1 | (0.03) 1 | (0.01) 1 | (0.00) 1,2 |
Net realized and unrealized gains (losses) on investments | 2.74 | 3.16 | 1.53 | 3.61 | 2.14 | (0.54) |
Total from investment operations | 2.68 | 3.10 | 1.49 | 3.58 | 2.13 | (0.54) |
Distributions to shareholders from | ||||||
Net realized gains | (2.03) | (1.11) | (2.36) | (3.75) | (1.43) | (1.05) |
Net asset value, end of period | $17.12 | $16.47 | $14.48 | $15.35 | $15.52 | $14.82 |
Total return3 | 16.63% | 23.02% | 13.02% | 26.70% | 16.14% | (3.13)% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.05% | 1.06% | 1.07% | 1.07% | 1.06% | 1.04% |
Net expenses | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% | 0.98% |
Net investment loss | (0.65)% | (0.42)% | (0.29)% | (0.22)% | (0.06)% | (0.02)% |
Supplemental data | ||||||
Portfolio turnover rate | 24% | 45% | 60% | 45% | 65% | 47% |
Net assets, end of period (000s omitted) | $57,212 | $54,341 | $49,042 | $57,582 | $82,998 | $292,900 |
1 | Calculated based upon average shares outstanding |
2 | Amount is more than $(0.005) |
3 | Returns for periods of less than one year are not annualized. |
Year ended July 31 | ||||||
Institutional Class | Six months ended January 31, 2021 (unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 |
Net asset value, beginning of period | $17.22 | $15.06 | $15.82 | $15.84 | $15.06 | $16.61 |
Net investment income (loss) | (0.03) 1 | (0.02) 1 | 0.00 1,2 | 0.01 1 | 0.02 1 | 0.03 1 |
Net realized and unrealized gains (losses) on investments | 2.87 | 3.29 | 1.60 | 3.72 | 2.19 | (0.53) |
Total from investment operations | 2.84 | 3.27 | 1.60 | 3.73 | 2.21 | (0.50) |
Distributions to shareholders from | ||||||
Net realized gains | (2.03) | (1.11) | (2.36) | (3.75) | (1.43) | (1.05) |
Net asset value, end of period | $18.03 | $17.22 | $15.06 | $15.82 | $15.84 | $15.06 |
Total return3 | 16.83% | 23.28% | 13.38% | 27.17% | 16.44% | (2.85)% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.80% | 0.81% | 0.82% | 0.82% | 0.81% | 0.80% |
Net expenses | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |
Net investment income (loss) | (0.35)% | (0.12)% | 0.02% | 0.07% | 0.19% | 0.23% |
Supplemental data | ||||||
Portfolio turnover rate | 24% | 45% | 60% | 45% | 65% | 47% |
Net assets, end of period (000s omitted) | $641,948 | $648,357 | $643,578 | $1,043,161 | $949,344 | $1,097,976 |
1 | Calculated based upon average shares outstanding |
2 | Amount is less than $0.005. |
3 | Returns for periods of less than one year are not annualized. |
Gross unrealized gains | $1,706,726,387 |
Gross unrealized losses | (2,760,609) |
Net unrealized gains | $1,703,965,778 |
■ | 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) |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Common stocks | ||||
Communication services | $ 455,532,769 | $0 | $0 | $ 455,532,769 |
Consumer discretionary | 570,410,801 | 0 | 0 | 570,410,801 |
Consumer staples | 25,104,448 | 0 | 0 | 25,104,448 |
Financials | 156,785,835 | 0 | 0 | 156,785,835 |
Health care | 457,458,225 | 0 | 0 | 457,458,225 |
Industrials | 268,002,376 | 0 | 0 | 268,002,376 |
Information technology | 1,186,717,543 | 0 | 0 | 1,186,717,543 |
Materials | 48,244,413 | 0 | 0 | 48,244,413 |
Short-term investments | ||||
Investment companies | 46,275,146 | 0 | 0 | 46,275,146 |
Total assets | $3,214,531,556 | $0 | $0 | $3,214,531,556 |
Average daily net assets | Management fee |
First $500 million | 0.700% |
Next $500 million | 0.675 |
Next $1 billion | 0.650 |
Next $2 billion | 0.625 |
Next $1 billion | 0.600 |
Next $3 billion | 0.590 |
Next $2 billion | 0.565 |
Next $2 billion | 0.555 |
Next $4 billion | 0.530 |
Over $16 billion | 0.505 |
Class-level administration fee | |
Class A | 0.21% |
Class C | 0.21 |
Class R4 | 0.08 |
Class R6 | 0.03 |
Administrator Class | 0.13 |
Institutional Class | 0.13 |
Expense ratio caps | |
Class A | 1.11% |
Class C | 1.86 |
Class R4 | 0.80 |
Class R6 | 0.65 |
Administrator Class | 1.00 |
Institutional Class | 0.70 |
Counterparty | Value of securities on loan | Collateral received1 | Net amount |
Bank of America Securities Incorporated | $ 4,561,724 | $ (4,561,724) | $0 |
Barclays Capital Incorporated | 4,687,072 | (4,687,072) | 0 |
JPMorgan Securities LLC | 15,020,638 | (15,020,638) | 0 |
Morgan Stanley & Co. LLC | 1,332,000 | (1,332,000) | 0 |
Nomura Securities International Incorporated | 15,806,400 | (15,806,400) | 0 |
