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: May 31
Registrant is making a filing for 16 of its series:
Wells Fargo Asset Allocation Fund, Wells Fargo Growth Balanced Fund, Wells Fargo Moderate Balanced Fund, Wells Fargo C&B Large Cap Value Fund, Wells Fargo Diversified Equity Fund, Wells Fargo Emerging Growth Fund, Wells Fargo Index Fund, Wells Fargo Small Company Growth Fund Small Company Value Fund, Wells Fargo Core Bond Fund, Wells Fargo Real Return Fund, Wells Fargo Spectrum Income Allocation Fund, Wells Fargo Spectrum Growth Fund, Wells Fargo Spectrum Moderate Growth Fund, Wells Fargo Spectrum Conservative Growth Fund, and Wells Fargo Spectrum Aggressive Growth Fund.
Date of reporting period: May 31, 2021
ITEM 1. REPORT TO STOCKHOLDERS
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6 | |
10 | |
11 | |
Financial statements | |
15 | |
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17 | |
18 | |
23 | |
31 | |
32 | |
Board considerations | |
37 | |
41 | |
47 |
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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. |
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. |
4 | The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
5 | The Bloomberg Barclays Global Aggregate ex-USD Index (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. |
6 | The Bloomberg Barclays Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index. |
7 | The ICE 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. |
“The passage of the massive domestic stimulus bill highlighted March activity, leading to increased forecasts for U.S. growth in 2021.” |
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President
Wells Fargo Funds
Investment objective | The Fund seeks long-term total return, consisting of capital appreciation and current income. |
Manager | Wells Fargo Funds Management, LLC |
Subadviser | Wells Capital Management Incorporated |
Portfolio managers | Kandarp R. Acharya, CFA®‡, FRM, Petros N. Bocray, CFA®‡, FRM, Christian L. Chan, CFA®‡ |
Average annual total returns (%) as of May 31, 2021 | |||||||||||
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 (EAAFX) | 7-29-1996 | 21.99 | 8.21 | 5.44 | 29.45 | 9.50 | 6.06 | 1.30 | 1.13 | ||
Class C (EACFX) | 10-3-2002 | 28.19 | 8.81 | 5.33 | 29.19 | 8.81 | 5.33 | 2.05 | 1.88 | ||
Class R (EAXFX) | 10-10-2003 | – | – | – | 29.44 | 9.29 | 5.83 | 1.55 | 1.38 | ||
Administrator Class (EAIFX) | 10-3-2002 | – | – | – | 30.62 | 9.86 | 6.34 | 1.22 | 0.95 | ||
Institutional Class (EAAIX)3 | 11-30-2012 | – | – | – | 29.76 | 9.89 | 6.43 | 0.97 | 0.80 | ||
Asset Allocation Blended Index4 | – | – | – | – | 26.73 | 10.99 | 7.83 | – | – | ||
Bloomberg Barclays U.S. Aggregate Bond Index5 | – | – | – | – | -0.40 | 3.25 | 3.29 | – | – | ||
MSCI ACWI ex USA Index (Net)6 | – | – | – | – | 42.78 | 10.88 | 5.36 | – | – | ||
Russell 3000® Index7 | – | – | – | – | 43.91 | 17.36 | 14.21 | – | – |
1 | Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.53% in acquired fund fees and expenses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include acquired fund fees and expenses. |
2 | The manager has contractually committed through August 31, 2021, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.13% for Class A, 1.88% for Class C, 1.38% for Class R, 0.95% for Administrator Class, and 0.80% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the affiliated master portfolios and funds invest and from money market funds, and extraordinary expenses are excluded from the expense caps. All other acquired fund fees and expenses from the affiliated master portfolios are included in the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
3 | Historical performance shown for the 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 | Source: Wells Fargo Funds Management, LLC. The Asset Allocation Blended Index is composed of 45% of the Russell 3000® Index, 35% of the Bloomberg Barclays U.S. Aggregate Bond Index and 20% of the MSCI ACWI ex USA Index (Net). Prior to June 16, 2018, it was comprised of 65% of the MSCI ACWI Index (Net) and 35% of the Bloomberg Barclays U.S. Aggregate Bond Index. You cannot invest directly in an index. |
‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
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1 | The chart compares the performance of Class A shares for the most recent ten years with the Asset Allocation Blended Index, Bloomberg Barclays U.S. Aggregate Bond Index, MSCI ACWI ex USA Index (Net) and Russell 3000® Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%. |
5 | The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar– denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
6 | The 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 indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
7 | The Russell 3000® Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. You cannot invest directly in an index. |
■ | The Fund outperformed the Asset Allocation Fund Blended Index for the 12-month period that ended May 31, 2021. |
■ | The Tactical Asset Allocation (TAA) overlay and an overweight to credit sectors within the fixed-income portfolio were the largest contributors to relative performance over the period. |
■ | Poor relative performance within the international portfolio was the largest detractor from performance over the period. |
Ten largest holdings (%) as of May 31, 20211 | |
Wells Fargo Managed Fixed Income Portfolio | 21.51 |
Wells Fargo Disciplined U.S. Core Fund Class R6 | 13.68 |
Wells Fargo Large Company Value Portfolio | 11.72 |
Wells Fargo Diversified Large Cap Growth Portfolio | 10.91 |
Wells Fargo Disciplined International Developed Markets Portfolio | 8.79 |
Wells Fargo Core Bond Portfolio | 6.02 |
iShares Core MSCI EAFE ETF | 3.99 |
Wells Fargo C&B Large Cap Value Portfolio | 3.52 |
Wells Fargo Real Return Portfolio | 3.43 |
Wells Fargo Factor Enhanced International Equity Portfolio | 3.29 |
1 | Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified. |
* | The Bloomberg Barclays U.S. Treasury 20+ Year Index measures U.S. dollar-denominated, fixed-rate, nominal debt issued by the U.S. Treasury with 20+ years to maturity. Treasury bills are excluded by the maturity constraint, but are part of a separate Short Treasury Index. STRIPS are excluded from the index because their inclusion would result in double-counting. You cannot invest directly in an index. |
** | 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. |
Allocation (%) as of May 31, 2021 | ||
Neutral allocation | Effective allocation1 | |
Bonds | 35 | 29 |
Stocks | 65 | 68 |
Effective Cash | 0 | 3 |
1 | The effective allocation reflects the effect of the tactical futures overlay that may be in place. Effective cash, if any, represents the net offset to such future positions. Effective allocations are subject to change and may have changed since the date specified. |
Beginning account value 12-1-2020 | Ending account value 5-31-2021 | Expenses paid during the period1,2 | Annualized net expense ratio2 | |
Class A | ||||
Actual | $1,000.00 | $1,123.90 | $5.45 | 1.03% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.80 | $5.19 | 1.03% |
Class C | ||||
Actual | $1,000.00 | $1,111.62 | $9.37 | 1.78% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,016.06 | $8.95 | 1.78% |
Class R | ||||
Actual | $1,000.00 | $1,119.79 | $6.66 | 1.26% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,018.65 | $6.34 | 1.26% |
Administrator Class | ||||
Actual | $1,000.00 | $1,123.91 | $4.61 | 0.87% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.59 | $4.38 | 0.87% |
Institutional Class | ||||
Actual | $1,000.00 | $1,124.91 | $3.71 | 0.70% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.44 | $3.53 | 0.70% |
Shares | Value | ||||
Investment companies: 98.07% | |||||
Affiliated master portfolios: 75.34% | |||||
Wells Fargo C&B Large Cap Value Portfolio | $ 66,470,173 | ||||
Wells Fargo Core Bond Portfolio | 113,890,326 | ||||
Wells Fargo Disciplined International Developed Markets Portfolio | 166,248,547 | ||||
Wells Fargo Diversified Large Cap Growth Portfolio | 206,242,673 | ||||
Wells Fargo Emerging Growth Porfolio | 19,076,862 | ||||
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio | 24,217,903 | ||||
Wells Fargo Factor Enhanced International Equity Portfolio | 62,106,544 | ||||
Wells Fargo Large Company Value Portfolio | 221,492,243 | ||||
Wells Fargo Managed Fixed Income Portfolio | 406,745,440 | ||||
Wells Fargo Real Return Portfolio | 64,752,153 | ||||
Wells Fargo Small Company Growth Portfolio | 21,061,071 | ||||
Wells Fargo Small Company Value Portfolio | 52,076,671 | ||||
1,424,380,606 | |||||
Exchange-traded funds: 6.50% | |||||
Energy Select Sector SPDR Fund | 339,231 | 17,711,251 | |||
iShares Core MSCI EAFE ETF | 982,636 | 75,466,445 | |||
iShares Core U.S. Aggregate Bond ETF | 258,825 | 29,648,404 | |||
122,826,100 | |||||
Stock funds: 16.23% | |||||
Wells Fargo Disciplined U.S. Core Fund Class R6 ♠ | 11,504,836 | 258,513,675 | |||
Wells Fargo Emerging Markets Equity Fund Class R6 ♠ | 664,987 | 23,640,299 | |||
Wells Fargo Emerging Markets Equity Income Fund Class R6 ♠ | 1,829,012 | 24,636,790 | |||
306,790,764 | |||||
Total Investment companies (Cost $1,542,531,511) | 1,853,997,470 | ||||
Total investments in securities (Cost $1,542,531,511) | 98.07% | 1,853,997,470 | |||
Other assets and liabilities, net | 1.93 | 36,551,037 | |||
Total net assets | 100.00% | $1,890,548,507 |
♠ | The issuer is an affiliate of the Fund as defined in the Investment Company Act of 1940. |
Value, beginning of period | Purchases | Sales proceeds | Net realized gains (losses) on affiliated Underlying Funds | Net change in unrealized gains (losses) on affiliated Underlying Funds | Value, end of period | % of net assets | ||||
Investment companies | ||||||||||
Stock funds | ||||||||||
Wells Fargo Disciplined U.S. Core Fund Class R6 | $178,014,521 | $82,278,663 | $(52,557,602) | $ 5,775,460 | $ 45,002,633 | $ 258,513,675 | ||||
Wells Fargo Emerging Markets Equity Fund Class R6 | 22,128,708 | 134,391 | (7,966,503) | 2,224,040 | 7,119,663 | 23,640,299 | ||||
Wells Fargo Emerging Markets Equity Income Fund Class R6 | 21,561,691 | 655,510 | (6,548,511) | 807,088 | 8,161,012 | 24,636,790 | ||||
$8,806,588 | $60,283,308 | $306,790,764 | 16.23% |
Shares, end of period | Dividends from affiliated Underlying Funds | Net realized gains on capital gain distributions from affiliated Underlying Funds | ||
Investment companies | ||||
Stock funds | ||||
Wells Fargo Disciplined U.S. Core Fund Class R6 | 11,504,836 | $ 4,538,731 | $ 14,598,207 | |
Wells Fargo Emerging Markets Equity Fund Class R6 | 664,987 | 102,921 | 0 | |
Wells Fargo Emerging Markets Equity Income Fund Class R6 | 1,829,012 | 624,039 | 0 | |
$5,265,691 | $14,598,207 |
% of ownership, beginning of period | % of ownership, end of period | Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolios | Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolios | Interest allocated from affiliated Master Portfolios | Dividends allocated from affiliated Master Portfolios | Affiliated income allocated from affiliated Master Portfolios | Value, end of period | % of net assets | |||||||
Wells Fargo C&B Large Cap Value Portfolio | 17.52% | 16.16% | $ 5,350,064 | $ 19,485,242 | $ 0 | $ 990,661 | $ 1,049 | $ 66,470,173 | |||||||
Wells Fargo Core Bond Portfolio | 1.57 | 2.02 | 2,267,027 | (3,246,752) | 1,649,804 | 0 | 3,021 | 113,890,326 | |||||||
Wells Fargo Disciplined International Developed Markets Portfolio | 81.81 | 81.24 | 34,470,971 | 14,583,340 | 0 | 4,258,339 | 50,393 | 166,248,547 | |||||||
Wells Fargo Diversified Large Cap Growth Portfolio | 70.75 | 72.28 | 20,121,819 | 31,583,204 | 0 | 1,292,271 | 6,569 | 206,242,673 | |||||||
Wells Fargo Emerging Growth Porfolio | 2.63 | 1.99 | 4,449,707 | 4,592,916 | 0 | 24,594 | 6,068 | 19,076,862 | |||||||
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio | 11.03 | 13.38 | 2,609,240 | 4,836,836 | 0 | 600,376 | 544 | 24,217,903 | |||||||
Wells Fargo Factor Enhanced International Equity Portfolio | 0.00 | 8.72 | 4,923,967 | 10,181,387 | 0 | 1,538,427 | 517 | 62,106,544 | |||||||
Wells Fargo High Yield Corporate Bond Portfolio | 59.90 | 0.00 | 3,417,429 | 1,817,797 | 2,794,485 | 0 | 71 | 0 | |||||||
Wells Fargo International Value Portfolio | 20.82 | 0.00 | (5,805,478) | 43,033,907 | 0 | 3,320,387 | 30,309 | 0 | |||||||
Wells Fargo Large Company Value Portfolio | 76.13 | 76.48 | 78,658,248 | (4,328,152) | 0 | 3,602,205 | 1,219 | 221,492,243 | |||||||
Wells Fargo Managed Fixed Income Portfolio | 82.04 | 81.98 | 5,945,497 | (5,977,261) | 10,924,833 | 0 | 10,657 | 406,745,440 | |||||||
Wells Fargo Real Return Portfolio | 35.61 | 27.05 | 765,864 | 3,277,810 | 1,572,925 | 189,612 | 638 | 64,752,153 | |||||||
Wells Fargo Small Company Growth Portfolio | 1.38 | 1.53 | 5,662,953 | 3,413,115 | 0 | 90,047 | 1,872 | 21,061,071 | |||||||
Wells Fargo Small Company Value Portfolio | 11.31 | 8.40 | 5,940,252 | 23,415,653 | 0 | 721,757 | 4,776 | 52,076,671 | |||||||
$168,777,560 | $146,669,042 | $16,942,047 | $16,628,676 | $117,703 | $1,424,380,606 | 75.34% |
Description | Number of contracts | Expiration date | Notional cost | Notional value | Unrealized gains | Unrealized losses | |
Long | |||||||
Bloomberg Commodity Index | 2,475 | 6-16-2021 | $ 22,604,002 | $ 22,943,250 | $ 339,248 | $ 0 | |
E-Mini S&P 500 Index | 236 | 6-18-2021 | 49,804,954 | 49,588,320 | 0 | (216,634) | |
FTSE 100 Index | 283 | 6-18-2021 | 28,190,435 | 28,238,565 | 48,130 | 0 | |
IBEX 35 Index | 780 | 6-18-2021 | 86,949,898 | 87,125,985 | 176,087 | 0 | |
MSCI Emerging Markets Index | 284 | 6-18-2021 | 18,953,495 | 19,324,780 | 371,285 | 0 | |
Short | |||||||
Australian Dollars Futures | (728) | 6-14-2021 | (56,240,737) | (56,157,920) | 82,817 | 0 | |
Mini-DAX Futures | (903) | 6-18-2021 | (80,293,050) | (85,103,257) | 0 | (4,810,207) | |
10-Year U.S. Treasury Notes | (694) | 9-21-2021 | (91,291,925) | (91,564,625) | 0 | (272,700) | |
$1,017,567 | $(5,299,541) |
Assets | |
Investments in affiliated Master Portfolios, at value (cost $1,179,244,564) | $ 1,424,380,606 |
Investments in unaffiliated Underlying Funds, at value (cost $121,795,771) | 122,826,100 |
Investments in affiliated Underlying Funds, at value (cost $241,491,176) | 306,790,764 |
Cash | 534,573 |
Cash at broker segregated for futures contracts | 38,241,102 |
Receivable for investments sold | 65,427 |
Receivable for Fund shares sold | 32,790 |
Total assets | 1,892,871,362 |
Liabilities | |
Payable for Fund shares redeemed | 899,162 |
Shareholder servicing fees payable | 343,347 |
Administration fees payable | 316,165 |
Management fee payable | 298,813 |
Shareholder report expenses payable | 192,862 |
Payable for daily variation margin on open futures contracts | 115,850 |
Distribution fees payable | 34,219 |
Trustees’ fees and expenses payable | 1,626 |
Accrued expenses and other liabilities | 120,811 |
Total liabilities | 2,322,855 |
Total net assets | $1,890,548,507 |
Net assets consist of | |
Paid-in capital | $ 1,416,132,790 |
Total distributable earnings | 474,415,717 |
Total net assets | $1,890,548,507 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 1,542,706,944 |
Shares outstanding – Class A1 | 91,297,393 |
Net asset value per share – Class A | $16.90 |
Maximum offering price per share – Class A2 | $17.93 |
Net assets – Class C | $ 52,586,422 |
Shares outstanding – Class C1 | 3,167,370 |
Net asset value per share – Class C | $16.60 |
Net assets – Class R | $ 3,407,461 |
Shares outstanding – Class R1 | 202,148 |
Net asset value per share – Class R | $16.86 |
Net assets – Administrator Class | $ 25,026,076 |
Shares outstanding – Administrator Class1 | 1,450,597 |
Net asset value per share – Administrator Class | $17.25 |
Net assets – Institutional Class | $ 266,821,604 |
Shares outstanding – Institutional Class1 | 15,749,927 |
Net asset value per share – Institutional Class | $16.94 |
1 | The Fund has an unlimited number of authorized shares. |
2 | Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced. |
Investment income | |
Interest allocated from affiliated Master Portfolios (net of foreign withholding taxes of $1,093) | $ 16,942,047 |
Dividends allocated from affiliated Master Portfolios (net of foreign withholding taxes of $1,100,930) | 16,628,676 |
Dividends from affiliated Underlying Funds | 5,265,691 |
Dividends from unaffiliated Underlying Funds | 1,076,788 |
Affiliated income allocated from affiliated Master Portfolios | 117,703 |
Expenses allocated from affiliated Master Portfolios | (7,526,402) |
Waivers allocated from affiliated Master Portfolios | 743,170 |
Total investment income | 33,247,673 |
Expenses | |
Management fee | 4,958,866 |
Administration fees | |
Class A | 3,019,831 |
Class C | 160,933 |
Class R | 7,989 |
Administrator Class | 30,137 |
Institutional Class | 325,306 |
Shareholder servicing fees | |
Class A | 3,592,173 |
Class C | 190,761 |
Class R | 9,201 |
Administrator Class | 57,398 |
Distribution fees | |
Class C | 570,954 |
Class R | 9,079 |
Custody and accounting fees | 69,521 |
Professional fees | 60,955 |
Registration fees | 112,971 |
Shareholder report expenses | 91,059 |
Trustees’ fees and expenses | 19,430 |
Other fees and expenses | 71,808 |
Total expenses | 13,358,372 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (1,754,490) |
Class A | (2,716) |
Class C | (93) |
Administrator Class | (20,864) |
Net expenses | 11,580,209 |
Net investment income | 21,667,464 |
Payment from affiliate | 712,806 |
Realized and unrealized gains (losses) on investments | |
Net realized gains on | |
Securities transactions allocated from affiliated Master Portfolios | 168,777,560 |
Affiliated Underlying Funds | 8,806,588 |
Unaffiliated Underlying Funds | 17,502,381 |
Futures contracts | 34,139,678 |
Capital gain distributions from affiliated Underlying Funds | 14,598,207 |
Net realized gains on investments | 243,824,414 |
Net change in unrealized gains (losses) on | |
Securities transactions allocated from affiliated Master Portfolios | 146,669,042 |
Affiliated Underlying Funds | 60,283,308 |
Unaffiliated Underlying Funds | 1,030,329 |
Futures contracts | (15,055,292) |
Net change in unrealized gains (losses) on investments | 192,927,387 |
Net realized and unrealized gains (losses) on investments | 436,751,801 |
Net increase in net assets resulting from operations | $459,132,071 |
Year ended May 31, 2021 | Year ended May 31, 20201 | Year ended April 30, 2020 | ||||
Operations | ||||||
Net investment income | $ 21,667,464 | $ 1,669,038 | $ 28,719,641 | |||
Payment from affiliate | 712,806 | 0 | 0 | |||
Net realized gains on investments | 243,824,414 | 1,279,058 | 2,140,519 | |||
Net change in unrealized gains (losses) on investments | 192,927,387 | 53,264,308 | (50,067,897) | |||
Net increase (decrease) in net assets resulting from operations | 459,132,071 | 56,212,404 | (19,207,737) | |||
Distributions to shareholders from | ||||||
Net investment income and net realized gains | ||||||
Class A | (55,986,187) | 0 | (21,696,851) | |||
Class C | (700,025) | 0 | (1,880,323) | |||
Class R | (109,599) | 0 | (65,870) | |||
Administrator Class | (921,907) | 0 | (445,651) | |||
Institutional Class | (10,355,792) | 0 | (5,062,752) | |||
Total distributions to shareholders | (68,073,510) | 0 | (29,151,447) | |||
Capital share transactions | Shares | Shares | Shares | |||
Proceeds from shares sold | ||||||
Class A | 6,250,034 | 93,969,141 | 370,617 | 4,834,007 | 6,471,393 | 88,539,900 |
Class C | 279,606 | 4,416,662 | 21,252 | 268,156 | 352,682 | 4,601,983 |
Class R | 30,203 | 464,911 | 5,366 | 70,207 | 76,686 | 1,045,391 |
Administrator Class | 127,077 | 2,046,652 | 2,868 | 37,874 | 82,695 | 1,128,405 |
Institutional Class | 1,785,909 | 27,785,977 | 117,750 | 1,544,789 | 2,340,394 | 31,989,185 |
128,683,343 | 6,755,033 | 127,304,864 | ||||
Reinvestment of distributions | ||||||
Class A | 3,223,356 | 50,235,396 | 0 | 0 | 1,392,639 | 19,726,126 |
Class C | 45,235 | 683,050 | 0 | 0 | 109,235 | 1,477,961 |
Class R | 6,360 | 98,865 | 0 | 0 | 3,939 | 55,022 |
Administrator Class | 53,449 | 850,269 | 0 | 0 | 27,855 | 400,275 |
Institutional Class | 504,693 | 7,879,021 | 0 | 0 | 271,898 | 3,868,327 |
59,746,601 | 0 | 25,527,711 | ||||
Payment for shares redeemed | ||||||
Class A | (13,048,794) | (200,591,180) | (1,082,884) | (14,222,900) | (21,422,317) | (290,340,362) |
Class C | (6,233,258) | (89,970,179) | (487,279) | (6,097,311) | (9,169,334) | (119,930,791) |
Class R | (155,015) | (2,300,175) | (152) | (1,986) | (335,021) | (4,480,311) |
Administrator Class | (302,421) | (4,691,747) | (34,639) | (464,546) | (820,004) | (11,202,765) |
Institutional Class | (3,567,623) | (54,922,613) | (404,103) | (5,323,366) | (8,379,750) | (112,607,902) |
(352,475,894) | (26,110,109) | (538,562,131) | ||||
Net decrease in net assets resulting from capital share transactions | (164,045,950) | (19,355,076) | (385,729,556) | |||
Total increase (decrease) in net assets | 227,012,611 | 36,857,328 | (434,088,740) | |||
Net assets | ||||||
Beginning of period | 1,663,535,896 | 1,626,678,568 | 2,060,767,308 | |||
End of period | $1,890,548,507 | $1,663,535,896 | $1,626,678,568 |
1 | For the one month ended May 31, 2020. The Fund changed its fiscal year end from April 30 to May 31, effective May 31, 2020. |
Year ended May 31 | Year ended April 30 | ||||||
Class A | 2021 | 2020 1 | 2020 | 2019 | 2018 | 2017 | |
Net asset value, beginning of period | $13.57 | $13.12 | $13.49 | $14.33 | $13.62 | $12.71 | |
Net investment income (loss) | 0.18 2 | 0.02 | 0.21 2 | 0.15 2 | (0.12) | (0.09) | |
Payment from affiliate | 0.00 3 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
Net realized and unrealized gains (losses) on investments | 3.75 | 0.43 | (0.36) | 0.04 | 1.08 | 1.20 | |
Total from investment operations | 3.93 | 0.45 | (0.15) | 0.19 | 0.96 | 1.11 | |
Distributions to shareholders from | |||||||
Net investment income | (0.41) | 0.00 | (0.06) | (0.06) | (0.25) | (0.20) | |
Net realized gains | (0.19) | 0.00 | (0.16) | (0.97) | 0.00 | 0.00 | |
Total distributions to shareholders | (0.60) | 0.00 | (0.22) | (1.03) | (0.25) | (0.20) | |
Net asset value, end of period | $16.90 | $13.57 | $13.12 | $13.49 | $14.33 | $13.62 | |
Total return4 | 29.45% 5 | 3.43% | (1.26)% | 1.96% | 7.01% | 8.86% | |
Ratios to average net assets (annualized) | |||||||
Gross expenses | 1.14% * | 1.21% * | 1.22% * | 1.18% *,6 | 0.82% 6 | 0.80% 6 | |
Net expenses | 1.04% * | 1.05% * | 1.05% * | 1.04% *,6 | 0.82% 6 | 0.80% 6 | |
Net investment income (loss) | 1.19% * | 1.22% * | 1.54% * | 1.08% *,6 | (0.82)% 6 | (0.80)% 6 | |
Supplemental data | |||||||
Portfolio turnover rate | 137% 7 | 13% 7 | 109% 7 | 189% 7 | 0% 8 | 0% 8 | |
Net assets, end of period (000s omitted) | $1,542,707 | $1,287,856 | $1,253,699 | $1,472,484 | $1,348,107 | $1,413,776 |
* | Ratios include only the net expenses allocated from the affiliated Master Portfolios and do not include expenses from any other affiliated Underlying Funds. Net expenses allocated from the affiliated Master Portfolios included in the ratios were as follows: |
Year ended May 31, 2021 | 0.38% |
Year ended May 31, 20201 | 0.45% |
Year ended April 30, 2020 | 0.45% |
Year ended April 30, 2019 | 0.40% |
1 | For the one month ended May 31, 2020. The Fund changed its fiscal year end from April 30 to May 31, effective May 31, 2020. |
2 | Calculated based upon average shares outstanding |
3 | Amount is less than $0.005. |
4 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
5 | For year ended May 31, 2021, the Fund received a payment from an affiliate that had an impact of less than 0.005% on total return. See Note 4 in the Notes to Financial Statements for additional information. |
6 | Ratios did not include any expenses from Asset Allocation Trust or its investments in underlying funds. Asset Allocation Trust did not have any net expenses. |
7 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in the affiliated Underlying Funds and unaffiliated securities and included in the portfolio turnover calculation. |
8 | Portfolio turnover rate represents the purchase and sales of the Fund’s investment in Asset Allocation Trust and not the underlying investment transactions of Asset Allocation Trust. |
Year ended May 31 | Year ended April 30 | ||||||
Class C | 2021 | 2020 1 | 2020 | 2019 | 2018 | 2017 | |
Net asset value, beginning of period | $13.01 | $12.58 | $12.99 | $13.87 | $13.17 | $12.28 | |
Net investment income (loss) | 0.06 2 | 0.01 2 | 0.11 2 | 0.03 2 | (0.22) 2 | (0.19) 2 | |
Payment from affiliate | 0.17 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
Net realized and unrealized gains (losses) on investments | 3.54 | 0.42 | (0.36) | 0.06 | 1.03 | 1.18 | |
Total from investment operations | 3.77 | 0.43 | (0.25) | 0.09 | 0.81 | 0.99 | |
Distributions to shareholders from | |||||||
Net investment income | 0.00 | 0.00 | 0.00 | 0.00 | (0.11) | (0.10) | |
Net realized gains | (0.18) | 0.00 | (0.16) | (0.97) | 0.00 | 0.00 | |
Total distributions to shareholders | (0.18) | 0.00 | (0.16) | (0.97) | (0.11) | (0.10) | |
Net asset value, end of period | $16.60 | $13.01 | $12.58 | $12.99 | $13.87 | $13.17 | |
Total return3 | 29.19% 4 | 3.42% | (2.02)% | 1.21% | 6.16% | 8.08% | |
Ratios to average net assets (annualized) | |||||||
Gross expenses | 1.89% * | 1.96% * | 1.97% * | 1.92% *,5 | 1.57% 5 | 1.55% 5 | |
Net expenses | 1.79% * | 1.79% * | 1.80% * | 1.78% *,5 | 1.57% 5 | 1.55% 5 | |
Net investment income (loss) | 0.43% * | 0.47% * | 0.82% * | 0.23% *,5 | (1.57)% 5 | (1.55)% 5 | |
Supplemental data | |||||||
Portfolio turnover rate | 137% 6 | 13% 6 | 109% 6 | 189% 6 | 0% 7 | 0% 7 | |
Net assets, end of period (000s omitted) | $52,586 | $118,081 | $120,029 | $237,096 | $905,336 | $1,232,098 |
* | Ratios include only the net expenses allocated from the affiliated Master Portfolios and do not include expenses from any other affiliated Underlying Funds. Net expenses allocated from the affiliated Master Portfolios included in the ratios were as follows: |
Year ended May 31, 2021 | 0.39% |
Year ended May 31, 20201 | 0.44% |
Year ended April 30, 2020 | 0.45% |
Year ended April 30, 2019 | 0.38% |
1 | For the one month ended May 31, 2020. The Fund changed its fiscal year end from April 30 to May 31, effective May 31, 2020. |
2 | Calculated based upon average shares outstanding |
3 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
4 | For year ended May 31, 2021, the Fund received a payment from an affiliate which had a 1.29% impact on the total return. See Note 4 in the Notes to Financial Statements for additional information. |
5 | Ratios did not include any expenses from Asset Allocation Trust or its investments in underlying funds. Asset Allocation Trust did not have any net expenses. |
6 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in the affiliated Underlying Funds and unaffiliated securities and included in the portfolio turnover calculation. |
7 | Portfolio turnover rate represents the purchase and sales of the Fund’s investment in Asset Allocation Trust and not the underlying investment transactions of Asset Allocation Trust. |
Year ended May 31 | Year ended April 30 | ||||||
Class R | 2021 | 2020 1 | 2020 | 2019 | 2018 | 2017 | |
Net asset value, beginning of period | $13.47 | $13.02 | $13.37 | $14.20 | $13.49 | $12.58 | |
Net investment income (loss) | 0.14 2 | 0.01 2 | 0.18 2 | 0.11 2 | (0.15) 2 | (0.13) 2 | |
Payment from affiliate | 0.07 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
Net realized and unrealized gains (losses) on investments | 3.71 | 0.44 | (0.37) | 0.05 | 1.05 | 1.21 | |
Total from investment operations | 3.92 | 0.45 | 0.19 | 0.16 | 0.90 | 1.08 | |
Distributions to shareholders from | |||||||
Net investment income | (0.34) | 0.00 | 0.00 | (0.02) | (0.19) | (0.17) | |
Net realized gains | (0.19) | 0.00 | (0.16) | (0.97) | 0.00 | 0.00 | |
Total distributions to shareholders | (0.53) | 0.00 | (0.16) | (0.99) | (0.19) | (0.17) | |
Net asset value, end of period | $16.86 | $13.47 | $13.02 | $13.37 | $14.20 | $13.49 | |
Total return3 | 29.44% 4 | 3.46% | (1.51)% | 1.73% | 6.70% | 8.64% | |
Ratios to average net assets (annualized) | |||||||
Gross expenses | 1.37% * | 1.44% * | 1.47% * | 1.42% *,5 | 1.06% 5 | 1.05% 5 | |
Net expenses | 1.28% * | 1.27% * | 1.30% * | 1.29% *,5 | 1.06% 5 | 1.05% 5 | |
Net investment income (loss) | 0.95% * | 0.99% * | 1.32% * | 0.77% *,5 | (1.06)% 5 | (1.05)% 5 | |
Supplemental data | |||||||
Portfolio turnover rate | 137% 6 | 13% 6 | 109% 6 | 189% 6 | 0% 7 | 0% 7 | |
Net assets, end of period (000s omitted) | $3,407 | $4,318 | $4,106 | $7,619 | $15,658 | $20,244 |
* | Ratios include only the net expenses allocated from the affiliated Master Portfolios and do not include expenses from any other affiliated Underlying Funds. Net expenses allocated from the affiliated Master Portfolios included in the ratios were as follows: |
Year ended May 31, 2021 | 0.38% |
Year ended May 31, 20201 | 0.45% |
Year ended April 30, 2020 | 0.45% |
Year ended April 30, 2019 | 0.39% |
1 | For the one month ended May 31, 2020. The Fund changed its fiscal year end from April 30 to May 31, effective May 31, 2020. |
2 | Calculated based upon average shares outstanding |
3 | Returns for periods of less than one year are not annualized. |
4 | For year ended May 31, 2021, the Fund received a payment from an affiliate which had a 0.51% impact on the total return. See Note 4 in the Notes to Financial Statements for additional information. |
5 | Ratios did not include any expenses from Asset Allocation Trust or its investments in underlying funds. Asset Allocation Trust did not have any net expenses. |
6 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in the affiliated Underlying Funds and unaffiliated securities and included in the portfolio turnover calculation. |
7 | Portfolio turnover rate represents the purchase and sales of the Fund’s investment in Asset Allocation Trust and not the underlying investment transactions of Asset Allocation Trust. |
Year ended May 31 | Year ended April 30 | ||||||
Administrator Class | 2021 | 2020 1 | 2020 | 2019 | 2018 | 2017 | |
Net asset value, beginning of period | $13.75 | $13.29 | $13.66 | $14.49 | $13.78 | $12.84 | |
Net investment income (loss) | 0.21 2 | 0.02 2 | 0.24 2 | 0.16 2 | (0.09) 2 | (0.08) 2 | |
Payment from affiliate | 0.12 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
Net realized and unrealized gains (losses) on investments | 3.81 | 0.44 | (0.37) | 0.06 | 1.07 | 1.24 | |
Total from investment operations | 4.14 | 0.46 | (0.13) | 0.22 | 0.98 | 1.16 | |
Distributions to shareholders from | |||||||
Net investment income | (0.45) | 0.00 | (0.08) | (0.08) | (0.27) | (0.22) | |
Net realized gains | (0.19) | 0.00 | (0.16) | (0.97) | 0.00 | 0.00 | |
Total distributions to shareholders | (0.64) | 0.00 | (0.24) | (1.05) | (0.27) | (0.22) | |
Net asset value, end of period | $17.25 | $13.75 | $13.29 | $13.66 | $14.49 | $13.78 | |
Total return3 | 30.62% 4 | 3.46% | (1.08)% | 2.18% | 7.10% | 9.14% | |
Ratios to average net assets (annualized) | |||||||
Gross expenses | 1.06% * | 1.13% * | 1.14% * | 1.08% *,5 | 0.73% 5 | 0.72% 5 | |
Net expenses | 0.87% * | 0.86% * | 0.86% * | 0.86% *,5 | 0.64% 5 | 0.64% 5 | |
Net investment income (loss) | 1.36% * | 1.40% * | 1.74% * | 1.17% *,5 | (0.64)% 5 | (0.64)% 5 | |
Supplemental data | |||||||
Portfolio turnover rate | 137% 6 | 13% 6 | 109% 6 | 189% 6 | 0% 7 | 0% 7 | |
Net assets, end of period (000s omitted) | $25,026 | $21,628 | $21,316 | $31,610 | $69,607 | $92,600 |
* | Ratios include only the net expenses allocated from the affiliated Master Portfolios and do not include expenses from any other affiliated Underlying Funds. Net expenses allocated from the affiliated Master Portfolios included in the ratios were as follows: |
Year ended May 31, 2021 | 0.38% |
Year ended May 31, 20201 | 0.45% |
Year ended April 30, 2020 | 0.44% |
Year ended April 30, 2019 | 0.38% |
1 | For the one month ended May 31, 2020. The Fund changed its fiscal year end from April 30 to May 31, effective May 31, 2020. |
2 | Calculated based upon average shares outstanding |
3 | Returns for periods of less than one year are not annualized. |
4 | For year ended May 31, 2021, the Fund received a payment from an affiliate which had a 0.90% impact on the total return. See Note 4 in the Notes to Financial Statements for additional information. |
5 | Ratios did not include any expenses from Asset Allocation Trust or its investments in underlying funds. Asset Allocation Trust did not have any net expenses. |
6 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in the affiliated Underlying Funds and unaffiliated securities and included in the portfolio turnover calculation. |
7 | Portfolio turnover rate represents the purchase and sales of the Fund’s investment in Asset Allocation Trust and not the underlying investment transactions of Asset Allocation Trust. |
Year ended May 31 | Year ended April 30 | ||||||
Institutional Class | 2021 | 2020 1 | 2020 | 2019 | 2018 | 2017 | |
Net asset value, beginning of period | $13.61 | $13.14 | $13.52 | $14.36 | $13.66 | $12.74 | |
Net investment income (loss) | 0.24 | 0.02 2 | 0.26 2 | 0.19 2 | (0.06) 2 | (0.06) 2 | |
Net realized and unrealized gains (losses) on investments | 3.74 | 0.45 | (0.38) | 0.05 | 1.06 | 1.23 | |
Total from investment operations | 3.98 | 0.47 | (0.12) | 0.24 | 1.00 | 1.17 | |
Distributions to shareholders from | |||||||
Net investment income | (0.46) | 0.00 | (0.10) | (0.11) | (0.30) | (0.25) | |
Net realized gains | (0.19) | 0.00 | (0.16) | (0.97) | 0.00 | 0.00 | |
Total distributions to shareholders | (0.65) | 0.00 | (0.26) | (1.08) | (0.30) | (0.25) | |
Net asset value, end of period | $16.94 | $13.61 | $13.14 | $13.52 | $14.36 | $13.66 | |
Total return3 | 29.76% | 3.58% | (1.01)% | 2.39% | 7.33% | 9.34% | |
Ratios to average net assets (annualized) | |||||||
Gross expenses | 0.81% * | 0.88% * | 0.89% * | 0.84% *,4 | 0.49% 4 | 0.47% 4 | |
Net expenses | 0.71% * | 0.72% * | 0.72% * | 0.69% *,4 | 0.44% 4 | 0.44% 4 | |
Net investment income (loss) | 1.52% * | 1.55% * | 1.88% * | 1.34% *,4 | (0.44)% 4 | (0.44)% 4 | |
Supplemental data | |||||||
Portfolio turnover rate | 137% 5 | 13% 5 | 109% 5 | 189% 6 | 0% 6 | 0% 6 | |
Net assets, end of period (000s omitted) | $266,822 | $231,652 | $227,529 | $311,958 | $572,803 | $672,544 |
* | Ratios include only the net expenses allocated from the affiliated Master Portfolios and do not include expenses from any other affiliated Underlying Funds. Net expenses allocated from the affiliated Master Portfolios included in the ratios were as follows: |
Year ended May 31, 2021 | 0.38% |
Year ended May 31, 20201 | 0.45% |
Year ended April 30, 2020 | 0.45% |
Year ended April 30, 2019 | 0.38% |
1 | For the one month ended May 31, 2020. The Fund changed its fiscal year end from April 30 to May 31, effective May 31, 2020. |
2 | Calculated based upon average shares outstanding |
3 | Returns for periods of less than one year are not annualized. |
4 | Ratios did not include any expenses from Asset Allocation Trust or its investments in underlying funds. Asset Allocation Trust did not have any net expenses. |
5 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in the affiliated Underlying Funds and unaffiliated securities and included in the portfolio turnover calculation. |
6 | Portfolio turnover rate represents the purchase and sales of the Fund’s investment in Asset Allocation Trust and not the underlying investment transactions of Asset Allocation Trust. |
Gross unrealized gains | $302,123,336 |
Gross unrealized losses | (410,436) |
Net unrealized gains | $301,712,900 |
Paid-in capital | Total distributable earnings |
$(6,814,918) | $6,814,918 |
■ | 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: | ||||
Investment companies | $ 429,616,864 | $0 | $0 | $ 429,616,864 |
Investments measured at net asset value* | 1,424,380,606 | |||
429,616,864 | 0 | 0 | 1,853,997,470 | |
Futures contracts | 1,017,567 | 0 | 0 | 1,017,567 |
Total assets | $430,634,431 | $0 | $0 | $1,855,015,037 |
Liabilities | ||||
Futures contracts | $ 5,299,541 | $0 | $0 | $ 5,299,541 |
Total liabilities | $ 5,299,541 | $0 | $0 | $ 5,299,541 |
* | Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities. The Fund’s investments in the affiliated Master Portfolios are valued at $1,424,380,606. Each affiliated Master Portfolio does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments. |
Affiliated Master Portfolio | Investment objective |
Wells Fargo C&B Large Cap Value Portfolio | Seeks maximum long-term total return (current income and capital appreciation), consistent with minimizing risk to principal |
Wells Fargo Core Bond Portfolio | Seeks total return, consisting of income and capital appreciation |
Wells Fargo Disciplined International Developed Markets Portfolio | Seeks long-term capital appreciation |
Wells Fargo Diversified Large Cap Growth Portfolio | Seeks long-term capital appreciation |
Wells Fargo Emerging Growth Portfolio | Seeks long-term capital appreciation |
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio | Seeks long-term capital appreciation |
Wells Fargo Factor Enhanced International Equity Portfolio | Seeks long-term capital appreciation |
Wells Fargo Large Company Value Portfolio | Seeks long-term capital appreciation |
Wells Fargo Managed Fixed Income Portfolio | Seeks consistent fixed-income returns |
Wells Fargo Real Return Portfolio | Seeks returns that exceed the rate of inflation over the long-term |
Wells Fargo Small Company Growth Portfolio | Seeks long-term capital appreciation |
Wells Fargo Small Company Value Portfolio | Seeks long-term capital appreciation |
Average daily net assets | Management fee |
First $500 million | 0.300% |
Next $500 million | 0.280 |
Next $2 billion | 0.260 |
Next $2 billion | 0.240 |
Next $5 billion | 0.230 |
Over $10 billion | 0.220 |
Class-level administration fee | |
Class A | 0.21% |
Class C | 0.21 |
Class R | 0.21 |
Administrator Class | 0.13 |
Institutional Class | 0.13 |
Expense ratio caps | |
Class A | 1.13% |
Class C | 1.88 |
Class R | 1.38 |
Administrator Class | 0.95 |
Institutional Class | 0.80 |
Purchases at cost | Sales proceeds | |||
U.S. government | Non-U.S. government | U.S. government | Non-U.S. government | |
$673,625,107 | $1,754,596,409 | $569,903,346 | $1,730,382,051 |
Asset derivatives | Liability derivatives | ||||
Asset Allocation | Statement of Assets and Liabilities location | Fair value | Statement of Assets and Liabilities location | Fair value | |
Interest rate risk | Unrealized gains on futures contracts | $ 0* | Unrealized losses on futures contracts | $ 272,700* | |
Equity risk | Unrealized gains on futures contracts | 934,750* | Unrealized losses on futures contracts | 5,026,841* | |
Foreign currency risk | Unrealized gains on futures contracts | 82,817* | Unrealized losses on futures contracts | 0* | |
$1,017,567 | $5,299,541 |
* | Amount represents cumulative unrealized gains (losses) on futures contracts as reported in the table following the Portfolio of Investments. Only the current day’s variation margin as of May 31, 2021 is reported separately on the Statement of Assets and Liabilities. |
Amount of realized gains (losses) on derivatives | Change in unrealized gains (losses) on derivatives | |
Equity risk | $ 35,856,535 | $ (15,604,112) |
Interest rate risk | 2,695,246 | (272,700) |
Foreign currency risk | (4,412,103) | 821,520 |
$34,139,678 | $(15,055,292) |
Year ended May 31, 2021 | Year ended May 31, 20201 | Year ended April 30, 2020 | |
Ordinary income | $52,137,175 | $0 | $ 9,487,853 |
Long-term capital gain | 15,936,335 | 0 | 19,663,594 |
1 | For the one month ended May 31, 2020. The Fund changed its fiscal year end from April 30 to May 31, effective May 31, 2020. |
Undistributed ordinary income | Undistributed long-term gain | Unrealized gains |
$111,956,645 | $60,823,864 | $301,712,900 |
Wells Fargo Funds Trust:
![](https://capedge.com/proxy/N-CSR/0001193125-21-234774/g159772imgc8eea4e95.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. |
Wells Fargo Adjustable Rate Government Fund |
Wells Fargo Asset Allocation Fund |
Wells Fargo Conservative Income Fund |
Wells Fargo Diversified Capital Builder Fund |
Wells Fargo Diversified Income Builder Fund |
Wells Fargo Emerging Markets Equity Fund |
Wells Fargo Emerging Markets Equity Income Fund |
Wells Fargo Global Small Cap Fund |
Wells Fargo Government Securities Fund |
Wells Fargo High Yield Bond Fund |
Wells Fargo Income Plus Fund |
Wells Fargo Index Asset Allocation Fund |
Wells Fargo International Bond Fund |
Wells Fargo International Equity Fund |
Wells Fargo Precious Metals Fund |
Wells Fargo Short Duration Government Bond Fund |
Wells Fargo Short-Term Bond Plus Fund |
Wells Fargo Short-Term High Yield Bond Fund |
Wells Fargo Spectrum Income Allocation Fund |
Wells Fargo Spectrum Growth Fund |
Wells Fargo Spectrum Conservative Growth Fund |
Wells Fargo Ultra Short-Term Income Fund |
Wells Fargo Utility and Telecommunications Fund |
■ | Information regarding the Transaction: information about the structure, financing sources and material terms and conditions of the Transaction, including the expected impact on the businesses conducted by the Advisers and by Wells Fargo Funds Distributor LLC, as the distributor of Fund shares. |
■ | Information regarding NewCo, GTCR and Reverence Capital: (i) information about NewCo, including information about its expected financial condition and access to capital, and senior leadership team; (ii) the experience of senior management at GTCR and Reverence Capital in acquiring portfolio companies; (iii) the plan to operationalize NewCo, including the transition of necessary infrastructure services through a transition services agreement with Wells Fargo under which Wells Fargo will continue to provide NewCo with certain services for a specified period of time after the closing; and (iv) information regarding regulatory matters, compliance, and risk management functions at NewCo, including resources to be dedicated thereto. |
■ | Impact of the Transaction on WFAM and Service Providers: (i) information regarding any changes to personnel and/or other resources of the Advisers as a result of the Transaction, including assurances regarding comparable and competitive compensation arrangements to attract and retain highly qualified personnel; and (ii) information about the organizational and operating structure with respect to NewCo, the Advisers and the Funds. |
■ | Impact of the Transaction on the Funds and their Shareholders: (i) information regarding anticipated benefits to the Funds as a result of the Transaction; (ii) a commitment that the Funds would not bear any expenses, directly or indirectly, in connection with the Transaction; (iii) confirmation that the Advisers intend to continue to manage the Funds in a manner consistent with each Fund’s current investment objectives and principal investments strategies; and (iv) a commitment that neither NewCo nor WFAM will take any steps that would impose any “unfair burden” (as that term is used in section 15(f)(1)(B) of the 1940 Act) on the Funds as a result of the Transaction. |
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P.O. Box 219967
Kansas City, MO 64121-9967
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A224/AR224 05-21
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Growth Balanced Fund
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Financial statements | |
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Board considerations | |
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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. |
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. |
4 | The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
5 | The Bloomberg Barclays Global Aggregate ex-USD Index (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. |
6 | The Bloomberg Barclays Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index. |
7 | The ICE 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. |
“The passage of the massive domestic stimulus bill highlighted March activity, leading to increased forecasts for U.S. growth in 2021.” |
![](https://capedge.com/proxy/N-CSR/0001193125-21-234774/g148326imge779f0fa3.jpg)
President
Wells Fargo Funds
Investment objective | The Fund seeks total return, consisting of capital appreciation and current income. |
Manager | Wells Fargo Funds Management, LLC |
Subadviser | Wells Capital Management Incorporated |
Portfolio managers | Kandarp R. Acharya, CFA®‡, FRM, Petros N. Bocray, CFA®‡, FRM, Christian L. Chan, CFA®‡ |
Average annual total returns (%) as of May 31, 2021 | |||||||||||
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 (WFGBX) | 10-14-1998 | 21.87 | 9.17 | 8.26 | 29.31 | 10.47 | 8.90 | 1.41 | 1.13 | ||
Class C (WFGWX) | 10-1-1998 | 27.35 | 9.65 | 8.09 | 28.35 | 9.65 | 8.09 | 2.16 | 1.88 | ||
Administrator Class (NVGBX) | 11-11-1994 | – | – | – | 29.56 | 10.70 | 9.15 | 1.33 | 0.95 | ||
Growth Balanced Blended Index3 | – | – | – | – | 26.73 | 11.26 | 9.46 | – | – | ||
Bloomberg Barclays U.S. Aggregate Bond Index4 | – | – | – | – | -0.40 | 3.25 | 3.29 | – | – | ||
MSCI ACWI ex USA Index (Net)5 | – | – | – | – | 42.78 | 10.88 | 5.36 | – | – | ||
Russell 3000® Index6 | – | – | – | – | 43.91 | 17.36 | 14.21 | – | – |
1 | Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.54% in acquired fund fees and expenses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include acquired fund fees and expenses. |
2 | The manager has contractually committed through September 30, 2021, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.13% for Class A, 1.88% for Class C, 0.95% for Administrator Class, Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the affiliated master portfolios and funds invest and from money market funds, and extraordinary expenses are excluded from the expense caps. All other acquired fund fees and expenses from the affiliated master portfolios are included in the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
3 | Source: Wells Fargo Funds Management, LLC. The Growth Balanced Blended Index is composed of 45% of the Russell 3000® Index, 35% of the Bloomberg Barclays U.S. Aggregate Bond Index, and 20% of the MSCI ACWI ex USA Index (Net). Prior to November 30, 2017, the Growth Balanced Blended Index was composed 35% of the Bloomberg Barclays U.S. Aggregate Bond Index, 16.25% of the Russell 1000® Growth Index, 16.25% of the Russell 1000® Value Index, 16.25% of the S&P 500 Index, 9.75% of the MSCI EAFE Index (Net), and 6.50% of the Russell 2000® Index. 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. |
‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
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1 | The chart compares the performance of Class A shares for the most recent ten years with the Growth Balanced Blended Index, Bloomberg Barclays U.S. Aggregate Bond Index, MSCI ACWI ex USA Index (Net) and Russell 3000® Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%. |
5 | 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 indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
6 | The Russell 3000® Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. You cannot invest directly in an index. |
■ | The Fund outperformed the Growth Balanced Fund Blended Index for the 12-month period that ended May 31, 2021. |
■ | The Tactical Asset Allocation (TAA) overlay and an overweight to credit sectors within the fixed-income portfolio were the largest contributors to relative performance over the period. |
■ | Poor relative performance within the international portfolio was the largest detractor from performance over the period. |
Ten largest holdings (%) as of May 31, 20211 | |
Wells Fargo Managed Fixed Income Portfolio | 21.08 |
Wells Fargo Disciplined U.S. Core Fund Class R6 | 13.67 |
Wells Fargo Large Company Value Portfolio | 11.77 |
Wells Fargo Diversified Large Cap Growth Portfolio | 10.83 |
Wells Fargo Disciplined International Developed Markets Portfolio | 8.83 |
Wells Fargo Core Bond Portfolio | 6.54 |
iShares Core MSCI EAFE ETF | 3.98 |
Wells Fargo C&B Large Cap Value Portfolio | 3.53 |
Wells Fargo Real Return Portfolio | 3.41 |
Wells Fargo Factor Enhanced International Equity Portfolio | 3.30 |
1 | Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified. |
* | The Bloomberg Barclays U.S. Treasury 20+ Year Index measures U.S. dollar-denominated, fixed-rate, nominal debt issued by the U.S. Treasury with 20+ years to maturity. Treasury bills are excluded by the maturity constraint, but are part of a separate Short Treasury Index. STRIPS are excluded from the index because their inclusion would result in double-counting. You cannot invest directly in an index. |
** | 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. |
* | The Bloomberg Barclays U.S. Treasury 20+ Year Index measures U.S. dollar-denominated, fixed-rate, nominal debt issued by the U.S. Treasury with 20+ years to maturity. Treasury bills are excluded by the maturity constraint, but are part of a separate Short Treasury Index. STRIPS are excluded from the index because their inclusion would result in double-counting. You cannot invest directly in an index. |
*** | The Nasdaq 100 Index is an unmanaged group of the 100 biggest companies listed on the Nasdaq Composite Index. The list is updated quarterly, and companies on this index are typically representative of technology-related industries, such as computer hardware and software products, telecommunications, biotechnology, and retail/wholesale trade. You cannot invest directly in an index. |
* | The Bloomberg Barclays U.S. Treasury 20+ Year Index measures U.S. dollar-denominated, fixed-rate, nominal debt issued by the U.S. Treasury with 20+ years to maturity. Treasury bills are excluded by the maturity constraint, but are part of a separate Short Treasury Index. STRIPS are excluded from the index because their inclusion would result in double-counting. You cannot invest directly in an index. |
† | 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. |
Allocation (%) as of May 31, 2021 | ||
Neutral allocation | Effective allocation1 | |
Bonds | 35 | 29 |
Stocks | 65 | 69 |
Effective Cash | 0 | 2 |
1 | Effective allocation includes the effect of any tactical futures overlay that may be in place. Effective cash, if any, represents the net offset to such future positions. These amounts are subject to change and may have changed since the date specified. |
Beginning account value 12-1-2020 | Ending account value 5-31-2021 | Expenses paid during the period1,2 | Annualized net expense ratio2 | |
Class A | ||||
Actual | $1,000.00 | $1,123.36 | $5.56 | 1.05% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.70 | $5.29 | 1.05% |
Class C | ||||
Actual | $1,000.00 | $1,117.63 | $9.50 | 1.80% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,015.96 | $9.05 | 1.80% |
Administrator Class | ||||
Actual | $1,000.00 | $1,123.85 | $4.55 | 0.86% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.64 | $4.33 | 0.86% |
Shares | Value | ||||
Investment companies: 98.07% | |||||
Affiliated master portfolios: 75.42% | |||||
Wells Fargo C&B Large Cap Value Portfolio | $ 8,429,442 | ||||
Wells Fargo Core Bond Portfolio | 15,611,577 | ||||
Wells Fargo Disciplined International Developed Markets Portfolio | 21,060,315 | ||||
Wells Fargo Diversified Large Cap Growth Portfolio | 25,835,497 | ||||
Wells Fargo Emerging Growth Porfolio | 2,396,132 | ||||
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio | 3,022,995 | ||||
Wells Fargo Factor Enhanced International Equity Portfolio | 7,877,020 | ||||
Wells Fargo Large Company Value Portfolio | 28,082,996 | ||||
Wells Fargo Managed Fixed Income Portfolio | 50,309,508 | ||||
Wells Fargo Real Return Portfolio | 8,125,110 | ||||
Wells Fargo Small Company Growth Portfolio | 2,632,850 | ||||
Wells Fargo Small Company Value Portfolio | 6,595,822 | ||||
179,979,264 | |||||
Exchange-traded funds: 6.45% | |||||
Energy Select Sector SPDR Fund | 42,170 | 2,201,696 | |||
iShares Core MSCI EAFE ETF | 123,608 | 9,493,094 | |||
iShares Core U.S. Aggregate Bond ETF | 32,332 | 3,703,631 | |||
15,398,421 | |||||
Stock funds: 16.20% | |||||
Wells Fargo Disciplined U.S. Core Fund Class R6 ♠ | 1,451,853 | 32,623,137 | |||
Wells Fargo Emerging Markets Equity Fund Class R6 ♠ | 83,344 | 2,962,887 | |||
Wells Fargo Emerging Markets Equity Income Fund Class R6 ♠ | 227,861 | 3,069,290 | |||
38,655,314 | |||||
Total Investment companies (Cost $184,927,594) | 234,032,999 | ||||
Total investments in securities (Cost $184,927,594) | 98.07% | 234,032,999 | |||
Other assets and liabilities, net | 1.93 | 4,597,307 | |||
Total net assets | 100.00% | $238,630,306 |
♠ | The issuer is an affiliate of the Fund as defined in the Investment Company Act of 1940. |
Value, beginning of period | Purchases | Sales proceeds | Net realized gains (losses) on affiliated Underlying Funds | Net change in unrealized gains (losses) on affiliated Underlying Funds | Value, end of period | % of net assets | ||||
Investment companies | ||||||||||
Stock funds | ||||||||||
Wells Fargo Disciplined U.S. Core Fund Class R6 | $22,208,533 | $10,348,311 | $(6,252,835) | $ 249,164 | $ 6,069,964 | $ 32,623,137 | ||||
Wells Fargo Emerging Markets Equity Fund Class R6 | 2,760,102 | 28,366 | (979,130) | 263,065 | 890,484 | 2,962,887 | ||||
Wells Fargo Emerging Markets Equity Income Fund Class R6 | 2,689,475 | 92,754 | (818,580) | 88,526 | 1,017,115 | 3,069,290 | ||||
$600,755 | $7,977,563 | $38,655,314 | 16.20% |
Shares, end of period | Dividends from affiliated Underlying Funds | Net realized gains on capital gain distributions from affiliated Underlying Funds | ||
Investment companies | ||||
Stock funds | ||||
Wells Fargo Disciplined U.S. Core Fund Class R6 | 1,451,853 | $ 552,955 | $ 1,778,501 | |
Wells Fargo Emerging Markets Equity Fund Class R6 | 83,344 | 12,611 | 0 | |
Wells Fargo Emerging Markets Equity Income Fund Class R6 | 227,861 | 76,999 | 0 | |
$642,565 | $1,778,501 |
% of ownership, beginning of period | % of ownership, end of period | Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolios | Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolios | Interest allocated from affiliated Master Portfolios | Dividends allocated from affiliated Master Portfolios | Affiliated income allocated from affiliated Master Portfolios | Value, end of period | % of net assets | |||||||
Wells Fargo C&B Large Cap Value Portfolio | 2.20% | 2.05% | $ 873,948 | $ 2,195,146 | $ 0 | $ 122,607 | $ 130 | $ 8,429,442 | |||||||
Wells Fargo Core Bond Portfolio | 0.23 | 0.28 | 333,941 | (436,036) | 222,815 | 0 | 419 | 15,611,577 | |||||||
Wells Fargo Disciplined International Developed Markets Portfolio | 10.20 | 10.29 | 4,311,293 | 1,805,815 | 0 | 526,977 | 5,840 | 21,060,315 | |||||||
Wells Fargo Diversified Large Cap Growth Portfolio | 8.84 | 9.05 | 3,970,463 | 2,382,672 | 0 | 158,824 | 803 | 25,835,497 | |||||||
Wells Fargo Emerging Growth Porfolio | 0.33 | 0.25 | 711,625 | 392,424 | 0 | 2,993 | 739 | 2,396,132 | |||||||
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio | 1.38 | 1.67 | 360,972 | 535,510 | 0 | 74,724 | 34 | 3,022,995 | |||||||
Wells Fargo Factor Enhanced International Equity Portfolio | 0.00 | 1.11 | 618,727 | 1,337,677 | 0 | 190,691 | 0 | 7,877,020 | |||||||
Wells Fargo High Yield Corporate Bond Portfolio | 7.51 | 0.00 | 441,238 | 156,428 | 350,906 | 0 | 57 | 0 | |||||||
Wells Fargo International Value Portfolio | 2.59 | 0.00 | (741,067) | 5,348,396 | 0 | 409,811 | 3,191 | 0 | |||||||
Wells Fargo Large Company Value Portfolio | 9.50 | 9.70 | 9,754,257 | (587,575) | 0 | 446,311 | 351 | 28,082,996 | |||||||
Wells Fargo Managed Fixed Income Portfolio | 9.86 | 10.14 | 755,800 | (768,063) | 1,322,294 | 0 | 1,188 | 50,309,508 | |||||||
Wells Fargo Real Return Portfolio | 4.38 | 3.39 | 101,233 | 395,891 | 192,719 | 23,327 | 78 | 8,125,110 | |||||||
Wells Fargo Small Company Growth Portfolio | 0.17 | 0.19 | 705,202 | 408,221 | 0 | 11,021 | 231 | 2,632,850 | |||||||
Wells Fargo Small Company Value Portfolio | 1.43 | 1.06 | 783,651 | 2,844,931 | 0 | 90,055 | 583 | 6,595,822 | |||||||
$22,981,283 | $16,011,437 | $2,088,734 | $2,057,341 | $13,644 | $179,979,264 | 75.42% |
Description | Number of contracts | Expiration date | Notional cost | Notional value | Unrealized gains | Unrealized losses | |
Long | |||||||
Bloomberg Commodity Index | 312 | 6-16-2021 | $ 2,849,474 | $ 2,892,240 | $ 42,766 | $ 0 | |
E-Mini S&P 500 Index | 29 | 6-18-2021 | 6,120,101 | 6,093,480 | 0 | (26,621) | |
FTSE 100 Index | 36 | 6-18-2021 | 3,586,062 | 3,592,185 | 6,123 | 0 | |
IBEX 35 Index | 95 | 6-18-2021 | 10,589,883 | 10,611,498 | 21,615 | 0 | |
MSCI Emerging Markets Index | 35 | 6-18-2021 | 2,335,818 | 2,381,575 | 45,757 | 0 | |
Short | |||||||
Australian Dollars Futures | (91) | 6-14-2021 | (7,030,092) | (7,019,740) | 10,352 | 0 | |
Mini-DAX Futures | (110) | 6-18-2021 | (9,780,973) | (10,366,953) | 0 | (585,980) | |
10-Year U.S. Treasury Notes | (87) | 9-21-2021 | (11,444,377) | (11,478,563) | 0 | (34,186) | |
$126,613 | $(646,787) |
Assets | |
Investments in affiliated Master Portfolios, at value (cost $139,610,508) | $ 179,979,264 |
Investments in unaffiliated Underlying Funds, at value (cost $15,266,721) | 15,398,421 |
Investments in affiliated Underlying Funds, at value (cost $30,050,365) | 38,655,314 |
Cash | 108,803 |
Cash at broker segregated for futures contracts | 4,696,894 |
Receivable for Fund shares sold | 28,689 |
Receivable for investments sold | 3,211 |
Prepaid expenses and other assets | 3,048 |
Total assets | 238,873,644 |
Liabilities | |
Management fee payable | 56,317 |
Shareholder servicing fees payable | 50,106 |
Administration fees payable | 32,437 |
Payable for Fund shares redeemed | 25,439 |
Shareholder report expenses payable | 24,067 |
Payable for daily variation margin on open futures contracts | 13,470 |
Distribution fee payable | 6,068 |
Accrued expenses and other liabilities | 35,434 |
Total liabilities | 243,338 |
Total net assets | $238,630,306 |
Net assets consist of | |
Paid-in capital | $ 171,186,111 |
Total distributable earnings | 67,444,195 |
Total net assets | $238,630,306 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 83,101,998 |
Shares outstanding – Class A1 | 1,473,615 |
Net asset value per share – Class A | $56.39 |
Maximum offering price per share – Class A2 | $59.83 |
Net assets – Class C | $ 9,588,497 |
Shares outstanding – Class C1 | 199,852 |
Net asset value per share – Class C | $47.98 |
Net assets – Administrator Class | $ 145,939,811 |
Shares outstanding – Administrator Class1 | 2,961,248 |
Net asset value per share – Administrator Class | $49.28 |
1 | The Fund has an unlimited number of authorized shares. |
2 | Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced. |
Investment income | |
Interest allocated from affiliated Master Portfolios (net of foreign withholding taxes of $128) | $ 2,088,734 |
Dividends allocated from affiliated Master Portfolios (net of foreign withholding taxes of $137,143) | 2,057,341 |
Dividends from affiliated Underlying Funds | 642,565 |
Dividends from unaffiliated Underlying Funds | 134,324 |
Affiliated income allocated from affiliated Master Portfolios | 13,644 |
Expenses allocated from affiliated Master Portfolios | (928,835) |
Waivers allocated from affiliated Master Portfolios | 90,827 |
Total investment income | 4,098,600 |
Expenses | |
Management fee | 664,510 |
Administration fees | |
Class A | 159,886 |
Class C | 20,295 |
Administrator Class | 176,414 |
Shareholder servicing fees | |
Class A | 190,247 |
Class C | 24,131 |
Administrator Class | 338,097 |
Distribution fee | |
Class C | 72,392 |
Custody and accounting fees | 12,051 |
Professional fees | 35,365 |
Registration fees | 51,189 |
Shareholder report expenses | 45,584 |
Trustees’ fees and expenses | 21,080 |
Other fees and expenses | 19,860 |
Total expenses | 1,831,101 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (369,217) |
Class A | (211) |
Administrator Class | (156,865) |
Net expenses | 1,304,808 |
Net investment income | 2,793,792 |
Realized and unrealized gains (losses) on investments | |
Net realized gains on | |
Securities transactions allocated from affiliated Master Portfolios | 22,981,283 |
Affiliated Underlying Funds | 600,755 |
Unaffiliated securities | 2,167,671 |
Futures contracts | 4,143,096 |
Capital gain distributions from affiliated Underlying Funds | 1,778,501 |
Net realized gains on investments | 31,671,306 |
Net change in unrealized gains (losses) on | |
Securities transactions allocated from affiliated Master Portfolios | 16,011,437 |
Affiliated Underlying Funds | 7,977,563 |
Unaffiliated securities | 131,700 |
Futures contracts | (1,827,045) |
Net change in unrealized gains (losses) on investments | 22,293,655 |
Net realized and unrealized gains (losses) on investments | 53,964,961 |
Net increase in net assets resulting from operations | $56,758,753 |
Year ended May 31, 2021 | Year ended May 31, 2020 | |||
Operations | ||||
Net investment income | $ 2,793,792 | $ 3,165,071 | ||
Net realized gains on investments | 31,671,306 | 2,965,059 | ||
Net change in unrealized gains (losses) on investments | 22,293,655 | 5,591,889 | ||
Net increase in net assets resulting from operations | 56,758,753 | 11,722,019 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (4,537,603) | (1,899,671) | ||
Class C | (577,341) | (252,329) | ||
Administrator Class | (9,295,207) | (4,326,341) | ||
Total distributions to shareholders | (14,410,151) | (6,478,341) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 101,624 | 5,268,635 | 130,896 | 6,205,787 |
Class C | 20,044 | 915,152 | 38,064 | 1,521,837 |
Administrator Class | 157,869 | 7,209,637 | 252,894 | 10,053,081 |
13,393,424 | 17,780,705 | |||
Reinvestment of distributions | ||||
Class A | 85,990 | 4,440,603 | 38,579 | 1,874,625 |
Class C | 12,805 | 561,013 | 5,569 | 231,803 |
Administrator Class | 205,233 | 9,281,044 | 100,724 | 4,319,406 |
14,282,660 | 6,425,834 | |||
Payment for shares redeemed | ||||
Class A | (194,217) | (10,010,832) | (213,827) | (9,907,481) |
Class C | (86,892) | (3,822,827) | (83,327) | (3,328,464) |
Administrator Class | (574,313) | (25,780,552) | (656,994) | (27,048,981) |
(39,614,211) | (40,284,926) | |||
Net decrease in net assets resulting from capital share transactions | (11,938,127) | (16,078,387) | ||
Total increase (decrease) in net assets | 30,410,475 | (10,834,709) | ||
Net assets | ||||
Beginning of period | 208,219,831 | 219,054,540 | ||
End of period | $238,630,306 | $208,219,831 |
Year ended May 31 | |||||
Class A | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $46.33 | $45.15 | $47.12 | $43.91 | $39.99 |
Net investment income | 0.61 1 | 0.65 1 | 0.72 1 | 0.53 | 0.41 |
Net realized and unrealized gains (losses) on investments | 12.62 | 1.80 | (0.60) | 3.13 | 3.93 |
Total from investment operations | 13.23 | 2.45 | 0.12 | 3.66 | 4.34 |
Distributions to shareholders from | |||||
Net investment income | (0.50) | (0.47) | (1.26) | (0.45) | (0.42) |
Net realized gains | (2.67) | (0.80) | (0.83) | 0.00 | 0.00 |
Total distributions to shareholders | (3.17) | (1.27) | (2.09) | (0.45) | (0.42) |
Net asset value, end of period | $56.39 | $46.33 | $45.15 | $47.12 | $43.91 |
Total return2 | 29.31% | 5.31% | 0.53% | 8.34% | 10.93% |
Ratios to average net assets (annualized)* | |||||
Gross expenses | 1.22% | 1.32% | 1.33% | 1.35% | 1.34% |
Net expenses | 1.05% | 1.04% | 1.07% | 1.17% | 1.20% |
Net investment income | 1.18% | 1.40% | 1.55% | 1.27% | 1.10% |
Supplemental data | |||||
Portfolio turnover rate3 | 140% | 116% | 149% | 114% | 114% |
Net assets, end of period (000s omitted) | $83,102 | $68,581 | $68,832 | $62,473 | $65,514 |
* | Ratios include only the net expenses allocated from the affiliated Master Portfolios and do not include expenses from any other affiliated Underlying Funds. Net expenses allocated from the affiliated Master Portfolios included in the ratios were as follows: |
Year ended May 31, 2021 | 0.38% |
Year ended May 31, 2020 | 0.45% |
Year ended May 31, 2019 | 0.47% |
Year ended May 31, 2018 | 0.51% |
Year ended May 31, 2017 | 0.50% |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. |
3 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in the affiliated Underlying Funds and unaffiliated securities and included in the portfolio turnover calculation. |
Year ended May 31 | |||||
Class C | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $39.81 | $38.95 | $40.86 | $38.14 | $34.82 |
Net investment income | 0.19 1 | 0.26 1 | 0.37 1 | 0.14 | 0.13 1 |
Net realized and unrealized gains (losses) on investments | 10.80 | 1.54 | (0.56) | 2.74 | 3.38 |
Total from investment operations | 10.99 | 1.80 | (0.19) | 2.88 | 3.51 |
Distributions to shareholders from | |||||
Net investment income | (0.15) | (0.14) | (0.89) | (0.16) | (0.19) |
Net realized gains | (2.67) | (0.80) | (0.83) | 0.00 | 0.00 |
Total distributions to shareholders | (2.82) | (0.94) | (1.72) | (0.16) | (0.19) |
Net asset value, end of period | $47.98 | $39.81 | $38.95 | $40.86 | $38.14 |
Total return2 | 28.35% | 4.52% | (0.23)% | 7.55% | 10.10% |
Ratios to average net assets (annualized)* | |||||
Gross expenses | 1.97% | 2.07% | 2.08% | 2.10% | 2.09% |
Net expenses | 1.80% | 1.79% | 1.82% | 1.92% | 1.95% |
Net investment income | 0.43% | 0.64% | 0.93% | 0.52% | 0.35% |
Supplemental data | |||||
Portfolio turnover rate3 | 140% | 116% | 149% | 114% | 114% |
Net assets, end of period (000s omitted) | $9,588 | $10,108 | $11,434 | $16,649 | $16,463 |
* | Ratios include only the net expenses allocated from the affiliated Master Portfolios and do not include expenses from any other affiliated Underlying Funds. Net expenses allocated from the affiliated Master Portfolios included in the ratios were as follows: |
Year ended May 31, 2021 | 0.38% |
Year ended May 31, 2020 | 0.45% |
Year ended May 31, 2019 | 0.48% |
Year ended May 31, 2018 | 0.51% |
Year ended May 31, 2017 | 0.50% |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. |
3 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in the affiliated Underlying Funds and unaffiliated securities and included in the portfolio turnover calculation. |
Year ended May 31 | |||||
Administrator Class | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $40.83 | $39.93 | $42.04 | $39.22 | $35.78 |
Net investment income | 0.68 | 0.84 | 1.05 | 0.75 | 0.50 1 |
Net realized and unrealized gains (losses) on investments | 11.03 | 1.41 | (0.90) | 2.63 | 3.47 |
Total from investment operations | 11.71 | 2.25 | 0.15 | 3.38 | 3.97 |
Distributions to shareholders from | |||||
Net investment income | (0.59) | (0.55) | (1.43) | (0.56) | (0.53) |
Net realized gains | (2.67) | (0.80) | (0.83) | 0.00 | 0.00 |
Total distributions to shareholders | (3.26) | (1.35) | (2.26) | (0.56) | (0.53) |
Net asset value, end of period | $49.28 | $40.83 | $39.93 | $42.04 | $39.22 |
Total return | 29.56% | 5.51% | 0.70% | 8.63% | 11.19% |
Ratios to average net assets (annualized)* | |||||
Gross expenses | 1.14% | 1.24% | 1.25% | 1.27% | 1.26% |
Net expenses | 0.86% | 0.86% | 0.89% | 0.92% | 0.95% |
Net investment income | 1.37% | 1.57% | 1.72% | 1.51% | 1.34% |
Supplemental data | |||||
Portfolio turnover rate2 | 140% | 116% | 149% | 114% | 114% |
Net assets, end of period (000s omitted) | $145,940 | $129,531 | $138,788 | $157,889 | $162,693 |
* | Ratios include only the net expenses allocated from the affiliated Master Portfolios and do not include expenses from any other affiliated Underlying Funds. Net expenses allocated from the affiliated Master Portfolios included in the ratios were as follows: |
Year ended May 31, 2021 | 0.38% |
Year ended May 31, 2020 | 0.45% |
Year ended May 31, 2019 | 0.47% |
Year ended May 31, 2018 | 0.51% |
Year ended May 31, 2017 | 0.50% |
1 | Calculated based upon average shares outstanding |
2 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in the affiliated Underlying Funds and unaffiliated securities and included in the portfolio turnover calculation. |
Gross unrealized gains | $48,388,815 |
Gross unrealized losses | (51,021) |
Net unrealized gains | $48,337,794 |
Paid-in capital | Total distributable earnings |
$(1,105,150) | $1,105,150 |
■ | 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: | ||||
Investment companies | $ 54,053,735 | $0 | $0 | $ 54,053,735 |
Investments measured at net asset value* | 179,979,264 | |||
54,053,735 | 0 | 0 | 234,032,999 | |
Futures contracts | 126,613 | 0 | 0 | 126,613 |
Total assets | $54,180,348 | $0 | $0 | $234,159,612 |
Liabilities | ||||
Futures contracts | $ 646,787 | $0 | $0 | $ 646,787 |
Total liabilities | $ 646,787 | $0 | $0 | $ 646,787 |
* | Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities. The Fund’s investments in the affiliated Master Portfolios are valued at $179,979,264. Each affiliated Master Portfolio does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments. |
Affiliated Master Portfolio | Investment objective |
Wells Fargo C&B Large Cap Value Portfolio | Seeks maximum long-term total return (current income and capital appreciation), consistent with minimizing risk to principal |
Wells Fargo Core Bond Portfolio | Seeks total return, consisting of income and capital appreciation |
Wells Fargo Disciplined International Developed Markets Portfolio | Seeks long-term capital appreciation |
Wells Fargo Diversified Large Cap Growth Portfolio | Seeks long-term capital appreciation |
Wells Fargo Emerging Growth Portfolio | Seeks long-term capital appreciation |
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio | Seeks long-term capital appreciation |
Wells Fargo Factor Enhanced International Equity Portfolio | Seeks long-term capital appreciation |
Wells Fargo Large Company Value Portfolio | Seeks long-term capital appreciation |
Wells Fargo Managed Fixed Income Portfolio | Seeks consistent fixed-income returns |
Wells Fargo Real Return Portfolio | Seeks returns that exceed the rate of inflation over the long-term |
Wells Fargo Small Company Growth Portfolio | Seeks long-term capital appreciation |
Wells Fargo Small Company Value Portfolio | Seeks long-term capital appreciation |
Average daily net assets | Management fee |
First $500 million | 0.300% |
Next $500 million | 0.280 |
Next $2 billion | 0.260 |
Next $2 billion | 0.240 |
Next $5 billion | 0.230 |
Over $10 billion | 0.220 |
Class-level administration fee | |
Class A | 0.21% |
Class C | 0.21 |
Administrator Class | 0.13 |
Expense ratio caps | |
Class A | 1.13% |
Class C | 1.88 |
Administrator Class | 0.95 |
Purchases at cost | Sales proceeds | |||
U.S. government | Non-U.S. government | U.S. government | Non-U.S. government | |
$77,833,651 | $221,658,296 | $65,221,812 | $251,290,285 |
Asset derivatives | Liability derivatives | ||||
Statement of Assets and Liabilities location | Fair value | Statement of Assets and Liabilities location | Fair value | ||
Interest rate risk | Unrealized gains on futures contracts | $ 0* | Unrealized losses on futures contracts | $ 34,186* | |
Equity risk | Unrealized gains on futures contracts | 116,261* | Unrealized losses on futures contracts | 612,601* | |
Foreign currency risk | Unrealized gains on futures contracts | 10,352* | Unrealized losses on futures contracts | 0* | |
$126,613 | $646,787 |
* | Amount represents cumulative unrealized gains (losses) on futures contracts as reported in the table following the Portfolio of Investments. Only the current day’s variation margin as of May 31, 2021 is reported separately on the Statement of Assets and Liabilities. |
Amount of realized gains (losses) on derivatives | Change in unrealized gains (losses) on derivatives | |
Equity risk | $ 4,357,027 | $ (1,895,153) |
Interest rate risk | 332,774 | (34,186) |
Foreign currency risk | (546,705) | 102,294 |
$4,143,096 | $(1,827,045) |
Year ended May 31 | ||
2021 | 2020 | |
Ordinary income | $7,587,206 | $2,819,244 |
Long-term capital gain | 6,822,945 | 3,659,097 |
Undistributed ordinary income | Undistributed long-term gain | Unrealized gains |
$13,023,434 | $6,082,967 | $48,337,794 |
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. |
Wells Fargo Absolute Return Fund |
Wells Fargo Core Plus Bond Fund |
Wells Fargo Growth Balanced Fund |
Wells Fargo Moderate Balanced Fund |
Wells Fargo Specialized Technology Fund |
Wells Fargo Spectrum Aggressive Growth Fund |
Wells Fargo Spectrum Conservative Growth Fund |
Wells Fargo Spectrum Growth Fund |
Wells Fargo Spectrum Income Allocation Fund |
Wells Fargo Spectrum Moderate Growth Fund |
■ | Information regarding the Transaction: information about the structure, financing sources and material terms and conditions of the Transaction, including the expected impact on the businesses conducted by the Advisers and by Wells Fargo Funds Distributor LLC, as the distributor of Fund shares. |
■ | Information regarding NewCo, GTCR and Reverence Capital: (i) information about NewCo, including information about its expected financial condition and access to capital, and senior leadership team; (ii) the experience of senior management at GTCR and Reverence Capital in acquiring portfolio companies; (iii) the plan to operationalize NewCo, including the transition of necessary infrastructure services through a transition services agreement with Wells Fargo under which Wells Fargo will continue to provide NewCo with certain services for a specified period of time after the closing; and (iv) information regarding regulatory matters, compliance, and risk management functions at NewCo, including resources to be dedicated thereto. |
■ | Impact of the Transaction on WFAM and Service Providers: (i) information regarding any changes to personnel and/or other resources of the Advisers as a result of the Transaction, including assurances regarding comparable and competitive compensation arrangements to attract and retain highly qualified personnel; and (ii) information about the organizational and operating structure with respect to NewCo, the Advisers and the Funds. |
■ | Impact of the Transaction on the Funds and their Shareholders: (i) information regarding anticipated benefits to the Funds as a result of the Transaction; (ii) a commitment that the Funds would not bear any expenses, directly or indirectly, in connection with the Transaction; (iii) confirmation that the Advisers intend to continue to manage the Funds in a manner consistent with each Fund’s current investment objectives and principal investments strategies; and (iv) a commitment that neither NewCo nor WFAM will take any steps that would impose any “unfair burden” (as that term is used in section 15(f)(1)(B) of the 1940 Act) on the Funds as a result of the Transaction. |
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P.O. Box 219967
Kansas City, MO 64121-9967
![](https://capedge.com/proxy/N-CSR/0001193125-21-234774/g148326img628b15ec6.jpg)
A278/AR278 05-21
![](https://capedge.com/proxy/N-CSR/0001193125-21-234774/g148324img24f4fe831.jpg)
Moderate Balanced Fund
2 | |
6 | |
10 | |
11 | |
Financial statements | |
15 | |
16 | |
17 | |
18 | |
22 | |
30 | |
31 | |
Board considerations | |
36 | |
40 | |
45 |
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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. |
“The passage of the massive domestic stimulus bill highlighted March activity, leading to increased forecasts for U.S. growth in 2021.” |
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President
Wells Fargo Funds
Investment objective | The Fund seeks total return, consisting of current income and capital appreciation. |
Manager | Wells Fargo Funds Management, LLC |
Subadviser | Wells Capital Management Incorporated |
Portfolio managers | Kandarp R. Acharya, CFA®‡, FRM, Petros N. Bocray, CFA®‡, FRM, Christian L. Chan, CFA®‡ |
Average annual total returns (%) as of May 31, 2021 | |||||||||||
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 (WFMAX) | 1-30-2004 | 12.06 | 6.58 | 6.19 | 18.90 | 7.85 | 6.82 | 1.36 | 1.15 | ||
Class C (WFBCX) | 1-30-2004 | 17.01 | 7.04 | 6.01 | 18.01 | 7.04 | 6.01 | 2.11 | 1.90 | ||
Administrator Class (NVMBX) | 11-11-1994 | – | – | – | 19.19 | 8.12 | 7.08 | 1.28 | 0.90 | ||
Institutional Class (WFMYX) | 7-31-2018 | – | – | – | 19.35 | 8.18 | 7.11 | 1.03 | 0.80 | ||
Moderate Balanced Blended Index3 | – | – | – | – | 15.77 | 8.25 | 6.92 | – | – | ||
Bloomberg Barclays U.S. Aggregate Bond Index4 | – | – | – | – | -0.40 | 3.25 | 3.29 | – | – | ||
Bloomberg Barclays U.S. Short Treasury 9-12 Months Index5 | – | – | – | – | 0.26 | 1.53 | 0.91 | – | – | ||
MSCI EAFE Index (Net)6 | – | – | – | – | 38.41 | 9.77 | 5.88 | – | – | ||
Russell 1000® Growth Index7 | – | – | – | – | 39.92 | 22.07 | 16.98 | – | – | ||
Russell 1000® Value Index8 | – | – | – | – | 44.38 | 12.33 | 11.51 | – | – | ||
Russell 2000® Index9 | – | – | – | – | 64.56 | 16.01 | 11.86 | – | – | ||
S&P 500 Index10 | – | – | – | – | 40.32 | 17.16 | 14.38 | – | – |
1 | Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.43% in acquired fund fees and expenses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include acquired fund fees and expenses. |
2 | The manager has contractually committed through September 30, 2021, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.15% for Class A, 1.90% for Class C, 0.90% for Administrator Class, and 0.80% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the affiliated master portfolios and funds invest and from money market funds, and extraordinary expenses are excluded from the expense caps. All other acquired fund fees and expenses from the affiliated master portfolios are included in the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
3 | Source: Wells Fargo Funds Management, LLC. The Moderate Balanced Blended Index is composed 45% of the Bloomberg Barclays U.S. Aggregate Bond Index, 15% of the Bloomberg Barclays U.S. Short Treasury 9-12 Months Index, 10% of the Russell 1000® Growth Index, 10% of the Russell 1000® Value Index, 10% of the S&P 500 Index, 6% of the MSCI EAFE Index (Net), and 4% of the Russell 2000® Index. You cannot invest directly in an index. |
‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
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1 | The chart compares the performance of Class A shares for the most recent ten years with the Moderate Balanced Blended Index, Bloomberg Barclays U.S. Aggregate Bond Index, Bloomberg Barclays U.S. Short Treasury 9-12 Months Index, MSCI EAFE Index (Net), Russell 1000® Growth Index, Russell 1000® Value Index, Russell 2000® Index and S&P 500 Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%. |
4 | The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar– denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
5 | The Bloomberg Barclays U.S. Short Treasury 9–12 Months Index is an unmanaged index that includes aged U.S. Treasury bills, notes, and bonds with a remaining maturity from 9 up to (but not including) 12 months. It excludes zero-coupon STRIPS. You cannot invest directly in an index. |
6 | The Morgan Stanley Capital International (MSCI) Europe, Australasia, Far East (EAFE) Index (Net) is a free-float-adjusted market capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the United States and Canada. Source: MSCI. MSCI makes no express or implied 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 indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
7 | The Russell 1000® Growth Index measures the performance of those Russell 1000 companies with higher price/book ratios and higher forecasted growth values. You cannot invest directly in an index. |
8 | The Russell 1000® Value Index measures the performance of those Russell 1000 companies with lower price/book ratios and lower forecasted growth values. You cannot invest directly in an index. |
9 | The Russell 2000® Index measures the performance of the 2,000 smallest companies in the Russell 3000® Index, which represents approximately 8% of the total market capitalization of the Russell 3000® Index. You cannot invest directly in an index. |
10 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value weighted index with each stock’s weight in the index proportionate to its market value. You cannot invest directly in an index. |
■ | The Fund outperformed the Moderate Balanced Blended Index for the 12-month period that ended May 31, 2021. |
■ | The Tactical Asset Allocation (TAA) overlay and an overweight to credit sectors within the fixed-income portfolio were the largest contributors to relative performance over the period. |
■ | Poor relative performance within the international portfolio was the largest detractor from performance over the period. |
Ten largest holdings (%) as of May 31, 20211 | |
Wells Fargo Managed Fixed Income Portfolio | 28.65 |
Wells Fargo Conservative Income Fund Institutional Class | 14.35 |
Wells Fargo Core Bond Portfolio | 8.36 |
Wells Fargo Disciplined Large Cap Portfolio | 8.26 |
Wells Fargo Large Company Value Portfolio | 7.65 |
Wells Fargo Diversified Large Cap Growth Portfolio | 7.63 |
Wells Fargo Real Return Portfolio | 4.42 |
Wells Fargo C&B Large Cap Value Portfolio | 3.84 |
Wells Fargo Disciplined International Developed Markets Portfolio | 3.01 |
Wells Fargo Small Company Value Portfolio | 2.04 |
1 | Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified. |
* | The Russell 3000® Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. You cannot invest directly in an index. |
** | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalizationweighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S. 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 indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
* | The Russell 3000® Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. You cannot invest directly in an index. |
