UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSRS
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-09253
Wells Fargo Funds Trust
(Exact name of registrant as specified in charter)
525 Market St., San Francisco, CA 94105
(Address of principal executive offices) (Zip code)
Catherine Kennedy
Wells Fargo Funds Management, LLC
525 Market St., San Francisco, CA 94105
(Name and address of agent for service)
Registrant’s telephone number, including area code: 800-222-8222
Date of fiscal year end: July 31
Registrant is making a filing for 7 of its series:
Wells Fargo 100% Treasury Money Market Fund, Wells Fargo Government Money Market Fund, Wells Fargo Heritage Money Market Fund, Wells Fargo Money Market Fund, Wells Fargo Municipal Cash Management Money Market Fund, Wells Fargo National Tax-Free Money Market Fund and Wells Fargo Treasury Plus Money Market Fund.
Date of reporting period: July 31, 2021
ITEM 1. | REPORT TO STOCKHOLDERS |
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■ | Wells Fargo 100% Treasury Money Market Fund |
2 | |
6 | |
9 | |
10 | |
Financial statements | |
12 | |
13 | |
14 | |
15 | |
19 | |
24 | |
Board considerations | |
28 | |
30 | |
35 |
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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 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 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 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. |
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President
Wells Fargo Funds
Investment objective | The Fund seeks current income exempt from most state and local individual income taxes, while preserving capital and liquidity. |
Manager | Wells Fargo Funds Management, LLC |
Subadviser | Wells Capital Management, LLC |
Portfolio managers | Michael C. Bird, CFA®‡, Jeffrey L. Weaver, CFA®‡, Laurie White |
Average annual total returns (%) as of July 31, 2021 | ||||||
Expense ratios1 (%) | ||||||
Inception date | 1 year | 5 year | 10 year | Gross | Net 2 | |
Class A (WFTXX) | 11-8-1999 | 0.01 | 0.67 | 0.34 | 0.61 | 0.60 |
Administrator Class (WTRXX) | 6-30-2010 | 0.01 | 0.88 | 0.44 | 0.34 | 0.30 |
Institutional Class (WOTXX)3 | 10-31-2014 | 0.01 | 0.96 | 0.49 | 0.22 | 0.20 |
Service Class (NWTXX) | 12-3-1990 | 0.01 | 0.75 | 0.37 | 0.51 | 0.50 |
1 | Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report. |
2 | The manager has contractually committed through May 31, 2022, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.60% for Class A, 0.30% for Administrator Class, 0.20% for Institutional Class, and 0.50% for Service Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. The manager and/or its affiliates may also voluntarily waive all or a portion of any fees to which they are entitled and/or reimburse certain expenses as they may determine from time to time. 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. |
Yield summary (%) as of July 31, 2021 | ||||
Class A | Administrator Class | Institutional Class | Service Class | |
7-day current yield1 | 0.01 | 0.01 | 0.01 | 0.01 |
7-day compound yield | 0.01 | 0.01 | 0.01 | 0.01 |
30-day simple yield | 0.01 | 0.01 | 0.01 | 0.01 |
30-day compound yield | 0.01 | 0.01 | 0.01 | 0.01 |
1 | The manager has contractually committed through May 31, 2022, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses and may also voluntarily waive or reimburse additional fees and expenses which may be discontinued or modified at any time without notice. Without these reductions, the Fund’s 7-day current yield would have been -0.51%, -0.27%, -0.17% and -0.38% for Class A, Administrator Class, Institutional Class and Service Class, respectively. |
‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
Portfolio composition as of July 31, 20211 |
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1 | Figures represent the percentage of the Fund's total investments. These amounts are subject to change and may have changed since the date specified. |
Effective maturity distribution as of July 31, 20211 |
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1 | Figures represent the percentage of the Fund's total investments. These amounts are subject to change and may have changed since the date specified. |
Weighted average maturity as of July 31, 20211 |
45 days |
1 | Weighted Average Maturity (WAM): WAM is an average of the effective maturities of all securities held in the portfolio, weighted by each security’s percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. WAM calculations allow for the maturities of certain securities with demand features or periodic interest rate resets to be shortened. WAM is a way to measure a fund’s sensitivity to potential interest rate changes. WAM is subject to change and may have changed since the date specified. |
Weighted average life as of July 31, 20211 |
97 days |
1 | Weighted Average Life (WAL): WAL is an average of the final maturities of all securities held in the portfolio, weighted by their percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. In contrast to WAM, the calculation of WAL allows for the maturities of certain securities with demand features to be shortened, but not the periodic interest rate resets. WAL is a way to measure a fund’s potential sensitivity to credit spread changes. WAL is subject to change and may have changed since the date specified. |
Beginning account value 2-1-2021 | Ending account value 7-31-2021 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $1,000.05 | $0.35 | 0.07% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,024.45 | $0.35 | 0.07% |
Administrator Class | ||||
Actual | $1,000.00 | $1,000.05 | $0.30 | 0.06% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,024.50 | $0.30 | 0.06% |
Institutional Class | ||||
Actual | $1,000.00 | $1,000.05 | $0.30 | 0.06% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,024.50 | $0.30 | 0.06% |
Service Class | ||||
Actual | $1,000.00 | $1,000.05 | $0.30 | 0.06% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,024.50 | $0.30 | 0.06% |
Interest rate | Maturity date | Principal | Value | ||
U.S. Treasury securities: 97.52% | |||||
U.S. Cash Management Bill ☼ | 0.01% | 8-3-2021 | $ 814,110,000 | $ 814,109,151 | |
U.S. Cash Management Bill ☼ | 0.02 | 8-10-2021 | 781,070,000 | 781,064,655 | |
U.S. Cash Management Bill ☼ | 0.02 | 8-17-2021 | 570,000,000 | 569,989,347 | |
U.S. Cash Management Bill ☼ | 0.02 | 8-24-2021 | 485,000,000 | 484,987,805 | |
U.S. Cash Management Bill ☼ | 0.02 | 8-31-2021 | 1,243,570,000 | 1,243,528,536 | |
U.S. Cash Management Bill ☼ | 0.03 | 10-5-2021 | 100,000,000 | 99,995,111 | |
U.S. Cash Management Bill ☼ | 0.03 | 10-12-2021 | 100,000,000 | 99,993,492 | |
U.S. Cash Management Bill ☼ | 0.03 | 10-19-2021 | 100,000,000 | 99,992,850 | |
U.S. Cash Management Bill ☼ | 0.05 | 10-26-2021 | 100,000,000 | 99,988,194 | |
U.S. Cash Management Bill ☼ | 0.05 | 11-9-2021 | 50,000,000 | 49,993,125 | |
U.S. Cash Management Bill ☼ | 0.05 | 11-16-2021 | 50,000,000 | 49,992,639 | |
U.S. Cash Management Bill ☼ | 0.05 | 11-23-2021 | 50,000,000 | 49,992,153 | |
U.S. Cash Management Bill ☼%% | 0.05 | 11-30-2021 | 50,000,000 | 49,991,736 | |
U.S. Treasury Bill ☼ | 0.01 | 8-19-2021 | 500,000,000 | 499,996,080 | |
U.S. Treasury Bill ☼ | 0.02 | 8-26-2021 | 870,150,000 | 870,134,375 | |
U.S. Treasury Bill ☼ | 0.02 | 9-7-2021 | 672,960,000 | 672,931,363 | |
U.S. Treasury Bill ☼ | 0.02 | 9-9-2021 | 380,000,000 | 379,990,342 | |
U.S. Treasury Bill ☼ | 0.02 | 9-14-2021 | 280,000,000 | 279,987,721 | |
U.S. Treasury Bill ☼ | 0.02 | 9-21-2021 | 300,000,000 | 299,985,973 | |
U.S. Treasury Bill ☼ | 0.02 | 9-28-2021 | 100,000,000 | 99,997,071 | |
U.S. Treasury Bill ☼## | 0.03 | 8-5-2021 | 510,060,000 | 510,059,134 | |
U.S. Treasury Bill ☼ | 0.03 | 8-12-2021 | 490,000,000 | 489,997,401 | |
U.S. Treasury Bill ☼ | 0.03 | 9-2-2021 | 830,000,000 | 829,976,905 | |
U.S. Treasury Bill ☼ | 0.03 | 9-16-2021 | 505,000,000 | 504,981,594 | |
U.S. Treasury Bill ☼ | 0.04 | 12-16-2021 | 50,000,000 | 49,992,444 | |
U.S. Treasury Bill ☼ | 0.05 | 9-23-2021 | 485,000,000 | 484,966,724 | |
U.S. Treasury Bill ☼ | 0.05 | 9-30-2021 | 200,000,000 | 199,984,267 | |
U.S. Treasury Bill ☼ | 0.05 | 10-14-2021 | 500,000,000 | 499,949,306 | |
U.S. Treasury Bill ☼ | 0.05 | 10-21-2021 | 500,000,000 | 499,944,444 | |
U.S. Treasury Bill ☼ | 0.05 | 10-28-2021 | 500,000,000 | 499,939,583 | |
U.S. Treasury Bill ☼ | 0.07 | 1-27-2022 | 20,000,000 | 19,990,952 | |
U.S. Treasury Bill ☼ | 0.10 | 12-23-2021 | 100,000,000 | 99,976,167 | |
U.S. Treasury Bill ☼ | 0.11 | 12-30-2021 | 90,000,000 | 89,959,480 | |
U.S. Treasury Bill ☼ | 0.12 | 12-2-2021 | 50,000,000 | 49,980,344 | |
U.S. Treasury Bill ☼ | 0.14 | 10-7-2021 | 420,000,000 | 419,958,291 | |
U.S. Treasury Bill ☼ | 0.14 | 11-4-2021 | 85,000,000 | 84,968,928 | |
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield +0.03%) ± | 0.08 | 4-30-2023 | 360,000,000 | 360,018,361 | |
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield +0.05%) ± | 0.10 | 1-31-2023 | 170,000,000 | 170,017,006 | |
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield +0.06%) ± | 0.11 | 7-31-2022 | 210,000,000 | 209,995,163 | |
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield +0.06%) ± | 0.11 | 10-31-2022 | 400,000,000 | 399,990,282 | |
U.S. Treasury Note | 0.13 | 5-31-2022 | 17,000,000 | 17,005,458 | |
U.S. Treasury Note | 0.13 | 6-30-2022 | 18,000,000 | 18,005,527 | |
U.S. Treasury Note | 0.13 | 7-31-2022 | 120,000,000 | 120,034,036 | |
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield +0.11%) ± | 0.16 | 4-30-2022 | 738,000,000 | 738,060,314 | |
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield +0.15%) ± | 0.20 | 1-31-2022 | 365,000,000 | 364,942,717 | |
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield +0.30%) ± | 0.35 | 10-31-2021 | 310,000,000 | 310,034,259 | |
U.S. Treasury Note | 1.13 | 8-31-2021 | 125,000,000 | 125,105,818 | |
U.S. Treasury Note | 1.13 | 2-28-2022 | 50,000,000 | 50,297,279 |
Interest rate | Maturity date | Principal | Value | ||
U.S. Treasury securities (continued) | |||||
U.S. Treasury Note | 1.50% | 8-31-2021 | $ 20,000,000 | $ 20,021,548 | |
U.S. Treasury Note | 1.50 | 1-31-2022 | 90,000,000 | 90,630,088 | |
U.S. Treasury Note | 1.75 | 11-30-2021 | 80,000,000 | 80,434,724 | |
U.S. Treasury Note | 1.75 | 7-15-2022 | 30,000,000 | 30,473,009 | |
U.S. Treasury Note | 1.88 | 11-30-2021 | 40,000,000 | 40,233,153 | |
U.S. Treasury Note | 1.88 | 4-30-2022 | 30,000,000 | 30,399,265 | |
U.S. Treasury Note | 1.88 | 7-31-2022 | 50,000,000 | 50,884,168 | |
U.S. Treasury Note | 2.00 | 8-31-2021 | 48,000,000 | 48,072,489 | |
U.S. Treasury Note | 2.00 | 11-15-2021 | 30,000,000 | 30,163,818 | |
U.S. Treasury Note | 2.13 | 9-30-2021 | 85,000,000 | 85,274,006 | |
U.S. Treasury Note | 2.13 | 5-15-2022 | 20,000,000 | 20,321,952 | |
U.S. Treasury Note | 2.38 | 3-15-2022 | 70,000,000 | 70,982,734 | |
U.S. Treasury Note | 2.50 | 1-15-2022 | 20,000,000 | 20,217,320 | |
U.S. Treasury Note | 2.50 | 2-15-2022 | 70,000,000 | 70,907,936 | |
U.S. Treasury Note | 2.88 | 11-15-2021 | 100,000,000 | 100,796,334 | |
Total U.S. Treasury securities (Cost $16,604,586,447) | 16,604,586,447 | ||||
Total investments in securities (Cost $16,604,586,447) | 97.52% | 16,604,586,447 | |||
Other assets and liabilities, net | 2.48 | 421,820,268 | |||
Total net assets | 100.00% | $17,026,406,715 |
## | All or a portion of this security is segregated for when-issued securities. |
± | Variable rate investment. The rate shown is the rate in effect at period end. |
☼ | Zero coupon security. The rate represents the current yield to maturity. |
%% | The security is purchased on a when-issued basis. |
Assets | |
Investments in unaffiliated securities, at amortized cost | $ 16,604,586,447 |
Cash | 2,794 |
Receivable for investments sold | 1,259,442,619 |
Receivable for Fund shares sold | 8,063,827 |
Receivable for interest | 7,477,958 |
Receivable from manager | 749,364 |
Prepaid expenses and other assets | 799,138 |
Total assets | 17,881,122,147 |
Liabilities | |
Payable for investments purchased | 799,973,245 |
Payable for when-issued transactions | 49,991,736 |
Payable for Fund shares redeemed | 3,305,677 |
Administration fees payable | 1,370,384 |
Dividends payable | 74,390 |
Total liabilities | 854,715,432 |
Total net assets | $17,026,406,715 |
Net assets consist of | |
Paid-in capital | $ 17,026,299,358 |
Total distributable earnings | 107,357 |
Total net assets | $17,026,406,715 |
Computation of net asset value per share | |
Net assets – Class A | $ 52,896,262 |
Shares outstanding – Class A1 | 52,894,056 |
Net asset value per share – Class A | $1.00 |
Net assets – Administrator Class | $ 442,444,211 |
Shares outstanding – Administrator Class1 | 442,424,139 |
Net asset value per share – Administrator Class | $1.00 |
Net assets – Institutional Class | $ 10,746,309,390 |
Shares outstanding – Institutional Class1 | 10,745,887,666 |
Net asset value per share – Institutional Class | $1.00 |
Net assets – Service Class | $ 5,784,756,852 |
Shares outstanding – Service Class1 | 5,784,583,045 |
Net asset value per share – Service Class | $1.00 |
1 | The Fund has an unlimited number of authorized shares |
Investment income | |
Interest | $ 6,029,546 |
Expenses | |
Management fee | 12,202,018 |
Administration fees | |
Class A | 125,631 |
Administrator Class | 252,497 |
Institutional Class | 4,543,153 |
Service Class | 3,173,661 |
Sweep Class | 56,680 1 |
Shareholder servicing fees | |
Class A | 34,926 |
Administrator Class | 190,953 |
Service Class | 2,263,498 |
Sweep Class | 352,944 1 |
Distribution fee | |
Sweep Class | (274,442) 1 |
Custody and accounting fees | 253,269 |
Professional fees | 31,193 |
Registration fees | 105,915 |
Shareholder report expenses | 24,066 |
Trustees’ fees and expenses | 9,610 |
Other fees and expenses | 90,571 |
Total expenses | 23,436,143 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (13,227,677) |
Class A | (118,444) |
Administrator Class | (279,074) |
Institutional Class | (906,789) |
Service Class | (3,768,839) |
Net expenses | 5,135,320 |
Net investment income | 894,226 |
Net realized gains on investments | 35,809 |
Net increase in net assets resulting from operations | $ 930,035 |
1 | For the period from February 1, 2021 to April 26, 2021. Effective at the close of business on April 26, 2021, Sweep Class shares were liquidated and the class was subsequently closed. |
Six months ended July 31, 2021 (unaudited) | Year ended January 31, 2021 | |||
Operations | ||||
Net investment income | $ 894,226 | $ 29,093,012 | ||
Net realized gains on investments | 35,809 | 159,636 | ||
Net increase in net assets resulting from operations | 930,035 | 29,252,648 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (5,795) | (473,676) | ||
Administrator Class | (25,249) | (1,039,690) | ||
Institutional Class | (567,874) | (21,057,299) | ||
Service Class | (264,463) | (6,608,812) | ||
Sweep Class | (30,845) 1 | (614,373) | ||
Total distributions to shareholders | (894,226) | (29,793,850) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 106,786,590 | 106,786,590 | 879,783,683 | 879,783,683 |
Administrator Class | 1,090,031,328 | 1,090,031,328 | 1,892,103,152 | 1,892,103,152 |
Institutional Class | 16,646,114,113 | 16,646,114,113 | 42,133,377,022 | 42,133,377,022 |
Service Class | 12,913,754,424 | 12,913,754,424 | 22,226,504,129 | 22,226,504,129 |
Sweep Class | 1,687,760,994 1 | 1,687,760,994 1 | 7,128,257,353 | 7,128,257,353 |
32,444,447,449 | 74,260,025,339 | |||
Reinvestment of distributions | ||||
Class A | 5,699 | 5,699 | 497,162 | 497,162 |
Administrator Class | 16,547 | 16,547 | 828,749 | 828,749 |
Institutional Class | 328,612 | 328,612 | 12,824,015 | 12,824,015 |
Service Class | 90,964 | 90,964 | 2,348,163 | 2,348,163 |
Sweep Class | 24,216 1 | 24,216 1 | 638,970 | 638,970 |
466,038 | 17,137,059 | |||
Payment for shares redeemed | ||||
Class A | (256,890,054) | (256,890,054) | (1,145,613,117) | (1,145,613,117) |
Administrator Class | (1,141,283,123) | (1,141,283,123) | (1,953,668,446) | (1,953,668,446) |
Institutional Class | (18,221,354,331) | (18,221,354,331) | (37,389,255,328) | (37,389,255,328) |
Service Class | (12,354,860,303) | (12,354,860,303) | (21,233,428,405) | (21,233,428,405) |
Sweep Class | (2,509,539,856) 1 | (2,509,539,856) 1 | (6,849,965,760) | (6,849,965,760) |
(34,483,927,667) | (68,571,931,056) | |||
Net increase (decrease) in net assets resulting from capital share transactions | (2,039,014,180) | 5,705,231,342 | ||
Total increase (decrease) in net assets | (2,038,978,371) | 5,704,690,140 | ||
Net assets | ||||
Beginning of period | 19,065,385,086 | 13,360,694,946 | ||
End of period | $ 17,026,406,715 | $ 19,065,385,086 |
1 | For the period from February 1, 2021 to April 26, 2021. Effective at the close of business on April 26, 2021, Sweep Class shares were liquidated and the class was subsequently closed. |
Year ended January 31 | ||||||
Class A | Six months ended July 31, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Net investment income | 0.00 1 | 0.00 1 | 0.02 | 0.01 | 0.00 1 | 0.00 1 |
Net realized gains (losses) on investments | 0.00 1 | 0.00 1 | 0.00 1 | (0.00) 2 | (0.00) 2 | 0.00 1 |
Total from investment operations | 0.00 1 | 0.00 1 | 0.02 | 0.01 | 0.00 1 | 0.00 1 |
Distributions to shareholders from | ||||||
Net investment income | (0.00) 1 | (0.00) 1 | (0.02) | (0.01) | (0.00) 1 | (0.00) 1 |
Net realized gains | 0.00 | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.00) 1 |
Total distributions to shareholders | (0.00) 1 | (0.00) 1 | (0.02) | (0.01) | (0.00) 1 | (0.00) 1 |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total return3 | 0.00% | 0.14% | 1.54% | 1.35% | 0.32% | 0.01% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.42% | 0.61% | 0.63% | 0.71% | 0.79% | 0.79% |
Net expenses | 0.07% * | 0.31% * | 0.60% | 0.62% | 0.64% | 0.36% |
Net investment income | 0.01% | 0.15% | 1.49% | 1.35% | 0.31% | 0.00% |
Supplemental data | ||||||
Net assets, end of period (000s omitted) | $52,896 | $202,999 | $468,360 | $384,013 | $291,246 | $363,639 |
* | Ratios reflect class-level expenses which were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would be increased by the following amounts: |
Six months ended July 31, 2021 (unaudited) | 0.36% |
Year ended January 31, 2021 | 0.29% |
1 | Amount is less than $0.005. |
2 | Amount is more than $(0.005) |
3 | Returns for periods of less than one year are not annualized. |
Year ended January 31 | ||||||
Administrator Class | Six months ended July 31, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Net investment income | 0.00 1 | 0.00 1 | 0.02 | 0.02 | 0.01 | 0.00 1 |
Net realized gains (losses) on investments | 0.00 1 | 0.00 1 | 0.00 1 | (0.00) 2 | (0.00) 2 | 0.00 1 |
Total from investment operations | 0.00 1 | 0.00 1 | 0.02 | 0.02 | 0.01 | 0.00 1 |
Distributions to shareholders from | ||||||
Net investment income | (0.00) 1 | (0.00) 1 | (0.02) | (0.02) | (0.01) | (0.00) 1 |
Net realized gains | 0.00 | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.00) 1 |
Total distributions to shareholders | (0.00) 1 | (0.00) 1 | (0.02) | (0.02) | (0.01) | (0.00) 1 |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total return3 | 0.00% | 0.20% | 1.84% | 1.67% | 0.67% | 0.07% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.32% | 0.34% | 0.36% | 0.44% | 0.52% | 0.52% |
Net expenses | 0.06% * | 0.22% * | 0.30% | 0.30% | 0.30% | 0.30% |
Net investment income | 0.01% | 0.19% | 1.85% | 1.63% | 0.65% | 0.06% |
Supplemental data | ||||||
Net assets, end of period (000s omitted) | $442,444 | $493,677 | $554,447 | $692,247 | $914,471 | $1,226,947 |
* | Ratios reflect class-level expenses which were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would be increased by the following amounts: |
Six months ended July 31, 2021 (unaudited) | 0.24% |
Year ended January 31, 2021 | 0.08% |
1 | Amount is less than $0.005. |
2 | Amount is more than $(0.005) |
3 | Returns for periods of less than one year are not annualized. |
Year ended January 31 | ||||||
Institutional Class | Six months ended July 31, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Net investment income | 0.00 1 | 0.00 1 | 0.02 | 0.02 | 0.01 | 0.00 1 |
Net realized gains (losses) on investments | 0.00 1 | 0.00 1 | 0.00 1 | (0.00) 2 | (0.00) 2 | 0.00 1 |
Total from investment operations | 0.00 1 | 0.00 1 | 0.02 | 0.02 | 0.01 | 0.00 1 |
Distributions to shareholders from | ||||||
Net investment income | (0.00) 1 | (0.00) 1 | (0.02) | (0.02) | (0.01) | (0.00) 1 |
Net realized gains | 0.00 | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.00) 1 |
Total distributions to shareholders | (0.00) 1 | (0.00) 1 | (0.02) | (0.02) | (0.01) | (0.00) 1 |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total return3 | 0.00% | 0.24% | 1.95% | 1.77% | 0.77% | 0.17% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.22% | 0.22% | 0.24% | 0.31% | 0.40% | 0.40% |
Net expenses | 0.06% * | 0.18% * | 0.20% | 0.20% | 0.20% | 0.20% |
Net investment income | 0.01% | 0.17% | 1.92% | 1.79% | 0.78% | 0.18% |
Supplemental data | ||||||
Net assets, end of period (000s omitted) | $10,746,309 | $12,321,170 | $7,564,485 | $7,296,690 | $4,700,731 | $3,566,678 |
* | Ratios reflect class-level expenses which were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would be increased by the following amounts: |
Six months ended July 31, 2021 (unaudited) | 0.14% |
Year ended January 31, 2021 | 0.02% |
1 | Amount is less than $0.005. |
2 | Amount is more than $(0.005) |
3 | Returns for periods of less than one year are not annualized. |
Year ended January 31 | ||||||
Service Class | Six months ended July 31, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Net investment income | 0.00 1 | 0.00 1 | 0.02 | 0.01 | 0.00 1 | 0.00 1 |
Net realized gains (losses) on investments | 0.00 1 | 0.00 1 | 0.00 1 | (0.00) 2 | (0.00) 2 | 0.00 1 |
Total from investment operations | 0.00 1 | 0.00 1 | 0.02 | 0.01 | 0.00 1 | 0.00 1 |
Distributions to shareholders from | ||||||
Net investment income | (0.00) 1 | (0.00) 1 | (0.02) | (0.01) | (0.00) 1 | (0.00) 1 |
Net realized gains | 0.00 | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.00) 1 |
Total distributions to shareholders | (0.00) 1 | (0.00) 1 | (0.02) | (0.01) | (0.00) 1 | (0.00) 1 |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total return3 | 0.00% | 0.15% | 1.64% | 1.46% | 0.46% | 0.01% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.35% | 0.51% | 0.53% | 0.61% | 0.69% | 0.69% |
Net expenses | 0.06% * | 0.25% * | 0.50% | 0.50% | 0.50% | 0.36% |
Net investment income | 0.01% | 0.12% | 1.58% | 1.45% | 0.45% | 0.00% |
Supplemental data | ||||||
Net assets, end of period (000s omitted) | $5,784,757 | $5,225,755 | $4,230,537 | $2,796,397 | $2,945,498 | $3,337,172 |
* | Ratios reflect class-level expenses which were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would be increased by the following amounts: |
Six months ended July 31, 2021 (unaudited) | 0.29% |
Year ended January 31, 2021 | 0.25% |
1 | Amount is less than $0.005. |
2 | Amount is more than $(0.005) |
3 | Returns for periods of less than one year are not annualized. |
■ | Level 1 – quoted prices in active markets for identical securities |
■ | Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
■ | Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
U.S. Treasury securities | $0 | $16,604,586,447 | $0 | $16,604,586,447 |