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 also an inactive Chartered Financial Analyst. | N/A |
Isaiah Harris, Jr. (Born 1952) | Trustee, since 2009; Audit Committee Chair, 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). Mr. Harris is a certified public accountant (inactive status). | CIGNA Corporation |
Judith M. Johnson (Born 1949) | Trustee, since 2008 | 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 (Emeritus), 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 |
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 Chair, 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; Chair, 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 January 2020; previously Trustee from January 2018 to July 2019 | Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Interim President of the McKnight Foundation from January to September 2020. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Human Services Manager (part-time), Minnesota Department of Human Services, October 2019 through December 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 |
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 DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Fund Complex) | 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. |
Michelle Rhee (Born 1966) | Chief Legal Officer, since 2019 | Secretary of Wells Fargo Funds Management, LLC and Chief Legal Counsel of Wells Fargo Asset Management since 2018. Deputy General Counsel of Wells Fargo Bank, N.A. since 2020 and Assistant General Counsel of Wells Fargo Bank, N.A. from 2018 to 2020. Associate General Counsel and Managing Director of Bank of America Corporation from 2004 to 2018. |
Catherine Kennedy (Born 1969) | Secretary, since 2019 | Vice President of Wells Fargo Funds Management, LLC and Senior Counsel of the Wells Fargo Legal Department since 2010. Vice President and Senior Counsel of Evergreen Investment Management Company, LLC from 1998 to 2010. |
Michael H. Whitaker (Born 1967) | Chief Compliance Officer, since 2016 | Chief Compliance Officer of Wells Fargo Asset Management since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016. |
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P.O. Box 219967
Kansas City, MO 64121-9967
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SA212/SAR212 01-21
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Omega Growth Fund
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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 and emerging markets, excluding the United States. 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. |
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. |
3 | The MSCI Emerging Markets (EM) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index. |
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. |
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. |
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. |
5 | The Bloomberg Barclays Global Aggregate ex-USD Index (unhedged) 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. |
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. |
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. |
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. |
7 | The ICE BofA 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 2021. ICE Data Indices, LLC. All rights reserved. |
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President
Wells Fargo Funds
Christopher J. Warner, CFA®‡
Including sales charge | Excluding sales charge | Expense ratios1 (%) | |||||||||
Inception date | 1 year | 5 year | 10 year | 1 year | 5 year | 10 year | Gross | Net 2 | |||
Class A (EKOAX) | 4-29-1968 | 28.49 | 21.51 | 14.61 | 36.33 | 22.96 | 15.29 | 1.28 | 1.28 | ||
Class C (EKOCX) | 8-2-1993 | 34.74 | 22.11 | 14.46 | 35.74 | 22.11 | 14.46 | 2.03 | 2.03 | ||
Class R (EKORX) | 10-10-2003 | – | – | – | 35.99 | 22.65 | 15.00 | 1.53 | 1.53 | ||
Administrator Class (EOMYX) | 1-13-1997 | – | – | – | 36.56 | 23.18 | 15.54 | 1.20 | 1.10 | ||
Institutional Class (EKONX) | 7-30-2010 | – | – | – | 36.91 | 23.49 | 15.83 | 0.95 | 0.85 | ||
Russell 3000® Growth Index3 | – | – | – | – | 35.01 | 22.07 | 16.62 | – | – |
Ten largest holdings (%) as of January 31, 20214 | |
Microsoft Corporation | 9.51 |
Amazon.com Incorporated | 8.52 |
Alphabet Incorporated Class A | 4.28 |
PayPal Holdings Incorporated | 3.01 |
