UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-09253
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: January 31
Registrant is making a filing for 8 of its series:
Wells Fargo 100% Treasury Money Market Fund, Wells Fargo Cash Investment Money Market Fund, Wells Fargo Government Money Market Fund, Wells Fargo Heritage Money Market Fund, Wells Fargo Money Market Fund, Wells Fargo Municipal Cash Management Money Market Fund, Wells Fargo National Tax-Free Money Market Fund, and Wells Fargo Treasury Plus Money Market Fund.
Date of reporting period: January 31, 2021
ITEM 1. REPORT TO STOCKHOLDERS
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■ | Wells Fargo 100% Treasury Money Market Fund |
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10 | |
Financial statements | |
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25 |
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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
Jeffrey L. Weaver, CFA®‡
Laurie White
Expense ratios1 (%) | ||||||
Inception date | 1 year | 5 year | 10 year | Gross | Net 2 | |
Class A (WFTXX) | 11-8-1999 | 0.14 | 0.67 | 0.34 | 0.62 | 0.60 |
Administrator Class (WTRXX) | 6-30-2010 | 0.20 | 0.89 | 0.44 | 0.35 | 0.30 |
Institutional Class (WOTXX)3 | 10-31-2014 | 0.24 | 0.97 | 0.49 | 0.23 | 0.20 |
Service Class (NWTXX) | 12-3-1990 | 0.15 | 0.74 | 0.37 | 0.52 | 0.50 |
Sweep Class | 6-30-2010 | 0.11 | 0.55 | 0.28 | 0.53 | 0.50 |
Class A | Administrator Class | Institutional Class | Service Class | Sweep Class | |
7-day current yield | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
7-day compound yield | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
30-day simple yield | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
30-day compound yield | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
Effective maturity distribution as of January 31, 20214 |
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Portfolio composition as of January 31, 20214 |
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Weighted average maturity as of January 31, 20215 |
50 days |
Weighted average life as of January 31, 20216 |
102 days |
‡ | 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 May 31, 2021, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.60% for Class A, 0.30% for Administrator Class, 0.20% for Institutional Class, 0.50% for Service Class, and 0.50% for Sweep Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense caps. The manager may also voluntarily waive or reimburse additional fees and expenses, and such voluntary waivers may be discontinued or modified at any time without notice. Without these reductions, the Fund’s seven-day current yield would have been -0.48%, -0.21%, -0.09%, -0.38%, and -0.39% for Class A, Administrator Class, Institutional Class, Service Class, and Sweep Class. 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. 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 Institutional Class shares prior to their inception reflects the performance of the Administrator Class shares, and includes the higher expenses applicable to the Administrator Class shares. If these expenses had not been included, returns for the Institutional Class shares would be higher. |
4 | Figures represent the percentage of the Fund's total investments. These amounts are subject to change and may have changed since the date specified. |
5 | Weighted Average Maturity (WAM): WAM is an average of the effective maturities of all securities held in the portfolio, weighted by each security’s percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. WAM calculations allow for the maturities of certain securities with demand features or periodic interest rate resets to be shortened. WAM is a way to measure a fund’s sensitivity to potential interest rate changes. WAM is subject to change and may have changed since the date specified. |
6 | Weighted Average Life (WAL): WAL is an average of the final maturities of all securities held in the portfolio, weighted by their percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. In contrast to WAM, the calculation of WAL allows for the maturities of certain securities with demand features to be shortened, but not the periodic interest rate resets. WAL is a way to measure a fund’s potential sensitivity to credit spread changes. WAL is subject to change and may have changed since the date specified. |
7 | The Core Personal Consumption Expenditures (PCE) Price Index measures the prices paid by U.S. consumers for domestic goods and services, excluding the prices of food and energy. You cannot invest directly into an index. |
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 | $1,000.10 | $0.75 | 0.15% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,024.38 | $0.76 | 0.15% |
Administrator Class | ||||
Actual | $1,000.00 | $1,000.10 | $0.75 | 0.15% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,024.38 | $0.76 | 0.15% |
Institutional Class | ||||
Actual | $1,000.00 | $1,000.10 | $0.75 | 0.15% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,024.38 | $0.76 | 0.15% |
Service Class | ||||
Actual | $1,000.00 | $1,000.10 | $0.75 | 0.15% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,024.38 | $0.76 | 0.15% |
Sweep Class | ||||
Actual | $1,000.00 | $1,000.10 | $0.75 | 0.15% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,024.38 | $0.76 | 0.15% |
Interest rate | Maturity date | Principal | Value | ||
U.S. Treasury securities: 97.33% | |||||
U.S. Cash Management Bill ☼ | 0.04% | 3-30-2021 | $ 295,000,000 | $ 294,960,924 | |
U.S. Cash Management Bill ☼ | 0.05 | 5-18-2021 | 45,000,000 | 44,988,075 | |
U.S. Cash Management Bill ☼%% | 0.08 | 7-6-2021 | 90,000,000 | 89,970,355 | |
U.S. Cash Management Bill ☼ | 0.09 | 4-27-2021 | 190,000,000 | 189,959,626 | |
U.S. Cash Management Bill ☼ | 0.09 | 5-4-2021 | 95,000,000 | 94,977,422 | |
U.S. Cash Management Bill ☼ | 0.09 | 5-11-2021 | 45,000,000 | 44,988,491 | |
U.S. Cash Management Bill ☼ | 0.09 | 5-25-2021 | 90,000,000 | 89,974,434 | |
U.S. Cash Management Bill ☼ | 0.09 | 6-1-2021 | 95,000,000 | 94,970,708 | |
U.S. Cash Management Bill ☼ | 0.09 | 6-8-2021 | 90,000,000 | 89,971,425 | |
U.S. Cash Management Bill ☼ | 0.09 | 6-15-2021 | 45,000,000 | 44,984,841 | |
U.S. Cash Management Bill ☼ | 0.09 | 6-22-2021 | 90,000,000 | 89,968,099 | |
U.S. Cash Management Bill ☼ | 0.09 | 6-29-2021 | 50,000,000 | 49,980,883 | |
U.S. Cash Management Bill ☼ | 0.10 | 4-6-2021 | 95,000,000 | 94,982,604 | |
U.S. Cash Management Bill ☼ | 0.10 | 4-20-2021 | 95,000,000 | 94,979,417 | |
U.S. Cash Management Bill ☼ | 0.11 | 4-13-2021 | 95,000,000 | 94,980,327 | |
U.S. Treasury Bill ☼## | 0.08 | 2-2-2021 | 577,920,000 | 577,918,637 | |
U.S. Treasury Bill ☼ | 0.08 | 2-23-2021 | 815,000,000 | 814,958,212 | |
U.S. Treasury Bill ☼ | 0.08 | 3-11-2021 | 770,000,000 | 769,932,299 | |
U.S. Treasury Bill ☼ | 0.08 | 3-18-2021 | 480,000,000 | 479,950,038 | |
U.S. Treasury Bill ☼ | 0.08 | 4-29-2021 | 485,000,000 | 484,900,542 | |
U.S. Treasury Bill ☼ | 0.08 | 6-17-2021 | 65,000,000 | 64,979,382 | |
U.S. Treasury Bill ☼ | 0.09 | 2-9-2021 | 780,000,000 | 779,984,887 | |
U.S. Treasury Bill ☼ | 0.09 | 2-18-2021 | 735,000,000 | 734,968,129 | |
U.S. Treasury Bill ☼ | 0.09 | 3-9-2021 | 335,000,000 | 334,968,855 | |
U.S. Treasury Bill ☼ | 0.09 | 3-23-2021 | 280,000,000 | 279,963,958 | |
U.S. Treasury Bill ☼ | 0.09 | 3-25-2021 | 480,000,000 | 479,939,665 | |
U.S. Treasury Bill ☼ | 0.09 | 4-8-2021 | 525,000,000 | 524,912,715 | |
U.S. Treasury Bill ☼ | 0.09 | 4-15-2021 | 475,000,000 | 474,909,764 | |
U.S. Treasury Bill ☼ | 0.09 | 5-20-2021 | 235,000,000 | 234,933,489 | |
U.S. Treasury Bill ☼ | 0.09 | 6-24-2021 | 95,000,000 | 94,964,905 | |
U.S. Treasury Bill ☼ | 0.09 | 7-8-2021 | 45,000,000 | 44,981,749 | |
U.S. Treasury Bill ☼ | 0.09 | 7-15-2021 | 45,000,000 | 44,981,344 | |
U.S. Treasury Bill ☼ | 0.09 | 7-22-2021 | 50,000,000 | 49,977,913 | |
U.S. Treasury Bill ☼ | 0.09 | 7-29-2021 | 45,000,000 | 44,980,531 | |
U.S. Treasury Bill ☼ | 0.09 | 1-27-2022 | 20,000,000 | 19,981,700 | |
U.S. Treasury Bill ☼ | 0.10 | 2-4-2021 | 1,113,780,000 | 1,113,773,988 | |
U.S. Treasury Bill ☼ | 0.10 | 2-11-2021 | 635,000,000 | 634,982,539 | |
U.S. Treasury Bill ☼ | 0.10 | 2-25-2021 | 485,000,000 | 484,971,983 | |
U.S. Treasury Bill ☼ | 0.10 | 3-2-2021 | 720,000,000 | 719,958,188 | |
U.S. Treasury Bill ☼ | 0.10 | 3-4-2021 | 530,000,000 | 529,958,365 | |
U.S. Treasury Bill ☼ | 0.10 | 3-16-2021 | 330,000,000 | 329,965,607 | |
U.S. Treasury Bill ☼ | 0.10 | 4-1-2021 | 525,000,000 | 524,916,712 | |
U.S. Treasury Bill ☼ | 0.10 | 5-6-2021 | 190,000,000 | 189,952,132 | |
U.S. Treasury Bill ☼ | 0.10 | 5-13-2021 | 195,000,000 | 194,946,302 | |
U.S. Treasury Bill ☼ | 0.10 | 5-27-2021 | 45,000,000 | 44,986,344 | |
U.S. Treasury Bill ☼ | 0.10 | 6-3-2021 | 95,000,000 | 94,969,415 | |
U.S. Treasury Bill ☼ | 0.10 | 6-10-2021 | 45,000,000 | 44,984,681 | |
U.S. Treasury Bill ☼ | 0.10 | 7-1-2021 | 95,000,000 | 94,961,250 | |
U.S. Treasury Bill ☼ | 0.11 | 2-16-2021 | 725,000,000 | 724,973,664 | |
U.S. Treasury Bill ☼ | 0.11 | 12-30-2021 | 90,000,000 | 89,910,314 | |
U.S. Treasury Bill ☼ | 0.12 | 4-22-2021 | 485,000,000 | 484,899,688 | |
U.S. Treasury Bill ☼ | 0.12 | 12-2-2021 | 50,000,000 | 49,951,022 | |
U.S. Treasury Bill ☼ | 0.14 | 10-7-2021 | 20,000,000 | 19,981,056 | |
U.S. Treasury Bill ☼ | 0.14 | 11-4-2021 | 85,000,000 | 84,908,767 |
Interest rate | Maturity date | Principal | Value | ||
U.S. Treasury securities (continued) | |||||
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield+0.06%) ± | 0.14% | 7-31-2022 | $ 210,000,000 | $ 209,992,739 | |
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield+0.06%) ± | 0.14 | 10-31-2022 | 400,000,000 | 399,986,396 | |
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield+0.11%) ± | 0.19 | 4-30-2022 | 738,000,000 | 738,100,821 | |
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield+0.14%) ± | 0.22 | 4-30-2021 | 340,000,000 | 339,981,072 | |
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield+0.15%) ± | 0.23 | 1-31-2022 | 365,000,000 | 364,885,436 | |
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield+0.22%) ± | 0.30 | 7-31-2021 | 170,000,000 | 169,989,103 | |
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield+0.30%) ± | 0.38 | 10-31-2021 | 310,000,000 | 310,103,538 | |
U.S. Treasury Note | 1.13 | 2-28-2021 | 85,000,000 | 85,043,479 | |
U.S. Treasury Note | 1.50 | 8-31-2021 | 20,000,000 | 20,156,781 | |
U.S. Treasury Note | 1.75 | 11-30-2021 | 50,000,000 | 50,681,359 | |
U.S. Treasury Note | 1.88 | 11-30-2021 | 40,000,000 | 40,586,767 | |
U.S. Treasury Note | 2.00 | 2-28-2021 | 45,000,000 | 45,036,428 | |
U.S. Treasury Note | 2.00 | 8-31-2021 | 48,000,000 | 48,527,421 | |
U.S. Treasury Note | 2.00 | 11-15-2021 | 30,000,000 | 30,447,769 | |
U.S. Treasury Note | 2.13 | 9-30-2021 | 85,000,000 | 86,119,243 | |
U.S. Treasury Note | 2.25 | 2-15-2021 | 85,000,000 | 85,054,724 | |
U.S. Treasury Note | 2.25 | 3-31-2021 | 40,000,000 | 40,095,155 | |
U.S. Treasury Note | 2.38 | 3-15-2021 | 20,000,000 | 20,045,198 | |
U.S. Treasury Note | 2.38 | 4-15-2021 | 30,000,000 | 30,120,857 | |
U.S. Treasury Note | 2.50 | 2-28-2021 | 20,000,000 | 20,014,055 | |
U.S. Treasury Note | 2.50 | 1-15-2022 | 20,000,000 | 20,455,586 | |
U.S. Treasury Note | 2.63 | 7-15-2021 | 20,000,000 | 20,223,173 | |
U.S. Treasury Note | 2.88 | 11-15-2021 | 50,000,000 | 51,083,089 | |
U.S. Treasury Note | 3.63 | 2-15-2021 | 30,000,000 | 30,023,705 | |
Total U.S. Treasury securities (Cost $18,556,432,256) | 18,556,432,256 | ||||
Total investments in securities (Cost $18,556,432,256) | 97.33% | 18,556,432,256 | |||
Other assets and liabilities, net | 2.67 | 508,952,830 | |||
Total net assets | 100.00% | $19,065,385,086 |
## | All or a portion of this security is segregated for when-issued securities. |
± | Variable rate investment. The rate shown is the rate in effect at period end. |
☼ | Zero coupon security. The rate represents the current yield to maturity. |
%% | The security is purchased on a when-issued basis. |
Assets | |
Investments in unaffiliated securities, at amortized cost | $ 18,556,432,256 |
Cash | 7,187 |
Receivable for investments sold | 1,179,830,416 |
Receivable for interest | 7,123,834 |
Receivable for Fund shares sold | 4,983,987 |
Receivable from manager | 1,071,187 |
Prepaid expenses and other assets | 386,266 |
Total assets | 19,749,835,133 |
Liabilities | |
Payable for investments purchased | 584,960,256 |
Payable for when-issued transactions | 89,970,355 |
Payable for Fund shares redeemed | 6,536,635 |
Administration fees payable | 1,447,073 |
Distribution fee payable | 69,537 |
Dividends payable | 69,213 |
Trustees’ fees and expenses payable | 1,364 |
Accrued expenses and other liabilities | 1,395,614 |
Total liabilities | 684,450,047 |
Total net assets | $19,065,385,086 |
Net assets consist of | |
Paid-in capital | $ 19,065,313,538 |
Total distributable earnings | 71,548 |
Total net assets | $19,065,385,086 |
Computation of net asset value per share | |
Net assets – Class A | $ 202,999,162 |
Shares outstanding – Class A1 | 202,991,821 |
Net asset value per share – Class A | $1.00 |
Net assets – Administrator Class | $ 493,676,791 |
Shares outstanding – Administrator Class1 | 493,659,387 |
Net asset value per share – Administrator Class | $1.00 |
Net assets – Institutional Class | $ 12,321,170,027 |
Shares outstanding – Institutional Class1 | 12,320,799,272 |
Net asset value per share – Institutional Class | $1.00 |
Net assets – Service Class | $ 5,225,755,103 |
Shares outstanding – Service Class1 | 5,225,597,960 |
Net asset value per share – Service Class | $1.00 |
Net assets – Sweep Class | $ 821,784,003 |
Shares outstanding – Sweep Class1 | 821,754,646 |
Net asset value per share – Sweep Class | $1.00 |
1 | The Fund has an unlimited number of authorized shares. |
Investment income | |
Interest | $ 67,693,113 |
Expenses | |
Management fee | 26,185,220 |
Administration fees | |
Class A | 672,428 |
Administrator Class | 528,300 |
Institutional Class | 9,778,393 |
Service Class | 6,237,197 |
Sweep Class | 222,099 |
Shareholder servicing fees | |
Class A | 763,011 |
Administrator Class | 528,236 |
Service Class | 12,993,938 |
Sweep Class | 1,850,802 |
Distribution fee | |
Sweep Class | 2,204,284 |
Custody and accounting fees | 395,207 |
Professional fees | 53,354 |
Registration fees | 211,324 |
Shareholder report expenses | 54,767 |
Trustees’ fees and expenses | 18,958 |
Other fees and expenses | 162,438 |
Total expenses | 62,859,956 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (2,756,365) |
Class A | (891,263) |
Administrator Class | (584,325) |
Institutional Class | (3,687,064) |
Service Class | (13,065,569) |
Sweep Class | (3,275,269) |
Net expenses | 38,600,101 |
Net investment income | 29,093,012 |
Net realized gains on investments | 159,636 |
Net increase in net assets resulting from operations | 29,252,648 |
Year ended January 31, 2021 | Year ended January 31, 2020 | |||
Operations | ||||
Net investment income | $ 29,093,012 | $ 220,324,593 | ||
Net realized gains on investments | 159,636 | 1,197,710 | ||
Net increase in net assets resulting from operations | 29,252,648 | 221,522,303 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (473,676) | (5,743,559) | ||
Administrator Class | (1,039,690) | (11,061,889) | ||
Institutional Class | (21,057,299) | (141,126,498) | ||
Service Class | (6,608,812) | (56,995,623) | ||
Sweep Class | (614,373) | (6,082,256) | ||
Total distributions to shareholders | (29,793,850) | (221,009,825) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 879,783,683 | 879,783,683 | 1,190,400,202 | 1,190,400,202 |
Administrator Class | 1,892,103,152 | 1,892,103,152 | 2,451,512,619 | 2,451,512,619 |
Institutional Class | 42,133,377,022 | 42,133,377,022 | 25,146,673,331 | 25,146,673,331 |
Service Class | 22,226,504,129 | 22,226,504,129 | 18,262,618,012 | 18,262,618,012 |
Sweep Class | 7,128,257,353 | 7,128,257,353 | 4,752,687,515 | 4,752,687,515 |
74,260,025,339 | 51,803,891,679 | |||
Reinvestment of distributions | ||||
Class A | 497,162 | 497,162 | 5,712,034 | 5,712,034 |
Administrator Class | 828,749 | 828,749 | 6,629,965 | 6,629,965 |
Institutional Class | 12,824,015 | 12,824,015 | 90,583,672 | 90,583,672 |
Service Class | 2,348,163 | 2,348,163 | 17,911,478 | 17,911,478 |
Sweep Class | 638,970 | 638,970 | 6,057,655 | 6,057,655 |
17,137,059 | 126,894,804 | |||
Payment for shares redeemed | ||||
Class A | (1,145,613,117) | (1,145,613,117) | (1,111,780,649) | (1,111,780,649) |
Administrator Class | (1,953,668,446) | (1,953,668,446) | (2,595,952,750) | (2,595,952,750) |
Institutional Class | (37,389,255,328) | (37,389,255,328) | (24,969,710,678) | (24,969,710,678) |
Service Class | (21,233,428,405) | (21,233,428,405) | (16,846,608,441) | (16,846,608,441) |
Sweep Class | (6,849,965,760) | (6,849,965,760) | (4,634,944,630) | (4,634,944,630) |
(68,571,931,056) | (50,158,997,148) | |||
Net increase in net assets resulting from capital share transactions | 5,705,231,342 | 1,771,789,335 | ||
Total increase in net assets | 5,704,690,140 | 1,772,301,813 | ||
Net assets | ||||
Beginning of period | 13,360,694,946 | 11,588,393,133 | ||
End of period | $ 19,065,385,086 | $ 13,360,694,946 |
Year ended January 31 | |||||
Class A | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Net investment income | 0.00 1 | 0.02 | 0.01 | 0.00 1 | 0.00 1 |
Net realized gains (losses) on investments | 0.00 1 | 0.00 1 | (0.00) 2 | (0.00) 2 | 0.00 1 |
Total from investment operations | 0.00 1 | 0.02 | 0.01 | 0.00 1 | 0.00 1 |
Distributions to shareholders from | |||||
Net investment income | (0.00) 1 | (0.02) | (0.01) | (0.00) 1 | (0.00) 1 |
Net realized gains | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.00) 1 |
Total distributions to shareholders | (0.00) 1 | (0.02) | (0.01) | (0.00) 1 | (0.00) 1 |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total return | 0.14% | 1.54% | 1.35% | 0.32% | 0.01% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.61% | 0.63% | 0.71% | 0.79% | 0.79% |
Net expenses | 0.31% 3 | 0.60% | 0.62% | 0.64% | 0.36% |
Net investment income | 0.15% | 1.49% | 1.35% | 0.31% | 0.00% |
Supplemental data | |||||
Net assets, end of period (000s omitted) | $202,999 | $468,360 | $384,013 | $291,246 | $363,639 |
1 | Amount is less than $0.005. |
2 | Amount is more than $(0.005) |
3 | During the year ended January 31, 2021, class-level expenses were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would have been 0.29% higher. |
Year ended January 31 | |||||
Administrator Class | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Net investment income | 0.00 1 | 0.02 | 0.02 | 0.01 | 0.00 1 |
Net realized gains (losses) on investments | 0.00 1 | 0.00 1 | (0.00) 2 | (0.00) 2 | 0.00 1 |
Total from investment operations | 0.00 1 | 0.02 | 0.02 | 0.01 | 0.00 1 |
Distributions to shareholders from | |||||
Net investment income | (0.00) 1 | (0.02) | (0.02) | (0.01) | (0.00) 1 |
Net realized gains | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.00) 1 |
Total distributions to shareholders | (0.00) 1 | (0.02) | (0.02) | (0.01) | (0.00) 1 |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total return | 0.20% | 1.84% | 1.67% | 0.67% | 0.07% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.34% | 0.36% | 0.44% | 0.52% | 0.52% |
Net expenses | 0.22% 3 | 0.30% | 0.30% | 0.30% | 0.30% |
Net investment income | 0.19% | 1.85% | 1.63% | 0.65% | 0.06% |
Supplemental data | |||||
Net assets, end of period (000s omitted) | $493,677 | $554,447 | $692,247 | $914,471 | $1,226,947 |
1 | Amount is less than $0.005. |
2 | Amount is more than $(0.005) |
3 | During the year ended January 31, 2021, class-level expenses were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would have been 0.08% higher. |
Year ended January 31 | |||||
Institutional Class | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Net investment income | 0.00 1 | 0.02 | 0.02 | 0.01 | 0.00 1 |
Net realized gains (losses) on investments | 0.00 1 | 0.00 1 | (0.00) 2 | (0.00) 2 | 0.00 1 |
Total from investment operations | 0.00 1 | 0.02 | 0.02 | 0.01 | 0.00 1 |
Distributions to shareholders from | |||||
Net investment income | (0.00) 1 | (0.02) | (0.02) | (0.01) | (0.00) 1 |
Net realized gains | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.00) 1 |
Total distributions to shareholders | (0.00) 1 | (0.02) | (0.02) | (0.01) | (0.00) 1 |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total return | 0.24% | 1.95% | 1.77% | 0.77% | 0.17% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.22% | 0.24% | 0.31% | 0.40% | 0.40% |
Net expenses | 0.18% 3 | 0.20% | 0.20% | 0.20% | 0.20% |
Net investment income | 0.17% | 1.92% | 1.79% | 0.78% | 0.18% |
Supplemental data | |||||
Net assets, end of period (000s omitted) | $12,321,170 | $7,564,485 | $7,296,690 | $4,700,731 | $3,566,678 |
1 | Amount is less than $0.005. |
2 | Amount is more than $(0.005) |
3 | During the year ended January 31, 2021, class-level expenses were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would have been 0.02% higher. |
Year ended January 31 | |||||
Service Class | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Net investment income | 0.00 1 | 0.02 | 0.01 | 0.00 1 | 0.00 1 |
Net realized gains (losses) on investments | 0.00 1 | 0.00 1 | (0.00) 2 | (0.00) 2 | 0.00 1 |
Total from investment operations | 0.00 1 | 0.02 | 0.01 | 0.00 1 | 0.00 1 |
Distributions to shareholders from | |||||
Net investment income | (0.00) 1 | (0.02) | (0.01) | (0.00) 1 | (0.00) 1 |
Net realized gains | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.00) 1 |
Total distributions to shareholders | (0.00) 1 | (0.02) | (0.01) | (0.00) 1 | (0.00) 1 |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total return | 0.15% | 1.64% | 1.46% | 0.46% | 0.01% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.51% | 0.53% | 0.61% | 0.69% | 0.69% |
Net expenses | 0.25% 3 | 0.50% | 0.50% | 0.50% | 0.36% |
Net investment income | 0.12% | 1.58% | 1.45% | 0.45% | 0.00% |
Supplemental data | |||||
Net assets, end of period (000s omitted) | $5,225,755 | $4,230,537 | $2,796,397 | $2,945,498 | $3,337,172 |
1 | Amount is less than $0.005. |
2 | Amount is more than $(0.005) |
3 | During the year ended January 31, 2021, class-level expenses were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would have been 0.25% higher. |
Year ended January 31 | |||||
Sweep Class | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Net investment income | 0.00 1 | 0.01 | 0.01 | 0.00 1 | 0.00 1 |
Net realized gains (losses) on investments | 0.00 1 | 0.00 1 | (0.00) 2 | (0.00) 2 | 0.00 1 |
Total from investment operations | 0.00 1 | 0.01 | 0.01 | 0.00 1 | 0.00 1 |
Distributions to shareholders from | |||||
Net investment income | (0.00) 1 | (0.01) | (0.01) | (0.00) 1 | (0.00) 1 |
Net realized gains | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.00) 1 |
Total distributions to shareholders | (0.00) 1 | (0.01) | (0.01) | (0.00) 1 | (0.00) 1 |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total return | 0.11% | 1.34% | 1.13% | 0.18% | 0.01% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.72% | 0.79% | 0.87% | 0.95% | 1.11% |
Net expenses | 0.27% 3 | 0.79% | 0.83% | 0.77% | 0.36% |
Net investment income | 0.08% | 1.30% | 1.14% | 0.16% | 0.00% |
Supplemental data | |||||
Net assets, end of period (000s omitted) | $821,784 | $542,866 | $419,046 | $481,702 | $672,256 |
1 | Amount is less than $0.005. |
2 | Amount is more than $(0.005) |
3 | During the year ended January 31, 2021, class-level expenses were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would have been 0.23% higher. |
■ | 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: | ||||
U.S. Treasury securities | $0 | $18,556,432,256 | $0 | $18,556,432,256 |
Average daily net assets | Management fee |
First $5 billion | 0.150% |
Next $5 billion | 0.140 |
Over $10 billion | 0.130 |
Class-level administration fee | |
Class A | 0.22% |
Administrator Class | 0.10 |
Institutional Class | 0.80 |
Service Class | 0.12 |
Sweep Class | 0.03 |
Expense ratio caps | |
Class A | 0.60% |
Administrator Class | 0.30 |
Institutional Class | 0.20 |
Service Class | 0.50 |
Sweep Class | 0.50 |
Wells Fargo Funds Trust:
![](https://capedge.com/proxy/N-CSR/0001193125-21-106267/g114390imgbf6ac4a26.jpg)
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-CSR/0001193125-21-106267/g114390img243f114f1.jpg)
P.O. Box 219967
Kansas City, MO 64121-9967
![](https://capedge.com/proxy/N-CSR/0001193125-21-106267/g114390img0da513167.jpg)
A300/AR300 01-21
![](https://capedge.com/proxy/N-CSR/0001193125-21-106267/g114397imga312fa521.jpg)
■ | Wells Fargo Cash Investment Money Market Fund |
2 | |
6 | |
10 | |
11 | |
Financial statements | |
17 | |
18 | |
19 | |
20 | |
24 | |
29 | |
30 |
![](https://capedge.com/proxy/N-CSR/0001193125-21-106267/g114397imgc3e096a12.gif)
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
Wells Capital Management Singapore
Jeffrey L. Weaver, CFA®‡
Laurie White
Excluding sales charge | Expense ratios1 (%) | ||||||
Inception date | 1 year | 5 year | 10 year | Gross | Net 2 | ||
Administrator Class (WFAXX) | 7-31-2003 | 0.32 | 1.11 | 0.56 | 0.36 | 0.33 | |
Institutional Class (WFIXX) | 10-14-1987 | 0.41 | 1.24 | 0.64 | 0.24 | 0.20 | |
Select Class (WFQXX) | 6-29-2007 | 0.49 | 1.31 | 0.71 | 0.20 | 0.13 | |
Service Class (NWIXX) | 10-14-1987 | 0.26 | 0.96 | 0.49 | 0.53 | 0.45 |
Administrator Class | Institutional Class | Select Class | Service Class | |
7-day current yield | 0.01 | 0.01 | 0.02 | 0.01 |
7-day compound yield | 0.01 | 0.01 | 0.02 | 0.01 |
30-day simple yield | 0.01 | 0.01 | 0.04 | 0.01 |
30-day compound yield | 0.01 | 0.01 | 0.04 | 0.01 |
Effective maturity distribution as of January 31, 20213 |
![](https://capedge.com/proxy/N-CSR/0001193125-21-106267/g114397img25757de54.jpg)
Portfolio composition as of January 31, 20213 |
![](https://capedge.com/proxy/N-CSR/0001193125-21-106267/g114397img10179ed65.jpg)
Weighted average maturity as of January 31, 20214 |
9 days |
Weighted average life as of January 31, 20215 |
10 days |
‡ | 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 May 31, 2021, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.33% for Administrator Class, 0.20% for Institutional Class, 0.13% for Select Class, and 0.45% for Service Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense caps. The manager may also voluntarily waive or reimburse additional fees and expenses, and such voluntary waivers may be discontinued or modified at any time without notice. Without these reductions, the Fund’s seven-day current yield would have been -0.23%, -0.11%, -0.07%, and -0.38% for Administrator Class, Institutional Class, Select Class, and Service Class. 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. 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 | Figures represent the percentage of the Fund's total investments. These amounts are subject to change and may have changed since the date specified. |
4 | Weighted Average Maturity (WAM): WAM is an average of the effective maturities of all securities held in the portfolio, weighted by each security’s percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. WAM calculations allow for the maturities of certain securities with demand features or periodic interest rate resets to be shortened. WAM is a way to measure a fund’s sensitivity to potential interest rate changes. WAM is subject to change and may have changed since the date specified. |
5 | Weighted Average Life (WAL): WAL is an average of the final maturities of all securities held in the portfolio, weighted by their percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. In contrast to WAM, the calculation of WAL allows for the maturities of certain securities with demand features to be shortened, but not the periodic interest rate resets. WAL is a way to measure a fund’s potential sensitivity to credit spread changes. WAL is 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 | |
Administrator Class | ||||
Actual | $1,000.00 | $ 999.78 | $1.21 | 0.24% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,023.93 | $1.22 | 0.24% |
Institutional Class | ||||
Actual | $1,000.00 | $ 999.98 | $0.96 | 0.19% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,024.18 | $0.97 | 0.19% |
Select Class | ||||
Actual | $1,000.00 | $1,000.30 | $0.65 | 0.13% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,024.48 | $0.66 | 0.13% |
Service Class | ||||
Actual | $1,000.00 | $ 999.78 | $1.16 | 0.23% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,023.98 | $1.17 | 0.23% |
Interest rate | Maturity date | Principal | Value | ||
Certificates of deposit: 12.95% | |||||
ABN Amro Bank NV | 0.10% | 2-2-2021 | $ 25,000,000 | $ 25,000,000 | |
Australia & New Zealand Banking Group Limited | 0.07 | 2-1-2021 | 30,000,000 | 30,000,000 | |
HSBC Bank USA NA | 0.10 | 2-1-2021 | 30,000,000 | 30,000,000 | |
Mizuho Bank Limited | 0.08 | 2-1-2021 | 20,000,000 | 20,000,000 | |
Norinchukin Bank | 0.30 | 5-20-2021 | 2,000,000 | 2,000,696 | |
Oversea-Chinese Banking | 0.21 | 3-1-2021 | 4,000,000 | 4,000,275 | |
Rabobank Netherlands (New York) | 0.07 | 2-1-2021 | 25,000,000 | 25,000,000 | |
Sumitomo Mitsui Banking Corporation (1 Month LIBOR+0.10%) ± | 0.23 | 4-7-2021 | 8,000,000 | 8,000,890 | |
Sumitomo Mitsui Trust NY | 0.27 | 5-18-2021 | 5,000,000 | 5,001,375 | |
Toronto Dominion Bank | 1.30 | 2-26-2021 | 5,000,000 | 5,004,591 | |
UBS AG Stamford Branch (1 Month LIBOR+1.25%) ± | 1.38 | 2-10-2021 | 7,000,000 | 7,002,885 | |
Total Certificates of deposit (Cost $161,000,000) | 161,010,712 |
Closed end municipal bond fund obligations: 1.05% | |||||
Invesco Dynamic Credit Opportunities Fund Variable Rate Demand Preferred Shares Series W-7 (60 shares) 0.36% 144A§øø | 6,000,000 | 6,000,000 | |||
Nuveen Short Duration Credit Opportunities Fund Taxable Fund Preferred Shares Series A (7,000 shares) 0.36% 144Aø | 7,000,000 | 7,000,000 | |||
Total Closed end municipal bond fund obligations (Cost $13,000,000) | 13,000,000 |
Commercial paper: 42.73% | |||||
Asset-backed commercial paper: 22.44% | |||||
Alinghi Funding Company LLC 144A☼ | 0.10 | 2-2-2021 | 30,000,000 | 29,999,567 | |
Alpine Securitization LLC (1 Month LIBOR+0.09%) 144A± | 0.21 | 7-16-2021 | 4,000,000 | 4,000,000 | |
Anglesea Funding LLC 144A | 0.17 | 5-17-2021 | 8,000,000 | 8,000,287 | |
Anglesea Funding LLC (1 Month LIBOR+0.11%) 144A± | 0.24 | 3-15-2021 | 8,000,000 | 8,000,282 | |
Anglesea Funding LLC (1 Month LIBOR+0.11%) 144A± | 0.24 | 3-19-2021 | 4,000,000 | 4,000,421 | |
Barton Capital Corporation 144A☼ | 0.10 | 2-2-2021 | 25,000,000 | 24,999,639 | |
Bennington Sark Capital Company 144A☼ | 0.10 | 2-2-2021 | 10,000,000 | 9,999,856 | |
Bennington Sark Capital Company 144A☼ | 0.16 | 2-4-2021 | 10,000,000 | 9,999,783 | |
Cedar Spring Capital Corporation 144A☼ | 0.15 | 2-16-2021 | 18,002,000 | 18,000,614 | |
Chesham Finance Limited 144A☼ | 0.10 | 2-1-2021 | 20,000,000 | 19,999,783 | |
Chesham Finance Limited 144A☼ | 0.10 | 2-1-2021 | 10,000,000 | 9,999,892 | |
Collateralized Commercial Paper Flex Company LLC 144A☼ | 0.25 | 2-16-2021 | 3,000,000 | 2,999,769 | |
Collateralized Commercial Paper V Company LLC ☼ | 0.25 | 2-3-2021 | 8,000,000 | 7,999,856 | |
Collateralized Commercial Paper V Company LLC ☼ | 0.25 | 2-11-2021 | 5,000,000 | 4,999,738 | |
Collateralized Commercial Paper V Company LLC ☼ | 0.25 | 2-16-2021 | 3,000,000 | 2,999,769 | |
Columbia Funding Company 144A☼ | 0.26 | 3-2-2021 | 3,000,000 | 2,999,571 | |
Columbia Funding Company 144A☼ | 0.26 | 3-3-2021 | 3,000,000 | 2,999,555 | |
Columbia Funding Company 144A☼ | 0.26 | 3-4-2021 | 2,000,000 | 1,999,692 | |
Concord Minutemen Capital Company 144A☼ | 0.29 | 2-12-2021 | 12,000,000 | 11,999,309 | |
Institutional Secured Funding LLC 144A☼ | 0.18 | 2-2-2021 | 20,000,000 | 19,999,558 | |
Institutional Secured Funding LLC 144A☼ | 0.18 | 2-4-2021 | 10,000,000 | 9,999,645 | |
Ionic Capital Management LLC ☼ | 0.24 | 2-5-2021 | 3,000,000 | 2,999,895 | |
Manhattan Asset Funding Company LLC 144A☼ | 0.21 | 2-9-2021 | 5,000,000 | 4,999,786 | |
Manhattan Asset Funding Company LLC 144A☼ | 0.21 | 2-11-2021 | 10,000,000 | 9,999,476 |
Interest rate | Maturitydate | Principal | Value | ||
Asset-backed commercial paper (continued) | |||||
Mountcliff Funding LLC 144A☼ | 0.14% | 2-1-2021 | $ 21,000,000 | $ 20,999,773 | |
Nieuw Amsterdam Receivables Corporation 144A☼ | 0.22 | 2-10-2021 | 5,000,000 | 4,999,785 | |
Ridgefield Funding Company 144A☼ | 0.25 | 2-12-2021 | 10,000,000 | 9,999,436 | |
Versailles CDS LLC (1 Month LIBOR+0.10%) 144A± | 0.23 | 5-19-2021 | 5,000,000 | 5,000,000 | |
Versailles CDS LLC ☼ | 0.25 | 2-1-2021 | 4,000,000 | 3,999,945 | |
278,994,682 | |||||
Financial company commercial paper: 11.74% | |||||
Banco Santander SA (1 Month LIBOR+0.24%) 144A± | 0.38 | 2-1-2021 | 4,000,000 | 4,000,080 | |
Citigroup Global Markets Incorporated 144A☼ | 0.08 | 2-1-2021 | 10,000,000 | 9,999,925 | |
Credit Agricole SA ☼ | 0.07 | 2-1-2021 | 30,000,000 | 29,999,798 | |
Erste Finance LLC 144A☼ | 0.07 | 2-1-2021 | 30,000,000 | 29,999,567 | |
Federation des Caisses 144A☼ | 0.10 | 2-4-2021 | 30,000,000 | 29,999,550 | |
Nationwide Building Society 144A☼ | 0.17 | 2-9-2021 | 4,000,000 | 3,999,829 | |
Nationwide Building Society 144A☼ | 0.17 | 2-23-2021 | 8,000,000 | 7,999,161 | |
Swedbank AB ☼ | 0.09 | 2-1-2021 | 20,000,000 | 19,999,843 | |
Swedbank AB ☼ | 0.09 | 2-3-2021 | 10,000,000 | 9,999,865 | |
145,997,618 | |||||
Other commercial paper: 8.55% | |||||
BNG Bank NV 144A☼ | 0.21 | 3-15-2021 | 2,400,000 | 2,399,610 | |
Caisse des Depots 144A☼ | 0.15 | 2-8-2021 | 25,000,000 | 24,999,347 | |
COFCO Capital Corporation ☼ | 0.21 | 2-23-2021 | 3,000,000 | 2,999,646 | |
COFCO Capital Corporation ☼ | 0.22 | 2-9-2021 | 5,000,000 | 4,999,763 | |
European Investment Bank ☼ | 0.14 | 2-17-2021 | 15,000,000 | 14,999,232 | |
Nederlandse Waterschapsbank NV 144A☼ | 0.10 | 2-2-2021 | 7,000,000 | 6,999,925 | |
Nederlandse Waterschapsbank NV 144A☼ | 0.14 | 2-4-2021 | 12,000,000 | 11,999,802 | |
Nederlandse Waterschapsbank NV 144A☼ | 0.14 | 2-25-2021 | 7,000,000 | 6,999,375 | |
NRW Bank 144A☼ | 0.10 | 2-3-2021 | 18,000,000 | 17,999,775 | |
NRW Bank 144A☼ | 0.18 | 2-24-2021 | 4,000,000 | 3,999,636 | |
Province of Alberta 144A☼ | 0.21 | 2-8-2021 | 8,000,000 | 7,999,800 | |
106,395,911 | |||||
Total Commercial paper (Cost $531,388,651) | 531,388,211 | ||||
Municipal obligations: 17.97% | |||||
Arizona: 0.40% | |||||
Variable rate demand notes ø: 0.40% | |||||
Arizona Health Facility Authority Floater Series 2015 XF 2050 (Health revenue, Morgan Stanley Bank LIQ) 144A | 0.07 | 1-1-2037 | 5,000,000 | 5,000,000 | |
California: 4.80% | |||||
Other municipal debt : 0.40% | |||||
California Series B-4 (Education revenue) | 0.14 | 3-3-2021 | 5,000,000 | 5,000,000 | |
Variable rate demand notes ø: 4.40% | |||||
California Tender Option Bond Trust Receipts/Certificates Los Angeles Community College District Series 2016-TXG002 (GO revenue, Bank of America NA LIQ) 144A | 0.28 | 8-1-2049 | 5,000,000 | 5,000,000 | |
Mizuho Floater Residual Trust Various States Series 2020-MIZ9040 (Housing revenue, Mizuho Capital Markets LLC LIQ) 144A | 0.15 | 10-15-2038 | 5,000,000 | 5,000,000 |
Interest rate | Maturitydate | Principal | Value | ||
Variable rate demand notes ø(continued) | |||||
Mizuho Tender Option Bond Trust Receipts/Floater Certificates Series 2019-MIZ9003 (Tax revenue, Mizuho Capital Markets LLC LOC, Mizuho Capital Markets LLC LIQ) 144A | 0.24% | 3-1-2036 | $ 1,700,000 | $ 1,700,000 | |
San Francisco CA City & County Certificate of Participation Series B001 (Miscellaneous revenue, Morgan Stanley Bank LIQ) 144A | 0.23 | 11-1-2041 | 8,000,000 | 8,000,000 | |
San Francisco CA City & County Housing Revenue Block 8 Tower Apartments Series H1 (Housing revenue, Bank of China LOC) | 0.11 | 11-1-2056 | 6,000,000 | 6,000,000 | |
San Francisco CA City & County Housing Revenue Block 8 Tower Apartments Series H2 (Housing revenue, Bank of China LOC) | 0.10 | 11-1-2056 | 9,000,000 | 9,000,000 | |
University of California Revenue Various Taxable Series Z-1 (Education revenue) | 0.10 | 7-1-2041 | 20,000,000 | 20,000,000 | |
54,700,000 | |||||
Colorado: 1.83% | |||||
Variable rate demand notes ø: 1.83% | |||||
Colorado HFA MFHR Class II Series B (Housing revenue, FHLB SPA) | 0.17 | 5-1-2052 | 16,730,000 | 16,730,000 | |
Colorado Southern Ute Indian Tribe Reservation Series 2007 (Miscellaneous revenue) 144A | 0.09 | 1-1-2027 | 6,000,000 | 6,000,000 | |
22,730,000 | |||||
Delaware: 0.24% | |||||
Variable rate demand notes ø: 0.24% | |||||
Tender Option Bond Trust Receipts Floater Series 2020 TPG015 (Miscellaneous revenue, Bank of America NA LIQ) 144A | 0.46 | 2-1-2038 | 3,000,000 | 3,000,000 | |
Georgia: 1.61% | |||||
Variable rate demand notes ø: 1.61% | |||||
Macon-Bibb County GA Industrial Authority Kumho Tire Georgia Incorporated Series A (Industrial development revenue, Korea Development Bank LOC) | 0.22 | 12-1-2022 | 8,000,000 | 8,000,000 | |
Macon-Bibb County GA Industrial Authority Kumho Tire Georgia Incorporated Series A (Industrial development revenue, Korea Development Bank LOC) | 0.22 | 12-1-2022 | 12,000,000 | 12,000,000 | |
20,000,000 | |||||
Kentucky: 0.32% | |||||
Variable rate demand notes ø: 0.32% | |||||
Daviess County KY Waste Disposal Facility Revenue Scott Paper Company Project B (Industrial development revenue) | 0.09 | 12-1-2023 | 4,000,000 | 4,000,000 | |
Maine: 2.01% | |||||
Variable rate demand notes ø: 2.01% | |||||
Maine State Housing AMT Purchase Variable Refunding Bond Series D2 (Housing revenue, TD Bank NA SPA) | 0.06 | 11-15-2046 | 25,000,000 | 25,000,000 |
Interest rate | Maturitydate | Principal | Value | ||
Michigan: 0.50% | |||||
Variable rate demand notes ø: 0.50% | |||||
Michigan State Housing Development AMT Refunding Bond Series B (Housing revenue, Industrial & Commercial Bank of China Limited SPA) | 0.14% | 6-1-2038 | $ 6,270,000 | $ 6,270,000 | |
New Hampshire: 0.89% | |||||
Variable rate demand notes ø: 0.89% | |||||
New Hampshire Business Finance Authority CJ Foods Manufacturing Beaumont Corporation Series A (Industrial development revenue, Kookmin Bank LOC) 144A | 0.22 | 10-1-2028 | 11,000,000 | 11,000,000 | |
New Jersey: 0.78% | |||||
Variable rate demand notes ø: 0.78% | |||||
Tender Option Bond Trust Receipts Series 2017-XI0052 (Miscellaneous revenue, Barclays Bank plc LOC, Barclays Bank plc LIQ) 144A | 0.07 | 6-15-2042 | 9,725,000 | 9,725,000 | |
New York: 1.05% | |||||
Other municipal debt : 1.05% | |||||
Long Island Power Authority Series 2015-GR1A (Utilities revenue, TD Bank NA LOC) | 0.17 | 2-19-2021 | 5,000,000 | 5,000,084 | |
New York Dormitory Authority Personal Income Tax Revenue Series B (Tax revenue) | 5.00 | 3-31-2021 | 8,000,000 | 8,065,437 | |
13,065,521 | |||||
Oregon: 0.16% | |||||
Variable rate demand notes ø: 0.16% | |||||
Portland OR Portland International Airport (Airport revenue, Bank of China LOC) | 0.09 | 7-1-2026 | 2,000,000 | 2,000,000 | |
Other: 3.38% | |||||
Variable rate demand notes ø: 3.38% | |||||
JPMorgan Chase Puttable Tax-Exempt Receipts/Derivative Inverse Tax-Exempt Receipts & Custodial Receipts Trust Series 5039 (Miscellaneous revenue, JPMorgan Chase & Company LIQ, JPMorgan Chase & Company LOC) | 0.22 | 11-16-2022 | 15,000,000 | 15,000,000 | |