*** | The Bloomberg Barclays U.S. Treasury 20+ Year Index measures U.S. dollar-denominated, fixed-rate, nominal debt issued by the U.S. Treasury with 20+ years to maturity. Treasury bills are excluded by the maturity constraint, but are part of a separate Short Treasury Index. STRIPS are excluded from the index because their inclusion would result in double-counting. You cannot invest directly in an index. |
* | The Russell 3000® Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. You cannot invest directly in an index. |
† | 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. |
* | The Russell 3000® Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. You cannot invest directly in an index. |
†† | The Nasdaq 100 Index is an unmanaged group of the 100 biggest companies listed on the Nasdaq Composite Index. The list is updated quarterly, and companies on this index are typically representative of technology-related industries, such as computer hardware and software products, telecommunications, biotechnology, and retail/wholesale trade. You cannot invest directly in an index. |
* | The Russell 3000® Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. You cannot invest directly in an index. |
††† | 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. |
Allocation (%) as of May 31, 2021 | ||
Neutral allocation | Effective allocation1 | |
Bonds | 60 | 50 |
Stocks | 40 | 44 |
Effective cash | 0 | 6 |
1 | Effective allocation includes the effect of any tactical futures overlay that may be in place. Effective cash, if any, represents the net offset to such future positions. These amounts are subject to change and may have changed since the date specified. |
Beginning account value 12-1-2020 | Ending account value 5-31-2021 | Expenses paid during the period1,2 | Annualized net expense ratio2 | |
Class A | ||||
Actual | $1,000.00 | $1,077.45 | $5.59 | 1.08% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.55 | $5.44 | 1.08% |
Class C | ||||
Actual | $1,000.00 | $1,071.83 | $9.50 | 1.84% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,015.76 | $9.25 | 1.84% |
Administrator Class | ||||
Actual | $1,000.00 | $1,077.08 | $4.30 | 0.83% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.79 | $4.18 | 0.83% |
Institutional Class | ||||
Actual | $1,000.00 | $1,079.64 | $3.84 | 0.74% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.24 | $3.73 | 0.74% |
Shares | Value | ||||
Investment companies: 98.23% | |||||
Affiliated master portfolios: 77.66% | |||||
Wells Fargo C&B Large Cap Value Portfolio | $ 5,246,824 | ||||
Wells Fargo Core Bond Portfolio | 11,410,074 | ||||
Wells Fargo Disciplined International Developed Markets Portfolio | 4,109,954 | ||||
Wells Fargo Disciplined Large Cap Portfolio | 11,272,119 | ||||
Wells Fargo Diversified Large Cap Growth Portfolio | 10,422,014 | ||||
Wells Fargo Emerging Growth Portfolio | 1,334,443 | ||||
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio | 1,127,992 | ||||
Wells Fargo Factor Enhanced International Equity Portfolio | 1,381,912 | ||||
Wells Fargo Large Company Value Portfolio | 10,450,900 | ||||
Wells Fargo Managed Fixed Income Portfolio | 39,120,373 | ||||
Wells Fargo Real Return Portfolio | 6,035,049 | ||||
Wells Fargo Small Company Growth Portfolio | 1,339,390 | ||||
Wells Fargo Small Company Value Portfolio | 2,779,814 | ||||
106,030,858 | |||||
Bond funds: 14.35% | |||||
Wells Fargo Conservative Income Fund Institutional Class ♠ | 1,952,695 | 19,585,535 | |||
Exchange-traded funds: 4.59% | |||||
Energy Select Sector SPDR Fund | 24,422 | 1,275,073 | |||
iShares Core MSCI EAFE ETF | 35,424 | 2,720,563 | |||
iShares Core U.S. Aggregate Bond ETF | 19,801 | 2,268,205 | |||
6,263,841 | |||||
Stock funds: 1.63% | |||||
Wells Fargo Emerging Markets Equity Fund Class R6 ♠ | 31,228 | 1,110,160 | |||
Wells Fargo Emerging Markets Equity Income Fund Class R6 ♠ | 83,039 | 1,118,530 | |||
2,228,690 | |||||
Total Investment companies (Cost $113,455,228) | 134,108,924 | ||||
Total investments in securities (Cost $113,455,228) | 98.23% | 134,108,924 | |||
Other assets and liabilities, net | 1.77 | 2,418,956 | |||
Total net assets | 100.00% | $136,527,880 |
♠ | The issuer is an affiliate of the Fund as defined in the Investment Company Act of 1940. |
Value, beginning of period | Purchases | Sales proceeds | Net realized gains (losses) on affiliated Underlying Funds | Net change in unrealized gains (losses) on affiliated Underlying Funds | Value, end of period | % of net assets | ||||
Investment companies | ||||||||||
Bond funds | ||||||||||
Wells Fargo Conservative Income Fund Institutional Class | $18,653,995 | $2,101,992 | $(1,188,309) | $ 172 | $ 17,685 | $19,585,535 | 14.35% | |||
Stock funds | ||||||||||
Wells Fargo Emerging Markets Equity Fund Class R6 | 1,069,244 | 28,103 | (424,036) | 114,171 | 322,678 | 1,110,160 | ||||
Wells Fargo Emerging Markets Equity Income Fund Class R6 | 1,035,794 | 35,406 | (364,689) | 34,589 | 377,430 | 1,118,530 | ||||
2,228,690 | 1.63 | |||||||||
$148,932 | $717,793 | $21,814,225 | 15.98% |
Shares, end of period | Dividends from affiliated Underlying Funds | |
Investment companies | ||
Bond funds | ||
Wells Fargo Conservative Income Fund Institutional Class | 1,952,695 | $ 148,873 |
Stock funds | ||
Wells Fargo Emerging Markets Equity Fund Class R6 | 31,228 | 4,527 |
Wells Fargo Emerging Markets Equity Income Fund Class R6 | 83,039 | 29,487 |
$182,887 |
% of ownership, beginning of period | % of ownership, end of period | Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolios | Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolios | Interest allocated from affiliated Master Portfolios | Dividends allocated from affiliated Master Portfolios | Affiliated income allocated from affiliated Master Portfolios | Value, end of period | % of net assets | |||||||
Wells Fargo C&B Large Cap Value Portfolio | 1.53% | 1.28% | $ 542,886 | $ 1,470,574 | $ 0 | $ 81,741 | $ 79 | $ 5,246,824 | |||||||
Wells Fargo Core Bond Portfolio | 0.18 | 0.20 | 260,835 | (346,068) | 169,232 | 0 | 305 | 11,410,074 | |||||||
Wells Fargo Disciplined International Developed Markets Portfolio | 2.18 | 2.01 | 883,867 | 352,450 | 0 | 106,146 | 1,180 | 4,109,954 | |||||||
Wells Fargo Disciplined Large Cap Portfolio | 3.21 | 3.42 | 715,429 | 2,439,686 | 0 | 152,861 | 627 | 11,272,119 | |||||||
Wells Fargo Diversified Large Cap Growth Portfolio | 4.03 | 3.65 | 1,726,330 | 1,095,256 | 0 | 68,844 | 330 | 10,422,014 | |||||||
Wells Fargo Emerging Growth Portfolio | 0.19 | 0.14 | 370,311 | 244,339 | 0 | 1,612 | 396 | 1,334,443 | |||||||
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio | 0.53 | 0.62 | 133,336 | 238,637 | 0 | 28,460 | 10 | 1,127,992 | |||||||
Wells Fargo Factor Enhanced International Equity Portfolio | 0.00 | 0.19 | 101,610 | 231,735 | 0 | 34,178 | 10 | 1,381,912 | |||||||
Wells Fargo High Yield Corporate Bond Portfolio | 4.64 | 0.00 | 274,835 | 91,253 | 219,496 | 0 | 36 | 0 | |||||||
Wells Fargo International Value Portfolio | 0.50 | 0.00 | (176,674) | 1,012,217 | 0 | 75,933 | 690 | 0 | |||||||
Wells Fargo Large Company Value Portfolio | 3.93 | 3.61 | 3,821,370 | (235,888) | 0 | 175,683 | 125 | 10,450,900 | |||||||
Wells Fargo Managed Fixed Income Portfolio | 8.11 | 7.88 | 371,345 | (406,163) | 1,073,635 | 0 | 976 | 39,120,373 | |||||||
Wells Fargo Real Return Portfolio | 3.48 | 2.52 | 43,753 | 336,784 | 147,993 | 17,681 | 51 | 6,035,049 | |||||||
Wells Fargo Small Company Growth Portfolio | 0.10 | 0.10 | 376,989 | 220,442 | 0 | 5,882 | 120 | 1,339,390 | |||||||
Wells Fargo Small Company Value Portfolio | 0.65 | 0.45 | 327,792 | 1,352,128 | 0 | 40,101 | 259 | 2,779,814 | |||||||
$9,774,014 | $8,097,382 | $1,610,356 | $789,122 | $5,194 | $106,030,858 | 77.66% |
Description | Number of contracts | Expiration date | Notional cost | Notional value | Unrealized gains | Unrealized losses | |
Long | |||||||
Bloomberg Commodity Index | 178 | 6-16-2021 | $ 1,625,662 | $ 1,650,060 | $ 24,398 | $ 0 | |
E-Mini S&P 500 Index | 17 | 6-18-2021 | 3,587,653 | 3,572,040 | 0 | (15,613) | |
FTSE 100 Index | 20 | 6-18-2021 | 1,992,257 | 1,995,658 | 3,401 | 0 | |
IBEX 35 Index | 54 | 6-18-2021 | 6,019,728 | 6,031,799 | 12,071 | 0 | |
MSCI Emerging Markets Index | 20 | 6-18-2021 | 1,334,753 | 1,360,900 | 26,147 | 0 | |
Short | |||||||
Australian Dollars Futures | (52) | 6-14-2021 | (4,017,196) | (4,011,280) | 5,916 | 0 | |
Mini-DAX Futures | (63) | 6-18-2021 | (5,601,677) | (5,937,437) | 0 | (335,760) | |
10-Year U.S. Treasury Notes | (90) | 9-21-2021 | (11,839,010) | (11,874,375) | 0 | (35,365) | |
$71,933 | $(386,738) |
Assets | |
Investments in affiliated Master Portfolios, at value (cost $86,200,537) | $ 106,030,858 |
Investments in unaffiliated Underlying Funds, at value (cost $6,232,647) | 6,263,841 |
Investments in affiliated Underlying Funds, at value (cost $21,022,044) | 21,814,225 |
Cash | 121,773 |
Cash at broker segregated for futures contracts | 2,736,937 |
Receivable for Fund shares sold | 45,225 |
Receivable for dividends | 8,266 |
Prepaid expenses and other assets | 5,976 |
Total assets | 137,027,101 |
Liabilities | |
Payable for Fund shares redeemed | 305,026 |
Payable for investments purchased | 84,188 |
Shareholder report expenses payable | 31,767 |
Shareholder servicing fees payable | 25,146 |
Administration fees payable | 18,060 |
Payable for daily variation margin on open futures contracts | 13,825 |
Management fee payable | 13,242 |
Distribution fee payable | 4,844 |
Trustees’ fees and expenses payable | 35 |
Accrued expenses and other liabilities | 3,088 |
Total liabilities | 499,221 |
Total net assets | $136,527,880 |
Net assets consist of | |
Paid-in capital | $ 106,854,262 |
Total distributable earnings | 29,673,618 |
Total net assets | $136,527,880 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 39,004,585 |
Shares outstanding – Class A1 | 1,663,636 |
Net asset value per share – Class A | $23.45 |
Maximum offering price per share – Class A2 | $24.88 |
Net assets – Class C | $ 7,462,930 |
Shares outstanding – Class C1 | 327,670 |
Net asset value per share – Class C | $22.78 |
Net assets – Administrator Class | $ 72,032,723 |
Shares outstanding – Administrator Class1 | 3,035,868 |
Net asset value per share – Administrator Class | $23.73 |
Net assets – Institutional Class | $ 18,027,642 |
Shares outstanding – Institutional Class1 | 758,093 |
Net asset value per share – Institutional Class | $23.78 |
1 | The Fund has an unlimited number of authorized shares |
2 | Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced. |
Investment income | |
Interest allocated from affiliated Master Portfolios (net of foreign withholding taxes of $82) | $ 1,610,356 |
Dividends allocated from affiliated Master Portfolios (net of foreign withholding taxes of $31,020) | 789,122 |
Dividends from affiliated Underlying Funds | 182,887 |
Dividends from unaffiliated Underlying Funds | 72,398 |
Affiliated income allocated from affiliated Master Portfolios | 5,194 |
Expenses allocated from affiliated Master Portfolios | (492,793) |
Waivers allocated from affiliated Master Portfolios | 44,921 |
Total investment income | 2,212,085 |
Expenses | |
Management fee | 392,810 |
Administration fees | |
Class A | 74,493 |
Class C | 16,199 |
Administrator Class | 97,889 |
Institutional Class | 16,186 |
Shareholder servicing fees | |
Class A | 88,658 |
Class C | 19,270 |
Administrator Class | 188,202 |
Distribution fee | |
Class C | 57,809 |
Custody and accounting fees | 9,411 |
Professional fees | 33,228 |
Registration fees | 61,588 |
Shareholder report expenses | 43,507 |
Trustees’ fees and expenses | 21,079 |
Other fees and expenses | 17,869 |
Total expenses | 1,138,198 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (202,682) |
Class A | (600) |
Administrator Class | (132,653) |
Institutional Class | (1,241) |
Net expenses | 801,022 |
Net investment income | 1,411,063 |
Realized and unrealized gains (losses) on investments | |
Net realized gains on | |
Securities transactions allocated from affiliated Master Portfolios | 9,774,014 |
Affiliated Underlying Funds | 148,932 |
Unaffiliated securities | 1,185,015 |
Futures contracts | 2,483,094 |
Net realized gains on investments | 13,591,055 |
Net change in unrealized gains (losses) on | |
Securities transactions allocated from affiliated Master Portfolios | 8,097,382 |
Affiliated Underlying Funds | 717,793 |
Unaffiliated securities | 31,194 |
Futures contracts | (1,172,236) |
Net change in unrealized gains (losses) on investments | 7,674,133 |
Net realized and unrealized gains (losses) on investments | 21,265,188 |
Net increase in net assets resulting from operations | $22,676,251 |
Year ended May 31, 2021 | Year ended May 31, 2020 | |||
Operations | ||||
Net investment income | $ 1,411,063 | $ 2,007,092 | ||
Net realized gains on investments | 13,591,055 | 1,483,956 | ||
Net change in unrealized gains (losses) on investments | 7,674,133 | 3,601,837 | ||
Net increase in net assets resulting from operations | 22,676,251 | 7,092,885 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (2,015,996) | (949,542) | ||
Class C | (373,639) | (193,050) | ||
Administrator Class | (4,052,501) | (2,564,416) | ||
Institutional Class | (703,391) | (332,334) | ||
Total distributions to shareholders | (7,145,527) | (4,039,342) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 330,272 | 7,438,398 | 314,459 | 6,582,803 |
Class C | 49,296 | 1,081,638 | 80,214 | 1,612,864 |
Administrator Class | 264,666 | 6,037,467 | 270,029 | 5,728,452 |
Institutional Class | 285,163 | 6,638,262 | 112,688 | 2,401,546 |
21,195,765 | 16,325,665 | |||
Reinvestment of distributions | ||||
Class A | 87,227 | 1,943,994 | 42,968 | 914,528 |
Class C | 17,286 | 372,949 | 9,165 | 189,731 |
Administrator Class | 179,103 | 4,041,113 | 118,939 | 2,558,445 |
Institutional Class | 31,036 | 701,932 | 15,389 | 331,571 |
7,059,988 | 3,994,275 | |||
Payment for shares redeemed | ||||
Class A | (255,197) | (5,746,787) | (336,995) | (6,989,591) |
Class C | (129,801) | (2,834,859) | (128,163) | (2,596,917) |
Administrator Class | (1,129,791) | (25,741,880) | (470,413) | (9,914,992) |
Institutional Class | (54,941) | (1,245,870) | (61,855) | (1,282,623) |
(35,569,396) | (20,784,123) | |||
Net decrease in net assets resulting from capital share transactions | (7,313,643) | (464,183) | ||
Total increase in net assets | 8,217,081 | 2,589,360 | ||
Net assets | ||||
Beginning of period | 128,310,799 | 125,721,439 | ||
End of period | $136,527,880 | $128,310,799 |
Year ended May 31 | |||||
Class A | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $20.87 | $20.35 | $22.73 | $23.47 | $22.51 |
Net investment income | 0.25 | 0.30 | 0.36 1 | 0.29 | 0.28 |
Net realized and unrealized gains on investments | 3.62 | 0.86 | 0.11 | 0.97 | 1.34 |
Total from investment operations | 3.87 | 1.16 | 0.47 | 1.26 | 1.62 |
Distributions to shareholders from | |||||
Net investment income | (0.24) | (0.35) | (0.42) | (0.32) | (0.29) |
Net realized gains | (1.05) | (0.29) | (2.43) | (1.68) | (0.37) |
Total distributions to shareholders | (1.29) | (0.64) | (2.85) | (2.00) | (0.66) |
Net asset value, end of period | $23.45 | $20.87 | $20.35 | $22.73 | $23.47 |
Total return2 | 18.90% | 5.65% | 2.68% | 5.38% | 7.33% |
Ratios to average net assets (annualized)* | |||||
Gross expenses | 1.24% | 1.30% | 1.31% | 1.33% | 1.32% |
Net expenses | 1.09% | 1.08% | 1.12% | 1.13% | 1.15% |
Net investment income | 0.93% | 1.43% | 1.65% | 1.42% | 1.25% |
Supplemental data | |||||
Portfolio turnover rate3 | 119% | 119% | 191% | 113% | 114% |
Net assets, end of period (000s omitted) | $39,005 | $31,334 | $30,132 | $31,980 | $36,679 |
* | Ratios include only the net expenses allocated from the affiliated Master Portfolios and do not include expenses from any other affiliated Underlying Funds. Net expenses allocated from the affiliated Master Portfolios included in the ratios were as follows: |
Year ended May 31, 2021 | 0.34% |
Year ended May 31, 2020 | 0.37% |
Year ended May 31, 2019 | 0.40% |
Year ended May 31, 2018 | 0.44% |
Year ended May 31, 2017 | 0.46% |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. |
3 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities by the affiliated Master Portfolio’s portfolio turnover rate. |
Year ended May 31 | |||||
Class C | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $20.30 | $19.80 | $22.20 | $22.97 | $22.05 |
Net investment income | 0.04 1 | 0.09 | 0.12 | 0.10 | 0.11 1 |
Net realized and unrealized gains on investments | 3.55 | 0.88 | 0.18 | 0.95 | 1.32 |
Total from investment operations | 3.59 | 0.97 | 0.30 | 1.05 | 1.43 |
Distributions to shareholders from | |||||
Net investment income | (0.06) | (0.18) | (0.27) | (0.14) | (0.14) |
Net realized gains | (1.05) | (0.29) | (2.43) | (1.68) | (0.37) |
Total distributions to shareholders | (1.11) | (0.47) | (2.70) | (1.82) | (0.51) |
Net asset value, end of period | $22.78 | $20.30 | $19.80 | $22.20 | $22.97 |
Total return2 | 18.01% | 4.89% | 1.90% | 4.56% | 6.56% |
Ratios to average net assets (annualized)* | |||||
Gross expenses | 1.99% | 2.05% | 2.06% | 2.08% | 2.07% |
Net expenses | 1.84% | 1.84% | 1.87% | 1.88% | 1.90% |
Net investment income | 0.19% | 0.69% | 0.89% | 0.66% | 0.50% |
Supplemental data | |||||
Portfolio turnover rate3 | 119% | 119% | 191% | 113% | 114% |
Net assets, end of period (000s omitted) | $7,463 | $7,935 | $8,509 | $10,260 | $12,180 |
* | Ratios include only the net expenses allocated from the affiliated Master Portfolios and do not include expenses from any other affiliated Underlying Funds. Net expenses allocated from the affiliated Master Portfolios included in the ratios were as follows: |
Year ended May 31, 2021 | 0.34% |
Year ended May 31, 2020 | 0.37% |
Year ended May 31, 2019 | 0.40% |
Year ended May 31, 2018 | 0.44% |
Year ended May 31, 2017 | 0.46% |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. |
3 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities by the affiliated Master Portfolio’s portfolio turnover rate. |
Year ended May 31 | |||||
Administrator Class | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $21.10 | $20.56 | $22.94 | $23.68 | $22.70 |
Net investment income | 0.38 | 0.35 1 | 0.41 1 | 0.38 | 0.35 1 |
Net realized and unrealized gains on investments | 3.59 | 0.88 | 0.12 | 0.94 | 1.35 |
Total from investment operations | 3.97 | 1.23 | 0.53 | 1.32 | 1.70 |
Distributions to shareholders from | |||||
Net investment income | (0.29) | (0.40) | (0.48) | (0.38) | (0.35) |
Net realized gains | (1.05) | (0.29) | (2.43) | (1.68) | (0.37) |
Total distributions to shareholders | (1.34) | (0.69) | (2.91) | (2.06) | (0.72) |
Net asset value, end of period | $23.73 | $21.10 | $20.56 | $22.94 | $23.68 |
Total return | 19.19% | 5.94% | 2.95% | 5.59% | 7.62% |
Ratios to average net assets (annualized)* | |||||
Gross expenses | 1.17% | 1.22% | 1.23% | 1.25% | 1.24% |
Net expenses | 0.84% | 0.83% | 0.87% | 0.88% | 0.90% |
Net investment income | 1.21% | 1.69% | 1.88% | 1.67% | 1.49% |
Supplemental data | |||||
Portfolio turnover rate2 | 119% | 119% | 191% | 113% | 114% |
Net assets, end of period (000s omitted) | $72,033 | $78,538 | $78,209 | $112,302 | $112,835 |
* | Ratios include only the net expenses allocated from the affiliated Master Portfolios and do not include expenses from any other affiliated Underlying Funds. Net expenses allocated from the affiliated Master Portfolios included in the ratios were as follows: |
Year ended May 31, 2021 | 0.34% |
Year ended May 31, 2020 | 0.37% |
Year ended May 31, 2019 | 0.41% |
Year ended May 31, 2018 | 0.44% |
Year ended May 31, 2017 | 0.46% |
1 | Calculated based upon average shares outstanding |
2 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities by the affiliated Master Portfolio’s portfolio turnover rate. |
Year ended May 31 | |||
Institutional Class | 2021 | 2020 | 2019 1 |
Net asset value, beginning of period | $21.14 | $20.60 | $23.24 |
Net investment income | 0.42 | 0.37 2 | 0.37 2 |
Net realized and unrealized gains (losses) on investments | 3.58 | 0.88 | (0.12) |
Total from investment operations | 4.00 | 1.25 | 0.25 |
Distributions to shareholders from | |||
Net investment income | (0.31) | (0.42) | (0.46) |
Net realized gains | (1.05) | (0.29) | (2.43) |
Total distributions to shareholders | (1.36) | (0.71) | (2.89) |
Net asset value, end of period | $23.78 | $21.14 | $20.60 |
Total return3 | 19.35% | 6.02% | 1.72% |
Ratios to average net assets (annualized)* | |||
Gross expenses | 0.91% | 0.97% | 0.98% |
Net expenses | 0.74% | 0.74% | 0.75% |
Net investment income | 1.27% | 1.78% | 2.15% |
Supplemental data | |||
Portfolio turnover rate4 | 119% | 119% | 191% |
Net assets, end of period (000s omitted) | $18,028 | $10,504 | $8,871 |
* | Ratios include only the net expenses allocated from the affiliated Master Portfolios and do not include expenses from any other affiliated Underlying Funds. Net expenses allocated from the affiliated Master Portfolios included in the ratios were as follows: |
Year ended May 31, 2021 | 0.34% |
Year ended May 31, 2020 | 0.37% |
Year ended May 31, 20191 | 0.38% |
1 | For the period from July 31, 2018 (commencement of class operations) to May 31, 2019 |
2 | Calculated based upon average shares outstanding |
3 | Returns for periods of less than one year are not annualized. |
4 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities by the affiliated Master Portfolio’s portfolio turnover rate. |
Gross unrealized gains | $21,373,079 |
Gross unrealized losses | (24,726) |
Net unrealized gains | $21,348,353 |
Paid-in capital | Total distributable earnings |
$(235,705) | $235,705 |
■ | 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: | ||||
Investment companies | $ 28,078,066 | $0 | $0 | $ 28,078,066 |
Investments measured at net asset value* | 106,030,858 | |||
28,078,066 | 0 | 0 | 134,108,924 | |
Futures contracts | 71,933 | 0 | 0 | 71,933 |
Total assets | $28,149,999 | $0 | $0 | $134,180,857 |
Liabilities | ||||
Futures contracts | $ 386,738 | $0 | $0 | $ 386,738 |
Total liabilities | $ 386,738 | $0 | $0 | $ 386,738 |
* | Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities. The Fund’s investments in the affiliated Master Portfolios are valued at $106,030,858. Each affiliated Master Portfolio does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments. |
Affiliated Master Portfolio | Investment objective |
Wells Fargo C&B Large Cap Value Portfolio | Seeks maximum long-term total return (current income and capital appreciation), consistent with minimizing risk to principal |
Wells Fargo Core Bond Portfolio | Seeks total return, consisting of income and capital appreciation |
Wells Fargo Disciplined International Developed Markets Portfolio | Seeks long-term capital appreciation |
Wells Fargo Disciplined Large Cap Portfolio | Seeks long-term capital appreciation |
Wells Fargo Diversified Large Cap Growth Portfolio | Seeks long-term capital appreciation |
Wells Fargo Emerging Growth Portfolio | Seeks long-term capital appreciation |
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio | Seeks long-term capital appreciation |
Wells Fargo Factor Enhanced International Equity Portfolio | Seeks long-term capital appreciation |
Wells Fargo Large Company Value Portfolio | Seeks long-term capital appreciation |
Wells Fargo Managed Fixed Income Portfolio | Seeks long-term capital appreciation |
Wells Fargo Real Return Portfolio | Seeks returns that exceed the rate of inflation over the long-term |
Wells Fargo Small Company Growth Portfolio | Seeks long-term capital appreciation |
Wells Fargo Small Company Value Portfolio | Seeks long-term capital appreciation |
Average daily net assets | Management fee |
First $500 million | 0.300% |
Next $500 million | 0.280 |
Next $2 billion | 0.260 |
Next $2 billion | 0.240 |
Next $5 billion | 0.230 |
Over $10 billion | 0.220 |
Class-level administration fee | |
Class A | 0.21% |
Class C | 0.21 |
Administrator Class | 0.13 |
Institutional Class | 0.13 |
Expense ratio caps | |
Class A | 1.15% |
Class C | 1.90 |
Administrator Class | 0.90 |
Institutional Class | 0.80 |
Purchases at cost | Sales proceeds | |||
U.S. government | Non-U.S. government | U.S. government | Non-U.S. government | |
$66,813,111 | $69,851,332 | $56,796,010 | $74,904,732 |
Asset derivatives | Liability derivatives | ||||
Statement of Assets and Liabilities location | Fair value | Statement of Assets and Liabilities location | Fair value | ||
Interest rate risk | Unrealized gains on futures contracts | $ 0* | Unrealized losses on futures contracts | $ 35,365* | |
Equity risk | Unrealized gains on futures contracts | 66,017* | Unrealized losses on futures contracts | 351,373* | |
Foreign currency risk | Unrealized gains on futures contracts | 5,916* | Unrealized losses on futures contracts | 0* | |
$71,933 | $386,738 |
Amount of realized gains (losses) on derivatives | Change in unrealized gains (losses) on derivatives | |
Equity risk | $ 2,590,947 | $ (1,200,306) |
Interest rate risk | 234,224 | (35,365) |
Foreign currency risk | (342,077) | 63,435 |
$2,483,094 | $(1,172,236) |
Year ended May 31 | ||
2021 | 2020 | |
Ordinary income | $3,486,043 | $2,511,754 |
Long-term capital gain | 3,659,484 | 1,527,588 |
Undistributed ordinary income | Undistributed long-term gain | Unrealized gains |
$6,344,365 | $1,980,900 | $21,348,353 |
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. |
Wells Fargo Absolute Return Fund |
Wells Fargo Core Plus Bond Fund |
Wells Fargo Growth Balanced Fund |
Wells Fargo Moderate Balanced Fund |
Wells Fargo Specialized Technology Fund |
Wells Fargo Spectrum Aggressive Growth Fund |
Wells Fargo Spectrum Conservative Growth Fund |
Wells Fargo Spectrum Growth Fund |
Wells Fargo Spectrum Income Allocation Fund |
Wells Fargo Spectrum Moderate Growth Fund |
■ | Information regarding the Transaction: information about the structure, financing sources and material terms and conditions of the Transaction, including the expected impact on the businesses conducted by the Advisers and by Wells Fargo Funds Distributor LLC, as the distributor of Fund shares. |
■ | Information regarding NewCo, GTCR and Reverence Capital: (i) information about NewCo, including information about its expected financial condition and access to capital, and senior leadership team; (ii) the experience of senior management at GTCR and Reverence Capital in acquiring portfolio companies; (iii) the plan to operationalize NewCo, including the transition of necessary infrastructure services through a transition services agreement with Wells Fargo under which Wells Fargo will continue to provide NewCo with certain services for a specified period of time after the closing; and (iv) information regarding regulatory matters, compliance, and risk management functions at NewCo, including resources to be dedicated thereto. |
■ | Impact of the Transaction on WFAM and Service Providers: (i) information regarding any changes to personnel and/or other resources of the Advisers as a result of the Transaction, including assurances regarding comparable and competitive compensation arrangements to attract and retain highly qualified personnel; and (ii) information about the organizational and operating structure with respect to NewCo, the Advisers and the Funds. |
■ | Impact of the Transaction on the Funds and their Shareholders: (i) information regarding anticipated benefits to the Funds as a result of the Transaction; (ii) a commitment that the Funds would not bear any expenses, directly or indirectly, in connection with the Transaction; (iii) confirmation that the Advisers intend to continue to manage the Funds in a manner consistent with each Fund’s current investment objectives and principal investments strategies; and (iv) a commitment that neither NewCo nor WFAM will take any steps that would impose any “unfair burden” (as that term is used in section 15(f)(1)(B) of the 1940 Act) on the Funds as a result of the Transaction. |
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P.O. Box 219967
Kansas City, MO 64121-9967
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A279/AR279 05-21
![](https://capedge.com/proxy/N-CSR/0001193125-21-234774/g148330img0ecf14321.jpg)
C&B Large Cap Value Fund
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1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
2 | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the United States. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
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. |
4 | The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
5 | The Bloomberg Barclays Global Aggregate ex-USD Index (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. |
6 | The Bloomberg Barclays Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index. |
7 | The ICE 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. |
“The passage of the massive domestic stimulus bill highlighted March activity, leading to increased forecasts for U.S. growth in 2021.” |
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President
Wells Fargo Funds
Investment objective | The Fund seeks maximum long-term total return (current income and capital appreciation), consistent with minimizing risk to principal. |
Manager | Wells Fargo Funds Management, LLC |
Portfolio managers | Andrew B. Armstrong, CFA®‡, Wesley Lim, CFA®‡, Steve Lyons, CFA®‡, Michael M. Meyer, CFA®‡, Edward W. O'Connor, CFA®‡, R. James O'Neil, CFA®‡, Mehul Trivedi, CFA®‡, William Weber, CFA®‡ |
Average annual total returns (%) as of May 31, 2021 | |||||||||||
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 (CBEAX) | 7-26-2004 | 47.97 | 12.74 | 11.08 | 56.98 | 14.09 | 11.74 | 1.28 | 1.08 | ||
Class C (CBECX) | 7-26-2004 | 54.94 | 13.24 | 10.91 | 55.94 | 13.24 | 10.91 | 2.03 | 1.83 | ||
Class R6 (CBEJX)3 | 10-31-2016 | – | – | – | 57.75 | 14.58 | 12.16 | 0.85 | 0.65 | ||
Administrator Class (CBLLX) | 7-26-2004 | – | – | – | 57.12 | 14.20 | 11.92 | 1.20 | 1.00 | ||
Institutional Class (CBLSX) | 7-26-2004 | – | – | – | 57.58 | 14.48 | 12.18 | 0.95 | 0.75 | ||
Russell 1000® Value Index4 | – | – | – | – | 44.38 | 12.33 | 11.51 | – | – |
1 | Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.01% in acquired fund fees and expenses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include acquired fund fees and expenses. |
2 | The manager has contractually committed through September 30, 2021, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.08% for Class A, 1.83% for Class C, 0.65% for Class R6, 1.00% for Administrator Class, and 0.75% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the affiliated master portfolio invests, and extraordinary expenses are excluded from the expense caps. Net expenses from the affiliated master portfolio are included in the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
3 | Historical performance shown for the Class R6 shares prior to their inception reflects the performance of the Institutional Class shares, and includes the higher expenses applicable to the Institutional Class shares. If these expenses had been included, returns for the Class R6 shares would be higher. |
4 | The Russell 1000® Value Index measures the performance of those Russell 1000 companies with lower price/book ratios and lower forecasted growth values. You cannot invest directly in an index. |
* | The Fund is a feeder fund in a master-feeder structure that invests substantially all of its assets in a single affiliated master portfolio of the Wells Fargo Master Trust with a substantially identical investment objective and substantially similar investment strategies. References to the investment activities of the Fund are intended to refer to the investment activities of the affiliated master portfolio in which it invests. |
‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
![](https://capedge.com/proxy/N-CSR/0001193125-21-234774/g148330img8996796d4.gif)
1 | The chart compares the performance of Class A shares for the most recent ten years with the Russell 1000® Value Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%. |
■ | The Fund outperformed its benchmark, the Russell 1000® Value Index, for the 12-month period that ended May 31, 2021. |
■ | Stock selection in consumer discretionary, information technology, and health care, as well as an overweight position in financials were key contributors to relative performance. |
■ | Stock selection in financials and communication services, as well as an underweight in materials detracted from relative performance. |
Ten largest holdings (%) as of May 31, 20211 | |
Arrow Electronics Incorporated | 3.63 |
Brookfield Asset Management Incorporated Class A | 3.38 |
AerCap Holdings NV | 3.19 |
Leidos Holdings Incorporated | 3.08 |
State Street Corporation | 2.91 |
US Bancorp | 2.78 |
Arch Capital Group Limited | 2.78 |
Johnson & Johnson | 2.75 |
Fidelity National Financial Incorporated | 2.69 |
The Charles Schwab Corporation | 2.63 |
1 | Each holding represents the Fund’s allocable portion of the affiliated master portfolio security. Figures represent each holding as a percentage of the Fund’s net assets. Holdings are subject to change and may have changed since the date specified. |
Sector allocation as of May 31, 20211 |
![](https://capedge.com/proxy/N-CSR/0001193125-21-234774/g148330imga9dcc73b5.jpg)
1 | Figures represent the sector allocation of the affiliated master portfolio as a percentage of the long-term investments of the affiliated master portfolio. These amounts are subject to change and may have changed since the date specified. |
Beginning account value 12-1-2020 | Ending account value 5-31-2021 | Expenses paid during the period1,2 | Annualized net expense ratio2 | |
Class A | ||||
Actual | $1,000.00 | $1,261.34 | $ 6.03 | 1.07% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.60 | $ 5.39 | 1.07% |
Class C | ||||
Actual | $1,000.00 | $1,257.29 | $10.30 | 1.83% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,015.81 | $ 9.20 | 1.83% |
Class R6 | ||||
Actual | $1,000.00 | $1,264.00 | $ 3.67 | 0.65% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.69 | $ 3.28 | 0.65% |
Administrator Class | ||||
Actual | $1,000.00 | $1,262.04 | $ 5.58 | 0.99% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.00 | $ 4.99 | 0.99% |
Institutional Class | ||||
Actual | $1,000.00 | $1,263.50 | $ 4.23 | 0.75% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.19 | $ 3.78 | 0.75% |
Value | |||||
Investment companies: 99.93% | |||||
Affiliated master portfolio: 99.93% | |||||
Wells Fargo C&B Large Cap Value Portfolio | $316,451,986 | ||||
Total Investment companies (Cost $203,999,902) | 316,451,986 | ||||
Total investments in securities (Cost $203,999,902) | 99.93% | 316,451,986 | |||
Other assets and liabilities, net | 0.07 | 210,336 | |||
Total net assets | 100.00% | $316,662,322 |
% of ownership, beginning of period | % of ownership, end of period | Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolio | Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio | Dividends allocated from affiliated Master Portfolio | Affiliated income allocated from affiliated Master Portfolio | Value, end of period | % of net assets | |
Wells Fargo C&B Large Cap Value Portfolio | 74.98% | 76.92% | $25,510,777 | $89,716,793 | $4,625,966 | $4,821 | $316,451,986 | 99.93% |
Assets | |
Investments in affiliated Master Portfolio, at value (cost $203,999,902) | $ 316,451,986 |
Receivable for Fund shares sold | 987,420 |
Receivable from manager | 11,479 |
Total assets | 317,450,885 |
Liabilities | |
Payable for Fund shares redeemed | 668,181 |
Administration fees payable | 37,745 |
Distribution fee payable | 2,949 |
Accrued expenses and other liabilities | 79,688 |
Total liabilities | 788,563 |
Total net assets | $316,662,322 |
Net assets consist of | |
Paid-in capital | $ 186,225,688 |
Total distributable earnings | 130,436,634 |
Total net assets | $316,662,322 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 102,332,229 |
Shares outstanding – Class A1 | 5,961,813 |
Net asset value per share – Class A | $17.16 |
Maximum offering price per share – Class A2 | $18.21 |
Net assets – Class C | $ 4,718,979 |
Shares outstanding – Class C1 | 278,123 |
Net asset value per share – Class C | $16.97 |
Net assets – Class R6 | $ 47,300,613 |
Shares outstanding – Class R61 | 2,743,292 |
Net asset value per share – Class R6 | $17.24 |
Net assets – Administrator Class | $ 5,980,029 |
Shares outstanding – Administrator Class1 | 347,592 |
Net asset value per share – Administrator Class | $17.20 |
Net assets – Institutional Class | $ 156,330,472 |
Shares outstanding – Institutional Class1 | 9,067,223 |
Net asset value per share – Institutional Class | $17.24 |
1 | The Fund has an unlimited number of authorized shares. |
2 | Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced. |
Investment income | |
Dividends allocated from affiliated Master Portfolio (net of foreign withholding taxes of $97,616) | $ 4,625,966 |
Affiliated income allocated from affiliated Master Portfolio | 4,821 |
Expenses allocated from affiliated Master Portfolio | (1,760,936) |
Waivers allocated from affiliated Master Portfolio | 110,822 |
Total investment income | 2,980,673 |
Expenses | |
Management fee | 128,974 |
Administration fees | |
Class A | 174,406 |
Class C | 8,056 |
Class R6 | 12,257 |
Administrator Class | 7,877 |
Institutional Class | 161,386 |
Shareholder servicing fees | |
Class A | 207,493 |
Class C | 9,579 |
Administrator Class | 15,131 |
Distribution fee | |
Class C | 28,737 |
Custody and accounting fees | 12,006 |
Professional fees | 35,337 |
Registration fees | 110,527 |
Shareholder report expenses | 49,529 |
Trustees’ fees and expenses | 21,080 |
Other fees and expenses | 15,218 |
Total expenses | 997,593 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (418,340) |
Class A | (8,305) |
Class R6 | (4,086) |
Administrator Class | (1,212) |
Net expenses | 565,650 |
Net investment income | 2,415,023 |
Realized and unrealized gains (losses) on investments | |
Net realized gains on securities transactions allocated from affiliated Master Portfolio | 25,510,777 |
Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio | 89,716,793 |
Net realized and unrealized gains (losses) on investments | 115,227,570 |
Net increase in net assets resulting from operations | $117,642,593 |
Year ended May 31, 2021 | Year ended May 31, 2020 | |||
Operations | ||||
Net investment income | $ 2,415,023 | $ 3,041,679 | ||
Net realized gains on investments | 25,510,777 | 14,162,746 | ||
Net change in unrealized gains (losses) on investments | 89,716,793 | (23,968,868) | ||
Net increase (decrease) in net assets resulting from operations | 117,642,593 | (6,764,443) | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (4,170,269) | (7,751,447) | ||
Class C | (154,865) | (388,806) | ||
Class R6 | (2,183,532) | (5,218,989) | ||
Administrator Class | (299,002) | (711,108) | ||
Institutional Class | (6,446,162) | (11,583,308) | ||
Total distributions to shareholders | (13,253,830) | (25,653,658) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 610,000 | 8,963,843 | 738,336 | 9,862,221 |
Class C | 68,098 | 996,267 | 84,359 | 1,159,805 |
Class R6 | 281,375 | 4,009,424 | 862,015 | 10,181,197 |
Administrator Class | 19,784 | 279,674 | 86,612 | 1,194,613 |
Institutional Class | 3,644,970 | 49,931,868 | 3,591,723 | 48,556,144 |
64,181,076 | 70,953,980 | |||
Reinvestment of distributions | ||||
Class A | 291,093 | 4,115,619 | 529,924 | 7,655,000 |
Class C | 11,107 | 154,614 | 26,971 | 383,791 |
Class R6 | 24,172 | 343,838 | 47,617 | 691,796 |
Administrator Class | 13,379 | 189,677 | 34,562 | 500,228 |
Institutional Class | 451,083 | 6,414,372 | 792,083 | 11,497,247 |
11,218,120 | 20,728,062 | |||
Payment for shares redeemed | ||||
Class A | (1,092,566) | (14,863,709) | (1,199,143) | (15,487,514) |
Class C | (115,785) | (1,529,367) | (192,765) | (2,559,135) |
Class R6 | (844,970) | (11,496,464) | (2,860,401) | (39,194,686) |
Administrator Class | (221,462) | (3,119,176) | (297,032) | (3,913,331) |
Institutional Class | (3,426,687) | (47,236,282) | (4,306,577) | (53,511,682) |
(78,244,998) | (114,666,348) | |||
Net decrease in net assets resulting from capital share transactions | (2,845,802) | (22,984,306) | ||
Total increase (decrease) in net assets | 101,542,961 | (55,402,407) | ||
Net assets | ||||
Beginning of period | 215,119,361 | 270,521,768 | ||
End of period | $316,662,322 | $ 215,119,361 |
Year ended May 31 | |||||
Class A | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $11.49 | $13.01 | $13.91 | $14.54 | $12.55 |
Net investment income | 0.10 | 0.12 | 0.11 | 0.09 1 | 0.08 |
Net realized and unrealized gains (losses) on investments | 6.29 | (0.33) | 0.02 | 0.87 | 2.23 |
Total from investment operations | 6.39 | (0.21) | 0.13 | 0.96 | 2.31 |
Distributions to shareholders from | |||||
Net investment income | (0.11) | (0.13) | (0.12) | (0.06) | (0.08) |
Net realized gains | (0.61) | (1.18) | (0.91) | (1.53) | (0.24) |
Total distributions to shareholders | (0.72) | (1.31) | (1.03) | (1.59) | (0.32) |
Net asset value, end of period | $17.16 | $11.49 | $13.01 | $13.91 | $14.54 |
Total return2 | 56.98% | (3.61)% | 1.33% | 6.29% | 18.62% |
Ratios to average net assets (annualized)* | |||||
Gross expenses | 1.24% | 1.27% | 1.23% | 1.21% | 1.24% |
Net expenses | 1.07% | 1.07% | 1.08% | 1.10% | 1.15% |
Net investment income | 0.73% | 0.92% | 0.83% | 0.58% | 0.62% |
Supplemental data | |||||
Portfolio turnover rate3 | 38% | 33% | 47% | 42% | 89% |
Net assets, end of period (000s omitted) | $102,332 | $70,680 | $79,172 | $85,707 | $83,016 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Year ended May 31, 2021 | 0.64% |
Year ended May 31, 2020 | 0.64% |
Year ended May 31, 2019 | 0.65% |
Year ended May 31, 2018 | 0.66% |
Year ended May 31, 2017 | 0.68% |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. |
3 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Year ended May 31 | |||||
Class C | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $11.36 | $12.87 | $13.75 | $14.44 | $12.48 |
Net investment income (loss) | (0.03) | 0.02 1 | 0.01 1 | (0.02) 1 | (0.02) |
Net realized and unrealized gains (losses) on investments | 6.25 | (0.35) | 0.03 | 0.86 | 2.22 |
Total from investment operations | 6.22 | (0.33) | 0.04 | 0.84 | 2.20 |
Distributions to shareholders from | |||||
Net investment income | 0.00 | 0.00 | (0.01) | 0.00 | 0.00 |
Net realized gains | (0.61) | (1.18) | (0.91) | (1.53) | (0.24) |
Total distributions to shareholders | (0.61) | (1.18) | (0.92) | (1.53) | (0.24) |
Net asset value, end of period | $16.97 | $11.36 | $12.87 | $13.75 | $14.44 |
Total return2 | 55.94% | (4.41)% | 0.61% | 5.46% | 17.73% |
Ratios to average net assets (annualized)* | |||||
Gross expenses | 1.99% | 2.02% | 1.97% | 1.96% | 1.99% |
Net expenses | 1.83% | 1.83% | 1.83% | 1.85% | 1.90% |
Net investment income (loss) | (0.04)% | 0.16% | 0.07% | (0.16)% | (0.13)% |
Supplemental data | |||||
Portfolio turnover rate3 | 38% | 33% | 47% | 42% | 89% |
Net assets, end of period (000s omitted) | $4,719 | $3,576 | $5,098 | $11,031 | $8,043 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Year ended May 31, 2021 | 0.64% |
Year ended May 31, 2020 | 0.64% |
Year ended May 31, 2019 | 0.65% |
Year ended May 31, 2018 | 0.66% |
Year ended May 31, 2017 | 0.68% |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. |
3 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Year ended May 31 | |||||
Class R6 | 2021 | 2020 | 2019 | 2018 | 2017 1 |
Net asset value, beginning of period | $11.53 | $13.06 | $13.97 | $14.59 | $12.73 |
Net investment income | 0.16 2 | 0.18 2 | 0.18 2 | 0.18 2 | 0.16 |
Net realized and unrealized gains (losses) on investments | 6.32 | (0.33) | 0.00 3 | 0.85 | 2.06 |
Total from investment operations | 6.48 | (0.15) | 0.18 | 1.03 | 2.22 |
Distributions to shareholders from | |||||
Net investment income | (0.16) | (0.20) | (0.18) | (0.12) | (0.12) |
Net realized gains | (0.61) | (1.18) | (0.91) | (1.53) | (0.24) |
Total distributions to shareholders | (0.77) | (1.38) | (1.09) | (1.65) | (0.36) |
Net asset value, end of period | $17.24 | $11.53 | $13.06 | $13.97 | $14.59 |
Total return4 | 57.75% | (3.25)% | 1.74% | 6.76% | 17.65% |
Ratios to average net assets (annualized)* | |||||
Gross expenses | 0.82% | 0.84% | 0.79% | 0.77% | 0.81% |
Net expenses | 0.65% | 0.65% | 0.65% | 0.65% | 0.70% |
Net investment income | 1.14% | 1.33% | 1.27% | 1.28% | 1.04% |
Supplemental data | |||||
Portfolio turnover rate5 | 38% | 33% | 47% | 42% | 89% |
Net assets, end of period (000s omitted) | $47,301 | $37,859 | $68,366 | $110,665 | $3,532 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Year ended May 31, 2021 | 0.64% |
Year ended May 31, 2020 | 0.64% |
Year ended May 31, 2019 | 0.65% |
Year ended May 31, 2018 | 0.65% |
Year ended May 31, 20171 | 0.68% |
1 | For the period from October 31, 2016 (commencement of class operations) to May 31, 2017 |
2 | Calculated based upon average shares outstanding |
3 | Amount is less than $0.005. |
4 | Returns for periods of less than one year are not annualized. |
5 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Year ended May 31 | |||||
Administrator Class | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $11.51 | $13.03 | $13.92 | $14.56 | $12.54 |
Net investment income | 0.11 1 | 0.13 1 | 0.12 1 | 0.10 1 | 0.10 1 |
Net realized and unrealized gains (losses) on investments | 6.30 | (0.33) | 0.02 | 0.87 | 2.24 |
Total from investment operations | 6.41 | (0.20) | 0.14 | 0.97 | 2.34 |
Distributions to shareholders from | |||||
Net investment income | (0.11) | (0.14) | (0.12) | (0.08) | (0.08) |
Net realized gains | (0.61) | (1.18) | (0.91) | (1.53) | (0.24) |
Total distributions to shareholders | (0.72) | (1.32) | (1.03) | (1.61) | (0.32) |
Net asset value, end of period | $17.20 | $11.51 | $13.03 | $13.92 | $14.56 |
Total return | 57.12% | (3.56)% | 1.44% | 6.36% | 18.82% |
Ratios to average net assets (annualized)* | |||||
Gross expenses | 1.17% | 1.19% | 1.15% | 1.13% | 1.16% |
Net expenses | 0.99% | 0.99% | 1.00% | 1.00% | 1.00% |
Net investment income | 0.81% | 1.00% | 0.90% | 0.69% | 0.77% |
Supplemental data | |||||
Portfolio turnover rate2 | 38% | 33% | 47% | 42% | 89% |
Net assets, end of period (000s omitted) | $5,980 | $6,167 | $9,274 | $12,742 | $11,467 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Year ended May 31, 2021 | 0.64% |
Year ended May 31, 2020 | 0.64% |
Year ended May 31, 2019 | 0.65% |
Year ended May 31, 2018 | 0.66% |
Year ended May 31, 2017 | 0.68% |
1 | Calculated based upon average shares outstanding |
2 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Year ended May 31 | |||||
Institutional Class | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $11.53 | $13.05 | $13.96 | $14.58 | $12.58 |
Net investment income | 0.15 | 0.16 | 0.14 | 0.13 1 | 0.14 |
Net realized and unrealized gains (losses) on investments | 6.32 | (0.33) | 0.02 | 0.89 | 2.22 |
Total from investment operations | 6.47 | (0.17) | 0.16 | 1.02 | 2.36 |
Distributions to shareholders from | |||||
Net investment income | (0.15) | (0.17) | (0.16) | (0.11) | (0.12) |
Net realized gains | (0.61) | (1.18) | (0.91) | (1.53) | (0.24) |
Total distributions to shareholders | (0.76) | (1.35) | (1.07) | (1.64) | (0.36) |
Net asset value, end of period | $17.24 | $11.53 | $13.05 | $13.96 | $14.58 |
Total return | 57.58% | (3.33)% | 1.64% | 6.68% | 19.05% |
Ratios to average net assets (annualized)* | |||||
Gross expenses | 0.91% | 0.94% | 0.90% | 0.88% | 0.91% |
Net expenses | 0.75% | 0.75% | 0.75% | 0.77% | 0.80% |
Net investment income | 1.05% | 1.25% | 1.17% | 0.87% | 0.96% |
Supplemental data | |||||
Portfolio turnover rate2 | 38% | 33% | 47% | 42% | 89% |
Net assets, end of period (000s omitted) | $156,330 | $96,838 | $108,613 | $135,082 | $220,257 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Year ended May 31, 2021 | 0.64% |
Year ended May 31, 2020 | 0.64% |
Year ended May 31, 2019 | 0.65% |
Year ended May 31, 2018 | 0.66% |
Year ended May 31, 2017 | 0.68% |
1 | Calculated based upon average shares outstanding |
2 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Gross unrealized gains | $112,452,084 |
Gross unrealized losses | (2,181,480) |
Net unrealized gains | $110,270,604 |
Affiliated Master Portfolio | Investment objective | Fair value of affiliated Master Portfolio |
Wells Fargo C&B Large Cap Value Portfolio | Seeks maximum long-term total return (current income and capital appreciation), consistent with minimizing risk to principal | $316,451,986 |
Average daily net assets | Management fee |
First $5 billion | 0.050% |
Next $5 billion | 0.040 |
Over $10 billion | 0.030 |
Class-level administration fee | |
Class A | 0.21% |
Class C | 0.21 |
Class R6 | 0.03 |
Administrator Class | 0.13 |
Institutional Class | 0.13 |
Expense ratio caps | |
Class A | 1.08% |
Class C | 1.83 |
Class R6 | 0.65 |
Administrator Class | 1.00 |
Institutional Class | 0.75 |
Year ended May 31 | ||
2021 | 2020 | |
Ordinary income | $4,722,816 | $ 6,869,198 |
Long-term capital gain | 8,531,014 | 18,784,460 |
Undistributed ordinary income | Undistributed long-term gain | Unrealized gains |
$1,961,939 | $18,204,091 | $110,270,604 |
Wells Fargo Funds Trust:
![](https://capedge.com/proxy/N-CSR/0001193125-21-234774/g148330img872b06346.jpg)
Shares | Value | ||||
Common stocks: 95.09% | |||||
Communication services: 7.11% | |||||
Diversified telecommunication services: 2.54% | |||||
Verizon Communications Incorporated | 185,100 | $ 10,456,299 | |||
Entertainment: 2.62% | |||||
Activision Blizzard Incorporated | 110,900 | 10,785,023 | |||
Media: 1.95% | |||||
Omnicom Group Incorporated | 97,300 | 8,001,952 | |||
Consumer discretionary: 5.56% | |||||
Household durables: 1.90% | |||||
Whirlpool Corporation | 33,000 | 7,823,970 | |||
Textiles, apparel & luxury goods: 3.66% | |||||
Gildan Activewear Incorporated | 278,700 | 10,077,792 | |||
HanesBrands Incorporated | 255,000 | 4,982,700 | |||
15,060,492 | |||||
Consumer staples: 7.16% | |||||
Food products: 2.92% | |||||
General Mills Incorporated | 131,100 | 8,240,946 | |||
Ingredion Incorporated | 39,470 | 3,746,887 | |||
11,987,833 | |||||
Personal products: 2.27% | |||||
Unilever plc ADR | 155,900 | 9,349,323 | |||
Tobacco: 1.97% | |||||
Philip Morris International Incorporated | 84,100 | 8,109,763 | |||
Energy: 0.98% | |||||
Energy equipment & services: 0.98% | |||||
Schlumberger Limited | 129,100 | 4,044,703 | |||
Financials: 33.02% | |||||
Banks: 5.81% | |||||
JPMorgan Chase & Company | 43,800 | 7,193,712 | |||
PNC Financial Services Group Incorporated | 27,100 | 5,275,828 | |||
US Bancorp | 188,200 | 11,438,796 | |||
23,908,336 | |||||
Capital markets: 10.28% | |||||
Brookfield Asset Management Incorporated Class A | 276,100 | 13,898,874 | |||
Intercontinental Exchange Incorporated | 49,500 | 5,587,560 | |||
State Street Corporation | 137,800 | 11,985,844 | |||
The Charles Schwab Corporation | 146,500 | 10,819,025 | |||
42,291,303 | |||||
Consumer finance: 1.68% | |||||
Synchrony Financial | 145,800 | 6,912,378 |
Shares | Value | ||||
Diversified financial services: 2.42% | |||||
Berkshire Hathaway Incorporated Class B † | 34,350 | $ 9,942,264 | |||
Insurance: 12.83% | |||||
Alleghany Corporation † | 11,600 | 8,312,212 | |||
Arch Capital Group Limited † | 286,400 | 11,424,496 | |||
Chubb Limited | 62,900 | 10,692,371 | |||
Fidelity National Financial Incorporated | 236,000 | 11,089,640 | |||
Progressive Corporation | 70,197 | 6,955,119 | |||
The Allstate Corporation | 31,600 | 4,316,876 | |||
52,790,714 | |||||
Health care: 12.66% | |||||
Health care equipment & supplies: 4.33% | |||||
Becton Dickinson & Company | 41,140 | 9,951,355 | |||
Medtronic plc | 62,200 | 7,873,898 | |||
17,825,253 | |||||
Health care providers & services: 5.58% | |||||
HCA Healthcare Incorporated | 40,600 | 8,720,474 | |||
Laboratory Corporation of America Holdings † | 22,000 | 6,038,560 | |||
UnitedHealth Group Incorporated | 19,880 | 8,188,970 | |||
22,948,004 | |||||
Pharmaceuticals: 2.75% | |||||
Johnson & Johnson | 66,950 | 11,331,288 | |||
Industrials: 17.11% | |||||
Air freight & logistics: 1.45% | |||||
United Parcel Service Incorporated Class B | 27,700 | 5,944,420 | |||
Commercial services & supplies: 2.22% | |||||
IAA Incorporated † | 160,540 | 9,145,964 | |||
Electrical equipment: 1.38% | |||||
AMETEK Incorporated | 41,900 | 5,660,690 | |||
Industrial conglomerates: 1.18% | |||||
3M Company | 23,950 | 4,862,808 | |||
Machinery: 4.60% | |||||
Colfax Corporation † | 218,800 | 9,670,960 | |||
Stanley Black & Decker Incorporated | 17,960 | 3,893,728 | |||
Woodward Incorporated | 42,250 | 5,373,355 | |||
18,938,043 | |||||
Professional services: 3.09% | |||||
Leidos Holdings Incorporated | 123,570 | 12,696,818 | |||
Trading companies & distributors: 3.19% | |||||
AerCap Holdings NV † | 222,500 | 13,127,500 |
Shares | Value | ||||
Information technology: 7.25% | |||||
Electronic equipment, instruments & components: 5.34% | |||||
Arrow Electronics Incorporated † | 124,300 | $ 14,957,019 | |||
TE Connectivity Limited | 51,660 | 7,009,229 | |||
21,966,248 | |||||
IT services: 1.91% | |||||
Amdocs Limited | 100,700 | 7,864,670 | |||
Materials: 1.19% | |||||
Metals & mining: 1.19% | |||||
Reliance Steel & Aluminum Company | 29,090 | 4,889,156 | |||
Real estate: 1.07% | |||||
Real estate management & development: 1.07% | |||||
CBRE Group Incorporated Class A † | 50,300 | 4,415,334 | |||
Utilities: 1.98% | |||||
Gas utilities: 1.98% | |||||
Atmos Energy Corporation | 82,110 | 8,142,849 | |||
Total Common stocks (Cost $242,230,582) | 391,223,398 |
Yield | |||||
Short-term investments: 4.88% | |||||
Investment companies: 4.88% | |||||
Wells Fargo Government Money Market Fund Select Class ♠∞ | 0.03% | 20,061,602 | 20,061,602 | ||
Total Short-term investments (Cost $20,061,602) | 20,061,602 | ||||
Total investments in securities (Cost $262,292,184) | 99.97% | 411,285,000 | |||
Other assets and liabilities, net | 0.03 | 113,870 | |||
Total net assets | 100.00% | $411,398,870 |
† | Non-income-earning security |
♠ | The issuer is an affiliate of the Portfolio as defined in the Investment Company Act of 1940. |
∞ | The rate represents the 7-day annualized yield at period end. |
Abbreviations: | |
ADR | American depositary receipt |
Value, beginning of period | Purchases | Sales proceeds | Net realized gains (losses) | Net change in unrealized gains (losses) | Value, end of period | % of net assets | Shares, end of period | Income from affiliated securities | |
Short-term investments | |||||||||
Investment companies | |||||||||
Wells Fargo Government Money Market Fund Select Class | $6,370,055 | $124,207,109 | $(110,515,562) | $0 | $0 | $20,061,602 | 4.88% | 20,061,602 | $6,330 |
Assets | |
Investments in unaffiliated securities, at value (cost $242,230,582) | $ 391,223,398 |
Investments in affiliated securites, at value (cost $20,061,602) | 20,061,602 |
Receivable for dividends | 467,407 |
Receivable for investments sold | 387,510 |
Prepaid expenses and other assets | 47,162 |
Total assets | 412,187,079 |
Liabilities | |
Payable for investments purchased | 576,921 |
Advisory fee payable | 211,288 |
Total liabilities | 788,209 |
Total net assets | $411,398,870 |
Investment income | |
Dividends (net of foreign withholdings taxes of $127,991) | $ 6,054,864 |
Income from affiliated securities | 6,330 |
Total investment income | 6,061,194 |
Expenses | |
Advisory fee | 2,194,057 |
Custody and accounting fees | 20,544 |
Professional fees | 44,423 |
Interest holder report expenses | 9,173 |
Trustees’ fees and expenses | 19,199 |
Other fees and expenses | 18,002 |
Total expenses | 2,305,398 |
Less: Fee waivers and/or expense reimbursements | (145,096) |
Net expenses | 2,160,302 |
Net investment income | 3,900,892 |
Realized and unrealized gains (losses) on investments | |
Net realized gains on investments | 33,139,971 |
Net change in unrealized gains (losses) on investments | 117,846,464 |
Net realized and unrealized gains (losses) on investments | 150,986,435 |
Net increase in net assets resulting from operations | $154,887,327 |
Year ended May 31, 2021 | Year ended May 31, 2020 | |
Operations | ||
Net investment income | $ 3,900,892 | $ 4,668,688 |
Net realized gains on investments | 33,139,971 | 14,608,307 |
Net change in unrealized gains (losses) on investments | 117,846,464 | (25,082,549) |
Net increase (decrease) in net assets resulting from operations | 154,887,327 | (5,805,554) |
Capital transactions | ||
Transactions in investors’ beneficial interests | ||
Contributions | 49,283,346 | 41,745,884 |
Withdrawals | (79,684,157) | (99,923,052) |
Net decrease in net assets resulting from capital transactions | (30,400,811) | (58,177,168) |
Total increase (decrease) in net assets | 124,486,516 | (63,982,722) |
Net assets | ||
Beginning of period | 286,912,354 | 350,895,076 |
End of period | $411,398,870 | $286,912,354 |
Year ended May 31 | |||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Total return | 57.96% | (3.40)% | 1.80% | 6.65% | 19.17% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.68% | 0.68% | 0.67% | 0.67% | 0.68% |
Net expenses1 | 0.64% | 0.64% | 0.65% | 0.66% | 0.68% |
Net investment income | 1.16% | 1.36% | 1.27% | 1.02% | 1.09% |
Supplemental data | |||||
Portfolio turnover rate | 38% | 33% | 47% | 42% | 89% |
1 | Net expense ratios reflect voluntary waivers. |
Gross unrealized gains | $149,220,053 |
Gross unrealized losses | (4,954,424) |
Net unrealized gains | $144,265,629 |
■ | Level 1 – quoted prices in active markets for identical securities |
■ | Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
■ | Level 3 – significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments) |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Common stocks | ||||
Communication services | $ 29,243,274 | $0 | $0 | $ 29,243,274 |
Consumer discretionary | 22,884,462 | 0 | 0 | 22,884,462 |
Consumer staples | 29,446,919 | 0 | 0 | 29,446,919 |
Energy | 4,044,703 | 0 | 0 | 4,044,703 |
Financials | 135,844,995 | 0 | 0 | 135,844,995 |
Health care | 52,104,545 | 0 | 0 | 52,104,545 |
Industrials | 70,376,243 | 0 | 0 | 70,376,243 |
Information technology | 29,830,918 | 0 | 0 | 29,830,918 |
Materials | 4,889,156 | 0 | 0 | 4,889,156 |
Real estate | 4,415,334 | 0 | 0 | 4,415,334 |
Utilities | 8,142,849 | 0 | 0 | 8,142,849 |
Short-term investments | ||||
Investment companies | 20,061,602 | 0 | 0 | 20,061,602 |
Total assets | $411,285,000 | $0 | $0 | $411,285,000 |
Average daily net assets | Advisory fee |
First $500 million | 0.650% |
Next $500 million | 0.625 |
Next $1 billion | 0.600 |
Next $2 billion | 0.575 |
Next $4 billion | 0.550 |
Next $4 billion | 0.525 |
Next $4 billion | 0.500 |
Over $16 billion | 0.475 |
Wells Fargo Master 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. |
Funds Trust | Master Trust |
Wells Fargo C&B Large Cap Value Fund | Wells Fargo C&B Large Cap Value Portfolio |
Wells Fargo Core Bond Fund | Wells Fargo Core Bond Portfolio |
Wells Fargo Emerging Growth Fund | Wells Fargo Emerging Growth Portfolio |
Wells Fargo Index Fund | Wells Fargo Index Portfolio |
Wells Fargo Real Return Fund | Wells Fargo Real Return Portfolio |
Wells Fargo Small Company Growth Fund | Wells Fargo Small Company Growth Portfolio |
Wells Fargo Small Company Value Fund | Wells Fargo Small Company Value Portfolio |
■ | Information regarding the Transaction: information about the structure, financing sources and material terms and conditions of the Transaction, including the expected impact on the businesses conducted by the Advisers and by Wells Fargo Funds Distributor LLC, as the distributor of Fund shares. |
■ | Information regarding NewCo, GTCR and Reverence Capital: (i) information about NewCo, including information about its expected financial condition and access to capital, and senior leadership team; (ii) the experience of senior management at GTCR and Reverence Capital in acquiring portfolio companies; (iii) the plan to operationalize NewCo, including the transition of necessary infrastructure services through a transition services agreement with Wells Fargo under which Wells Fargo will continue to provide NewCo with certain services for a specified period of time after the closing; and (iv) information regarding regulatory matters, compliance, and risk management functions at NewCo, including resources to be dedicated thereto. |
■ | Impact of the Transaction on WFAM and Service Providers: (i) information regarding any changes to personnel and/or other resources of the Advisers as a result of the Transaction, including assurances regarding comparable and competitive compensation arrangements to attract and retain highly qualified personnel; and (ii) information about the organizational and operating structure with respect to NewCo, the Advisers and the Funds and Master Portfolios. |
■ | Impact of the Transaction on the Funds and their Shareholders and the Master Portfolios and their Interest Holders: (i) information regarding anticipated benefits to the Funds and the Master Portfolios as a result of the Transaction; (ii) a commitment that the Funds and Master Portfolios would not bear any expenses, directly or indirectly, in connection with the Transaction; (iii) confirmation that the Advisers and the Unaffiliated Sub-Advisers intend to continue to manage the Funds in a manner consistent with each Fund’s or Master Portfolio’s current investment objectives and principal investments strategies, as applicable; and (iv) a commitment that neither NewCo nor WFAM will take any steps that would impose any “unfair burden” (as that term is used in section 15(f)(1)(B) of the 1940 Act) on the Funds or the Master Portfolios as a result of the Transaction. |
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P.O. Box 219967
Kansas City, MO 64121-9967
![](https://capedge.com/proxy/N-CSR/0001193125-21-234774/g148330imgab251c237.jpg)
A280/AR280 05-21
![](https://capedge.com/proxy/N-CSR/0001193125-21-234774/g100952img4ed5ca0c1.jpg)
Diversified Equity Fund
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Board considerations | |
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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. |
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. |
4 | The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
5 | The Bloomberg Barclays Global Aggregate ex-USD Index (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. |
6 | The Bloomberg Barclays Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index. |
7 | The ICE 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. |
“The passage of the massive domestic stimulus bill highlighted March activity, leading to increased forecasts for U.S. growth in 2021.” |
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President
Wells Fargo Funds
Investment objective | The Fund seeks long-term total capital appreciation. |
Manager | Wells Fargo Funds Management, LLC |
Portfolio managers | Aldo Ceccarelli, CFA®‡ |
Average annual total returns (%) as of May 31, 2021 | |||||||||||
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 (NVDAX) | 5-2-1996 | 35.74 | 13.50 | 10.74 | 44.02 | 14.85 | 11.40 | 1.40 | 1.25 | ||
Class C (WFDEX) | 10-1-1998 | 41.88 | 14.00 | 10.57 | 42.88 | 14.00 | 10.57 | 2.15 | 2.00 | ||
Administrator Class (NVDEX) | 11-11-1994 | – | – | – | 44.30 | 15.13 | 11.67 | 1.32 | 1.00 | ||
Diversified Equity Blended Index3 | – | – | – | – | 43.48 | 16.03 | 12.85 | – | – | ||
MSCI EAFE Index (Net)4 | – | – | – | – | 38.41 | 9.77 | 5.88 | – | – | ||
Russell 1000® Growth Index5 | – | – | – | – | 39.92 | 22.07 | 16.98 | – | – | ||
Russell 1000® Value Index6 | – | – | – | – | 44.38 | 12.33 | 11.51 | – | – | ||
Russell 2000® Index7 | – | – | – | – | 64.56 | 16.01 | 11.86 | – | – | ||
S&P 500 Index8 | – | – | – | – | 40.32 | 17.16 | 14.38 | – | – |
1 | Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.51% in acquired fund fees and expenses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include acquired fund fees and expenses. |
2 | The manager has contractually committed through September 30, 2021, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.25% for Class A, 2.00% for Class C, and 1.00% for Administrator Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the affiliated master portfolios and funds invest and from money market funds, and extraordinary expenses are excluded from the expense caps. All other acquired fund fees and expenses from the affiliated master portfolios are included in the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
3 | Source: Wells Fargo Funds Management, LLC. The Diversified Equity Blended Index is composed 25% of the S&P 500 Index, 25% of the Russell 1000® Growth Index, 25% of the Russell 1000® Value Index, 15% of the MSCI EAFE Index (Net), and 10% of the Russell 2000® Index. You cannot invest directly in an index. |
4 | The Morgan Stanley Capital International (MSCI) Europe, Australasia, Far East (EAFE) Index (Net) is a free-float-adjusted market capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the United States and Canada. Source: MSCI. MSCI makes no express or implied 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 indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
5 | The Russell 1000® Growth Index measures the performance of those Russell 1000 companies with higher price/book ratios and higher forecasted growth values. You cannot invest directly in an index. |
6 | The Russell 1000® Value Index measures the performance of those Russell 1000 companies with lower price/book ratios and lower forecasted growth values. You cannot invest directly in an index. |
‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
![](https://capedge.com/proxy/N-CSR/0001193125-21-234774/g100952img21a8d3a24.gif)
1 | The chart compares the performance of Class A shares for the most recent ten years with the Diversified Equity Blended Index, MSCI EAFE Index (Net), Russell 1000® Growth Index, Russell 1000® Value Index, Russell 2000® Index and S&P 500 Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%. |
7 | The Russell 2000® Index measures the performance of the 2,000 smallest companies in the Russell 3000® Index, which represents approximately 8% of the total market capitalization of the Russell 3000® Index. You cannot invest directly in an index. |
8 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value weighted index with each stock’s weight in the index proportionate to its market value. You cannot invest directly in an index. |
■ | The Fund (Class A, excluding sales charges) outperformed its benchmark, Diversified Equity Blended Index for the 12-month period that ended May 31, 2021. |
■ | Relative outperformance by the underlying equity investments was the most significant contributor to relative performance over the period. |
■ | Five of the underlying investments outperformed their respective benchmarks while five underperformed. The largest contributors to performance were the Wells Fargo C&B Large Cap Value Portfolio and the Wells Fargo Large Company Value Portfolio. |
Holdings (%) as of May 31, 20211 | |
Wells Fargo Index Portfolio | 25.17 |
Wells Fargo Diversified Large Cap Growth Portfolio | 24.56 |
Wells Fargo Large Company Value Portfolio | 16.96 |
Wells Fargo C&B Large Cap Value Portfolio | 8.48 |
Wells Fargo Disciplined International Developed Markets Portfolio | 7.58 |
Wells Fargo Factor Enhanced International Equity Portfolio | 7.57 |
Wells Fargo Small Company Value Portfolio | 5.03 |
Wells Fargo Small Company Growth Portfolio | 2.44 |
Wells Fargo Emerging Growth Portfolio | 2.30 |
1 | Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified. |
* | The Russell 1000® Index measures the performance of the 1,000 largest companies in the Russell 3000® Index, which represents approximately 92% of the total market capitalization of the Russell 3000® Index. You cannot invest directly in an index. |
** | 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 U.S. 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 indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
Allocation (%) as of May 31, 2021 | ||
Neutral allocation | Effective allocation1 | |
U.S. Large Cap Stock Funds | 75 | 75 |
International Stock Funds | 15 | 15 |
U.S. Small Cap Stock Funds | 10 | 10 |
1 | Effective allocation includes the effect of any tactical futures overlay that may be in place. Effective cash, if any, represents the net offset to such future positions. These amounts are subject to change and may have changed since the date specified. |
Beginning account value 12-1-2020 | Ending account value 5-31-2021 | Expenses paid during the period1,2 | Annualized net expense ratio2 | |
Class A | ||||
Actual | $1,000.00 | $1,184.69 | $ 6.75 | 1.24% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,018.75 | $ 6.24 | 1.24% |
Class C | ||||
Actual | $1,000.00 | $1,179.94 | $10.82 | 1.99% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,015.01 | $10.00 | 1.99% |
Administrator Class | ||||
Actual | $1,000.00 | $1,185.92 | $ 5.45 | 1.00% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.95 | $ 5.04 | 1.00% |
Value | |||||
Investment companies: 100.09% | |||||
Affiliated master portfolios: 100.09% | |||||
Wells Fargo C&B Large Cap Value Portfolio | $ 14,798,896 | ||||
Wells Fargo Disciplined International Developed Markets Portfolio | 13,218,343 | ||||
Wells Fargo Diversified Large Cap Growth Portfolio | 42,836,761 | ||||
Wells Fargo Emerging Growth Portfolio | 4,006,056 | ||||
Wells Fargo Factor Enhanced International Equity Portfolio | 13,198,807 | ||||
Wells Fargo Index Portfolio | 43,900,204 | ||||
Wells Fargo Large Company Value Portfolio | 29,588,570 | ||||
Wells Fargo Small Company Growth Portfolio | 4,250,949 | ||||
Wells Fargo Small Company Value Portfolio | 8,784,324 | ||||
Total Investment companies (Cost $133,870,532) | 174,582,910 | ||||
Total investments in securities (Cost $133,870,532) | 100.09% | 174,582,910 | |||
Other assets and liabilities, net | (0.09) | (153,117) | |||
Total net assets | 100.00% | $174,429,793 |
% of ownership, beginning of period | % of ownership, end of period | Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolios | Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolios | Dividends allocated from affiliated Master Portfolios | Affiliated income allocated from affiliated Master Portfolios | Value, end of period | % of net assets | ||||||
Wells Fargo C&B Large Cap Value Portfolio | 3.77% | 3.60% | $ 1,473,763 | $ 4,385,487 | $ 233,756 | $ 248 | $ 14,798,896 | ||||||
Wells Fargo Disciplined International Developed Markets Portfolio | 5.81 | 6.46 | 2,394,142 | 1,285,276 | 321,716 | 3,660 | 13,218,343 | ||||||
Wells Fargo Diversified Large Cap Growth Portfolio | 16.37 | 15.01 | 6,468,455 | 5,517,045 | 293,707 | 1,528 | 42,836,761 | ||||||
Wells Fargo Emerging Growth Portfolio | 0.54 | 0.42 | 1,048,821 | 716,870 | 4,953 | 1,190 | 4,006,056 | ||||||
Wells Fargo Factor Enhanced International Equity Portfolio | 0.00 | 1.85 | 378,768 | 864,102 | 149,572 | 44 | 13,198,807 | ||||||
Wells Fargo Index Portfolio | 3.39 | 3.36 | 3,371,559 | 9,448,425 | 605,981 | 270 | 43,900,204 | ||||||
Wells Fargo International Value Portfolio | 1.23 | 0.00 | (194,772) | 2,568,759 | 215,086 | 1,734 | 0 | ||||||
Wells Fargo Large Company Value Portfolio | 10.44 | 10.22 | 11,127,169 | (434,371) | 513,940 | 452 | 29,588,570 | ||||||
Wells Fargo Small Company Growth Portfolio | 0.26 | 0.31 | 1,027,077 | 711,132 | 17,469 | 370 | 4,250,949 | ||||||
Wells Fargo Small Company Value Portfolio | 1.51 | 1.42 | 642,807 | 3,878,256 | 109,676 | 713 | 8,784,324 | ||||||
$27,737,789 | $28,940,981 | $2,465,856 | $10,209 | $174,582,910 | 100.09% |
Assets | |
Investments in affiliated Master Portfolios, at value (cost $133,870,532) | $ 174,582,910 |
Receivable for Fund shares sold | 30,485 |
Total assets | 174,613,395 |
Liabilities | |
Payable for Fund shares redeemed | 66,606 |
Shareholder servicing fees payable | 36,723 |
Management fee payable | 33,625 |
Administration fees payable | 24,067 |
Distribution fee payable | 1,067 |
Trustees’ fees and expenses payable | 4 |
Accrued expenses and other liabilities | 21,510 |
Total liabilities | 183,602 |
Total net assets | $174,429,793 |
Net assets consist of | |
Paid-in capital | $ 121,333,200 |
Total distributable earnings | 53,096,593 |
Total net assets | $174,429,793 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 71,971,374 |
Shares outstanding – Class A1 | 2,661,006 |
Net asset value per share – Class A | $27.05 |
Maximum offering price per share – Class A2 | $28.70 |
Net assets – Class C | $ 1,698,385 |
Shares outstanding – Class C1 | 75,303 |
Net asset value per share – Class C | $22.55 |
Net assets – Administrator Class | $ 100,760,034 |
Shares outstanding – Administrator Class1 | 3,700,413 |
Net asset value per share – Administrator Class | $27.23 |
1 | The Fund has an unlimited number of authorized shares. |
2 | Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced. |
Investment income | |
Dividends allocated from affiliated Master Portfolios (net of foreign withholding taxes of $86,729) | $ 2,465,856 |
Affiliated income allocated from affiliated Master Portfolios | 10,209 |
Expenses allocated from affiliated Master Portfolios | (771,216) |
Waivers allocated from affiliated Master Portfolios | 62,848 |
Total investment income | 1,767,697 |
Expenses | |
Management fee | 473,708 |
Administration fees | |
Class A | 135,071 |
Class C | 3,214 |
Administrator Class | 119,669 |
Shareholder servicing fees | |
Class A | 160,725 |
Class C | 3,823 |
Administrator Class | 230,054 |
Distribution fee | |
Class C | 11,446 |
Custody and accounting fees | 7,268 |
Professional fees | 33,555 |
Registration fees | 51,778 |
Shareholder report expenses | 27,252 |
Trustees’ fees and expenses | 21,080 |
Other fees and expenses | 15,680 |
Total expenses | 1,294,323 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (92,741) |
Class A | (413) |
Class C | (2) |
Administrator Class | (156,491) |
Net expenses | 1,044,676 |
Net investment income | 723,021 |
Realized and unrealized gains (losses) on investments | |
Net realized gains on securities transactions allocated from affiliated Master Portfolios | 27,737,789 |
Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolios | 28,940,981 |
Net realized and unrealized gains (losses) on investments | 56,678,770 |
Net increase in net assets resulting from operations | $57,401,791 |
Year ended May 31, 2021 | Year ended May 31, 2020 | |||
Operations | ||||
Net investment income | $ 723,021 | $ 985,336 | ||
Net realized gains on investments | 27,737,789 | 7,327,284 | ||
Net change in unrealized gains (losses) on investments | 28,940,981 | (2,050) | ||
Net increase in net assets resulting from operations | 57,401,791 | 8,310,570 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (5,170,073) | (6,060,114) | ||
Class C | (146,977) | (154,837) | ||
Administrator Class | (7,647,442) | (8,943,655) | ||
Total distributions to shareholders | (12,964,492) | (15,158,606) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 43,959 | 1,047,373 | 34,574 | 724,712 |
Class C | 8,854 | 180,223 | 1,492 | 27,271 |
Administrator Class | 189,208 | 4,532,096 | 793,124 | 13,930,309 |
5,759,692 | 14,682,292 | |||
Reinvestment of distributions | ||||
Class A | 220,012 | 5,137,750 | 271,522 | 6,024,365 |
Class C | 7,549 | 146,977 | 8,155 | 153,322 |
Administrator Class | 322,033 | 7,579,820 | 396,996 | 8,870,564 |
12,864,547 | 15,048,251 | |||
Payment for shares redeemed | ||||
Class A | (366,549) | (8,702,717) | (430,823) | (9,283,399) |
Class C | (17,006) | (343,155) | (10,993) | (204,548) |
Administrator Class | (842,396) | (20,041,824) | (1,241,352) | (23,720,814) |
(29,087,696) | (33,208,761) | |||
Net decrease in net assets resulting from capital share transactions | (10,463,457) | (3,478,218) | ||
Total increase (decrease) in net assets | 33,973,842 | (10,326,254) | ||
Net assets | ||||
Beginning of period | 140,455,951 | 150,782,205 | ||
End of period | $174,429,793 | $140,455,951 |
Year ended May 31 | |||||
Class A | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $20.40 | $21.36 | $26.48 | $29.37 | $27.30 |
Net investment income | 0.08 1 | 0.11 1 | 0.18 1 | 0.16 1 | 0.13 |
Net realized and unrealized gains (losses) on investments | 8.56 | 1.18 | (0.55) | 3.93 | 3.94 |
Total from investment operations | 8.64 | 1.29 | (0.37) | 4.09 | 4.07 |
Distributions to shareholders from | |||||
Net investment income | (0.07) | (0.17) | (0.13) | (0.17) | (0.22) |
Net realized gains | (1.92) | (2.08) | (4.62) | (6.81) | (1.78) |
Total distributions to shareholders | (1.99) | (2.25) | (4.75) | (6.98) | (2.00) |
Net asset value, end of period | $27.05 | $20.40 | $21.36 | $26.48 | $29.37 |
Total return2 | 44.02% | 5.27% | (0.57)% | 14.68% | 15.59% |
Ratios to average net assets (annualized)* | |||||
Gross expenses | 1.31% | 1.39% | 1.37% | 1.38% | 1.40% |
Net expenses | 1.25% | 1.25% | 1.25% | 1.25% | 1.25% |
Net investment income | 0.32% | 0.52% | 0.75% | 0.55% | 0.63% |
Supplemental data | |||||
Portfolio turnover rate3 | 122% | 81% | 91% | 70% | 90% |
Net assets, end of period (000s omitted) | $71,971 | $56,387 | $61,692 | $69,766 | $68,678 |
* | Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows: |
Year ended May 31, 2021 | 0.45% |
Year ended May 31, 2020 | 0.51% |
Year ended May 31, 2019 | 0.50% |
Year ended May 31, 2018 | 0.53% |
Year ended May 31, 2017 | 0.57% |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. |
3 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities by the affiliated Master Portfolio’s portfolio turnover rate. |
Year ended May 31 | |||||
Class C | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $17.35 | $18.45 | $23.58 | $26.86 | $25.12 |
Net investment loss | (0.09) 1 | (0.04) 1 | (0.01) 1 | (0.05) 1 | (0.03) 1 |
Net realized and unrealized gains (losses) on investments | 7.21 | 1.03 | (0.50) | 3.58 | 3.57 |
Total from investment operations | 7.12 | 0.99 | (0.51) | 3.53 | 3.54 |
Distributions to shareholders from | |||||
Net investment income | 0.00 | (0.01) | 0.00 | (0.00) 2 | (0.02) |
Net realized gains | (1.92) | (2.08) | (4.62) | (6.81) | (1.78) |
Total distributions to shareholders | (1.92) | (2.09) | (4.62) | (6.81) | (1.80) |
Net asset value, end of period | $22.55 | $17.35 | $18.45 | $23.58 | $26.86 |
Total return3 | 42.88% | 4.53% | (1.34)% | 13.89% | 14.71% |
Ratios to average net assets (annualized)* | |||||
Gross expenses | 2.06% | 2.14% | 2.11% | 2.13% | 2.15% |
Net expenses | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% |
Net investment loss | (0.43)% | (0.23)% | (0.04)% | (0.21)% | (0.13)% |
Supplemental data | |||||
Portfolio turnover rate4 | 122% | 81% | 91% | 70% | 90% |
Net assets, end of period (000s omitted) | $1,698 | $1,317 | $1,425 | $2,245 | $2,355 |
* | Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows: |
Year ended May 31, 2021 | 0.45% |
Year ended May 31, 2020 | 0.51% |
Year ended May 31, 2019 | 0.50% |
Year ended May 31, 2018 | 0.53% |
Year ended May 31, 2017 | 0.57% |
1 | Calculated based upon average shares outstanding |
2 | Amount is less than $0.005. |
3 | Total return calculations do not include any sales charges. |
4 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities by the affiliated Master Portfolio’s portfolio turnover rate. |
Year ended May 31 | |||||
Administrator Class | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $20.53 | $21.47 | $26.60 | $29.46 | $27.38 |
Net investment income | 0.14 1 | 0.17 | 0.24 1 | 0.23 1 | 0.24 1 |
Net realized and unrealized gains (losses) on investments | 8.61 | 1.20 | (0.57) | 3.95 | 3.91 |
Total from investment operations | 8.75 | 1.37 | (0.33) | 4.18 | 4.15 |
Distributions to shareholders from | |||||
Net investment income | (0.13) | (0.23) | (0.18) | (0.23) | (0.29) |
Net realized gains | (1.92) | (2.08) | (4.62) | (6.81) | (1.78) |
Total distributions to shareholders | (2.05) | (2.31) | (4.80) | (7.04) | (2.07) |
Net asset value, end of period | $27.23 | $20.53 | $21.47 | $26.60 | $29.46 |
Total return | 44.30% | 5.59% | (0.35)% | 14.99% | 15.86% |
Ratios to average net assets (annualized)* | |||||
Gross expenses | 1.23% | 1.31% | 1.29% | 1.30% | 1.32% |
Net expenses | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Net investment income | 0.57% | 0.77% | 1.00% | 0.79% | 0.87% |
Supplemental data | |||||
Portfolio turnover rate2 | 122% | 81% | 91% | 70% | 90% |
Net assets, end of period (000s omitted) | $100,760 | $82,752 | $87,665 | $98,668 | $119,893 |
* | Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows: |
Year ended May 31, 2021 | 0.45% |
Year ended May 31, 2020 | 0.51% |
Year ended May 31, 2019 | 0.50% |
Year ended May 31, 2018 | 0.53% |
Year ended May 31, 2017 | 0.57% |
1 | Calculated based upon average shares outstanding |
2 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities by the affiliated Master Portfolio’s portfolio turnover rate. |
Gross unrealized gains | $40,712,378 |
Gross unrealized losses | (6,648,894) |
Net unrealized gains | $34,063,484 |
Paid-in capital | Total distributable earnings |
$(1,075,029) | $1,075,029 |
Affiliated Master Portfolio | Investment objective |
Wells Fargo C&B Large Cap Value Portfolio | Seeks maximum long-term total return (current income and capital appreciation), consistent with minimizing risk to principal |
Wells Fargo Disciplined International Developed Markets Portfolio | Seeks long-term capital appreciation |
Wells Fargo Diversified Large Cap Growth Portfolio | Seeks long-term capital appreciation |
Wells Fargo Emerging Growth Portfolio | Seeks long-term capital appreciation |
Wells Fargo Factor Enhanced International Equity Portfolio | Seeks long-term capital appreciation |
Wells Fargo Index Portfolio | Seeks to replicate the total return of the S&P 500 Index, before fees and expenses |