Average daily net assets | Management fee |
First $5 billion | 0.150% |
Next $5 billion | 0.140 |
Next $5 billion | 0.130 |
Next $85 billion | 0.125 |
Over $100 billion | 0.120 |
Average daily net assets | Management fee |
First $5 billion | 0.150% |
Next $5 billion | 0.140 |
Over $10 billion | 0.130 |
Class-level administration fee | |
Class A | 0.22% |
Administrator Class | 0.10 |
Institutional Class | 0.80 |
Service Class | 0.12 |
Sweep Class | 0.03 |
Expense ratio caps | |
Class A | 0.60% |
Administrator Class | 0.30 |
Institutional Class | 0.20 |
Service Class | 0.50 |
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 100% Treasury Money Market Fund |
Wells Fargo Government Money Market Fund |
Wells Fargo Heritage Money Market Fund |
Wells Fargo Money Market Fund |
Wells Fargo Municipal Cash Management Money Market Fund |
Wells Fargo National Tax-Free Money Market Fund |
Wells Fargo Treasury Plus Money Market 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-CSRS/0001193125-21-287567/g212648img37e7154a1.jpg)
P.O. Box 219967
Kansas City, MO 64121-9967
SA300/SAR300 07-21
![](https://capedge.com/proxy/N-CSRS/0001193125-21-287567/g213371imgd93eead91.jpg)
■ | Wells Fargo Government Money Market Fund |
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6 | |
9 | |
10 | |
Financial statements | |
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30 | |
35 | |
Board considerations | |
39 | |
42 | |
47 |
![](https://capedge.com/proxy/N-CSRS/0001193125-21-287567/g213371img6b4a76572.gif)
1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
2 | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the United States. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
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 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 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 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. |
![](https://capedge.com/proxy/N-CSRS/0001193125-21-287567/g213371imgfc74e3413.jpg)
President
Wells Fargo Funds
Investment objective | The Fund seeks current income, while preserving capital and liquidity. |
Manager | Wells Fargo Funds Management, LLC |
Subadviser | Wells Capital Management, LLC |
Portfolio managers | Michael C. Bird, CFA®‡, Jeffrey L. Weaver, CFA®‡, Laurie White |
Average annual total returns (%) as of July 31, 2021 | ||||||
Expense ratios1 (%) | ||||||
Inception date | 1 year | 5 year | 10 year | Gross | Net 2 | |
Class A (WFGXX) | 11-8-1999 | 0.01 | 0.70 | 0.35 | 0.59 | 0.59 |
Administrator Class (WGAXX) | 7-31-2003 | 0.01 | 0.88 | 0.45 | 0.32 | 0.32 |
Institutional Class (GVIXX) | 7-28-2003 | 0.01 | 0.99 | 0.51 | 0.20 | 0.20 |
Select Class (WFFXX)3 | 6-30-2015 | 0.03 | 1.04 | 0.54 | 0.16 | 0.14 |
Service Class (NWGXX) | 11-16-1987 | 0.01 | 0.76 | 0.39 | 0.49 | 0.49 |
Sweep Class 4 | 7-31-2020 | 0.01 | 0.49 | (0.07) | 0.50 | 0.50 |
1 | Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report. |
2 | The manager has contractually committed through May 31, 2022, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.60% for Class A, 0.34% for Administrator Class, 0.20% for Institutional Class, 0.14% for Select Class, 0.50% for Service Class and 0.50% for Sweep Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. The manager and/or its affiliates may also voluntarily waive all or a portion of any fees to which they are entitled and/or reimburse certain expenses as they may determine from time to time. 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 Select Class shares prior to their inception reflects the performance of the Institutional Class shares, and includes the higher expenses applicable to Institutional Class shares. If these expenses had not been included, returns for Select Class shares would be higher. |
4 | Historical performance shown for the Sweep Class shares prior to their inception reflects the performance of the Service Class shares, and includes the higher expenses applicable to the Sweep Class shares. |
Yield summary (%) as of July 31, 2021 | ||||||
Class A | Administrator Class | Institutional Class | Select Class | Service Class | Sweep Class | |
7-day current yield1 | 0.01 | 0.01 | 0.01 | 0.03 | 0.01 | 0.01 |
7-day compound yield | 0.01 | 0.01 | 0.01 | 0.03 | 0.01 | 0.01 |
30-day simple yield | 0.01 | 0.01 | 0.01 | 0.03 | 0.01 | 0.01 |
30-day compound yield | 0.01 | 0.01 | 0.01 | 0.03 | 0.01 | 0.01 |
1 | The manager has contractually committed through May 31, 2022, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses and may also voluntarily waive or reimburse additional fees and expenses which may be discontinued or modified at any time without notice. Without these reductions, the Fund’s 7-day current yield would have been -0.52%, -0.24%, -0.14%, -0.10%, -0.36% and -0.01% for Class A, Administrator Class, Institutional Class, Select Class, Service Class and Sweep Class, respectively. |
‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
Portfolio composition as of July 31, 20211 |
![](https://capedge.com/proxy/N-CSRS/0001193125-21-287567/g213371img76847dc04.jpg)
1 | Figures represent the percentage of the Fund's total investments. These amounts are subject to change and may have changed since the date specified. |
Effective maturity distribution as of July 31, 20211 |
![](https://capedge.com/proxy/N-CSRS/0001193125-21-287567/g213371img6d0a9ffc5.jpg)
1 | Figures represent the percentage of the Fund's total investments. These amounts are subject to change and may have changed since the date specified. |
Weighted average maturity as of July 31, 20211 |
32 days |
1 | Weighted Average Maturity (WAM): WAM is an average of the effective maturities of all securities held in the portfolio, weighted by each security’s percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. WAM calculations allow for the maturities of certain securities with demand features or periodic interest rate resets to be shortened. WAM is a way to measure a fund’s sensitivity to potential interest rate changes. WAM is subject to change and may have changed since the date specified. |
Weighted average life as of July 31, 20211 |
85 days |
1 | Weighted Average Life (WAL): WAL is an average of the final maturities of all securities held in the portfolio, weighted by their percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. In contrast to WAM, the calculation of WAL allows for the maturities of certain securities with demand features to be shortened, but not the periodic interest rate resets. WAL is a way to measure a fund’s potential sensitivity to credit spread changes. WAL is subject to change and may have changed since the date specified. |
Beginning account value 2-1-2021 | Ending account value 7-31-2021 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $1,000.05 | $0.30 | 0.06% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,024.50 | $0.30 | 0.06% |
Administrator Class | ||||
Actual | $1,000.00 | $1,000.05 | $0.30 | 0.06% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,024.50 | $0.30 | 0.06% |
Institutional Class | ||||
Actual | $1,000.00 | $1,000.05 | $0.30 | 0.06% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,024.50 | $0.30 | 0.06% |
Select Class | ||||
Actual | $1,000.00 | $1,000.14 | $0.25 | 0.05% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,024.55 | $0.25 | 0.05% |
Service Class | ||||
Actual | $1,000.00 | $1,000.05 | $0.30 | 0.06% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,024.50 | $0.30 | 0.06% |
Sweep Class | ||||
Actual | $1,000.00 | $1,000.05 | $0.25 | 0.05% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,024.55 | $0.25 | 0.05% |
Interest rate | Maturity date | Principal | Value | ||
Corporate bonds and notes: 0.01% | |||||
Mitchell 2019 Irrevocable Life Insurance Trust § | 0.12% | 9-1-2059 | $ 18,495,000 | $ 18,495,000 | |
Total Corporate bonds and notes (Cost $18,495,000) | 18,495,000 | ||||
Government agency debt: 10.11% | |||||
FFCB ☼ | 0.02 | 8-6-2021 | 13,000,000 | 12,999,971 | |
FFCB (3 Month LIBOR -0.08%) ± | 0.04 | 9-15-2021 | 50,000,000 | 49,999,234 | |
FFCB ☼ | 0.05 | 11-22-2021 | 18,000,000 | 17,997,200 | |
FFCB (1 Month LIBOR -0.05%) ± | 0.06 | 12-1-2021 | 162,600,000 | 162,593,835 | |
FFCB ☼ | 0.07 | 10-12-2021 | 20,000,000 | 19,997,239 | |
FFCB ☼ | 0.07 | 10-22-2021 | 7,000,000 | 6,998,898 | |
FFCB ☼ | 0.08 | 11-1-2021 | 9,000,000 | 8,998,256 | |
FFCB (3 Month LIBOR -0.08%) ± | 0.09 | 8-10-2021 | 100,000,000 | 99,999,912 | |
FFCB | 0.09 | 1-6-2022 | 108,000,000 | 107,987,671 | |
FFCB ☼ | 0.09 | 1-27-2022 | 65,000,000 | 64,971,075 | |
FFCB (U.S. Treasury 3 Month Bill Money Market Yield +0.04%) ± | 0.09 | 5-17-2023 | 185,000,000 | 185,000,000 | |
FFCB ☼ | 0.10 | 9-17-2021 | 8,000,000 | 7,998,978 | |
FFCB ☼ | 0.10 | 9-30-2021 | 10,000,000 | 9,998,361 | |
FFCB ☼ | 0.10 | 10-14-2021 | 15,000,000 | 14,996,958 | |
FFCB ☼ | 0.10 | 12-3-2021 | 15,000,000 | 14,994,875 | |
FFCB (U.S. SOFR +0.05%) ± | 0.10 | 8-25-2022 | 250,000,000 | 249,973,005 | |
FFCB ☼ | 0.11 | 10-25-2021 | 5,000,000 | 4,998,717 | |
FFCB ☼ | 0.11 | 10-28-2021 | 5,000,000 | 4,998,671 | |
FFCB (U.S. Treasury 3 Month Bill Money Market Yield +0.06%) ± | 0.11 | 8-1-2022 | 260,000,000 | 259,960,571 | |
FFCB (U.S. SOFR +0.06%) ± | 0.11 | 1-13-2023 | 165,000,000 | 165,000,000 | |
FFCB (U.S. SOFR +0.06%) ± | 0.11 | 1-20-2023 | 98,000,000 | 98,000,000 | |
FFCB (U.S. SOFR +0.06%) ± | 0.11 | 2-9-2023 | 120,000,000 | 120,000,000 | |
FFCB (U.S. SOFR +0.07%) ± | 0.12 | 8-20-2021 | 42,000,000 | 42,000,000 | |
FFCB (3 Month LIBOR -0.03%) ± | 0.12 | 9-27-2021 | 75,000,000 | 74,999,542 | |
FFCB ☼ | 0.12 | 12-6-2021 | 12,000,000 | 11,994,960 | |
FFCB (U.S. Treasury 3 Month Bill Money Market Yield +0.07%) ± | 0.12 | 10-19-2022 | 195,000,000 | 195,000,000 | |
FFCB (U.S. Treasury 3 Month Bill Money Market Yield +0.07%) ± | 0.12 | 10-31-2022 | 100,000,000 | 99,999,999 | |
FFCB (3 Month LIBOR +0.01%) ± | 0.13 | 9-13-2021 | 19,600,000 | 19,601,275 | |
FFCB (U.S. SOFR +0.08%) ± | 0.13 | 3-10-2022 | 140,000,000 | 140,000,000 | |
FFCB (U.S. SOFR +0.08%) ± | 0.13 | 10-14-2022 | 165,000,000 | 165,000,000 | |
FFCB (U.S. SOFR +0.08%) ± | 0.13 | 11-3-2022 | 110,000,000 | 110,000,000 | |
FFCB (3 Month LIBOR +0.01%) ± | 0.14 | 9-20-2021 | 38,600,000 | 38,600,941 | |
FFCB ☼ | 0.14 | 9-27-2021 | 17,000,000 | 16,996,298 | |
FFCB (U.S. SOFR +0.09%) ± | 0.14 | 10-7-2022 | 140,000,000 | 140,000,000 | |
FFCB (Effective Federal Funds Rate +0.06%) ± | 0.16 | 1-19-2023 | 200,000,000 | 199,985,181 | |
FFCB (1 Month LIBOR +0.08%) ± | 0.17 | 8-25-2021 | 150,000,000 | 150,000,000 | |
FFCB (U.S. SOFR +0.13%) ± | 0.18 | 2-11-2022 | 173,400,000 | 173,305,573 | |
FFCB (1 Month LIBOR +0.09%) ± | 0.19 | 9-13-2021 | 90,000,000 | 90,000,000 | |
FFCB (U.S. Treasury 3 Month Bill Money Market Yield +0.14%) ± | 0.19 | 9-17-2021 | 29,600,000 | 29,594,066 | |
FFCB (U.S. SOFR +0.14%) ± | 0.19 | 9-24-2021 | 240,000,000 | 240,000,000 | |
FFCB (1 Month LIBOR +0.10%) ± | 0.20 | 8-5-2021 | 130,000,000 | 130,000,000 | |
FFCB (1 Month LIBOR +0.10%) ± | 0.20 | 9-9-2021 | 144,000,000 | 144,001,651 | |
FFCB (1 Month LIBOR +0.11%) ± | 0.20 | 9-24-2021 | 14,140,000 | 14,139,230 | |
FFCB (U.S. SOFR +0.17%) ± | 0.22 | 3-15-2022 | 200,000,000 | 199,999,994 | |
FFCB (U.S. SOFR +0.19%) ± | 0.24 | 11-18-2021 | 181,000,000 | 181,000,000 |
Interest rate | Maturity date | Principal | Value | ||
Government agency debt (continued) | |||||
FFCB (U.S. SOFR +0.19%) ± | 0.24% | 7-14-2022 | $ 100,000,000 | $ 100,000,000 | |
FFCB (U.S. SOFR +0.20%) ± | 0.25 | 4-22-2022 | 181,500,000 | 181,314,965 | |
FFCB (U.S. Treasury 3 Month Bill Money Market Yield +0.24%) ± | 0.29 | 8-2-2021 | 150,000,000 | 150,000,000 | |
FFCB (U.S. Treasury 3 Month Bill Money Market Yield +0.24%) ± | 0.29 | 8-20-2021 | 225,000,000 | 224,999,561 | |
FFCB (U.S. SOFR +0.28%) ± | 0.33 | 10-1-2021 | 200,000,000 | 200,000,000 | |
FFCB (U.S. SOFR +0.32%) ± | 0.37 | 1-12-2022 | 125,000,000 | 125,000,000 | |
FFCB (U.S. SOFR +0.38%) ± | 0.43 | 4-22-2022 | 365,000,000 | 365,000,000 | |
FHLB ☼ | 0.02 | 8-3-2021 | 680,000,000 | 679,999,622 | |
FHLB ☼ | 0.02 | 8-19-2021 | 485,000,000 | 484,996,564 | |
FHLB ☼ | 0.02 | 9-1-2021 | 173,000,000 | 172,997,405 | |
FHLB ☼ | 0.02 | 9-7-2021 | 250,000,000 | 249,996,250 | |
FHLB (3 Month LIBOR -0.10%) ± | 0.02 | 9-13-2021 | 48,535,000 | 48,529,989 | |
FHLB ☼ | 0.03 | 8-11-2021 | 285,000,000 | 284,998,219 | |
FHLB ☼ | 0.03 | 9-20-2021 | 300,000,000 | 299,989,792 | |
FHLB (3 Month LIBOR -0.11%) ± | 0.07 | 8-4-2021 | 56,040,000 | 56,040,162 | |
FHLB (1 Month LIBOR -0.03%) ± | 0.07 | 8-5-2021 | 250,000,000 | 250,000,000 | |
FHLB (3 Month LIBOR -0.08%) ± | 0.07 | 8-24-2021 | 24,520,000 | 24,521,219 | |
FHLB (1 Month LIBOR +0.01%) ± | 0.10 | 9-28-2021 | 425,000,000 | 425,000,000 | |
FHLB (U.S. SOFR +0.05%) ± | 0.10 | 12-23-2021 | 100,000,000 | 100,000,000 | |
FHLB (U.S. SOFR +0.06%) ± | 0.11 | 8-25-2021 | 280,000,000 | 280,000,000 | |
FHLB | 0.13 | 10-13-2021 | 49,620,000 | 49,618,347 | |
FHLB (U.S. SOFR +0.12%) ± | 0.17 | 2-10-2022 | 48,000,000 | 48,000,000 | |
FHLB (U.S. SOFR +0.31%) ± | 0.36 | 9-24-2021 | 150,000,000 | 150,000,000 | |
FHLB (U.S. SOFR +0.35%) ± | 0.40 | 3-28-2022 | 50,000,000 | 50,000,000 | |
FHLMC (U.S. SOFR +0.05%) ± | 0.10 | 8-27-2021 | 190,000,000 | 189,987,598 | |
FHLMC (U.S. SOFR +0.10%) ± | 0.15 | 9-9-2022 | 200,000,000 | 200,000,000 | |
FHLMC (U.S. SOFR +0.14%) ± | 0.19 | 4-22-2022 | 648,000,000 | 648,000,000 | |
FHLMC (U.S. SOFR +0.19%) ± | 0.24 | 6-3-2022 | 200,000,000 | 200,000,000 | |
FHLMC (U.S. SOFR +0.32%) ± | 0.37 | 9-23-2021 | 250,000,000 | 250,000,000 | |
FHLMC | 1.13 | 8-12-2021 | 20,341,000 | 20,347,118 | |
FNMA (U.S. SOFR +0.10%) ± | 0.15 | 9-7-2021 | 50,000,000 | 49,998,501 | |
FNMA (U.S. SOFR +0.17%) ± | 0.22 | 3-9-2022 | 100,000,000 | 100,000,000 | |
FNMA (U.S. SOFR +0.18%) ± | 0.23 | 6-3-2022 | 200,000,000 | 200,000,000 | |
FNMA (U.S. SOFR +0.20%) ± | 0.25 | 6-15-2022 | 200,000,000 | 200,000,000 | |
FNMA (U.S. SOFR +0.22%) ± | 0.27 | 3-16-2022 | 200,000,000 | 200,000,000 | |
FNMA (U.S. SOFR +0.23%) ± | 0.28 | 5-6-2022 | 200,000,000 | 200,046,091 | |
FNMA (U.S. SOFR +0.30%) ± | 0.35 | 1-27-2022 | 200,000,000 | 200,000,000 | |
FNMA (U.S. SOFR +0.30%) ± | 0.35 | 4-28-2022 | 300,000,000 | 300,000,000 | |
FNMA (U.S. SOFR +0.32%) ± | 0.37 | 4-28-2022 | 200,000,000 | 200,000,000 | |
FNMA (U.S. SOFR +0.34%) ± | 0.39 | 1-21-2022 | 200,000,000 | 200,000,000 | |
FNMA (U.S. SOFR +0.35%) ± | 0.40 | 10-15-2021 | 300,000,000 | 300,000,000 | |
FNMA (U.S. SOFR +0.35%) ± | 0.40 | 4-7-2022 | 400,000,000 | 400,000,000 | |
FNMA (U.S. SOFR +0.36%) ± | 0.41 | 1-20-2022 | 300,000,000 | 300,000,000 | |
FNMA (U.S. SOFR +0.37%) ± | 0.42 | 3-30-2022 | 250,000,000 | 250,000,000 | |
FNMA (U.S. SOFR +0.39%) ± | 0.44 | 4-15-2022 | 450,000,000 | 450,000,000 | |
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §± | 0.09 | 11-15-2022 | 8,137,500 | 8,137,500 | |
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §± | 0.09 | 11-15-2023 | 12,500,000 | 12,500,000 | |
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §± | 0.09 | 11-15-2025 | 6,252,632 | 6,252,632 | |
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §± | 0.09 | 7-9-2026 | 46,967,500 | 46,967,500 |
Interest rate | Maturity date | Principal | Value | ||
Government agency debt (continued) | |||||
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §± | 0.09% | 7-15-2026 | $ 5,709,000 | $ 5,709,000 | |
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §± | 0.09 | 7-19-2027 | 8,000,000 | 8,000,000 | |
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §± | 0.09 | 9-20-2027 | 22,321,428 | 22,321,428 | |
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §± | 0.09 | 1-15-2030 | 12,830,188 | 12,830,188 | |
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §± | 0.09 | 3-15-2030 | 18,000,000 | 18,000,000 | |
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §± | 0.09 | 9-2-2031 | 10,260,100 | 10,260,100 | |
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §± | 0.09 | 9-2-2031 | 17,464,000 | 17,464,000 | |
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §± | 0.09 | 9-2-2031 | 10,264,466 | 10,264,466 | |
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §± | 0.09 | 9-2-2031 | 15,569,156 | 15,569,156 | |
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §± | 0.09 | 9-2-2031 | 11,727,076 | 11,727,076 | |
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §± | 0.09 | 9-30-2031 | 10,250,170 | 10,250,170 | |
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §± | 0.09 | 12-20-2031 | 34,186,047 | 34,186,047 | |
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §± | 0.09 | 10-15-2032 | 18,576,923 | 18,576,923 | |
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §± | 0.09 | 5-15-2033 | 3,348,584 | 3,348,584 | |
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §± | 0.09 | 6-15-2034 | 15,433,761 | 15,433,761 | |
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §± | 0.09 | 7-5-2038 | 8,400,000 | 8,400,000 | |
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §± | 0.09 | 10-15-2039 | 14,965,000 | 14,965,000 | |
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §± | 0.09 | 10-15-2039 | 15,000,000 | 15,000,000 | |
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §± | 0.09 | 1-15-2040 | 7,736,000 | 7,736,000 | |
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §± | 0.09 | 1-15-2040 | 11,604,000 | 11,604,000 | |
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §± | 0.09 | 7-7-2040 | 10,370,338 | 10,370,338 | |
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §± | 0.09 | 7-7-2040 | 18,855,160 | 18,855,160 | |
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §± | 0.09 | 7-7-2040 | 8,107,718 | 8,107,718 | |
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §± | 0.09 | 7-7-2040 | 13,669,992 | 13,669,992 | |
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §± | 0.09 | 7-15-2040 | 19,044,300 | 19,044,300 | |
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §± | 0.09 | 10-15-2040 | 7,000,000 | 7,000,000 | |
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §± | 0.10 | 8-15-2026 | 1,272,606 | 1,272,606 | |
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §± | 0.10 | 1-20-2027 | 62,333,333 | 62,333,333 |
Interest rate | Maturity date | Principal | Value | ||
Government agency debt (continued) | |||||
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §± | 0.10% | 1-20-2035 | $ 9,531,720 | $ 9,531,720 | |
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §± | 0.10 | 1-20-2035 | 3,851,200 | 3,851,200 | |
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §± | 0.10 | 1-20-2035 | 11,553,600 | 11,553,600 | |
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §± | 0.10 | 1-20-2035 | 10,013,120 | 10,013,120 | |
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §± | 0.10 | 4-20-2035 | 4,855,500 | 4,855,500 | |
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §± | 0.10 | 4-20-2035 | 4,855,500 | 4,855,500 | |
U.S. International Development Finance Corporation (U.S. Treasury 3 Month Bill +0.00%) §± | 0.10 | 4-20-2035 | 16,994,250 | 16,994,250 | |
U.S. International Development Finance Corporation Series 1 (U.S. Treasury 3 Month Bill +0.00%) §± | 0.09 | 9-30-2031 | 4,035,500 | 4,035,500 | |
U.S. International Development Finance Corporation Series 1 (U.S. Treasury 3 Month Bill +0.00%) §± | 0.09 | 1-15-2040 | 19,340,000 | 19,340,000 | |
U.S. International Development Finance Corporation Series 1 (U.S. Treasury 3 Month Bill +0.00%) §± | 0.10 | 8-15-2026 | 23,924,993 | 23,924,993 | |
U.S. International Development Finance Corporation Series 2 (U.S. Treasury 3 Month Bill +0.00%) §± | 0.09 | 10-10-2025 | 4,310,640 | 4,310,640 | |
U.S. International Development Finance Corporation Series 2 (U.S. Treasury 3 Month Bill +0.00%) §± | 0.09 | 9-30-2031 | 9,443,070 | 9,443,070 | |
U.S. International Development Finance Corporation Series 2 (U.S. Treasury 3 Month Bill +0.00%) §± | 0.09 | 9-20-2038 | 3,616,486 | 3,616,486 | |
U.S. International Development Finance Corporation Series 2-2 (U.S. Treasury 3 Month Bill +0.00%) §± | 0.09 | 7-15-2040 | 6,699,000 | 6,699,000 | |
U.S. International Development Finance Corporation Series 3 (U.S. Treasury 3 Month Bill +0.00%) §± | 0.09 | 10-10-2025 | 5,603,832 | 5,603,832 | |
U.S. International Development Finance Corporation Series 3 (U.S. Treasury 3 Month Bill +0.00%) §± | 0.09 | 7-15-2026 | 7,478,790 | 7,478,790 | |
U.S. International Development Finance Corporation Series 4 (U.S. Treasury 3 Month Bill +0.00%) §± | 0.09 | 9-2-2031 | 3,056,200 | 3,056,200 | |
U.S. International Development Finance Corporation Series 4 (U.S. Treasury 3 Month Bill +0.00%) §± | 0.09 | 9-30-2031 | 5,488,280 | 5,488,280 | |
U.S. International Development Finance Corporation Series 4 (U.S. Treasury 3 Month Bill +0.00%) §± | 0.09 | 11-15-2033 | 20,239,317 | 20,239,317 | |
U.S. International Development Finance Corporation Series 4 (U.S. Treasury 3 Month Bill +0.00%) §± | 0.10 | 1-20-2035 | 8,665,200 | 8,665,200 | |
U.S. International Development Finance Corporation Series 5 (U.S. Treasury 3 Month Bill +0.00%) §± | 0.09 | 9-30-2031 | 5,649,700 | 5,649,700 | |
U.S. International Development Finance Corporation Series 6 (U.S. Treasury 3 Month Bill +0.00%) §± | 0.09 | 9-30-2031 | 16,384,130 | 16,384,130 | |
U.S. International Development Finance Corporation Series 6 (U.S. Treasury 3 Month Bill +0.00%) §± | 0.09 | 7-7-2040 | 4,619,514 | 4,619,514 | |
U.S. International Development Finance Corporation Series 6 (U.S. Treasury 3 Month Bill +0.00%) §± | 0.10 | 4-20-2035 | 8,642,790 | 8,642,790 | |
U.S. International Development Finance Corporation Series 7 (U.S. Treasury 3 Month Bill +0.00%) §± | 0.09 | 9-30-2031 | 6,456,800 | 6,456,800 | |
U.S. International Development Finance Corporation Series 7 (U.S. Treasury 3 Month Bill +0.00%) §± | 0.10 | 1-20-2035 | 2,792,120 | 2,792,120 | |
U.S. International Development Finance Corporation Series 8 (U.S. Treasury 3 Month Bill +0.00%) §± | 0.09 | 9-30-2031 | 12,106,500 | 12,106,500 | |
U.S. International Development Finance Corporation Series 9 (U.S. Treasury 3 Month Bill +0.00%) §± | 0.09 | 5-15-2030 | 20,502,000 | 20,502,000 |
Interest rate | Maturity date | Principal | Value | ||
Government agency debt (continued) | |||||
U.S. International Development Finance Corporation Series 9 (U.S. Treasury 3 Month Bill +0.00%) §± | 0.09% | 9-30-2031 | $ 3,793,370 | $ 3,793,370 | |
U.S. Treasury Note | 1.50 | 9-30-2021 | 100,000,000 | 100,233,136 | |
U.S. Treasury Note | 2.75 | 8-15-2021 | 75,000,000 | 75,073,513 | |
Total Government agency debt (Cost $15,280,030,289) | 15,280,030,289 | ||||
Municipal obligations: 0.05% | |||||
California: 0.02% | |||||
Variable rate demand notes ø: 0.02% | |||||
California CDA Uptown Newport Apartments Series 2017 AA & BB (Housing revenue, FHLB LOC) | 0.06 | 3-1-2057 | 28,200,000 | 28,200,000 | |
Other: 0.03% | |||||
Variable rate demand notes ø: 0.03% | |||||
FHLMC MFHR Series M006 Class A (Housing revenue, FHLMC LOC) | 0.18 | 10-15-2045 | 8,266,574 | 8,266,574 | |
FHLMC MFHR Series M028 (Housing revenue, FHLMC LIQ) 144A | 0.05 | 9-15-2024 | 44,195,000 | 44,195,000 | |
52,461,574 | |||||
Total Municipal obligations (Cost $80,661,574) | 80,661,574 | ||||
Other instruments: 0.12% | |||||
ASC Admiral Way LLC §øø | 0.13 | 8-1-2056 | 22,270,000 | 22,270,000 | |
ASC Mercer Island LLC §øø | 0.13 | 6-1-2057 | 33,900,000 | 33,900,000 | |
Brandon Place Partners Series 2018 §øø | 0.13 | 12-1-2058 | 15,335,000 | 15,335,000 | |
Hacienda Senior Villas Series C §øø | 0.13 | 12-1-2058 | 20,575,000 | 20,575,000 | |