Taxable Municipal Funding Trust Various States Floaters Series 2019-014 (GO revenue, Barclays Bank plc LOC) 144A | 0.42 | 9-1-2027 | 13,045,000 | 13,045,000 | |
Taxable Municipal Funding Trust Various States Floaters Series 2019-019 (GO revenue, Barclays Bank plc LOC) 144A | 0.42 | 12-1-2030 | 250,000 | 250,000 | |
Taxable Municipal Funding Trust Various States Floaters Series 2020-008 (GO revenue, Barclays Bank plc LOC) 144A | 0.42 | 5-1-2024 | 3,710,000 | 3,710,000 |
Interest rate | Maturitydate | Principal | Value | ||
Variable rate demand notes ø(continued) | |||||
Taxable Municipal Funding Trust Various States Floaters Series 2020-012 (GO revenue, Barclays Bank plc LOC) 144A | 0.16% | 9-1-2030 | $ 5,000,000 | $ 5,000,000 | |
Taxable Municipal Funding Trust Various States Floaters Series 2020-11 (GO revenue, Barclays Bank plc LOC) 144A | 0.42 | 9-1-2030 | 4,980,000 | 4,980,000 | |
41,985,000 | |||||
Total Municipal obligations (Cost $223,466,507) | 223,475,521 | ||||
Other instruments: 1.23% | |||||
Altoona Blair County Development Corporation 144A§øø | 0.16 | 4-1-2035 | 12,000,000 | 12,000,000 | |
Morris Family Insurance Trust §øø | 0.15 | 10-1-2059 | 3,350,000 | 3,350,000 | |
Total Other instruments (Cost $15,350,000) | 15,350,000 | ||||
Other notes: 2.25% | |||||
Corporate bonds and notes: 2.25% | |||||
Cellmark Incorporated Taxable Notes Series 2018A § | 0.15 | 6-1-2038 | 7,000,000 | 7,000,000 | |
Jets Stadium Development LLC Series A-4B 144A§ | 0.18 | 4-1-2047 | 10,000,000 | 10,000,000 | |
Jets Stadium Finance 144A§ | 0.18 | 4-1-2047 | 5,000,000 | 5,000,000 | |
SSAB AB Series A §øø | 0.15 | 6-1-2035 | 6,000,000 | 6,000,000 | |
Total Other notes (Cost $28,000,000) | 28,000,000 | ||||
Repurchase agreements^^: 21.80% | |||||
Standard Chartered Bank, dated 1-29-2021, maturity value $155,000,775 (1) | 0.06 | 2-1-2021 | 155,000,000 | 155,000,000 | |
TD Securities USA LLC, dated 1-29-2021, maturity value $116,025,580 (2) | 0.06 | 2-1-2021 | 116,025,000 | 116,025,000 | |
Total Repurchase agreements (Cost $271,025,000) | 271,025,000 | ||||
Total investments in securities (Cost $1,243,230,158) | 99.98% | 1,243,249,444 | |||
Other assets and liabilities, net | 0.02 | 220,893 | |||
Total net assets | 100.00% | $1,243,470,337 |
± | Variable rate investment. The rate shown is the rate in effect at period end. |
144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933. |
§ | The security is subject to a demand feature which reduces the effective maturity. |
øø | The interest rate is determined and reset by the issuer periodically depending upon the terms of the security. The rate shown is the rate in effect at period end. |
ø | Variable rate demand notes are subject to a demand feature which reduces the effective maturity. The maturity date shown represents the final maturity date of the security. The interest rate is determined and reset by the issuer daily, weekly, or monthly depending upon the terms of the security. The rate shown is the rate in effect at period end. |
^^ | Collateralized by: |
(1) U.S. government securities, 0.00% to 6.25%, 3-25-2021 to 1-1-2051, fair value including accrued interest is $158,195,152. | |
(2) U.S. government securities, 1.50% to 5.00%, 11-1-2032 to 2-1-2051, fair value including accrued interest is $119,505,750. | |
☼ | Zero coupon security. The rate represents the current yield to maturity. |
Abbreviations: | |
AMT | Alternative minimum tax |
FHLB | Federal Home Loan Bank |
GO | General obligation |
HFA | Housing Finance Authority |
LIBOR | London Interbank Offered Rate |
LIQ | Liquidity agreement |
LOC | Letter of credit |
MFHR | Multifamily housing revenue |
SPA | Standby purchase agreement |
Assets | |
Investments in unaffiliated securities, at value (cost $972,205,158) | $ 972,224,444 |
Investments in repurchase agreements, at value (cost $271,025,000) | 271,025,000 |
Cash | 57,105 |
Receivable for interest | 435,221 |
Receivable for Fund shares sold | 235,050 |
Prepaid expenses and other assets | 50,022 |
Total assets | 1,244,026,842 |
Liabilities | |
Payable for Fund shares redeemed | 246,799 |
Management fee payable | 99,630 |
Administration fees payable | 72,557 |
Custodian and accounting fee payable | 43,063 |
Professional fees payable | 34,414 |
Shareholder servicing fees payable | 30,595 |
Trustees’ fees and expenses payable | 1,372 |
Accrued expenses and other liabilities | 28,075 |
Total liabilities | 556,505 |
Total net assets | $1,243,470,337 |
Net assets consist of | |
Paid-in capital | $ 1,243,797,745 |
Total distributable loss | (327,408) |
Total net assets | $1,243,470,337 |
Computation of net asset value per share | |
Net assets – Administrator Class | $ 93,800,974 |
Shares outstanding – Administrator Class1 | 93,750,137 |
Net asset value per share – Administrator Class | $1.0005 |
Net assets – Institutional Class | $ 457,106,256 |
Shares outstanding – Institutional Class1 | 456,857,222 |
Net asset value per share – Institutional Class | $1.0005 |
Net assets – Select Class | $ 588,297,820 |
Shares outstanding – Select Class1 | 587,940,770 |
Net asset value per share – Select Class | $1.0006 |
Net assets – Service Class | $ 104,265,287 |
Shares outstanding – Service Class1 | 104,198,367 |
Net asset value per share – Service Class | $1.0006 |
1 | The Fund has an unlimited number of authorized shares. |
Investment income | |
Interest | $10,257,860 |
Expenses | |
Management fee | 2,467,192 |
Administration fees | |
Administrator Class | 105,323 |
Institutional Class | 572,811 |
Select Class | 288,093 |
Service Class | 123,871 |
Shareholder servicing fees | |
Administrator Class | 105,319 |
Service Class | 258,057 |
Custody and accounting fees | 120,906 |
Professional fees | 43,743 |
Registration fees | 57,422 |
Shareholder report expenses | 11,922 |
Trustees’ fees and expenses | 18,795 |
Other fees and expenses | 15,433 |
Total expenses | 4,188,887 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (605,272) |
Administrator Class | (52,951) |
Institutional Class | (71,995) |
Select Class | (288,093) |
Service Class | (166,069) |
Net expenses | 3,004,507 |
Net investment income | 7,253,353 |
Realized and unrealized gains (losses) on investments | |
Net realized losses on investments | (352,632) |
Net change in unrealized gains (losses) on investments | (257,569) |
Net realized and unrealized gains (losses) on investments | (610,201) |
Net increase in net assets resulting from operations | 6,643,152 |
Year ended January 31, 2021 | Year ended January 31, 2020 | |||
Operations | ||||
Net investment income | $ 7,253,353 | $ 36,632,698 | ||
Net realized gains (losses) on investments | (352,632) | 34,071 | ||
Net change in unrealized gains (losses) on investments | (257,569) | 127,430 | ||
Net increase in net assets resulting from operations | 6,643,152 | 36,794,199 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Administrator Class | (367,268) | (2,407,953) | ||
Institutional Class | (3,236,653) | (14,579,571) | ||
Select Class | (3,408,258) | (17,436,431) | ||
Service Class | (275,245) | (2,226,786) | ||
Total distributions to shareholders | (7,287,424) | (36,650,741) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Administrator Class | 117,756,578 | 117,828,491 | 166,638,886 | 166,722,945 |
Institutional Class | 1,779,808,479 | 1,781,045,245 | 1,831,980,290 | 1,832,914,828 |
Select Class | 1,623,159,099 | 1,624,541,813 | 1,684,650,000 | 1,685,556,431 |
Service Class | 622,882,821 | 623,346,385 | 602,544,349 | 602,908,075 |
4,146,761,934 | 4,288,102,279 | |||
Reinvestment of distributions | ||||
Administrator Class | 349,014 | 349,206 | 2,313,623 | 2,314,813 |
Institutional Class | 3,231,274 | 3,233,176 | 14,345,607 | 14,353,032 |
Select Class | 3,203,697 | 3,205,915 | 17,299,112 | 17,308,618 |
Service Class | 277,096 | 277,277 | 2,160,753 | 2,162,060 |
7,065,574 | 36,138,523 | |||
Payment for shares redeemed | ||||
Administrator Class | (142,515,034) | (142,594,551) | (186,852,404) | (186,947,329) |
Institutional Class | (2,180,435,890) | (2,181,933,989) | (1,509,798,838) | (1,510,574,286) |
Select Class | (2,043,656,029) | (2,044,615,162) | (1,431,658,767) | (1,432,436,357) |
Service Class | (621,166,999) | (621,629,116) | (652,883,191) | (653,275,838) |
(4,990,772,818) | (3,783,233,810) | |||
Net increase (decrease) in net assets resulting from capital share transactions | (836,945,310) | 541,006,992 | ||
Total increase (decrease) in net assets | (837,589,582) | 541,150,450 | ||
Net assets | ||||
Beginning of period | 2,081,059,919 | 1,539,909,469 | ||
End of period | $ 1,243,470,337 | $ 2,081,059,919 |
Year ended January 31 | |||||
Administrator Class | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $1.0006 | $1.0005 | $1.0005 | $1.0004 | $1.0000 |
Net investment income | 0.0033 | 0.0202 | 0.0189 | 0.0096 | 0.0029 |
Net realized and unrealized gains (losses) on investments | (0.0001) | 0.0001 | 0.0000 1 | 0.0001 | 0.0004 |
Total from investment operations | 0.0032 | 0.0203 | 0.0189 | 0.0097 | 0.0033 |
Distributions to shareholders from | |||||
Net investment income | (0.0033) | (0.0202) | (0.0189) | (0.0096) | (0.0029) |
Net realized gains | (0.0000) 1 | (0.0000) 1 | 0.0000 | 0.0000 | 0.0000 |
Total distributions to shareholders | (0.0033) | (0.0202) | (0.0189) | (0.0096) | (0.0029) |
Net asset value, end of period | $1.0005 | $1.0006 | $1.0005 | $1.0005 | $1.0004 |
Total return | 0.32% | 2.04% | 1.91% | 0.97% | 0.33% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.37% | 0.36% | 0.37% | 0.38% | 0.36% |
Net expenses | 0.28% 2 | 0.33% | 0.33% | 0.33% | 0.33% |
Net investment income | 0.35% | 2.01% | 1.90% | 0.96% | 0.26% |
Supplemental data | |||||
Net assets, end of period (000s omitted) | $93,801 | $118,226 | $136,126 | $109,551 | $118,548 |
1 | Amount is less than $0.00005. |
2 | During the year ended January 31, 2021, class-level expenses were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would have been 0.05% higher. |
Year ended January 31 | |||||
Institutional Class | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $1.0006 | $1.0005 | $1.0005 | $1.0004 | $1.0000 |
Net investment income | 0.0042 | 0.0215 | 0.0202 | 0.0109 | 0.0043 |
Net realized and unrealized gains (losses) on investments | (0.0002) | 0.0001 | 0.0000 1 | 0.0001 | 0.0003 |
Total from investment operations | 0.0040 | 0.0216 | 0.0202 | 0.0110 | 0.0046 |
Distributions to shareholders from | |||||
Net investment income | (0.0041) | (0.0215) | (0.0202) | (0.0109) | (0.0042) |
Net realized gains | (0.0000) 1 | (0.0000) 1 | 0.0000 | 0.0000 | 0.0000 |
Total distributions to shareholders | (0.0041) | (0.0215) | (0.0202) | (0.0109) | (0.0042) |
Net asset value, end of period | $1.0005 | $1.0006 | $1.0005 | $1.0005 | $1.0004 |
Total return | 0.41% | 2.17% | 2.04% | 1.10% | 0.46% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.25% | 0.24% | 0.25% | 0.26% | 0.23% |
Net expenses | 0.20% | 0.20% | 0.20% | 0.20% | 0.20% |
Net investment income | 0.45% | 2.09% | 2.01% | 1.08% | 0.37% |
Supplemental data | |||||
Net assets, end of period (000s omitted) | $457,106 | $854,736 | $517,981 | $639,823 | $756,218 |
1 | Amount is less than $0.00005. |
Year ended January 31 | |||||
Select Class | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $1.0006 | $1.0005 | $1.0005 | $1.0000 | $1.0000 |
Net investment income | 0.0048 | 0.0222 | 0.0209 | 0.0116 | 0.0049 |
Net realized and unrealized gains (losses) on investments | 0.0000 | 0.0001 | 0.0000 1 | 0.0001 | 0.0004 |
Total from investment operations | 0.0048 | 0.0223 | 0.0209 | 0.0117 | 0.0053 |
Distributions to shareholders from | |||||
Net investment income | (0.0048) | (0.0222) | (0.0209) | (0.0116) | (0.0049) |
Net realized gains | (0.0000) 1 | (0.0000) 1 | 0.0000 | 0.0000 | 0.0000 |
Total distributions to shareholders | (0.0048) | (0.0222) | (0.0209) | (0.0116) | (0.0049) |
Net asset value, end of period | $1.0006 | $1.0006 | $1.0005 | $1.0005 | $1.0004 |
Total return | 0.49% | 2.24% | 2.11% | 1.17% | 0.53% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.21% | 0.20% | 0.21% | 0.22% | 0.19% |
Net expenses | 0.13% | 0.13% | 0.13% | 0.13% | 0.13% |
Net investment income | 0.47% | 2.18% | 2.08% | 1.14% | 0.44% |
Supplemental data | |||||
Net assets, end of period (000s omitted) | $588,298 | $1,005,823 | $735,332 | $717,508 | $873,167 |
1 | Amount is less than $0.00005. |
Year ended January 31 | |||||
Service Class | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $1.0007 | $1.0006 | $1.0006 | $1.0005 | $1.0000 |
Net investment income | 0.0026 | 0.0184 | 0.0171 | 0.0079 | 0.0011 |
Net realized and unrealized gains (losses) on investments | (0.0001) | 0.0002 | 0.0001 | 0.0001 | 0.0006 |
Total from investment operations | 0.0025 | 0.0186 | 0.0172 | 0.0080 | 0.0017 |
Distributions to shareholders from | |||||
Net investment income | (0.0026) | (0.0185) | (0.0172) | (0.0079) | (0.0012) |
Net realized gains | (0.0000) 1 | (0.0000) 1 | 0.0000 | 0.0000 | 0.0000 |
Total distributions to shareholders | (0.0026) | (0.0185) | (0.0172) | (0.0079) | (0.0012) |
Net asset value, end of period | $1.0006 | $1.0007 | $1.0006 | $1.0006 | $1.0005 |
Total return | 0.26% | 1.87% | 1.73% | 0.80% | 0.17% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.54% | 0.54% | 0.54% | 0.55% | 0.52% |
Net expenses | 0.34% 2 | 0.50% | 0.50% | 0.50% | 0.50% |
Net investment income | 0.26% | 1.88% | 1.71% | 0.78% | 0.08% |
Supplemental data | |||||
Net assets, end of period (000s omitted) | $104,265 | $102,275 | $150,471 | $187,635 | $189,632 |
1 | Amount is less than $0.00005. |
2 | During the year ended January 31, 2021, class-level expenses were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would have been 0.10% higher. |
Gross unrealized gains | $23,028 |
Gross unrealized losses | (3,742) |
Net unrealized gains | $19,286 |
■ | 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: | ||||
Certificates of deposit | $0 | $ 161,010,712 | $0 | $ 161,010,712 |
Closed end municipal bond fund obligations | 0 | 13,000,000 | 0 | 13,000,000 |
Commercial paper | 0 | 531,388,211 | 0 | 531,388,211 |
Municipal obligations | 0 | 223,475,521 | 0 | 223,475,521 |
Other instruments | 0 | 15,350,000 | 0 | 15,350,000 |
Other notes | 0 | 28,000,000 | 0 | 28,000,000 |
Repurchase agreements | 0 | 271,025,000 | 0 | 271,025,000 |
Total assets | $0 | $1,243,249,444 | $0 | $1,243,249,444 |
Average daily net assets | Management fee |
First $5 billion | 0.150% |
Next $5 billion | 0.140 |
Over $10 billion | 0.130 |
Class-level administration fee | |
Administrator Class | 0.10% |
Institutional Class | 0.08 |
Select Class | 0.04 |
Service Class | 0.12 |
Expense ratio caps | |
Administrator Class | 0.33% |
Institutional Class | 0.20 |
Select Class | 0.13 |
Service Class | 0.45 |
Undistributed ordinary income | Unrealized gains | Capital loss carryforward |
$4,789 | $19,286 | $(353,203) |
Wells Fargo Funds Trust:
![](https://capedge.com/proxy/N-CSR/0001193125-21-106267/g114397imgf569b3056.jpg)
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-CSR/0001193125-21-106267/g114397imga312fa521.jpg)
P.O. Box 219967
Kansas City, MO 64121-9967
![](https://capedge.com/proxy/N-CSR/0001193125-21-106267/g114397img4e07e20d7.jpg)
A302/AR302 01-21
![](https://capedge.com/proxy/N-CSR/0001193125-21-106267/g123176imgcbdb39d71.jpg)
■ | Wells Fargo Government Money Market Fund |
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Financial statements | |
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![](https://capedge.com/proxy/N-CSR/0001193125-21-106267/g123176img079eeffa2.gif)
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
Jeffrey L. Weaver, CFA®‡
Laurie White
Expense ratios1 (%) | ||||||
Inception date | 1 year | 5 year | 10 year | Gross | Net 2 | |
Class A (WFGXX) | 11-8-1999 | 0.13 | 0.70 | 0.35 | 0.61 | 0.60 |
Administrator Class (WGAXX) | 7-31-2003 | 0.17 | 0.88 | 0.45 | 0.34 | 0.34 |
Institutional Class (GVIXX) | 7-28-2003 | 0.22 | 1.00 | 0.51 | 0.22 | 0.20 |
Select Class (WFFXX)3 | 6-30-2015 | 0.26 | 1.06 | 0.54 | 0.18 | 0.14 |
Service Class (NWGXX) | 11-16-1987 | 0.14 | 0.76 | 0.39 | 0.51 | 0.50 |
Sweep Class 4 | 7-31-2020 | 0.01 | 0.42 | (0.10) | 0.52 | 0.50 |
Class A | Administrator Class | Institutional Class | Select Class | Service Class | Sweep Class | |
7-day current yield | 0.01 | 0.01 | 0.01 | 0.03 | 0.01 | 0.01 |
7-day compound yield | 0.01 | 0.01 | 0.01 | 0.03 | 0.01 | 0.01 |
30-day simple yield | 0.01 | 0.01 | 0.01 | 0.03 | 0.01 | 0.01 |
30-day compound yield | 0.01 | 0.01 | 0.01 | 0.03 | 0.01 | 0.01 |
Portfolio composition as of January 31, 20215 |
![](https://capedge.com/proxy/N-CSR/0001193125-21-106267/g123176img32cb84104.jpg)
Effective maturity distribution as of January 31, 20215 |
![](https://capedge.com/proxy/N-CSR/0001193125-21-106267/g123176imge935e1485.jpg)
Weighted average maturity as of January 31, 20216 |
44 days |
Weighted average life as of January 31, 20217 |
97 days |
‡ | 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 May 31, 2021, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.60% for Class A, 0.34% for Administrator Class, 0.20% for Institutional Class, 0.14% for Select Class, 0.50% for Service Class, and 0.50% for Sweep Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense caps. The manager may also voluntarily waive or reimburse additional fees and expenses, and such voluntary waivers may be discontinued or modified at any time without notice. Without these reductions, the Fund’s seven-day current yield would have been -0.48%, -0.21%, -0.09%, -0.05%, -0.38%, and -0.39% for Class A, Administrator Class, Institutional Class, Select Class, Service Class, and Sweep Class. 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. 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 Select Class 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 Select Class shares would be higher. |
4 | Historical performance shown for the Sweep Class shares prior to their inception reflects the performance of the Service Class shares, and includes the higher expenses applicable to the Sweep Class shares. |
5 | Figures represent the percentage of the Fund's total investments. These amounts are subject to change and may have changed since the date specified. |
6 | Weighted Average Maturity (WAM): WAM is an average of the effective maturities of all securities held in the portfolio, weighted by each security’s percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. WAM calculations allow for the maturities of certain securities with demand features or periodic interest rate resets to be shortened. WAM is a way to measure a fund’s sensitivity to potential interest rate changes. WAM is subject to change and may have changed since the date specified. |
7 | Weighted Average Life (WAL): WAL is an average of the final maturities of all securities held in the portfolio, weighted by their percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. In contrast to WAM, the calculation of WAL allows for the maturities of certain securities with demand features to be shortened, but not the periodic interest rate resets. WAL is a way to measure a fund’s potential sensitivity to credit spread changes. WAL is subject to change and may have changed since the date specified. |
8 | The Core Personal Consumption Expenditures (PCE) Price Index measures the prices paid by U.S. consumers for domestic goods and services, excluding the prices of food and energy. You cannot invest directly into an index. |
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 | $1,000.05 | $0.80 | 0.16% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,024.33 | $0.81 | 0.16% |
Administrator Class | ||||
Actual | $1,000.00 | $1,000.05 | $0.80 | 0.16% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,024.33 | $0.81 | 0.16% |
Institutional Class | ||||
Actual | $1,000.00 | $1,000.06 | $0.80 | 0.16% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,024.33 | $0.81 | 0.16% |
Select Class | ||||
Actual | $1,000.00 | $1,000.21 | $0.65 | 0.13% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,024.48 | $0.66 | 0.13% |
Service Class | ||||
Actual | $1,000.00 | $1,000.05 | $0.80 | 0.16% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,024.33 | $0.81 | 0.16% |
Sweep Class | ||||
Actual | $1,000.00 | $1,000.06 | $0.65 | 0.13% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,024.48 | $0.66 | 0.13% |
Interest rate | Maturity date | Principal | Value | ||
Corporate bonds and notes: 0.01% | |||||
Mitchell 2019 Irrevocable Life Insurance Trust § | 0.15% | 9-1-2059 | $ 18,495,000 | $ 18,495,000 | |
Total Corporate bonds and notes (Cost $18,495,000) | 18,495,000 | ||||
Government agency debt: 18.37% | |||||
FFCB | 0.09 | 1-6-2022 | 108,000,000 | 107,973,379 | |
FFCB (U.S. SOFR +0.05%) ± | 0.09 | 8-25-2022 | 250,000,000 | 249,960,342 | |
FFCB ☼ | 0.10 | 9-17-2021 | 8,000,000 | 7,994,933 | |
FFCB ☼ | 0.10 | 9-30-2021 | 10,000,000 | 9,993,306 | |
FFCB ☼ | 0.10 | 10-14-2021 | 15,000,000 | 14,989,375 | |
FFCB ☼ | 0.10 | 12-3-2021 | 15,000,000 | 14,987,292 | |
FFCB (U.S. SOFR +0.06%) ± | 0.10 | 1-13-2023 | 165,000,000 | 165,000,000 | |
FFCB (U.S. SOFR +0.06%) ± | 0.10 | 1-20-2023 | 98,000,000 | 98,000,000 | |
FFCB (U.S. SOFR +0.07%) ± | 0.11 | 8-20-2021 | 42,000,000 | 42,000,000 | |
FFCB ☼ | 0.11 | 10-25-2021 | 5,000,000 | 4,995,936 | |
FFCB ☼ | 0.11 | 10-28-2021 | 5,000,000 | 4,995,890 | |
FFCB ☼ | 0.11 | 11-1-2021 | 4,000,000 | 3,996,663 | |
FFCB (U.S. SOFR +0.08%) ± | 0.12 | 6-10-2021 | 40,000,000 | 40,000,000 | |
FFCB ☼ | 0.12 | 12-6-2021 | 12,000,000 | 11,987,680 | |
FFCB (U.S. SOFR +0.08%) ± | 0.12 | 3-10-2022 | 140,000,000 | 140,000,000 | |
FFCB (U.S. SOFR +0.08%) ± | 0.12 | 10-14-2022 | 165,000,000 | 165,000,000 | |
FFCB (U.S. SOFR +0.08%) ± | 0.12 | 11-3-2022 | 110,000,000 | 110,000,000 | |
FFCB (1 Month LIBOR +0.00%) ± | 0.13 | 7-16-2021 | 20,000,000 | 19,989,820 | |
FFCB (3 Month LIBOR -0.08%) ± | 0.13 | 8-10-2021 | 100,000,000 | 99,997,921 | |
FFCB (U.S. SOFR +0.09%) ± | 0.13 | 10-7-2022 | 140,000,000 | 140,000,000 | |
FFCB +0.06%) ± | 0.13 | 1-19-2023 | 200,000,000 | 199,980,140 | |
FFCB (3 Month LIBOR -0.07%) ± | 0.14 | 2-1-2021 | 50,000,000 | 50,000,000 | |
FFCB (U.S. SOFR +0.10%) ± | 0.14 | 5-7-2021 | 84,000,000 | 84,000,000 | |
FFCB ☼ | 0.14 | 5-10-2021 | 10,000,000 | 9,996,189 | |
FFCB ☼ | 0.14 | 6-15-2021 | 25,000,000 | 24,986,972 | |
FFCB ☼ | 0.14 | 7-21-2021 | 20,000,000 | 19,986,778 | |
FFCB (3 Month LIBOR -0.08%) ± | 0.14 | 9-15-2021 | 50,000,000 | 49,996,066 | |
FFCB ☼ | 0.14 | 9-27-2021 | 17,000,000 | 16,984,266 | |
FFCB (U.S. Treasury 3 Month Bill Money Market Yield +0.06%) ± | 0.14 | 8-1-2022 | 260,000,000 | 259,940,856 | |
FFCB (1 Month LIBOR +0.02%) ± | 0.15 | 6-14-2021 | 295,855,000 | 295,845,710 | |
FFCB (U.S. Treasury 3 Month Bill Money Market Yield +0.07%) ± | 0.15 | 10-19-2022 | 195,000,000 | 195,000,000 | |
FFCB (U.S. Treasury 3 Month Bill Money Market Yield +0.07%) ± | 0.15 | 10-31-2022 | 100,000,000 | 99,999,998 | |
FFCB (3 Month LIBOR -0.06%) ± | 0.16 | 3-15-2021 | 75,000,000 | 74,999,660 | |
FFCB (1 Month LIBOR +0.03%) ± | 0.16 | 5-20-2021 | 37,500,000 | 37,499,293 | |
FFCB (U.S. SOFR +0.12%) ± | 0.16 | 6-11-2021 | 445,000,000 | 444,967,820 | |
FFCB (1 Month LIBOR +0.03%) ± | 0.16 | 7-13-2021 | 300,000,000 | 299,996,011 | |
FFCB (1 Month LIBOR +0.04%) ± | 0.17 | 2-11-2021 | 175,000,000 | 175,000,000 | |
FFCB (3 Month LIBOR -0.06%) ± | 0.17 | 5-13-2021 | 25,000,000 | 24,999,739 | |
FFCB (U.S. SOFR +0.13%) ± | 0.17 | 2-11-2022 | 173,400,000 | 173,216,529 | |
FFCB (1 Month LIBOR +0.04%) ± | 0.18 | 2-1-2021 | 133,000,000 | 133,000,000 | |
FFCB (1 Month LIBOR +0.04%) ± | 0.18 | 6-3-2021 | 50,000,000 | 50,002,720 | |
FFCB (U.S. SOFR +0.14%) ± | 0.18 | 9-24-2021 | 240,000,000 | 240,000,000 | |
FFCB (1 Month LIBOR +0.07%) ± | 0.19 | 4-29-2021 | 225,000,000 | 224,997,869 | |
FFCB (1 Month LIBOR +0.08%) ± | 0.20 | 3-29-2021 | 250,000,000 | 249,998,675 | |
FFCB (1 Month LIBOR +0.07%) ± | 0.20 | 6-24-2021 | 323,000,000 | 322,994,806 |
Interest rate | Maturity date | Principal | Value | ||
Government agency debt (continued) | |||||
FFCB (U.S. Treasury 3 Month Bill Money Market Yield +0.13%) ± | 0.21% | 2-8-2021 | $ 100,000,000 | $ 99,998,854 | |
FFCB (1 Month LIBOR +0.08%) ± | 0.21 | 5-27-2021 | 300,000,000 | 299,997,196 | |
FFCB (1 Month LIBOR +0.08%) ± | 0.21 | 7-8-2021 | 225,000,000 | 224,994,250 | |
FFCB (1 Month LIBOR +0.08%) ± | 0.21 | 8-25-2021 | 150,000,000 | 150,000,000 | |
FFCB (U.S. SOFR +0.17%) ± | 0.21 | 3-15-2022 | 200,000,000 | 199,999,989 | |
FFCB (1 Month LIBOR +0.09%) ± | 0.22 | 9-13-2021 | 90,000,000 | 90,000,000 | |
FFCB (U.S. Treasury 3 Month Bill Money Market Yield +0.14%) ± | 0.22 | 9-17-2021 | 29,600,000 | 29,570,589 | |
FFCB (3 Month LIBOR -0.03%) ± | 0.22 | 9-27-2021 | 75,000,000 | 74,998,053 | |
FFCB (1 Month LIBOR +0.09%) ± | 0.23 | 5-4-2021 | 75,000,000 | 75,000,000 | |
FFCB (1 Month LIBOR +0.10%) ± | 0.23 | 9-9-2021 | 144,000,000 | 144,009,560 | |
FFCB (3 Month LIBOR +0.01%) ± | 0.23 | 9-13-2021 | 19,600,000 | 19,606,798 | |
FFCB (U.S. SOFR +0.19%) ± | 0.23 | 11-18-2021 | 181,000,000 | 181,000,000 | |
FFCB (U.S. SOFR +0.19%) ± | 0.23 | 7-14-2022 | 100,000,000 | 100,000,000 | |
FFCB (1 Month LIBOR +0.11%) ± | 0.24 | 3-25-2021 | 200,000,000 | 199,997,151 | |
FFCB (1 Month LIBOR +0.10%) ± | 0.24 | 8-5-2021 | 130,000,000 | 130,000,000 | |
FFCB (1 Month LIBOR +0.11%) ± | 0.24 | 9-24-2021 | 14,140,000 | 14,136,585 | |
FFCB (U.S. SOFR +0.20%) ± | 0.24 | 4-22-2022 | 181,500,000 | 181,186,918 | |
FFCB (3 Month LIBOR +0.01%) ± | 0.25 | 9-20-2021 | 38,600,000 | 38,604,438 | |
FFCB ☼ | 0.29 | 2-22-2021 | 100,000,000 | 99,983,083 | |
FFCB (U.S. Treasury 3 Month Bill Money Market Yield +0.22%) ± | 0.30 | 2-2-2021 | 300,000,000 | 299,999,968 | |
FFCB (1 Month LIBOR +0.16%) ± | 0.30 | 7-1-2021 | 60,000,000 | 60,008,253 | |
FFCB (U.S. Treasury 3 Month Bill Money Market Yield +0.24%) ± | 0.32 | 8-2-2021 | 150,000,000 | 150,000,000 | |
FFCB (U.S. Treasury 3 Month Bill Money Market Yield +0.24%) ± | 0.32 | 8-20-2021 | 225,000,000 | 224,995,124 | |
FFCB (U.S. SOFR +0.28%) ± | 0.32 | 10-1-2021 | 200,000,000 | 200,000,000 | |
FFCB (U.S. SOFR +0.29%) ± | 0.33 | 4-23-2021 | 200,000,000 | 200,000,000 | |
FFCB (U.S. SOFR +0.29%) ± | 0.33 | 6-25-2021 | 200,000,000 | 200,000,000 | |
FFCB (U.S. Treasury 3 Month Bill Money Market Yield +0.26%) ± | 0.34 | 5-17-2021 | 98,700,000 | 98,694,326 | |
FFCB (U.S. SOFR +0.30%) ± | 0.34 | 7-2-2021 | 250,000,000 | 250,000,000 | |
FFCB ☼ | 0.36 | 3-15-2021 | 200,000,000 | 199,916,000 | |
FFCB (U.S. SOFR +0.32%) ± | 0.36 | 1-12-2022 | 125,000,000 | 125,000,000 | |
FFCB ☼ | 0.40 | 3-10-2021 | 200,000,000 | 199,917,778 | |
FFCB (U.S. SOFR +0.38%) ± | 0.42 | 4-22-2022 | 365,000,000 | 365,000,000 | |
FFCB ☼ | 0.44 | 3-25-2021 | 200,000,000 | 199,872,889 | |
FFCB ☼ | 0.46 | 2-11-2021 | 50,000,000 | 49,993,611 | |
FFCB ☼ | 0.49 | 2-17-2021 | 201,000,000 | 200,956,014 | |
FFCB ☼ | 0.55 | 3-16-2021 | 150,000,000 | 149,901,459 | |
FFCB | 0.70 | 4-12-2021 | 161,200,000 | 161,284,266 | |
FFCB ☼ | 1.54 | 2-2-2021 | 15,000,000 | 14,999,367 | |
FHLB (U.S. SOFR +0.04%) ± | 0.08 | 2-26-2021 | 425,000,000 | 425,000,000 | |
FHLB (U.S. SOFR +0.04%) ± | 0.08 | 3-3-2021 | 500,000,000 | 500,000,000 | |
FHLB (U.S. SOFR +0.04%) ± | 0.08 | 3-17-2021 | 125,000,000 | 125,000,000 | |
FHLB (U.S. SOFR +0.04%) ± | 0.08 | 3-18-2021 | 121,000,000 | 121,000,000 | |
FHLB (U.S. SOFR +0.04%) ± | 0.08 | 3-19-2021 | 500,000,000 | 500,000,000 | |
FHLB (U.S. SOFR +0.05%) ± | 0.09 | 7-16-2021 | 400,000,000 | 400,000,000 | |
FHLB (U.S. SOFR +0.05%) ± | 0.09 | 12-23-2021 | 100,000,000 | 100,000,000 | |
FHLB (1 Month LIBOR -0.03%) ± | 0.10 | 2-11-2021 | 500,000,000 | 499,998,050 | |
FHLB (1 Month LIBOR -0.03%) ± | 0.10 | 2-12-2021 | 163,000,000 | 162,998,615 | |
FHLB (1 Month LIBOR -0.03%) ± | 0.10 | 3-24-2021 | 125,000,000 | 124,994,082 | |
FHLB (1 Month LIBOR -0.03%) ± | 0.10 | 3-26-2021 | 240,000,000 | 239,988,036 |
Interest rate | Maturity date | Principal | Value | ||
Government agency debt (continued) | |||||
FHLB (3 Month LIBOR -0.12%) ± | 0.10% | 4-30-2021 | $ 200,000,000 | $ 200,000,000 | |
FHLB (3 Month LIBOR -0.12%) ± | 0.10 | 5-3-2021 | 200,000,000 | 200,000,000 | |
FHLB (1 Month LIBOR -0.03%) ± | 0.10 | 7-14-2021 | 500,000,000 | 500,000,000 | |
FHLB (U.S. SOFR +0.06%) ± | 0.10 | 8-25-2021 | 280,000,000 | 280,000,000 | |
FHLB (3 Month LIBOR +(0.13)%) ± | 0.11 | 4-14-2021 | 225,000,000 | 225,000,000 | |
FHLB (U.S. SOFR +0.08%) ± | 0.12 | 3-4-2021 | 648,000,000 | 647,995,975 | |
FHLB (U.S. SOFR +0.08%) ± | 0.12 | 6-11-2021 | 713,000,000 | 712,931,225 | |
FHLB (3 Month LIBOR -0.11%) ± | 0.12 | 8-4-2021 | 56,040,000 | 56,054,850 | |
FHLB (1 Month LIBOR -0.01%) ± | 0.13 | 5-3-2021 | 83,800,000 | 83,794,552 | |
FHLB | 0.13 | 6-10-2021 | 300,000,000 | 299,993,085 | |
FHLB (3 Month LIBOR -0.08%) ± | 0.13 | 8-24-2021 | 24,520,000 | 24,531,308 | |
FHLB (3 Month LIBOR -0.10%) ± | 0.13 | 9-13-2021 | 48,535,000 | 48,508,273 | |
FHLB (1 Month LIBOR +0.01%) ± | 0.13 | 9-28-2021 | 425,000,000 | 425,000,000 | |
FHLB | 0.13 | 10-13-2021 | 49,620,000 | 49,614,167 | |
FHLB (1 Month LIBOR +0.02%) ± | 0.14 | 7-14-2021 | 50,000,000 | 50,000,000 | |
FHLB (1 Month LIBOR +0.02%) ± | 0.15 | 3-19-2021 | 101,000,000 | 101,002,857 | |
FHLB (U.S. SOFR +0.12%) ± | 0.16 | 2-10-2022 | 48,000,000 | 48,000,000 | |
FHLB (U.S. SOFR +0.17%) ± | 0.21 | 4-9-2021 | 189,000,000 | 189,000,000 | |
FHLB (U.S. SOFR +0.27%) ± | 0.31 | 7-14-2021 | 300,000,000 | 300,000,000 | |
FHLB (U.S. SOFR +0.31%) ± | 0.35 | 9-24-2021 | 150,000,000 | 150,000,000 | |
FHLB (U.S. SOFR +0.35%) ± | 0.39 | 3-28-2022 | 50,000,000 | 50,000,000 | |
FHLB | 1.50 | 2-18-2021 | 25,000,000 | 24,999,548 | |
FHLMC ☼ | 0.00 | 2-1-2021 | 259,782,000 | 259,782,000 | |
FHLMC ☼ | 0.02 | 2-3-2021 | 486,594,000 | 486,593,459 | |
FHLMC ☼ | 0.09 | 4-8-2021 | 100,000,000 | 99,984,417 | |
FHLMC ☼ | 0.09 | 4-12-2021 | 120,000,000 | 119,980,167 | |
FHLMC (U.S. SOFR +0.05%) ± | 0.09 | 8-27-2021 | 190,000,000 | 189,897,308 | |
FHLMC ☼ | 0.10 | 4-9-2021 | 100,000,000 | 99,982,319 | |
FHLMC ☼ | 0.10 | 4-14-2021 | 120,000,000 | 119,977,200 | |
FHLMC (U.S. SOFR +0.10%) ± | 0.14 | 9-9-2022 | 200,000,000 | 200,000,000 | |
FHLMC (U.S. SOFR +0.14%) ± | 0.18 | 4-22-2022 | 648,000,000 | 648,000,000 | |
FHLMC (U.S. SOFR +0.19%) ± | 0.23 | 6-3-2022 | 200,000,000 | 200,000,000 | |
FHLMC ☼ | 0.35 | 3-9-2021 | 50,000,000 | 49,982,500 | |
FHLMC (U.S. SOFR +0.32%) ± | 0.36 | 9-23-2021 | 250,000,000 | 250,000,000 | |
FHLMC ☼ | 0.40 | 3-18-2021 | 200,000,000 | 199,900,000 | |
FHLMC ☼ | 0.40 | 3-19-2021 | 50,000,000 | 49,974,444 | |
FHLMC ☼ | 0.44 | 3-25-2021 | 300,000,000 | 299,809,332 | |
FNMA (U.S. SOFR +0.10%) ± | 0.14 | 9-7-2021 | 50,000,000 | 49,990,925 | |
FNMA (U.S. SOFR +0.17%) ± | 0.21 | 3-9-2022 | 100,000,000 | 100,000,000 | |
FNMA (U.S. SOFR +0.18%) ± | 0.22 | 6-3-2022 | 200,000,000 | 200,000,000 | |
FNMA (U.S. SOFR +0.20%) ± | 0.24 | 6-15-2022 | 200,000,000 | 200,000,000 | |
FNMA (U.S. SOFR +0.22%) ± | 0.26 | 3-16-2022 | 200,000,000 | 200,000,000 | |
FNMA (U.S. SOFR +0.23%) ± | 0.27 | 5-6-2022 | 200,000,000 | 200,076,374 | |
FNMA (U.S. SOFR +0.27%) ± | 0.31 | 6-24-2021 | 200,000,000 | 200,000,000 | |
FNMA (U.S. SOFR +0.30%) ± | 0.33 | 4-28-2022 | 300,000,000 | 300,000,000 | |
FNMA (U.S. SOFR +0.30%) ± | 0.34 | 1-27-2022 | 200,000,000 | 200,000,000 | |
FNMA (U.S. SOFR +0.32%) ± | 0.36 | 4-28-2022 | 200,000,000 | 200,000,000 | |
FNMA (U.S. SOFR +0.34%) ± | 0.38 | 1-21-2022 | 200,000,000 | 200,000,000 | |
FNMA (U.S. SOFR +0.35%) ± | 0.39 | 10-15-2021 | 300,000,000 | 300,000,000 | |
FNMA (U.S. SOFR +0.35%) ± | 0.39 | 4-7-2022 | 400,000,000 | 400,000,000 | |
FNMA (U.S. SOFR +0.36%) ± | 0.40 | 1-20-2022 | 300,000,000 | 300,000,000 | |
FNMA (U.S. SOFR +0.37%) ± | 0.41 | 3-30-2022 | 250,000,000 | 250,000,000 | |
FNMA (U.S. SOFR +0.39%) ± | 0.43 | 4-15-2022 | 450,000,000 | 450,000,000 | |
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §± | 0.11 | 11-15-2022 | 10,850,000 | 10,850,000 |
Interest rate | Maturity date | Principal | Value | ||
Government agency debt (continued) | |||||
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §± | 0.11% | 11-15-2023 | $ 15,000,000 | $ 15,000,000 | |
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §± | 0.11 | 7-19-2027 | 8,666,667 | 8,666,667 | |
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §± | 0.11 | 9-20-2027 | 24,107,143 | 24,107,143 | |
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §± | 0.11 | 3-15-2030 | 18,000,000 | 18,000,000 | |
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §± | 0.11 | 10-15-2039 | 14,965,000 | 14,965,000 | |
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §± | 0.11 | 10-15-2039 | 15,000,000 | 15,000,000 | |
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §± | 0.11 | 7-7-2040 | 10,385,639 | 10,385,639 | |
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §± | 0.11 | 7-7-2040 | 18,882,980 | 18,882,980 | |
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §± | 0.11 | 7-7-2040 | 8,119,681 | 8,119,681 | |
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §± | 0.11 | 7-7-2040 | 13,690,161 | 13,690,161 | |
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §± | 0.11 | 10-15-2040 | 7,000,000 | 7,000,000 | |
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §± | 0.12 | 11-15-2025 | 6,600,000 | 6,600,000 | |
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §± | 0.12 | 7-9-2026 | 51,664,250 | 51,664,250 | |
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §± | 0.12 | 8-15-2026 | 1,410,626 | 1,410,626 | |
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §± | 0.12 | 1-20-2027 | 68,000,000 | 68,000,000 | |
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §± | 0.12 | 1-15-2030 | 13,584,906 | 13,584,906 | |
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §± | 0.12 | 10-15-2032 | 19,402,564 | 19,402,564 | |
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §± | 0.12 | 6-15-2034 | 16,031,197 | 16,031,197 | |
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §± | 0.12 | 1-20-2035 | 9,727,740 | 9,727,740 | |
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §± | 0.12 | 1-20-2035 | 3,930,400 | 3,930,400 | |
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §± | 0.12 | 1-20-2035 | 11,791,200 | 11,791,200 | |
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §± | 0.12 | 1-20-2035 | 10,219,040 | 10,219,040 | |
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §± | 0.12 | 4-20-2035 | 4,954,000 | 4,954,000 | |
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §± | 0.12 | 4-20-2035 | 4,954,000 | 4,954,000 | |
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §± | 0.12 | 4-20-2035 | 17,339,000 | 17,339,000 | |
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §± | 0.12 | 7-5-2038 | 8,400,000 | 8,400,000 | |
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §± | 0.13 | 7-15-2026 | 6,195,000 | 6,195,000 | |
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §± | 0.13 | 9-2-2031 | 10,533,875 | 10,533,875 |
Interest rate | Maturity date | Principal | Value | ||
Government agency debt (continued) | |||||
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §± | 0.13% | 9-2-2031 | $ 17,930,000 | $ 17,930,000 | |
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §± | 0.13 | 9-2-2031 | 10,538,358 | 10,538,358 | |
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §± | 0.13 | 9-2-2031 | 15,984,595 | 15,984,595 | |
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §± | 0.13 | 9-2-2031 | 12,039,995 | 12,039,995 | |
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §± | 0.13 | 9-30-2031 | 10,716,260 | 10,716,260 | |
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §± | 0.13 | 12-20-2031 | 35,000,000 | 35,000,000 | |
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §± | 0.13 | 5-15-2033 | 3,548,534 | 3,548,534 | |
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §± | 0.13 | 1-15-2040 | 7,808,000 | 7,808,000 | |
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §± | 0.13 | 1-15-2040 | 11,712,000 | 11,712,000 | |
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §± | 0.13 | 7-15-2040 | 19,342,800 | 19,342,800 | |
U.S. International Development Finance Corporation Series 1 (U.S. Treasury 3 Month Bill +0.00%) §± | 0.12 | 8-15-2026 | 26,519,769 | 26,519,769 | |
U.S. International Development Finance Corporation Series 1 (U.S. Treasury 3 Month Bill +0.00%) §± | 0.13 | 9-30-2031 | 4,219,000 | 4,219,000 | |
U.S. International Development Finance Corporation Series 1 (U.S. Treasury 3 Month Bill +0.00%) §± | 0.13 | 1-15-2040 | 19,520,000 | 19,520,000 | |
U.S. International Development Finance Corporation Series 2 (U.S. Treasury 3 Month Bill +0.00%) §± | 0.11 | 10-10-2025 | 4,722,480 | 4,722,480 | |
U.S. International Development Finance Corporation Series 2 (U.S. Treasury 3 Month Bill +0.00%) §± | 0.11 | 9-20-2038 | 3,689,522 | 3,689,522 | |
U.S. International Development Finance Corporation Series 2 (U.S. Treasury 3 Month Bill +0.00%) §± | 0.13 | 9-30-2031 | 9,872,460 | 9,872,460 | |
U.S. International Development Finance Corporation Series 2-2 (U.S. Treasury 3 Month Bill +0.00%) §± | 0.13 | 7-15-2040 | 6,804,000 | 6,804,000 | |
U.S. International Development Finance Corporation Series 3 (U.S. Treasury 3 Month Bill +0.00%) §± | 0.11 | 10-10-2025 | 6,139,224 | 6,139,224 | |
U.S. International Development Finance Corporation Series 3 (U.S. Treasury 3 Month Bill +0.00%) §± | 0.13 | 7-15-2026 | 8,115,450 | 8,115,450 | |
U.S. International Development Finance Corporation Series 4 (U.S. Treasury 3 Month Bill +0.00%) §± | 0.12 | 11-15-2033 | 21,059,830 | 21,059,830 | |
U.S. International Development Finance Corporation Series 4 (U.S. Treasury 3 Month Bill +0.00%) §± | 0.12 | 1-20-2035 | 8,843,400 | 8,843,400 | |
U.S. International Development Finance Corporation Series 4 (U.S. Treasury 3 Month Bill +0.00%) §± | 0.13 | 9-2-2031 | 3,137,750 | 3,137,750 | |
U.S. International Development Finance Corporation Series 4 (U.S. Treasury 3 Month Bill +0.00%) §± | 0.13 | 9-30-2031 | 5,737,840 | 5,737,840 | |
U.S. International Development Finance Corporation Series 5 (U.S. Treasury 3 Month Bill +0.00%) §± | 0.13 | 9-30-2031 | 5,906,600 | 5,906,600 | |
U.S. International Development Finance Corporation Series 6 (U.S. Treasury 3 Month Bill +0.00%) §± | 0.11 | 7-7-2040 | 4,626,330 | 4,626,330 | |
U.S. International Development Finance Corporation Series 6 (U.S. Treasury 3 Month Bill +0.00%) §± | 0.12 | 4-20-2035 | 8,818,120 | 8,818,120 | |
U.S. International Development Finance Corporation Series 6 (U.S. Treasury 3 Month Bill +0.00%) §± | 0.13 | 9-30-2031 | 17,129,140 | 17,129,140 | |
U.S. International Development Finance Corporation Series 7 (U.S. Treasury 3 Month Bill +0.00%) §± | 0.12 | 1-20-2035 | 2,849,540 | 2,849,540 |
Interest rate | Maturity date | Principal | Value | ||
Government agency debt (continued) | |||||
U.S. International Development Finance Corporation Series 7 (U.S. Treasury 3 Month Bill +0.00%) §± | 0.13% | 9-30-2031 | $ 6,750,400 | $ 6,750,400 | |
U.S. International Development Finance Corporation Series 8 (U.S. Treasury 3 Month Bill +0.00%) §± | 0.13 | 9-30-2031 | 12,657,000 | 12,657,000 | |
U.S. International Development Finance Corporation Series 9 (U.S. Treasury 3 Month Bill +0.00%) §± | 0.12 | 5-15-2030 | 21,420,000 | 21,420,000 | |