Wells Fargo Large Company Value Portfolio | Seeks long-term capital appreciation |
Wells Fargo Small Company Growth Portfolio | Seeks long-term capital appreciation |
Wells Fargo Small Company Value Portfolio | Seeks long-term capital appreciation |
Average daily net assets | Management fee |
First $500 million | 0.300% |
Next $500 million | 0.280 |
Next $2 billion | 0.260 |
Next $2 billion | 0.240 |
Next $5 billion | 0.230 |
Over $10 billion | 0.220 |
Class-level administration fee | |
Class A | 0.21% |
Class C | 0.21 |
Administrator Class | 0.13 |
Expense ratio caps | |
Class A | 1.25% |
Class C | 2.00 |
Administrator Class | 1.00 |
Year ended May 31 | ||
2021 | 2020 | |
Ordinary income | $4,064,530 | $ 1,674,722 |
Long-term capital gain | 8,899,962 | 13,483,884 |
Undistributed ordinary income | Undistributed long-term gain | Unrealized gains |
$9,322,916 | $9,710,193 | $34,063,484 |
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. |
Wells Fargo C&B Mid Cap Value Fund |
Wells Fargo California Limited-Term Tax-Free Fund |
Wells Fargo California Tax-Free Fund |
Wells Fargo Classic Value Fund |
Wells Fargo Common Stock Fund |
Wells Fargo Disciplined Small Cap Fund |
Wells Fargo Disciplined U.S. Core Fund |
Wells Fargo Discovery Fund |
Wells Fargo Diversified Equity Fund |
Wells Fargo Endeavor Select Fund |
Wells Fargo Enterprise Fund |
Wells Fargo Fundamental Small Cap Growth Fund |
Wells Fargo Growth Fund |
Wells Fargo High Yield Municipal Bond Fund |
Wells Fargo Intermediate Tax/AMT-Free Fund |
Wells Fargo Large Cap Core Fund |
Wells Fargo Large Cap Growth Fund |
Wells Fargo Large Company Value Fund |
Wells Fargo Minnesota Tax-Free Fund |
Wells Fargo Municipal Bond Fund |
Wells Fargo Omega Growth Fund |
Wells Fargo Opportunity Fund |
Wells Fargo Pennsylvania Tax-Free Fund |
Wells Fargo Premier Large Company Growth Fund |
Wells Fargo Short-Term Municipal Bond Fund |
Wells Fargo Small Cap Fund |
Wells Fargo Special Mid Cap Value Fund |
Wells Fargo Special Small Cap Value Fund |
Wells Fargo Strategic Municipal Bond Fund |
Wells Fargo Ultra Short-Term Municipal Income Fund |
■ | Information regarding the Transaction: information about the structure, financing sources and material terms and conditions of the Transaction, including the expected impact on the businesses conducted by the Advisers and by Wells Fargo Funds Distributor LLC, as the distributor of Fund shares. |
■ | Information regarding NewCo, GTCR and Reverence Capital: (i) information about NewCo, including information about its expected financial condition and access to capital, and senior leadership team; (ii) the experience of senior management at GTCR and Reverence Capital in acquiring portfolio companies; (iii) the plan to operationalize NewCo, including the transition of necessary infrastructure services through a transition services agreement with Wells Fargo under which Wells Fargo will continue to provide NewCo with certain services for a specified period of time after the closing; and (iv) information regarding regulatory matters, compliance, and risk management functions at NewCo, including resources to be dedicated thereto. |
■ | Impact of the Transaction on WFAM and Service Providers: (i) information regarding any changes to personnel and/or other resources of the Advisers as a result of the Transaction, including assurances regarding comparable and competitive compensation arrangements to attract and retain highly qualified personnel; and (ii) information about the organizational and operating structure with respect to NewCo, the Advisers and the Funds. |
■ | Impact of the Transaction on the Funds and their Shareholders: (i) information regarding anticipated benefits to the Funds as a result of the Transaction; (ii) a commitment that the Funds would not bear any expenses, directly or indirectly, in connection with the Transaction; (iii) confirmation that the Advisers intend to continue to manage the Funds in a manner consistent with each Fund’s current investment objectives and principal investments strategies; and (iv) a commitment that neither NewCo nor WFAM will take any steps that would impose any “unfair burden” (as that term is used in section 15(f)(1)(B) of the 1940 Act) on the Funds as a result of the Transaction. |
![](https://capedge.com/proxy/N-CSR/0001193125-21-234774/g100952img4ed5ca0c1.jpg)
P.O. Box 219967
Kansas City, MO 64121-9967
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A281/AR281 05-21
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Emerging Growth Fund
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Wells Fargo Emerging Growth Fund | |
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Wells Fargo Emerging Growth Portfolio | |
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Financial statements | |
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Board considerations | |
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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. |
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. |
4 | The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
5 | The Bloomberg Barclays Global Aggregate ex-USD Index (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. |
6 | The Bloomberg Barclays Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index. |
7 | The ICE 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. |
“The passage of the massive domestic stimulus bill highlighted March activity, leading to increased forecasts for U.S. growth in 2021.” |
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President
Wells Fargo Funds
Investment objective | The Fund seeks long-term capital appreciation. |
Manager | Wells Fargo Funds Management, LLC |
Portfolio managers | Robert Gruendyke, CFA®‡†, David Nazaret, CFA®‡†, Thomas C. Ognar, CFA®‡ |
Average annual total returns (%) as of May 31, 2021 | |||||||||||
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 (WEMAX) | 3-31-2008 | 44.41 | 21.97 | 13.61 | 53.22 | 23.43 | 14.29 | 1.35 | 1.28 | ||
Class C (WEMCX) | 3-31-2008 | 51.19 | 22.54 | 13.45 | 52.19 | 22.54 | 13.45 | 2.10 | 2.03 | ||
Class R6 (WEGRX)3 | 7-31-2018 | – | – | – | 53.85 | 24.03 | 14.83 | 0.92 | 0.85 | ||
Administrator Class (WFGDX) | 1-31-2007 | – | – | – | 53.31 | 23.56 | 14.44 | 1.27 | 1.20 | ||
Institutional Class (WEMIX) | 3-31-2008 | – | – | – | 53.75 | 23.95 | 14.79 | 1.02 | 0.90 | ||
Russell 2000® Growth Index4 | – | – | – | – | 50.14 | 17.57 | 12.76 | – | – |
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 September 30, 2021, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.28% for Class A, 2.03% for Class C, 0.85% for Class R6, 1.20% for Administrator Class, and 0.90% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the affiliated master portfolio invests, and extraordinary expenses are excluded from the expense caps. Net expenses from the affiliated master portfolio are included in the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
3 | Historical performance shown for the Class R6 shares prior to their inception reflects the performance of the Institutional Class shares, and includes the higher expenses applicable to the Institutional Class shares. If these expenses had been included, returns for the Class R6 shares would be higher. |
4 | The Russell 2000® Growth Index measures the performance of those Russell 2000 companies with higher price/book ratios and higher forecasted growth values. You cannot invest directly in an index. |
* | The Fund is a feeder fund in a master-feeder structure that invests substantially all of its assets in a single affiliated master portfolio of the Wells Fargo Master Trust with a substantially identical investment objective and substantially similar investment strategies. References to the investment activities of the Fund are intended to refer to the investment activities of the affiliated master portfolio in which it invests. |
‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
† | Mr. Gruendyke and Mr. Nazaret became portfolio managers of the Fund on July 28, 2020. |
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1 | The chart compares the performance of Class A shares for the most recent ten years with the Russell 2000® Growth Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%. |
■ | The Fund outperformed the Russell 2000® Growth Index for the 12-month period that ended May 31, 2021. |
■ | Relative performance contributions came from select medical device and biotech stocks within health care as well as select stocks within consumer discretionary. |
■ | Detractors from the Fund mainly stemmed from specialty insurance stocks within financials and stocks within industrials. |
Ten largest holdings (%) as of May 31, 20211 | |
Shockwave Medical Incorporated | 3.24 |
ASGN Incorporated | 3.12 |
Rapid7 Incorporated | 2.70 |
Vericel Corporation | 2.64 |
Crocs Incorporated | 2.52 |
Rexnord Corporation | 2.40 |
Q2 Holdings Incorporated | 2.33 |
Boot Barn Holdings Incorporated | 2.25 |
Novanta Incorporated | 2.10 |
Freshpet Incorporated | 2.05 |
1 | Each holding represents the Fund’s allocable portion of the affiliated master portfolio security. Figures represent each holding as a percentage of the Fund’s net assets. Holdings are subject to change and may have changed since the date specified. |
* | This security was no longer held at the end of the reporting period. |
Sector allocation as of May 31, 20211 |
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1 | Figures represent the sector allocation of the affiliated master portfolio as a percentage of the long-term investments of the affiliated master portfolio. These amounts are subject to change and may have changed since the date specified. |
Beginning account value 12-1-2020 | Ending account value 5-31-2021 | Expenses paid during the period1,2 | Annualized net expense ratio2 | |
Class A | ||||
Actual | $1,000.00 | $1,108.10 | $ 6.67 | 1.27% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,018.60 | $ 6.39 | 1.27% |
Class C | ||||
Actual | $1,000.00 | $1,104.21 | $10.65 | 2.03% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,014.81 | $10.20 | 2.03% |
Class R6 | ||||
Actual | $1,000.00 | $1,110.87 | $ 4.47 | 0.85% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.69 | $ 4.28 | 0.85% |
Administrator Class | ||||
Actual | $1,000.00 | $1,108.70 | $ 6.31 | 1.20% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,018.95 | $ 6.04 | 1.20% |
Institutional Class | ||||
Actual | $1,000.00 | $1,110.69 | $ 4.74 | 0.90% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.44 | $ 4.53 | 0.90% |
Value | |||||
Investment companies: 99.93% | |||||
Affiliated master portfolio: 99.93% | |||||
Wells Fargo Emerging Growth Portfolio | $911,598,606 | ||||
Total Investment companies (Cost $517,077,569) | 911,598,606 | ||||
Total investments in securities (Cost $517,077,569) | 99.93% | 911,598,606 | |||
Other assets and liabilities, net | 0.07 | 605,670 | |||
Total net assets | 100.00% | $912,204,276 |
% of ownership, beginning of period | % of ownership, end of period | Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolio | Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio | Dividends allocated from affiliated Master Portfolio | Affiliated income allocated from affiliated Master Portfolio | Value, end of period | % of net assets | |
Wells Fargo Emerging Growth Portfolio | 91.59% | 95.20% | $164,596,232 | $172,105,999 | $983,917 | $247,659 | $911,598,606 | 99.93% |
Assets | |
Investments in affiliated Master Portfolio, at value (cost $517,077,569) | $ 911,598,606 |
Receivable for Fund shares sold | 1,150,251 |
Receivable from manager | 28,462 |
Prepaid expenses and other assets | 18,902 |
Total assets | 912,796,221 |
Liabilities | |
Payable for Fund shares redeemed | 345,225 |
Administration fees payable | 111,521 |
Shareholder report expenses payable | 56,783 |
Shareholder servicing fees payable | 50,596 |
Distribution fee payable | 1,463 |
Accrued expenses and other liabilities | 26,357 |
Total liabilities | 591,945 |
Total net assets | $912,204,276 |
Net assets consist of | |
Paid-in capital | $ 446,780,259 |
Total distributable earnings | 465,424,017 |
Total net assets | $912,204,276 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 210,837,646 |
Shares outstanding – Class A1 | 11,679,940 |
Net asset value per share – Class A | $18.05 |
Maximum offering price per share – Class A2 | $19.15 |
Net assets – Class C | $ 2,337,546 |
Shares outstanding – Class C1 | 162,269 |
Net asset value per share – Class C | $14.41 |
Net assets – Class R6 | $ 21,729,307 |
Shares outstanding – Class R61 | 1,052,948 |
Net asset value per share – Class R6 | $20.64 |
Net assets – Administrator Class | $ 28,730,324 |
Shares outstanding – Administrator Class1 | 1,513,677 |
Net asset value per share – Administrator Class | $18.98 |
Net assets – Institutional Class | $ 648,569,453 |
Shares outstanding – Institutional Class1 | 31,558,046 |
Net asset value per share – Institutional Class | $20.55 |
1 | The Fund has an unlimited number of authorized shares. |
2 | Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced. |
Investment income | |
Dividends allocated from affiliated Master Portfolio | $ 983,917 |
Affiliated income allocated from affiliated Master Portfolio | 247,659 |
Expenses allocated from affiliated Master Portfolio | (6,652,008) |
Total investment income | (5,420,432) |
Expenses | |
Management fee | 411,876 |
Administration fees | |
Class A | 407,505 |
Class C | 4,279 |
Class R6 | 6,700 |
Administrator Class | 34,539 |
Institutional Class | 752,391 |
Shareholder servicing fees | |
Class A | 484,730 |
Class C | 5,090 |
Administrator Class | 66,300 |
Distribution fee | |
Class C | 15,270 |
Custody and accounting fees | 24,760 |
Professional fees | 33,973 |
Registration fees | 73,287 |
Shareholder report expenses | 69,204 |
Trustees’ fees and expenses | 21,080 |
Other fees and expenses | 14,512 |
Total expenses | 2,425,496 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (545,475) |
Class A | (23,158) |
Administrator Class | (8) |
Institutional Class | (289,381) |
Net expenses | 1,567,474 |
Net investment loss | (6,987,906) |
Realized and unrealized gains (losses) on investments | |
Net realized gains on securities transactions allocated from affiliated Master Portfolio | 164,596,232 |
Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio | 172,105,999 |
Net realized and unrealized gains (losses) on investments | 336,702,231 |
Net increase in net assets resulting from operations | $329,714,325 |
Year ended May 31, 2021 | Year ended May 31, 2020 | |||
Operations | ||||
Net investment loss | $ (6,987,906) | $ (5,696,248) | ||
Net realized gains on investments | 164,596,232 | 87,082,930 | ||
Net change in unrealized gains (losses) on investments | 172,105,999 | 4,916,772 | ||
Net increase in net assets resulting from operations | 329,714,325 | 86,303,454 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (40,824,693) | (7,796,239) | ||
Class C | (488,552) | (97,557) | ||
Class R6 | (4,264,478) | (245,756) | ||
Administrator Class | (5,278,969) | (1,143,908) | ||
Institutional Class | (104,301,425) | (28,466,003) | ||
Total distributions to shareholders | (155,158,117) | (37,749,463) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 594,602 | 10,958,344 | 270,025 | 3,503,910 |
Class C | 67,936 | 1,035,606 | 14,056 | 158,468 |
Class R6 | 203,245 | 4,206,281 | 1,351,041 | 21,252,448 |
Administrator Class | 354,817 | 6,842,617 | 185,559 | 2,546,018 |
Institutional Class | 8,415,847 | 166,124,291 | 7,701,460 | 113,827,845 |
189,167,139 | 141,288,689 | |||
Reinvestment of distributions | ||||
Class A | 2,332,324 | 38,903,166 | 556,631 | 7,609,147 |
Class C | 36,568 | 488,552 | 8,439 | 97,557 |
Class R6 | 68,148 | 1,296,851 | 16,154 | 244,735 |
Administrator Class | 299,668 | 5,253,185 | 80,016 | 1,137,821 |
Institutional Class | 5,494,647 | 104,178,513 | 1,832,144 | 27,683,692 |
150,120,267 | 36,772,952 | |||
Payment for shares redeemed | ||||
Class A | (1,365,780) | (24,392,486) | (1,506,830) | (19,951,780) |
Class C | (71,196) | (1,109,781) | (45,564) | (513,234) |
Class R6 | (409,558) | (8,565,269) | (177,590) | 2,654,701 |
Administrator Class | (528,979) | (9,983,853) | (557,050) | (7,634,612) |
Institutional Class | (11,301,966) | (220,272,610) | (19,569,429) | (282,480,504) |
(264,323,999) | (313,234,831) | |||
Net increase (decrease) in net assets resulting from capital share transactions | 74,963,407 | (135,173,190) | ||
Total increase (decrease) in net assets | 249,519,615 | (86,619,199) | ||
Net assets | ||||
Beginning of period | 662,684,661 | 749,303,860 | ||
End of period | $ 912,204,276 | $ 662,684,661 |
Year ended May 31 | |||||
Class A | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $14.71 | $13.51 | $17.04 | $14.57 | $12.55 |
Net investment loss | (0.20) 1 | (0.17) | (0.16) 1 | (0.15) | (0.10) 1 |
Net realized and unrealized gains (losses) on investments | 7.69 | 2.13 | (0.19) | 4.57 | 2.96 |
Total from investment operations | 7.49 | 1.96 | (0.35) | 4.42 | 2.86 |
Distributions to shareholders from | |||||
Net realized gains | (4.15) | (0.76) | (3.18) | (1.95) | (0.84) |
Net asset value, end of period | $18.05 | $14.71 | $13.51 | $17.04 | $14.57 |
Total return2 | 53.22% | 14.97% | (0.84)% | 32.91% | 23.39% |
Ratios to average net assets (annualized)* | |||||
Gross expenses | 1.35% | 1.36% | 1.35% | 1.36% | 1.36% |
Net expenses | 1.27% | 1.27% | 1.29% | 1.35% | 1.35% |
Net investment loss | (1.12)% | (1.08)% | (1.06)% | (1.01)% | (0.72)% |
Supplemental data | |||||
Portfolio turnover rate3 | 48% | 55% | 71% | 47% | 115% |
Net assets, end of period (000s omitted) | $210,838 | $148,866 | $145,898 | $153,526 | $129,724 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Year ended May 31, 2021 | 0.81% |
Year ended May 31, 2020 | 0.81% |
Year ended May 31, 2019 | 0.81% |
Year ended May 31, 2018 | 0.81% |
Year ended May 31, 2017 | 0.81% |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. |
3 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Year ended May 31 | |||||
Class C | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $12.40 | $11.58 | $15.19 | $13.28 | $11.58 |
Net investment loss | (0.28) 1 | (0.21) 1 | (0.25) 1 | (0.25) 1 | (0.19) 1 |
Net realized and unrealized gains (losses) on investments | 6.44 | 1.79 | (0.18) | 4.11 | 2.73 |
Total from investment operations | 6.16 | 1.58 | (0.43) | 3.86 | 2.54 |
Distributions to shareholders from | |||||
Net realized gains | (4.15) | (0.76) | (3.18) | (1.95) | (0.84) |
Net asset value, end of period | $14.41 | $12.40 | $11.58 | $15.19 | $13.28 |
Total return2 | 52.19% | 14.16% | (1.55)% | 31.82% | 22.56% |
Ratios to average net assets (annualized)* | |||||
Gross expenses | 2.10% | 2.11% | 2.10% | 2.11% | 2.11% |
Net expenses | 2.03% | 2.03% | 2.04% | 2.10% | 2.10% |
Net investment loss | (1.89)% | (1.84)% | (1.78)% | (1.76)% | (1.46)% |
Supplemental data | |||||
Portfolio turnover rate3 | 48% | 55% | 71% | 47% | 115% |
Net assets, end of period (000s omitted) | $2,338 | $1,599 | $1,761 | $4,190 | $3,328 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Year ended May 31, 2021 | 0.81% |
Year ended May 31, 2020 | 0.81% |
Year ended May 31, 2019 | 0.81% |
Year ended May 31, 2018 | 0.81% |
Year ended May 31, 2017 | 0.81% |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. |
3 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Year ended May 31 | |||
Class R6 | 2021 | 2020 | 2019 1 |
Net asset value, beginning of period | $16.34 | $14.86 | $18.70 |
Net investment loss | (0.14) | (0.10) 2 | (0.07) 2 |
Net realized and unrealized gains (losses) on investments | 8.59 | 2.34 | (0.59) |
Total from investment operations | 8.45 | 2.24 | (0.66) |
Distributions to shareholders from | |||
Net realized gains | (4.15) | (0.76) | (3.18) |
Net asset value, end of period | $20.64 | $16.34 | $14.86 |
Total return3 | 53.85% | 15.51% | (2.35)% |
Ratios to average net assets (annualized)* | |||
Gross expenses | 0.92% | 0.93% | 0.92% |
Net expenses | 0.85% | 0.85% | 0.85% |
Net investment loss | (0.68)% | (0.67)% | (0.51)% |
Supplemental data | |||
Portfolio turnover rate4 | 48% | 55% | 71% |
Net assets, end of period (000s omitted) | $21,729 | $19,458 | $22 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Year ended May 31, 2021 | 0.81% |
Year ended May 31, 2020 | 0.81% |
Year ended May 31, 20191 | 0.81% |
1 | For the period from July 31, 2018 (commencement of class operations) to May 31, 2019 |
2 | Calculated based upon average shares outstanding |
3 | Returns for periods of less than one year are not annualized. |
4 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Year ended May 31 | |||||
Administrator Class | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $15.31 | $14.02 | $17.54 | $14.93 | $12.82 |
Net investment loss | (0.20) 1 | (0.14) 1 | (0.15) 1 | (0.14) 1 | (0.07) 1 |
Net realized and unrealized gains (losses) on investments | 8.02 | 2.19 | (0.19) | 4.70 | 3.02 |
Total from investment operations | 7.82 | 2.05 | (0.34) | 4.56 | 2.95 |
Distributions to shareholders from | |||||
Net realized gains | (4.15) | (0.76) | (3.18) | (1.95) | (0.84) |
Net asset value, end of period | $18.98 | $15.31 | $14.02 | $17.54 | $14.93 |
Total return | 53.31% | 15.07% | (0.75)% | 33.06% | 23.60% |
Ratios to average net assets (annualized)* | |||||
Gross expenses | 1.27% | 1.28% | 1.27% | 1.28% | 1.26% |
Net expenses | 1.20% | 1.20% | 1.20% | 1.20% | 1.20% |
Net investment loss | (1.05)% | (1.01)% | (0.94)% | (0.86)% | (0.48)% |
Supplemental data | |||||
Portfolio turnover rate2 | 48% | 55% | 71% | 47% | 115% |
Net assets, end of period (000s omitted) | $28,730 | $21,250 | $23,549 | $52,335 | $50,865 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Year ended May 31, 2021 | 0.81% |
Year ended May 31, 2020 | 0.81% |
Year ended May 31, 2019 | 0.81% |
Year ended May 31, 2018 | 0.81% |
Year ended May 31, 2017 | 0.81% |
1 | Calculated based upon average shares outstanding |
2 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Year ended May 31 | |||||
Institutional Class | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $16.29 | $14.83 | $18.30 | $15.46 | $13.20 |
Net investment loss | (0.15) | (0.11) 1 | (0.13) | (0.09) | (0.04) 1 |
Net realized and unrealized gains (losses) on investments | 8.56 | 2.33 | (0.16) | 4.88 | 3.14 |
Total from investment operations | 8.41 | 2.22 | (0.29) | 4.79 | 3.10 |
Distributions to shareholders from | |||||
Net realized gains | (4.15) | (0.76) | (3.18) | (1.95) | (0.84) |
Net asset value, end of period | $20.55 | $16.29 | $14.83 | $18.30 | $15.46 |
Total return | 53.75% | 15.40% | (0.42)% | 33.44% | 24.08% |
Ratios to average net assets (annualized)* | |||||
Gross expenses | 1.02% | 1.03% | 1.02% | 1.03% | 1.03% |
Net expenses | 0.90% | 0.90% | 0.90% | 0.90% | 0.90% |
Net investment loss | (0.75)% | (0.71)% | (0.67)% | (0.56)% | (0.24)% |
Supplemental data | |||||
Portfolio turnover rate2 | 48% | 55% | 71% | 47% | 115% |
Net assets, end of period (000s omitted) | $648,569 | $471,512 | $578,073 | $606,729 | $534,846 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Year ended May 31, 2021 | 0.81% |
Year ended May 31, 2020 | 0.81% |
Year ended May 31, 2019 | 0.81% |
Year ended May 31, 2018 | 0.81% |
Year ended May 31, 2017 | 0.81% |
1 | Calculated based upon average shares outstanding |
2 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Gross unrealized gains | $394,521,037 |
Gross unrealized losses | (749,454) |
Net unrealized gains | $393,771,583 |
Paid-in capital | Total distributable earnings |
$(6,802,370) | $6,802,370 |
Affiliated Master Portfolio | Investment objective | Fair value of affiliated Master Portfolio |
Wells Fargo Emerging Growth Portfolio | Seek long-term capital appreciation | $911,598,606 |
Average daily net assets | Management fee |
First $5 billion | 0.050% |
Next $5 billion | 0.040 |
Over $10 billion | 0.030 |
Class-level administration fee | |
Class A | 0.21% |
Class C | 0.21 |
Class R6 | 0.03 |
Administrator Class | 0.13 |
Institutional Class | 0.13 |
Expense ratio caps | |
Class A | 1.28% |
Class C | 2.03 |
Class R6 | 0.85 |
Administrator Class | 1.20 |
Institutional Class | 0.90 |
Year ended May 31 | ||
2021 | 2020 | |
Ordinary income | $ 11,568,904 | $ 0 |
Long-term capital gain | 143,589,213 | 37,749,463 |
Undistributed long-term gain | Unrealized gains | Late-year ordinary losses deferred |
$74,223,851 | $393,771,583 | $(2,571,417) |
Wells Fargo Funds Trust:
![](https://capedge.com/proxy/N-CSR/0001193125-21-234774/g192586img715cbca06.jpg)
Shares | Value | ||||
Common stocks: 98.93% | |||||
Communication services: 3.18% | |||||
Diversified telecommunication services: 1.28% | |||||
Bandwidth Incorporated Class A † | 103,200 | $ 12,207,528 | |||
Interactive media & services: 0.63% | |||||
EverQuote Incorporated Class A † | 192,487 | 6,069,115 | |||
Media: 1.27% | |||||
Cardlytics Incorporated † | 114,165 | 12,164,281 | |||
Consumer discretionary: 18.15% | |||||
Auto components: 1.49% | |||||
Fox Factory Holding Corporation † | 91,753 | 14,265,756 | |||
Hotels, restaurants & leisure: 3.03% | |||||
Bally's Corporation † | 47,121 | 2,734,432 | |||
Papa John's International Incorporated | 117,025 | 10,994,499 | |||
Wingstop Incorporated | 107,038 | 15,272,182 | |||
29,001,113 | |||||
Household durables: 1.09% | |||||
Purple Innovation Incorporated † | 366,242 | 10,445,222 | |||
Internet & direct marketing retail: 2.17% | |||||
CarParts.com Incorporated † | 263,015 | 4,297,665 | |||
Fiverr International Limited † | 48,936 | 10,047,050 | |||
The RealReal Incorporated † | 367,500 | 6,420,225 | |||
20,764,940 | |||||
Leisure products: 1.71% | |||||
YETI Holdings Incorporated † | 186,970 | 16,378,572 | |||
Specialty retail: 5.36% | |||||
Boot Barn Holdings Incorporated † | 282,055 | 21,546,181 | |||
Cricut Incorporated Class A † | 163,216 | 5,511,804 | |||
Figs Incorporated Class A † | 95,573 | 3,263,818 | |||
Leslie's Incorporated † | 254,309 | 7,415,650 | |||
Lithia Motors Incorporated Class A | 34,762 | 12,235,876 | |||
Petco Health & Wellness Company †« | 58,570 | 1,326,611 | |||
51,299,940 | |||||
Textiles, apparel & luxury goods: 3.30% | |||||
Crocs Incorporated † | 238,355 | 24,131,060 | |||
Deckers Outdoor Corporation † | 22,418 | 7,519,894 | |||
31,650,954 | |||||
Consumer staples: 4.86% | |||||
Beverages: 1.40% | |||||
Celsius Holdings Incorporated † | 204,000 | 13,370,160 | |||
Food & staples retailing: 0.53% | |||||
The Chef's Warehouse Incorporated † | 165,465 | 5,089,703 |
Shares | Value | ||||
Food products: 2.63% | |||||
Freshpet Incorporated † | 111,333 | $ 19,685,901 | |||
Vital Farms Incorporated † | 259,556 | 5,525,947 | |||
25,211,848 | |||||
Personal products: 0.30% | |||||
Honest Company † | 181,806 | 2,868,899 | |||
Financials: 5.01% | |||||
Capital markets: 1.74% | |||||
Assetmark Financial Holdings † | 36,309 | 946,213 | |||
Stifel Financial Corporation | 225,971 | 15,655,271 | |||
16,601,484 | |||||
Diversified financial services: 0.50% | |||||
Hudson Executive Investment Corporation Class A † | 266,500 | 2,643,680 | |||
VPC Impact Acquisition Holdings †« | 211,900 | 2,161,380 | |||
4,805,060 | |||||
Insurance: 2.77% | |||||
Goosehead Insurance Incorporated Class A | 92,351 | 8,299,584 | |||
Kinsale Capital Group Incorporated | 109,578 | 18,240,354 | |||
26,539,938 | |||||
Health care: 28.78% | |||||
Biotechnology: 8.46% | |||||
Arcutis Biotherapeutics Incorporated † | 421,886 | 11,116,696 | |||
Arena Pharmaceuticals Incorporated † | 56,502 | 3,452,837 | |||
Biohaven Pharmaceutical Holding Company † | 41,371 | 3,599,277 | |||
CareDx Incorporated † | 132,083 | 10,619,473 | |||
Fate Therapeutics Incorporated † | 42,597 | 3,262,930 | |||
Halozyme Therapeutics Incorporated † | 288,945 | 11,965,212 | |||
Natera Incorporated † | 124,188 | 11,691,058 | |||
Vericel Corporation † | 448,173 | 25,321,775 | |||
81,029,258 | |||||
Health care equipment & supplies: 9.00% | |||||
iRhythm Technologies Incorporated † | 73,283 | 5,529,935 | |||
Neuronetics Incorporated † | 210,071 | 2,850,663 | |||
Orthopediatrics Corporation † | 186,666 | 10,544,762 | |||
Outset Medical Incorporated † | 124,626 | 6,015,697 | |||
Pulmonx Corporation † | 103,464 | 4,440,675 | |||
Shockwave Medical Incorporated † | 172,310 | 30,998,569 | |||
SI-BONE Incorporated † | 398,553 | 12,024,344 | |||
Silk Road Medical Incorporated † | 70,399 | 3,419,983 | |||
Tandem Diabetes Care Incorporated † | 59,235 | 5,058,077 | |||
Vapotherm Incorporated † | 266,322 | 5,267,849 | |||
86,150,554 | |||||
Health care providers & services: 3.49% | |||||
Accolade Incorporated † | 115,800 | 5,846,742 | |||
Addus Homecare Corporation † | 109,886 | 10,567,737 |
Shares | Value | ||||
Health care providers & services (continued) | |||||
Castle Biosciences Incorporated † | 243,276 | $ 14,579,531 | |||
Privia Health Group Incorporated † | 73,587 | 2,408,503 | |||
33,402,513 | |||||
Health care technology: 2.88% | |||||
Inspire Medical Systems Incorporated † | 73,509 | 14,282,799 | |||
Phreesia Incorporated † | 268,273 | 13,279,514 | |||
27,562,313 | |||||
Life sciences tools & services: 3.10% | |||||
Akoya Biosciences Incorporated † | 105,361 | 2,193,616 | |||
Codexis Incorporated † | 729,237 | 14,949,359 | |||
Neogenomics Incorporated † | 306,344 | 12,569,294 | |||
29,712,269 | |||||
Pharmaceuticals: 1.85% | |||||
Pacira Pharmaceuticals Incorporated † | 207,280 | 12,575,678 | |||
Revance Therapeutics Incorporated † | 173,620 | 5,140,888 | |||
17,716,566 | |||||
Industrials: 12.73% | |||||
Aerospace & defense: 1.02% | |||||
Kratos Defense & Security Solutions Incorporated † | 341,670 | 8,545,167 | |||
Mercury Systems Incorporated † | 18,956 | 1,240,670 | |||
9,785,837 | |||||
Building products: 0.39% | |||||
The AZEK Company Incorporated † | 84,937 | 3,697,308 | |||
Commercial services & supplies: 1.88% | |||||
Casella Waste Systems Incorporated Class A † | 266,991 | 18,003,203 | |||
Construction & engineering: 0.69% | |||||
Construction Partners Incorporated Class A † | 205,200 | 6,609,492 | |||
Electrical equipment: 0.42% | |||||
Bloom Energy Corporation Class A † | 164,635 | 3,979,228 | |||
Machinery: 2.41% | |||||
Rexnord Corporation | 460,994 | 23,035,870 | |||
Professional services: 3.12% | |||||
ASGN Incorporated † | 290,096 | 29,905,997 | |||
Road & rail: 1.59% | |||||
Saia Incorporated † | 66,166 | 15,228,767 | |||
Trading companies & distributors: 1.21% | |||||
SiteOne Landscape Supply Incorporated † | 67,447 | 11,603,582 | |||
Information technology: 25.03% | |||||
Electronic equipment, instruments & components: 2.52% | |||||
Novanta Incorporated † | 145,122 | 20,167,604 | |||
Par Technology Corporation † | 59,300 | 3,970,728 | |||
24,138,332 |
Shares | Value | ||||
IT services: 3.83% | |||||
Endava plc Sponsored ADR † | 139,219 | $ 14,281,085 | |||
EVO Payments Incorporated Class A † | 589,212 | 16,875,032 | |||
Flywire Corporation † | 98,105 | 3,368,926 | |||
Paymentus Holdings Incorporated A † | 71,034 | 2,166,537 | |||
36,691,580 | |||||
Semiconductors & semiconductor equipment: 4.53% | |||||
Allegro MicroSystems Incorporated † | 332,757 | 8,721,561 | |||
Diodes Incorporated † | 165,936 | 12,556,377 | |||
Semtech Corporation † | 199,151 | 12,546,513 | |||
Silicon Laboratories Incorporated † | 28,759 | 3,927,329 | |||
Skywater Technology Incorporated † | 214,258 | 5,579,278 | |||
43,331,058 | |||||
Software: 14.15% | |||||
8x8 Incorporated † | 364,400 | 8,581,620 | |||
ACV Auctions Incorporated Class A † | 108,350 | 2,808,432 | |||
Alkami Technology Incorporated † | 18,927 | 629,701 | |||
Envestnet Incorporated † | 67,672 | 4,870,354 | |||
Everbridge Incorporated † | 57,526 | 6,759,305 | |||
Jamf Holding Corporation † | 170,593 | 5,916,165 | |||
Olo Incorporated Class A † | 23,547 | 797,066 | |||
ON24 Incorporated † | 59,270 | 1,907,309 | |||
Q2 Holdings Incorporated † | 234,685 | 22,278,647 | |||
Rapid7 Incorporated † | 309,455 | 25,885,911 | |||
Sprout Social Incorporated Class A † | 251,981 | 17,492,521 | |||
SPS Commerce Incorporated † | 205,276 | 19,267,205 | |||
Talend SA ADR † | 57,358 | 3,726,549 | |||
Viant Technology †« | 57,526 | 1,679,184 | |||
Workiva Incorporated † | 136,105 | 12,916,365 | |||
135,516,334 | |||||
Real estate: 0.69% | |||||
Equity REITs: 0.69% | |||||
QTS Realty Trust Incorporated Class A | 104,650 | 6,632,717 | |||
Utilities: 0.50% | |||||
Independent power & renewable electricity producers: 0.50% | |||||
Sunnova Energy International Incorporated † | 163,257 | 4,767,104 | |||
Total Common stocks (Cost $511,858,727) | 947,234,395 |
Yield | |||||
Short-term investments: 1.39% | |||||
Investment companies: 1.39% | |||||
Securities Lending Cash Investments LLC ♠∩∞ | 0.03% | 3,883,200 | 3,883,200 | ||
Wells Fargo Government Money Market Fund Select Class ♠∞ | 0.03 | 9,477,635 | 9,477,635 | ||
Total Short-term investments (Cost $13,360,835) | 13,360,835 | ||||
Total investments in securities (Cost $525,219,562) | 100.32% | 960,595,230 | |||
Other assets and liabilities, net | (0.32) | (3,073,067) | |||
Total net assets | 100.00% | $957,522,163 |
† | Non-income-earning security |
« | All or a portion of this security is on loan. |
♠ | The issuer is an affiliate of the Portfolio as defined in the Investment Company Act of 1940. |
∩ | The investment is a non-registered investment company purchased with cash collateral received from securities on loan. |
∞ | The rate represents the 7-day annualized yield at period end. |
Abbreviations: | |
ADR | American depositary receipt |
REIT | Real estate investment trust |
Value, beginning of period | Purchases | Sales proceeds | Net realized gains (losses) | Net change in unrealized gains (losses) | Value, end of period | % of net assets | Shares, end of period | Income from affiliated securities | ||||
Short-term investments | ||||||||||||
Investment companies | ||||||||||||
Securities Lending Cash Investments LLC | $ 0 | $187,539,904 | $(183,656,704) | $0 | $0 | $ 3,883,200 | 3,883,200 | $ 14,813# | ||||
Wells Fargo Government Money Market Fund Select Class | 10,065,569 | 252,271,839 | (252,859,773) | 0 | 0 | 9,477,635 | 9,477,635 | 3,477 | ||||
$0 | $0 | $13,360,835 | 1.39% | $18,290 |
# | Amount shown represents income before fees and rebates. |
Assets | |
Investments in unaffiliated securities (including $3,779,040 of securities loaned), at value (cost $511,858,727) | $ 947,234,395 |
Investments in affiliated securites, at value (cost $13,360,835) | 13,360,835 |
Cash | 1,468,432 |
Receivable for investments sold | 3,659,405 |
Receivable for dividends | 103,124 |
Receivable for securities lending income, net | 3,134 |
Prepaid expenses and other assets | 5,752 |
Total assets | 965,835,077 |
Liabilities | |
Payable upon receipt of securities loaned | 3,883,200 |
Payable for investments purchased | 3,788,097 |
Advisory fee payable | 630,498 |
Accrued expenses and other liabilities | 11,119 |
Total liabilities | 8,312,914 |
Total net assets | $957,522,163 |
Investment income | |
Dividends | $ 1,043,411 |
Securities lending income from affiliates, net | 258,746 |
Income from affiliated securities | 3,477 |
Total investment income | 1,305,634 |
Expenses | |
Advisory fee | 6,904,496 |
Custody and accounting fees | 58,388 |
Professional fees | 45,612 |
Interest holder report expenses | 7,237 |
Trustees’ fees and expenses | 19,195 |
Other fees and expenses | 31,885 |
Total expenses | 7,066,813 |
Net investment loss | (5,761,179) |
Realized and unrealized gains (losses) on investments | |
Net realized gains on investments | 181,278,904 |
Net change in unrealized gains (losses) on investments | 176,777,300 |
Net realized and unrealized gains (losses) on investments | 358,056,204 |
Net increase in net assets resulting from operations | $352,295,025 |
Year ended May 31, 2021 | Year ended May 31, 2020 | |
Operations | ||
Net investment loss | $ (5,761,179) | $ (4,861,375) |
Net realized gains on investments | 181,278,904 | 95,687,152 |
Net change in unrealized gains (losses) on investments | 176,777,300 | 7,683,217 |
Net increase in net assets resulting from operations | 352,295,025 | 98,508,994 |
Capital transactions | ||
Transactions in investors’ beneficial interests | ||
Contributions | 97,803,647 | 65,548,053 |
Withdrawals | (215,997,204) | (260,126,766) |
Net decrease in net assets resulting from capital transactions | (118,193,557) | (194,578,713) |
Total increase (decrease) in net assets | 234,101,468 | (96,069,719) |
Net assets | ||
Beginning of period | 723,420,695 | 819,490,414 |
End of period | $ 957,522,163 | $ 723,420,695 |
Year ended May 31 | |||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Total return | 53.94% | 15.49% | (0.28)% | 33.60% | 23.97% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.81% | 0.81% | 0.81% | 0.81% | 0.81% |
Net expenses | 0.81% | 0.81% | 0.81% | 0.81% | 0.81% |
Net investment loss | (0.66)% | (0.62)% | (0.57)% | (0.47)% | (0.15)% |
Supplemental data | |||||
Portfolio turnover rate | 48% | 55% | 71% | 47% | 115% |
Gross unrealized gains | $453,686,146 |
Gross unrealized losses | (21,747,130) |
Net unrealized gains | $431,939,016 |
■ | Level 1 – quoted prices in active markets for identical securities |
■ | Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
■ | Level 3 – significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments) |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Common stocks | ||||
Communication services | $ 30,440,924 | $0 | $0 | $ 30,440,924 |
Consumer discretionary | 173,806,497 | 0 | 0 | 173,806,497 |
Consumer staples | 46,540,610 | 0 | 0 | 46,540,610 |
Financials | 47,946,482 | 0 | 0 | 47,946,482 |
Health care | 275,573,473 | 0 | 0 | 275,573,473 |
Industrials | 121,849,284 | 0 | 0 | 121,849,284 |
Information technology | 239,677,304 | 0 | 0 | 239,677,304 |
Real estate | 6,632,717 | 0 | 0 | 6,632,717 |
Utilities | 4,767,104 | 0 | 0 | 4,767,104 |
Short-term investments | ||||
Investment companies | 13,360,835 | 0 | 0 | 13,360,835 |
Total assets | $960,595,230 | $0 | $0 | $960,595,230 |
Average daily net assets | Advisory fee |
First $500 million | 0.800% |
Next $500 million | 0.775 |
Next $1 billion | 0.750 |
Next $1 billion | 0.725 |
Next $1 billion | 0.700 |
Over $4 billion | 0.680 |
Counterparty | Value of securities on loan | Collateral received1 | Net amount |
JPMorgan Securities LLC | $1,270,665 | $(1,270,665) | $0 |
Morgan Stanley & Company LLC | 867,195 | (867,195) | 0 |
UBS Securities LLC | 1,641,180 | (1,641,180) | 0 |
Wells Fargo Master Trust:
![](https://capedge.com/proxy/N-CSR/0001193125-21-234774/g192586img715cbca06.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. |
Funds Trust | Master Trust |
Wells Fargo C&B Large Cap Value Fund | Wells Fargo C&B Large Cap Value Portfolio |
Wells Fargo Core Bond Fund | Wells Fargo Core Bond Portfolio |
Wells Fargo Emerging Growth Fund | Wells Fargo Emerging Growth Portfolio |
Wells Fargo Index Fund | Wells Fargo Index Portfolio |
Wells Fargo Real Return Fund | Wells Fargo Real Return Portfolio |
Wells Fargo Small Company Growth Fund | Wells Fargo Small Company Growth Portfolio |
Wells Fargo Small Company Value Fund | Wells Fargo Small Company Value Portfolio |
■ | Information regarding the Transaction: information about the structure, financing sources and material terms and conditions of the Transaction, including the expected impact on the businesses conducted by the Advisers and by Wells Fargo Funds Distributor LLC, as the distributor of Fund shares. |
■ | Information regarding NewCo, GTCR and Reverence Capital: (i) information about NewCo, including information about its expected financial condition and access to capital, and senior leadership team; (ii) the experience of senior management at GTCR and Reverence Capital in acquiring portfolio companies; (iii) the plan to operationalize NewCo, including the transition of necessary infrastructure services through a transition services agreement with Wells Fargo under which Wells Fargo will continue to provide NewCo with certain services for a specified period of time after the closing; and (iv) information regarding regulatory matters, compliance, and risk management functions at NewCo, including resources to be dedicated thereto. |
■ | Impact of the Transaction on the Funds and their Shareholders and the Master Portfolios and their Interest Holders: (i) information regarding anticipated benefits to the Funds and the Master Portfolios as a result of the Transaction; (ii) a commitment that the Funds and Master Portfolios would not bear any expenses, directly or indirectly, in connection with the Transaction; (iii) confirmation that the Advisers and the Unaffiliated Sub-Advisers intend to continue to manage the Funds in a manner consistent with each Fund’s or Master Portfolio’s current investment objectives and principal investments strategies, as applicable; and (iv) a commitment that neither NewCo nor WFAM will take any steps that would impose any “unfair burden” (as that term is used in section 15(f)(1)(B) of the 1940 Act) on the Funds or the Master Portfolios as a result of the Transaction. |
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P.O. Box 219967
Kansas City, MO 64121-9967
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A282/AR282 05-21
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1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
2 | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the United States. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
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. |
4 | The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
5 | The Bloomberg Barclays Global Aggregate ex-USD Index (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. |
6 | The Bloomberg Barclays Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index. |
7 | The ICE 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. |
“The passage of the massive domestic stimulus bill highlighted March activity, leading to increased forecasts for U.S. growth in 2021.” |
![](https://capedge.com/proxy/N-CSR/0001193125-21-234774/g193422img80fb6fa03.jpg)
President
Wells Fargo Funds
Investment objective | The Fund seeks to replicate the total returns of the S&P 500 Index, before fees and expenses. |
Manager | Wells Fargo Funds Management, LLC |
Portfolio managers | John R. Campbell, CFA®‡, David Neal, CFA®‡, Robert M. Wicentowski, CFA®‡ |
Average annual total returns (%) as of May 31, 2021 | |||||||||||
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 (WFILX) | 11-4-1998 | 31.67 | 15.21 | 13.13 | 39.71 | 16.58 | 13.80 | 0.67 | 0.45 | ||
Class C (WFINX) | 4-30-1999 | 37.83 | 15.73 | 12.96 | 38.83 | 15.73 | 12.96 | 1.42 | 1.20 | ||
Administrator Class (WFIOX) | 2-14-1985 | – | – | – | 39.97 | 16.81 | 14.08 | 0.44 | 0.25 | ||
S&P 500 Index3 | – | – | – | – | 40.32 | 17.16 | 14.38 | – | – |
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 September 30, 2021, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.45% for Class A, 1.20% for Class C, 0.25% for Administrator Class, Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the affiliated master portfolio invests, and extraordinary expenses are excluded from the expense caps. Net expenses from the affiliated master portfolio are included in the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
3 | The 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. |
* | The Fund is a feeder fund in a master-feeder structure that invests substantially all of its assets in a single affiliated master portfolio of the Wells Fargo Master Trust with a substantially identical investment objective and substantially similar investment strategies. References to the investment activities of the Fund are intended to refer to the investment activities of the affiliated master portfolio in which it invests. |
‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
![](https://capedge.com/proxy/N-CSR/0001193125-21-234774/g193422img971512c74.gif)
1 | The chart compares the performance of Class A shares for the most recent ten years with the S&P 500 Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%. |
■ | The Fund underperformed its benchmark, the S&P 500 Index, for the 12-month period that ended May 31, 2021. |
■ | During the period, the Fund benefited from positive returns in all 11 Global Industry Classification Standard (GICS) economic sectors, led by financials, materials, and industrials. |
■ | The utilities sector was the Fund’s lowest-performing sector, followed by health care and consumer staples. |
Ten largest holdings (%) as of May 31, 20211 | |
Apple Incorporated | 5.45 |
Microsoft Corporation | 5.22 |
Amazon.com Incorporated | 3.82 |
Facebook Incorporated Class A | 2.19 |
Alphabet Incorporated Class A | 1.96 |
Alphabet Incorporated Class C | 1.93 |
Berkshire Hathaway Incorporated Class B | 1.53 |
JPMorgan Chase & Company | 1.39 |
Tesla Motors Incorporated | 1.33 |
Johnson & Johnson | 1.23 |
1 | Each holding represents the Fund’s allocable portion of the affiliated master portfolio security. Figures represent each holding as a percentage of the Fund’s net assets. Holdings are subject to change and may have changed since the date specified. |
Sector allocation as of May 31, 20211 |
![](https://capedge.com/proxy/N-CSR/0001193125-21-234774/g193422img70bc4e8a5.jpg)
1 | Figures represent the sector allocation of the affiliated master portfolio as a percentage of the long-term investments of the affiliated master portfolio. These amounts are subject to change and may have changed since the date specified. |
Beginning account value 12-1-2020 | Ending account value 5-31-2021 | Expenses paid during the period1,2 | Annualized net expense ratio2 | |
Class A | ||||
Actual | $1,000.00 | $1,166.91 | $2.38 | 0.44% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.74 | $2.22 | 0.44% |
Class C | ||||
Actual | $1,000.00 | $1,162.43 | $6.47 | 1.20% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,018.95 | $6.04 | 1.20% |
Administrator Class | ||||
Actual | $1,000.00 | $1,168.00 | $1.35 | 0.25% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,023.68 | $1.26 | 0.25% |
Value | |||||
Investment companies: 100.02% | |||||
Affiliated master portfolio: 100.02% | |||||
Wells Fargo Index Portfolio | $1,262,895,519 | ||||
Total Investment companies (Cost $113,093,548) | 1,262,895,519 | ||||
Total investments in securities (Cost $113,093,548) | 100.02% | 1,262,895,519 | |||
Other assets and liabilities, net | (0.02) | (308,784) | |||
Total net assets | 100.00% | $1,262,586,735 |
% of ownership, beginning of period | % of ownership, end of period | Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolio | Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio | Interest allocated from affiliated Master Portfolio | Dividends allocated from affiliated Master Portfolio | Affiliated income allocated from affiliated Master Portfolio | Value, end of period | % of net assets | |
Wells Fargo Index Portfolio | 96.61% | 96.64% | $101,189,274 | $267,094,800 | $975 | $17,362,268 | $76,003 | $1,262,895,519 | 100.02% |
Assets | |
Investments in affiliated Master Portfolio, at value (cost $113,093,548) | $ 1,262,895,519 |
Receivable for Fund shares sold | 608,876 |
Receivable from manager | 115,581 |
Total assets | 1,263,619,976 |
Liabilities | |
Payable for Fund shares redeemed | 431,233 |
Shareholder servicing fees payable | 210,591 |
Administration fees payable | 196,145 |
Distribution fee payable | 7,954 |
Accrued expenses and other liabilities | 187,318 |
Total liabilities | 1,033,241 |
Total net assets | $1,262,586,735 |
Net assets consist of | |
Paid-in capital | $ 48,356,059 |
Total distributable earnings | 1,214,230,676 |
Total net assets | $1,262,586,735 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 835,780,801 |
Shares outstanding – Class A1 | 16,660,328 |
Net asset value per share – Class A | $50.17 |
Maximum offering price per share – Class A2 | $53.23 |
Net assets – Class C | $ 12,530,203 |
Shares outstanding – Class C1 | 244,770 |
Net asset value per share – Class C | $51.19 |
Net assets – Administrator Class | $ 414,275,731 |
Shares outstanding – Administrator Class1 | 8,058,709 |
Net asset value per share – Administrator Class | $51.41 |
1 | The Fund has an unlimited number of authorized shares. |
2 | Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced. |
Investment income | |
Dividends allocated from affiliated Master Portfolio (net of foreign withholding taxes of $89,256) | $ 17,362,268 |
Affiliated income allocated from affiliated Master Portfolio | 76,003 |
Interest allocated from affiliated Master Portfolio | 975 |
Expenses allocated from affiliated Master Portfolio | (1,277,256) |
Total investment income | 16,161,990 |
Expenses | |
Management fee | 572,125 |
Administration fees | |
Class A | 1,572,960 |
Class C | 29,821 |
Administrator Class | 495,327 |
Shareholder servicing fees | |
Class A | 1,872,572 |
Class C | 35,436 |
Administrator Class | 354,247 |
Distribution fee | |
Class C | 106,120 |
Custody and accounting fees | 50,221 |
Professional fees | 33,414 |
Registration fees | 66,425 |
Shareholder report expenses | 62,483 |
Trustees’ fees and expenses | 21,079 |
Other fees and expenses | 141,773 |
Total expenses | 5,414,003 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (1,962,363) |
Class A | (299,611) |
Class C | (4,260) |
Administrator Class | (1,920) |
Net expenses | 3,145,849 |
Net investment income | 13,016,141 |
Realized and unrealized gains (losses) on investments | |
Net realized gains on securities transactions allocated from affiliated Master Portfolio | 101,189,274 |
Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio | 267,094,800 |
Net realized and unrealized gains (losses) on investments | 368,284,074 |
Net increase in net assets resulting from operations | $381,300,215 |
Year ended May 31, 2021 | Year ended May 31, 2020 | |||
Operations | ||||
Net investment income | $ 13,016,141 | $ 17,076,939 | ||
Net realized gains on investments | 101,189,274 | 181,564,933 | ||
Net change in unrealized gains (losses) on investments | 267,094,800 | (64,676,797) | ||
Net increase in net assets resulting from operations | 381,300,215 | 133,965,075 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (99,506,178) | (189,301,116) | ||
Class C | (1,661,488) | (4,981,676) | ||
Administrator Class | (50,898,614) | (116,506,789) | ||
Total distributions to shareholders | (152,066,280) | (310,789,581) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 543,966 | 25,097,626 | 732,292 | 32,317,931 |
Class C | 12,993 | 609,026 | 57,399 | 2,669,398 |
Administrator Class | 1,009,053 | 47,555,074 | 1,814,601 | 90,665,958 |
73,261,726 | 125,653,287 | |||
Reinvestment of distributions | ||||
Class A | 2,188,868 | 96,461,288 | 4,215,720 | 183,009,568 |
Class C | 31,396 | 1,403,441 | 89,742 | 3,933,010 |
Administrator Class | 1,056,266 | 47,713,951 | 2,338,163 | 103,711,408 |
145,578,680 | 290,653,986 | |||
Payment for shares redeemed | ||||
Class A | (2,068,334) | (95,239,910) | (2,625,376) | (122,456,063) |
Class C | (183,902) | (8,615,422) | (145,585) | (6,654,277) |
Administrator Class | (2,159,572) | (101,444,640) | (5,173,988) | (247,150,828) |
(205,299,972) | (376,261,168) | |||
Net increase in net assets resulting from capital share transactions | 13,540,434 | 40,046,105 | ||
Total increase (decrease) in net assets | 242,774,369 | (136,778,401) | ||
Net assets | ||||
Beginning of period | 1,019,812,366 | 1,156,590,767 | ||
End of period | $1,262,586,735 | $1,019,812,366 |
Year ended May 31 | |||||
Class A | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $41.27 | $49.48 | $63.35 | $66.85 | $62.85 |
Net investment income | 0.48 | 0.65 | 0.82 | 0.99 1 | 1.05 |
Net realized and unrealized gains on investments | 14.92 | 5.82 | 0.54 | 7.99 | 9.09 |
Total from investment operations | 15.40 | 6.47 | 1.36 | 8.98 | 10.14 |
Distributions to shareholders from | |||||
Net investment income | (0.57) | (0.67) | (0.90) | (1.02) | (1.16) |
Net realized gains | (5.93) | (14.01) | (14.33) | (11.46) | (4.98) |
Total distributions to shareholders | (6.50) | (14.68) | (15.23) | (12.48) | (6.14) |
Net asset value, end of period | $50.17 | $41.27 | $49.48 | $63.35 | $66.85 |
Total return2 | 39.71% | 12.02% | 3.32% | 13.87% | 16.94% |
Ratios to average net assets (annualized)* | |||||
Gross expenses | 0.65% | 0.67% | 0.65% | 0.63% | 0.62% |
Net expenses | 0.44% | 0.44% | 0.45% | 0.45% | 0.45% |
Net investment income | 1.08% | 1.47% | 1.51% | 1.49% | 1.68% |
Supplemental data | |||||
Portfolio turnover rate3 | 4% | 3% | 4% | 3% | 9% |
Net assets, end of period (000s omitted) | $835,781 | $660,101 | $676,511 | $702,866 | $684,004 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Year ended May 31, 2021 | 0.11% |
Year ended May 31, 2020 | 0.12% |
Year ended May 31, 2019 | 0.11% |
Year ended May 31, 2018 | 0.10% |
Year ended May 31, 2017 | 0.10% |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. |
3 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Year ended May 31 | |||||
Class C | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $41.90 | $50.02 | $63.67 | $67.11 | $63.12 |
Net investment income | 0.16 1 | 0.30 | 0.46 1 | 0.50 1 | 0.66 |
Net realized and unrealized gains on investments | 15.21 | 5.84 | 0.52 | 8.00 | 9.02 |
Total from investment operations | 15.37 | 6.14 | 0.98 | 8.50 | 9.68 |
Distributions to shareholders from | |||||
Net investment income | (0.15) | (0.25) | (0.30) | (0.48) | (0.71) |
Net realized gains | (5.93) | (14.01) | (14.33) | (11.46) | (4.98) |
Total distributions to shareholders | (6.08) | (14.26) | (14.63) | (11.94) | (5.69) |
Net asset value, end of period | $51.19 | $41.90 | $50.02 | $63.67 | $67.11 |
Total return2 | 38.83% | 11.17% | 2.54% | 13.02% | 16.07% |
Ratios to average net assets (annualized)* | |||||
Gross expenses | 1.40% | 1.42% | 1.39% | 1.38% | 1.37% |
Net expenses | 1.20% | 1.20% | 1.20% | 1.20% | 1.20% |
Net investment income | 0.34% | 0.72% | 0.77% | 0.72% | 0.93% |
Supplemental data | |||||
Portfolio turnover rate3 | 4% | 3% | 4% | 3% | 9% |
Net assets, end of period (000s omitted) | $12,530 | $16,103 | $19,146 | $66,117 | $67,691 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Year ended May 31, 2021 | 0.11% |
Year ended May 31, 2020 | 0.12% |
Year ended May 31, 2019 | 0.11% |
Year ended May 31, 2018 | 0.10% |
Year ended May 31, 2017 | 0.10% |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. |
3 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Year ended May 31 | |||||
Administrator Class | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $42.15 | $50.24 | $64.04 | $67.43 | $63.33 |
Net investment income | 0.58 | 0.81 | 1.02 1 | 1.26 | 1.41 |
Net realized and unrealized gains on investments | 15.26 | 5.85 | 0.48 | 7.94 | 8.94 |
Total from investment operations | 15.84 | 6.66 | 1.50 | 9.20 | 10.35 |
Distributions to shareholders from | |||||
Net investment income | (0.65) | (0.74) | (0.97) | (1.13) | (1.27) |
Net realized gains | (5.93) | (14.01) | (14.33) | (11.46) | (4.98) |
Total distributions to shareholders | (6.58) | (14.75) | (15.30) | (12.59) | (6.25) |
Net asset value, end of period | $51.41 | $42.15 | $50.24 | $64.04 | $67.43 |
Total return | 39.97% | 12.25% | 3.52% | 14.10% | 17.18% |
Ratios to average net assets (annualized)* | |||||
Gross expenses | 0.42% | 0.44% | 0.41% | 0.40% | 0.39% |
Net expenses | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% |
Net investment income | 1.28% | 1.67% | 1.72% | 1.70% | 1.88% |
Supplemental data | |||||
Portfolio turnover rate2 | 4% | 3% | 4% | 3% | 9% |
Net assets, end of period (000s omitted) | $414,276 | $343,609 | $460,934 | $829,004 | $1,151,522 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Year ended May 31, 2021 | 0.11% |
Year ended May 31, 2020 | 0.12% |
Year ended May 31, 2019 | 0.11% |
Year ended May 31, 2018 | 0.10% |
Year ended May 31, 2017 | 0.10% |
1 | Calculated based upon average shares outstanding |
2 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Gross unrealized gains | $1,149,801,971 |
Gross unrealized losses | (4,934,540) |
Net unrealized gains | $1,144,867,431 |
Affiliated Master Portfolio | Investment objective | Fair value of affiliated Master Portfolio |
Wells Fargo Index Portfolio | Seeks to replicate the total return of the S&P 500 Index, before fees and expenses | $1,262,895,519 |
Average daily net assets | Management fee |
First $5 billion | 0.050% |
Next $5 billion | 0.040 |
Over $10 billion | 0.030 |
Class-level administration fee | |
Class A | 0.21% |
Class C | 0.21 |
Administrator Class | 0.13 |
Expense ratio caps | |
Class A | 0.45% |
Class C | 1.20 |
Administrator Class | 0.25 |
Year ended May 31 | ||
2021 | 2020 | |
Ordinary income | $ 16,705,769 | $ 19,604,325 |
Long-term capital gain | 135,360,511 | 291,185,256 |
Undistributed ordinary income | Undistributed long-term gain | Unrealized gains |
$9,437,246 | $59,939,047 | $1,144,867,431 |
Wells Fargo Funds Trust:
![](https://capedge.com/proxy/N-CSR/0001193125-21-234774/g193422img684f07456.jpg)
Shares | Value | ||||
Common stocks: 98.56% | |||||
Communication services: 10.94% | |||||
Diversified telecommunication services: 1.27% | |||||
AT&T Incorporated | 258,045 | $ 7,594,264 | |||
Lumen Technologies Incorporated | 35,718 | 494,337 | |||
Verizon Communications Incorporated | 149,729 | 8,458,191 | |||
16,546,792 | |||||
Entertainment: 1.93% | |||||
Activision Blizzard Incorporated | 28,033 | 2,726,209 | |||
Electronic Arts Incorporated | 10,407 | 1,487,473 | |||
Live Nation Entertainment Incorporated † | 5,193 | 467,941 | |||
Netflix Incorporated † | 16,025 | 8,057,530 | |||
Take-Two Interactive Software Incorporated † | 4,167 | 773,229 | |||
The Walt Disney Company † | 65,681 | 11,733,911 | |||
25,246,293 | |||||
Interactive media & services: 6.20% | |||||
Alphabet Incorporated Class A † | 10,881 | 25,644,885 | |||
Alphabet Incorporated Class C † | 10,430 | 25,152,571 | |||
Facebook Incorporated Class A † | 87,035 | 28,611,016 | |||
Twitter Incorporated † | 28,879 | 1,674,982 | |||
81,083,454 | |||||
Media: 1.31% | |||||
Charter Communications Incorporated Class A † | 5,117 | 3,553,910 | |||
Comcast Corporation Class A | 165,398 | 9,483,921 | |||
Discovery Incorporated Class A †« | 5,879 | 188,775 | |||
Discovery Incorporated Class C † | 10,481 | 314,954 | |||
DISH Network Corporation Class A † | 8,953 | 389,635 | |||
Fox Corporation Class A | 12,098 | 451,860 | |||
Fox Corporation Class B | 5,562 | 201,789 | |||
Interpublic Group of Companies Incorporated | 14,136 | 476,242 | |||
News Corporation Class A | 14,151 | 381,935 | |||
News Corporation Class B | 4,406 | 113,190 | |||
Omnicom Group Incorporated | 7,780 | 639,827 | |||
ViacomCBS Incorporated Class B | 21,259 | 901,807 | |||
17,097,845 | |||||
Wireless telecommunication services: 0.23% | |||||
T-Mobile US Incorporated † | 21,135 | 2,989,546 | |||
Consumer discretionary: 11.93% | |||||
Auto components: 0.15% | |||||
Aptiv plc † | 9,770 | 1,469,603 | |||
BorgWarner Incorporated | 8,648 | 443,556 | |||
1,913,159 | |||||
Automobiles: 1.69% | |||||
Ford Motor Company † | 141,396 | 2,054,484 | |||
General Motors Company † | 45,880 | 2,721,143 | |||
Tesla Motors Incorporated † | 27,784 | 17,371,112 | |||
22,146,739 |
Shares | Value | ||||
Distributors: 0.14% | |||||
Genuine Parts Company | 5,225 | $ 685,102 | |||
LKQ Corporation † | 10,097 | 514,543 | |||
Pool Corporation | 1,456 | 635,617 | |||
1,835,262 | |||||
Hotels, restaurants & leisure: 2.08% | |||||
Booking Holdings Incorporated † | 1,482 | 3,499,817 | |||
Caesars Entertainment Incorporated † | 7,536 | 809,743 | |||
Carnival Corporation † | 28,867 | 853,309 | |||
Chipotle Mexican Grill Incorporated † | 1,018 | 1,396,676 | |||
Darden Restaurants Incorporated | 4,716 | 675,473 | |||
Domino's Pizza Incorporated | 1,404 | 599,325 | |||
Expedia Group Incorporated † | 5,006 | 885,812 | |||
Hilton Worldwide Holdings Incorporated † | 10,045 | 1,258,337 | |||
Las Vegas Sands Corporation † | 11,884 | 686,301 | |||
Marriott International Incorporated Class A † | 9,625 | 1,381,958 | |||
McDonald's Corporation | 26,977 | 6,309,651 | |||
MGM Resorts International | 14,861 | 637,091 | |||
Norwegian Cruise Line Holdings Limited † | 13,142 | 419,230 | |||
Penn National Gaming Incorporated † | 5,379 | 440,917 | |||
Royal Caribbean Cruises Limited † | 7,921 | 738,792 | |||
Starbucks Corporation | 42,598 | 4,851,060 | |||
Wynn Resorts Limited † | 3,807 | 502,029 | |||
Yum! Brands Incorporated | 10,857 | 1,302,514 | |||
27,248,035 | |||||
Household durables: 0.44% | |||||
D.R. Horton Incorporated | 11,975 | 1,141,098 | |||
Garmin Limited | 5,407 | 769,092 | |||
Leggett & Platt Incorporated | 4,812 | 264,804 | |||
Lennar Corporation Class A | 9,932 | 983,367 | |||
Mohawk Industries Incorporated † | 2,134 | 449,591 | |||
Newell Rubbermaid Incorporated | 13,673 | 392,278 | |||
NVR Incorporated † | 125 | 610,904 | |||
PulteGroup Incorporated | 9,621 | 555,998 | |||
Whirlpool Corporation | 2,271 | 538,431 | |||
5,705,563 | |||||
Internet & direct marketing retail: 3.99% | |||||
Amazon.com Incorporated † | 15,487 | 49,915,685 | |||
eBay Incorporated | 23,389 | 1,423,922 | |||
Etsy Incorporated † | 4,561 | 751,334 | |||
52,090,941 | |||||
Leisure products: 0.03% | |||||
Hasbro Incorporated | 4,622 | 443,573 | |||
Multiline retail: 0.52% | |||||
Dollar General Corporation | 8,865 | 1,799,240 | |||
Dollar Tree Incorporated † | 8,510 | 829,725 | |||
Target Corporation | 18,123 | 4,112,471 | |||
6,741,436 | |||||
Specialty retail: 2.22% | |||||
Advance Auto Parts Incorporated | 2,371 | 449,850 |
Shares | Value | ||||
Specialty retail (continued) | |||||
AutoZone Incorporated † | 803 | $ 1,129,500 | |||
Best Buy Company Incorporated | 8,339 | 969,325 | |||
CarMax Incorporated † | 5,881 | 677,432 | |||
L Brands Incorporated | 8,453 | 590,611 | |||
Lowe's Companies Incorporated | 26,449 | 5,153,059 | |||
O'Reilly Automotive Incorporated † | 2,540 | 1,359,205 | |||
Ross Stores Incorporated | 12,881 | 1,628,030 | |||
The Gap Incorporated | 7,443 | 248,968 | |||
The Home Depot Incorporated | 38,954 | 12,422,820 | |||
The TJX Companies Incorporated | 43,442 | 2,934,073 | |||
Tractor Supply Company | 4,208 | 764,594 | |||
Ulta Beauty Incorporated † | 2,038 | 703,844 | |||
29,031,311 | |||||
Textiles, apparel & luxury goods: 0.67% | |||||
HanesBrands Incorporated | 12,621 | 246,614 | |||
Nike Incorporated Class B | 46,005 | 6,277,842 | |||
PVH Corporation † | 2,573 | 295,432 | |||
Ralph Lauren Corporation † | 1,745 | 216,520 | |||
Tapestry Incorporated † | 10,053 | 451,279 | |||
Under Armour Incorporated Class A † | 6,825 | 154,109 | |||
Under Armour Incorporated Class C † | 7,051 | 134,392 | |||
VF Corporation | 11,622 | 926,506 | |||
8,702,694 | |||||
Consumer staples: 5.94% | |||||
Beverages: 1.44% | |||||
Brown-Forman Corporation Class B | 6,609 | 531,099 | |||
Constellation Brands Incorporated Class A | 6,152 | 1,474,757 | |||
Molson Coors Brewing Company Class B † | 6,811 | 397,218 | |||
Monster Beverage Corporation † | 13,377 | 1,261,050 | |||
PepsiCo Incorporated | 49,918 | 7,384,869 | |||
The Coca-Cola Company | 140,330 | 7,758,846 | |||
18,807,839 | |||||
Food & staples retailing: 1.31% | |||||
Costco Wholesale Corporation | 16,016 | 6,058,372 | |||
Sysco Corporation | 18,468 | 1,495,908 | |||
The Kroger Company | 27,547 | 1,018,688 | |||
Walgreens Boots Alliance Incorporated | 25,948 | 1,366,422 | |||
Walmart Incorporated | 50,162 | 7,124,509 | |||
17,063,899 | |||||
Food products: 0.97% | |||||
Archer Daniels Midland Company | 20,205 | 1,344,239 | |||
Campbell Soup Company | 7,344 | 357,432 | |||
ConAgra Foods Incorporated | 17,678 | 673,532 | |||
General Mills Incorporated | 22,123 | 1,390,652 | |||
Hormel Foods Corporation | 10,163 | 493,312 | |||
Kellogg Company | 9,209 | 603,097 | |||
Lamb Weston Holdings Incorporated | 5,295 | 436,785 | |||
McCormick & Company Incorporated | 9,007 | 802,163 | |||
Mondelez International Incorporated Class A | 51,094 | 3,246,002 | |||
The Hershey Company | 5,303 | 917,684 |
Shares | Value | ||||
Food products (continued) | |||||
The J.M. Smucker Company | 3,965 | $ 528,495 | |||
The Kraft Heinz Company | 23,457 | 1,022,491 | |||
Tyson Foods Incorporated Class A | 10,664 | 847,788 | |||
12,663,672 | |||||
Household products: 1.36% | |||||
Church & Dwight Company Incorporated | 8,868 | 760,254 | |||
Colgate-Palmolive Company | 30,703 | 2,572,297 | |||
Kimberly-Clark Corporation | 12,230 | 1,597,605 | |||
The Clorox Company | 4,551 | 804,298 | |||
The Procter & Gamble Company | 89,099 | 12,015,000 | |||
17,749,454 | |||||
Personal products: 0.19% | |||||
The Estee Lauder Companies Incorporated Class A | 8,312 | 2,547,794 | |||
Tobacco: 0.67% | |||||
Altria Group Incorporated | 67,252 | 3,310,143 | |||
Philip Morris International Incorporated | 56,348 | 5,433,638 | |||
8,743,781 | |||||
Energy: 2.75% | |||||
Energy equipment & services: 0.24% | |||||
Baker Hughes Incorporated | 26,376 | 643,574 | |||
Halliburton Company | 32,153 | 721,835 | |||
NOV Incorporated † | 14,046 | 226,422 | |||
Schlumberger Limited | 50,593 | 1,585,079 | |||
3,176,910 | |||||
Oil, gas & consumable fuels: 2.51% | |||||
APA Corporation | 13,672 | 284,378 | |||
Cabot Oil & Gas Corporation | 14,452 | 237,013 | |||
Chevron Corporation | 69,870 | 7,251,807 | |||
ConocoPhillips | 49,018 | 2,732,263 | |||
Devon Energy Corporation | 21,431 | 569,207 | |||
Diamondback Energy Incorporated | 6,542 | 523,818 | |||
EOG Resources Incorporated | 21,115 | 1,696,379 | |||
Exxon Mobil Corporation | 153,178 | 8,941,000 | |||
Hess Corporation | 9,886 | 828,645 | |||
HollyFrontier Corporation | 5,406 | 175,533 | |||
Kinder Morgan Incorporated | 70,442 | 1,291,906 | |||
Marathon Oil Corporation | 28,562 | 345,886 | |||
Marathon Petroleum Corporation | 23,565 | 1,456,317 | |||
Occidental Petroleum Corporation | 30,335 | 787,497 | |||
ONEOK Incorporated | 16,101 | 849,167 | |||
Phillips 66 | 15,805 | 1,331,097 | |||
Pioneer Natural Resources Company | 7,445 | 1,133,055 | |||
The Williams Companies Incorporated | 43,918 | 1,156,800 | |||
Valero Energy Corporation | 14,783 | 1,188,553 | |||
32,780,321 | |||||
Financials: 11.75% | |||||
Banks: 4.59% | |||||
Bank of America Corporation | 274,886 | 11,652,418 |
Shares | Value | ||||
Banks (continued) | |||||
Citigroup Incorporated | 75,524 | $ 5,944,494 | |||
Citizens Financial Group Incorporated | 15,381 | 767,512 | |||
Comerica Incorporated | 5,035 | 395,197 | |||
Fifth Third Bancorp | 25,727 | 1,084,136 | |||
First Republic Bank | 6,367 | 1,218,898 | |||
Huntington Bancshares Incorporated | 36,807 | 583,759 | |||
JPMorgan Chase & Company | 110,411 | 18,133,903 | |||
KeyCorp | 35,054 | 807,644 | |||
M&T Bank Corporation | 4,654 | 747,851 | |||
People's United Financial Incorporated | 15,397 | 291,157 | |||
PNC Financial Services Group Incorporated | 15,342 | 2,986,781 | |||
Regions Financial Corporation | 34,760 | 813,732 | |||
SVB Financial Group † | 1,953 | 1,138,384 | |||
Truist Financial Corporation | 48,745 | 3,011,466 | |||
US Bancorp | 49,460 | 3,006,179 | |||
Wells Fargo & Company ♠ | 149,583 | 6,988,518 | |||
Zions Bancorporation | 5,942 | 343,923 | |||
59,915,952 | |||||
Capital markets: 3.00% | |||||
Ameriprise Financial Incorporated | 4,224 | 1,097,564 | |||
Bank of New York Mellon Corporation | 29,192 | 1,520,319 | |||
BlackRock Incorporated | 5,136 | 4,504,477 | |||
Cboe Global Markets Incorporated | 3,879 | 431,733 | |||
CME Group Incorporated | 12,990 | 2,841,692 | |||
Franklin Resources Incorporated | 9,875 | 337,824 | |||
Intercontinental Exchange Incorporated | 20,324 | 2,294,173 | |||
Invesco Limited | 13,621 | 388,607 | |||
MarketAxess Holdings Incorporated | 1,375 | 641,493 | |||
Moody's Corporation | 5,822 | 1,952,408 | |||
Morgan Stanley | 54,297 | 4,938,312 | |||
MSCI Incorporated | 2,988 | 1,398,772 | |||
Northern Trust Corporation | 7,537 | 913,409 | |||
Raymond James Financial Incorporated | 4,435 | 588,037 | |||
S&P Global Incorporated | 8,709 | 3,304,804 | |||
State Street Corporation | 12,729 | 1,107,168 | |||
T. Rowe Price Group Incorporated | 8,248 | 1,578,255 | |||
The Charles Schwab Corporation | 54,148 | 3,998,830 | |||
The Goldman Sachs Group Incorporated | 12,449 | 4,631,277 | |||
The NASDAQ Incorporated | 4,174 | 698,978 | |||
39,168,132 | |||||
Consumer finance: 0.66% | |||||
American Express Company | 23,610 | 3,780,669 | |||
Capital One Financial Corporation | 16,616 | 2,671,520 | |||
Discover Financial Services | 11,097 | 1,301,234 | |||
Synchrony Financial | 19,651 | 931,654 | |||
8,685,077 | |||||
Diversified financial services: 1.53% | |||||
Berkshire Hathaway Incorporated Class B † | 68,989 | 19,968,176 | |||
Insurance: 1.97% | |||||
AFLAC Incorporated | 23,171 | 1,313,332 | |||
American International Group Incorporated | 31,290 | 1,653,364 | |||
Aon plc Class A | 8,177 | 2,071,806 |
Shares | Value | ||||
Insurance (continued) | |||||
Arthur J. Gallagher & Company | 7,413 | $ 1,086,820 | |||
Assurant Incorporated | 2,095 | 337,609 | |||
Chubb Limited | 16,290 | 2,769,137 | |||
Cincinnati Financial Corporation | 5,424 | 660,155 | |||
Everest Reinsurance Group Limited | 1,447 | 376,162 | |||
Globe Life Incorporated | 3,438 | 362,434 | |||
Lincoln National Corporation | 6,529 | 455,659 | |||
Loews Corporation | 8,213 | 479,475 | |||
Marsh & McLennan Companies Incorporated | 18,388 | 2,543,980 | |||
MetLife Incorporated | 27,200 | 1,777,792 | |||
Principal Financial Group Incorporated | 9,173 | 599,822 | |||
Progressive Corporation | 21,194 | 2,099,902 | |||
Prudential Financial Incorporated | 14,364 | 1,536,517 | |||
The Allstate Corporation | 10,959 | 1,497,109 | |||
The Hartford Financial Services Group Incorporated | 12,936 | 845,368 | |||
The Travelers Companies Incorporated | 9,126 | 1,457,422 | |||
UnumProvident Corporation | 7,372 | 228,311 | |||
W.R. Berkley Corporation | 5,070 | 395,409 | |||
Willis Towers Watson plc | 4,667 | 1,219,767 | |||
25,767,352 | |||||
Health care: 12.78% | |||||
Biotechnology: 1.72% | |||||
AbbVie Incorporated | 63,894 | 7,232,801 | |||
Alexion Pharmaceuticals Incorporated † | 7,955 | 1,404,455 | |||
Amgen Incorporated | 20,898 | 4,972,470 | |||
Biogen Incorporated † | 5,512 | 1,474,350 | |||
Gilead Sciences Incorporated | 45,467 | 3,005,823 | |||
Incyte Corporation † | 6,761 | 566,437 | |||
Regeneron Pharmaceuticals Incorporated † | 3,809 | 1,913,756 | |||
Vertex Pharmaceuticals Incorporated † | 9,406 | 1,962,374 | |||
22,532,466 | |||||
Health care equipment & supplies: 3.51% | |||||
Abbott Laboratories | 64,098 | 7,477,032 | |||
ABIOMED Incorporated † | 1,637 | 465,857 | |||
Align Technology Incorporated † | 2,606 | 1,537,931 | |||
Baxter International Incorporated | 18,276 | 1,500,825 | |||
Becton Dickinson & Company | 10,513 | 2,542,990 | |||
Boston Scientific Corporation † | 51,277 | 2,181,836 | |||
Danaher Corporation | 22,935 | 5,874,571 | |||
Dentsply Sirona Incorporated | 7,926 | 530,408 | |||
DexCom Incorporated † | 3,480 | 1,285,477 | |||
Edwards Lifesciences Corporation † | 22,597 | 2,167,052 | |||
Hologic Incorporated † | 9,323 | 587,908 | |||
IDEXX Laboratories Incorporated † | 3,091 | 1,725,118 | |||
Intuitive Surgical Incorporated † | 4,259 | 3,586,845 | |||
Medtronic plc | 48,777 | 6,174,680 | |||
ResMed Incorporated | 5,265 | 1,083,800 | |||
STERIS plc | 3,088 | 589,376 | |||
Stryker Corporation | 11,842 | 3,022,907 | |||
Teleflex Incorporated | 1,689 | 679,299 | |||
The Cooper Companies Incorporated | 1,778 | 699,554 |
Shares | Value | ||||
Health care equipment & supplies (continued) | |||||
West Pharmaceutical Services Incorporated | 2,681 | $ 931,674 | |||
Zimmer Biomet Holdings Incorporated | 7,521 | 1,266,010 | |||
45,911,150 | |||||
Health care providers & services: 2.73% | |||||
AmerisourceBergen Corporation | 5,333 | 611,908 | |||
Anthem Incorporated | 8,861 | 3,528,627 | |||
Cardinal Health Incorporated | 10,626 | 595,800 | |||
Centene Corporation † | 21,044 | 1,548,838 | |||
Cigna Corporation | 12,731 | 3,295,419 | |||
CVS Health Corporation | 47,448 | 4,101,405 | |||
DaVita HealthCare Partners Incorporated † | 2,613 | 313,743 | |||
HCA Healthcare Incorporated | 9,593 | 2,060,480 | |||
Henry Schein Incorporated † | 5,155 | 391,986 | |||
Humana Incorporated | 4,663 | 2,040,995 | |||
Laboratory Corporation of America Holdings † | 3,531 | 969,189 | |||
McKesson Corporation | 5,753 | 1,106,820 | |||
Quest Diagnostics Incorporated | 4,829 | 635,834 | |||
UnitedHealth Group Incorporated | 34,204 | 14,089,312 | |||
Universal Health Services Incorporated Class B | 2,816 | 449,518 | |||
35,739,874 | |||||
Health care technology: 0.07% | |||||
Cerner Corporation | 11,082 | 867,167 | |||
Life sciences tools & services: 1.19% | |||||
Agilent Technologies Incorporated | 11,025 | 1,522,883 | |||
Bio-Rad Laboratories Incorporated Class A † | 780 | 469,849 | |||
Charles River Laboratories International Incorporated † | 1,801 | 608,720 | |||
Illumina Incorporated † | 5,279 | 2,141,374 | |||
IQVIA Holdings Incorporated † | 6,921 | 1,662,147 | |||
Mettler-Toledo International Incorporated † | 847 | 1,101,905 | |||
PerkinElmer Incorporated | 4,055 | 588,259 | |||
Thermo Fisher Scientific Incorporated | 14,248 | 6,689,436 | |||
Waters Corporation † | 2,250 | 725,063 | |||
15,509,636 | |||||
Pharmaceuticals: 3.56% | |||||
Bristol-Myers Squibb Company | 81,066 | 5,327,658 | |||
Catalent Incorporated † | 6,159 | 645,648 | |||
Eli Lilly & Company | 28,783 | 5,749,116 | |||
Johnson & Johnson | 95,112 | 16,097,706 | |||
Merck & Company Incorporated | 91,553 | 6,947,957 | |||
Perrigo Company plc | 4,816 | 222,210 | |||
Pfizer Incorporated | 201,813 | 7,816,217 | |||
Viatris Incorporated | 43,675 | 665,607 | |||
Zoetis Incorporated | 17,193 | 3,037,659 | |||
46,509,778 | |||||
Industrials: 8.81% | |||||
Aerospace & defense: 1.67% | |||||
General Dynamics Corporation | 8,390 | 1,593,345 | |||
Howmet Aerospace Incorporated † | 14,120 | 500,978 | |||
Huntington Ingalls Industries Incorporated | 1,457 | 315,018 | |||
L3Harris Technologies Incorporated | 7,438 | 1,621,930 |
Shares | Value | ||||
Aerospace & defense (continued) | |||||
Lockheed Martin Corporation | 8,919 | $ 3,408,842 | |||
Northrop Grumman Corporation | 5,610 | 2,052,531 | |||
Raytheon Technologies Corporation | 54,979 | 4,877,187 | |||
Teledyne Technologies Incorporated † | 1,679 | 704,290 | |||
Textron Incorporated | 8,211 | 562,207 | |||
The Boeing Company † | 19,851 | 4,903,594 | |||
TransDigm Group Incorporated † | 1,979 | 1,284,054 | |||
21,823,976 | |||||
Air freight & logistics: 0.73% | |||||
C.H. Robinson Worldwide Incorporated | 4,842 | 469,771 | |||
Expeditors International of Washington Incorporated | 6,128 | 770,228 | |||
FedEx Corporation | 8,824 | 2,777,883 | |||
United Parcel Service Incorporated Class B | 26,034 | 5,586,896 | |||
9,604,778 | |||||
Airlines: 0.30% | |||||
Alaska Air Group Incorporated † | 4,495 | 311,054 | |||
American Airlines Group Incorporated † | 23,145 | 561,035 | |||
Delta Air Lines Incorporated † | 23,090 | 1,100,931 | |||
Southwest Airlines Company † | 21,372 | 1,313,523 | |||
United Airlines Holdings Incorporated † | 11,523 | 672,367 | |||
3,958,910 | |||||
Building products: 0.50% | |||||
A.O. Smith Corporation | 4,900 | 348,243 | |||
Allegion plc | 3,283 | 461,196 | |||
Carrier Global Corporation | 29,566 | 1,357,966 | |||
Fortune Brands Home & Security Incorporated | 5,017 | 517,554 | |||
Johnson Controls International plc | 26,061 | 1,734,099 | |||
Masco Corporation | 9,304 | 561,124 | |||
Trane Technologies plc | 8,627 | 1,608,073 | |||
6,588,255 | |||||
Commercial services & supplies: 0.40% | |||||
Cintas Corporation | 3,192 | 1,128,500 | |||
Copart Incorporated † | 7,524 | 970,671 | |||
Republic Services Incorporated | 7,615 | 831,406 | |||
Rollins Incorporated | 8,013 | 273,163 | |||
Waste Management Incorporated | 14,086 | 1,981,618 | |||
5,185,358 | |||||
Construction & engineering: 0.04% | |||||
Quanta Services Incorporated | 5,006 | 477,322 | |||
Electrical equipment: 0.55% | |||||
AMETEK Incorporated | 8,342 | 1,127,004 | |||
Eaton Corporation plc | 14,404 | 2,092,181 | |||
Emerson Electric Company | 21,711 | 2,077,526 | |||
Generac Holdings Incorporated † | 2,274 | 747,509 | |||
Rockwell Automation Incorporated | 4,203 | 1,108,415 | |||
7,152,635 | |||||
Industrial conglomerates: 1.24% | |||||
3M Company | 20,953 | 4,254,297 |
Shares | Value | ||||
Industrial conglomerates (continued) | |||||
General Electric Company | 317,247 | $ 4,460,493 | |||
Honeywell International Incorporated | 25,165 | 5,810,850 | |||
Roper Technologies Incorporated | 3,797 | 1,708,688 | |||
16,234,328 | |||||
Machinery: 1.75% | |||||
Caterpillar Incorporated | 19,730 | 4,756,508 | |||
Cummins Incorporated | 5,355 | 1,377,734 | |||
Deere & Company | 11,341 | 4,095,235 | |||
Dover Corporation | 5,198 | 782,299 | |||
Fortive Corporation | 12,232 | 887,065 | |||
IDEX Corporation | 2,746 | 611,424 | |||
Illinois Tool Works Incorporated | 10,426 | 2,416,330 | |||
Ingersoll Rand Incorporated † | 13,485 | 669,395 | |||
Otis Worldwide Corporation | 14,750 | 1,155,368 | |||
PACCAR Incorporated | 12,553 | 1,149,353 | |||
Parker-Hannifin Corporation | 4,670 | 1,439,061 | |||
Pentair plc | 6,009 | 414,441 | |||
Snap-on Incorporated | 1,961 | 499,310 | |||
Stanley Black & Decker Incorporated | 5,822 | 1,262,210 | |||
Wabtec Corporation | 6,425 | 531,733 | |||
Xylem Incorporated | 6,526 | 770,851 | |||
22,818,317 | |||||
Professional services: 0.41% | |||||
Equifax Incorporated | 4,407 | 1,035,821 | |||
IHS Markit Limited | 13,489 | 1,420,527 | |||
Jacobs Engineering Group Incorporated | 4,707 | 668,771 | |||
Leidos Holdings Incorporated | 4,826 | 495,872 | |||
Nielsen Holdings plc | 12,946 | 352,261 | |||
Robert Half International Incorporated | 4,093 | 363,417 | |||
Verisk Analytics Incorporated | 5,890 | 1,017,969 | |||
5,354,638 | |||||
Road & rail: 1.01% | |||||
CSX Corporation | 27,589 | 2,762,211 | |||
J.B. Hunt Transport Services Incorporated | 3,021 | 518,222 | |||
Kansas City Southern | 3,287 | 978,474 | |||
Norfolk Southern Corporation | 9,115 | 2,560,404 | |||
Old Dominion Freight Line Incorporated | 3,469 | 920,846 | |||
Union Pacific Corporation | 24,236 | 5,446,556 | |||
13,186,713 | |||||
Trading companies & distributors: 0.21% | |||||
Fastenal Company | 20,781 | 1,102,224 | |||
United Rentals Incorporated † | 2,612 | 872,304 | |||
W.W. Grainger Incorporated | 1,592 | 735,759 | |||
2,710,287 | |||||
Information technology: 25.85% | |||||
Communications equipment: 0.82% | |||||
Arista Networks Incorporated † | 1,989 | 675,027 | |||
Cisco Systems Incorporated | 152,755 | 8,080,740 | |||
F5 Networks Incorporated † | 2,231 | 413,694 |
Shares | Value | ||||
Communications equipment (continued) | |||||
Juniper Networks Incorporated | 11,874 | $ 312,642 | |||
Motorola Solutions Incorporated | 6,116 | 1,255,676 | |||
10,737,779 | |||||
Electronic equipment, instruments & components: 0.61% | |||||
Amphenol Corporation Class A | 21,679 | 1,458,130 | |||
CDW Corporation of Delaware | 5,101 | 843,807 | |||
Corning Incorporated | 27,802 | 1,213,001 | |||
IPG Photonics Corporation † | 1,298 | 271,619 | |||
Keysight Technologies Incorporated † | 6,733 | 958,645 | |||
TE Connectivity Limited | 11,972 | 1,624,361 | |||
Trimble Incorporated † | 9,081 | 706,411 | |||
Zebra Technologies Corporation Class A † | 1,935 | 961,792 | |||
8,037,766 | |||||
IT services: 5.04% | |||||
Accenture plc Class A | 22,949 | 6,475,290 | |||
Akamai Technologies Incorporated † | 5,906 | 674,524 | |||
Automatic Data Processing Incorporated | 15,484 | 3,035,174 | |||
Broadridge Financial Solutions Incorporated | 4,190 | 668,221 | |||
Cognizant Technology Solutions Corporation Class A | 19,199 | 1,373,880 | |||
DXC Technology Company † | 9,212 | 349,319 | |||
Fidelity National Information Services Incorporated | 22,474 | 3,348,177 | |||
Fiserv Incorporated † | 21,550 | 2,482,560 | |||
FleetCor Technologies Incorporated † | 3,018 | 828,260 | |||
Gartner Incorporated † | 3,210 | 744,206 | |||
Global Payments Incorporated | 10,683 | 2,069,404 | |||
International Business Machines Corporation | 32,333 | 4,647,545 | |||
Jack Henry & Associates Incorporated | 2,753 | 424,375 | |||
MasterCard Incorporated Class A | 31,724 | 11,439,040 | |||
Paychex Incorporated | 11,613 | 1,174,539 | |||
PayPal Holdings Incorporated † | 42,376 | 11,018,608 | |||
The Western Union Company | 14,868 | 363,820 | |||
VeriSign Incorporated † | 3,601 | 791,932 | |||
Visa Incorporated Class A | 61,370 | 13,949,401 | |||
65,858,275 | |||||
Semiconductors & semiconductor equipment: 5.37% | |||||
Advanced Micro Devices Incorporated † | 43,846 | 3,511,188 | |||
Analog Devices Incorporated | 13,348 | 2,197,081 | |||
Applied Materials Incorporated | 33,203 | 4,586,330 | |||
Broadcom Incorporated | 14,771 | 6,976,786 | |||
Enphase Energy Incorporated † | 4,668 | 667,757 | |||
Intel Corporation | 147,010 | 8,397,211 | |||
KLA Corporation | 5,575 | 1,766,662 | |||
Lam Research Corporation | 5,171 | 3,360,374 | |||
Maxim Integrated Products Incorporated | 9,698 | 989,293 | |||
Microchip Technology Incorporated | 9,743 | 1,529,164 | |||
Micron Technology Incorporated † | 40,476 | 3,405,651 | |||
Monolithic Power Systems Incorporated | 1,552 | 532,522 | |||
NVIDIA Corporation | 22,433 | 14,576,515 | |||
NXP Semiconductors NV | 10,023 | 2,119,063 | |||
Qorvo Incorporated † | 4,098 | 748,787 | |||
QUALCOMM Incorporated | 41,103 | 5,529,998 | |||
Skyworks Solutions Incorporated | 5,967 | 1,014,390 |
Shares | Value | ||||
Semiconductors & semiconductor equipment (continued) | |||||
Teradyne Incorporated | 6,031 | $ 798,203 | |||
Texas Instruments Incorporated | 33,297 | 6,320,437 | |||
Xilinx Incorporated | 8,892 | 1,129,284 | |||
70,156,696 | |||||
Software: 8.24% | |||||
Adobe Incorporated † | 17,343 | 8,750,931 | |||
ANSYS Incorporated † | 3,139 | 1,060,794 | |||
Autodesk Incorporated † | 7,956 | 2,274,302 | |||