Visa Incorporated Class A | 2.90 |
MercadoLibre Incorporated | 2.72 |
UnitedHealth Group Incorporated | 2.67 |
Chipotle Mexican Grill Incorporated | 2.55 |
ServiceNow Incorporated | 2.45 |
EPAM Systems Incorporated | 2.18 |
Sector distribution as of January 31, 20215 |
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‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
1 | Reflects the expense ratios as stated in the most recent prospectuses. 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 contractually committed through November 30, 2021, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.30% for Class A, 2.05% for Class C, 1.55% for Class R, 1.10% for Administrator Class, and 0.85% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, 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 Russell 3000® Growth Index measures the performance of those Russell 3000® Index companies with higher price/book ratios and higher forecasted growth values. You cannot invest directly in an index. |
4 | Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified. |
5 | Figures represent the percentage of the Fund's long-term investments. These amounts are subject to change and may have changed since the date specified. |
Beginning account value 8-1-2020 | Ending account value 1-31-2021 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $1,180.28 | $ 6.92 | 1.26% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,018.85 | $ 6.41 | 1.26% |
Class C | ||||
Actual | $1,000.00 | $1,179.49 | $11.10 | 2.02% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,015.02 | $10.26 | 2.02% |
Class R | ||||
Actual | $1,000.00 | $1,178.83 | $ 8.24 | 1.50% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,017.64 | $ 7.63 | 1.50% |
Administrator Class | ||||
Actual | $1,000.00 | $1,181.34 | $ 5.94 | 1.08% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.76 | $ 5.50 | 1.08% |
Institutional Class | ||||
Actual | $1,000.00 | $1,182.68 | $ 4.68 | 0.85% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.92 | $ 4.33 | 0.85% |
Shares | Value | ||||
Common stocks: 98.95% | |||||
Communication services: 10.71% | |||||
Entertainment: 3.40% | |||||
Netflix Incorporated † | 38,700 | $ 20,603,493 | |||
Spotify Technology SA † | 50,300 | 15,844,500 | |||
36,447,993 | |||||
Interactive media & services: 4.67% | |||||
Alphabet Incorporated Class A † | 25,100 | 45,866,736 | |||
Alphabet Incorporated Class C † | 2,285 | 4,194,666 | |||
50,061,402 | |||||
Media: 2.64% | |||||
IAC/InterActiveCorp † | 61,800 | 12,974,910 | |||
Match Group Incorporated † | 110,232 | 15,417,048 | |||
28,391,958 | |||||
Consumer discretionary: 17.73% | |||||
Auto components: 1.42% | |||||
Aptiv plc | 113,700 | 15,190,320 | |||
Automobiles: 0.79% | |||||
Ferrari NV | 40,600 | 8,452,108 | |||
Hotels, restaurants & leisure: 2.55% | |||||
Chipotle Mexican Grill Incorporated † | 18,500 | 27,380,000 | |||
Internet & direct marketing retail: 11.24% | |||||
Amazon.com Incorporated † | 28,500 | 91,376,700 | |||
MercadoLibre Incorporated † | 16,400 | 29,183,964 | |||
120,560,664 | |||||
Specialty retail: 1.73% | |||||
The Home Depot Incorporated | 68,600 | 18,578,252 | |||
Financials: 2.97% | |||||
Capital markets: 2.97% | |||||
Intercontinental Exchange Incorporated | 143,800 | 15,868,330 | |||
MarketAxess Holdings Incorporated | 29,500 | 15,952,420 | |||
31,820,750 | |||||
Health care: 17.57% | |||||
Biotechnology: 1.56% | |||||
Exact Sciences Corporation † | 122,300 | 16,774,668 | |||
Health care equipment & supplies: 9.03% | |||||
ABIOMED Incorporated † | 34,600 | 12,049,450 | |||
Alcon Incorporated † | 207,200 | 14,858,312 | |||
Align Technology Incorporated † | 43,100 | 22,643,878 | |||
DexCom Incorporated † | 46,100 | 17,280,585 |
Shares | Value | ||||
Health care equipment & supplies (continued) | |||||
Edwards Lifesciences Corporation † | 125,200 | $ 10,339,016 | |||
Intuitive Surgical Incorporated † | 26,300 | 19,662,932 | |||
96,834,173 | |||||
Health care providers & services: 5.42% | |||||
Chemed Corporation | 32,900 | 17,038,910 | |||
HealthEquity Incorporated † | 149,448 | 12,486,380 | |||
UnitedHealth Group Incorporated | 85,700 | 28,587,806 | |||
58,113,096 | |||||
Health care technology: 1.56% | |||||
Veeva Systems Incorporated Class A † | 60,300 | 16,669,332 | |||
Industrials: 6.76% | |||||
Aerospace & defense: 1.63% | |||||