U.S. International Development Finance Corporation Series 9 (U.S. Treasury 3 Month Bill +0.00%) §± | 0.13 | 9-30-2031 | 3,965,860 | 3,965,860 | |
Total Government agency debt (Cost $26,589,739,547) | 26,589,739,547 | ||||
Municipal obligations: 0.36% | |||||
California: 0.17% | |||||
Variable rate demand notes ø: 0.17% | |||||
Association of Bay Area Governments Finance Authority for Nonprofit Corporation California Crossing Apartments Series A (Housing revenue, FNMA LOC, FNMA LIQ) | 0.07 | 12-15-2037 | 63,750,000 | 63,750,000 | |
California CDA MFHR Bay Vista Meadow Park Project (Housing revenue, FNMA LOC, FNMA LIQ) | 0.07 | 11-15-2037 | 28,620,000 | 28,620,000 | |
California Statewide Community Development Authority Uptown Newport Apartments Series 2017 AA & BB (Housing revenue, FHLB LOC) | 0.09 | 3-1-2057 | 28,200,000 | 28,200,000 | |
California Statewide Community Development Authority Wilshire Court Apartments Series M (Housing revenue, FNMA LOC, FNMA LIQ) | 0.07 | 5-15-2037 | 20,290,000 | 20,290,000 | |
San Francisco CA City & County RDA (Housing revenue, FNMA LOC) | 0.09 | 6-15-2034 | 100,000,000 | 100,000,000 | |
240,860,000 | |||||
Minnesota: 0.01% | |||||
Variable rate demand notes ø: 0.01% | |||||
Hennepin County Housing & RDA Stone Arch Apartments Project (Housing revenue, FNMA LOC, FNMA LIQ) | 0.07 | 4-15-2035 | 16,915,000 | 16,915,000 | |
New York: 0.06% | |||||
Variable rate demand notes ø: 0.06% | |||||
New York HFA 55 West 25th Street Series A (Housing revenue, FNMA LOC) | 0.07 | 11-15-2038 | 42,100,000 | 42,100,000 | |
New York HFA West 23rd Street Series 2002-A (Housing revenue, FNMA LOC, FNMA LIQ) | 0.07 | 5-15-2033 | 41,700,000 | 41,700,000 | |
83,800,000 | |||||
Ohio: 0.01% | |||||
Variable rate demand notes ø: 0.01% | |||||
Ohio HFA Mortgage Backed Securities Program Series H (Housing revenue, GNMA / FNMA / FHLMC Insured, FHLB SPA) | 0.08 | 3-1-2036 | 13,425,000 | 13,425,000 |
Interest rate | Maturity date | Principal | Value | ||
Other: 0.05% | |||||
Variable rate demand notes ø: 0.05% | |||||
FHLMC MFHR Series M004 Class A (Housing revenue, FHLMC LIQ) | 0.22% | 1-15-2042 | $ 21,091,922 | $ 21,091,922 | |
FHLMC MFHR Series M006 Class A (Housing revenue, FHLMC LIQ) | 0.22 | 10-15-2045 | 9,416,156 | 9,416,156 | |
FHLMC MFHR Series M028 (Housing revenue, FHLMC LIQ) 144A | 0.09 | 9-15-2024 | 44,500,000 | 44,500,000 | |
75,008,078 | |||||
Texas: 0.01% | |||||
Variable rate demand notes ø: 0.01% | |||||
Harris County Housing Finance Corporation Lafayette Village Apartments (Housing revenue, FNMA LOC, FNMA LIQ) | 0.07 | 6-15-2038 | 11,815,000 | 11,815,000 | |
Texas Department of Housing & Community Affairs Windshire Apartments (Housing revenue, FNMA LOC, FNMA LIQ) | 0.07 | 1-15-2041 | 9,900,000 | 9,900,000 | |
21,715,000 | |||||
Washington: 0.05% | |||||
Variable rate demand notes ø: 0.05% | |||||
Washington Housing Finance Commission Multifamily Fairwinds Redmond Senior Living Apartments Project (Housing revenue, FHLB LOC) | 0.07 | 7-1-2041 | 19,250,000 | 19,250,000 | |
Washington Housing Finance Commission Queen Anne Project Series A (Housing revenue, FNMA LOC, FNMA LIQ) | 0.07 | 9-1-2038 | 27,180,000 | 27,180,000 | |
Washington Housing Finance Commission Seasons Apartments Project (Housing revenue, FNMA LOC, FNMA LIQ) | 0.07 | 12-15-2040 | 20,040,000 | 20,040,000 | |
66,470,000 | |||||
Total Municipal obligations (Cost $518,193,078) | 518,193,078 | ||||
Other instruments: 0.13% | |||||
ASC Admiral Way LLC §øø | 0.16 | 8-1-2056 | 22,270,000 | 22,270,000 | |
ASC Mercer Island LLC §øø | 0.16 | 6-1-2057 | 33,900,000 | 33,900,000 | |
Brandon Place Partners Series 2018 §øø | 0.16 | 12-1-2058 | 15,335,000 | 15,335,000 | |
Hacienda Senior Villas Series C §øø | 0.16 | 12-1-2058 | 18,050,000 | 18,050,000 | |
La Mesa Senior Living LP Secured §øø | 0.16 | 8-1-2057 | 48,125,000 | 48,125,000 | |
Plaza Patria Court Limited §øø | 0.16 | 12-1-2058 | 17,325,000 | 17,325,000 | |
Rohnert Park 668 LP Series A §øø | 0.16 | 6-1-2058 | 20,920,000 | 20,920,000 | |
Southside Brookshore §øø | 0.16 | 9-1-2059 | 5,000,000 | 5,000,000 | |
Total Other instruments (Cost $180,925,000) | 180,925,000 | ||||
Repurchase agreements^^: 36.66% | |||||
ANZ Bank New Zealand, dated 1-29-2021, maturity value $1,000,004,198 (01) | 0.06 | 2-1-2021 | 999,999,198 | 999,999,198 | |
Bank of America Corporation, dated 1-29-2021, maturity value $1,000,005,000 (02) | 0.06 | 2-1-2021 | 1,000,000,000 | 1,000,000,000 | |
Bank of Nova Scotia, dated 1-29-2021, maturity value $500,002,500 (03) | 0.06 | 2-1-2021 | 500,000,000 | 500,000,000 |
Interest rate | Maturity date | Principal | Value | ||
Repurchase agreements (continued) | |||||
Barclays Capital Incorporated, dated 1-29-2021, maturity value $500,001,667 (04) | 0.04% | 2-1-2021 | $ 500,000,000 | $ 500,000,000 | |
Barclays Capital Incorporated, dated 1-29-2021, maturity value $888,002,960 (05) | 0.04 | 2-1-2021 | 888,000,000 | 888,000,000 | |
Barclays Capital Incorporated, dated 1-26-2021, maturity value $250,002,917 (06) | 0.06 | 2-2-2021 | 250,000,000 | 250,000,000 | |
Barclays Capital Incorporated, dated 1-29-2021, maturity value $750,010,208 (07) | 0.07 | 2-5-2021 | 750,000,000 | 750,000,000 | |
BNP Paribas Securities Corporation, dated 1-29-2021, maturity value $100,000,500 (08) | 0.06 | 2-1-2021 | 100,000,000 | 100,000,000 | |
Citibank NA, dated 1-29-2021, maturity value $200,001,000 (09) | 0.06 | 2-1-2021 | 200,000,000 | 200,000,000 | |
Citibank NA, dated 1-29-2021, maturity value $250,001,250 (10) | 0.06 | 2-1-2021 | 250,000,000 | 250,000,000 | |
Citibank NA, dated 1-28-2021, maturity value $250,002,917 (11) | 0.06 | 2-4-2021 | 250,000,000 | 250,000,000 | |
Citigroup Global Markets Incorporated, dated 1-29-2021, maturity value $300,000,750 (12) | 0.03 | 2-1-2021 | 300,000,000 | 300,000,000 | |
Citigroup Global Markets Incorporated, dated 1-29-2021, maturity value $2,250,011,250 (13) | 0.06 | 2-1-2021 | 2,250,000,000 | 2,250,000,000 | |
Citigroup Global Markets Incorporated, dated 1-26-2021, maturity value $250,002,917 (14) | 0.06 | 2-2-2021 | 250,000,000 | 250,000,000 | |
Credit Agricole SA, dated 1-29-2021, maturity value $100,000,167 (15) | 0.02 | 2-1-2021 | 100,000,000 | 100,000,000 | |
Credit Agricole SA, dated 1-29-2021, maturity value $1,500,007,500 (16) | 0.06 | 2-1-2021 | 1,500,000,000 | 1,500,000,000 | |
Daiwa Capital Markets America Incorporated, dated 1-29-2021, maturity value $1,000,005,833 (17) | 0.07 | 2-1-2021 | 1,000,000,000 | 1,000,000,000 | |
Deutsche Bank Securities, dated 1-29-2021, maturity value $2,000,010,000 (18) | 0.06 | 2-1-2021 | 2,000,000,000 | 2,000,000,000 | |
Federal Reserve Bank of New York, dated 1-29-2021, maturity value $4,500,000,004 (19) | 0.00 | 2-1-2021 | 4,500,000,000 | 4,500,000,000 | |
Fixed Income Clearing Corporation, dated 1-29-2021, maturity value $2,250,011,250 (20) | 0.06 | 2-1-2021 | 2,250,000,000 | 2,250,000,000 | |
Fixed Income Clearing Corporation, dated 1-29-2021, maturity value $2,750,013,750 (21) | 0.06 | 2-1-2021 | 2,750,000,000 | 2,750,000,000 | |
Fixed Income Clearing Corporation, dated 1-29-2021, maturity value $3,250,017,520 (22) | 0.06 | 2-1-2021 | 3,250,001,270 | 3,250,001,270 | |
Fixed Income Clearing Corporation, dated 1-29-2021, maturity value $500,002,500 (23) | 0.06 | 2-1-2021 | 500,000,000 | 500,000,000 | |
Fixed Income Clearing Corporation, dated 1-29-2021, maturity value $909,749,549 (24) | 0.06 | 2-1-2021 | 909,745,000 | 909,745,000 | |
Goldman Sachs & Company, dated 1-29-2021, maturity value $200,000,500 (25) | 0.03 | 2-1-2021 | 200,000,000 | 200,000,000 | |
ING Financial Markets LLC, dated 1-29-2021, maturity value $250,001,250 (26) | 0.06 | 2-1-2021 | 250,000,000 | 250,000,000 | |
ING Financial Markets LLC, dated 1-29-2021, maturity value $400,005,831 (27) | 0.06 | 2-1-2021 | 400,003,831 | 400,003,831 | |
ING Financial Markets LLC, dated 1-14-2021, maturity value $200,020,167 (28) | 0.11 | 2-16-2021 | 200,000,000 | 200,000,000 | |
ING Financial Markets LLC, dated 1-15-2021, maturity value $300,032,083 (29) | 0.11 | 2-19-2021 | 300,000,000 | 300,000,000 | |
ING Financial Markets LLC, dated 1-15-2021, maturity value $600,064,167 (30) | 0.11 | 2-19-2021 | 600,000,000 | 600,000,000 | |
JPMorgan Securities, dated 1-29-2021, maturity value $1,000,005,000 (31) | 0.06 | 2-1-2021 | 1,000,000,000 | 1,000,000,000 |
Interest rate | Maturity date | Principal | Value | ||
Repurchase agreements (continued) | |||||
JPMorgan Securities, dated 1-29-2021, maturity value $2,000,010,000 (32) | 0.06% | 2-1-2021 | $2,000,000,000 | $ 2,000,000,000 | |
JPMorgan Securities, dated 5-24-2019, maturity value $500,000,040 (33) §∂øø | 0.09 | 2-1-2021 | 500,000,000 | 500,000,000 | |
Mizuho Bank, dated 1-29-2021, maturity value $250,001,250 (34) | 0.06 | 2-1-2021 | 250,000,000 | 250,000,000 | |
MUFG Bank Limited, dated 1-8-2021, maturity value $300,000,009 (35) §∂øø | 0.08 | 2-1-2021 | 300,000,000 | 300,000,000 | |
MUFG Securities Canada Limited, dated 1-29-2021, maturity value $5,150,025,750 (36) | 0.06 | 2-1-2021 | 5,150,000,000 | 5,150,000,000 | |
MUFG Securities Canada Limited, dated 1-26-2021, maturity value $250,002,917 (37) | 0.06 | 2-2-2021 | 250,000,000 | 250,000,000 | |
MUFG Securities Canada Limited, dated 12-4-2020, maturity value $300,000,089 (38) §∂øø | 0.08 | 2-1-2021 | 300,000,000 | 300,000,000 | |
Nomura Securities Canada Limited, dated 1-29-2021, maturity value $3,000,015,000 (39) | 0.06 | 2-1-2021 | 3,000,000,000 | 3,000,000,000 | |
Prudential Insurance Company of America, dated 1-29-2021, maturity value $193,417,789 (40) | 0.08 | 2-1-2021 | 193,416,500 | 193,416,500 | |
Prudential Insurance Company of America, dated 1-29-2021, maturity value $354,943,616 (41) | 0.08 | 2-1-2021 | 354,941,250 | 354,941,250 | |
RBC Dominion Securities, dated 1-29-2021, maturity value $2,250,011,250 (42) | 0.06 | 2-1-2021 | 2,250,000,000 | 2,250,000,000 | |
RBS Securities Incorporated, dated 1-29-2021, maturity value $490,002,042 (43) | 0.05 | 2-1-2021 | 490,000,000 | 490,000,000 | |
Royal Bank of Canada, dated 1-29-2021, maturity value $1,750,008,750 (44) | 0.06 | 2-1-2021 | 1,750,000,000 | 1,750,000,000 | |
Standard Chartered Bank, dated 1-29-2021, maturity value $2,035,010,175 (45) | 0.06 | 2-1-2021 | 2,035,000,000 | 2,035,000,000 | |
Sumitomo Mitsui Banking Corporation, dated 1-27-2021, maturity value $208,262,148 (46) | 0.15 | 2-10-2021 | 208,250,000 | 208,250,000 | |
Sumitomo Mitsui Banking Corporation, dated 2-2-2021, maturity value $174,069,987 (47) §∂øø | 0.16 | 3-16-2021 | 174,037,500 | 174,037,500 | |
Sumitomo Mitsui Banking Corporation, dated 11-2-2020, maturity value $214,868,308 (48) §∂øø | 0.17 | 2-2-2021 | 214,775,000 | 214,775,000 | |
Sumitomo Mitsui Banking Corporation, dated 1-5-2021, maturity value $610,422,249 (49) §∂øø | 0.17 | 3-1-2021 | 610,263,750 | 610,263,750 | |
Sumitomo Mitsui Banking Corporation, dated 12-2-2020, maturity value $321,317,752 (50) §∂øø | 0.17 | 3-2-2021 | 321,181,250 | 321,181,250 | |
Sumitomo Mitsui Banking Corporation, dated 1-13-2021, maturity value $532,021,881 (51) §∂øø | 0.17 | 3-8-2021 | 531,886,250 | 531,886,250 | |
Sumitomo Mitsui Banking Corporation, dated 1-5-2021, maturity value $320,397,302 (52) §∂øø | 0.17 | 3-31-2021 | 320,268,750 | 320,268,750 | |
TD Securities USA LLC, dated 1-29-2021, maturity value $1,673,208,366 (53) | 0.06 | 2-1-2021 | 1,673,200,000 | 1,673,200,000 | |
Total Repurchase agreements (Cost $53,074,969,549) | 53,074,969,549 | ||||
U.S. Treasury securities: 44.26% | |||||
U.S. Cash Management Bill ☼ | 0.04 | 3-30-2021 | 1,360,000,000 | 1,359,779,886 | |
U.S. Cash Management Bill ☼ | 0.05 | 5-18-2021 | 1,000,000,000 | 999,761,042 | |
U.S. Cash Management Bill ☼%% | 0.08 | 7-6-2021 | 500,000,000 | 499,835,306 | |
U.S. Cash Management Bill ☼ | 0.09 | 4-27-2021 | 1,200,000,000 | 1,199,745,000 | |
U.S. Cash Management Bill ☼ | 0.09 | 5-4-2021 | 1,100,000,000 | 1,099,743,933 | |
U.S. Cash Management Bill ☼ | 0.09 | 5-11-2021 | 800,000,000 | 799,802,275 | |
U.S. Cash Management Bill ☼ | 0.09 | 5-25-2021 | 500,000,000 | 499,857,965 | |
U.S. Cash Management Bill ☼ | 0.09 | 6-1-2021 | 500,000,000 | 499,845,833 |
Interest rate | Maturity date | Principal | Value | ||
U.S. Treasury securities (continued) | |||||
U.S. Cash Management Bill ☼ | 0.09% | 6-8-2021 | $ 500,000,000 | $ 499,841,250 | |
U.S. Cash Management Bill ☼ | 0.09 | 6-15-2021 | 500,000,000 | 499,831,569 | |
U.S. Cash Management Bill ☼ | 0.09 | 6-22-2021 | 500,000,000 | 499,822,771 | |
U.S. Cash Management Bill ☼ | 0.09 | 6-29-2021 | 500,000,000 | 499,808,833 | |
U.S. Cash Management Bill ☼ | 0.10 | 4-6-2021 | 650,000,000 | 649,880,978 | |
U.S. Cash Management Bill ☼ | 0.10 | 4-20-2021 | 700,000,000 | 699,848,333 | |
U.S. Cash Management Bill ☼ | 0.11 | 4-13-2021 | 600,000,000 | 599,875,750 | |
U.S. Treasury Bill ☼ | 0.08 | 2-2-2021 | 1,200,000,000 | 1,199,996,341 | |
U.S. Treasury Bill ☼ | 0.08 | 2-23-2021 | 1,100,000,000 | 1,099,930,455 | |
U.S. Treasury Bill ☼ | 0.08 | 3-11-2021 | 1,500,000,000 | 1,499,831,639 | |
U.S. Treasury Bill ☼ | 0.08 | 3-18-2021 | 1,400,000,000 | 1,399,822,500 | |
U.S. Treasury Bill ☼ | 0.08 | 4-29-2021 | 1,350,000,000 | 1,349,665,896 | |
U.S. Treasury Bill ☼ | 0.08 | 6-17-2021 | 610,000,000 | 609,806,956 | |
U.S. Treasury Bill §☼## | 0.09 | 2-9-2021 | 1,200,000,000 | 1,199,970,178 | |
U.S. Treasury Bill ☼ | 0.09 | 2-18-2021 | 1,900,000,000 | 1,899,905,036 | |
U.S. Treasury Bill ☼ | 0.09 | 3-9-2021 | 1,400,000,000 | 1,399,861,400 | |
U.S. Treasury Bill ☼ | 0.09 | 3-23-2021 | 1,550,000,000 | 1,549,755,694 | |
U.S. Treasury Bill ☼ | 0.09 | 3-25-2021 | 1,200,000,000 | 1,199,837,500 | |
U.S. Treasury Bill ☼ | 0.09 | 4-8-2021 | 1,000,000,000 | 999,818,500 | |
U.S. Treasury Bill ☼ | 0.09 | 4-15-2021 | 1,250,000,000 | 1,249,719,153 | |
U.S. Treasury Bill ☼ | 0.09 | 5-20-2021 | 700,000,000 | 699,790,000 | |
U.S. Treasury Bill ☼ | 0.09 | 6-24-2021 | 500,000,000 | 499,815,292 | |
U.S. Treasury Bill ☼ | 0.09 | 7-8-2021 | 700,000,000 | 699,716,092 | |
U.S. Treasury Bill ☼ | 0.09 | 7-15-2021 | 500,000,000 | 499,792,722 | |
U.S. Treasury Bill ☼ | 0.09 | 7-22-2021 | 500,000,000 | 499,779,125 | |
U.S. Treasury Bill ☼ | 0.09 | 7-29-2021 | 600,000,000 | 599,740,417 | |
U.S. Treasury Bill ☼ | 0.09 | 1-27-2022 | 500,000,000 | 499,542,500 | |
U.S. Treasury Bill ☼ | 0.10 | 2-4-2021 | 2,050,000,000 | 2,049,983,000 | |
U.S. Treasury Bill ☼ | 0.10 | 2-11-2021 | 2,450,000,000 | 2,449,925,305 | |
U.S. Treasury Bill ☼ | 0.10 | 2-25-2021 | 1,300,000,000 | 1,299,911,333 | |
U.S. Treasury Bill ☼ | 0.10 | 3-2-2021 | 930,000,000 | 929,925,083 | |
U.S. Treasury Bill ☼ | 0.10 | 3-4-2021 | 1,600,000,000 | 1,599,861,705 | |
U.S. Treasury Bill ☼ | 0.10 | 3-16-2021 | 1,300,000,000 | 1,299,843,528 | |
U.S. Treasury Bill ☼ | 0.10 | 4-1-2021 | 1,250,000,000 | 1,249,790,550 | |
U.S. Treasury Bill ☼ | 0.10 | 5-6-2021 | 1,350,000,000 | 1,349,649,785 | |
U.S. Treasury Bill ☼ | 0.10 | 5-13-2021 | 1,200,000,000 | 1,199,663,333 | |
U.S. Treasury Bill ☼ | 0.10 | 5-27-2021 | 700,000,000 | 699,815,521 | |
U.S. Treasury Bill ☼ | 0.10 | 6-3-2021 | 600,000,000 | 599,806,833 | |
U.S. Treasury Bill ☼ | 0.10 | 6-10-2021 | 300,000,000 | 299,897,875 | |
U.S. Treasury Bill ☼ | 0.10 | 7-1-2021 | 1,100,000,000 | 1,099,550,833 | |
U.S. Treasury Bill ☼ | 0.11 | 2-16-2021 | 1,150,000,000 | 1,149,947,833 | |
U.S. Treasury Bill ☼ | 0.11 | 12-30-2021 | 1,310,000,000 | 1,308,698,007 | |
U.S. Treasury Bill ☼ | 0.12 | 4-22-2021 | 1,200,000,000 | 1,199,719,777 | |
U.S. Treasury Bill ☼ | 0.12 | 12-2-2021 | 375,000,000 | 374,632,667 | |
U.S. Treasury Bill ☼ | 0.14 | 8-12-2021 | 170,000,000 | 169,870,800 | |
U.S. Treasury Bill ☼ | 0.14 | 10-7-2021 | 410,000,000 | 409,614,222 | |
U.S. Treasury Bill ☼ | 0.14 | 11-4-2021 | 550,000,000 | 549,409,666 | |
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield+0.05%) ±%% | 0.11 | 1-31-2023 | 500,000,000 | 500,000,000 | |
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield+0.06%) ± | 0.14 | 7-31-2022 | 365,000,000 | 364,984,689 | |
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield+0.06%) ± | 0.14 | 10-31-2022 | 2,430,000,000 | 2,429,927,621 | |
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield+0.11%) ± | 0.19 | 4-30-2022 | 250,000,000 | 250,224,705 |
Interest rate | Maturity date | Principal | Value | ||
U.S. Treasury securities (continued) | |||||
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield+0.14%) ± | 0.22% | 4-30-2021 | $ 920,000,000 | $ 919,992,446 | |
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield+0.22%) ± | 0.30 | 7-31-2021 | 120,017,000 | 120,009,372 | |
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield+0.30%) ± | 0.38 | 10-31-2021 | 740,000,000 | 740,234,176 | |
U.S. Treasury Note | 1.13 | 2-28-2021 | 110,000,000 | 110,042,658 | |
U.S. Treasury Note | 1.13 | 7-31-2021 | 120,000,000 | 120,592,878 | |
U.S. Treasury Note | 1.13 | 8-31-2021 | 80,000,000 | 80,476,007 | |
U.S. Treasury Note | 1.25 | 10-31-2021 | 235,000,000 | 236,960,409 | |
U.S. Treasury Note | 1.50 | 8-31-2021 | 210,000,000 | 211,667,809 | |
U.S. Treasury Note | 1.50 | 11-30-2021 | 90,000,000 | 91,040,308 | |
U.S. Treasury Note | 1.75 | 11-30-2021 | 375,000,000 | 380,110,166 | |
U.S. Treasury Note | 1.88 | 11-30-2021 | 460,000,000 | 466,695,540 | |
U.S. Treasury Note | 2.00 | 2-28-2021 | 295,000,000 | 295,212,519 | |
U.S. Treasury Note | 2.00 | 8-31-2021 | 150,000,000 | 151,648,191 | |
U.S. Treasury Note | 2.00 | 10-31-2021 | 245,000,000 | 248,456,444 | |
U.S. Treasury Note | 2.00 | 11-15-2021 | 190,000,000 | 192,835,869 | |
U.S. Treasury Note | 2.00 | 12-31-2021 | 130,000,000 | 132,244,643 | |
U.S. Treasury Note | 2.13 | 5-31-2021 | 300,000,000 | 301,981,702 | |
U.S. Treasury Note | 2.13 | 9-30-2021 | 550,000,000 | 557,253,292 | |
U.S. Treasury Note | 2.25 | 2-15-2021 | 110,000,000 | 110,028,948 | |
U.S. Treasury Note | 2.25 | 3-31-2021 | 250,000,000 | 250,698,517 | |
U.S. Treasury Note | 2.38 | 4-15-2021 | 140,000,000 | 140,564,003 | |
U.S. Treasury Note | 2.50 | 2-28-2021 | 220,000,000 | 220,179,053 | |
U.S. Treasury Note | 2.50 | 1-15-2022 | 80,000,000 | 81,822,345 | |
U.S. Treasury Note | 2.63 | 7-15-2021 | 195,000,000 | 197,175,939 | |
U.S. Treasury Note | 2.63 | 12-15-2021 | 50,000,000 | 51,084,830 | |
U.S. Treasury Note | 2.75 | 9-15-2021 | 158,000,000 | 160,548,742 | |
U.S. Treasury Note | 2.88 | 11-15-2021 | 445,240,000 | 454,887,063 | |
U.S. Treasury Note | 3.63 | 2-15-2021 | 270,000,000 | 270,213,097 | |
U.S. Treasury Note | 8.00 | 11-15-2021 | 150,300,000 | 159,574,358 | |
U.S. Treasury Note | 8.13 | 5-15-2021 | 213,975,000 | 218,800,536 | |
Total U.S. Treasury securities (Cost $64,071,064,651) | 64,071,064,651 | ||||
Total investments in securities (Cost $144,453,386,825) | 99.79% | 144,453,386,825 | |||
Other assets and liabilities, net | 0.21 | 307,693,267 | |||
Total net assets | 100.00% | $144,761,080,092 |
§ | The security is subject to a demand feature which reduces the effective maturity. |
± | Variable rate investment. The rate shown is the rate in effect at period end. |
ø | Variable rate demand notes are subject to a demand feature which reduces the effective maturity. The maturity date shown represents the final maturity date of the security. The interest rate is determined and reset by the issuer daily, weekly, or monthly depending upon the terms of the security. The rate shown is the rate in effect at period end. |
144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933. |
øø | The interest rate is determined and reset by the issuer periodically depending upon the terms of the security. The rate shown is the rate in effect at period end. |
^^ | Collateralized by: |
(01) U.S. government securities, 0.13% to 3.63%, 5-15-2021 to 11-15-2048, fair value including accrued interest is $1,014,060,910. | |
(02) U.S. government securities, 2.50%, 7-20-2050 to 8-20-2050, fair value including accrued interest is $1,030,000,000. | |
(03) U.S. government securities, 1.89% to 6.50%, 4-30-2023 to 12-1-2050, fair value including accrued interest is $513,524,528. | |
(04) U.S. government securities, 1.13% to 5.25%, 2-28-2022 to 5-15-2044, fair value including accrued interest is $510,000,075. | |
(05) U.S. government securities, 0.13% to 1.00%, 7-15-2021 to 2-15-2046, fair value including accrued interest is $905,760,035. | |
(06) U.S. government securities, 2.50% to 3.00%, 6-20-2050 to 12-20-2050, fair value including accrued interest is $257,500,001. | |
(07) U.S. government securities, 2.50% to 4.00%, 7-1-2048 to 1-1-2051, fair value including accrued interest is $772,500,000. | |
(08) U.S. government securities, 0.00% to 3.50%, 7-29-2021 to 5-20-2050, fair value including accrued interest is $102,050,037. | |
(09) U.S. government securities, 2.45% to 4.50%, 2-1-2027 to 7-1-2050, fair value including accrued interest is $206,000,001. | |
(10) U.S. government securities, 0.00% to 9.00%, 1-31-2021 to 11-15-2048, fair value including accrued interest is $255,009,202. | |
(11) U.S. government securities, 0.00% to 10.50%, 1-31-2021 to 9-1-2057, fair value including accrued interest is $255,273,577. | |
(12) U.S. government securities, 0.13% to 7.50%, 7-31-2024 to 1-15-2025, fair value including accrued interest is $306,000,652. | |
(13) U.S. government securities, 0.63% to 5.00%, 7-15-2021 to 1-20-2051, fair value including accrued interest is $2,316,726,576. | |
(14) U.S. government securities, 2.00% to 4.50%, 1-20-2051, fair value including accrued interest is $257,500,979. | |
(15) U.S. government securities, 0.38%, 1-15-2027, fair value including accrued interest is $102,000,105. | |
(16) U.S. government securities, 2.00% to 6.00%, 2-1-2027 to 5-1-2058, fair value including accrued interest is $1,545,000,000. | |
(17) U.S. government securities, 0.00% to 7.00%, 2-16-2021 to 2-1-2057, fair value including accrued interest is $1,028,759,991. | |
(18) U.S. government securities, 0.00% to 4.50%, 2-12-2021 to 10-1-2050, fair value including accrued interest is $2,048,786,855. | |
(19) U.S. government securities, 3.00%, 5-15-2042, fair value including accrued interest is $4,500,000,106. | |
(20) U.S. government securities, 0.00% to 6.13%, 3-11-2021 to 2-15-2049, fair value including accrued interest is $2,295,000,038. | |
(21) U.S. government securities, 0.25% to 3.13%, 6-15-2023 to 2-15-2043, fair value including accrued interest is $2,805,000,000. | |
(22) U.S. government securities, 2.00% to 3.38%, 11-15-2048 to 2-15-2050, fair value including accrued interest is $3,315,001,295. | |
(23) U.S. government securities, 2.00%, 2-15-2023, fair value including accrued interest is $510,204,081. | |
(24) U.S. government securities, 1.50% to 3.13%, 9-30-2024 to 11-15-2028, fair value including accrued interest is $928,311,224. | |
(25) U.S. government securities, 1.50% to 7.50%, 12-1-2022 to 2-1-2057, fair value including accrued interest is $206,000,000. | |
(26) U.S. government securities, 1.50% to 5.00%, 5-1-2027 to 9-1-2042, fair value including accrued interest is $257,500,000. | |
(27) U.S. government securities, 2.13% to 2.38%, 12-31-2022 to 5-15-2027, fair value including accrued interest is $408,003,908. | |
(28) U.S. government securities, 1.50% to 5.50%, 11-1-2029 to 1-1-2051, fair value including accrued interest is $206,000,000. | |
(29) U.S. government securities, 1.50% to 7.00%, 8-1-2028 to 1-1-2051, fair value including accrued interest is $309,000,000. | |
(30) U.S. government securities, 0.00% to 7.00%, 4-22-2021 to 9-1-2057, fair value including accrued interest is $617,400,075. | |
(31) U.S. government securities, 0.00% to 7.00%, 7-15-2029 to 12-20-2050, fair value including accrued interest is $1,029,800,103. | |
(32) U.S. government securities, 0.00% to 9.50%, 2-1-2021 to 9-15-2060, fair value including accrued interest is $2,059,669,947. | |
(33) U.S. government securities, 0.00% to 8.00%, 2-6-2026 to 1-20-2051, fair value including accrued interest is $514,508,304. | |
(34) U.S. government securities, 1.50% to 6.50%, 9-1-2024 to 1-1-2051, fair value including accrued interest is $257,500,000. | |
(35) U.S. government securities, 0.00% to 5.00%, 4-15-2022 to 1-1-2051, fair value including accrued interest is $308,031,233. | |
(36) U.S. government securities, 0.00% to 8.13%, 3-11-2021 to 1-1-2058, fair value including accrued interest is $5,298,970,295. | |
(37) U.S. government securities, 3.00% to 4.50%, 12-1-2040 to 9-1-2050, fair value including accrued interest is $257,499,354. | |
(38) U.S. government securities, 0.00% to 5.00%, 12-1-2021 to 2-1-2051, fair value including accrued interest is $308,472,215. | |
(39) U.S. government securities, 0.00% to 8.88%, 3-4-2021 to 8-20-2069, fair value including accrued interest is $3,089,448,979. | |
(40) U.S. government securities, 0.00% to 3.00%, 11-15-2021 to 5-15-2045, fair value including accrued interest is $197,284,830. | |
(41) U.S. government securities, 0.00%, 5-15-2027 to 2-15-2045, fair value is $362,040,075. | |
(42) U.S. government securities, 0.00% to 7.63%, 2-9-2021 to 7-1-2056, fair value including accrued interest is $2,316,469,353. | |
(43) U.S. government securities, 0.00% to 6.25%, 2-15-2021 to 11-15-2050, fair value including accrued interest is $499,800,000. | |
(44) U.S. government securities, 0.13% to 6.00%, 9-30-2022 to 1-15-2056, fair value including accrued interest is $1,801,752,781. | |
(45) U.S. government securities, 0.00% to 6.25%, 3-25-2021 to 1-1-2051, fair value including accrued interest is $2,076,949,259. | |
(46) U.S. government securities, 1.63%, 8-15-2029, fair value including accrued interest is $212,457,959. | |
(47) U.S. government securities, 1.50% to 3.50%, 5-31-2021 to 12-1-2047, fair value including accrued interest is $220,825,219. | |
(48) U.S. government securities, 1.50% to 3.50%, 5-31-2021 to 12-1-2047, fair value including accrued interest is $220,913,752. | |
(49) U.S. government securities, 1.38% to 3.50%, 4-30-2021 to 3-1-2048, fair value including accrued interest is $628,319,777. | |
(50) U.S. government securities, 1.50% to 3.50%, 10-31-2021 to 9-1-2047, fair value including accrued interest is $330,671,330. | |
(51) U.S. government securities, 1.50% to 3.50%, 10-31-2021 to 5-1-2048, fair value including accrued interest is $547,506,823. | |
(52) U.S. government securities, 1.13% to 3.50%, 2-28-2021 to 1-20-2050, fair value including accrued interest is $329,789,145. | |
(53) U.S. government securities, 1.50% to 5.00%, 11-1-2032 to 2-1-2051, fair value including accrued interest is $1,723,396,000. | |
∂ | The security represents a long-dated and extendible repurchase agreement which automatically renews on previously set terms. The maturity date represents the next put date. |
## | All or a portion of this security is segregated for when-issued securities. |
☼ | Zero coupon security. The rate represents the current yield to maturity. |
%% | The security is purchased on a when-issued basis. |
Abbreviations: | |
CDA | Community Development Authority |
FFCB | Federal Farm Credit Banks |
FHLB | Federal Home Loan Bank |
FHLMC | Federal Home Loan Mortgage Corporation |
FNMA | Federal National Mortgage Association |
GNMA | Government National Mortgage Association |
HFA | Housing Finance Authority |
LIBOR | London Interbank Offered Rate |
LIQ | Liquidity agreement |
LOC | Letter of credit |
MFHR | Multifamily housing revenue |
RDA | Redevelopment Authority |
SOFR | Secured Overnight Financing Rate |
SPA | Standby purchase agreement |
Assets | |
Investments in unaffiliated securities, at amortized cost | $ 91,378,417,276 |
Investments in repurchase agreements, at amortized cost | 53,074,969,549 |
Cash | 702,675,514 |
Receivable for investments sold | 1,250,000,000 |
Receivable for interest | 50,754,166 |
Receivable for Fund shares sold | 5,889,668 |
Prepaid expenses and other assets | 1,996,726 |
Total assets | 146,464,702,899 |
Liabilities | |
Payable for when-issued transactions | 999,837,097 |
Payable for investments purchased | 673,931,042 |
Payable for Fund shares redeemed | 16,110,453 |
Administration fees payable | 6,590,083 |
Management fee payable | 5,743,830 |
Dividends payable | 1,078,985 |
Trustees’ fees and expenses payable | 1,209 |
Distribution fee payable | 33 |
Accrued expenses and other liabilities | 330,075 |
Total liabilities | 1,703,622,807 |
Total net assets | $144,761,080,092 |
Net assets consist of | |
Paid-in capital | $ 144,760,610,200 |
Total distributable earnings | 469,892 |
Total net assets | $144,761,080,092 |
Computation of net asset value per share | |
Net assets – Class A | $ 306,864,413 |
Shares outstanding – Class A1 | 306,863,171 |
Net asset value per share – Class A | $1.00 |
Net assets – Administrator Class | $ 4,540,262,304 |
Shares outstanding – Administrator Class1 | 4,540,267,987 |
Net asset value per share – Administrator Class | $1.00 |
Net assets – Institutional Class | $ 42,883,663,152 |
Shares outstanding – Institutional Class1 | 42,883,330,258 |
Net asset value per share – Institutional Class | $1.00 |
Net assets – Select Class | $ 95,165,936,028 |
Shares outstanding – Select Class1 | 95,165,864,788 |
Net asset value per share – Select Class | $1.00 |
Net assets – Service Class | $ 1,862,889,201 |
Shares outstanding – Service Class1 | 1,862,880,912 |
Net asset value per share – Service Class | $1.00 |
Net assets – Sweep Class | $ 1,464,994 |
Shares outstanding – Sweep Class1 | 1,464,988 |
Net asset value per share – Sweep Class | $1.00 |
1 | The Fund has an unlimited number of authorized shares. |
Investment income | |
Interest | $ 440,102,431 |
Expenses | |
Management fee | 174,844,620 |
Administration fees | |
Class A | 747,711 |
Administrator Class | 3,673,959 |
Institutional Class | 32,399,318 |
Select Class | 34,670,664 |
Service Class | 2,590,370 |
Sweep Class | 13 1 |
Shareholder servicing fees | |
Class A | 846,004 |
Administrator Class | 3,673,959 |
Service Class | 5,396,277 |
Sweep Class | 107 1 |
Distribution fee | |
Sweep Class | 64 1 |
Custody and accounting fees | 3,096,807 |
Professional fees | 64,679 |
Registration fees | 182,556 |
Shareholder report expenses | 105,071 |
Trustees’ fees and expenses | 19,425 |
Other fees and expenses | 751,271 |
Total expenses | 263,062,875 |
Less: Fee waivers and/or expense reimbursements | |
Class A | (1,098,618) |
Administrator Class | (4,098,025) |
Institutional Class | (13,572,634) |
Select Class | (32,820,580) |
Service Class | (5,383,866) |
Sweep Class | (184) 1 |
Net expenses | 206,088,968 |
Net investment income | 234,013,463 |
Net realized gains on investments | 848,637 |
Net increase in net assets resulting from operations | 234,862,100 |
1 | For the period from July 31, 2020 (commencement of class operations) to January 31, 2021. Sweep Class shares were relaunched on July 31, 2020. |
Year ended January 31, 2021 | Year ended January 31, 2020 | |||
Operations | ||||
Net investment income | $ 234,013,463 | $ 1,604,569,693 | ||
Net realized gains on investments | 848,637 | 123,388 | ||
Net increase in net assets resulting from operations | 234,862,100 | 1,604,693,081 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (444,535) | (5,339,379) | ||
Administrator Class | (5,053,047) | (51,521,355) | ||
Institutional Class | (65,216,497) | (543,232,986) | ||
Select Class | (161,056,607) | (971,999,530) | ||
Service Class | (2,796,854) | (32,589,068) | ||
Sweep Class | (5) 1 | (1,259) 2 | ||
Total distributions to shareholders | (234,567,545) | (1,604,683,577) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 245,392,922 | 245,392,922 | 361,105,716 | 361,105,716 |
Administrator Class | 18,923,119,258 | 18,923,119,258 | 15,322,500,119 | 15,322,500,119 |
Institutional Class | 220,379,617,551 | 220,379,617,551 | 194,991,151,341 | 194,991,151,341 |
Select Class | 819,624,460,567 | 819,624,460,567 | 507,196,735,507 | 507,196,735,507 |
Service Class | 88,311,417,547 | 88,311,417,547 | 61,032,711,500 | 61,032,711,500 |
Sweep Class | 1,465,010 1 | 1,465,010 1 | 0 2 | 0 2 |
1,147,485,472,855 | 778,904,204,183 | |||
Reinvestment of distributions | ||||
Class A | 461,983 | 461,983 | 5,298,655 | 5,298,655 |
Administrator Class | 1,925,746 | 1,925,746 | 17,301,405 | 17,301,405 |
Institutional Class | 22,578,181 | 22,578,181 | 171,548,607 | 171,548,607 |
Select Class | 103,202,391 | 103,202,391 | 629,171,721 | 629,171,721 |
Service Class | 262,945 | 262,945 | 3,567,610 | 3,567,610 |
Sweep Class | 3 1 | 3 1 | 0 2 | 0 2 |
128,431,249 | 826,887,998 | |||
Payment for shares redeemed | ||||
Class A | (305,591,017) | (305,591,017) | (311,423,075) | (311,423,075) |
Administrator Class | (18,278,691,699) | (18,278,691,699) | (13,857,369,572) | (13,857,369,572) |
Institutional Class | (206,547,476,608) | (206,547,476,608) | (192,134,616,614) | (192,134,616,614) |
Select Class | (776,516,340,075) | (776,516,340,075) | (501,206,742,646) | (501,206,742,646) |
Service Class | (88,443,707,111) | (88,443,707,111) | (60,897,748,273) | (60,897,748,273) |
Sweep Class | (25) 1 | (25) 1 | (100,075) 2 | (100,075) 2 |
(1,090,091,806,535) | (768,408,000,255) | |||
Net increase in net assets resulting from capital share transactions | 57,522,097,569 | 11,323,091,926 | ||
Total increase in net assets | 57,522,392,124 | 11,323,101,430 | ||
Net assets | ||||
Beginning of period | 87,238,687,968 | 75,915,586,538 | ||
End of period | $ 144,761,080,092 | $ 87,238,687,968 |
1 | For the period from July 31, 2020 (commencement of class operations) to January 31, 2021. Sweep Class shares were relaunched on July 31, 2020. |
2 | For the period from February 1, 2019 to November 29, 2019. Effective at the close of business on November 29, 2019, Sweep Class shares were liquidated and the class was subsequently closed. |
Year ended January 31 | |||||
Class A | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Net investment income | 0.00 1 | 0.02 | 0.01 | 0.00 1 | 0.00 1 |
Net realized gains (losses) on investments | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 |
Total from investment operations | 0.00 1 | 0.02 | 0.01 | 0.00 1 | 0.00 1 |
Distributions to shareholders from | |||||
Net investment income | (0.00) 1 | (0.02) | (0.01) | (0.00) 1 | (0.00) 1 |
Net realized gains | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.00) 1 | 0.00 |
Total distributions to shareholders | (0.00) 1 | (0.02) | (0.01) | (0.00) 1 | (0.00) 1 |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total return | 0.13% | 1.59% | 1.38% | 0.38% | 0.01% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.60% | 0.61% | 0.61% | 0.61% | 0.61% |
Net expenses | 0.28% 2 | 0.60% | 0.60% | 0.61% | 0.41% |
Net investment income | 0.13% | 1.56% | 1.39% | 0.38% | 0.01% |
Supplemental data | |||||
Net assets, end of period (000s omitted) | $306,864 | $366,601 | $311,616 | $264,735 | $274,083 |
1 | Amount is less than $0.005. |
2 | During the year ended January 31, 2021, class-level expenses were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would have been 0.32% higher. |
Year ended January 31 | |||||
Administrator Class | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Net investment income | 0.00 1 | 0.02 | 0.02 | 0.01 | 0.00 1 |
Net realized gains (losses) on investments | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 |
Total from investment operations | 0.00 1 | 0.02 | 0.02 | 0.01 | 0.00 1 |
Distributions to shareholders from | |||||
Net investment income | (0.00) 1 | (0.02) | (0.02) | (0.01) | (0.00) 1 |
Net realized gains | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.00) 1 | 0.00 |
Total distributions to shareholders | (0.00) 1 | (0.02) | (0.02) | (0.01) | (0.00) 1 |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total return | 0.17% | 1.85% | 1.65% | 0.65% | 0.10% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.33% | 0.34% | 0.34% | 0.34% | 0.34% |
Net expenses | 0.22% 2 | 0.34% | 0.34% | 0.34% | 0.34% |
Net investment income | 0.14% | 1.81% | 1.67% | 0.72% | 0.11% |
Supplemental data | |||||
Net assets, end of period (000s omitted) | $4,540,262 | $3,893,928 | $2,411,490 | $1,554,764 | $443,500 |
1 | Amount is less than $0.005. |
2 | During the year ended January 31, 2021, class-level expenses were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would have been 0.11% higher. |
Year ended January 31 | |||||
Institutional Class | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Net investment income | 0.00 1 | 0.02 | 0.02 | 0.01 | 0.00 1 |
Net realized gains (losses) on investments | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 |
Total from investment operations | 0.00 1 | 0.02 | 0.02 | 0.01 | 0.00 1 |
Distributions to shareholders from | |||||
Net investment income | (0.00) 1 | (0.02) | (0.02) | (0.01) | (0.00) 1 |
Net realized gains | (0.00) 1 | 0.00 1 | (0.00) 1 | (0.00) 1 | 0.00 |
Total distributions to shareholders | (0.00) 1 | (0.02) | (0.02) | (0.01) | (0.00) 1 |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total return | 0.22% | 1.99% | 1.79% | 0.79% | 0.24% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.21% | 0.22% | 0.22% | 0.22% | 0.22% |
Net expenses | 0.18% 2 | 0.20% | 0.20% | 0.20% | 0.17% |
Net investment income | 0.16% | 1.97% | 1.79% | 0.79% | 0.25% |
Supplemental data | |||||
Net assets, end of period (000s omitted) | $42,883,663 | $29,289,517 | $26,000,569 | $21,931,321 | $23,242,417 |
1 | Amount is less than $0.005. |
2 | During the year ended January 31, 2021, class-level expenses were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would have been 0.02% higher. |
Year ended January 31 | |||||
Select Class | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Net investment income | 0.00 1 | 0.02 | 0.02 | 0.01 | 0.00 1 |
Net realized gains (losses) on investments | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 |
Total from investment operations | 0.00 1 | 0.02 | 0.02 | 0.01 | 0.00 1 |
Distributions to shareholders from | |||||
Net investment income | (0.00) 1 | (0.02) | (0.02) | (0.01) | (0.00) 1 |
Net realized gains | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.00) 1 | 0.00 |
Total distributions to shareholders | (0.00) 1 | (0.02) | (0.02) | (0.01) | (0.00) 1 |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total return | 0.26% | 2.05% | 1.85% | 0.85% | 0.30% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.17% | 0.18% | 0.18% | 0.18% | 0.18% |
Net expenses | 0.14% | 0.14% | 0.14% | 0.14% | 0.11% |
Net investment income | 0.19% | 2.02% | 1.82% | 0.86% | 0.34% |
Supplemental data | |||||
Net assets, end of period (000s omitted) | $95,165,936 | $51,954,718 | $45,335,385 | $46,288,730 | $38,999,425 |
1 | Amount is less than $0.005. |
Year ended January 31 | |||||
Service Class | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Net investment income | 0.00 1 | 0.02 | 0.01 | 0.00 1 | 0.00 1 |
Net realized gains (losses) on investments | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 |
Total from investment operations | 0.00 1 | 0.02 | 0.01 | 0.00 1 | 0.00 1 |
Distributions to shareholders from | |||||
Net investment income | (0.00) 1 | (0.02) | (0.01) | (0.00) 1 | (0.00) 1 |
Net realized gains | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.00) 1 | 0.00 |
Total distributions to shareholders | (0.00) 1 | (0.02) | (0.01) | (0.00) 1 | (0.00) 1 |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total return | 0.14% | 1.69% | 1.48% | 0.49% | 0.02% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.50% | 0.51% | 0.51% | 0.51% | 0.51% |