Cadence Design Systems Incorporated † | 10,094 | 1,281,837 | |||
Citrix Systems Incorporated | 4,449 | 511,457 | |||
Fortinet Incorporated † | 4,901 | 1,071,065 | |||
Intuit Incorporated | 9,908 | 4,350,504 | |||
Microsoft Corporation | 272,897 | 68,136,923 | |||
NortonLifeLock Incorporated | 21,055 | 582,381 | |||
Oracle Corporation | 67,109 | 5,284,163 | |||
Paycom Software Incorporated † | 1,776 | 585,370 | |||
PTC Incorporated † | 3,804 | 510,269 | |||
Salesforce.com Incorporated † | 33,206 | 7,906,349 | |||
ServiceNow Incorporated † | 7,095 | 3,362,179 | |||
Synopsys Incorporated † | 5,513 | 1,402,176 | |||
Tyler Technologies Incorporated † | 1,468 | 591,839 | |||
107,662,539 | |||||
Technology hardware, storage & peripherals: 5.77% | |||||
Apple Incorporated | 570,990 | 71,151,064 | |||
Hewlett Packard Enterprise Company | 47,079 | 751,381 | |||
HP Incorporated | 45,320 | 1,324,704 | |||
NetApp Incorporated | 8,054 | 623,138 | |||
Seagate Technology Holdings plc | 7,268 | 695,911 | |||
Western Digital Corporation † | 11,075 | 833,172 | |||
75,379,370 | |||||
Materials: 2.78% | |||||
Chemicals: 1.88% | |||||
Air Products & Chemicals Incorporated | 8,006 | 2,399,078 | |||
Albemarle Corporation | 4,220 | 705,078 | |||
Celanese Corporation Series A | 4,131 | 683,474 | |||
CF Industries Holdings Incorporated | 7,743 | 411,695 | |||
Corteva Incorporated | 26,922 | 1,224,951 | |||
Dow Incorporated | 26,964 | 1,844,877 | |||
DuPont de Nemours Incorporated | 19,480 | 1,647,813 | |||
Eastman Chemical Company | 4,916 | 616,466 | |||
Ecolab Incorporated | 8,998 | 1,935,290 | |||
FMC Corporation | 4,680 | 546,109 | |||
International Flavors & Fragrances Incorporated | 9,000 | 1,275,030 | |||
Linde plc | 18,918 | 5,686,746 | |||
LyondellBasell Industries NV Class A | 9,309 | 1,048,380 | |||
PPG Industries Incorporated | 8,573 | 1,540,740 | |||
The Mosaic Company | 12,482 | 451,099 | |||
The Sherwin-Williams Company | 8,754 | 2,482,022 | |||
24,498,848 |
Shares | Value | ||||
Construction materials: 0.13% | |||||
Martin Marietta Materials Incorporated | 2,254 | $ 819,667 | |||
Vulcan Materials Company | 4,796 | 879,203 | |||
1,698,870 | |||||
Containers & packaging: 0.35% | |||||
Amcor plc | 56,516 | 666,889 | |||
Avery Dennison Corporation | 3,004 | 662,472 | |||
Ball Corporation | 11,865 | 974,828 | |||
International Paper Company | 14,223 | 897,471 | |||
Packaging Corporation of America | 3,431 | 510,018 | |||
Sealed Air Corporation | 5,605 | 318,700 | |||
WestRock Company | 9,535 | 556,081 | |||
4,586,459 | |||||
Metals & mining: 0.42% | |||||
Freeport-McMoRan Incorporated | 52,772 | 2,254,420 | |||
Newmont Corporation | 28,957 | 2,127,760 | |||
Nucor Corporation | 10,784 | 1,105,791 | |||
5,487,971 | |||||
Real estate: 2.51% | |||||
Equity REITs: 2.43% | |||||
Alexandria Real Estate Equities Incorporated | 4,600 | 819,996 | |||
American Tower Corporation | 16,419 | 4,194,398 | |||
AvalonBay Communities Incorporated | 5,048 | 1,044,633 | |||
Boston Properties Incorporated | 5,130 | 603,083 | |||
Crown Castle International Corporation | 15,606 | 2,957,337 | |||
Digital Realty Trust Incorporated | 10,172 | 1,541,668 | |||
Duke Realty Corporation | 13,524 | 628,325 | |||
Equinix Incorporated | 3,231 | 2,380,342 | |||
Equity Residential | 12,405 | 960,767 | |||
Essex Property Trust Incorporated | 2,352 | 694,522 | |||
Extra Space Storage Incorporated | 4,777 | 715,642 | |||
Federal Realty Investment Trust | 2,527 | 288,937 | |||
Healthpeak Properties Incorporated | 19,491 | 650,610 | |||
Host Hotels & Resorts Incorporated † | 25,522 | 438,213 | |||
Iron Mountain Incorporated | 10,436 | 454,383 | |||
Kimco Realty Corporation | 15,647 | 333,438 | |||
Mid-America Apartment Communities Incorporated | 4,139 | 665,137 | |||
Prologis Incorporated | 26,757 | 3,153,045 | |||
Public Storage Incorporated | 5,502 | 1,554,205 | |||
Realty Income Corporation | 13,510 | 924,084 | |||
Regency Centers Corporation | 5,715 | 369,189 | |||
SBA Communications Corporation | 3,956 | 1,179,363 | |||
Simon Property Group Incorporated | 11,886 | 1,527,232 | |||
UDR Incorporated | 10,740 | 511,546 | |||
Ventas Incorporated | 13,556 | 751,680 | |||
Vornado Realty Trust | 5,677 | 268,409 | |||
Welltower Incorporated | 15,102 | 1,129,177 | |||
Weyerhaeuser Company | 27,056 | 1,027,046 | |||
31,766,407 | |||||
Real estate management & development: 0.08% | |||||
CBRE Group Incorporated Class A † | 12,143 | 1,065,913 |
Shares | Value | ||||
Utilities: 2.52% | |||||
Electric utilities: 1.58% | |||||
Alliant Energy Corporation | 9,041 | $ 516,693 | |||
American Electric Power Company Incorporated | 17,968 | 1,545,248 | |||
Duke Energy Corporation | 27,812 | 2,787,319 | |||
Edison International | 13,723 | 766,704 | |||
Entergy Corporation | 7,254 | 763,556 | |||
Evergy Incorporated | 8,211 | 509,000 | |||
Eversource Energy | 12,411 | 1,007,649 | |||
Exelon Corporation | 35,326 | 1,593,909 | |||
FirstEnergy Corporation | 19,655 | 745,121 | |||
NextEra Energy Incorporated | 70,913 | 5,192,250 | |||
NRG Energy Incorporated | 8,853 | 284,624 | |||
Pinnacle West Capital Corporation | 4,077 | 344,833 | |||
PPL Corporation | 27,824 | 809,957 | |||
The Southern Company | 38,231 | 2,443,726 | |||
Xcel Energy Incorporated | 19,454 | 1,378,900 | |||
20,689,489 | |||||
Gas utilities: 0.03% | |||||
Atmos Energy Corporation | 4,637 | 459,851 | |||
Independent power & renewable electricity producers: 0.05% | |||||
AES Corporation | 24,174 | 614,261 | |||
Multi-utilities: 0.78% | |||||
Ameren Corporation | 9,167 | 771,861 | |||
CenterPoint Energy Incorporated | 19,958 | 504,937 | |||
CMS Energy Corporation | 10,455 | 655,947 | |||
Consolidated Edison Incorporated | 12,390 | 957,004 | |||
Dominion Energy Incorporated | 29,150 | 2,219,481 | |||
DTE Energy Company | 7,011 | 967,448 | |||
NiSource Incorporated | 14,178 | 361,539 | |||
Public Service Enterprise Group Incorporated | 18,276 | 1,135,305 | |||
Sempra Energy | 11,394 | 1,543,773 | |||
WEC Energy Group Incorporated | 11,413 | 1,071,795 | |||
10,189,090 | |||||
Water utilities: 0.08% | |||||
American Water Works Company Incorporated | 6,565 | 1,017,706 | |||
Total Common stocks (Cost $297,667,405) | 1,287,933,880 |
Yield | |||||
Short-term investments: 1.14% | |||||
Investment companies: 1.14% | |||||
Securities Lending Cash Investments LLC ♠∩∞ | 0.03% | 182,600 | 182,600 | ||
Wells Fargo Government Money Market Fund Select Class ♠∞ | 0.03 | 14,730,757 | 14,730,757 | ||
Total Short-term investments (Cost $14,913,357) | 14,913,357 | ||||
Total investments in securities (Cost $312,580,762) | 99.70% | 1,302,847,237 | |||
Other assets and liabilities, net | 0.30 | 3,948,487 | |||
Total net assets | 100.00% | $1,306,795,724 |
† | Non-income-earning security |
« | All or a portion of this security is on loan. |
♠ | The issuer is an affiliate of the Portfolio as defined in the Investment Company Act of 1940. |
∩ | The investment is a non-registered investment company purchased with cash collateral received from securities on loan. |
∞ | The rate represents the 7-day annualized yield at period end. |
Abbreviations: | |
REIT | Real estate investment trust |
Value, beginning of period | Purchases | Sales proceeds | Net realized gains (losses) | Net change in unrealized gains (losses) | Value, end of period | % of net assets | Shares, end of period | Income from affiliated securities | ||||
Common stocks | ||||||||||||
Financials | ||||||||||||
Banks | ||||||||||||
Wells Fargo & Company | $ 4,100,362 | $ 374,345 | $ (576,645) | $ 54,959 | $ 3,035,497 | $ 6,988,518 | 0.54% | 149,583 | $ 61,288 | |||
Short-term investments | ||||||||||||
Investment companies | ||||||||||||
Securities Lending Cash Investments LLC | 0 | 12,799,719 | (12,617,119) | 0 | 0 | 182,600 | 182,600 | 490 # | ||||
Wells Fargo Government Money Market Fund Select Class | 30,205,942 | 131,504,451 | (146,979,636) | 0 | 0 | 14,730,757 | 14,730,757 | 11,920 | ||||
14,913,357 | 1.14 | |||||||||||
$54,959 | $3,035,497 | $21,901,875 | 1.68% | $73,698 |
# | Amount shown represents income before fees and rebates. |
Description | Number of contracts | Expiration date | Notional cost | Notional value | Unrealized gains | Unrealized losses |
Long | ||||||
E-Mini S&P 500 Index | 89 | 6-18-2021 | $17,508,915 | $18,700,680 | $1,191,765 | $0 |
Assets | |
Investments in unaffiliated securities (including $176,605 of securities loaned), at value (cost $294,318,910) | $ 1,280,945,362 |
Investments in affiliated securites, at value (cost $18,261,852) | 21,901,875 |
Cash | 8,210 |
Cash due from broker | 2,475,001 |
Receivable for dividends | 1,664,137 |
Receivable for daily variation margin on open futures contracts | 15,124 |
Receivable for securities lending income, net | 61 |
Prepaid expenses and other assets | 132,901 |
Total assets | 1,307,142,671 |
Liabilities | |
Payable upon receipt of securities loaned | 182,600 |
Advisory fee payable | 104,137 |
Payable for investments purchased | 60,210 |
Total liabilities | 346,947 |
Total net assets | $1,306,795,724 |
Investment income | |
Dividends (net of foreign withholdings taxes of $92,365) | $ 17,966,139 |
Income from affiliated securities | 78,419 |
Interest | 1,009 |
Total investment income | 18,045,567 |
Expenses | |
Advisory fee | 1,138,374 |
Custody and accounting fees | 71,073 |
Professional fees | 52,135 |
Interest holder report expenses | 7,451 |
Trustees’ fees and expenses | 19,165 |
Other fees and expenses | 33,487 |
Total expenses | 1,321,685 |
Net investment income | 16,723,882 |
Realized and unrealized gains (losses) on investments | |
Net realized gains on | |
Unaffiliated securities | 94,343,110 |
Affiliated securities | 54,959 |
Futures contracts | 10,037,956 |
Net realized gains on investments | 104,436,025 |
Net change in unrealized gains (losses) on | |
Unaffiliated securities | 273,073,751 |
Affiliated securities | 3,035,497 |
Futures contracts | 526,094 |
Net change in unrealized gains (losses) on investments | 276,635,342 |
Net realized and unrealized gains (losses) on investments | 381,071,367 |
Net increase in net assets resulting from operations | $397,795,249 |
Year ended May 31, 2021 | Year ended May 31, 2020 | |
Operations | ||
Net investment income | $ 16,723,882 | $ 20,718,704 |
Net realized gains on investments | 104,436,025 | 187,218,582 |
Net change in unrealized gains (losses) on investments | 276,635,342 | (66,539,266) |
Net increase in net assets resulting from operations | 397,795,249 | 141,398,020 |
Capital transactions | ||
Transactions in investors’ beneficial interests | ||
Contributions | 13,277,558 | 47,457,547 |
Withdrawals | (159,782,351) | (328,736,831) |
Net decrease in net assets resulting from capital transactions | (146,504,793) | (281,279,284) |
Total increase (decrease) in net assets | 251,290,456 | (139,881,264) |
Net assets | ||
Beginning of period | 1,055,505,268 | 1,195,386,532 |
End of period | $1,306,795,724 | $1,055,505,268 |
Year ended May 31 | |||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Total return | 40.16% | 12.74% | 3.67% | 14.27% | 17.36% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.11% | 0.12% | 0.11% | 0.10% | 0.10% |
Net expenses | 0.11% | 0.12% | 0.11% | 0.10% | 0.10% |
Net investment income | 1.41% | 1.80% | 1.86% | 1.84% | 2.03% |
Supplemental data | |||||
Portfolio turnover rate | 4% | 3% | 4% | 3% | 9% |
Gross unrealized gains | $996,362,565 |
Gross unrealized losses | (25,101,500) |
Net unrealized gains | $971,261,065 |
■ | Level 1 – quoted prices in active markets for identical securities |
■ | Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
■ | Level 3 – significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments) |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Common stocks | ||||
Communication services | $ 142,963,930 | $0 | $0 | $ 142,963,930 |
Consumer discretionary | 155,858,713 | 0 | 0 | 155,858,713 |
Consumer staples | 77,576,439 | 0 | 0 | 77,576,439 |
Energy | 35,957,231 | 0 | 0 | 35,957,231 |
Financials | 153,504,689 | 0 | 0 | 153,504,689 |
Health care | 167,070,071 | 0 | 0 | 167,070,071 |
Industrials | 115,095,517 | 0 | 0 | 115,095,517 |
Information technology | 337,832,425 | 0 | 0 | 337,832,425 |
Materials | 36,272,148 | 0 | 0 | 36,272,148 |
Real estate | 32,832,320 | 0 | 0 | 32,832,320 |
Utilities | 32,970,397 | 0 | 0 | 32,970,397 |
Short-term investments | ||||
Investment companies | 14,913,357 | 0 | 0 | 14,913,357 |
1,302,847,237 | 0 | 0 | 1,302,847,237 | |
Futures contracts | 1,191,765 | 0 | 0 | 1,191,765 |
Total assets | $1,304,039,002 | $0 | $0 | $1,304,039,002 |
Average daily net assets | Advisory fee |
First $500 million | 0.100% |
Next $500 million | 0.100 |
Next $2 billion | 0.075 |
Next $2 billion | 0.075 |
Over $5 billion | 0.050 |
Counterparty | Value of securities on loan | Collateral received1 | Net amount |
Citigroup Global Markets Inc. | $176,605 | $(176,605) | $0 |
Wells Fargo Master 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. |
Funds Trust | Master Trust |
Wells Fargo C&B Large Cap Value Fund | Wells Fargo C&B Large Cap Value Portfolio |
Wells Fargo Core Bond Fund | Wells Fargo Core Bond Portfolio |
Wells Fargo Emerging Growth Fund | Wells Fargo Emerging Growth Portfolio |
Wells Fargo Index Fund | Wells Fargo Index Portfolio |
Wells Fargo Real Return Fund | Wells Fargo Real Return Portfolio |
Wells Fargo Small Company Growth Fund | Wells Fargo Small Company Growth Portfolio |
Wells Fargo Small Company Value Fund | Wells Fargo Small Company Value Portfolio |
■ | Information regarding the Transaction: information about the structure, financing sources and material terms and conditions of the Transaction, including the expected impact on the businesses conducted by the Advisers and by Wells Fargo Funds Distributor LLC, as the distributor of Fund shares. |
■ | Information regarding NewCo, GTCR and Reverence Capital: (i) information about NewCo, including information about its expected financial condition and access to capital, and senior leadership team; (ii) the experience of senior management at GTCR and Reverence Capital in acquiring portfolio companies; (iii) the plan to operationalize NewCo, including the transition of necessary infrastructure services through a transition services agreement with Wells Fargo under which Wells Fargo will continue to provide NewCo with certain services for a specified period of time after the closing; and (iv) information regarding regulatory matters, compliance, and risk management functions at NewCo, including resources to be dedicated thereto. |
■ | Impact of the Transaction on WFAM and Service Providers: (i) information regarding any changes to personnel and/or other resources of the Advisers as a result of the Transaction, including assurances regarding comparable and competitive compensation arrangements to attract and retain highly qualified personnel; and (ii) information about the organizational and operating structure with respect to NewCo, the Advisers and the Funds and Master Portfolios. |
■ | Impact of the Transaction on the Funds and their Shareholders and the Master Portfolios and their Interest Holders: (i) information regarding anticipated benefits to the Funds and the Master Portfolios as a result of the Transaction; (ii) a commitment that the Funds and Master Portfolios would not bear any expenses, directly or indirectly, in connection with the Transaction; (iii) confirmation that the Advisers and the Unaffiliated Sub-Advisers intend to continue to manage the Funds in a manner consistent with each Fund’s or Master Portfolio’s current investment objectives and principal investments strategies, as applicable; and (iv) a commitment that neither NewCo nor WFAM will take any steps that would impose any “unfair burden” (as that term is used in section 15(f)(1)(B) of the 1940 Act) on the Funds or the Master Portfolios as a result of the Transaction. |
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P.O. Box 219967
Kansas City, MO 64121-9967
![](https://capedge.com/proxy/N-CSR/0001193125-21-234774/g193422img1c97c4cb7.jpg)
A283/AR283 05-21
![](https://capedge.com/proxy/N-CSR/0001193125-21-234774/g148338imgcaf9a8a91.jpg)
Small Company Growth Fund
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1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
2 | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the United States. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
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. |
4 | The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
5 | The Bloomberg Barclays Global Aggregate ex-USD Index (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. |
6 | The Bloomberg Barclays Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index. |
7 | The ICE 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. |
“The passage of the massive domestic stimulus bill highlighted March activity, leading to increased forecasts for U.S. growth in 2021.” |
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President
Wells Fargo Funds
Investment objective | The Fund seeks long-term capital appreciation. |
Manager | Wells Fargo Funds Management, LLC |
Portfolio managers | William A. Grierson, CFA®‡, Daniel J. Hagen, CFA®‡, Paul E. von Kuster, CFA®‡, Ryan H. Smith, CFA®‡†, Samuel D. Smith, CFA®‡† |
Average annual total returns (%) as of May 31, 2021 | |||||||||||
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 (WFSAX) | 1-30-2004 | 45.00 | 16.24 | 11.77 | 53.84 | 17.62 | 12.43 | 1.33 | 1.29 | ||
Class C (WSMCX) | 1-30-2004 | 51.86 | 16.77 | 11.60 | 52.86 | 16.77 | 11.60 | 2.08 | 2.04 | ||
Class R6 (WSCRX)3 | 10-31-2014 | – | – | – | 54.53 | 18.13 | 12.94 | 0.90 | 0.86 | ||
Administrator Class (NVSCX) | 11-11-1994 | – | – | – | 54.02 | 17.76 | 12.62 | 1.25 | 1.19 | ||
Institutional Class (WSCGX) | 3-31-2008 | – | – | – | 54.39 | 18.05 | 12.90 | 1.00 | 0.94 | ||
Russell 2000® Growth Index4 | – | – | – | – | 50.14 | 17.57 | 12.76 | – | – |
1 | Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.01% in acquired fund fees and expenses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include acquired fund fees and expenses. |
2 | The manager has contractually committed through September 30, 2021, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.29% for Class A, 2.04% for Class C, 0.86% for Class R6, 1.19% for Administrator Class, and 0.94% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the affiliated master portfolio invests, and extraordinary expenses are excluded from the expense caps. Net expenses from the affiliated master portfolio are included in the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
3 | Historical performance shown for the Class R6 shares prior to their inception reflects the performance of the Institutional Class shares, and includes the higher expenses applicable to the Institutional Class shares. If these expenses had been included, returns for the Class R6 shares would be higher. |
4 | The Russell 2000® Growth Index measures the performance of those Russell 2000 companies with higher price/book ratios and higher forecasted growth values. You cannot invest directly in an index. |
* | The Fund is a feeder fund in a master-feeder structure that invests substantially all of its assets in a single affiliated master portfolio of the Wells Fargo Master Trust with a substantially identical investment objective and substantially similar investment strategies. References to the investment activities of the Fund are intended to refer to the investment activities of the affiliated master portfolio in which it invests. |
‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
† | Ryan Smith and Samuel Smith became portfolio managers of the Fund on January 12, 2021. |
![](https://capedge.com/proxy/N-CSR/0001193125-21-234774/g148338img940792194.gif)
1 | The chart compares the performance of Class A shares for the most recent ten years with the Russell 2000® Growth Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%. |
■ | The Fund outperformed the Russell 2000® Growth Index for the 12-month period that ended May 31, 2021. |
■ | Stock selection in financials and health care were the largest contributors to performance in the period. |
■ | Stock selection within information technology (IT) and consumer discretionary were the largest detractors from performance in the period. |
Ten largest holdings (%) as of May 31, 20211 | |
PTC Incorporated | 1.71 |
Syneos Health Incorporated | 1.70 |
Nuance Communications Incorporated | 1.48 |
ASGN Incorporated | 1.45 |
Element Solutions Incorporated | 1.37 |
Avantor Incorporated | 1.33 |
SS&C Technologies Holdings Incorporated | 1.32 |
International Game Technology | 1.29 |
Ciena Corporation | 1.25 |
Omnicell Incorporated | 1.23 |
1 | Each holding represents the Fund’s allocable portion of the affiliated master portfolio security. Figures represent each holding as a percentage of the Fund’s net assets. Holdings are subject to change and may have changed since the date specified. |
* | This security was no longer held at the end of the reporting period. |
Sector allocation as of May 31, 20211 |
![](https://capedge.com/proxy/N-CSR/0001193125-21-234774/g148338imgad21fe995.jpg)
1 | Figures represent the sector allocation of the affiliated master portfolio as a percentage of the long-term investments of the affiliated master portfolio. These amounts are subject to change and may have changed since the date specified. |
Beginning account value 12-1-2020 | Ending account value 5-31-2021 | Expenses paid during the period1,2 | Annualized net expense ratio2 | |
Class A | ||||
Actual | $1,000.00 | $1,197.17 | $ 7.07 | 1.29% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,018.50 | $ 6.49 | 1.29% |
Class C | ||||
Actual | $1,000.00 | $1,192.91 | $11.15 | 2.04% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,014.76 | $10.25 | 2.04% |
Class R6 | ||||
Actual | $1,000.00 | $1,199.84 | $ 4.72 | 0.86% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.64 | $ 4.33 | 0.86% |
Administrator Class | ||||
Actual | $1,000.00 | $1,197.96 | $ 6.52 | 1.19% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.00 | $ 5.99 | 1.19% |
Institutional Class | ||||
Actual | $1,000.00 | $1,199.31 | $ 5.15 | 0.94% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.24 | $ 4.73 | 0.94% |
Value | |||||
Investment companies: 100.47% | |||||
Affiliated master portfolio: 100.47% | |||||
Wells Fargo Small Company Growth Portfolio | $1,349,006,660 | ||||
Total Investment companies (Cost $818,273,541) | 1,349,006,660 | ||||
Total investments in securities (Cost $818,273,541) | 100.47% | 1,349,006,660 | |||
Other assets and liabilities, net | (0.47) | (6,360,836) | |||
Total net assets | 100.00% | $1,342,645,824 |
% of ownership, beginning of period | % of ownership, end of period | Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolio | Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio | Dividends allocated from affiliated Master Portfolio | Affiliated income allocated from affiliated Master Portfolio | Value, end of period | % of net assets | |
Wells Fargo Small Company Growth Portfolio | 98.08% | 97.88% | $376,204,644 | $243,393,279 | $6,157,985 | $124,625 | $1,349,006,660 | 100.47% |
Assets | |
Investments in affiliated Master Portfolio, at value (cost $818,273,541) | $ 1,349,006,660 |
Receivable for Fund shares sold | 2,318,075 |
Total assets | 1,351,324,735 |
Liabilities | |
Payable for Fund shares redeemed | 8,373,060 |
Administration fees payable | 118,002 |
Management fee payable | 15,397 |
Distribution fee payable | 5,898 |
Accrued expenses and other liabilities | 166,554 |
Total liabilities | 8,678,911 |
Total net assets | $1,342,645,824 |
Net assets consist of | |
Paid-in capital | $ 609,726,171 |
Total distributable earnings | 732,919,653 |
Total net assets | $1,342,645,824 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 44,249,166 |
Shares outstanding – Class A1 | 720,145 |
Net asset value per share – Class A | $61.44 |
Maximum offering price per share – Class A2 | $65.19 |
Net assets – Class C | $ 9,234,649 |
Shares outstanding – Class C1 | 182,318 |
Net asset value per share – Class C | $50.65 |
Net assets – Class R6 | $ 407,310,572 |
Shares outstanding – Class R61 | 5,994,196 |
Net asset value per share – Class R6 | $67.95 |
Net assets – Administrator Class | $ 62,091,833 |
Shares outstanding – Administrator Class1 | 955,522 |
Net asset value per share – Administrator Class | $64.98 |
Net assets – Institutional Class | $ 819,759,604 |
Shares outstanding – Institutional Class1 | 12,122,447 |
Net asset value per share – Institutional Class | $67.62 |
1 | The Fund has an unlimited number of authorized shares. |
2 | Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced. |
Investment income | |
Dividends allocated from affiliated Master Portfolio | $ 6,157,985 |
Affiliated income allocated from affiliated Master Portfolio | 124,625 |
Expenses allocated from affiliated Master Portfolio | (11,105,410) |
Total investment income | (4,822,800) |
Expenses | |
Management fee | 701,620 |
Administration fees | |
Class A | 84,736 |
Class C | 20,023 |
Class R6 | 132,697 |
Administrator Class | 78,366 |
Institutional Class | 1,105,975 |
Shareholder servicing fees | |
Class A | 100,587 |
Class C | 23,786 |
Administrator Class | 150,391 |
Distribution fee | |
Class C | 71,226 |
Custody and accounting fees | 50,193 |
Professional fees | 34,680 |
Registration fees | 102,737 |
Shareholder report expenses | 139,025 |
Trustees’ fees and expenses | 21,080 |
Other fees and expenses | 46,075 |
Total expenses | 2,863,197 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (644,241) |
Class A | (436) |
Class C | (8) |
Administrator Class | (6,028) |
Institutional Class | (85,075) |
Net expenses | 2,127,409 |
Net investment loss | (6,950,209) |
Realized and unrealized gains (losses) on investments | |
Net realized gains on securities transactions allocated from affiliated Master Portfolio | 376,204,644 |
Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio | 243,393,279 |
Net realized and unrealized gains (losses) on investments | 619,597,923 |
Net increase in net assets resulting from operations | $612,647,714 |
Year ended May 31, 2021 | Year ended May 31, 2020 | |||
Operations | ||||
Net investment loss | $ (6,950,209) | $ (5,409,448) | ||
Net realized gains on investments | 376,204,644 | 107,501,645 | ||
Net change in unrealized gains (losses) on investments | 243,393,279 | (28,564,804) | ||
Net increase in net assets resulting from operations | 612,647,714 | 73,527,393 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (5,976,918) | (4,577,702) | ||
Class C | (1,628,455) | (1,219,067) | ||
Class R6 | (56,097,914) | (43,043,975) | ||
Administrator Class | (8,234,181) | (6,401,809) | ||
Institutional Class | (121,915,798) | (80,415,302) | ||
Total distributions to shareholders | (193,853,266) | (135,657,855) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 191,250 | 10,831,002 | 188,284 | 8,973,220 |
Class C | 11,378 | 530,387 | 5,111 | 206,315 |
Class R6 | 1,135,839 | 70,387,361 | 1,859,972 | 92,450,593 |
Administrator Class | 140,592 | 8,368,325 | 170,705 | 8,517,203 |
Institutional Class | 2,938,525 | 180,832,983 | 4,127,985 | 204,967,976 |
270,950,058 | 315,115,307 | |||
Reinvestment of distributions | ||||
Class A | 99,100 | 5,314,718 | 79,105 | 3,985,289 |
Class C | 34,708 | 1,539,630 | 24,921 | 1,076,603 |
Class R6 | 860,364 | 50,924,923 | 698,418 | 38,147,601 |
Administrator Class | 144,949 | 8,217,170 | 121,124 | 6,394,121 |
Institutional Class | 1,402,732 | 82,663,012 | 1,085,956 | 59,130,286 |
148,659,453 | 108,733,900 | |||
Payment for shares redeemed | ||||
Class A | (353,897) | (19,407,294) | (793,982) | (38,317,325) |
Class C | (98,121) | (4,589,705) | (122,441) | (5,026,553) |
Class R6 | (5,125,700) | (309,662,461) | (4,156,884) | (211,307,944) |
Administrator Class | (474,181) | (27,971,851) | (866,918) | (42,999,639) |
Institutional Class | (7,943,243) | (491,545,106) | (9,445,990) | (485,047,988) |
(853,176,417) | (782,699,449) | |||
Net decrease in net assets resulting from capital share transactions | (433,566,906) | (358,850,242) | ||
Total decrease in net assets | (14,772,458) | (420,980,704) | ||
Net assets | ||||
Beginning of period | 1,357,418,282 | 1,778,398,986 | ||
End of period | $1,342,645,824 | $1,357,418,282 |
Year ended May 31 | |||||
Class A | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $46.62 | $48.98 | $56.66 | $44.26 | $37.69 |
Net investment loss | (0.47) 1 | (0.34) 1 | (0.36) | (0.35) 1 | (0.28) 1 |
Net realized and unrealized gains (losses) on investments | 24.27 | 2.49 | (3.22) | 12.75 | 6.85 |
Total from investment operations | 23.80 | 2.15 | (3.58) | 12.40 | 6.57 |
Distributions to shareholders from | |||||
Net realized gains | (8.98) | (4.51) | (4.10) | 0.00 | 0.00 |
Net asset value, end of period | $61.44 | $46.62 | $48.98 | $56.66 | $44.26 |
Total return2 | 53.84% | 3.70% | (6.13)% | 28.02% | 17.43% |
Ratios to average net assets (annualized)* | |||||
Gross expenses | 1.33% | 1.32% | 1.31% | 1.32% | 1.33% |
Net expenses | 1.29% | 1.32% | 1.31% | 1.32% | 1.33% |
Net investment loss | (0.85)% | (0.69)% | (0.63)% | (0.71)% | (0.68)% |
Supplemental data | |||||
Portfolio turnover rate3 | 44% | 41% | 54% | 37% | 82% |
Net assets, end of period (000s omitted) | $44,249 | $36,534 | $64,182 | $76,065 | $76,087 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Year ended May 31, 2021 | 0.79% |
Year ended May 31, 2020 | 0.78% |
Year ended May 31, 2019 | 0.78% |
Year ended May 31, 2018 | 0.78% |
Year ended May 31, 2017 | 0.78% |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. |
3 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Year ended May 31 | |||||
Class C | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $39.84 | $42.75 | $50.38 | $39.65 | $34.02 |
Net investment loss | (0.75) 1 | (0.61) 1 | (0.66) 1 | (0.64) 1 | (0.54) 1 |
Net realized and unrealized gains (losses) on investments | 20.54 | 2.21 | (2.87) | 11.37 | 6.17 |
Total from investment operations | 19.79 | 1.60 | (3.53) | 10.73 | 5.63 |
Distributions to shareholders from | |||||
Net realized gains | (8.98) | (4.51) | (4.10) | 0.00 | 0.00 |
Net asset value, end of period | $50.65 | $39.84 | $42.75 | $50.38 | $39.65 |
Total return2 | 52.86% | 2.92% | (6.82)% | 27.06% | 16.55% |
Ratios to average net assets (annualized)* | |||||
Gross expenses | 2.08% | 2.07% | 2.06% | 2.07% | 2.08% |
Net expenses | 2.04% | 2.07% | 2.06% | 2.07% | 2.08% |
Net investment loss | (1.60)% | (1.44)% | (1.38)% | (1.47)% | (1.43)% |
Supplemental data | |||||
Portfolio turnover rate3 | 44% | 41% | 54% | 37% | 82% |
Net assets, end of period (000s omitted) | $9,235 | $9,336 | $13,968 | $19,979 | $22,410 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Year ended May 31, 2021 | 0.79% |
Year ended May 31, 2020 | 0.78% |
Year ended May 31, 2019 | 0.78% |
Year ended May 31, 2018 | 0.78% |
Year ended May 31, 2017 | 0.78% |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. |
3 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Year ended May 31 | |||||
Class R6 | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $50.64 | $52.65 | $60.31 | $46.91 | $39.77 |
Net investment loss | (0.17) | (0.14) 1 | (0.12) | (0.14) | (0.11) |
Net realized and unrealized gains (losses) on investments | 26.46 | 2.64 | (3.44) | 13.54 | 7.25 |
Total from investment operations | 26.29 | 2.50 | (3.56) | 13.40 | 7.14 |
Distributions to shareholders from | |||||
Net realized gains | (8.98) | (4.51) | (4.10) | 0.00 | 0.00 |
Net asset value, end of period | $67.95 | $50.64 | $52.65 | $60.31 | $46.91 |
Total return | 54.53% | 4.12% | (5.73)% | 28.59% | 17.95% |
Ratios to average net assets (annualized)* | |||||
Gross expenses | 0.90% | 0.90% | 0.88% | 0.89% | 0.90% |
Net expenses | 0.86% | 0.89% | 0.88% | 0.89% | 0.90% |
Net investment loss | (0.41)% | (0.27)% | (0.20)% | (0.29)% | (0.25)% |
Supplemental data | |||||
Portfolio turnover rate2 | 44% | 41% | 54% | 37% | 82% |
Net assets, end of period (000s omitted) | $407,311 | $462,050 | $564,516 | $618,523 | $418,111 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Year ended May 31, 2021 | 0.79% |
Year ended May 31, 2020 | 0.78% |
Year ended May 31, 2019 | 0.78% |
Year ended May 31, 2018 | 0.78% |
Year ended May 31, 2017 | 0.78% |
1 | Calculated based upon average shares outstanding |
2 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Year ended May 31 | |||||
Administrator Class | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $48.87 | $51.10 | $58.85 | $45.91 | $39.05 |
Net investment loss | (0.44) 1 | (0.29) 1 | (0.29) 1 | (0.30) 1 | (0.24) 1 |
Net realized and unrealized gains (losses) on investments | 25.53 | 2.57 | (3.36) | 13.24 | 7.10 |
Total from investment operations | 25.09 | 2.28 | (3.65) | 12.94 | 6.86 |
Distributions to shareholders from | |||||
Net realized gains | (8.98) | (4.51) | (4.10) | 0.00 | 0.00 |
Net asset value, end of period | $64.98 | $48.87 | $51.10 | $58.85 | $45.91 |
Total return | 54.02% | 3.80% | (6.02)% | 28.19% | 17.57% |
Ratios to average net assets (annualized)* | |||||
Gross expenses | 1.25% | 1.24% | 1.23% | 1.24% | 1.25% |
Net expenses | 1.19% | 1.20% | 1.20% | 1.20% | 1.20% |
Net investment loss | (0.74)% | (0.57)% | (0.51)% | (0.60)% | (0.55)% |
Supplemental data | |||||
Portfolio turnover rate2 | 44% | 41% | 54% | 37% | 82% |
Net assets, end of period (000s omitted) | $62,092 | $55,917 | $87,850 | $114,429 | $130,311 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Year ended May 31, 2021 | 0.79% |
Year ended May 31, 2020 | 0.78% |
Year ended May 31, 2019 | 0.78% |
Year ended May 31, 2018 | 0.78% |
Year ended May 31, 2017 | 0.78% |
1 | Calculated based upon average shares outstanding |
2 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Year ended May 31 | |||||
Institutional Class | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $50.47 | $52.51 | $60.20 | $46.85 | $39.75 |
Net investment loss | (0.29) | (0.17) 1 | (0.15) | (0.19) | (0.15) |
Net realized and unrealized gains (losses) on investments | 26.42 | 2.64 | (3.44) | 13.54 | 7.25 |
Total from investment operations | 26.13 | 2.47 | (3.59) | 13.35 | 7.10 |
Distributions to shareholders from | |||||
Net realized gains | (8.98) | (4.51) | (4.10) | 0.00 | 0.00 |
Net asset value, end of period | $67.62 | $50.47 | $52.51 | $60.20 | $46.85 |
Total return | 54.39% | 4.07% | (5.77)% | 28.50% | 17.86% |
Ratios to average net assets (annualized)* | |||||
Gross expenses | 1.00% | 1.00% | 0.98% | 0.99% | 1.00% |
Net expenses | 0.94% | 0.95% | 0.95% | 0.95% | 0.95% |
Net investment loss | (0.49)% | (0.32)% | (0.26)% | (0.35)% | (0.31)% |
Supplemental data | |||||
Portfolio turnover rate2 | 44% | 41% | 54% | 37% | 82% |
Net assets, end of period (000s omitted) | $819,760 | $793,581 | $1,047,883 | $1,169,555 | $1,014,847 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Year ended May 31, 2021 | 0.79% |
Year ended May 31, 2020 | 0.78% |
Year ended May 31, 2019 | 0.78% |
Year ended May 31, 2018 | 0.78% |
Year ended May 31, 2017 | 0.78% |
1 | Calculated based upon average shares outstanding |
2 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Gross unrealized gains | $530,733,119 |
Gross unrealized losses | (11,400,291) |
Net unrealized gains | $519,332,828 |
Affiliated Master Portfolio | Investment objective | Fair value of affiliated Master Portfolio |
Wells Fargo Small Company Growth Portfolio | Seek long-term capital appreciation | $1,349,006,660 |
Average daily net assets | Management fee |
First $5 billion | 0.050% |
Next $5 billion | 0.040 |
Over $10 billion | 0.030 |
Class-level administration fee | |
Class A | 0.21% |
Class C | 0.21 |
Class R6 | 0.03 |
Administrator Class | 0.13 |
Institutional Class | 0.13 |
Expense ratio caps | |
Class A | 1.29% |
Class C | 2.04 |
Class R6 | 0.86 |
Administrator Class | 1.19 |
Institutional Class | 0.94 |
Year ended May 31 | ||
2021 | 2020 | |
Ordinary income | $ 46,221,198 | $ 12,251,811 |
Long-term capital gain | 147,632,068 | 123,406,044 |
Undistributed ordinary income | Undistributed long-term gain | Unrealized gains |
$34,542,800 | $179,044,025 | $519,332,828 |
Wells Fargo Funds Trust:
![](https://capedge.com/proxy/N-CSR/0001193125-21-234774/g148338img37a4fdd76.jpg)
Shares | Value | ||||
Common stocks: 96.91% | |||||
Communication services: 1.54% | |||||
Entertainment: 1.54% | |||||
Lions Gate Entertainment Class B † | 466,678 | $ 8,110,864 | |||
Zynga Incorporated Class A † | 1,206,308 | 13,076,379 | |||
21,187,243 | |||||
Consumer discretionary: 9.32% | |||||
Auto components: 0.77% | |||||
Fox Factory Holding Corporation † | 68,249 | 10,611,355 | |||
Hotels, restaurants & leisure: 1.93% | |||||
International Game Technology † | 730,126 | 17,712,857 | |||
Papa John's International Incorporated | 94,893 | 8,915,197 | |||
26,628,054 | |||||
Household durables: 0.87% | |||||
Skyline Champion Corporation † | 236,816 | 11,994,730 | |||
Leisure products: 1.64% | |||||
Callaway Golf Company | 254,320 | 9,389,494 | |||
Hayward Holdings Incorporated †« | 519,010 | 13,219,185 | |||
22,608,679 | |||||
Multiline retail: 0.75% | |||||
Ollie's Bargain Outlet Holdings Incorporated † | 119,490 | 10,328,716 | |||
Specialty retail: 3.36% | |||||
American Eagle Outfitters Incorporated | 297,960 | 10,556,723 | |||
Burlington Stores Incorporated † | 34,760 | 11,240,341 | |||
Five Below Incorporated † | 45,724 | 8,418,703 | |||
Monro Muffler Brake Incorporated | 102,714 | 6,403,191 | |||
Sleep Number Corporation † | 86,918 | 9,690,488 | |||
46,309,446 | |||||
Consumer staples: 1.99% | |||||
Food & staples retailing: 1.03% | |||||
Performance Food Group Company † | 282,477 | 14,160,572 | |||
Personal products: 0.96% | |||||
e.l.f. Beauty Incorporated † | 471,947 | 13,214,516 | |||
Financials: 9.55% | |||||
Banks: 0.89% | |||||
Triumph Bancorp Incorporated † | 146,923 | 12,304,801 | |||
Capital markets: 4.29% | |||||
Evercore Partners Incorporated Class A | 93,543 | 13,644,182 | |||
Focus Financial Partners Class A † | 272,118 | 13,793,661 | |||
Open Lending Corporation Class A † | 173,769 | 6,704,008 | |||
Stifel Financial Corporation | 216,559 | 15,003,208 | |||
VIRTU Financial Incorporated Class A | 326,619 | 9,945,549 | |||
59,090,608 |
Shares | Value | ||||
Insurance: 3.41% | |||||
Argo Group International Holdings Limited | 154,642 | $ 8,294,997 | |||
BRP Group Incorporated Class A † | 413,921 | 10,174,178 | |||
Goosehead Insurance Incorporated Class A | 155,647 | 13,987,996 | |||
Palomar Holdings Incorporated † | 199,144 | 14,537,512 | |||
46,994,683 | |||||
Thrifts & mortgage finance: 0.96% | |||||
Essent Group Limited | 275,543 | 13,181,977 | |||
Health care: 26.97% | |||||
Biotechnology: 4.48% | |||||
Achilles Therapeutics PL ADR †« | 214,873 | 2,713,846 | |||
Amicus Therapeutics Incorporated † | 485,974 | 4,500,119 | |||
Arena Pharmaceuticals Incorporated † | 93,667 | 5,723,990 | |||
Black Diamond Therapeutics Incorporated † | 117,490 | 1,541,469 | |||
Blueprint Medicines Corporation † | 96,554 | 8,820,208 | |||
Constellation Pharmaceutical † | 177,575 | 3,517,761 | |||
Cytokinetics Incorporated † | 284,827 | 6,217,773 | |||
Emergent BioSolutions Incorporated † | 99,545 | 6,037,404 | |||
Immunovant Incorporated † | 196,743 | 2,982,624 | |||
Ionis Pharmaceuticals Incorporated † | 109,355 | 4,073,474 | |||
Iovance Biotherapeutics Incorporated † | 166,691 | 3,095,452 | |||
Mirati Therapeutics Incorporated † | 43,932 | 6,947,846 | |||
Turning Point Therapeutics Incorporated † | 83,176 | 5,504,588 | |||
61,676,554 | |||||
Health care equipment & supplies: 6.55% | |||||
Atricure Incorporated † | 198,559 | 14,838,314 | |||
Axonics Modulation Technologies Incorporated † | 265,526 | 15,318,195 | |||
Cardiovascular Systems Incorporated † | 240,584 | 9,428,487 | |||
Cerus Corporation † | 1,031,634 | 5,973,161 | |||
Conmed Corporation | 103,637 | 14,269,779 | |||
Novocure Limited † | 37,291 | 7,607,364 | |||
Silk Road Medical Incorporated † | 260,178 | 12,639,447 | |||
Tactile Systems Technology Class I † | 190,007 | 10,216,676 | |||
90,291,423 | |||||
Health care providers & services: 4.70% | |||||
AMN Healthcare Services Incorporated † | 145,664 | 12,920,397 | |||
HealthEquity Incorporated † | 127,876 | 10,629,053 | |||
Oak Street Health Incorporated † | 190,065 | 11,478,025 | |||
PetIQ Incorporated † | 277,739 | 11,415,073 | |||
Privia Health Group Incorporated † | 287,129 | 9,397,732 | |||
U.S. Physical Therapy Incorporated | 76,513 | 8,903,049 | |||
64,743,329 | |||||
Health care technology: 4.17% | |||||
Allscripts Healthcare Solutions Incorporated † | 621,449 | 10,806,998 | |||
Evolent Health Incorporated Class A † | 474,778 | 9,224,937 | |||
Omnicell Incorporated † | 121,054 | 16,826,506 | |||
OptimizeRx Corporation † | 150,575 | 7,396,244 | |||
Phreesia Incorporated † | 169,689 | 8,399,606 | |||
Tabula Rasa Healthcare Incorporated †« | 110,655 | 4,781,403 | |||
57,435,694 |
Shares | Value | ||||
Life sciences tools & services: 5.72% | |||||
Adaptive Biotechnologies Corporation † | 198,705 | $ 7,513,036 | |||
Avantor Incorporated † | 567,676 | 18,250,783 | |||
ICON plc ADR † | 72,526 | 16,228,418 | |||
PRA Health Sciences Incorporated † | 79,001 | 13,502,851 | |||
Syneos Health Incorporated † | 265,989 | 23,380,433 | |||
78,875,521 | |||||
Pharmaceuticals: 1.35% | |||||
Axsome Therapeutics Incorporated † | 93,992 | 5,706,254 | |||
Pacira Pharmaceuticals Incorporated † | 124,456 | 7,550,746 | |||
Theravance Biopharma Incorporated † | 310,369 | 5,363,176 | |||
18,620,176 | |||||
Industrials: 19.70% | |||||
Aerospace & defense: 1.40% | |||||
Kratos Defense & Security Solutions Incorporated † | 308,262 | 7,709,633 | |||
Mercury Systems Incorporated † | 177,218 | 11,598,918 | |||
19,308,551 | |||||
Airlines: 0.79% | |||||
Sun Country Airlines Holding † | 291,569 | 10,846,367 | |||
Building products: 3.85% | |||||
A.O. Smith Corporation | 72,768 | 5,171,622 | |||
Advanced Drainage Systems Incorporated | 109,623 | 12,433,441 | |||
Masonite International Corporation † | 119,205 | 14,250,958 | |||
PGT Incorporated † | 344,148 | 8,314,616 | |||
The AZEK Company Incorporated † | 295,742 | 12,873,649 | |||
53,044,286 | |||||
Commercial services & supplies: 1.07% | |||||
IAA Incorporated † | 148,974 | 8,487,049 | |||
KAR Auction Services Incorporated † | 352,566 | 6,325,034 | |||
14,812,083 | |||||
Construction & engineering: 0.47% | |||||
Dycom Industries Incorporated † | 86,726 | 6,497,512 | |||
Electrical equipment: 1.63% | |||||
Atkore International Incorporated † | 125,382 | 9,679,490 | |||
Generac Holdings Incorporated † | 39,054 | 12,837,831 | |||
22,517,321 | |||||
Machinery: 3.31% | |||||
Chart Industries Incorporated † | 94,723 | 13,823,875 | |||
SPX Corporation † | 258,752 | 16,205,638 | |||
Wabash National Corporation | 446,225 | 7,117,289 | |||
Woodward Incorporated | 66,406 | 8,445,515 | |||
45,592,317 | |||||
Professional services: 5.14% | |||||
ASGN Incorporated † | 193,448 | 19,942,554 | |||
Clarivate plc † | 436,329 | 13,107,323 | |||
FTI Consulting Incorporated † | 68,506 | 9,423,000 |
Shares | Value | ||||
Professional services (continued) | |||||
ICF International Incorporated | 166,083 | $ 14,598,696 | |||
KBR Incorporated | 336,561 | 13,711,495 | |||
70,783,068 | |||||
Road & rail: 1.30% | |||||
Knight-Swift Transportation Holdings Incorporated | 189,720 | 9,055,336 | |||
Schneider National Incorporated Class B | 362,058 | 8,866,800 | |||
17,922,136 | |||||
Trading companies & distributors: 0.74% | |||||
Boise Cascade Company | 154,931 | 10,223,897 | |||
Information technology: 23.16% | |||||
Communications equipment: 2.03% | |||||
Ciena Corporation † | 323,075 | 17,080,975 | |||
Lumentum Holdings Incorporated † | 133,963 | 10,900,569 | |||
27,981,544 | |||||
Electronic equipment, instruments & components: 1.50% | |||||
Itron Incorporated † | 114,609 | 10,927,968 | |||
Par Technology Corporation † | 146,041 | 9,778,905 | |||
20,706,873 | |||||
IT services: 3.52% | |||||
Black Knight Incorporated † | 188,276 | 13,817,576 | |||
EVO Payments Incorporated Class A † | 334,493 | 9,579,880 | |||
LiveRamp Holdings Incorporated † | 227,581 | 11,433,669 | |||
Verra Mobility Corporation † | 385,066 | 5,487,191 | |||
WEX Incorporated † | 41,652 | 8,160,043 | |||
48,478,359 | |||||
Semiconductors & semiconductor equipment: 3.59% | |||||
CMC Materials Incorporated | 55,618 | 8,583,526 | |||
FormFactor Incorporated † | 178,261 | 6,283,700 | |||
Onto Innovation Incorporated † | 150,251 | 10,783,514 | |||
Silicon Motion Technology Corporation ADR | 171,573 | 11,318,671 | |||
Teradyne Incorporated | 94,453 | 12,500,855 | |||
49,470,266 | |||||
Software: 12.52% | |||||
Box Incorporated Class A † | 610,887 | 14,239,776 | |||
Cloudera Incorporated † | 639,378 | 8,222,401 | |||
Cornerstone OnDemand Incorporated † | 216,265 | 9,509,172 | |||
CyberArk Software Limited † | 97,850 | 12,381,939 | |||
Doubleverify Holdings Incorporated † | 145,938 | 5,383,653 | |||
Mimecast Limited † | 220,612 | 11,028,394 | |||
Nuance Communications Incorporated † | 383,323 | 20,277,787 | |||
Pagerduty Incorporated † | 341,711 | 13,890,552 | |||
PTC Incorporated † | 174,503 | 23,407,832 | |||
Sprout Social Incorporated Class A † | 142,177 | 9,869,927 | |||
SS&C Technologies Holdings Incorporated | 245,646 | 18,145,870 | |||
Telos Corporation † | 188,448 | 6,196,170 |
Shares | Value | ||||
Software (continued) | |||||
Zendesk Incorporated † | 74,283 | $ 10,151,515 | |||
Zuora Incorporated † | 639,370 | 9,891,054 | |||
172,596,042 | |||||
Materials: 2.90% | |||||
Chemicals: 2.16% | |||||
Element Solutions Incorporated | 804,038 | 18,806,449 | |||
Orion Engineered Carbons SA † | 546,041 | 11,051,870 | |||
29,858,319 | |||||
Metals & mining: 0.74% | |||||
Steel Dynamics Incorporated | 162,730 | 10,159,234 | |||
Real estate: 1.78% | |||||
Equity REITs: 1.34% | |||||
QTS Realty Trust Incorporated Class A | 140,721 | 8,918,897 | |||
Ryman Hospitality Properties Incorporated † | 127,133 | 9,523,533 | |||
18,442,430 | |||||
Real estate management & development: 0.44% | |||||
Compass Incorporated Class A †« | 456,486 | 6,135,172 | |||
Total Common stocks (Cost $746,109,202) | 1,335,633,854 |
Expiration date | |||||
Rights: 0.00% | |||||
Communication services: 0.00% | |||||
Media: 0.00% | |||||
Media General Incorporated ♦† | 12-31-2021 | 347,897 | 0 | ||
Total Rights (Cost $0) | 0 |
Yield | |||||
Short-term investments: 4.51% | |||||
Investment companies: 4.51% | |||||
Securities Lending Cash Investments LLC ♠∩∞ | 0.03% | 21,935,055 | 21,935,055 | ||
Wells Fargo Government Money Market Fund Select Class ♠∞ | 0.03 | 40,275,255 | 40,275,255 | ||
Total Short-term investments (Cost $62,210,310) | 62,210,310 | ||||
Total investments in securities (Cost $808,319,512) | 101.42% | 1,397,844,164 | |||
Other assets and liabilities, net | (1.42) | (19,553,244) | |||
Total net assets | 100.00% | $1,378,290,920 |
† | Non-income-earning security |
♦ | The security is fair valued in accordance with procedures approved by the Board of Trustees. |
« | All or a portion of this security is on loan. |
♠ | The issuer is an affiliate of the Portfolio as defined in the Investment Company Act of 1940. |
∩ | The investment is a non-registered investment company purchased with cash collateral received from securities on loan. |
∞ | The rate represents the 7-day annualized yield at period end. |
Abbreviations: | |
ADR | American depositary receipt |
REIT | Real estate investment trust |
Value, beginning of period | Purchases | Sales proceeds | Net realized gains (losses) | Net change in unrealized gains (losses) | Value, end of period | % of net assets | Shares, end of period | Income from affiliated securities | ||||
Short-term investments | ||||||||||||
Investment companies | ||||||||||||
Securities Lending Cash Investments LLC | $ 0 | $168,640,715 | $(146,705,660) | $0 | $0 | $ 21,935,055 | 21,935,055 | $ 7,586# | ||||
Wells Fargo Government Money Market Fund Select Class | 39,427,080 | 679,360,500 | (678,512,325) | 0 | 0 | 40,275,255 | 40,275,255 | 17,281 | ||||
$0 | $0 | $62,210,310 | 4.51% | $24,867 |
# | Amount shown represents income before fees and rebates. |
Assets | |
Investments in unaffiliated securities (including $21,640,172 of securities loaned), at value (cost $746,109,202) | $ 1,335,633,854 |
Investments in affiliated securites, at value (cost $62,210,310) | 62,210,310 |
Receivable for investments sold | 3,252,803 |
Receivable for dividends | 435,628 |
Receivable for securities lending income, net | 21,431 |
Prepaid expenses and other assets | 53,797 |
Total assets | 1,401,607,823 |
Liabilities | |
Payable upon receipt of securities loaned | 21,935,055 |
Advisory fee payable | 912,918 |
Payable for investments purchased | 468,930 |
Total liabilities | 23,316,903 |
Total net assets | $1,378,290,920 |
Investment income | |
Dividends | $ 6,282,433 |
Income from affiliated securities | 127,217 |
Total investment income | 6,409,650 |
Expenses | |
Advisory fee | 11,109,597 |
Custody and accounting fees | 94,523 |
Professional fees | 46,381 |
Interest holder report expenses | 10,910 |
Trustees’ fees and expenses | 19,191 |
Other fees and expenses | 49,510 |
Total expenses | 11,330,112 |
Net investment loss | (4,920,462) |
Realized and unrealized gains (losses) on investments | |
Net realized gains on investments | 383,642,418 |
Net change in unrealized gains (losses) on investments | 248,333,561 |
Net realized and unrealized gains (losses) on investments | 631,975,979 |
Net increase in net assets resulting from operations | $627,055,517 |
Year ended May 31, 2021 | Year ended May 31, 2020 | |
Operations | ||
Net investment loss | $ (4,920,462) | $ (2,562,794) |
Net realized gains on investments | 383,642,418 | 108,634,846 |
Net change in unrealized gains (losses) on investments | 248,333,561 | (27,501,699) |
Net increase in net assets resulting from operations | 627,055,517 | 78,570,353 |
Capital transactions | ||
Transactions in investors’ beneficial interests | ||
Contributions | 27,183,074 | 51,028,631 |
Withdrawals | (661,328,291) | (551,302,982) |
Net decrease in net assets resulting from capital transactions | (634,145,217) | (500,274,351) |
Total decrease in net assets | (7,089,700) | (421,703,998) |
Net assets | ||
Beginning of period | 1,385,380,620 | 1,807,084,618 |
End of period | $1,378,290,920 | $1,385,380,620 |
Year ended May 31 | |||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Total return | 54.64% | 4.08% | (5.64)% | 28.74% | 18.15% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.79% | 0.78% | 0.78% | 0.78% | 0.79% |
Net expenses | 0.79% | 0.78% | 0.78% | 0.78% | 0.79% |
Net investment loss | (0.34)% | (0.16)% | (0.09)% | (0.18)% | (0.14)% |
Supplemental data | |||||
Portfolio turnover rate | 44% | 41% | 54% | 37% | 82% |
Gross unrealized gains | $609,113,977 |
Gross unrealized losses | (38,369,181) |
Net unrealized gains | $570,744,796 |
■ | Level 1 – quoted prices in active markets for identical securities |
■ | Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
■ | Level 3 – significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments) |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Common stocks | ||||
Communication services | $ 21,187,243 | $0 | $0 | $ 21,187,243 |
Consumer discretionary | 128,480,980 | 0 | 0 | 128,480,980 |
Consumer staples | 27,375,088 | 0 | 0 | 27,375,088 |
Financials | 131,572,069 | 0 | 0 | 131,572,069 |
Health care | 371,642,697 | 0 | 0 | 371,642,697 |
Industrials | 271,547,538 | 0 | 0 | 271,547,538 |
Information technology | 319,233,084 | 0 | 0 | 319,233,084 |
Materials | 40,017,553 | 0 | 0 | 40,017,553 |
Real estate | 24,577,602 | 0 | 0 | 24,577,602 |
Rights | ||||
Communication services | 0 | 0 | 0 | 0 |
Short-term investments | ||||
Investment companies | 62,210,310 | 0 | 0 | 62,210,310 |
Total assets | $1,397,844,164 | $0 | $0 | $1,397,844,164 |
Average daily net assets | Advisory fee |
First $500 million | 0.800% |
Next $500 million | 0.775 |
Next $1 billion | 0.750 |
Next $1 billion | 0.725 |
Next $1 billion | 0.700 |
Over $4 billion | 0.680 |
Counterparty | Value of securities on loan | Collateral received1 | Net amount |
Barclays Capital Incorporated | $13,079,583 | $(13,079,583) | $ 0 |
BNP Paribas Securities Corporation | 3,551,862 | (3,514,050) | 37,812 |
Citigroup Global Markets Incorporated | 4,020,786 | (4,020,786) | 0 |
Credit Suisse Securities (USA) LLC | 966,336 | (966,336) | 0 |
Nomura Securities International Incorporated | 21,605 | (21,375) | 230 |
Wells Fargo Master 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. |
Funds Trust | Master Trust |
Wells Fargo C&B Large Cap Value Fund | Wells Fargo C&B Large Cap Value Portfolio |
Wells Fargo Core Bond Fund | Wells Fargo Core Bond Portfolio |
Wells Fargo Emerging Growth Fund | Wells Fargo Emerging Growth Portfolio |
Wells Fargo Index Fund | Wells Fargo Index Portfolio |
Wells Fargo Real Return Fund | Wells Fargo Real Return Portfolio |
Wells Fargo Small Company Growth Fund | Wells Fargo Small Company Growth Portfolio |
Wells Fargo Small Company Value Fund | Wells Fargo Small Company Value Portfolio |
■ | Information regarding the Transaction: information about the structure, financing sources and material terms and conditions of the Transaction, including the expected impact on the businesses conducted by the Advisers and by Wells Fargo Funds Distributor LLC, as the distributor of Fund shares. |
■ | Information regarding NewCo, GTCR and Reverence Capital: (i) information about NewCo, including information about its expected financial condition and access to capital, and senior leadership team; (ii) the experience of senior management at GTCR and Reverence Capital in acquiring portfolio companies; (iii) the plan to operationalize NewCo, including the transition of necessary infrastructure services through a transition services agreement with Wells Fargo under which Wells Fargo will continue to provide NewCo with certain services for a specified period of time after the closing; and (iv) information regarding regulatory matters, compliance, and risk management functions at NewCo, including resources to be dedicated thereto. |
■ | Impact of the Transaction on WFAM and Service Providers: (i) information regarding any changes to personnel and/or other resources of the Advisers as a result of the Transaction, including assurances regarding comparable and competitive compensation arrangements to attract and retain highly qualified personnel; and (ii) information about the organizational and operating structure with respect to NewCo, the Advisers and the Funds and Master Portfolios. |
■ | Impact of the Transaction on the Funds and their Shareholders and the Master Portfolios and their Interest Holders: (i) information regarding anticipated benefits to the Funds and the Master Portfolios as a result of the Transaction; (ii) a commitment that the Funds and Master Portfolios would not bear any expenses, directly or indirectly, in connection with the Transaction; (iii) confirmation that the Advisers and the Unaffiliated Sub-Advisers intend to continue to manage the Funds in a manner consistent with each Fund’s or Master Portfolio’s current investment objectives and principal investments strategies, as applicable; and (iv) a commitment that neither NewCo nor WFAM will take any steps that would impose any “unfair burden” (as that term is used in section 15(f)(1)(B) of the 1940 Act) on the Funds or the Master Portfolios as a result of the Transaction. |
![](https://capedge.com/proxy/N-CSR/0001193125-21-234774/g148338imgcaf9a8a91.jpg)
P.O. Box 219967
Kansas City, MO 64121-9967
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A285/AR285 05-21
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Small Company Value Fund
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Wells Fargo Small Company Value Fund | |
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Wells Fargo Small Company Value Portfolio | |
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Financial statements | |
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Board considerations | |
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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. |
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. |
4 | The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
5 | The Bloomberg Barclays Global Aggregate ex-USD Index (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. |
6 | The Bloomberg Barclays Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index. |
7 | The ICE 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. |
“The passage of the massive domestic stimulus bill highlighted March activity, leading to increased forecasts for U.S. growth in 2021.” |
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President
Wells Fargo Funds
Investment objective | The Fund seeks long-term capital appreciation. |
Manager | Wells Fargo Funds Management, LLC |
Portfolio managers | Jeff Goverman, Garth R. Nisbet, CFA®‡, Craig Pieringer, CFA®‡ |
Average annual total returns (%) as of May 31, 2021 | |||||||||||
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 (SCVAX) | 1-31-2002 | 67.58 | 12.03 | 9.64 | 77.80 | 13.36 | 10.29 | 1.33 | 1.15 | ||
Class C (SCVFX) | 8-30-2002 | 75.80 | 12.56 | 9.48 | 76.80 | 12.56 | 9.48 | 2.08 | 1.90 | ||
Class R6 (SCVJX)3 | 10-31-2016 | – | – | – | 78.63 | 13.82 | 10.65 | 0.90 | 0.75 | ||
Administrator Class (SCVIX) | 1-31-2002 | – | – | – | 77.91 | 13.49 | 10.46 | 1.25 | 1.05 | ||
Institutional Class (SCVNX) | 7-30-2010 | – | – | – | 78.39 | 13.72 | 10.69 | 1.00 | 0.85 | ||
Russell 2000® Value Index4 | – | – | – | – | 79.38 | 13.83 | 10.64 | – | – |
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 September 30, 2021, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.15% for Class A, 1.90% for Class C, 0.75% for Class R6, 1.05% for Administrator Class, and 0.85% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the affiliated master portfolio invests, and extraordinary expenses are excluded from the expense caps. Net expenses from the affiliated master portfolio are included in the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
3 | Historical performance shown for the Class R6 shares prior to their inception reflects the performance of the Institutional Class shares, and includes the higher expenses applicable to the Institutional Class shares. If these expenses had been included, returns for the Class R6 shares would be higher. |
4 | The Russell 2000® Value Index measures the performance of those Russell 2000 companies with lower price/book ratios and lower forecasted growth values. You cannot invest directly in an index. |
* | The Fund is a feeder fund in a master-feeder structure that invests substantially all of its assets in a single affiliated master portfolio of the Wells Fargo Master Trust with a substantially identical investment objective and substantially similar investment strategies. References to the investment activities of the Fund are intended to refer to the investment activities of the affiliated master portfolio in which it invests. |
‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
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1 | The chart compares the performance of Class A shares for the most recent ten years with the Russell 2000® Value Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%. |
■ | The Fund underperformed its benchmark, the Russell 2000® Value Index, for the 12-month period that ended May 31, 2021. |
■ | The consumer discretionary and materials sectors detracted from relative performance. Within consumer discretionary, underperformance in hotels, restaurants, and leisure stocks were the main detractors from performance, while investments in paper and forest products detracted from performance in the materials sector. |
■ | The financials and utilities sectors were the primary contributors to relative performance. Within the financials sector, the Fund’s bank stocks contributed to relative performance, while an underweight position in the underperforming utilities sector also contributed to performance. |
Ten largest holdings (%) as of May 31, 20211 | |
Schnitzer Steel Industries Incorporated Class A | 1.38 |
Synovus Financial Corporation | 1.36 |
Atlantic Union Bankshares Corporation | 1.33 |
Ameris Bancorp | 1.31 |
American Eagle Outfitters Incorporated | 1.19 |
Minerals Technologies Incorporated | 1.18 |
MYR Group Incorporated | 1.16 |
Herman Miller Incorporated | 1.16 |
Customers Bancorp Incorporated | 1.14 |
Piper Jaffray Companies Incorporated | 1.12 |
1 | Each holding represents the Fund’s allocable portion of the affiliated master portfolio security. Figures represent each holding as a percentage of the Fund’s net assets. Holdings are subject to change and may have changed since the date specified. |
* | 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. |
** | This security was no longer held at the end of the reporting period. |
Sector allocation as of May 31, 20211 |
![](https://capedge.com/proxy/N-CSR/0001193125-21-234774/g148340img79a386345.jpg)
1 | Figures represent the sector allocation of the affiliated master portfolio as a percentage of the long-term investments of the affiliated master portfolio. These amounts are subject to change and may have changed since the date specified. |
Beginning account value 12-1-2020 | Ending account value 5-31-2021 | Expenses paid during the period1,2 | Annualized net expense ratio2 | |
Class A | ||||
Actual | $1,000.00 | $1,399.96 | $ 6.82 | 1.14% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.25 | $ 5.74 | 1.14% |
Class C | ||||
Actual | $1,000.00 | $1,394.62 | $11.34 | 1.90% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,015.46 | $ 9.55 | 1.90% |
Class R6 | ||||
Actual | $1,000.00 | $1,402.21 | $ 4.49 | 0.75% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.19 | $ 3.78 | 0.75% |
Administrator Class | ||||
Actual | $1,000.00 | $1,399.88 | $ 6.28 | 1.05% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.70 | $ 5.29 | 1.05% |
Institutional Class | ||||
Actual | $1,000.00 | $1,401.45 | $ 5.09 | 0.85% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.69 | $ 4.28 | 0.85% |
Value | |||||
Investment companies: 99.68% | |||||
Affiliated master portfolio: 99.68% | |||||
Wells Fargo Small Company Value Portfolio | $529,548,192 | ||||
Total Investment companies (Cost $357,102,515) | 529,548,192 | ||||
Total investments in securities (Cost $357,102,515) | 99.68% | 529,548,192 | |||
Other assets and liabilities, net | 0.32 | 1,704,556 | |||
Total net assets | 100.00% | $531,252,748 |
% of ownership, beginning of period | % of ownership, end of period | Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolio | Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio | Dividends allocated from affiliated Master Portfolio | Affiliated income allocated from affiliated Master Portfolio | Value, end of period | % of net assets | |
Wells Fargo Small Company Value Portfolio | 80.34% | 85.41% | $29,216,420 | $204,433,580 | $5,852,151 | $36,076 | $529,548,192 | 99.68% |
Assets | |
Investments in affiliated Master Portfolio, at value (cost $357,102,515) | $ 529,548,192 |
Receivable for Fund shares sold | 1,923,615 |
Receivable from manager | 49,093 |
Prepaid expenses and other assets | 205,161 |
Total assets | 531,726,061 |
Liabilities | |
Payable for Fund shares redeemed | 256,541 |
Shareholder servicing fees payable | 94,726 |
Administration fees payable | 85,430 |
Distribution fee payable | 2,110 |
Trustees’ fees and expenses payable | 269 |
Accrued expenses and other liabilities | 34,237 |
Total liabilities | 473,313 |
Total net assets | $531,252,748 |
Net assets consist of | |
Paid-in capital | $ 378,799,454 |
Total distributable earnings | 152,453,294 |
Total net assets | $531,252,748 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 414,012,855 |
Shares outstanding – Class A1 | 11,155,001 |
Net asset value per share – Class A | $37.11 |
Maximum offering price per share – Class A2 | $39.37 |
Net assets – Class C | $ 3,387,845 |
Shares outstanding – Class C1 | 103,648 |
Net asset value per share – Class C | $32.69 |
Net assets – Class R6 | $ 9,007,412 |
Shares outstanding – Class R61 | 235,025 |
Net asset value per share – Class R6 | $38.33 |
Net assets – Administrator Class | $ 32,721,453 |
Shares outstanding – Administrator Class1 | 861,465 |
Net asset value per share – Administrator Class | $37.98 |
Net assets – Institutional Class | $ 72,123,183 |
Shares outstanding – Institutional Class1 | 1,891,732 |
Net asset value per share – Institutional Class | $38.13 |
1 | The Fund has an unlimited number of authorized shares. |
2 | Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced. |
Investment income | |
Dividends allocated from affiliated Master Portfolio (net of foreign withholding taxes of $5,681) | $ 5,852,151 |
Affiliated income allocated from affiliated Master Portfolio | 36,076 |
Expenses allocated from affiliated Master Portfolio | (3,347,515) |
Waivers allocated from affiliated Master Portfolio | 346,045 |
Total investment income | 2,886,757 |
Expenses | |
Management fee | 202,923 |
Administration fees | |
Class A | 683,755 |
Class C | 7,265 |
Class R6 | 2,211 |
Administrator Class | 29,222 |
Institutional Class | 61,022 |
Shareholder servicing fees | |
Class A | 812,810 |
Class C | 8,600 |
Administrator Class | 56,091 |
Distribution fee | |
Class C | 25,766 |
Custody and accounting fees | 10,977 |
Professional fees | 37,877 |
Registration fees | 108,936 |
Shareholder report expenses | 57,777 |
Trustees’ fees and expenses | 21,080 |
Other fees and expenses | 46,498 |
Total expenses | 2,172,810 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (579,503) |
Class A | (130,239) |
Class C | (1,038) |
Administrator Class | (11,239) |
Net expenses | 1,450,791 |
Net investment income | 1,435,966 |
Realized and unrealized gains (losses) on investments | |
Net realized gains on securities transactions allocated from affiliated Master Portfolio | 29,216,420 |
Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio | 204,433,580 |
Net realized and unrealized gains (losses) on investments | 233,650,000 |
Net increase in net assets resulting from operations | $235,085,966 |
Year ended May 31, 2021 | Year ended May 31, 2020 | |||
Operations | ||||
Net investment income | $ 1,435,966 | $ 2,260,170 | ||
Net realized gains (losses) on investments | 29,216,420 | (36,100,494) | ||
Net change in unrealized gains (losses) on investments | 204,433,580 | (40,806,657) | ||
Net increase (decrease) in net assets resulting from operations | 235,085,966 | (74,646,981) | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (1,293,657) | (1,775,108) | ||
Class C | 0 | (20,482) | ||
Class R6 | (57,563) | (57,654) | ||
Administrator Class | (111,552) | (132,559) | ||
Institutional Class | (291,793) | (389,037) | ||
Total distributions to shareholders | (1,754,565) | (2,374,840) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 941,668 | 26,856,731 | 660,800 | 16,227,538 |
Class C | 13,195 | 384,992 | 9,961 | 227,898 |
Class R6 | 191,063 | 5,140,970 | 64,570 | 1,642,037 |
Administrator Class | 324,601 | 9,607,503 | 106,132 | 2,470,380 |
Institutional Class | 788,867 | 24,838,642 | 309,975 | 7,352,769 |
66,828,838 | 27,920,622 | |||
Reinvestment of distributions | ||||
Class A | 44,468 | 1,263,434 | 61,791 | 1,738,175 |
Class C | 0 | 0 | 745 | 18,543 |
Class R6 | 1,957 | 57,318 | 1,984 | 57,454 |
Administrator Class | 3,678 | 106,887 | 4,358 | 125,424 |
Institutional Class | 9,851 | 287,148 | 13,253 | 382,205 |
1,714,787 | 2,321,801 | |||
Payment for shares redeemed | ||||
Class A | (2,387,672) | (63,689,654) | (1,647,283) | (40,312,932) |
Class C | (149,932) | (3,213,714) | (150,237) | (3,268,340) |
Class R6 | (258,998) | (7,165,322) | (949,988) | (24,922,236) |
Administrator Class | (194,898) | (5,830,131) | (185,643) | (4,423,218) |
Institutional Class | (472,719) | (13,399,558) | (876,293) | (21,210,870) |
(93,298,379) | (94,137,596) | |||
Net asset value of shares issued in acquisition | ||||
Class A | 0 | 0 | 12,989,900 | 337,017,442 |
Class C | 0 | 0 | 328,733 | 7,545,278 |
Class R6 | 0 | 0 | 1,155,117 | 30,863,882 |
Administrator Class | 0 | 0 | 242,559 | 6,444,855 |
Institutional Class | 0 | 0 | 786,790 | 20,969,975 |
0 | 402,841,432 | |||
Net increase (decrease) in net assets resulting from capital share transactions | (24,754,754) | 338,946,259 | ||
Total increase in net assets | 208,576,647 | 261,924,438 | ||
Net assets | ||||
Beginning of period | 322,676,101 | 60,751,663 | ||
End of period | $531,252,748 | $322,676,101 |
Year ended May 31 | |||||
Class A | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $20.91 | $24.22 | $28.60 | $24.01 | $20.22 |
Net investment income | 0.09 | 0.18 1 | 0.09 | 0.09 | 0.05 |
Net realized and unrealized gains (losses) on investments | 16.22 | (3.35) | (4.31) | 4.58 | 3.75 |
Total from investment operations | 16.31 | (3.17) | (4.22) | 4.67 | 3.80 |
Distributions to shareholders from | |||||
Net investment income | (0.11) | (0.14) | (0.16) | (0.08) | (0.01) |
Net asset value, end of period | $37.11 | $20.91 | $24.22 | $28.60 | $24.01 |
Total return2 | 77.80% | (13.25)% | (14.72)% | 19.48% | 18.86% |
Ratios to average net assets (annualized)* | |||||
Gross expenses | 1.32% | 1.32% | 1.49% | 1.47% | 1.47% |
Net expenses | 1.14% | 1.13% | 1.15% | 1.33% | 1.35% |
Net investment income | 0.33% | 0.74% | 0.38% | 0.46% | 0.20% |
Supplemental data | |||||
Portfolio turnover rate3 | 62% | 78% | 168% | 144% | 110% |
Net assets, end of period (000s omitted) | $414,013 | $262,574 | $11,902 | $15,665 | $16,280 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Year ended May 31, 2021 | 0.74% |
Year ended May 31, 2020 | 0.74% |
Year ended May 31, 2019 | 0.75% |
Year ended May 31, 2018 | 0.84% |
Year ended May 31, 2017 | 0.84% |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. |
3 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Year ended May 31 | |||||
Class C | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $18.43 | $21.48 | $25.38 | $21.40 | $18.15 |
Net investment income (loss) | (0.07) 1 | 0.01 1 | (0.08) 1 | (0.07) 1 | (0.11) 1 |
Net realized and unrealized gains (losses) on investments | 14.33 | (3.00) | (3.82) | 4.05 | 3.36 |
Total from investment operations | 14.26 | (2.99) | (3.90) | 3.98 | 3.25 |
Distributions to shareholders from | |||||
Net investment income | 0.00 | (0.06) | 0.00 | 0.00 | 0.00 |
Net asset value, end of period | $32.69 | $18.43 | $21.48 | $25.38 | $21.40 |
Total return2 | 76.80% | (13.98)% | (15.37)% | 18.60% | 17.97% |
Ratios to average net assets (annualized)* | |||||
Gross expenses | 2.06% | 2.08% | 2.22% | 2.21% | 2.22% |
Net expenses | 1.90% | 1.90% | 1.90% | 2.08% | 2.10% |
Net investment income (loss) | (0.29)% | 0.02% | (0.35)% | (0.29)% | (0.54)% |
Supplemental data | |||||
Portfolio turnover rate3 | 62% | 78% | 168% | 144% | 110% |
Net assets, end of period (000s omitted) | $3,388 | $4,431 | $1,099 | $1,980 | $1,962 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Year ended May 31, 2021 | 0.74% |
Year ended May 31, 2020 | 0.74% |
Year ended May 31, 2019 | 0.75% |
Year ended May 31, 2018 | 0.84% |
Year ended May 31, 2017 | 0.84% |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. |
3 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Year ended May 31 | |||||
Class R6 | 2021 | 2020 | 2019 | 2018 | 2017 1 |
Net asset value, beginning of period | $21.56 | $24.92 | $29.44 | $24.69 | $21.37 |
Net investment income | 0.20 | 0.31 | 0.21 2 | 0.29 2 | 0.08 |
Net realized and unrealized gains (losses) on investments | 16.78 | (3.50) | (4.45) | 4.65 | 3.33 |
Total from investment operations | 16.98 | (3.19) | (4.24) | 4.94 | 3.41 |
Distributions to shareholders from | |||||
Net investment income | (0.21) | (0.17) | (0.28) | (0.19) | (0.09) |
Net asset value, end of period | $38.33 | $21.56 | $24.92 | $29.44 | $24.69 |
Total return3 | 78.63% | (12.97)% | (14.38)% | 20.03% | 15.95% |
Ratios to average net assets (annualized)* | |||||
Gross expenses | 0.89% | 0.90% | 1.09% | 1.03% | 1.02% |
Net expenses | 0.75% | 0.75% | 0.75% | 0.88% | 0.90% |
Net investment income | 0.73% | 1.22% | 0.77% | 1.04% | 0.58% |
Supplemental data | |||||
Portfolio turnover rate4 | 62% | 78% | 168% | 144% | 110% |
Net assets, end of period (000s omitted) | $9,007 | $6,491 | $731 | $322 | $29 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Year ended May 31, 2021 | 0.74% |
Year ended May 31, 2020 | 0.74% |
Year ended May 31, 2019 | 0.75% |
Year ended May 31, 2018 | 0.84% |
Year ended May 31, 2017 | 0.83% |
1 | For the period from October 31, 2016 (commencement of class operations) to May 31, 2017 |
2 | Calculated based upon average shares outstanding |
3 | Returns for periods of less than one year are not annualized. |
4 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Year ended May 31 | |||||
Administrator Class | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $21.40 | $24.80 | $29.23 | $24.53 | $20.66 |
Net investment income | 0.10 1 | 0.21 1 | 0.14 1 | 0.20 | 0.08 1 |
Net realized and unrealized gains (losses) on investments | 16.62 | (3.43) | (4.43) | 4.63 | 3.83 |
Total from investment operations | 16.72 | (3.22) | (4.29) | 4.83 | 3.91 |
Distributions to shareholders from | |||||
Net investment income | (0.14) | (0.18) | (0.14) | (0.13) | (0.04) |
Net asset value, end of period | $37.98 | $21.40 | $24.80 | $29.23 | $24.53 |
Total return | 77.91% | (13.18)% | (14.65)% | 19.71% | 19.00% |
Ratios to average net assets (annualized)* | |||||
Gross expenses | 1.24% | 1.32% | 1.35% | 1.38% | 1.39% |
Net expenses | 1.05% | 1.05% | 1.05% | 1.19% | 1.20% |
Net investment income | 0.35% | 0.82% | 0.49% | 0.59% | 0.36% |
Supplemental data | |||||
Portfolio turnover rate2 | 62% | 78% | 168% | 144% | 110% |
Net assets, end of period (000s omitted) | $32,721 | $15,581 | $13,905 | $60,379 | $57,591 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Year ended May 31, 2021 | 0.74% |
Year ended May 31, 2020 | 0.74% |
Year ended May 31, 2019 | 0.75% |
Year ended May 31, 2018 | 0.84% |
Year ended May 31, 2017 | 0.84% |
1 | Calculated based upon average shares outstanding |
2 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Year ended May 31 | |||||
Institutional Class | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $21.46 | $24.86 | $29.40 | $24.68 | $20.77 |
Net investment income | 0.15 1 | 0.25 | 0.19 1 | 0.21 | 0.11 |
Net realized and unrealized gains (losses) on investments | 16.70 | (3.43) | (4.45) | 4.69 | 3.89 |
Total from investment operations | 16.85 | (3.18) | (4.26) | 4.90 | 4.00 |
Distributions to shareholders from | |||||
Net investment income | (0.18) | (0.22) | (0.28) | (0.18) | (0.09) |
Net asset value, end of period | $38.13 | $21.46 | $24.86 | $29.40 | $24.68 |
Total return | 78.39% | (13.03)% | (14.46)% | 19.90% | 13.70% |
Ratios to average net assets (annualized)* | |||||
Gross expenses | 0.99% | 1.07% | 1.14% | 1.14% | 1.14% |
Net expenses | 0.85% | 0.85% | 0.85% | 0.99% | 1.00% |
Net investment income | 0.52% | 1.04% | 0.68% | 0.78% | 0.55% |
Supplemental data | |||||
Portfolio turnover rate2 | 62% | 78% | 168% | 144% | 110% |
Net assets, end of period (000s omitted) | $72,123 | $33,600 | $33,116 | $60,973 | $52,072 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Year ended May 31, 2021 | 0.74% |
Year ended May 31, 2020 | 0.74% |
Year ended May 31, 2019 | 0.75% |
Year ended May 31, 2018 | 0.84% |
Year ended May 31, 2017 | 0.84% |
1 | Calculated based upon average shares outstanding |
2 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Gross unrealized gains | $172,445,677 |
Gross unrealized losses | (13,731,085) |
Net unrealized gains | $158,714,592 |
Affiliated Master Portfolio | Investment objective | Fair value of affiliated Master Portfolio |
Wells Fargo Small Company Value Portfolio | Seek long-term capital appreciation | $529,548,192 |
Average daily net assets | Management fee |
First $5 billion | 0.050% |
Next $5 billion | 0.040 |
Over $10 billion | 0.030 |
Class-level administration fee | |
Class A | 0.21% |
Class C | 0.21 |
Class R6 | 0.03 |
Administrator Class | 0.13 |
Institutional Class | 0.13 |
Expense ratio caps | |
Class A | 1.15% |
Class C | 1.90 |
Class R6 | 0.75 |
Administrator Class | 1.05 |
Institutional Class | 0.85 |
Unrealized gains | Late-year ordinary losses deferred | Capital loss carryforward |
$158,714,592 | $(475,078) | $(5,786,220) |
Wells Fargo Funds Trust:
![](https://capedge.com/proxy/N-CSR/0001193125-21-234774/g148340imgcdf22cae6.jpg)
Shares | Value | ||||
Common stocks: 99.00% | |||||
Communication services: 0.72% | |||||
Entertainment: 0.72% | |||||
Cinemark Holdings Incorporated † | 198,557 | $ 4,499,302 | |||
Consumer discretionary: 18.88% | |||||
Auto components: 1.81% | |||||
Dana Incorporated | 219,467 | 5,954,140 | |||
Patrick Industries Incorporated | 61,782 | 5,294,717 | |||
11,248,857 | |||||
Diversified consumer services: 0.68% | |||||
H&R Block Incorporated | 168,833 | 4,190,435 | |||
Hotels, restaurants & leisure: 3.81% | |||||
Dave & Buster's Entertainment Incorporated † | 115,610 | 4,887,991 | |||
Del Taco Restaurants Incorporated | 246,119 | 2,500,569 | |||
Denny’s Corporation † | 254,676 | 4,477,204 | |||
Dine Brands Global Incorporated † | 60,902 | 5,782,645 | |||
Wyndham Hotels & Resorts Incorporated | 79,787 | 5,988,812 | |||
23,637,221 | |||||
Household durables: 3.39% | |||||
Beazer Homes Incorporated † | 211,655 | 5,039,506 | |||
GoPro Incorporated Class A † | 330,032 | 3,702,959 | |||
Green Brick Partners Incorporated † | 126,658 | 2,956,198 | |||
Hamilton Beach Brand Class A | 65,132 | 1,641,326 | |||
Hooker Furniture Corporation | 145,826 | 5,227,862 | |||
iRobot Corporation †« | 25,192 | 2,461,258 | |||
21,029,109 | |||||
Internet & direct marketing retail: 0.49% | |||||
Stamps.com Incorporated † | 16,020 | 3,006,634 | |||
Leisure products: 1.34% | |||||
Johnson Outdoors Incorporated Class A | 37,935 | 4,635,278 | |||
Malibu Boats Incorporated Class A † | 46,843 | 3,673,428 | |||
8,308,706 | |||||
Multiline retail: 1.49% | |||||
Big Lots Stores Incorporated | 78,147 | 4,762,278 | |||
Nordstrom Incorporated † | 133,883 | 4,490,436 | |||
9,252,714 | |||||
Specialty retail: 4.25% | |||||
American Eagle Outfitters Incorporated | 208,088 | 7,372,558 | |||
Dick's Sporting Goods Incorporated | 71,190 | 6,943,161 | |||
Shoe Carnival Incorporated | 96,420 | 6,509,314 | |||
Urban Outfitters Incorporated † | 140,805 | 5,513,924 | |||
26,338,957 |
Shares | Value | ||||
Textiles, apparel & luxury goods: 1.62% | |||||
Lakeland Industries Incorporated †« | 128,624 | $ 3,243,897 | |||
Rocky Brands Incorporated | 116,484 | 6,793,347 | |||
10,037,244 | |||||
Energy: 4.73% | |||||
Energy equipment & services: 2.02% | |||||
Helmerich & Payne Incorporated | 214,472 | 6,058,834 | |||
Patterson-UTI Energy Incorporated | 772,661 | 6,467,173 | |||
12,526,007 | |||||
Oil, gas & consumable fuels: 2.71% | |||||
Diamondback Energy Incorporated | 85,684 | 6,860,718 | |||
Southwestern Energy Company † | 1,148,156 | 5,935,967 | |||
W&T Offshore Incorporated † | 1,071,392 | 4,007,006 | |||
16,803,691 | |||||
Financials: 23.19% | |||||
Banks: 17.13% | |||||
Ameris Bancorp | 148,524 | 8,159,909 | |||
Atlantic Union Bankshares Corporation | 200,959 | 8,243,338 | |||
Banc of California Incorporated | 231,526 | 4,054,020 | |||
Banner Corporation | 110,877 | 6,489,631 | |||
Customers Bancorp Incorporated † | 187,980 | 7,115,043 | |||
FB Financial Corporation | 135,250 | 5,660,213 | |||
First Foundation Incorporated | 228,393 | 5,732,664 | |||
First Interstate BancSystem Class A | 133,672 | 6,291,941 | |||
Great Southern Bancorp Incorporated | 81,413 | 4,599,020 | |||
Heritage Financial Corporation | 197,505 | 5,729,620 | |||
Independent Bank Corporation | 152,412 | 3,551,200 | |||
Midland States Bancorp Incorporated | 159,609 | 4,446,707 | |||
OceanFirst Financial Corporation | 233,270 | 5,157,600 | |||
OFG Bancorp | 241,527 | 5,820,801 | |||
Synovus Financial Corporation | 172,249 | 8,460,871 | |||
Umpqua Holdings Corporation | 337,423 | 6,438,031 | |||
Univest Corporation of Pennsylvania | 177,699 | 5,181,703 | |||
Western Alliance Bancorp | 50,972 | 5,097,710 | |||
106,230,022 | |||||
Capital markets: 1.13% | |||||
Piper Jaffray Companies Incorporated | 54,676 | 6,969,003 | |||
Insurance: 1.91% | |||||
American Equity Investment Life Holding Company | 141,040 | 4,301,720 | |||
Horace Mann Educators Corporation | 59,191 | 2,359,945 | |||
State Auto Financial Corporation | 128,809 | 2,434,490 | |||
United Fire Group Incorporated | 89,335 | 2,738,118 | |||
11,834,273 | |||||
Mortgage REITs: 0.32% | |||||
Capstead Mortgage Corporation | 307,499 | 1,983,369 | |||
Thrifts & mortgage finance: 2.70% | |||||
Axos Financial Incorporated † | 124,229 | 5,889,697 |
Shares | Value | ||||
Thrifts & mortgage finance (continued) | |||||
Homestreet Incorporated | 124,655 | $ 5,611,968 | |||
Walker & Dunlop Incorporated | 51,680 | 5,247,587 | |||
16,749,252 | |||||
Health care: 6.04% | |||||
Biotechnology: 0.08% | |||||
Eagle Pharmaceuticals Incorporated † | 12,575 | 498,222 | |||
Health care equipment & supplies: 2.58% | |||||
AngioDynamics Incorporated † | 215,204 | 4,975,516 | |||
ICU Medical Incorporated † | 19,198 | 3,994,336 | |||
Integer Holdings Corporation † | 27,691 | 2,505,205 | |||
Merit Medical Systems Incorporated † | 75,094 | 4,531,172 | |||
16,006,229 | |||||
Health care providers & services: 2.66% | |||||
AMN Healthcare Services Incorporated † | 52,324 | 4,641,139 | |||
Brookdale Senior Living Incorporated † | 620,593 | 4,182,797 | |||
Five Star Senior Living Incorporated † | 46,765 | 281,058 | |||
Option Care Health Incorporated † | 171,943 | 3,153,435 | |||
The Ensign Group Incorporated | 50,343 | 4,188,538 | |||
16,446,967 | |||||
Health care technology: 0.43% | |||||