HEICO Corporation | 61,400 | 7,229,236 | |||
Teledyne Technologies Incorporated † | 28,600 | 10,210,486 | |||
17,439,722 | |||||
Air freight & logistics: 1.00% | |||||
United Parcel Service Incorporated Class B | 69,200 | 10,726,000 | |||
Commercial services & supplies: 1.49% | |||||
Waste Connections Incorporated | 162,322 | 15,990,340 | |||
Professional services: 1.08% | |||||
Equifax Incorporated | 65,600 | 11,618,416 | |||
Road & rail: 1.56% | |||||
Union Pacific Corporation | 84,900 | 16,765,203 | |||
Information technology: 40.49% | |||||
Communications equipment: 1.19% | |||||
Motorola Solutions Incorporated | 75,800 | 12,700,290 | |||
Electronic equipment, instruments & components: 1.25% | |||||
Zebra Technologies Corporation Class A † | 34,600 | 13,418,918 | |||
IT services: 19.46% | |||||
Black Knight Incorporated † | 214,300 | 17,506,167 | |||
EPAM Systems Incorporated † | 67,741 | 23,332,033 | |||
Euronet Worldwide Incorporated † | 60,200 | 7,522,592 | |||
Fiserv Incorporated † | 157,040 | 16,126,438 | |||
MongoDB Incorporated † | 50,100 | 18,517,461 | |||
PayPal Holdings Incorporated † | 137,600 | 32,241,056 | |||
Shopify Incorporated Class A † | 13,500 | 14,830,965 | |||
Square Incorporated Class A † | 92,400 | 19,954,704 | |||
StoneCo Limited Class A † | 182,000 | 13,085,800 | |||
Visa Incorporated Class A | 160,804 | 31,075,373 | |||
WEX Incorporated † | 76,602 | 14,447,137 | |||
208,639,726 | |||||
Software: 18.59% | |||||
Atlassian Corporation plc Class A † | 60,100 | 13,890,913 | |||
Autodesk Incorporated † | 59,300 | 16,451,599 |
Shares | Value | ||||
Software (continued) | |||||
Cadence Design Systems Incorporated † | 134,300 | $ 17,511,377 | |||
Microsoft Corporation | 439,700 | 101,992,812 | |||
ServiceNow Incorporated † | 48,300 | 26,234,628 | |||
Unity Software Incorporated †« | 88,520 | 13,262,066 | |||
Zoom Video Communications Incorporated † | 27,000 | 10,045,890 | |||
199,389,285 | |||||
Materials: 1.54% | |||||
Chemicals: 1.54% | |||||
The Sherwin-Williams Company | 23,900 | 16,534,020 | |||
Real estate: 1.18% | |||||
Equity REITs: 1.18% | |||||
SBA Communications Corporation | 46,900 | 12,600,623 | |||
Total Common stocks (Cost $470,916,279) | 1,061,097,259 |
Yield | |||||
Short-term investments: 2.37% | |||||
Investment companies: 2.37% | |||||
Securities Lending Cash Investments LLC ♠∩∞ | 0.10% | 12,237,750 | 12,237,750 | ||
Wells Fargo Government Money Market Fund Select Class ♠∞ | 0.03 | 13,144,761 | 13,144,761 | ||
Total Short-term investments (Cost $25,382,511) | 25,382,511 | ||||
Total investments in securities (Cost $496,298,790) | 101.32% | 1,086,479,770 | |||
Other assets and liabilities, net | (1.32) | (14,107,422) | |||
Total net assets | 100.00% | $1,072,372,348 |
† | Non-income-earning security |
« | All or a portion of this security is on loan. |
♠ | The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
∩ | The investment is a non-registered investment company purchased with cash collateral received from securities on loan. |
∞ | The rate represents the 7-day annualized yield at period end. |
Abbreviations: | |
REIT | Real estate investment trust |
Value, beginning of period | Purchases | Sales proceeds | Net realized gains (losses) | Net change in unrealized gains (losses) | Value, end of period | % of net assets | Shares, end of period | Income from affiliated securities | ||||
Short-term investments | ||||||||||||
Investment companies | ||||||||||||
Securities Lending Cash Investments LLC | $ 0 | $54,016,081 | $(41,778,331) | $0 | $0 | $ 12,237,750 | 12,237,750 | $ 4,367# | ||||
Wells Fargo Government Money Market Fund Select Class | 6,153,039 | 77,242,732 | (70,251,010) | 0 | 0 | 13,144,761 | 13,144,761 | 1,271 | ||||
$0 | $0 | $25,382,511 | 2.37% | $5,638 |
# | Amount shown represents income before fees and rebates. |
Assets | |
Investments in unaffiliated securities (including $11,979,786 of securities loaned), at value (cost $470,916,279) | $ 1,061,097,259 |
Investments in affiliated securites, at value (cost $25,382,511) | 25,382,511 |
Receivable for Fund shares sold | 145,083 |
Receivable for dividends | 18,557 |
Receivable for securities lending income, net | 5,028 |
Prepaid expenses and other assets | 28,620 |
Total assets | 1,086,677,058 |
Liabilities | |
Payable upon receipt of securities loaned | 12,237,750 |