Net expenses | 0.25% 2 | 0.50% | 0.50% | 0.50% | 0.40% |
Net investment income | 0.13% | 1.67% | 1.45% | 0.48% | 0.02% |
Supplemental data | |||||
Net assets, end of period (000s omitted) | $1,862,889 | $1,994,923 | $1,856,426 | $2,506,898 | $2,992,780 |
1 | Amount is less than $0.005. |
2 | During the year ended January 31, 2021, class-level expenses were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would have been 0.25% higher. |
Year ended January 31 | |
Sweep Class | 2021 1 |
Net asset value, beginning of period | 1.00 |
Distributions to shareholders from | |
Net investment income | (0.00) 2 |
Net realized gains | (0.00) 2 |
Total distributions to shareholders | (0.00) 2 |
Net asset value, end of period | $1.00 |
Total return3 | 0.01% |
Ratios to average net assets (annualized) | |
Gross expenses | 0.56% |
Net expenses | 0.13% 4 |
Net investment income | 0.01% |
Supplemental data | |
Net assets, end of period (000s omitted) | $1,465 |
1 | For the period from July 31, 2020 (commencement of class operations) to January 31, 2021 |
2 | Amount is less than $0.005. |
3 | Returns for periods of less than one year are not annualized. |
4 | During the year ended January 31, 2021, class-level expenses were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would have been 0.37% higher. |
■ | 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: | ||||
Corporate bonds and notes | $0 | $ 18,495,000 | $0 | $ 18,495,000 |
Government agency debt | 0 | 26,589,739,547 | 0 | 26,589,739,547 |
Municipal obligations | 0 | 518,193,078 | 0 | 518,193,078 |
Other instruments | 0 | 180,925,000 | 0 | 180,925,000 |
Repurchase agreements | 0 | 53,074,969,549 | 0 | 53,074,969,549 |
U.S. Treasury securities | 0 | 64,071,064,651 | 0 | 64,071,064,651 |
Total assets | $0 | $144,453,386,825 | $0 | $144,453,386,825 |
Average daily net assets | Management fee |
First $5 billion | 0.150% |
Next $5 billion | 0.140 |
Over $10 billion | 0.130 |
Class-level administration fee | |
Class A | 0.22% |
Administrator Class | 0.10 |
Institutional Class | 0.08 |
Select Class | 0.04 |
Service Class | 0.12 |
Sweep Class | 0.03 |
Expense ratio caps | |
Class A | 0.60% |
Administrator Class | 0.34 |
Institutional Class | 0.20 |
Select Class | 0.14 |
Service Class | 0.50 |
Sweep Class | 0.50 |
Undistributed ordinary income | Undistributed long-term gain |
$1,584,095 | $1,358 |
Wells Fargo Funds Trust:
![](https://capedge.com/proxy/N-CSR/0001193125-21-106267/g123176img317bbf656.jpg)
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-CSR/0001193125-21-106267/g123176imgcbdb39d71.jpg)
P.O. Box 219967
Kansas City, MO 64121-9967
![](https://capedge.com/proxy/N-CSR/0001193125-21-106267/g123176img048581977.jpg)
A303/AR303 01-21
![](https://capedge.com/proxy/N-CSR/0001193125-21-106267/g122575img0747a9871.jpg)
■ | Wells Fargo Heritage Money Market Fund |
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6 | |
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11 | |
Financial statements | |
19 | |
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21 | |
22 | |
26 | |
31 | |
32 |
![](https://capedge.com/proxy/N-CSR/0001193125-21-106267/g122575img55338fcc2.gif)
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-CSR/0001193125-21-106267/g122575imga3b3dff33.jpg)
President
Wells Fargo Funds
Wells Capital Management Singapore
Jeffrey L. Weaver, CFA®‡
Laurie White
Expense ratios1 (%) | ||||||
Inception date | 1 year | 5 year | 10 year | Gross | Net 2 | |
Administrator Class (SHMXX) | 6-29-1995 | 0.32 | 1.11 | 0.56 | 0.35 | 0.33 |
Institutional Class (SHIXX) | 3-31-2000 | 0.41* | 1.23 | 0.63 | 0.23 | 0.20 |
Select Class (WFJXX) | 6-29-2007 | 0.48* | 1.30 | 0.70 | 0.19 | 0.13 |
Service Class (WHTXX) | 6-30-2010 | 0.27* | 1.01 | 0.51 | 0.52 | 0.43 |
Administrator Class | Institutional Class | Select Class | Service Class | |
7-day current yield | 0.01 | 0.01 | 0.07 | 0.01 |
7-day compound yield | 0.01 | 0.01 | 0.07 | 0.01 |
30-day simple yield | 0.01 | 0.02 | 0.09 | 0.01 |
30-day compound yield | 0.01 | 0.02 | 0.09 | 0.01 |
Portfolio composition as of January 31, 20213 |
![](https://capedge.com/proxy/N-CSR/0001193125-21-106267/g122575img5c9e31284.jpg)
Effective maturity distribution as of January 31, 20213 |
![](https://capedge.com/proxy/N-CSR/0001193125-21-106267/g122575img2b3ac68a5.jpg)
Weighted average maturity as of January 31, 20214 |
35 days |
Weighted average life as of January 31, 20215 |
40 days |
‡ | 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 May 31, 2021, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.33% for Administrator Class, 0.20% for Institutional Class, 0.13% for Select Class, and 0.43% for Service Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense caps. The manager may also voluntarily waive or reimburse additional fees and expenses, and such voluntary waivers may be discontinued or modified at any time without notice. Without these reductions, the Fund’s seven-day current yield would have been -0.14%, -0.03%, 0.01%, and -0.32% for Administrator Class, Institutional Class, Select Class, and Service Class. 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. 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 | Figures represent the percentage of the Fund's total investments. These amounts are subject to change and may have changed since the date specified. |
4 | Weighted Average Maturity (WAM): WAM is an average of the effective maturities of all securities held in the portfolio, weighted by each security’s percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. WAM calculations allow for the maturities of certain securities with demand features or periodic interest rate resets to be shortened. WAM is a way to measure a fund’s sensitivity to potential interest rate changes. WAM is subject to change and may have changed since the date specified. |
5 | Weighted Average Life (WAL): WAL is an average of the final maturities of all securities held in the portfolio, weighted by their percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. In contrast to WAM, the calculation of WAL allows for the maturities of certain securities with demand features to be shortened, but not the periodic interest rate resets. WAL is a way to measure a fund’s potential sensitivity to credit spread changes. WAL is 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 | |
Administrator Class | ||||
Actual | $1,000.00 | $ 999.76 | $1.26 | 0.25% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,023.88 | $1.27 | 0.25% |
Institutional Class | ||||
Actual | $1,000.00 | $ 999.98 | $1.01 | 0.20% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,024.13 | $1.02 | 0.20% |
Select Class | ||||
Actual | $1,000.00 | $1,000.43 | $0.65 | 0.13% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,024.48 | $0.66 | 0.13% |
Service Class | ||||
Actual | $1,000.00 | $ 999.76 | $1.21 | 0.24% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,023.93 | $1.22 | 0.24% |
Interest rate | Maturity date | Principal | Value | ||
Certificates of deposit: 21.01% | |||||
ABN Amro Bank NV | 0.10% | 2-2-2021 | $175,000,000 | $ 175,000,000 | |
ABN Amro Bank NV | 0.10 | 2-3-2021 | 100,000,000 | 100,000,000 | |
Australia & New Zealand Banking Group Limited | 0.07 | 2-1-2021 | 175,000,000 | 175,000,000 | |
Bank of Nova Scotia (3 Month LIBOR+0.09%) ± | 0.30 | 2-10-2021 | 30,000,000 | 30,000,904 | |
HSBC Bank USA NA | 0.10 | 2-1-2021 | 90,000,000 | 90,000,000 | |
KBC Bank SA | 0.22 | 4-8-2021 | 150,000,000 | 149,999,705 | |
Mitsubishi Trust & Bank Company | 0.27 | 6-8-2021 | 55,000,000 | 55,011,892 | |
Mizuho Bank Limited | 0.08 | 2-1-2021 | 205,000,000 | 205,000,000 | |
Norinchukin Bank | 0.21 | 4-7-2021 | 70,000,000 | 70,006,871 | |
Norinchukin Bank | 0.25 | 3-24-2021 | 35,000,000 | 35,005,560 | |
Norinchukin Bank | 0.30 | 5-20-2021 | 30,000,000 | 30,010,436 | |
Norinchukin Bank | 0.30 | 6-1-2021 | 35,000,000 | 35,012,895 | |
Oversea-Chinese Banking | 0.21 | 3-1-2021 | 31,000,000 | 31,002,134 | |
Oversea-Chinese Banking | 0.26 | 4-28-2021 | 115,000,000 | 115,025,852 | |
Rabobank Netherlands (New York) | 0.07 | 2-1-2021 | 115,000,000 | 115,000,000 | |
Skandinaviska Enskilda Bank AB | 0.25 | 5-17-2021 | 50,000,000 | 50,014,082 | |
Sumitomo Mitsui Banking Corporation (1 Month LIBOR+0.10%) ± | 0.23 | 4-7-2021 | 64,000,000 | 64,007,116 | |
Sumitomo Mitsui Banking Corporation (3 Month LIBOR+0.07%) ± | 0.29 | 5-17-2021 | 25,000,000 | 25,006,559 | |
Sumitomo Mitsui Trust NY | 0.25 | 4-8-2021 | 37,000,000 | 37,007,866 | |
Sumitomo Mitsui Trust NY | 0.27 | 5-12-2021 | 50,000,000 | 50,013,855 | |
Sumitomo Mitsui Trust NY | 0.27 | 5-18-2021 | 60,000,000 | 60,016,505 | |
Toronto Dominion Bank | 0.19 | 2-11-2021 | 70,000,000 | 70,002,148 | |
Toronto Dominion Bank | 0.21 | 3-22-2021 | 70,000,000 | 70,008,386 | |
Toronto Dominion Bank | 0.25 | 3-23-2021 | 35,000,000 | 35,006,284 | |
Toronto Dominion Bank | 1.30 | 2-26-2021 | 30,000,000 | 30,027,547 | |
UBS AG Stamford Branch (1 Month LIBOR+1.25%) ± | 1.38 | 2-10-2021 | 70,000,000 | 70,028,851 | |
Total Certificates of deposit (Cost $1,972,000,000) | 1,972,215,448 |
Closed end municipal bond fund obligations: 0.95% | |||||
Invesco Dynamic Credit Opportunities Fund Variable Rate Demand Preferred Shares Series W-7 (300 shares) 0.27% 144A§ø | 30,000,000 | 30,000,000 | |||
Nuveen AMT Free Quality Municipal Income Fund Preferred Shares Series C (360 shares) 0.10% 144Aø | 36,000,000 | 36,000,000 | |||
Nuveen Floating Rate Income Fund Variable Rate Demand Preferred Shares Class A (230 shares) 0.27% 144Aø | 23,000,000 | 23,000,000 | |||
Total Closed end municipal bond fund obligations (Cost $89,000,000) | 89,000,000 |
Commercial paper: 56.79% | |||||
Asset-backed commercial paper: 29.46% | |||||
Albion Capital Corporation SA ☼ | 0.15 | 2-22-2021 | 83,081,000 | 83,073,135 | |
Albion Capital Corporation SA ☼ | 0.20 | 3-22-2021 | 50,000,000 | 49,987,795 | |
Albion Capital Corporation SA ☼ | 0.26 | 3-15-2021 | 41,000,000 | 40,991,800 | |
Alinghi Funding Company LLC 144A☼ | 0.26 | 7-23-2021 | 47,300,000 | 47,249,875 | |
Alpine Securitization LLC (1 Month LIBOR+0.09%) 144A± | 0.21 | 7-16-2021 | 32,000,000 | 32,000,000 | |
Anglesea Funding LLC 144A | 0.17 | 5-17-2021 | 60,000,000 | 60,002,149 |
Interest rate | Maturitydate | Principal | Value | ||
Asset-backed commercial paper (continued) | |||||
Anglesea Funding LLC (1 Month LIBOR+0.07%) 144A± | 0.20% | 7-23-2021 | $ 48,000,000 | $ 48,000,000 | |
Anglesea Funding LLC (1 Month LIBOR+0.11%) 144A± | 0.24 | 3-15-2021 | 65,000,000 | 65,002,295 | |
Anglesea Funding LLC (1 Month LIBOR+0.11%) 144A± | 0.24 | 3-19-2021 | 33,000,000 | 33,003,470 | |
Antalis SA 144A☼ | 0.23 | 4-13-2021 | 48,710,000 | 48,694,482 | |
Autobahn Funding LLC 144A☼ | 0.10 | 2-4-2021 | 25,000,000 | 24,999,458 | |
Bennington Sark Capital Company 144A☼ | 0.10 | 2-2-2021 | 54,107,000 | 54,106,219 | |
Bennington Sark Capital Company 144A☼ | 0.16 | 2-4-2021 | 25,000,000 | 24,999,458 | |
Cedar Spring Capital Corporation 144A☼ | 0.15 | 2-16-2021 | 35,000,000 | 34,997,305 | |
Cedar Spring Capital Corporation 144A☼ | 0.23 | 7-21-2021 | 60,000,000 | 59,937,143 | |
Cedar Spring Capital Corporation 144A☼ | 0.25 | 3-8-2021 | 130,298,000 | 130,275,307 | |
Chesham Finance Limited 144A☼ | 0.10 | 2-1-2021 | 115,000,000 | 114,998,755 | |
Chesham Finance Limited 144A☼ | 0.10 | 2-1-2021 | 40,000,000 | 39,999,567 | |
Chesham Finance Limited 144A☼ | 0.10 | 2-1-2021 | 38,000,000 | 37,999,588 | |
Collateralized Commercial Paper Flex Company LLC 144A☼ | 0.25 | 2-16-2021 | 25,000,000 | 24,998,075 | |
Collateralized Commercial Paper Flex Company LLC 144A☼ | 0.28 | 6-17-2021 | 14,200,000 | 14,188,705 | |
Collateralized Commercial Paper V Company LLC ☼ | 0.24 | 5-4-2021 | 23,930,000 | 23,917,875 | |
Collateralized Commercial Paper V Company LLC (1 Month LIBOR+0.11%) ± | 0.24 | 6-28-2021 | 62,600,000 | 62,606,825 | |
Collateralized Commercial Paper V Company LLC ☼ | 0.25 | 2-3-2021 | 37,000,000 | 36,999,332 | |
Collateralized Commercial Paper V Company LLC ☼ | 0.25 | 2-11-2021 | 27,000,000 | 26,998,586 | |
Collateralized Commercial Paper V Company LLC ☼ | 0.25 | 2-16-2021 | 30,000,000 | 29,997,690 | |
Columbia Funding Company 144A☼ | 0.26 | 3-2-2021 | 33,000,000 | 32,995,277 | |
Columbia Funding Company 144A☼ | 0.26 | 3-3-2021 | 31,000,000 | 30,995,397 | |
Columbia Funding Company 144A☼ | 0.26 | 3-4-2021 | 18,000,000 | 17,997,229 | |
Concord Minutemen Capital Company 144A☼ | 0.22 | 3-23-2021 | 55,000,000 | 54,986,235 | |
Concord Minutemen Capital Company 144A☼ | 0.29 | 2-8-2021 | 45,000,000 | 44,998,287 | |
Concord Minutemen Capital Company 144A☼ | 0.29 | 2-12-2021 | 71,250,000 | 71,245,898 | |
Concord Minutemen Capital Company 144A☼ | 0.32 | 6-8-2021 | 70,000,000 | 69,943,630 | |
Great Bridge Capital Company LLC 144A☼ | 0.26 | 7-19-2021 | 75,000,000 | 74,904,881 | |
Institutional Secured Funding LLC 144A☼ | 0.18 | 2-4-2021 | 58,000,000 | 57,997,941 | |
Ionic Capital Management LLC ☼ | 0.24 | 2-5-2021 | 21,200,000 | 21,199,258 | |
Legacy Capital Company 144A☼ | 0.16 | 2-18-2021 | 23,400,000 | 23,397,959 | |
Legacy Capital Company 144A☼ | 0.28 | 2-23-2021 | 25,000,000 | 24,997,240 | |
Lexington Parker Capital Company LLC 144A☼ | 0.27 | 7-19-2021 | 65,000,000 | 64,933,001 | |
Liberty Funding LLC 144A☼ | 0.20 | 5-5-2021 | 29,000,000 | 28,989,328 | |
LMA Americas LLC 144A☼ | 0.26 | 2-12-2021 | 30,000,000 | 29,998,320 | |
Manhattan Asset Funding Company LLC 144A☼ | 0.21 | 2-9-2021 | 30,613,000 | 30,611,690 | |
Manhattan Asset Funding Company LLC 144A☼ | 0.21 | 2-11-2021 | 81,000,000 | 80,995,759 | |
Matchpoint Finance plc 144A☼ | 0.25 | 4-20-2021 | 17,000,000 | 16,992,962 | |
Matchpoint Finance plc 144A☼ | 0.26 | 5-11-2021 | 60,000,000 | 59,967,020 | |
Matchpoint Finance plc 144A☼ | 0.30 | 6-17-2021 | 15,000,000 | 14,988,069 | |
Mountcliff Funding LLC 144A☼ | 0.14 | 2-1-2021 | 124,000,000 | 123,998,657 | |
Mountcliff Funding LLC (1 Month LIBOR+0.13%) 144A± | 0.26 | 8-17-2021 | 75,000,000 | 75,000,000 | |
Mountcliff Funding LLC 144A☼ | 0.27 | 7-7-2021 | 35,000,000 | 34,962,436 | |
Nieuw Amsterdam Receivables Corporation 144A☼ | 0.16 | 3-30-2021 | 32,000,000 | 31,990,933 | |
Nieuw Amsterdam Receivables Corporation 144A☼ | 0.22 | 2-10-2021 | 32,000,000 | 31,998,624 | |
Old Line Funding LLC 144A☼ | 0.23 | 3-4-2021 | 22,000,000 | 21,996,821 | |
Old Line Funding LLC 144A☼ | 0.25 | 4-12-2021 | 50,000,000 | 49,982,866 | |
Ridgefield Funding Company (1 Month LIBOR+0.10%) 144A± | 0.24 | 2-5-2021 | 28,000,000 | 28,000,538 | |
Ridgefield Funding Company 144A☼ | 0.25 | 2-12-2021 | 50,000,000 | 49,997,181 | |
Ridgefield Funding Company 144A☼ | 0.29 | 6-9-2021 | 35,000,000 | 34,971,726 | |
Versailles CDS LLC (1 Month LIBOR+0.10%) 144A± | 0.23 | 4-7-2021 | 16,000,000 | 16,000,124 | |
Versailles CDS LLC (1 Month LIBOR+0.10%) 144A± | 0.23 | 5-19-2021 | 60,000,000 | 60,000,000 |
Interest rate | Maturitydate | Principal | Value | ||
Asset-backed commercial paper (continued) | |||||
Versailles CDS LLC ☼ | 0.25% | 2-1-2021 | $ 33,000,000 | $ 32,999,549 | |
Versailles CDS LLC ☼ | 0.27 | 5-25-2021 | 70,000,000 | 69,955,115 | |
2,765,014,840 | |||||
Financial company commercial paper: 15.60% | |||||
Australia & New Zealand Banking Group Limited 144A☼ | 0.25 | 6-23-2021 | 50,000,000 | 49,964,350 | |
Australia & New Zealand Banking Group Limited 144A☼ | 0.26 | 6-18-2021 | 30,000,000 | 29,979,817 | |
Banco Santander SA (1 Month LIBOR+0.24%) 144A± | 0.38 | 2-1-2021 | 30,135,000 | 30,135,603 | |
Citigroup Global Markets Incorporated 144A☼ | 0.08 | 2-1-2021 | 22,000,000 | 21,999,835 | |
Commonwealth Bank of Australia 144A☼ | 0.23 | 2-26-2021 | 75,000,000 | 74,993,642 | |
Credit Agricole SA ☼ | 0.07 | 2-1-2021 | 240,000,000 | 239,998,380 | |
Dexia Credit Local SA 144A☼ | 0.18 | 4-21-2021 | 143,000,000 | 142,948,210 | |
Dexia Credit Local SA 144A☼ | 0.22 | 2-19-2021 | 36,000,000 | 35,997,942 | |
Dexia Credit Local SA 144A☼ | 0.22 | 2-26-2021 | 38,000,000 | 37,996,838 | |
Erste Finance LLC 144A☼ | 0.07 | 2-1-2021 | 220,000,000 | 219,996,828 | |
Federation des Caisses 144A☼ | 0.10 | 2-4-2021 | 80,000,000 | 79,998,800 | |
MetLife Short Term Funding 144A☼ | 0.22 | 6-7-2021 | 31,635,000 | 31,615,502 | |
Nationwide Building Society 144A☼ | 0.17 | 2-9-2021 | 35,000,000 | 34,998,503 | |
Nationwide Building Society 144A☼ | 0.17 | 2-23-2021 | 60,000,000 | 59,993,708 | |
Oversea-Chinese Banking Corporation Limited 144A☼ | 0.19 | 3-30-2021 | 50,000,000 | 49,989,167 | |
Santander UK plc ☼ | 0.22 | 5-4-2021 | 44,500,000 | 44,478,510 | |
Santander UK plc ☼ | 0.22 | 5-5-2021 | 99,300,000 | 99,251,277 | |
Swedbank AB ☼ | 0.09 | 2-1-2021 | 70,000,000 | 69,999,452 | |
Swedbank AB ☼ | 0.09 | 2-3-2021 | 110,000,000 | 109,998,518 | |
1,464,334,882 | |||||
Other commercial paper: 11.73% | |||||
Adventist Health System ☼ | 0.16 | 2-4-2021 | 10,000,000 | 9,999,813 | |
Adventist Health System ☼ | 0.25 | 5-7-2021 | 10,000,000 | 9,996,053 | |
BNG Bank NV 144A☼ | 0.19 | 4-27-2021 | 100,000,000 | 99,965,778 | |
BNG Bank NV 144A☼ | 0.21 | 3-15-2021 | 20,000,000 | 19,996,750 | |
Caisse des Depots 144A☼ | 0.15 | 2-8-2021 | 125,000,000 | 124,996,736 | |
Caisse des Depots 144A☼ | 0.22 | 4-27-2021 | 75,000,000 | 74,970,850 | |
Caisse des Depots et Consignations 144A☼ | 0.23 | 5-10-2021 | 25,000,000 | 24,988,497 | |
COFCO Capital Corporation ☼ | 0.21 | 2-23-2021 | 21,000,000 | 20,997,521 | |
COFCO Capital Corporation ☼ | 0.22 | 2-2-2021 | 21,030,000 | 21,029,682 | |
COFCO Capital Corporation ☼ | 0.22 | 2-9-2021 | 23,370,000 | 23,368,893 | |
COFCO Capital Corporation ☼ | 0.22 | 2-16-2021 | 18,450,000 | 18,448,395 | |
European Investment Bank ☼ | 0.14 | 2-17-2021 | 20,000,000 | 19,998,976 | |
Exxon Mobil Corporation ☼ | 0.21 | 2-5-2021 | 16,000,000 | 15,999,782 | |
Nederlandse Waterschapsbank NV 144A☼ | 0.10 | 2-2-2021 | 63,000,000 | 62,999,328 | |
Nederlandse Waterschapsbank NV 144A☼ | 0.14 | 2-4-2021 | 70,740,000 | 70,738,833 | |
Nederlandse Waterschapsbank NV 144A☼ | 0.14 | 2-25-2021 | 63,000,000 | 62,994,377 | |
NRW Bank 144A☼ | 0.10 | 2-3-2021 | 100,520,000 | 100,518,744 | |
NRW Bank 144A☼ | 0.18 | 2-24-2021 | 76,000,000 | 75,993,084 | |
NRW Bank 144A☼ | 0.20 | 2-22-2021 | 70,000,000 | 69,994,260 | |
Province of Alberta 144A☼ | 0.21 | 2-8-2021 | 47,000,000 | 46,998,825 | |
Province of Alberta 144A☼ | 1.43 | 2-11-2021 | 16,000,000 | 15,999,480 | |
Toyota Credit De Puerto Rico Corporation (1 Month LIBOR+0.10%) ± | 0.23 | 4-16-2021 | 35,000,000 | 35,002,746 |
Interest rate | Maturitydate | Principal | Value | ||
Other commercial paper (continued) | |||||
Toyota Credit De Puerto Rico Corporation ☼ | 0.27% | 5-25-2021 | $ 40,000,000 | $ 39,979,764 | |
Toyota Finance Australia ☼ | 0.25 | 3-3-2021 | 35,000,000 | 34,995,701 | |
1,100,972,868 | |||||
Total Commercial paper (Cost $5,330,068,899) | 5,330,322,590 | ||||
Municipal obligations: 15.03% | |||||
Arizona: 0.17% | |||||
Variable rate demand notes ø: 0.17% | |||||
Arizona Health Facility Authority Floater Series 2015 XF 2050 (Health revenue, Morgan Stanley Bank LIQ) 144A | 0.07 | 1-1-2037 | 16,000,000 | 16,000,000 | |
California: 3.08% | |||||
Other municipal debt : 0.22% | |||||
California Series B-4 (Education revenue) | 0.14 | 3-3-2021 | 20,000,000 | 20,000,000 | |
Variable rate demand notes ø: 2.86% | |||||
Mizuho Floater Residual Trust Various States Series 2020-MIZ9040 (Housing revenue, Mizuho Capital Markets LLC LIQ) 144A | 0.15 | 10-15-2038 | 30,000,000 | 30,000,000 | |
Mizuho Tender Option Bond Trust Receipts/Floater Certificates Series 2019-MIZ9003 (Tax revenue, Mizuho Capital Markets LLC LOC, Mizuho Capital Markets LLC LIQ) 144A | 0.24 | 3-1-2036 | 8,500,000 | 8,500,000 | |
Peralta CA Community College District Limited Obligation Taxable Series B-3 (Education revenue, Barclays Bank plc LOC) | 0.10 | 8-5-2025 | 10,000,000 | 10,000,000 | |
San Diego CA Housing Revenue Park & Market Apartments Series A (Housing revenue, Bank of Tokyo-Mitsubishi LOC) | 0.07 | 6-1-2057 | 32,625,000 | 32,625,000 | |
San Francisco CA City & County Housing Revenue Block 8 Tower Apartments Series H1 (Housing revenue, Bank of China LOC) | 0.11 | 11-1-2056 | 41,935,000 | 41,935,000 | |
San Francisco CA City & County Housing Revenue Block 8 Tower Apartments Series H2 (Housing revenue, Bank of China LOC) | 0.10 | 11-1-2056 | 50,870,000 | 50,870,000 | |
San Francisco CA City & County Public Utilities Commission Water Revenue Taxable Series 3/A2 (Water & sewer revenue) | 0.15 | 3-24-2021 | 17,000,000 | 17,000,000 | |
San Francisco CA City & County San Francisco Airport Taxable Series C-4 (Airport revenue) | 0.15 | 4-26-2021 | 25,000,000 | 25,000,000 | |
Tender Option Bond Trust Receipts/Various States (Transportation revenue, Bank of America NA LIQ) 144A | 0.05 | 4-1-2049 | 14,400,000 | 14,400,000 | |
University of California Revenue Various Taxable Series Z-1 (Education revenue) | 0.10 | 7-1-2041 | 38,340,000 | 38,340,000 | |
268,670,000 | |||||
Colorado: 1.82% | |||||
Variable rate demand notes ø: 1.82% | |||||
Colorado HFA Adjusted Taxable Single Family Mortgage (Housing revenue, GNMA/FNMA/FHLMC Insured, FHLB SPA) | 0.10 | 11-1-2050 | 15,000,000 | 15,000,000 |
Interest rate | Maturitydate | Principal | Value | ||
Variable rate demand notes ø(continued) | |||||
Colorado HFA Adjusted Taxable Single Family Mortgage (Housing revenue, GNMA Insured, FHLB SPA) | 0.12% | 5-1-2048 | $ 36,690,000 | $ 36,690,000 | |
Colorado HFA MFHR Class II Series B (Housing revenue, FHLB SPA) | 0.17 | 5-1-2052 | 67,290,000 | 67,290,000 | |
Colorado HFA Taxable Multi Family Project (Housing revenue, FHLB SPA) | 0.10 | 4-1-2050 | 25,705,000 | 25,705,000 | |
Colorado Southern Ute Indian Tribe Reservation Series 2007 (Miscellaneous revenue) 144A | 0.09 | 1-1-2027 | 26,000,000 | 26,000,000 | |
170,685,000 | |||||
Georgia: 1.01% | |||||
Variable rate demand notes ø: 1.01% | |||||
Macon-Bibb County GA Industrial Authority Kumho Tire Georgia Incorporated Series A (Industrial development revenue, Korea Development Bank LOC) | 0.22 | 12-1-2022 | 34,000,000 | 34,000,000 | |
Macon-Bibb County GA Industrial Authority Kumho Tire Georgia Incorporated Series A (Industrial development revenue, Korea Development Bank LOC) | 0.22 | 12-1-2022 | 61,000,000 | 61,000,000 | |
95,000,000 | |||||
Illinois: 0.34% | |||||
Variable rate demand notes ø: 0.34% | |||||
Taxable Municipal Funding Trust Various States Floaters Series 2021-11 (Health revenue, Barclays Bank plc LIQ) 144A | 0.16 | 9-1-2030 | 15,600,000 | 15,600,000 | |
Tender Option Bond Trust Receipts/Certificates (Health revenue, JPMorgan Chase & Company LIQ) 144A | 0.22 | 5-15-2050 | 16,000,000 | 16,000,000 | |
31,600,000 | |||||
Kansas: 0.10% | |||||
Variable rate demand notes ø: 0.10% | |||||
Olathe KS Multi-Modal-Diamant Boart Series B (Industrial development revenue, Svenska HandelsBanken LOC) | 0.61 | 3-1-2027 | 8,900,000 | 8,900,000 | |
Kentucky: 0.44% | |||||
Variable rate demand notes ø: 0.44% | |||||
Daviess County KY Waste Disposal Facility Revenue Scott Paper Company Project B (Industrial development revenue) | 0.09 | 12-1-2023 | 25,000,000 | 25,000,000 | |
Kentucky Housing Corporation Series O (Housing revenue, Kentucky Housing Corporation SPA) | 0.14 | 1-1-2036 | 9,660,000 | 9,660,000 | |
Kentucky Housing Corporation Series T (Housing revenue, Kentucky Housing Corporation SPA) | 0.14 | 7-1-2037 | 6,755,000 | 6,755,000 | |
41,415,000 | |||||
Maine: 0.53% | |||||
Variable rate demand notes ø: 0.53% | |||||
Maine State Housing Authority Mortgage Purchase Various Taxable Series E (Housing revenue, Barclays Bank plc SPA) | 0.10 | 11-15-2052 | 30,300,000 | 30,300,000 | |
Portland ME Pension Bonds (GO revenue, TD Bank NA LOC) | 0.13 | 6-1-2026 | 19,845,000 | 19,845,000 | |
50,145,000 |
Interest rate | Maturitydate | Principal | Value | ||
Maryland: 0.16% | |||||
Variable rate demand notes ø: 0.16% | |||||
Tender Option Bond Trust Receipts/Certificates (Transportation revenue, JPMorgan Chase & Company LIQ) 144A | 0.07% | 5-1-2026 | $ 15,000,000 | $ 15,000,000 | |
Michigan: 0.36% | |||||
Variable rate demand notes ø: 0.36% | |||||
Michigan State Housing Development AMT Refunding Bond Series B (Housing revenue, Industrial & Commercial Bank of China Limited SPA) | 0.14 | 6-1-2038 | 34,040,000 | 34,040,000 | |
Nevada: 0.37% | |||||
Variable rate demand notes ø: 0.37% | |||||
Clark County NV Airport Department of Aviation Series C-3 (Airport revenue, Sumitomo Mitsui Banking Corporation LOC) | 0.07 | 7-1-2029 | 35,095,000 | 35,095,000 | |
New Hampshire: 0.48% | |||||
Variable rate demand notes ø: 0.48% | |||||
New Hampshire Business Finance Authority CJ Foods Manufacturing Beaumont Corporation Series A (Industrial development revenue, Kookmin Bank LOC) 144A | 0.22 | 10-1-2028 | 45,000,000 | 45,000,000 | |
New York: 2.34% | |||||
Other municipal debt : 1.51% | |||||
Long Island NY Power Authority Series 2015-GR5A (Utilities revenue) | 0.15 | 2-25-2021 | 45,000,000 | 45,001,301 | |
Long Island Power Authority Series 2015-GR1A (Utilities revenue) | 0.17 | 2-19-2021 | 35,000,000 | 35,000,585 | |
New York Dormitory Authority Personal Income Tax Revenue Series B (Tax revenue) | 5.00 | 3-31-2021 | 43,000,000 | 43,351,723 | |
Port Authority of New York & New Jersey Series C (Airport revenue) | 0.32 | 2-5-2021 | 8,000,000 | 8,000,199 | |
Port Authority of New York & New Jersey Series C (Airport revenue) | 0.35 | 3-29-2021 | 10,205,000 | 10,205,164 | |
141,558,972 | |||||
Variable rate demand notes ø: 0.83% | |||||
New York Dormitory Authority Personal Income Tax Revenue Series XFT910 (Tax revenue, Citibank NA LIQ) 144A | 0.20 | 3-15-2040 | 4,000,000 | 4,000,000 | |
New York Dormitory Authority Secondary Issues Floater Series B-4 (Tax revenue, Morgan Stanley Bank LIQ) 144A | 0.23 | 3-15-2040 | 16,000,000 | 16,000,000 | |
New York City NY Housing Development Corporation Multifamily Housing Revenue Various Taxable Series F-2 (Housing revenue, Royal Bank of Canada SPA) | 0.12 | 5-1-2060 | 12,000,000 | 12,000,000 | |
New York Municipal Water Finance Authority Series T-30001-I (Water & sewer revenue, Citibank NA LIQ) 144A | 0.20 | 6-15-2044 | 16,000,000 | 16,000,000 | |
New York Tender Option Bond Trust Receipts/Certificates (Transportation revenue, Barclays Bank plc LOC, Barclays Bank plc LIQ) 144A | 0.08 | 11-15-2052 | 30,000,000 | 30,000,000 | |
78,000,000 |
Interest rate | Maturitydate | Principal | Value | ||
Oregon: 0.16% | |||||
Variable rate demand notes ø: 0.16% | |||||
Portland OR Portland International Airport (Airport revenue, Bank of China LOC) | 0.09% | 7-1-2026 | $ 14,685,000 | $ 14,685,000 | |
Other: 3.67% | |||||
Variable rate demand notes ø: 3.67% | |||||
Fortenbery Children 2017 Irrevocable Trust (Miscellaneous revenue) | 0.15 | 5-1-2037 | 12,275,000 | 12,275,000 | |
JPMorgan Chase Puttable Tax-Exempt Receipts/Derivative Inverse Tax-Exempt Receipts & Custodial Receipts Trust Series 5039 (Miscellaneous revenue) | 0.22 | 11-16-2022 | 70,000,000 | 70,000,000 | |
Taxable Municipal Funding Trust Various States Floaters Series 2019-007 (GO revenue, Barclays Bank plc LOC) 144A | 0.42 | 5-1-2029 | 11,000,000 | 11,000,000 | |
Taxable Municipal Funding Trust Various States Floaters Series 2019-014 (GO revenue, Barclays Bank plc LOC) 144A | 0.42 | 9-1-2027 | 35,705,000 | 35,705,000 | |
Taxable Municipal Funding Trust Various States Floaters Series 2019-019 (GO revenue, Barclays Bank plc LOC) 144A | 0.42 | 12-1-2030 | 2,315,000 | 2,315,000 | |
Taxable Municipal Funding Trust Various States Floaters Series 2020-003 (GO revenue, Barclays Bank plc LOC) 144A | 0.42 | 1-16-2025 | 49,000,000 | 49,000,000 | |
Taxable Municipal Funding Trust Various States Floaters Series 2020-008 (GO revenue, Barclays Bank plc LOC) 144A | 0.42 | 5-1-2024 | 15,900,000 | 15,900,000 | |
Taxable Municipal Funding Trust Various States Floaters Series 2020-012 (GO revenue, Barclays Bank plc LOC) 144A | 0.16 | 9-1-2030 | 26,400,000 | 26,400,000 | |
Taxable Municipal Funding Trust Various States Floaters Series 2020-11 (GO revenue, Barclays Bank plc LOC) 144A | 0.42 | 9-1-2030 | 122,220,000 | 122,220,000 | |
344,815,000 | |||||
Total Municipal obligations (Cost $1,410,556,676) | 1,410,608,972 | ||||
Other instruments: 1.62% | |||||
AARP §øø | 0.09 | 5-1-2031 | 45,000,000 | 45,000,000 | |
Altoona Blair County Development Corporation 144A§øø | 0.16 | 9-1-2038 | 14,850,000 | 14,850,000 | |
Altoona Blair County Development Corporation 144A§øø | 0.16 | 9-1-2038 | 39,350,000 | 39,350,000 | |
Keep Memory Alive §øø | 0.16 | 5-1-2037 | 33,210,000 | 33,210,000 | |
Ken-Vin Life Company LLC §øø | 0.15 | 12-1-2059 | 19,645,000 | 19,645,000 | |
Total Other instruments (Cost $152,055,000) | 152,055,000 | ||||
Other notes: 2.34% | |||||
Corporate bonds and notes: 2.34% | |||||
ASC Ravenna LLC §øø | 0.16 | 6-1-2056 | 31,080,000 | 31,080,000 | |
Cellmark Incorporated Taxable Notes Series 2018A §øø | 0.15 | 6-1-2038 | 37,000,000 | 37,000,000 | |
Goose Hollow Apartments LLC §øø | 0.16 | 7-1-2055 | 25,000,000 | 25,000,000 | |
Jets Stadium Development LLC Series A-4B 144A§øø | 0.18 | 4-1-2047 | 46,900,000 | 46,900,000 | |
Jets Stadium Finance 144A§øø | 0.18 | 4-1-2047 | 17,425,000 | 17,425,000 | |
Lavonne V. Johnson Life Insurance Trust §øø | 0.15 | 6-1-2039 | 18,615,000 | 18,615,000 |
Interest rate | Maturitydate | Principal | Value | ||
Corporate bonds and notes (continued) | |||||
SSAB AB Series A §øø | 0.15% | 6-1-2035 | $ 28,000,000 | $ 28,000,000 | |
VPM Linden Manor LP §øø | 0.16 | 9-1-2060 | 15,200,000 | 15,200,000 | |
Total Other notes (Cost $219,220,000) | 219,220,000 | ||||
Repurchase agreements^^: 2.27% | |||||
Standard Chartered Bank, dated 1-29-2021, maturity value $155,000,775 (1) | 0.06 | 2-1-2021 | 155,000,000 | 155,000,000 | |
TD Securities USA LLC, dated 1-29-2021, maturity date $57,550,288 (2) | 0.06 | 2-1-2021 | 57,550,000 | 57,550,000 | |
Total Repurchase agreements (Cost $212,550,000) | 212,550,000 | ||||
Total investments in securities (Cost $9,385,450,575) | 100.01% | 9,385,972,010 | |||
Other assets and liabilities, net | (0.01) | (581,646) | |||
Total net assets | 100.00% | $9,385,390,364 |
± | Variable rate investment. The rate shown is the rate in effect at period end. |
144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933. |
§ | The security is subject to a demand feature which reduces the effective maturity. |
ø | Variable rate demand notes are subject to a demand feature which reduces the effective maturity. The maturity date shown represents the final maturity date of the security. The interest rate is determined and reset by the issuer daily, weekly, or monthly depending upon the terms of the security. The rate shown is the rate in effect at period end. |
øø | The interest rate is determined and reset by the issuer periodically depending upon the terms of the security. The rate shown is the rate in effect at period end. |
^^ | Collateralized by: |
(1) U.S. government securities, 0.00% to 6.25%, 3-25-2021 to 1-1-2051, fair value including accrued interest is $158,195,152. | |
(2) U.S. government securities, 1.50% to 5.00%, 11-1-2032 to 2-1-2051, fair value including accrued interest is $59,276,500. | |
☼ | Zero coupon security. The rate represents the current yield to maturity. |
Abbreviations: | |
AMT | Alternative minimum tax |
FHLB | Federal Home Loan Bank |
GNMA | Government National Mortgage Association |
GO | General obligation |
HFA | Housing Finance Authority |
LIBOR | London Interbank Offered Rate |
LIQ | Liquidity agreement |
LOC | Letter of credit |
MFHR | Multifamily housing revenue |
SPA | Standby purchase agreement |
Assets | |
Investments in unaffiliated securities, at value (cost $9,385,450,575) | $ 9,385,972,010 |
Cash | 124,433 |
Receivable for interest | 2,694,929 |
Receivable for Fund shares sold | 2,900 |
Prepaid expenses and other assets | 63,008 |
Total assets | 9,388,857,280 |
Liabilities | |
Management fee payable | 2,698,106 |
Administration fees payable | 366,429 |
Dividends payable | 118,774 |
Payable for Fund shares redeemed | 12,501 |
Trustees’ fees and expenses payable | 1,794 |
Accrued expenses and other liabilities | 269,312 |
Total liabilities | 3,466,916 |
Total net assets | $9,385,390,364 |
Net assets consist of | |
Paid-in capital | $ 9,388,684,417 |
Total distributable loss | (3,294,053) |
Total net assets | $9,385,390,364 |
Computation of net asset value per share | |
Net assets – Administrator Class | $ 76,740,392 |
Shares outstanding – Administrator Class1 | 76,719,442 |
Net asset value per share – Administrator Class | $1.0003 |
Net assets – Institutional Class | $ 794,540,993 |
Shares outstanding – Institutional Class1 | 794,339,064 |
Net asset value per share – Institutional Class | $1.0003 |
Net assets – Select Class | $ 8,471,953,897 |
Shares outstanding – Select Class1 | 8,468,915,877 |
Net asset value per share – Select Class | $1.0004 |
Net assets – Service Class | $ 42,155,082 |
Shares outstanding – Service Class1 | 42,146,454 |
Net asset value per share – Service Class | $1.0002 |
1 | The Fund has an unlimited number of authorized shares. |
Investment income | |
Interest | $ 57,355,594 |
Expenses | |
Management fee | 14,953,494 |
Administration fees | |
Administrator Class | 111,525 |
Institutional Class | 1,134,794 |
Select Class | 3,528,538 |
Service Class | 56,181 |
Shareholder servicing fees | |
Administrator Class | 111,488 |
Service Class | 108,292 |
Custody and accounting fees | 341,195 |
Professional fees | 64,037 |
Registration fees | 81,700 |
Shareholder report expenses | 32,840 |
Trustees’ fees and expenses | 19,128 |
Other fees and expenses | 144,973 |
Total expenses | 20,688,185 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (3,146,833) |
Administrator Class | (33,642) |
Select Class | (2,660,941) |
Service Class | (61,197) |
Net expenses | 14,785,572 |
Net investment income | 42,570,022 |
Realized and unrealized gains (losses) on investments | |
Net realized losses on investments | (3,462,935) |
Net change in unrealized gains (losses) on investments | (935,328) |
Net realized and unrealized gains (losses) on investments | (4,398,263) |
Net increase in net assets resulting from operations | 38,171,759 |
Year ended January 31, 2021 | Year ended January 31, 2020 | |||
Operations | ||||
Net investment income | $ 42,570,022 | $ 200,536,454 | ||
Net realized gains (losses) on investments | (3,462,935) | 115,159 | ||
Net change in unrealized gains (losses) on investments | (935,328) | 519,257 | ||
Net increase in net assets resulting from operations | 38,171,759 | 201,170,870 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Administrator Class | (436,596) | (2,463,061) | ||
Institutional Class | (6,503,976) | (34,480,790) | ||
Select Class | (35,587,951) | (162,480,176) | ||
Service Class | (156,658) | (1,169,303) | ||
Total distributions to shareholders | (42,685,181) | 200,593,330 | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Administrator Class | 151,680,145 | 151,753,090 | 304,292,625 | 304,417,847 |
Institutional Class | 8,350,606,674 | 8,354,296,880 | 7,307,497,722 | 7,310,378,605 |
Select Class | 52,923,446,524 | 52,952,592,405 | 43,141,092,358 | 43,162,070,083 |
Service Class | 191,669,359 | 191,728,887 | 284,421,114 | 284,525,386 |
61,650,371,262 | 51,061,391,921 | |||
Reinvestment of distributions | ||||
Administrator Class | 434,551 | 434,670 | 2,286,271 | 2,287,236 |
Institutional Class | 5,364,861 | 5,366,701 | 31,083,601 | 31,095,996 |
Select Class | 28,485,791 | 28,498,799 | 133,529,867 | 133,596,397 |
Service Class | 125,346 | 125,362 | 805,331 | 805,647 |
34,425,532 | 167,785,276 | |||
Payment for shares redeemed | ||||
Administrator Class | (188,896,671) | (188,974,481) | (285,711,749) | (285,829,450) |
Institutional Class | (9,265,802,669) | (9,269,605,465) | (7,207,293,293) | (7,210,108,091) |
Select Class | (51,598,922,110) | (51,624,804,401) | (42,615,048,851) | (42,635,758,688) |
Service Class | (205,517,672) | (205,573,717) | (299,657,734) | (299,770,183) |
(61,288,958,064) | (50,431,466,412) | |||
Net increase in net assets resulting from capital share transactions | 395,838,730 | 797,710,785 | ||
Total increase in net assets | 391,325,308 | 798,288,325 | ||
Net assets | ||||
Beginning of period | 8,994,065,056 | 8,195,776,731 | ||
End of period | $ 9,385,390,364 | $ 8,994,065,056 |
Year ended January 31 | |||||
Administrator Class | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $1.0005 | $1.0004 | $1.0003 | $1.0003 | $1.0000 |
Net investment income | 0.0033 | 0.0203 | 0.0188 | 0.0096 | 0.0028 |
Net realized and unrealized gains (losses) on investments | (0.0002) | 0.0001 | 0.0001 | 0.0000 1 | 0.0003 |
Total from investment operations | 0.0031 | 0.0204 | 0.0189 | 0.0096 | 0.0031 |
Distributions to shareholders from | |||||
Net investment income | (0.0033) | (0.0203) | (0.0188) | (0.0096) | (0.0028) |
Net realized gains | 0.0000 | (0.0000) 1 | 0.0000 | (0.0000) 1 | 0.0000 |
Total distributions to shareholders | (0.0033) | (0.0203) | (0.0188) | (0.0096) | (0.0028) |
Net asset value, end of period | $1.0003 | $1.0005 | $1.0004 | $1.0003 | $1.0003 |
Total return | 0.32% | 2.05% | 1.91% | 0.96% | 0.31% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.35% | 0.35% | 0.36% | 0.40% | 0.35% |
Net expenses | 0.29% 2 | 0.33% | 0.33% | 0.32% | 0.33% |
Net investment income | 0.39% | 2.01% | 1.87% | 0.96% | 0.24% |
Supplemental data | |||||
Net assets, end of period (000s omitted) | $76,740 | $113,555 | $92,671 | $92,542 | $82,591 |
1 | Amount is less than $0.00005. |
2 | During the year ended January 31, 2021, class-level expenses were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would have been 0.03% higher. |
Year ended January 31 | |||||
Institutional Class | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $1.0004 | $1.0004 | $1.0003 | $1.0003 | $1.0000 |
Net investment income | 0.0041 | 0.0216 | 0.0202 | 0.0108 | 0.0039 |
Net realized and unrealized gains (losses) on investments | 0.0000 | 0.0000 1 | 0.0000 1 | 0.0000 1 | 0.0005 |
Total from investment operations | 0.0041 | 0.0216 | 0.0202 | 0.0108 | 0.0044 |
Distributions to shareholders from | |||||
Net investment income | (0.0042) | (0.0216) | (0.0201) | (0.0108) | (0.0041) |
Net realized gains | 0.0000 | (0.0000) 1 | 0.0000 | (0.0000) 1 | 0.0000 |
Total distributions to shareholders | (0.0042) | (0.0216) | (0.0201) | (0.0108) | (0.0041) |
Net asset value, end of period | $1.0003 | $1.0004 | $1.0004 | $1.0003 | $1.0003 |
Total return | 0.42% | 2.18% | 2.04% | 1.09% | 0.44% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.23% | 0.23% | 0.24% | 0.28% | 0.23% |
Net expenses | 0.20% | 0.20% | 0.20% | 0.20% | 0.20% |
Net investment income | 0.46% | 2.14% | 2.03% | 1.11% | 0.36% |
Supplemental data | |||||
Net assets, end of period (000s omitted) | $794,541 | $1,704,936 | $1,573,458 | $1,104,814 | $749,052 |
1 | Amount is less than $0.00005. |
Year ended January 31 | |||||
Select Class | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $1.0005 | $1.0005 | $1.0004 | $1.0004 | $1.0000 |
Net investment income | 0.0049 | 0.0223 | 0.0208 | 0.0116 | 0.0048 |
Net realized and unrealized gains (losses) on investments | (0.0001) | 0.0000 1 | 0.0001 | 0.0000 1 | 0.0004 |
Total from investment operations | 0.0048 | 0.0223 | 0.0209 | 0.0116 | 0.0052 |
Distributions to shareholders from | |||||
Net investment income | (0.0049) | (0.0223) | (0.0208) | (0.0116) | (0.0048) |