Computer Programs & Systems Incorporated | 82,858 | 2,682,113 | |||
Pharmaceuticals: 0.29% | |||||
Phibro Animal Health Corporation Class A | 63,750 | 1,797,113 | |||
Industrials: 19.77% | |||||
Air freight & logistics: 0.50% | |||||
Radiant Logistics Incorporated † | 402,994 | 3,099,024 | |||
Airlines: 1.31% | |||||
Alaska Air Group Incorporated † | 63,970 | 4,426,724 | |||
SkyWest Incorporated † | 74,984 | 3,676,466 | |||
8,103,190 | |||||
Building products: 1.20% | |||||
American Woodmark Corporation † | 50,304 | 4,372,424 | |||
CSW Industrials Incorporated | 25,088 | 3,056,220 | |||
7,428,644 | |||||
Commercial services & supplies: 2.89% | |||||
ABM Industries Incorporated | 111,173 | 5,546,421 | |||
BrightView Holdings Incorporated † | 50,789 | 881,189 | |||
Healthcare Services Group Incorporated | 143,008 | 4,288,810 | |||
Herman Miller Incorporated | 150,510 | 7,194,378 | |||
17,910,798 | |||||
Construction & engineering: 3.71% | |||||
Comfort Systems Incorporated | 70,836 | 5,872,304 | |||
Great Lakes Dredge & Dock Company † | 270,395 | 3,950,471 |
Shares | Value | ||||
Construction & engineering (continued) | |||||
MYR Group Incorporated † | 83,061 | $ 7,229,629 | |||
Northwest Pipe Company † | 75,766 | 2,398,752 | |||
Sterling Construction Company Incorporated † | 157,556 | 3,545,010 | |||
22,996,166 | |||||
Electrical equipment: 1.40% | |||||
Atkore International Incorporated † | 43,144 | 3,330,717 | |||
Encore Wire Corporation | 16,835 | 1,383,837 | |||
Regal-Beloit Corporation | 28,011 | 3,984,005 | |||
8,698,559 | |||||
Machinery: 5.70% | |||||
Columbus McKinnon Corporation | 78,794 | 3,994,856 | |||
Federal Signal Corporation | 106,861 | 4,539,455 | |||
Hillenbrand Incorporated | 109,332 | 4,985,539 | |||
Kadant Incorporated | 27,881 | 4,684,566 | |||
Lydall Incorporated † | 93,130 | 3,388,069 | |||
Miller Industries Incorporated | 99,750 | 4,174,538 | |||
Rexnord Corporation | 78,682 | 3,931,740 | |||
The Shyft Group Incorporated | 145,100 | 5,655,998 | |||
35,354,761 | |||||
Professional services: 1.36% | |||||
CBIZ Incorporated † | 112,449 | 3,734,431 | |||
Kelly Services Incorporated Class A † | 173,162 | 4,445,069 | |||
Mastech Digital Incorporated † | 17,061 | 268,881 | |||
8,448,381 | |||||
Road & rail: 1.03% | |||||
Arcbest Corporation | 81,864 | 6,372,294 | |||
Trading companies & distributors: 0.67% | |||||
CAI International Incorporated | 97,550 | 4,186,846 | |||
Information technology: 9.47% | |||||
Communications equipment: 0.39% | |||||
Netgear Incorporated † | 62,543 | 2,431,672 | |||
Electronic equipment, instruments & components: 3.41% | |||||
ePlus Incorporated † | 30,648 | 2,898,381 | |||
Insight Enterprises Incorporated † | 60,566 | 6,327,936 | |||
Methode Electronics Incorporated | 126,990 | 6,143,776 | |||
PC Connection Incorporated | 56,578 | 2,760,441 | |||
Sanmina Corporation † | 71,854 | 3,025,772 | |||
21,156,306 | |||||
IT services: 2.43% | |||||
BM Technologies Incorporated †« | 14,700 | 188,895 | |||
BM Technologies Incorporated (Acquired 1-14-2021, cost $363,151) ♦†£ | 29,106 | 374,012 | |||
Conduent Incorporated † | 752,034 | 5,700,418 | |||
TTEC Holdings Incorporated | 31,605 | 3,426,298 | |||
Unisys Corporation † | 208,379 | 5,357,424 | |||
15,047,047 |
Shares | Value | ||||
Semiconductors & semiconductor equipment: 2.60% | |||||
Cirrus Logic Incorporated † | 38,630 | $ 3,015,844 | |||
Diodes Incorporated † | 35,980 | 2,722,607 | |||
FormFactor Incorporated † | 61,413 | 2,164,808 | |||
Ichor Holdings Limited † | 75,304 | 4,236,603 | |||
Onto Innovation Incorporated † | 54,950 | 3,943,762 | |||
16,083,624 | |||||
Technology hardware, storage & peripherals: 0.64% | |||||
NCR Corporation † | 82,829 | 3,992,358 | |||
Materials: 8.46% | |||||
Chemicals: 3.84% | |||||
Advansix Incorporated † | 71,421 | 2,261,189 | |||
American Vanguard Corporation | 39,190 | 720,704 | |||
Hawkins Incorporated | 130,332 | 4,433,895 | |||
Ingevity Corporation † | 57,519 | 4,734,389 | |||
Minerals Technologies Incorporated | 84,186 | 7,324,182 | |||
Stepan Company | ��� | 32,463 | 4,371,468 | ||
23,845,827 | |||||
Construction materials: 0.95% | |||||
Eagle Materials Incorporated † | 40,194 | 5,898,871 | |||
Containers & packaging: 0.45% | |||||
UFP Technologies Incorporated † | 50,838 | 2,767,621 | |||
Metals & mining: 3.22% | |||||
Kaiser Aluminum Corporation | 47,801 | 6,184,971 | |||
Schnitzer Steel Industries Incorporated Class A | 157,293 | 8,569,312 | |||
United States Steel Corporation | 200,401 | 5,196,398 | |||
19,950,681 | |||||
Real estate: 7.74% | |||||
Equity REITs: 7.74% | |||||
Agree Realty Corporation | 45,564 | 3,202,238 | |||
American Campus Communities Incorporated | 72,079 | 3,399,246 | |||
Armada Hoffler Properties Incorporated | 256,900 | 3,409,063 | |||
Centerspace REIT | 41,457 | 2,951,324 | |||
Global Medical REIT Incorporated | 202,565 | 2,916,936 | |||
Independence Realty Trust Incorporated | 203,501 | 3,475,797 | |||
Lexington Corporate Properties Trust | 255,087 | 3,157,977 | |||
Monmouth Real Estate Investment Corporation | 150,876 | 2,842,504 | |||
One Liberty Properties Incorporated | 126,303 | 3,227,042 | |||
Outfront Media Incorporated † | 151,214 | 3,620,063 | |||
PotlatchDeltic Corporation | 56,199 | 3,383,180 | |||
Retail Opportunity Investment Corporation | 161,224 | 2,879,461 | |||
RLJ Lodging Trust | 211,436 | 3,249,771 | |||
STAG Industrial Incorporated | 91,334 | 3,261,537 | |||
Summit Hotel Properties Incorporated † | 314,354 | 3,020,942 | |||
47,997,081 | |||||
Total Common stocks (Cost $393,582,107) | 613,845,191 |
Expiration date | Shares | Value | |||
Warrants: 0.00% | |||||
Energy: 0.00% | |||||
Energy equipment & services: 0.00% | |||||
Parker Drilling Company ♦† | 9-16-2024 | 8,457 | $ 0 | ||
Total Warrants (Cost $0) | 0 |
Yield | |||||
Short-term investments: 1.21% | |||||
Investment companies: 1.21% | |||||
Securities Lending Cash Investments LLC ♠∩∞ | 0.03% | 1,657,815 | 1,657,815 | ||
Wells Fargo Government Money Market Fund Select Class ♠∞ | 0.03 | 5,823,369 | 5,823,369 | ||
Total Short-term investments (Cost $7,481,184) | 7,481,184 | ||||
Total investments in securities (Cost $401,063,291) | 100.21% | 621,326,375 | |||
Other assets and liabilities, net | (0.21) | (1,303,709) | |||
Total net assets | 100.00% | $620,022,666 |
† | Non-income-earning security |
♦ | The security is fair valued in accordance with procedures approved by the Board of Trustees. |
£ | Restricted security as to resale, excluding Rule 144A securities. The Fund held restricted securities with an aggregate current value of $374,012 (original aggregate cost of $363,151), representing 0.06% of its net assets as of period end. |
« | All or a portion of this security is on loan. |
♠ | The issuer is an affiliate of the Portfolio as defined in the Investment Company Act of 1940. |
∩ | The investment is a non-registered investment company purchased with cash collateral received from securities on loan. |
∞ | The rate represents the 7-day annualized yield at period end. |
Abbreviations: | |
REIT | Real estate investment trust |
Value, beginning of period | Purchases | Sales proceeds | Net realized gains (losses) | Net change in unrealized gains (losses) | Value, end of period | % of net assets | Shares, end of period | Income from affiliated securities | ||||
Short-term investments | ||||||||||||
Investment companies | ||||||||||||
Securities Lending Cash Investments LLC | $ 0 | $88,812,100 | $(87,154,285) | $0 | $0 | $ 1,657,815 | 1,657,815 | $ 5,302# | ||||
Wells Fargo Government Money Market Fund Select Class | 2,323,207 | 91,273,174 | (87,773,012) | 0 | 0 | 5,823,369 | 5,823,369 | 1,860 | ||||
$0 | $0 | $7,481,184 | 1.21% | $7,162 |
# | Amount shown represents income before fees and rebates. |
Assets | |
Investments in unaffiliated securities (including $1,618,471 of securities loaned), at value (cost $393,582,107) | $ 613,845,191 |
Investments in affiliated securites, at value (cost $7,481,184) | 7,481,184 |
Receivable for investments sold | 2,758,234 |
Receivable for dividends | 336,351 |
Receivable for securities lending income, net | 864 |
Prepaid expenses and other assets | 96,703 |
Total assets | 624,518,527 |
Liabilities | |
Payable for investments purchased | 2,461,770 |
Payable upon receipt of securities loaned | 1,657,815 |
Advisory fee payable | 373,249 |
Accrued expenses and other liabilities | 3,027 |
Total liabilities | 4,495,861 |
Total net assets | $620,022,666 |
Investment income | |
Dividends (net of foreign withholdings taxes of $6,904) | $ 7,052,712 |
Income from affiliated securities | 44,047 |
Total investment income | 7,096,759 |
Expenses | |
Advisory fee | 3,905,881 |
Custody and accounting fees | 32,965 |
Professional fees | 48,336 |
Interest holder report expenses | 19,327 |
Trustees’ fees and expenses | 19,192 |
Other fees and expenses | 12,018 |
Total expenses | 4,037,719 |
Less: Fee waivers and/or expense reimbursements | (417,661) |
Net expenses | 3,620,058 |
Net investment income | 3,476,701 |
Realized and unrealized gains (losses) on investments | |
Net realized gains on investments | 37,164,709 |
Net change in unrealized gains (losses) on investments | 242,793,164 |
Net realized and unrealized gains (losses) on investments | 279,957,873 |
Net increase in net assets resulting from operations | $283,434,574 |
Year ended May 31, 2021 | Year ended May 31, 2020 | |
Operations | ||
Net investment income | $ 3,476,701 | $ 4,223,447 |
Net realized gains (losses) on investments | 37,164,709 | (50,607,316) |
Net change in unrealized gains (losses) on investments | 242,793,164 | (40,450,997) |
Net increase (decrease) in net assets resulting from operations | 283,434,574 | (86,834,866) |
Capital transactions | ||
Transactions in investors’ beneficial interests | ||
Contributions | 44,706,834 | 464,639,096 |
Withdrawals | (109,788,132) | (103,765,259) |
Net increase (decrease) in net assets resulting from capital transactions | (65,081,298) | 360,873,837 |
Total increase in net assets | 218,353,276 | 274,038,971 |
Net assets | ||
Beginning of period | 401,669,390 | 127,630,419 |
End of period | $ 620,022,666 | $ 401,669,390 |
Year ended May 31 | |||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Total return | 78.76% | (13.74)% | (14.51)% | 20.10% | 19.44% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.83% | 0.82% | 0.86% | 0.85% | 0.84% |
Net expenses1 | 0.74% | 0.74% | 0.75% | 0.84% | 0.84% |
Net investment income | 0.71% | 1.15% | 0.80% | 0.87% | 0.72% |
Supplemental data | |||||
Portfolio turnover rate | 62% | 78% | 168% | 144% | 110% |
1 | Net expense ratios reflect voluntary waivers. |
Gross unrealized gains | $222,171,137 |
Gross unrealized losses | (13,751,659) |
Net unrealized gains | $208,419,478 |
■ | Level 1 – quoted prices in active markets for identical securities |
■ | Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
■ | Level 3 – significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments) |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Common stocks | ||||
Communication services | $ 4,499,302 | $ 0 | $0 | $ 4,499,302 |
Consumer discretionary | 117,049,877 | 0 | 0 | 117,049,877 |
Energy | 29,329,698 | 0 | 0 | 29,329,698 |
Financials | 143,765,919 | 0 | 0 | 143,765,919 |
Health care | 37,430,644 | 0 | 0 | 37,430,644 |
Industrials | 122,598,663 | 0 | 0 | 122,598,663 |
Information technology | 58,336,995 | 374,012 | 0 | 58,711,007 |
Materials | 52,463,000 | 0 | 0 | 52,463,000 |
Real estate | 47,997,081 | 0 | 0 | 47,997,081 |
Warrants | ||||
Energy | 0 | 0 | 0 | 0 |
Short-term investments | ||||
Investment companies | 7,481,184 | 0 | 0 | 7,481,184 |
Total assets | $620,952,363 | $374,012 | $0 | $621,326,375 |
Average daily net assets | Advisory fee |
First $500 million | 0.800% |
Next $500 million | 0.775 |
Next $1 billion | 0.750 |
Next $1 billion | 0.725 |
Next $1 billion | 0.700 |
Over $4 billion | 0.680 |
Counterparty | Value of securities on loan | Collateral received1 | Net amount |
JPMorgan Securities LLC | 989,704 | (989,704) | 0 |
Bank of America Securities Incorporated | 32,058 | (32,058) | 0 |
Morgan Stanley & Company LLC | 139,329 | (139,329) | 0 |
Citigroup Global Markets Incorporated | 223,068 | (223,068) | 0 |
UBS Securities LLC | 234,312 | (234,312) | 0 |
Wells Fargo Master Trust:
![](https://capedge.com/proxy/N-CSR/0001193125-21-234774/g148340imgcdf22cae6.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. |
Funds Trust | Master Trust |
Wells Fargo C&B Large Cap Value Fund | Wells Fargo C&B Large Cap Value Portfolio |
Wells Fargo Core Bond Fund | Wells Fargo Core Bond Portfolio |
Wells Fargo Emerging Growth Fund | Wells Fargo Emerging Growth Portfolio |
Wells Fargo Index Fund | Wells Fargo Index Portfolio |
Wells Fargo Real Return Fund | Wells Fargo Real Return Portfolio |
Wells Fargo Small Company Growth Fund | Wells Fargo Small Company Growth Portfolio |
Wells Fargo Small Company Value Fund | Wells Fargo Small Company Value Portfolio |
■ | Information regarding the Transaction: information about the structure, financing sources and material terms and conditions of the Transaction, including the expected impact on the businesses conducted by the Advisers and by Wells Fargo Funds Distributor LLC, as the distributor of Fund shares. |
■ | Information regarding NewCo, GTCR and Reverence Capital: (i) information about NewCo, including information about its expected financial condition and access to capital, and senior leadership team; (ii) the experience of senior management at GTCR and Reverence Capital in acquiring portfolio companies; (iii) the plan to operationalize NewCo, including the transition of necessary infrastructure services through a transition services agreement with Wells Fargo under which Wells Fargo will continue to provide NewCo with certain services for a specified period of time after the closing; and (iv) information regarding regulatory matters, compliance, and risk management functions at NewCo, including resources to be dedicated thereto. |
■ | Impact of the Transaction on WFAM and Service Providers: (i) information regarding any changes to personnel and/or other resources of the Advisers as a result of the Transaction, including assurances regarding comparable and competitive compensation arrangements to attract and retain highly qualified personnel; and (ii) information about the organizational and operating structure with respect to NewCo, the Advisers and the Funds and Master Portfolios. |
■ | Impact of the Transaction on the Funds and their Shareholders and the Master Portfolios and their Interest Holders: (i) information regarding anticipated benefits to the Funds and the Master Portfolios as a result of the Transaction; (ii) a commitment that the Funds and Master Portfolios would not bear any expenses, directly or indirectly, in connection with the Transaction; (iii) confirmation that the Advisers and the Unaffiliated Sub-Advisers intend to continue to manage the Funds in a manner consistent with each Fund’s or Master Portfolio’s current investment objectives and principal investments strategies, as applicable; and (iv) a commitment that neither NewCo nor WFAM will take any steps that would impose any “unfair burden” (as that term is used in section 15(f)(1)(B) of the 1940 Act) on the Funds or the Master Portfolios as a result of the Transaction. |
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P.O. Box 219967
Kansas City, MO 64121-9967
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A286/AR286 05-21
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Wells Fargo Core Bond Fund | |
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Wells Fargo Core Bond Portfolio | |
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Financial statements | |
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Board considerations | |
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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. |
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. |
4 | The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
5 | The Bloomberg Barclays Global Aggregate ex-USD Index (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. |
6 | The Bloomberg Barclays Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index. |
7 | The ICE 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. |
“The passage of the massive domestic stimulus bill highlighted March activity, leading to increased forecasts for U.S. growth in 2021.” |
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President
Wells Fargo Funds
Investment objective | The Fund seeks total return, consisting of income and capital appreciation. |
Manager | Wells Fargo Funds Management, LLC |
Portfolio managers | Maulik Bhansali, CFA®‡, Jarad Vasquez |
Average annual total returns (%) as of May 31, 2021 | |||||||||||
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 (MBFAX) | 10-31-2001 | -4.28 | 2.12 | 2.80 | 0.24 3 | 3.07 | 3.27 | 0.82 | 0.78 | ||
Class C (MBFCX) | 10-31-2001 | -1.52 | 2.30 | 2.50 | -0.52 3 | 2.30 | 2.50 | 1.57 | 1.53 | ||
Class R (WTRRX) | 7-9-2010 | – | – | – | 0.15 3 | 2.84 | 3.03 | 1.07 | 1.03 | ||
Class R4 (MBFRX)4 | 11-30-2012 | – | – | – | 0.55 | 3.35 | 3.55 | 0.59 | 0.52 | ||
Class R6 (WTRIX)5 | 11-30-2012 | – | – | – | 0.70 | 3.49 | 3.69 | 0.44 | 0.37 | ||
Administrator Class (MNTRX) | 6-30-1997 | – | – | – | 0.30 3 | 3.13 | 3.36 | 0.76 | 0.70 | ||
Institutional Class (MBFIX) | 10-31-2001 | – | – | – | 0.58 | 3.42 | 3.64 | 0.49 | 0.42 | ||
Bloomberg Barclays U.S. Aggregate Bond Index6 | – | – | – | – | -0.40 3 | 3.25 | 3.29 | – | – |
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 September 30, 2021, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.78% for Class A, 1.53% for Class C, 1.03% for Class R, 0.52% for Class R4, 0.37% for Class R6, 0.70% for Administrator Class, and 0.42% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the affiliated master portfolio invests, and extraordinary expenses are excluded from the expense caps. Net expenses from the affiliated master portfolio are included in the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
3 | Total return differs from the return in the Financial Highlights in this report. The total return presented is calculated based on the NAV at which the shareholder transactions were processed. The NAV and total return presented in the Financial Highlights reflects certain adjustments made to the net assets of the Fund that are necessary under U.S. generally accepted accounting principles. |
4 | Historical performance shown for the Class R4 shares prior to their inception reflects the performance of the Institutional Class shares, and includes the higher expenses applicable to the Institutional Class shares. If these expenses had not been included, returns for the Class R4 shares would be higher. |
5 | Historical performance shown for the Class R6 shares prior to their inception reflects the performance of the Institutional Class shares, and includes the higher expenses applicable to the Institutional Class shares. If these expenses had not been included, returns for the Class R6 shares would be higher. |
* | The Fund is a feeder fund in a master-feeder structure that invests substantially all of its assets in a single affiliated master portfolio of the Wells Fargo Master Trust with a substantially identical investment objective and substantially similar investment strategies. References to the investment activities of the Fund are intended to refer to the investment activities of the affiliated master portfolio in which it invests. |
‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
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1 | The chart compares the performance of Class A shares for the most recent ten years with the Bloomberg Barclays U.S. Aggregate Bond Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 4.50%. |
6 | 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. |
■ | The Fund (Class A, excluding sales charges) outperformed its benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index, for the 12-month period that ended May 31, 2021. |
■ | Security selection in credit and mortgage-backed securities (MBS), as well as overweights to these sectors, were the primary drivers of excess returns during the 12-month period. |
■ | A sector underweight to commercial mortgage-backed securities (CMBS), driven by our concerns around the fundamentals in the sector and the lack of security selection opportunities, detracted from performance versus the benchmark. |
Ten largest holdings (%) as of May 31, 20211 | |
U.S. Treasury Note, 0.25%, 5-15-2024 | 2.65 |
FNMA, 2.50%, 8-12-2051 | 2.55 |
FNMA, 2.50%, 6-14-2051 | 1.71 |
U.S. Treasury Bond, 1.38%, 11-15-2040 | 1.51 |
U.S. Treasury Bond, 1.13%, 8-15-2040 | 1.43 |
U.S. Treasury Note, 0.13%, 1-15-2024 | 1.34 |
U.S. Treasury Note, 0.13%, 12-31-2022 | 1.31 |
U.S. Treasury Note, 0.50%, 2-28-2026 | 1.29 |
U.S. Treasury Bond, 1.13%, 5-15-2040 | 1.29 |
U.S. Treasury Note, 0.13%, 1-31-2023 | 1.27 |
1 | Each holding represents the Fund’s allocable portion of the affiliated master portfolio security. Figures represent each holding as a percentage of the Fund’s net assets. Holdings are subject to change and may have changed since the date specified. |
Portfolio composition as of May 31, 20211 |
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1 | Figures represent the portfolio composition of the affiliated master portfolio as a percentage of the long-term investments of the affiliated master portfolio. These amounts are subject to change and may have changed since the date specified. |
Beginning account value 12-1-2020 | Ending account value 5-31-2021 | Expenses paid during the period1,2 | Annualized net expense ratio2 | |
Class A | ||||
Actual | $1,000.00 | $ 976.85 | $3.84 | 0.78% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.04 | $3.93 | 0.78% |
Class C | ||||
Actual | $1,000.00 | $ 972.93 | $7.53 | 1.53% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,017.30 | $7.70 | 1.53% |
Class R | ||||
Actual | $1,000.00 | $ 976.82 | $3.99 | 0.81% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.89 | $4.08 | 0.81% |
Class R4 | ||||
Actual | $1,000.00 | $ 978.18 | $2.56 | 0.52% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.34 | $2.62 | 0.52% |
Class R6 | ||||
Actual | $1,000.00 | $ 978.85 | $1.83 | 0.37% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,023.09 | $1.87 | 0.37% |
Administrator Class | ||||
Actual | $1,000.00 | $ 977.25 | $3.45 | 0.70% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.44 | $3.53 | 0.70% |
Institutional Class | ||||
Actual | $1,000.00 | $ 977.90 | $2.07 | 0.42% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.84 | $2.12 | 0.42% |
Value | |||||
Investment companies: 100.02% | |||||
Affiliated master portfolio: 100.02% | |||||
Wells Fargo Core Bond Portfolio | $5,331,353,094 | ||||
Total Investment companies (Cost $5,321,216,119) | 5,331,353,094 | ||||
Total investments in securities (Cost $5,321,216,119) | 100.02% | 5,331,353,094 | |||
Other assets and liabilities, net | (0.02) | (969,956) | |||
Total net assets | 100.00% | $5,330,383,138 |
% of ownership, beginning of period | % of ownership, end of period | Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolio | Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio | Interest allocated from affiliated Master Portfolio | Affiliated income allocated from affiliated Master Portfolio | Value, end of period | % of net assets | |
Wells Fargo Core Bond Portfolio | 94.84% | 94.49% | $124,275,417 | $(163,776,116) | $93,220,696 | $173,474 | $5,331,353,094 | 100.02% |
Assets | |
Investments in affiliated Master Portfolio, at value (cost $5,321,216,119) | $ 5,331,353,094 |
Receivable for Fund shares sold | 7,316,204 |
Receivable from manager | 69,380 |
Prepaid expenses and other assets | 16,954 |
Total assets | 5,338,755,632 |
Liabilities | |
Payable for Fund shares redeemed | 6,989,608 |
Dividends payable | 696,813 |
Administration fees payable | 310,070 |
Distribution fees payable | 8,728 |
Accrued expenses and other liabilities | 367,275 |
Total liabilities | 8,372,494 |
Total net assets | $5,330,383,138 |
Net assets consist of | |
Paid-in capital | $ 5,311,862,299 |
Total distributable earnings | 18,520,839 |
Total net assets | $5,330,383,138 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 370,881,746 |
Shares outstanding – Class A1 | 27,620,111 |
Net asset value per share – Class A | $13.43 |
Maximum offering price per share – Class A2 | $14.06 |
Net assets – Class C | $ 13,398,588 |
Shares outstanding – Class C1 | 1,008,016 |
Net asset value per share – Class C | $13.29 |
Net assets – Class R | $ 1,715,529 |
Shares outstanding – Class R1 | 131,062 |
Net asset value per share – Class R | $13.09 |
Net assets – Class R4 | $ 1,780,289 |
Shares outstanding – Class R41 | 135,980 |
Net asset value per share – Class R4 | $13.09 |
Net assets – Class R6 | $ 1,978,164,096 |
Shares outstanding – Class R61 | 151,247,500 |
Net asset value per share – Class R6 | $13.08 |
Net assets – Administrator Class | $ 214,796,136 |
Shares outstanding – Administrator Class1 | 16,406,572 |
Net asset value per share – Administrator Class | $13.09 |
Net assets – Institutional Class | $ 2,749,646,754 |
Shares outstanding – Institutional Class1 | 210,320,017 |
Net asset value per share – Institutional Class | $13.07 |
1 | The Fund has an unlimited number of authorized shares. |
2 | Maximum offering price is computed as 100/95.50 of net asset value. On investments of $50,000 or more, the offering price is reduced. |
Investment income | |
Interest allocated from affiliated Master Portfolio (net of foreign withholding taxes of $2,091) | $ 93,220,696 |
Affiliated income allocated from affiliated Master Portfolio | 173,474 |
Expenses allocated from affiliated Master Portfolio | (19,735,188) |
Total investment income | 73,658,982 |
Expenses | |
Management fee | 2,763,146 |
Administration fees | |
Class A | 538,805 |
Class C | 31,113 |
Class R | 3,445 |
Class R4 | 2,750 |
Class R6 | 717,379 |
Administrator Class | 230,844 |
Institutional Class | 2,139,946 |
Shareholder servicing fees | |
Class A | 839,615 |
Class C | 48,454 |
Class R | 2,964 |
Class R4 | 3,430 |
Administrator Class | 565,875 |
Distribution fees | |
Class C | 145,226 |
Class R | 3,535 |
Custody and accounting fees | 170,996 |
Professional fees | 33,780 |
Registration fees | 166,928 |
Shareholder report expenses | 284,769 |
Trustees’ fees and expenses | 21,080 |
Other fees and expenses | 100,644 |
Total expenses | 8,814,724 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (2,290,291) |
Class A | (16,030) |
Class C | (3) |
Class R4 | (1,084) |
Class R6 | (717,379) |
Administrator Class | (40,789) |
Institutional Class | (845,258) |
Net expenses | 4,903,890 |
Net investment income | 68,755,092 |
Realized and unrealized gains (losses) on investments | |
Net realized gains on securities transactions allocated from affiliated Master Portfolio | 124,275,417 |
Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio | (163,776,116) |
Net realized and unrealized gains (losses) on investments | (39,500,699) |
Net increase in net assets resulting from operations | $ 29,254,393 |
Year ended May 31, 2021 | Year ended May 31, 2020 | |||
Operations | ||||
Net investment income | $ 68,755,092 | $ 120,113,953 | ||
Net realized gains on investments | 124,275,417 | 306,742,964 | ||
Net change in unrealized gains (losses) on investments | (163,776,116) | 56,934,677 | ||
Net increase in net assets resulting from operations | 29,254,393 | 483,791,594 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (18,390,567) | (6,294,414) | ||
Class C | (826,028) | (417,858) | ||
Class R | (109,006) | (97,982) | ||
Class R4 | (255,450) | (161,109) | ||
Class R6 | (147,643,160) | (63,508,068) | ||
Administrator Class | (13,932,917) | (4,506,235) | ||
Institutional Class | (162,044,711) | (59,496,339) | ||
Total distributions to shareholders | (343,201,839) | (134,482,005) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 12,273,258 | 169,431,477 | 5,035,376 | 68,831,957 |
Class C | 429,511 | 6,062,121 | 737,031 | 9,984,279 |
Class R | 42,683 | 585,880 | 91,423 | 1,215,599 |
Class R4 | 73,596 | 1,019,265 | 183,129 | 2,446,252 |
Class R6 | 41,373,976 | 564,946,588 | 46,956,601 | 627,133,874 |
Administrator Class | 7,772,437 | 107,461,106 | 5,387,937 | 72,239,222 |
Institutional Class | 91,169,096 | 1,242,662,922 | 67,880,909 | 903,670,274 |
2,092,169,359 | 1,685,521,457 | |||
Reinvestment of distributions | ||||
Class A | 1,173,633 | 16,238,069 | 399,765 | 5,475,932 |
Class C | 58,078 | 794,241 | 14,131 | 191,525 |
Class R | 5,020 | 67,665 | 1,589 | 21,221 |
Class R4 | 18,865 | 254,704 | 12,039 | 160,382 |
Class R6 | 8,211,303 | 110,794,663 | 3,578,858 | 47,809,034 |
Administrator Class | 991,907 | 13,386,686 | 324,731 | 4,342,589 |
Institutional Class | 11,300,587 | 152,228,735 | 3,940,416 | 52,636,436 |
293,764,763 | 110,637,119 | |||
Payment for shares redeemed | ||||
Class A | (6,969,911) | (96,545,555) | (7,058,184) | (96,112,855) |
Class C | (1,472,599) | (20,765,992) | (1,381,669) | (18,673,889) |
Class R | (150,925) | (2,094,716) | (519,677) | (6,891,248) |
Class R4 | (285,459) | (3,858,168) | (700,264) | (9,317,864) |
Class R6 | (82,522,155) | (1,114,913,998) | (60,509,001) | (803,022,923) |
Administrator Class | (8,154,991) | (111,662,175) | (5,797,513) | (77,110,768) |
Institutional Class | (63,368,919) | (856,440,756) | (81,653,483) | (1,088,476,808) |
(2,206,281,360) | (2,099,606,355) | |||
Net increase (decrease) in net assets resulting from capital share transactions | 179,652,762 | (303,447,779) | ||
Total increase (decrease) in net assets | (134,294,684) | 45,861,810 | ||
Net assets | ||||
Beginning of period | 5,464,677,822 | 5,418,816,012 | ||
End of period | $ 5,330,383,138 | $ 5,464,677,822 |
Year ended May 31 | |||||
Class A | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $14.17 | $13.28 | $12.86 | $13.22 | $13.28 |
Net investment income | 0.12 1 | 0.25 | 0.32 | 0.24 | 0.19 1 |
Net realized and unrealized gains (losses) on investments | (0.06) | 0.93 | 0.42 | (0.36) | 0.00 |
Total from investment operations | 0.06 | 1.18 | 0.74 | (0.12) | 0.19 |
Distributions to shareholders from | |||||
Net investment income | (0.15) | (0.26) | (0.32) | (0.24) | (0.19) |
Net realized gains | (0.65) | (0.03) | 0.00 | 0.00 | (0.06) |
Total distributions to shareholders | (0.80) | (0.29) | (0.32) | (0.24) | (0.25) |
Net asset value, end of period | $13.43 | $14.17 | $13.28 | $12.86 | $13.22 |
Total return2 | 0.31% | 9.03% | 5.87% | (0.96)% | 1.48% |
Ratios to average net assets (annualized)* | |||||
Gross expenses | 0.82% | 0.82% | 0.83% | 0.83% | 0.83% |
Net expenses | 0.78% | 0.78% | 0.78% | 0.78% | 0.78% |
Net investment income | 0.87% | 1.85% | 2.50% | 1.79% | 1.40% |
Supplemental data | |||||
Portfolio turnover rate3 | 457% | 603% | 577% | 542% | 614% |
Net assets, end of period (000s omitted) | $370,882 | $299,642 | $302,246 | $320,208 | $360,276 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Year ended May 31, 2021 | 0.35% |
Year ended May 31, 2020 | 0.35% |
Year ended May 31, 2019 | 0.35% |
Year ended May 31, 2018 | 0.35% |
Year ended May 31, 2017 | 0.35% |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. |
3 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Year ended May 31 | |||||
Class C | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $14.03 | $13.15 | $12.74 | $13.09 | $13.15 |
Net investment income | 0.03 | 0.15 | 0.23 | 0.14 | 0.09 |
Net realized and unrealized gains (losses) on investments | (0.07) | 0.92 | 0.40 | (0.35) | 0.00 |
Total from investment operations | (0.04) | 1.07 | 0.63 | (0.21) | 0.09 |
Distributions to shareholders from | |||||
Net investment income | (0.05) | (0.16) | (0.22) | (0.14) | (0.09) |
Net realized gains | (0.65) | (0.03) | 0.00 | 0.00 | (0.06) |
Total distributions to shareholders | (0.70) | (0.19) | (0.22) | (0.14) | (0.15) |
Net asset value, end of period | $13.29 | $14.03 | $13.15 | $12.74 | $13.09 |
Total return1 | (0.45)% | 8.22% | 5.04% | (1.65)% | 0.72% |
Ratios to average net assets (annualized)* | |||||
Gross expenses | 1.57% | 1.57% | 1.58% | 1.58% | 1.58% |
Net expenses | 1.53% | 1.53% | 1.53% | 1.53% | 1.53% |
Net investment income | 0.16% | 1.11% | 1.75% | 1.04% | 0.68% |
Supplemental data | |||||
Portfolio turnover rate2 | 457% | 603% | 577% | 542% | 614% |
Net assets, end of period (000s omitted) | $13,399 | $27,971 | $34,494 | $47,843 | $59,049 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Year ended May 31, 2021 | 0.35% |
Year ended May 31, 2020 | 0.35% |
Year ended May 31, 2019 | 0.35% |
Year ended May 31, 2018 | 0.35% |
Year ended May 31, 2017 | 0.35% |
1 | Total return calculations do not include any sales charges. |
2 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Year ended May 31 | |||||
Class R | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $13.83 | $12.96 | $12.55 | $12.90 | $12.97 |
Net investment income | 0.11 1 | 0.22 1 | 0.28 1 | 0.20 1 | 0.15 1 |
Net realized and unrealized gains (losses) on investments | (0.06) | 0.90 | 0.41 | (0.35) | (0.01) |
Total from investment operations | 0.05 | 1.12 | 0.69 | (0.15) | 0.14 |
Distributions to shareholders from | |||||
Net investment income | (0.14) | (0.22) | (0.28) | (0.20) | (0.15) |
Net realized gains | (0.65) | (0.03) | 0.00 | 0.00 | (0.06) |
Total distributions to shareholders | (0.79) | (0.25) | (0.28) | (0.20) | (0.21) |
Net asset value, end of period | $13.09 | $13.83 | $12.96 | $12.55 | $12.90 |
Total return | 0.22% | 8.80% | 5.61% | (1.19)% | 1.15% |
Ratios to average net assets (annualized)* | |||||
Gross expenses | 0.87% | 1.05% | 1.07% | 1.08% | 1.08% |
Net expenses | 0.86% | 1.02% | 1.03% | 1.03% | 1.03% |
Net investment income | 0.81% | 1.66% | 2.25% | 1.54% | 1.18% |
Supplemental data | |||||
Portfolio turnover rate2 | 457% | 603% | 577% | 542% | 614% |
Net assets, end of period (000s omitted) | $1,716 | $3,241 | $8,565 | $12,230 | $13,826 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Year ended May 31, 2021 | 0.35% |
Year ended May 31, 2020 | 0.35% |
Year ended May 31, 2019 | 0.35% |
Year ended May 31, 2018 | 0.35% |
Year ended May 31, 2017 | 0.35% |
1 | Calculated based upon average shares outstanding |
2 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Year ended May 31 | |||||
Class R4 | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $13.83 | $12.95 | $12.55 | $12.89 | $12.95 |
Net investment income | 0.16 1 | 0.29 1 | 0.35 | 0.26 1 | 0.22 |
Net realized and unrealized gains (losses) on investments | (0.06) | 0.91 | 0.40 | (0.34) | 0.00 |
Total from investment operations | 0.10 | 1.20 | 0.75 | (0.08) | 0.22 |
Distributions to shareholders from | |||||
Net investment income | (0.19) | (0.29) | (0.35) | (0.26) | (0.22) |
Net realized gains | (0.65) | (0.03) | 0.00 | 0.00 | (0.06) |
Total distributions to shareholders | (0.84) | (0.32) | (0.35) | (0.26) | (0.28) |
Net asset value, end of period | $13.09 | $13.83 | $12.95 | $12.55 | $12.89 |
Total return | 0.55% | 9.34% | 6.07% | (0.61)% | 1.74% |
Ratios to average net assets (annualized)* | |||||
Gross expenses | 0.59% | 0.59% | 0.60% | 0.60% | 0.60% |
Net expenses | 0.52% | 0.52% | 0.52% | 0.52% | 0.52% |
Net investment income | 1.16% | 2.19% | 2.76% | 2.01% | 1.70% |
Supplemental data | |||||
Portfolio turnover rate2 | 457% | 603% | 577% | 542% | 614% |
Net assets, end of period (000s omitted) | $1,780 | $4,549 | $10,805 | $11,680 | $43,205 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Year ended May 31, 2021 | 0.35% |
Year ended May 31, 2020 | 0.35% |
Year ended May 31, 2019 | 0.35% |
Year ended May 31, 2018 | 0.35% |
Year ended May 31, 2017 | 0.35% |
1 | Calculated based upon average shares outstanding |
2 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Year ended May 31 | |||||
Class R6 | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $13.82 | $12.95 | $12.54 | $12.89 | $12.95 |
Net investment income | 0.18 1 | 0.30 | 0.37 | 0.28 | 0.24 |
Net realized and unrealized gains (losses) on investments | (0.06) | 0.91 | 0.41 | (0.35) | 0.00 |
Total from investment operations | 0.12 | 1.21 | 0.78 | 0.00 | 0.24 |
Distributions to shareholders from | |||||
Net investment income | (0.21) | (0.31) | (0.37) | (0.28) | (0.24) |
Net realized gains | (0.65) | (0.03) | 0.00 | 0.00 | (0.06) |
Total distributions to shareholders | (0.86) | (0.34) | (0.37) | (0.28) | (0.30) |
Net asset value, end of period | $13.08 | $13.82 | $12.95 | $12.54 | $12.89 |
Total return | 0.70% | 9.42% | 6.31% | (0.54)% | 1.90% |
Ratios to average net assets (annualized)* | |||||
Gross expenses | 0.44% | 0.44% | 0.45% | 0.45% | 0.45% |
Net expenses | 0.37% | 0.37% | 0.37% | 0.37% | 0.37% |
Net investment income | 1.29% | 2.26% | 2.92% | 2.24% | 1.87% |
Supplemental data | |||||
Portfolio turnover rate2 | 457% | 603% | 577% | 542% | 614% |
Net assets, end of period (000s omitted) | $1,978,164 | $2,545,332 | $2,513,644 | $1,360,847 | $797,896 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Year ended May 31, 2021 | 0.35% |
Year ended May 31, 2020 | 0.35% |
Year ended May 31, 2019 | 0.35% |
Year ended May 31, 2018 | 0.35% |
Year ended May 31, 2017 | 0.35% |
1 | Calculated based upon average shares outstanding |
2 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Year ended May 31 | |||||
Administrator Class | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $13.83 | $12.96 | $12.56 | $12.90 | $12.97 |
Net investment income | 0.13 | 0.26 | 0.33 1 | 0.24 1 | 0.21 |
Net realized and unrealized gains (losses) on investments | (0.06) | 0.90 | 0.40 | (0.34) | (0.02) |
Total from investment operations | 0.07 | 1.16 | 0.73 | (0.10) | 0.19 |
Distributions to shareholders from | |||||
Net investment income | (0.16) | (0.26) | (0.33) | (0.24) | (0.20) |
Net realized gains | (0.65) | (0.03) | 0.00 | 0.00 | (0.06) |
Total distributions to shareholders | (0.81) | (0.29) | (0.33) | (0.24) | (0.26) |
Net asset value, end of period | $13.09 | $13.83 | $12.96 | $12.56 | $12.90 |
Total return | 0.37% | 9.14% | 5.87% | (0.79)% | 1.48% |
Ratios to average net assets (annualized)* | |||||
Gross expenses | 0.76% | 0.76% | 0.76% | 0.77% | 0.77% |
Net expenses | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |
Net investment income | 0.95% | 1.92% | 2.58% | 1.86% | 1.50% |
Supplemental data | |||||
Portfolio turnover rate2 | 457% | 603% | 577% | 542% | 614% |
Net assets, end of period (000s omitted) | $214,796 | $218,522 | $205,825 | $269,057 | $373,042 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Year ended May 31, 2021 | 0.35% |
Year ended May 31, 2020 | 0.35% |
Year ended May 31, 2019 | 0.35% |
Year ended May 31, 2018 | 0.35% |
Year ended May 31, 2017 | 0.35% |
1 | Calculated based upon average shares outstanding |
2 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Year ended May 31 | |||||
Institutional Class | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $13.82 | $12.94 | $12.54 | $12.88 | $12.95 |
Net investment income | 0.17 | 0.29 | 0.36 | 0.28 | 0.23 |
Net realized and unrealized gains (losses) on investments | (0.07) | 0.92 | 0.40 | (0.34) | (0.01) |
Total from investment operations | 0.10 | 1.21 | 0.76 | (0.06) | 0.22 |
Distributions to shareholders from | |||||
Net investment income | (0.20) | (0.30) | (0.36) | (0.28) | (0.23) |
Net realized gains | (0.65) | (0.03) | 0.00 | 0.00 | (0.06) |
Total distributions to shareholders | (0.85) | (0.33) | (0.36) | (0.28) | (0.29) |
Net asset value, end of period | $13.07 | $13.82 | $12.94 | $12.54 | $12.88 |
Total return | 0.58% | 9.45% | 6.18% | (0.51)% | 1.77% |
Ratios to average net assets (annualized)* | |||||
Gross expenses | 0.49% | 0.49% | 0.50% | 0.50% | 0.50% |
Net expenses | 0.42% | 0.42% | 0.42% | 0.42% | 0.42% |
Net investment income | 1.22% | 2.21% | 2.86% | 2.16% | 1.82% |
Supplemental data | |||||
Portfolio turnover rate1 | 457% | 603% | 577% | 542% | 614% |
Net assets, end of period (000s omitted) | $2,749,647 | $2,365,421 | $2,343,238 | $3,318,290 | $3,166,348 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Year ended May 31, 2021 | 0.35% |
Year ended May 31, 2020 | 0.35% |
Year ended May 31, 2019 | 0.35% |
Year ended May 31, 2018 | 0.35% |
Year ended May 31, 2017 | 0.35% |
1 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Gross unrealized gains | $ 10,137,192 |
Gross unrealized losses | (13,567,422) |
Net unrealized losses | $ (3,430,230) |
Affiliated Master Portfolio | Investment objective | Fair value of affiliated Master Portfolio |
Wells Fargo Core Bond Portfolio | Seeks total return, consisting of income and capital appreciation | $5,331,353,094 |
Average daily net assets | Management fee |
First $5 billion | 0.050% |
Next $5 billion | 0.040 |
Over $10 billion | 0.030 |
Class-level administration fee | |
Class A | 0.16% |
Class C | 0.16 |
Class R | 0.16 |
Class R4 | 0.08 |
Class R6 | 0.03 |
Administrator Class | 0.10 |
Institutional Class | 0.08 |
Expense ratio caps | |
Class A | 0.78% |
Class C | 1.53 |
Class R | 1.03 |
Class R4 | 0.52 |
Class R6 | 0.37 |
Administrator Class | 0.70 |
Institutional Class | 0.42 |
Purchases at cost | Sales proceeds | |||
U.S. government | Non-U.S. government | U.S. government | Non-U.S. government | |
$24,128,962,774 | $3,853,196,281 | $23,265,402,446 | $3,987,508,043 |
Year ended May 31 | ||
2021 | 2020 | |
Ordinary income | $291,084,924 | $134,482,005 |
Long-term capital gain | 52,116,915 | 0 |
Undistributed ordinary income | Undistributed long-term gain | Unrealized losses |
$9,052,659 | $13,678,678 | $(3,430,230) |
Wells Fargo Funds Trust:
![](https://capedge.com/proxy/N-CSR/0001193125-21-234774/g141199img11180ca66.jpg)
Interest rate | Maturity date | Principal | Value | |||
Agency securities: 31.41% | ||||||
FHLMC (1 Month LIBOR +0.35%) ± | 0.45% | 12-15-2048 | $ | 848,963 | $ 854,599 | |
FHLMC | 1.75 | 5-15-2043 | 2,571,675 | 2,638,820 | ||
FHLMC | 2.00 | 12-1-2050 | 5,812,356 | 5,892,506 | ||
FHLMC | 2.50 | 1-1-2036 | 16,586,615 | 17,494,665 | ||
FHLMC (12 Month LIBOR +1.64%) ± | 2.83 | 5-1-2049 | 3,796,313 | 3,964,222 | ||
FHLMC | 3.00 | 10-15-2047 | 8,158,533 | 8,492,501 | ||
FHLMC | 3.00 | 5-15-2050 | 5,310,761 | 5,694,732 | ||
FHLMC | 3.50 | 4-1-2049 | 3,766,913 | 4,079,179 | ||
FHLMC | 4.00 | 1-1-2035 | 133,130 | 145,999 | ||
FHLMC | 4.00 | 1-1-2036 | 248,778 | 271,950 | ||
FHLMC | 4.00 | 10-1-2036 | 1,498,157 | 1,637,399 | ||
FHLMC | 4.00 | 3-1-2037 | 187,970 | 206,184 | ||
FHLMC | 4.00 | 3-1-2037 | 231,880 | 255,815 | ||
FHLMC | 4.00 | 3-1-2037 | 321,372 | 350,168 | ||
FHLMC | 4.00 | 4-1-2037 | 1,977,405 | 2,166,752 | ||
FHLMC | 4.00 | 4-1-2037 | 1,571,068 | 1,720,114 | ||
FHLMC | 4.00 | 8-1-2038 | 9,484,077 | 10,190,772 | ||
FHLMC | 4.00 | 11-1-2048 | 9,119,394 | 9,997,463 | ||
FHLMC | 4.00 | 7-1-2049 | 12,092,343 | 13,501,820 | ||
FHLMC | 4.50 | 6-1-2039 | 201,664 | 225,210 | ||
FHLMC | 4.50 | 7-1-2039 | 260,600 | 295,913 | ||
FHLMC | 4.50 | 11-1-2048 | 5,316,182 | 5,869,263 | ||
FHLMC | 4.50 | 3-1-2049 | 2,267,710 | 2,522,153 | ||
FHLMC | 4.50 | 8-1-2049 | 18,980,319 | 20,886,427 | ||
FHLMC | 5.00 | 5-1-2048 | 6,567,728 | 7,416,650 | ||
FHLMC | 5.00 | 3-1-2049 | 12,265,366 | 13,664,675 | ||
FHLMC Series 1897 Class K | 7.00 | 9-15-2026 | 241 | 267 | ||
FHLMC Series 264 Class 30 | 3.00 | 7-15-2042 | 9,215,999 | 9,584,959 | ||
FHLMC Series 4426 Class QC | 1.75 | 7-15-2037 | 4,534,816 | 4,668,092 | ||
FHLMC Series 4705 Class A | 4.50 | 9-15-2042 | 882,956 | 909,283 | ||
FHLMC Series 4763 Class CA | 3.00 | 9-15-2038 | 1,217,843 | 1,305,258 | ||
FHLMC Series 4767 Class KA | 3.00 | 3-15-2048 | 3,291,224 | 3,528,550 | ||
FHLMC Series 5091 Class AB | 1.50 | 3-25-2051 | 12,100,402 | 12,177,557 | ||
FHLMC Series 5092 Class DT | 1.50 | 11-25-2049 | 12,764,107 | 12,908,723 | ||
FHLMC Series 5119 Class AB | 1.50 | 8-25-2049 | 6,162,562 | 6,185,912 | ||
FNMA | 1.50 | 1-25-2043 | 3,357,498 | 3,404,166 | ||
FNMA | 1.50 | 1-25-2043 | 9,509,457 | 9,685,012 | ||
FNMA | 1.50 | 4-25-2043 | 982,698 | 996,798 | ||
FNMA | 1.70 | 8-25-2033 | 11,544,356 | 11,971,145 | ||
FNMA | 1.75 | 5-25-2043 | 3,600,071 | 3,726,705 | ||
FNMA | 1.75 | 6-25-2046 | 22,538,318 | 22,909,413 | ||
FNMA | 2.00 | 5-1-2031 | 2,949,175 | 3,066,742 | ||
FNMA | 2.00 | 5-1-2031 | 2,943,186 | 3,060,522 | ||
FNMA | 2.00 | 5-1-2036 | 48,437,657 | 50,076,432 | ||
FNMA %% | 2.00 | 6-17-2036 | 36,300,000 | 37,501,035 | ||
FNMA | 2.00 | 6-25-2038 | 11,689,424 | 12,218,357 | ||
FNMA | 2.00 | 4-1-2051 | 11,343,217 | 11,486,123 | ||
FNMA | 2.00 | 4-1-2051 | 24,463,905 | 24,801,202 | ||
FNMA %% | 2.00 | 6-14-2051 | 5,400,000 | 5,453,685 | ||
FNMA %% | 2.00 | 8-12-2051 | 65,300,000 | 65,663,500 | ||
FNMA | 2.50 | 2-1-2036 | 11,842,855 | 12,539,131 | ||
FNMA | 2.50 | 3-1-2036 | 9,504,510 | 10,075,587 | ||
FNMA | 2.50 | 3-1-2036 | 15,392,661 | 16,297,811 | ||
FNMA | 2.50 | 4-1-2036 | 3,398,623 | 3,602,792 |
Interest rate | Maturity date | Principal | Value | |||
Agency securities (continued) | ||||||
FNMA | 2.50% | 5-1-2036 | $ | 18,069,848 | $ 19,132,589 | |
FNMA | 2.50 | 5-1-2036 | 11,378,768 | 12,062,518 | ||
FNMA | 2.50 | 5-1-2036 | 11,615,393 | 12,315,563 | ||
FNMA | 2.50 | 11-25-2044 | 2,245,142 | 2,390,267 | ||
FNMA %% | 2.50 | 7-14-2050 | 62,200,000 | 64,256,744 | ||
FNMA | 2.50 | 10-1-2050 | 38,534,457 | 40,013,227 | ||
FNMA %% | 2.50 | 6-14-2051 | 93,000,000 | 96,278,633 | ||
FNMA %% | 2.50 | 8-12-2051 | 139,800,000 | 144,095,057 | ||
FNMA (12 Month LIBOR +1.59%) ± | 2.70 | 1-1-2046 | 9,227,924 | 9,633,832 | ||
FNMA (12 Month LIBOR +1.58%) ± | 2.77 | 6-1-2045 | 2,806,869 | 2,924,451 | ||
FNMA | 3.00 | 1-1-2043 | 6,343,390 | 6,786,886 | ||
FNMA | 3.00 | 11-25-2043 | 2,401,506 | 2,481,588 | ||
FNMA | 3.00 | 5-25-2048 | 8,121,060 | 8,636,627 | ||
FNMA | 3.00 | 7-25-2049 | 3,226,128 | 3,380,174 | ||
FNMA | 3.00 | 12-1-2054 | 26,735,307 | 28,478,510 | ||
FNMA | 3.00 | 7-1-2060 | 34,063,737 | 36,496,365 | ||
FNMA | 3.00 | 7-1-2060 | 27,429,130 | 29,188,960 | ||
FNMA | 3.50 | 6-1-2049 | 1,405,226 | 1,494,824 | ||
FNMA | 4.00 | 9-1-2033 | 2,789,008 | 2,983,842 | ||
FNMA | 4.00 | 12-1-2036 | 262,416 | 287,269 | ||
FNMA | 4.00 | 10-1-2037 | 1,687,757 | 1,843,555 | ||
FNMA | 4.00 | 9-1-2045 | 991,342 | 1,104,786 | ||
FNMA | 4.00 | 1-1-2046 | 6,320,220 | 7,042,352 | ||
FNMA | 4.00 | 2-1-2047 | 4,099,003 | 4,517,657 | ||
FNMA | 4.00 | 4-1-2047 | 638,498 | 707,084 | ||
FNMA | 4.00 | 4-1-2047 | 596,107 | 662,470 | ||
FNMA | 4.00 | 4-1-2047 | 523,287 | 562,923 | ||
FNMA | 4.00 | 10-1-2047 | 636,818 | 707,721 | ||
FNMA | 4.00 | 10-1-2047 | 590,965 | 653,297 | ||
FNMA | 4.00 | 7-1-2048 | 21,752,791 | 23,864,314 | ||
FNMA | 4.00 | 9-1-2048 | 4,662,311 | 5,103,804 | ||
FNMA | 4.00 | 10-1-2048 | 3,897,662 | 4,267,301 | ||
FNMA | 4.00 | 11-1-2048 | 4,156,989 | 4,551,229 | ||
FNMA | 4.00 | 12-1-2048 | 3,351,569 | 3,722,476 | ||
FNMA | 4.00 | 2-1-2049 | 4,946,884 | 5,452,413 | ||
FNMA | 4.00 | 5-1-2049 | 377,993 | 413,183 | ||
FNMA | 4.00 | 5-1-2049 | 3,089,993 | 3,447,586 | ||
FNMA | 4.00 | 12-1-2049 | 3,444,150 | 3,793,526 | ||
FNMA | 4.00 | 8-1-2059 | 10,703,059 | 11,963,914 | ||
FNMA | 4.50 | 5-1-2034 | 1,128,430 | 1,247,201 | ||
FNMA | 4.50 | 6-1-2041 | 217,574 | 245,480 | ||
FNMA | 4.50 | 3-1-2043 | 2,816,905 | 3,182,211 | ||
FNMA | 4.50 | 10-1-2045 | 4,430,734 | 5,005,700 | ||
FNMA | 4.50 | 2-1-2046 | 94,461 | 105,284 | ||
FNMA | 4.50 | 6-1-2048 | 1,617,996 | 1,815,172 | ||
FNMA | 4.50 | 7-1-2048 | 5,340,327 | 5,994,350 | ||
FNMA | 4.50 | 8-1-2048 | 7,663,177 | 8,471,444 | ||
FNMA | 4.50 | 10-1-2048 | 7,031,874 | 7,741,590 | ||
FNMA | 4.50 | 10-1-2048 | 10,428,216 | 11,512,391 | ||
FNMA | 4.50 | 11-1-2048 | 2,417,976 | 2,712,628 | ||
FNMA | 4.50 | 1-1-2049 | 12,582,016 | 13,948,539 | ||
FNMA | 4.50 | 2-1-2049 | 7,141,602 | 7,915,566 | ||
FNMA | 4.50 | 6-1-2049 | 5,424,239 | 5,995,208 | ||
FNMA | 4.50 | 7-1-2049 | 5,512,539 | 6,109,996 | ||
FNMA | 4.50 | 7-1-2049 | 9,053,612 | 10,004,902 |
Interest rate | Maturity date | Principal | Value | |||
Agency securities (continued) | ||||||
FNMA | 4.50% | 8-1-2049 | $ | 5,245,032 | $ 5,821,651 | |
FNMA | 4.50 | 3-1-2050 | 6,343,003 | 7,046,503 | ||
FNMA | 4.50 | 4-1-2050 | 2,182,108 | 2,438,130 | ||
FNMA | 4.50 | 4-1-2050 | 3,595,515 | 4,039,227 | ||
FNMA | 4.50 | 1-1-2059 | 10,534,396 | 11,903,393 | ||
FNMA | 5.00 | 7-1-2044 | 347,774 | 389,577 | ||
FNMA | 5.00 | 10-1-2048 | 88,815 | 99,436 | ||
FNMA | 5.00 | 12-1-2048 | 4,145,785 | 4,595,962 | ||
FNMA | 5.00 | 6-1-2049 | 27,945,750 | 31,351,555 | ||
FNMA | 5.00 | 8-1-2049 | 35,234,736 | 39,545,847 | ||
FNMA | 5.00 | 8-1-2049 | 18,184,335 | 20,379,278 | ||
FNMA | 5.00 | 11-1-2049 | 5,726,590 | 6,318,210 | ||
FNMA | 5.50 | 12-1-2048 | 4,354,873 | 4,959,734 | ||
FNMA | 5.50 | 6-1-2049 | 11,985,584 | 13,751,091 | ||
FNMA | 6.00 | 4-1-2022 | 618 | 692 | ||
FNMA | 6.00 | 2-1-2029 | 1,799 | 2,020 | ||
FNMA | 6.00 | 3-1-2033 | 24,063 | 27,852 | ||
FNMA | 6.00 | 11-1-2033 | 8,258 | 9,782 | ||
FNMA | 2.50 | 12-1-2035 | 16,743,961 | 17,749,217 | ||
FNMA | 2.50 | 9-1-2050 | 42,215,862 | 43,888,054 | ||
FNMA Series 2017-13 Class PA | 3.00 | 8-25-2046 | 3,781,292 | 3,989,002 | ||
FNMA Series 2017-M7 Class A2 ±± | 2.96 | 2-25-2027 | 2,040,000 | 2,228,632 | ||
FNMA Series 2018-14 Class KC | 3.00 | 3-25-2048 | 3,902,080 | 4,180,749 | ||
FNMA Series 2018-15 Class AB | 3.00 | 3-25-2048 | 1,463,724 | 1,567,478 | ||
FNMA Series 2018-8 Class KL | 2.50 | 3-25-2047 | 4,307,407 | 4,517,005 | ||
FNMA Series 2020 48 Class AB | 2.00 | 7-25-2050 | 6,648,030 | 6,828,871 | ||
FNMA Series 2020-48 Class DA | 2.00 | 7-25-2050 | 16,836,917 | 17,186,436 | ||
FNMA Series 2021-27 Class EC | 1.50 | 5-25-2051 | 17,115,446 | 17,313,874 | ||
FNMA Series 414 Class A35 | 3.50 | 10-25-2042 | 8,350,761 | 9,006,210 | ||
GNMA | 2.00 | 6-21-2051 | 18,600,000 | 18,912,063 | ||
GNMA | 2.50 | 3-20-2051 | 28,366,836 | 29,407,809 | ||
GNMA %% | 2.50 | 6-20-2051 | 18,002,316 | 18,649,977 | ||
GNMA | 2.50 | 6-21-2051 | 51,300,000 | 53,123,415 | ||
GNMA | 3.50 | 1-20-2048 | 4,190,040 | 4,492,636 | ||
GNMA | 3.50 | 3-20-2049 | 3,123,142 | 3,363,271 | ||
GNMA | 4.00 | 6-20-2047 | 32,554,816 | 34,992,140 | ||
GNMA | 4.00 | 3-20-2048 | 1,019,596 | 1,099,103 | ||
GNMA | 4.00 | 4-20-2048 | 1,781,654 | 1,920,682 | ||
GNMA | 4.00 | 4-20-2048 | 1,380,931 | 1,482,851 | ||
GNMA | 4.00 | 4-20-2048 | 1,280,591 | 1,387,671 | ||
GNMA | 4.00 | 5-20-2049 | 1,843,923 | 1,996,484 | ||
GNMA | 4.00 | 6-20-2049 | 5,209,317 | 5,640,407 | ||
GNMA | 4.00 | 7-20-2049 | 4,504,706 | 4,877,190 | ||
GNMA | 4.50 | 8-15-2047 | 869,075 | 971,731 | ||
GNMA | 4.50 | 6-20-2048 | 6,039,453 | 6,518,518 | ||
GNMA | 4.50 | 2-20-2049 | 6,382,978 | 7,129,852 | ||
GNMA | 4.50 | 3-20-2049 | 587,721 | 640,350 | ||
GNMA | 4.50 | 4-20-2049 | 957,605 | 1,048,253 | ||
GNMA | 4.50 | 5-20-2049 | 1,276,323 | 1,397,202 | ||
GNMA | 4.50 | 5-20-2049 | 1,033,374 | 1,131,210 | ||
GNMA | 5.00 | 12-20-2039 | 143,369 | 161,512 | ||
GNMA | 5.00 | 11-20-2045 | 260,471 | 291,989 | ||
GNMA | 5.00 | 3-20-2048 | 9,882,863 | 10,875,260 | ||
GNMA | 5.00 | 5-20-2048 | 4,841,645 | 5,260,290 | ||
GNMA | 5.00 | 6-20-2048 | 18,416,684 | 20,019,895 |
Interest rate | Maturity date | Principal | Value | |||
Agency securities (continued) | ||||||
GNMA | 5.00% | 7-20-2048 | $ | 3,299,118 | $ 3,599,447 | |
GNMA | 5.00 | 8-20-2048 | 5,215,604 | 5,677,216 | ||
GNMA | 5.00 | 12-20-2048 | 5,313,618 | 5,769,026 | ||
GNMA | 5.00 | 1-20-2049 | 1,055,826 | 1,147,586 | ||
GNMA | 5.00 | 1-20-2049 | 4,802,124 | 5,468,044 | ||
GNMA | 5.00 | 2-20-2049 | 723,669 | 804,962 | ||
GNMA | 5.00 | 3-20-2049 | 1,405,508 | 1,560,307 | ||
GNMA Series 2012-141 Class WA ±± | 4.53 | 11-16-2041 | 1,137,496 | 1,273,879 | ||
GNMA Series 2017-167 Class BQ | 2.50 | 8-20-2044 | 4,587,761 | 4,774,699 | ||
GNMA Series 2018-11 Class PC | 2.75 | 12-20-2047 | 5,960,976 | 6,149,292 | ||
GNMA Series 2019-132 Class NA | 3.50 | 9-20-2049 | 5,279,773 | 5,622,578 | ||
GNMA Series 2021-23 Class MG | 1.50 | 2-20-2051 | 12,061,781 | 12,278,284 | ||
Total Agency securities (Cost $1,748,857,570) | 1,772,000,438 | |||||
Asset-backed securities: 8.10% | ||||||
AmeriCredit Automobile Receivables Series 2020-2 Class A2 | 0.60 | 12-18-2023 | 5,236,484 | 5,245,593 | ||
Avis Budget Rental Car Funding LLC Series 2017-1A Class A 144A | 3.07 | 9-20-2023 | 1,620,000 | 1,668,959 | ||
Avis Budget Rental Car Funding LLC Series 2019-3A Class A1 144A | 2.36 | 3-20-2026 | 3,825,000 | 4,020,850 | ||
Bank of America Credit Card Trust Series 2021-A1 Class A1 | 0.44 | 9-15-2026 | 5,946,000 | 5,946,797 | ||
College Avenue Student Loan Trust Series 2017-A Class A1 (1 Month LIBOR+1.65%) 144A± | 1.76 | 11-26-2046 | 2,357,781 | 2,402,345 | ||
College Avenue Student Loan Trust Series 2018-A Class A2 144A | 4.13 | 12-26-2047 | 1,832,141 | 1,938,412 | ||
College Avenue Student Loan Trust Series 2019- A Class A2 144A | 3.28 | 12-28-2048 | 2,997,032 | 3,107,217 | ||
College Avenue Student Loan Trust Series 2021-A Class-A2 144A | 1.60 | 7-25-2051 | 4,397,089 | 4,397,226 | ||
Ford Credit Auto Owner Trust Series 2018-1 Class A 144A | 3.19 | 7-15-2031 | 3,524,000 | 3,828,762 | ||
Ford Credit Auto Owner Trust Series 2019-1 Class A 144A | 3.52 | 7-15-2030 | 7,460,000 | 8,055,691 | ||
Ford Credit Auto Owner Trust Series 2021-1 Class A 144A | 1.37 | 10-17-2033 | 9,260,000 | 9,372,660 | ||
Navient Student Loan Trust Series 2014-AA Class A3 (1 Month LIBOR+1.60%) 144A± | 1.70 | 10-15-2031 | 2,622,000 | 2,667,370 | ||
Navient Student Loan Trust Series 2016-AA Class A2B (1 Month LIBOR+2.15%) 144A± | 2.25 | 12-15-2045 | 1,694,001 | 1,743,926 | ||
Navient Student Loan Trust Series 2018-CA Class A2 144A | 3.52 | 6-16-2042 | 872,215 | 888,303 | ||
Navient Student Loan Trust Series 2018-DA Class A2A 144A | 4.00 | 12-15-2059 | 4,894,996 | 5,152,195 | ||
Navient Student Loan Trust Series 2019 -D Class A2A 144A | 3.01 | 12-15-2059 | 9,490,004 | 9,939,998 | ||
Navient Student Loan Trust Series 2019-A Class A2A 144A | 3.42 | 1-15-2043 | 7,380,041 | 7,579,743 | ||
Navient Student Loan Trust Series 2019-BA Class A2A 144A | 3.39 | 12-15-2059 | 7,705,386 | 8,132,577 | ||
Navient Student Loan Trust Series 2019-CA Class A2 144A | 3.13 | 2-15-2068 | 5,921,219 | 6,063,411 | ||
Navient Student Loan Trust Series 2019-FA Class A2 144A | 2.60 | 8-15-2068 | 7,376,605 | 7,532,773 |
Interest rate | Maturity date | Principal | Value | |||
Asset-backed securities (continued) | ||||||
Navient Student Loan Trust Series 2019-GA Class A 144A | 2.40% | 10-15-2068 | $ | 3,738,750 | $ 3,843,672 | |
Navient Student Loan Trust Series 2020-A Class A2A 144A | 2.46 | 11-15-2068 | 7,508,000 | 7,789,550 | ||
Navient Student Loan Trust Series 2020-BA ClassA2 144A | 2.12 | 1-15-2069 | 4,271,000 | 4,337,372 | ||
Navient Student Loan Trust Series 2020-DA Class A 144A | 1.69 | 5-15-2069 | 2,975,437 | 3,010,207 | ||
Navient Student Loan Trust Series 2020-EA Class A 144A | 1.69 | 5-15-2069 | 1,172,598 | 1,194,483 | ||
Navient Student Loan Trust Series 2020-GA Class A 144A | 1.17 | 9-16-2069 | 7,548,408 | 7,593,013 | ||
Navient Student Loan Trust Series 2020-HA Class A 144A | 1.31 | 1-15-2069 | 4,022,297 | 4,056,995 | ||
Navient Student Loan Trust Series 2020-IA Class A1A 144A | 1.33 | 4-15-2069 | 15,262,330 | 15,280,260 | ||
Navient Student Loan Trust Series 2021-A Class A 144A | 0.84 | 5-15-2069 | 1,791,151 | 1,792,642 | ||
Navient Student Loan Trust Series 2021-BA Class A 144A | 0.94 | 7-15-2069 | 7,996,053 | 8,015,905 | ||
Navient Student Loan Trust Series 2021-CA Class A 144A | 1.06 | 10-15-2069 | 18,982,000 | 18,992,742 | ||
Nelnet Student Loan Trust Series 2004-4 Class A5 (3 Month LIBOR+0.16%) ± | 0.34 | 1-25-2037 | 4,415,115 | 4,363,549 | ||
Nelnet Student Loan Trust Series 2004-5 Class A5 (3 Month LIBOR+0.18%) ± | 0.36 | 10-27-2036 | 2,131,597 | 2,100,893 | ||
Nelnet Student Loan Trust Series 2005-1 Class A5 (3 Month LIBOR+0.11%) ± | 0.29 | 10-25-2033 | 17,569,128 | 17,291,093 | ||
Nelnet Student Loan Trust Series 2005-2 Class A5 (3 Month LIBOR+0.10%) ± | 0.29 | 3-23-2037 | 17,118,017 | 16,855,433 | ||
Nelnet Student Loan Trust Series 2005-3 Class A5 (3 Month LIBOR+0.12%) ± | 0.31 | 12-24-2035 | 12,888,202 | 12,707,587 | ||
Nelnet Student Loan Trust Series 2005-4 Class A4 (3 Month LIBOR+0.18%) ± | 0.37 | 3-22-2032 | 3,130,995 | 3,031,415 | ||
Santander Drive Auto Receivables Trust Series 2020-1 Class A3 | 2.03 | 2-15-2024 | 2,240,000 | 2,254,087 | ||
Santander Drive Auto Receivables Trust Series 2020-2 Class A2A | 0.62 | 5-15-2023 | 2,183,249 | 2,184,130 | ||
Santander Drive Auto Receivables Trust Series 2020-3 Class A3 | 0.52 | 7-15-2024 | 3,198,000 | 3,204,209 | ||
Santander Drive Auto Receivables Trust Series 2020-4 Class A3 | 0.48 | 7-15-2024 | 2,889,000 | 2,895,920 | ||
Santander Revolving Auto Loan Trust Series 2019-A Class A 144A | 2.51 | 1-26-2032 | 5,589,000 | 5,907,815 | ||
SLM Student Loan Trust Series 2003-1 Class A5C (3 Month LIBOR+0.75%) 144A± | 0.93 | 12-15-2032 | 3,020,351 | 2,933,985 | ||
SLM Student Loan Trust Series 2003-10A Class A4 (3 Month LIBOR+0.67%) 144A± | 0.85 | 12-17-2068 | 8,967,000 | 8,966,994 | ||
SLM Student Loan Trust Series 2007-2 Class A4 (3 Month LIBOR+0.06%) ± | 0.24 | 7-25-2022 | 15,659,682 | 15,205,636 | ||
SLM Student Loan Trust Series 2007-3 Class A4 (3 Month LIBOR+0.06%) ± | 0.24 | 1-25-2022 | 4,055,582 | 3,931,340 | ||
SLM Student Loan Trust Series 2010-1 Class A (1 Month LIBOR+0.40%) ± | 0.51 | 3-25-2025 | 1,407,344 | 1,383,730 | ||
SLM Student Loan Trust Series 2012-1 Class A3 (1 Month LIBOR+0.95%) ± | 1.06 | 9-25-2028 | 10,478,847 | 10,346,689 |
Interest rate | Maturity date | Principal | Value | |||
Asset-backed securities (continued) | ||||||
SLM Student Loan Trust Series 2012-2 Class A (1 Month LIBOR+0.70%) ± | 0.81% | 1-25-2029 | $ | 8,762,899 | $ 8,586,281 | |
SLM Student Loan Trust Series 2012-6 Class A3 (1 Month LIBOR+0.75%) ± | 0.86 | 5-26-2026 | 2,314,495 | 2,290,919 | ||
SMB Private Education Loan Trust Series 2015-B Class A2A 144A | 2.98 | 7-15-2027 | 208,429 | 211,089 | ||
SMB Private Education Loan Trust Series 2016-A Class A2A 144A | 2.70 | 5-15-2031 | 5,132,905 | 5,275,277 | ||
SMB Private Education Loan Trust Series 2016-B Class A2A 144A | 2.43 | 2-17-2032 | 2,509,778 | 2,576,969 | ||
SMB Private Education Loan Trust Series 2016-B Class A2B (1 Month LIBOR+1.45%) 144A± | 1.56 | 2-17-2032 | 2,458,855 | 2,494,031 | ||
SMB Private Education Loan Trust Series 2016-C Class A2B (1 Month LIBOR+1.10%) 144A± | 1.21 | 9-15-2034 | 2,690,394 | 2,714,265 | ||
SMB Private Education Loan Trust Series 2018-C Class A2A 144A | 3.63 | 11-15-2035 | 3,146,468 | 3,323,942 | ||
SMB Private Education Loan Trust Series 2019-A Class A2A 144A | 3.44 | 7-15-2036 | 11,717,682 | 12,341,198 | ||
SMB Private Education Loan Trust Series 2020-BA Class A1A 144A | 1.29 | 7-15-2053 | 9,647,679 | 9,707,923 | ||
SMB Private Education Loan Trust Series 2020-PTA Class A2A 144A | 1.60 | 9-15-2054 | 10,058,000 | 10,194,336 | ||
SMB Private Education Loan Trust Series 2020-PTB Class A2A 144A | 1.60 | 9-15-2054 | 26,019,000 | 26,376,043 | ||
SMB Private Education Loan Trust Series 2021-A Class APT1 144A | 1.07 | 1-15-2053 | 22,251,420 | 22,025,611 | ||
SMB Private Education Loan Trust Series 2021-B Class A 144A | 1.31 | 7-17-2051 | 9,374,000 | 9,381,378 | ||
SMB Private Education Loan Trust Series 2021-C Class A1 (1 Month LIBOR+0.40%) 144A± | 0.49 | 1-15-2053 | 4,537,000 | 4,537,000 | ||
SMB Private Education Loan Trust Series 2053 Class 1 (1 Month LIBOR+0.80%) 144A± | 0.89 | 1-15-2053 | 6,986,000 | 6,986,000 | ||
SoFi Professional Loan Program LLC Series 2016-A Class A2 144A | 2.76 | 12-26-2036 | 1,092,063 | 1,106,172 | ||
SoFi Professional Loan Program LLC Series 2016-E Class A1 (1 Month LIBOR+0.85%) 144A± | 0.94 | 7-25-2039 | 289,589 | 290,123 | ||
SoFi Professional Loan Program LLC Series 2017-A Class A1 (1 Month LIBOR+0.70%) 144A± | 0.81 | 3-26-2040 | 325,471 | 325,670 | ||
SoFi Professional Loan Program LLC Series 2017-D Class A2 144A | 2.65 | 9-25-2040 | 283,964 | 290,419 | ||
SoFi Professional Loan Program LLC Series 2017-E Class A1 (1 Month LIBOR+0.50%) 144A± | 0.61 | 11-26-2040 | 186,300 | 186,426 | ||
SoFi Professional Loan Program LLC Series 2017-E Class A2B 144A | 2.72 | 11-26-2040 | 1,258,872 | 1,282,327 | ||
SoFi Professional Loan Program LLC Series 2018-A Class A2B 144A | 2.95 | 2-25-2042 | 2,015,702 | 2,056,186 | ||
SoFi Professional Loan Program LLC Series 2018-B Class A2FX 144A | 3.34 | 8-25-2047 | 4,586,613 | 4,706,809 | ||
SoFi Professional Loan Program LLC Series 2020-A Class A2 144A | 2.54 | 5-15-2046 | 8,057,000 | 8,346,623 | ||
SoFi Professional Loan Program LLC Series 2020-C Class AFX 144A | 1.95 | 2-15-2046 | 3,579,223 | 3,644,739 | ||
Tesla Auto Lease Trust Series 2021-A Class A3 144A | 0.56 | 3-20-2025 | 2,130,000 | 2,137,679 |
Interest rate | Maturity date | Principal | Value | |||
Asset-backed securities (continued) | ||||||
Toyota Auto Loan Extneded Note Series 2021-1A Class A 144A | 1.07% | 2-27-2034 | $ | 9,822,000 | $ 9,852,339 | |
Triton Container Finance LLC Series 2020-1A Class A 144A | 2.11 | 9-20-2045 | 2,372,483 | 2,396,490 | ||
Total Asset-backed securities (Cost $451,585,022) | 456,800,418 | |||||
Corporate bonds and notes: 24.45% | ||||||
Communication services: 2.58% | ||||||
Diversified telecommunication services: 1.78% | ||||||
AT&T Incorporated | 2.25 | 2-1-2032 | 4,126,000 | 3,968,802 | ||
AT&T Incorporated | 3.10 | 2-1-2043 | 900,000 | 851,989 | ||
AT&T Incorporated | 3.50 | 6-1-2041 | 1,900,000 | 1,905,972 | ||
AT&T Incorporated 144A | 3.50 | 9-15-2053 | 6,852,000 | 6,501,331 | ||
AT&T Incorporated 144A | 3.55 | 9-15-2055 | 1,862,000 | 1,760,635 | ||
AT&T Incorporated 144A | 3.80 | 12-1-2057 | 3,408,000 | 3,356,025 | ||
AT&T Incorporated | 3.85 | 6-1-2060 | 2,751,000 | 2,751,751 | ||
T-Mobile USA Incorporated | 2.05 | 2-15-2028 | 5,448,000 | 5,423,157 | ||
T-Mobile USA Incorporated | 2.25 | 2-15-2026 | 4,117,000 | 4,151,789 | ||
T-Mobile USA Incorporated 144A | 2.25 | 2-15-2026 | 20,995,000 | 21,172,408 | ||
T-Mobile USA Incorporated | 2.88 | 2-15-2031 | 3,127,000 | 3,015,491 | ||
T-Mobile USA Incorporated 144A | 3.38 | 4-15-2029 | 11,875,000 | 12,084,119 | ||
T-Mobile USA Incorporated 144A | 3.50 | 4-15-2031 | 7,882,000 | 8,015,600 | ||
T-Mobile USA Incorporated | 3.75 | 4-15-2027 | 518,000 | 569,443 | ||
Verizon Communications Incorporated | 2.55 | 3-21-2031 | 2,236,000 | 2,248,504 | ||
Verizon Communications Incorporated | 2.65 | 11-20-2040 | 7,471,000 | 6,883,509 | ||
Verizon Communications Incorporated | 2.88 | 11-20-2050 | 3,208,000 | 2,891,568 | ||
Verizon Communications Incorporated | 3.40 | 3-22-2041 | 3,590,000 | 3,650,792 | ||
Verizon Communications Incorporated | 3.55 | 3-22-2051 | 5,064,000 | 5,135,374 | ||
Verizon Communications Incorporated | 3.70 | 3-22-2061 | 2,612,000 | 2,635,889 | ||
Verizon Communications Incorporated | 4.33 | 9-21-2028 | 1,236,000 | 1,420,604 | ||
100,394,752 | ||||||
Entertainment: 0.14% | ||||||
Electronic Arts Incorporated | 1.85 | 2-15-2031 | 134,000 | 127,624 | ||
NETFLIX Incorporated 144A | 3.63 | 6-15-2025 | 3,172,000 | 3,398,005 | ||
NETFLIX Incorporated | 5.88 | 11-15-2028 | 3,409,000 | 4,124,890 | ||
7,650,519 | ||||||
Media: 0.66% | ||||||
Charter Communications Operating LLC | 3.50 | 6-1-2041 | 3,694,000 | 3,524,130 | ||
Charter Communications Operating LLC | 3.90 | 6-1-2052 | 6,903,000 | 6,617,656 | ||
Charter Communications Operating LLC %% | 4.40 | 12-1-2061 | 2,604,000 | 2,633,395 | ||
Charter Communications Operating LLC | 4.46 | 7-23-2022 | 1,700,000 | 1,766,687 | ||
Charter Communications Operating LLC | 4.80 | 3-1-2050 | 3,463,000 | 3,800,719 | ||
Comcast Corporation | 1.50 | 2-15-2031 | 6,389,000 | 5,936,352 | ||
Comcast Corporation | 3.75 | 4-1-2040 | 3,594,000 | 3,944,132 | ||
Comcast Corporation | 3.95 | 10-15-2025 | 1,263,000 | 1,417,870 | ||
Comcast Corporation | 4.15 | 10-15-2028 | 2,163,000 | 2,493,389 | ||
Comcast Corporation | 4.60 | 10-15-2038 | 1,616,000 | 1,945,849 | ||
Discovery Communications LLC 144A | 4.00 | 9-15-2055 | 2,199,000 | 2,176,851 | ||
Discovery Communications LLC | 4.65 | 5-15-2050 | 552,000 | 613,052 | ||
ViacomCBS Incorporated | 4.60 | 1-15-2045 | 345,000 | 387,864 | ||
37,257,946 |
Interest rate | Maturity date | Principal | Value | |||
Consumer discretionary: 1.81% | ||||||
Automobiles: 0.07% | ||||||
Ford Motor Company | 4.75% | 1-15-2043 | $ | 965,000 | $ 973,492 | |
Nissan Motor Company 144A | 2.75 | 3-9-2028 | 2,790,000 | 2,795,761 | ||
3,769,253 | ||||||
Diversified consumer services: 0.27% | ||||||
Sodexo Incorporated 144A | 1.63 | 4-16-2026 | 4,830,000 | 4,854,441 | ||
Sodexo Incorporated 144A | 2.72 | 4-16-2031 | 4,585,000 | 4,582,981 | ||
Yale University | 0.87 | 4-15-2025 | 3,182,000 | 3,210,189 | ||
Yale University | 1.48 | 4-15-2030 | 2,727,000 | 2,641,069 | ||
15,288,680 | ||||||
Hotels, restaurants & leisure: 0.45% | ||||||
GLP Capital LP | 4.00 | 1-15-2030 | 1,472,000 | 1,562,219 | ||
GLP Capital LP | 5.30 | 1-15-2029 | 1,800,000 | 2,077,362 | ||
Marriott International Incorporated | 2.85 | 4-15-2031 | 7,998,000 | 7,975,115 | ||
Marriott International Incorporated | 4.63 | 6-15-2030 | 700,000 | 789,485 | ||
Marriott International Incorporated | 5.75 | 5-1-2025 | 3,290,000 | 3,816,598 | ||
Starbucks Corporation | 1.30 | 5-7-2022 | 2,263,000 | 2,286,051 | ||
Starbucks Corporation | 3.35 | 3-12-2050 | 2,777,000 | 2,754,938 | ||
Starbucks Corporation | 3.50 | 11-15-2050 | 3,926,000 | 3,985,831 | ||
25,247,599 | ||||||
Internet & direct marketing retail: 0.68% | ||||||
Amazon.com Incorporated | 1.00 | 5-12-2026 | 14,682,000 | 14,674,881 | ||
Amazon.com Incorporated | 1.65 | 5-12-2028 | 5,450,000 | 5,476,260 | ||
Amazon.com Incorporated | 2.10 | 5-12-2031 | 13,815,000 | 13,855,853 | ||
Amazon.com Incorporated | 2.70 | 6-3-2060 | 827,000 | 736,304 | ||
Amazon.com Incorporated | 3.10 | 5-12-2051 | 1,845,000 | 1,841,189 | ||
Amazon.com Incorporated | 3.25 | 5-12-2061 | 1,845,000 | 1,850,129 | ||
38,434,616 | ||||||
Specialty retail: 0.34% | ||||||
Home Depot Incorporated | 2.38 | 3-15-2051 | 2,272,000 | 1,998,331 | ||
Home Depot Incorporated | 2.70 | 4-15-2030 | 2,209,000 | 2,327,723 | ||
Home Depot Incorporated | 3.13 | 12-15-2049 | 6,918,000 | 6,981,208 | ||
Home Depot Incorporated | 3.30 | 4-15-2040 | 736,000 | 774,363 | ||
Home Depot Incorporated | 3.35 | 4-15-2050 | 1,781,000 | 1,872,207 | ||
Lowe's Companies Incorporated | 2.63 | 4-1-2031 | 4,472,000 | 4,545,123 | ||
Lowe's Companies Incorporated | 3.50 | 4-1-2051 | 982,000 | 1,007,132 | ||
19,506,087 | ||||||
Consumer staples: 1.14% | ||||||
Beverages: 0.51% | ||||||
Anheuser-Busch InBev Worldwide Incorporated | 3.75 | 7-15-2042 | 1,627,000 | 1,706,268 | ||
Anheuser-Busch InBev Worldwide Incorporated | 4.38 | 4-15-2038 | 5,290,000 | 6,047,213 | ||
Anheuser-Busch InBev Worldwide Incorporated | 4.60 | 4-15-2048 | 3,881,000 | 4,495,121 | ||
Anheuser-Busch InBev Worldwide Incorporated | 4.70 | 2-1-2036 | 5,036,000 | 6,000,009 | ||
Anheuser-Busch InBev Worldwide Incorporated | 4.90 | 2-1-2046 | 4,518,000 | 5,416,400 | ||
Molson Coors Beverage Company | 4.20 | 7-15-2046 | 4,953,000 | 5,248,740 | ||
28,913,751 |
Interest rate | Maturity date | Principal | Value | |||
Food & staples retailing: 0.04% | ||||||
Walgreens Boots Alliance | 4.10% | 4-15-2050 | $ | 364,000 | $ 381,481 | |
Walmart Incorporated | 3.05 | 7-8-2026 | 1,672,000 | 1,835,694 | ||
Walmart Incorporated | 4.05 | 6-29-2048 | 45,000 | 54,426 | ||
2,271,601 | ||||||
Food products: 0.05% | ||||||
Hormel Foods Corporation %% | 1.70 | 6-3-2028 | 2,719,000 | 2,711,345 | ||
Personal products: 0.09% | ||||||
Estee Lauder Incorporated | 1.95 | 3-15-2031 | 5,353,000 | 5,254,412 | ||
Tobacco: 0.45% | ||||||
Altria Group Incorporated | 2.35 | 5-6-2025 | 782,000 | 818,952 | ||
Altria Group Incorporated | 2.45 | 2-4-2032 | 2,099,000 | 1,987,284 | ||
Altria Group Incorporated | 3.40 | 2-4-2041 | 5,753,000 | 5,279,842 | ||
Altria Group Incorporated | 3.88 | 9-16-2046 | 3,690,000 | 3,513,861 | ||
Altria Group Incorporated | 4.00 | 2-4-2061 | 2,372,000 | 2,212,295 | ||
BAT Capital Corporation | 2.26 | 3-25-2028 | 954,000 | 938,676 | ||
BAT Capital Corporation | 2.73 | 3-25-2031 | 5,838,000 | 5,620,555 | ||
BAT Capital Corporation | 3.56 | 8-15-2027 | 3,554,000 | 3,775,437 | ||
BAT Capital Corporation | 4.91 | 4-2-2030 | 984,000 | 1,114,269 | ||
25,261,171 | ||||||
Energy: 1.83% | ||||||
Energy equipment & services: 0.15% | ||||||
Duke Energy Carolinas LLC | 2.55 | 4-15-2031 | 1,800,000 | 1,848,448 | ||
NSTAR Electric Company | 3.10 | 6-1-2051 | 1,627,000 | 1,613,638 | ||
Tampa Electric Company | 2.40 | 3-15-2031 | 2,681,000 | 2,708,076 | ||
Tampa Electric Company | 3.45 | 3-15-2051 | 2,145,000 | 2,246,520 | ||
8,416,682 | ||||||
Oil, gas & consumable fuels: 1.68% | ||||||
BP Capital Markets America Incorporated | 3.38 | 2-8-2061 | 1,509,000 | 1,460,878 | ||
Devon Energy Corporation | 4.75 | 5-15-2042 | 1,900,000 | 2,089,037 | ||
Devon Energy Corporation | 5.00 | 6-15-2045 | 945,000 | 1,071,298 | ||
Devon Energy Corporation | 5.60 | 7-15-2041 | 1,436,000 | 1,731,054 | ||
Devon Energy Corporation | 5.85 | 12-15-2025 | 8,145,000 | 9,633,966 | ||
Diamondback Energy Incorporated | 3.25 | 12-1-2026 | 5,508,000 | 5,928,482 | ||
Diamondback Energy Incorporated | 3.50 | 12-1-2029 | 3,272,000 | 3,468,006 | ||
Diamondback Energy Incorporated | 4.40 | 3-24-2051 | 3,949,000 | 4,256,623 | ||
Enable Midstream Partners | 3.90 | 5-15-2024 | 491,000 | 525,375 | ||
Enable Midstream Partners | 4.15 | 9-15-2029 | 2,090,000 | 2,250,649 | ||
Enable Midstream Partners | 4.40 | 3-15-2027 | 3,526,000 | 3,892,003 | ||
Enable Midstream Partners | 4.95 | 5-15-2028 | 5,980,000 | 6,768,822 | ||
Energy Transfer Operating Partners LP | 4.05 | 3-15-2025 | 8,562,000 | 9,297,463 | ||
Energy Transfer Operating Partners LP | 5.15 | 3-15-2045 | 905,000 | 993,074 | ||
Energy Transfer Operating Partners LP | 5.25 | 4-15-2029 | 58,000 | 67,565 | ||
Energy Transfer Operating Partners LP | 5.30 | 4-15-2047 | 552,000 | 615,427 | ||
Energy Transfer Operating Partners LP | 6.00 | 6-15-2048 | 727,000 | 879,751 | ||
Energy Transfer Operating Partners LP | 6.05 | 6-1-2041 | 827,000 | 999,260 | ||
Energy Transfer Operating Partners LP | 6.10 | 2-15-2042 | 931,000 | 1,108,301 | ||
Energy Transfer Operating Partners LP | 6.13 | 12-15-2045 | 1,597,000 | 1,924,106 | ||
Energy Transfer Partners LP | 7.50 | 7-1-2038 | 425,000 | 579,232 | ||
Enterprise Products Operating LLC | 3.95 | 1-31-2060 | 773,000 | 793,232 |
Interest rate | Maturity date | Principal | Value | |||
Oil, gas & consumable fuels (continued) | ||||||
Marathon Oil Corporation | 5.20% | 6-1-2045 | $ | 4,136,000 | $ 4,759,151 | |
ONEOK Incorporated | 3.10 | 3-15-2030 | 3,036,000 | 3,118,666 | ||
ONEOK Incorporated | 3.40 | 9-1-2029 | 1,191,000 | 1,253,274 | ||
ONEOK Incorporated | 4.00 | 7-13-2027 | 754,000 | 832,244 | ||
ONEOK Incorporated | 4.35 | 3-15-2029 | 1,282,000 | 1,431,132 | ||
ONEOK Incorporated | 4.45 | 9-1-2049 | 2,963,000 | 3,141,684 | ||
ONEOK Incorporated | 4.95 | 7-13-2047 | 354,000 | 397,061 | ||
ONEOK Incorporated | 5.85 | 1-15-2026 | 454,000 | 538,263 | ||
Pioneer Natural Resource | 1.90 | 8-15-2030 | 4,772,000 | 4,491,963 | ||
Plains All American Pipeline LP | 4.90 | 2-15-2045 | 773,000 | 799,165 | ||
Sunoco Logistics Partner LP | 5.35 | 5-15-2045 | 1,364,000 | 1,529,268 | ||
WPX Energy Incorporated | 5.25 | 9-15-2024 | 10,806,000 | 11,986,664 | ||
94,612,139 | ||||||
Financials: 7.00% | ||||||
Banks: 3.72% | ||||||
Bank of America Corporation (U.S. SOFR+0.69%) ± | 0.98 | 4-22-2025 | 9,663,000 | 9,721,078 | ||
Bank of America Corporation (U.S. SOFR+1.01%) ± | 1.20 | 10-24-2026 | 13,590,000 | 13,549,250 | ||
Bank of America Corporation (U.S. SOFR+1.15%) ± | 1.32 | 6-19-2026 | 8,036,000 | 8,094,525 | ||
Bank of America Corporation (U.S. SOFR+0.91%) ± | 1.66 | 3-11-2027 | 17,962,000 | 18,215,994 | ||
Bank of America Corporation (U.S. SOFR+0.96%) ± | 1.73 | 7-22-2027 | 9,689,000 | 9,810,673 | ||
Bank of America Corporation (U.S. SOFR+1.53%) ± | 1.90 | 7-23-2031 | 5,480,000 | 5,236,574 | ||
Bank of America Corporation (U.S. SOFR+1.37%) ± | 1.92 | 10-24-2031 | 2,981,000 | 2,847,886 | ||
Bank of America Corporation (3 Month LIBOR+0.64%) ± | 2.02 | 2-13-2026 | 909,000 | 943,405 | ||
Bank of America Corporation (3 Month LIBOR+0.87%) ± | 2.46 | 10-22-2025 | 4,935,000 | 5,196,812 | ||
Bank of America Corporation (3 Month LIBOR+0.99%) ± | 2.50 | 2-13-2031 | 5,008,000 | 5,039,234 | ||
Bank of America Corporation (U.S. SOFR+2.15%) ± | 2.59 | 4-29-2031 | 5,753,000 | 5,856,251 | ||
Bank of America Corporation (U.S. SOFR+1.32%) ± | 2.69 | 4-22-2032 | 17,567,000 | 17,811,692 | ||
Bank of America Corporation (3 Month LIBOR+0.79%) ± | 3.00 | 12-20-2023 | 9,463,000 | 9,846,323 | ||
Bank of America Corporation (U.S. SOFR+1.58%) ± | 3.31 | 4-22-2042 | 3,863,000 | 3,953,880 | ||
Bank of America Corporation | 3.50 | 4-19-2026 | 909,000 | 1,008,172 | ||
Bank of America Corporation (3 Month LIBOR+1.06%) ± | 3.56 | 4-23-2027 | 4,399,000 | 4,836,712 | ||
Deutsche Bank (U.S. SOFR+1.87%) ± | 2.13 | 11-24-2026 | 9,402,000 | 9,561,588 | ||
Deutsche Bank (U.S. SOFR+2.76%) ± | 3.73 | 1-14-2032 | 2,396,000 | 2,400,063 | ||
Deutsche Bank | 0.90 | 5-28-2024 | 4,526,000 | 4,529,409 | ||
Deutsche Bank (U.S. SOFR+1.72%) ± | 3.04 | 5-28-2032 | 2,770,000 | 2,756,338 | ||
JPMorgan Chase & Company (U.S. SOFR+0.54%) ±%% | 0.82 | 6-1-2025 | 8,141,000 | 8,151,880 | ||
JPMorgan Chase & Company (U.S. SOFR+0.70%) ± | 1.04 | 2-4-2027 | 17,835,000 | 17,617,328 | ||
JPMorgan Chase & Company (U.S. SOFR+0.80%) ± | 1.05 | 11-19-2026 | 9,945,000 | 9,856,630 | ||
JPMorgan Chase & Company (U.S. SOFR+0.89%) ± | 1.58 | 4-22-2027 | 5,371,000 | 5,411,773 | ||
JPMorgan Chase & Company (U.S. SOFR+1.02%) ±%% | 2.07 | 6-1-2029 | 8,862,000 | 8,874,844 | ||
JPMorgan Chase & Company (U.S. SOFR+1.85%) ± | 2.08 | 4-22-2026 | 7,798,000 | 8,101,059 | ||
JPMorgan Chase & Company (U.S. SOFR+1.89%) ± | 2.18 | 6-1-2028 | 5,462,000 | 5,600,807 | ||
JPMorgan Chase & Company (U.S. SOFR+1.58%) ± | 3.33 | 4-22-2052 | 2,681,000 | 2,713,787 | ||
JPMorgan Chase & Company (3 Month LIBOR+1.36%) ± | 3.88 | 7-24-2038 | 2,015,000 | 2,264,985 | ||
209,808,952 | ||||||
Capital markets: 1.71% | ||||||
Athene Global Funding 144A | 2.50 | 3-24-2028 | 7,171,000 | 7,302,142 | ||
FS KKR Capital Corporation | 3.40 | 1-15-2026 | 10,775,000 | 11,127,296 | ||
GE Capital Funding LLC | 3.45 | 5-15-2025 | 2,250,000 | 2,454,042 | ||
GE Capital Funding LLC | 4.40 | 5-15-2030 | 3,188,000 | 3,665,347 | ||
Golub Capital LLC | 2.50 | 8-24-2026 | 1,781,000 | 1,784,698 | ||
Golub Capital LLC | 3.38 | 4-15-2024 | 7,889,000 | 8,223,050 |
Interest rate | Maturity date | Principal | Value | |||
Capital markets (continued) | ||||||
Morgan Stanley (U.S. SOFR+0.53%) ±%% | 0.79% | 5-30-2025 | $ | 18,124,000 | $ 18,110,176 | |
Morgan Stanley (U.S. SOFR+0.75%) ± | 0.86 | 10-21-2025 | 6,427,000 | 6,446,393 | ||
Morgan Stanley (U.S. SOFR+0.72%) ± | 0.99 | 12-10-2026 | 9,072,000 | 8,962,410 | ||
Morgan Stanley (U.S. SOFR+1.99%) ± | 2.19 | 4-28-2026 | 909,000 | 950,607 | ||
Oaktree Specialty lend | 2.70 | 1-15-2027 | 3,674,000 | 3,692,611 | ||
Owl Rock Capital Corporation | 3.40 | 7-15-2026 | 10,381,000 | 10,849,825 | ||
PPL Capital Funding Incorporated | 3.10 | 5-15-2026 | 5,008,000 | 5,394,900 | ||
PPL Capital Funding Incorporated | 3.40 | 6-1-2023 | 509,000 | 533,907 | ||
PPL Capital Funding Incorporated | 4.13 | 4-15-2030 | 4,626,000 | 5,224,355 | ||
PPL Capital Funding Incorporated | 5.00 | 3-15-2044 | 1,454,000 | 1,803,063 | ||
96,524,822 | ||||||
Consumer finance: 1.13% | ||||||
Bunge Limited Finance Corporation | 1.63 | 8-17-2025 | 3,101,000 | 3,137,777 | ||
Bunge Limited Finance Corporation | 2.75 | 5-14-2031 | 11,063,000 | 11,049,614 | ||
Bunge Limited Finance Corporation | 3.25 | 8-15-2026 | 4,808,000 | 5,202,233 | ||
Bunge Limited Finance Corporation | 3.75 | 9-25-2027 | 9,007,000 | 9,935,695 | ||
Ford Motor Credit Company LLC | 4.00 | 11-13-2030 | 2,630,000 | 2,689,175 | ||
General Motors Financial Company Incorporated | 5.40 | 4-1-2048 | 1,528,000 | 1,867,197 | ||
Hyundai Capital America Company 144A | 0.80 | 1-8-2024 | 5,635,000 | 5,623,625 | ||
Hyundai Capital America Company 144A | 1.25 | 9-18-2023 | 2,772,000 | 2,799,278 | ||
Hyundai Capital America Company 144A | 1.30 | 1-8-2026 | 5,535,000 | 5,482,905 | ||
Hyundai Capital America Company 144A | 1.80 | 10-15-2025 | 4,653,000 | 4,710,243 | ||
Hyundai Capital America Company 144A | 2.38 | 10-15-2027 | 1,854,000 | 1,887,663 | ||
John Deere Capital Corporation | 0.55 | 7-5-2022 | 5,454,000 | 5,476,634 | ||
John Deere Capital Corporation | 1.20 | 4-6-2023 | 4,200,000 | 4,276,642 | ||
64,138,681 | ||||||
Diversified financial services: 0.09% | ||||||
Andrew W. Mellon Foundation | 0.95 | 8-1-2027 | 2,173,000 | 2,124,831 | ||
Assured Guaranty US Holdings Incorporated | 3.15 | 6-15-2031 | 2,749,000 | 2,785,193 | ||
4,910,024 | ||||||
Insurance: 0.35% | ||||||
American International Group Incorporated | 3.40 | 6-30-2030 | 4,008,000 | 4,328,477 | ||
American International Group Incorporated | 4.38 | 6-30-2050 | 2,372,000 | 2,742,968 | ||
Brighthouse Financial Incorporated | 4.70 | 6-22-2047 | 3,263,000 | 3,520,608 | ||
Nationwide Mutual Insurance Company 144A | 4.35 | 4-30-2050 | 2,185,000 | 2,352,957 | ||
SBL Holdings Incorporated 144A | 5.00 | 2-18-2031 | 6,171,000 | 6,654,071 | ||
19,599,081 | ||||||
Health care: 1.97% | ||||||
Biotechnology: 0.70% | ||||||
AbbVie Incorporated | 2.30 | 11-21-2022 | 5,553,000 | 5,713,650 | ||
AbbVie Incorporated | 3.20 | 11-21-2029 | 3,299,000 | 3,538,509 | ||
AbbVie Incorporated | 3.75 | 11-14-2023 | 491,000 | 529,004 | ||
AbbVie Incorporated | 4.05 | 11-21-2039 | 2,063,000 | 2,308,063 | ||
AbbVie Incorporated | 4.25 | 11-21-2049 | 5,408,000 | 6,228,308 | ||
AbbVie Incorporated | 4.30 | 5-14-2036 | 1,291,000 | 1,491,629 | ||
AbbVie Incorporated | 4.40 | 11-6-2042 | 445,000 | 516,008 | ||
AbbVie Incorporated | 4.45 | 5-14-2046 | 1,309,000 | 1,529,296 | ||
Gilead Sciences Incorporated | 1.20 | 10-1-2027 | 891,000 | 873,324 | ||
Gilead Sciences Incorporated | 2.60 | 10-1-2040 | 3,081,000 | 2,879,626 |
Interest rate | Maturity date | Principal | Value | |||
Biotechnology (continued) | ||||||
Gilead Sciences Incorporated | 2.80% | 10-1-2050 | $ | 3,953,000 | $ 3,575,726 | |
Gilead Sciences Incorporated | 4.00 | 9-1-2036 | 1,591,000 | 1,801,675 | ||
Regeneron Pharmaceutical Incorporated | 1.75 | 9-15-2030 | 6,658,000 | 6,236,874 | ||
Regeneron Pharmaceutical Incorporated | 2.80 | 9-15-2050 | 2,199,000 | 1,919,556 | ||
39,141,248 | ||||||
Health care equipment & supplies: 0.08% | ||||||
Danaher Corporation | 2.60 | 10-1-2050 | 2,608,000 | 2,379,144 | ||
Danaher Corporation | 3.35 | 9-15-2025 | 1,781,000 | 1,959,561 | ||
4,338,705 | ||||||
Health care providers & services: 0.60% | ||||||
Aetna Incorporated | 3.88 | 8-15-2047 | 1,409,000 | 1,503,290 | ||
CVS Health Corporation | 2.70 | 8-21-2040 | 2,808,000 | 2,619,555 | ||
CVS Health Corporation | 3.00 | 8-15-2026 | 1,918,000 | 2,081,689 | ||
CVS Health Corporation | 3.70 | 3-9-2023 | 645,000 | 681,877 | ||
CVS Health Corporation | 4.30 | 3-25-2028 | 5,336,000 | 6,114,400 | ||
CVS Health Corporation | 4.78 | 3-25-2038 | 2,799,000 | 3,332,831 | ||
CVS Health Corporation | 5.05 | 3-25-2048 | 2,836,000 | 3,500,404 | ||
UnitedHealth Group Incorporated | 2.30 | 5-15-2031 | 5,575,000 | 5,600,482 | ||
UnitedHealth Group Incorporated | 2.75 | 5-15-2040 | 1,363,000 | 1,334,572 | ||
UnitedHealth Group Incorporated | 2.90 | 5-15-2050 | 1,345,000 | 1,303,756 | ||
UnitedHealth Group Incorporated | 3.05 | 5-15-2041 | 928,000 | 941,945 | ||
UnitedHealth Group Incorporated | 3.25 | 5-15-2051 | 3,155,000 | 3,221,701 | ||
UnitedHealth Group Incorporated | 3.75 | 10-15-2047 | 627,000 | 687,649 | ||
UnitedHealth Group Incorporated | 3.88 | 8-15-2059 | 984,000 | 1,112,970 | ||
34,037,121 | ||||||
Life sciences tools & services: 0.13% | ||||||
Thermo Fisher Scientific Incorporated | 4.50 | 3-25-2030 | 6,089,000 | 7,167,652 | ||
Pharmaceuticals: 0.46% | ||||||
Astrazeneca Finance LLC | 1.20 | 5-28-2026 | 5,437,000 | 5,442,821 | ||
Astrazeneca Finance LLC | 1.75 | 5-28-2028 | 2,719,000 | 2,716,391 | ||
Bristol-Myers Squibb Company | 2.55 | 11-13-2050 | 5,517,000 | 5,016,676 | ||
Pfizer Incorporated | 2.55 | 5-28-2040 | 6,189,000 | 5,998,651 | ||
Pfizer Incorporated | 2.70 | 5-28-2050 | 1,263,000 | 1,193,050 | ||
Pfizer Incorporated | 2.80 | 3-11-2022 | 1,709,000 | 1,743,428 | ||
Royalty Pharma plc 144A | 3.55 | 9-2-2050 | 4,172,000 | 4,000,376 | ||
26,111,393 | ||||||
Industrials: 1.63% | ||||||
Aerospace & defense: 0.60% | ||||||
Northrop Grumman Corporation | 2.93 | 1-15-2025 | 258,000 | 275,990 | ||
Northrop Grumman Corporation | 3.25 | 8-1-2023 | 5,199,000 | 5,517,651 | ||
Northrop Grumman Corporation | 3.25 | 1-15-2028 | 3,208,000 | 3,472,526 | ||
Northrop Grumman Corporation | 4.03 | 10-15-2047 | 1,845,000 | 2,099,642 | ||
Northrop Grumman Corporation | 5.15 | 5-1-2040 | 1,881,000 | 2,408,307 | ||
The Boeing Company | 2.20 | 2-4-2026 | 6,744,000 | 6,772,835 | ||
The Boeing Company | 3.25 | 2-1-2028 | 3,817,000 | 4,016,945 | ||
The Boeing Company | 3.25 | 2-1-2035 | 2,181,000 | 2,156,189 | ||
The Boeing Company | 3.63 | 2-1-2031 | 3,835,000 | 4,065,991 | ||
The Boeing Company | 3.75 | 2-1-2050 | 1,134,000 | 1,110,802 |
Interest rate | Maturity date | Principal | Value | |||
Aerospace & defense (continued) | ||||||
The Boeing Company | 5.71% | 5-1-2040 | $ | 1,093,000 | $ 1,360,647 | |
The Boeing Company | 5.81 | 5-1-2050 | 288,000 | 370,409 | ||
33,627,934 | ||||||
Airlines: 0.53% | ||||||
Delta Air Lines Incorporated 144A | 4.50 | 10-20-2025 | 7,226,000 | 7,802,278 | ||
Delta Air Lines Incorporated 144A | 4.75 | 10-20-2028 | 10,490,000 | 11,450,566 | ||
Southwest Airlines Company | 4.75 | 5-4-2023 | 3,817,000 | 4,115,600 | ||
Southwest Airlines Company | 5.13 | 6-15-2027 | 5,708,000 | 6,677,970 | ||
30,046,414 | ||||||
Industrial conglomerates: 0.13% | ||||||
General Electric Company | 3.45 | 5-1-2027 | 3,526,000 | 3,883,050 | ||