Management fee payable | 705,459 |
Payable for Fund shares redeemed | 463,628 |
Payable for investments purchased | 431,058 |
Administration fees payable | 185,512 |
Distribution fees payable | 12,121 |
Trustees’ fees and expenses payable | 2,552 |
Accrued expenses and other liabilities | 266,630 |
Total liabilities | 14,304,710 |
Total net assets | $1,072,372,348 |
Net assets consist of | |
Paid-in capital | $ 441,070,179 |
Total distributable earnings | 631,302,169 |
Total net assets | $1,072,372,348 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 908,685,093 |
Shares outstanding – Class A1 | 12,594,758 |
Net asset value per share – Class A | $72.15 |
Maximum offering price per share – Class A2 | $76.55 |
Net assets – Class C | $ 16,678,148 |
Shares outstanding – Class C1 | 385,224 |
Net asset value per share – Class C | $43.29 |
Net assets – Class R | $ 4,715,562 |
Shares outstanding – Class R1 | 70,455 |
Net asset value per share – Class R | $66.93 |
Net assets – Administrator Class | $ 35,558,180 |
Shares outstanding – Administrator Class1 | 442,766 |
Net asset value per share – Administrator Class | $80.31 |
Net assets – Institutional Class | $ 106,735,365 |
Shares outstanding – Institutional Class1 | 1,274,635 |
Net asset value per share – Institutional Class | $83.74 |
1 | The 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. |
Investment income | |
Dividends (net of foreign withholdings taxes of $9,070) | $ 1,922,353 |
Income from affiliated securities | 19,437 |
Total investment income | 1,941,790 |
Expenses | |
Management fee | 3,937,736 |
Administration fees | |
Class A | 906,429 |
Class C | 20,879 |
Class R | 5,145 |
Administrator Class | 20,928 |
Institutional Class | 64,308 |
Shareholder servicing fees | |
Class A | 1,079,082 |
Class C | 24,856 |
Class R | 5,996 |
Administrator Class | 40,042 |
Distribution fees | |
Class C | 74,417 |
Class R | 5,900 |
Custody and accounting fees | 18,689 |
Professional fees | 26,651 |
Registration fees | 50,194 |
Shareholder report expenses | 56,426 |
Trustees’ fees and expenses | 9,707 |
Other fees and expenses | 14,770 |
Total expenses | 6,362,155 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (28,606) |
Class A | (20,263) |
Class C | (19) |
Administrator Class | (9,454) |
Institutional Class | (21,600) |
Net expenses | 6,282,213 |
Net investment loss | (4,340,423) |
Payment from affiliate | 77,039 |
Realized and unrealized gains (losses) on investments | |
Net realized gains on investments | 68,040,332 |
Net change in unrealized gains (losses) on investments | 104,102,170 |
Net realized and unrealized gains (losses) on investments | 172,142,502 |
Net increase in net assets resulting from operations | 167,879,118 |
Six months ended January 31, 2021 (unaudited) | Year ended July 31, 2020 | |||
Operations | ||||
Net investment loss | $ (4,340,423) | $ (5,432,640) | ||
Payment from affiliate | 77,039 | 0 | ||
Net realized gains on investments | 68,040,332 | 59,456,747 | ||
Net change in unrealized gains (losses) on investments | 104,102,170 | 134,698,602 | ||
Net increase in net assets resulting from operations | 167,879,118 | 188,722,709 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (52,646,623) | (38,639,530) | ||
Class C | (1,658,736) | (1,862,430) | ||
Class R | (283,298) | (304,034) | ||
Administrator Class | (1,791,540) | (1,255,690) | ||
Institutional Class | (5,339,881) | (3,766,464) | ||
Total distributions to shareholders | (61,720,078) | (45,828,148) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 228,740 | 16,260,171 | 272,882 | 14,921,263 |
Class C | 8,099 | 353,609 | 51,013 | 1,731,016 |
Class R | 5,940 | 383,462 | 25,891 | 1,308,361 |
Administrator Class | 44,267 | 3,516,978 | 9,639 | 598,496 |
Institutional Class | 121,038 | 9,716,927 | 231,605 | 13,472,238 |
30,231,147 | 32,031,374 | |||
Reinvestment of distributions | ||||
Class A | 720,507 | 50,392,262 | 697,108 | 37,030,375 |
Class C | 39,414 | 1,656,177 | 53,921 | 1,795,565 |
Class R | 4,084 | 265,103 | 4,691 | 232,868 |
Administrator Class | 20,456 | 1,592,066 | 19,576 | 1,148,300 |
Institutional Class | 65,296 | 5,297,486 | 61,188 | 3,723,927 |
59,203,094 | 43,931,035 | |||
Payment for shares redeemed | ||||
Class A | (674,770) | (47,364,234) | (1,593,178) | (85,882,986) |
Class C | (207,127) | (9,177,941) | (289,079) | (10,068,981) |