Net realized gains | 0.0000 | (0.0000) 1 | 0.0000 | (0.0000) 1 | 0.0000 |
Total distributions to shareholders | (0.0049) | (0.0223) | (0.0208) | (0.0116) | (0.0048) |
Net asset value, end of period | $1.0004 | $1.0005 | $1.0005 | $1.0004 | $1.0004 |
Total return | 0.49% | 2.25% | 2.11% | 1.16% | 0.52% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.19% | 0.19% | 0.20% | 0.24% | 0.19% |
Net expenses | 0.13% | 0.13% | 0.13% | 0.12% | 0.13% |
Net investment income | 0.40% | 2.21% | 2.10% | 1.19% | 0.43% |
Supplemental data | |||||
Net assets, end of period (000s omitted) | $8,471,954 | $7,119,681 | $6,459,320 | $5,717,659 | $3,386,093 |
1 | Amount is less than $0.00005. |
Year ended January 31 | |||||
Service Class | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $1.0004 | $1.0004 | $1.0003 | $1.0003 | $1.0000 |
Net investment income | 0.0031 | 0.0194 | 0.0177 | 0.0085 | 0.0016 |
Net realized and unrealized gains (losses) on investments | (0.0004) | (0.0001) | 0.0002 | 0.0000 1 | 0.0005 |
Total from investment operations | 0.0027 | 0.0193 | 0.0179 | 0.0085 | 0.0021 |
Distributions to shareholders from | |||||
Net investment income | (0.0029) | (0.0193) | (0.0178) | (0.0085) | (0.0018) |
Net realized gains | 0.0000 | (0.0000) 1 | 0.0000 | (0.0000) 1 | 0.0000 |
Total distributions to shareholders | (0.0029) | (0.0193) | (0.0178) | (0.0085) | (0.0018) |
Net asset value, end of period | $1.0002 | $1.0004 | $1.0004 | $1.0003 | $1.0003 |
Total return | 0.28% | 1.95% | 1.81% | 0.85% | 0.21% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.50% | 0.51% | 0.51% | 0.55% | 0.52% |
Net expenses | 0.34% 2 | 0.43% | 0.43% | 0.43% | 0.43% |
Net investment income | 0.33% | 1.92% | 1.79% | 0.84% | 0.13% |
Supplemental data | |||||
Net assets, end of period (000s omitted) | $42,155 | $55,893 | $70,327 | $61,415 | $67,439 |
1 | Amount is less than $0.00005. |
2 | During the year ended January 31, 2021, class-level expenses were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would have been 0.09% higher. |
Gross unrealized gains | $543,218 |
Gross unrealized losses | (21,786) |
Net unrealized gains | $521,432 |
■ | 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: | ||||
Certificates of deposit | $0 | $ 1,972,215,448 | $0 | $ 1,972,215,448 |
Closed end municipal bond fund obligations | 0 | 89,000,000 | 0 | 89,000,000 |
Commercial paper | 0 | 5,330,322,590 | 0 | 5,330,322,590 |
Municipal obligations | 0 | 1,410,608,972 | 0 | 1,410,608,972 |
Other instruments | 0 | 152,055,000 | 0 | 152,055,000 |
Other notes | 0 | 219,220,000 | 0 | 219,220,000 |
Repurchase agreements | 0 | 212,550,000 | 0 | 212,550,000 |
Total assets | $0 | $9,385,972,010 | $0 | $9,385,972,010 |
Average daily net assets | Management fee |
First $5 billion | 0.150% |
Next $5 billion | 0.140 |
Over $10 billion | 0.130 |
Class-level administration fee | |
Administrator Class | 0.10% |
Institutional Class | 0.08 |
Select Class | 0.04 |
Service Class | 0.12 |
Expense ratio caps | |
Administrator Class | 0.33% |
Institutional Class | 0.20 |
Select Class | 0.13 |
Service Class | 0.43 |
Undistributed ordinary income | Unrealized gains | Capital loss carryforward |
$9,606 | $521,432 | $(3,466,779) |
Wells Fargo Funds Trust:
![](https://capedge.com/proxy/N-CSR/0001193125-21-106267/g122575imgeb9192a06.jpg)
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-CSR/0001193125-21-106267/g122575img0747a9871.jpg)
P.O. Box 219967
Kansas City, MO 64121-9967
![](https://capedge.com/proxy/N-CSR/0001193125-21-106267/g122575img15e034267.jpg)
A304/AR304 01-21
![](https://capedge.com/proxy/N-CSR/0001193125-21-106267/g112341img8ca4c7331.jpg)
■ | Wells Fargo Money Market Fund |
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Financial statements | |
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![](https://capedge.com/proxy/N-CSR/0001193125-21-106267/g112341img4370c7a12.gif)
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
Wells Capital Management Singapore
Jeffrey L. Weaver, CFA®‡
Laurie White
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 (STGXX) | 7-1-1992 | – | – | – | 0.27 | 0.86 | 0.44 | 0.69 | 0.60 | ||
Class C * | 6-30-2010 | -0.92 | 0.39 | 0.20 | 0.08 | 0.39 | 0.20 | 1.44 | 1.35 | ||
Premier Class(WMPXX)3 | 3-31-2016 | – | – | – | 0.54 | 1.24 | 0.62 | 0.30 | 0.20 | ||
Service Class (WMOXX) | 6-30-2010 | – | – | – | 0.31 | 0.96 | 0.48 | 0.59 | 0.50 |
Class A | Class C * | Premier Class | Service Class | |
7-day current yield | 0.01 | 0.01 | 0.08 | 0.01 |
7-day compound yield | 0.01 | 0.01 | 0.08 | 0.01 |
30-day simple yield | 0.01 | 0.01 | 0.09 | 0.01 |
30-day compound yield | 0.01 | 0.01 | 0.09 | 0.01 |
Portfolio composition as of January 31, 20214 |
![](https://capedge.com/proxy/N-CSR/0001193125-21-106267/g112341imgc8109a424.jpg)
Effective maturity distribution as of January 31, 20214 |
![](https://capedge.com/proxy/N-CSR/0001193125-21-106267/g112341img7daa39bd5.jpg)
Weighted average maturity as of January 31, 20215 |
40 days |
Weighted average life as of January 31, 20216 |
49 days |
‡ | 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 May 31, 2021, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.60% for Class A, 1.35% for Class C, 0.20% for Premier Class, and 0.50% for Service Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense caps. The manager may also voluntarily waive or reimburse additional fees and expenses, and such voluntary waivers may be discontinued or modified at any time without notice. Without these reductions, the Fund’s seven-day current yield would have been -0.45%, -1.23%, 0.09%, and -0.34% for Class A, Class C, Premier Class, and Service Class. 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. 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 Premier Class shares prior to their inception reflects the performance of the Class A shares, and includes the higher expenses applicable to the Class A shares. If these expenses had not been included, returns for the Premier Class shares would be higher. |
4 | Figures represent the percentage of the Fund's total investments. These amounts are subject to change and may have changed since the date specified. |
5 | Weighted Average Maturity (WAM): WAM is an average of the effective maturities of all securities held in the portfolio, weighted by each security’s percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. WAM calculations allow for the maturities of certain securities with demand features or periodic interest rate resets to be shortened. WAM is a way to measure a fund’s sensitivity to potential interest rate changes. WAM is subject to change and may have changed since the date specified. |
6 | Weighted Average Life (WAL): WAL is an average of the final maturities of all securities held in the portfolio, weighted by their percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. In contrast to WAM, the calculation of WAL allows for the maturities of certain securities with demand features to be shortened, but not the periodic interest rate resets. WAL is a way to measure a fund’s potential sensitivity to credit spread changes. WAL is 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 | $1,000.05 | $1.26 | 0.25% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,023.88 | $1.27 | 0.25% |
Class C | ||||
Actual | $1,000.00 | $1,000.05 | $1.26 | 0.25% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,023.88 | $1.27 | 0.25% |
Premier Class | ||||
Actual | $1,000.00 | $1,000.65 | $0.65 | 0.13% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,024.48 | $0.66 | 0.13% |
Service Class | ||||
Actual | $1,000.00 | $1,000.05 | $1.26 | 0.25% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,023.88 | $1.27 | 0.25% |
Interest rate | Maturity date | Principal | Value | ||
Certificates of deposit: 18.38% | |||||
ABN Amro Bank NV | 0.10% | 2-2-2021 | $100,000,000 | $ 100,000,000 | |
Australia & New Zealand Banking Group Limited | 0.07 | 2-1-2021 | 70,000,000 | 70,000,000 | |
Bank of Montreal (3 Month LIBOR+0.11%) ± | 0.34 | 12-15-2021 | 25,000,000 | 25,000,000 | |
Bank of Nova Scotia (3 Month LIBOR+0.09%) ± | 0.30 | 2-10-2021 | 10,000,000 | 10,000,000 | |
HSBC Bank USA NA | 0.10 | 2-1-2021 | 80,000,000 | 80,000,000 | |
KBC Bank SA | 0.22 | 4-8-2021 | 50,000,000 | 50,000,000 | |
Mitsubishi Trust & Bank Company | 0.27 | 6-8-2021 | 20,000,000 | 20,000,000 | |
Mizuho Bank Limited | 0.08 | 2-1-2021 | 75,000,000 | 75,000,000 | |
Mizuho Bank Limited | 0.27 | 5-4-2021 | 25,000,000 | 25,000,000 | |
Norinchukin Bank | 0.21 | 4-7-2021 | 30,000,000 | 30,000,000 | |
Norinchukin Bank | 0.25 | 3-24-2021 | 15,000,000 | 15,000,000 | |
Norinchukin Bank | 0.30 | 5-20-2021 | 18,000,000 | 18,000,000 | |
Norinchukin Bank | 0.30 | 6-1-2021 | 15,000,000 | 15,000,000 | |
Oversea-Chinese Banking | 0.21 | 3-1-2021 | 15,000,000 | 15,000,000 | |
Oversea-Chinese Banking | 0.26 | 4-28-2021 | 35,000,000 | 35,000,000 | |
Rabobank Netherlands (New York) | 0.07 | 2-1-2021 | 60,000,000 | 60,000,000 | |
Royal Bank of Canada (3 Month LIBOR+0.09%) ± | 0.31 | 12-10-2021 | 25,000,000 | 25,000,000 | |
Sumitomo Mitsui Banking Corporation (1 Month LIBOR+0.10%) ± | 0.23 | 4-7-2021 | 28,000,000 | 28,000,000 | |
Sumitomo Mitsui Banking Corporation (3 Month LIBOR+0.07%) ± | 0.29 | 5-17-2021 | 25,000,000 | 25,000,000 | |
Sumitomo Mitsui Trust Bank | 0.26 | 5-10-2021 | 25,000,000 | 25,000,000 | |
Sumitomo Mitsui Trust NY | 0.25 | 4-8-2021 | 13,000,000 | 13,000,000 | |
Sumitomo Mitsui Trust NY | 0.27 | 5-18-2021 | 35,000,000 | 35,000,000 | |
Toronto Dominion Bank | 0.19 | 2-11-2021 | 30,000,000 | 30,000,000 | |
Toronto Dominion Bank | 0.21 | 3-22-2021 | 30,000,000 | 30,000,000 | |
Toronto Dominion Bank | 0.25 | 3-23-2021 | 15,000,000 | 15,000,000 | |
Toronto Dominion Bank | 1.30 | 2-26-2021 | 15,000,000 | 15,000,000 | |
UBS AG Stamford Branch (1 Month LIBOR+1.25%) ± | 1.38 | 2-10-2021 | 23,000,000 | 23,000,000 | |
Total Certificates of deposit (Cost $907,000,000) | 907,000,000 |
Closed end municipal bond fund obligations: 1.13% | |||||
Invesco Dynamic Credit Opportunities Fund Variable Rate Demand Preferred Shares Series W-7 (140 shares) 0.27% 144A§øø | 14,000,000 | 14,000,000 | |||
Nuveen AMT Free Quality Municipal Income Fund Preferred Shares Series C (150 shares) 0.10% 144Aø | 15,000,000 | 15,000,000 | |||
Nuveen Floating Rate Income Fund Variable Rate Demand Preferred Shares Class A (110 shares) 0.27% 144Aø | 11,000,000 | 11,000,000 | |||
Nuveen Short Duration Credit Opportunities Fund Taxable Fund Preferred Shares Series A (16,000 shares) 0.27% 144Aø | 16,000,000 | 16,000,000 | |||
Total Closed end municipal bond fund obligations (Cost $56,000,000) | 56,000,000 |
Commercial paper: 59.63% | |||||
Asset-backed commercial paper: 30.64% | |||||
Albion Capital Corporation SA ☼ | 0.15 | 2-22-2021 | 13,727,000 | 13,725,799 | |
Albion Capital Corporation SA ☼ | 0.20 | 3-22-2021 | 31,748,000 | 31,739,357 |
Interest rate | Maturitydate | Principal | Value | ||
Asset-backed commercial paper (continued) | |||||
Albion Capital Corporation SA ☼ | 0.26% | 3-15-2021 | $ 26,571,000 | $ 26,562,940 | |
Alinghi Funding Company LLC 144A☼ | 0.26 | 7-23-2021 | 25,000,000 | 24,968,944 | |
Alpine Securitization LLC (1 Month LIBOR+0.09%) 144A± | 0.21 | 7-16-2021 | 14,000,000 | 14,000,000 | |
Anglesea Funding LLC 144A | 0.17 | 5-17-2021 | 32,000,000 | 32,000,000 | |
Anglesea Funding LLC (1 Month LIBOR+0.07%) 144A± | 0.20 | 7-23-2021 | 22,000,000 | 22,000,000 | |
Anglesea Funding LLC (1 Month LIBOR+0.11%) 144A± | 0.24 | 3-15-2021 | 27,000,000 | 27,000,000 | |
Anglesea Funding LLC (1 Month LIBOR+0.11%) 144A± | 0.24 | 3-19-2021 | 13,000,000 | 13,000,000 | |
Anglesea Funding LLC 144A☼ | 0.29 | 2-1-2021 | 32,600,000 | 32,600,000 | |
Antalis SA 144A☼ | 0.23 | 2-4-2021 | 25,000,000 | 24,999,521 | |
Antalis SA 144A☼ | 0.23 | 4-13-2021 | 33,240,000 | 33,225,066 | |
Bennington Sark Capital Company 144A☼ | 0.10 | 2-2-2021 | 35,000,000 | 34,999,903 | |
Bennington Sark Capital Company 144A☼ | 0.16 | 2-4-2021 | 15,000,000 | 14,999,800 | |
Cedar Spring Capital Corporation 144A☼ | 0.15 | 2-16-2021 | 15,660,000 | 15,659,021 | |
Cedar Spring Capital Corporation 144A☼ | 0.23 | 7-21-2021 | 40,000,000 | 39,956,556 | |
Cedar Spring Capital Corporation 144A☼ | 0.25 | 3-8-2021 | 38,385,000 | 38,375,670 | |
Chesham Finance Limited 144A☼ | 0.10 | 2-1-2021 | 40,000,000 | 40,000,000 | |
Chesham Finance Limited 144A☼ | 0.10 | 2-1-2021 | 30,000,000 | 30,000,000 | |
Chesham Finance Limited 144A☼ | 0.10 | 2-1-2021 | 37,000,000 | 37,000,000 | |
Collateralized Commercial Paper Flex Company LLC 144A☼ | 0.25 | 2-16-2021 | 10,000,000 | 9,998,958 | |
Collateralized Commercial Paper Flex Company LLC 144A☼ | 0.28 | 6-17-2021 | 8,000,000 | 7,991,538 | |
Collateralized Commercial Paper V Company LLC ☼ | 0.24 | 4-12-2021 | 4,915,000 | 4,912,706 | |
Collateralized Commercial Paper V Company LLC ☼ | 0.24 | 5-4-2021 | 12,000,000 | 11,992,640 | |
Collateralized Commercial Paper V Company LLC (1 Month LIBOR+0.11%) ± | 0.24 | 6-28-2021 | 30,000,000 | 30,002,708 | |
Collateralized Commercial Paper V Company LLC ☼ | 0.25 | 2-3-2021 | 35,000,000 | 34,999,514 | |
Collateralized Commercial Paper V Company LLC ☼ | 0.25 | 2-11-2021 | 18,000,000 | 17,998,750 | |
Collateralized Commercial Paper V Company LLC ☼ | 0.25 | 2-16-2021 | 17,000,000 | 16,998,229 | |
Columbia Funding Company 144A☼ | 0.26 | 3-2-2021 | 14,000,000 | 13,997,068 | |
Columbia Funding Company 144A☼ | 0.26 | 3-3-2021 | 14,000,000 | 13,996,967 | |
Columbia Funding Company 144A☼ | 0.26 | 3-4-2021 | 7,000,000 | 6,998,433 | |
Concord Minutemen Capital Company 144A☼ | 0.29 | 2-8-2021 | 30,000,000 | 29,998,308 | |
Concord Minutemen Capital Company 144A☼ | 0.29 | 2-12-2021 | 40,000,000 | 39,996,456 | |
Concord Minutemen Capital Company 144A☼ | 0.32 | 6-8-2021 | 30,000,000 | 29,966,134 | |
Concord Minutemen Capital Company 144A☼ | 0.39 | 6-14-2021 | 50,000,000 | 49,927,958 | |
Great Bridge Capital Company LLC 144A☼ | 0.26 | 7-19-2021 | 25,000,000 | 24,969,667 | |
Institutional Secured Funding LLC 144A☼ | 0.18 | 2-4-2021 | 30,000,000 | 29,999,550 | |
Ionic Capital Management LLC ☼ | 0.24 | 2-5-2021 | 10,000,000 | 9,999,733 | |
Legacy Capital Company 144A☼ | 0.16 | 2-18-2021 | 10,000,000 | 9,999,244 | |
Legacy Capital Company 144A☼ | 0.28 | 2-23-2021 | 5,000,000 | 4,999,144 | |
Lexington Parker Capital Company LLC 144A☼ | 0.27 | 7-19-2021 | 35,000,000 | 34,955,900 | |
Liberty Funding LLC 144A☼ | 0.20 | 5-5-2021 | 20,000,000 | 19,989,667 | |
LMA Americas LLC 144A☼ | 0.26 | 2-12-2021 | 20,000,000 | 19,998,411 | |
Manhattan Asset Funding Company LLC 144A☼ | 0.21 | 2-9-2021 | 20,000,000 | 19,999,067 | |
Manhattan Asset Funding Company LLC 144A☼ | 0.21 | 2-11-2021 | 30,000,000 | 29,998,250 | |
Matchpoint Finance plc 144A☼ | 0.25 | 4-20-2021 | 8,000,000 | 7,995,667 | |
Matchpoint Finance plc 144A☼ | 0.26 | 5-11-2021 | 40,000,000 | 39,971,400 | |
Matchpoint Finance plc 144A☼ | 0.30 | 6-17-2021 | 10,000,000 | 9,988,667 | |
Mountcliff Funding LLC 144A☼ | 0.14 | 2-1-2021 | 50,000,000 | 50,000,000 | |
Mountcliff Funding LLC (1 Month LIBOR+0.13%) 144A± | 0.26 | 8-17-2021 | 25,000,000 | 25,000,000 | |
Mountcliff Funding LLC 144A☼ | 0.27 | 7-7-2021 | 15,000,000 | 14,982,450 | |
Nieuw Amsterdam Receivables Corporation 144A☼ | 0.16 | 3-30-2021 | 18,000,000 | 17,995,440 | |
Nieuw Amsterdam Receivables Corporation 144A☼ | 0.22 | 2-10-2021 | 13,000,000 | 12,999,285 | |
Old Line Funding LLC 144A☼ | 0.20 | 5-18-2021 | 24,000,000 | 23,985,867 | |
Old Line Funding LLC 144A☼ | 0.23 | 3-4-2021 | 11,000,000 | 10,997,821 | |
Old Line Funding LLC 144A☼ | 0.25 | 4-12-2021 | 23,300,000 | 23,288,674 |
Interest rate | Maturitydate | Principal | Value | ||
Asset-backed commercial paper (continued) | |||||
Ridgefield Funding Company (1 Month LIBOR+0.10%) 144A± | 0.24% | 2-5-2021 | $ 10,000,000 | $ 10,000,116 | |
Ridgefield Funding Company 144A☼ | 0.25 | 2-12-2021 | 40,000,000 | 39,996,944 | |
Ridgefield Funding Company 144A☼ | 0.26 | 5-6-2021 | 25,000,000 | 24,983,028 | |
Ridgefield Funding Company 144A☼ | 0.29 | 6-9-2021 | 15,000,000 | 14,984,533 | |
Ridgefield Funding Company 144A☼ | 0.30 | 7-23-2021 | 25,000,000 | 24,964,167 | |
Versailles CDS LLC (1 Month LIBOR+0.10%) 144A± | 0.23 | 4-7-2021 | 10,000,000 | 10,000,000 | |
Versailles CDS LLC (1 Month LIBOR+0.10%) 144A± | 0.23 | 5-19-2021 | 35,000,000 | 35,000,000 | |
Versailles CDS LLC ☼ | 0.25 | 2-1-2021 | 13,000,000 | 13,000,000 | |
Versailles CDS LLC ☼ | 0.27 | 5-25-2021 | 30,000,000 | 29,974,575 | |
1,511,606,211 | |||||
Financial company commercial paper: 18.06% | |||||
ABN Amro Bank NV 144A☼ | 0.25 | 4-13-2021 | 30,250,000 | 30,235,085 | |
Australia & New Zealand Banking Group Limited 144A☼ | 0.25 | 6-23-2021 | 25,000,000 | 24,975,347 | |
Australia & New Zealand Banking Group Limited 144A☼ | 0.26 | 6-18-2021 | 45,000,000 | 44,955,475 | |
Banco Santander SA (1 Month LIBOR+0.24%) 144A± | 0.38 | 2-1-2021 | 15,000,000 | 15,000,000 | |
CDP Financial Incorporated 144A☼ | 0.23 | 5-18-2021 | 10,000,000 | 9,993,228 | |
Citigroup Global Markets Incorporated 144A☼ | 0.08 | 2-1-2021 | 10,000,000 | 10,000,000 | |
Commonwealth Bank of Australia 144A☼ | 0.23 | 2-26-2021 | 25,000,000 | 24,996,094 | |
Credit Agricole SA ☼ | 0.07 | 2-1-2021 | 130,000,000 | 130,000,000 | |
DBS Bank LimitedLimited 144A☼ | 0.25 | 3-22-2021 | 24,000,000 | 23,991,833 | |
Dexia Credit Local SA 144A☼ | 0.18 | 4-21-2021 | 77,000,000 | 76,969,585 | |
Dexia Credit Local SA 144A☼ | 0.22 | 2-19-2021 | 15,000,000 | 14,998,350 | |
Dexia Credit Local SA 144A☼ | 0.22 | 2-26-2021 | 12,000,000 | 11,998,167 | |
Erste Finance LLC 144A☼ | 0.07 | 2-1-2021 | 100,000,000 | 100,000,000 | |
Federation des Caisses 144A☼ | 0.10 | 2-4-2021 | 40,000,000 | 39,999,667 | |
National Australia Bank Limited (3 Month LIBOR+0.06%) 144A± | 0.29 | 11-5-2021 | 25,000,000 | 25,000,000 | |
Nationwide Building Society 144A☼ | 0.17 | 2-9-2021 | 15,000,000 | 14,999,433 | |
Nationwide Building Society 144A☼ | 0.17 | 2-23-2021 | 32,000,000 | 31,996,676 | |
Oversea-Chinese Banking Corporation Limited 144A☼ | 0.19 | 3-30-2021 | 30,000,000 | 29,990,975 | |
Santander UK plc ☼ | 0.22 | 5-4-2021 | 20,000,000 | 19,989,011 | |
Santander UK plc ☼ | 0.22 | 5-5-2021 | 55,000,000 | 54,969,452 | |
Skandinaviska Enskilda Bank AB 144A☼ | 0.20 | 2-23-2021 | 30,000,000 | 29,996,333 | |
Svenska Handelsbanken 144A☼ | 0.23 | 5-18-2021 | 30,300,000 | 30,279,480 | |
Swedbank AB ☼ | 0.09 | 2-1-2021 | 35,000,000 | 35,000,000 | |
Swedbank AB ☼ | 0.09 | 2-3-2021 | 55,000,000 | 54,999,740 | |
Toronto Dominion Bank 144A☼ | 0.26 | 3-24-2021 | 5,800,000 | 5,797,905 | |
891,131,836 | |||||
Other commercial paper: 10.93% | |||||
Adventist Health System ☼ | 0.16 | 2-4-2021 | 5,000,000 | 4,999,933 | |
Adventist Health System ☼ | 0.25 | 5-7-2021 | 7,330,000 | 7,325,164 | |
BNG Bank NV 144A☼ | 0.19 | 4-27-2021 | 50,000,000 | 49,977,569 | |
BNG Bank NV 144A☼ | 0.21 | 3-15-2021 | 10,000,000 | 9,997,550 | |
Caisse des Depots et Consignations 144A☼ | 0.20 | 3-10-2021 | 25,000,000 | 24,994,861 | |
Caisse des Depots et Consignations 144A☼ | 0.21 | 4-16-2021 | 48,000,000 | 47,979,280 | |
Caisse des Depots et Consignations 144A☼ | 0.23 | 5-10-2021 | 50,000,000 | 49,968,694 | |
COFCO Capital Corporation ☼ | 0.21 | 2-23-2021 | 11,020,000 | 11,018,586 | |
COFCO Capital Corporation ☼ | 0.22 | 2-2-2021 | 11,000,000 | 10,999,933 | |
COFCO Capital Corporation ☼ | 0.22 | 2-9-2021 | 15,000,000 | 14,999,267 | |
European Investment Bank ☼ | 0.14 | 2-17-2021 | 13,090,000 | 13,089,186 | |
Exxon Mobil Corporation ☼ | 0.21 | 2-5-2021 | 8,000,000 | 7,999,813 | |
Nederlandse Waterschapsbank NV 144A☼ | 0.10 | 2-2-2021 | 30,000,000 | 29,999,917 |
Interest rate | Maturitydate | Principal | Value | ||
Other commercial paper (continued) | |||||
Nederlandse Waterschapsbank NV 144A☼ | 0.14% | 2-4-2021 | $ 38,000,000 | $ 37,999,563 | |
Nederlandse Waterschapsbank NV 144A☼ | 0.14 | 2-25-2021 | 30,000,000 | 29,997,200 | |
NRW Bank 144A☼ | 0.10 | 2-3-2021 | 34,000,000 | 33,999,821 | |
NRW Bank 144A☼ | 0.18 | 2-24-2021 | 20,000,000 | 19,997,700 | |
NRW Bank 144A☼ | 0.20 | 2-22-2021 | 30,000,000 | 29,996,500 | |
NRW Bank 144A☼ | 0.21 | 3-10-2021 | 25,000,000 | 24,994,604 | |
Province of Alberta 144A☼ | 0.21 | 2-8-2021 | 20,000,000 | 19,999,183 | |
Province of Alberta 144A☼ | 1.43 | 2-11-2021 | 9,000,000 | 8,996,475 | |
Toyota Credit De Puerto Rico Corporation (1 Month LIBOR+0.10%) ± | 0.23 | 4-16-2021 | 15,000,000 | 15,000,000 | |
Toyota Credit De Puerto Rico Corporation ☼ | 0.27 | 5-25-2021 | 20,000,000 | 19,983,050 | |
Toyota Finance Australia ☼ | 0.25 | 3-3-2021 | 15,000,000 | 14,996,875 | |
539,310,724 | |||||
Total Commercial paper (Cost $2,942,048,771) | 2,942,048,771 | ||||
Municipal obligations: 16.55% | |||||
California: 4.05% | |||||
Other municipal debt : 0.83% | |||||
California Series B-4 (Education revenue, TD Bank NA LOC) | 0.14 | 3-3-2021 | 10,030,000 | 10,030,000 | |
San Jose CA International Airport Series B (Airport revenue, Bank of America NA LOC) | 0.22 | 2-9-2021 | 18,912,000 | 18,912,000 | |
State of California (GO revenue, U.S. Bank NA LOC) | 0.23 | 3-8-2021 | 12,095,000 | 12,095,000 | |
41,037,000 | |||||
Variable rate demand notes ø: 3.22% | |||||
California Infrastructure and Economic Development Bank Revenue AMT Brightline West Passenger (Industrial development revenue) 144A | 0.45 | 1-1-2050 | 25,000,000 | 25,000,000 | |
California Tender Option Bond Trust Receipts/Certificates Los Angeles Community College District Series 2016-TXG002 (GO revenue, Bank of America NA LIQ) 144A | 0.28 | 8-1-2049 | 10,500,000 | 10,500,000 | |
Mizuho Floater Residual Trust Various States Series 2020-MIZ9040 (Housing revenue, Mizuho Capital Markets LLC LIQ) 144A | 0.15 | 10-15-2038 | 15,000,000 | 15,000,000 | |
Mizuho Tender Option Bond Trust Receipts/Floater Certificates Series 2019-MIZ9003 (Tax revenue, Mizuho Capital Markets LLC LOC, Mizuho Capital Markets LLC LIQ) 144A | 0.24 | 3-1-2036 | 3,965,000 | 3,965,000 | |
San Diego CA Housing Revenue Park & Market Apartments Series A (Housing revenue, Bank of Tokyo-Mitsubishi LOC) | 0.07 | 6-1-2057 | 13,000,000 | 13,000,000 | |
San Francisco CA City & County Certificate of Participation Series B001 (Miscellaneous revenue, Morgan Stanley Bank LIQ) 144A | 0.23 | 11-1-2041 | 10,000,000 | 10,000,000 | |
San Francisco CA City & County Housing Revenue Block 8 Tower Apartments Series H1 (Housing revenue, Bank of China LOC) | 0.11 | 11-1-2056 | 18,000,000 | 18,000,000 | |
San Francisco CA City & County Housing Revenue Block 8 Tower Apartments Series H2 (Housing revenue, Bank of China LOC) | 0.10 | 11-1-2056 | 22,600,000 | 22,600,000 | |
San Francisco CA City & County Public Utilities Commission Water Revenue Taxable Series 3/A2 (Water & sewer revenue) | 0.15 | 3-24-2021 | 9,598,000 | 9,598,000 |
Interest rate | Maturitydate | Principal | Value | ||
Variable rate demand notes ø(continued) | |||||
San Francisco CA City & County San Francisco Airport Taxable Series C-4 (Airport revenue) | 0.15% | 4-26-2021 | $ 15,860,000 | $ 15,859,270 | |
University of California Revenue Various Taxable Series Z-1 (Education revenue) | 0.10 | 7-1-2041 | 15,000,000 | 15,000,000 | |
158,522,270 | |||||
Colorado: 1.32% | |||||
Variable rate demand notes ø: 1.32% | |||||
Colorado HFA Adjusted Taxable Single Family Mortgage (Housing revenue, GNMA Insured, Royal Bank of Canada SPA) | 0.12 | 11-1-2050 | 14,000,000 | 14,000,000 | |
Colorado HFA MFHR Class II Series B (Housing revenue, FHLB SPA) | 0.17 | 5-1-2052 | 36,405,000 | 36,405,000 | |
Colorado Southern Ute Indian Tribe Reservation Series 2007 (Miscellaneous revenue) 144A | 0.09 | 1-1-2027 | 14,490,000 | 14,490,000 | |
64,895,000 | |||||
Delaware: 0.19% | |||||
Variable rate demand notes ø: 0.19% | |||||
Tender Option Bond Trust Receipts Floater Series 2020 TPG015 (Miscellaneous revenue, Bank of America NA LIQ) 144A | 0.46 | 2-1-2038 | 9,580,000 | 9,580,000 | |
Georgia: 1.15% | |||||
Other municipal debt : 0.24% | |||||
Georgia Municipal Electric Authority Project 1 Series B (Utilities revenue, TD Bank NA LOC) | 0.16 | 4-7-2021 | 11,782,000 | 11,782,000 | |
Variable rate demand notes ø: 0.91% | |||||
Macon-Bibb County GA Industrial Authority Kumho Tire Georgia Incorporated Series A (Industrial development revenue, Korea Development Bank LOC) | 0.22 | 12-1-2022 | 18,000,000 | 18,000,000 | |
Macon-Bibb County GA Industrial Authority Kumho Tire Georgia Incorporated Series A (Industrial development revenue, Korea Development Bank LOC) | 0.22 | 12-1-2022 | 27,000,000 | 27,000,000 | |
45,000,000 | |||||
Kentucky: 0.30% | |||||
Variable rate demand notes ø: 0.30% | |||||
Daviess County KY Waste Disposal Facility Revenue Scott Paper Company Project B (Industrial development revenue) | 0.09 | 12-1-2023 | 11,000,000 | 11,000,000 | |
Kentucky Housing Corporation Series O (Housing revenue, Kentucky Housing Corporation SPA) | 0.14 | 1-1-2036 | 3,715,000 | 3,715,000 | |
14,715,000 | |||||
Maine: 0.41% | |||||
Variable rate demand notes ø: 0.41% | |||||
Maine State Housing Authority Mortgage Purchase Various Taxable Series E (Housing revenue, Barclays Bank plc SPA) | 0.10 | 11-15-2052 | 20,000,000 | 20,000,000 |
Interest rate | Maturitydate | Principal | Value | ||
Michigan: 0.24% | |||||
Variable rate demand notes ø: 0.24% | |||||
Michigan State Housing Development AMT Refunding Bond Series B (Housing revenue, Industrial & Commercial Bank of China Limited SPA) | 0.14% | 6-1-2038 | $ 11,980,000 | $ 11,980,000 | |
Missouri: 0.06% | |||||
Variable rate demand notes ø: 0.06% | |||||
Bridgeton MO IDA Stolze Printing (Industrial development revenue, Carrollton Bank LOC) | 0.16 | 12-1-2047 | 2,800,000 | 2,800,000 | |
Nevada: 0.20% | |||||
Variable rate demand notes ø: 0.20% | |||||
Clark County NV Airport Department of Aviation Series C-3 (Airport revenue, Sumitomo Mitsui Banking Corporation LOC) | 0.07 | 7-1-2029 | 10,000,000 | 10,000,000 | |
New Hampshire: 0.98% | |||||
Variable rate demand notes ø: 0.98% | |||||
New Hampshire Business Finance Authority CJ Foods Manufacturing Beaumont Corporation Series A (Industrial development revenue, Kookmin Bank LOC) 144A | 0.22 | 10-1-2028 | 24,000,000 | 24,000,000 | |
New Hampshire National Finance Authority Industrial Development Revenue Series A (Industrial development revenue, Kookmin Bank LOC) 144A | 0.22 | 7-1-2029 | 24,500,000 | 24,500,000 | |
48,500,000 | |||||
New York: 3.36% | |||||
Other municipal debt : 1.85% | |||||
Long Island NY Power Authority Series 2015-GR5A (Utilities revenue) | 0.15 | 2-25-2021 | 30,000,000 | 29,999,399 | |
Long Island Power Authority Series 2015-GR1A (Utilities revenue) | 0.17 | 2-19-2021 | 18,000,000 | 18,000,000 | |
New York Dormitory Authority Personal Income Tax Revenue Series B (Tax revenue) | 5.00 | 3-31-2021 | 20,000,000 | 20,141,269 | |
Port Authority of New York & New Jersey Series C (Airport revenue) | 0.32 | 2-5-2021 | 3,835,000 | 3,835,000 | |
Port Authority of New York & New Jersey Series C (Airport revenue) | 0.35 | 3-29-2021 | 5,000,000 | 5,000,000 | |
Port Authority of New York & New Jersey Series C (Airport revenue, Bank of Montreal) | 0.37 | 3-5-2021 | 14,000,000 | 14,000,000 | |
90,975,668 | |||||
Variable rate demand notes ø: 1.51% | |||||
New York City NY Housing Development Corporation Multifamily Housing Revenue Various Taxable Series F-2 (Housing revenue, Royal Bank of Canada SPA) | 0.12 | 5-1-2060 | 6,490,000 | 6,490,000 | |
New York City NY Housing Development Corporation Multifamily Mortgage Revenue Susans Court Series A (Housing revenue, Citibank NA LOC) | 0.07 | 11-1-2039 | 21,600,000 | 21,600,000 | |
New York Housing Finance Agency Affordable Housing (Housing revenue, TD Bank NA SPA) | 0.13 | 11-1-2055 | 20,000,000 | 20,000,000 |
Interest rate | Maturitydate | Principal | Value | ||
Variable rate demand notes ø(continued) | |||||
New York Tender Option Bond Trust Receipts/Certificates (Transportation revenue, Barclays Bank plc LOC, Barclays Bank plc LIQ) 144A | 0.08% | 11-15-2042 | $ 8,200,000 | $ 8,200,000 | |
New York Tender Option Bond Trust Receipts/Certificates (Transportation revenue, Barclays Bank plc LOC, Barclays Bank plc LIQ) 144A | 0.08 | 11-15-2052 | 18,380,000 | 18,380,000 | |
74,670,000 | |||||
Oregon: 0.12% | |||||
Variable rate demand notes ø: 0.12% | |||||
Portland OR Portland International Airport (Airport revenue, Bank of China LOC) | 0.09 | 7-1-2026 | 6,000,000 | 6,000,000 | |
Other: 3.66% | |||||
Variable rate demand notes ø: 3.66% | |||||
JPMorgan Chase Puttable Tax-Exempt Receipts/Derivative Inverse Tax-Exempt Receipts & Custodial Receipts Trust Series 5039 (Miscellaneous revenue) | 0.22 | 11-16-2022 | 37,000,000 | 37,000,000 | |
Taxable Municipal Funding Trust Various States Floaters Series 2019-014 (GO revenue, Barclays Bank plc LOC) 144A | 0.42 | 9-1-2027 | 35,355,000 | 35,355,000 | |
Taxable Municipal Funding Trust Various States Floaters Series 2019-019 (GO revenue, Barclays Bank plc LOC) 144A | 0.42 | 12-1-2030 | 555,000 | 555,000 | |
Taxable Municipal Funding Trust Various States Floaters Series 2019-BTMFT (GO revenue, Barclays Bank plc LOC) 144A | 0.16 | 9-1-2026 | 12,250,000 | 12,250,000 | |
Taxable Municipal Funding Trust Various States Floaters Series 2020-003 (GO revenue, Barclays Bank plc LOC) 144A | 0.42 | 1-16-2025 | 24,000,000 | 24,000,000 | |
Taxable Municipal Funding Trust Various States Floaters Series 2020-008 (GO revenue, Barclays Bank plc LOC) 144A | 0.42 | 5-1-2024 | 7,705,000 | 7,705,000 | |
Taxable Municipal Funding Trust Various States Floaters Series 2020-012 (GO revenue, Barclays Bank plc LOC) 144A | 0.16 | 9-1-2030 | 19,380,000 | 19,380,000 | |
Taxable Municipal Funding Trust Various States Floaters Series 2020-11 (GO revenue, Barclays Bank plc LOC) 144A | 0.42 | 11-15-2049 | 44,360,000 | 44,360,000 | |
180,605,000 | |||||
Texas: 0.24% | |||||
Other municipal debt : 0.24% | |||||
Texas PFA Series A (Miscellaneous revenue) | 0.23 | 5-12-2021 | 12,000,000 | 12,000,000 | |
Wyoming: 0.27% | |||||
Variable rate demand notes ø: 0.27% | |||||
Wyoming Tender Option Bond Trust Receipts/Floater Certificates Series 2018 -XL0070 (Utilities revenue, BAM Insured, JPMorgan Chase & Company LIQ) 144A | 0.07 | 1-1-2025 | 13,330,000 | 13,330,000 | |
Total Municipal obligations (Cost $816,391,938) | 816,391,938 |
Interest rate | Maturitydate | Principal | Value | ||
Other instruments: 0.68% | |||||
AARP §øø | 0.09% | 5-1-2031 | $ 5,000,000 | $ 5,000,000 | |
Altoona Blair County Development Corporation 144A§øø | 0.16 | 4-1-2035 | 5,850,000 | 5,850,000 | |
Altoona Blair County Development Corporation 144A§øø | 0.16 | 9-1-2038 | 3,000,000 | 3,000,000 | |
Fiddyment Ranch Apartments LP §øø | 0.16 | 9-1-2057 | 2,000,000 | 2,000,000 | |
Fiddyment Ranch Apartments LP §øø | 0.16 | 9-1-2057 | 2,000,000 | 2,000,000 | |
Keep Memory Alive §øø | 0.16 | 5-1-2037 | 2,890,000 | 2,890,000 | |
Southside Brookshore §øø | 0.16 | 9-1-2059 | 2,640,000 | 2,640,000 | |
University of California Series B ☼ | 0.15 | 2-16-2021 | 10,000,000 | 9,999,375 | |
Total Other instruments (Cost $33,379,375) | 33,379,375 | ||||
Other notes: 0.55% | |||||
Corporate bonds and notes: 0.55% | |||||
Cellmark Incorporated Taxable Notes Series 2018A §øø | 0.15 | 6-1-2038 | 16,000,000 | 16,000,000 | |
Jets Stadium Development LLC Series A-4B 144A§øø | 0.18 | 4-1-2047 | 10,000,000 | 10,000,000 | |
SSAB AB Series A §øø | 0.15 | 6-1-2035 | 1,000,000 | 1,000,000 | |
Total Other notes (Cost $27,000,000) | 27,000,000 | ||||
Repurchase agreements^^: 3.67% | |||||
Standard Chartered Bank, dated 1-29-2021, maturity value $90,000,450 (1) | 0.06 | 2-1-2021 | 90,000,000 | 90,000,000 | |
TD Securities USA Incorporated, dated 1-29-2021, maturity value $91,275,456 (2) | 0.06 | 2-1-2021 | 91,275,000 | 91,275,000 | |
Total Repurchase agreements (Cost $181,275,000) | 181,275,000 | ||||
Total investments in securities (Cost $4,963,095,084) | 100.59% | 4,963,095,084 | |||
Other assets and liabilities, net | (0.59) | (29,282,809) | |||
Total net assets | 100.00% | $4,933,812,275 |
± | Variable rate investment. The rate shown is the rate in effect at period end. |
144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933. |
§ | The security is subject to a demand feature which reduces the effective maturity. |
øø | The interest rate is determined and reset by the issuer periodically depending upon the terms of the security. The rate shown is the rate in effect at period end. |
ø | Variable rate demand notes are subject to a demand feature which reduces the effective maturity. The maturity date shown represents the final maturity date of the security. The interest rate is determined and reset by the issuer daily, weekly, or monthly depending upon the terms of the security. The rate shown is the rate in effect at period end. |
^^ | Collateralized by: |
(1) U.S. government securities, 0.00% to 6.25%, 3-25-2021 to 1-1-2051, fair value including accrued interest is $91,855,250. | |
(2) U.S. government securities, 1.50% to 5.00%, 11-1-2032 to 2-1-2051, fair value including accrued interest is $94,013,250. | |
☼ | Zero coupon security. The rate represents the current yield to maturity. |
Abbreviations: | |
AMT | Alternative minimum tax |
BAM | Build America Mutual Assurance Company |
FHLB | Federal Home Loan Bank |
GNMA | Government National Mortgage Association |
GO | General obligation |
HFA | Housing Finance Authority |
IDA | Industrial Development Authority |
LIBOR | London Interbank Offered Rate |
LIQ | Liquidity agreement |
LOC | Letter of credit |
MFHR | Multifamily housing revenue |
National | National Public Finance Guarantee Corporation |
PFA | Public Finance Authority |
SPA | Standby purchase agreement |
Assets | |
Investments in unaffiliated securities, at amortized cost | $ 4,963,095,084 |
Cash | 10,379 |
Receivable for Fund shares sold | 14,817,510 |
Receivable for interest | 1,427,771 |
Prepaid expenses and other assets | 740,651 |
Total assets | 4,980,091,395 |
Liabilities | |
Payable for Fund shares redeemed | 28,844,624 |
Payable for investments purchased | 16,920,000 |
Administration fees payable | 393,476 |
Dividends payable | 12,851 |
Management fee payable | 6,150 |
Distribution fee payable | 1,923 |
Trustees’ fees and expenses payable | 1,365 |
Accrued expenses and other liabilities | 98,731 |
Total liabilities | 46,279,120 |
Total net assets | $4,933,812,275 |
Net assets consist of | |
Paid-in capital | $ 4,934,631,795 |
Total distributable loss | (819,520) |
Total net assets | $4,933,812,275 |
Computation of net asset value per share | |
Net assets – Class A | $ 466,558,566 |
Shares outstanding – Class A1 | 466,579,253 |
Net asset value per share – Class A | $1.00 |
Net assets – Class C | $ 2,855,361 |
Shares outstanding – Class C1 | 2,855,519 |
Net asset value per share – Class C | $1.00 |
Net assets – Premier Class | $ 4,452,435,711 |
Shares outstanding – Premier Class1 | 4,452,637,663 |
Net asset value per share – Premier Class | $1.00 |
Net assets – Service Class | $ 11,962,637 |
Shares outstanding – Service Class1 | 11,963,177 |
Net asset value per share – Service Class | $1.00 |
1 | The Fund has an unlimited number of authorized shares. |
Investment income | |
Interest | $ 24,536,634 |
Expenses | |
Management fee | 8,917,691 |
Administration fees | |
Class A | 1,036,311 |
Class C | 9,294 |
Premier Class | 3,179,837 |
Service Class | 14,505 |
Shareholder servicing fees | |
Class A | 1,175,297 |
Class C | 10,562 |
Service Class | 30,216 |
Distribution fee | |
Class C | 31,665 |
Custody and accounting fees | 75,515 |
Professional fees | 47,578 |
Registration fees | 277,145 |
Shareholder report expenses | 77,804 |
Trustees’ fees and expenses | 19,924 |
Other fees and expenses | 60,606 |
Total expenses | 14,963,950 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (4,548,488) |
Class A | (852,561) |
Class C | (31,435) |
Premier Class | (2,398,019) |
Service Class | (14,585) |
Net expenses | 7,118,862 |
Net investment income | 17,417,772 |
Payment from affiliate | 1,222 |
Net realized losses on investments | (563,831) |
Net increase in net assets resulting from operations | 16,855,163 |
Year ended January 31, 2021 | Year ended January 31, 2020 | |||
Operations | ||||
Net investment income | $ 17,417,772 | $ 26,833,839 | ||
Payment from affiliate | 1,222 | 0 | ||
Net realized gains (losses) on investments | (563,831) | 16,052 | ||
Net increase in net assets resulting from operations | 16,855,163 | 26,849,891 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (1,268,127) | (8,361,607) | ||
Class C | (2,802) | (37,781) | ||
Premier Class | (16,125,602) | (18,212,417) | ||
Service Class | (37,293) | (222,034) | ||
Total distributions to shareholders | (17,433,824) | (26,833,839) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 221,976,995 | 221,976,995 | 160,152,326 | 160,152,326 |
Class C | 5,242,042 | 5,242,042 | 1,340,300 | 1,340,300 |
Premier Class | 7,562,687,659 | 7,562,687,659 | 2,910,104,056 | 2,910,104,056 |
Service Class | 1,788,741 | 1,788,741 | 1,520,533 | 1,520,533 |
7,791,695,437 | 3,073,117,215 | |||
Reinvestment of distributions | ||||
Class A | 1,277,953 | 1,277,953 | 8,230,315 | 8,230,315 |
Class C | 2,835 | 2,835 | 37,442 | 37,442 |
Premier Class | 16,201,117 | 16,201,117 | 17,829,814 | 17,829,814 |
Service Class | 37,293 | 37,293 | 215,827 | 215,827 |
17,519,198 | 26,313,398 | |||
Payment for shares redeemed | ||||
Class A | (231,789,213) | (231,789,213) | (167,103,886) | (167,103,886) |
Class C | (5,542,212) | (5,542,212) | (6,449,887) | (6,449,887) |
Premier Class | (5,309,546,817) | (5,309,546,817) | (1,040,475,070) | (1,040,475,070) |
Service Class | (1,898,691) | (1,898,691) | (1,579,489) | (1,579,489) |
(5,548,776,933) | (1,215,608,332) | |||
Net increase in net assets resulting from capital share transactions | 2,260,437,702 | 1,883,822,281 | ||
Total increase in net assets | 2,259,859,041 | 1,883,838,333 | ||
Net assets | ||||
Beginning of period | 2,673,953,234 | 790,114,901 | ||
End of period | $ 4,933,812,275 | $ 2,673,953,234 |
Year ended January 31 | |||||
Class A | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Net investment income | 0.00 1 | 0.02 | 0.02 | 0.01 | 0.00 1 |
Net realized gains (losses) on investments | (0.00) 2 | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 |
Total from investment operations | 0.00 1 | 0.02 | 0.02 | 0.01 | 0.00 1 |
Distributions to shareholders from | |||||
Net investment income | (0.00) 1 | (0.02) | (0.02) | (0.01) | (0.00) 1 |
Net realized gains | (0.00) 1 | 0.00 | 0.00 | 0.00 | 0.00 |
Total distributions to shareholders | (0.00) 1 | (0.02) | (0.02) | (0.01) | (0.00) 1 |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total return | 0.27% | 1.76% | 1.61% | 0.64% | 0.05% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.68% | 0.70% | 0.76% | 0.85% | 0.83% |
Net expenses | 0.40% 3 | 0.60% | 0.62% | 0.65% | 0.55% |
Net investment income | 0.27% | 1.74% | 1.60% | 0.63% | 0.03% |
Supplemental data | |||||
Net assets, end of period (000s omitted) | $466,559 | $475,180 | $474,040 | $462,416 | $539,989 |
1 | Amount is less than $0.005. |
2 | Amount is more than $(0.005) |
3 | During the year ended January 31, 2021, class-level expenses were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would have been 0.18% higher. |
Year ended January 31 | |||||