General Electric Company | 4.25 | 5-1-2040 | 291,000 | 328,913 | ||
General Electric Company | 4.35 | 5-1-2050 | 2,318,000 | 2,641,383 | ||
General Electric Company | 5.88 | 1-14-2038 | 300,000 | 397,070 | ||
7,250,416 | ||||||
Road & rail: 0.32% | ||||||
Burlington Northern Santa Fe LLC | 3.05 | 2-15-2051 | 1,781,000 | 1,780,636 | ||
Burlington Northern Santa Fe LLC | 3.30 | 9-15-2051 | 3,399,000 | 3,529,916 | ||
Burlington Northern Santa Fe LLC | 3.55 | 2-15-2050 | 900,000 | 971,314 | ||
Union Pacific Corporation | 2.15 | 2-5-2027 | 2,818,000 | 2,915,131 | ||
Union Pacific Corporation | 2.40 | 2-5-2030 | 3,491,000 | 3,557,603 | ||
Union Pacific Corporation | 2.95 | 3-1-2022 | 3,163,000 | 3,229,755 | ||
Union Pacific Corporation | 3.15 | 3-1-2024 | 1,509,000 | 1,619,622 | ||
Union Pacific Corporation | 3.75 | 2-5-2070 | 564,000 | 585,092 | ||
18,189,069 | ||||||
Transportation infrastructure: 0.05% | ||||||
Crowley Conro LLC | 4.18 | 8-15-2043 | 2,609,054 | 3,043,211 | ||
Information technology: 1.92% | ||||||
Electronic equipment, instruments & components: 0.04% | ||||||
Flex Limited | 4.88 | 5-12-2030 | 2,172,000 | 2,496,154 | ||
IT services: 0.19% | ||||||
Paypal Holdings Incorporated | 1.65 | 6-1-2025 | 6,889,000 | 7,120,617 | ||
VERISIGN Incorporated %% | 2.70 | 6-15-2031 | 3,619,000 | 3,623,705 | ||
10,744,322 | ||||||
Semiconductors & semiconductor equipment: 0.54% | ||||||
Broadcom Incorporated 144A | 2.45 | 2-15-2031 | 3,108,000 | 2,984,781 | ||
Broadcom Incorporated | 3.15 | 11-15-2025 | 2,327,000 | 2,500,548 | ||
Broadcom Incorporated 144A | 3.42 | 4-15-2033 | 12,135,000 | 12,375,406 | ||
Broadcom Incorporated 144A | 3.47 | 4-15-2034 | 4,590,000 | 4,648,361 | ||
Broadcom Incorporated | 3.88 | 1-15-2027 | 1,345,000 | 1,477,648 | ||
Broadcom Incorporated | 4.15 | 11-15-2030 | 3,163,000 | 3,462,908 | ||
Intel Corporation | 3.10 | 2-15-2060 | 777,000 | 740,810 | ||
KLA Corporation | 3.30 | 3-1-2050 | 2,418,000 | 2,393,041 | ||
30,583,503 |
Interest rate | Maturity date | Principal | Value | |||
Software: 0.66% | ||||||
Microsoft Corporation | 2.68% | 6-1-2060 | $ | 436,000 | $ 405,500 | |
Microsoft Corporation | 2.92 | 3-17-2052 | 1,800,000 | 1,801,596 | ||
Oracle Corporation | 1.65 | 3-25-2026 | 5,471,000 | 5,542,917 | ||
Oracle Corporation | 2.30 | 3-25-2028 | 1,942,000 | 1,983,277 | ||
Oracle Corporation | 2.63 | 2-15-2023 | 2,354,000 | 2,444,128 | ||
Oracle Corporation | 2.80 | 4-1-2027 | 5,435,000 | 5,775,881 | ||
Oracle Corporation | 2.88 | 3-25-2031 | 5,786,000 | 5,927,327 | ||
Oracle Corporation | 2.95 | 11-15-2024 | 1,263,000 | 1,350,282 | ||
Oracle Corporation | 3.65 | 3-25-2041 | 3,654,000 | 3,724,970 | ||
Oracle Corporation | 3.95 | 3-25-2051 | 2,554,000 | 2,652,341 | ||
Oracle Corporation | 4.10 | 3-25-2061 | 727,000 | 761,340 | ||
VMware Incorporated | 3.90 | 8-21-2027 | 709,000 | 787,510 | ||
VMware Incorporated | 4.70 | 5-15-2030 | 3,572,000 | 4,147,973 | ||
37,305,042 | ||||||
Technology hardware, storage & peripherals: 0.49% | ||||||
Apple Incorporated | 2.38 | 2-8-2041 | 1,781,000 | 1,658,084 | ||
Apple Incorporated | 2.55 | 8-20-2060 | 4,172,000 | 3,649,985 | ||
Apple Incorporated | 2.65 | 5-11-2050 | 4,390,000 | 4,052,232 | ||
Apple Incorporated | 2.65 | 2-8-2051 | 4,453,000 | 4,159,434 | ||
Apple Incorporated | 2.80 | 2-8-2061 | 1,781,000 | 1,633,112 | ||
Dell International LLC 144A | 4.90 | 10-1-2026 | 909,000 | 1,043,572 | ||
Dell International LLC 144A | 6.10 | 7-15-2027 | 1,809,000 | 2,219,839 | ||
Dell International LLC 144A | 8.35 | 7-15-2046 | 1,909,000 | 2,996,210 | ||
HP Incorporated | 2.20 | 6-17-2025 | 5,726,000 | 5,987,206 | ||
27,399,674 | ||||||
Materials: 0.59% | ||||||
Chemicals: 0.40% | ||||||
Dow Chemical Corporation | 3.60 | 11-15-2050 | 1,072,000 | 1,089,796 | ||
Dow Chemical Corporation | 4.38 | 11-15-2042 | 918,000 | 1,060,967 | ||
LYB International Finance III Company | 3.38 | 10-1-2040 | 5,326,000 | 5,344,350 | ||
LYB International Finance III Company | 3.63 | 4-1-2051 | 4,308,000 | 4,313,670 | ||
LYB International Finance III Company | 3.80 | 10-1-2060 | 882,000 | 877,123 | ||
NewMarket Corporation | 2.70 | 3-18-2031 | 4,485,000 | 4,461,441 | ||
Westlake Chemical Corporation | 3.60 | 8-15-2026 | 1,945,000 | 2,137,800 | ||
Westlake Chemical Corporation | 4.38 | 11-15-2047 | 2,745,000 | 3,073,007 | ||
Westlake Chemical Corporation | 5.00 | 8-15-2046 | 45,000 | 54,426 | ||
22,412,580 | ||||||
Metals & mining: 0.19% | ||||||
Newmont Mining Corporation | 2.25 | 10-1-2030 | 11,217,000 | 11,065,271 | ||
Real estate: 1.60% | ||||||
Equity REITs: 1.43% | ||||||
Agree LP | 2.00 | 6-15-2028 | 2,655,000 | 2,628,032 | ||
Agree LP | 2.90 | 10-1-2030 | 1,327,000 | 1,367,451 | ||
American Tower Corporation | 1.60 | 4-15-2026 | 3,590,000 | 3,628,493 | ||
American Tower Corporation | 2.70 | 4-15-2031 | 2,690,000 | 2,719,396 | ||
Brixmor Operating Partnership | 2.25 | 4-1-2028 | 1,245,000 | 1,236,432 | ||
Crown Castle International Corporation | 1.05 | 7-15-2026 | 5,335,000 | 5,225,880 | ||
Crown Castle International Corporation | 2.10 | 4-1-2031 | 9,863,000 | 9,409,866 | ||
Crown Castle International Corporation | 2.90 | 4-1-2041 | 2,490,000 | 2,301,692 |
Interest rate | Maturity date | Principal | Value | |||
Equity REITs (continued) | ||||||
Crown Castle International Corporation | 4.00% | 3-1-2027 | $ | 891,000 | $ 996,223 | |
Federal Realty Investment Trust | 3.95 | 1-15-2024 | 2,463,000 | 2,661,706 | ||
Mid-America Apartments LP | 3.60 | 6-1-2027 | 273,000 | 302,374 | ||
Mid-America Apartments LP | 3.75 | 6-15-2024 | 4,181,000 | 4,524,299 | ||
Mid-America Apartments LP | 3.95 | 3-15-2029 | 1,790,000 | 2,002,741 | ||
Mid-America Apartments LP | 4.00 | 11-15-2025 | 2,181,000 | 2,423,295 | ||
Mid-America Apartments LP | 4.30 | 10-15-2023 | 1,827,000 | 1,968,609 | ||
Regency Centers LP | 2.95 | 9-15-2029 | 3,872,000 | 3,998,767 | ||
Spirit Realty LP | 2.10 | 3-15-2028 | 3,545,000 | 3,500,387 | ||
Spirit Realty LP | 2.70 | 2-15-2032 | 1,941,000 | 1,884,757 | ||
Spirit Realty LP | 3.20 | 2-15-2031 | 4,217,000 | 4,293,107 | ||
Spirit Realty LP | 3.40 | 1-15-2030 | 2,145,000 | 2,252,692 | ||
Spirit Realty LP | 4.00 | 7-15-2029 | 1,027,000 | 1,124,329 | ||
Spirit Realty LP | 4.45 | 9-15-2026 | 227,000 | 253,414 | ||
Store Capital Corporation | 2.75 | 11-18-2030 | 3,154,000 | 3,124,927 | ||
Store Capital Corporation | 4.50 | 3-15-2028 | 6,726,000 | 7,509,243 | ||
Store Capital Corporation | 4.63 | 3-15-2029 | 2,272,000 | 2,563,621 | ||
VEREIT Operating Partnership LP | 2.20 | 6-15-2028 | 1,909,000 | 1,917,819 | ||
VEREIT Operating Partnership LP | 2.85 | 12-15-2032 | 2,581,000 | 2,629,206 | ||
VEREIT Operating Partnership LP | 3.40 | 1-15-2028 | 1,890,000 | 2,041,511 | ||
80,490,269 | ||||||
Real estate management & development: 0.17% | ||||||
Essex Portfolio LP | 1.70 | 3-1-2028 | 4,663,000 | 4,529,995 | ||
Essex Portfolio LP %% | 2.55 | 6-15-2031 | 1,830,000 | 1,822,036 | ||
Highwoods Realty LP | 2.63 | 10-1-2023 | 81,000 | 83,732 | ||
Vornado Realty LP | 2.15 | 6-1-2026 | 2,203,000 | 2,222,027 | ||
Vornado Realty LP | 3.40 | 6-1-2031 | 1,100,000 | 1,108,556 | ||
9,766,346 | ||||||
Utilities: 2.38% | ||||||
Electric utilities: 1.51% | ||||||
Duke Energy Corporation | 1.80 | 9-1-2021 | 3,754,000 | 3,762,820 | ||
Duke Energy Progress LLC | 2.50 | 8-15-2050 | 2,672,000 | 2,343,259 | ||
Entergy Arkansas LLC | 2.65 | 6-15-2051 | 2,382,000 | 2,155,041 | ||
Entergy Corporation | 1.90 | 6-15-2028 | 3,563,000 | 3,523,407 | ||
Entergy Corporation | 2.40 | 6-15-2031 | 1,436,000 | 1,412,318 | ||
Evergy Incorporated | 2.45 | 9-15-2024 | 3,326,000 | 3,486,364 | ||
Evergy Incorporated | 2.90 | 9-15-2029 | 2,363,000 | 2,440,416 | ||
Evergy Kansas Central Incorporated | 3.45 | 4-15-2050 | 2,981,000 | 3,141,950 | ||
Eversource Energy | 2.55 | 3-15-2031 | 2,672,000 | 2,706,600 | ||
Interstate Power & Light Company | 3.50 | 9-30-2049 | 1,363,000 | 1,414,259 | ||
ITC Holdings Corporation | 2.70 | 11-15-2022 | 3,599,000 | 3,707,235 | ||
Metropolitan Edison Company 144A | 4.30 | 1-15-2029 | 3,981,000 | 4,404,902 | ||
Mid-Atlantic Interstate Transmission LLC 144A | 4.10 | 5-15-2028 | 514,000 | 570,638 | ||
Mississippi Power Company | 3.95 | 3-30-2028 | 4,390,000 | 4,895,132 | ||
Mississippi Power Company | 4.25 | 3-15-2042 | 2,636,000 | 3,003,065 | ||
Northern States Power Company | 2.25 | 4-1-2031 | 1,772,000 | 1,796,772 | ||
Northern States Power Company | 3.20 | 4-1-2052 | 1,790,000 | 1,836,686 | ||
Pacific Gas & Electric Company | 2.10 | 8-1-2027 | 6,068,000 | 5,851,555 | ||
Pacific Gas & Electric Company | 2.50 | 2-1-2031 | 4,908,000 | 4,536,092 | ||
Pacific Gas & Electric Company | 3.30 | 8-1-2040 | 136,000 | 119,436 | ||
Pacific Gas & Electric Company | 3.50 | 8-1-2050 | 635,000 | 549,035 | ||
Pacific Gas & Electric Company | 3.95 | 12-1-2047 | 3,413,000 | 3,046,295 |
Interest rate | Maturity date | Principal | Value | |||
Electric utilities (continued) | ||||||
Pacific Gas & Electric Company | 4.20% | 6-1-2041 | $ | 1,536,000 | $ 1,477,198 | |
Pacific Gas & Electric Company | 4.50 | 7-1-2040 | 909,000 | 891,632 | ||
Pacific Gas & Electric Company | 4.55 | 7-1-2030 | 1,282,000 | 1,348,577 | ||
Pacific Gas & Electric Company | 4.75 | 2-15-2044 | 891,000 | 878,911 | ||
Pacific Gas & Electric Company | 4.95 | 7-1-2050 | 1,782,000 | 1,801,541 | ||
Pennsylvania Electric Company 144A | 3.25 | 3-15-2028 | 1,509,000 | 1,567,483 | ||
Public Service Company of Colorado | 1.88 | 6-15-2031 | 4,081,000 | 3,977,466 | ||
Public Service Electric and Gas Company | 2.05 | 8-1-2050 | 736,000 | 604,698 | ||
Public Service Electric and Gas Company | 2.70 | 5-1-2050 | 3,954,000 | 3,723,689 | ||
Southern California Edison Company | 1.75 | 3-15-2028 | 2,663,000 | 2,618,835 | ||
Southern California Edison Company | 4.13 | 3-1-2048 | 1,991,000 | 2,058,615 | ||
Trans-Allegheny Interstate Line Company 144A | 3.85 | 6-1-2025 | 1,254,000 | 1,356,067 | ||
Virginia Electric & Power Company | 2.45 | 12-15-2050 | 2,600,000 | 2,283,313 | ||
85,291,302 | ||||||
Gas utilities: 0.08% | ||||||
Piemont Natural Gas Company | 2.50 | 3-15-2031 | 2,672,000 | 2,678,439 | ||
Southern Company Gas Capital Corporation | 1.75 | 1-15-2031 | 2,181,000 | 2,036,154 | ||
4,714,593 | ||||||
Independent power & renewable electricity producers: 0.07% | ||||||
AES Corporation 144A | 1.38 | 1-15-2026 | 3,835,000 | 3,791,617 | ||
Multi-utilities: 0.72% | ||||||
Ameren Corporation | 1.75 | 3-15-2028 | 1,772,000 | 1,751,086 | ||
Black Hills Corporation | 3.05 | 10-15-2029 | 2,181,000 | 2,289,756 | ||
Black Hills Corporation | 3.88 | 10-15-2049 | 1,600,000 | 1,651,685 | ||
Consumers Energy Company | 2.50 | 5-1-2060 | 1,509,000 | 1,289,969 | ||
Dominion Energy Incorporated | 1.45 | 4-15-2026 | 5,580,000 | 5,613,993 | ||
Dominion Energy Incorporated | 2.00 | 8-15-2021 | 2,508,000 | 2,513,139 | ||
Dominion Energy Incorporated | 3.30 | 4-15-2041 | 1,436,000 | 1,446,021 | ||
DTE Energy Company | 1.05 | 6-1-2025 | 3,626,000 | 3,620,714 | ||
DTE Energy Company | 2.95 | 3-1-2030 | 2,381,000 | 2,474,822 | ||
DTE Energy Company | 2.95 | 3-1-2050 | 3,935,000 | 3,809,557 | ||
DTE Energy Company | 3.80 | 3-15-2027 | 3,590,000 | 3,999,707 | ||
NextEra Energy Capital Company | 2.25 | 6-1-2030 | 2,908,000 | 2,896,318 | ||
WEC Energy Group Incorporated | 0.80 | 3-15-2024 | 4,500,000 | 4,515,429 | ||
WEC Energy Group Incorporated | 1.38 | 10-15-2027 | 2,582,000 | 2,521,411 | ||
40,393,607 | ||||||
Total Corporate bonds and notes (Cost $1,365,404,234) | 1,379,379,556 | |||||
Municipal obligations: 0.39% | ||||||
Nevada: 0.09% | ||||||
Airport revenue: 0.09% | ||||||
Clark County NV Airport Authority Build America Bonds Series C | 6.82 | 7-1-2045 | 3,365,000 | 5,110,443 | ||
New York: 0.12% | ||||||
Airport revenue: 0.12% | ||||||
Port Authority of New York & New Jersey Consolidated Bonds Series 174 | 4.46 | 10-1-2062 | 5,505,000 | 6,958,134 |
Interest rate | Maturity date | Principal | Value | |||
Ohio: 0.05% | ||||||
Education revenue: 0.05% | ||||||
Ohio State University General Receipts Taxable Bonds Series A | 4.80% | 6-1-2111 | $ | 1,957,000 | $ 2,632,602 | |
Texas: 0.13% | ||||||
Education revenue: 0.03% | ||||||
University of Texas Financing System Bond Series B | 2.44 | 8-15-2049 | 1,695,000 | 1,583,761 | ||
Transportation revenue: 0.10% | ||||||
North Texas Tollway Authority | 6.72 | 1-1-2049 | 3,609,000 | 5,788,456 | ||
Total Municipal obligations (Cost $17,173,809) | 22,073,396 | |||||
Non-agency mortgage-backed securities: 3.97% | ||||||
Angel Oak Mortgage Trust Series 2019-2 Class A1 144A±± | 3.63 | 3-25-2049 | 1,161,490 | 1,176,866 | ||
Angel Oak Mortgage Trust Series 2020-2 Class A1 144A±± | 2.53 | 1-26-2065 | 3,451,870 | 3,514,567 | ||
Angel Oak Mortgage Trust Series 2020-5 Class A1 144A±± | 1.37 | 5-25-2065 | 1,678,346 | 1,686,850 | ||
Benchmark Mortgage Trust Series 2021-B25 Class A5 | 2.58 | 4-15-2054 | 2,527,000 | 2,618,393 | ||
Benchmark Mortgage Trust Series 2021-B26 Class A5 | 2.61 | 6-15-2054 | 5,429,000 | 5,630,827 | ||
Bunker Hill Loan Depositary Trust Series 2019-2 Class A1 144A | 2.88 | 7-25-2049 | 3,421,055 | 3,492,365 | ||
Bunker Hill Loan Depositary Trust Series 2019-3 Class A1 144A | 2.72 | 11-25-2059 | 3,803,880 | 3,884,879 | ||
CD Commercial Mortgage Trust Series 2019-CD8 Class A4 | 2.91 | 8-15-2057 | 2,221,000 | 2,356,652 | ||
CFCRE Commercial Mortgage Trust Series 2017-C8 Class ASB | 3.37 | 6-15-2050 | 2,014,000 | 2,156,958 | ||
Colt Funding LLC Series 2019-4 Class A1 144A±± | 2.58 | 11-25-2049 | 2,422,709 | 2,434,182 | ||
Colt Funding LLC Series 2020-2 Class A1 144A±± | 1.85 | 3-25-2065 | 2,604,209 | 2,623,994 | ||
Commercial Mortgage Pass-Through Certificate Series 2015-LC21 Class A4 | 3.71 | 7-10-2048 | 1,777,000 | 1,951,835 | ||
Commercial Mortgage Trust Series 2013-CR10 Class A4 ±± | 4.21 | 8-10-2046 | 89,000 | 95,447 | ||
Commercial Mortgage Trust Series 2013-CR11 Class A4 | 4.26 | 8-10-2050 | 10,048,000 | 10,830,679 | ||
Commercial Mortgage Trust Series 2013-CR6 Class A4 | 3.10 | 3-10-2046 | 8,286,000 | 8,535,362 | ||
Commercial Mortgage Trust Series 2014-UBS4 Class A4 | 3.42 | 8-10-2047 | 4,323,000 | 4,582,116 | ||
Commercial Mortgage Trust Series 2015-LC23 Class A3 | 3.52 | 10-10-2048 | 2,043,000 | 2,190,074 | ||
CSAIL Commercial Mortgage Trust Series 2015-C2 Class A4 | 3.50 | 6-15-2057 | 2,484,176 | 2,696,538 | ||
CSAIL Commercial Mortgage Trust Series 2015-C4 Class A4 | 3.81 | 11-15-2048 | 2,010,200 | 2,225,198 | ||
CSAIL Commercial Mortgage Trust Series 2019-C16 Class A3 | 3.33 | 6-15-2052 | 4,640,000 | 5,054,792 | ||
CSAIL Commercial Mortgage Trust Series 2019-C17 Class A4 | 2.76 | 9-15-2052 | 2,583,000 | 2,699,362 | ||
CSAIL Commercial Mortgage Trust Series 2021-C20 Class A3 | 2.80 | 3-15-2054 | 5,361,000 | 5,615,528 | ||
GCAT Series 2019-NQM1 Class A1 144A | 2.99 | 2-25-2059 | 1,187,854 | 1,193,651 | ||
Goldman Sachs Mortgage Securities Trust Series 2014-GC18 Class A4 | 4.07 | 1-10-2047 | 5,804,323 | 6,240,849 |
Interest rate | Maturity date | Principal | Value | |||
Non-agency mortgage-backed securities (continued) | ||||||
Goldman Sachs Mortgage Securities Trust Series 2020-GSA2 Class A4 | 1.72% | 12-12-2053 | $ | 4,801,000 | $ 4,667,962 | |
Impact Funding LLC Series 2010-1 Class A1 144A | 5.31 | 1-25-2051 | 5,968,349 | 6,366,241 | ||
JPMDB Commercial Mortgage Securities Series 2014-C23 Class A4 | 3.67 | 9-15-2047 | 1,746,083 | 1,870,156 | ||
JPMorgan Chase Commercial Mortgage Securities Trust Series 2015-C28 Class A3 | 2.91 | 10-15-2048 | 9,951,788 | 10,351,626 | ||
Mello Warehouse Securitization Trust Series 2020-2 Class A (1 Month LIBOR+0.80%)144A± | 0.91 | 11-25-2053 | 5,688,000 | 5,706,132 | ||
Mello Warehouse Securitization Trust Series 2021-1 Class A (1 Month LIBOR+0.70%)144A± | 0.81 | 2-25-2055 | 1,606,000 | 1,607,913 | ||
Mello Warehouse Securitization Trust Series 2021-2 Class A (1 Month LIBOR+0.75%)144A± | 0.86 | 4-25-2055 | 4,340,000 | 4,341,262 | ||
Morgan Stanley Bank of America Merrill Lynch Trust Series 2012-C5 Class A4 | 3.18 | 8-15-2045 | 1,321,000 | 1,346,088 | ||
Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C20 Class A4 | 3.25 | 2-15-2048 | 800,041 | 861,592 | ||
Morgan Stanley Capital International Trust Series 2020-HR8 Class A3 | 1.79 | 7-15-2053 | 3,438,000 | 3,359,417 | ||
Morgan Stanley Capital International Trust Series 2021-L5 Class A4 | 2.73 | 5-15-2054 | 3,618,000 | 3,784,588 | ||
New Residential Mortgage Loan Trust Series 2019-NQM4 Class A1 144A±± | 2.49 | 9-25-2059 | 2,474,664 | 2,516,763 | ||
NewRez WareHouse Securitization Series 2021-1 Class A (1 Month LIBOR+0.75%)144A± | 0.86 | 5-25-2055 | 11,283,000 | 11,296,515 | ||
SG Capital Partners Series 2019-3 Class A1 144A±± | 2.70 | 9-25-2059 | 1,826,747 | 1,842,587 | ||
Starwood Mortgage Residential Trust Series 2019-INV1 Class A1 144A±± | 2.61 | 9-27-2049 | 2,559,329 | 2,595,349 | ||
Starwood Mortgage Residential Trust Series 2020-1 Class A1 144A±± | 2.28 | 2-25-2050 | 4,726,659 | 4,788,165 | ||
Starwood Mortgage Residential Trust Series 2020-INV1 Class A1 144A±± | 1.03 | 11-25-2055 | 3,400,727 | 3,399,508 | ||
Starwood Mortgage Residential Trust Series 2020-INV3 Class A1 144A±± | 1.49 | 4-25-2065 | 4,477,895 | 4,526,461 | ||
Starwood Mortgage Residential Trust Series 2021-1 Class A1 144A±± | 1.22 | 5-25-2065 | 3,606,781 | 3,620,610 | ||
Verizon Master Trust Series 2021=1 Class A | 0.86 | 5-20-2027 | 8,833,000 | 8,819,261 | ||
Verus Securitization Trust Series 2019-2 Class A1 144A±± | 2.91 | 7-25-2059 | 2,913,379 | 2,964,021 | ||
Verus Securitization Trust Series 2019-3 Class A1 144A±± | 2.69 | 11-25-2059 | 1,947,089 | 1,982,038 | ||
Verus Securitization Trust Series 2019-3 Class A1 144A | 2.78 | 7-25-2059 | 4,811,624 | 4,888,614 | ||
Verus Securitization Trust Series 2019-4 Class A1 144A | 2.64 | 11-25-2059 | 6,737,436 | 6,845,416 | ||
Verus Securitization Trust Series 2020-1 Class A1 144A | 2.42 | 1-25-2060 | 1,565,020 | 1,588,059 | ||
Verus Securitization Trust Series 2020-2 Class A1 144A±± | 2.23 | 5-25-2060 | 5,584,317 | 5,637,622 | ||
Verus Securitization Trust Series 2020-5 Class A1 144A | 1.22 | 5-25-2065 | 1,389,612 | 1,395,135 | ||
Verus Securitization Trust Series 2021-1 Class A1 144A±± | 0.82 | 1-25-2066 | 4,445,016 | 4,436,218 | ||
Verus Securitization Trust Series 2021-2 Class A1 144A±± | 1.03 | 2-25-2066 | 7,256,594 | 7,262,468 | ||
Verus Securitization Trust Series 2021-R1 Class A1 144A±± | 0.82 | 10-25-2063 | 5,507,832 | 5,485,995 |
Interest rate | Maturity date | Principal | Value | |||
Non-agency mortgage-backed securities (continued) | ||||||
Verus Securitization Trust Series 2021-R3 Class A1 144A♦±± | 1.02% | 4-25-2064 | $ | 4,862,000 | $ 4,861,985 | |
Visio Trust Series 2020-1R Class A1 144A | 1.31 | 11-25-2055 | 3,742,497 | 3,758,188 | ||
Total Non-agency mortgage-backed securities (Cost $222,807,698) | 224,261,919 | |||||
U.S. Treasury securities: 33.16% | ||||||
U.S. Treasury Bond | 1.13 | 5-15-2040 | 87,097,000 | 72,606,917 | ||
U.S. Treasury Bond | 1.13 | 8-15-2040 | 97,084,000 | 80,610,059 | ||
U.S. Treasury Bond | 1.38 | 11-15-2040 | 98,406,000 | 85,351,829 | ||
U.S. Treasury Bond | 1.38 | 8-15-2050 | 30,117,000 | 24,111,247 | ||
U.S. Treasury Bond | 1.63 | 11-15-2050 | 31,350,000 | 26,784,656 | ||
U.S. Treasury Bond | 1.88 | 2-15-2041 | 66,944,000 | 63,398,060 | ||
U.S. Treasury Bond | 1.88 | 2-15-2051 | 28,818,000 | 26,201,866 | ||
U.S. Treasury Bond | 2.50 | 2-15-2045 | 30,554,000 | 31,832,255 | ||
U.S. Treasury Note | 0.13 | 5-31-2022 | 33,602,000 | 33,617,751 | ||
U.S. Treasury Note | 0.13 | 9-30-2022 | 29,297,000 | 29,305,011 | ||
U.S. Treasury Note ## | 0.13 | 10-31-2022 | 65,327,000 | 65,344,863 | ||
U.S. Treasury Note ## | 0.13 | 12-31-2022 | 74,138,000 | 74,149,584 | ||
U.S. Treasury Note ## | 0.13 | 1-31-2023 | 71,738,000 | 71,738,000 | ||
U.S. Treasury Note | 0.13 | 2-28-2023 | 16,692,000 | 16,691,348 | ||
U.S. Treasury Note | 0.13 | 3-31-2023 | 51,066,000 | 51,058,021 | ||
U.S. Treasury Note | 0.13 | 4-30-2023 | 12,824,000 | 12,819,993 | ||
U.S. Treasury Note %% | 0.13 | 5-31-2023 | 15,160,000 | 15,153,486 | ||
U.S. Treasury Note ## | 0.13 | 8-15-2023 | 65,727,000 | 65,655,111 | ||
U.S. Treasury Note | 0.13 | 9-15-2023 | 12,604,000 | 12,586,276 | ||
U.S. Treasury Note | 0.13 | 10-15-2023 | 16,285,000 | 16,259,555 | ||
U.S. Treasury Note ## | 0.13 | 1-15-2024 | 75,934,000 | 75,711,537 | ||
U.S. Treasury Note ## | 0.25 | 5-15-2024 | 149,725,000 | 149,491,054 | ||
U.S. Treasury Note | 0.25 | 9-30-2025 | 33,600,000 | 33,023,812 | ||
U.S. Treasury Note | 0.25 | 10-31-2025 | 61,838,000 | 60,688,200 | ||
U.S. Treasury Note | 0.38 | 4-15-2024 | 41,236,000 | 41,339,090 | ||
U.S. Treasury Note ## | 0.38 | 11-30-2025 | 69,398,000 | 68,405,825 | ||
U.S. Treasury Note | 0.38 | 12-31-2025 | 52,737,000 | 51,927,405 | ||
U.S. Treasury Note ## | 0.50 | 2-28-2026 | 73,816,000 | 72,939,435 | ||
U.S. Treasury Note | 0.50 | 8-31-2027 | 51,297,000 | 49,381,378 | ||
U.S. Treasury Note | 0.75 | 4-30-2026 | 57,748,000 | 57,639,723 | ||
U.S. Treasury Note %% | 0.75 | 5-31-2026 | 39,679,000 | 39,570,503 | ||
U.S. Treasury Note | 0.75 | 1-31-2028 | 23,660,000 | 22,964,988 | ||
U.S. Treasury Note | 1.50 | 11-30-2024 | 36,672,000 | 38,018,550 | ||
U.S. Treasury Note | 1.63 | 5-15-2031 | 48,855,000 | 48,946,603 | ||
U.S. Treasury Note | 1.75 | 11-30-2021 | 5,241,000 | 5,285,221 | ||
U.S. Treasury Note | 1.75 | 2-28-2022 | 3,579,000 | 3,624,157 | ||
U.S. Treasury Note ## | 1.88 | 2-28-2022 | 62,004,000 | 62,846,867 | ||
U.S. Treasury Note | 2.00 | 2-15-2022 | 45,444,000 | 46,072,405 | ||
U.S. Treasury Note | 2.13 | 8-15-2021 | 12,435,000 | 12,489,148 | ||
U.S. Treasury Note %% | 2.25 | 5-15-2041 | 3,581,000 | 3,608,417 | ||
U.S. Treasury Note | 2.38 | 5-15-2051 | 24,643,000 | 25,120,458 | ||
U.S. Treasury Note | 2.88 | 10-31-2023 | 25,086,000 | 26,700,911 | ||
Total U.S. Treasury securities (Cost $1,905,705,446) | 1,871,071,575 |
Interest rate | Maturity date | Principal | Value | |||
Yankee corporate bonds and notes: 3.86% | ||||||
Communication services: 0.10% | ||||||
Interactive media & services: 0.07% | ||||||
Tencent Holdings Limited 144A | 3.84% | 4-22-2051 | $ | 3,709,000 | $ 3,748,315 | |
Wireless telecommunication services: 0.03% | ||||||
Telefonica Emisiones SA | 5.52 | 3-1-2049 | 1,423,000 | 1,764,481 | ||
Energy: 0.52% | ||||||
Oil, gas & consumable fuels: 0.52% | ||||||
Aker BP ASA 144A | 4.00 | 1-15-2031 | 2,549,000 | 2,744,956 | ||
Equinor ASA | 3.25 | 11-18-2049 | 1,309,000 | 1,324,890 | ||
Galaxy Pipeline Assets Company 144A | 1.75 | 9-30-2027 | 5,444,000 | 5,491,714 | ||
Galaxy Pipeline Assets Company 144A | 2.16 | 3-31-2034 | 4,107,000 | 4,053,427 | ||
Galaxy Pipeline Assets Company 144A | 2.63 | 3-31-2036 | 2,555,000 | 2,503,993 | ||
Galaxy Pipeline Assets Company 144A | 2.94 | 9-30-2040 | 2,725,000 | 2,697,934 | ||
Oleoducto Central SA 144A | 4.00 | 7-14-2027 | 2,151,000 | 2,231,017 | ||
Petroleos del Peru 144A | 5.63 | 6-19-2047 | 2,568,000 | 2,653,232 | ||
Petroleos Mexicanos Company | 2.38 | 4-15-2025 | 1,451,600 | 1,509,150 | ||
Petroleos Mexicanos Company | 2.46 | 12-15-2025 | 4,032,500 | 4,211,977 | ||
29,422,290 | ||||||
Financials: 2.32% | ||||||
Banks: 1.07% | ||||||
Banco Santander SA | 2.96 | 3-25-2031 | 1,800,000 | 1,833,907 | ||
Barclays plc (1 Year Treasury Constant Maturity+0.80%) ± | 1.01 | 12-10-2024 | 7,278,000 | 7,317,854 | ||
Barclays plc (5 Year Treasury Constant Maturity+2.90%) ± | 3.56 | 9-23-2035 | 9,826,000 | 10,049,935 | ||
Barclays plc (1 Year Treasury Constant Maturity+1.70%) ± | 3.81 | 3-10-2042 | 3,440,000 | 3,447,205 | ||
BNP Paribas (U.S. SOFR+1.00%) 144A± | 1.32 | 1-13-2027 | 6,627,000 | 6,558,826 | ||
BNP Paribas (U.S. SOFR+1.39%) 144A± | 2.87 | 4-19-2032 | 5,578,000 | 5,649,404 | ||
DNB Bank ASA (1 Year Treasury Constant Maturity+0.72%) 144A± | 1.54 | 5-25-2027 | 4,671,000 | 4,689,071 | ||
Societe Generale 144A | 3.63 | 3-1-2041 | 3,105,000 | 3,023,090 | ||
Societe Generale (5 Year Treasury Constant Maturity+3.00%) 144A± | 3.65 | 7-8-2035 | 3,522,000 | 3,615,949 | ||
Swedish Export Credit Corporation | 0.75 | 4-6-2023 | 7,752,000 | 7,821,232 | ||
Westpac Banking Corporation (5 Year Treasury Constant Maturity+1.75%) ± | 2.67 | 11-15-2035 | 6,317,000 | 6,130,143 | ||
60,136,616 | ||||||
Capital markets: 0.15% | ||||||
Antares Holdings LP 144A | 3.95 | 7-15-2026 | 3,691,000 | 3,824,297 | ||
Credit Suisse Group AG (U.S. SOFR+1.73%) 144A± | 3.09 | 5-14-2032 | 4,708,000 | 4,777,742 | ||
8,602,039 | ||||||
Consumer finance: 0.16% | ||||||
NTT Finance Corporation 144A | 1.16 | 4-3-2026 | 8,989,000 | 8,960,752 | ||
Diversified financial services: 0.83% | ||||||
DAE Funding LLC 144A | 2.63 | 3-20-2025 | 2,964,000 | 2,994,351 | ||
DAE Funding LLC 144A | 3.38 | 3-20-2028 | 4,264,000 | 4,281,482 |
Interest rate | Maturity date | Principal | Value | |||
Diversified financial services (continued) | ||||||
DH Europe Finance II | 2.05% | 11-15-2022 | $ | 2,836,000 | $ 2,905,368 | |
DH Europe Finance II | 2.20 | 11-15-2024 | 4,881,000 | 5,122,454 | ||
DH Europe Finance II | 2.60 | 11-15-2029 | 3,617,000 | 3,742,946 | ||
GE Capital International Funding Company | 4.42 | 11-15-2035 | 7,730,000 | 8,986,462 | ||
Siemens Financieringsmaatschappij NV Company 144A | 0.65 | 3-11-2024 | 1,121,000 | 1,124,985 | ||
Trust Fibrauno 144A | 5.25 | 1-30-2026 | 2,805,000 | 3,141,600 | ||
Trust Fibrauno 144A | 6.39 | 1-15-2050 | 3,094,000 | 3,575,241 | ||
UBS Group AG (1 Year Treasury Constant Maturity+1.00%) 144A± | 2.10 | 2-11-2032 | 11,651,000 | 11,193,805 | ||
47,068,694 | ||||||
Insurance: 0.11% | ||||||
Athene Holding Limited | 3.50 | 1-15-2031 | 1,345,000 | 1,415,931 | ||
Athene Holding Limited | 3.95 | 5-25-2051 | 727,000 | 740,330 | ||
Athene Holding Limited | 4.13 | 1-12-2028 | 3,590,000 | 3,976,607 | ||
6,132,868 | ||||||
Health care: 0.50% | ||||||
Health care equipment & supplies: 0.09% | ||||||
Steris plc | 3.75 | 3-15-2051 | 5,093,000 | 5,203,712 | ||
Pharmaceuticals: 0.41% | ||||||
Astrazeneca plc | 1.38 | 8-6-2030 | 2,936,000 | 2,754,660 | ||
Astrazeneca plc | 3.00 | 5-28-2051 | 1,811,000 | 1,782,793 | ||
Shire Acquisitions Investments Ireland Designated Activity Company | 2.88 | 9-23-2023 | 3,699,000 | 3,883,785 | ||
Takeda Pharmaceutical | 2.05 | 3-31-2030 | 6,799,000 | 6,634,513 | ||
Takeda Pharmaceutical | 3.18 | 7-9-2050 | 4,327,000 | 4,143,358 | ||
Takeda Pharmaceutical | 4.40 | 11-26-2023 | 3,391,000 | 3,698,758 | ||
22,897,867 | ||||||
Industrials: 0.09% | ||||||
Transportation infrastructure: 0.09% | ||||||
Adani Ports & Special Company 144A | 3.00 | 2-16-2031 | 1,632,000 | 1,577,746 | ||
Adani Ports & Special Company 144A | 4.20 | 8-4-2027 | 3,284,000 | 3,486,613 | ||
5,064,359 | ||||||
Information technology: 0.14% | ||||||
Semiconductors & semiconductor equipment: 0.14% | ||||||
NXP BV 144A | 3.15 | 5-1-2027 | 1,773,000 | 1,904,449 | ||
NXP BV 144A | 3.25 | 5-11-2041 | 1,946,000 | 1,945,324 | ||
NXP BV 144A | 3.88 | 6-18-2026 | 3,699,000 | 4,110,719 | ||
7,960,492 | ||||||
Materials: 0.14% | ||||||
Metals & mining: 0.14% | ||||||
Teck Resources Limited | 3.90 | 7-15-2030 | 1,600,000 | 1,710,199 | ||
Teck Resources Limited | 5.20 | 3-1-2042 | 2,099,000 | 2,411,074 | ||
Teck Resources Limited | 6.13 | 10-1-2035 | 845,000 | 1,058,625 | ||
Teck Resources Limited | 6.25 | 7-15-2041 | 2,044,000 | 2,646,651 | ||
7,826,549 |
Interest rate | Maturity date | Principal | Value | |||
Real estate: 0.05% | ||||||
Equity REITs: 0.05% | ||||||
Scentre Group Trust 144A | 3.63% | 1-28-2026 | $ | 2,808,000 | $ 3,070,542 | |
Total Yankee corporate bonds and notes (Cost $215,102,906) | 217,859,576 | |||||
Yankee government bonds: 1.35% | ||||||
Abu Dhabi Government International 144A | 2.50 | 4-16-2025 | 2,764,000 | 2,929,840 | ||
Italy Government International Bond | 3.88 | 5-6-2051 | 4,288,000 | 4,391,945 | ||
Japan Bank for International Cooperation | 1.75 | 10-17-2024 | 5,044,000 | 5,241,286 | ||
Republic Chile | 2.45 | 1-31-2031 | 2,769,000 | 2,789,795 | ||
Republic Chile | 3.10 | 5-7-2041 | 3,129,000 | 3,043,453 | ||
Republic of Colombia | 3.25 | 4-22-2032 | 1,891,000 | 1,824,626 | ||
Republic of Colombia | 3.88 | 2-15-2061 | 4,394,000 | 3,766,757 | ||
Republic of Paraguay 144A | 2.74 | 1-29-2033 | 2,512,000 | 2,424,080 | ||
Republic of Paraguay 144A | 5.40 | 3-30-2050 | 3,704,000 | 4,218,893 | ||
Republic of Peru | 2.39 | 1-23-2026 | 3,718,000 | 3,829,131 | ||
Republic of Peru | 2.78 | 1-23-2031 | 10,249,000 | 10,274,725 | ||
Republic of Peru | 3.30 | 3-11-2041 | 4,954,000 | 4,793,045 | ||
United Mexican States | 2.66 | 5-24-2031 | 1,932,000 | 1,875,644 | ||
United Mexican States | 3.75 | 4-19-2071 | 6,305,000 | 5,670,339 | ||
United Mexican States | 3.77 | 5-24-2061 | 1,076,000 | 984,551 | ||
United Mexican States | 4.28 | 8-14-2041 | 7,016,000 | 7,280,644 | ||
United Mexican States | 4.35 | 1-15-2047 | 1,088,000 | 1,119,139 | ||
United Mexican States | 4.50 | 4-22-2029 | 6,776,000 | 7,656,677 | ||
United Mexican States | 4.75 | 3-8-2044 | 1,818,000 | 1,977,093 | ||
Total Yankee government bonds (Cost $74,981,656) | 76,091,663 |
Yield | Shares | |||||
Short-term investments: 4.79% | ||||||
Investment companies: 4.79% | ||||||
Wells Fargo Government Money Market Fund Select Class ♠∞## | 0.03 | 270,350,377 | 270,350,377 | |||
Total Short-term investments (Cost $270,350,377) | 270,350,377 | |||||
Total investments in securities (Cost $6,271,968,718) | 111.48% | 6,289,888,918 | ||||
Other assets and liabilities, net | (11.48) | (647,756,218) | ||||
Total net assets | 100.00% | $5,642,132,700 |
± | Variable rate investment. The rate shown is the rate in effect at period end. |
±± | The coupon of the security is adjusted based on the principal and interest payments received from the underlying pool of mortgages as well as the credit quality and the actual prepayment speed of the underlying mortgages. |
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 fair valued in accordance with procedures approved by the Board of Trustees. |
## | All or a portion of this security is segregated for when-issued securities. |
♠ | The issuer is an affiliate of the Portfolio as defined in the Investment Company Act of 1940. |
∞ | The rate represents the 7-day annualized yield at period end. |
%% | The security is purchased on a when-issued basis. |
Abbreviations: | |
FHLMC | Federal Home Loan Mortgage Corporation |
FNMA | Federal National Mortgage Association |
GNMA | Government National Mortgage Association |
LIBOR | London Interbank Offered Rate |
REIT | Real estate investment trust |
SOFR | Secured Overnight Financing Rate |
Value, beginning of period | Purchases | Sales proceeds | Net realized gains (losses) | Net change in unrealized gains (losses) | Value, end of period | % of net assets | Shares, end of period | Income from affiliated securities | ||||
Short-term investments | ||||||||||||
Investment companies | ||||||||||||
Securities Lending Cash Investments LLC | $ 0 | $ 258,907,382 | $ (258,907,382) | $0 | $0 | $ 0 | 0 | $ 4,340# | ||||
Wells Fargo Government Money Market Fund Select Class | 315,907,475 | 5,199,623,937 | (5,245,181,035) | 0 | 0 | 270,350,377 | 270,350,377 | 156,045 | ||||
$0 | $0 | $270,350,377 | 4.79% | $160,385 |
# | Amount shown represents income before fees and rebates. |
Assets | |
Investments in unaffiliated securities, at value (cost $6,001,618,341) | $ 6,019,538,541 |
Investments in affiliated securites, at value (cost $270,350,377) | 270,350,377 |
Receivable for investments sold | 520,101,636 |
Receivable for interest | 18,659,764 |
Prepaid expenses and other assets | 504,195 |
Total assets | 6,829,154,513 |
Liabilities | |
Payable for when-issued transactions | 921,380,460 |
Payable for investments purchased | 263,040,952 |
Advisory fee payable | 1,650,401 |
Cash collateral due to broker | 550,000 |
Overdraft due to custodian bank | 400,000 |
Total liabilities | 1,187,021,813 |
Total net assets | $5,642,132,700 |
Investment income | |
Interest (net of foreign withholding taxes of $2,200) | $ 98,367,183 |
Income from affiliated securities | 183,058 |
Total investment income | 98,550,241 |
Expenses | |
Advisory fee | 20,304,036 |
Custody and accounting fees | 288,180 |
Professional fees | 100,400 |
Interest holder report expenses | 10,322 |
Trustees’ fees and expenses | 19,186 |
Other fees and expenses | 104,473 |
Total expenses | 20,826,597 |
Net investment income | 77,723,644 |
Realized and unrealized gains (losses) on investments | |
Net realized gains on investments | 129,629,293 |
Net change in unrealized gains (losses) on investments | (171,533,989) |
Net realized and unrealized gains (losses) on investments | (41,904,696) |
Net increase in net assets resulting from operations | $ 35,818,948 |
Year ended May 31, 2021 | Year ended May 31, 2020 | |
Operations | ||
Net investment income | $ 77,723,644 | $ 132,899,852 |
Net realized gains on investments | 129,629,293 | 327,904,415 |
Net change in unrealized gains (losses) on investments | (171,533,989) | 58,392,982 |
Net increase in net assets resulting from operations | 35,818,948 | 519,197,249 |
Capital transactions | ||
Transactions in investors’ beneficial interests | ||
Contributions | 1,103,776,459 | 2,488,553,741 |
Withdrawals | (1,259,318,551) | (3,071,640,078) |
Net decrease in net assets resulting from capital transactions | (155,542,092) | (583,086,337) |
Total decrease in net assets | (119,723,144) | (63,889,088) |
Net assets | ||
Beginning of period | 5,761,855,844 | 5,825,744,932 |
End of period | $ 5,642,132,700 | $ 5,761,855,844 |
Year ended May 31 | |||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Total return | 0.65% | 9.49% | 6.30% | (0.53)% | 1.89% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.35% | 0.35% | 0.35% | 0.35% | 0.35% |
Net expenses | 0.35% | 0.35% | 0.35% | 0.35% | 0.35% |
Net investment income | 1.30% | 2.28% | 2.93% | 2.23% | 1.87% |
Supplemental data | |||||
Portfolio turnover rate | 457% | 603% | 577% | 542% | 614% |
Gross unrealized gains | $ 77,287,617 |
Gross unrealized losses | (78,622,116) |
Net unrealized losses | $ (1,334,499) |
■ | Level 1 – quoted prices in active markets for identical securities |
■ | Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
■ | Level 3 – significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments) |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Agency securities | $ 0 | $ 1,772,000,438 | $0 | $ 1,772,000,438 |
Asset-backed securities | 0 | 456,800,418 | 0 | 456,800,418 |
Corporate bonds and notes | 0 | 1,379,379,556 | 0 | 1,379,379,556 |
Municipal obligations | 0 | 22,073,396 | 0 | 22,073,396 |
Non-agency mortgage-backed securities | 0 | 224,261,919 | 0 | 224,261,919 |
U.S. Treasury securities | 1,871,071,575 | 0 | 0 | 1,871,071,575 |
Yankee corporate bonds and notes | 0 | 217,859,576 | 0 | 217,859,576 |
Yankee government bonds | 0 | 76,091,663 | 0 | 76,091,663 |
Short-term investments | ||||
Investment companies | 270,350,377 | 0 | 0 | 270,350,377 |
Total assets | $2,141,421,952 | $4,148,466,966 | $0 | $6,289,888,918 |
Average daily net assets | Advisory fee |
First $500 million | 0.400% |
Next $500 million | 0.375 |
Next $2 billion | 0.350 |
Next $2 billion | 0.325 |
Next $5 billion | 0.300 |
Over $10 billion | 0.290 |
Purchases at cost | Sales proceeds | |||
U.S. government | Non-U.S. government | U.S. government | Non-U.S. government | |
$25,535,996,163 | $4,077,887,905 | $24,622,078,999 | $4,220,031,795 |
Wells Fargo Master 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. |
Funds Trust | Master Trust |
Wells Fargo C&B Large Cap Value Fund | Wells Fargo C&B Large Cap Value Portfolio |
Wells Fargo Core Bond Fund | Wells Fargo Core Bond Portfolio |
Wells Fargo Emerging Growth Fund | Wells Fargo Emerging Growth Portfolio |
Wells Fargo Index Fund | Wells Fargo Index Portfolio |
Wells Fargo Real Return Fund | Wells Fargo Real Return Portfolio |
Wells Fargo Small Company Growth Fund | Wells Fargo Small Company Growth Portfolio |
Wells Fargo Small Company Value Fund | Wells Fargo Small Company Value Portfolio |
■ | Information regarding the Transaction: information about the structure, financing sources and material terms and conditions of the Transaction, including the expected impact on the businesses conducted by the Advisers and by Wells Fargo Funds Distributor LLC, as the distributor of Fund shares. |
■ | Information regarding NewCo, GTCR and Reverence Capital: (i) information about NewCo, including information about its expected financial condition and access to capital, and senior leadership team; (ii) the experience of senior management at GTCR and Reverence Capital in acquiring portfolio companies; (iii) the plan to operationalize NewCo, including the transition of necessary infrastructure services through a transition services agreement with Wells Fargo under which Wells Fargo will continue to provide NewCo with certain services for a specified period of time after the closing; and (iv) information regarding regulatory matters, compliance, and risk management functions at NewCo, including resources to be dedicated thereto. |
■ | Impact of the Transaction on WFAM and Service Providers: (i) information regarding any changes to personnel and/or other resources of the Advisers as a result of the Transaction, including assurances regarding comparable and competitive compensation arrangements to attract and retain highly qualified personnel; and (ii) information about the organizational and operating structure with respect to NewCo, the Advisers and the Funds and Master Portfolios. |
■ | Impact of the Transaction on the Funds and their Shareholders and the Master Portfolios and their Interest Holders: (i) information regarding anticipated benefits to the Funds and the Master Portfolios as a result of the Transaction; (ii) a commitment that the Funds and Master Portfolios would not bear any expenses, directly or indirectly, in connection with the Transaction; (iii) confirmation that the Advisers and the Unaffiliated Sub-Advisers intend to continue to manage the Funds in a manner consistent with each Fund’s or Master Portfolio’s current investment objectives and principal investments strategies, as applicable; and (iv) a commitment that neither NewCo nor WFAM will take any steps that would impose any “unfair burden” (as that term is used in section 15(f)(1)(B) of the 1940 Act) on the Funds or the Master Portfolios as a result of the Transaction. |
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P.O. Box 219967
Kansas City, MO 64121-9967
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A287/AR287 05-21
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1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
2 | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the United States. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
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. |
4 | The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
5 | The Bloomberg Barclays Global Aggregate ex-USD Index (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. |
6 | The Bloomberg Barclays Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index. |
7 | The ICE 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. |
“The passage of the massive domestic stimulus bill highlighted March activity, leading to increased forecasts for U.S. growth in 2021.” |
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President
Wells Fargo Funds
Investment objective | The Fund seeks returns that exceed the rate of inflation over the long-term. |
Manager | Wells Fargo Funds Management, LLC |
Portfolio managers | Kandarp R. Acharya, CFA®‡, FRM, Petros N. Bocray, CFA®‡, FRM, Michael Bradshaw, CFA®‡, Christian L. Chan, CFA®‡, Jay N. Mueller, CFA®‡†, Garth B. Newport, CFA®‡, Michael Schueller, CFA®‡ |
Average annual total returns (%) as of May 31, 2021 | |||||||||||
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 (IPBAX) | 2-28-2003 | 4.19 | 3.13 | 2.63 | 9.10 | 4.09 | 3.10 | 1.43 | 0.78 | ||
Class C (IPBCX) | 2-28-2003 | 7.27 | 3.32 | 2.34 | 8.27 | 3.32 | 2.34 | 2.18 | 1.53 | ||
Class R6 (IPBJX)3 | 10-31-2016 | – | – | – | 9.52 | 4.49 | 3.43 | 1.05 | 0.40 | ||
Administrator Class (IPBIX) | 2-28-2003 | – | – | – | 9.31 | 4.31 | 3.34 | 1.37 | 0.60 | ||
Institutional Class (IPBNX)4 | 10-31-2016 | – | – | – | 9.46 | 4.43 | 3.40 | 1.10 | 0.45 | ||
Bloomberg Barclays U.S. TIPS Index5 | – | – | – | – | 7.05 | 4.48 | 3.42 | – | – | ||
CPI 6 | – | – | – | – | 4.99 | 2.30 | 1.77 | – | – |
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 September 30, 2021, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.78% for Class A, 1.53% for Class C, 0.40% for Class R6, 0.60% for Administrator Class, and 0.45% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the affiliated master portfolio invests, and extraordinary expenses are excluded from the expense caps. Net expenses from the affiliated master portfolio are included in the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
3 | Historical performance shown for the Class R6 shares prior to their inception reflects the performance of the Administrator Class shares, and is not adjusted to reflect the Class R6 expenses. If these expenses had been included, returns for the Class R6 shares would be higher. |
4 | Historical performance shown for the Institutional Class shares prior to their inception reflects the performance of the Administrator Class shares, and is not adjusted to reflect the Institutional Class expenses. If these expenses had been included, returns for the Institutional Class shares would be higher. |
5 | The Bloomberg Barclays U.S. Treasury Inflation-Protected Securities (TIPS) Index is an index of inflation-indexed-linked U.S. Treasury securities. You cannot invest directly in an index. |
6 | The Consumer Price Index (CPI) for All Urban Consumers in U.S. All Items is published monthly by the U.S. government as an indicator of changes in price levels (or inflation) paid by urban consumers for a representative basket of goods and services. You cannot invest directly in an index. |
* | The Fund is a feeder fund in a master-feeder structure that invests substantially all of its assets in a single affiliated master portfolio of the Wells Fargo Master Trust with a substantially identical investment objective and substantially similar investment strategies. References to the investment activities of the Fund are intended to refer to the investment activities of the affiliated master portfolio in which it invests. |
‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
† | Mr. Mueller is expected to retire December 31, 2021. He will remain a portfolio manager of the Fund through October 31, 2021, at which time he will transition to the role of advisor to the team until his retirement. |
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1 | The chart compares the performance of Class A shares for the most recent ten years with the Bloomberg Barclays U.S. TIPS Index and CPI. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 4.50%. |
■ | The Fund outperformed its benchmark, the Bloomberg Barclays U.S. Treasury Inflation-Protected Securities (TIPS) Index, for the 12-month period that ended May 31, 2021. |
■ | TIPS and other inflation-sensitive growth assets in the portfolio performed well over the period and all contributed to relative performance. |
■ | While all components performed well versus the TIPS Index, relative to sector-specific benchmarks, a number of the sleeves lagged. |
Ten largest holdings (%) as of May 31, 20211 | |
TIPS, 0.38%, 1-15-2027 | 3.18 |
TIPS, 0.38%, 7-15-2025 | 2.89 |
TIPS, 0.63%, 1-15-2026 | 2.57 |
TIPS, 0.13%, 7-15-2030 | 2.48 |
TIPS, 0.63%, 1-15-2024 | 2.31 |
TIPS, 0.13%, 7-15-2024 | 2.26 |
TIPS, 0.38%, 7-15-2023 | 2.11 |
TIPS, 0.25%, 1-15-2025 | 2.10 |
TIPS, 0.13%, 1-15-2030 | 1.97 |
TIPS, 0.50%, 1-15-2028 | 1.89 |
1 | Each holding represents the Fund’s allocable portion of the affiliated master portfolio security. Figures represent each holding as a percentage of the Fund’s net assets. Holdings are subject to change and may have changed since the date specified. |
* | The Russell 3000® Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. You cannot invest directly in an index. |
** | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index |
* | The Russell 3000® Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. You cannot invest directly in an index. |
*** | 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. |
* | The Russell 3000® Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. You cannot invest directly in an index. |
† | The Bloomberg Barclays U.S. Treasury 20+ Year Index measures U.S. dollar-denominated, fixed-rate, nominal debt issued by the U.S. Treasury with 20+ years to maturity. Treasury bills are excluded by the maturity constraint, but are part of a separate Short Treasury Index. STRIPS are excluded from the index because their inclusion would result in double-counting. You cannot invest directly in an index. |
* | The Russell 3000® Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. You cannot invest directly in an index. |
†† | 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. |
Portfolio allocation as of May 31, 20211 |
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1 | Figures represent the sector allocation of the affiliated master portfolio as a percentage of the long-term investments of the affiliated master portfolio. These amounts are subject to change and may have changed since the date specified. |
Beginning account value 12-1-2020 | Ending account value 5-31-2021 | Expenses paid during the period1,2 | Annualized net expense ratio2 | |
Class A | ||||
Actual | $1,000.00 | $1,036.20 | $3.96 | 0.78% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.04 | $3.93 | 0.78% |
Class C | ||||
Actual | $1,000.00 | $1,032.17 | $7.75 | 1.53% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,017.30 | $7.70 | 1.53% |
Class R6 | ||||
Actual | $1,000.00 | $1,038.68 | $2.03 | 0.40% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.94 | $2.02 | 0.40% |
Administrator Class | ||||
Actual | $1,000.00 | $1,036.75 | $3.05 | 0.60% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.94 | $3.02 | 0.60% |
Institutional Class | ||||
Actual | $1,000.00 | $1,037.46 | $2.29 | 0.45% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.69 | $2.27 | 0.45% |
Value | |||||
Investment companies: 99.27% | |||||
Affiliated master portfolio: 99.27% | |||||
Wells Fargo Real Return Portfolio | $74,662,260 | ||||
Total Investment companies (Cost $66,635,335) | 74,662,260 | ||||
Total investments in securities (Cost $66,635,335) | 99.27% | 74,662,260 | |||
Other assets and liabilities, net | 0.73 | 549,951 | |||
Total net assets | 100.00% | $75,212,211 |
% of ownership, beginning of period | % of ownership, end of period | Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolio | Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio | Interest allocated from affiliated Master Portfolio | Dividends allocated from affiliated Master Portfolio | Affiliated income allocated from affiliated Master Portfolio | Value, end of period | % of net assets | |
Wells Fargo Real Return Portfolio | 35.29% | 31.19% | $277,416 | $3,967,421 | $1,725,292 | $203,656 | $689 | $74,662,260 | 99.27% |
Assets | |
Investments in affiliated Master Portfolio, at value (cost $66,635,335) | $ 74,662,260 |
Receivable for Fund shares sold | 605,606 |
Receivable from manager | 17,560 |
Prepaid expenses and other assets | 508 |
Total assets | 75,285,934 |
Liabilities | |
Payable for Fund shares redeemed | 43,214 |
Administration fees payable | 4,760 |
Distribution fee payable | 739 |
Accrued expenses and other liabilities | 25,010 |
Total liabilities | 73,723 |
Total net assets | $75,212,211 |
Net assets consist of | |
Paid-in capital | $ 68,809,226 |
Total distributable earnings | 6,402,985 |
Total net assets | $75,212,211 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 13,824,856 |
Shares outstanding – Class A1 | 1,264,515 |
Net asset value per share – Class A | $10.93 |
Maximum offering price per share – Class A2 | $11.45 |
Net assets – Class C | $ 1,194,808 |
Shares outstanding – Class C1 | 111,250 |
Net asset value per share – Class C | $10.74 |
Net assets – Class R6 | $ 36,202,277 |
Shares outstanding – Class R61 | 3,277,246 |
Net asset value per share – Class R6 | $11.05 |
Net assets – Administrator Class | $ 13,202,915 |
Shares outstanding – Administrator Class1 | 1,187,283 |
Net asset value per share – Administrator Class | $11.12 |
Net assets – Institutional Class | $ 10,787,355 |
Shares outstanding – Institutional Class1 | 976,057 |
Net asset value per share – Institutional Class | $11.05 |
1 | The Fund has an unlimited number of authorized shares. |
2 | Maximum offering price is computed as 100/95.50 of net asset value. On investments of $50,000 or more, the offering price is reduced. |
Investment income | |
Interest allocated from affiliated Master Portfolio | $ 1,725,292 |
Dividends allocated from affiliated Master Portfolio (net of foreign withholding taxes of $433) | 203,656 |
Affiliated income allocated from affiliated Master Portfolio | 689 |
Expenses allocated from affiliated Master Portfolio | (303,910) |
Waivers allocated from affiliated Master Portfolio | 49,674 |
Total investment income | 1,675,401 |
Expenses | |
Management fee | 32,716 |
Administration fees | |
Class A | 21,839 |
Class C | 2,376 |
Class R6 | 8,058 |
Administrator Class | 13,272 |
Institutional Class | 8,133 |
Shareholder servicing fees | |
Class A | 34,103 |
Class C | 3,705 |
Administrator Class | 33,162 |
Distribution fee | |
Class C | 11,128 |
Custody and accounting fees | 3,725 |
Professional fees | 37,760 |
Registration fees | 132,726 |
Shareholder report expenses | 63,082 |
Trustees’ fees and expenses | 21,080 |
Other fees and expenses | 12,465 |
Total expenses | 439,330 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (293,645) |
Class A | (8,190) |
Class C | (1,188) |
Administrator Class | (23,891) |
Institutional Class | (5,083) |
Net expenses | 107,333 |
Net investment income | 1,568,068 |
Realized and unrealized gains (losses) on investments | |
Net realized gains on securities transactions allocated from affiliated Master Portfolio | 277,416 |
Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio | 3,967,421 |
Net realized and unrealized gains (losses) on investments | 4,244,837 |
Net increase in net assets resulting from operations | $5,812,905 |
Year ended May 31, 2021 | Year ended May 31, 2020 | |||
Operations | ||||
Net investment income | $ 1,568,068 | $ 1,149,193 | ||
Net realized gains (losses) on investments | 277,416 | (1,121,387) | ||
Net change in unrealized gains (losses) on investments | 3,967,421 | 3,059,682 | ||
Net increase in net assets resulting from operations | 5,812,905 | 3,087,488 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (268,219) | (333,051) | ||
Class C | (19,136) | (28,644) | ||
Class R6 | (676,727) | (410,590) | ||
Administrator Class | (261,977) | (268,283) | ||
Institutional Class | (233,102) | (274,619) | ||
Total distributions to shareholders | (1,459,161) | (1,315,187) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 476,116 | 5,061,849 | 341,385 | 3,446,122 |
Class C | 26,515 | 273,931 | 58,887 | 586,232 |
Class R6 | 2,143,575 | 23,199,949 | 700,870 | 7,155,041 |
Administrator Class | 574,541 | 6,217,286 | 754,263 | 7,722,657 |
Institutional Class | 358,193 | 3,851,836 | 587,649 | 6,004,061 |
38,604,851 | 24,914,113 | |||
Reinvestment of distributions | ||||
Class A | 18,861 | 202,368 | 23,714 | 238,785 |
Class C | 1,759 | 18,532 | 2,484 | 24,671 |
Class R6 | 28,247 | 306,213 | 22,788 | 231,443 |
Administrator Class | 23,163 | 252,526 | 25,943 | 265,162 |
Institutional Class | 21,437 | 232,476 | 26,962 | 274,014 |
1,012,115 | 1,034,075 | |||
Payment for shares redeemed | ||||
Class A | (521,552) | (5,567,275) | (865,507) | (8,666,594) |
Class C | (87,496) | (914,008) | (153,174) | (1,519,143) |
Class R6 | (659,480) | (7,182,858) | (395,994) | (4,031,485) |
Administrator Class | (715,288) | (7,756,050) | (827,804) | (8,434,604) |
Institutional Class | (428,493) | (4,604,300) | (699,776) | (7,084,487) |
(26,024,491) | (29,736,313) | |||
Net increase (decrease) in net assets resulting from capital share transactions | 13,592,475 | (3,788,125) | ||
Total increase (decrease) in net assets | 17,946,219 | (2,015,824) | ||
Net assets | ||||
Beginning of period | 57,265,992 | 59,281,816 | ||
End of period | $ 75,212,211 | $ 57,265,992 |
Year ended May 31 | |||||
Class A | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $10.22 | $9.89 | $9.87 | $9.96 | $9.95 |
Net investment income | 0.22 | 0.12 | 0.15 | 0.21 | 0.19 1 |
Net realized and unrealized gains (losses) on investments | 0.70 | 0.42 | 0.09 | (0.09) | 0.03 |
Total from investment operations | 0.92 | 0.54 | 0.24 | 0.12 | 0.22 |
Distributions to shareholders from | |||||
Net investment income | (0.21) | (0.21) | (0.19) | (0.21) | (0.20) |
Net realized gains | 0.00 | 0.00 | (0.03) | 0.00 | (0.01) |
Total distributions to shareholders | (0.21) | (0.21) | (0.22) | (0.21) | (0.21) |
Net asset value, end of period | $10.93 | $10.22 | $9.89 | $9.87 | $9.96 |
Total return2 | 9.10% | 5.48% | 2.56% | 1.25% | 2.23% |
Ratios to average net assets (annualized)* | |||||
Gross expenses | 1.29% | 1.43% | 1.16% | 1.04% | 1.11% |
Net expenses | 0.78% | 0.78% | 0.77% | 0.80% | 0.85% |
Net investment income | 2.09% | 1.79% | 1.95% | 2.15% | 1.92% |
Supplemental data | |||||
Portfolio turnover rate3 | 20% | 24% | 39% | 29% | 25% |
Net assets, end of period (000s omitted) | $13,825 | $13,196 | $17,716 | $26,133 | $29,678 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Year ended May 31, 2021 | 0.39% |
Year ended May 31, 2020 | 0.39% |
Year ended May 31, 2019 | 0.39% |
Year ended May 31, 2018 | 0.41% |
Year ended May 31, 2017 | 0.44% |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. |
3 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Year ended May 31 | |||||
Class C | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $10.06 | $9.73 | $9.73 | $9.82 | $9.77 |
Net investment income | 0.12 1 | 0.11 1 | 0.10 1 | 0.03 | 0.04 |
Net realized and unrealized gains on investments | 0.71 | 0.35 | 0.07 | 0.02 | 0.10 |
Total from investment operations | 0.83 | 0.46 | 0.17 | 0.05 | 0.14 |
Distributions to shareholders from | |||||
Net investment income | (0.15) | (0.13) | (0.14) | (0.14) | (0.08) |
Net realized gains | 0.00 | 0.00 | (0.03) | 0.00 | (0.01) |
Total distributions to shareholders | (0.15) | (0.13) | (0.17) | (0.14) | (0.09) |
Net asset value, end of period | $10.74 | $10.06 | $9.73 | $9.73 | $9.82 |
Total return2 | 8.27% | 4.77% | 1.79% | 0.53% | 1.44% |
Ratios to average net assets (annualized)* | |||||
Gross expenses | 2.06% | 2.18% | 1.91% | 1.79% | 1.86% |
Net expenses | 1.53% | 1.53% | 1.52% | 1.56% | 1.60% |
Net investment income | 1.17% | 1.09% | 1.08% | 1.39% | 1.23% |
Supplemental data | |||||
Portfolio turnover rate3 | 20% | 24% | 39% | 29% | 25% |
Net assets, end of period (000s omitted) | $1,195 | $1,714 | $2,553 | $3,517 | $4,580 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Year ended May 31, 2021 | 0.39% |
Year ended May 31, 2020 | 0.39% |
Year ended May 31, 2019 | 0.39% |
Year ended May 31, 2018 | 0.41% |
Year ended May 31, 2017 | 0.44% |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. |
3 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Year ended May 31 | |||||
Class R6 | 2021 | 2020 | 2019 | 2018 | 2017 1 |
Net asset value, beginning of period | $10.33 | $9.99 | $9.96 | $10.05 | $10.17 |
Net investment income | 0.29 | 0.22 | 0.23 2 | 0.22 | 0.10 |
Net realized and unrealized gains (losses) on investments | 0.69 | 0.37 | 0.06 | (0.06) | (0.07) |
Total from investment operations | 0.98 | 0.59 | 0.29 | 0.16 | 0.03 |
Distributions to shareholders from | |||||
Net investment income | (0.26) | (0.25) | (0.23) | (0.25) | (0.14) |
Net realized gains | 0.00 | 0.00 | (0.03) | 0.00 | (0.01) |
Total distributions to shareholders | (0.26) | (0.25) | (0.26) | (0.25) | (0.15) |
Net asset value, end of period | $11.05 | $10.33 | $9.99 | $9.96 | $10.05 |
Total return3 | 9.52% | 5.94% | 2.99% | 1.63% | 0.36% |
Ratios to average net assets (annualized)* | |||||
Gross expenses | 0.85% | 1.05% | 0.82% | 0.66% | 0.69% |
Net expenses | 0.40% | 0.40% | 0.39% | 0.42% | 0.47% |
Net investment income | 2.70% | 2.08% | 2.34% | 2.52% | 1.32% |
Supplemental data | |||||
Portfolio turnover rate4 | 20% | 24% | 39% | 29% | 25% |
Net assets, end of period (000s omitted) | $36,202 | $18,224 | $14,358 | $11,750 | $7,438 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Year ended May 31, 2021 | 0.39% |
Year ended May 31, 2020 | 0.39% |
Year ended May 31, 2019 | 0.39% |
Year ended May 31, 2018 | 0.41% |
Year ended May 31, 2017 | 0.44% |
1 | For the period from October 31, 2016 (commencement of class operations) to May 31, 2017 |
2 | Calculated based upon average shares outstanding |
3 | Returns for periods of less than one year are not annualized. |
4 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Year ended May 31 | |||||
Administrator Class | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $10.38 | $10.03 | $9.99 | $10.06 | $10.03 |
Net investment income | 0.25 1 | 0.20 1 | 0.21 1 | 0.24 1 | 0.22 1 |
Net realized and unrealized gains (losses) on investments | 0.71 | 0.36 | 0.06 | (0.09) | 0.02 |
Total from investment operations | 0.96 | 0.56 | 0.27 | 0.15 | 0.24 |
Distributions to shareholders from | |||||
Net investment income | (0.22) | (0.21) | (0.20) | (0.22) | (0.20) |
Net realized gains | 0.00 | 0.00 | (0.03) | 0.00 | (0.01) |
Total distributions to shareholders | (0.22) | (0.21) | (0.23) | (0.22) | (0.21) |
Net asset value, end of period | $11.12 | $10.38 | $10.03 | $9.99 | $10.06 |
Total return | 9.31% | 5.67% | 2.78% | 1.50% | 2.46% |
Ratios to average net assets (annualized)* | |||||
Gross expenses | 1.23% | 1.37% | 1.10% | 0.97% | 1.04% |
Net expenses | 0.60% | 0.60% | 0.59% | 0.60% | 0.60% |
Net investment income | 2.26% | 1.92% | 2.15% | 2.39% | 2.20% |
Supplemental data | |||||
Portfolio turnover rate2 | 20% | 24% | 39% | 29% | 25% |
Net assets, end of period (000s omitted) | $13,203 | $13,544 | $13,562 | $23,331 | $26,100 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Year ended May 31, 2021 | 0.39% |
Year ended May 31, 2020 | 0.39% |
Year ended May 31, 2019 | 0.39% |
Year ended May 31, 2018 | 0.41% |
Year ended May 31, 2017 | 0.44% |
1 | Calculated based upon average shares outstanding |
2 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Year ended May 31 | |||||
Institutional Class | 2021 | 2020 | 2019 | 2018 | 2017 1 |
Net asset value, beginning of period | $10.33 | $9.99 | $9.97 | $10.06 | $10.17 |
Net investment income | 0.26 | 0.21 | 0.22 | 0.24 | 0.14 |
Net realized and unrealized gains (losses) on investments | 0.71 | 0.37 | 0.05 | (0.08) | (0.10) |
Total from investment operations | 0.97 | 0.58 | 0.27 | 0.16 | 0.04 |
Distributions to shareholders from | |||||
Net investment income | (0.25) | (0.24) | (0.22) | (0.25) | (0.14) |
Net realized gains | 0.00 | 0.00 | (0.03) | 0.00 | (0.01) |
Total distributions to shareholders | (0.25) | (0.24) | (0.25) | (0.25) | (0.15) |
Net asset value, end of period | $11.05 | $10.33 | $9.99 | $9.97 | $10.06 |
Total return2 | 9.46% | 5.88% | 2.84% | 1.57% | 0.41% |
Ratios to average net assets (annualized)* | |||||
Gross expenses | 0.95% | 1.10% | 0.84% | 0.71% | 0.76% |
Net expenses | 0.45% | 0.45% | 0.44% | 0.47% | 0.52% |
Net investment income | 2.37% | 2.09% | 2.20% | 2.62% | 2.24% |
Supplemental data | |||||
Portfolio turnover rate3 | 20% | 24% | 39% | 29% | 25% |
Net assets, end of period (000s omitted) | $10,787 | $10,587 | $11,094 | $12,110 | $5,229 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Year ended May 31, 2021 | 0.39% |
Year ended May 31, 2020 | 0.39% |
Year ended May 31, 2019 | 0.39% |
Year ended May 31, 2018 | 0.41% |
Year ended May 31, 2017 | 0.44% |
1 | For the period from October 31, 2016 (commencement of class operations) to May 31, 2017 |
2 | Returns for periods of less than one year are not annualized. |
3 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Gross unrealized gains | $8,074,893 |
Gross unrealized losses | (147,137) |
Net unrealized gains | $7,927,756 |
Affiliated Master Portfolio | Investment objective | Fair value of affiliated Master Portfolio |
Wells Fargo Real Return Portfolio | Seeks returns that exceed the rate of inflation over the long-term | $74,662,260 |
Average daily net assets | Management fee |
First $5 billion | 0.050% |
Next $5 billion | 0.040 |
Over $10 billion | 0.030 |
Class-level administration fee | |
Class A | 0.16% |
Class C | 0.16 |
Class R6 | 0.03 |
Administrator Class | 0.10 |
Institutional Class | 0.08 |
Expense ratio caps | |
Class A | 0.78% |
Class C | 1.53 |
Class R6 | 0.40 |
Administrator Class | 0.60 |
Institutional Class | 0.45 |
Purchases at cost | Sales proceeds | |||
U.S. government | Non-U.S. government | U.S. government | Non-U.S. government | |
$15,823,156 | $16,864,981 | $3,166,824 | $9,407,314 |
Undistributed ordinary income | Unrealized gains | Capital loss carryforward |
$197,917 | $7,927,756 | $(1,722,688) |
Wells Fargo Funds Trust:
![](https://capedge.com/proxy/N-CSR/0001193125-21-234774/g170998img20afa52a6.jpg)
Shares | Value | |||||
Common stocks: 14.74% | ||||||
Consumer staples: 4.49% | ||||||
Beverages: 0.68% | ||||||
PepsiCo Incorporated | 11,052 | $ 1,635,033 | ||||
Food & staples retailing: 1.46% | ||||||
Costco Wholesale Corporation | 2,897 | 1,095,848 | ||||
Sysco Corporation | 9,235 | 748,035 | ||||
Walmart Incorporated | 11,631 | 1,651,951 | ||||
3,495,834 | ||||||
Food products: 0.68% | ||||||
Mondelez International Incorporated Class A | 13,820 | 877,985 | ||||
Nomad Foods Limited † | 24,189 | 741,877 | ||||
1,619,862 | ||||||
Household products: 1.53% | ||||||
Church & Dwight Company Incorporated | 10,877 | 932,485 | ||||
The Clorox Company | 2,362 | 417,436 | ||||
The Procter & Gamble Company | 17,189 | 2,317,937 | ||||
3,667,858 | ||||||
Tobacco: 0.14% | ||||||
Philip Morris International Incorporated | 3,473 | 334,901 | ||||
Energy: 1.22% | ||||||
Oil, gas & consumable fuels: 1.22% | ||||||
Chevron Corporation | 16,107 | 1,671,746 | ||||
Phillips 66 | 14,756 | 1,242,750 | ||||
Materials: 3.98% | ||||||
Chemicals: 1.74% | ||||||
Ashland Global Holdings Incorporated | 4,440 | 421,090 | ||||
Ecolab Incorporated | 2,972 | 639,218 | ||||
Linde plc | 5,378 | 1,616,627 | ||||
The Sherwin-Williams Company | 3,378 | 957,764 | ||||
Westlake Chemical Corporation | 5,347 | 539,352 | ||||
4,174,051 | ||||||
Construction materials: 0.21% | ||||||
Martin Marietta Materials Incorporated | 1,387 | 504,383 | ||||
Containers & packaging: 0.17% | ||||||
Crown Holdings Incorporated | 3,905 | 403,152 | ||||
Metals & mining: 1.86% | ||||||
Agnico-Eagle Mines Limited | 2,800 | 200,900 | ||||
Alamos Gold Incorporated Class A | 12,000 | 108,964 | ||||
AngloGold Ashanti Limited ADR | 5,100 | 121,227 | ||||
B2Gold Corporation | 24,000 | 122,883 | ||||
Barrick Gold Corporation | 10,456 | 251,780 | ||||
Centerra Gold Incorporated | 5,000 | 40,514 | ||||
Dundee Precious Metals Incorporated | 4,000 | 28,534 | ||||
Eldorado Gold Corporation † | 2,500 | 29,640 | ||||
Endeavour Mining Corporation | 6,280 | 151,719 |
Shares | Value | |||||
Metals & mining (continued) | ||||||
Evolution Mining Limited | 22,000 | $ 92,110 | ||||
Franco-Nevada Corporation | 1,400 | 206,926 | ||||
Gold Fields Limited ADR | 14,500 | 175,595 | ||||
Kinross Gold Corporation | 33,500 | 270,054 | ||||
Kirkland Lake Gold Limited | 5,237 | 225,187 | ||||
Lundin Gold Incorporated † | 7,100 | 70,941 | ||||
MAG Silver Corporation † | 3,400 | 72,986 | ||||
Newcrest Mining Limited | 6,600 | 144,651 | ||||
Newmont Corporation | 5,290 | 388,709 | ||||
Northern Star Resources Limited | 15,000 | 135,819 | ||||
Pan American Silver Corporation | 3,000 | 100,920 | ||||
Pretium Resources Incorporated † | 3,000 | 34,101 | ||||
Royal Gold Incorporated | 3,783 | 468,222 | ||||
SilverCrest Metals Incorporated † | 4,000 | 39,569 | ||||
SSR Mining Incorporated | 3,000 | 55,650 | ||||
SSR Mining Incorporated - U.S. Exchange Traded Shares | 1,272 | 23,343 | ||||
Steel Dynamics Incorporated | 9,167 | 572,296 | ||||
Torex Gold Resources Incorporated † | 6,200 | 90,663 | ||||
Wheaton Precious Metals Corporation | 4,600 | 218,262 | ||||
4,442,165 | ||||||
Real estate: 5.05% | ||||||
Equity REITs: 5.05% | ||||||
Alexandria Real Estate Equities Incorporated | 2,979 | 531,037 | ||||
American Homes 4 Rent Class A | 14,628 | 556,888 | ||||
American Tower Corporation | 5,615 | 1,434,408 | ||||
Camden Property Trust | 2,860 | 358,587 | ||||
CoreSite Realty Corporation | 3,630 | 440,138 | ||||
Equinix Incorporated | 1,511 | 1,113,170 | ||||
Federal Realty Investment Trust | 2,820 | 322,439 | ||||
Four Corners Property Trust Incorporated | 18,626 | 517,058 | ||||
Healthcare Realty Trust Incorporated | 10,908 | 330,949 | ||||
Host Hotels & Resorts Incorporated † | 17,241 | 296,028 | ||||
Invitation Homes Incorporated | 16,155 | 585,942 | ||||
Life Storage Incorporated | 4,894 | 486,659 | ||||
Mid-America Apartment Communities Incorporated | 2,179 | 350,165 | ||||
Prologis Incorporated | 9,409 | 1,108,757 | ||||
SBA Communications Corporation | 3,012 | 897,937 | ||||
Simon Property Group Incorporated | 2,538 | 326,108 | ||||
STAG Industrial Incorporated | 6,723 | 240,078 | ||||
Sun Communities Incorporated | 4,406 | 737,653 | ||||
VICI Properties Incorporated | 26,650 | 829,615 | ||||
Welltower Incorporated | 8,230 | 615,357 | ||||
Total Common stocks (Cost $24,963,871) | 35,270,708 |
Interest rate | Maturity date | Principal | ||||
Corporate bonds and notes: 13.08% | ||||||
Communication services: 1.47% | ||||||
Diversified telecommunication services: 0.38% | ||||||
CenturyLink Incorporated | 6.75% | 12-1-2023 | $ | 260,000 | 286,507 | |
CommScope Holding Company Incorporated 144A | 5.50 | 3-1-2024 | 290,000 | 298,323 |
Interest rate | Maturity date | Principal | Value | |||
Diversified telecommunication services (continued) | ||||||
Level 3 Financing Incorporated | 5.38% | 5-1-2025 | $ | 85,000 | $ 86,879 | |
Lumen Technologies Incorporated | 7.50 | 4-1-2024 | 215,000 | 240,800 | ||
912,509 | ||||||
Entertainment: 0.14% | ||||||
Live Nation Entertainment Incorporated 144A | 4.88 | 11-1-2024 | 170,000 | 173,096 | ||
Live Nation Entertainment Incorporated 144A | 6.50 | 5-15-2027 | 150,000 | 165,563 | ||
338,659 | ||||||
Media: 0.87% | ||||||
CCO Holdings LLC 144A | 5.13 | 5-1-2027 | 600,000 | 627,000 | ||
Cinemark USA Incorporated 144A | 8.75 | 5-1-2025 | 335,000 | 364,313 | ||
Compression Partners LP | 6.88 | 9-1-2027 | 20,000 | 20,994 | ||
CSC Holdings LLC 144A | 5.50 | 4-15-2027 | 200,000 | 210,000 | ||
DISH DBS Corporation | 5.00 | 3-15-2023 | 200,000 | 207,750 | ||
DISH DBS Corporation | 5.88 | 7-15-2022 | 190,000 | 197,600 | ||
Townsquare Media Incorporated 144A | 6.88 | 2-1-2026 | 415,000 | 438,344 | ||
2,066,001 | ||||||
Wireless telecommunication services: 0.08% | ||||||
Sprint Corporation | 7.88 | 9-15-2023 | 155,000 | 175,632 | ||
Sprint Spectrum Company LLC 144A | 3.36 | 3-20-2023 | 21,875 | 21,912 | ||
197,544 | ||||||
Consumer discretionary: 2.44% | ||||||
Auto components: 0.24% | ||||||
Clarios Global LP 144A | 6.75 | 5-15-2025 | 185,000 | 198,181 | ||
Goodyear Tire & Rubber Company | 5.00 | 5-31-2026 | 376,000 | 386,111 | ||
584,292 | ||||||
Automobiles: 0.36% | ||||||
Ford Motor Company | 4.13 | 8-17-2027 | 400,000 | 418,000 | ||
Ford Motor Company | 8.50 | 4-21-2023 | 355,000 | 396,269 | ||
Ford Motor Company | 9.00 | 4-22-2025 | 45,000 | 54,980 | ||
869,249 | ||||||
Hotels, restaurants & leisure: 0.83% | ||||||
Carnival Corporation 144A | 10.50 | 2-1-2026 | 225,000 | 265,361 | ||
Carnival Corporation 144A | 11.50 | 4-1-2023 | 230,000 | 263,164 | ||
NCL Corporation Limited 144A | 12.25 | 5-15-2024 | 550,000 | 665,500 | ||
Royal Caribbean Cruises Limited 144A | 9.13 | 6-15-2023 | 325,000 | 359,515 | ||
Royal Caribbean Cruises Limited 144A | 11.50 | 6-1-2025 | 370,000 | 428,275 | ||
1,981,815 | ||||||
Household durables: 0.18% | ||||||
KB Home Class B | 7.50 | 9-15-2022 | 315,000 | 338,625 | ||
Newell Brands Incorporated | 4.35 | 4-1-2023 | 93,000 | 97,762 | ||
436,387 | ||||||
Internet & direct marketing retail: 0.06% | ||||||
QVC Incorporated | 4.38 | 3-15-2023 | 140,000 | 146,936 |
Interest rate | Maturity date | Principal | Value | |||
Multiline retail: 0.28% | ||||||
Macy's Incorporated 144A | 8.38% | 6-15-2025 | $ | 605,000 | $ 668,525 | |
Specialty retail: 0.47% | ||||||
L Brands Incorporated | 5.63 | 10-15-2023 | 65,000 | 70,525 | ||
L Brands Incorporated 144A | 9.38 | 7-1-2025 | 450,000 | 573,368 | ||
Penske Automotive Group Incorporated | 3.50 | 9-1-2025 | 140,000 | 144,228 | ||
The Gap Incorporated 144A | 8.63 | 5-15-2025 | 295,000 | 325,606 | ||
1,113,727 | ||||||
Textiles, apparel & luxury goods: 0.02% | ||||||
Levi Strauss & Company | 5.00 | 5-1-2025 | 36,000 | 36,728 | ||
Consumer staples: 0.14% | ||||||
Food products: 0.14% | ||||||
CHS Incorporated 144A | 6.63 | 2-15-2025 | 315,000 | 331,538 | ||
Energy: 2.28% | ||||||
Energy equipment & services: 0.16% | ||||||
Oceaneering International Incorporated | 4.65 | 11-15-2024 | 375,000 | 375,938 | ||
Oil, gas & consumable fuels: 2.12% | ||||||
Antero Midstream Company | 5.38 | 9-15-2024 | 485,000 | 497,998 | ||
Apache Corporation | 4.63 | 11-15-2025 | 70,000 | 74,286 | ||
Buckeye Partners LP | 4.15 | 7-1-2023 | 200,000 | 206,846 | ||
Continental Resources Incorporated | 4.50 | 4-15-2023 | 600,000 | 626,400 | ||
Crestwood Midstream Partners LP | 5.75 | 4-1-2025 | 225,000 | 230,558 | ||
DCP Midstream Operating LP | 5.38 | 7-15-2025 | 455,000 | 498,407 | ||
EnLink Midstream Partners LP | 4.15 | 6-1-2025 | 870,000 | 887,852 | ||
Enviva Partners LP 144A | 6.50 | 1-15-2026 | 645,000 | 675,960 | ||
EQT Corporation | 7.63 | 2-1-2025 | 85,000 | 99,272 | ||
New Fortress Energy Incorporated 144A | 6.50 | 9-30-2026 | 220,000 | 221,375 | ||
Occidental Petroleum Corporation (3 Month LIBOR+1.45%) ± | 1.61 | 8-15-2022 | 120,000 | 119,102 | ||
Occidental Petroleum Corporation | 8.00 | 7-15-2025 | 305,000 | 358,714 | ||
Ovintiv Exploration Incorporated | 3.90 | 11-15-2021 | 155,000 | 155,726 | ||
Ovintiv Exploration Incorporated | 5.75 | 1-30-2022 | 90,000 | 92,976 | ||
Southwestern Energy Company | 6.45 | 1-23-2025 | 90,000 | 98,570 | ||
Tallgrass Energy Partners LP 144A | 7.50 | 10-1-2025 | 225,000 | 245,664 | ||
5,089,706 | ||||||
Financials: 1.75% | ||||||
Consumer finance: 0.75% | ||||||
Hawaiian Brand Intellectual Property Limited 144A | 5.75 | 1-20-2026 | 340,000 | 361,250 | ||
Navient Corporation | 7.25 | 9-25-2023 | 145,000 | 158,956 | ||
SLM Corporation | 5.50 | 1-25-2023 | 470,000 | 491,738 | ||
Springleaf Finance Corporation | 6.13 | 3-15-2024 | 295,000 | 317,863 | ||
Springleaf Finance Corporation | 8.88 | 6-1-2025 | 414,000 | 455,918 | ||
1,785,725 | ||||||
Diversified financial services: 0.19% | ||||||
United Shore Financial Services LLC 144A | 5.50 | 11-15-2025 | 450,000 | 463,172 | ||
Insurance: 0.34% | ||||||
Genworth Mortgage Holding Incorporated 144A | 6.50 | 8-15-2025 | 750,000 | 813,750 |
Interest rate | Maturity date | Principal | Value | |||
Mortgage REITs: 0.22% | ||||||
Starwood Property Trust Incorporated | 4.75% | 3-15-2025 | $ | 320,000 | $ 333,696 | |
Starwood Property Trust Incorporated | 5.00 | 12-15-2021 | 180,000 | 181,183 | ||
514,879 | ||||||
Thrifts & mortgage finance: 0.25% | ||||||
Ladder Capital Finance Holdings LP 144A | 5.25 | 3-15-2022 | 545,000 | 549,769 | ||
Ladder Capital Finance Holdings LP 144A | 5.25 | 10-1-2025 | 53,000 | 53,928 | ||
603,697 | ||||||
Health care: 0.81% | ||||||
Health care providers & services: 0.81% | ||||||
HealthSouth Corporation | 5.13 | 3-15-2023 | 193,000 | 193,193 | ||
Magellan Health Incorporated | 4.90 | 9-22-2024 | 723,000 | 793,529 | ||
Molina Healthcare Incorporated | 5.38 | 11-15-2022 | 400,000 | 418,088 | ||
Select Medical Corporation 144A | 6.25 | 8-15-2026 | 284,000 | 299,444 | ||
Tenet Healthcare Corporation | 4.63 | 7-15-2024 | 240,000 | 243,456 | ||
1,947,710 | ||||||
Industrials: 2.30% | ||||||
Aerospace & defense: 0.32% | ||||||
RBS Global & Rexnord LLC 144A | 4.88 | 12-15-2025 | 200,000 | 204,750 | ||
Spirit AeroSystems Holdings Incorporated 144A | 5.50 | 1-15-2025 | 525,000 | 553,219 | ||
757,969 | ||||||
Airlines: 1.28% | ||||||
American Airlines Group Incorporated 144A | 5.00 | 6-1-2022 | 430,000 | 428,925 | ||
American Airlines Group Incorporated 144A | 5.50 | 4-20-2026 | 385,000 | 405,213 | ||
Delta Air Lines Incorporated 144A | 4.50 | 10-20-2025 | 995,000 | 1,074,352 | ||
Hawaiian Airlines Incorporated | 3.90 | 7-15-2027 | 143,080 | 138,730 | ||
Mileage Plus Holdings LLC 144A | 6.50 | 6-20-2027 | 850,000 | 933,130 | ||
United Airlines Incorporated 144A | 4.38 | 4-15-2026 | 90,000 | 93,263 | ||
3,073,613 | ||||||
Commercial services & supplies: 0.37% | ||||||
Corecivic Incorporated | 8.25 | 4-15-2026 | 200,000 | 195,120 | ||
Covanta Holding Corporation | 5.88 | 7-1-2025 | 65,000 | 67,113 | ||
Plastipak Holdings Incorporated 144A | 6.25 | 10-15-2025 | 620,000 | 634,725 | ||
896,958 | ||||||
Construction & engineering: 0.05% | ||||||
Taylor Morrison Communities Incorporated 144A | 5.88 | 4-15-2023 | 110,000 | 117,425 | ||
Electronic equipment, instruments & components: 0.03% | ||||||
Wesco Distribution Incorporated 144A | 7.13 | 6-15-2025 | 55,000 | 59,397 | ||
Machinery: 0.00% | ||||||
Stevens Holding Company Incorporated 144A | 6.13 | 10-1-2026 | 10,000 | 10,700 | ||
Road & rail: 0.09% | ||||||
Uber Technologies Incorporated 144A | 8.00 | 11-1-2026 | 195,000 | 210,559 | ||
Trading companies & distributors: 0.16% | ||||||
Fortress Transportation & Infrastructure Investors LLC 144A | 6.50 | 10-1-2025 | 358,000 | 371,425 |
Interest rate | Maturity date | Principal | Value | |||
Information technology: 0.60% | ||||||
IT services: 0.45% | ||||||
Cardtronics Incorporated 144A | 5.50% | 5-1-2025 | $ | 295,000 | $ 303,113 | |
Sabre GLBL Incorporated 144A | 9.25 | 4-15-2025 | 585,000 | 684,450 | ||
Square Incorporated 144A | 2.75 | 6-1-2026 | 85,000 | 85,689 | ||
1,073,252 | ||||||
Software: 0.05% | ||||||
NortonLifeLock Incorporated 144A | 5.00 | 4-15-2025 | 120,000 | 121,284 | ||
Technology hardware, storage & peripherals: 0.10% | ||||||
Dell International LLC 144A | 7.13 | 6-15-2024 | 245,000 | 249,900 | ||
Materials: 0.50% | ||||||
Chemicals: 0.09% | ||||||
Kraton Polymers LLC 144A | 4.25 | 12-15-2025 | 220,000 | 222,803 | ||
Containers & packaging: 0.11% | ||||||
Sealed Air Corporation 144A | 5.13 | 12-1-2024 | 50,000 | 54,438 | ||
Sealed Air Corporation 144A | 5.25 | 4-1-2023 | 190,000 | 200,213 | ||
254,651 | ||||||
Metals & mining: 0.22% | ||||||
Cleveland-Cliffs Incorporated 144A | 6.75 | 3-15-2026 | 195,000 | 210,594 | ||
Cleveland-Cliffs Incorporated 144A | 9.88 | 10-17-2025 | 274,000 | 320,595 | ||
531,189 | ||||||
Paper & forest products: 0.08% | ||||||
Clearwater Paper Corporation 144A | 5.38 | 2-1-2025 | 185,000 | 195,175 | ||
Real estate: 0.40% | ||||||
Equity REITs: 0.40% | ||||||
Service Properties Trust Company | 4.35 | 10-1-2024 | 500,000 | 491,123 | ||
Service Properties Trust Company | 7.50 | 9-15-2025 | 420,000 | 469,486 | ||
960,609 | ||||||
Utilities: 0.39% | ||||||
Electric utilities: 0.04% | ||||||
NextEra Energy Operating Partners LP 144A | 4.25 | 7-15-2024 | 100,000 | 105,950 | ||
Independent power & renewable electricity producers: 0.35% | ||||||
TerraForm Power Operating LLC 144A | 4.25 | 1-31-2023 | 600,000 | 617,580 | ||
Vistra Operations Company LLC 144A | 5.63 | 2-15-2027 | 200,000 | 207,500 | ||
825,080 | ||||||
Total Corporate bonds and notes (Cost $30,576,823) | 31,316,426 | |||||
Loans: 4.03% | ||||||
Communication services: 0.81% | ||||||
Entertainment: 0.05% | ||||||
Live Nation Entertainment Incorporated (1 Month LIBOR+1.75%) ± | 1.88 | 10-17-2026 | 124,013 | 121,006 |
Interest rate | Maturity date | Principal | Value | |||
Media: 0.49% | ||||||
CSC Holdings LLC (1 Month LIBOR+2.50%) ± | 2.60% | 4-15-2027 | $ | 366,972 | $ 364,495 | |
Diamond Sports Group LLC (1 Month LIBOR+3.25%) ± | 3.35 | 8-24-2026 | 344,750 | 246,820 | ||
Hubbard Radio LLC (3 Month LIBOR+4.25%) ± | 5.25 | 3-28-2025 | 75,000 | 73,625 | ||
Nexstar Broadcasting Incorporated (1 Month LIBOR+2.50%) ± | 2.61 | 9-18-2026 | 325,000 | 323,872 | ||
Virgin Media Bristol LLC (1 Month LIBOR+2.50%) ± | 2.60 | 1-31-2028 | 175,000 | 173,906 | ||
1,182,718 | ||||||
Wireless telecommunication services: 0.27% | ||||||
Consolidated Communications Holdings Incorporated (1 Month LIBOR+3.50%) ± | 4.25 | 10-2-2027 | 211,000 | 211,038 | ||
SBA Senior Finance II LLC (1 Month LIBOR+1.75%) ± | 1.85 | 4-11-2025 | 426,404 | 423,385 | ||
634,423 | ||||||
Consumer discretionary: 0.32% | ||||||
Auto components: 0.09% | ||||||
Clarios Global LP (1 Month LIBOR+3.25%) ± | 3.34 | 4-30-2026 | 216,466 | 215,316 | ||
Hotels, restaurants & leisure: 0.12% | ||||||
Carnival Corporation (1 Month LIBOR+7.50%) ± | 8.50 | 6-30-2025 | 49,625 | 49,790 | ||
Carnival Corporation 2021 Term Loan B (1 Month LIBOR+3.75%) <± | 3.75 | 6-30-2025 | 30,000 | 30,100 | ||
Wyndham Hotels & Resorts Incorporated (3 Month LIBOR+1.75%) ± | 1.84 | 5-30-2025 | 214,500 | 212,724 | ||
292,614 | ||||||
Specialty retail: 0.11% | ||||||
Rent-A-Center Incorporated (1 Month LIBOR+4.00%) ± | 4.75 | 2-17-2028 | 200,000 | 201,084 | ||
Sally Beauty Holdings Incorporated (3 Month LIBOR+2.25%) ‡± | 2.35 | 7-5-2024 | 64,064 | 63,984 | ||
265,068 | ||||||
Consumer staples: 0.04% | ||||||
Food products: 0.04% | ||||||
Prestige Brands Incorporated (3 Month LIBOR+2.00%) ± | 2.09 | 1-26-2024 | 90,468 | 90,581 | ||
Energy: 0.16% | ||||||
Oil, gas & consumable fuels: 0.16% | ||||||
Apergy Corporation (1 Month LIBOR+5.00%) ‡± | 6.00 | 6-3-2027 | 331,360 | 337,573 | ||
NGPL Holdco LLC (1 Month LIBOR+3.75%) ‡± | 4.75 | 4-14-2028 | 55,000 | 55,035 | ||
392,608 | ||||||
Financials: 0.22% | ||||||
Diversified financial services: 0.22% | ||||||
Delos Finance SARL (3 Month LIBOR+1.75%) ± | 1.95 | 10-6-2023 | 140,000 | 139,825 | ||
Resolute Investment Managers Incorporated (1 Month LIBOR+3.75%) ‡± | 4.75 | 4-30-2024 | 105,000 | 105,131 | ||
Russell Investments US Institutional Holdco Incorporated (1 Month LIBOR+3.00%) ± | 4.50 | 5-30-2025 | 285,000 | 282,595 | ||
527,551 |
Interest rate | Maturity date | Principal | Value | |||
Health care: 0.68% | ||||||
Health care equipment & supplies: 0.24% | ||||||
Oorth Clinical Diagnistics SA Term Loan (3 Month LIBOR+3.00%) ± | 3.11% | 6-30-2025 | $ | 220,000 | $ 220,000 | |
Surgery Center Holdings Incorporated (1 Month LIBOR+3.75%) <± | 4.50 | 8-31-2026 | 349,509 | 349,946 | ||
569,946 | ||||||
Health care providers & services: 0.25% | ||||||
National Mentor Holdings Incorporated (1 Month LIBOR+3.75%) <± | 3.75 | 3-2-2028 | 2,836 | 2,838 | ||
National Mentor Holdings Incorporated (1 Month LIBOR+3.75%) <± | 4.50 | 2-18-2028 | 57,726 | 57,762 | ||
National Mentor Holdings Incorporated (1 Month LIBOR+3.75%) <± | 4.50 | 2-18-2028 | 1,924 | 1,925 | ||
Select Medical Corporation (3 Month LIBOR+2.25%) ± | 2.37 | 3-6-2025 | 549,214 | 544,579 | ||
607,104 | ||||||
Health care technology: 0.04% | ||||||
Project Ruby Ultimate Parent Corporation (1 Month LIBOR+3.25%) ± | 4.00 | 3-3-2028 | 90,000 | 89,789 | ||
Pharmaceuticals: 0.15% | ||||||
Bausch Health Companies Incorporated (3 Month LIBOR+3.00%) ± | 3.09 | 6-2-2025 | 367,701 | 366,138 | ||
Industrials: 0.98% | ||||||
Aerospace & defense: 0.10% | ||||||
Rexnord LLC (1 Month LIBOR+1.75%) ± | 1.84 | 8-21-2024 | 156,250 | 155,998 | ||
Spirit AeroSystems Holdings Incorporated (1 Month LIBOR+5.25%) ‡± | 6.00 | 1-15-2025 | 74,813 | 75,280 | ||
231,278 | ||||||
Airlines: 0.46% | ||||||
AAdvantage American Airlines Incorporated (1 Month LIBOR+4.75%) ± | 5.50 | 4-20-2028 | 365,000 | 375,950 | ||
JetBlue Airways Corporation (1 Month LIBOR+5.25%) ± | 6.25 | 6-17-2024 | 207,308 | 211,800 | ||
Mileage Plus Holdings LLC (1 Month LIBOR+5.25%) ± | 6.25 | 6-21-2027 | 210,000 | 223,965 | ||
SkyMiles IP Limited (3 Month LIBOR+3.75%) ± | 4.75 | 10-20-2027 | 215,000 | 225,189 | ||
United Airlines Incorporated (1 Month LIBOR+3.75%) ± | 4.50 | 4-21-2028 | 60,000 | 60,525 | ||
1,097,429 | ||||||
Building products: 0.09% | ||||||
Advanced Drainage Systems Incorporated (1 Month LIBOR+2.25%) ± | 2.38 | 7-31-2026 | 219,750 | 220,163 | ||
Commercial services & supplies: 0.16% | ||||||
Aramark Services Incorporated (1 Month LIBOR+1.75%) ± | 1.84 | 3-11-2025 | 364,323 | 359,572 | ||
KAR Auction Services Incorporated (1 Month LIBOR+2.25%) ± | 2.38 | 9-19-2026 | 38,578 | 37,710 | ||
397,282 | ||||||
Industrial conglomerates: 0.06% | ||||||
Werner Finco LP (3 Month LIBOR+4.00%) ‡± | 5.00 | 7-24-2024 | 134,651 | 134,651 |
Interest rate | Maturity date | Principal | Value | |||
Road & rail: 0.05% | ||||||
Uber Technologies Incorporated (1 Month LIBOR+3.50%) ± | 3.59% | 4-4-2025 | $ | 119,692 | $ 119,628 | |
Software: 0.06% | ||||||
SS&C Technologies Incorporated (1 Month LIBOR+1.75%) <± | 1.84 | 4-16-2025 | 83,606 | 82,655 | ||
SS&C Technologies Incorporated (1 Month LIBOR+1.75%) ± | 1.84 | 4-16-2025 | 63,106 | 62,389 | ||
145,044 | ||||||
Information technology: 0.29% | ||||||
Electronic equipment, instruments & components: 0.08% | ||||||
CDW LLC (1 Month LIBOR+1.75%) ± | 1.85 | 10-13-2026 | 193,893 | 194,136 | ||
IT services: 0.08% | ||||||
Sabre GLBL Incorporated (1 Month LIBOR+4.00%) ± | 4.75 | 12-17-2027 | 189,525 | 190,473 | ||
Semiconductors & semiconductor equipment: 0.13% | ||||||
ON Semiconductor Corporation (1 Month LIBOR+2.00%) ± | 2.09 | 9-19-2026 | 310,275 | 309,800 | ||
Materials: 0.44% | ||||||
Chemicals: 0.05% | ||||||
Ineos US Finance LLC (3 Month LIBOR+2.00%) ± | 2.09 | 4-1-2024 | 108,270 | 107,091 | ||
Containers & packaging: 0.39% | ||||||