La Mesa Senior Living LP Secured §øø | 0.13 | 8-1-2057 | 48,125,000 | 48,125,000 | |
Plaza Patria Court Limited §øø | 0.13 | 12-1-2058 | 17,325,000 | 17,325,000 | |
Rohnert Park 668 LP Series A §øø | 0.13 | 6-1-2058 | 20,920,000 | 20,920,000 | |
Southside Brookshore §øø | 0.13 | 9-1-2059 | 5,000,000 | 5,000,000 | |
Total Other instruments (Cost $183,450,000) | 183,450,000 | ||||
Repurchase agreements^^: 57.45% | |||||
Bank of America Corporation, dated 7-30-2021, maturity value $1,000,004,167 (01) | 0.05 | 8-2-2021 | 1,000,000,000 | 1,000,000,000 | |
Bank of America Corporation, dated 7-30-2021, maturity value $100,000,417 (02) | 0.05 | 8-2-2021 | 100,000,000 | 100,000,000 | |
Bank of Montreal, dated 7-30-2021, maturity value $260,001,083 (03) | 0.05 | 8-2-2021 | 260,000,000 | 260,000,000 | |
Bank of New York Mellon Corporation, dated 7-30-2021, maturity value $2,250,010,313 (04) | 0.06 | 8-2-2021 | 2,250,000,000 | 2,250,000,000 | |
Bank of Nova Scotia, dated 7-30-2021, maturity value $1,000,004,583 (05) | 0.06 | 8-2-2021 | 1,000,000,000 | 1,000,000,000 | |
Barclays Bank plc, dated 7-30-2021, maturity value $125,000,521 (06) | 0.05 | 8-2-2021 | 125,000,000 | 125,000,000 | |
Barclays Bank plc, dated 7-30-2021, maturity value $2,210,009,208 (07) | 0.05 | 8-2-2021 | 2,210,000,000 | 2,210,000,000 | |
Barclays Bank plc, dated 7-29-2021, maturity value $1,000,009,722 (08) | 0.05 | 8-5-2021 | 1,000,000,000 | 1,000,000,000 | |
Barclays Bank plc, dated 7-12-2021, maturity value $1,050,045,208 (09) | 0.05 | 8-12-2021 | 1,050,000,000 | 1,050,000,000 |
Interest rate | Maturity date | Principal | Value | ||
Repurchase agreements (continued) | |||||
Barclays Bank plc, dated 7-14-2021, maturity value $350,016,042 (10) | 0.05% | 8-16-2021 | $ 350,000,000 | $ 350,000,000 | |
Barclays Bank plc, dated 7-15-2021, maturity value $500,022,222 (11) | 0.05 | 8-16-2021 | 500,000,000 | 500,000,000 | |
Barclays Bank plc, dated 7-21-2021, maturity value $250,010,417 (12) | 0.05 | 8-20-2021 | 250,000,000 | 250,000,000 | |
Barclays Capital Incorporated, dated 7-30-2021, maturity value $125,000,521 (13) | 0.05 | 8-2-2021 | 125,000,000 | 125,000,000 | |
BNP Paribas, dated 7-30-2021, maturity value $1,750,007,292 (14) | 0.05 | 8-2-2021 | 1,750,000,000 | 1,750,000,000 | |
BNP Paribas, dated 7-30-2021, maturity value $1,500,006,875 (15) | 0.06 | 8-2-2021 | 1,500,000,000 | 1,500,000,000 | |
BNP Paribas Securities Corporation, dated 7-30-2021, maturity value $1,250,005,208 (16) | 0.05 | 8-2-2021 | 1,250,000,000 | 1,250,000,000 | |
BNP Paribas Securities Corporation, dated 7-30-2021, maturity value $100,000,417 (17) | 0.05 | 8-2-2021 | 100,000,000 | 100,000,000 | |
Canadian Imperial Bank of Commerce, dated 7-30-2021, maturity value $100,000,417 (18) | 0.05 | 8-2-2021 | 100,000,000 | 100,000,000 | |
Citibank NA, dated 7-30-2021, maturity value $250,001,250 (19) | 0.06 | 8-2-2021 | 250,000,000 | 250,000,000 | |
Citibank NA, dated 7-29-2021, maturity value $250,002,917 (20) | 0.06 | 8-5-2021 | 250,000,000 | 250,000,000 | |
Citigroup Global Markets Incorporated, dated 7-30-2021, maturity value $500,002,083 (21) | 0.05 | 8-2-2021 | 500,000,000 | 500,000,000 | |
Citigroup Global Markets Incorporated, dated 7-30-2021, maturity value $2,250,011,250 (22) | 0.06 | 8-2-2021 | 2,250,000,000 | 2,250,000,000 | |
Citigroup Global Markets Incorporated, dated 7-27-2021, maturity value $250,002,917 (23) | 0.06 | 8-3-2021 | 250,000,000 | 250,000,000 | |
Credit Agricole FICC, dated 7-30-2021, maturity value $500,002,083 (24) | 0.05 | 8-2-2021 | 500,000,000 | 500,000,000 | |
Credit Agricole SA, dated 7-30-2021, maturity value $1,000,004,167 (25) | 0.05 | 8-2-2021 | 1,000,000,000 | 1,000,000,000 | |
Credit Agricole SA, dated 7-30-2021, maturity value $1,160,005,317 (26) | 0.06 | 8-2-2021 | 1,160,000,000 | 1,160,000,000 | |
Daiwa Capital Markets America Incorporated, dated 7-30-2021, maturity value $1,000,004,167 (27) | 0.05 | 8-2-2021 | 1,000,000,000 | 1,000,000,000 | |
Deutsche Bank Securities, dated 7-30-2021, maturity value $3,000,012,500 (28) | 0.05 | 8-2-2021 | 3,000,000,000 | 3,000,000,000 | |
Federal Reserve Bank of New York, dated 7-30-2021, maturity value $32,850,136,875 (29) | 0.05 | 8-2-2021 | 32,850,000,000 | 32,850,000,000 | |
Goldman Sachs & Company, dated 7-30-2021, maturity value $100,000,417 (30) | 0.05 | 8-2-2021 | 100,000,000 | 100,000,000 | |
ING Financial Markets LLC, dated 7-30-2021, maturity value $1,400,015,560 (31) | 0.05 | 8-2-2021 | 1,400,009,727 | 1,400,009,727 | |
ING Financial Markets LLC, dated 7-6-2021, maturity value $500,030,694 (32) | 0.07 | 8-9-2021 | 500,000,000 | 500,000,000 | |
ING Financial Markets LLC, dated 6-18-2021, maturity value $300,058,750 (33) | 0.08 | 9-20-2021 | 300,000,000 | 300,000,000 | |
JP Morgan Securities, dated 7-30-2021, maturity value $250,001,042 (34) | 0.05 | 8-2-2021 | 250,000,000 | 250,000,000 | |
JP Morgan Securities, dated 7-30-2021, maturity value $500,002,083 (35) | 0.05 | 8-2-2021 | 500,000,000 | 500,000,000 | |
JP Morgan Securities, dated 7-30-2021, maturity value $1,000,005,556 (36) | 0.05 | 8-3-2021 | 1,000,000,000 | 1,000,000,000 | |
JP Morgan Securities , dated 5-24-2019, maturity value $500,778,750 (37) §∂øø | 0.07 | 8-2-2021 | 500,000,000 | 500,000,000 |
Interest rate | Maturity date | Principal | Value | ||
Repurchase agreements (continued) | |||||
Mitsubishi Bank, dated 7-30-2021, maturity value $150,000,625 (38) | 0.05% | 8-2-2021 | $ 150,000,000 | $ 150,000,000 | |
Mitsubishi Bank, dated 7-27-2021, maturity value $250,002,431 (39) | 0.05 | 8-3-2021 | 250,000,000 | 250,000,000 | |
Mizuho Bank, dated 7-30-2021, maturity value $250,001,146 (40) | 0.06 | 8-2-2021 | 250,000,000 | 250,000,000 | |
MUFG Bank, dated 7-16-2021, maturity value $250,001,181 (41) §øø | 0.07 | 8-2-2021 | 250,000,000 | 250,000,000 | |
MUFG Bank, dated 7-8-2021, maturity value $600,029,167 (42) | 0.07 | 8-2-2021 | 600,000,000 | 600,000,000 | |
MUFG Securities Canada Limited, dated 7-30-2021, maturity value $5,100,021,250 (43) | 0.05 | 8-2-2021 | 5,100,000,000 | 5,100,000,000 | |
Nomura Triparty, dated 7-30-2021, maturity value $3,000,012,500 (44) | 0.05 | 8-2-2021 | 3,000,000,000 | 3,000,000,000 | |
Prudential Insurance Company of America, dated 7-30-2021, maturity value $188,490,192 (45) | 0.06 | 8-2-2021 | 188,489,250 | 188,489,250 | |
Prudential Insurance Company of America, dated 7-30-2021, maturity value $350,303,002 (46) | 0.06 | 8-2-2021 | 350,301,250 | 350,301,250 | |
RBC Capital Markets Triparty A, dated 7-29-2021, maturity value $325,006,319 (47) | 0.05 | 8-12-2021 | 325,000,000 | 325,000,000 | |
RBC Capital Markets Triparty E, dated 7-27-2021, maturity value $150,002,917 (48) | 0.05 | 8-10-2021 | 150,000,000 | 150,000,000 | |
RBC Dominion Securities, dated 7-30-2021, maturity value $200,000,083 (49) | 0.01 | 8-2-2021 | 200,000,000 | 200,000,000 | |
RBC Dominion Securities, dated 7-30-2021, maturity value $1,750,007,292 (50) | 0.05 | 8-2-2021 | 1,750,000,000 | 1,750,000,000 | |
RBS Securities Incorporated, dated 7-30-2021, maturity value $1,000,004,583 (51) | 0.06 | 8-2-2021 | 1,000,000,000 | 1,000,000,000 | |
Societe Generale, dated 7-30-2021, maturity value $1,885,007,854 (52) | 0.05 | 8-2-2021 | 1,885,000,000 | 1,885,000,000 | |
Societe Generale of New York, dated 7-30-2021, maturity value $250,001,042 (53) | 0.05 | 8-2-2021 | 250,000,000 | 250,000,000 | |
Societe Generale of New York, dated 7-27-2021, maturity value $500,004,861 (54) | 0.05 | 8-3-2021 | 500,000,000 | 500,000,000 | |
Societe Generale of New York, dated 7-30-2021, maturity value $1,000,009,722 (55) | 0.05 | 8-6-2021 | 1,000,000,000 | 1,000,000,000 | |
Societe Generale of New York, dated 7-6-2021, maturity value $850,048,167 (56) | 0.06 | 8-9-2021 | 850,000,000 | 850,000,000 | |
Standard Chartered Bank, dated 7-30-2021, maturity value $1,004,983,025 (57) | 0.06 | 8-2-2021 | 1,004,978,000 | 1,004,978,000 | |
Standard Chartered Bank, dated 7-30-2021, maturity value $2,411,062,055 (58) | 0.06 | 8-2-2021 | 2,411,050,000 | 2,411,050,000 | |
Sumitomo Mitsui Banking Corporation, dated 6-1-2021, maturity value $451,555,084 (59) | 0.09 | 9-1-2021 | 451,451,250 | 451,451,250 | |
Sumitomo Mitsui Banking Corporation, dated 6-15-2021, maturity value $347,422,771 (60) | 0.09 | 9-14-2021 | 347,343,750 | 347,343,750 | |
Sumitomo Mitsui Banking Corporation, dated 6-29-2021, maturity value $222,791,328 (61) | 0.10 | 9-24-2021 | 222,737,500 | 222,737,500 | |
Sumitomo Mitsui Banking Corporation, dated 7-1-2021, maturity value $322,401,120 (62) | 0.10 | 10-1-2021 | 322,318,750 | 322,318,750 | |
Sumitomo Mitsui Banking Corporation, dated 3-29-2021, maturity value $497,570,258 (63) | 0.11 | 8-16-2021 | 497,357,500 | 497,357,500 | |
TD Securities USA Incorporated, dated 7-30-2021, maturity value $1,020,004,675 (64) | 0.06 | 8-2-2021 | 1,020,000,000 | 1,020,000,000 | |
Total Repurchase agreements (Cost $86,806,036,977) | 86,806,036,977 |
Interest rate | Maturity date | Principal | Value | ||
U.S. Treasury securities: 32.89% | |||||
U.S. Cash Management Bill ☼## | 0.01% | 8-3-2021 | $ 1,200,000,000 | $ 1,199,999,661 | |
U.S. Cash Management Bill ☼## | 0.02 | 8-10-2021 | 2,750,000,000 | 2,749,987,660 | |
U.S. Cash Management Bill ☼ | 0.02 | 8-17-2021 | 800,000,000 | 799,992,052 | |
U.S. Cash Management Bill ☼ | 0.02 | 8-24-2021 | 500,000,000 | 499,992,972 | |
U.S. Cash Management Bill ☼ | 0.02 | 8-31-2021 | 500,000,000 | 499,991,058 | |
U.S. Cash Management Bill ☼ | 0.03 | 10-5-2021 | 1,150,000,000 | 1,149,942,000 | |
U.S. Cash Management Bill ☼ | 0.03 | 10-12-2021 | 700,000,000 | 699,954,442 | |
U.S. Cash Management Bill ☼ | 0.03 | 10-19-2021 | 550,000,000 | 549,960,675 | |
U.S. Cash Management Bill ☼ | 0.05 | 11-9-2021 | 400,000,000 | 399,945,000 | |
U.S. Cash Management Bill ☼ | 0.05 | 11-16-2021 | 550,000,000 | 549,919,028 | |
U.S. Cash Management Bill ☼ | 0.05 | 11-23-2021 | 800,000,000 | 799,874,445 | |
U.S. Cash Management Bill ☼%% | 0.05 | 11-30-2021 | 2,000,000,000 | 1,999,669,444 | |
U.S. Treasury Bill ☼ | 0.01 | 8-19-2021 | 700,000,000 | 699,996,033 | |
U.S. Treasury Bill ☼ | 0.02 | 8-26-2021 | 950,000,000 | 949,990,233 | |
U.S. Treasury Bill ☼ | 0.02 | 9-7-2021 | 950,000,000 | 949,977,438 | |
U.S. Treasury Bill ☼ | 0.02 | 9-9-2021 | 1,100,000,000 | 1,099,968,572 | |
U.S. Treasury Bill ☼ | 0.02 | 9-14-2021 | 750,000,000 | 749,982,083 | |
U.S. Treasury Bill ☼ | 0.02 | 9-21-2021 | 500,000,000 | 499,989,583 | |
U.S. Treasury Bill ☼ | 0.02 | 9-28-2021 | 500,000,000 | 499,985,354 | |
U.S. Treasury Bill ☼ | 0.03 | 8-5-2021 | 1,400,000,000 | 1,399,995,483 | |
U.S. Treasury Bill ☼ | 0.03 | 8-12-2021 | 1,420,000,000 | 1,419,986,813 | |
U.S. Treasury Bill ☼ | 0.03 | 9-2-2021 | 673,000,000 | 672,987,781 | |
U.S. Treasury Bill ☼ | 0.03 | 9-16-2021 | 400,000,000 | 399,986,250 | |
U.S. Treasury Bill ☼ | 0.04 | 12-16-2021 | 400,000,000 | 399,939,556 | |
U.S. Treasury Bill ☼ | 0.05 | 10-14-2021 | 850,000,000 | 849,913,819 | |
U.S. Treasury Bill ☼ | 0.05 | 10-21-2021 | 400,000,000 | 399,955,556 | |
U.S. Treasury Bill ☼ | 0.05 | 10-28-2021 | 342,000,000 | 341,958,675 | |
U.S. Treasury Bill ☼ | 0.05 | 1-13-2022 | 300,000,000 | 299,930,300 | |
U.S. Treasury Bill ☼ | 0.07 | 1-27-2022 | 940,000,000 | 939,697,845 | |
U.S. Treasury Bill ☼ | 0.10 | 12-23-2021 | 160,000,000 | 159,939,622 | |
U.S. Treasury Bill ☼ | 0.11 | 12-30-2021 | 1,310,000,000 | 1,309,411,750 | |
U.S. Treasury Bill ☼ | 0.12 | 12-2-2021 | 375,000,000 | 374,852,583 | |
U.S. Treasury Bill ☼ | 0.14 | 10-7-2021 | 410,000,000 | 409,897,334 | |
U.S. Treasury Bill ☼ | 0.14 | 11-4-2021 | 550,000,000 | 549,798,944 | |
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield +0.03%) ± | 0.08 | 4-30-2023 | 3,600,000,000 | 3,600,176,544 | |
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield +0.05%) ± | 0.10 | 1-31-2023 | 2,100,000,000 | 2,100,192,993 | |
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield +0.06%) ± | 0.11 | 7-31-2022 | 365,000,000 | 364,989,803 | |
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield +0.06%) ± | 0.11 | 10-31-2022 | 2,430,000,000 | 2,429,948,303 | |
U.S. Treasury Note | 0.13 | 5-31-2022 | 220,000,000 | 220,070,630 | |
U.S. Treasury Note | 0.13 | 6-30-2022 | 180,000,000 | 180,055,270 | |
U.S. Treasury Note | 0.13 | 7-31-2022 | 730,000,000 | 730,207,037 | |
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield +0.11%) ± | 0.16 | 4-30-2022 | 250,000,000 | 250,134,425 | |
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield +0.30%) ± | 0.35 | 10-31-2021 | 740,000,000 | 740,077,485 | |
U.S. Treasury Note | 0.38 | 3-31-2022 | 519,794,000 | 520,735,312 | |
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield +0.03%) ±%% | 1.00 | 7-31-2023 | 1,050,000,000 | 1,050,000,000 | |
U.S. Treasury Note | 1.13 | 8-31-2021 | 80,000,000 | 80,065,423 | |
U.S. Treasury Note | 1.13 | 2-28-2022 | 390,000,000 | 392,318,780 | |
U.S. Treasury Note | 1.25 | 10-31-2021 | 235,000,000 | 235,648,665 |
Interest rate | Maturity date | Principal | Value | ||
U.S. Treasury securities (continued) | |||||
U.S. Treasury Note | 1.38% | 1-31-2022 | $ 125,000,000 | $ 125,798,683 | |
U.S. Treasury Note | 1.50 | 8-31-2021 | 210,000,000 | 210,229,225 | |
U.S. Treasury Note | 1.50 | 11-30-2021 | 90,000,000 | 90,413,367 | |
U.S. Treasury Note | 1.50 | 1-31-2022 | 295,000,000 | 297,070,129 | |
U.S. Treasury Note | 1.75 | 11-30-2021 | 697,000,000 | 700,790,519 | |
U.S. Treasury Note | 1.75 | 2-28-2022 | 70,000,000 | 70,687,202 | |
U.S. Treasury Note | 1.75 | 3-31-2022 | 432,000,000 | 436,772,862 | |
U.S. Treasury Note | 1.75 | 4-30-2022 | 225,000,000 | 227,788,186 | |
U.S. Treasury Note | 1.75 | 5-15-2022 | 200,000,000 | 202,631,544 | |
U.S. Treasury Note | 1.75 | 6-30-2022 | 110,000,000 | 111,663,956 | |
U.S. Treasury Note | 1.75 | 7-15-2022 | 470,000,000 | 477,410,100 | |
U.S. Treasury Note | 1.88 | 11-30-2021 | 460,000,000 | 462,660,479 | |
U.S. Treasury Note | 1.88 | 1-31-2022 | 618,000,000 | 623,481,510 | |
U.S. Treasury Note | 1.88 | 3-31-2022 | 540,000,000 | 546,328,164 | |
U.S. Treasury Note | 1.88 | 4-30-2022 | 75,000,000 | 75,998,162 | |
U.S. Treasury Note | 1.88 | 7-31-2022 | 1,570,000,000 | 1,597,764,763 | |
U.S. Treasury Note | 2.00 | 8-31-2021 | 150,000,000 | 150,226,529 | |
U.S. Treasury Note | 2.00 | 10-31-2021 | 365,000,000 | 366,714,131 | |
U.S. Treasury Note | 2.00 | 11-15-2021 | 190,000,000 | 191,037,513 | |
U.S. Treasury Note | 2.00 | 12-31-2021 | 130,000,000 | 131,017,841 | |
U.S. Treasury Note | 2.00 | 7-31-2022 | 420,000,000 | 427,949,741 | |
U.S. Treasury Note | 2.13 | 9-30-2021 | 550,000,000 | 551,775,703 | |
U.S. Treasury Note | 2.38 | 3-15-2022 | 230,000,000 | 233,228,984 | |
U.S. Treasury Note | 2.50 | 1-15-2022 | 80,000,000 | 80,869,279 | |
U.S. Treasury Note | 2.50 | 2-15-2022 | 85,000,000 | 86,102,494 | |
U.S. Treasury Note | 2.63 | 12-15-2021 | 50,000,000 | 50,461,994 | |
U.S. Treasury Note | 2.75 | 9-15-2021 | 158,000,000 | 158,496,215 | |
U.S. Treasury Note | 2.88 | 10-15-2021 | 35,000,000 | 35,197,727 | |
U.S. Treasury Note | 2.88 | 11-15-2021 | 645,240,000 | 650,369,742 | |
U.S. Treasury Note | 8.00 | 11-15-2021 | 150,300,000 | 153,693,058 | |
Total U.S. Treasury securities (Cost $49,696,620,516) | 49,696,620,516 | ||||
Total investments in securities (Cost $152,065,294,356) | 100.63% | 152,065,294,356 | |||
Other assets and liabilities, net | (0.63) | (958,967,639) | |||
Total net assets | 100.00% | $151,106,326,717 |
§ | The security is subject to a demand feature which reduces the effective maturity. |
± | Variable rate investment. The rate shown is the rate in effect at period end. |
ø | Variable rate demand notes are subject to a demand feature which reduces the effective maturity. The maturity date shown represents the final maturity date of the security. The interest rate is determined and reset by the issuer daily, weekly, or monthly depending upon the terms of the security. The rate shown is the rate in effect at period end. |
144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933. |
øø | The interest rate is determined and reset by the issuer periodically depending upon the terms of the security. The rate shown is the rate in effect at period end. |
^^ | Collateralized by: |
(01) U.S. government securities, 2.50%, 8-20-2050, fair value including accrued interest is $1,030,000,001. | |
(02) U.S. government securities, 0.25% to 0.38%, 6-15-2024 to 7-15-2024, fair value including accrued interest is $102,000,047. | |
(03) U.S. government securities, 1.50% to 6.50%, 1-1-2027 to 8-1-2051, fair value including accrued interest is $267,800,000. | |
(04) U.S. government securities, 0.13% to 0.63%, 10-15-2025 to 1-15-2028, fair value including accrued interest is $2,295,000,081. | |
(05) U.S. government securities, 1.83% to 7.50%, 6-1-2023 to 7-1-2051, fair value including accrued interest is $1,030,000,000. | |
(06) U.S. government securities, 2.50%, 6-20-2051, fair value including accrued interest is $128,750,001. | |
(07) U.S. government securities, 0.13% to 3.88%, 1-15-2022 to 2-15-2046, fair value including accrued interest is $2,254,200,007. | |
(08) U.S. government securities, 1.50% to 5.00%, 5-31-2036 to 7-1-2051, fair value including accrued interest is $1,030,000,000. | |
(09) U.S. government securities, 1.50% to 4.50%, 7-1-2033 to 7-1-2051, fair value including accrued interest is $1,081,500,001. | |
(10) U.S. government securities, 1.50% to 4.50%, 6-20-2047 to 4-20-2051, fair value including accrued interest is $360,500,001. | |
(11) U.S. government securities, 2.00% to 2.50%, 7-1-2051, fair value including accrued interest is $515,000,000. | |
(12) U.S. government securities, 2.50%, 6-20-2051, fair value including accrued interest is $257,500,000. | |
(13) U.S. government securities, 0.00%, 8-13-2021 to 10-12-2021, fair value is $127,500,058. | |
(14) U.S. government securities, 0.38% to 1.38%, 8-1-2023 to 3-31-2028, fair value including accrued interest is $1,785,000,000. | |
(15) U.S. government securities, 0.13% to 1.25%, 12-31-2022 to 6-30-2028, fair value including accrued interest is $1,530,612,244. | |
(16) U.S. government securities, 0.00% to 6.88%, 7-31-2021 to 2-15-2050, fair value including accrued interest is $1,275,000,001. | |
(17) U.S. government securities, 0.00% to 8.00%, 10-14-2021 to 8-20-2048, fair value including accrued interest is $102,035,008. | |
(18) U.S. government securities, 2.00% to 4.50%, 9-1-2030 to 6-20-2051, fair value including accrued interest is $103,000,069. | |
(19) U.S. government securities, 0.00% to 10.00%, 9-1-2021 to 8-20-2050, fair value including accrued interest is $255,026,349. | |
(20) U.S. government securities, 0.00% to 10.50%, 7-31-2021 to 9-15-2065, fair value including accrued interest is $255,141,029. | |
(21) U.S. government securities, 0.50% to 6.13%, 10-31-2027 to 11-15-2049, fair value including accrued interest is $510,000,037. | |
(22) U.S. government securities, 0.13% to 6.75%, 4-15-2022 to 7-20-2051, fair value including accrued interest is $2,316,702,766. | |
(23) U.S. government securities, 2.50% to 4.00%, 7-20-2051, fair value including accrued interest is $257,501,015. | |
(24) U.S. government securities, 2.25%, 8-15-2027, fair value including accrued interest is $510,000,002. | |
(25) U.S. government securities, 0.38% to 1.75%, 5-15-2023 to 6-30-2028, fair value including accrued interest is $1,020,000,040. | |
(26) U.S. government securities, 2.00% to 2.50%, 1-20-2051 to 5-20-2051, fair value including accrued interest is $1,194,800,001. | |
(27) U.S. government securities, 0.00% to 6.50%, 7-31-2021 to 3-1-2052, fair value including accrued interest is $1,028,550,614. | |
(28) U.S. government securities, 1.50% to 6.00%, 6-20-2027 to 8-1-2059, fair value including accrued interest is $3,090,000,000. | |
(29) U.S. government securities, 0.13% to 3.63%, 10-31-2022 to 8-15-2043, fair value including accrued interest is $32,850,136,878. | |
(30) U.S. government securities, 3.00% to 5.50%, 7-20-2023 to 7-20-2051, fair value including accrued interest is $103,000,000. | |
(31) U.S. government securities, 0.13% to 2.88%, 9-30-2022 to 5-15-2027, fair value including accrued interest is $1,428,009,921. | |
(32) U.S. government securities, 1.37% to 7.00%, 6-1-2027 to 1-1-2058, fair value including accrued interest is $515,000,000. | |
(33) U.S. government securities, 1.50% to 5.50%, 11-1-2029 to 9-1-2057, fair value including accrued interest is $309,000,000. | |
(34) U.S. government securities, 0.00% to 3.50%, 7-15-2022 to 12-14-2029, fair value including accrued interest is $255,000,313. | |
(35) U.S. government securities, 1.13% to 2.63%, 8-31-2022 to 4-15-2026, fair value including accrued interest is $510,000,005. | |
(36) U.S. government securities, 0.00% to 2.88%, 8-15-2021 to 7-31-2025, fair value including accrued interest is $1,020,000,008. | |
(37) U.S. government securities, 1.50% to 4.08%, 11-30-2024 to 9-20-2038, fair value including accrued interest is $510,000,130. | |
(38) U.S. government securities, 2.00% to 4.50%, 5-1-2025 to 8-1-2051, fair value including accrued interest is $154,500,000. | |
(39) U.S. government securities, 0.50% to 6.13%, 10-31-2022 to 8-15-2049, fair value including accrued interest is $255,000,033. | |
(40) U.S. government securities, 0.00%, 10-12-2021 to 11-9-2021, fair value is $255,000,028. | |
(41) U.S. government securities, 2.50% to 4.50%, 3-1-2033 to 7-1-2051, fair value including accrued interest is $257,500,000. | |
(42) U.S. government securities, 1.50% to 5.50%, 3-1-2027 to 8-1-2051, fair value including accrued interest is $618,000,000. | |
(43) U.S. government securities, 0.00% to 7.50%, 8-19-2021 to 1-1-2058, fair value including accrued interest is $5,247,498,446. | |
(44) U.S. government securities, 0.00% to 8.88%, 10-20-2021 to 9-15-2065, fair value including accrued interest is $3,060,003,341. | |
(45) U.S. government securities, 0.00% to 3.00%, 11-15-2021 to 5-15-2045, fair value including accrued interest is $192,259,035. | |
(46) U.S. government securities, 0.00%, 5-15-2027 to 2-15-2045, fair value is $357,307,275. | |
(47) U.S. government securities, 1.75% to 2.75%, 5-15-2022 to 2-15-2024, fair value including accrued interest is $331,500,060. | |
(48) U.S. government securities, 2.00% to 2.75%, 2-15-2022 to 8-15-2025, fair value including accrued interest is $153,000,023. | |
(49) U.S. government securities, 0.00% to 2.38%, 2-15-2022 to 5-15-2050, fair value including accrued interest is $204,000,000. | |
(50) U.S. government securities, 0.13% to 7.65%, 2-15-2022 to 9-15-2062, fair value including accrued interest is $1,802,304,563. | |
(51) U.S. government securities, 0.00% to 3.00%, 7-31-2021 to 5-15-2051, fair value including accrued interest is $1,020,000,092. | |
(52) U.S. government securities, 0.00% to 6.38%, 9-16-2021 to 5-15-2049, fair value including accrued interest is $1,922,700,028. | |
(53) U.S. government securities, 0.00% to 8.00%, 7-31-2021 to 6-20-2051, fair value including accrued interest is $255,248,474. | |
(54) U.S. government securities, 0.00% to 8.00%, 8-31-2021 to 5-15-2050, fair value including accrued interest is $510,000,000. | |
(55) U.S. government securities, 0.00% to 8.00%, 7-31-2021 to 2-15-2051, fair value including accrued interest is $1,020,000,002. | |
(56) U.S. government securities, 0.00% to 8.00%, 7-31-2021 to 5-15-2051, fair value including accrued interest is $867,000,011. | |
(57) U.S. government securities, 0.13% to 3.13%, 1-31-2023 to 11-15-2044, fair value including accrued interest is $1,025,487,755. | |