Class R | (16,248) | (1,116,869) | (71,554) | (3,669,955) |
Administrator Class | (21,840) | (1,745,281) | (60,813) | (3,572,488) |
Institutional Class | (129,897) | (10,350,408) | (278,139) | (17,354,985) |
(69,754,733) | (120,549,395) | |||
Net increase (decrease) in net assets resulting from capital share transactions | 19,679,508 | (44,586,986) | ||
Total increase in net assets | 125,838,548 | 98,307,575 | ||
Net assets | ||||
Beginning of period | 946,533,800 | 848,226,225 | ||
End of period | $1,072,372,348 | $ 946,533,800 |
Year ended July 31 | ||||||
Class A | Six months ended January 31, 2021 (unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 |
Net asset value, beginning of period | $64.95 | $55.19 | $54.77 | $49.43 | $42.73 | $48.29 |
Net investment loss | (0.31) 1 | (0.38) 1 | (0.33) 1 | (0.32) 1 | (0.22) 1 | (0.19) 1 |
Payment from affiliate | 0.00 2 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Net realized and unrealized gains (losses) on investments | 11.88 | 13.24 | 6.56 | 12.57 | 8.07 | (1.44) |
Total from investment operations | 11.57 | 12.86 | 6.23 | 12.25 | 7.85 | (1.63) |
Distributions to shareholders from | ||||||
Net realized gains | (4.37) | (3.10) | (5.81) | (6.91) | (1.15) | (3.93) |
Net asset value, end of period | $72.15 | $64.95 | $55.19 | $54.77 | $49.43 | $42.73 |
Total return3 | 18.03% 4 | 24.55% | 13.89% | 26.86% | 18.88% | (3.07)% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.27% | 1.28% | 1.28% | 1.28% | 1.28% | 1.28% |
Net expenses | 1.26% | 1.28% | 1.28% | 1.28% | 1.28% | 1.28% |
Net investment loss | (0.88)% | (0.68)% | (0.64)% | (0.63)% | (0.50)% | (0.47)% |
Supplemental data | ||||||
Portfolio turnover rate | 15% | 23% | 39% | 48% | 76% | 84% |
Net assets, end of period (000s omitted) | $908,685 | $800,199 | $714,411 | $662,751 | $581,967 | $573,304 |
1 | Calculated based upon average shares outstanding |
2 | Amount is less than $0.005. |
3 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
4 | During the six months ended January 31, 2021, the Fund received a payment from an affiliate that had an impact of less than 0.005% on total return. See Note 4 in the Notes to Financial Statements for additional information. |
Year ended July 31 | ||||||
Class C | Six months ended January 31, 2021 (unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 |
Net asset value, beginning of period | $40.52 | $35.83 | $38.02 | $36.47 | $32.07 | $37.55 |
Net investment loss | (0.35) 1 | (0.50) 1 | (0.48) 1 | (0.50) 1 | (0.41) 1 | (0.39) 1 |
Payment from affiliate | 0.19 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Net realized and unrealized gains (losses) on investments | 7.30 | 8.29 | 4.10 | 8.96 | 5.96 | (1.16) |
Total from investment operations | 7.14 | 7.79 | 3.62 | 8.46 | 5.55 | (1.55) |
Distributions to shareholders from | ||||||
Net realized gains | (4.37) | (3.10) | (5.81) | (6.91) | (1.15) | (3.93) |
Net asset value, end of period | $43.29 | $40.52 | $35.83 | $38.02 | $36.47 | $32.07 |
Total return2 | 17.95% 3 | 23.61% | 13.04% | 25.88% | 18.00% | (3.75)% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 2.02% | 2.03% | 2.03% | 2.03% | 2.03% | 2.03% |
Net expenses | 2.02% | 2.03% | 2.03% | 2.03% | 2.03% | 2.03% |
Net investment loss | (1.62)% | (1.42)% | (1.40)% | (1.38)% | (1.24)% | (1.22)% |
Supplemental data | ||||||
Portfolio turnover rate | 15% | 23% | 39% | 48% | 76% | 84% |
Net assets, end of period (000s omitted) | $16,678 | $22,077 | $26,122 | $62,074 | $62,543 | $74,337 |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
3 | During the six months ended January 31, 2021, the Fund received a payment from an affiliate which had a 0.51% impact on total return. See Note 4 in the Notes to Financial Statements for additional information. |
Year ended July 31 | ||||||
Class R | Six months ended January 31, 2021 (unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 |
Net asset value, beginning of period | $60.60 | $51.82 | $51.92 | $47.30 | $41.04 | $46.66 |
Net investment loss | (0.36) 1 | (0.47) 1 | (0.43) 1 | (0.43) 1 | (0.30) 1 | (0.29) 1 |
Net realized and unrealized gains (losses) on investments | 11.06 | 12.35 | 6.14 | 11.96 | 7.71 | (1.40) |
Total from investment operations | 10.70 | 11.88 | 5.71 | 11.53 | 7.41 | (1.69) |
Distributions to shareholders from | ||||||
Net realized gains | (4.37) | (3.10) | (5.81) | (6.91) | (1.15) | (3.93) |