Flex Acquisition Company Incorporated (3 Month LIBOR+3.25%) ± | 3.45 | 6-29-2025 | 180,000 | 177,899 | ||
Flex Acquisition Company Incorporated (1 Month LIBOR+3.50%) ± | 4.00 | 2-23-2028 | 326,000 | 324,080 | ||
Graham Packaging Company Incorporated (1 Month LIBOR+3.00%) ± | 3.75 | 8-4-2027 | 220,000 | 219,850 | ||
Reynolds Group Holdings Incorporated (1 Month LIBOR+2.75%) ± | 2.84 | 2-5-2023 | 215,000 | 214,432 | ||
936,261 | ||||||
Utilities: 0.09% | ||||||
Electric utilities: 0.09% | ||||||
ExGen Renewables IV LLC (1 Month LIBOR+2.75%) <± | 3.75 | 12-15-2027 | 203,975 | 204,104 | ||
Total Loans (Cost $9,748,500) | 9,642,202 | |||||
U.S. Treasury securities: 65.71% | ||||||
TIPS | 0.13 | 1-15-2023 | 3,453,313 | 3,624,360 | ||
TIPS | 0.13 | 7-15-2024 | 5,013,139 | 5,450,139 | ||
TIPS | 0.13 | 10-15-2024 | 3,818,992 | 4,157,288 | ||
TIPS | 0.13 | 4-15-2025 | 3,834,360 | 4,182,233 | ||
TIPS | 0.13 | 10-15-2025 | 2,020,808 | 2,223,837 | ||
TIPS | 0.13 | 4-15-2026 | 4,135,090 | 4,546,700 | ||
TIPS | 0.13 | 7-15-2026 | 3,750,728 | 4,151,704 | ||
TIPS | 0.13 | 1-15-2030 | 4,322,976 | 4,754,956 | ||
TIPS | 0.13 | 7-15-2030 | 5,422,515 | 5,986,870 | ||
TIPS | 0.13 | 1-15-2031 | 3,062,043 | 3,360,188 | ||
TIPS | 0.13 | 2-15-2051 | 1,022,236 | 1,072,455 | ||
TIPS | 0.25 | 1-15-2025 | 4,639,949 | 5,073,123 | ||
TIPS | 0.25 | 7-15-2029 | 3,488,894 | 3,895,676 | ||
TIPS | 0.25 | 2-15-2050 | 1,771,669 | 1,920,914 | ||
TIPS | 0.38 | 7-15-2023 | 4,750,858 | 5,092,294 |
Interest rate | Maturity date | Principal | Value | |||
U.S. Treasury securities (continued) | ||||||
TIPS | 0.38% | 7-15-2025 | $ | 6,275,798 | $ 6,972,728 | |
TIPS | 0.38 | 1-15-2027 | 6,857,231 | 7,667,185 | ||
TIPS | 0.38 | 7-15-2027 | 3,572,481 | 4,021,999 | ||
TIPS | 0.50 | 4-15-2024 | 3,270,719 | 3,557,204 | ||
TIPS | 0.50 | 1-15-2028 | 4,042,066 | 4,568,503 | ||
TIPS | 0.63 | 4-15-2023 | 4,211,214 | 4,482,259 | ||
TIPS | 0.63 | 1-15-2024 | 5,135,604 | 5,580,299 | ||
TIPS | 0.63 | 1-15-2026 | 5,511,203 | 6,190,926 | ||
TIPS | 0.63 | 2-15-2043 | 2,113,590 | 2,459,208 | ||
TIPS | 0.75 | 7-15-2028 | 3,597,482 | 4,154,252 | ||
TIPS | 0.75 | 2-15-2042 | 2,853,723 | 3,398,979 | ||
TIPS | 0.75 | 2-15-2045 | 2,558,420 | 3,057,680 | ||
TIPS | 0.88 | 1-15-2029 | 2,957,531 | 3,441,533 | ||
TIPS | 0.88 | 2-15-2047 | 1,618,134 | 2,009,521 | ||
TIPS | 1.00 | 2-15-2046 | 1,598,211 | 2,022,115 | ||
TIPS | 1.00 | 2-15-2048 | 1,229,604 | 1,581,628 | ||
TIPS | 1.00 | 2-15-2049 | 1,404,927 | 1,819,729 | ||
TIPS | 1.38 | 2-15-2044 | 2,306,628 | 3,100,593 | ||
TIPS | 1.75 | 1-15-2028 | 2,420,675 | 2,950,948 | ||
TIPS | 2.00 | 1-15-2026 | 3,002,040 | 3,574,607 | ||
TIPS | 2.13 | 2-15-2040 | 1,274,218 | 1,873,444 | ||
TIPS | 2.13 | 2-15-2041 | 1,626,455 | 2,412,559 | ||
TIPS | 2.38 | 1-15-2025 | 3,090,758 | 3,632,913 | ||
TIPS | 2.38 | 1-15-2027 | 2,225,806 | 2,758,316 | ||
TIPS | 2.50 | 1-15-2029 | 2,331,183 | 3,021,827 | ||
TIPS | 3.38 | 4-15-2032 | 939,916 | 1,390,220 | ||
TIPS | 3.63 | 4-15-2028 | 1,891,082 | 2,572,456 | ||
TIPS | 3.88 | 4-15-2029 | 2,480,740 | 3,511,645 | ||
Total U.S. Treasury securities (Cost $142,978,540) | 157,278,013 | |||||
Yankee corporate bonds and notes: 1.12% | ||||||
Communication services: 0.19% | ||||||
Media: 0.19% | ||||||
Nielsen Holding and Finance BV 144A | 5.00 | 2-1-2025 | 65,000 | 66,788 | ||
Videotron Limited | 5.00 | 7-15-2022 | 375,000 | 389,063 | ||
455,851 | ||||||
Consumer staples: 0.07% | ||||||
Food products: 0.07% | ||||||
Cooke Omega Investments Incorporated 144A | 8.50 | 12-15-2022 | 165,000 | 169,538 | ||
Energy: 0.18% | ||||||
Oil, gas & consumable fuels: 0.18% | ||||||
Northriver Midstream Finance LP 144A | 5.63 | 2-15-2026 | 425,000 | 436,798 | ||
Financials: 0.16% | ||||||
Diversified financial services: 0.16% | ||||||
DAE Funding LLC 144A | 2.63 | 3-20-2025 | 370,000 | 373,789 |
Interest rate | Maturity date | Principal | Value | |||
Health care: 0.16% | ||||||
Pharmaceuticals: 0.16% | ||||||
Teva Pharmaceutical Finance BV | 2.80% | 7-21-2023 | $ | 310,000 | $ 307,094 | |
Teva Pharmaceutical Finance BV | 3.65 | 11-10-2021 | 70,000 | 70,350 | ||
377,444 | ||||||
Industrials: 0.10% | ||||||
Trading companies & distributors: 0.10% | ||||||
FLY Leasing Limited | 5.25 | 10-15-2024 | 225,000 | 229,781 | ||
Materials: 0.26% | ||||||
Chemicals: 0.16% | ||||||
Park Aerospace Holdings Company 144A | 5.50 | 2-15-2024 | 345,000 | 379,167 | ||
Metals & mining: 0.10% | ||||||
Constellium NV Company 144A | 5.75 | 5-15-2024 | 250,000 | 252,750 | ||
Total Yankee corporate bonds and notes (Cost $2,571,448) | 2,675,118 |
Yield | Shares | |||||
Short-term investments: 0.95% | ||||||
Investment companies: 0.95% | ||||||
Wells Fargo Government Money Market Fund Select Class ♠∞ | 0.03 | 2,265,095 | 2,265,095 | |||
Total Short-term investments (Cost $2,265,095) | 2,265,095 | |||||
Total investments in securities (Cost $213,104,277) | 99.63% | 238,447,562 | ||||
Other assets and liabilities, net | 0.37 | 894,378 | ||||
Total net assets | 100.00% | $239,341,940 |
† | Non-income-earning security |
144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933. |
± | Variable rate investment. The rate shown is the rate in effect at period end. |
< | All or a portion of the position represents an unfunded loan commitment. The rate represents current interest rate if the loan is partially funded. |
‡ | Security is valued using significant unobservable inputs. |
♠ | The issuer is an affiliate of the Portfolio as defined in the Investment Company Act of 1940. |
∞ | The rate represents the 7-day annualized yield at period end. |
Abbreviations: | |
ADR | American depositary receipt |
LIBOR | London Interbank Offered Rate |
REIT | Real estate investment trust |
TIPS | Treasury inflation-protected securities |
Value, beginning of period | Purchases | Sales proceeds | Net realized gains (losses) | Net change in unrealized gains (losses) | Value, end of period | % of net assets | Shares, end of period | Income from affiliated securities | ||||
Short-term investments | ||||||||||||
Investment companies | ||||||||||||
Securities Lending Cash Investments LLC | $ 0 | $ 2,733,330 | $ (2,733,330) | $0 | $0 | $ 0 | 0 | $ 80# | ||||
Wells Fargo Government Money Market Fund Select Class | 923,723 | 103,021,863 | (101,680,491) | 0 | 0 | 2,265,095 | 2,265,095 | 1,437 | ||||
$0 | $0 | $2,265,095 | 0.95% | $1,517 |
# | Amount shown represents income before fees and rebates. |
Description | Number of contracts | Expiration date | Notional cost | Notional value | Unrealized gains | Unrealized losses | |
Long | |||||||
2-Year U.S. Treasury Notes | 14 | 9-30-2021 | $ 3,089,647 | $ 3,090,281 | $ 634 | $0 | |
Short | |||||||
10-Year U.S. Treasury Notes | (5) | 9-21-2021 | (660,343) | (659,688) | 655 | 0 | |
10-Year Ultra Futures | (3) | 9-21-2021 | (435,678) | (434,859) | 819 | 0 | |
U.S. Ultra Bond | (13) | 9-21-2021 | (2,413,516) | (2,408,250) | 5,266 | 0 | |
5-Year U.S. Treasury Notes | (63) | 9-30-2021 | (7,803,532) | (7,802,648) | 884 | 0 | |
$8,258 | $0 |
Assets | |
Investments in unaffiliated securities, at value (cost $210,839,182) | $ 236,182,467 |
Investments in affiliated securites, at value (cost $2,265,095) | 2,265,095 |
Cash at broker segregated for futures contracts | 226,000 |
Foreign currency, at value (cost $5,575) | 5,558 |
Receivable for dividends and interest | 893,553 |
Receivable for investments sold | 6,279 |
Prepaid expenses and other assets | 61,520 |
Total assets | 239,640,472 |
Liabilities | |
Payable for investments purchased | 217,490 |
Advisory fee payable | 66,529 |
Payable for daily variation margin on open futures contracts | 14,031 |
Overdraft due to custodian bank | 482 |
Total liabilities | 298,532 |
Total net assets | $239,341,940 |
Investment income | |
Interest | $ 5,388,000 |
Dividends (net of foreign withholdings taxes of $1,247) | 648,488 |
Income from affiliated securities | 2,120 |
Total investment income | 6,038,608 |
Expenses | |
Advisory fee | 816,193 |
Custody and accounting fees | 28,353 |
Professional fees | 50,123 |
Interest holder report expenses | 15,470 |
Trustees’ fees and expenses | 19,326 |
Other fees and expenses | 20,674 |
Total expenses | 950,139 |
Less: Fee waivers and/or expense reimbursements | (154,351) |
Net expenses | 795,788 |
Net investment income | 5,242,820 |
Realized and unrealized gains (losses) on investments | |
Net realized gains on | |
Unaffiliated securities | 548,904 |
Futures contracts | 310,755 |
Net realized gains on investments | 859,659 |
Net change in unrealized gains (losses) on | |
Unaffiliated securities | 12,442,030 |
Futures contracts | 41,150 |
Net change in unrealized gains (losses) on investments | 12,483,180 |
Net realized and unrealized gains (losses) on investments | 13,342,839 |
Net increase in net assets resulting from operations | $18,585,659 |
Year ended May 31, 2021 | Year ended May 31, 2020 | |
Operations | ||
Net investment income | $ 5,242,820 | $ 3,780,486 |
Net realized gains (losses) on investments | 859,659 | (2,934,511) |
Net change in unrealized gains (losses) on investments | 12,483,180 | 8,799,280 |
Net increase in net assets resulting from operations | 18,585,659 | 9,645,255 |
Capital transactions | ||
Transactions in investors’ beneficial interests | ||
Contributions | 97,022,259 | 25,838,830 |
Withdrawals | (38,320,850) | (56,167,504) |
Net increase (decrease) in net assets resulting from capital transactions | 58,701,409 | (30,328,674) |
Total increase (decrease) in net assets | 77,287,068 | (20,683,419) |
Net assets | ||
Beginning of period | 162,054,872 | 182,738,291 |
End of period | $239,341,940 | $162,054,872 |
Year ended May 31 | |||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Total return | 9.58% | 5.92% | 2.99% | 1.67% | 2.65% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.47% | 0.45% | 0.45% | 0.48% | 0.52% |
Net expenses1 | 0.39% | 0.39% | 0.40% | 0.41% | 0.44% |
Net investment income | 2.57% | 2.16% | 2.29% | 2.40% | 2.36% |
Supplemental data | |||||
Portfolio turnover rate | 20% | 24% | 39% | 29% | 25% |
1 | Net expense ratios reflect voluntary waivers. |
Gross unrealized gains | $25,689,124 |
Gross unrealized losses | (760,560) |
Net unrealized gains | $24,928,564 |
■ | Level 1 – quoted prices in active markets for identical securities |
■ | Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
■ | Level 3 – significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments) |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Common stocks | ||||
Consumer staples | $ 10,753,488 | $ 0 | $ 0 | $ 10,753,488 |
Energy | 2,914,496 | 0 | 0 | 2,914,496 |
Materials | 9,523,751 | 0 | 0 | 9,523,751 |
Real estate | 12,078,973 | 0 | 0 | 12,078,973 |
Corporate bonds and notes | 0 | 31,316,426 | 0 | 31,316,426 |
Loans | 0 | 8,870,548 | 771,654 | 9,642,202 |
U.S. Treasury securities | 157,278,013 | 0 | 0 | 157,278,013 |
Yankee corporate bonds and notes | 0 | 2,675,118 | 0 | 2,675,118 |
Short-term investments | ||||
Investment companies | 2,265,095 | 0 | 0 | 2,265,095 |
194,813,816 | 42,862,092 | 771,654 | 238,447,562 | |
Futures contracts | 8,258 | 0 | 0 | 8,258 |
Total assets | $194,822,074 | $42,862,092 | $771,654 | $238,455,820 |
Average daily net assets | Advisory fee |
First $500 million | 0.400% |
Next $500 million | 0.375 |
Next $2 billion | 0.350 |
Next $2 billion | 0.325 |
Next $5 billion | 0.300 |
Over $10 billion | 0.290 |
Purchases at cost | Sales proceeds | |||
U.S. government | Non-U.S. government | U.S. government | Non-U.S. government | |
$50,723,683 | $54,063,422 | $10,151,765 | $30,156,667 |
Wells Fargo Master Trust:
![](https://capedge.com/proxy/N-CSR/0001193125-21-234774/g170998img20afa52a6.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. |
Funds Trust | Master Trust |
Wells Fargo C&B Large Cap Value Fund | Wells Fargo C&B Large Cap Value Portfolio |
Wells Fargo Core Bond Fund | Wells Fargo Core Bond Portfolio |
Wells Fargo Emerging Growth Fund | Wells Fargo Emerging Growth Portfolio |
Wells Fargo Index Fund | Wells Fargo Index Portfolio |
Wells Fargo Real Return Fund | Wells Fargo Real Return Portfolio |
Wells Fargo Small Company Growth Fund | Wells Fargo Small Company Growth Portfolio |
Wells Fargo Small Company Value Fund | Wells Fargo Small Company Value Portfolio |
■ | Information regarding the Transaction: information about the structure, financing sources and material terms and conditions of the Transaction, including the expected impact on the businesses conducted by the Advisers and by Wells Fargo Funds Distributor LLC, as the distributor of Fund shares. |
■ | Information regarding NewCo, GTCR and Reverence Capital: (i) information about NewCo, including information about its expected financial condition and access to capital, and senior leadership team; (ii) the experience of senior management at GTCR and Reverence Capital in acquiring portfolio companies; (iii) the plan to operationalize NewCo, including the transition of necessary infrastructure services through a transition services agreement with Wells Fargo under which Wells Fargo will continue to provide NewCo with certain services for a specified period of time after the closing; and (iv) information regarding regulatory matters, compliance, and risk management functions at NewCo, including resources to be dedicated thereto. |
■ | Impact of the Transaction on WFAM and Service Providers: (i) information regarding any changes to personnel and/or other resources of the Advisers as a result of the Transaction, including assurances regarding comparable and competitive compensation arrangements to attract and retain highly qualified personnel; and (ii) information about the organizational and operating structure with respect to NewCo, the Advisers and the Funds and Master Portfolios. |
■ | Impact of the Transaction on the Funds and their Shareholders and the Master Portfolios and their Interest Holders: (i) information regarding anticipated benefits to the Funds and the Master Portfolios as a result of the Transaction; (ii) a commitment that the Funds and Master Portfolios would not bear any expenses, directly or indirectly, in connection with the Transaction; (iii) confirmation that the Advisers and the Unaffiliated Sub-Advisers intend to continue to manage the Funds in a manner consistent with each Fund’s or Master Portfolio’s current investment objectives and principal investments strategies, as applicable; and (iv) a commitment that neither NewCo nor WFAM will take any steps that would impose any “unfair burden” (as that term is used in section 15(f)(1)(B) of the 1940 Act) on the Funds or the Master Portfolios as a result of the Transaction. |
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P.O. Box 219967
Kansas City, MO 64121-9967
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A288/AR288 05-21
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■ | Wells Fargo Spectrum Aggressive Growth Fund (formerly, Wells Fargo WealthBuilder Equity Fund) |
■ | Wells Fargo Spectrum Conservative Growth Fund (formerly, Wells Fargo WealthBuilder Moderate Balanced Fund) |
■ | Wells Fargo Spectrum Growth Fund (formerly, Wells Fargo WealthBuilder Growth Allocation Fund) |
■ | Wells Fargo Spectrum Income Allocation Fund (formerly, Wells Fargo WealthBuilder Conservative Allocation Fund) |
■ | Wells Fargo Spectrum Moderate Growth Fund (formerly, Wells Fargo WealthBuilder Growth Balanced Fund) |
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Financial highlights | |
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Board considerations | |
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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. |
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. |
4 | The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
5 | The Bloomberg Barclays Global Aggregate ex-USD Index (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. |
6 | The Bloomberg Barclays Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index. |
7 | The ICE 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. |
“The passage of the massive domestic stimulus bill highlighted March activity, leading to increased forecasts for U.S. growth in 2021.” |
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President
Wells Fargo Funds
Investment objective | The Fund seeks long-term capital appreciation with no emphasis on income. |
Manager | Wells Fargo Funds Management, LLC |
Subadviser | Wells Capital Management Incorporated |
Portfolio managers | Kandarp R. Acharya, CFA®‡, FRM, Christian L. Chan, CFA®‡, Travis L. Keshemberg, CFA®‡, CIPM, FRM |
Average annual total returns (%) as of May 31, 2021 | |||||||||||
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 (WEAFX)3 | 2-10-2017 | 30.56 | 13.92 | 9.71 | 38.53 | 15.28 | 10.36 | 1.05 | 1.03 | ||
Class C (WEACX)4 | 10-1-1997 | 36.57 | 14.54 | 10.00 | 37.57 | 14.54 | 10.00 | 1.80 | 1.78 | ||
Institutional Class (WEAYX)5 | 7-31-2018 | – | – | – | 38.96 | 15.49 | 10.46 | 0.72 | 0.70 | ||
Spectrum Aggressive Growth Blended Index6 | – | – | – | – | 43.62 | 15.44 | 11.55 | – | – | ||
MSCI ACWI ex USA Index (Net)7 | – | – | – | – | 42.78 | 10.88 | 5.36 | – | – | ||
Russell 3000® Index8 | – | – | – | – | 43.91 | 17.36 | 14.21 | – | – |
1 | Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.28% in acquired fund fees and expenses. Net expenses from affiliated master portfolios are included in the acquired fund fees and expense amount. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include acquired fund fees and expenses. |
2 | The manager has contractually committed through September 30, 2022, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.75% for Class A, 1.50% for Class C, and 0.42% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), net expenses from affiliated master portfolios, and extraordinary expenses are excluded from the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
3 | Historical performance for the Class A shares prior to their inception reflects the performance of the Class C shares and includes the higher expenses applicable to the Class C shares. If these expenses had not been included, returns for the Class A shares would be higher. |
4 | Prior to February 13, 2017, historical performance shown for the Class C shares reflects the performance of the Fund’s predecessor WealthBuilder Portfolio share class and does not reflect the front-end sales load previously attributable to the predecessor class. The expenses for the Class C shares and the predecessor share class are similar. |
5 | Historical performance shown for the Institutional Class shares prior to their inception reflects the performance of the Class A shares adjusted to reflect that the Institutional Class shares do not have a sales load but not adjusted to reflect the Institutional Class expenses. If these expenses had been included, returns for the Institutional Class shares would be higher. |
6 | Source: Wells Fargo Funds Management, LLC. The Spectrum Aggressive Growth Blended Index is composed 70% of the Russell 3000® Index and 30% of the MSCI ACWI ex USA Index (Net). Effective November 2, 2020, the WealthBuilder Equity Blended Index was renamed the Spectrum Aggressive Growth Blended Index. You cannot invest directly in an index. |
‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
![](https://capedge.com/proxy/N-CSR/0001193125-21-234774/g150362img91ab1fac4.gif)
1 | The chart compares the performance of Class A shares for the most recent ten years with the Spectrum Aggressive Growth Blended Index, MSCI ACWI ex USA Index (Net) and Russell 3000® Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%. |
7 | 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 indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
8 | The Russell 3000® Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. You cannot invest directly in an index. |
■ | The Fund underperformed the Spectrum Aggressive Growth Blended Index for the 12-month period that ended May 31, 2021. |
■ | The Dynamic Risk Hedging (DRH) overlay was the largest detractor from relative performance over the period. |
■ | Strong relative performance from the actively managed small-cap managers was the largest contributor to performance. |
Ten largest holdings (%) as of May 31, 20211 | |
Wells Fargo Disciplined Large Cap Portfolio | 27.45 |
Wells Fargo Factor Enhanced International Equity Portfolio | 19.82 |
iShares Core S&P 500 ETF | 11.77 |
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio | 10.81 |
Wells Fargo Large Cap Growth Fund Class R6 | 3.85 |
Wells Fargo Endeavor Select Fund Class R6 | 3.84 |
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio | 3.27 |
Wells Fargo Emerging Markets Equity Fund Class R6 | 3.11 |
iShares Core S&P Small-Cap ETF | 2.61 |
iShares Core MSCI EAFE ETF | 2.47 |
1 | Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified. |
* | The Russell 1000® Index measures the performance of the 1,000 largest companies in the Russell 3000® Index, which represents approximately 92% of the total market capitalization of the Russell 3000® Index. You cannot invest directly in an index. |
** | The Russell 2000® Index measures the performance of the 2,000 smallest companies in the Russell 3000® Index, which represents approximately 8% of the total market capitalization of the Russell 3000® Index. You cannot invest directly in an index. |
* | The Russell 1000® Index measures the performance of the 1,000 largest companies in the Russell 3000® Index, which represents approximately 92% of the total market capitalization of the Russell 3000® Index. You cannot invest directly in an index. |
*** | The Chicago Board Options Exchange (CBOE) Market Volatility Index (VIX) is a popular measure of the implied volatility of S&P 500 Index options. It represents one measure of the market's expectation of stock market volatility over the next 30-day period. You cannot invest directly in an index. |
Allocation (%) as of May 31, 2021 | ||
Neutral allocation | Effective allocation1 | |
U.S. Large Cap Equity Funds | 60 | 60 |
U.S. Small Cap Equity Funds | 10 | 10 |
International Equity Funds | 30 | 30 |
1 | Effective allocation includes the effect of any tactical futures overlay that may be in place. Effective cash, if any, represents the net offset to such future positions. These amounts are subject to change and may have changed since the date specified. |
Investment objective | The Fund seeks a combination of current income and capital appreciation. |
Manager | Wells Fargo Funds Management, LLC |
Subadviser | Wells Capital Management Incorporated |
Portfolio managers | Kandarp R. Acharya, CFA®‡, FRM, Christian L. Chan, CFA®‡, Travis L. Keshemberg, CFA®‡, CIPM, FRM |
Average annual total returns (%) as of May 31, 2021 | |||||||||||
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 (WMBGX)3 | 2-10-2017 | 9.37 | 6.69 | 5.04 | 16.04 | 7.96 | 5.66 | 1.10 | 1.08 | ||
Class C (WMBFX)4 | 9-30-2004 | 14.17 | 7.28 | 5.33 | 15.17 | 7.28 | 5.33 | 1.85 | 1.83 | ||
Institutional Class (WMBZX)5 | 7-31-2018 | – | – | – | 16.44 | 8.17 | 5.77 | 0.77 | 0.75 | ||
Spectrum Conservative Growth Blended Index6 | – | – | – | – | 14.38 | 8.04 | 6.67 | – | – | ||
Bloomberg Barclays U.S. Aggregate Bond Index7 | – | – | – | – | -0.40 | 3.25 | 3.29 | – | – | ||
Bloomberg Barclays U.S. TIPS Index8 | – | – | – | – | 7.05 | 4.48 | 3.42 | – | – | ||
ICE BofA U.S. High Yield Constrained Index9 | – | – | – | – | 15.13 | 7.22 | 6.24 | – | – | ||
MSCI ACWI ex USA Index (Net)10 | – | – | – | – | 42.78 | 10.88 | 5.36 | – | – | ||
Russell 3000® Index11 | – | – | – | – | 43.91 | 17.36 | 14.21 | – | – |
1 | Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.33% in acquired fund fees and expenses. Net expenses from affiliated master portfolios are included in the acquired fund fees and expense amount. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include acquired fund fees and expenses. |
2 | The manager has contractually committed through September 30, 2021, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.75% for Class A, 1.50% for Class C, and 0.42% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), net expenses from affiliated master portfolios, and extraordinary expenses are excluded from the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
3 | Historical performance for the Class A shares prior to their inception reflects the performance of the Class C shares and includes the higher expenses applicable to the Class C shares. If these expenses had not been included, returns for the Class A shares would be higher. |
4 | Prior to February 13, 2017, historical performance shown for the Class C shares reflects the performance of the Fund’s predecessor WealthBuilder Portfolio share class and does not reflect the front-end sales load previously attributable to the predecessor class. The expenses for the Class C shares and the predecessor share class are similar. |
5 | Historical performance shown for the Institutional Class shares prior to their inception reflects the performance of the Class A shares adjusted to reflect that the Institutional Class shares do not have a sales load but not adjusted to reflect the Institutional Class expenses. If these expenses had been included, returns for the Institutional Class shares would be higher. |
‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
![](https://capedge.com/proxy/N-CSR/0001193125-21-234774/g150362img4147c2b05.gif)
1 | The chart compares the performance of Class A shares for the most recent ten years with the Spectrum Conservative Growth Blended Index, Bloomberg Barclays U.S. Aggregate Bond Index, Bloomberg Barclays U.S. TIPS Index, ICE BofA U.S. High Yield Constrained Index, MSCI ACWI ex USA Index (Net) and Russell 3000® Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%. |
6 | Source: Wells Fargo Funds Management, LLC. Spectrum Conservative Growth Blended Index is composed 41% of the Bloomberg Barclays U.S. Aggregate Bond Index, 20% of the Russell 3000® Index, 15% of the Bloomberg Barclays U.S. TIPS Index, 15% of the ICE BofA U.S. High Yield Constrained Index, and 9% of the MSCI ACWI ex USA Index (Net). Effective November 2, 2020, the WealthBuilder Moderate Balanced Blended Index, which was composed 60% of the Bloomberg Barclays U.S. Aggregate Bond Index, 28% of the Russell 3000® Index, and 12% of the MSCI ACWI ex USA Index (Net), was renamed the Spectrum Conservative Growth Blended Index. You cannot invest directly in an index. |
7 | The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar– denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
8 | The Bloomberg Barclays U.S. Treasury Inflation-Protected Securities (TIPS) Index is an index of inflation-indexed-linked U.S. Treasury securities. You cannot invest directly in an index. |
9 | The ICE BofA U.S. High Yield Constrained Index is a market-value-weighted index of all domestic and Yankee high-yield bonds, including deferred interest bonds and payment-in-kind securities. Issues included in the index have maturities of one year or more and have a credit rating lower than BBB-/Baa3 but are not in default. The ICE BofA U.S. High Yield Constrained Index limits any individual issuer to a maximum of 2% benchmark exposure. You cannot invest directly in an index. Copyright 2021. ICE Data Indices, LLC. All rights reserved. |
10 | 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 indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
11 | The Russell 3000® Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. You cannot invest directly in an index. |
■ | The Fund outperformed the Spectrum Conservative Growth Blended Index for the 12-month period that ended May 31, 2021. |
■ | The Tactical Asset Allocation (TAA) overlay was the largest contributor to relative performance over the period. |
■ | The Dynamic Risk Hedging (DRH) overlay was the largest detractor from relative performance over the period. |
Ten largest holdings (%) as of May 31, 20211 | |
Wells Fargo Core Bond Portfolio | 15.87 |
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio | 11.98 |
Wells Fargo Disciplined Large Cap Portfolio | 10.25 |
Wells Fargo Income Plus Fund Institutional Class | 8.98 |
Wells Fargo Real Return Portfolio | 6.24 |
Wells Fargo Strategic Retirement Bond Portfolio | 6.23 |
Wells Fargo Factor Enhanced International Equity Portfolio | 5.35 |
PIMCO CommodityRealReturn Strategy Fund Institutional Class | 4.47 |
Wells Fargo Diversified Income Builder Fund Class R6 | 3.48 |
iShares Core S&P 500 ETF | 3.16 |
1 | Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified. |
* | The Bloomberg Barclays U.S. Treasury 20+ Year Index measures U.S. dollar-denominated, fixed-rate, nominal debt issued by the U.S. Treasury with 20+ years to maturity. Treasury bills are excluded by the maturity constraint, but are part of a separate Short Treasury Index. STRIPS are excluded from the index because their inclusion would result in double-counting. You cannot invest directly in an index. |
** | 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. |
* | The Bloomberg Barclays U.S. Treasury 20+ Year Index measures U.S. dollar-denominated, fixed-rate, nominal debt issued by the U.S. Treasury with 20+ years to maturity. Treasury bills are excluded by the maturity constraint, but are part of a separate Short Treasury Index. STRIPS are excluded from the index because their inclusion would result in double-counting. You cannot invest directly in an index. |
*** | The Nasdaq 100 Index is an unmanaged group of the 100 biggest companies listed on the Nasdaq Composite Index. The list is updated quarterly, and companies on this index are typically representative of technology-related industries, such as computer hardware and software products, telecommunications, biotechnology, and retail/wholesale trade. You cannot invest directly in an index. |
* | The Bloomberg Barclays U.S. Treasury 20+ Year Index measures U.S. dollar-denominated, fixed-rate, nominal debt issued by the U.S. Treasury with 20+ years to maturity. Treasury bills are excluded by the maturity constraint, but are part of a separate Short Treasury Index. STRIPS are excluded from the index because their inclusion would result in double-counting. You cannot invest directly in an index. |
† | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value- |
Allocation (%) as of May 31, 2021 | ||
Neutral allocation | Effective allocation1 | |
Bond Funds | 54 | 53 |
Stock Funds | 28 | 33 |
Inflation Sensitive Funds | 14 | 14 |
Alternative Investment Funds | 4 | 2 |
Effective Cash | 0 | (2) |
1 | Effective allocation includes the effect of any tactical futures overlay that may be in place. Effective cash, if any, represents the net offset to such future positions. These amounts are subject to change and may have changed since the date specified. |
* | The Chicago Board Options Exchange (CBOE) Market Volatility Index (VIX) is a popular measure of the implied volatility of S&P 500 Index options. It represents one measure of the market's expectation of stock market volatility over the next 30-day period. You cannot invest directly in an index. |
Investment objective | The Fund seeks capital appreciation with a secondary emphasis on current income. |
Manager | Wells Fargo Funds Management, LLC |
Subadviser | Wells Capital Management Incorporated |
Portfolio managers | Kandarp R. Acharya, CFA®‡, FRM, Christian L. Chan, CFA®‡, Travis L. Keshemberg, CFA®‡, CIPM, FRM |
Average annual total returns (%) as of May 31, 2021 | |||||||||||
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 (WGAFX)3 | 2-10-2017 | 20.52 | 10.99 | 8.04 | 27.87 | 12.31 | 8.68 | 1.10 | 1.06 | ||
Class C (WGCFX)4 | 9-30-2004 | 25.86 | 11.63 | 8.35 | 26.86 | 11.63 | 8.35 | 1.85 | 1.81 | ||
Institutional Class (WGAYX)5 | 7-31-2018 | – | – | – | 28.25 | 12.49 | 8.77 | 0.77 | 0.73 | ||
Spectrum Growth Blended Index6 | – | – | – | – | 27.74 | 12.08 | 9.53 | – | – | ||
Bloomberg Barclays U.S. Aggregate Bond Index7 | – | – | – | – | -0.40 | 3.25 | 3.29 | – | – | ||
Bloomberg Barclays U.S. TIPS Index8 | – | – | – | – | 7.05 | 4.48 | 3.42 | – | – | ||
ICE BofA U.S. High Yield Constrained Index9 | – | – | – | – | 15.13 | 7.22 | 6.24 | – | – | ||
MSCI ACWI ex USA Index (Net)10 | – | – | – | – | 42.78 | 10.88 | 5.36 | – | – | ||
Russell 3000® Index11 | – | – | – | – | 43.91 | 17.36 | 14.21 | – | – |
1 | Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.31% in acquired fund fees and expenses. Net expenses from affiliated master portfolios are included in the acquired fund fees and expense amount. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include acquired fund fees and expenses. |
2 | The manager has contractually committed through September 30, 2021, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.75% for Class A, 1.50% for Class C, and 0.42% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), net expenses from affiliated master portfolios, and extraordinary expenses are excluded from the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
3 | Historical performance for the Class A shares prior to their inception reflects the performance of the Class C shares and includes the higher expenses applicable to the Class C shares. If these expenses had not been included, returns for the Class A shares would be higher. |
4 | Prior to February 13, 2017, historical performance shown for the Class C shares reflects the performance of the Fund’s predecessor WealthBuilder Portfolio share class and does not reflect the front-end sales load previously attributable to the predecessor class. The expenses for the Class C shares and the predecessor share class are similar. |
‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
![](https://capedge.com/proxy/N-CSR/0001193125-21-234774/g150362img931e3da46.gif)
1 | The chart compares the performance of Class A shares for the most recent ten years with the Spectrum Growth Blended Index, Bloomberg Barclays U.S. Aggregate Bond Index, Bloomberg Barclays U.S. TIPS Index, ICE BofA U.S. High Yield Constrained Index, MSCI ACWI ex USA Index (Net) and Russell 3000® Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%. |
5 | Historical performance shown for the Institutional Class shares prior to their inception reflects the performance of the Class A shares adjusted to reflect that the Institutional Class shares do not have a sales load but not adjusted to reflect the Institutional Class expenses. If these expenses had been included, returns for the Institutional Class shares would be higher. |
6 | Source: Wells Fargo Funds Management, LLC. Spectrum Growth Blended Index is composed 40% of the Russell 3000® Index, 17% of the MSCI ACWI ex USA Index (Net), 15% of the Bloomberg Barclays U.S. Aggregate Bond Index, 14% of the Bloomberg Barclays U.S. TIPS Index, and 14% of the ICE BofA U.S. High Yield Constrained Index. Effective November 2, 2020, the WealthBuilder Growth Allocation Blended Index, which was composed 56% of the Russell 3000®Index, 24% of the MSCI ACWI ex USA Index (Net), and 20% of the Bloomberg Barclays U.S. Aggregate Bond Index, was renamed the Spectrum Growth Blended Index. You cannot invest directly in an index. |
7 | The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar– denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
8 | The Bloomberg Barclays U.S. Treasury Inflation-Protected Securities (TIPS) Index is an index of inflation-indexed-linked U.S. Treasury securities. You cannot invest directly in an index. |
9 | The ICE BofA U.S. High Yield Constrained Index is a market-value-weighted index of all domestic and Yankee high-yield bonds, including deferred interest bonds and payment-in-kind securities. Issues included in the index have maturities of one year or more and have a credit rating lower than BBB-/Baa3 but are not in default. The ICE BofA U.S. High Yield Constrained Index limits any individual issuer to a maximum of 2% benchmark exposure. You cannot invest directly in an index. Copyright 2021. ICE Data Indices, LLC. All rights reserved. |
10 | 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 indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
11 | The Russell 3000® Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. You cannot invest directly in an index. |
■ | The Fund (Class A, excluding sales charges) outperformed its benchmark, Spectrum Growth Blended Index for the 12-month period that ended May 31, 2021. |
■ | The Tactical Asset Allocation (TAA) overlay was the largest contributor to relative performance over the period. |
■ | The Dynamic Risk Hedging (DRH) overlay was the largest detractor from relative performance over the period. |
Ten largest holdings (%) as of May 31, 20211 | |
Wells Fargo Disciplined Large Cap Portfolio | 18.50 |
Wells Fargo Factor Enhanced International Equity Portfolio | 11.78 |
iShares Core S&P 500 ETF | 6.47 |
Wells Fargo Real Return Portfolio | 6.21 |
Wells Fargo Strategic Retirement Bond Portfolio | 6.21 |
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio | 5.89 |
Wells Fargo Income Plus Fund Institutional Class | 5.16 |
PIMCO CommodityRealReturn Strategy Fund Institutional Class | 4.45 |
Wells Fargo High Yield Bond Fund Institutional Class | 3.90 |
Wells Fargo Diversified Income Builder Fund Class R6 | 3.45 |
1 | Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified. |
* | The Bloomberg Barclays U.S. Treasury 20+ Year Index measures U.S. dollar-denominated, fixed-rate, nominal debt issued by the U.S. Treasury with 20+ years to maturity. Treasury bills are excluded by the maturity constraint, but are part of a separate Short Treasury Index. STRIPS are excluded from the index because their inclusion would result in double-counting. You cannot invest directly in an index. |
** | 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. |
* | The Bloomberg Barclays U.S. Treasury 20+ Year Index measures U.S. dollar-denominated, fixed-rate, nominal debt issued by the U.S. Treasury with 20+ years to maturity. Treasury bills are excluded by the maturity constraint, but are part of a separate Short Treasury Index. STRIPS are excluded from the index because their inclusion would result in double-counting. You cannot invest directly in an index. |
*** | The Nasdaq 100 Index is an unmanaged group of the 100 biggest companies listed on the Nasdaq Composite Index. The list is updated quarterly, and companies on this index are typically representative of technology-related industries, such as computer hardware and software products, telecommunications, biotechnology, and retail/wholesale trade. You cannot invest directly in an index |
* | The Bloomberg Barclays U.S. Treasury 20+ Year Index measures U.S. dollar-denominated, fixed-rate, nominal debt issued by the U.S. Treasury with 20+ years to maturity. Treasury bills are excluded by the maturity constraint, but are part of a separate Short Treasury Index. STRIPS are excluded from the index because their inclusion would result in double-counting. You cannot invest directly in an index. |
† | 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. |
Allocation (%) as of May 31, 2021 | ||
Neutral allocation | Effective allocation1 | |
Stock Funds | 58 | 63 |
Bond Funds | 24 | 24 |
Inflation Sensitive Funds | 15 | 14 |
Alternative Investment Funds | 3 | 1 |
Effective Cash | 0 | (2) |
1 | Effective allocation includes the effect of any tactical futures overlay that may be in place. Effective cash, if any, represents the net offset to such future positions. These amounts are subject to change and may have changed since the date specified. |
* | The Chicago Board Options Exchange (CBOE) Market Volatility Index (VIX) is a popular measure of the implied volatility of S&P 500 Index options. It represents one measure of the market's expectation of stock market volatility over the next 30-day period. You cannot invest directly in an index. |
Investment objective | The Fund seeks current income with a secondary emphasis on capital appreciation. |
Manager | Wells Fargo Funds Management, LLC |
Subadviser | Wells Capital Management Incorporated |
Portfolio managers | Kandarp R. Acharya, CFA®‡, FRM, Christian L. Chan, CFA®‡, Travis L. Keshemberg, CFA®‡, CIPM, FRM |
Average annual total returns (%) as of May 31, 2021 | |||||||||||
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 (WCAFX)3 | 2-10-2017 | 1.86 | 4.02 | 3.06 | 8.07 | 5.26 | 3.67 | 1.11 | 1.06 | ||
Class C (WCCFX)4 | 9-30-2004 | 6.25 | 4.54 | 3.31 | 7.25 | 4.54 | 3.31 | 1.86 | 1.81 | ||
Institutional Class (WCYFX)5 | 7-31-2018 | – | – | – | 8.51 | 5.44 | 3.76 | 0.78 | 0.73 | ||
Spectrum Income Allocation Blended Index6 | – | – | – | – | 6.24 | 5.56 | 4.96 | – | – | ||
Bloomberg Barclays U.S. Aggregate Bond Index7 | – | – | – | – | -0.40 | 3.25 | 3.29 | – | – | ||
Bloomberg Barclays U.S. TIPS Index8 | – | – | – | – | 7.05 | 4.48 | 3.42 | – | – | ||
ICE BofA U.S. High Yield Constrained Index9 | – | – | – | – | 15.13 | 7.22 | 6.24 | – | – | ||
MSCI AWCI ex USA Index (Net)10 | – | – | – | – | 42.78 | 10.88 | 5.36 | – | – | ||
Russell 3000® Index11 | – | – | – | – | 43.91 | 17.36 | 14.21 | – | – |
1 | Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.31% in acquired fund fees and expenses. Net expenses from affiliated master portfolios are included in the acquired fund fees and expense amount. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include acquired fund fees and expenses. |
2 | The manager has contractually committed through September 30, 2021, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.75% for Class A, 1.50% for Class C, and 0.42% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), net expenses from affiliated master portfolios, and extraordinary expenses are excluded from the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
3 | Historical performance for the Class A shares prior to their inception reflects the performance of the Class C shares and includes the higher expenses applicable to the Class C shares. If these expenses had not been included, returns for the Class A shares would be higher. |
4 | Prior to February 13, 2017, historical performance shown for the Class C shares reflects the performance of the Fund’s predecessor WealthBuilder Portfolio share class and does not reflect the front-end sales load previously attributable to the predecessor class. The expenses for the Class C shares and the predecessor share class are similar. |
5 | Historical performance shown for the Institutional Class shares prior to their inception reflects the performance of the Class A shares adjusted to reflect that the Institutional Class shares do not have a sales load but not adjusted to reflect the Institutional Class expenses. If these expenses had been included, returns for the Institutional Class shares would be higher. |
‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
![](https://capedge.com/proxy/N-CSR/0001193125-21-234774/g150362img93ba45e37.gif)
1 | The chart compares the performance of Class A shares for the most recent ten years with the Spectrum Income Allocation Blended Index, Bloomberg Barclays U.S. Aggregate Bond Index, Bloomberg Barclays U.S. TIPS Index, ICE BofA U.S. High Yield Constrained Index, MSCI AWCI ex USA Index (Net) and Russell 3000® Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%. |
6 | Source: Wells Fargo Funds Management, LLC. Spectrum Income Allocation Blended Index is composed 65% of the Bloomberg Barclays U.S. Aggregate Bond Index, 15% of the ICE BofA U.S. High Yield Constrained Index, 10% of the Bloomberg Barclays U.S. TIPS Index, 7% of the Russell 3000® Index, and 3% of the MSCI ACWI ex USA Index (Net). Effective November 2, 2020, the WealthBuilder Conservative Allocation Blended Index, which was composed 80% of the Bloomberg Barclays U.S. Aggregate Bond Index, 14% of the Russell 3000® Index, and 6% of the MSCI ACWI ex USA Index (Net), was renamed the Spectrum Income Allocation Blended Index. You cannot invest directly in an index. |
7 | The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar– denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
8 | The Bloomberg Barclays U.S. Treasury Inflation-Protected Securities (TIPS) Index is an index of inflation-indexed-linked U.S. Treasury securities. You cannot invest directly in an index. |
9 | The ICE BofA U.S. High Yield Constrained Index is a market-value-weighted index of all domestic and Yankee high-yield bonds, including deferred interest bonds and payment-in-kind securities. Issues included in the index have maturities of one year or more and have a credit rating lower than BBB-/Baa3 but are not in default. The ICE BofA U.S. High Yield Constrained Index limits any individual issuer to a maximum of 2% benchmark exposure. You cannot invest directly in an index. Copyright 2021. ICE Data Indices, LLC. All rights reserved. |
10 | 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 indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
11 | The Russell 3000® Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. You cannot invest directly in an index. |
■ | The Fund outperformed the Spectrum Income Allocation Blended Index for the 12-month period that ended May 31, 2021. |
■ | The Tactical Asset Allocation (TAA) overlay was the largest contributor to relative performance over the period. |
■ | The Dynamic Risk Hedging (DRH) overlay was the largest single detractor from relative performance over the period. |
Ten largest holdings (%) as of May 31, 20211 | |
Wells Fargo Core Bond Portfolio | 32.59 |
Wells Fargo Bloomberg Barclays U.S. Aggregate ex-Corporate Portfolio | 22.08 |
Wells Fargo Income Plus Fund Institutional Class | 7.99 |
PIMCO CommodityRealReturn Strategy Fund Institutional Class | 4.30 |
Wells Fargo Real Return Portfolio | 3.90 |
Wells Fargo Strategic Retirement Bond Portfolio | 3.89 |
Wells Fargo Disciplined Large Cap Portfolio | 3.82 |
Wells Fargo Global Investment Grade Credit Fund Class R6 | 2.84 |
Wells Fargo Diversified Income Builder Fund Class R6 | 2.45 |
Wells Fargo High Yield Bond Fund Institutional Class | 1.95 |
1 | Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified. |
* | The Bloomberg Barclays U.S. Treasury 20+ Year Index measures U.S. dollar-denominated, fixed-rate, nominal debt issued by the U.S. Treasury with 20+ years to maturity. Treasury bills are excluded by the maturity constraint, but are part of a separate Short Treasury Index. STRIPS are excluded from the index because their inclusion would result in double-counting. You cannot invest directly in an index. |
** | 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. |
* | The Bloomberg Barclays U.S. Treasury 20+ Year Index measures U.S. dollar-denominated, fixed-rate, nominal debt issued by the U.S. Treasury with 20+ years to maturity. Treasury bills are excluded by the maturity constraint, but are part of a separate Short Treasury Index. STRIPS are excluded from the index because their inclusion would result in double-counting. You cannot invest directly in an index. |
*** | The Nasdaq 100 Index is an unmanaged group of the 100 biggest companies listed on the Nasdaq Composite Index. The list is updated quarterly, and companies on this index are typically representative of technology-related industries, such as computer hardware and software products, telecommunications, biotechnology, and retail/wholesale trade. You cannot invest directly in an index. |
* | The Bloomberg Barclays U.S. Treasury 20+ Year Index measures U.S. dollar-denominated, fixed-rate, nominal debt issued by the U.S. Treasury with 20+ years to maturity. Treasury bills are excluded by the maturity constraint, but are part of a separate Short Treasury Index. STRIPS are excluded from the index because their inclusion would result in double-counting. You cannot invest directly in an index. |
† | 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. |
Allocation (%) as of May 31, 2021 | ||
Neutral allocation | Effective allocation1 | |
Bond Funds | 77 | 73 |
Stock Funds | 10 | 14 |
Alternative Investment Funds | 3 | 2 |
Inflation Sensitive Funds | 10 | 11 |
1 | Effective allocation includes the effect of any tactical futures overlay that may be in place. Effective cash, if any, represents the net offset to such future positions. These amounts are subject to change and may have changed since the date specified. |
* | The Chicago Board Options Exchange (CBOE) Market Volatility Index (VIX) is a popular measure of the implied volatility of S&P 500 Index options. It represents one measure of the market's expectation of stock market volatility over the next 30-day period. You cannot invest directly in an index. |
Investment objective | The Fund seeks a combination of capital appreciation and current income. |
Manager | Wells Fargo Funds Management, LLC |
Subadviser | Wells Capital Management Incorporated |
Portfolio managers | Kandarp R. Acharya, CFA®‡, FRM, Christian L. Chan, CFA®‡, Travis L. Keshemberg, CFA®‡, CIPM, FRM |
Average annual total returns (%) as of May 31, 2021 | |||||||||||
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 (WGBAX)3 | 2-10-2017 | 15.51 | 9.07 | 6.85 | 22.56 | 10.37 | 7.48 | 1.08 | 1.07 | ||
Class C (WGBFX)4 | 10-1-1997 | 20.79 | 9.68 | 7.14 | 21.79 | 9.68 | 7.14 | 1.83 | 1.82 | ||
Institutional Class (WGBIX)5 | 7-31-2018 | – | – | – | 22.99 | 10.56 | 7.57 | 0.75 | 0.74 | ||
Spectrum Moderate Growth Blended Index6 | – | – | – | – | 21.88 | 10.26 | 8.22 | – | – | ||
Bloomberg Barclays U.S. Aggregate Bond Index7 | – | – | – | – | -0.40 | 3.25 | 3.29 | – | – | ||
Bloomberg Barclays U.S. TIPS Index8 | – | – | – | – | 7.05 | 4.48 | 3.42 | – | – | ||
ICE BofA U.S. High Yield Constrained Index9 | – | – | – | – | 15.13 | 7.22 | 6.24 | – | – | ||
MSCI ACWI ex USA Index (Net)10 | – | – | – | – | 42.78 | 10.88 | 5.36 | – | – | ||
Russell 3000® Index11 | – | – | – | – | 43.91 | 17.36 | 14.21 | – | – |
1 | Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.32% in acquired fund fees and expenses. Net expenses from affiliated master portfolios are included in the acquired fund fees and expense amount. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include acquired fund fees and expenses. |
2 | The manager has contractually committed through September 30, 2021, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.75% for Class A, 1.50% for Class C, and 0.42% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), net expenses from affiliated master portfolios, and extraordinary expenses are excluded from the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
3 | Historical performance for the Class A shares prior to their inception reflects the performance of the Class C shares and includes the higher expenses applicable to the Class C shares. If these expenses had not been included, returns for the Class A shares would be higher. |
4 | Prior to February 13, 2017, historical performance shown for the Class C shares reflects the performance of the Fund’s predecessor WealthBuilder Portfolio share class and does not reflect the front-end sales load previously attributable to the predecessor class. The expenses for the Class C shares and the predecessor share class are similar. |
5 | Historical performance shown for the Institutional Class shares prior to their inception reflects the performance of the Class A shares adjusted to reflect that the Institutional Class shares do not have a sales load but not adjusted to reflect the Institutional Class expenses. If these expenses had been included, returns for the Institutional Class shares would be higher. |
‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
![](https://capedge.com/proxy/N-CSR/0001193125-21-234774/g150362imgc2bdeb648.gif)
1 | The chart compares the performance of Class A shares for the most recent ten years with the Spectrum Moderate Growth Blended Index, Bloomberg Barclays U.S. Aggregate Bond Index, Bloomberg Barclays U.S. TIPS Index, ICE BofA U.S. High Yield Constrained Index, MSCI ACWI ex USA Index (Net) and Russell 3000® Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%. |
6 | Source: Wells Fargo Funds Management, LLC. Spectrum Moderate Growth Blended Index is composed 32% of the Russell 3000® Index, 26% of the Bloomberg Barclays U.S. Aggregate Bond Index, 14% of the Bloomberg Barclays U.S. TIPS Index, 14% of the ICE BofA U.S. High Yield Constrained Index, and 14% of the MSCI ACWI ex USA Index (Net). Effective November 2, 2020, the WealthBuilder Growth Balanced Blended Index, which was composed of 42% of the Russell 3000® Index, 40% of the Bloomberg Barclays U.S. Aggregate Bond Index, and 18% of the MSCI ACWI ex USA Index (Net), was renamed the Spectrum Moderate Growth Blended Index. You cannot invest directly in an index. |
7 | The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar– denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
8 | The Bloomberg Barclays U.S. Treasury Inflation-Protected Securities (TIPS) Index is an index of inflation-indexed-linked U.S. Treasury securities. You cannot invest directly in an index. |
9 | The ICE BofA U.S. High Yield Constrained Index is a market-value-weighted index of all domestic and Yankee high-yield bonds, including deferred interest bonds and payment-in-kind securities. Issues included in the index have maturities of one year or more and have a credit rating lower than BBB-/Baa3 but are not in default. The ICE BofA U.S. High Yield Constrained Index limits any individual issuer to a maximum of 2% benchmark exposure. You cannot invest directly in an index. Copyright 2021. ICE Data Indices, LLC. All rights reserved. |
10 | 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 indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
11 | The Russell 3000® Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. You cannot invest directly in an index. |
■ | The Fund (Class A, excluding sales charges) outperformed its benchmark, Spectrum Moderate Growth Blended Index for the 12-month period that ended May 31, 2021. |
■ | The Tactical Asset Allocation (TAA) overlay was the largest contributor to relative performance over the period. |
■ | The Dynamic Risk Hedging (DRH) overlay was the largest detractor from relative performance over the period. |
Ten largest holdings (%) as of May 31, 20211 | |
Wells Fargo Disciplined Large Cap Portfolio | 16.24 |
Wells Fargo Factor Enhanced International Equity Portfolio | 9.44 |
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio | 7.57 |
Wells Fargo Income Plus Fund Institutional Class | 6.90 |
Wells Fargo Core Bond Portfolio | 6.31 |
Wells Fargo Real Return Portfolio | 6.22 |
Wells Fargo Strategic Retirement Bond Portfolio | 6.21 |
PIMCO CommodityRealReturn Strategy Fund Institutional Class | 4.52 |
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio | 4.43 |
iShares Core S&P 500 ETF | 4.07 |
1 | Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified. |
* | The Bloomberg Barclays U.S. Treasury 20+ Year Index measures U.S. dollar-denominated, fixed-rate, nominal debt issued by the U.S. Treasury with 20+ years to maturity. Treasury bills are excluded by the maturity constraint, but are part of a separate Short Treasury Index. STRIPS are excluded from the index because their inclusion would result in double-counting. You cannot invest directly in an index. |
** | 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. |
* | The Bloomberg Barclays U.S. Treasury 20+ Year Index measures U.S. dollar-denominated, fixed-rate, nominal debt issued by the U.S. Treasury with 20+ years to maturity. Treasury bills are excluded by the maturity constraint, but are part of a separate Short Treasury Index. STRIPS are excluded from the index because their inclusion would result in double-counting. You cannot invest directly in an index. |
*** | The Nasdaq 100 Index is an unmanaged group of the 100 biggest companies listed on the Nasdaq Composite Index. The list is updated quarterly, and companies on this index are typically representative of technology-related industries, such as computer hardware and software products, telecommunications, biotechnology, and retail/wholesale trade. You cannot invest directly in an index. |
* | The Bloomberg Barclays U.S. Treasury 20+ Year Index measures U.S. dollar-denominated, fixed-rate, nominal debt issued by the U.S. Treasury with 20+ years to maturity. Treasury bills are excluded by the maturity constraint, but are part of a separate Short Treasury Index. STRIPS are excluded from the index because their inclusion would result in double-counting. You cannot invest directly in an index. |
† | 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. |
Allocation (%) as of May 31, 2021 | ||
Neutral allocation | Effective allocation1 | |
Stock Funds | 45 | 51 |
Bond Funds | 37 | 35 |
Inflation Sensitive Funds | 14 | 14 |
Alternative Investment Funds | 4 | 2 |
Effective Cash | 0 | (2) |
1 | Effective allocation includes the effect of any tactical futures overlay that may be in place. Effective cash, if any, represents the net offset to such future positions. These amounts are subject to change and may have changed since the date specified. |
* | The Chicago Board Options Exchange (CBOE) Market Volatility Index (VIX) is a popular measure of the implied volatility of S&P 500 Index options. It represents one measure of the market's expectation of stock market volatility over the next 30-day period. You cannot invest directly in an index. |
Beginning account value 12-1-2020 | Ending account value 5-31-2021 | Expenses paid during the period1,2 | Annualized net expense ratio2 | |
Spectrum Aggressive Growth Fund | ||||
Class A | ||||
Actual | $1,000.00 | $1,173.21 | $4.06 | 0.75% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.19 | $3.78 | 0.75% |
Class C | ||||
Actual | $1,000.00 | $1,168.62 | $8.11 | 1.50% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,017.45 | $7.54 | 1.50% |
Institutional Class | ||||
Actual | $1,000.00 | $1,175.07 | $2.28 | 0.42% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.84 | $2.12 | 0.42% |
Beginning account value 12-1-2020 | Ending account value 5-31-2021 | Expenses paid during the period1,2 | Annualized net expense ratio2 | |
Spectrum Conservative Growth Fund | ||||
Class A | ||||
Actual | $1,000.00 | $1,068.57 | $3.87 | 0.75% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.19 | $3.78 | 0.75% |
Class C | ||||
Actual | $1,000.00 | $1,064.57 | $7.72 | 1.50% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,017.45 | $7.54 | 1.50% |
Institutional Class | ||||
Actual | $1,000.00 | $1,070.30 | $2.17 | 0.42% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.84 | $2.12 | 0.42% |
Spectrum Growth Fund | ||||
Class A | ||||
Actual | $1,000.00 | $1,125.41 | $3.97 | 0.75% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.19 | $3.78 | 0.75% |
Class C | ||||
Actual | $1,000.00 | $1,120.77 | $7.93 | 1.50% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,017.45 | $7.54 | 1.50% |
Institutional Class | ||||
Actual | $1,000.00 | $1,127.14 | $2.23 | 0.42% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.84 | $2.12 | 0.42% |
Spectrum Income Allocation Fund | ||||
Class A | ||||
Actual | $1,000.00 | $1,024.72 | $3.79 | 0.75% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.19 | $3.78 | 0.75% |
Class C | ||||
Actual | $1,000.00 | $1,020.82 | $7.56 | 1.50% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,017.45 | $7.54 | 1.50% |
Institutional Class | ||||
Actual | $1,000.00 | $1,027.18 | $2.12 | 0.42% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.84 | $2.12 | 0.42% |
Spectrum Moderate Growth Fund | ||||
Class A | ||||
Actual | $1,000.00 | $1,101.78 | $3.93 | 0.75% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.19 | $3.78 | 0.75% |
Class C | ||||
Actual | $1,000.00 | $1,097.68 | $7.84 | 1.50% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,017.45 | $7.54 | 1.50% |
Institutional Class | ||||
Actual | $1,000.00 | $1,103.30 | $2.20 | 0.42% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.84 | $2.12 | 0.42% |
Shares | Value | ||||
Investment companies: 97.86% | |||||
Affiliated master portfolios: 67.54% | |||||
Wells Fargo Disciplined Large Cap Portfolio | $ 124,370,990 | ||||
Wells Fargo Emerging Growth Portfolio | 8,395,494 | ||||
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio | 10,825,494 | ||||
Wells Fargo Factor Enhanced International Equity Portfolio | 89,831,302 | ||||
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio | 48,987,691 | ||||
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio | 14,797,409 | ||||
Wells Fargo Small Company Value Portfolio | 8,828,023 | ||||
306,036,403 | |||||
Exchange-traded funds: 19.52% | |||||
Energy Select Sector SPDR Fund | 84,064 | 4,388,981 | |||
iShares Core MSCI EAFE ETF | 145,566 | 11,179,469 | |||
iShares Core MSCI Emerging Markets ETF | 115,622 | 7,706,206 | |||
iShares Core S&P 500 ETF | 126,501 | 53,339,148 | |||
iShares Core S&P Small-Cap ETF | 104,857 | 11,833,112 | |||
88,446,916 | |||||
Stock funds: 10.80% | |||||
Wells Fargo Emerging Markets Equity Fund Class R6 ♠ | 396,108 | 14,081,634 | |||
Wells Fargo Endeavor Select Fund Class R6 ♠† | 1,367,403 | 17,434,387 | |||
Wells Fargo Large Cap Growth Fund Class R6 ♠† | 323,732 | 17,452,406 | |||
48,968,427 | |||||
Total Investment companies (Cost $339,031,270) | 443,451,746 |
Yield | |||||
Short-term investments: 0.53% | |||||
Investment companies: 0.53% | |||||
Wells Fargo Government Money Market Fund Select Class ♠∞ | 0.03% | 2,400,000 | 2,400,000 | ||
Total Short-term investments (Cost $2,400,000) | 2,400,000 | ||||
Total investments in securities (Cost $341,431,270) | 98.39% | 445,851,746 | |||
Other assets and liabilities, net | 1.61 | 7,290,561 | |||
Total net assets | 100.00% | $453,142,307 |
† | Non-income-earning security |
♠ | The issuer is an affiliate of the Fund as defined in the Investment Company Act of 1940. |
∞ | The rate represents the 7-day annualized yield at period end. |
Value, beginning of period | Purchases | Sales proceeds | Net realized gains (losses) on affiliated Underlying Funds | Net change in unrealized gains (losses) on affiliated Underlying Funds | Value, end of period | % of net assets | ||||
Investment companies | ||||||||||
Stock funds | ||||||||||
Wells Fargo Emerging Markets Equity Fund Class R6 | $ 6,253,466 | $ 7,682,286 | $ (2,616,031) | $ 370,326 | $ 2,391,587 | $ 14,081,634 | ||||
Wells Fargo Endeavor Select Fund Class R6† | 14,166,330 | 3,611,404 | (3,628,659) | 262,837 | 3,022,475 | 17,434,387 | ||||
Wells Fargo Large Cap Growth Fund Class R6† | 14,167,621 | 5,616,028 | (4,543,307) | 137,068 | 2,074,996 | 17,452,406 | ||||
48,968,427 | 10.80% | |||||||||
Short-term investments | ||||||||||
Investment companies | ||||||||||
Wells Fargo Government Money Market Fund Select Class | 2,220,697 | 118,657,449 | (118,478,146) | 0 | 0 | 2,400,000 | 0.53 | |||
$770,231 | $7,489,058 | $51,368,427 | 11.33% |
† | Non-income-earning security |
Shares, end of period | Dividends from affiliated Underlying Funds | Net realized gains on capital gain distributions from affiliated Underlying Funds | ||
Investment companies | ||||
Stock funds | ||||
Wells Fargo Emerging Markets Equity Fund Class R6 | 396,108 | $ 34,533 | $ 0 | |
Wells Fargo Endeavor Select Fund Class R6† | 1,367,403 | 0 | 1,108,576 | |
Wells Fargo Large Cap Growth Fund Class R6† | 323,732 | 0 | 2,001,611 | |
Short-term investments | ||||
Investment companies | ||||
Wells Fargo Government Money Market Fund Select Class | 2,400,000 | 1,341 | 0 | |
$35,874 | $3,110,187 |
† | Non-income-earning security |
% of ownership, beginning of period | % of ownership, end of period | Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolios | Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolios | Dividends allocated from affiliated Master Portfolios | Affiliated income allocated from affiliated Master Portfolios | Value, end of period | % of net assets | ||||||
Wells Fargo Disciplined Large Cap Portfolio | 31.68% | 37.76% | $ 8,961,897 | $ 28,655,277 | $ 1,657,652 | $ 8,088 | $ 124,370,990 | ||||||
Wells Fargo Emerging Growth Portfolio | 1.53 | 0.88 | 3,232,854 | (177,900) | 9,485 | 2,344 | 8,395,494 | ||||||
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio | 8.55 | 5.98 | 1,655,808 | 4,998,563 | 530,722 | 264 | 10,825,494 | ||||||
Wells Fargo Factor Enhanced International Equity Portfolio | 7.93 | 12.62 | 7,530,368 | 15,340,275 | 2,272,321 | 1,332 | 89,831,302 | ||||||
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio | 7.84 | 5.99 | 12,052,482 | 7,008,557 | 884,337 | 1,135 | 48,987,691 | ||||||
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio | 6.74 | 6.93 | 4,555,731 | 7,427,704 | 151,988 | 353 | 14,797,409 | ||||||
Wells Fargo Small Company Value Portfolio | 1.54 | 1.42 | 708,606 | 2,335,264 | 76,050 | 657 | 8,828,023 | ||||||
$38,697,746 | $65,587,740 | $5,582,555 | $14,173 | $306,036,403 | 67.54% |
Description | Number of contracts | Expiration date | Notional cost | Notional value | Unrealized gains | Unrealized losses | |
Long | |||||||
FTSE 100 Index | 68 | 6-18-2021 | $ 6,773,673 | $ 6,785,238 | $ 11,565 | $ 0 | |
IBEX 35 Index | 179 | 6-18-2021 | 19,953,856 | 19,994,297 | 40,441 | 0 | |
MSCI Emerging Markets Index | 68 | 6-18-2021 | 4,538,161 | 4,627,060 | 88,899 | 0 | |
Short | |||||||
Australian Dollars Futures | (174) | 6-14-2021 | (13,442,154) | (13,422,360) | 19,794 | 0 | |
Mini-DAX Futures | (208) | 6-18-2021 | (18,494,931) | (19,602,965) | 0 | (1,108,034) | |
$160,699 | $(1,108,034) |
Shares | Value | ||||
Investment companies: 97.70% | |||||
Affiliated master portfolios: 61.95% | |||||
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio | $ 45,528,490 | ||||
Wells Fargo Core Bond Portfolio | 60,327,881 | ||||
Wells Fargo Disciplined Large Cap Portfolio | 38,961,951 | ||||
Wells Fargo Emerging Growth Portfolio | 2,045,962 | ||||
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio | 2,667,662 | ||||
Wells Fargo Factor Enhanced International Equity Portfolio | 20,347,726 | ||||
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio | 8,920,151 | ||||
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio | 3,796,078 | ||||
Wells Fargo High Yield Corporate Bond Portfolio | 3,339,253 | ||||
Wells Fargo Real Return Portfolio | 23,715,272 | ||||
Wells Fargo Small Company Value Portfolio | 2,158,685 | ||||
Wells Fargo Strategic Retirement Bond Portfolio | 23,699,482 | ||||
235,508,593 | |||||
Alternative investment funds: 6.37% | |||||
PIMCO CommodityRealReturn Strategy Fund Institutional Class | 2,341,638 | 17,000,292 | |||
Wells Fargo Alternative Risk Premia Fund Class R6 ♠† | 849,155 | 7,209,326 | |||
24,209,618 | |||||
Bond funds: 14.77% | |||||
Wells Fargo Global Investment Grade Credit Fund Class R6 ♠ | 1,022,689 | 10,860,958 | |||
Wells Fargo High Yield Bond Fund Institutional Class ♠ | 3,284,311 | 11,133,814 | |||
Wells Fargo Income Plus Fund Institutional Class ♠ | 3,367,096 | 34,142,358 | |||
56,137,130 | |||||
Exchange-traded funds: 8.33% | |||||
Aberdeen Standard Bloomberg All Commodity Strategy K-1 Free ETF | 59,437 | 1,535,852 | |||
Energy Select Sector SPDR Fund | 70,109 | 3,660,391 | |||
iShares Core MSCI EAFE ETF | 49,711 | 3,817,805 | |||
iShares Core MSCI Emerging Markets ETF | 31,258 | 2,083,346 | |||
iShares Core S&P 500 ETF | 28,505 | 12,019,133 | |||
iShares Core S&P Small-Cap ETF | 25,650 | 2,894,602 | |||
iShares Core U.S. Aggregate Bond ETF | 49,347 | 5,652,699 | |||
31,663,828 | |||||
Stock funds: 6.28% | |||||
Wells Fargo Diversified Income Builder Fund Class R6 ♠ | 2,103,292 | 13,208,671 | |||
Wells Fargo Emerging Markets Equity Fund Class R6 ♠ | 89,535 | 3,182,955 | |||
Wells Fargo Endeavor Select Fund Class R6 ♠† | 293,291 | 3,739,462 | |||
Wells Fargo Large Cap Growth Fund Class R6 ♠† | 69,363 | 3,739,344 | |||
23,870,432 | |||||
Total Investment companies (Cost $334,313,759) | 371,389,601 |
Yield | Shares | Value | |||
Short-term investments: 0.34% | |||||
Investment companies: 0.34% | |||||
Wells Fargo Government Money Market Fund Select Class ♠∞ | 0.03% | 1,280,700 | $ 1,280,700 | ||
Total Short-term investments (Cost $1,280,700) | 1,280,700 | ||||
Total investments in securities (Cost $335,594,459) | 98.04% | 372,670,301 | |||
Other assets and liabilities, net | 1.96 | 7,462,824 | |||
Total net assets | 100.00% | $380,133,125 |
† | Non-income-earning security |
♠ | The issuer is an affiliate of the Fund as defined in the Investment Company Act of 1940. |
∞ | The rate represents the 7-day annualized yield at period end. |
Value, beginning of period | Purchases | Sales proceeds | Net realized gains (losses) on affiliated Underlying Funds | Net change in unrealized gains (losses) on affiliated Underlying Funds | Value, end of period | % of net assets | ||||
Investment companies | ||||||||||
Alternative investment funds | ||||||||||
Wells Fargo Alternative Risk Premia Fund Class R6† | $13,783,975 | $ 183,890 | $ (6,809,479) | $(1,579,857) | $ 1,630,797 | $ 7,209,326 | 1.90% | |||
Bond funds | ||||||||||
Wells Fargo Global Investment Grade Credit Fund Class R6 | 14,693,669 | 1,076,939 | (5,080,282) | 144,279 | 26,353 | 10,860,958 | ||||
Wells Fargo High Yield Bond Fund Institutional Class | 3,984,855 | 8,140,361 | (1,411,819) | (13,472) | 433,889 | 11,133,814 | ||||
Wells Fargo Income Plus Fund Institutional Class | 35,821,977 | 4,413,999 | (8,992,538) | 220,752 | 2,678,168 | 34,142,358 | ||||
56,137,130 | 14.77 | |||||||||
Stock funds | ||||||||||
Wells Fargo Diversified Income Builder Fund Class R6 | 0 | 13,364,120 | (1,149,143) | 47,213 | 946,481 | 13,208,671 | ||||
Wells Fargo Emerging Markets Equity Fund Class R6 | 2,711,234 | 1,341,185 | (1,756,166) | 522,641 | 364,061 | 3,182,955 | ||||
Wells Fargo Endeavor Select Fund Class R6† | 6,165,200 | 266,815 | (3,774,104) | 618,478 | 463,073 | 3,739,462 | ||||
Wells Fargo Large Cap Growth Fund Class R6† | 6,179,364 | 476,050 | (3,762,622) | 268,162 | 578,390 | 3,739,344 | ||||
23,870,432 | 6.28 | |||||||||
Short-term investments | ||||||||||
Investment companies | ||||||||||
Wells Fargo Government Money Market Fund Select Class | 1,087,098 | 56,075,123 | (55,881,521) | 0 | 0 | 1,280,700 | 0.34 | |||
$ 228,196 | $7,121,212 | $88,497,588 | 23.29% |
† | Non-income-earning security |
Shares, end of period | Dividends from affiliated Underlying Funds | Net realized gains on capital gain distributions from affiliated Underlying Funds | ||
Investment companies | ||||
Alternative investment funds | ||||
Wells Fargo Alternative Risk Premia Fund Class R6† | 849,155 | $ 0 | $ 0 | |
Bond funds | ||||
Wells Fargo Global Investment Grade Credit Fund Class R6 | 1,022,689 | 374,849 | 249,175 | |
Wells Fargo High Yield Bond Fund Institutional Class | 3,284,311 | 304,511 | 0 | |
Wells Fargo Income Plus Fund Institutional Class | 3,367,096 | 1,446,432 | 0 | |
Stock funds | ||||
Wells Fargo Diversified Income Builder Fund Class R6 | 2,103,292 | 311,013 | 0 | |
Wells Fargo Emerging Markets Equity Fund Class R6 | 89,535 | 8,038 | 0 | |
Wells Fargo Endeavor Select Fund Class R6† | 293,291 | 0 | 259,473 | |
Wells Fargo Large Cap Growth Fund Class R6† | 69,363 | 0 | 465,149 | |
Short-term investments | ||||
Investment companies | ||||
Wells Fargo Government Money Market Fund Select Class | 1,280,700 | 627 | 0 | |
$2,445,470 | $973,797 |
† | Non-income-earning security |
% of ownership, beginning of period | % of ownership, end of period | Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolios | Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolios | Interest allocated from affiliated Master Portfolios | Dividends allocated from affiliated Master Portfolios | Affiliated income allocated from affiliated Master Portfolios | Value, end of period | % of net assets | |||||||
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio | 8.64% | 7.80% | $ 582,179 | $ (2,194,013) | $ 676,600 | $ 0 | $ 1,859 | $ 45,528,490 | |||||||
Wells Fargo Core Bond Portfolio | 1.08 | 1.07 | 1,890,277 | (2,396,692) | 1,044,862 | 0 | 2,076 | 60,327,881 | |||||||
Wells Fargo Disciplined Large Cap Portfolio | 13.67 | 11.83 | 3,198,821 | 10,387,553 | 0 | 669,080 | 2,942 | 38,961,951 | |||||||
Wells Fargo Emerging Growth Portfolio | 0.67 | 0.21 | 1,642,025 | (443,177) | 0 | 3,212 | 788 | 2,045,962 | |||||||
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio | 3.71 | 1.47 | 543,390 | 1,571,598 | 0 | 151,564 | 77 | 2,667,662 | |||||||
Wells Fargo Factor Enhanced International Equity Portfolio | 3.42 | 2.86 | 2,089,884 | 3,976,769 | 0 | 563,648 | 0 | 20,347,726 | |||||||
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio | 3.38 | 1.09 | 3,653,564 | 613,905 | 0 | 271,955 | 282 | 8,920,151 | |||||||
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio | 2.94 | 1.78 | 1,298,464 | 2,198,628 | 0 | 55,005 | 85 | 3,796,078 | |||||||
Wells Fargo High Yield Corporate Bond Portfolio | 2.33 | 6.66 | 68,596 | 202,084 | 208,988 | 0 | 29 | 3,339,253 | |||||||
Wells Fargo Real Return Portfolio | 7.25 | 9.91 | 244,800 | 992,483 | 499,618 | 62,218 | 226 | 23,715,272 | |||||||
Wells Fargo Small Company Value Portfolio | 0.67 | 0.35 | 231,454 | 690,543 | 0 | 29,277 | 212 | 2,158,685 | |||||||
Wells Fargo Strategic Retirement Bond Portfolio | 0.00 | 15.45 | 202,327 | (27,792) | 209,109 | 0 | 64 | 23,699,482 | |||||||
$15,645,781 | $15,571,889 | $2,639,177 | $1,805,959 | $8,640 | $235,508,593 | 61.95% |
Description | Number of contracts | Expiration date | Notional cost | Notional value | Unrealized gains | Unrealized losses | |
Long | |||||||
Bloomberg Commodity Index | 500 | 6-16-2021 | $ 4,566,465 | $ 4,635,000 | $ 68,535 | $ 0 | |
E-Mini S&P 500 Index | 59 | 6-18-2021 | 12,451,240 | 12,397,080 | 0 | (54,160) | |
FTSE 100 Index | 57 | 6-18-2021 | 5,677,932 | 5,687,626 | 9,694 | 0 | |
IBEX 35 Index | 170 | 6-18-2021 | 18,950,716 | 18,988,997 | 38,281 | 0 | |
MSCI Emerging Markets Index | 58 | 6-18-2021 | 3,870,784 | 3,946,610 | 75,826 | 0 | |
Short | |||||||
Australian Dollars Futures | (148) | 6-14-2021 | (11,433,556) | (11,416,720) | 16,836 | 0 | |
Mini-DAX Futures | (196) | 6-18-2021 | (17,427,916) | (18,472,025) | 0 | (1,044,109) | |
$209,172 | $(1,098,269) |
Shares | Value | ||||
Investment companies: 97.69% | |||||
Affiliated master portfolios: 57.78% | |||||
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio | $ 6,409,459 | ||||
Wells Fargo Core Bond Portfolio | 2,040,171 | ||||
Wells Fargo Disciplined Large Cap Portfolio | 55,539,023 | ||||
Wells Fargo Emerging Growth Portfolio | 3,064,981 | ||||
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio | 4,466,073 | ||||
Wells Fargo Factor Enhanced International Equity Portfolio | 35,375,313 | ||||
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio | 17,676,401 | ||||
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio | 5,701,747 | ||||
Wells Fargo High Yield Corporate Bond Portfolio | 2,625,931 | ||||
Wells Fargo Real Return Portfolio | 18,660,387 | ||||
Wells Fargo Small Company Value Portfolio | 3,288,716 | ||||
Wells Fargo Strategic Retirement Bond Portfolio | 18,641,791 | ||||
173,489,993 | |||||
Alternative investment funds: 5.74% | |||||
PIMCO CommodityRealReturn Strategy Fund Institutional Class | 1,842,560 | 13,376,985 | |||
Wells Fargo Alternative Risk Premia Fund Class R6 ♠† | 454,642 | 3,859,909 | |||
17,236,894 | |||||
Bond funds: 11.79% | |||||
Wells Fargo Global Investment Grade Credit Fund Class R6 ♠ | 772,890 | 8,208,087 | |||
Wells Fargo High Yield Bond Fund Institutional Class ♠ | 3,455,365 | 11,713,687 | |||
Wells Fargo Income Plus Fund Institutional Class ♠ | 1,527,055 | 15,484,337 | |||
35,406,111 | |||||
Exchange-traded funds: 13.37% | |||||
Aberdeen Standard Bloomberg All Commodity Strategy K-1 Free ETF | 46,804 | 1,209,415 | |||
Energy Select Sector SPDR Fund | 53,994 | 2,819,027 | |||
iShares Core MSCI EAFE ETF | 50,910 | 3,909,888 | |||
iShares Core MSCI Emerging Markets ETF | 48,271 | 3,217,262 | |||
iShares Core S&P 500 ETF | 46,100 | 19,438,065 | |||
iShares Core S&P Small-Cap ETF | 45,205 | 5,101,384 | |||
iShares Core U.S. Aggregate Bond ETF | 38,934 | 4,459,890 | |||
40,154,931 | |||||
Stock funds: 9.01% | |||||
Wells Fargo Diversified Income Builder Fund Class R6 ♠ | 1,650,605 | 10,365,802 | |||
Wells Fargo Emerging Markets Equity Fund Class R6 ♠ | 138,437 | 4,921,422 | |||
Wells Fargo Endeavor Select Fund Class R6 ♠† | 461,667 | 5,886,257 | |||
Wells Fargo Large Cap Growth Fund Class R6 ♠† | 109,111 | 5,882,177 | |||
27,055,658 | |||||
Total Investment companies (Cost $241,893,309) | 293,343,587 |
Yield | Shares | Value | |||
Short-term investments: 0.32% | |||||
Investment companies: 0.32% | |||||
Wells Fargo Government Money Market Fund Select Class ♠∞ | 0.03% | 966,950 | $ 966,950 | ||
Total Short-term investments (Cost $966,950) | 966,950 | ||||
Total investments in securities (Cost $242,860,259) | 98.01% | 294,310,537 | |||
Other assets and liabilities, net | 1.99 | 5,972,393 | |||
Total net assets | 100.00% | $300,282,930 |
† | Non-income-earning security |
♠ | The issuer is an affiliate of the Fund as defined in the Investment Company Act of 1940. |
∞ | The rate represents the 7-day annualized yield at period end. |
Value, beginning of period | Purchases | Sales proceeds | Net realized gains (losses) on affiliated Underlying Funds | Net change in unrealized gains (losses) on affiliated Underlying Funds | Value, end of period | % of net assets | ||||
Investment companies | ||||||||||
Alternative investment funds | ||||||||||
Wells Fargo Alternative Risk Premia Fund Class R6† | $9,261,772 | $ 991,428 | $ (6,350,449) | $(1,467,337) | $ 1,424,495 | $ 3,859,909 | 1.29% | |||
Bond funds | ||||||||||
Wells Fargo Global Investment Grade Credit Fund Class R6 | 2,706,836 | 5,693,985 | (62,099) | (720) | (129,915) | 8,208,087 | ||||
Wells Fargo High Yield Bond Fund Institutional Class | 742,599 | 12,059,399 | (1,376,065) | (4,214) | 291,968 | 11,713,687 | ||||
Wells Fargo Income Plus Fund Institutional Class | 6,675,119 | 10,679,756 | (2,855,119) | 3,283 | 981,298 | 15,484,337 | ||||
35,406,111 | 11.79 | |||||||||
Stock funds | ||||||||||
Wells Fargo Diversified Income Builder Fund Class R6 | 0 | 9,799,057 | (171,426) | 177 | 737,994 | 10,365,802 | ||||
Wells Fargo Emerging Markets Equity Fund Class R6 | 3,706,105 | 2,181,855 | (2,225,814) | 612,696 | 646,580 | 4,921,422 | ||||
Wells Fargo Endeavor Select Fund Class R6† | 8,508,998 | 660,830 | (4,823,678) | 831,991 | 708,116 | 5,886,257 | ||||
Wells Fargo Large Cap Growth Fund Class R6† | 8,550,041 | 1,023,269 | (4,882,673) | 353,695 | 837,845 | 5,882,177 | ||||
27,055,658 | 9.01 | |||||||||
Short-term investments | ||||||||||
Investment companies | ||||||||||
Wells Fargo Government Money Market Fund Select Class | 768,588 | 72,110,797 | (71,912,435) | 0 | 0 | 966,950 | 0.32 | |||
$ 329,571 | $5,498,381 | $67,288,628 | 22.41% |
† | Non-income-earning security |
Shares, end of period | Dividends from affiliated Underlying Funds | Net realized gains on capital gain distributions from affiliated Underlying Funds | ||
Investment companies | ||||
Alternative investment funds | ||||
Wells Fargo Alternative Risk Premia Fund Class R6† | 454,642 | $ 0 | $ 0 | |
Bond funds | ||||
Wells Fargo Global Investment Grade Credit Fund Class R6 | 772,890 | 167,537 | 182,494 | |
Wells Fargo High Yield Bond Fund Institutional Class | 3,455,365 | 251,210 | 0 | |
Wells Fargo Income Plus Fund Institutional Class | 1,527,055 | 456,761 | 0 | |
Stock funds | ||||
Wells Fargo Diversified Income Builder Fund Class R6 | 1,650,605 | 235,750 | 0 | |
Wells Fargo Emerging Markets Equity Fund Class R6 | 138,437 | 12,039 | 0 | |
Wells Fargo Endeavor Select Fund Class R6† | 461,667 | 0 | 384,229 | |
Wells Fargo Large Cap Growth Fund Class R6† | 109,111 | 0 | 686,272 | |
Short-term investments | ||||
Investment companies | ||||
Wells Fargo Government Money Market Fund Select Class | 966,950 | 566 | 0 | |
$1,123,863 | $1,252,995 |
† | Non-income-earning security |
% of ownership, beginning of period | % of ownership, end of period | Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolios | Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolios | Interest allocated from affiliated Master Portfolios | Dividends allocated from affiliated Master Portfolios | Affiliated income allocated from affiliated Master Portfolios | Value, end of period | % of net assets | |||||||
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio | 1.61% | 1.10% | $ 117,009 | $ (367,685) | $ 113,807 | $ 0 | $ 312 | $ 6,409,459 | |||||||
Wells Fargo Core Bond Portfolio | 0.20 | 0.04 | 434,511 | (387,624) | 126,763 | 0 | 294 | 2,040,171 | |||||||
Wells Fargo Disciplined Large Cap Portfolio | 18.85 | 16.86 | 4,525,614 | 14,383,992 | 0 | 952,081 | 4,231 | 55,539,023 | |||||||
Wells Fargo Emerging Growth Portfolio | 0.93 | 0.32 | 1,938,018 | (313,183) | 0 | 4,507 | 1,112 | 3,064,981 | |||||||
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio | 5.04 | 2.47 | 736,234 | 2,386,909 | 0 | 222,322 | 99 | 4,466,073 | |||||||
Wells Fargo Factor Enhanced International Equity Portfolio | 4.71 | 4.97 | 3,060,872 | 6,680,622 | 0 | 908,781 | 342 | 35,375,313 | |||||||
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio | 4.65 | 2.16 | 5,377,098 | 2,343,039 | 0 | 444,008 | 405 | 17,676,401 | |||||||
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio | 4.06 | 2.67 | 1,852,507 | 3,411,349 | 0 | 81,984 | 117 | 5,701,747 | |||||||
Wells Fargo High Yield Corporate Bond Portfolio | 0.44 | 5.23 | 109,038 | 23,734 | 100,087 | 0 | 10 | 2,625,931 | |||||||
Wells Fargo Real Return Portfolio | 1.35 | 7.80 | 226,531 | 488,982 | 284,516 | 39,844 | 113 | 18,660,387 | |||||||
Wells Fargo Small Company Value Portfolio | 0.92 | 0.53 | 289,566 | 966,024 | 0 | 41,621 | 301 | 3,288,716 | |||||||
Wells Fargo Strategic Retirement Bond Portfolio | 0.00 | 12.15 | 224,945 | (107,730) | 162,904 | 0 | 24 | 18,641,791 | |||||||
$18,891,943 | $29,508,429 | $788,077 | $2,695,148 | $7,360 | $173,489,993 | 57.78% |
Description | Number of contracts | Expiration date | Notional cost | Notional value | Unrealized gains | Unrealized losses | |