(58) U.S. government securities, 0.00% to 4.75%, 9-9-2021 to 7-1-2051, fair value including accrued interest is $2,460,683,715. | |
(59) U.S. government securities, 0.38% to 3.50%, 1-31-2022 to 3-1-2048, fair value including accrued interest is $464,657,602. | |
(60) U.S. government securities, 0.38% to 3.50%, 3-31-2022 to 5-1-2048, fair value including accrued interest is $357,597,574. | |
(61) U.S. government securities, 0.38% to 3.50%, 3-31-2022 to 1-20-2050, fair value including accrued interest is $229,295,135. | |
(62) U.S. government securities, 0.38% to 3.50%, 3-31-2022 to 7-1-2051, fair value including accrued interest is $332,142,977. |
(63) U.S. government securities, 0.38% to 3.50%, 1-31-2022 to 1-1-2048, fair value including accrued interest is $511,337,756. | |
(64) U.S. government securities, 1.50% to 4.50%, 1-1-2028 to 8-1-2059, fair value including accrued interest is $1,050,600,000. | |
∂ | The security represents a long-dated and extendible repurchase agreement which automatically renews on previously set terms. The maturity date represents the next put date. |
## | All or a portion of this security is segregated for when-issued securities. |
☼ | Zero coupon security. The rate represents the current yield to maturity. |
%% | The security is purchased on a when-issued basis. |
Abbreviations: | |
CDA | Community Development Authority |
FFCB | Federal Farm Credit Banks |
FHLB | Federal Home Loan Bank |
FHLMC | Federal Home Loan Mortgage Corporation |
FNMA | Federal National Mortgage Association |
LIBOR | London Interbank Offered Rate |
LIQ | Liquidity agreement |
LOC | Letter of credit |
MFHR | Multifamily housing revenue |
SOFR | Secured Overnight Financing Rate |
Assets | |
Investments in unaffiliated securities, at amortized cost | $ 65,259,257,379 |
Investments in repurchase agreements, at amortized cost | 86,806,036,977 |
Cash | 1,537,183,103 |
Receivable for investments sold | 720,017,000 |
Receivable for interest | 78,426,682 |
Receivable for Fund shares sold | 10,934,221 |
Receivable from manager | 959,933 |
Prepaid expenses and other assets | 7,393,144 |
Total assets | 154,420,208,439 |
Liabilities | |
Payable for when-issued transactions | 3,049,669,444 |
Payable for investments purchased | 254,279,818 |
Administration fees payable | 7,006,476 |
Payable for Fund shares redeemed | 1,903,181 |
Dividends payable | 1,022,803 |
Total liabilities | 3,313,881,722 |
Total net assets | $151,106,326,717 |
Net assets consist of | |
Paid-in capital | $ 151,105,846,057 |
Total distributable earnings | 480,660 |
Total net assets | $151,106,326,717 |
Computation of net asset value per share | |
Net assets – Class A | $ 303,648,301 |
Shares outstanding – Class A1 | 303,646,803 |
Net asset value per share – Class A | $1.00 |
Net assets – Administrator Class | $ 4,037,127,934 |
Shares outstanding – Administrator Class1 | 4,037,110,007 |
Net asset value per share – Administrator Class | $1.00 |
Net assets – Institutional Class | $ 39,634,450,038 |
Shares outstanding – Institutional Class1 | 39,634,319,433 |
Net asset value per share – Institutional Class | $1.00 |
Net assets – Select Class | $ 104,291,138,600 |
Shares outstanding – Select Class1 | 104,290,885,585 |
Net asset value per share – Select Class | $1.00 |
Net assets – Service Class | $ 1,826,367,105 |
Shares outstanding – Service Class1 | 1,826,354,900 |
Net asset value per share – Service Class | $1.00 |
Net assets – Sweep Class | $ 1,013,594,739 |
Shares outstanding – Sweep Class1 | 1,013,591,233 |
Net asset value per share – Sweep Class | $1.00 |
1 | The Fund has an unlimited number of authorized shares |
Investment income | |
Interest | $ 53,500,876 |
Expenses | |
Management fee | 93,520,825 |
Administration fees | |
Class A | 331,763 |
Administrator Class | 1,785,243 |
Institutional Class | 16,582,044 |
Select Class | 19,481,785 |
Service Class | 1,130,033 |
Sweep Class | 86,841 |
Shareholder servicing fees | |
Class A | 341,052 |
Administrator Class | 974,052 |
Service Class | 564,206 |
Sweep Class | 274,657 |
Custody and accounting fees | 2,089,734 |
Professional fees | 43,524 |
Registration fees | 94,314 |
Shareholder report expenses | 44,031 |
Trustees’ fees and expenses | 9,610 |
Other fees and expenses | 583,732 |
Total expenses | 137,937,446 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (92,582,821) |
Class A | (580,259) |
Administrator Class | (1,606,719) |
Institutional Class | (4,145,511) |
Service Class | (1,130,022) |
Sweep Class | (521,047) |
Net expenses | 37,371,067 |
Net investment income | 16,129,809 |
Net realized gains on investments | 10,768 |
Net increase in net assets resulting from operations | $ 16,140,577 |
Six months ended July 31, 2021 (unaudited) | Year ended January 31, 2021 | |||
Operations | ||||
Net investment income | $ 16,129,809 | $ 234,013,463 | ||
Net realized gains on investments | 10,768 | 848,637 | ||
Net increase in net assets resulting from operations | 16,140,577 | 234,862,100 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (15,080) | (444,535) | ||
Administrator Class | (178,524) | (5,053,047) | ||
Institutional Class | (2,072,745) | (65,216,497) | ||
Select Class | (13,739,410) | (161,056,607) | ||
Service Class | (94,168) | (2,796,854) | ||
Sweep Class | (29,882) | (5) 1 | ||
Total distributions to shareholders | (16,129,809) | (234,567,545) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 45,189,639 | 45,189,639 | 245,392,922 | 245,392,922 |
Administrator Class | 8,396,636,135 | 8,396,636,135 | 18,923,119,258 | 18,923,119,258 |
Institutional Class | 100,499,304,994 | 100,499,304,994 | 220,379,617,551 | 220,379,617,551 |
Select Class | 1,135,936,821,594 | 1,135,936,821,594 | 819,624,460,567 | 819,624,460,567 |
Service Class | 42,907,647,890 | 42,907,647,890 | 88,311,417,547 | 88,311,417,547 |
Sweep Class | 3,094,901,981 | 3,094,901,981 | 1,465,010 1 | 1,465,010 1 |
1,290,880,502,233 | 1,147,485,472,855 | |||
Reinvestment of distributions | ||||
Class A | 14,900 | 14,900 | 461,983 | 461,983 |
Administrator Class | 82,657 | 82,657 | 1,925,746 | 1,925,746 |
Institutional Class | 717,593 | 717,593 | 22,578,181 | 22,578,181 |
Select Class | 8,546,531 | 8,546,531 | 103,202,391 | 103,202,391 |
Service Class | 9,739 | 9,739 | 262,945 | 262,945 |
Sweep Class | 29,606 | 29,606 | 3 1 | 3 1 |
9,401,026 | 128,431,249 | |||
Payment for shares redeemed | ||||
Class A | (48,420,907) | (48,420,907) | (305,591,017) | (305,591,017) |
Administrator Class | (8,899,876,772) | (8,899,876,772) | (18,278,691,699) | (18,278,691,699) |
Institutional Class | (103,749,033,412) | (103,749,033,412) | (206,547,476,608) | (206,547,476,608) |
Select Class | (1,126,820,347,328) | (1,126,820,347,328) | (776,516,340,075) | (776,516,340,075) |
Service Class | (42,944,183,641) | (42,944,183,641) | (88,443,707,111) | (88,443,707,111) |
Sweep Class | (2,082,805,342) | (2,082,805,342) | (25) 1 | (25) 1 |
(1,284,544,667,402) | (1,090,091,806,535) | |||
Net increase in net assets resulting from capital share transactions | 6,345,235,857 | 57,522,097,569 | ||
Total increase in net assets | 6,345,246,625 | 57,522,392,124 | ||
Net assets | ||||
Beginning of period | 144,761,080,092 | 87,238,687,968 | ||
End of period | $ 151,106,326,717 | $ 144,761,080,092 |
1 | For the period from July 31, 2020 (commencement of class operations) to January 31, 2021 |
Year ended January 31 | ||||||
Class A | Six months ended July 31, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Net investment income | 0.00 1 | 0.00 1 | 0.02 | 0.01 | 0.00 1 | 0.00 1 |
Net realized gains (losses) on investments | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 |
Total from investment operations | 0.00 1 | 0.00 1 | 0.02 | 0.01 | 0.00 1 | 0.00 1 |
Distributions to shareholders from | ||||||
Net investment income | (0.00) 1 | (0.00) 1 | (0.02) | (0.01) | (0.00) 1 | (0.00) 1 |
Net realized gains | 0.00 | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.00) 1 | 0.00 |
Total distributions to shareholders | (0.00) 1 | (0.00) 1 | (0.02) | (0.01) | (0.00) 1 | (0.00) 1 |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total return2 | 0.00% | 0.13% | 1.59% | 1.38% | 0.38% | 0.01% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.58% | 0.60% | 0.61% | 0.61% | 0.61% | 0.61% |
Net expenses | 0.06% * | 0.28% * | 0.60% | 0.60% | 0.61% | 0.41% |
Net investment income | 0.01% | 0.13% | 1.56% | 1.39% | 0.38% | 0.01% |
Supplemental data | ||||||
Net assets, end of period (000s omitted) | $303,648 | $306,864 | $366,601 | $311,616 | $264,735 | $274,083 |
* | Ratios reflect class-level expenses which were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would be increased by the following amounts: |
Six months ended July 31, 2021 (unaudited) | 0.51% |
Year ended January 31, 2021 | 0.32% |
1 | Amount is less than $0.005. |
2 | Returns for periods of less than one year are not annualized. |
Year ended January 31 | ||||||
Administrator Class | Six months ended July 31, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Net investment income | 0.00 1 | 0.00 1 | 0.02 | 0.02 | 0.01 | 0.00 1 |
Net realized gains (losses) on investments | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 |
Total from investment operations | 0.00 1 | 0.00 1 | 0.02 | 0.02 | 0.01 | 0.00 1 |
Distributions to shareholders from | ||||||
Net investment income | (0.00) 1 | (0.00) 1 | (0.02) | (0.02) | (0.01) | (0.00) 1 |
Net realized gains | 0.00 | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.00) 1 | 0.00 |
Total distributions to shareholders | (0.00) 1 | (0.00) 1 | (0.02) | (0.02) | (0.01) | (0.00) 1 |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total return2 | 0.00% | 0.17% | 1.85% | 1.65% | 0.65% | 0.10% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.29% | 0.33% | 0.34% | 0.34% | 0.34% | 0.34% |
Net expenses | 0.06% * | 0.22% * | 0.34% | 0.34% | 0.34% | 0.34% |
Net investment income | 0.01% | 0.14% | 1.81% | 1.67% | 0.72% | 0.11% |
Supplemental data | ||||||
Net assets, end of period (000s omitted) | $4,037,128 | $4,540,262 | $3,893,928 | $2,411,490 | $1,554,764 | $443,500 |
* | Ratios reflect class-level expenses which were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would be increased by the following amounts: |
Six months ended July 31, 2021 (unaudited) | 0.22% |
Year ended January 31, 2021 | 0.11% |
1 | Amount is less than $0.005. |
2 | Returns for periods of less than one year are not annualized. |
Year ended January 31 | ||||||
Institutional Class | Six months ended July 31, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Net investment income | 0.00 1 | 0.00 1 | 0.02 | 0.02 | 0.01 | 0.00 1 |
Net realized gains (losses) on investments | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 |
Total from investment operations | 0.00 1 | 0.00 1 | 0.02 | 0.02 | 0.01 | 0.00 1 |
Distributions to shareholders from | ||||||
Net investment income | (0.00) 1 | (0.00) 1 | (0.02) | (0.02) | (0.01) | (0.00) 1 |
Net realized gains | 0.00 | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.00) 1 | 0.00 |
Total distributions to shareholders | (0.00) 1 | (0.00) 1 | (0.02) | (0.02) | (0.01) | (0.00) 1 |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total return2 | 0.00% | 0.22% | 1.99% | 1.79% | 0.79% | 0.24% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.21% | 0.21% | 0.22% | 0.22% | 0.22% | 0.22% |
Net expenses | 0.06% * | 0.18% * | 0.20% | 0.20% | 0.20% | 0.17% |
Net investment income | 0.01% | 0.16% | 1.97% | 1.79% | 0.79% | 0.25% |
Supplemental data | ||||||
Net assets, end of period (000s omitted) | $39,634,450 | $42,883,663 | $29,289,517 | $26,000,569 | $21,931,321 | $23,242,417 |
* | Ratios reflect class-level expenses which were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would be increased by the following amounts: |
Six months ended July 31, 2021 (unaudited) | 0.14% |
Year ended January 31, 2021 | 0.02% |
1 | Amount is less than $0.005. |
2 | Returns for periods of less than one year are not annualized. |
Year ended January 31 | ||||||
Select Class | Six months ended July 31, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Net investment income | 0.00 1 | 0.00 1 | 0.02 | 0.02 | 0.01 | 0.00 1 |
Net realized gains (losses) on investments | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 |
Total from investment operations | 0.00 1 | 0.00 1 | 0.02 | 0.02 | 0.01 | 0.00 1 |
Distributions to shareholders from | ||||||
Net investment income | (0.00) 1 | (0.00) 1 | (0.02) | (0.02) | (0.01) | (0.00) 1 |
Net realized gains | 0.00 | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.00) 1 | 0.00 |
Total distributions to shareholders | (0.00) 1 | (0.00) 1 | (0.02) | (0.02) | (0.01) | (0.00) 1 |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total return2 | 0.01% | 0.26% | 2.05% | 1.85% | 0.85% | 0.30% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.17% | 0.17% | 0.18% | 0.18% | 0.18% | 0.18% |
Net expenses | 0.05% 3 | 0.14% | 0.14% | 0.14% | 0.14% | 0.11% |
Net investment income | 0.03% | 0.19% | 2.02% | 1.82% | 0.86% | 0.34% |
Supplemental data | ||||||
Net assets, end of period (000s omitted) | $104,291,139 | $95,165,936 | $51,954,718 | $45,335,385 | $46,288,730 | $38,999,425 |
1 | Amount is less than $0.005. |
2 | Returns for periods of less than one year are not annualized. |
3 | Ratio reflects class-level expenses which were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would have been 0.09% higher. |
Year ended January 31 | ||||||
Service Class | Six months ended July 31, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Net investment income | 0.00 1 | 0.00 1 | 0.02 | 0.01 | 0.00 1 | 0.00 1 |
Net realized gains (losses) on investments | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 |
Total from investment operations | 0.00 1 | 0.00 1 | 0.02 | 0.01 | 0.00 1 | 0.00 1 |
Distributions to shareholders from | ||||||
Net investment income | (0.00) 1 | (0.00) 1 | (0.02) | (0.01) | (0.00) 1 | (0.00) 1 |
Net realized gains | 0.00 | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.00) 1 | 0.00 |
Total distributions to shareholders | (0.00) 1 | (0.00) 1 | (0.02) | (0.01) | (0.00) 1 | (0.00) 1 |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total return2 | 0.00% | 0.14% | 1.69% | 1.48% | 0.49% | 0.02% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.45% | 0.50% | 0.51% | 0.51% | 0.51% | 0.51% |
Net expenses | 0.06% * | 0.25% * | 0.50% | 0.50% | 0.50% | 0.40% |
Net investment income | 0.01% | 0.13% | 1.67% | 1.45% | 0.48% | 0.02% |
Supplemental data | ||||||
Net assets, end of period (000s omitted) | $1,826,367 | $1,862,889 | $1,994,923 | $1,856,426 | $2,506,898 | $2,992,780 |
* | Ratios reflect class-level expenses which were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would be increased by the following amounts: |
Six months ended July 31, 2021 (unaudited) | 0.25% |
Year ended January 31, 2021 | 0.25% |
1 | Amount is less than $0.005. |
2 | Returns for periods of less than one year are not annualized. |
Year ended January 31 | ||
Sweep Class | Six months ended July 31, 2021 (unaudited) | 2021 1 |
Net asset value, beginning of period | $1.00 | $1.00 |
Net investment income | 0.00 2 | 0.00 2 |
Net realized gains (losses) on investments | 0.00 2 | 0.00 2 |
Total from investment operations | 0.00 2 | 0.00 2 |
Distributions to shareholders from | ||
Net investment income | (0.00) 2 | (0.00) 2 |
Net realized gains | 0.00 | (0.00) 2 |
Total distributions to shareholders | (0.00) 2 | (0.00) 2 |
Net asset value, end of period | $1.00 | $1.00 |
Total return3 | 0.01% | 0.01% |
Ratios to average net assets (annualized) | ||
Gross expenses | 0.26% | 0.56% |
Net expenses | 0.05% * | 0.13% * |
Net investment income | 0.01% | 0.01% |
Supplemental data | ||
Net assets, end of period (000s omitted) | $1,013,595 | $1,465 |
* | Ratios reflect class-level expenses which were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would be increased by the following amounts: |
Six months ended July 31, 2021 (unaudited) | 0.07% |
Year ended January 31, 2021 | 0.37% |
1 | For the period from July 31, 2020 (commencement of class operations) to January 31, 2021 |
2 | Amount is less than $0.005. |
3 | Returns for periods of less than one year are not annualized. |
■ | Level 1 – quoted prices in active markets for identical securities |
■ | Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
■ | Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Corporate bonds and notes | $0 | $ 18,495,000 | $0 | $ 18,495,000 |
Government agency debt | 0 | 15,280,030,289 | 0 | 15,280,030,289 |
Municipal obligations | 0 | 80,661,574 | 0 | 80,661,574 |
Other instruments | 0 | 183,450,000 | 0 | 183,450,000 |
Repurchase agreements | 0 | 86,806,036,977 | 0 | 86,806,036,977 |
U.S. Treasury securities | 0 | 49,696,620,516 | 0 | 49,696,620,516 |
Total assets | $0 | $152,065,294,356 | $0 | $152,065,294,356 |
Average daily net assets | Management fee |
First $5 billion | 0.150% |
Next $5 billion | 0.140 |
Next $5 billion | 0.130 |
Next $85 billion | 0.125 |
Over $100 billion | 0.120 |
Average daily net assets | Management fee |
First $5 billion | 0.150% |
Next $5 billion | 0.140 |
Over $10 billion | 0.130 |
Class-level administration fee | |
Class A | 0.22% |
Administrator Class | 0.10 |
Institutional Class | 0.08 |
Select Class | 0.04 |
Service Class | 0.12 |
Sweep Class | 0.03 |
Expense ratio caps | |
Class A | 0.60% |
Administrator Class | 0.34 |
Institutional Class | 0.20 |
Select Class | 0.14 |
Service Class | 0.50 |
Sweep Class | 0.50 |
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 100% Treasury Money Market Fund |
Wells Fargo Government Money Market Fund |
Wells Fargo Heritage Money Market Fund |
Wells Fargo Money Market Fund |
Wells Fargo Municipal Cash Management Money Market Fund |
Wells Fargo National Tax-Free Money Market Fund |
Wells Fargo Treasury Plus Money Market 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-CSRS/0001193125-21-287567/g213371imgd93eead91.jpg)
P.O. Box 219967
Kansas City, MO 64121-9967
SA303/SAR303 07-21
![](https://capedge.com/proxy/N-CSRS/0001193125-21-287567/g203491img6e8274ef1.jpg)
■ | Wells Fargo Heritage Money Market Fund |
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Financial statements | |
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Board considerations | |
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41 |
![](https://capedge.com/proxy/N-CSRS/0001193125-21-287567/g203491imgc715e3a32.gif)
1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
2 | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the United States. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
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 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 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 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. |
![](https://capedge.com/proxy/N-CSRS/0001193125-21-287567/g203491imge312fece3.jpg)
President
Wells Fargo Funds
Investment objective | The Fund seeks current income, while preserving capital and liquidity. |
Manager | Wells Fargo Funds Management, LLC |
Subadvisers | Wells Capital Management, LLC |
Wells Capital Management Singapore | |
Portfolio managers | Michael C. Bird, CFA®‡, Jeffrey L. Weaver, CFA®‡, Laurie White |
Average annual total returns (%) as of July 31, 2021 | ||||||
Expense ratios1 (%) | ||||||
Inception date | 1 year | 5 year | 10 year | Gross | Net 2 | |
Administrator Class (SHMXX) | 6-29-1995 | -0.01 | 1.09 | 0.56 | 0.35 | 0.33 |
Institutional Class (SHIXX) | 3-31-2000 | 0.01 | 1.20 | 0.63 | 0.23 | 0.20 |
Select Class (WFJXX) | 6-29-2007 | 0.07 | 1.27 | 0.70 | 0.19 | 0.13 |
Service Class (WHTXX) | 6-30-2010 | -0.01 | 1.00 | 0.51 | 0.52 | 0.43 |
1 | Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report. |
2 | The manager has contractually committed through May 31, 2022, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.33% for Administrator Class, 0.20% for Institutional Class, 0.13% for Select Class and 0.43% for Service Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. The manager and/or its affiliates may also voluntarily waive all or a portion of any fees to which they are entitled and/or reimburse certain expenses as they may determine from time to time. 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. |
Yield summary (%) as of July 31, 2021 | ||||
Administrator Class | Institutional Class | Select Class | Service Class | |
7-day current yield1 | 0.01 | 0.01 | 0.01 | 0.01 |
7-day compound yield | 0.01 | 0.01 | 0.01 | 0.01 |
30-day simple yield | 0.01 | 0.01 | 0.01 | 0.01 |
30-day compound yield | 0.01 | 0.01 | 0.01 | 0.01 |
1 | The manager has contractually committed through May 31, 2022, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses and may also voluntarily waive or reimburse additional fees and expenses which may be discontinued or modified at any time without notice. Without these reductions, the Fund’s 7-day current yield would have been -0.20%, -0.09%, -0.05% and -0.34% for Administrator Class, Institutional Class, Select Class and Service Class, respectively. |
‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
Portfolio composition as of July 31, 20211 |
![](https://capedge.com/proxy/N-CSRS/0001193125-21-287567/g203491img58e63b464.jpg)
1 | Figures represent the percentage of the Fund's total investments. These amounts are subject to change and may have changed since the date specified. |
Effective maturity distribution as of July 31, 20211 |
![](https://capedge.com/proxy/N-CSRS/0001193125-21-287567/g203491img435129055.jpg)
1 | Figures represent the percentage of the Fund's total investments. These amounts are subject to change and may have changed since the date specified. |
Weighted average maturity as of July 31, 20211 |
28 days |
1 | Weighted Average Maturity (WAM): WAM is an average of the effective maturities of all securities held in the portfolio, weighted by each security’s percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. WAM calculations allow for the maturities of certain securities with demand features or periodic interest rate resets to be shortened. WAM is a way to measure a fund’s sensitivity to potential interest rate changes. WAM is subject to change and may have changed since the date specified. |
Weighted average life as of July 31, 20211 |
35 days |
1 | Weighted Average Life (WAL): WAL is an average of the final maturities of all securities held in the portfolio, weighted by their percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. In contrast to WAM, the calculation of WAL allows for the maturities of certain securities with demand features to be shortened, but not the periodic interest rate resets. WAL is a way to measure a fund’s potential sensitivity to credit spread changes. WAL is subject to change and may have changed since the date specified. |
Beginning account value 2-1-2021 | Ending account value 7-31-2021 | Expenses paid during the period1 | Annualized net expense ratio | |
Administrator Class | ||||
Actual | $1,000.00 | $1,000.15 | $0.79 | 0.16% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,024.00 | $0.80 | 0.16% |
Institutional Class | ||||
Actual | $1,000.00 | $1,000.16 | $0.79 | 0.16% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,024.00 | $0.80 | 0.16% |
Select Class | ||||
Actual | $1,000.00 | $1,000.30 | $0.64 | 0.13% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,024.15 | $0.65 | 0.13% |
Service Class | ||||