Class C | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Net investment income | 0.00 1 | 0.01 | 0.01 | 0.00 1 | 0.00 1 |
Payment from affiliate | 0.00 1 | 0.00 | 0.00 | 0.00 | 0.00 |
Net realized gains (losses) on investments | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 |
Total from investment operations | 0.00 1 | 0.01 | 0.01 | 0.00 1 | 0.00 1 |
Distributions to shareholders from | |||||
Net investment income | (0.00) 1 | (0.01) | (0.01) | (0.00) 1 | (0.00) 1 |
Net realized gains | (0.00) 1 | 0.00 | 0.00 | 0.00 | 0.00 |
Total distributions to shareholders | (0.00) 1 | (0.01) | (0.01) | (0.00) 1 | (0.00) 1 |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total return | 0.08% 2 | 1.00% | 0.84% | 0.04% | 0.01% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.43% | 1.45% | 1.51% | 1.60% | 1.58% |
Net expenses | 0.59% 3 | 1.35% | 1.37% | 1.23% | 0.60% |
Net investment income | 0.07% | 1.03% | 0.87% | 0.03% | 0.01% |
Supplemental data | |||||
Net assets, end of period (000s omitted) | $2,855 | $3,153 | $8,229 | $7,763 | $13,293 |
1 | Amount is less than $0.005. |
2 | During the year ended January 31, 2021, the Fund received a payment from an affiliate which had a 0.04% impact on the total return. See Note 4 in the Notes to Financial Statements for additional information. |
3 | During the year ended January 31, 2021, class-level expenses were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would have been 0.76% higher. |
Year ended January 31 | |||||
Premier Class | 2021 | 2020 | 2019 | 2018 | 2017 1 |
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Net investment income | 0.01 | 0.02 | 0.02 | 0.01 | 0.00 2 |
Net realized gains (losses) on investments | (0.00) 3 | 0.00 2 | 0.00 2 | 0.00 2 | 0.00 2 |
Total from investment operations | 0.01 | 0.02 | 0.02 | 0.01 | 0.00 2 |
Distributions to shareholders from | |||||
Net investment income | (0.01) | (0.02) | (0.02) | (0.01) | (0.00) 2 |
Net realized gains | (0.00) 2 | 0.00 | 0.00 | 0.00 | 0.00 |
Total distributions to shareholders | (0.01) 2 | (0.02) | (0.02) | (0.01) | (0.00) 2 |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total return4 | 0.54% | 2.20% | 2.03% | 1.09% | 0.36% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.29% | 0.30% | 0.33% | 0.45% | 0.45% |
Net expenses | 0.13% 5 | 0.15% | 0.20% | 0.20% | 0.20% |
Net investment income | 0.41% | 1.99% | 2.26% | 1.08% | 0.43% |
Supplemental data | |||||
Net assets, end of period (000s omitted) | $4,452,436 | $2,183,582 | $295,962 | $101 | $100 |
1 | For the period from March 31, 2016 (commencement of class operations) to January 31, 2017 |
2 | Amount is less than $0.005. |
3 | Amount is more than $(0.005) |
4 | Returns for periods of less than one year are not annualized. |
5 | During the year ended January 31, 2021, class-level expenses were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would have been 0.07% higher. |
Year ended January 31 | |||||
Service Class | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Net investment income | 0.00 1 | 0.02 | 0.02 | 0.01 | 0.00 1 |
Net realized gains (losses) on investments | (0.00) 2 | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 |
Total from investment operations | 0.00 1 | 0.02 | 0.02 | 0.01 | 0.00 1 |
Distributions to shareholders from | |||||
Net investment income | (0.00) 1 | (0.02) | (0.02) | (0.01) | 0.00 1 |
Net realized gains | (0.00) 1 | 0.00 | 0.00 | 0.00 | 0.00 |
Total distributions to shareholders | (0.00) 1 | (0.02) | (0.02) | (0.01) | 0.00 1 |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total return | 0.31% | 1.86% | 1.72% | 0.79% | 0.11% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.58% | 0.60% | 0.66% | 0.74% | 0.72% |
Net expenses | 0.36% 3 | 0.50% | 0.50% | 0.50% | 0.50% |
Net investment income | 0.31% | 1.84% | 1.71% | 0.74% | 0.05% |
Supplemental data | |||||
Net assets, end of period (000s omitted) | $11,963 | $12,038 | $11,884 | $11,910 | $21,602 |
1 | Amount is less than $0.005. |
2 | Amount is more than $(0.005) |
3 | During the year ended January 31, 2021, class-level expenses were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would have been 0.12% higher. |
Paid-in capital | Total distributable earnings |
$(78,029) | $78,029 |
■ | 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: | ||||
Certificates of deposit | $0 | $ 907,000,000 | $0 | $ 907,000,000 |
Closed end municipal bond fund obligations | 0 | 56,000,000 | 0 | 56,000,000 |
Commercial paper | 0 | 2,942,048,771 | 0 | 2,942,048,771 |
Municipal obligations | 0 | 816,391,938 | 0 | 816,391,938 |
Other instruments | 0 | 33,379,375 | 0 | 33,379,375 |
Other notes | 0 | 27,000,000 | 0 | 27,000,000 |
Repurchase agreements | 0 | 181,275,000 | 0 | 181,275,000 |
Total assets | $0 | $4,963,095,084 | $0 | $4,963,095,084 |
Average daily net assets | Management fee |
First $5 billion | 0.200% |
Next $5 billion | 0.190 |
Over $10 billion | 0.180 |
Class-level administration fee | |
Class A | 0.22% |
Class C | 0.22 |
Premier Class | 0.08 |
Service Class | 0.12 |
Expense ratio caps | |
Class A | 0.60% |
Class C | 1.35 |
Premier Class | 0.20 |
Service Class | 0.50 |
Wells Fargo Funds Trust:
![](https://capedge.com/proxy/N-CSR/0001193125-21-106267/g112341img3980aaa86.jpg)
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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A306/AR306 01-21
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■ | Wells Fargo Municipal Cash Management Money Market 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
Jeffrey L. Weaver, CFA®‡
Expense ratios1 (%) | ||||||
Inception date | 1 year | 5 year | 10 year | Gross | Net 2 | |
Administrator Class(WUCXX)3 | 7-9-2010 | 0.33* | 0.79 | 0.41 | 0.43 | 0.30 |
Institutional Class (EMMXX) | 11-20-1996 | 0.38 | 0.88 | 0.46 | 0.31 | 0.20 |
Service Class (EISXX) | 11-25-1996 | 0.44 | 0.70 | 0.36 | 0.60 | 0.45 |
Administrator Class | Institutional Class | Service Class | |
7-day current yield | 0.01 | 0.01 | 0.01 |
7-day compound yield | 0.01 | 0.01 | 0.01 |
30-day simple yield | 0.01 | 0.01 | 0.01 |
30-day compound yield | 0.01 | 0.01 | 0.01 |
Revenue source as of January 31, 20214 |
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Effective maturity distribution as of January 31, 20214 |
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Weighted average maturity as of January 31, 20215 |
13 days |
Weighted average life as of January 31, 20216 |
14 days |
‡ | 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 May 31, 2021, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.30% for Administrator Class, 0.20% for Institutional Class, and 0.45% for Service Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense caps. The manager may also voluntarily waive or reimburse additional fees and expenses, and such voluntary waivers may be discontinued or modified at any time without notice. Without these reductions, the Fund’s seven-day current yield would have been -0.31%, -0.20%, and -0.49% for Administrator Class, Institutional Class, and Service Class. 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. 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 Administrator Class shares prior to their inception reflects the performance of the Institutional Class shares, and has not been adjusted to include the higher expenses applicable to the Administrator Class shares. If these expenses had been included, returns for the Administrator Class shares would be lower. |
4 | Figures represent the percentage of the Fund's total investments. These amounts are subject to change and may have changed since the date specified. |
5 | Weighted Average Maturity (WAM): WAM is an average of the effective maturities of all securities held in the portfolio, weighted by each security’s percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. WAM calculations allow for the maturities of certain securities with demand features or periodic interest rate resets to be shortened. WAM is a way to measure a fund’s sensitivity to potential interest rate changes. WAM is subject to change and may have changed since the date specified. |
6 | Weighted Average Life (WAL): WAL is an average of the final maturities of all securities held in the portfolio, weighted by their percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. In contrast to WAM, the calculation of WAL allows for the maturities of certain securities with demand features to be shortened, but not the periodic interest rate resets. WAL is a way to measure a fund’s potential sensitivity to credit spread changes. WAL is subject to change and may have changed since the date specified. |
7 | The Securities Industry and Financial Markets Association (SIFMA) Municipal Swap Index (SIFMA Index) is a seven-day high-grade market index composed of tax-exempt variable-rate demand obligations with certain characteristics. The index is calculated and published by Bloomberg. The index is overseen by SIFMA’s Municipal Swap Index Committee. You cannot invest directly in an index. |
8 | Variable Rate Demand Notes (VRDNs) are debt securities commonly held within the Wells Fargo Money Market Funds. Like all bonds, VRDN values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest rate changes can be sudden and unpredictable. In addition to credit and interest rate risk, VRDNs are subject to municipal securities risk. |
Beginning account value 8-1-2020 | Ending account value 1-31-2021 | Expenses paid during the period1 | Annualized net expense ratio | |
Administrator Class | ||||
Actual | $1,000.00 | $ 999.95 | $0.85 | 0.17% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,024.28 | $0.87 | 0.17% |
Institutional Class | ||||
Actual | $1,000.00 | $1,000.18 | $0.75 | 0.15% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,024.38 | $0.76 | 0.15% |
Service Class | ||||
Actual | $1,000.00 | $1,001.35 | $0.86 | 0.17% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,024.28 | $0.87 | 0.17% |
Principal | Value | ||||
Closed end municipal bond fund obligations: 1.83% | |||||
Nuveen AMT Free Municipal Credit Income Fund MuniFund Preferred Shares Series B (40 shares) 0.25% 144Aø | $ 4,000,000 | $ 4,000,000 | |||
Nuveen California AMT-Free Quality Municipal Income Fund MuniFund Preferred Shares Series A (30 shares) 0.22% 144Aø | 3,000,000 | 3,000,000 | |||
Total Closed end municipal bond fund obligations (Cost $7,000,000) | 7,000,000 |
Interest rate | Maturity date | ||||
Municipal obligations: 88.09% | |||||
Arizona: 1.95% | |||||
Variable rate demand notes ø: 1.95% | |||||
Maricopa County AZ IDA Solid Waste Disposal Series 2006 (Resource recovery revenue, Farm Credit Services America LOC) | 0.10% | 8-1-2026 | 2,500,000 | 2,500,000 | |
Pinal County AZ IDA Shamrock Farms Project (Resource recovery revenue, Farm Credit Services America LOC) | 0.13 | 8-1-2022 | 3,700,000 | 3,700,000 | |
Pinal County AZ IDA Solid Waste Disposal Feenstra Investments LLC Project Series 2002 (Resource recovery revenue, Farm Credit Services America LOC) | 0.13 | 8-1-2027 | 1,250,000 | 1,250,000 | |
7,450,000 | |||||
California: 5.94% | |||||
Other municipal debt : 0.66% | |||||
Los Angeles CA Department of Airports Series A-3 (Airport revenue) | 0.12 | 5-5-2021 | 1,000,000 | 1,000,053 | |
Los Angeles CA Tax & Revenue Anticipation Notes (GO revenue) | 4.00 | 6-24-2021 | 500,000 | 507,803 | |
Los Angeles CA Tax & Revenue Anticipation Notes Series A (GO revenue) | 4.00 | 6-30-2021 | 500,000 | 508,067 | |
Napa Valley CA Unified School District Tax & Revenue Anticipation Notes (GO revenue) | 4.00 | 2-26-2021 | 500,000 | 501,338 | |
2,517,261 | |||||
Variable rate demand notes ø: 5.28% | |||||
California CDA Penny Lane Center Project (Health revenue, U.S. Bank NA LOC) | 0.02 | 9-1-2038 | 5,400,000 | 5,400,000 | |
California Series A (GO revenue, State Street Bank & Trust Company LOC) | 0.01 | 5-1-2048 | 10,000,000 | 10,000,000 | |
Mizuho Tender Option Bond Trust Receipts/Floater Certificates Series 2020-MIZ9012 (Housing revenue, Mizuho Capital Markets LLC LIQ) 144A | 0.24 | 10-1-2036 | 4,485,000 | 4,485,000 | |
Modesto CA MFHR Live Oak Apartments Project (Tax revenue, FNMA Insured, FNMA LIQ) | 0.15 | 9-15-2024 | 350,000 | 350,000 | |
20,235,000 |
Interest rate | Maturity date | Principal | Value | ||
Colorado: 2.13% | |||||
Other municipal debt : 0.40% | |||||
Colorado Education Loan Program Series 2020B (Miscellaneous revenue) | 4.00% | 6-29-2021 | $ 1,000,000 | $ 1,016,151 | |
Colorado General Fund Tax & Revenue Anticipation Notes (GO revenue) | 4.00 | 6-25-2021 | 500,000 | 507,857 | |
1,524,008 | |||||
Variable rate demand notes ø: 1.73% | |||||
Colorado Health Facilities Authority Revenue Children's Hospital Series 2020A (Health revenue, TD Bank NA LOC) | 0.01 | 12-1-2052 | 5,500,000 | 5,500,000 | |
Colorado Springs CO Utilities System Improvement Bonds Series 2008A (Utilities revenue, U.S. Bank NA SPA) | 0.05 | 11-1-2038 | 1,135,000 | 1,135,000 | |
6,635,000 | |||||
Connecticut: 0.79% | |||||
Other municipal debt : 0.79% | |||||
New London CT BAN (GO revenue) | 1.50 | 3-18-2021 | 3,000,000 | 3,004,928 | |
District of Columbia: 1.04% | |||||
Variable rate demand notes ø: 1.04% | |||||
District of Columbia Tender Option Bond Trust Receipts/Floater Certificates Series 2018-XF0621 (Water & sewer revenue, Royal Bank of Canada LIQ) 144A | 0.07 | 4-1-2026 | 4,000,000 | 4,000,000 | |
Florida: 6.33% | |||||
Other municipal debt : 0.39% | |||||
Florida Local Government Finance Commission Pooled Loan Program Series A-1 (Miscellaneous revenue) | 0.12 | 3-1-2021 | 1,000,000 | 1,000,051 | |
Miami-Dade County FL School District Tax Anticipation Note (GO revenue) | 2.00 | 2-25-2021 | 500,000 | 500,643 | |
1,500,694 | |||||
Variable rate demand notes ø: 5.94% | |||||
Florida Tender Option Bond Trust Receipts/Floater Certificates Series 2017-TX1073 (Housing revenue, GNMA/FNMA/FHLMC Insured, Barclays Bank plc LIQ) 144A | 0.09 | 7-1-2037 | 6,735,000 | 6,735,000 | |
Florida Tender Option Bond Trust Receipts/Floater Certificates Series 2018-XG0173 (Health revenue, Credit Suisse LIQ) 144A | 0.10 | 10-1-2025 | 10,000,000 | 10,000,000 | |
Highlands County FL Health Facilities Authority Adventist Health System Series I5 (Health revenue) | 0.04 | 11-15-2035 | 1,000,000 | 1,000,000 | |
St. Lucie County FL Power & Light Company (Industrial development revenue) | 0.02 | 9-1-2028 | 5,000,000 | 5,000,000 | |
22,735,000 | |||||
Idaho: 0.18% | |||||
Other municipal debt : 0.13% | |||||
Idaho Health Facilities Authority Hospital Trinity Health Credit Group Series D (Health revenue) | 0.22 | 12-1-2048 | 500,000 | 500,025 |
Interest rate | Maturity date | Principal | Value | ||
Variable rate demand notes ø: 0.05% | |||||
Idaho Health Facilities Authority Revenue Bonds St. Luke's Health System Project Series 2018C (Health revenue, U.S. Bank NA LOC) | 0.01% | 3-1-2048 | $ 200,000 | $ 200,000 | |
Illinois: 9.04% | |||||
Variable rate demand notes ø: 9.04% | |||||
Chicago IL Enterprise Zone Gardner Gibson Project (Industrial development revenue, BMO Harris Bank NA LOC) | 0.12 | 7-1-2033 | 1,780,000 | 1,780,000 | |
Illinois Development Finance Authority Lyric Opera Chicago Project (Miscellaneous revenue, Northern Trust Company LOC) | 0.05 | 12-1-2028 | 9,000,000 | 9,000,000 | |
Illinois Finance Authority Bradley University Series B (Education revenue, PNC Bank NA LOC) | 0.05 | 4-1-2038 | 5,000,000 | 5,000,000 | |
Illinois Tender Option Bond Trust Receipts/Floater Certificates Series 2019-XF0779 (Tax revenue, BAM Insured, TD Bank NA LIQ) 144A | 0.09 | 1-1-2048 | 10,000,000 | 10,000,000 | |
Lake County IL Multi-Family Housing (Housing revenue, FHLMC LIQ) | 0.16 | 11-1-2034 | 4,515,000 | 4,515,000 | |
Peoria County IL Caterpillar Incorporated Project (Industrial development revenue) | 0.24 | 2-1-2030 | 4,300,000 | 4,300,000 | |
34,595,000 | |||||
Indiana: 6.71% | |||||
Other municipal debt : 0.13% | |||||
Indiana Bond Bank Advanced Funding Program Notes Series A (Miscellaneous revenue) | 2.00 | 1-10-2022 | 500,000 | 508,620 | |
Variable rate demand notes ø: 6.58% | |||||
Indiana Certificate of Participation Clipper Tax-Exempt Certificate Trust Series 2009-34 (Tax revenue, State Street Bank & Trust Company LIQ) | 0.08 | 7-1-2023 | 9,380,000 | 9,380,000 | |
Indiana Finance Authority Duke Energy Indiana Incorporated Series 2009A-4 (Industrial development revenue, Sumitomo Mitsui Banking Corporation LOC) | 0.04 | 12-1-2039 | 11,500,000 | 11,500,000 | |
Jeffersonville IN Economic Development Eagle Steel Products Incorporated Project (Industrial development revenue, Bank of America NA LOC) | 0.14 | 12-1-2027 | 2,280,000 | 2,280,000 | |
Noblesville IN Greystone Apartments Project Series B (Housing revenue, FHLB LOC) | 0.11 | 3-1-2041 | 1,325,000 | 1,325,000 | |
St. Joseph County IN Midcorr Land Development LLC Project (Industrial development revenue, PNC Bank NA LOC) | 0.08 | 10-1-2023 | 690,000 | 690,000 | |
25,175,000 | |||||
Iowa: 1.59% | |||||
Variable rate demand notes ø: 1.59% | |||||
Iowa Finance Authority John Maassen & Sons Project (Industrial development revenue, Farm Credit Services America LOC) | 0.12 | 11-1-2035 | 2,075,000 | 2,075,000 |
Interest rate | Maturity date | Principal | Value | ||
Variable rate demand notes ø(continued) | |||||
Iowa Finance Authority Midwestern EDA CJ Bio-America Incorporated Project (Industrial development revenue, Korea Development Bank LOC) | 0.14% | 4-1-2022 | $ 1,000,000 | $ 1,000,000 | |
Iowa Finance Authority Program Series E (Housing revenue, GNMA/FNMA/FHLMC Insured, TD Bank NA SPA) | 0.04 | 7-1-2049 | 3,000,000 | 3,000,000 | |
6,075,000 | |||||
Kentucky: 0.14% | |||||
Variable rate demand notes ø: 0.14% | |||||
Jefferson County KY Industrial Building Dant Growth LLC Project Series 2002 (Industrial development revenue, Stock Yards Bank & Trust LOC) | 0.08 | 9-1-2022 | 550,000 | 550,000 | |
Louisiana: 1.04% | |||||
Variable rate demand notes ø: 1.04% | |||||
Louisiana Local Government Environmental Facilities CDA Honeywell International Incorporated Project (Industrial development revenue) | 0.24 | 12-1-2036 | 4,000,000 | 4,000,000 | |
Massachusetts: 1.37% | |||||
Other municipal debt : 0.13% | |||||
Massachusetts Tax Anticipation Notes Series A (Tax revenue) | 2.00 | 4-21-2021 | 500,000 | 502,099 | |
Variable rate demand notes ø: 1.24% | |||||
Massachusetts Tender Option Bond Trust Receipts/Floater Certificates Series 2018-XF2655 (Health revenue, Bank of America NA LIQ) 144A | 0.06 | 7-1-2024 | 4,740,000 | 4,740,000 | |
Michigan: 1.14% | |||||
Other municipal debt : 0.14% | |||||
Michigan Finance Authority State Aid Series A-2 (Miscellaneous revenue, JPMorgan Chase & Company LOC) | 4.00 | 8-20-2021 | 500,000 | 510,717 | |
Variable rate demand notes ø: 1.00% | |||||
Michigan Tender Option Bond Trust Receipts/Certificates Series 2018-ZM0614 (Education revenue, Morgan Stanley Bank LIQ) 144A | 0.19 | 11-1-2028 | 3,835,000 | 3,835,000 | |
Minnesota: 3.88% | |||||
Variable rate demand notes ø: 3.88% | |||||
Forest Lake MN Kilkenny Court Apartments Project Series 2008 (Housing revenue, FNMA LOC, FNMA LIQ) | 0.13 | 8-15-2038 | 720,000 | 720,000 | |
JPMorgan Chase Puttable Tax-Exempt Receipts Trust Series 5027 (GO revenue, JPMorgan Chase & Company LIQ) 144A | 0.22 | 6-1-2021 | 10,000,000 | 10,000,000 | |
Minnesota Tender Option Bond Trust Receipts/Certificates Series 2018-XF2760 (Education revenue, Morgan Stanley Bank LIQ) 144A | 0.24 | 11-1-2037 | 4,140,000 | 4,140,000 | |
14,860,000 |
Interest rate | Maturity date | Principal | Value | ||
Missouri: 0.18% | |||||
Variable rate demand notes ø: 0.18% | |||||
St. Charles County MO IDA Kuenz Heating & Sheet Metal Series 2001 (Industrial development revenue, U.S. Bank NA LOC) | 0.27% | 4-1-2026 | $ 690,000 | $ 690,000 | |
New Hampshire: 1.31% | |||||
Variable rate demand notes ø: 1.31% | |||||
New Hampshire Finance Authority Lonza Biologics Incorporated (Industrial development revenue, Landesbank Hessen-Thüringen LOC) | 0.09 | 9-1-2030 | 5,000,000 | 5,000,000 | |
New Jersey: 2.09% | |||||
Variable rate demand notes ø: 2.09% | |||||
New Jersey Tender Option Bond Trust Receipts/Floater Certificates Series 2016-XM0226 (Miscellaneous revenue, BHAC/National Insured, Bank of America NA LIQ) 144A | 0.08 | 7-1-2026 | 5,000,000 | 5,000,000 | |
New Jersey Tender Option Bond Trust Receipts/Floater Certificates Series 2020-ZF1206 (Transportation revenue, BAM Insured, JPMorgan Chase & Company LIQ) 144A | 0.07 | 11-1-2028 | 3,000,000 | 3,000,000 | |
8,000,000 | |||||
New York: 14.66% | |||||
Other municipal debt : 2.24% | |||||
Erie County NY Revenue Anticipation Notes (GO revenue) | 3.00 | 6-24-2021 | 500,000 | 505,294 | |
New York Dormitory Authority Personal Income Tax Revenue Series B (Tax revenue) | 5.00 | 3-31-2021 | 1,000,000 | 1,008,180 | |
Westchester County NY Tax Anticipation Notes Series A (GO revenue) | 1.00 | 5-26-2021 | 2,000,000 | 2,005,747 | |
Westchester County NY Tax Anticipation Notes Series B (GO revenue) | 2.00 | 10-18-2021 | 5,000,000 | 5,066,692 | |
8,585,913 | |||||
Variable rate demand notes ø: 12.42% | |||||
New York Dormitory Authority Catholic Health Systems Obligated Group Revenue Bond Series 2019B (Health revenue, Manufacturers & Traders LOC) | 0.09 | 7-1-2048 | 9,925,000 | 9,925,000 | |
New York Metropolitan Transportation Authority Revenue Bond Subordinate Series 2012A-2 (Transportation revenue, Bank of Montreal LOC) | 0.06 | 11-15-2041 | 10,000,000 | 10,000,000 | |
New York NY Subordinated Bond (Health revenue, TD Bank NA LOC) | 0.04 | 2-15-2031 | 2,000,000 | 2,000,000 | |
New York NY Subordinated Bond Series G6 (GO revenue, Mizuho Bank Limited LOC) | 0.01 | 4-1-2042 | 9,700,000 | 9,700,000 | |
New York NY Suboridnated Bond Series F5 (GO revenue, Barclays Bank plc SPA) | 0.01 | 6-1-2044 | 5,500,000 | 5,500,000 | |
New York NY Transitional Finance Authority Future Tax Secured Tax-Exempt Bond Fiscal 2015 Subordinate Bonds Series A-3 (Tax revenue, Mizuho Bank Limited SPA) | 0.01 | 8-1-2043 | 4,890,000 | 4,890,000 | |
New York NY Trust Series 2014 B2 (Miscellaneous revenue) | 0.22 | 4-1-2044 | 500,000 | 500,000 |
Interest rate | Maturity date | Principal | Value | ||
Variable rate demand notes ø(continued) | |||||
Tender Option Bond Trust Receipts/Floater Certificates (Airport revenue, Royal Bank of Canada LOC, Royal Bank of Canada LIQ) 144A | 0.06% | 7-15-2028 | $ 2,500,000 | $ 2,500,000 | |
Triborough NY Bridge & Tunnel Authority Subordinated Bond series B2 (Transportation revenue, State Street Bank & Trust Company LOC) | 0.05 | 1-1-2032 | 2,500,000 | 2,500,000 | |
47,515,000 | |||||
North Carolina: 4.64% | |||||
Variable rate demand notes ø: 4.64% | |||||
Charlotte Mecklenburg Hospital Authority Atrium Health Series H (Health revenue, JPMorgan Chase & Company SPA) | 0.01 | 1-15-2048 | 1,970,000 | 1,970,000 | |
North Carolina Educational Facilities Duke University Project Series A (Education revenue) | 0.02 | 6-1-2027 | 7,040,000 | 7,040,000 | |
North Carolina Tender Option Bond Trust Receipts/Floater Certificates Series 2017-ZF2490 (Airport revenue, Barclays Bank plc LIQ) 144A | 0.07 | 7-1-2042 | 7,500,000 | 7,500,000 | |
Rockingham County NC Industrial Facilities & PCFA Innofa USA Project Series 2007 (Industrial development revenue, Truist Bank LOC) | 0.17 | 1-1-2027 | 1,250,000 | 1,250,000 | |
17,760,000 | |||||
Ohio: 0.47% | |||||
Variable rate demand notes ø: 0.47% | |||||
Franklin County OH Trinity Health Group (Health revenue) | 0.22 | 12-1-2046 | 1,350,000 | 1,350,068 | |
Ohio Tender Option Bond Trust Receipts/Floater Certificates Series 2020-XX1133 (Health revenue, Barclays Bank plc LOC, Barclays Bank plc LIQ) 144A | 0.08 | 11-15-2042 | 465,000 | 465,000 | |
1,815,068 | |||||
Oregon: 0.78% | |||||
Variable rate demand notes ø: 0.78% | |||||
Oregon Tender Option Bond Trust Receipts/Floater Certificates Series 2020-XM0814 (Education revenue, Royal Bank of Canada LIQ) 144A | 0.07 | 1-1-2028 | 2,700,000 | 2,700,000 | |
Portland OR Portland International Airport Series 18-A (Airport revenue, Bank of China LOC) | 0.08 | 7-1-2026 | 300,000 | 300,000 | |
3,000,000 | |||||
Pennsylvania: 4.47% | |||||
Other municipal debt : 0.13% | |||||
Philadelphia PA School District AMT Series A (Tax revenue) | 4.00 | 6-30-2021 | 500,000 | 508,088 | |
Variable rate demand notes ø: 4.34% | |||||
Bucks County PA IDA Grand View Hospital Series A (Health revenue, TD Bank NA LOC) | 0.04 | 7-1-2034 | 6,155,000 | 6,155,000 | |
Butler County PA General Authority Hampton Township School District Project Series 2007 (Miscellaneous revenue, AGM Insured, PNC Bank NA SPA) | 0.09 | 9-1-2027 | 1,000,000 | 1,000,000 |
Interest rate | Maturity date | Principal | Value | ||
Variable rate demand notes ø(continued) | |||||
Mizuho Floater/Residual Trust Tender Option Bond (Housing revenue, Mizuho Capital Markets LLC LOC, Mizuho Capital Markets LLC LIQ) 144A | 0.34% | 11-1-2034 | $ 530,000 | $ 530,000 | |
Pennsylvania EDFA Series D-7 (Industrial development revenue, PNC Bank NA LOC) | 0.08 | 8-1-2022 | 300,000 | 300,000 | |
Philadelphia PA Refunding Bond Series B (GO revenue, Barclays Bank plc LOC) | 0.03 | 8-1-2031 | 6,000,000 | 6,000,000 | |
Westmoreland County PA Municipal Authority Service Series 2016 Tender Option Bond Trust Receipts/Floater Certificates Series 2017-ZF0539 (Water & sewer revenue, BAM Insured, TD Bank NA LIQ) 144A | 0.19 | 8-15-2038 | 2,615,000 | 2,615,000 | |
16,600,000 | |||||
South Carolina: 0.16% | |||||
Other municipal debt : 0.16% | |||||
South Carolina Public Service Authority Tax Exempt Notes Series A (Tax revenue) | 0.13 | 3-4-2021 | 600,000 | 600,011 | |
Tennessee: 4.18% | |||||
Variable rate demand notes ø: 4.18% | |||||
Sevier County TN Public Building Authority Local Government Public Improvement Series V1-K1 (Miscellaneous revenue, U.S. Bank NA SPA) | 0.01 | 6-1-2034 | 11,000,000 | 11,000,000 | |
Shelby County TN Health Educational & Housing Facilities Board Methodist Le Bonheur Series B (Health revenue, AGM Insured, U.S. Bank NA SPA) | 0.01 | 6-1-2042 | 5,000,000 | 5,000,000 | |
16,000,000 | |||||
Texas: 4.44% | |||||
Other municipal debt : 1.98% | |||||
Texas Tax Anticipation Notes (GO revenue) | 4.00 | 8-26-2021 | 500,000 | 511,156 | |
University of Texas Series A (Education revenue) | 0.08 | 2-19-2021 | 2,000,000 | 2,000,035 | |
University of Texas Series A (Education revenue) | 0.12 | 3-1-2021 | 5,050,000 | 5,050,300 | |
7,561,491 | |||||
Variable rate demand notes ø: 2.46% | |||||
Dallam County TX Industrial Development Corporation Dalhart Jersey Ranch Incorporated Series 2008 (Resource recovery revenue) | 0.12 | 8-1-2039 | 940,000 | 940,000 | |
Mizuho Floater/Residual Trust Tender Option Bond Series 2019-MIZ9010 (Housing revenue, Mizuho Capital Markets LLC LOC, Mizuho Capital Markets LLC LIQ) 144A | 0.24 | 4-1-2034 | 3,000,000 | 3,000,000 | |
Port Arthur TX Navigation District Jefferson County Total Petrochemicals USA Incorporated Project Series 2003-C (Industrial development revenue) | 0.11 | 4-1-2027 | 3,000,000 | 3,000,000 | |
Texas A&M University Series B (Education revenue) | 0.20 | 3-3-2021 | 1,000,000 | 1,000,090 | |
Texas Veterans Bond (GO revenue, FHLB SPA) | 0.07 | 12-1-2051 | 1,000,000 | 1,000,000 | |
Texas Veterans Bond Series B (GO revenue, FHLB SPA) | 0.04 | 6-1-2046 | 490,000 | 490,000 | |
9,430,090 |
Interest rate | Maturity date | Principal | Value | ||
Virginia: 1.46% | |||||
Variable rate demand notes ø: 1.46% | |||||
Chesterfield County VA IDA Super Radiator Coils Project Series A (Industrial development revenue, BMO Harris Bank NA LOC) | 0.12% | 4-1-2026 | $ 550,000 | $ 550,000 | |
Mizuho Floater/Residual Trust Tender Option Bond Series 2020-MIZ9025 (Health revenue, Mizuho Capital Markets LLC LOC, Mizuho Capital Markets LLC LIQ) 144A | 0.12 | 11-1-2035 | 3,000,000 | 3,000,000 | |
Virginia MFHR Series M-031 Class A (Housing revenue, FHLMC LIQ) 144A | 0.07 | 12-15-2045 | 2,040,000 | 2,040,000 | |
5,590,000 | |||||
Washington: 2.19% | |||||
Variable rate demand notes ø: 2.19% | |||||
Eclipse Funding Trust (Water & sewer revenue, U.S. Bank NA LIQ) 144A | 0.04 | 7-1-2042 | 4,465,000 | 4,465,000 | |
Washington Finance Authority Smith Brothers Farms Incorporated Series 2001 (Industrial development revenue, Northwest Farm Credit LOC) | 0.12 | 9-1-2021 | 875,000 | 875,000 | |
Washington Tender Option Bond Trust Receipts/Floater Certificates Series 2016-XM0424 (Health revenue, JPMorgan Chase & Company LIQ) 144A | 0.14 | 2-1-2021 | 2,815,000 | 2,815,000 | |
Yakima County WA Solid Waste Disposal George Deruyter & Son Project Series 2006 (Resource recovery revenue, Northwest Farm Credit LOC) | 0.12 | 8-1-2026 | 210,000 | 210,000 | |
8,365,000 | |||||
Wisconsin: 3.79% | |||||
Variable rate demand notes ø: 3.79% | |||||
University of Wisconsin Hospitals and Clinics Authority Revenue Various Refunding Bond Series C (Health revenue, BMO Harris Bank NA SPA) | 0.01 | 4-1-2048 | 5,500,000 | 5,500,000 | |
Wisconsin Tender Option Bond Trust Receipts/Floater Certificates Series 2019-XF2823 (Housing revenue, Mizuho Capital Markets LLC LOC, Mizuho Capital Markets LLC LIQ) 144A | 0.24 | 1-1-2026 | 9,000,000 | 9,000,000 | |
14,500,000 | |||||
Total Municipal obligations (Cost $337,165,548) | 337,174,013 | ||||
Repurchase agreements^^: 10.27% | |||||
MUFG Securities Canada Limited, dated 1-29-2021, maturity value $39,300,131 | 0.04 | 2-1-2021 | 39,300,000 | 39,300,000 | |
Total Repurchase agreements (Cost $39,300,000) | 39,300,000 | ||||
Total investments in securities (Cost $383,465,548) | 100.19% | 383,474,013 | |||
Other assets and liabilities, net | (0.19) | (718,708) | |||
Total net assets | 100.00% | $382,755,305 |
144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933. |
ø | Variable rate demand notes are subject to a demand feature which reduces the effective maturity. The maturity date shown represents the final maturity date of the security. The interest rate is determined and reset by the issuer daily, weekly, or monthly depending upon the terms of the security. The rate shown is the rate in effect at period end. |
^^ | Collateralized by U.S. government securities, 0.25% to 6.38%, 1-31-2023 to 2-15-2050, fair value including accrued interest is $40,086,002. |
Abbreviations: | |
AGM | Assured Guaranty Municipal |
AMT | Alternative minimum tax |
BAM | Build America Mutual Assurance Company |
BAN | Bond anticipation notes |
CDA | Community Development Authority |
EDA | Economic Development Authority |
EDFA | Economic Development Finance Authority |
FHLB | Federal Home Loan Bank |
FHLMC | Federal Home Loan Mortgage Corporation |
FNMA | Federal National Mortgage Association |
GO | General obligation |
IDA | Industrial Development Authority |
LIQ | Liquidity agreement |
LOC | Letter of credit |
MFHR | Multifamily housing revenue |
PCFA | Pollution Control Financing Authority |
SPA | Standby purchase agreement |
Assets | |
Investments in unaffiliated securities, at value (cost $344,165,548) | $ 344,174,013 |
Investments in repurchase agreements, at value (cost $39,300,000) | 39,300,000 |
Cash | 320,537 |
Receivable for investments sold | 628,000 |
Receivable for interest | 219,479 |
Receivable from manager | 20,712 |
Prepaid expenses and other assets | 26,095 |
Total assets | 384,688,836 |
Liabilities | |
Payable for investments purchased | 1,850,000 |
Administration fees payable | 24,492 |
Trustees’ fees and expenses payable | 1,707 |
Payable for Fund shares redeemed | 50 |
Dividends payable | 40 |
Accrued expenses and other liabilities | 57,242 |
Total liabilities | 1,933,531 |
Total net assets | $382,755,305 |
Net assets consist of | |
Paid-in capital | $ 382,784,208 |
Total distributable loss | (28,903) |
Total net assets | $382,755,305 |
Computation of net asset value per share | |
Net assets – Administrator Class | $ 1,276,880 |
Shares outstanding – Administrator Class1 | 1,276,427 |
Net asset value per share – Administrator Class | $1.0004 |
Net assets – Institutional Class | $ 363,005,972 |
Shares outstanding – Institutional Class1 | 362,899,831 |
Net asset value per share – Institutional Class | $1.0003 |
Net assets – Service Class | $ 18,472,453 |
Shares outstanding – Service Class1 | 18,442,772 |
Net asset value per share – Service Class | $1.0016 |
1 | The Fund has an unlimited number of authorized shares. |
Investment income | |
Interest | $1,356,671 |
Expenses | |
Management fee | 348,407 |
Administration fees | |
Administrator Class | 1,416 |
Institutional Class | 170,558 |
Service Class | 21,190 |
Shareholder servicing fees | |
Administrator Class | 1,410 |
Service Class | 44,145 |
Custody and accounting fees | 53,038 |
Professional fees | 41,932 |
Registration fees | 41,847 |
Shareholder report expenses | 25,013 |
Trustees’ fees and expenses | 19,822 |
Other fees and expenses | 38,474 |
Total expenses | 807,252 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (294,456) |
Administrator Class | (1,424) |
Institutional Class | (42,874) |
Service Class | (42,614) |
Net expenses | 425,884 |
Net investment income | 930,787 |
Payment from affiliate | 23,941 |
Realized and unrealized gains (losses) on investments | |
Net realized gains on investments | 13,933 |
Net change in unrealized gains (losses) on investments | 7,474 |
Net realized and unrealized gains (losses) on investments | 21,407 |
Net increase in net assets resulting from operations | 976,135 |
Year ended January 31, 2021 | Year ended January 31, 2020 | |||
Operations | ||||
Net investment income | $ 930,787 | $ 3,789,568 | ||
Payment from affiliate | 23,941 | 0 | ||
Net realized gains on investments | 13,933 | 71,923 | ||
Net change in unrealized gains (losses) on investments | 7,474 | 991 | ||
Net increase in net assets resulting from operations | 976,135 | 3,862,482 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Administrator Class | (6,478) | (77,076) | ||
Institutional Class | (876,650) | (3,595,687) | ||
Service Class | (48,046) | (190,180) | ||
Total distributions to shareholders | (931,174) | (3,682,943) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Administrator Class | 72,277 | 72,278 | 1,285,229 | 1,286,000 |
Institutional Class | 5,084,691,969 | 5,085,947,624 | 4,876,264,698 | 4,879,042,051 |
Service Class | 5,008,803 | 5,011,070 | 8,258,192 | 8,262,648 |
5,091,030,972 | 4,888,590,699 | |||
Reinvestment of distributions | ||||
Administrator Class | 6,231 | 6,233 | 74,357 | 74,399 |
Institutional Class | 877,979 | 878,148 | 3,580,990 | 3,583,043 |
Service Class | 36,323 | 36,333 | 138,321 | 138,396 |
920,714 | 3,795,838 | |||
Payment for shares redeemed | ||||
Administrator Class | (1,039,021) | (1,039,036) | (5,433,717) | (5,436,590) |
Institutional Class | (4,946,833,721) | (4,948,088,247) | (4,821,641,033) | (4,824,401,081) |
Service Class | (1,851,875) | (1,853,409) | (12,141,730) | (12,147,898) |
(4,950,980,692) | (4,841,985,569) | |||
Net increase in net assets resulting from capital share transactions | 140,970,994 | 50,400,968 | ||
Total increase in net assets | 141,015,955 | 50,400,507 | ||
Net assets | ||||
Beginning of period | 241,739,350 | 191,338,843 | ||
End of period | $ 382,755,305 | $ 241,739,350 |
Year ended January 31 | |||||
Administrator Class | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $1.0004 | $1.0003 | $1.0010 | $1.0005 | $1.0000 |
Net investment income | 0.0033 | 0.0124 | 0.0125 | 0.0069 | 0.0031 |
Net realized and unrealized gains (losses) on investments | 0.0001 | 0.0005 | (0.0001) | 0.0005 | 0.0008 |
Total from investment operations | 0.0034 | 0.0129 | 0.0124 | 0.0074 | 0.0039 |
Distributions to shareholders from | |||||
Net investment income | (0.0034) | (0.0125) | (0.0124) | (0.0069) | (0.0030) |
Net realized gains | (0.0000) 1 | (0.0003) | (0.0007) | (0.0000) 1 | (0.0004) |
Total distributions to shareholders | (0.0034) | (0.0128) | (0.0131) | (0.0069) | (0.0034) |
Net asset value, end of period | $1.0004 | $1.0004 | $1.0003 | $1.0010 | $1.0005 |
Total return | 0.34% | 1.29% | 1.25% | 0.74% | 0.35% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.45% | 0.43% | 0.44% | 0.41% | 0.39% |
Net expenses | 0.23% 2 | 0.30% | 0.30% | 0.30% | 0.27% |
Net investment income | 0.46% | 1.28% | 1.25% | 0.68% | 0.29% |
Supplemental data | |||||
Net assets, end of period (000s omitted) | $1,277 | $2,238 | $6,313 | $3,247 | $3,223 |
1 | Amount is less than $0.00005. |
2 | During the year ended January 31, 2021, class-level expenses were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would have been 0.06% higher. |
Year ended January 31 | |||||
Institutional Class | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $1.0004 | $1.0004 | $1.0011 | $1.0005 | $1.0000 |
Net investment income | 0.0040 | 0.0137 | 0.0133 1 | 0.0080 | 0.0035 |
Net realized and unrealized gains (losses) on investments | (0.0003) | 0.0001 | 0.0001 | 0.0005 | 0.0012 |
Total from investment operations | 0.0037 | 0.0138 | 0.0134 | 0.0085 | 0.0047 |
Distributions to shareholders from | |||||
Net investment income | (0.0038) | (0.0135) | (0.0134) | (0.0079) | (0.0038) |
Net realized gains | (0.0000) 2 | (0.0003) | (0.0007) | (0.0000) 2 | (0.0004) |
Total distributions to shareholders | (0.0038) | (0.0138) | (0.0141) | (0.0079) | (0.0042) |
Net asset value, end of period | $1.0003 | $1.0004 | $1.0004 | $1.0011 | $1.0005 |
Total return | 0.38% | 1.38% | 1.35% | 0.85% | 0.44% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.32% | 0.31% | 0.31% | 0.29% | 0.26% |
Net expenses | 0.18% 3 | 0.20% | 0.20% | 0.20% | 0.18% |
Net investment income | 0.41% | 1.34% | 1.32% | 0.79% | 0.27% |
Supplemental data | |||||
Net assets, end of period (000s omitted) | $363,006 | $224,247 | $166,024 | $336,215 | $262,511 |
1 | Calculated based upon average shares outstanding |
2 | Amount is less than $0.00005. |
3 | During the year ended January 31, 2021, class-level expenses were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would have been 0.02% higher. |
Year ended January 31 | |||||
Service Class | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $1.0003 | $1.0004 | $1.0010 | $1.0005 | $1.0000 |
Net investment income | 0.0024 | 0.0110 1 | 0.0109 1 | 0.0059 | 0.0037 |
Payment from affiliate | 0.0013 | 0.0000 | 0.0000 | 0.0000 | 0.0000 |
Net realized and unrealized gains (losses) on investments | 0.0006 | 0.0002 | 0.0001 | 0.0000 | (0.0010) |
Total from investment operations | 0.0043 | 0.0112 | 0.0110 | 0.0059 | 0.0027 |
Distributions to shareholders from | |||||
Net investment income | (0.0030) | (0.0110) | (0.0109) | (0.0054) | (0.0018) |
Net realized gains | (0.0000) 2 | (0.0003) | (0.0007) | (0.0000) 2 | (0.0004) |
Total distributions to shareholders | (0.0030) | (0.0113) | (0.0116) | (0.0054) | (0.0022) |
Net asset value, end of period | $1.0016 | $1.0003 | $1.0004 | $1.0010 | $1.0005 |
Total return | 0.44% 3 | 1.12% | 1.11% | 0.59% | 0.23% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.62% | 0.60% | 0.61% | 0.58% | 0.49% |
Net expenses | 0.26% 4 | 0.45% | 0.45% | 0.45% | 0.35% |
Net investment income | 0.27% | 1.09% | 1.09% | 0.53% | 0.09% |
Supplemental data | |||||
Net assets, end of period (000s omitted) | $18,472 | $15,255 | $19,001 | $19,355 | $23,962 |
1 | Calculated based upon average shares outstanding |
2 | Amount is less than $0.00005. |
3 | During the year ended January 31, 2021, the Fund received a payment from an affiliate which had a 0.13% impact on the total return. See Note 4 in the Notes to Financial Statements for additional information. |