Long | |||||||
Bloomberg Commodity Index | 393 | 6-16-2021 | $ 3,589,241 | $ 3,643,110 | $ 53,869 | $ 0 | |
E-Mini S&P 500 Index | 49 | 6-18-2021 | 9,709,890 | 10,295,880 | 585,990 | 0 | |
FTSE 100 Index | 45 | 6-18-2021 | 4,482,578 | 4,490,231 | 7,653 | 0 | |
IBEX 35 Index | 126 | 6-18-2021 | 14,045,736 | 14,074,198 | 28,462 | 0 | |
MSCI Emerging Markets Index | 45 | 6-18-2021 | 3,003,195 | 3,062,025 | 58,830 | 0 | |
Short | |||||||
Australian Dollars Futures | (116) | 6-14-2021 | (8,961,436) | (8,948,240) | 13,196 | 0 | |
Mini-DAX Futures | (146) | 6-18-2021 | (12,982,019) | (13,759,774) | 0 | (777,755) | |
$748,000 | $(777,755) |
Shares | Value | ||||
Investment companies: 97.40% | |||||
Affiliated master portfolios: 70.03% | |||||
Wells Fargo Bloomberg Barclays U.S. Aggregate ex-Corporate Portfolio | $ 48,878,223 | ||||
Wells Fargo Core Bond Portfolio | 72,133,853 | ||||
Wells Fargo Disciplined Large Cap Portfolio | 8,453,869 | ||||
Wells Fargo Emerging Growth Portfolio | 627,103 | ||||
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio | 434,745 | ||||
Wells Fargo Factor Enhanced International Equity Portfolio | 2,843,984 | ||||
Wells Fargo Factor Enhanced U. S. Large Cap Equity Portfolio | 1,193,855 | ||||
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio | 651,758 | ||||
Wells Fargo High Yield Corporate Bond Portfolio | 1,941,468 | ||||
Wells Fargo Real Return Portfolio | 8,621,456 | ||||
Wells Fargo Small Company Value Portfolio | 625,411 | ||||
Wells Fargo Strategic Retirement Bond Portfolio | 8,606,340 | ||||
155,012,065 | |||||
Alternative investment funds: 5.87% | |||||
PIMCO CommodityRealReturn Strategy Fund Institutional Class | 1,311,240 | 9,519,605 | |||
Wells Fargo Alternative Risk Premia Fund Class R6 ♠† | 408,206 | 3,465,667 | |||
12,985,272 | |||||
Bond funds: 12.78% | |||||
Wells Fargo Global Investment Grade Credit Fund Class R6 ♠ | 591,525 | 6,281,998 | |||
Wells Fargo High Yield Bond Fund Institutional Class ♠ | 1,273,146 | 4,315,963 | |||
Wells Fargo Income Plus Fund Institutional Class ♠ | 1,745,580 | 17,700,186 | |||
28,298,147 | |||||
Exchange-traded funds: 5.00% | |||||
Aberdeen Standard Bloomberg All Commodity Strategy K-1 Free ETF | 33,392 | 862,849 | |||
Energy Select Sector SPDR Fund | 40,321 | 2,105,160 | |||
iShares Core MSCI EAFE ETF | 19,861 | 1,525,325 | |||
iShares Core MSCI Emerging Markets ETF | 3,284 | 218,879 | |||
iShares Core S&P 500 ETF | 6,838 | 2,883,243 | |||
iShares Core S&P Small-Cap ETF | 2,312 | 260,909 | |||
iShares Core U.S. Aggregate Bond ETF | 27,994 | 3,206,713 | |||
11,063,078 | |||||
Stock funds: 3.72% | |||||
Wells Fargo Diversified Income Builder Fund Class R6 ♠ | 864,331 | 5,427,996 | |||
Wells Fargo Emerging Markets Equity Fund Class R6 ♠ | 18,372 | 653,110 | |||
Wells Fargo Endeavor Select Fund Class R6 ♠† | 84,773 | 1,080,857 | |||
Wells Fargo Large Cap Growth Fund Class R6 ♠† | 20,078 | 1,082,406 | |||
8,244,369 | |||||
Total Investment companies (Cost $204,722,948) | 215,602,931 |
Yield | Shares | Value | |||
Short-term investments: 0.50% | |||||
Investment companies: 0.50% | |||||
Wells Fargo Government Money Market Fund Select Class ♠∞ | 0.03% | 1,100,000 | $ 1,100,000 | ||
Total Short-term investments (Cost $1,100,000) | 1,100,000 | ||||
Total investments in securities (Cost $205,822,948) | 97.90% | 216,702,931 | |||
Other assets and liabilities, net | 2.10 | 4,640,877 | |||
Total net assets | 100.00% | $221,343,808 |
† | Non-income-earning security |
♠ | The issuer is an affiliate of the Fund as defined in the Investment Company Act of 1940. |
∞ | The rate represents the 7-day annualized yield at period end. |
Value, beginning of period | Purchases | Sales proceeds | Net realized gains (losses) on affiliated Underlying Funds | Net change in unrealized gains (losses) on affiliated Underlying Funds | Value, end of period | % of net assets | ||||
Investment companies | ||||||||||
Alternative investment funds | ||||||||||
Wells Fargo Alternative Risk Premia Fund Class R6† | $ 8,895,359 | $ 191,001 | $ (5,586,102) | $(1,289,628) | $ 1,255,037 | $ 3,465,667 | 1.57% | |||
Bond funds | ||||||||||
Wells Fargo Global Investment Grade Credit Fund Class R6 | 12,824,937 | 582,504 | (7,356,987) | 226,838 | 4,706 | 6,281,998 | ||||
Wells Fargo High Yield Bond Fund Institutional Class | 3,469,313 | 1,547,948 | (945,098) | (11,584) | 255,384 | 4,315,963 | ||||
Wells Fargo Income Plus Fund Institutional Class | 31,161,289 | 2,095,205 | (17,480,688) | 558,912 | 1,365,468 | 17,700,186 | ||||
28,298,147 | 12.78 | |||||||||
Stock funds | ||||||||||
Wells Fargo Diversified Income Builder Fund Class R6 | 0 | 5,933,469 | (935,843) | 41,421 | 388,949 | 5,427,996 | ||||
Wells Fargo Emerging Markets Equity Fund Class R6 | 855,847 | 243,266 | (702,070) | 246,429 | 9,638 | 653,110 | ||||
Wells Fargo Endeavor Select Fund Class R6† | 1,939,111 | 120,739 | (1,318,073) | 224,749 | 114,331 | 1,080,857 | ||||
Wells Fargo Large Cap Growth Fund Class R6† | 1,940,462 | 187,431 | (1,314,103) | 135,251 | 133,365 | 1,082,406 | ||||
8,244,369 | 3.72 | |||||||||
Short-term investments | ||||||||||
Investment companies | ||||||||||
Wells Fargo Government Money Market Fund Select Class | 976,721 | 30,319,288 | (30,196,009) | 0 | 0 | 1,100,000 | 0.50 | |||
$ 132,388 | $3,526,878 | $41,108,183 | 18.57% |
† | Non-income-earning security |
Shares, end of period | Dividends from affiliated Underlying Funds | Net realized gains on capital gain distributions from affiliated Underlying Funds | ||
Investment companies | ||||
Alternative investment funds | ||||
Wells Fargo Alternative Risk Premia Fund Class R6† | 408,206 | $ 0 | $ 0 | |
Bond funds | ||||
Wells Fargo Global Investment Grade Credit Fund Class R6 | 591,525 | 276,344 | 152,114 | |
Wells Fargo High Yield Bond Fund Institutional Class | 1,273,146 | 153,199 | 0 | |
Wells Fargo Income Plus Fund Institutional Class | 1,745,580 | 1,003,079 | 0 | |
Stock funds | ||||
Wells Fargo Diversified Income Builder Fund Class R6 | 864,331 | 130,884 | 0 | |
Wells Fargo Emerging Markets Equity Fund Class R6 | 18,372 | 1,928 | 0 | |
Wells Fargo Endeavor Select Fund Class R6† | 84,773 | 0 | 77,484 | |
Wells Fargo Large Cap Growth Fund Class R6† | 20,078 | 0 | 139,721 | |
Short-term investments | ||||
Investment companies | ||||
Wells Fargo Government Money Market Fund Select Class | 1,100,000 | 578 | 0 | |
$1,566,012 | $369,319 |
† | Non-income-earning security |
% of ownership, beginning of period | % of ownership, end of period | Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolios | Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolios | Interest allocated from affiliated Master Portfolios | Dividends allocated from affiliated Master Portfolios | Affiliated income allocated from affiliated Master Portfolios | Value, end of period | % of net assets | |||||||
Wells Fargo Bloomberg Barclays U.S. Aggregate ex-Corporate Portfolio | 7.52% | 8.37% | $ 443,539 | $(1,833,814) | $ 666,818 | $ 0 | $ 1,894 | $ 48,878,223 | |||||||
Wells Fargo Core Bond Portfolio | 0.94 | 1.28 | 1,244,428 | (1,620,477) | 1,087,935 | 0 | 2,206 | 72,133,853 | |||||||
Wells Fargo Disciplined Large Cap Portfolio | 4.29 | 2.57 | 803,074 | 2,321,783 | 0 | 158,777 | 764 | 8,453,869 | |||||||
Wells Fargo Emerging Growth Portfolio | 0.21 | 0.07 | 546,220 | (141,435) | 0 | 996 | 255 | 627,103 | |||||||
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio | 1.17 | 0.24 | 2,771 | (334,647) | 0 | 47,430 | 21 | 434,745 | |||||||
Wells Fargo Factor Enhanced International Equity Portfolio | 1.07 | 0.40 | 479,669 | 535,004 | 0 | 111,857 | 71 | 2,843,984 | |||||||
Wells Fargo Factor Enhanced U. S. Large Cap Equity Portfolio | 1.06 | 0.15 | 1,012,379 | (242,175) | 0 | 65,316 | 80 | 1,193,855 | |||||||
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio | 0.91 | 0.31 | 333,388 | 414,411 | 0 | 12,511 | 23 | 651,758 | |||||||
Wells Fargo High Yield Corporate Bond Portfolio | 2.03 | 3.87 | 58,929 | 149,442 | 151,344 | 0 | 27 | 1,941,468 | |||||||
Wells Fargo Real Return Portfolio | 6.31 | 3.60 | 96,654 | 596,721 | 239,869 | 29,241 | 134 | 8,621,456 | |||||||
Wells Fargo Small Company Value Portfolio | 0.21 | 0.10 | 98,959 | 234,515 | 0 | 9,509 | 70 | 625,411 | |||||||
Wells Fargo Strategic Retirement Bond Portfolio | 0.00 | 5.61 | 45,757 | 23,213 | 74,281 | 0 | 44 | 8,606,340 | |||||||
$5,165,767 | $ 102,541 | $2,220,247 | $435,637 | $5,589 | $155,012,065 | 70.03% |
Description | Number of contracts | Expiration date | Notional cost | Notional value | Unrealized gains | Unrealized losses | |
Long | |||||||
Bloomberg Commodity Index | 291 | 6-16-2021 | $ 2,657,683 | $ 2,697,570 | $ 39,887 | $ 0 | |
E-Mini S&P 500 Index | 30 | 6-18-2021 | 5,946,349 | 6,303,600 | 357,251 | 0 | |
FTSE 100 Index | 33 | 6-18-2021 | 3,287,224 | 3,292,836 | 5,612 | 0 | |
IBEX 35 Index | 104 | 6-18-2021 | 11,593,468 | 11,616,798 | 23,330 | 0 | |
MSCI Emerging Markets Index | 34 | 6-18-2021 | 2,269,080 | 2,313,530 | 44,450 | 0 | |
Short | |||||||
Australian Dollars Futures | (86) | 6-14-2021 | (6,643,823) | (6,634,040) | 9,783 | 0 | |
Mini-DAX Futures | (121) | 6-18-2021 | (10,758,917) | (11,403,648) | 0 | (644,731) | |
10-Year U.S. Treasury Notes | (59) | 9-21-2021 | (7,761,129) | (7,784,313) | 0 | (23,184) | |
$480,313 | $(667,915) |
Shares | Value | ||||
Investment companies: 97.58% | |||||
Affiliated master portfolios: 61.84% | |||||
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio | $ 42,320,605 | ||||
Wells Fargo Core Bond Portfolio | 35,280,296 | ||||
Wells Fargo Disciplined Large Cap Portfolio | 90,812,534 | ||||
Wells Fargo Emerging Growth Portfolio | 4,976,524 | ||||
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio | 6,722,631 | ||||
Wells Fargo Factor Enhanced International Equity Portfolio | 52,784,249 | ||||
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio | 24,755,192 | ||||
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio | 8,449,994 | ||||
Wells Fargo High Yield Corporate Bond Portfolio | 4,893,538 | ||||
Wells Fargo Real Return Portfolio | 34,769,502 | ||||
Wells Fargo Small Company Value Portfolio | 5,337,008 | ||||
Wells Fargo Strategic Retirement Bond Portfolio | 34,740,578 | ||||
345,842,651 | |||||
Alternative investment funds: 6.51% | |||||
PIMCO CommodityRealReturn Strategy Fund Institutional Class | 3,479,674 | 25,262,437 | |||
Wells Fargo Alternative Risk Premia Fund Class R6 ♠† | 1,312,864 | 11,146,214 | |||
36,408,651 | |||||
Bond funds: 12.10% | |||||
Wells Fargo Global Investment Grade Credit Fund Class R6 ♠ | 1,453,755 | 15,438,876 | |||
Wells Fargo High Yield Bond Fund Institutional Class ♠ | 4,019,846 | 13,627,279 | |||
Wells Fargo Income Plus Fund Institutional Class ♠ | 3,809,289 | 38,626,187 | |||
67,692,342 | |||||
Exchange-traded funds: 9.88% | |||||
Aberdeen Standard Bloomberg All Commodity Strategy K-1 Free ETF | 88,522 | 2,287,408 | |||
Energy Select Sector SPDR Fund | 101,515 | 5,300,098 | |||
iShares Core MSCI EAFE ETF | 66,173 | 5,082,086 | |||
iShares Core MSCI Emerging Markets ETF | 78,530 | 5,234,025 | |||
iShares Core S&P 500 ETF | 54,033 | 22,783,014 | |||
iShares Core S&P Small-Cap ETF | 54,792 | 6,183,277 | |||
iShares Core U.S. Aggregate Bond ETF | 73,403 | 8,408,314 | |||
55,278,222 | |||||
Stock funds: 7.25% | |||||
Wells Fargo Diversified Income Builder Fund Class R6 ♠ | 2,649,031 | 16,635,917 | |||
Wells Fargo Emerging Markets Equity Fund Class R6 ♠ | 206,864 | 7,354,031 | |||
Wells Fargo Endeavor Select Fund Class R6 ♠† | 649,380 | 8,279,598 | |||
Wells Fargo Large Cap Growth Fund Class R6 ♠† | 153,555 | 8,278,161 | |||
40,547,707 | |||||
Total Investment companies (Cost $469,531,941) | 545,769,573 |
Yield | Shares | Value | |||
Short-term investments: 0.48% | |||||
Investment companies: 0.48% | |||||
Wells Fargo Government Money Market Fund Select Class ♠∞ | 0.03% | 2,652,130 | $ 2,652,130 | ||
Total Short-term investments (Cost $2,652,130) | 2,652,130 | ||||
Total investments in securities (Cost $472,184,071) | 98.06% | 548,421,703 | |||
Other assets and liabilities, net | 1.94 | 10,859,912 | |||
Total net assets | 100.00% | $559,281,615 |
† | Non-income-earning security |
♠ | The issuer is an affiliate of the Fund as defined in the Investment Company Act of 1940. |
∞ | The rate represents the 7-day annualized yield at period end. |
Value, beginning of period | Purchases | Sales proceeds | Net realized gains (losses) on affiliated Underlying Funds | Net change in unrealized gains (losses) on affiliated Underlying Funds | Value, end of period | % of net assets | ||||
Investment companies | ||||||||||
Alternative investment funds | ||||||||||
Wells Fargo Alternative Risk Premia Fund Class R6† | $18,667,657 | $ 937,633 | $ (8,601,643) | $(2,003,603) | $ 2,146,170 | $ 11,146,214 | 1.99% | |||
Bond funds | ||||||||||
Wells Fargo Global Investment Grade Credit Fund Class R6 | 12,739,817 | 2,971,406 | (261,238) | (2,584) | (8,525) | 15,438,876 | ||||
Wells Fargo High Yield Bond Fund Institutional Class | 3,490,191 | 11,207,786 | (1,517,403) | (11,338) | 458,043 | 13,627,279 | ||||
Wells Fargo Income Plus Fund Institutional Class | 31,365,106 | 10,551,017 | (6,228,088) | 26,578 | 2,911,574 | 38,626,187 | ||||
67,692,342 | 12.10 | |||||||||
Stock funds | ||||||||||
Wells Fargo Diversified Income Builder Fund Class R6 | 0 | 16,080,514 | (653,764) | 17,365 | 1,191,802 | 16,635,917 | ||||
Wells Fargo Emerging Markets Equity Fund Class R6 | 5,608,025 | 3,113,411 | (3,273,643) | 929,622 | 976,616 | 7,354,031 | ||||
Wells Fargo Endeavor Select Fund Class R6† | 12,750,258 | 725,892 | (7,449,482) | 1,247,132 | 1,005,798 | 8,279,598 | ||||
Wells Fargo Large Cap Growth Fund Class R6† | 12,787,291 | 1,194,950 | (7,455,185) | 5,110,811 | (3,359,706) | 8,278,161 | ||||
40,547,707 | 7.25 | |||||||||
Short-term investments | ||||||||||
Investment companies | ||||||||||
Wells Fargo Government Money Market Fund Select Class | 2,350,179 | 100,717,474 | (100,415,523) | 0 | 0 | 2,652,130 | 0.48 | |||
$ 5,313,983 | $ 5,321,772 | $122,038,393 | 21.82% |
† | Non-income-earning security |
Shares, end of period | Dividends from affiliated Underlying Funds | Net realized gains on capital gain distributions from affiliated Underlying Funds | ||
Investment companies | ||||
Alternative investment funds | ||||
Wells Fargo Alternative Risk Premia Fund Class R6† | 1,312,864 | $ 0 | $ 0 | |
Bond funds | ||||
Wells Fargo Global Investment Grade Credit Fund Class R6 | 1,453,755 | 421,494 | 346,121 | |
Wells Fargo High Yield Bond Fund Institutional Class | 4,019,846 | 342,515 | 0 | |
Wells Fargo Income Plus Fund Institutional Class | 3,809,289 | 1,442,077 | 0 | |
Stock funds | ||||
Wells Fargo Diversified Income Builder Fund Class R6 | 2,649,031 | 383,027 | 0 | |
Wells Fargo Emerging Markets Equity Fund Class R6 | 206,864 | 18,339 | 0 | |
Wells Fargo Endeavor Select Fund Class R6† | 649,380 | 0 | 549,482 | |
Wells Fargo Large Cap Growth Fund Class R6† | 153,555 | 0 | 983,033 | |
Short-term investments | ||||
Investment companies | ||||
Wells Fargo Government Money Market Fund Select Class | 2,652,130 | 1,400 | 0 | |
$2,608,852 | $1,878,636 |
† | Non-income-earning security |
% of ownership, beginning of period | % of ownership, end of period | Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolios | Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolios | Interest allocated from affiliated Master Portfolios | Dividends allocated from affiliated Master Portfolios | Affiliated income allocated from affiliated Master Portfolios | Value, end of period | % of net assets | |||||||
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio | 7.53% | 7.25% | $ 574,420 | $ (2,033,981) | $ 614,598 | $ 0 | $ 1,620 | $ 42,320,605 | |||||||
Wells Fargo Core Bond Portfolio | 0.94 | 0.63 | 1,825,226 | (1,980,160) | 737,948 | 0 | 1,594 | 35,280,296 | |||||||
Wells Fargo Disciplined Large Cap Portfolio | 28.30 | 27.57 | 7,024,738 | 23,539,663 | 0 | 1,491,949 | 6,553 | 90,812,534 | |||||||
Wells Fargo Emerging Growth Portfolio | 1.38 | 0.52 | 3,125,198 | (576,037) | 0 | 7,085 | 1,733 | 4,976,524 | |||||||
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio | 7.64 | 3.71 | 1,177,932 | 3,467,712 | 0 | 329,247 | 147 | 6,722,631 | |||||||
Wells Fargo Factor Enhanced International Equity Portfolio | 7.08 | 7.41 | 4,865,496 | 9,938,653 | 0 | 1,350,876 | 507 | 52,784,249 | |||||||
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio | 7.00 | 3.02 | 8,213,302 | 2,770,236 | 0 | 638,858 | 593 | 24,755,192 | |||||||
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio | 6.09 | 3.96 | 2,832,708 | 4,908,083 | 0 | 120,900 | 171 | 8,449,994 | |||||||
Wells Fargo High Yield Corporate Bond Portfolio | 2.06 | 9.76 | 144,258 | 174,925 | 243,162 | 0 | 27 | 4,893,538 | |||||||
Wells Fargo Real Return Portfolio | 6.33 | 14.53 | 347,246 | 1,230,617 | 662,683 | 82,160 | 245 | 34,769,502 | |||||||
Wells Fargo Small Company Value Portfolio | 1.39 | 0.86 | 512,084 | 1,658,507 | 0 | 66,609 | 462 | 5,337,008 | |||||||
Wells Fargo Strategic Retirement Bond Portfolio | 0.00 | 22.64 | 317,597 | (62,710) | 305,993 | 0 | 46 | 34,740,578 | |||||||
$30,960,205 | $43,035,508 | $2,564,384 | $4,087,684 | $13,698 | $345,842,651 | 61.84% |
Description | Number of contracts | Expiration date | Notional cost | Notional value | Unrealized gains | Unrealized losses | |
Long | |||||||
Bloomberg Commodity Index | 733 | 6-16-2021 | $ 6,694,438 | $ 6,794,910 | $ 100,472 | $ 0 | |
E-Mini S&P 500 Index | 96 | 6-18-2021 | 19,022,032 | 20,171,520 | 1,149,488 | 0 | |
FTSE 100 Index | 84 | 6-18-2021 | 8,367,479 | 8,381,765 | 14,286 | 0 | |
IBEX 35 Index | 240 | 6-18-2021 | 26,753,952 | 26,807,996 | 54,044 | 0 | |
MSCI Emerging Markets Index | 84 | 6-18-2021 | 5,605,963 | 5,715,780 | 109,817 | 0 | |
Short | |||||||
Australian Dollars Futures | (217) | 6-14-2021 | (16,764,066) | (16,739,380) | 24,686 | 0 | |
Mini-DAX Index | (278) | 6-18-2021 | (24,719,186) | (26,200,117) | 0 | (1,480,931) | |
$1,452,793 | $(1,480,931) |
Spectrum Aggressive Growth Fund | Spectrum Conservative Growth Fund | |
Assets | ||
Investments in affiliated Master Portfolios, at value (see cost below) | $ 306,036,403 | $ 235,508,593 |
Investments in unaffiliated Underlying Funds, at value (see cost below) | 88,446,916 | 48,664,120 |
Investments in affiliated Underlying Funds, at value (see cost below) | 51,368,427 | 88,497,588 |
Cash at broker segregated for futures contracts | 8,161,457 | 8,259,808 |
Receivable for Fund shares sold | 156,438 | 94,004 |
Receivable for investments sold | 61,157 | 27,975 |
Receivable for dividends | 0 | 27,032 |
Prepaid expenses and other assets | 47,386 | 106,267 |
Total assets | 454,278,184 | 381,185,387 |
Liabilities | ||
Payable for Fund shares redeemed | 560,839 | 540,266 |
Distribution fee payable | 239,728 | 215,016 |
Shareholder servicing fees payable | 94,027 | 80,241 |
Management fee payable | 92,300 | 71,865 |
Administration fees payable | 79,823 | 67,727 |
Overdraft due to custodian bank | 60,997 | 24,978 |
Payable for daily variation margin on open futures contracts | 1,377 | 4,874 |
Payable for investments purchased | 0 | 36,522 |
Accrued expenses and other liabilities | 6,786 | 10,773 |
Total liabilities | 1,135,877 | 1,052,262 |
Total net assets | $453,142,307 | $380,133,125 |
Net assets consist of | ||
Paid-in capital | $ 310,740,154 | $ 321,556,328 |
Total distributable earnings | 142,402,153 | 58,576,797 |
Total net assets | $453,142,307 | $380,133,125 |
Computation of net asset value and offering price per share | ||
Net assets – Class A | $ 66,239,172 | $ 40,353,745 |
Shares outstanding – Class A1 | 2,902,998 | 3,440,505 |
Net asset value per share – Class A | $22.82 | $11.73 |
Maximum offering price per share – Class A2 | $24.21 | $12.45 |
Net assets – Class C | $ 378,940,737 | $ 336,665,368 |
Shares outstanding – Class C1 | 16,743,138 | 28,102,087 |
Net asset value per share – Class C | $22.63 | $11.98 |
Net assets – Institutional Class | $ 7,962,398 | $ 3,114,012 |
Shares outstanding – Institutional Class1 | 348,106 | 264,672 |
Net asset value per share – Institutional Class | $22.87 | $11.77 |
Investments in affiliated Master Portfolios, at cost | $ 227,619,214 | $ 212,456,447 |
Investments in unaffiliated Underlying Funds and securities, at cost | $ 74,207,753 | $ 40,179,172 |
Investments in affiliated Underlying Funds, at cost | $ 39,604,303 | $ 82,958,840 |
1 | Each Fund has an unlimited number of authorized shares. |
2 | Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced. |
Spectrum Growth Fund | Spectrum Income Allocation Fund | Spectrum Moderate Growth Fund | |
Assets | |||
Investments in affiliated Master Portfolios, at value (see cost below) | $ 173,489,993 | $ 155,012,065 | $ 345,842,651 |
Investments in unaffiliated Underlying Funds, at value (see cost below) | 53,531,916 | 20,582,683 | 80,540,659 |
Investments in affiliated Underlying Funds, at value (see cost below) | 67,288,628 | 41,108,183 | 122,038,393 |
Cash | 55,395 | 0 | 9,310 |
Cash at broker segregated for futures contracts | 6,373,862 | 4,940,887 | 12,033,735 |
Receivable for Fund shares sold | 51,880 | 3,160 | 89,280 |
Receivable for investments sold | 22,511 | 43,993 | 19,195 |
Receivable for dividends | 28,283 | 10,469 | 32,915 |
Prepaid expenses and other assets | 70,873 | 50,313 | 8,477 |
Total assets | 300,913,341 | 221,751,753 | 560,614,615 |
Liabilities | |||
Payable for Fund shares redeemed | 204,741 | 85,100 | 570,036 |
Distribution fee payable | 168,943 | 124,826 | 317,901 |
Shareholder servicing fees payable | 0 | 46,828 | 0 |
Management fee payable | 53,109 | 35,694 | 118,615 |
Administration fees payable | 53,281 | 39,475 | 99,408 |
Overdraft due to custodian bank | 0 | 44,012 | 0 |
Payable for daily variation margin on open futures contracts | 22 | 15,142 | 1,651 |
Payable for investments purchased | 112,991 | 12,984 | 69,338 |
Accrued expenses and other liabilities | 37,324 | 3,884 | 156,051 |
Total liabilities | 630,411 | 407,945 | 1,333,000 |
Total net assets | $300,282,930 | $221,343,808 | $559,281,615 |
Net assets consist of | |||
Paid-in capital | $ 228,968,849 | $ 204,479,442 | $ 447,760,003 |
Total distributable earnings | 71,314,081 | 16,864,366 | 111,521,612 |
Total net assets | $300,282,930 | $221,343,808 | $559,281,615 |
Computation of net asset value and offering price per share | |||
Net assets – Class A | $ 31,295,218 | $ 24,169,790 | $ 56,003,521 |
Shares outstanding – Class A1 | 2,164,862 | 2,301,385 | 4,023,062 |
Net asset value per share – Class A | $14.46 | $10.50 | $13.92 |
Maximum offering price per share – Class A2 | $15.34 | $11.14 | $14.77 |
Net assets – Class C | $ 266,398,684 | $ 196,034,868 | $ 499,835,166 |
Shares outstanding – Class C1 | 18,022,577 | 18,736,455 | 35,147,875 |
Net asset value per share – Class C | $14.78 | $10.46 | $14.22 |
Net assets – Institutional Class | $ 2,589,028 | $ 1,139,150 | $ 3,442,928 |
Shares outstanding – Institutional Class1 | 179,080 | 108,523 | 247,142 |
Net asset value per share – Institutional Class | $14.46 | $10.50 | $13.93 |
Investments in affiliated Master Portfolios, at cost | $ 136,143,036 | $ 149,585,428 | $ 290,511,594 |
Investments in unaffiliated Underlying Funds and securities, at cost | $ 44,770,989 | $ 17,483,955 | $ 68,338,661 |
Investments in affiliated Underlying Funds, at cost | $ 61,946,234 | $ 38,753,565 | $ 113,333,816 |
1 | Each Fund has an unlimited number of authorized shares. |
2 | Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced. |
Spectrum Aggressive Growth Fund | Spectrum Conservative Growth Fund | |
Investment income | ||
Dividends allocated from affiliated Master Portfolios* | $ 5,582,555 | $ 1,805,959 |
Dividends from unaffiliated Underlying Funds | 848,898 | 623,045 |
Dividends from affiliated Underlying Funds | 35,874 | 2,445,470 |
Affiliated income allocated from affiliated Master Portfolios | 14,173 | 8,640 |
Interest allocated from affiliated Master Portfolios** | 0 | 2,639,177 |
Expenses allocated from affiliated Master Portfolios | (798,524) | (642,692) |
Waivers allocated from affiliated Master Portfolios | 120,191 | 71,369 |
Total investment income | 5,803,167 | 6,950,968 |
Expenses | ||
Management fee | 1,039,952 | 960,063 |
Administration fees | ||
Class A | 117,449 | 77,460 |
Class C | 746,019 | 722,999 |
Institutional Class | 6,247 | 3,710 |
Shareholder servicing fees | ||
Class A | 139,731 | 92,187 |
Class C | 887,306 | 860,114 |
Distribution fee | ||
Class C | 2,656,993 | 2,579,276 |
Custody and accounting fees | 41,582 | 57,002 |
Professional fees | 36,996 | 39,534 |
Registration fees | 53,904 | 58,658 |
Shareholder report expenses | 49,469 | 51,988 |
Trustees’ fees and expenses | 21,065 | 21,065 |
Other fees and expenses | 83,558 | 12,679 |
Total expenses | 5,880,271 | 5,536,735 |
Less: Fee waivers and/or expense reimbursements | ||
Fund-level | (41,981) | (85,376) |
Class A | (14) | (36) |
Class C | (296) | (77) |
Net expenses | 5,837,980 | 5,451,246 |
Net investment income (loss) | (34,813) | 1,499,722 |
Realized and unrealized gains (losses) on investments | ||
Net realized gains (losses) on | ||
Securities transactions allocated from affiliated Master Portfolios | 38,697,746 | 15,645,781 |
Affiliated Underlying Funds | 770,231 | 228,196 |
Unaffiliated Underlying Funds | 10,345,474 | 5,395,157 |
Futures contracts | (929,845) | 6,344,194 |
Capital gain distributions from affiliated Underlying Funds | 3,110,187 | 973,797 |
Net realized gains on investments | 51,993,793 | 28,587,125 |
Net change in unrealized gains (losses) on | ||
Securities transactions allocated from affiliated Master Portfolios | 65,587,740 | 15,571,889 |
Affiliated Underlying Funds | 7,489,058 | 7,121,212 |
Unaffiliated Underlying Funds | 8,281,815 | 5,743,428 |
Futures contracts | (927,800) | (4,042,139) |
Net change in unrealized gains (losses) on investments | 80,430,813 | 24,394,390 |
Net realized and unrealized gains (losses) on investments | 132,424,606 | 52,981,515 |
Net increase in net assets resulting from operations | $132,389,793 | $54,481,237 |
*Net of foreign dividend withholding taxes allocated from affiliated Master Portfolios in the amount of | $277,605 | $82,297 |
**Net of foreign interest withholding taxes allocated from affiliated Master Portfolios in the amount of | 49 | 0 |
Spectrum Growth Fund | Spectrum Income Allocation Fund | Spectrum Moderate Growth Fund | |
Investment income | |||
Dividends allocated from affiliated Master Portfolios* | $ 2,695,148 | $ 435,637 | $ 4,087,684 |
Dividends from unaffiliated Underlying Funds | 563,050 | 325,551 | 929,094 |
Dividends from affiliated Underlying Funds | 1,123,863 | 1,566,012 | 2,608,852 |
Affiliated income allocated from affiliated Master Portfolios | 7,360 | 5,589 | 13,698 |
Interest allocated from affiliated Master Portfolios | 788,077 | 2,220,247 | 2,564,384 |
Expenses allocated from affiliated Master Portfolios | (495,080) | (397,941) | (944,750) |
Waivers allocated from affiliated Master Portfolios | 75,174 | 30,687 | 125,887 |
Total investment income | 4,757,592 | 4,185,782 | 9,384,849 |
Expenses | |||
Management fee | 722,489 | 581,425 | 1,372,928 |
Administration fees | |||
Class A | 60,493 | 49,941 | 109,431 |
Class C | 541,965 | 436,835 | 1,039,452 |
Institutional Class | 2,744 | 1,004 | 2,710 |
Shareholder servicing fees | |||
Class A | 71,991 | 59,453 | 130,211 |
Class C | 644,614 | 519,959 | 1,236,532 |
Distribution fee | |||
Class C | 1,931,033 | 1,558,512 | 3,707,673 |
Custody and accounting fees | 48,690 | 47,426 | 55,194 |
Professional fees | 37,433 | 37,651 | 37,308 |
Registration fees | 57,999 | 53,597 | 48,730 |
Shareholder report expenses | 49,881 | 44,154 | 48,494 |
Trustees’ fees and expenses | 21,065 | 21,065 | 21,065 |
Other fees and expenses | 11,769 | 12,500 | 13,719 |
Total expenses | 4,202,166 | 3,423,522 | 7,823,447 |
Less: Fee waivers and/or expense reimbursements | |||
Fund-level | (107,224) | (122,022) | (8,650) |
Class A | (164) | (168) | (25) |
Class C | (195) | (68) | (132) |
Institutional Class | 0 | (71) | 0 |
Net expenses | 4,094,583 | 3,301,193 | 7,814,640 |
Net investment income | 663,009 | 884,589 | 1,570,209 |
Realized and unrealized gains (losses) on investments | |||
Net realized gains on | |||
Securities transactions allocated from affiliated Master Portfolios | 18,891,943 | 5,165,767 | 30,960,205 |
Affiliated Underlying Funds | 329,571 | 132,388 | 5,313,983 |
Unaffiliated Underlying Funds | 6,328,064 | 2,661,889 | 10,818,947 |
Futures contracts | 2,714,308 | 4,098,270 | 6,268,859 |
Capital gain distributions from affiliated Underlying Funds | 1,252,995 | 369,319 | 1,878,636 |
Net realized gains on investments | 29,516,881 | 12,427,633 | 55,240,630 |
Net change in unrealized gains (losses) on | |||
Securities transactions allocated from affiliated Master Portfolios | 29,508,429 | 102,541 | 43,035,508 |
Affiliated Underlying Funds | 5,498,381 | 3,526,878 | 5,321,772 |
Unaffiliated Underlying Funds | 5,662,953 | 1,876,820 | 7,182,368 |
Futures contracts | (2,199,392) | (2,177,052) | (4,124,674) |
Net change in unrealized gains (losses) on investments | 38,470,371 | 3,329,187 | 51,414,974 |
Net realized and unrealized gains (losses) on investments | 67,987,252 | 15,756,820 | 106,655,604 |
Net increase in net assets resulting from operations | $68,650,261 | $16,641,409 | $108,225,813 |
*Net of foreign dividend withholding taxes allocated from affiliated Master Portfolios in the amount of | $128,915 | $18,516 | $191,588 |
Spectrum Aggressive Growth Fund | ||||
Year ended May 31, 2021 | Year ended May 31, 2020 | |||
Operations | ||||
Net investment income (loss) | $ (34,813) | $ 1,639,003 | ||
Net realized gains on investments | 51,993,793 | 24,590,770 | ||
Net change in unrealized gains (losses) on investments | 80,430,813 | 21,688,508 | ||
Net increase in net assets resulting from operations | 132,389,793 | 47,918,281 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (6,623,108) | (567,930) | ||
Class C | (39,111,345) | (1,552,546) | ||
Institutional Class | (694,018) | (29,699) | ||
Total distributions to shareholders | (46,428,471) | (2,150,175) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 623,597 | 13,041,652 | 298,353 | 5,199,857 |
Class C | 389,900 | 8,091,779 | 359,085 | 6,260,353 |
Institutional Class | 391,169 | 8,403,353 | 160,349 | 2,796,790 |
29,536,784 | 14,257,000 | |||
Reinvestment of distributions | ||||
Class A | 328,529 | 6,609,807 | 30,298 | 567,646 |
Class C | 1,965,541 | 39,056,091 | 83,857 | 1,551,446 |
Institutional Class | 34,207 | 690,909 | 1,565 | 29,353 |
46,356,807 | 2,148,445 | |||
Payment for shares redeemed | ||||
Class A | (455,030) | (9,574,877) | (500,951) | (8,818,583) |
Class C | (3,163,474) | (65,689,559) | (4,600,956) | (80,224,929) |
Institutional Class | (199,811) | (4,221,401) | (110,171) | (1,953,391) |
(79,485,837) | (90,996,903) | |||
Net decrease in net assets resulting from capital share transactions | (3,592,246) | (74,591,458) | ||
Total increase (decrease) in net assets | 82,369,076 | (28,823,352) | ||
Net assets | ||||
Beginning of period | 370,773,231 | 399,596,583 | ||
End of period | $453,142,307 | $370,773,231 |
Spectrum Conservative Growth Fund | ||||
Year ended May 31, 2021 | Year ended May 31, 2020 | |||
Operations | ||||
Net investment income | $ 1,499,722 | $ 3,179,134 | ||
Net realized gains on investments | 28,587,125 | 15,599,553 | ||
Net change in unrealized gains (losses) on investments | 24,394,390 | 13,024,227 | ||
Net increase in net assets resulting from operations | 54,481,237 | 31,802,914 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (2,874,479) | (890,327) | ||
Class C | (23,065,495) | (7,430,688) | ||
Institutional Class | (232,146) | (71,252) | ||
Total distributions to shareholders | (26,172,120) | (8,392,267) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 899,699 | 10,314,561 | 495,127 | 5,210,475 |
Class C | 651,887 | 7,621,225 | 635,339 | 6,853,024 |
Institutional Class | 392,489 | 4,509,854 | 478,608 | 5,104,224 |
22,445,640 | 17,167,723 | |||
Reinvestment of distributions | ||||
Class A | 256,759 | 2,862,770 | 83,080 | 889,538 |
Class C | 2,023,499 | 23,054,380 | 677,973 | 7,425,458 |
Institutional Class | 20,581 | 230,089 | 6,589 | 70,517 |
26,147,239 | 8,385,513 | |||
Payment for shares redeemed | ||||
Class A | (642,548) | (7,354,896) | (963,431) | (10,195,020) |
Class C | (5,048,642) | (59,028,155) | (8,292,697) | (89,328,473) |
Institutional Class | (393,186) | (4,510,389) | (416,582) | (4,444,469) |
(70,893,440) | (103,967,962) | |||
Net decrease in net assets resulting from capital share transactions | (22,300,561) | (78,414,726) | ||
Total increase (decrease) in net assets | 6,008,556 | (55,004,079) | ||
Net assets | ||||
Beginning of period | 374,124,569 | 429,128,648 | ||
End of period | $380,133,125 | $ 374,124,569 |
Spectrum Growth Fund | ||||
Year ended May 31, 2021 | Year ended May 31, 2020 | |||
Operations | ||||
Net investment income | $ 663,009 | $ 1,302,605 | ||
Net realized gains on investments | 29,516,881 | 13,023,850 | ||
Net change in unrealized gains (losses) on investments | 38,470,371 | 13,881,246 | ||
Net increase in net assets resulting from operations | 68,650,261 | 28,207,701 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (3,243,409) | (354,829) | ||
Class C | (26,381,409) | (1,568,479) | ||
Institutional Class | (222,924) | (19,520) | ||
Total distributions to shareholders | (29,847,742) | (1,942,828) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 272,532 | 3,728,807 | 328,720 | 4,010,239 |
Class C | 596,433 | 8,374,465 | 732,564 | 9,057,872 |
Institutional Class | 384,979 | 5,297,306 | 255,491 | 3,119,078 |
17,400,578 | 16,187,189 | |||
Reinvestment of distributions | ||||
Class A | 244,354 | 3,224,483 | 27,608 | 352,213 |
Class C | 1,960,878 | 26,340,207 | 120,114 | 1,566,754 |
Institutional Class | 16,651 | 220,017 | 1,501 | 19,123 |
29,784,707 | 1,938,090 | |||
Payment for shares redeemed | ||||
Class A | (327,346) | (4,519,304) | (405,547) | (4,933,473) |
Class C | (3,206,938) | (45,083,560) | (4,402,354) | (54,313,865) |
Institutional Class | (302,532) | (4,187,189) | (237,408) | (2,898,904) |
(53,790,053) | (62,146,242) | |||
Net decrease in net assets resulting from capital share transactions | (6,604,768) | (44,020,963) | ||
Total increase (decrease) in net assets | 32,197,751 | (17,756,090) | ||
Net assets | ||||
Beginning of period | 268,085,179 | 285,841,269 | ||
End of period | $300,282,930 | $268,085,179 |
Spectrum Income Allocation Fund | ||||
Year ended May 31, 2021 | Year ended May 31, 2020 | |||
Operations | ||||
Net investment income | $ 884,589 | $ 2,265,590 | ||
Net realized gains on investments | 12,427,633 | 7,022,927 | ||
Net change in unrealized gains (losses) on investments | 3,329,187 | 7,306,614 | ||
Net increase in net assets resulting from operations | 16,641,409 | 16,595,131 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (1,654,082) | (296,807) | ||
Class C | (12,372,666) | (2,755,368) | ||
Institutional Class | (45,632) | (12,973) | ||
Total distributions to shareholders | (14,072,380) | (3,065,148) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 655,046 | 6,974,259 | 784,255 | 7,929,477 |
Class C | 388,820 | 4,117,662 | 1,484,720 | 14,624,150 |
Institutional Class | 158,340 | 1,658,872 | 154,637 | 1,542,234 |
12,750,793 | 24,095,861 | |||
Reinvestment of distributions | ||||
Class A | 158,621 | 1,651,355 | 29,412 | 296,366 |
Class C | 1,194,142 | 12,367,736 | 271,115 | 2,729,197 |
Institutional Class | 4,206 | 43,767 | 1,242 | 12,499 |
14,062,858 | 3,038,062 | |||
Payment for shares redeemed | ||||
Class A | (555,818) | (5,851,268) | (424,008) | (4,271,019) |
Class C | (3,353,220) | (35,330,536) | (5,428,685) | (54,474,256) |
Institutional Class | (122,318) | (1,287,654) | (131,864) | (1,316,978) |
(42,469,458) | (60,062,253) | |||
Net decrease in net assets resulting from capital share transactions | (15,655,807) | (32,928,330) | ||
Total decrease in net assets | (13,086,778) | (19,398,347) | ||
Net assets | ||||
Beginning of period | 234,430,586 | 253,828,933 | ||
End of period | $221,343,808 | $234,430,586 |
Spectrum Moderate Growth Fund | ||||
Year ended May 31, 2021 | Year ended May 31, 2020 | |||
Operations | ||||
Net investment income | $ 1,570,209 | $ 3,517,264 | ||
Net realized gains on investments | 55,240,630 | 19,877,805 | ||
Net change in unrealized gains (losses) on investments | 51,414,974 | 28,068,408 | ||
Net increase in net assets resulting from operations | 108,225,813 | 51,463,477 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (5,511,031) | (813,632) | ||
Class C | (46,615,891) | (4,579,863) | ||
Institutional Class | (150,799) | (28,805) | ||
Total distributions to shareholders | (52,277,721) | (5,422,300) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 727,816 | 9,730,692 | 470,169 | 5,729,591 |
Class C | 854,810 | 11,731,065 | 736,920 | 9,120,542 |
Institutional Class | 526,569 | 7,041,595 | 450,633 | 5,535,084 |
28,503,352 | 20,385,217 | |||
Reinvestment of distributions | ||||
Class A | 424,298 | 5,499,365 | 64,744 | 813,231 |
Class C | 3,533,044 | 46,579,077 | 356,445 | 4,574,503 |
Institutional Class | 11,400 | 148,048 | 2,256 | 28,316 |
52,226,490 | 5,416,050 | |||
Payment for shares redeemed | ||||
Class A | (780,095) | (10,438,615) | (867,171) | (10,544,636) |
Class C | (6,366,969) | (87,080,597) | (9,473,999) | (117,217,925) |
Institutional Class | (444,706) | (5,953,456) | (390,561) | (4,802,340) |
(103,472,668) | (132,564,901) | |||
Net decrease in net assets resulting from capital share transactions | (22,742,826) | (106,763,634) | ||
Total increase (decrease) in net assets | 33,205,266 | (60,722,457) | ||
Net assets | ||||
Beginning of period | 526,076,349 | 586,798,806 | ||
End of period | $ 559,281,615 | $ 526,076,349 |
Year ended May 31 | |||||
Class A | 2021 | 2020 | 2019 | 2018 | 2017 1 |
Net asset value, beginning of period | $18.59 | $16.52 | $20.55 | $21.41 | $20.15 |
Net investment income (loss) | 0.14 | 0.19 | 0.17 2 | 0.10 | (0.02) 2 |
Net realized and unrealized gains (losses) on investments | 6.65 | 2.11 | (0.81) | 2.59 | 1.28 |
Total from investment operations | 6.79 | 2.30 | (0.64) | 2.69 | 1.26 |
Distributions to shareholders from | |||||
Net investment income | (0.22) | (0.19) | (0.26) | 0.00 | 0.00 |
Net realized gains | (2.34) | (0.04) | (3.13) | (3.55) | 0.00 |
Total distributions to shareholders | (2.56) | (0.23) | (3.39) | (3.55) | 0.00 |
Net asset value, end of period | $22.82 | $18.59 | $16.52 | $20.55 | $21.41 |
Total return3 | 38.53% | 13.91% | (2.35)% | 12.61% | 6.25% |
Ratios to average net assets (annualized) | |||||
Gross expenses* | 0.77% | 0.77% | 0.76% | 0.75% | 0.75% |
Net expenses* | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% |
Net investment income (loss) | 0.63% | 1.08% | 0.97% | 0.75% | (0.30)% |
Supplemental data | |||||
Portfolio turnover rate4 | 82% | 71% | 78% | 63% | 30% |
Net assets, end of period (000s omitted) | $66,239 | $44,714 | $42,588 | $3,993 | $1,669 |
* | Including net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts: |
Year ended May 31, 2021 | 0.15% |
Year ended May 31, 2020 | 0.18% |
Year ended May 31, 2019 | 0.18% |
Year ended May 31, 2018 | 0.12% |
Year ended May 31, 20171 | 0.12% |
1 | For the period from February 10, 2017 (commencement of class operations) to May 31, 2017 |
2 | Calculated based upon average shares outstanding |
3 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
4 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in the affiliated Underlying Funds and unaffiliated securities and included in the portfolio turnover calculation. |
Year ended May 31 | |||||
Class C1 | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $18.45 | $16.39 | $20.33 | $21.36 | $18.25 |
Net investment income (loss) | (0.03) | 0.07 | 0.06 | (0.02) 2 | (0.07) |
Net realized and unrealized gains (losses) on investments | 6.62 | 2.07 | (0.82) | 2.54 | 3.19 |
Total from investment operations | 6.59 | 2.14 | (0.76) | 2.52 | 3.12 |
Distributions to shareholders from | |||||
Net investment income | (0.07) | (0.04) | (0.05) | 0.00 | 0.00 |
Net realized gains | (2.34) | (0.04) | (3.13) | (3.55) | (0.01) |
Total distributions to shareholders | (2.41) | (0.08) | (3.18) | (3.55) | (0.01) |
Net asset value, end of period | $22.63 | $18.45 | $16.39 | $20.33 | $21.36 |
Total return3 | 37.57% | 13.06% | (3.16)% | 11.80% | 17.07% |
Ratios to average net assets (annualized) | |||||
Gross expenses* | 1.52% | 1.52% | 1.51% | 1.50% | 1.50% |
Net expenses* | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% |
Net investment income (loss) | (0.12)% | 0.33% | 0.32% | (0.10)% | (0.37)% |
Supplemental data | |||||
Portfolio turnover rate4 | 82% | 71% | 78% | 63% | 30% |
Net assets, end of period (000s omitted) | $378,941 | $323,778 | $355,837 | $491,304 | $532,454 |
* | Including net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts: |
Year ended May 31, 2021 | 0.15% |
Year ended May 31, 2020 | 0.18% |
Year ended May 31, 2019 | 0.18% |
Year ended May 31, 2018 | 0.12% |
Year ended May 31, 2017 | 0.12% |
1 | Effective at the close of business on February 10, 2017, the Fund’s existing share class, WealthBuilder Portfolio shares, was renamed Class C. |
2 | Calculated based upon average shares outstanding |
3 | Total return calculations do not include any sales charges. |
4 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in the affiliated Underlying Funds and unaffiliated securities and included in the portfolio turnover calculation. |
Year ended May 31 | |||
Institutional Class | 2021 | 2020 | 2019 1 |
Net asset value, beginning of period | $18.62 | $16.55 | $21.08 |
Net investment income | 0.22 | 0.29 | 0.14 |
Net realized and unrealized gains (losses) on investments | 6.65 | 2.07 | (1.26) |
Total from investment operations | 6.87 | 2.36 | (1.12) |
Distributions to shareholders from | |||
Net investment income | (0.28) | (0.25) | (0.28) |
Net realized gains | (2.34) | (0.04) | (3.13) |
Total distributions to shareholders | (2.62) | (0.29) | (3.41) |
Net asset value, end of period | $22.87 | $18.62 | $16.55 |
Total return2 | 38.96% | 14.26% | (4.54)% |
Ratios to average net assets (annualized) | |||
Gross expenses* | 0.43% | 0.44% | 0.43% |
Net expenses* | 0.42% | 0.42% | 0.42% |
Net investment income | 0.96% | 1.40% | 1.40% |
Supplemental data | |||
Portfolio turnover rate3 | 82% | 71% | 78% |
Net assets, end of period (000s omitted) | $7,962 | $2,281 | $1,172 |
* | Including net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts: |
Year ended May 31, 2021 | 0.15% |
Year ended May 31, 2020 | 0.18% |
Year ended May 31, 20191 | 0.18% |
1 | For the period from July 31, 2018 (commencement of class operations) to May 31, 2019 |
2 | Returns for periods of less than one year are not annualized. |
3 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in the affiliated Underlying Funds and unaffiliated securities and included in the portfolio turnover calculation. |
Year ended May 31 | |||||
Class A | 2021 | 2020 | 2019 | 2018 | 2017 1 |
Net asset value, beginning of period | $10.92 | $10.30 | $10.90 | $11.83 | $11.56 |
Net investment income | 0.14 | 0.15 | 0.19 2 | 0.18 2 | 0.07 |
Net realized and unrealized gains on investments | 1.56 | 0.76 | 0.03 | 0.40 | 0.28 |
Total from investment operations | 1.70 | 0.91 | 0.22 | 0.58 | 0.35 |
Distributions to shareholders from | |||||
Net investment income | (0.11) | (0.21) | (0.18) | (0.50) | (0.08) |
Net realized gains | (0.78) | (0.08) | (0.64) | (1.01) | 0.00 |
Total distributions to shareholders | (0.89) | (0.29) | (0.82) | (1.51) | (0.08) |
Net asset value, end of period | $11.73 | $10.92 | $10.30 | $10.90 | $11.83 |
Total return3 | 16.04% | 8.95% | 2.40% | 4.87% | 3.06% |
Ratios to average net assets (annualized) | |||||
Gross expenses* | 0.77% | 0.77% | 0.76% | 0.75% | 0.74% |
Net expenses* | 0.75% | 0.75% | 0.75% | 0.75% | 0.74% |
Net investment income | 1.07% | 1.47% | 1.81% | 1.58% | 1.03% |
Supplemental data | |||||
Portfolio turnover rate4 | 152% | 162% | 155% | 161% | 136% |
Net assets, end of period (000s omitted) | $40,354 | $31,965 | $34,104 | $2,712 | $800 |
* | Including net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts: |
Year ended May 31, 2021 | 0.15% |
Year ended May 31, 2020 | 0.16% |
Year ended May 31, 2019 | 0.16% |
Year ended May 31, 2018 | 0.13% |
Year ended May 31, 20171 | 0.11% |
1 | For the period from February 10, 2017 (commencement of class operations) to May 31, 2017 |
2 | Calculated based upon average shares outstanding |
3 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
4 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in the affiliated Underlying Funds and unaffiliated securities and included in the portfolio turnover calculation. |
Year ended May 31 | |||||
Class C1 | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $11.14 | $10.50 | $11.10 | $11.83 | $11.40 |
Net investment income | 0.04 | 0.09 | 0.12 2 | 0.09 | 0.06 |
Net realized and unrealized gains on investments | 1.61 | 0.77 | 0.02 | 0.41 | 0.80 |
Total from investment operations | 1.65 | 0.88 | 0.14 | 0.50 | 0.86 |
Distributions to shareholders from | |||||
Net investment income | (0.03) | (0.14) | (0.10) | (0.22) | (0.08) |
Net realized gains | (0.78) | (0.08) | (0.64) | (1.01) | (0.35) |
Total distributions to shareholders | (0.81) | (0.22) | (0.74) | (1.23) | (0.43) |
Net asset value, end of period | $11.98 | $11.14 | $10.50 | $11.10 | $11.83 |
Total return3 | 15.17% | 8.24% | 1.58% | 4.11% | 7.75% |
Ratios to average net assets (annualized) | |||||
Gross expenses* | 1.52% | 1.52% | 1.51% | 1.50% | 1.49% |
Net expenses* | 1.50% | 1.50% | 1.50% | 1.50% | 1.49% |
Net investment income | 0.31% | 0.73% | 1.13% | 0.81% | 0.52% |
Supplemental data | |||||
Portfolio turnover rate4 | 152% | 162% | 155% | 161% | 136% |
Net assets, end of period (000s omitted) | $336,665 | $339,482 | $393,207 | $559,104 | $707,284 |
* | Including net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts: |
Year ended May 31, 2021 | 0.15% |
Year ended May 31, 2020 | 0.16% |
Year ended May 31, 2019 | 0.17% |
Year ended May 31, 2018 | 0.13% |
Year ended May 31, 2017 | 0.11% |
1 | Effective at the close of business on February 10, 2017, the Fund’s existing share class, WealthBuilder Portfolio shares, was renamed Class C. |
2 | Calculated based upon average shares outstanding |
3 | Total return calculations do not include any sales charges. |
4 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in the affiliated Underlying Funds and unaffiliated securities and included in the portfolio turnover calculation. |
Year ended May 31 | |||
Institutional Class | 2021 | 2020 | 2019 1 |
Net asset value, beginning of period | $10.94 | $10.32 | $11.06 |
Net investment income | 0.17 | 0.20 | 0.14 |
Net realized and unrealized gains (losses) on investments | 1.57 | 0.74 | (0.04) |
Total from investment operations | 1.74 | 0.94 | 0.10 |
Distributions to shareholders from | |||
Net investment income | (0.13) | (0.24) | (0.20) |
Net realized gains | (0.78) | (0.08) | (0.64) |
Total distributions to shareholders | (0.91) | (0.32) | (0.84) |
Net asset value, end of period | $11.77 | $10.94 | $10.32 |
Total return2 | 16.44% | 9.26% | 1.28% |
Ratios to average net assets (annualized) | |||
Gross expenses* | 0.44% | 0.44% | 0.43% |
Net expenses* | 0.42% | 0.42% | 0.42% |
Net investment income | 1.39% | 1.80% | 1.37% |
Supplemental data | |||
Portfolio turnover rate3 | 152% | 162% | 155% |
Net assets, end of period (000s omitted) | $3,114 | $2,678 | $1,817 |
* | Including net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts: |
Year ended May 31, 2021 | 0.15% |
Year ended May 31, 2020 | 0.16% |
Year ended May 31, 20191 | 0.16% |
1 | For the period from July 31, 2018 (commencement of class operations) to May 31, 2019 |
2 | Returns for periods of less than one year are not annualized. |
3 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in the affiliated Underlying Funds and unaffiliated securities and included in the portfolio turnover calculation. |
Year ended May 31 | |||||
Class A | 2021 | 2020 | 2019 | 2018 | 2017 1 |
Net asset value, beginning of period | $12.70 | $11.57 | $13.88 | $14.60 | $13.92 |
Net investment income | 0.13 | 0.15 | 0.14 2 | 0.12 | 0.01 2 |
Net realized and unrealized gains (losses) on investments | 3.24 | 1.17 | (0.30) | 1.39 | 0.67 |
Total from investment operations | 3.37 | 1.32 | (0.16) | 1.51 | 0.68 |
Distributions to shareholders from | |||||
Net investment income | (0.13) | (0.18) | (0.23) | (0.30) | 0.00 |
Net realized gains | (1.48) | (0.01) | (1.92) | (1.93) | 0.00 |
Total distributions to shareholders | (1.61) | (0.19) | (2.15) | (2.23) | 0.00 |
Net asset value, end of period | $14.46 | $12.70 | $11.57 | $13.88 | $14.60 |
Total return3 | 27.87% | 11.34% | (0.38)% | 10.33% | 4.89% |
Ratios to average net assets (annualized) | |||||
Gross expenses* | 0.79% | 0.79% | 0.78% | 0.78% | 0.76% |
Net expenses* | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% |
Net investment income | 0.90% | 1.14% | 1.20% | 1.07% | 0.16% |
Supplemental data | |||||
Portfolio turnover rate4 | 100% | 98% | 97% | 93% | 58% |
Net assets, end of period (000s omitted) | $31,295 | $25,089 | $23,420 | $2,009 | $357 |
* | Including net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts: |
Year ended May 31, 2021 | 0.14% |
Year ended May 31, 2020 | 0.16% |
Year ended May 31, 2019 | 0.17% |
Year ended May 31, 2018 | 0.12% |
Year ended May 31, 20171 | 0.11% |
1 | For the period from February 10, 2017 (commencement of class operations) to May 31, 2017 |
2 | Calculated based upon average shares outstanding |
3 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
4 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in the affiliated Underlying Funds and unaffiliated securities and included in the portfolio turnover calculation. |
Year ended May 31 | |||||
Class C1 | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $12.96 | $11.78 | $14.02 | $14.58 | $13.39 |
Net investment income (loss) | 0.02 | 0.06 | 0.08 | 0.04 | (0.01) 2 |
Net realized and unrealized gains (losses) on investments | 3.30 | 1.20 | (0.33) | 1.34 | 1.84 |
Total from investment operations | 3.32 | 1.26 | (0.25) | 1.38 | 1.83 |
Distributions to shareholders from | |||||
Net investment income | (0.02) | (0.07) | (0.07) | (0.01) | 0.00 |
Net realized gains | (1.48) | (0.01) | (1.92) | (1.93) | (0.64) |
Total distributions to shareholders | (1.50) | (0.08) | (1.99) | (1.94) | (0.64) |
Net asset value, end of period | $14.78 | $12.96 | $11.78 | $14.02 | $14.58 |
Total return3 | 26.86% | 10.67% | (1.12)% | 9.45% | 14.05% |
Ratios to average net assets (annualized) | |||||
Gross expenses* | 1.54% | 1.53% | 1.52% | 1.51% | 1.51% |
Net expenses* | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% |
Net investment income (loss) | 0.15% | 0.40% | 0.56% | 0.26% | (0.06)% |
Supplemental data | |||||
Portfolio turnover rate4 | 100% | 98% | 97% | 93% | 58% |
Net assets, end of period (000s omitted) | $266,399 | $241,980 | $261,722 | $354,185 | $402,997 |
* | Including net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts: |
Year ended May 31, 2021 | 0.15% |
Year ended May 31, 2020 | 0.16% |
Year ended May 31, 2019 | 0.17% |
Year ended May 31, 2018 | 0.12% |
Year ended May 31, 2017 | 0.11% |
1 | Effective at the close of business on February 10, 2017, the Fund’s existing share class, WealthBuilder Portfolio shares, was renamed Class C. |
2 | Calculated based upon average shares outstanding |
3 | Total return calculations do not include any sales charges. |
4 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in the affiliated Underlying Funds and unaffiliated securities and included in the portfolio turnover calculation. |
Year ended May 31 | |||
Institutional Class | 2021 | 2020 | 2019 1 |
Net asset value, beginning of period | $12.70 | $11.57 | $14.20 |
Net investment income | 0.22 | 0.16 | 0.18 |
Net realized and unrealized gains (losses) on investments | 3.19 | 1.20 | (0.65) |
Total from investment operations | 3.41 | 1.36 | (0.47) |
Distributions to shareholders from | |||
Net investment income | (0.17) | (0.22) | (0.24) |
Net realized gains | (1.48) | (0.01) | (1.92) |
Total distributions to shareholders | (1.65) | (0.23) | (2.16) |
Net asset value, end of period | $14.46 | $12.70 | $11.57 |
Total return2 | 28.25% | 11.71% | (2.47)% |
Ratios to average net assets (annualized) | |||
Gross expenses* | 0.46% | 0.46% | 0.45% |
Net expenses* | 0.42% | 0.42% | 0.42% |
Net investment income | 1.24% | 1.44% | 1.84% |
Supplemental data | |||
Portfolio turnover rate3 | 100% | 98% | 97% |
Net assets, end of period (000s omitted) | $2,589 | $1,016 | $699 |
* | Including net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts: |
Year ended May 31, 2021 | 0.14% |
Year ended May 31, 2020 | 0.16% |
Year ended May 31, 20191 | 0.17% |
1 | For the period from July 31, 2018 (commencement of class operations) to May 31, 2019 |
2 | Returns for periods of less than one year are not annualized. |
3 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in the affiliated Underlying Funds and unaffiliated securities and included in the portfolio turnover calculation. |
Year ended May 31 | |||||
Class A | 2021 | 2020 | 2019 | 2018 | 2017 1 |
Net asset value, beginning of period | $10.40 | $9.82 | $10.05 | $10.52 | $10.34 |
Net investment income | 0.11 | 0.16 | 0.18 | 0.20 | 0.04 |
Net realized and unrealized gains on investments | 0.71 | 0.59 | 0.18 | 0.02 | 0.18 |
Total from investment operations | 0.82 | 0.75 | 0.36 | 0.22 | 0.22 |
Distributions to shareholders from | |||||
Net investment income | (0.14) | (0.17) | (0.19) | (0.19) | (0.04) |
Net realized gains | (0.58) | 0.00 | (0.40) | (0.50) | 0.00 |
Total distributions to shareholders | (0.72) | (0.17) | (0.59) | (0.69) | (0.04) |
Net asset value, end of period | $10.50 | $10.40 | $9.82 | $10.05 | $10.52 |
Total return2 | 8.07% | 7.72% | 3.84% | 2.05% | 2.14% |
Ratios to average net assets (annualized) | |||||
Gross expenses* | 0.80% | 0.80% | 0.79% | 0.77% | 0.76% |
Net expenses* | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% |
Net investment income | 1.04% | 1.61% | 2.15% | 1.81% | 1.34% |
Supplemental data | |||||
Portfolio turnover rate3 | 206% | 197% | 183% | 192% | 175% |
Net assets, end of period (000s omitted) | $24,170 | $21,256 | $16,242 | $4,532 | $4,468 |
* | Including net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts: |
Year ended May 31, 2021 | 0.16% |
Year ended May 31, 2020 | 0.15% |
Year ended May 31, 2019 | 0.16% |
Year ended May 31, 2018 | 0.13% |
Year ended May 31, 20171 | 0.11% |
1 | For the period from February 10, 2017 (commencement of class operations) to May 31, 2017 |
2 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
3 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in the affiliated Underlying Funds and unaffiliated securities and included in the portfolio turnover calculation. |
Year ended May 31 | |||||
Class C1 | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $10.36 | $9.81 | $10.06 | $10.51 | $10.33 |
Net investment income | 0.03 | 0.09 | 0.14 2 | 0.11 | 0.07 |
Net realized and unrealized gains on investments | 0.71 | 0.58 | 0.13 | 0.04 | 0.38 |
Total from investment operations | 0.74 | 0.67 | 0.27 | 0.15 | 0.45 |
Distributions to shareholders from | |||||
Net investment income | (0.06) | (0.12) | (0.12) | (0.10) | (0.10) |
Net realized gains | (0.58) | 0.00 | (0.40) | (0.50) | (0.17) |
Total distributions to shareholders | (0.64) | (0.12) | (0.52) | (0.60) | (0.27) |
Net asset value, end of period | $10.46 | $10.36 | $9.81 | $10.06 | $10.51 |
Total return3 | 7.25% | 6.90% | 2.89% | 1.37% | 4.42% |
Ratios to average net assets (annualized) | |||||
Gross expenses* | 1.55% | 1.55% | 1.54% | 1.52% | 1.50% |
Net expenses* | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% |
Net investment income | 0.30% | 0.89% | 1.41% | 1.05% | 0.72% |
Supplemental data | |||||
Portfolio turnover rate4 | 206% | 197% | 183% | 192% | 175% |
Net assets, end of period (000s omitted) | $196,035 | $212,465 | $237,153 | $319,498 | $425,400 |
* | Including net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts: |
Year ended May 31, 2021 | 0.16% |
Year ended May 31, 2020 | 0.15% |
Year ended May 31, 2019 | 0.16% |
Year ended May 31, 2018 | 0.13% |
Year ended May 31, 2017 | 0.11% |
1 | Effective at the close of business on February 10, 2017, the Fund’s existing share class, WealthBuilder Portfolio shares, was renamed Class C. |
2 | Calculated based upon average shares outstanding |
3 | Total return calculations do not include any sales charges. |
4 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in the affiliated Underlying Funds and unaffiliated securities and included in the portfolio turnover calculation. |
Year ended May 31 | |||
Institutional Class | 2021 | 2020 | 2019 1 |
Net asset value, beginning of period | $10.39 | $9.80 | $10.15 |
Net investment income | 0.19 | 0.21 | 0.15 |
Net realized and unrealized gains on investments | 0.68 | 0.57 | 0.12 |
Total from investment operations | 0.87 | 0.78 | 0.27 |
Distributions to shareholders from | |||
Net investment income | (0.18) | (0.19) | (0.22) |
Net realized gains | (0.58) | 0.00 | (0.40) |
Total distributions to shareholders | (0.76) | (0.19) | (0.62) |
Net asset value, end of period | $10.50 | $10.39 | $9.80 |
Total return2 | 8.51% | 8.07% | 2.95% |
Ratios to average net assets (annualized) | |||
Gross expenses* | 0.47% | 0.47% | 0.46% |
Net expenses* | 0.42% | 0.42% | 0.42% |
Net investment income | 1.33% | 1.96% | 1.61% |
Supplemental data | |||
Portfolio turnover rate3 | 206% | 197% | 183% |
Net assets, end of period (000s omitted) | $1,139 | $710 | $434 |
* | Including net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts: |
Year ended May 31, 2021 | 0.16% |
Year ended May 31, 2020 | 0.15% |
Year ended May 31, 20191 | 0.16% |
1 | For the period from July 31, 2018 (commencement of class operations) to May 31, 2019 |
2 | Returns for periods of less than one year are not annualized. |
3 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in the affiliated Underlying Funds and unaffiliated securities and included in the portfolio turnover calculation. |
Year ended May 31 | |||||
Class A | 2021 | 2020 | 2019 | 2018 | 2017 1 |
Net asset value, beginning of period | $12.64 | $11.64 | $13.27 | $14.24 | $13.68 |
Net investment income | 0.14 | 0.15 | 0.18 2 | 0.19 2 | 0.01 |
Net realized and unrealized gains (losses) on investments | 2.59 | 1.07 | (0.14) | 0.89 | 0.55 |
Total from investment operations | 2.73 | 1.22 | 0.04 | 1.08 | 0.56 |
Distributions to shareholders from | |||||
Net investment income | (0.15) | (0.21) | (0.23) | (0.42) | 0.00 |
Net realized gains | (1.30) | (0.01) | (1.44) | (1.63) | 0.00 |
Total distributions to shareholders | (1.45) | (0.22) | (1.67) | (2.05) | 0.00 |
Net asset value, end of period | $13.92 | $12.64 | $11.64 | $13.27 | $14.24 |
Total return3 | 22.56% | 10.49% | 1.02% | 7.51% | 4.09% |
Ratios to average net assets (annualized) | |||||
Gross expenses* | 0.75% | 0.76% | 0.76% | 0.75% | 0.74% |
Net expenses* | 0.75% | 0.75% | 0.75% | 0.75% | 0.74% |
Net investment income | 0.96% | 1.31% | 1.51% | 1.33% | 0.54% |
Supplemental data | |||||
Portfolio turnover rate4 | 120% | 131% | 126% | 129% | 102% |
Net assets, end of period (000s omitted) | $56,004 | $46,133 | $46,380 | $3,031 | $1,464 |
* | Including net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts: |
Year ended May 31, 2021 | 0.15% |
Year ended May 31, 2020 | 0.16% |
Year ended May 31, 2019 | 0.17% |
Year ended May 31, 2018 | 0.12% |
Year ended May 31, 20171 | 0.11% |
1 | For the period from February 10, 2017 (commencement of class operations) to May 31, 2017 |
2 | Calculated based upon average shares outstanding |
3 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
4 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in the affiliated Underlying Funds and unaffiliated securities and included in the portfolio turnover calculation. |
Year ended May 31 | |||||
Class C1 | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $12.87 | $11.85 | $13.40 | $14.21 | $13.29 |
Net investment income | 0.03 | 0.08 | 0.11 | 0.09 | 0.05 |
Net realized and unrealized gains (losses) on investments | 2.66 | 1.06 | (0.14) | 0.87 | 1.40 |
Total from investment operations | 2.69 | 1.14 | (0.03) | 0.96 | 1.45 |
Distributions to shareholders from | |||||
Net investment income | (0.04) | (0.11) | (0.08) | (0.14) | 0.00 |
Net realized gains | (1.30) | (0.01) | (1.44) | (1.63) | (0.53) |
Total distributions to shareholders | (1.34) | (0.12) | (1.52) | (1.77) | (0.53) |
Net asset value, end of period | $14.22 | $12.87 | $11.85 | $13.40 | $14.21 |
Total return2 | 21.79% | 9.58% | 0.31% | 6.65% | 11.14% |
Ratios to average net assets (annualized) | |||||
Gross expenses* | 1.50% | 1.51% | 1.50% | 1.50% | 1.49% |
Net expenses* | 1.50% | 1.50% | 1.50% | 1.50% | 1.49% |
Net investment income | 0.21% | 0.57% | 0.84% | 0.56% | 0.30% |
Supplemental data | |||||
Portfolio turnover rate3 | 120% | 131% | 126% | 129% | 102% |
Net assets, end of period (000s omitted) | $499,835 | $477,998 | $539,352 | $732,031 | $867,751 |
* | Including net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts: |
Year ended May 31, 2021 | 0.15% |
Year ended May 31, 2020 | 0.16% |
Year ended May 31, 2019 | 0.17% |
Year ended May 31, 2018 | 0.12% |
Year ended May 31, 2017 | 0.11% |
1 | Effective at the close of business on February 10, 2017, the Fund’s existing share class, WealthBuilder Portfolio shares, was renamed Class C. |
2 | Total return calculations do not include any sales charges. |
3 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in the affiliated Underlying Funds and unaffiliated securities and included in the portfolio turnover calculation. |
Year ended May 31 | |||
Institutional Class | 2021 | 2020 | 2019 1 |
Net asset value, beginning of period | $12.64 | $11.65 | $13.52 |
Net investment income | 0.23 | 0.25 | 0.15 |
Net realized and unrealized gains (losses) on investments | 2.55 | 1.01 | (0.33) |
Total from investment operations | 2.78 | 1.26 | (0.18) |
Distributions to shareholders from | |||
Net investment income | (0.19) | (0.26) | (0.25) |
Net realized gains | (1.30) | (0.01) | (1.44) |
Total distributions to shareholders | (1.49) | (0.27) | (1.69) |
Net asset value, end of period | $13.93 | $12.64 | $11.65 |
Total return2 | 22.99% | 10.78% | (0.62)% |
Ratios to average net assets (annualized) | |||
Gross expenses* | 0.42% | 0.43% | 0.43% |
Net expenses* | 0.42% | 0.42% | 0.42% |
Net investment income | 1.32% | 1.63% | 1.38% |
Supplemental data | |||
Portfolio turnover rate3 | 120% | 131% | 126% |
Net assets, end of period (000s omitted) | $3,443 | $1,945 | $1,067 |
* | Including net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts: |
Year ended May 31, 2021 | 0.15% |
Year ended May 31, 2020 | 0.16% |
Year ended May 31, 20191 | 0.16% |
1 | For the period from July 31, 2018 (commencement of class operations) to May 31, 2019 |
2 | Returns for periods of less than one year are not annualized. |
3 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in the affiliated Underlying Funds and unaffiliated securities and included in the portfolio turnover calculation. |
Former fund name | New fund name |
WealthBuilder Equity Fund | Spectrum Aggressive Growth Fund |
WealthBuilder Moderate Balanced Fund | Spectrum Conservative Growth Fund |
WealthBuilder Growth Allocation Fund | Spectrum Growth Fund |
WealthBuilder Conservative Allocation Fund | Spectrum Income Allocation Fund |
WealthBuilder Growth Balanced Fund | Spectrum Moderate Growth Fund |
Net investment income | Net realized gains | |
Spectrum Aggressive Growth Fund | Annually | Annually |
Spectrum Conservative Growth Fund | Quarterly | Annually |
Spectrum Growth Fund | Annually | Annually |
Spectrum Income Allocation Fund | Monthly | Annually |
Spectrum Moderate Growth Fund | Annually | Annually |
Tax cost | Gross unrealized gains | Gross unrealized losses | Net unrealized gains | |
Spectrum Aggressive Growth Fund | $329,471,778 | $115,507,095 | $ (74,462) | $115,432,633 |
Spectrum Conservative Growth Fund | 331,134,851 | 41,518,230 | (871,877) | 40,646,353 |
Spectrum Growth Fund | 239,500,606 | 54,951,699 | (171,523) | 54,780,176 |
Spectrum Income Allocation Fund | 205,884,191 | 10,960,582 | (329,444) | 10,631,138 |
Spectrum Moderate Growth Fund | 463,822,123 | 85,618,189 | (1,046,747) | 84,571,442 |
Paid-in capital | Total distributable earnings | |
Spectrum Aggressive Growth Fund | $ (69,996) | $ 69,996 |
Spectrum Conservative Growth Fund | 498,358 | (498,358) |
Spectrum Growth Fund | (274,514) | 274,514 |
Spectrum Income Allocation Fund | (203,157) | 203,157 |
Spectrum Moderate Growth Fund | (527,476) | 527,476 |
■ | 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) |
Spectrum Aggressive Growth Fund | Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total |
Assets | ||||
Investments in: | ||||
Investment companies | $ 137,415,343 | $0 | $0 | $ 137,415,343 |
Short-term investments | ||||
Investment companies | 2,400,000 | 0 | 0 | 2,400,000 |
Investments measured at net asset value* | 306,036,403 | |||
139,815,343 | 0 | 0 | 445,851,746 | |
Futures contracts | 160,699 | 0 | 0 | 160,699 |
Total assets | $139,976,042 | $0 | $0 | $446,012,445 |
Liabilities | ||||
Futures contracts | $ 1,108,034 | $0 | $0 | $ 1,108,034 |
Total liabilities | $ 1,108,034 | $0 | $0 | $ 1,108,034 |
* | Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities. The Fund’s investments in the affiliated Master Portfolios are valued at $306,036,403. Each affiliated Master Portfolio does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments. |
Spectrum Conservative Growth Fund | Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total |
Assets | ||||
Investments in: | ||||
Investment companies | $ 135,881,008 | $0 | $0 | $ 135,881,008 |
Short-term investments | ||||
Investment companies | 1,280,700 | 0 | 0 | 1,280,700 |
Investments measured at net asset value* | 235,508,593 | |||
137,161,708 | 0 | 0 | 372,670,301 | |
Futures contracts | 209,172 | 0 | 0 | 209,172 |
Total assets | $137,370,880 | $0 | $0 | $372,879,473 |
Liabilities | ||||
Futures contracts | $ 1,098,269 | $0 | $0 | $ 1,098,269 |
Total liabilities | $ 1,098,269 | $0 | $0 | $ 1,098,269 |
* | Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities. The Fund’s investments in the affiliated Master Portfolios are valued at $235,508,593. Each affiliated Master Portfolio does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments. |
Spectrum Growth Fund | Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total |
Assets | ||||
Investments in: | ||||
Investment companies | $ 119,853,594 | $0 | $0 | $ 119,853,594 |
Short-term investments | ||||
Investment companies | 966,950 | 0 | 0 | 966,950 |
Investments measured at net asset value* | 173,489,993 | |||
120,820,544 | 0 | 0 | 294,310,537 | |
Futures contracts | 748,000 | 0 | 0 | 748,000 |
Total assets | $121,568,544 | $0 | $0 | $295,058,537 |
Liabilities | ||||
Futures contracts | $ 777,755 | $0 | $0 | $ 777,755 |
Total liabilities | $ 777,755 | $0 | $0 | $ 777,755 |
* | Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities. The Fund’s investments in the affiliated Master Portfolios are valued at $173,489,993. Each affiliated Master Portfolio does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments. |
Spectrum Income Allocation Fund | Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total |
Assets | ||||
Investments in: | ||||
Investment companies | $ 60,590,866 | $0 | $0 | $ 60,590,866 |
Short-term investments | ||||
Investment companies | 1,100,000 | 0 | 0 | 1,100,000 |
Investments measured at net asset value* | 155,012,065 | |||
61,690,866 | 0 | 0 | 216,702,931 | |
Futures contracts | 480,313 | 0 | 0 | 480,313 |
Total assets | $62,171,179 | $0 | $0 | $217,183,244 |
Liabilities | ||||
Futures contracts | $ 667,915 | $0 | $0 | $ 667,915 |
Total liabilities | $ 667,915 | $0 | $0 | $ 667,915 |
* | Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities. The Fund’s investments in the affiliated Master Portfolios are valued at $155,012,065. Each affiliated Master Portfolio does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments. |
Spectrum Moderate Growth Fund | Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total |
Assets | ||||
Investments in: | ||||
Investment companies | $ 199,926,922 | $0 | $0 | $ 199,926,922 |
Short-term investments | ||||
Investment companies | 2,652,130 | 0 | 0 | 2,652,130 |
Investments measured at net asset value* | 345,842,651 | |||
202,579,052 | 0 | 0 | 548,421,703 | |
Futures contracts | 1,452,793 | 0 | 0 | 1,452,793 |
Total assets | $204,031,845 | $0 | $0 | $549,874,496 |
Liabilities | ||||
Futures contracts | $ 1,480,931 | $0 | $0 | $ 1,480,931 |
Total liabilities | $ 1,480,931 | $0 | $0 | $ 1,480,931 |
* | Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities. The Fund’s investments in the affiliated Master Portfolios are valued at $345,842,651. Each affiliated Master Portfolio does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments. |
Affiliated Master Portfolio | Investment objective |
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio | Seeks to replicate the total return of the Bloomberg Barclays U.S. Aggregate ex-Corporate Index, before fees and expenses |
Wells Fargo Core Bond Portfolio | Seeks total return, consisting of income and capital appreciation |
Wells Fargo Disciplined Large Cap Portfolio | Seeks long-term capital appreciation |
Wells Fargo Emerging Growth Portfolio | Seeks long-term capital appreciation |
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio | Seeks long-term capital appreciation |
Wells Fargo Factor Enhanced International Equity Portfolio | Seeks long-term capital appreciation |
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio | Seeks long-term capital appreciation |
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio | Seeks long-term capital appreciation |
Wells Fargo High Yield Corporate Bond Portfolio | Seeks to replicate the total return of the Wells Fargo U.S. High Yield Bond Index, before fees and expenses |
Wells Fargo Real Return Portfolio | Seeks returns that exceed the rate of inflation over the long-term |
Wells Fargo Small Company Value Portfolio | Seeks long-term capital appreciation |
Wells Fargo Strategic Retirement Bond Portfolio | Seeks to replicate the total return of a blended index that is weighted 50% to the Bloomberg Barclays U.S. Treasury Inflation-Linked 1-10 Year Bond Index and 50% to the Bloomberg Barclays U.S. Intermediate Government Bond Index, before fees and expenses |
Average daily net assets | Management fee |
First $1 billion | 0.250% |
Next $4 billion | 0.225 |
Next $5 billion | 0.190 |
Over $10 billion | 0.180 |
Class-level administration fee | |
Class A | 0.21% |
Class C | 0.21 |
Institutional Class | 0.13 |
Expense ratio caps | |
Class A | 0.75% |
Class C | 1.50 |
Institutional Class | 0.42 |
Front-end sales charges | Contingent deferred sales charges | ||
Class A | Class C | ||
Spectrum Aggressive Growth Fund | $ 6,322 | $ 1,864 | |
Spectrum Conservative Growth Fund | 6,732 | 864 | |
Spectrum Growth Fund | 4,905 | 1,313 | |
Spectrum Income Allocation Fund | 1,638 | 3,731 | |
Spectrum Moderate Growth Fund | 4,372 | 765 |
Purchases at cost | Sales proceeds | ||||
U.S. government | Non-U.S. government | U.S. government | Non-U.S. government | ||
Spectrum Aggressive Growth Fund | $ 0 | $321,507,064 | $ 0 | 365,079,248 | |
Spectrum Conservative Growth Fund | 357,273,922 | 211,836,511 | 326,374,381 | 237,804,768 | |
Spectrum Growth Fund | 55,195,169 | 218,304,257 | 45,036,430 | 220,360,399 | |
Spectrum Income Allocation Fund | 353,003,975 | 118,389,405 | 328,087,248 | 157,273,214 | |
Spectrum Moderate Growth Fund | 287,954,730 | 343,463,454 | 256,752,469 | 376,755,325 |
Average notional balance | ||
Long futures | Short futures | |
Spectrum Aggressive Growth Fund | $47,600,770 | $46,358,700 |
Spectrum Conservative Growth Fund | 49,110,621 | 36,577,422 |
Spectrum Growth Fund | 40,556,435 | 33,273,971 |
Spectrum Income Allocation Fund | 32,541,997 | 26,205,139 |
Spectrum Moderate Growth Fund | 78,519,311 | 62,488,041 |
Asset derivatives | Liability derivatives | ||||
Statements of Assets and Liabilities location | Fair value | Statements of Assets and Liabilities location | Fair value | ||
Equity risk | Unrealized gains on futures contracts | $ 140,905* | Unrealized losses on futures contracts | $ 1,108,034* | |
Foreign currency risk | Unrealized gains on futures contracts | 19,794* | Unrealized losses on futures contracts | 0* | |
$160,699 | $1,108,034 |
Amount of realized gains (losses) on derivatives | Change in unrealized gains (losses) on derivatives | |
Equity risk | $ 33,773 | $(1,108,983) |
Foreign currency risk | (963,618) | 181,183 |
$(929,845) | $ (927,800) |
Asset derivatives | Liability derivatives | ||||
Statements of Assets and Liabilities location | Fair value | Statements of Assets and Liabilities location | Fair value | ||
Equity risk | Unrealized gains on futures contracts | $ 192,336* | Unrealized losses on futures contracts | $ 1,098,269* | |
Foreign currency risk | Unrealized gains on futures contracts | 16,836* | Unrealized losses on futures contracts | 0* | |
$209,172 | $1,098,269 |
Amount of realized gains (losses) on derivatives | Change in unrealized gains (losses) on derivatives | |
Equity risk | $ 9,054,000 | $ (4,227,233) |
Interest rate risk | 457,105 | 0 |
Foreign currency risk | (3,166,911) | 185,094 |
$ 6,344,194 | $(4,042,139) |
Asset derivatives | Liability derivatives | ||||
Statements of Assets and Liabilities location | Fair value | Statements of Assets and Liabilities location | Fair value | ||
Equity risk | Unrealized gains on futures contracts | $ 734,804* | Unrealized losses on futures contracts | $ 777,755* | |
Foreign currency risk | Unrealized gains on futures contracts | 13,196* | Unrealized losses on futures contracts | 0* | |
$748,000 | $777,755 |
Amount of realized gains (losses) on derivatives | Change in unrealized gains (losses) on derivatives | |
Equity risk | $ 3,068,867 | $ (2,330,196) |
Interest rate risk | 349,824 | 0 |
Foreign currency risk | (704,383) | 130,804 |
$2,714,308 | $(2,199,392) |
Asset derivatives | Liability derivatives | ||||
Statements of Assets and Liabilities location | Fair value | Statements of Assets and Liabilities location | Fair value | ||
Interest rate risk | Unrealized gains on futures contracts | $ 0* | Unrealized losses on futures contracts | $ 23,184* | |
Equity risk | Unrealized gains on futures contracts | 470,530* | Unrealized losses on futures contracts | 644,731* | |
Foreign currency risk | Unrealized gains on futures contracts | 9,783* | Unrealized losses on futures contracts | 0* | |
$480,313 | $667,915 |
Amount of realized gains (losses) on derivatives | Change in unrealized gains (losses) on derivatives | |
Equity risk | $ 4,396,772 | $ (2,269,330) |
Interest rate risk | 328,463 | (23,184) |
Foreign currency risk | (626,965) | 115,462 |
$4,098,270 | $(2,177,052) |
Asset derivatives | Liability derivatives | ||||
Statements of Assets and Liabilities location | Fair value | Statements of Assets and Liabilities location | Fair value | ||
Equity risk | Unrealized gains on futures contracts | $ 1,428,107* | Unrealized losses on futures contracts | $ 1,480,931* | |
Foreign currency risk | Unrealized gains on futures contracts | 24,686* | Unrealized losses on futures contracts | 0* | |
$1,452,793 | $1,480,931 |
Amount of realized gains (losses) on derivatives | Change in unrealized gains (losses) on derivatives | |
Equity risk | $ 6,993,908 | $ (4,383,893) |
Interest rate risk | 672,652 | 0 |
Foreign currency risk | (1,397,701) | 259,219 |
$ 6,268,859 | $(4,124,674) |
Ordinary income | Long-term capital gain | ||||
2021 | 2020 | 2021 | 2020 | ||
Spectrum Aggressive Growth Fund | $ 6,231,697 | $1,236,017 | $40,196,774 | $ 914,158 | |
Spectrum Conservative Growth Fund | 8,241,896 | 5,453,767 | 17,930,224 | 2,938,500 | |
Spectrum Growth Fund | 5,367,505 | 1,781,228 | 24,480,237 | 161,600 | |
Spectrum Income Allocation Fund | 7,360,080 | 3,065,148 | 6,712,300 | 0 | |
Spectrum Moderate Growth Fund | 13,066,589 | 5,114,579 | 39,211,132 | 307,721 |
Undistributed ordinary income | Undistributed long-term gain | Unrealized gains | Late-year ordinary losses deferred | |
Spectrum Aggressive Growth Fund | $ 15,812,217 | $ 12,294,892 | $ 115,432,633 | $ (1,137,589) |
Spectrum Conservative Growth Fund | 12,495,751 | 5,434,693 | 40,646,353 | 0 |
Spectrum Growth Fund | 10,282,279 | 6,251,626 | 54,780,176 | 0 |
Spectrum Income Allocation Fund | 4,606,835 | 1,626,393 | 10,631,138 | 0 |
Spectrum Moderate Growth Fund | 14,302,179 | 12,647,991 | 84,571,442 | 0 |
Wells Fargo Funds Trust:
![](https://capedge.com/proxy/N-CSR/0001193125-21-234774/g150362img5d31f34d9.jpg)
Dividends-received deduction | |
Spectrum Aggressive Growth Fund | 52.00% |
Spectrum Conservative Growth Fund | 14.00 |
Spectrum Growth Fund | 32.00 |
Spectrum Income Allocation Fund | 6.00 |
Spectrum Moderate Growth Fund | 21.00 |
20% rate gain distribution | |
Spectrum Aggressive Growth Fund | $40,196,774 |
Spectrum Conservative Growth Fund | 17,930,224 |
Spectrum Growth Fund | 24,480,237 |
Spectrum Income Allocation Fund | 6,712,300 |
Spectrum Moderate Growth Fund | 39,211,132 |
QDI | |
Spectrum Aggressive Growth Fund | $3,980,446 |
Spectrum Conservative Growth Fund | 1,676,945 |
Spectrum Growth Fund | 2,583,670 |
Spectrum Income Allocation Fund | 661,958 |
Spectrum Moderate Growth Fund | 4,145,996 |
Interest-related dividends | |
Spectrum Conservative Growth Fund | $ 924,593 |
Spectrum Growth Fund | 315,437 |
Spectrum Income Allocation Fund | 1,370,505 |
Spectrum Moderate Growth Fund | 1,378,041 |
Short-term capital gain dividends | |
Spectrum Aggressive Growth Fund | $ 4,349,410 |
Spectrum Conservative Growth Fund | 7,086,010 |
Spectrum Growth Fund | 4,612,906 |
Spectrum Income Allocation Fund | 5,913,725 |
Spectrum Moderate Growth Fund | 10,798,929 |
% of U.S. government income | |
Spectrum Conservative Growth Fund | 2.00% |
Spectrum Income Allocation Fund | 3.00 |
% of interest income | |
Spectrum Conservative Growth Fund | 9.00% |
Spectrum Growth Fund | 3.00 |
Spectrum Income Allocation Fund | 8.00 |
Spectrum Moderate Growth Fund | 5.00 |
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. |
Wells Fargo Absolute Return Fund |
Wells Fargo Core Plus Bond Fund |
Wells Fargo Growth Balanced Fund |
Wells Fargo Moderate Balanced Fund |
Wells Fargo Specialized Technology Fund |
Wells Fargo Spectrum Aggressive Growth Fund |
Wells Fargo Spectrum Conservative Growth Fund |
Wells Fargo Spectrum Growth Fund |
Wells Fargo Spectrum Income Allocation Fund |
Wells Fargo Spectrum Moderate Growth Fund |
■ | Information regarding the Transaction: information about the structure, financing sources and material terms and conditions of the Transaction, including the expected impact on the businesses conducted by the Advisers and by Wells Fargo Funds Distributor LLC, as the distributor of Fund shares. |
■ | Information regarding NewCo, GTCR and Reverence Capital: (i) information about NewCo, including information about its expected financial condition and access to capital, and senior leadership team; (ii) the experience of senior management at GTCR and Reverence Capital in acquiring portfolio companies; (iii) the plan to operationalize NewCo, including the transition of necessary infrastructure services through a transition services agreement with Wells Fargo under which Wells Fargo will continue to provide NewCo with certain services for a specified period of time after the closing; and (iv) information regarding regulatory matters, compliance, and risk management functions at NewCo, including resources to be dedicated thereto. |
■ | Impact of the Transaction on WFAM and Service Providers: (i) information regarding any changes to personnel and/or other resources of the Advisers as a result of the Transaction, including assurances regarding comparable and competitive compensation arrangements to attract and retain highly qualified personnel; and (ii) information about the organizational and operating structure with respect to NewCo, the Advisers and the Funds. |
■ | Impact of the Transaction on the Funds and their Shareholders: (i) information regarding anticipated benefits to the Funds as a result of the Transaction; (ii) a commitment that the Funds would not bear any expenses, directly or indirectly, in connection with the Transaction; (iii) confirmation that the Advisers intend to continue to manage the Funds in a manner consistent with each Fund’s current investment objectives and principal investments strategies; and (iv) a commitment that neither NewCo nor WFAM will take any steps that would impose any “unfair burden” (as that term is used in section 15(f)(1)(B) of the 1940 Act) on the Funds as a result of the Transaction. |
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P.O. Box 219967
Kansas City, MO 64121-9967
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AWBP/AR102 05-21
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 May 31, 2021 | Fiscal year ended May 31, 2020 | |||||||
Audit fees | $ | 372,740 | $ | 367,170 | ||||
Audit-related fees | — | — | ||||||
Tax fees (1) | 72,790 | 69,270 | ||||||
All other fees | — | — | ||||||
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$ | 445,530 | $ | 436,440 | |||||
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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)(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: | July 28, 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: | July 28, 2021 | |
By: | ||
/s/ Jeremy DePalma | ||
Jeremy DePalma | ||
Treasurer | ||
Date: | July 28, 2021 |