Actual | $1,000.00 | $1,000.15 | $0.74 | 0.15% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,024.05 | $0.75 | 0.15% |
Interest rate | Maturity date | Principal | Value | ||
Certificates of deposit: 18.66% | |||||
ABN Amro Bank NV | 0.09% | 8-6-2021 | $125,000,000 | $ 125,000,000 | |
Australia & New Zealand Banking Group Limited | 0.08 | 8-2-2021 | 130,000,000 | 130,000,000 | |
Bank of Montreal | 0.17 | 8-12-2021 | 75,000,000 | 75,002,517 | |
Canadian Imperial Bank ( 1 Month LIBOR +0.10%) ± | 0.17 | 1-24-2022 | 35,000,000 | 35,000,000 | |
Credit Agricole Corporate and Investment Bank of New York | 0.06 | 8-2-2021 | 170,000,000 | 170,000,000 | |
HSBC Bank USA NA | 0.07 | 8-2-2021 | 150,000,000 | 150,000,000 | |
KBC Bank SA | 0.13 | 9-13-2021 | 55,000,000 | 55,001,098 | |
Mizuho Bank Limited | 0.08 | 8-2-2021 | 125,000,000 | 125,000,000 | |
Norinchukin Bank | 0.19 | 9-3-2021 | 45,000,000 | 45,004,284 | |
Norinchukin Bank | 0.20 | 10-7-2021 | 60,000,000 | 60,010,800 | |
Norinchukin Bank | 0.20 | 10-22-2021 | 35,000,000 | 35,006,853 | |
Sumitomo Mitsui Banking Corporation 144A☼ | 0.10 | 10-5-2021 | 30,000,000 | 29,994,975 | |
Sumitomo Mitsui Trust | 0.19 | 10-8-2021 | 75,000,000 | 75,013,114 | |
Total Certificates of deposit (Cost $1,109,995,453) | 1,110,033,641 |
Closed end municipal bond fund obligations: 0.99% | |||||
Nuveen AMT-Free Quality Municipal Income Fund Preferred Shares Series C (360 shares) 0.08% 144Aø | 36,000,000 | 36,000,000 | |||
Nuveen Floating Rate Income Fund Variable Rate Demand Preferred Shares Class A (230 shares) 0.19% 144Aø | 23,000,000 | 23,000,000 | |||
Total Closed end municipal bond fund obligations (Cost $59,000,000) | 59,000,000 |
Commercial paper: 54.27% | |||||
Asset-backed commercial paper: 29.96% | |||||
Albion Capital Corporation SA ☼ | 0.12 | 9-15-2021 | 25,000,000 | 24,995,724 | |
Albion Capital Corporation SA ☼ | 0.13 | 9-23-2021 | 35,000,000 | 34,992,674 | |
Albion Capital Corporation SA ☼ | 0.14 | 10-12-2021 | 12,507,000 | 12,503,401 | |
Albion Capital Corporation SA ☼ | 0.17 | 8-20-2021 | 30,000,000 | 29,997,830 | |
Anglesea Funding LLC (1 Month LIBOR +0.08%) 144A± | 0.16 | 12-15-2021 | 40,000,000 | 40,000,000 | |
Anglesea Funding LLC (1 Month LIBOR +0.08%) 144A± | 0.16 | 12-29-2021 | 60,000,000 | 60,000,000 | |
Anglesea Funding LLC (1 Month LIBOR +0.08%) 144A± | 0.16 | 12-31-2021 | 30,000,000 | 29,999,300 | |
Antalis SA 144A☼ | 0.16 | 8-12-2021 | 101,720,000 | 101,715,959 | |
Autobahn Funding Company LLC 144A☼ | 0.10 | 8-5-2021 | 50,000,000 | 49,999,250 | |
Bennington Sark Capital Company 144A☼ | 0.08 | 8-3-2021 | 81,685,000 | 81,684,183 | |
Bennington Sark Capital Company 144A☼ | 0.08 | 8-4-2021 | 30,000,000 | 29,999,625 | |
Chesham Finance Limited 144A☼ | 0.08 | 8-2-2021 | 25,000,000 | 24,999,813 | |
Chesham Finance Limited 144A☼ | 0.08 | 8-2-2021 | 45,000,000 | 44,999,663 | |
Chesham Finance Limited 144A☼ | 0.13 | 8-2-2021 | 61,000,000 | 60,999,543 | |
Collateralized Commercial Paper V Company LLC ☼ | 0.20 | 10-13-2021 | 50,000,000 | 49,988,021 | |
Collateralized Commercial Paper V Company LLC ☼ | 0.22 | 11-1-2021 | 42,000,000 | 41,986,731 | |
Concord Minutemen Capital Company 144A☼ | 0.12 | 10-5-2021 | 35,000,000 | 34,992,249 | |
Concord Minutemen Capital Company 144A☼ | 0.21 | 8-12-2021 | 65,000,000 | 64,997,888 | |
Fairway Finance Corporation 144A☼ | 0.17 | 11-9-2021 | 22,705,000 | 22,696,637 | |
Great Bridge Capital Company LLC 144A☼ | 0.19 | 9-23-2021 | 15,000,000 | 14,997,021 | |
Great Bridge Capital Company LLC 144A☼ | 0.19 | 11-10-2021 | 10,000,000 | 9,995,222 | |
Institutional Secured Funding LLC 144A☼ | 0.14 | 8-3-2021 | 20,000,000 | 19,999,647 | |
Institutional Secured Funding LLC 144A☼ | 0.14 | 8-5-2021 | 20,000,000 | 19,999,423 | |
Institutional Secured Funding LLC 144A☼ | 0.14 | 8-19-2021 | 40,000,000 | 39,996,289 |
Interest rate | Maturitydate | Principal | Value | ||
Asset-backed commercial paper (continued) | |||||
Ionic Capital II Trust ☼ | 0.18% | 1-7-2022 | $ 60,000,000 | $ 59,960,555 | |
Ionic Capital II Trust ☼ | 0.18 | 1-14-2022 | 45,000,000 | 44,968,080 | |
Ionic Capital II Trust ☼ | 0.19 | 8-6-2021 | 60,000,000 | 59,998,950 | |
Ionic Capital III Trust ☼ | 0.11 | 8-12-2021 | 115,000,000 | 114,996,263 | |
Ionic Capital III Trust ☼ | 0.11 | 8-27-2021 | 20,000,000 | 19,998,460 | |
Liberty Funding LLC 144A☼ | 0.14 | 9-2-2021 | 26,450,000 | 26,447,502 | |
LMA Americas LLC 144A☼ | 0.07 | 8-4-2021 | 70,000,000 | 69,999,125 | |
Mountcliff Funding LLC 144A☼ | 0.11 | 8-3-2021 | 50,000,000 | 49,999,500 | |
Mountcliff Funding LLC 144A☼ | 0.15 | 10-5-2021 | 23,100,000 | 23,093,981 | |
Mountcliff Funding LLC 144A☼ | 0.16 | 11-2-2021 | 20,000,000 | 19,992,453 | |
Mountcliff Funding LLC 144A☼ | 0.16 | 11-15-2021 | 70,000,000 | 69,968,080 | |
Nieuw Amsterdam Receivables Corporation ☼ | 0.06 | 8-2-2021 | 21,863,000 | 21,862,854 | |
Nieuw Amsterdam Receivables Corporation 144A☼ | 0.09 | 9-16-2021 | 30,000,000 | 29,996,320 | |
Nieuw Amsterdam Receivables Corporation 144A☼ | 0.12 | 10-4-2021 | 40,000,000 | 39,992,520 | |
Nieuw Amsterdam Receivables Corporation 144A☼ | 0.13 | 11-3-2021 | 45,000,000 | 44,986,560 | |
Ridgefield Funding Company 144A☼ | 0.18 | 11-4-2021 | 20,000,000 | 19,994,503 | |
Versailles CDS LLC (1 Month LIBOR +0.08%) 144A± | 0.18 | 11-4-2021 | 60,000,000 | 60,006,808 | |
Versailles CDS LLC (1 Month LIBOR +0.09%) 144A± | 0.19 | 10-6-2021 | 60,000,000 | 60,000,151 | |
1,782,798,758 | |||||
Financial company commercial paper: 22.34% | |||||
Australia & New Zealand Banking Group Limited 144A☼ | 0.10 | 11-23-2021 | 38,000,000 | 37,989,347 | |
Banco Santander SA 144A☼ | 0.10 | 8-24-2021 | 37,000,000 | 36,997,764 | |
Banco Santander SA 144A☼ | 0.16 | 8-2-2021 | 45,000,000 | 44,999,700 | |
Banco Santander SA 144A☼ | 0.17 | 8-31-2021 | 25,000,000 | 24,998,000 | |
Banco Santander SA 144A☼ | 0.18 | 8-6-2021 | 30,000,000 | 29,999,533 | |
CDP Financial Incorporated 144A☼ | 0.10 | 9-27-2021 | 45,000,000 | 44,994,100 | |
DBS Bank Limited 144A☼ | 0.11 | 11-12-2021 | 13,000,000 | 12,994,692 | |
DBS Bank Limited 144A☼ | 0.17 | 11-5-2021 | 70,000,000 | 69,974,275 | |
DNB Bank ASA ☼ | 0.06 | 8-4-2021 | 75,000,000 | 74,999,375 | |
DZ Bank AG Deutsche Zentral-Genossenschaftsbank Frankfurt Am Main 144A☼ | 0.11 | 10-8-2021 | 45,325,000 | 45,315,041 | |
Erste Finance LLC 144A☼ | 0.08 | 8-2-2021 | 137,000,000 | 136,998,504 | |
HSBC Bank plc (3 Month LIBOR +0.19%) 144A± | 0.35 | 8-10-2021 | 65,000,000 | 65,002,550 | |
Nationwide Building Society 144A☼ | 0.09 | 8-3-2021 | 100,000,000 | 99,999,111 | |
Nationwide Building Society 144A☼ | 0.09 | 8-4-2021 | 37,000,000 | 36,999,589 | |
Nationwide Building Society 144A☼ | 0.09 | 8-23-2021 | 30,000,000 | 29,998,280 | |
Skandinaviska Enskilda Bank AB 144A☼ | 0.17 | 9-3-2021 | 85,000,000 | 84,994,050 | |
Svenska Handelsbanken 144A☼ | 0.18 | 10-6-2021 | 55,000,000 | 54,991,169 | |
Swedbank AB ☼ | 0.07 | 8-5-2021 | 100,000,000 | 99,999,000 | |
The Fédération des caisses Desjardins du Québec 144A☼ | 0.18 | 10-7-2021 | 65,000,000 | 64,988,414 | |
Toronto Dominion Bank (1 Month LIBOR +0.05%) ± | 0.14 | 12-9-2021 | 25,000,000 | 24,995,000 | |
Toronto Dominion Bank 144A☼ | 0.17 | 10-7-2021 | 60,000,000 | 59,989,305 | |
United Overseas Bank Limited 144A☼ | 0.08 | 8-10-2021 | 22,000,000 | 21,999,462 | |
Westpac Securities NZ Limited 144A☼ | 0.18 | 11-9-2021 | 20,000,000 | 19,995,467 | |
Westpac Securities NZ Limited 144A☼ | 0.19 | 12-6-2021 | 70,000,000 | 69,979,181 | |
Westpac Securities NZ Limited 144A☼ | 0.20 | 1-6-2022 | 35,000,000 | 34,986,000 | |
1,329,176,909 | |||||
Other commercial paper: 1.97% | |||||
Adventist Health System ☼ | 0.15 | 8-3-2021 | 19,000,000 | 18,999,829 | |
Caisse des Depots et Consignations 144A☼ | 0.10 | 9-10-2021 | 6,000,000 | 5,999,370 | |
Caisse des Depots et Consignations 144A☼ | 0.15 | 12-15-2021 | 38,000,000 | 37,981,646 | |
COFCO Capital Corporation ☼ | 0.12 | 8-17-2021 | 20,000,000 | 19,998,880 |
Interest rate | Maturitydate | Principal | Value | ||
Other commercial paper (continued) | |||||
COFCO Capital Corporation ☼ | 0.12% | 8-24-2021 | $ 11,220,000 | $ 11,219,159 | |
COFCO Capital Corporation ☼ | 0.13 | 8-3-2021 | 23,000,000 | 22,999,755 | |
117,198,639 | |||||
Total Commercial paper (Cost $3,229,047,590) | 3,229,174,306 | ||||
Municipal obligations: 17.89% | |||||
Arizona: 0.87% | |||||
Variable rate demand notes ø: 0.87% | |||||
Taxable Municipal Funding Trust Various States Floaters Series 2021-004 (GO revenue, Barclays Bank plc LOC) 144A | 0.29 | 11-15-2054 | 3,980,000 | 3,980,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2021-MIZ9060TX (Tax revenue, Mizuho Capital Markets LLC LOC) 144A | 0.41 | 2-15-2041 | 47,804,821 | 47,804,821 | |
51,784,821 | |||||
California: 2.68% | |||||
Other municipal debt : 0.50% | |||||
California (GO revenue) | 0.08 | 8-4-2021 | 10,000,000 | 10,000,033 | |
California (GO revenue) | 0.10 | 8-11-2021 | 20,000,000 | 20,000,150 | |
30,000,183 | |||||
Variable rate demand notes ø: 2.18% | |||||
Floater Residual Trust Various States Series 2020-MIZ9040 (Housing revenue, Mizuho Capital Markets LLC LIQ) 144A | 0.12 | 10-15-2038 | 35,000,000 | 35,000,000 | |
Peralta CA Community College District Limited Obligation Taxable Series B-3 (Education revenue, Barclays Bank plc LOC) | 0.08 | 8-5-2025 | 8,180,000 | 8,180,000 | |
Southern CA Metropolitan Water Series A (Water & sewer revenue, Bank of America NA LIQ) | 0.08 | 7-1-2042 | 30,000,000 | 30,000,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2019-MIZ9003 (Tax revenue, Mizuho Capital Markets LLC LOC, Mizuho Capital Markets LLC LIQ) 144A | 0.27 | 3-1-2036 | 18,200,000 | 18,200,000 | |
University of California Revenue Various Taxable Series Z-1 (Education revenue) | 0.07 | 7-1-2041 | 38,340,000 | 38,340,000 | |
129,720,000 | |||||
Colorado: 1.95% | |||||
Variable rate demand notes ø: 1.95% | |||||
Colorado HFA MFHR Class II Series B (Housing revenue, FHLB SPA) | 0.12 | 5-1-2052 | 83,845,000 | 83,845,000 | |
Colorado Southern Ute Indian Tribe Reservation Company Series 2007 (Miscellaneous revenue) 144A | 0.09 | 1-1-2027 | 32,000,000 | 32,000,000 | |
115,845,000 |
Interest rate | Maturitydate | Principal | Value | ||
Georgia: 1.80% | |||||
Variable rate demand notes ø: 1.80% | |||||
Macon-Bibb County GA Industrial Authority Kumho Tire Georgia Incorporated Series A (Industrial development revenue, Korea Development Bank LOC) | 0.14% | 12-1-2022 | $ 34,000,000 | $ 34,000,000 | |
Macon-Bibb County GA Industrial Authority Kumho Tire Georgia Incorporated Series A (Industrial development revenue, Korea Development Bank LOC) | 0.14 | 12-1-2022 | 73,000,000 | 73,000,000 | |
107,000,000 | |||||
Illinois: 0.53% | |||||
Variable rate demand notes ø: 0.53% | |||||
Taxable Municipal Funding Trust Various States Floaters Series 2021-11 (Health revenue, Barclays Bank plc LOC) 144A | 0.13 | 9-1-2030 | 15,600,000 | 15,600,000 | |
Tender Option Bond Trust Receipts/Certificates (Health revenue, JPMorgan Chase & Company LIQ) 144A | 0.17 | 5-15-2050 | 16,000,000 | 16,000,000 | |
31,600,000 | |||||
Kansas: 0.15% | |||||
Variable rate demand notes ø: 0.15% | |||||
Olathe KS Multi-Modal-Diamant Boart Series B (Industrial development revenue, Svenska HandelsBanken LOC) | 0.56 | 3-1-2027 | 8,900,000 | 8,900,000 | |
Kentucky: 0.27% | |||||
Variable rate demand notes ø: 0.27% | |||||
Kentucky Housing Corporation Series O (Housing revenue, Kentucky Housing Corporation SPA) | 0.09 | 1-1-2036 | 9,460,000 | 9,460,000 | |
Kentucky Housing Corporation Series T (Housing revenue, Kentucky Housing Corporation SPA) | 0.09 | 7-1-2037 | 6,630,000 | 6,630,000 | |
16,090,000 | |||||
Maine: 0.81% | |||||
Variable rate demand notes ø: 0.81% | |||||
Maine State Housing Authority Mortgage Purchase Various Taxable Series E (Housing revenue, Barclays Bank plc SPA) | 0.08 | 11-15-2052 | 30,300,000 | 30,300,000 | |
Portland ME Pension Bonds (GO revenue, TD Bank NA LOC) | 0.08 | 6-1-2026 | 17,760,000 | 17,760,000 | |
48,060,000 | |||||
Michigan: 0.61% | |||||
Variable rate demand notes ø: 0.61% | |||||
Michigan State Housing Development AMT Refunding Bond Series B (Housing revenue, Industrial & Commercial Bank of China Limited SPA) | 0.08 | 6-1-2038 | 36,555,000 | 36,555,000 | |
New Hampshire: 0.94% | |||||
Variable rate demand notes ø: 0.94% | |||||
New Hampshire Business Finance Authority CJ Foods Manufacturing Beaumont Corporation Series A (Industrial development revenue, Kookmin Bank LOC) 144A | 0.14 | 10-1-2028 | 56,000,000 | 56,000,000 |
Interest rate | Maturitydate | Principal | Value | ||
New York: 2.56% | |||||
Other municipal debt : 0.47% | |||||
Long Island NY Power Authority Series 2015-GR5A (Utilities revenue) | 0.11% | 8-26-2021 | $ 28,000,000 | $ 28,000,372 | |
Variable rate demand notes ø: 2.09% | |||||
New York Dormitory Authority Personal Income Tax Revenue Series XFT910 (Tax revenue, Citibank NA LIQ) 144A | 0.15 | 3-15-2040 | 4,000,000 | 4,000,000 | |
New York Dormitory Authority Secondary Issues Floater Series B-4 (Tax revenue, Morgan Stanley Bank LIQ) 144A | 0.19 | 3-15-2040 | 16,000,000 | 16,000,000 | |
New York City NY Housing Development Corporation Multifamily Housing Revenue Various Taxable Series F-2 (Housing revenue, Royal Bank of Canada SPA) | 0.07 | 5-1-2060 | 12,000,000 | 12,000,000 | |
New York Municipal Water Finance Authority Series T-30001-I (Water & sewer revenue, Citibank NA LIQ) 144A | 0.15 | 6-15-2044 | 16,000,000 | 16,000,000 | |
Taxable Municipal Funding Trust Various States Floaters Series 2020-007 (GO revenue, Barclays Bank plc LOC) 144A | 0.29 | 4-1-2025 | 5,715,000 | 5,715,000 | |
Taxable Municipal Funding Trust Various States Floaters Series 2021-003 (GO revenue, Barclays Bank plc LOC) 144A | 0.29 | 5-15-2056 | 42,020,000 | 42,020,000 | |
Taxable Municipal Funding Trust Various States Floaters Series 2021-005 (GO revenue, Barclays Bank plc LOC) | 0.29 | 4-1-2052 | 28,500,000 | 28,500,000 | |
124,235,000 | |||||
Oregon: 0.45% | |||||
Other municipal debt : 0.45% | |||||
Port of Portland Oregon International Airport Series B (Airport revenue) | 0.09 | 8-2-2021 | 26,600,000 | 26,600,000 | |
Other: 4.03% | |||||
Variable rate demand notes ø: 4.03% | |||||
JPMorgan Chase Puttable Tax-Exempt Receipts/Derivative Inverse Tax-Exempt Receipts & Custodial Receipts Trust Series 5039 (Miscellaneous revenue) | 0.19 | 11-16-2022 | 85,000,000 | 85,000,000 | |
Taxable Municipal Funding Trust Various States Floaters Series 2019-007 (GO revenue, Barclays Bank plc LOC) 144A | 0.29 | 5-1-2029 | 10,970,000 | 10,970,000 | |
Taxable Municipal Funding Trust Various States Floaters Series 2019-019 (GO revenue, Barclays Bank plc LOC) 144A | 0.29 | 12-1-2030 | 2,565,000 | 2,565,000 | |
Taxable Municipal Funding Trust Various States Floaters Series 2020-003 (GO revenue, Barclays Bank plc LOC) 144A | 0.29 | 1-16-2025 | 4,260,000 | 4,260,000 | |
Taxable Municipal Funding Trust Various States Floaters Series 2020-012 (GO revenue, Barclays Bank plc LOC) 144A | 0.13 | 9-1-2030 | 31,170,000 | 31,170,000 | |
Taxable Municipal Funding Trust Various States Floaters Series 2020-11 (GO revenue, Barclays Bank plc LOC) 144A | 0.29 | 9-1-2030 | 106,100,000 | 106,100,000 | |
240,065,000 |
Interest rate | Maturitydate | Principal | Value | ||
Texas: 0.24% | |||||
Other municipal debt : 0.24% | |||||
Texas PFA Series A (Miscellaneous revenue) | 0.10% | 8-25-2021 | $ 14,000,000 | $ 14,000,000 | |
Total Municipal obligations (Cost $1,064,454,821) | 1,064,455,376 | ||||
Other instruments: 3.66% | |||||
AARP §øø | 0.07 | 5-1-2031 | 30,000,000 | 30,000,000 | |
Altoona Blair County Development Corporation 144A§øø | 0.15 | 4-1-2035 | 12,000,000 | 12,000,000 | |
Altoona Blair County Development Corporation 144A§øø | 0.15 | 9-1-2038 | 14,850,000 | 14,850,000 | |
Altoona Blair County Development Corporation 144A§øø | 0.15 | 9-1-2038 | 39,350,000 | 39,350,000 | |
Fortenbery Children 2017 Irrevocable Trust UTA §øø | 0.12 | 4-1-2026 | 15,000,000 | 15,000,000 | |
Keep Memory Alive §øø | 0.15 | 5-1-2037 | 31,740,000 | 31,740,000 | |
Ken-Vin Life Company LLC §øø | 0.12 | 12-1-2059 | 19,645,000 | 19,645,000 | |
L Ward Huntley Irrevocable Life Insurance Trust §øø | 0.12 | 4-1-2071 | 14,000,000 | 14,000,000 | |
Morris Family Insurance Trust §øø | 0.12 | 10-1-2059 | 3,350,000 | 3,350,000 | |
New Grammercy LLC §øø | 0.13 | 2-1-2061 | 15,000,000 | 15,000,000 | |
Rock Hill SI LLC §øø | 0.13 | 6-1-2061 | 23,000,000 | 23,000,000 | |
Total Other instruments (Cost $217,935,000) | 217,935,000 | ||||
Other notes: 3.83% | |||||
Corporate bonds and notes: 3.83% | |||||
ASC Ravenna LLC §øø | 0.13 | 6-1-2056 | 31,080,000 | 31,080,000 | |
Cellmark Incorporated Taxable Notes Series 2018A §øø | 0.12 | 6-1-2038 | 44,000,000 | 44,000,000 | |
Jets Stadium Development LLC Series A-4B 144A§øø | 0.13 | 4-1-2047 | 56,560,000 | 56,560,000 | |
Jets Stadium Finance 144A§øø | 0.13 | 4-1-2047 | 22,220,000 | 22,220,000 | |
Lavonne V. Johnson Life Insurance Trust §øø | 0.12 | 6-1-2041 | 24,790,000 | 24,790,000 | |
SSAB AB Series A §øø | 0.12 | 6-1-2035 | 34,000,000 | 34,000,000 | |
VPM Linden Manor LP §øø | 0.13 | 9-1-2060 | 15,200,000 | 15,200,000 | |
Total Other notes (Cost $227,850,000) | 227,850,000 | ||||
Repurchase agreements^^: 0.67% | |||||
Standard Chartered Bank, dated 7-30-2021, maturity value $39,650,198 | 0.06 | 8-2-2021 | 39,650,000 | 39,650,000 | |
Total Repurchase agreements (Cost $39,650,000) | 39,650,000 | ||||
Total investments in securities (Cost $5,947,932,864) | 99.97% | 5,948,098,323 | |||
Other assets and liabilities, net | 0.03 | 1,950,248 | |||
Total net assets | 100.00% | $5,950,048,571 |
± | Variable rate investment. The rate shown is the rate in effect at period end. |
144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933. |
ø | Variable rate demand notes are subject to a demand feature which reduces the effective maturity. The maturity date shown represents the final maturity date of the security. The interest rate is determined and reset by the issuer daily, weekly, or monthly depending upon the terms of the security. The rate shown is the rate in effect at period end. |
§ | The security is subject to a demand feature which reduces the effective maturity. |
øø | The interest rate is determined and reset by the issuer periodically depending upon the terms of the security. The rate shown is the rate in effect at period end. |
^^ | Collateralized by U.S. government securities, 0.00% to 4.75%, 9-9-2021 to 7-1-2051, fair value including accrued interest is $40,466,232. |
☼ | Zero coupon security. The rate represents the current yield to maturity. |
Abbreviations: | |
AMT | Alternative minimum tax |
FHLB | Federal Home Loan Bank |
GO | General obligation |
HFA | Housing Finance Authority |
LIBOR | London Interbank Offered Rate |
LIQ | Liquidity agreement |
LOC | Letter of credit |
MFHR | Multifamily housing revenue |
PFA | Public Finance Authority |
SPA | Standby purchase agreement |
Assets | |
Investments in unaffiliated securities, at value (cost $5,947,932,864) | $ 5,948,098,323 |
Cash | 10,210 |
Receivable for investments sold | 2,060,000 |
Receivable for interest | 623,039 |
Receivable for Fund shares sold | 300,450 |
Prepaid expenses and other assets | 561,555 |
Total assets | 5,951,653,577 |
Liabilities | |
Management fee payable | 785,072 |
Payable for Fund shares redeemed | 318,625 |
Administration fees payable | 255,682 |
Custodian and accounting fee payable | 83,814 |
Dividends payable | 12,353 |
Trustees’ fees and expenses payable | 4,089 |
Accrued expenses and other liabilities | 145,371 |
Total liabilities | 1,605,006 |
Total net assets | $5,950,048,571 |
Net assets consist of | |
Paid-in capital | $ 5,953,683,130 |
Total distributable loss | (3,634,559) |
Total net assets | $5,950,048,571 |
Computation of net asset value per share | |
Net assets – Administrator Class | $ 131,412,977 |
Shares outstanding – Administrator Class1 | 131,387,481 |
Net asset value per share – Administrator Class | $1.0002 |
Net assets – Institutional Class | $ 728,675,299 |
Shares outstanding – Institutional Class1 | 728,568,753 |
Net asset value per share – Institutional Class | $1.0001 |
Net assets – Select Class | $ 4,966,151,036 |
Shares outstanding – Select Class1 | 4,965,126,392 |
Net asset value per share – Select Class | $1.0002 |
Net assets – Service Class | $ 123,809,259 |
Shares outstanding – Service Class1 | 123,794,800 |
Net asset value per share – Service Class | $1.0001 |
1 | The Fund has an unlimited number of authorized shares |
Investment income | |
Interest | $ 6,453,121 |
Expenses | |
Management fee | 5,446,377 |
Administration fees | |
Administrator Class | 61,742 |
Institutional Class | 333,739 |
Select Class | 1,272,413 |
Service Class | 63,475 |
Shareholder servicing fees | |
Administrator Class | 56,666 |
Service Class | 112,599 |
Custody and accounting fees | 203,020 |
Professional fees | 40,057 |
Registration fees | 36,547 |
Shareholder report expenses | 15,722 |
Trustees’ fees and expenses | 9,610 |
Other fees and expenses | 97,535 |
Total expenses | 7,749,502 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (2,515,106) |
Administrator Class | (74,294) |
Institutional Class | (41,831) |
Service Class | (143,235) |
Net expenses | 4,975,036 |
Net investment income | 1,478,085 |
Realized and unrealized gains (losses) on investments | |
Net realized gains on investments | 15,467 |
Net change in unrealized gains (losses) on investments | (355,976) |
Net realized and unrealized gains (losses) on investments | (340,509) |
Net increase in net assets resulting from operations | $ 1,137,576 |
Six months ended July 31, 2021 (unaudited) | Year ended January 31, 2021 | |||
Operations | ||||
Net investment income | $ 1,478,085 | $ 42,570,022 | ||
Net realized gains (losses) on investments | 15,467 | (3,462,935) | ||
Net change in unrealized gains (losses) on investments | (355,976) | (935,328) | ||
Net increase in net assets resulting from operations | 1,137,576 | 38,171,759 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Administrator Class | (6,172) | (436,596) | ||
Institutional Class | (49,828) | (6,503,976) | ||
Select Class | (1,416,793) | (35,587,951) | ||
Service Class | (5,289) | (156,658) | ||
Total distributions to shareholders | (1,478,082) | (42,685,181) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Administrator Class | 34,749,524 | 34,765,591 | 151,680,145 | 151,753,090 |
Institutional Class | 1,560,772,255 | 1,561,460,657 | 8,350,606,674 | 8,354,296,880 |
Select Class | 9,022,844,824 | 9,027,629,245 | 52,923,446,524 | 52,952,592,405 |
Service Class | 222,818,109 | 222,870,585 | 191,669,359 | 191,728,887 |
10,846,726,078 | 61,650,371,262 | |||
Reinvestment of distributions | ||||
Administrator Class | 5,916 | 5,918 | 434,551 | 434,670 |
Institutional Class | 46,624 | 46,644 | 5,364,861 | 5,366,701 |
Select Class | 1,188,466 | 1,189,103 | 28,485,791 | 28,498,799 |
Service Class | 4,190 | 4,191 | 125,346 | 125,362 |
1,245,856 | 34,425,532 | |||
Payment for shares redeemed | ||||
Administrator Class | (54,812,816) | (54,837,770) | (188,896,671) | (188,974,481) |
Institutional Class | (1,736,570,958) | (1,737,311,616) | (9,265,802,669) | (9,269,605,465) |
Select Class | (12,736,042,678) | (12,742,751,977) | (51,598,922,110) | (51,624,804,401) |
Service Class | (240,489,441) | (240,568,334) | (205,517,672) | (205,573,717) |
(14,775,469,697) | (61,288,958,064) | |||
Net asset value of shares issued in acquisition | ||||
Administrator Class | 74,725,415 | 74,759,591 | 0 | 0 |