4 | During the year ended January 31, 2021, class-level expenses were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would have been 0.19% higher. |
Gross unrealized gains | $8,465 |
Gross unrealized losses | 0 |
Net unrealized gains | $8,465 |
■ | 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: | ||||
Closed end municipal bond fund obligations | $0 | $ 7,000,000 | $0 | $ 7,000,000 |
Municipal obligations | 0 | 337,174,013 | 0 | 337,174,013 |
Repurchase agreements | 0 | 39,300,000 | 0 | 39,300,000 |
Total assets | $0 | $383,474,013 | $0 | $383,474,013 |
Average daily net assets | Management fee |
First $5 billion | 0.150% |
Next $5 billion | 0.140 |
Over $10 billion | 0.130 |
Class-level administration fee | |
Administrator Class | 0.10% |
Institutional Class | 0.08 |
Service Class | 0.12 |
Expense ratio caps | |
Administrator Class | 0.30% |
Institutional Class | 0.20 |
Service Class | 0.45 |
Year ended January 31 | ||
2021 | 2020 | |
Ordinary income | $ 32,248 | $ 539,047 |
Tax-exempt income | 898,926 | 3,323,896 |
Undistributed ordinary income | Undistributed tax-exempt income | Unrealized gains |
$13,862 | $57,155 | $8,465 |
Wells Fargo Funds Trust:
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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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A307/AR307 01-21
![](https://capedge.com/proxy/N-CSR/0001193125-21-106267/g252525imgb6847afd1.jpg)
■ | Wells Fargo National Tax-Free Money Market 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
Jeffrey L. Weaver, CFA®‡
Expense ratios1 (%) | ||||||
Inception date | 1 year | 5 year | 10 year | Gross | Net 2 | |
Class A (NWMXX) | 7-28-2003 | 0.27 | 0.51 | 0.27 | 0.66 | 0.60 |
Administrator Class (WNTXX) | 4-8-2005 | 0.35 | 0.76 | 0.39 | 0.39 | 0.30 |
Premier Class (WFNXX) | 11-8-1999 | 0.40 | 0.85 | 0.44 | 0.27 | 0.20 |
Service Class (MMIXX) | 8-3-1993 | 0.30 | 0.64 | 0.33 | 0.56 | 0.45 |
Class A | Administrator Class | Premier Class | Service Class | |
7-day current yield | 0.01 | 0.01 | 0.01 | 0.01 |
7-day compound yield | 0.01 | 0.01 | 0.01 | 0.01 |
30-day simple yield | 0.01 | 0.01 | 0.01 | 0.01 |
30-day compound yield | 0.01 | 0.01 | 0.01 | 0.01 |
Revenue source as of January 31, 20213 |
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Effective maturity distribution as of January 31, 20213 |
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Weighted average maturity as of January 31, 20214 |
39 days |
Weighted average life as of January 31, 20215 |
43 days |
‡ | 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 May 31, 2021, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.60% for Class A, 0.30% for Administrator Class, 0.20% for Premier Class, and 0.45% for Service Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense caps. The manager may also voluntarily waive or reimburse additional fees and expenses, and such voluntary waivers may be discontinued or modified at any time without notice. Without these reductions, the Fund’s seven-day current yield would have been -0.43%, -0.17%, -0.07%, and -0.35% for Class A, Administrator Class, Premier Class, and Service Class. 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. 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 | Figures represent the percentage of the Fund's total investments. These amounts are subject to change and may have changed since the date specified. |
4 | Weighted Average Maturity (WAM): WAM is an average of the effective maturities of all securities held in the portfolio, weighted by each security’s percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. WAM calculations allow for the maturities of certain securities with demand features or periodic interest rate resets to be shortened. WAM is a way to measure a fund’s sensitivity to potential interest rate changes. WAM is subject to change and may have changed since the date specified. |
5 | Weighted Average Life (WAL): WAL is an average of the final maturities of all securities held in the portfolio, weighted by their percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. In contrast to WAM, the calculation of WAL allows for the maturities of certain securities with demand features to be shortened, but not the periodic interest rate resets. WAL is a way to measure a fund’s potential sensitivity to credit spread changes. WAL is subject to change and may have changed since the date specified. |
6 | The Securities Industry and Financial Markets Association (SIFMA) Municipal Swap Index (SIFMA Index) is a seven-day high-grade market index composed of tax-exempt variable-rate demand obligations with certain characteristics. The index is calculated and published by Bloomberg. The index is overseen by SIFMA’s Municipal Swap Index Committee. You cannot invest directly in an index. |
7 | Variable Rate Demand Notes (VRDNs) are debt securities commonly held within the Wells Fargo Money Market Funds. Like all bonds, VRDN values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest rate changes can be sudden and unpredictable. In addition to credit and interest rate risk, VRDNs are subject to municipal securities risk. |
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 | $1,000.26 | $1.06 | 0.21% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,024.08 | $1.07 | 0.21% |
Administrator Class | ||||
Actual | $1,000.00 | $1,000.26 | $1.06 | 0.21% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,024.08 | $1.07 | 0.21% |
Premier Class | ||||
Actual | $1,000.00 | $1,000.35 | $1.01 | 0.20% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,024.13 | $1.02 | 0.20% |
Service Class | ||||
Actual | $1,000.00 | $1,000.26 | $1.06 | 0.21% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,024.08 | $1.07 | 0.21% |
Principal | Value | ||||
Closed end municipal bond fund obligations: 1.13% | |||||
Nuveen AMT Free Quality Municipal Income Fund Preferred Shares Series C (100 shares) 0.10% 144Aø | $10,000,000 | $ 10,000,000 | |||
Total Closed end municipal bond fund obligations (Cost $10,000,000) | 10,000,000 |
Interest rate | Maturity date | ||||
Municipal obligations: 99.11% | |||||
Alabama: 0.51% | |||||
Variable rate demand notes ø: 0.51% | |||||
Alabama Tender Option Bond Trust Receipts/Floater Certificates Series 2018-XL0098 (Utilities revenue, Royal Bank of Canada LIQ) 144A | 0.12% | 12-1-2022 | 4,500,000 | 4,500,000 | |
Arizona: 3.60% | |||||
Variable rate demand notes ø: 3.60% | |||||
Arizona Tender Option Bond Trust Receipts/Floater Certificates Series 2018-XF2537 (Utilities revenue, Barclays Bank plc LOC, Barclays Bank plc LIQ) 144A | 0.08 | 12-1-2037 | 3,215,000 | 3,215,000 | |
Arizona Tender Option Bond Trust Receipts/Floater Certificates Series 2020-XF2862 (Education revenue, Mizuho Capital Markets LLC LOC, Mizuho Capital Markets LLC LIQ) 144A | 0.24 | 12-15-2047 | 18,535,000 | 18,535,000 | |
Mesa AZ Utility System Clipper Tax-Exempt Certificate Trust Series 2009-33 (Miscellaneous revenue, State Street Bank & Trust Company LIQ) | 0.07 | 7-1-2024 | 10,055,000 | 10,055,000 | |
31,805,000 | |||||
California: 11.43% | |||||
Other municipal debt : 5.24% | |||||
Los Angeles CA Department of Airports Series A-3 (Airport revenue) | 0.12 | 5-5-2021 | 6,250,000 | 6,250,000 | |
Los Angeles CA Tax & Revenue Anticipation Notes (GO revenue) | 4.00 | 6-24-2021 | 14,500,000 | 14,709,388 | |
Los Angeles CA Tax & Revenue Anticipation Notes Series A (GO revenue) ## | 4.00 | 6-30-2021 | 19,500,000 | 19,795,133 | |
Napa Valley CA Unified School District Tax & Revenue Anticipation Notes (GO revenue) | 4.00 | 2-26-2021 | 5,500,000 | 5,513,879 | |
46,268,400 | |||||
Variable rate demand notes ø: 6.19% | |||||
California Series A (GO revenue, State Street Bank & Trust Company LOC) | 0.01 | 5-1-2048 | 8,500,000 | 8,500,000 | |
California Tender Option Bond Trust Receipts/Floater Certificates Series 2015-ZF0179 (GO revenue, JPMorgan Chase & Company LIQ) 144A | 0.08 | 8-1-2022 | 2,050,000 | 2,050,000 | |
California Tender Option Bond Trust Receipts/Floater Certificates Series 2017-XF2466 (GO revenue, BAM Insured, Citibank NA LIQ) 144A | 0.08 | 8-1-2024 | 5,200,000 | 5,200,000 | |
California Tender Option Bond Trust Receipts/Floater Certificates Series 2018-XG0188 (GO revenue, Royal Bank of Canada LIQ) 144A | 0.07 | 2-1-2026 | 1,600,000 | 1,600,000 |
Interest rate | Maturity date | Principal | Value | ||
Variable rate demand notes ø(continued) | |||||
California Tender Option Bond Trust Receipts/Floater Certificates Series 2019-XF2830 (GO revenue, Mizuho Capital Markets LLC LIQ) 144A | 0.24% | 10-1-2034 | $ 3,460,000 | $ 3,460,000 | |
California Tender Option Bond Trust Receipts/Floater Certificates Series 2020-YX1142 (Tax revenue, Barclays Bank plc LOC, Barclays Bank plc LIQ) 144A | 0.12 | 10-1-2049 | 1,555,000 | 1,555,000 | |
Mizuho Tender Option Bond Trust Receipts/Floater Certificates Series 2019-MIZ9002 (Tax revenue, Mizuho Capital Markets LLC LOC, Mizuho Capital Markets LLC LIQ) 144A | 0.24 | 3-1-2021 | 17,000,000 | 17,000,000 | |
Mizuho Tender Option Bond Trust Receipts/Floater Certificates Series 2020-MIZ9012 (Housing revenue, Mizuho Capital Markets LLC LIQ) 144A | 0.24 | 10-1-2036 | 6,081,000 | 6,081,000 | |
San Diego CA Multifamily Housing Revenue Bonds Series G-1 (Housing revenue) | 0.22 | 12-1-2021 | 6,750,000 | 6,750,000 | |
San Joaquin CA Delta Community College Tender Option Bond Trust Receipts/Floater Certificates Series 2015-ZF0180 (GO revenue, JPMorgan Chase & Company LIQ) 144A | 0.08 | 8-1-2022 | 2,415,000 | 2,415,000 | |
54,611,000 | |||||
Colorado: 4.04% | |||||
Other municipal debt : 2.13% | |||||
Colorado Education Loan Program Series 2020B (Miscellaneous revenue) | 4.00 | 6-29-2021 | 14,000,000 | 14,224,513 | |
Colorado General Fund Tax & Revenue Anticipation Notes (GO revenue) | 4.00 | 6-25-2021 | 4,500,000 | 4,567,789 | |
18,792,302 | |||||
Variable rate demand notes ø: 1.91% | |||||
Colorado Health Facilities Authority Revenue Children's Hospital Series 2020A (Health revenue, TD Bank NA LOC) | 0.01 | 12-1-2052 | 500,000 | 500,000 | |
Colorado Springs CO Utilities System Improvement Bonds Series 2008A (Utilities revenue, U.S. Bank NA SPA) | 0.05 | 11-1-2038 | 765,000 | 765,000 | |
Colorado Tender Option Bond Trust Receipts/Floater Certificates Series 2020-MIZ9022 (Health revenue, Mizuho Capital Markets LLC LOC, Mizuho Capital Markets LLC LIQ) 144A | 0.15 | 7-1-2034 | 11,730,000 | 11,730,000 | |
Colorado Tender Option Bond Trust Receipts/Floater Certificates Series 2020-XX1130 (Health revenue, Barclays Bank plc LOC, Barclays Bank plc LIQ) 144A | 0.08 | 8-1-2044 | 3,880,000 | 3,880,000 | |
16,875,000 | |||||
Connecticut: 3.05% | |||||
Other municipal debt : 2.22% | |||||
New London CT BAN (GO revenue) | 1.50 | 3-18-2021 | 19,520,000 | 19,539,112 |
Interest rate | Maturity date | Principal | Value | ||
Variable rate demand notes ø: 0.83% | |||||
Connecticut Residual Interest Bond Floater Trust Series 2017-016 (Miscellaneous revenue, Barclays Bank plc LOC, Barclays Bank plc LIQ) 144A | 0.08% | 6-1-2037 | $ 2,800,000 | $ 2,800,000 | |
Connecticut Tender Option Bond Trust Receipts/Floater Certificates Series 2017-YX1077 (Tax revenue, Barclays Bank plc LIQ) 144A | 0.12 | 1-1-2036 | 4,550,000 | 4,550,000 | |
7,350,000 | |||||
Delaware: 1.35% | |||||
Variable rate demand notes ø: 1.35% | |||||
Clipper Tax-Exempt Certificate Trust AMT Series 2009-54 (Miscellaneous revenue, State Street Bank & Trust Company LIQ) | 0.09 | 2-15-2028 | 11,950,000 | 11,950,000 | |
District of Columbia: 0.55% | |||||
Variable rate demand notes ø: 0.55% | |||||
District of Columbia Tender Option Bond Trust Receipts/Floater Certificates Series 2019-ZF2784 (Housing revenue, FHA Insured, Morgan Stanley Bank LIQ) 144A | 0.08 | 9-1-2039 | 2,800,000 | 2,800,000 | |
District of Columbia Tender Option Bond Trust Receipts/Floater Certificates Series 2019-ZF2785 (Housing revenue, FHA Insured, Morgan Stanley Bank LIQ) 144A | 0.08 | 9-1-2039 | 2,070,000 | 2,070,000 | |
4,870,000 | |||||
Florida: 5.70% | |||||
Other municipal debt : 1.83% | |||||
Florida Local Government Finance Commission Pooled Loan Program Series A-1 (Miscellaneous revenue) | 0.12 | 3-1-2021 | 11,597,000 | 11,597,000 | |
Miami-Dade County FL School District Tax Anticipation Note (GO revenue) | 2.00 | 2-25-2021 | 4,500,000 | 4,505,361 | |
16,102,361 | |||||
Variable rate demand notes ø: 3.87% | |||||
Florida Tender Option Bond Trust Receipts/Floater Certificates Series 2017-XF2517 (Health revenue, Morgan Stanley Bank LIQ) 144A | 0.24 | 8-15-2047 | 10,130,000 | 10,130,000 | |
Florida Tender Option Bond Trust Receipts/Floater Certificates Series 2018-XF2523 (Health revenue, Barclays Bank plc LIQ) 144A | 0.14 | 8-15-2047 | 5,090,000 | 5,090,000 | |
Florida Tender Option Bond Trust Receipts/Floater Certificates Series 2018-XG0173 (Health revenue, Credit Suisse LIQ) 144A | 0.10 | 10-1-2025 | 1,000,000 | 1,000,000 | |
Florida Tender Option Bond Trust Receipts/Floater Certificates Series 2020-XX1136 (Transportation revenue, Barclays Bank plc LOC, Barclays Bank plc LIQ) 144A | 0.08 | 7-1-2049 | 2,375,000 | 2,375,000 | |
Highlands County FL Health Facilities Authority Adventist Health System Series A-2 (Health revenue) | 0.04 | 11-15-2037 | 1,000,000 | 1,000,000 | |
Highlands County FL Health Facilities Authority Adventist Health System Series I5 (Health revenue) | 0.04 | 11-15-2035 | 7,050,000 | 7,050,000 |
Interest rate | Maturity date | Principal | Value | ||
Variable rate demand notes ø(continued) | |||||
Highlands County FL Health Facilities Authority Adventist Health System Sunbelt Obligated Group Series 2012 I-2 (Health revenue) | 0.04% | 11-15-2032 | $ 600,000 | $ 600,000 | |
Seminole County FL Tender Option Bond Trust Receipts/Floater Certificates Series 2016-ZF0444 (Tax revenue, National Insured, JPMorgan Chase & Company LIQ) 144A | 0.19 | 4-1-2027 | 5,250,000 | 5,250,000 | |
St. Lucie County FL Power & Light Company (Industrial development revenue) | 0.02 | 9-1-2028 | 1,685,000 | 1,685,000 | |
34,180,000 | |||||
Georgia: 0.28% | |||||
Variable rate demand notes ø: 0.28% | |||||
Dekalb County GA Series 2006-B ROC RR-II-R-11900 (Water & sewer revenue, AGM Insured, JPMorgan Chase & Company LIQ) 144A | 0.07 | 4-1-2023 | 2,500,000 | 2,500,000 | |
Idaho: 0.79% | |||||
Other municipal debt : 0.79% | |||||
Idaho Health Facilities Authority Hospital Trinity Health Credit Group Series D (Health revenue) %% | 0.22 | 12-1-2048 | 7,000,000 | 7,000,000 | |
Illinois: 6.68% | |||||
Variable rate demand notes ø: 6.68% | |||||
Chicago IL Education Marine Project Series 1984 (Industrial development revenue, FHLB LOC) | 0.33 | 7-1-2023 | 4,200,000 | 4,200,000 | |
Illinois Finance Authority Bradley University Series B (Education revenue, PNC Bank NA LOC) | 0.05 | 4-1-2038 | 100,000 | 100,000 | |
Illinois Tender Option Bond Trust Receipts/Floater Certificates Series 2015-XF2202 (Transportation revenue, TD Bank NA LIQ) 144A | 0.08 | 1-1-2037 | 1,140,000 | 1,140,000 | |
Illinois Tender Option Bond Trust Receipts/Floater Certificates Series 2015-ZM0120 (Transportation revenue, Royal Bank of Canada LIQ) 144A | 0.16 | 7-1-2023 | 3,100,000 | 3,100,000 | |
Illinois Tender Option Bond Trust Receipts/Floater Certificates Series 2017-XF2406 (Tax revenue, Barclays Bank plc LOC, Barclays Bank plc LIQ) 144A | 0.19 | 6-15-2031 | 7,055,000 | 7,055,000 | |
Illinois Tender Option Bond Trust Receipts/Floater Certificates Series 2017-XG0108 (Tax revenue, Barclays Bank plc LOC, Barclays Bank plc LIQ) 144A | 0.19 | 4-1-2046 | 8,735,000 | 8,735,000 | |
Illinois Tender Option Bond Trust Receipts/Floater Certificates Series 2018-XF0722 (Tax revenue, Royal Bank of Canada LIQ) 144A | 0.24 | 7-1-2026 | 7,900,000 | 7,900,000 | |
Illinois Tender Option Bond Trust Receipts/Floater Certificates Series 2018-XF2547 (Tax revenue, Barclays Bank plc LOC, Barclays Bank plc LIQ) 144A | 0.19 | 6-15-2031 | 4,355,000 | 4,355,000 | |
Illinois Tender Option Bond Trust Receipts/Floater Certificates Series 2018-XX1081 (Miscellaneous revenue, Barclays Bank plc LOC, Barclays Bank plc LIQ) 144A | 0.10 | 11-1-2023 | 6,000,000 | 6,000,000 | |
Illinois Tender Option Bond Trust Receipts/Floater Certificates Series 2019-XF0779 (Tax revenue, BAM Insured, TD Bank NA LIQ) 144A | 0.09 | 1-1-2048 | 6,000,000 | 6,000,000 | |
Illinois Tender Option Bond Trust Receipts/Floater Certificates Series 2019-XM0863 (GO revenue, BAM Insured, JPMorgan Chase & Company LIQ) 144A | 0.07 | 12-1-2026 | 6,375,000 | 6,375,000 |
Interest rate | Maturity date | Principal | Value | ||
Variable rate demand notes ø(continued) | |||||
Illinois Tender Option Bond Trust Receipts/Floater Certificates Series 2020-XG0299 (Health revenue, Barclays Bank plc LOC, Barclays Bank plc LIQ) 144A | 0.08% | 5-15-2050 | $ 2,500,000 | $ 2,500,000 | |
Quad Cities Illinois Regional EDA Augustana College Series 2005 (Education revenue, BMO Harris Bank NA LOC) | 0.07 | 10-1-2035 | 1,500,000 | 1,500,000 | |
58,960,000 | |||||
Indiana: 1.02% | |||||
Other municipal debt : 0.80% | |||||
Indiana Bond Bank Advanced Funding Program Notes Series A (Miscellaneous revenue) | 2.00 | 1-10-2022 | 7,000,000 | 7,120,258 | |
Variable rate demand notes ø: 0.22% | |||||
Indiana Certificate of Participation Clipper Tax-Exempt Certificate Trust Series 2009-34 (Tax revenue, State Street Bank & Trust Company LIQ) | 0.08 | 7-1-2023 | 1,915,000 | 1,915,000 | |
Iowa: 4.22% | |||||
Variable rate demand notes ø: 4.22% | |||||
Iowa Finance Authority Midwestern EDA CJ Bio-America Incorporated Project (Industrial development revenue, Korea Development Bank LOC) | 0.14 | 4-1-2022 | 23,215,000 | 23,215,000 | |
Iowa Finance Authority Mortgage Securities Program Series D (Housing revenue, GNMA/FNMA/FHLMC Insured, FNMA LIQ, FHLB SPA) | 0.05 | 1-1-2047 | 5,500,000 | 5,500,000 | |
Iowa Finance Authority Program Series E (Housing revenue, GNMA /FNMA/FHLMC Insured, TD Bank NA SPA) | 0.04 | 7-1-2049 | 5,500,000 | 5,500,000 | |
Iowa Finance Authority Single Family Mortgage Bonds Series B (Housing revenue, GNMA/FNMA/FHLMC Insured, TD Bank NA SPA) | 0.04 | 7-1-2049 | 3,000,000 | 3,000,000 | |
37,215,000 | |||||
Louisiana: 0.34% | |||||
Variable rate demand notes ø: 0.34% | |||||
Louisiana Tender Option Bond Trust Receipts/Floater Certificates Series 2019-XM0735 (Water & sewer revenue, Bank of America NA LOC, Bank of America NA LIQ) 144A | 0.09 | 12-1-2045 | 3,000,000 | 3,000,000 | |
Massachusetts: 1.56% | |||||
Other municipal debt : 1.08% | |||||
Massachusetts Tax Anticipation Notes Series A (Tax revenue) | 2.00 | 4-21-2021 | 9,500,000 | 9,538,180 | |
Variable rate demand notes ø: 0.48% | |||||
Massachusetts Tender Option Bond Trust Receipts/Floater Certificates Series 2018-XF2692 (Education revenue, Citibank NA LIQ) 144A | 0.06 | 7-1-2025 | 4,190,000 | 4,190,000 | |
Michigan: 2.51% | |||||
Other municipal debt : 2.31% | |||||
Michigan Finance Authority State Aid Series A-2 (Miscellaneous revenue, JPMorgan Chase & Company LOC) | 4.00 | 8-20-2021 | 20,000,000 | 20,409,863 |
Interest rate | Maturity date | Principal | Value | ||
Variable rate demand notes ø: 0.20% | |||||
Michigan Housing Development Authority Series D (Housing revenue, Industrial & Commercial Bank of China Limited SPA) | 0.10% | 6-1-2030 | $ 1,780,000 | $ 1,780,000 | |
Minnesota: 1.08% | |||||
Variable rate demand notes ø: 1.08% | |||||
Burnsville MN Bridgeway Apartments Project Series 2003 (Housing revenue, FNMA LOC, FNMA LIQ) | 0.12 | 10-15-2033 | 2,375,000 | 2,375,000 | |
Forest Lake MN Kilkenny Court Apartments Project Series 2008 (Housing revenue, FNMA LOC, FNMA LIQ) | 0.13 | 8-15-2038 | 4,330,000 | 4,330,000 | |
Plymouth MN Lancaster Village Apartments Project Series 2001 (Housing revenue, FNMA LOC, FNMA LIQ) | 0.12 | 9-15-2031 | 2,865,000 | 2,865,000 | |
9,570,000 | |||||
Missouri: 2.53% | |||||
Variable rate demand notes ø: 2.53% | |||||
Missouri Tender Option Bond Trust Receipts/Floater Certificates Series 2015-XF2198 (Water & sewer revenue, Citibank NA LIQ) 144A | 0.07 | 5-1-2023 | 2,670,000 | 2,670,000 | |
RBC Municipal Products Incorporated (Health revenue, Royal Bank of Canada LOC, Royal Bank of Canada LIQ) 144A | 0.10 | 9-1-2039 | 12,200,000 | 12,200,000 | |
St. Louis County MO Sewer District Wastewater System Series 2013-B (Water & sewer revenue, Morgan Stanley Bank LIQ) 144A | 0.07 | 5-1-2043 | 7,500,000 | 7,500,000 | |
22,370,000 | |||||
Nebraska: 1.19% | |||||
Variable rate demand notes ø: 1.19% | |||||
Nebraska Investment Finance Authority MFHR Apple Creek Associates Project Series 1985-A (Housing revenue, Northern Trust Company LOC) | 0.50 | 9-1-2031 | 10,500,000 | 10,500,000 | |
Nevada: 0.93% | |||||
Variable rate demand notes ø: 0.93% | |||||
Nevada Tender Option Bond Trust Receipts/Floater Certificates Series 2018-ZM0634 (GO revenue, Royal Bank of Canada LIQ) 144A | 0.07 | 12-1-2025 | 3,330,000 | 3,330,000 | |
Nevada Tender Option Bond Trust Receipts/Floater Certificates Series 2020-XM0845 (GO revenue, BAM Insured, JPMorgan Chase & Company LIQ) 144A | 0.19 | 6-15-2026 | 3,870,000 | 3,870,000 | |
Nevada Tender Option Bond Trust Receipts/Floater Certificates Series 2020-XM0866 (Tax revenue, Royal Bank of Canada LOC, Royal Bank of Canada LIQ) 144A | 0.08 | 7-1-2026 | 1,000,000 | 1,000,000 | |
8,200,000 | |||||
New Jersey: 1.98% | |||||
Variable rate demand notes ø: 1.98% | |||||
New Jersey Tender Option Bond Trust Receipts/Floater Certificates Series 2016-XM0226 (Miscellaneous revenue, BHAC/National Insured, Bank of America NA LIQ) 144A | 0.08 | 7-1-2026 | 5,220,000 | 5,220,000 |
Interest rate | Maturity date | Principal | Value | ||
Variable rate demand notes ø(continued) | |||||
New Jersey Tender Option Bond Trust Receipts/Floater Certificates Series 2017-XF2495 (Miscellaneous revenue, BAM Insured, Morgan Stanley Bank LIQ) 144A | 0.19% | 7-1-2031 | $ 8,450,000 | $ 8,450,000 | |
New Jersey Tender Option Bond Trust Receipts/Floater Certificates Series 2020-ZF1206 (Transportation revenue, BAM Insured, JPMorgan Chase & Company LIQ) 144A | 0.07 | 11-1-2028 | 3,795,000 | 3,795,000 | |
17,465,000 | |||||
New York: 11.59% | |||||
Other municipal debt : 5.47% | |||||
Erie County NY Revenue Anticipation Notes (GO revenue) | 3.00 | 6-24-2021 | 11,500,000 | 11,613,738 | |
New York Dormitory Authority Personal Income Tax Revenue Series B (Tax revenue) | 5.00 | 3-31-2021 | 11,500,000 | 11,582,723 | |
Westchester County NY Tax Anticipation Notes Series A (GO revenue) | 1.00 | 5-26-2021 | 22,000,000 | 22,061,264 | |
Westchester County NY Tax Anticipation Notes Series B (GO revenue) | 2.00 | 10-18-2021 | 3,000,000 | 3,039,858 | |
48,297,583 | |||||
Variable rate demand notes ø: 6.12% | |||||
New York Dormitory Authority Series 12 Clipper Tax-Exempt Certificate Trust Series 2009-35 (Miscellaneous revenue, State Street Bank & Trust Company LIQ) 144A | 0.07 | 3-15-2022 | 3,770,000 | 3,770,000 | |
New York Metropolitan Transportation Authority Revenue Bond Subordinate Series 2012A-2 (Transportation revenue, Bank of Montreal LOC) | 0.06 | 11-15-2041 | 14,000,000 | 14,000,000 | |
New York Metropolitan Transportation Authority Revenue Bond Subordinate Series 2015E (Transportation revenue, PNC Bank NA LOC) | 0.06 | 11-15-2045 | 1,700,000 | 1,700,000 | |
New York NY Subordinated Bond (Health revenue, TD Bank NA LOC) | 0.04 | 2-15-2031 | 3,285,000 | 3,285,000 | |
New York NY Trust Series 2014 B2 (Miscellaneous revenue) | 0.22 | 4-1-2044 | 9,500,000 | 9,500,000 | |
New York Tender Option Bond Trust Receipts/Floater Certificates Series 2018-XF2556 (Tax revenue, Morgan Stanley Bank LIQ) 144A | 0.06 | 9-15-2025 | 6,720,000 | 6,720,000 | |
Triborough NY Bridge & Tunnel Authority Subordinated Bond series B2 (Transportation revenue, State Street Bank & Trust Company LOC) | 0.05 | 1-1-2032 | 15,000,000 | 15,000,000 | |
53,975,000 | |||||
North Carolina: 0.53% | |||||
Variable rate demand notes ø: 0.53% | |||||
Charlotte NC Water & Sewer Tender Option Bond Trust Receipts/Certificates Series 2018-XG0170 (Water & sewer revenue, Royal Bank of Canada LIQ) 144A | 0.07 | 1-1-2026 | 2,430,000 | 2,430,000 | |
North Carolina Tender Option Bond Trust Receipts/Floater Certificates Series 2015-ZM0105 (Education revenue, Morgan Stanley Bank LIQ) 144A | 0.07 | 10-1-2055 | 2,250,500 | 2,250,500 | |
4,680,500 |
Interest rate | Maturity date | Principal | Value | ||
Ohio: 5.52% | |||||
Other municipal debt : 0.12% | |||||
Mahoning County OH Various Purpose Notes Series 2020 (GO revenue) | 1.00% | 9-13-2021 | $ 1,000,000 | $ 1,004,277 | |
Variable rate demand notes ø: 5.40% | |||||
Franklin County OH Trinity Health Group (Health revenue) %% | 0.22 | 12-1-2046 | 10,000,000 | 10,000,000 | |
Ohio Capital Facilities Lease Adult Correctional Building Fund Series C (Miscellaneous revenue) | 0.08 | 10-1-2036 | 10,400,000 | 10,400,000 | |
Ohio Health System Cleveland Clinic Series F (Health revenue, U.S. Bank NA SPA) | 0.01 | 1-1-2052 | 2,500,000 | 2,500,000 | |
Ohio Tender Option Bond Trust Receipts/Floater Certificates Series 2015-XF0225 (Water & sewer revenue, TD Bank NA LIQ) 144A | 0.09 | 3-1-2021 | 9,375,000 | 9,375,000 | |
Ohio Tender Option Bond Trust Receipts/Floater Certificates Series 2017-XF2438 (Education revenue, JPMorgan Chase & Company LIQ) 144A | 0.07 | 12-1-2024 | 2,000,000 | 2,000,000 | |
Ohio Tender Option Bond Trust Receipts/Floater Certificates Series 2018-XL0074 (Health revenue, JPMorgan Chase & Company LIQ) 144A | 0.24 | 8-1-2024 | 5,580,000 | 5,580,000 | |
Ohio Tender Option Bond Trust Receipts/Floater Certificates Series 2020-MIZ9020 (Health revenue, Mizuho Capital Markets LLC LOC, Mizuho Capital Markets LLC LIQ) 144A | 0.15 | 5-1-2022 | 4,085,000 | 4,085,000 | |
Ohio Tender Option Bond Trust Receipts/Floater Certificates Series 2020-XX1133 (Health revenue, Barclays Bank plc LOC, Barclays Bank plc LIQ) 144A | 0.08 | 11-15-2042 | 3,730,000 | 3,730,000 | |
47,670,000 | |||||
Oregon: 1.08% | |||||
Variable rate demand notes ø: 1.08% | |||||
Oregon Tender Option Bond Trust Receipts/Floater Certificates Series 2020-XM0813 (Health revenue, Royal Bank of Canada LIQ) 144A | 0.10 | 5-15-2027 | 4,895,000 | 4,895,000 | |
Oregon Tender Option Bond Trust Receipts/Floater Certificates Series 2020-XM0814 (Education revenue, Royal Bank of Canada LIQ) 144A | 0.07 | 1-1-2028 | 4,605,000 | 4,605,000 | |
9,500,000 | |||||
Pennsylvania: 2.65% | |||||
Other municipal debt : 0.85% | |||||
Philadelphia PA School District AMT Series A (Tax revenue) | 4.00 | 6-30-2021 | 7,410,000 | 7,517,398 | |
Variable rate demand notes ø: 1.80% | |||||
Mizuho Floater/Residual Trust Tender Option Bond (Housing revenue, Mizuho Capital Markets LLC LOC, Mizuho Capital Markets LLC LIQ) 144A | 0.34 | 11-1-2034 | 3,000,000 | 3,000,000 | |
Pennsylvania Public School Building Authority Series A (Miscellaneous revenue, AGM Insured, Citibank NA LIQ) 144A | 0.13 | 12-1-2023 | 5,000,000 | 5,000,000 |
Interest rate | Maturity date | Principal | Value | ||
Variable rate demand notes ø(continued) | |||||
Pennsylvania Tender Option Bond Trust Receipts/Floater Certificates Series 2015-ZM0081 (Health revenue, Morgan Stanley Bank LIQ) 144A | 0.07% | 6-1-2044 | $ 3,000,000 | $ 3,000,000 | |
Pennsylvania Tender Option Bond Trust Receipts/Floater Certificates Series 2016-ZF0504 (Water & sewer revenue, TD Bank NA LIQ) 144A | 0.19 | 8-15-2042 | 4,875,000 | 4,875,000 | |
15,875,000 | |||||
South Carolina: 1.29% | |||||
Other municipal debt : 0.57% | |||||
South Carolina Public Service Authority Tax Exempt Notes Series A (Tax revenue) | 0.13 | 3-4-2021 | 5,000,000 | 5,000,000 | |
Variable rate demand notes ø: 0.72% | |||||
South Carolina Educational Facilities Authority for Private Non-Profit Institutions Higher Learning Educational Facilities Spartanburg Methodist Series 2005 (Education revenue, Truist Bank LOC) | 0.12 | 8-1-2025 | 1,750,000 | 1,750,000 | |
South Carolina Jobs EDA Institutional Business & Home Safety Project Series 2009 (Industrial development revenue, Truist Bank LOC) | 0.12 | 11-1-2034 | 905,000 | 905,000 | |
South Carolina Public Service Authority Tax Exempt Notes Series A (Miscellaneous revenue) | 0.17 | 2-3-2021 | 3,700,000 | 3,700,000 | |
6,355,000 | |||||
Tennessee: 1.02% | |||||
Variable rate demand notes ø: 1.02% | |||||
Sevier County TN Public Building Authority Local Government Public Improvement Series 6-A1 (Miscellaneous revenue) | 0.12 | 6-1-2029 | 2,960,000 | 2,960,000 | |
Sevier County TN Public Building Authority Local Government Public Improvement Series V1-K1 (Miscellaneous revenue, U.S. Bank NA SPA) | 0.01 | 6-1-2034 | 6,000,000 | 6,000,000 | |
8,960,000 | |||||
Texas: 12.06% | |||||
Other municipal debt : 6.00% | |||||
Texas Tax Anticipation Notes (GO revenue) | 4.00 | 8-26-2021 | 15,000,000 | 15,318,408 | |
Texas Upper Trinity Water District Series A (Miscellaneous revenue) | 0.13 | 2-5-2021 | 15,035,000 | 15,034,925 | |
University of Texas Series A (Education revenue) | 0.08 | 2-19-2021 | 18,000,000 | 18,000,000 | |
University of Texas Series A (Education revenue) | 0.12 | 3-1-2021 | 4,650,000 | 4,650,000 | |
53,003,333 | |||||
Variable rate demand notes ø: 6.06% | |||||
Bexar County TX Housing Finance Corporation Palisades Park Apartments Project Series 2009 (Housing revenue, FHLMC LIQ) | 0.12 | 9-1-2039 | 3,500,000 | 3,500,000 | |
Houston TX Series E-1 (GO revenue) | 0.10 | 2-18-2021 | 2,500,000 | 2,500,000 | |
Houston TX Utilities System Series B-1 (Utilities revenue) | 0.19 | 4-6-2021 | 10,000,000 | 10,000,000 | |
Lower Neches Valley TX Authority Industrial Development Corporation ExxonMobil Project Series 2010 (Industrial development revenue) | 0.01 | 11-1-2038 | 3,000,000 | 3,000,000 |
Interest rate | Maturity date | Principal | Value | ||
Variable rate demand notes ø(continued) | |||||
Port Arthur TX Navigation District Industrial Development Corporation Total Petrochemicals USA Incorporated Project (Industrial development revenue) | 0.11% | 6-1-2041 | $ 5,000,000 | $ 5,000,000 | |
Port Corpus Christi TX Solid Waste Disposal Flint Hills Resources Project Series 2002-B (Resource recovery revenue) | 0.13 | 7-1-2029 | 4,200,000 | 4,200,000 | |
Texas A&M University Series B (Education revenue) | 0.20 | 3-3-2021 | 25,269,000 | 25,269,000 | |
53,469,000 | |||||
Utah: 1.30% | |||||
Variable rate demand notes ø: 1.30% | |||||
RBC Municipal Products Incorporated Trust Series E-142 (Utilities revenue, Royal Bank of Canada LOC, Royal Bank of Canada LIQ) 144A | 0.07 | 5-1-2022 | 8,450,000 | 8,450,000 | |
Utah Tender Option Bond Trust Receipts/Floater Certificates Series 2018-XG0171 (Health revenue, Royal Bank of Canada LIQ) 144A | 0.08 | 11-15-2022 | 3,000,000 | 3,000,000 | |
11,450,000 | |||||
Vermont: 0.27% | |||||
Variable rate demand notes ø: 0.27% | |||||
Vermont Educational & Health Buildings Financing Agency Landmark College Project Series 2008-A (Education revenue, TD Bank NA LOC) | 0.03 | 7-1-2033 | 2,350,000 | 2,350,000 | |
Virginia: 0.80% | |||||
Variable rate demand notes ø: 0.80% | |||||
Mizuho Floater/Residual Trust Tender Option Bond Series 2020-MIZ9025 (Health revenue, Mizuho Capital Markets LLC LOC, Mizuho Capital Markets LLC LIQ) 144A | 0.12 | 11-1-2035 | 6,105,000 | 6,105,000 | |
Virginia MFHR Series M-031 Class A (Housing revenue, FHLMC LIQ) 144A | 0.07 | 12-15-2045 | 980,000 | 980,000 | |
7,085,000 | |||||
Washington: 0.35% | |||||
Variable rate demand notes ø: 0.35% | |||||
Washington Housing Finance Commission Artspace Everett Lofts Series B (Housing revenue, FHLB LIQ) | 0.06 | 12-1-2041 | 2,800,000 | 2,800,000 | |
Washington Tender Option Bond Trust Receipts/Floater Certificates Series 2016-XM0424 (Health revenue, JPMorgan Chase & Company LIQ) 144A | 0.14 | 2-1-2021 | 310,000 | 310,000 | |
3,110,000 | |||||
Wisconsin: 5.31% | |||||
Variable rate demand notes ø: 5.31% | |||||
Wisconsin PFA Hospital WakeMed Obligated Group Series B (Health revenue, Barclays Bank plc LOC) | 0.04 | 10-1-2049 | 100,000 | 100,000 | |
Wisconsin Series 2019A (GO revenue) | 0.08 | 5-1-2029 | 20,100,000 | 20,100,000 | |
Wisconsin Tender Option Bond Trust Receipts/Floater Certificates Series 2015-XF0127 (Health revenue, JPMorgan Chase & Company LIQ) 144A | 0.14 | 9-29-2022 | 3,815,000 | 3,815,000 |
Interest rate | Maturity date | Principal | Value | ||
Variable rate demand notes ø(continued) | |||||
Wisconsin Tender Option Bond Trust Receipts/Floater Certificates Series 2018-XF2634 (Health revenue, Credit Suisse LIQ) 144A | 0.07% | 8-15-2025 | $ 2,000,000 | $ 2,000,000 | |
Wisconsin Tender Option Bond Trust Receipts/Floater Certificates Series 2019-XF2823 (Housing revenue, Mizuho Capital Markets LLC LOC, Mizuho Capital Markets LLC LIQ) 144A | 0.24 | 1-1-2026 | 8,990,000 | 8,990,000 | |
Wisconsin Tender Option Bond Trust Receipts/Floater Certificates Series 2019-XF2831 (Housing revenue, Mizuho Capital Markets LLC LIQ) 144A | 0.24 | 7-1-2029 | 1,800,000 | 1,800,000 | |
Wisconsin Tender Option Bond Trust Receipts/Floater Certificates Series 2020-XL0148 (Health revenue, Barclays Bank plc LOC, AGM Insured, Barclays Bank plc LIQ) 144A | 0.08 | 6-1-2045 | 2,250,000 | 2,250,000 | |
Wisconsin Tender Option Bond Trust Receipts/Floater Certificates Series 2020-YX1129 (GO revenue, Barclays Bank plc LIQ) 144A | 0.19 | 4-1-2035 | 7,835,000 | 7,835,000 | |
46,890,000 | |||||
Total Municipal obligations (Cost $874,768,567) | 874,768,567 | ||||
Repurchase agreements^^: 1.40% | |||||
MUFG Securities Canada Limited, dated 1-29-2021, maturity value $12,300,014 | 0.04 | 2-1-2021 | 12,300,000 | 12,300,000 | |
Total Repurchase agreements (Cost $12,300,000) | 12,300,000 | ||||
Total investments in securities (Cost $897,068,567) | 101.64% | 897,068,567 | |||
Other assets and liabilities, net | (1.64) | (14,437,825) | |||
Total net assets | 100.00% | $882,630,742 |
144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933. |
ø | Variable rate demand notes are subject to a demand feature which reduces the effective maturity. The maturity date shown represents the final maturity date of the security. The interest rate is determined and reset by the issuer daily, weekly, or monthly depending upon the terms of the security. The rate shown is the rate in effect at period end. |
## | All or a portion of this security is segregated for when-issued securities. |
^^ | Collateralized by U.S. government securities, 0.25% to 6.38%, 1-31-2023 to 2-15-2050, fair value including accrued interest is $12,546,001. |
%% | The security is purchased on a when-issued basis. |
Abbreviations: | |
AGM | Assured Guaranty Municipal |
AMT | Alternative minimum tax |
BAM | Build America Mutual Assurance Company |
BAN | Bond anticipation notes |
EDA | Economic Development Authority |
FHA | Federal Housing Administration |
FHLB | Federal Home Loan Bank |
FHLMC | Federal Home Loan Mortgage Corporation |
FNMA | Federal National Mortgage Association |
GNMA | Government National Mortgage Association |
GO | General obligation |
LIQ | Liquidity agreement |
LOC | Letter of credit |
MFHR | Multifamily housing revenue |
National | National Public Finance Guarantee Corporation |
PFA | Public Finance Authority |
SPA | Standby purchase agreement |
Assets | |
Investments in unaffiliated securities, at amortized cost | $ 897,068,567 |
Cash | 267,792 |
Receivable for interest | 2,875,370 |
Receivable for investments sold | 1,555,000 |
Receivable for Fund shares sold | 982,343 |
Receivable from manager | 2,675 |
Prepaid expenses and other assets | 66,154 |
Total assets | 902,817,901 |
Liabilities | |
Payable for when-issued transactions | 17,000,000 |
Payable for Fund shares redeemed | 2,948,972 |
Administration fees payable | 77,062 |
Dividends payable | 3,001 |
Trustees’ fees and expenses payable | 2,520 |
Accrued expenses and other liabilities | 155,604 |
Total liabilities | 20,187,159 |
Total net assets | $882,630,742 |
Net assets consist of | |
Paid-in capital | $ 882,687,839 |
Total distributable loss | (57,097) |
Total net assets | $882,630,742 |
Computation of net asset value per share | |
Net assets – Class A | $ 100,919,758 |
Shares outstanding – Class A1 | 100,909,689 |
Net asset value per share – Class A | $1.00 |
Net assets – Administrator Class | $ 85,488,603 |
Shares outstanding – Administrator Class1 | 85,480,156 |
Net asset value per share – Administrator Class | $1.00 |
Net assets – Premier Class | $ 632,039,511 |
Shares outstanding – Premier Class1 | 631,974,885 |
Net asset value per share – Premier Class | $1.00 |
Net assets – Service Class | $ 64,182,870 |
Shares outstanding – Service Class1 | 64,176,673 |
Net asset value per share – Service Class | $1.00 |
1 | The Fund has an unlimited number of authorized shares. |
Investment income | |
Interest | $ 6,258,832 |
Expenses | |
Management fee | 1,614,103 |
Administration fees | |
Class A | 234,798 |
Administrator Class | 96,894 |
Premier Class | 646,051 |
Service Class | 77,861 |
Shareholder servicing fees | |
Class A | 265,973 |
Administrator Class | 96,801 |
Service Class | 162,203 |
Custody and accounting fees | 41,073 |
Professional fees | 42,914 |
Registration fees | 74,233 |
Shareholder report expenses | 38,666 |
Trustees’ fees and expenses | 19,478 |
Other fees and expenses | 34,259 |
Total expenses | 3,445,307 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (582,134) |
Class A | (279,015) |
Administrator Class | (68,200) |
Service Class | (130,481) |
Net expenses | 2,385,477 |
Net investment income | 3,873,355 |
Net realized gains on investments | 212,135 |
Net increase in net assets resulting from operations | 4,085,490 |
Year ended January 31, 2021 | Year ended January 31, 2020 | |||
Operations | ||||
Net investment income | $ 3,873,355 | $ 11,333,376 | ||
Net realized gains on investments | 212,135 | 155,732 | ||
Net increase in net assets resulting from operations | 4,085,490 | 11,489,108 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (290,972) | (900,478) | ||
Administrator Class | (353,108) | (1,516,842) | ||
Premier Class | (3,237,560) | (8,389,054) | ||
Service Class | (195,932) | (700,424) | ||
Total distributions to shareholders | (4,077,572) | (11,506,798) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 48,992,755 | 48,992,755 | 27,183,406 | 27,183,406 |
Administrator Class | 28,381,498 | 28,381,498 | 33,693,350 | 33,693,350 |
Premier Class | 742,724,878 | 742,724,878 | 951,883,288 | 951,883,288 |
Service Class | 3,786,718 | 3,786,718 | 4,331,878 | 4,331,878 |
823,885,849 | 1,017,091,922 | |||
Reinvestment of distributions | ||||
Class A | 286,044 | 286,044 | 874,165 | 874,165 |
Administrator Class | 347,010 | 347,010 | 1,477,726 | 1,477,726 |
Premier Class | 2,209,973 | 2,209,973 | 6,873,538 | 6,873,538 |
Service Class | 56,873 | 56,873 | 213,497 | 213,497 |
2,899,900 | 9,438,926 | |||
Payment for shares redeemed | ||||
Class A | (43,994,444) | (43,994,444) | (34,097,192) | (34,097,192) |
Administrator Class | (50,697,012) | (50,697,012) | (59,099,979) | (59,099,979) |
Premier Class | (960,769,724) | (960,769,724) | (704,849,931) | (704,849,931) |
Service Class | (4,464,228) | (4,464,228) | (5,421,874) | (5,421,874) |
(1,059,925,408) | (803,468,976) | |||
Net increase (decrease) in net assets resulting from capital share transactions | (233,139,659) | 223,061,872 | ||
Total increase (decrease) in net assets | (233,131,741) | 223,044,182 | ||
Net assets | ||||
Beginning of period | 1,115,762,483 | 892,718,301 | ||