Net asset value, end of period | $66.93 | $60.60 | $51.82 | $51.92 | $47.30 | $41.04 |
Total return2 | 17.88% | 24.24% | 13.63% | 26.53% | 18.58% | (3.30)% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.50% | 1.52% | 1.53% | 1.53% | 1.53% | 1.53% |
Net expenses | 1.50% | 1.52% | 1.53% | 1.53% | 1.53% | 1.53% |
Net investment loss | (1.11)% | (0.91)% | (0.88)% | (0.88)% | (0.72)% | (0.71)% |
Supplemental data | ||||||
Portfolio turnover rate | 15% | 23% | 39% | 48% | 76% | 84% |
Net assets, end of period (000s omitted) | $4,716 | $4,647 | $6,097 | $7,494 | $6,298 | $10,122 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
Year ended July 31 | ||||||
Administrator Class | Six months ended January 31, 2021 (unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 |
Net asset value, beginning of period | $71.80 | $60.58 | $59.39 | $52.99 | $45.65 | $51.20 |
Net investment loss | (0.28) 1 | (0.30) 1 | (0.25) 1 | (0.25) 1 | (0.12) 1 | (0.12) 1 |
Net realized and unrealized gains (losses) on investments | 13.16 | 14.62 | 7.25 | 13.56 | 8.61 | (1.50) |
Total from investment operations | 12.88 | 14.32 | 7.00 | 13.31 | 8.49 | (1.62) |
Distributions to shareholders from | ||||||
Net realized gains | (4.37) | (3.10) | (5.81) | (6.91) | (1.15) | (3.93) |
Net asset value, end of period | $80.31 | $71.80 | $60.58 | $59.39 | $52.99 | $45.65 |
Total return2 | 18.13% | 24.78% | 14.12% | 27.07% | 19.08% | (2.84)% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.19% | 1.20% | 1.20% | 1.20% | 1.20% | 1.19% |
Net expenses | 1.08% | 1.09% | 1.10% | 1.10% | 1.10% | 1.08% |
Net investment loss | (0.71)% | (0.49)% | (0.45)% | (0.45)% | (0.25)% | (0.27)% |
Supplemental data | ||||||
Portfolio turnover rate | 15% | 23% | 39% | 48% | 76% | 84% |
Net assets, end of period (000s omitted) | $35,558 | $28,712 | $26,141 | $24,140 | $19,754 | $38,039 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
Year ended July 31 | ||||||
Institutional Class | Six months ended January 31, 2021 (unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 |
Net asset value, beginning of period | $74.62 | $62.69 | $61.10 | $54.21 | $46.55 | $52.01 |
Net investment loss | (0.19) 1 | (0.16) 1 | (0.12) 1 | (0.11) 1 | (0.03) 1 | (0.00) 2 |
Net realized and unrealized gains (losses) on investments | 13.68 | 15.19 | 7.52 | 13.91 | 8.84 | (1.53) |
Total from investment operations | 13.49 | 15.03 | 7.40 | 13.80 | 8.81 | (1.53) |
Distributions to shareholders from | ||||||
Net realized gains | (4.37) | (3.10) | (5.81) | (6.91) | (1.15) | (3.93) |
Net asset value, end of period | $83.74 | $74.62 | $62.69 | $61.10 | $54.21 | $46.55 |
Total return3 | 18.27% | 25.09% | 14.39% | 27.39% | 19.40% | (2.61)% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.94% | 0.95% | 0.95% | 0.95% | 0.95% | 0.95% |
Net expenses | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% | 0.83% |
Net investment loss | (0.47)% | (0.25)% | (0.20)% | (0.20)% | (0.06)% | (0.01)% |
Supplemental data | ||||||
Portfolio turnover rate | 15% | 23% | 39% | 48% | 76% | 84% |
Net assets, end of period (000s omitted) | $106,735 | $90,900 | $75,456 | $64,792 | $62,987 | $76,980 |
1 | Calculated based upon average shares outstanding |
2 | Amount is more than $(0.005) |
3 | Returns for periods of less than one year are not annualized. |
Gross unrealized gains | $591,780,736 |
Gross unrealized losses | (357,808) |
Net unrealized gains | $591,422,928 |
■ | 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) |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Common stocks | ||||
Communication services | $ 114,901,353 | $0 | $0 | $ 114,901,353 |
Consumer discretionary | 190,161,344 | 0 | 0 | 190,161,344 |
Financials | 31,820,750 | 0 | 0 | 31,820,750 |
Health care | 188,391,269 | 0 | 0 | 188,391,269 |
Industrials | 72,539,681 | 0 | 0 | 72,539,681 |
Information technology | 434,148,219 | 0 | 0 | 434,148,219 |
Materials | 16,534,020 | 0 | 0 | 16,534,020 |
Real estate | 12,600,623 | 0 | 0 | 12,600,623 |
Short-term investments | ||||
Investment companies | 25,382,511 | 0 | 0 | 25,382,511 |
Total assets | $1,086,479,770 | $0 | $0 | $1,086,479,770 |
Average daily net assets | Management fee |
First $500 million | 0.800% |
Next $500 million | 0.750 |
Next $1 billion | 0.700 |
Next $2 billion | 0.675 |
Next $1 billion | 0.650 |
Next $3 billion | 0.640 |