Institutional Class | 109,981,768 | 110,028,740 | 0 | 0 |
Select Class | 208,219,903 | 208,337,953 | 0 | 0 |
Service Class | 99,315,488 | 99,370,192 | 0 | 0 |
492,496,476 | 0 | |||
Net increase (decrease) in net assets resulting from capital share transactions | (3,435,001,287) | 395,838,730 | ||
Total increase (decrease) in net assets | (3,435,341,793) | 391,325,308 | ||
Net assets | ||||
Beginning of period | 9,385,390,364 | 8,994,065,056 | ||
End of period | $ 5,950,048,571 | $ 9,385,390,364 |
Year ended January 31 | ||||||
Administrator Class | Six months ended July 31, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $1.0003 | $1.0005 | $1.0004 | $1.0003 | $1.0003 | $1.0000 |
Net investment income | 0.0001 | 0.0033 | 0.0203 | 0.0188 | 0.0096 | 0.0028 |
Net realized and unrealized gains (losses) on investments | (0.0002) | (0.0002) | 0.0001 | 0.0001 | 0.0000 1 | 0.0003 |
Total from investment operations | (0.0001) | 0.0031 | 0.0204 | 0.0189 | 0.0096 | 0.0031 |
Distributions to shareholders from | ||||||
Net investment income | (0.0000) 1 | (0.0033) | (0.0203) | (0.0188) | (0.0096) | (0.0028) |
Net realized gains | 0.0000 | 0.0000 | (0.0000) 1 | 0.0000 | (0.0000) 1 | 0.0000 |
Total distributions to shareholders | (0.0000) 1 | (0.0033) | (0.0203) | (0.0188) | (0.0096) | (0.0028) |
Net asset value, end of period | $1.0002 | $1.0003 | $1.0005 | $1.0004 | $1.0003 | $1.0003 |
Total return2 | (0.01)% | 0.32% | 2.05% | 1.91% | 0.96% | 0.31% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.35% | 0.35% | 0.35% | 0.36% | 0.40% | 0.35% |
Net expenses | 0.16% * | 0.29% * | 0.33% | 0.33% | 0.32% | 0.33% |
Net investment income | 0.01% | 0.39% | 2.01% | 1.87% | 0.96% | 0.24% |
Supplemental data | ||||||
Net assets, end of period (000s omitted) | $131,413 | $76,740 | $113,555 | $92,671 | $92,542 | $82,591 |
* | Ratios reflect class-level expenses which were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would be increased by the following amounts: |
Six months ended July 31, 2021 (unaudited) | 0.17% |
Year ended January 31, 2021 | 0.03% |
1 | Amount is less than $0.00005. |
2 | Returns for periods of less than one year are not annualized. |
Year ended January 31 | ||||||
Institutional Class | Six months ended July 31, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $1.0003 | $1.0004 | $1.0004 | $1.0003 | $1.0003 | $1.0000 |
Net investment income | 0.0001 | 0.0041 | 0.0216 | 0.0202 | 0.0108 | 0.0039 |
Net realized and unrealized gains (losses) on investments | (0.0002) | 0.0000 | 0.0000 1 | 0.0000 1 | 0.0000 1 | 0.0005 |
Total from investment operations | (0.0001) | 0.0041 | 0.0216 | 0.0202 | 0.0108 | 0.0044 |
Distributions to shareholders from | ||||||
Net investment income | (0.0001) | (0.0042) | (0.0216) | (0.0201) | (0.0108) | (0.0041) |
Net realized gains | 0.0000 | 0.0000 | (0.0000) 1 | 0.0000 | (0.0000) 1 | 0.0000 |
Total distributions to shareholders | (0.0001) | (0.0042) | (0.0216) | (0.0201) | (0.0108) | (0.0041) |
Net asset value, end of period | $1.0001 | $1.0003 | $1.0004 | $1.0004 | $1.0003 | $1.0003 |
Total return2 | (0.01)% | 0.42% | 2.18% | 2.04% | 1.09% | 0.44% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.24% | 0.23% | 0.23% | 0.24% | 0.28% | 0.23% |
Net expenses | 0.16% 3 | 0.20% | 0.20% | 0.20% | 0.20% | 0.20% |
Net investment income | 0.01% | 0.46% | 2.14% | 2.03% | 1.11% | 0.36% |
Supplemental data | ||||||
Net assets, end of period (000s omitted) | $728,675 | $794,541 | $1,704,936 | $1,573,458 | $1,104,814 | $749,052 |
1 | Amount is less than $0.00005. |
2 | Returns for periods of less than one year are not annualized. |
3 | Ratio reflects class-level expenses which were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would have been 0.04% higher. |
Year ended January 31 | ||||||
Select Class | Six months ended July 31, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $1.0004 | $1.0005 | $1.0005 | $1.0004 | $1.0004 | $1.0000 |
Net investment income | 0.0002 | 0.0049 | 0.0223 | 0.0208 | 0.0116 | 0.0048 |
Net realized and unrealized gains (losses) on investments | (0.0002) | (0.0001) | 0.0000 1 | 0.0001 | 0.0000 1 | 0.0004 |
Total from investment operations | 0.0000 | 0.0048 | 0.0223 | 0.0209 | 0.0116 | 0.0052 |
Distributions to shareholders from | ||||||
Net investment income | (0.0002) | (0.0049) | (0.0223) | (0.0208) | (0.0116) | (0.0048) |
Net realized gains | 0.0000 | 0.0000 | (0.0000) 1 | 0.0000 | (0.0000) 1 | 0.0000 |
Total distributions to shareholders | (0.0002) | (0.0049) | (0.0223) | (0.0208) | (0.0116) | (0.0048) |
Net asset value, end of period | $1.0002 | $1.0004 | $1.0005 | $1.0005 | $1.0004 | $1.0004 |
Total return2 | 0.00% | 0.49% | 2.25% | 2.11% | 1.16% | 0.52% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.20% | 0.19% | 0.19% | 0.20% | 0.24% | 0.19% |
Net expenses | 0.13% | 0.13% | 0.13% | 0.13% | 0.12% | 0.13% |
Net investment income | 0.04% | 0.40% | 2.21% | 2.10% | 1.19% | 0.43% |
Supplemental data | ||||||
Net assets, end of period (000s omitted) | $4,966,151 | $8,471,954 | $7,119,681 | $6,459,320 | $5,717,659 | $3,386,093 |
1 | Amount is less than $0.00005. |
2 | Returns for periods of less than one year are not annualized. |
Year ended January 31 | ||||||
Service Class | Six months ended July 31, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $1.0002 | $1.0004 | $1.0004 | $1.0003 | $1.0003 | $1.0000 |
Net investment income | 0.0000 | 0.0031 | 0.0194 | 0.0177 | 0.0085 | 0.0016 |
Net realized and unrealized gains (losses) on investments | (0.0001) | (0.0004) | (0.0001) | 0.0002 | 0.0000 1 | 0.0005 |
Total from investment operations | (0.0001) | 0.0027 | 0.0193 | 0.0179 | 0.0085 | 0.0021 |
Distributions to shareholders from | ||||||
Net investment income | (0.0000) 1 | (0.0029) | (0.0193) | (0.0178) | (0.0085) | (0.0018) |
Net realized gains | 0.0000 | 0.0000 | (0.0000) 1 | 0.0000 | (0.0000) 1 | 0.0000 |
Total distributions to shareholders | (0.0000) 1 | (0.0029) | (0.0193) | (0.0178) | (0.0085) | (0.0018) |
Net asset value, end of period | $1.0001 | $1.0002 | $1.0004 | $1.0004 | $1.0003 | $1.0003 |
Total return2 | (0.01)% | 0.28% | 1.95% | 1.81% | 0.85% | 0.21% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.49% | 0.50% | 0.51% | 0.51% | 0.55% | 0.52% |
Net expenses | 0.15% * | 0.34% * | 0.43% | 0.43% | 0.43% | 0.43% |
Net investment income | 0.01% | 0.33% | 1.92% | 1.79% | 0.84% | 0.13% |
Supplemental data | ||||||
Net assets, end of period (000s omitted) | $123,809 | $42,155 | $55,893 | $70,327 | $61,415 | $67,439 |
* | Ratios reflect class-level expenses which were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would be increased by the following amounts: |
Six months ended July 31, 2021 (unaudited) | 0.28% |
Year ended January 31, 2021 | 0.09% |
1 | Amount is less than $0.00005. |
2 | Returns for periods of less than one year are not annualized. |
Gross unrealized gains | $729,034 |
Gross unrealized losses | (42,140) |
Net unrealized gains | $686,894 |
■ | Level 1 – quoted prices in active markets for identical securities |
■ | Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
■ | Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Certificates of deposit | $0 | $ 1,110,033,641 | $0 | $ 1,110,033,641 |
Closed end municipal bond fund obligations | 0 | 59,000,000 | 0 | 59,000,000 |
Commercial paper | 0 | 3,229,174,306 | 0 | 3,229,174,306 |
Municipal obligations | 0 | 1,064,455,376 | 0 | 1,064,455,376 |
Other instruments | 0 | 217,935,000 | 0 | 217,935,000 |
Other notes | 0 | 227,850,000 | 0 | 227,850,000 |
Repurchase agreements | 0 | 39,650,000 | 0 | 39,650,000 |
Total assets | $0 | $5,948,098,323 | $0 | $5,948,098,323 |
Average daily net assets | Management fee |
First $5 billion | 0.150% |
Next $5 billion | 0.140 |
Next $5 billion | 0.130 |
Next $85 billion | 0.125 |
Over $100 billion | 0.120 |
Average daily net assets | Management fee |
First $5 billion | 0.150% |
Next $5 billion | 0.140 |
Over $10 billion | 0.130 |
Class-level administration fee | |
Administrator Class | 0.10% |
Institutional Class | 0.08 |
Select Class | 0.04 |
Service Class | 0.12 |
Expense ratio caps | |
Administrator Class | 0.33% |
Institutional Class | 0.20 |
Select Class | 0.13 |
Service Class | 0.43 |
Net investment income | $ | 1,096,964 |
Net realized and unrealized losses on investments | (339,027) | |
Net increase in net assets resulting from operations | $ | 757,937 |
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 100% Treasury Money Market Fund |
Wells Fargo Government Money Market Fund |
Wells Fargo Heritage Money Market Fund |
Wells Fargo Money Market Fund |
Wells Fargo Municipal Cash Management Money Market Fund |
Wells Fargo National Tax-Free Money Market Fund |
Wells Fargo Treasury Plus Money Market 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-CSRS/0001193125-21-287567/g203491img6e8274ef1.jpg)
P.O. Box 219967
Kansas City, MO 64121-9967
SA304/SAR304 07-21
![](https://capedge.com/proxy/N-CSRS/0001193125-21-287567/g193754img76cffa521.jpg)
■ | Wells Fargo Money Market Fund |
2 | |
6 | |
9 | |
10 | |
Financial statements | |
17 | |
18 | |
19 | |
20 | |
24 | |
29 | |
Board considerations | |
33 | |
36 | |
41 |
![](https://capedge.com/proxy/N-CSRS/0001193125-21-287567/g193754img080f4a082.gif)
1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
2 | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the United States. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
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 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 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 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. |
![](https://capedge.com/proxy/N-CSRS/0001193125-21-287567/g193754img35dfaecb3.jpg)
President
Wells Fargo Funds
Investment objective | The Fund seeks current income, while preserving capital and liquidity. |
Manager | Wells Fargo Funds Management, LLC |
Subadvisers | Wells Capital Management, LLC |
Wells Capital Management Singapore | |
Portfolio managers | Michael C. Bird, CFA®‡, Jeffrey L. Weaver, CFA®‡, Laurie White |
Average annual total returns (%) as of July 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 (STGXX) | 7-1-1992 | – | – | – | 0.01 | 0.86 | 0.44 | 0.68 | 0.60 | ||
Class C * | 6-30-2010 | -0.99 | 0.39 | 0.20 | 0.01 | 0.39 | 0.20 | 1.43 | 1.35 | ||
Premier Class (WMPXX)3 | 3-31-2016 | – | – | – | 0.09 | 1.22 | 0.62 | 0.29 | 0.20 | ||
Service Class (WMOXX) | 6-30-2010 | – | – | – | 0.01 | 0.95 | 0.48 | 0.58 | 0.50 |
* | Class C shares are available only to shareholders making an exchange out of Class C shares of another mutual fund within the Wells Fargo family of funds. |
1 | Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report. |
2 | The manager has contractually committed through May 31, 2022, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.60% for Class A, 1.35% for Class C,, 0.20% for Premier Class and 0.50% for Service Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. The manager and/or its affiliates may also voluntarily waive all or a portion of any fees to which they are entitled and/or reimburse certain expenses as they may determine from time to time. 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 Premier Class shares prior to their inception reflects the performance of the Class A shares, and includes the higher expenses applicable to the Class A shares. If these expenses had not been included, returns for the Premier Class shares would be higher. |
Yield summary (%) as of July 31, 2021 | ||||
Class A | Class C* | Premier Class | Service Class | |
7-day current yield1 | 0.01 | 0.01 | 0.01 | 0.01 |
7-day compound yield | 0.01 | 0.01 | 0.01 | 0.01 |
30-day simple yield | 0.01 | 0.01 | 0.02 | 0.01 |
30-day compound yield | 0.01 | 0.01 | 0.02 | 0.01 |
* | Class C shares are available only to shareholders making an exchange out of Class C shares of another mutual fund within the Wells Fargo family of funds. |
1 | The manager has contractually committed through May 31, 2022, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses and may also voluntarily waive or reimburse additional fees and expenses which may be discontinued or modified at any time without notice. Without these reductions, the Fund’s 7-day current yield would have been -0.50%, -1.02%, -0.15% and -0.41% for Class A, Class C, Premier Class and Service Class, respectively. |
‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
Portfolio composition as of July 31, 20211 |
![](https://capedge.com/proxy/N-CSRS/0001193125-21-287567/g193754img6ee7e1654.jpg)
1 | Figures represent the percentage of the Fund's total investments. These amounts are subject to change and may have changed since the date specified. |
Effective maturity distribution as of July 31, 20211 |
![](https://capedge.com/proxy/N-CSRS/0001193125-21-287567/g193754img1ad123cc5.jpg)
1 | Figures represent the percentage of the Fund's total investments. These amounts are subject to change and may have changed since the date specified. |
Weighted average maturity as of July 31, 20211 |
30 days |
1 | Weighted Average Maturity (WAM): WAM is an average of the effective maturities of all securities held in the portfolio, weighted by each security’s percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. WAM calculations allow for the maturities of certain securities with demand features or periodic interest rate resets to be shortened. WAM is a way to measure a fund’s sensitivity to potential interest rate changes. WAM is subject to change and may have changed since the date specified. |
Weighted average life as of July 31, 20211 |
38 days |
1 | Weighted Average Life (WAL): WAL is an average of the final maturities of all securities held in the portfolio, weighted by their percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. In contrast to WAM, the calculation of WAL allows for the maturities of certain securities with demand features to be shortened, but not the periodic interest rate resets. WAL is a way to measure a fund’s potential sensitivity to credit spread changes. WAL is subject to change and may have changed since the date specified. |
Beginning account value 2-1-2021 | Ending account value 7-31-2021 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $1,000.05 | $0.79 | 0.16% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,024.00 | $0.80 | 0.16% |
Class C | ||||
Actual | $1,000.00 | $1,000.05 | $0.79 | 0.16% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,024.00 | $0.80 | 0.16% |
Premier Class | ||||
Actual | $1,000.00 | $1,000.21 | $0.64 | 0.13% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,024.15 | $0.65 | 0.13% |
Service Class | ||||
Actual | $1,000.00 | $1,000.05 | $0.79 | 0.16% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,024.00 | $0.80 | 0.16% |
Interest rate | Maturity date | Principal | Value | ||
Certificates of deposit: 19.30% | |||||
ABN Amro Bank NV | 0.09% | 8-6-2021 | $ 75,000,000 | $ 75,000,000 | |
Australia & New Zealand Banking Group Limited | 0.08 | 8-2-2021 | 70,000,000 | 70,000,000 | |
Bank of Montreal | 0.17 | 8-12-2021 | 25,000,000 | 25,000,000 | |
Bank of Montreal (3 Month LIBOR +0.11%) ± | 0.23 | 12-15-2021 | 25,000,000 | 25,000,000 | |
Canadian Imperial Bank of Commerce 144A☼ | 0.18 | 10-20-2021 | 40,000,000 | 39,984,200 | |
Credit Agricole Corporate and Investment Bank of New York | 0.06 | 8-2-2021 | 90,000,000 | 90,000,000 | |
HSBC Bank USA NA | 0.07 | 8-2-2021 | 50,000,000 | 50,000,000 | |
KBC Bank SA | 0.13 | 9-13-2021 | 45,000,000 | 45,000,000 | |
Mizuho Bank Limited | 0.08 | 8-2-2021 | 90,825,000 | 90,825,000 | |
Norinchukin Bank | 0.19 | 9-3-2021 | 30,000,000 | 30,000,000 | |
Norinchukin Bank | 0.20 | 10-7-2021 | 40,000,000 | 40,000,000 | |
Norinchukin Bank | 0.20 | 10-22-2021 | 15,000,000 | 15,000,337 | |
Royal Bank of Canada (3 Month LIBOR +0.09%) ± | 0.22 | 12-10-2021 | 25,000,000 | 25,000,000 | |
Sumitomo Mitsui Banking Corporation 144A☼ | 0.10 | 10-5-2021 | 30,000,000 | 29,994,667 | |
Sumitomo Mitsui Trust | 0.18 | 11-16-2021 | 30,450,000 | 30,450,000 | |
Sumitomo Mitsui Trust | 0.19 | 10-8-2021 | 25,000,000 | 25,000,000 | |
Total Certificates of deposit (Cost $706,254,204) | 706,254,204 |
Closed end municipal bond fund obligations: 1.34% | |||||
Nuveen AMT-Free Quality Municipal Income Fund Preferred Shares Series C (150 shares) 0.08% 144Aø | 15,000,000 | 15,000,000 | |||
Nuveen Floating Rate Income Fund Variable Rate Demand Preferred Shares Class A (110 shares) 0.19% 144Aø | 11,000,000 | 11,000,000 | |||
Nuveen Short Duration Credit Opportunities Fund Taxable Fund Preferred Shares Series A (23,000 shares) 0.19% 144Aø | 23,000,000 | 23,000,000 | |||
Total Closed end municipal bond fund obligations (Cost $49,000,000) | 49,000,000 |
Commercial paper: 53.87% | |||||
Asset-backed commercial paper: 30.96% | |||||
Albion Capital Corporation SA ☼ | 0.12 | 9-15-2021 | 12,298,000 | 12,296,196 | |
Albion Capital Corporation SA ☼ | 0.13 | 9-23-2021 | 15,000,000 | 14,997,183 | |
Albion Capital Corporation SA ☼ | 0.17 | 8-20-2021 | 33,850,000 | 33,847,123 | |
Anglesea Funding LLC (U.S. OBFR +0.08%) 144A± | 0.16 | 12-15-2021 | 25,000,000 | 25,000,000 | |
Anglesea Funding LLC (U.S. OBFR +0.08%) 144A± | 0.16 | 12-29-2021 | 40,000,000 | 40,000,000 | |
Anglesea Funding LLC (U.S. OBFR +0.08%) 144A± | 0.16 | 12-31-2021 | 20,000,000 | 20,000,000 | |
Antalis SA 144A☼ | 0.16 | 8-12-2021 | 55,000,000 | 54,997,500 | |
Autobahn Funding Company LLC 144A☼ | 0.10 | 8-5-2021 | 30,000,000 | 29,999,750 | |
Bennington Sark Capital Company 144A☼ | 0.08 | 8-3-2021 | 55,000,000 | 54,999,870 | |
Bennington Sark Capital Company 144A☼ | 0.08 | 8-4-2021 | 10,000,000 | 9,999,956 | |
Chesham Finance Limited 144A☼ | 0.08 | 8-2-2021 | 90,000,000 | 90,000,000 | |
Chesham Finance Limited 144A☼ | 0.08 | 8-2-2021 | 10,000,000 | 10,000,000 | |
Collateralized Commercial Paper V Company LLC ☼ | 0.22 | 11-1-2021 | 17,000,000 | 16,990,546 | |
Concord Minutemen Capital Company 144A☼ | 0.12 | 10-5-2021 | 25,000,000 | 24,994,667 | |
Fairway Finance Corporation 144A☼ | 0.17 | 11-9-2021 | 14,000,000 | 13,993,455 | |
Great Bridge Capital Company LLC 144A☼ | 0.19 | 9-23-2021 | 10,000,000 | 9,997,256 | |
Great Bridge Capital Company LLC 144A☼ | 0.19 | 11-10-2021 | 10,000,000 | 9,994,722 | |
Great Bridge Capital Company LLC 144A☼ | 0.20 | 9-16-2021 | 48,750,000 | 48,737,813 |
Interest rate | Maturitydate | Principal | Value | ||
Asset-backed commercial paper (continued) | |||||
Institutional Secured Funding LLC 144A☼ | 0.14% | 8-5-2021 | $ 25,000,000 | $ 24,999,708 | |
Institutional Secured Funding LLC 144A☼ | 0.14 | 8-19-2021 | 20,000,000 | 19,998,678 | |
Ionic Capital II Trust ☼ | 0.18 | 1-7-2022 | 40,000,000 | 39,968,400 | |
Ionic Capital II Trust ☼ | 0.18 | 1-14-2022 | 20,000,000 | 19,983,500 | |
Ionic Capital II Trust ☼ | 0.19 | 8-6-2021 | 40,000,000 | 39,999,156 | |
Ionic Capital III Trust ☼ | 0.11 | 8-12-2021 | 49,100,000 | 49,098,500 | |
Ionic Capital III Trust ☼ | 0.11 | 8-27-2021 | 15,000,000 | 14,998,854 | |
Liberty Funding LLC 144A☼ | 0.14 | 9-2-2021 | 20,000,000 | 19,997,589 | |
LMA Americas LLC 144A☼ | 0.07 | 8-4-2021 | 40,000,000 | 39,999,844 | |
LMA Americas LLC 144A☼ | 0.09 | 8-10-2021 | 13,500,000 | 13,499,730 | |
Mountcliff Funding LLC 144A☼ | 0.11 | 8-3-2021 | 50,000,000 | 49,999,854 | |
Mountcliff Funding LLC 144A☼ | 0.15 | 10-5-2021 | 15,000,000 | 14,996,000 | |
Mountcliff Funding LLC 144A☼ | 0.16 | 11-2-2021 | 10,000,000 | 9,995,911 | |
Mountcliff Funding LLC 144A☼ | 0.16 | 11-15-2021 | 30,000,000 | 29,986,000 | |
Nieuw Amsterdam Receivables Corporation 144A☼ | 0.09 | 9-16-2021 | 20,000,000 | 19,997,750 | |
Nieuw Amsterdam Receivables Corporation 144A☼ | 0.12 | 10-4-2021 | 35,000,000 | 34,992,650 | |
Nieuw Amsterdam Receivables Corporation 144A☼ | 0.13 | 11-3-2021 | 30,000,000 | 29,989,925 | |
Ridgefield Funding Company 144A☼ | 0.18 | 11-4-2021 | 10,000,000 | 9,995,300 | |
Versailles CDS LLC (1 Month LIBOR +0.08%) 144A± | 0.18 | 11-4-2021 | 40,000,000 | 40,000,000 | |
Versailles CDS LLC (1 Month LIBOR +0.09%) 144A± | 0.19 | 10-6-2021 | 40,000,000 | 40,000,000 | |
Washington Morgan Capital Company LLC 144A | 0.25 | 11-19-2021 | 50,000,000 | 50,000,000 | |
1,133,343,386 | |||||
Financial company commercial paper: 19.70% | |||||
Australia & New Zealand Banking Group Limited 144A☼ | 0.10 | 11-23-2021 | 23,750,000 | 23,742,545 | |
Banco Santander SA 144A☼ | 0.10 | 8-24-2021 | 22,700,000 | 22,698,613 | |
Banco Santander SA 144A☼ | 0.16 | 8-2-2021 | 30,000,000 | 30,000,000 | |
Banco Santander SA 144A☼ | 0.17 | 8-31-2021 | 16,129,000 | 16,126,791 | |
Banco Santander SA 144A☼ | 0.18 | 8-6-2021 | 20,000,000 | 19,999,600 | |
CDP Financial Incorporated 144A☼ | 0.10 | 9-27-2021 | 30,000,000 | 29,995,333 | |
DBS Bank Limited 144A☼ | 0.11 | 11-12-2021 | 20,000,000 | 19,994,050 | |
DBS Bank Limited 144A☼ | 0.17 | 11-5-2021 | 30,000,000 | 29,986,542 | |
DNB Bank ASA ☼ | 0.06 | 8-4-2021 | 50,000,000 | 49,999,833 | |
Erste Finance LLC 144A☼ | 0.08 | 8-2-2021 | 100,000,000 | 100,000,000 | |
HSBC Bank plc (3 Month LIBOR +0.19%) 144A± | 0.35 | 8-10-2021 | 43,000,000 | 43,002,408 | |
National Australia Bank Limited (3 Month LIBOR +0.06%) 144A± | 0.24 | 11-5-2021 | 25,000,000 | 25,000,000 | |
Nationwide Building Society 144A☼ | 0.09 | 8-3-2021 | 28,500,000 | 28,499,929 | |
Nationwide Building Society 144A☼ | 0.09 | 8-4-2021 | 14,000,000 | 13,999,930 | |
Nationwide Building Society 144A☼ | 0.09 | 8-23-2021 | 45,000,000 | 44,997,638 | |
Skandinaviska Enskilda Bank AB 144A☼ | 0.17 | 9-3-2021 | 15,000,000 | 14,997,733 | |
Svenska Handelsbanken 144A☼ | 0.18 | 10-6-2021 | 20,000,000 | 19,993,500 | |
Swedbank AB ☼ | 0.07 | 8-5-2021 | 50,000,000 | 49,999,708 | |
The Fédération des caisses Desjardins du Québec 144A☼ | 0.18 | 10-7-2021 | 35,000,000 | 34,988,450 | |
Toronto Dominion Bank (Bloomberg 3 Month Short Term Bank Yield +0.05%) ± | 0.14 | 12-9-2021 | 15,000,000 | 15,000,000 | |
Toronto Dominion Bank 144A☼ | 0.17 | 10-7-2021 | 15,000,000 | 14,995,325 | |
United Overseas Bank Limited 144A☼ | 0.08 | 8-10-2021 | 13,000,000 | 12,999,769 | |
Westpac Securities NZ Limited 144A☼ | 0.18 | 11-9-2021 | 15,000,000 | 14,992,575 | |
Westpac Securities NZ Limited 144A☼ | 0.19 | 12-6-2021 | 30,000,000 | 29,980,050 | |
Westpac Securities NZ Limited 144A☼ | 0.20 | 1-6-2022 | 15,000,000 | 14,986,917 | |
720,977,239 | |||||
Other commercial paper: 3.21% | |||||
Adventist Health System ☼ | 0.15 | 8-3-2021 | 11,000,000 | 10,999,954 |
Interest rate | Maturitydate | Principal | Value | ||
Other commercial paper (continued) | |||||
Caisse des Depots et Consignations 144A☼ | 0.10% | 9-7-2021 | $ 25,000,000 | $ 24,997,500 | |
Caisse des Depots et Consignations 144A☼ | 0.15 | 12-15-2021 | 12,000,000 | 11,993,475 | |
COFCO Capital Corporation ☼ | 0.12 | 8-17-2021 | 15,740,000 | 15,739,213 | |
COFCO Capital Corporation ☼ | 0.12 | 8-24-2021 | 10,000,000 | 9,999,267 | |
COFCO Capital Corporation ☼ | 0.13 | 8-3-2021 | 14,700,000 | 14,699,947 | |
COFCO Capital Corporation ☼ | 0.13 | 8-10-2021 | 12,760,000 | 12,759,631 | |
FMS Wertmanagement 144A☼ | 0.10 | 9-24-2021 | 16,313,000 | 16,310,598 | |
117,499,585 | |||||
Total Commercial paper (Cost $1,971,820,210) | 1,971,820,210 | ||||
Municipal obligations: 21.66% | |||||
Arizona: 1.16% | |||||
Variable rate demand notes ø: 1.16% | |||||
Taxable Municipal Funding Trust Various States Floaters Series 2021-004 (GO revenue, Barclays Bank plc LOC) 144A | 0.29 | 11-15-2054 | 5,370,000 | 5,370,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2021-MIZ9060TX (Tax revenue, Mizuho Capital Markets LLC LOC) 144A | 0.41 | 2-15-2041 | 37,019,429 | 37,019,429 | |