End of period | $ 882,630,742 | $1,115,762,483 |
Year ended January 31 | |||||
Class A | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Net investment income | 0.00 1 | 0.01 | 0.01 | 0.00 1 | 0.00 1 |
Net realized gains (losses) on investments | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 |
Total from investment operations | 0.00 1 | 0.01 | 0.01 | 0.00 1 | 0.00 1 |
Distributions to shareholders from | |||||
Net investment income | (0.00) 1 | (0.01) | (0.01) | (0.00) 1 | (0.00) 1 |
Net realized gains | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.00) 1 |
Total distributions to shareholders | (0.00) 1 | (0.01) | (0.01) | (0.00) 1 | (0.00) 1 |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total return | 0.27% | 0.93% | 0.89% | 0.35% | 0.13% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.64% | 0.66% | 0.66% | 0.68% | 0.65% |
Net expenses | 0.33% 2 | 0.60% | 0.61% | 0.64% | 0.39% |
Net investment income | 0.25% | 0.92% | 0.88% | 0.30% | 0.02% |
Supplemental data | |||||
Net assets, end of period (000s omitted) | $100,920 | $95,632 | $101,680 | $119,524 | $135,704 |
1 | Amount is less than $0.005. |
2 | During the year ended January 31, 2021, class-level expenses were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would have been 0.25% higher. |
Year ended January 31 | |||||
Administrator Class | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Net investment income | 0.00 1 | 0.01 | 0.01 | 0.01 | 0.00 1 |
Net realized gains (losses) on investments | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 |
Total from investment operations | 0.00 1 | 0.01 | 0.01 | 0.01 | 0.00 1 |
Distributions to shareholders from | |||||
Net investment income | (0.00) 1 | (0.01) | (0.01) | (0.01) | (0.00) 1 |
Net realized gains | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.00) 1 |
Total distributions to shareholders | (0.00) 1 | (0.01) | (0.01) | (0.01) | (0.00) 1 |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total return | 0.35% | 1.23% | 1.21% | 0.69% | 0.33% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.37% | 0.39% | 0.39% | 0.41% | 0.40% |
Net expenses | 0.25% 2 | 0.30% | 0.30% | 0.30% | 0.27% |
Net investment income | 0.34% | 1.22% | 1.21% | 0.64% | 0.22% |
Supplemental data | |||||
Net assets, end of period (000s omitted) | $85,489 | $107,457 | $131,395 | $132,964 | $155,448 |
1 | Amount is less than $0.005. |
2 | During the year ended January 31, 2021, class-level expenses were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would have been 0.04% higher. |
Year ended January 31 | |||||
Premier Class | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Net investment income | 0.00 1 | 0.01 | 0.01 | 0.01 | 0.00 1 |
Net realized gains (losses) on investments | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 |
Total from investment operations | 0.00 1 | 0.01 | 0.01 | 0.01 | 0.00 1 |
Distributions to shareholders from | |||||
Net investment income | (0.00) 1 | (0.01) | (0.01) | (0.01) | (0.00) 1 |
Net realized gains | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.00) 1 |
Total distributions to shareholders | (0.00) 1 | (0.01) | (0.01) | (0.01) | (0.00) 1 |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total return | 0.40% | 1.33% | 1.31% | 0.79% | 0.41% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.25% | 0.27% | 0.27% | 0.28% | 0.25% |
Net expenses | 0.20% | 0.20% | 0.20% | 0.20% | 0.18% |
Net investment income | 0.38% | 1.28% | 1.31% | 0.79% | 0.18% |
Supplemental data | |||||
Net assets, end of period (000s omitted) | $632,040 | $847,871 | $593,961 | $339,331 | $105,881 |
1 | Amount is less than $0.005. |
Year ended January 31 | |||||
Service Class | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Net investment income | 0.00 1 | 0.01 | 0.01 | 0.01 | 0.00 1 |
Net realized gains (losses) on investments | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 |
Total from investment operations | 0.00 1 | 0.01 | 0.01 | 0.01 | 0.00 1 |
Distributions to shareholders from | |||||
Net investment income | (0.00) 1 | (0.01) | (0.01) | (0.01) | (0.00) 1 |
Net realized gains | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.00) 1 |
Total distributions to shareholders | (0.00) 1 | (0.01) | (0.01) | (0.01) | (0.00) 1 |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total return | 0.30% | 1.08% | 1.06% | 0.54% | 0.20% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.54% | 0.56% | 0.56% | 0.58% | 0.54% |
Net expenses | 0.29% 2 | 0.45% | 0.45% | 0.45% | 0.32% |
Net investment income | 0.28% | 1.06% | 1.05% | 0.49% | 0.03% |
Supplemental data | |||||
Net assets, end of period (000s omitted) | $64,183 | $64,802 | $65,682 | $66,460 | $73,472 |
1 | Amount is less than $0.005. |
2 | During the year ended January 31, 2021, class-level expenses were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would have been 0.15% higher. |
■ | 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: | ||||
Closed end municipal bond fund obligations | $0 | $ 10,000,000 | $0 | $ 10,000,000 |
Municipal obligations | 0 | 874,768,567 | 0 | 874,768,567 |
Repurchase agreements | 0 | 12,300,000 | 0 | 12,300,000 |
Total assets | $0 | $897,068,567 | $0 | $897,068,567 |
Average daily net assets | Management fee |
First $5 billion | 0.150% |
Next $5 billion | 0.140 |
Over $10 billion | 0.130 |
Class-level administration fee | |
Class A | 0.22% |
Administrator Class | 0.10 |
Premier Class | 0.08 |
Service Class | 0.12 |
Expense ratio caps | |
Class A | 0.60% |
Administrator Class | 0.30 |
Premier Class | 0.20 |
Service Class | 0.45 |
Year ended January 31 | ||
2021 | 2020 | |
Ordinary income | $ 210,574 | $ 766,512 |
Tax-exempt income | 3,794,946 | 10,700,101 |
Long-term capital gain | 72,052 | 40,185 |
Wells Fargo Funds Trust:
![](https://capedge.com/proxy/N-CSR/0001193125-21-106267/g252525imge2a0ddbc6.jpg)
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-CSR/0001193125-21-106267/g252525imgb6847afd1.jpg)
P.O. Box 219967
Kansas City, MO 64121-9967
![](https://capedge.com/proxy/N-CSR/0001193125-21-106267/g252525img32e8e6627.jpg)
A309/AR309 01-21
![](https://capedge.com/proxy/N-CSR/0001193125-21-106267/g126881img9e735f211.jpg)
■ | Wells Fargo Treasury Plus Money Market Fund |
![](https://capedge.com/proxy/N-CSR/0001193125-21-106267/g126881imgedbb1e6b2.gif)
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
Jeffrey L. Weaver, CFA®‡
Laurie White
Expense ratios1 (%) | ||||||
Inception date | 1 year | 5 year | 10 year | Gross | Net 2 | |
Class A (PIVXX) | 7-28-2003 | 0.12 | 0.69 | 0.35 | 0.61 | 0.60 |
Administrator Class (WTPXX) | 3-31-2008 | 0.16 | 0.86 | 0.44 | 0.34 | 0.34 |
Institutional Class (PISXX) | 8-11-1995 | 0.21 | 0.99 | 0.50 | 0.22 | 0.20 |
Select Class(WTLXX)3 | 3-15-2019 | 0.24 | 1.00 | 0.51 | 0.18 | 0.14 |
Service Class (PRVXX) | 10-1-1985 | 0.14 | 0.79 | 0.40 | 0.51 | 0.45 |
Class A | Administrator Class | Institutional Class | Select Class | Service Class | |
7-day current yield | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
7-day compound yield | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
30-day simple yield | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
30-day compound yield | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
Portfolio composition as of January 31, 20214 |
![](https://capedge.com/proxy/N-CSR/0001193125-21-106267/g126881imgdfa8b44c4.jpg)
Effective maturity distribution as of January 31, 20214 |
![](https://capedge.com/proxy/N-CSR/0001193125-21-106267/g126881img455c182c5.jpg)
Weighted average maturity as of January 31, 20215 |
45 days |
Weighted average life as of January 31, 20216 |
108 days |
‡ | 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 May 31, 2021, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.60% for Class A, 0.34% for Administrator Class, 0.20% for Institutional Class, 0.14% for Select Class, and 0.45% for Service Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense caps. The manager may also voluntarily waive or reimburse additional fees and expenses, and such voluntary waivers may be discontinued or modified at any time without notice. Without these reductions, the Fund’s seven-day current yield would have been -0.49%, -0.22%, -0.10%, -0.06%, and -0.39% for Class A, Administrator Class, Institutional Class, Selective Class, and Service Class. 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. 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 Select Class 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 Select Class shares would be higher. |
4 | Figures represent the percentage of the Fund's total investments. These amounts are subject to change and may have changed since the date specified. |
5 | Weighted Average Maturity (WAM): WAM is an average of the effective maturities of all securities held in the portfolio, weighted by each security’s percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. WAM calculations allow for the maturities of certain securities with demand features or periodic interest rate resets to be shortened. WAM is a way to measure a fund’s sensitivity to potential interest rate changes. WAM is subject to change and may have changed since the date specified. |
6 | Weighted Average Life (WAL): WAL is an average of the final maturities of all securities held in the portfolio, weighted by their percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. In contrast to WAM, the calculation of WAL allows for the maturities of certain securities with demand features to be shortened, but not the periodic interest rate resets. WAL is a way to measure a fund’s potential sensitivity to credit spread changes. WAL is subject to change and may have changed since the date specified. |
7 | The Core Personal Consumption Expenditures (PCE) Price Index measures the prices paid by U.S. consumers for domestic goods and services, excluding the prices of food and energy. You cannot invest directly into an index. |
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 | $1,000.05 | $0.75 | 0.15% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,024.38 | $0.76 | 0.15% |
Administrator Class | ||||
Actual | $1,000.00 | $1,000.05 | $0.80 | 0.16% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,024.33 | $0.81 | 0.16% |
Institutional Class | ||||
Actual | $1,000.00 | $1,000.06 | $0.80 | 0.16% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,024.33 | $0.81 | 0.16% |
Select Class | ||||
Actual | $1,000.00 | $1,000.15 | $0.70 | 0.14% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,024.43 | $0.71 | 0.14% |
Service Class | ||||
Actual | $1,000.00 | $1,000.05 | $0.75 | 0.15% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,024.38 | $0.76 | 0.15% |
Interest rate | Maturity date | Principal | Value | ||
Repurchase agreements^^: 34.17% | |||||
ANZ Bank New Zealand Limited, dated 1-29-2021, maturity value $975,004,513 (01) | 0.06% | 2-1-2021 | $974,999,643 | $ 974,999,643 | |
Bank of America, dated 1-29-2021, maturity value $240,000,800 (02) | 0.04 | 2-1-2021 | 240,000,000 | 240,000,000 | |
Bank of New York Mellon Corporation, dated 1-29-2021, maturity value $750,003,750 (03) | 0.06 | 2-1-2021 | 750,000,000 | 750,000,000 | |
Barclays Capital Incorporated, dated 1-29-2021, maturity value $612,002,040 (04) | 0.04 | 2-1-2021 | 612,000,000 | 612,000,000 | |
BNP Paribas, dated 1-29-2021, maturity value $750,003,750 (05) | 0.06 | 2-1-2021 | 750,000,000 | 750,000,000 | |
Citigroup Global Markets Incorporated, dated 1-28-2021, maturity value $250,001,944 (06) | 0.04 | 2-4-2021 | 250,000,000 | 250,000,000 | |
Credit Suisse Group AG, dated 1-29-2021, maturity value $200,000,167 (07) | 0.01 | 2-1-2021 | 200,000,000 | 200,000,000 | |
Federal Reserve Bank of New York, dated 1-29-2021, maturity value $350,000,000 (08) | 0.00 | 2-1-2021 | 350,000,000 | 350,000,000 | |
Fixed Income Clearing Corporation, dated 1-29-2021, maturity value $750,004,952 (09) | 0.06 | 2-1-2021 | 750,001,202 | 750,001,202 | |
ING Financial Markets LLC, dated 1-29-2021, maturity value $300,001,000 (10) | 0.04 | 2-1-2021 | 300,000,000 | 300,000,000 | |
ING Financial Markets LLC, dated 1-29-2021, maturity value $100,010,521 (11) | 0.06 | 2-1-2021 | 100,010,021 | 100,010,021 | |
JPMorgan Securities, dated 5-29-2019, maturity value $100,005,444 (12) §∂øø | 0.07 | 2-1-2021 | 100,000,000 | 100,000,000 | |
MetLife Incorporated, dated 1-29-2021, maturity value $250,006,206 (13) | 0.06 | 2-1-2021 | 250,004,956 | 250,004,956 | |
MUFG Securities Canada Limited, dated 1-29-2021, maturity value $198,400,661 (14) | 0.04 | 2-1-2021 | 198,400,000 | 198,400,000 | |
MUFG Securities Canada Limited, dated 1-28-2021, maturity value $250,002,431 (15) | 0.05 | 2-4-2021 | 250,000,000 | 250,000,000 | |
Prudential, dated 1-29-2021, maturity value $53,771,608 (16) | 0.08 | 2-1-2021 | 53,771,250 | 53,771,250 | |
Prudential, dated 1-29-2021, maturity value $6,606,294 (17) | 0.08 | 2-1-2021 | 6,606,250 | 6,606,250 | |
RBS Securities Incorporated, dated 1-29-2021, maturity value $760,003,167 (18) | 0.05 | 2-1-2021 | 760,000,000 | 760,000,000 | |
Standard Chartered Bank, dated 1-29-2021, maturity value $250,000,833 (19) | 0.04 | 2-1-2021 | 250,000,000 | 250,000,000 | |
Standard Chartered Bank, dated 1-29-2021, maturity value $154,050,770 (20) | 0.06 | 2-1-2021 | 154,050,000 | 154,050,000 | |
Standard Chartered Bank, dated 1-27-2021, maturity value $250,002,917 (21) | 0.06 | 2-3-2021 | 250,000,000 | 250,000,000 | |
Total Repurchase agreements (Cost $7,549,843,322) | 7,549,843,322 | ||||
U.S. Treasury securities: 64.41% | |||||
U.S. Cash Management Bill ☼ | 0.04 | 3-30-2021 | 180,000,000 | 179,967,701 | |
U.S. Cash Management Bill ☼ | 0.05 | 5-18-2021 | 100,000,000 | 99,978,708 | |
U.S. Cash Management Bill ☼%% | 0.08 | 7-6-2021 | 100,000,000 | 99,967,061 | |
U.S. Cash Management Bill ☼ | 0.09 | 4-27-2021 | 100,000,000 | 99,978,750 | |
U.S. Cash Management Bill ☼ | 0.09 | 5-4-2021 | 250,000,000 | 249,941,657 | |
U.S. Cash Management Bill ☼ | 0.09 | 5-11-2021 | 190,000,000 | 189,952,645 | |
U.S. Cash Management Bill ☼ | 0.09 | 5-25-2021 | 100,000,000 | 99,971,593 | |
U.S. Cash Management Bill ☼ | 0.09 | 6-1-2021 | 150,000,000 | 149,953,750 | |
U.S. Cash Management Bill ☼ | 0.09 | 6-8-2021 | 50,000,000 | 49,984,125 |
Interest rate | Maturity date | Principal | Value | ||
U.S. Treasury securities (continued) | |||||
U.S. Cash Management Bill ☼ | 0.09% | 6-15-2021 | $100,000,000 | $ 99,966,314 | |
U.S. Cash Management Bill ☼ | 0.09 | 6-29-2021 | 100,000,000 | 99,961,767 | |
U.S. Cash Management Bill ☼ | 0.10 | 4-6-2021 | 150,000,000 | 149,972,533 | |
U.S. Cash Management Bill ☼ | 0.10 | 4-20-2021 | 100,000,000 | 99,978,333 | |
U.S. Cash Management Bill ☼ | 0.11 | 4-13-2021 | 100,000,000 | 99,979,292 | |
U.S. Treasury Bill ☼ | 0.08 | 2-2-2021 | 250,000,000 | 249,999,238 | |
U.S. Treasury Bill ☼ | 0.08 | 2-23-2021 | 200,000,000 | 199,987,258 | |
U.S. Treasury Bill ☼ | 0.08 | 3-11-2021 | 300,000,000 | 299,967,173 | |
U.S. Treasury Bill ☼ | 0.08 | 3-18-2021 | 200,000,000 | 199,973,000 | |
U.S. Treasury Bill ☼ | 0.08 | 4-29-2021 | 250,000,000 | 249,940,188 | |
U.S. Treasury Bill ☼ | 0.08 | 6-17-2021 | 120,000,000 | 119,962,034 | |
U.S. Treasury Bill ☼ | 0.09 | 2-9-2021 | 250,000,000 | 249,993,800 | |
U.S. Treasury Bill ☼ | 0.09 | 2-18-2021 | 350,000,000 | 349,982,292 | |
U.S. Treasury Bill ☼ | 0.09 | 3-9-2021 | 200,000,000 | 199,980,200 | |
U.S. Treasury Bill ☼ | 0.09 | 3-23-2021 | 300,000,000 | 299,954,549 | |
U.S. Treasury Bill ☼ | 0.09 | 3-25-2021 | 400,000,000 | 399,946,628 | |
U.S. Treasury Bill ☼ | 0.09 | 4-8-2021 | 100,000,000 | 99,980,750 | |
U.S. Treasury Bill ☼ | 0.09 | 4-15-2021 | 250,000,000 | 249,946,264 | |
U.S. Treasury Bill ☼ | 0.09 | 5-20-2021 | 100,000,000 | 99,970,000 | |
U.S. Treasury Bill ☼ | 0.09 | 6-24-2021 | 150,000,000 | 149,944,588 | |
U.S. Treasury Bill ☼ | 0.09 | 7-15-2021 | 100,000,000 | 99,958,544 | |
U.S. Treasury Bill ☼ | 0.09 | 7-22-2021 | 50,000,000 | 49,977,913 | |
U.S. Treasury Bill ☼ | 0.09 | 7-29-2021 | 100,000,000 | 99,956,736 | |
U.S. Treasury Bill ☼ | 0.09 | 1-27-2022 | 80,000,000 | 79,926,800 | |
U.S. Treasury Bill ☼ | 0.10 | 2-4-2021 | 300,000,000 | 299,997,528 | |
U.S. Treasury Bill ☼ | 0.10 | 2-11-2021 | 400,000,000 | 399,987,695 | |
U.S. Treasury Bill ☼ | 0.10 | 2-25-2021 | 300,000,000 | 299,980,334 | |
U.S. Treasury Bill ☼ | 0.10 | 3-2-2021 | 170,000,000 | 169,986,305 | |
U.S. Treasury Bill ☼ | 0.10 | 3-4-2021 | 350,000,000 | 349,970,120 | |
U.S. Treasury Bill ☼ | 0.10 | 3-16-2021 | 250,000,000 | 249,970,736 | |
U.S. Treasury Bill ☼ | 0.10 | 4-1-2021 | 200,000,000 | 199,966,075 | |
U.S. Treasury Bill ☼ | 0.10 | 5-6-2021 | 250,000,000 | 249,935,571 | |
U.S. Treasury Bill ☼ | 0.10 | 5-13-2021 | 200,000,000 | 199,944,787 | |
U.S. Treasury Bill ☼ | 0.10 | 5-27-2021 | 195,000,000 | 194,946,134 | |
U.S. Treasury Bill ☼ | 0.10 | 6-3-2021 | 150,000,000 | 149,951,708 | |
U.S. Treasury Bill ☼ | 0.10 | 7-1-2021 | 200,000,000 | 199,918,333 | |
U.S. Treasury Bill ☼ | 0.11 | 2-16-2021 | 250,000,000 | 249,988,750 | |
U.S. Treasury Bill ☼ | 0.11 | 12-30-2021 | 145,000,000 | 144,855,488 | |
U.S. Treasury Bill ☼ | 0.12 | 4-22-2021 | 100,000,000 | 99,973,778 | |
U.S. Treasury Bill ☼ | 0.12 | 12-2-2021 | 75,000,000 | 74,926,533 | |
U.S. Treasury Bill ☼ | 0.14 | 8-12-2021 | 30,000,000 | 29,977,200 | |
U.S. Treasury Bill ☼ | 0.14 | 10-7-2021 | 20,000,000 | 19,981,056 | |
U.S. Treasury Bill ☼## | 0.14 | 11-4-2021 | 110,000,000 | 109,881,933 | |
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield+0.06%) ± | 0.14 | 7-31-2022 | 610,000,000 | 609,990,467 | |
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield+0.06%) ± | 0.14 | 10-31-2022 | 570,000,000 | 569,981,270 | |
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield+0.11%) ± | 0.19 | 4-30-2022 | 730,000,000 | 730,101,669 | |
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield+0.14%) ± | 0.22 | 4-30-2021 | 490,000,000 | 489,968,396 | |
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield+0.15%) ± | 0.23 | 1-31-2022 | 405,000,000 | 404,884,205 | |
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield+0.22%) ± | 0.30 | 7-31-2021 | 370,000,000 | 369,934,179 |
Interest rate | Maturity date | Principal | Value | ||
U.S. Treasury securities (continued) | |||||
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield+0.30%) ± | 0.38% | 10-31-2021 | $415,000,000 | $ 415,135,318 | |
U.S. Treasury Note | 1.13 | 2-28-2021 | 55,000,000 | 55,024,990 | |
U.S. Treasury Note | 1.13 | 7-31-2021 | 30,000,000 | 30,148,220 | |
U.S. Treasury Note | 1.13 | 8-31-2021 | 20,000,000 | 20,119,002 | |
U.S. Treasury Note | 1.50 | 8-31-2021 | 50,000,000 | 50,397,354 | |
U.S. Treasury Note | 1.75 | 11-30-2021 | 70,000,000 | 70,953,908 | |
U.S. Treasury Note | 1.88 | 11-30-2021 | 50,000,000 | 50,733,459 | |
U.S. Treasury Note | 2.00 | 2-28-2021 | 154,000,000 | 154,159,153 | |
U.S. Treasury Note | 2.00 | 8-31-2021 | 30,000,000 | 30,329,638 | |
U.S. Treasury Note | 2.00 | 10-31-2021 | 117,000,000 | 118,653,756 | |
U.S. Treasury Note | 2.00 | 11-15-2021 | 80,000,000 | 81,194,050 | |
U.S. Treasury Note | 2.00 | 12-31-2021 | 30,000,000 | 30,517,676 | |
U.S. Treasury Note | 2.13 | 9-30-2021 | 115,000,000 | 116,514,691 | |
U.S. Treasury Note | 2.25 | 2-15-2021 | 105,000,000 | 105,068,611 | |
U.S. Treasury Note | 2.25 | 3-31-2021 | 80,000,000 | 80,197,879 | |
U.S. Treasury Note | 2.38 | 3-15-2021 | 30,000,000 | 30,067,798 | |
U.S. Treasury Note | 2.38 | 4-15-2021 | 80,000,000 | 80,322,285 | |
U.S. Treasury Note | 2.50 | 2-28-2021 | 20,000,000 | 20,014,055 | |
U.S. Treasury Note | 2.63 | 7-15-2021 | 35,000,000 | 35,390,553 | |
U.S. Treasury Note | 2.88 | 10-15-2021 | 50,000,000 | 50,971,893 | |
U.S. Treasury Note | 2.88 | 11-15-2021 | 75,000,000 | 76,624,633 | |
U.S. Treasury Note | 3.13 | 5-15-2021 | 18,502,000 | 18,658,008 | |
U.S. Treasury Note | 3.63 | 2-15-2021 | 45,000,000 | 45,035,588 | |
U.S. Treasury Note | 8.00 | 11-15-2021 | 34,000,000 | 36,099,739 | |
U.S. Treasury Note | 8.13 | 5-15-2021 | 40,000,000 | 40,902,075 | |
Total U.S. Treasury securities (Cost $14,231,136,766) | 14,231,136,766 | ||||
Total investments in securities (Cost $21,780,980,088) | 98.58% | 21,780,980,088 | |||
Other assets and liabilities, net | 1.42 | 313,707,901 | |||
Total net assets | 100.00% | $22,094,687,989 |
^^ | Collateralized by: |
(01) U.S. government securities, 0.13% to 4.38%, 6-30-2021 to 2-15-2049, fair value including accrued interest is $991,312,952. | |
(02) U.S. government securities, 0.13%, 11-30-2022, fair value including accrued interest is $244,800,036. | |
(03) U.S. government securities, 0.38% to 3.00%, 3-31-2022 to 7-31-2027, fair value including accrued interest is $765,000,070. | |
(04) U.S. government securities, 0.13% to 1.00%, 7-15-2021 to 2-15-2046, fair value including accrued interest is $624,240,024. | |
(05) U.S. government securities, 0.50%, 6-30-2027, fair value including accrued interest is $765,000,000. | |
(06) U.S. government securities, 0.13% to 2.50%, 4-15-2021 to 8-15-2024, fair value including accrued interest is $255,000,074. | |
(07) U.S. government securities, 0.00% to 2.88%, 2-2-2021 to 5-15-2043, fair value including accrued interest is $204,000,174. | |
(08) U.S. government securities, 3.00%, 5-15-2042, fair value including accrued interest is $350,000,063. | |
(09) U.S. government securities, 2.75% to 3.75%, 2-15-2047 to 11-15-2048, fair value including accrued interest is $765,001,226. | |
(10) U.S. government securities, 0.00% to 6.00%, 3-4-2021 to 2-15-2048, fair value including accrued interest is $306,000,024. | |
(11) U.S. government securities, 1.25%, 8-31-2024, fair value including accrued interest is $102,010,222. | |
(12) U.S. government securities, 0.13% to 2.75%, 1-31-2023 to 8-15-2050, fair value including accrued interest is $102,000,006. | |
(13) U.S. government securities, 0.13% to 4.50%, 12-31-2022 to 2-15-2036, fair value including accrued interest is $255,189,311. | |
(14) U.S. government securities, 0.25% to 6.38%, 1-31-2023 to 2-15-2050, fair value including accrued interest is $202,368,011. | |
(15) U.S. government securities, 0.13% to 6.38%, 8-31-2022 to 8-15-2047, fair value including accrued interest is $255,000,057. | |
(16) U.S. government securities, 0.00% to 3.00%, 11-15-2025 to 11-15-2047, fair value including accrued interest is $54,846,675. | |
(17) U.S. government securities, 0.00%, 11-15-2026, fair value is $6,738,375. | |
(18) U.S. government securities, 0.00% to 6.25%, 2-15-2021 to 11-15-2050, fair value including accrued interest is $775,200,000. | |
(19) U.S. government securities, 0.00% to 4.38%, 7-31-2021 to 5-15-2050, fair value including accrued interest is $255,000,001. | |
(20) U.S. government securities, 1.50%, 11-14-2012 to 10-31-2024, fair value including accrued interest is $157,193,878. | |
(21) U.S. government securities, 0.13% to 4.38%, 7-31-2021 to 5-15-2050, fair value including accrued interest is $255,000,001. | |
§ | The security is subject to a demand feature which reduces the effective maturity. |
∂ | The security represents a long-dated and extendible repurchase agreement which automatically renews on previously set terms. The maturity date represents the next put date. |
øø | The interest rate is determined and reset by the issuer periodically depending upon the terms of the security. The rate shown is the rate in effect at period end. |
## | All or a portion of this security is segregated for when-issued securities. |
± | Variable rate investment. The rate shown is the rate in effect at period end. |
☼ | Zero coupon security. The rate represents the current yield to maturity. |
%% | The security is purchased on a when-issued basis. |
Assets | |
Investments in unaffiliated securities, at amortized cost | $ 14,231,136,766 |
Investments in repurchase agreements, at amortized cost | 7,549,843,322 |
Cash | 271,702 |
Receivable for investments sold | 520,000,000 |
Receivable for interest | 12,862,109 |
Receivable from manager | 123,572 |
Prepaid expenses and other assets | 1,223,197 |
Total assets | 22,315,460,668 |
Liabilities | |
Payable for investments purchased | 199,945,769 |
Payable for Fund shares redeemed | 18,612,853 |
Administration fees payable | 1,654,459 |
Dividends payable | 105,533 |
Trustees’ fees and expenses payable | 1,075 |
Accrued expenses and other liabilities | 452,990 |
Total liabilities | 220,772,679 |
Total net assets | $22,094,687,989 |
Net assets consist of | |
Paid-in capital | $ 22,094,877,097 |
Total distributable loss | (189,108) |
Total net assets | $22,094,687,989 |
Computation of net asset value per share | |
Net assets – Class A | $ 1,537,191,576 |
Shares outstanding – Class A1 | 1,537,052,138 |
Net asset value per share – Class A | $1.00 |
Net assets – Administrator Class | $ 143,745,402 |
Shares outstanding – Administrator Class1 | 143,733,230 |
Net asset value per share – Administrator Class | $1.00 |
Net assets – Institutional Class | $ 15,879,273,883 |
Shares outstanding – Institutional Class1 | 15,877,782,899 |
Net asset value per share – Institutional Class | $1.00 |
Net assets – Select Class | $ 3,118,274,083 |
Shares outstanding – Select Class1 | 3,118,123,048 |
Net asset value per share – Select Class | $1.00 |
Net assets – Service Class | $ 1,416,203,045 |
Shares outstanding – Service Class1 | 1,416,067,184 |
Net asset value per share – Service Class | $1.00 |
1 | The Fund has an unlimited number of authorized shares. |
Investment income | |
Interest | $ 71,715,718 |
Expenses | |
Management fee | 30,680,655 |
Administration fees | |
Class A | 3,174,423 |
Administrator Class | 172,269 |
Institutional Class | 12,772,034 |
Select Class | 1,394,646 |
Service Class | 1,663,341 |
Shareholder servicing fees | |
Class A | 3,606,150 |
Administrator Class | 171,571 |
Service Class | 3,465,035 |
Custody and accounting fees | 633,834 |
Professional fees | 54,546 |
Registration fees | 85,013 |
Shareholder report expenses | 47,698 |
Trustees’ fees and expenses | 19,973 |
Other fees and expenses | 238,759 |
Total expenses | 58,179,947 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (118,208) |
Class A | (5,187,524) |
Administrator Class | (179,883) |
Institutional Class | (7,233,923) |
Select Class | (1,394,646) |
Service Class | (3,875,359) |
Net expenses | 40,190,404 |
Net investment income | 31,525,314 |
Net realized gains on investments | 100,625 |
Net increase in net assets resulting from operations | 31,625,939 |
Year ended January 31, 2021 | Year ended January 31, 2020 | |||
Operations | ||||
Net investment income | $ 31,525,314 | $ 293,902,436 | ||
Net realized gains on investments | 100,625 | 77,169 | ||
Net increase in net assets resulting from operations | 31,625,939 | 293,979,605 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (1,570,166) | (19,977,039) | ||
Administrator Class | (274,712) | (1,774,446) | ||
Institutional Class | (24,959,137) | (233,671,816) | ||
Select Class | (3,152,338) | (14,829,426) 1 | ||
Service Class | (1,646,130) | (23,697,019) | ||
Sweep Class | N/A | (1,237) 2 | ||
Total distributions to shareholders | (31,602,483) | (293,950,983) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 9,941,597,730 | 9,941,597,730 | 8,983,130,114 | 8,983,130,114 |
Administrator Class | 575,602,412 | 575,602,412 | 648,439,409 | 648,439,409 |
Institutional Class | 89,663,135,695 | 89,663,135,695 | 92,366,552,858 | 92,366,552,858 |
Select Class | 84,526,317,126 | 84,526,317,126 | 4,951,631,188 1 | 4,951,631,188 1 |
Service Class | 6,391,237,824 | 6,391,237,824 | 7,712,455,249 | 7,712,455,249 |
191,097,890,787 | 114,662,208,818 | |||
Reinvestment of distributions | ||||
Class A | 827,512 | 827,512 | 10,091,843 | 10,091,843 |
Administrator Class | 284,450 | 284,450 | 1,739,531 | 1,739,531 |
Institutional Class | 9,197,042 | 9,197,042 | 86,905,773 | 86,905,773 |
Select Class | 2,646,092 | 2,646,092 | 11,537,230 1 | 11,537,230 1 |
Service Class | 396,877 | 396,877 | 5,190,841 | 5,190,841 |
13,351,973 | 115,465,218 | |||
Payment for shares redeemed | ||||
Class A | (9,784,258,186) | (9,784,258,186) | (8,816,940,672) | (8,816,940,672) |
Administrator Class | (569,238,199) | (569,238,199) | (614,418,973) | (614,418,973) |
Institutional Class | (85,088,285,515) | (85,088,285,515) | (93,625,030,718) | (93,625,030,718) |
Select Class | (82,102,590,260) | (82,102,590,260) | (4,271,418,328) 1 | (4,271,418,328) 1 |
Service Class | (6,144,319,269) | (6,144,319,269) | (7,980,153,399) | (7,980,153,399) |
Sweep Class | N/A | N/A | (100,073) 2 | (100,073) 2 |
(183,688,691,429) | (115,308,062,163) | |||
Net increase (decrease) in net assets resulting from capital share transactions | 7,422,551,331 | (530,388,127) | ||
Total increase (decrease) in net assets | 7,422,574,787 | (530,359,505) | ||
Net assets | ||||
Beginning of period | 14,672,113,202 | 15,202,472,707 | ||
End of period | $ 22,094,687,989 | $ 14,672,113,202 |
1 | For the period from March 15, 2019 (commencement of class operations) to January 31, 2020 |
2 | For the period from February 1, 2019 to November 29, 2019. Effective at the close of business on November 29, 2019, Sweep Class shares were liquidated and the class was subsequently closed. Sweep Class shares are no longer offered by the Fund. |
Year ended January 31 | |||||
Class A | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Net investment income | 0.00 1 | 0.02 | 0.01 | 0.00 1 | 0.00 1 |
Net realized gains (losses) on investments | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 |
Total from investment operations | 0.00 1 | 0.02 | 0.01 | 0.00 1 | 0.00 1 |
Distributions to shareholders from | |||||
Net investment income | (0.00) 1 | (0.02) | (0.01) | (0.00) 1 | (0.00) 1 |
Net realized gains | 0.00 | (0.00) 1 | (0.00) 1 | (0.00) 1 | 0.00 |
Total distributions to shareholders | (0.00) 1 | (0.02) | (0.01) | (0.00) 1 | (0.00) 1 |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total return | 0.12% | 1.56% | 1.37% | 0.38% | 0.01% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.61% | 0.61% | 0.61% | 0.62% | 0.62% |
Net expenses | 0.25% 2 | 0.60% | 0.60% | 0.61% | 0.39% |
Net investment income | 0.11% | 1.53% | 1.36% | 0.38% | 0.01% |
Supplemental data | |||||
Net assets, end of period (000s omitted) | $1,537,192 | $1,379,059 | $1,202,749 | $1,291,723 | $1,745,419 |
1 | Amount is less than $0.005. |
2 | During the year ended January 31, 2021, class-level expenses were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would have been 0.35% higher. |
Year ended January 31 | |||||
Administrator Class | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Net investment income | 0.00 1 | 0.02 | 0.02 | 0.01 | 0.00 1 |
Net realized gains (losses) on investments | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 |
Total from investment operations | 0.00 1 | 0.02 | 0.02 | 0.01 | 0.00 1 |
Distributions to shareholders from | |||||
Net investment income | (0.00) 1 | (0.02) | (0.02) | (0.01) | (0.00) 1 |
Net realized gains | 0.00 | (0.00) 1 | (0.00) 1 | (0.00) 1 | 0.00 |
Total distributions to shareholders | (0.00) 1 | (0.02) | (0.02) | (0.01) | (0.00) 1 |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total return | 0.16% | 1.83% | 1.63% | 0.65% | 0.06% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.34% | 0.34% | 0.35% | 0.35% | 0.34% |
Net expenses | 0.24% 2 | 0.34% | 0.35% | 0.35% | 0.34% |
Net investment income | 0.16% | 1.84% | 1.48% | 0.61% | 0.05% |
Supplemental data | |||||
Net assets, end of period (000s omitted) | $143,745 | $137,102 | $101,340 | $142,198 | $106,246 |
1 | Amount is less than $0.005. |
2 | During the year ended January 31, 2021, class-level expenses were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would have been 0.10% higher. |
Year ended January 31 | |||||
Institutional Class | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Net investment income | 0.00 1 | 0.02 | 0.02 | 0.01 | 0.00 1 |
Net realized gains (losses) on investments | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 |
Total from investment operations | 0.00 1 | 0.02 | 0.02 | 0.01 | 0.00 1 |
Distributions to shareholders from | |||||
Net investment income | (0.00) 1 | (0.02) | (0.02) | (0.01) | (0.00) 1 |
Net realized gains | 0.00 | (0.00) 1 | (0.00) 1 | (0.00) 1 | 0.00 |
Total distributions to shareholders | (0.00) 1 | (0.02) | (0.02) | (0.01) | (0.00) 1 |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total return | 0.21% | 1.97% | 1.78% | 0.79% | 0.20% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.22% | 0.22% | 0.22% | 0.23% | 0.23% |
Net expenses | 0.18% 2 | 0.20% | 0.20% | 0.20% | 0.20% |
Net investment income | 0.16% | 1.95% | 1.77% | 0.81% | 0.20% |
Supplemental data | |||||
Net assets, end of period (000s omitted) | $15,879,274 | $11,295,226 | $12,466,864 | $13,085,244 | $11,489,674 |
1 | Amount is less than $0.005. |
2 | During the year ended January 31, 2021, class-level expenses were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would have been 0.02% higher. |
Year ended January 31 | ||
Select Class | 2021 | 2020 1 |
Net asset value, beginning of period | $1.00 | $1.00 |
Net investment income | 0.00 2 | 0.02 |
Net realized gains (losses) on investments | 0.00 2 | 0.00 2 |
Total from investment operations | 0.00 2 | 0.02 |
Distributions to shareholders from | ||
Net investment income | (0.00) 2 | (0.02) |
Net realized gains | 0.00 | (0.00) 2 |
Total distributions to shareholders | (0.00) 2 | (0.02) |
Net asset value, end of period | $1.00 | $1.00 |
Total return | 0.24% | 1.74% |
Ratios to average net assets (annualized) | ||
Gross expenses | 0.18% | 0.18% |
Net expenses | 0.14% | 0.14% |
Net investment income | 0.09% | 1.81% |
Supplemental data | ||
Net assets, end of period (000s omitted) | $3,118,274 | $691,825 |
1 | For the period from March 15, 2019 (commencement of class operations) to January 31, 2020 |
2 | Amount is less than $0.005. |
Year ended January 31 | |||||
Service Class | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Net investment income | 0.00 1 | 0.02 | 0.02 | 0.01 | 0.00 1 |
Net realized gains (losses) on investments | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 |
Total from investment operations | 0.00 1 | 0.02 | 0.02 | 0.01 | 0.00 1 |
Distributions to shareholders from | |||||
Net investment income | (0.00) 1 | (0.02) | (0.02) | (0.01) | (0.00) 1 |
Net realized gains | 0.00 | (0.00) 1 | (0.00) 1 | (0.00) 1 | 0.00 |
Total distributions to shareholders | (0.00) 1 | (0.02) | (0.02) | (0.01) | (0.00) 1 |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total return | 0.14% | 1.72% | 1.53% | 0.54% | 0.02% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.51% | 0.51% | 0.51% | 0.52% | 0.52% |
Net expenses | 0.23% 2 | 0.45% | 0.45% | 0.45% | 0.38% |
Net investment income | 0.12% | 1.71% | 1.51% | 0.54% | 0.03% |
Supplemental data | |||||
Net assets, end of period (000s omitted) | $1,416,203 | $1,168,901 | $1,431,420 | $1,459,295 | $1,500,467 |
1 | Amount is less than $0.005. |
2 | During the year ended January 31, 2021, class-level expenses were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would have been 0.22% higher. |
■ | 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: | ||||
Repurchase agreements | $0 | $ 7,549,843,322 | $0 | $ 7,549,843,322 |
U.S. Treasury securities | 0 | 14,231,136,766 | 0 | 14,231,136,766 |
Total assets | $0 | $21,780,980,088 | $0 | $21,780,980,088 |
Average daily net assets | Management fee |
First $5 billion | 0.150% |
Next $5 billion | 0.140 |
Over $10 billion | 0.130 |
Class-level administration fee | |
Class A | 0.22% |
Administrator Class | 0.10 |
Institutional Class | 0.08 |
Select Class | 0.04 |
Service Class | 0.12 |
Expense ratio caps | |
Class A | 0.60% |
Administrator Class | 0.34 |
Institutional Class | 0.20 |
Select Class | 0.14 |
Service Class | 0.45 |
Wells Fargo Funds Trust:
![](https://capedge.com/proxy/N-CSR/0001193125-21-106267/g126881img1230d71e6.jpg)
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
![](https://capedge.com/proxy/N-CSR/0001193125-21-106267/g126881img526452137.jpg)
A314/AR314 01-21
ITEM 2. CODE OF ETHICS
(a) As of the end of the period covered by the report, Wells Fargo Funds Trust has adopted a code of ethics that applies to its President and Treasurer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.
(c) During the period covered by this report, there were no amendments to the provisions of the code of ethics adopted in Item 2(a) above.
(d) During the period covered by this report, there were no implicit or explicit waivers to the provisions of the code of ethics adopted in Item 2(a) above.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT
The Board of Trustees of Wells Fargo Funds Trust has determined that Judith Johnson is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mrs. Johnson is independent for purposes of Item 3 of Form N-CSR.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES
(a), (b), (c), (d) The following table presents aggregate fees billed in each of the last two fiscal years for services rendered to the Registrant by the Registrant’s principal accountant. These fees were billed to the registrant and were approved by the Registrant’s audit committee.
Fiscal year ended January 31, 2021 | Fiscal year ended January 31, 2020 | |||||||
Audit fees | $ | 351,180 | $ | 343,480 | ||||
Audit-related fees | — | — | ||||||
Tax fees (1) | 16,160 | 15,840 | ||||||
All other fees | — | — | ||||||
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$ | 367,140 | $ | 359,320 | |||||
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(1) | Tax fees consist of fees for tax compliance, tax advice, tax planning and excise tax. |
(e) The Chair of the Audit Committees is authorized to pre-approve: (1) audit services for the mutual funds of Wells Fargo Funds Trust; (2) non-audit tax or compliance consulting or training services provided to the Funds by the independent auditors (“Auditors”) if the fees for any particular engagement are not anticipated to exceed $50,000; and (3) non-audit tax or compliance consulting or training services provided by the Auditors to a Fund’s investment adviser and its controlling entities (where pre-approval is required because the engagement relates directly to the operations and financial reporting of the Fund) if the fee to the Auditors for any particular engagement is not anticipated to exceed $50,000. For any such pre-approval sought from the Chair, Management shall prepare a brief description of the proposed services.
If the Chair approves of such service, he or she shall sign the statement prepared by Management.
Such written statement shall be presented to the full Committees at their next regularly scheduled meetings.
(f) Not applicable
(g) Not applicable
(h) Not applicable
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
Not applicable.
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 MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS
Not applicable.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees that have been implemented since the registrant’s last provided disclosure in response to the requirements of this Item.
ITEM 11. CONTROLS AND PROCEDURES
(a) The President and Treasurer have concluded that the Wells Fargo Funds Trust 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) Code of Ethics. |
(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 |