Next $2 billion | 0.615 |
Next $2 billion | 0.605 |
Next $4 billion | 0.580 |
Over $16 billion | 0.555 |
Class-level administration fee | |
Class A | 0.21% |
Class C | 0.21 |
Class R | 0.21 |
Administrator Class | 0.13 |
Institutional Class | 0.13 |
Expense ratio caps | |
Class A | 1.30% |
Class C | 2.05 |
Class R | 1.55 |
Administrator Class | 1.10 |
Institutional Class | 0.85 |
Counterparty | Value of securities on loan | Collateral received1 | Net amount |
Barclays Capital Inc. | $11,733,098 | $(11,733,098) | $0 |
Bank of America Securities Inc. | 246,688 | (246,688) | 0 |
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 also an inactive Chartered Financial Analyst. | N/A |
Isaiah Harris, Jr. (Born 1952) | Trustee, since 2009; Audit Committee Chair, 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). Mr. Harris is a certified public accountant (inactive status). | CIGNA Corporation |
Judith M. Johnson (Born 1949) | Trustee, since 2008 | 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 (Emeritus), 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 |
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 Chair, 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; Chair, 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 January 2020; previously Trustee from January 2018 to July 2019 | Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Interim President of the McKnight Foundation from January to September 2020. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Human Services Manager (part-time), Minnesota Department of Human Services, October 2019 through December 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 |
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 DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Fund Complex) | 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. |
Michelle Rhee (Born 1966) | Chief Legal Officer, since 2019 | Secretary of Wells Fargo Funds Management, LLC and Chief Legal Counsel of Wells Fargo Asset Management since 2018. Deputy General Counsel of Wells Fargo Bank, N.A. since 2020 and Assistant General Counsel of Wells Fargo Bank, N.A. from 2018 to 2020. Associate General Counsel and Managing Director of Bank of America Corporation from 2004 to 2018. |
Catherine Kennedy (Born 1969) | Secretary, since 2019 | Vice President of Wells Fargo Funds Management, LLC and Senior Counsel of the Wells Fargo Legal Department since 2010. Vice President and Senior Counsel of Evergreen Investment Management Company, LLC from 1998 to 2010. |
Michael H. Whitaker (Born 1967) | Chief Compliance Officer, since 2016 | Chief Compliance Officer of Wells Fargo Asset Management since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016. |
![](https://capedge.com/proxy/N-CSRS/0001193125-21-106244/g124627imgf9dd13991.jpg)
P.O. Box 219967
Kansas City, MO 64121-9967
SA211/SAR211 01-21
ITEM 2. | CODE OF ETHICS |
Not applicable.
ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT |
Not applicable.
ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES |
Not applicable.
ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS |
Not applicable.
ITEM 6. | INVESTMENTS |
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 FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES |
Not applicable.
ITEM 8. | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES |
Not applicable.
ITEM 9. | PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMEENT 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 disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) provide reasonable assurances that material information relating to the registrant 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 registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the most recent fiscal half-year 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 FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES |
Not applicable.
ITEM 13. | EXHIBITS |
(a)(1) Not applicable.
(a)(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
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 | ||
Date: | March 29, 2021 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the date indicated.
Wells Fargo Funds Trust | ||
By: | /s/Andrew Owen | |
Andrew Owen | ||
President | ||
Date: | March 29, 2021 | |
By: | /s/Jeremy DePalma | |
Jeremy DePalma | ||
Treasurer | ||
Date: | March 29, 2021 |