42,389,429 | |||||
California: 5.42% | |||||
Other municipal debt : 0.88% | |||||
California (GO revenue) | 0.08 | 8-4-2021 | 17,530,000 | 17,530,000 | |
California (GO revenue) | 0.10 | 8-11-2021 | 14,825,000 | 14,825,000 | |
32,355,000 | |||||
Variable rate demand notes ø: 4.54% | |||||
Floater Residual Trust Various States Series 2020-MIZ9040 (Housing revenue, Mizuho Capital Markets LLC LIQ) 144A | 0.12 | 10-15-2038 | 15,000,000 | 15,000,000 | |
San Francisco CA City & County Certificate of Participation Series B001 (Miscellaneous revenue, Morgan Stanley Bank LIQ) 144A | 0.19 | 11-1-2041 | 18,000,000 | 18,000,000 | |
San Francisco CA City & County Public Utilities Commission (Water & sewer revenue) | 0.13 | 10-20-2021 | 26,618,000 | 26,618,000 | |
Southern CA Metropolitan Water Series A (Water & sewer revenue, Bank of America NA LIQ) | 0.08 | 7-1-2042 | 27,000,000 | 27,000,000 | |
Taxable Municipal Funding Trust Various States Floaters Series 2021-001 (GO revenue, Barclays Bank plc LOC) 144A | 0.29 | 2-1-2031 | 17,650,000 | 17,650,000 | |
Tender Option Bond Trust Receipts/Certificates Los Angeles Community College District Series 2016-TXG002 (GO revenue, Bank of America NA LIQ) 144A | 0.21 | 8-1-2049 | 15,500,000 | 15,500,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2019-MIZ9003 (Tax revenue, Mizuho Capital Markets LLC LOC, Mizuho Capital Markets LLC LIQ) 144A | 0.27 | 3-1-2036 | 11,465,000 | 11,465,000 | |
University of California Revenue Various Taxable Series Z-1 (Education revenue) | 0.07 | 7-1-2041 | 35,000,000 | 35,000,000 | |
166,233,000 |
Interest rate | Maturitydate | Principal | Value | ||
Colorado: 1.39% | |||||
Variable rate demand notes ø: 1.39% | |||||
Colorado HFA MFHR Class II Series B (Housing revenue, FHLB SPA) | 0.12% | 5-1-2052 | $ 36,330,000 | $ 36,330,000 | |
Colorado Southern Ute Indian Tribe Reservation Company Series 2007 (Miscellaneous revenue) 144A | 0.09 | 1-1-2027 | 14,490,000 | 14,490,000 | |
50,820,000 | |||||
Georgia: 1.77% | |||||
Other municipal debt : 0.32% | |||||
Georgia Municipal Electric Authority Project One Series B (Tax revenue) | 0.10 | 9-1-2021 | 11,782,000 | 11,782,000 | |
Variable rate demand notes ø: 1.45% | |||||
Macon-Bibb County GA Industrial Authority Kumho Tire Georgia Incorporated Series A (Industrial development revenue, Korea Development Bank LOC) | 0.14 | 12-1-2022 | 26,000,000 | 26,000,000 | |
Macon-Bibb County GA Industrial Authority Kumho Tire Georgia Incorporated Series A (Industrial development revenue, Korea Development Bank LOC) | 0.14 | 12-1-2022 | 27,000,000 | 27,000,000 | |
53,000,000 | |||||
Illinois: 0.30% | |||||
Variable rate demand notes ø: 0.30% | |||||
Tender Option Bond Trust Receipts/Floater Certificates Series 2019-XF0779 (Tax revenue, BAM Insured, TD Bank NA LIQ) 144A | 0.07 | 1-1-2048 | 11,000,000 | 11,000,000 | |
Kentucky: 0.10% | |||||
Variable rate demand notes ø: 0.10% | |||||
Kentucky Housing Corporation Series O (Housing revenue, Kentucky Housing Corporation SPA) | 0.09 | 1-1-2036 | 3,640,000 | 3,640,000 | |
Maine: 0.55% | |||||
Variable rate demand notes ø: 0.55% | |||||
Maine State Housing Authority Mortgage Purchase Various Taxable Series E (Housing revenue, Barclays Bank plc SPA) | 0.08 | 11-15-2052 | 20,000,000 | 20,000,000 | |
Michigan: 0.30% | |||||
Variable rate demand notes ø: 0.30% | |||||
Michigan State Housing Development AMT Refunding Bond Series B (Housing revenue, Industrial & Commercial Bank of China Limited SPA) | 0.08 | 6-1-2038 | 10,865,000 | 10,865,000 | |
Missouri: 0.41% | |||||
Variable rate demand notes ø: 0.41% | |||||
Bridgeton MO IDA Stolze Printing (Industrial development revenue, Carrollton Bank LOC) | 0.13 | 12-1-2047 | 2,800,000 | 2,800,000 | |
RBC Municipal Products Incorporated (Health revenue, Royal Bank of Canada LOC, Royal Bank of Canada LIQ) 144A | 0.08 | 9-1-2039 | 12,200,000 | 12,200,000 | |
15,000,000 |
Interest rate | Maturitydate | Principal | Value | ||
New Hampshire: 1.32% | |||||
Variable rate demand notes ø: 1.32% | |||||
New Hampshire Business Finance Authority CJ Foods Manufacturing Beaumont Corporation Series A (Industrial development revenue, Kookmin Bank LOC) 144A | 0.14% | 10-1-2028 | $ 24,000,000 | $ 24,000,000 | |
New Hampshire National Finance Authority Industrial Development Revenue Series A (Industrial development revenue, Kookmin Bank LOC) 144A | 0.14 | 7-1-2029 | 24,500,000 | 24,500,000 | |
48,500,000 | |||||
New York: 4.59% | |||||
Other municipal debt : 2.13% | |||||
Long Island NY Power Authority Series 2015-GR3A (Utilities revenue) | 0.10 | 9-2-2021 | 15,000,000 | 15,000,000 | |
Long Island NY Power Authority Series 2015-GR5A (Utilities revenue) | 0.11 | 8-26-2021 | 22,000,000 | 22,000,000 | |
Port Authority of New York & New Jersey Series C (Airport revenue) | 0.22 | 10-21-2021 | 11,835,000 | 11,835,000 | |
Port Authority of New York & New Jersey Series C (Airport revenue) | 0.23 | 9-16-2021 | 15,240,000 | 15,240,000 | |
Port Authority of New York & New Jersey Series C (Airport revenue) | 0.24 | 8-17-2021 | 14,025,000 | 14,025,000 | |
78,100,000 | |||||
Variable rate demand notes ø: 2.46% | |||||
New York City NY Housing Development Corporation Multifamily Housing Revenue Various Taxable Series F-2 (Housing revenue, Royal Bank of Canada SPA) | 0.07 | 5-1-2060 | 6,490,000 | 6,490,000 | |
New York HFA Affordable Housing (Housing revenue, TD Bank NA SPA) | 0.09 | 11-1-2055 | 19,655,000 | 19,655,000 | |
Taxable Municipal Funding Trust Various States Floaters Series 2020-007 (GO revenue, Barclays Bank plc LOC) 144A | 0.29 | 4-1-2025 | 4,765,000 | 4,765,000 | |
Taxable Municipal Funding Trust Various States Floaters Series 2021-003 (GO revenue, Barclays Bank plc LOC) 144A | 0.13 | 5-1-2041 | 2,880,000 | 2,880,000 | |
Taxable Municipal Funding Trust Various States Floaters Series 2021-003 (GO revenue, Barclays Bank plc LOC) 144A | 0.29 | 5-15-2056 | 24,220,000 | 24,220,000 | |
Taxable Municipal Funding Trust Various States Floaters Series 2021-005 (GO revenue, Barclays Bank plc LOC) | 0.29 | 4-1-2052 | 20,000,000 | 20,000,000 | |
Triborough Bridge And Tunnel Authority New York (Transportation revenue, Bank of America NA LOC) | 0.08 | 11-15-2032 | 11,890,000 | 11,890,000 | |
89,900,000 | |||||
Oregon: 0.55% | |||||
Other municipal debt : 0.55% | |||||
Port of Portland Oregon International Airport Series B (Airport revenue) | 0.09 | 8-2-2021 | 20,000,000 | 20,000,000 |
Interest rate | Maturitydate | Principal | Value | ||
Other: 3.08% | |||||
Variable rate demand notes ø: 3.08% | |||||
JPMorgan Chase Puttable Tax-Exempt Receipts/Derivative Inverse Tax-Exempt Receipts & Custodial Receipts Trust Series 5039 (Miscellaneous revenue) | 0.19% | 11-16-2022 | $ 37,000,000 | $ 37,000,000 | |
Taxable Municipal Funding Trust Various States Floaters Series 2019-019 (GO revenue, Barclays Bank plc LOC) 144A | 0.29 | 12-1-2030 | 555,000 | 555,000 | |
Taxable Municipal Funding Trust Various States Floaters Series 2020-003 (GO revenue, Barclays Bank plc LOC) 144A | 0.29 | 1-16-2025 | 2,085,000 | 2,085,000 | |
Taxable Municipal Funding Trust Various States Floaters Series 2020-012 (GO revenue, Barclays Bank plc LOC) 144A | 0.13 | 9-1-2030 | 19,235,000 | 19,235,000 | |
Taxable Municipal Funding Trust Various States Floaters Series 2020-11 (GO revenue, Barclays Bank plc LOC) 144A | 0.29 | 9-1-2030 | 53,835,000 | 53,835,000 | |
112,710,000 | |||||
South Carolina: 0.15% | |||||
Variable rate demand notes ø: 0.15% | |||||
South Carolina Public Service Authority (Utilities revenue, Citibank NA LIQ) 144A | 0.20 | 1-1-2050 | 5,600,000 | 5,600,000 | |
Texas: 0.57% | |||||
Other municipal debt : 0.57% | |||||
Texas PFA Series A (Miscellaneous revenue) | 0.10 | 8-25-2021 | 8,900,000 | 8,900,000 | |
Texas PFA Series A (Miscellaneous revenue) | 0.15 | 8-18-2021 | 12,000,000 | 12,000,000 | |
20,900,000 | |||||
Total Municipal obligations (Cost $792,794,429) | 792,794,429 | ||||
Other instruments: 3.20% | |||||
17th Street Rentals LLC §øø | 0.13 | 6-1-2025 | 18,200,000 | 18,200,000 | |
2020 Sheu Family Exempt Trust §øø | 0.12 | 7-1-2041 | 9,175,000 | 9,175,000 | |
AARP §øø | 0.07 | 5-1-2031 | 20,000,000 | 20,000,000 | |
Altoona Blair County Development Corporation 144A§øø | 0.15 | 4-1-2035 | 5,850,000 | 5,850,000 | |
Altoona Blair County Development Corporation 144A§øø | 0.15 | 9-1-2038 | 3,000,000 | 3,000,000 | |
Fortenbery Children 2017 Irrevocable Trust UTA §øø | 0.12 | 4-1-2026 | 9,675,000 | 9,675,000 | |
Keep Memory Alive §øø | 0.15 | 5-1-2037 | 2,760,000 | 2,760,000 | |
L Ward Huntley Irrevocable Life Insurance Trust §øø | 0.12 | 4-1-2071 | 7,350,000 | 7,350,000 | |
New Grammercy LLC §øø | 0.13 | 2-1-2061 | 9,800,000 | 9,800,000 | |
Rock Hill SI LLC §øø | 0.13 | 6-1-2061 | 12,700,000 | 12,700,000 | |
Solis Seattle LLC §øø | 0.13 | 2-1-2061 | 16,000,000 | 16,000,000 | |
Southside Brookshore §øø | 0.13 | 9-1-2059 | 2,640,000 | 2,640,000 | |
Total Other instruments (Cost $117,150,000) | 117,150,000 | ||||
Other notes: 0.74% | |||||
Corporate bonds and notes: 0.74% | |||||
Cellmark Incorporated Taxable Notes Series 2018A §øø | 0.12 | 6-1-2038 | 16,000,000 | 16,000,000 |
Interest rate | Maturitydate | Principal | Value | ||
Corporate bonds and notes (continued) | |||||
Jets Stadium Development LLC Series A-4B 144A§øø | 0.13% | 4-1-2047 | $ 9,940,000 | $ 9,940,000 | |
SSAB AB Series A §øø | 0.12 | 6-1-2035 | 1,000,000 | 1,000,000 | |
Total Other notes (Cost $26,940,000) | 26,940,000 | ||||
Total investments in securities (Cost $3,663,958,843) | 100.11% | 3,663,958,843 | |||
Other assets and liabilities, net | (0.11) | (4,036,312) | |||
Total net assets | 100.00% | $3,659,922,531 |
± | Variable rate investment. The rate shown is the rate in effect at period end. |
144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933. |
ø | Variable rate demand notes are subject to a demand feature which reduces the effective maturity. The maturity date shown represents the final maturity date of the security. The interest rate is determined and reset by the issuer daily, weekly, or monthly depending upon the terms of the security. The rate shown is the rate in effect at period end. |
§ | The security is subject to a demand feature which reduces the effective maturity. |
øø | The interest rate is determined and reset by the issuer periodically depending upon the terms of the security. The rate shown is the rate in effect at period end. |
☼ | Zero coupon security. The rate represents the current yield to maturity. |
Abbreviations: | |
AMT | Alternative minimum tax |
BAM | Build America Mutual Assurance Company |
FHLB | Federal Home Loan Bank |
GO | General obligation |
HFA | Housing Finance Authority |
IDA | Industrial Development Authority |
LIBOR | London Interbank Offered Rate |
LIQ | Liquidity agreement |
LOC | Letter of credit |
MFHR | Multifamily housing revenue |
OBFR | Overnight Bank Funding Rate |
PFA | Public Finance Authority |
SPA | Standby purchase agreement |
Assets | |
Investments in unaffiliated securities, at amortized cost | $ 3,663,958,843 |
Cash | 13,375 |
Receivable for Fund shares sold | 1,749,584 |
Receivable for interest | 441,816 |
Receivable for investments sold | 125,000 |
Receivable from manager | 75,163 |
Prepaid expenses and other assets | 634,226 |
Total assets | 3,666,998,007 |
Liabilities | |
Payable for Fund shares redeemed | 6,694,199 |
Administration fees payable | 320,442 |
Dividends payable | 11,860 |
Distribution fee payable | 225 |
Accrued expenses and other liabilities | 48,750 |
Total liabilities | 7,075,476 |
Total net assets | $3,659,922,531 |
Net assets consist of | |
Paid-in capital | $ 3,660,739,321 |
Total distributable loss | (816,790) |
Total net assets | $3,659,922,531 |
Computation of net asset value per share | |
Net assets – Class A | $ 462,808,689 |
Shares outstanding – Class A1 | 462,829,081 |
Net asset value per share – Class A | $1.00 |
Net assets – Class C | $ 2,065,990 |
Shares outstanding – Class C1 | 2,066,145 |
Net asset value per share – Class C | $1.00 |
Net assets – Premier Class | $ 3,183,866,250 |
Shares outstanding – Premier Class1 | 3,184,065,777 |
Net asset value per share – Premier Class | $1.00 |
Net assets – Service Class | $ 11,181,602 |
Shares outstanding – Service Class1 | 11,182,135 |
Net asset value per share – Service Class | $1.00 |
1 | The Fund has an unlimited number of authorized shares |
Investment income | |
Interest | $ 3,664,626 |
Expenses | |
Management fee | 4,220,675 |
Administration fees | |
Class A | 508,682 |
Class C | 2,603 |
Premier Class | 1,497,692 |
Service Class | 6,984 |
Shareholder servicing fees | |
Class A | 552,233 |
Class C | 2,407 |
Service Class | 14,475 |
Distribution fee | |
Class C | 4,500 |
Custody and accounting fees | 79,783 |
Professional fees | 29,407 |
Registration fees | 346,394 |
Shareholder report expenses | 48,760 |
Trustees’ fees and expenses | 9,610 |
Other fees and expenses | 36,025 |
Total expenses | 7,360,230 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (3,708,322) |
Class A | (809,267) |
Class C | (8,165) |
Service Class | (14,550) |
Net expenses | 2,819,926 |
Net investment income | 844,700 |
Net realized gains on investments | 2,730 |
Net increase in net assets resulting from operations | $ 847,430 |
Six months ended July 31, 2021 (unaudited) | Year ended January 31, 2021 | |||
Operations | ||||
Net investment income | $ 844,700 | $ 17,417,772 | ||
Payment from affiliate | 0 | 1,222 | ||
Net realized gains (losses) on investments | 2,730 | (563,831) | ||
Net increase in net assets resulting from operations | 847,430 | 16,855,163 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (23,123) | (1,268,127) | ||
Class C | (118) | (2,802) | ||
Premier Class | (820,877) | (16,125,602) | ||
Service Class | (582) | (37,293) | ||
Total distributions to shareholders | (844,700) | (17,433,824) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 71,881,810 | 71,881,810 | 221,976,995 | 221,976,995 |
Class C | 296,838 | 296,838 | 5,242,042 | 5,242,042 |
Premier Class | 703,358,551 | 703,358,551 | 7,562,687,659 | 7,562,687,659 |
Service Class | 194,411 | 194,411 | 1,788,741 | 1,788,741 |
775,731,610 | 7,791,695,437 | |||
Reinvestment of distributions | ||||
Class A | 19,196 | 19,196 | 1,277,953 | 1,277,953 |
Class C | 110 | 110 | 2,835 | 2,835 |
Premier Class | 803,165 | 803,165 | 16,201,117 | 16,201,117 |
Service Class | 509 | 509 | 37,293 | 37,293 |
822,980 | 17,519,198 | |||
Payment for shares redeemed | ||||
Class A | (75,651,178) | (75,651,178) | (231,789,213) | (231,789,213) |
Class C | (1,086,322) | (1,086,322) | (5,542,212) | (5,542,212) |
Premier Class | (1,972,733,602) | (1,972,733,602) | (5,309,546,817) | (5,309,546,817) |
Service Class | (975,962) | (975,962) | (1,898,691) | (1,898,691) |
(2,050,447,064) | (5,548,776,933) | |||
Net increase (decrease) in net assets resulting from capital share transactions | (1,273,892,474) | 2,260,437,702 | ||
Total increase (decrease) in net assets | (1,273,889,744) | 2,259,859,041 | ||
Net assets | ||||
Beginning of period | 4,933,812,275 | 2,673,953,234 | ||
End of period | $ 3,659,922,531 | $ 4,933,812,275 |
Year ended January 31 | ||||||
Class A | Six months ended July 31, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Net investment income | 0.00 1 | 0.00 1 | 0.02 | 0.02 | 0.01 | 0.00 1 |
Net realized gains (losses) on investments | 0.00 1 | (0.00) 2 | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 |
Total from investment operations | 0.00 1 | 0.00 1 | 0.02 | 0.02 | 0.01 | 0.00 1 |
Distributions to shareholders from | ||||||
Net investment income | (0.00) 1 | (0.00) 1 | (0.02) | (0.02) | (0.01) | (0.00) 1 |
Net realized gains | 0.00 | (0.00) 1 | 0.00 | 0.00 | 0.00 | 0.00 |
Total distributions to shareholders | (0.00) 1 | (0.00) 1 | (0.02) | (0.02) | (0.01) | (0.00) 1 |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total return3 | 0.00% | 0.27% | 1.76% | 1.61% | 0.64% | 0.05% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.69% | 0.68% | 0.70% | 0.76% | 0.85% | 0.83% |
Net expenses | 0.16% * | 0.40% * | 0.60% | 0.62% | 0.65% | 0.55% |
Net investment income | 0.01% | 0.27% | 1.74% | 1.60% | 0.63% | 0.03% |
Supplemental data | ||||||
Net assets, end of period (000s omitted) | $462,809 | $466,559 | $475,180 | $474,040 | $462,416 | $539,989 |
* | Ratios reflect class-level expenses which were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would be increased by the following amounts: |
Six months ended July 31, 2021 (unaudited) | 0.44% |
Year ended January 31, 2021 | 0.18% |
1 | Amount is less than $0.005. |
2 | Amount is more than $(0.005) |
3 | Returns for periods of less than one year are not annualized. |
Year ended January 31 | ||||||
Class C | Six months ended July 31, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Net investment income | 0.00 1 | 0.00 1 | 0.01 | 0.01 | 0.00 1 | 0.00 1 |
Payment from affiliate | 0.00 | 0.00 1 | 0.00 | 0.00 | 0.00 | 0.00 |
Net realized gains (losses) on investments | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 |
Total from investment operations | 0.00 1 | 0.00 1 | 0.01 | 0.01 | 0.00 1 | 0.00 1 |
Distributions to shareholders from | ||||||
Net investment income | (0.00) 1 | (0.00) 1 | (0.01) | (0.01) | (0.00) 1 | (0.00) 1 |
Net realized gains | 0.00 | (0.00) 1 | 0.00 | 0.00 | 0.00 | 0.00 |
Total distributions to shareholders | (0.00) 1 | (0.00) 1 | (0.01) | (0.01) | (0.00) 1 | (0.00) 1 |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total return2 | 0.00% | 0.08% 3 | 1.00% | 0.84% | 0.04% | 0.01% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.03% | 1.43% | 1.45% | 1.51% | 1.60% | 1.58% |
Net expenses | 0.16% * | 0.59% * | 1.35% | 1.37% | 1.23% | 0.60% |
Net investment income | 0.01% | 0.07% | 1.03% | 0.87% | 0.03% | 0.01% |
Supplemental data | ||||||
Net assets, end of period (000s omitted) | $2,066 | $2,855 | $3,153 | $8,229 | $7,763 | $13,293 |
* | Ratios reflect class-level expenses which were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would be increased by the following amounts: |
Six months ended July 31, 2021 (unaudited) | 0.87% |
Year ended January 31, 2021 | 0.76% |
1 | Amount is less than $0.005. |
2 | Returns for periods of less than one year are not annualized. |
3 | During the year ended January 31, 2021, the Fund received a payment from an affiliate which had a 0.04% impact on the total return. See Note 4 in the Notes to Financial Statements for additional information. |
Year ended January 31 | ||||||
Premier Class | Six months ended July 31, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 1 |
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Net investment income | 0.00 2 | 0.01 | 0.02 | 0.02 | 0.01 | 0.00 2 |
Net realized gains (losses) on investments | 0.00 2 | (0.00) 3 | 0.00 2 | 0.00 2 | 0.00 2 | 0.00 2 |
Total from investment operations | 0.00 2 | 0.01 | 0.02 | 0.02 | 0.01 | 0.00 2 |
Distributions to shareholders from | ||||||
Net investment income | (0.00) 2 | (0.01) | (0.02) | (0.02) | (0.01) | (0.00) 2 |
Net realized gains | 0.00 | (0.00) 2 | 0.00 | 0.00 | 0.00 | 0.00 |
Total distributions to shareholders | (0.00) 2 | (0.01) 2 | (0.02) | (0.02) | (0.01) | (0.00) 2 |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total return4 | 0.02% | 0.54% | 2.20% | 2.03% | 1.09% | 0.36% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.31% | 0.29% | 0.30% | 0.33% | 0.45% | 0.45% |
Net expenses | 0.13% | 0.13% 5 | 0.15% | 0.20% | 0.20% | 0.20% |
Net investment income | 0.04% | 0.41% | 1.99% | 2.26% | 1.08% | 0.43% |
Supplemental data | ||||||
Net assets, end of period (000s omitted) | $3,183,866 | $4,452,436 | $2,183,582 | $295,962 | $101 | $100 |
1 | For the period from March 31, 2016 (commencement of class operations) to January 31, 2017 |
2 | Amount is less than $0.005. |
3 | Amount is more than $(0.005) |
4 | Returns for periods of less than one year are not annualized. |
5 | Ratio reflects class-level expenses which were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would have been 0.07% higher. |
Year ended January 31 | ||||||
Service Class | Six months ended July 31, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Net investment income | 0.00 1 | 0.00 1 | 0.02 | 0.02 | 0.01 | 0.00 1 |
Net realized gains (losses) on investments | 0.00 1 | (0.00) 2 | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 |
Total from investment operations | 0.00 1 | 0.00 1 | 0.02 | 0.02 | 0.01 | 0.00 1 |
Distributions to shareholders from | ||||||
Net investment income | (0.00) 1 | (0.00) 1 | (0.02) | (0.02) | (0.01) | 0.00 1 |
Net realized gains | 0.00 | (0.00) 1 | 0.00 | 0.00 | 0.00 | 0.00 |
Total distributions to shareholders | (0.00) 1 | (0.00) 1 | (0.02) | (0.02) | (0.01) | 0.00 1 |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total return3 | 0.00% | 0.31% | 1.86% | 1.72% | 0.79% | 0.11% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.59% | 0.58% | 0.60% | 0.66% | 0.74% | 0.72% |
Net expenses | 0.16% * | 0.36% * | 0.50% | 0.50% | 0.50% | 0.50% |
Net investment income | 0.01% | 0.31% | 1.84% | 1.71% | 0.74% | 0.05% |
Supplemental data | ||||||
Net assets, end of period (000s omitted) | $11,182 | $11,963 | $12,038 | $11,884 | $11,910 | $21,602 |
* | Ratios reflect class-level expenses which were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would be increased by the following amounts: |
Six months ended July 31, 2021 (unaudited) | 0.34% |
Year ended January 31, 2021 | 0.12% |
1 | Amount is less than $0.005. |
2 | Amount is more than $(0.005) |
3 | Returns for periods of less than one year are not annualized. |
■ | Level 1 – quoted prices in active markets for identical securities |
■ | Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
■ | Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Certificates of deposit | $0 | $ 706,254,204 | $0 | $ 706,254,204 |
Closed end municipal bond fund obligations | 0 | 49,000,000 | 0 | 49,000,000 |
Commercial paper | 0 | 1,971,820,210 | 0 | 1,971,820,210 |
Municipal obligations | 0 | 792,794,429 | 0 | 792,794,429 |
Other instruments | 0 | 117,150,000 | 0 | 117,150,000 |
Other notes | 0 | 26,940,000 | 0 | 26,940,000 |
Total assets | $0 | $3,663,958,843 | $0 | $3,663,958,843 |
Average daily net assets | Management fee |
First $5 billion | 0.200% |
Next $5 billion | 0.190 |
Over $10 billion | 0.180 |
Class-level administration fee | |
Class A | 0.22% |
Class C | 0.22 |
Premier Class | 0.08 |
Service Class | 0.12 |
Expense ratio caps | |
Class A | 0.60% |
Class C | 1.35 |
Premier Class | 0.20 |
Service Class | 0.50 |
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 100% Treasury Money Market Fund |
Wells Fargo Government Money Market Fund |
Wells Fargo Heritage Money Market Fund |
Wells Fargo Money Market Fund |
Wells Fargo Municipal Cash Management Money Market Fund |
Wells Fargo National Tax-Free Money Market Fund |
Wells Fargo Treasury Plus Money Market 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-CSRS/0001193125-21-287567/g193754img76cffa521.jpg)
P.O. Box 219967
Kansas City, MO 64121-9967
SA306/SAR306 07-21
![](https://capedge.com/proxy/N-CSRS/0001193125-21-287567/g212857img9f22e2361.jpg)
■ | Wells Fargo Municipal Cash Management Money Market Fund |
2 | |
6 | |
8 | |
9 | |
Financial statements | |
18 | |
19 | |
20 | |
21 | |
24 | |
29 | |
Board considerations | |
33 | |
36 | |
41 |
![](https://capedge.com/proxy/N-CSRS/0001193125-21-287567/g212857img314e6aa82.gif)
1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
2 | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the United States. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
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 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 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 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. |
![](https://capedge.com/proxy/N-CSRS/0001193125-21-287567/g212857img502939003.jpg)
President
Wells Fargo Funds
Investment objective | The Fund seeks current income exempt from regular federal income tax, while preserving capital and liquidity. |
Manager | Wells Fargo Funds Management, LLC |
Subadviser | Wells Capital Management, LLC |
Portfolio managers | James Randazzo, Jeffrey L. Weaver, CFA®‡ |
Average annual total returns (%) as of July 31, 2021 | ||||||
Expense ratios1 (%) | ||||||
Inception date | 1 year | 5 year | 10 year | Gross | Net 2 | |
Administrator Class (WUCXX) | 7-9-2010 | 0.03 | 0.79 | 0.41 | 0.44 | 0.30 |
Institutional Class (EMMXX) | 11-20-1996 | 0.04 | 0.86 | 0.46 | 0.32 | 0.20 |
Service Class (EISXX) | 11-25-1996 | 0.17 | 0.70 | 0.36 | 0.61 | 0.45 |
1 | Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report. |
2 | The manager has contractually committed through May 31, 2022, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.30% for Administrator Class, 0.20% for Institutional Class and 0.45% for Service Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. The manager and/or its affiliates may also voluntarily waive all or a portion of any fees to which they are entitled and/or reimburse certain expenses as they may determine from time to time. 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. |
Yield summary (%) as of July 31, 2021 | |||
Administrator Class | Institutional Class | Service Class | |
7-day current yield1 | 0.01 | 0.01 | 0.01 |
7-day compound yield | 0.01 | 0.01 | 0.01 |
30-day simple yield | 0.01 | 0.01 | 0.01 |
30-day compound yield | 0.01 | 0.01 | 0.01 |
1 | The manager has contractually committed through May 31, 2022, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses and may also voluntarily waive or reimburse additional fees and expenses which may be discontinued or modified at any time without notice. Without these reductions, the Fund’s 7-day current yield would have been -0.31%, -0.20% and -0.42% for Administrator Class, Institutional Class and Service Class, respectively. |
‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
Portfolio composition as of July 31, 20211 |
![](https://capedge.com/proxy/N-CSRS/0001193125-21-287567/g212857imgc10002254.jpg)
1 | Figures represent the percentage of the Fund's total investments. These amounts are subject to change and may have changed since the date specified. |
Effective maturity distribution as of July 31, 20211 |
![](https://capedge.com/proxy/N-CSRS/0001193125-21-287567/g212857imgff2589045.jpg)
1 | Figures represent the percentage of the Fund's total investments. These amounts are subject to change and may have changed since the date specified. |
Weighted average maturity as of July 31, 20211 |
11 days |
1 | Weighted Average Maturity (WAM): WAM is an average of the effective maturities of all securities held in the portfolio, weighted by each security’s percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. WAM calculations allow for the maturities of certain securities with demand features or periodic interest rate resets to be shortened. WAM is a way to measure a fund’s sensitivity to potential interest rate changes. WAM is subject to change and may have changed since the date specified. |
Weighted average life as of July 31, 20211 |
14 days |
1 | Weighted Average Life (WAL): WAL is an average of the final maturities of all securities held in the portfolio, weighted by their percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. In contrast to WAM, the calculation of WAL allows for the maturities of certain securities with demand features to be shortened, but not the periodic interest rate resets. WAL is a way to measure a fund’s potential sensitivity to credit spread changes. WAL is subject to change and may have changed since the date specified. |
Beginning account value 2-1-2021 | Ending account value 7-31-2021 | Expenses paid during the period1 | Annualized net expense ratio | |
Administrator Class | ||||
Actual | $1,000.00 | $1,000.35 | $0.45 | 0.09% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,024.35 | $0.45 | 0.09% |
Institutional Class | ||||
Actual | $1,000.00 | $1,000.25 | $0.45 | 0.09% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,024.35 | $0.45 | 0.09% |
Service Class | ||||
Actual | $1,000.00 | $1,000.35 | $0.45 | 0.09% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,024.35 | $0.45 | 0.09% |
Principal | Value | ||||
Closed end municipal bond fund obligations: 2.48% | |||||
Nuveen AMT-Free Municipal Credit Income Fund MuniFund Preferred Shares Series B (40 Shares) 0.11% 144Aø | $ 4,000,000 | $ 4,000,000 | |||
Nuveen AMT-Free Municipal Credit Income Fund MuniFund Preferred Shares Series D (20 Shares) 144Aø | 2,000,000 | 2,000,000 | |||
Nuveen California AMT-Free Quality Municipal Income Fund MuniFund Preferred Shares Series A (30 shares) 0.09% 144Aø | 3,000,000 | 3,000,000 | |||
Total Closed end municipal bond fund obligations (Cost $9,000,000) | 9,000,000 |
Interest rate | Maturity date | ||||
Municipal obligations: 92.22% | |||||
Arizona: 2.05% | |||||
Variable rate demand notes ø: 2.05% | |||||
Maricopa County AZ IDA Solid Waste Disposal Series 2006 (Resource recovery revenue, Farm Credit Services America LOC) | 0.08% | 8-1-2026 | 2,500,000 | 2,500,000 | |
Pinal County AZ IDA Shamrock Farms Project (Resource recovery revenue, Farm Credit Services America LOC) | 0.11 | 8-1-2022 | 3,700,000 | 3,700,000 | |
Pinal County AZ IDA Solid Waste Disposal Feenstra Investments LLC Project Series 2002 (Resource recovery revenue, Farm Credit Services America LOC) | 0.11 | 8-1-2027 | 1,250,000 | 1,250,000 | |
7,450,000 | |||||
California: 6.14% | |||||
Other municipal debt : 4.56% | |||||
California Series A-3 (Miscellaneous revenue) | 0.06 | 10-5-2021 | 2,000,000 | 2,000,000 | |
Los Angeles CA Department of Airports Subordinate Bonds Series A-3 (Airport revenue) | 0.10 | 9-2-2021 | 3,000,000 | 3,000,102 | |
Los Angeles CA Schools Pooled Financing Program Revenue Anticipation Notes (Miscellaneous revenue) | 2.00 | 12-30-2021 | 500,000 | 504,022 | |
Los Angeles CA Schools Pooled Financing Program Revenue Anticipation Notes (Miscellaneous revenue) | 2.00 | 12-30-2021 | 1,000,000 | 1,008,044 | |
Los Angeles CA Tax & Revenue Anticipation Notes (GO revenue) | 4.00 | 6-23-2022 | 2,000,000 | 2,070,365 | |
San Francisco CA City & County Public Utilities Commission Series 20 (GO revenue) | 0.08 | 8-12-2021 | 1,000,000 | 1,000,016 | |
San Jose CA International Airport Notes AMT Series B (Airport revenue) | 0.15 | 8-10-2021 | 7,000,000 | 7,000,138 | |
16,582,687 | |||||
Variable rate demand notes ø: 1.58% | |||||
Modesto CA MFHR Live Oak Apartments Project (Tax revenue, FNMA Insured, FNMA LIQ) | 0.07 | 9-15-2024 | 260,000 | 260,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2020-MIZ9012 (Housing revenue, Mizuho Capital Markets LLC LIQ) 144A | 0.27 | 10-1-2036 | 4,470,000 | 4,470,000 | |
Tender Option Bond Trust Receipts/Various States (Transportation revenue, Bank of America NA LIQ) 144A | 0.04 | 4-1-2049 | 1,000,000 | 1,000,000 | |
5,730,000 |
Interest rate | Maturity date | Principal | Value | ||
Colorado: 0.92% | |||||
Variable rate demand notes ø: 0.92% | |||||
Colorado Springs CO Utilities System Improvement Bonds Series 2008A (Utilities revenue, U.S. Bank NA SPA) | 0.02% | 11-1-2038 | $ 135,000 | $ 135,000 | |
Colorado Springs CO Utilities System Series B (Utilities revenue, Landesbank Hessen-Thüringen SPA) | 0.04 | 11-1-2036 | 3,200,000 | 3,200,000 | |
3,335,000 | |||||
Connecticut: 0.11% | |||||
Other municipal debt : 0.11% | |||||
North Branford CT BAN (GO revenue) %% | 2.00 | 8-4-2022 | 400,000 | 407,602 | |
District of Columbia: 1.10% | |||||
Variable rate demand notes ø: 1.10% | |||||
Tender Option Bond Trust Receipts/Floater Certificates Series 2018-XF0621 (Water & sewer revenue, Royal Bank of Canada LIQ) 144A | 0.05 | 4-1-2026 | 4,000,000 | 4,000,000 | |
Florida: 5.60% | |||||
Variable rate demand notes ø: 5.60% | |||||
Highlands County FL Health Facilities Authority Adventist Health System Series A-2 (Health revenue) | 0.02 | 11-15-2037 | 8,000,000 | 8,000,000 | |
St. Lucie County FL Power & Light Company (Industrial development revenue) | 0.04 | 9-1-2028 | 5,000,000 | 5,000,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2017-TX1073 (Housing revenue, GNMA / FNMA / FHLMC Insured, Barclays Bank plc LIQ) 144A | 0.05 | 7-1-2037 | 5,330,000 | 5,330,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2018-XG0173 (Health revenue, Credit Suisse LIQ) 144A | 0.07 | 10-1-2025 | 2,000,000 | 2,000,000 | |
20,330,000 | |||||
Georgia: 2.06% | |||||
Variable rate demand notes ø: 2.06% | |||||
Monroe County GA Development Authority Florida Power & Light Company Project (Utilities revenue) | 0.05 | 6-1-2049 | 6,500,000 | 6,500,000 | |
Roswell GA Housing Authority Refunding Bonds Belcourt Limited Project A (Housing revenue, Northern Trust Company LOC) | 0.05 | 9-1-2027 | 1,000,000 | 1,000,000 | |
7,500,000 | |||||
Hawaii: 0.27% | |||||
Other municipal debt : 0.27% | |||||
Honolulu HI Series B-2 (Miscellaneous revenue) | 0.08 | 8-4-2021 | 1,000,000 | 1,000,003 | |
Idaho: 1.10% | |||||
Variable rate demand notes ø: 1.10% | |||||
Idaho Health Facilities Authority Hospital Trinity Health Credit Group Series D (Health revenue) | 0.10 | 12-1-2048 | 4,000,000 | 4,000,000 |
Interest rate | Maturity date | Principal | Value | ||
Illinois: 6.97% | |||||
Variable rate demand notes ø: 6.97% | |||||
Chicago IL Enterprise Zone Gardner Gibson Project (Industrial development revenue, BMO Harris Bank NA LOC) | 0.11% | 7-1-2033 | $ 1,780,000 | $ 1,780,000 | |
Illinois Finance Authority American College of Surgeons (Education revenue, Northern Trust Company LOC) | 0.02 | 8-1-2026 | 2,676,000 | 2,676,000 | |
Illinois Finance Authority Bradley University Series B (Education revenue, PNC Bank NA LOC) | 0.03 | 4-1-2038 | 4,000,000 | 4,000,000 | |
Peoria County IL Caterpillar Incorporated Project (Industrial development revenue) | 0.20 | 2-1-2030 | 4,300,000 | 4,300,000 | |
Tender Option Bond Trust Receipts/Floater Certificates (Miscellaneous revenue, Bank of America NA LIQ) 144A | 0.07 | 3-1-2046 | 2,550,000 | 2,550,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2018-XM0683 (Tax revenue, Bank of America NA LIQ) 144A | 0.17 | 1-1-2048 | 5,000,000 | 5,000,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2019-XF0779 (Tax revenue, BAM Insured, TD Bank NA LIQ) 144A | 0.07 | 1-1-2048 | 5,000,000 | 5,000,000 | |
25,306,000 | |||||
Indiana: 1.29% | |||||
Other municipal debt : 0.14% | |||||
Indiana Bond Bank Advanced Funding Program Notes Series A (Miscellaneous revenue) | 2.00 | 1-10-2022 | 500,000 | 504,115 | |
Variable rate demand notes ø: 1.15% | |||||
Jeffersonville IN Economic Development Eagle Steel Products Incorporated Project (Industrial development revenue, Bank of America NA LOC) | 0.09 | 12-1-2027 | 2,280,000 | 2,280,000 | |
Noblesville IN Greystone Apartments Project Series B (Housing revenue, FHLB LOC) | 0.08 | 3-1-2041 | 1,325,000 | 1,325,000 | |
St. Joseph County IN Midcorr Land Development LLC Project (Industrial development revenue, PNC Bank NA LOC) | 0.06 | 10-1-2023 | 580,000 | 580,000 | |
4,185,000 | |||||
Iowa: 4.44% | |||||
Variable rate demand notes ø: 4.44% | |||||
Iowa Finance Authority John Maassen & Sons Project (Industrial development revenue, Farm Credit Services America LOC) | 0.10 | 11-1-2035 | 2,075,000 | 2,075,000 | |
Iowa Finance Authority Midwestern EDA CJ Bio-America Incorporated Project (Industrial development revenue, Korea Development Bank LOC) | 0.06 | 4-1-2022 | 8,000,000 | 8,000,000 | |
Iowa Finance Authority Series B (Housing revenue, GNMA / FNMA / FHLMC Insured, FHLB SPA) | 0.02 | 7-1-2047 | 6,050,000 | 6,050,000 | |
16,125,000 | |||||
Kentucky: 2.92% | |||||
Variable rate demand notes ø: 2.92% | |||||
Boone Country KY PCR Various Refunding Bonds Duke Energy (Industrial development revenue, Sumitomo Mitsui Banking Corporation LOC) | 0.04 | 8-1-2027 | 7,000,000 | 7,000,000 |
Interest rate | Maturity date | Principal | Value | ||
Variable rate demand notes ø(continued) | |||||
Jefferson County KY Industrial Building Dant Growth LLC Project Series 2002 (Industrial development revenue, Stock Yards Bank & Trust LOC) | 0.06% | 9-1-2022 | $ 400,000 | $ 400,000 | |
Louisville & Jefferson Counties Regional Airport Authority UPS Worldwide Forwarding Series B (Industrial development revenue) | 0.04 | 1-1-2029 | 3,200,000 | 3,200,000 | |
10,600,000 | |||||
Louisiana: 1.10% | |||||
Variable rate demand notes ø: 1.10% | |||||
Louisiana Local Government Environmental Facilities CDA Honeywell International Incorporated Project (Industrial development revenue) | 0.20 | 12-1-2036 | 4,000,000 | 4,000,000 | |
Michigan: 4.64% | |||||
Other municipal debt : 0.14% | |||||
Michigan Finance Authority State Aid Series A-2 (Miscellaneous revenue, JPMorgan Chase & Company LOC) | 4.00 | 8-20-2021 | 500,000 | 500,981 | |
Variable rate demand notes ø: 4.50% | |||||
Grand Traverse County MI Hospital Finance Authority Refunding Bonds (Health revenue, PNC Bank NA LOC) | 0.02 | 7-1-2041 | 6,130,000 | 6,130,000 | |
Michigan HFA AMT Series A (Housing revenue, Bank of America NA LOC) | 0.05 | 4-1-2037 | 6,400,000 | 6,400,000 | |
Tender Option Bond Trust Receipts/Certificates Series 2018-ZM0614 (Education revenue, Morgan Stanley Bank LIQ) 144A | 0.17 | 11-1-2028 | 3,835,000 | 3,835,000 | |
16,365,000 | |||||
Minnesota: 5.57% | |||||
Variable rate demand notes ø: 5.57% | |||||
Forest Lake MN Kilkenny Court Apartments Project Series 2008 (Housing revenue, FNMA LOC, FNMA LIQ) | 0.11 | 8-15-2038 | 705,000 | 705,000 | |
JPMorgan Chase Puttable Tax-Exempt Receipts Trust Series 5027 (GO revenue, JPMorgan Chase & Company LIQ) 144A## | 0.19 | 3-20-2024 | 10,000,000 | 10,000,000 | |
Minnesota HEFAR Concordia University Series 6Q (Education revenue, U.S. Bank NA LOC) | 0.05 | 4-1-2037 | 5,400,000 | 5,400,000 | |
Tender Option Bond Trust Receipts/Certificates Series 2018-XF2760 (Education revenue, Morgan Stanley Bank LIQ) 144A | 0.22 | 11-1-2037 | 4,140,000 | 4,140,000 | |
20,245,000 | |||||
Mississippi: 2.20% | |||||
Variable rate demand notes ø: 2.20% | |||||
Mississippi Business Finance Corporation Chevron USA Incorporated Project Series A (Industrial development revenue) | 0.04 | 12-1-2030 | 8,000,000 | 8,000,000 |
Interest rate | Maturity date | Principal | Value | ||
Montana: 0.58% | |||||
Variable rate demand notes ø: 0.58% | |||||
Floater/Residual Trust Tender Option Bond (Housing revenue, Mizuho Capital Markets LLC LOC, Mizuho Capital Markets LLC LIQ) 144A | 0.27% | 6-1-2034 | $ 1,000,000 | $ 1,000,000 | |
Floater/Residual Trust Tender Option Bond (Housing revenue, Mizuho Capital Markets LLC LOC, Mizuho Capital Markets LLC LIQ) 144A | 0.27 | 6-1-2034 | 1,110,000 | 1,110,000 | |
2,110,000 | |||||
Nebraska: 1.77% | |||||
Variable rate demand notes ø: 1.77% | |||||
Nebraska Investment Finance Authority Single Family Housing Series F (Housing revenue, GNMA / FNMA / FHLMC Insured, FHLB SPA) | 0.03 | 3-1-2038 | 6,415,000 | 6,415,000 | |
Nevada: 1.13% | |||||
Variable rate demand notes ø: 1.13% | |||||
Tender Option Bond Trust Receipts/Floater Certificates Series 2020-XM0866 (Tax revenue, Royal Bank of Canada LOC, Royal Bank of Canada LIQ) 144A | 0.06 | 7-1-2026 | 4,100,000 | 4,100,000 | |
New Hampshire: 1.38% | |||||
Variable rate demand notes ø: 1.38% | |||||
New Hampshire Finance Authority Lonza Biologics Incorporated (Industrial development revenue, Landesbank Hessen-Thüringen LOC) | 0.06 | 9-1-2030 | 5,000,000 | 5,000,000 | |
New Jersey: 0.83% | |||||
Variable rate demand notes ø: 0.83% | |||||
Tender Option Bond Trust Receipts/Floater Certificates Series 2020-ZF1206 (Transportation revenue, BAM Insured, JPMorgan Chase & Company LIQ) 144A | 0.05 | 11-1-2028 | 3,000,000 | 3,000,000 | |
New York: 11.81% | |||||
Other municipal debt : 1.43% | |||||
Westchester County NY Tax Anticipation Notes Series B (GO revenue) | 2.00 | 10-18-2021 | 5,160,000 | 5,181,314 | |
Variable rate demand notes ø: 10.38% | |||||
New York Dormitory Authority Catholic Health Systems Obligated Group Revenue Bond Series 2019B (Health revenue, Manufacturers & Traders LOC) | 0.07 | 7-1-2048 | 4,000,000 | 4,000,000 | |
New York Metropolitan Transportation Authority Subordinate Bond Series 2012A-2 (Transportation revenue, Bank of Montreal LOC) | 0.06 | 11-15-2041 | 7,000,000 | 7,000,000 | |
New York Mortgage Agency AMT Series 135 (Housing revenue, Barclays Bank plc SPA) | 0.04 | 4-1-2037 | 2,085,000 | 2,085,000 | |
New York NY Municipal Water Finance Authority Series CC-2 (Water & sewer revenue, Bank of Montreal SPA) | 0.02 | 6-15-2038 | 9,120,000 | 9,120,000 | |
New York NY Subordinated Bond Series E-5 (GO revenue, TD Bank NA LOC) | 0.02 | 3-1-2048 | 2,500,000 | 2,500,000 |
Interest rate | Maturity date | Principal | Value | ||
Variable rate demand notes ø(continued) | |||||
New York Transitional Finance Authority Future Tax Secured Tax-Exempt Bond Fiscal 2015 Subordinate Bonds Series A-3 (Tax revenue, Mizuho Bank Limited SPA) | 0.03% | 8-1-2043 | $ 2,790,000 | $ 2,790,000 | |
Tender Option Bond Trust Receipts/Floater Certificates (Airport revenue, Royal Bank of Canada LOC, Royal Bank of Canada LIQ) 144A | 0.04 | 7-15-2028 | 3,000,000 | 3,000,000 | |
Triborough NY Bridge & Tunnel Authority Series B-1 (Transportation revenue, Bank of America NA LOC) | 0.02 | 1-1-2033 | 2,200,000 | 2,200,000 | |
Triborough NY Bridge & Tunnel Authority Subordinated Bonds Series B-2 (Transportation revenue, State Street Bank & Trust Company LOC) | 0.06 | 1-1-2032 | 5,000,000 | 5,000,000 | |
37,695,000 | |||||
North Carolina: 1.46% | |||||
Variable rate demand notes ø: 1.46% | |||||
Rockingham County NC Industrial Facilities & PCFA Innofa USA Project Series 2007 (Industrial development revenue, Truist Bank LOC) | 0.14 | 1-1-2027 | 1,250,000 | 1,250,000 | |
University North Carolina Hospital Chapel Hill Revenue Various Series B (Health revenue, TD Bank NA SPA) | 0.02 | 2-15-2031 | 4,055,000 | 4,055,000 | |
5,305,000 | |||||
Ohio: 3.57% | |||||
Other municipal debt : 0.55% | |||||
Indian Hill OH Exempted Village School District Hamilton County BAN (GO revenue) | 1.38 | 9-29-2021 | 2,000,000 | 2,004,152 | |
Variable rate demand notes ø: 3.02% | |||||
Franklin County OH Trinity Health Group (Health revenue) | 0.10 | 12-1-2046 | 4,350,000 | 4,350,000 | |
Ohio Health System Cleveland Clinic Series F (Health revenue, U.S. Bank NA SPA) | 0.02 | 1-1-2052 | 2,500,000 | 2,500,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2015-XF0225 (Water & sewer revenue, TD Bank NA LIQ) 144A | 0.07 | 11-15-2043 | 1,375,000 | 1,375,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2018-XL0074 (Health revenue, JPMorgan Chase & Company LIQ) 144A | 0.10 | 2-1-2029 | 1,995,000 | 1,995,000 | |
Tender Option Bond Trust Receipts/Various States (Miscellaneous revenue, Mizuho Capital Markets LLC LOC, Mizuho Capital Markets LLC LIQ) 144A | 0.20 | 12-15-2040 | 750,000 | 750,000 | |
10,970,000 | |||||
Oregon: 0.81% | |||||
Variable rate demand notes ø: 0.81% | |||||
Portland OR Portland International Airport Series 18-A (Airport revenue, Bank of China LOC) | 0.05 | 7-1-2026 | 235,000 | 235,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2020-XM0814 (Education revenue, Royal Bank of Canada LIQ) 144A | 0.05 | 1-1-2028 | 2,700,000 | 2,700,000 | |
2,935,000 |
Interest rate | Maturity date | Principal | Value | ||
Pennsylvania: 2.35% | |||||
Variable rate demand notes ø: 2.35% | |||||
Floater/Residual Trust Tender Option Bond (Housing revenue, Mizuho Capital Markets LLC LOC, Mizuho Capital Markets LLC LIQ) 144A | 0.27% | 11-1-2034 | $ 530,000 | $ 530,000 | |
Pennsylvania Economic Development Financing Revenue Bonds PSEG Power LLC Project AMT (Utilities revenue, TD Bank NA LOC) | 0.02 | 1-15-2042 | 900,000 | 900,000 | |
Pennsylvania EDFA Series D-7 (Industrial development revenue, PNC Bank NA LOC) | 0.06 | 8-1-2022 | 200,000 | 200,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2020-SM0860 (GO revenue, JPMorgan Chase & Company LOC, JPMorgan Chase & Company LIQ) 144A | 0.05 | 9-1-2027 | 4,275,000 | 4,275,000 | |
Westmoreland County PA Municipal Authority Service Series 2016 Tender Option Bond Trust Receipts/Floater Certificates Series 2017-ZF0539 (Water & sewer revenue, BAM Insured, TD Bank NA LIQ) 144A | 0.16 | 8-15-2038 | 2,615,000 | 2,615,000 | |
8,520,000 | |||||
South Carolina: 0.16% | |||||
Other municipal debt : 0.16% | |||||
South Carolina Public Service Authority Series A (GO revenue) | 0.11 | 8-17-2021 | 600,000 | 600,010 | |
Tennessee: 2.26% | |||||
Variable rate demand notes ø: 2.26% | |||||
Sevier County TN Public Building Authority Local Government Public Improvement Series V1-K1 (Miscellaneous revenue, U.S. Bank NA SPA) | 0.03 | 6-1-2034 | 8,000,000 | 8,000,000 | |
Shelby County TN Health Educational & Housing Facilities Board Methodist Le Bonheur Series B (Health revenue, AGM Insured, U.S. Bank NA SPA) | 0.03 | 6-1-2042 | 200,000 | 200,000 | |
8,200,000 | |||||
Texas: 11.57% | |||||
Other municipal debt : 4.27% | |||||
Houston TX Series E-1 (Miscellaneous revenue) | 0.07 | 8-31-2021 | 1,000,000 | 1,000,000 | |
Houston TX Series G-2 (Miscellaneous revenue) | 0.08 | 8-31-2021 | 7,000,000 | 7,000,000 | |
Texas Tax Anticipation Notes (GO revenue) | 4.00 | 8-26-2021 | 500,000 | 501,322 | |
University of Texas Permanent University Fund Series A (Education revenue) | 0.08 | 8-17-2021 | 5,000,000 | 5,000,062 | |
University of Texas Series A (Education revenue) | 0.09 | 8-3-2021 | 2,000,000 | 2,000,004 | |
15,501,388 | |||||
Variable rate demand notes ø: 7.30% | |||||
Dallam County TX Industrial Development Corporation Dalhart Jersey Ranch Incorporated Series 2008 (Resource recovery revenue) | 0.10 | 8-1-2039 | 940,000 | 940,000 | |
Floater/Residual Trust Tender Option Bond Series 2019-MIZ9010 (Housing revenue, Mizuho Capital Markets LLC LOC, Mizuho Capital Markets LLC LIQ) 144A | 0.27 | 4-1-2034 | 3,000,000 | 3,000,000 | |
Port Arthur TX Navigation District Jefferson County Total Petrochemicals USA Incorporated Project Series 2003-A (Industrial development revenue) | 0.05 | 3-1-2042 | 7,000,000 | 7,000,000 |
Interest rate | Maturity date | Principal | Value | ||
Variable rate demand notes ø(continued) | |||||
Port Arthur TX Navigation District Jefferson County Total Petrochemicals USA Incorporated Project Series 2003-C (Industrial development revenue) | 0.02% | 4-1-2027 | $ 3,000,000 | $ 3,000,000 | |
Tarrant County TX Educational Facilities Finance Corporation Refunding Bond Series C-1 (Health revenue, Sumitomo Mitsui Banking Corporation LOC) | 0.02 | 7-1-2047 | 3,325,000 | 3,325,000 | |
Tender Option Bond Trust Receipts/Floater Certificates (Transportation revenue, JPMorgan Chase & Company LIQ) 144A | 0.07 | 3-1-2051 | 3,055,000 | 3,055,000 | |
Tender Option Bond Trust Receipts/Various States (GO revenue, Royal Bank of Canada LIQ) 144A | 0.05 | 2-15-2029 | 3,190,000 | 3,190,000 | |
Texas Veterans Bond (GO revenue, FHLB SPA) | 0.04 | 12-1-2051 | 3,000,000 | 3,000,000 | |
26,510,000 | |||||
Utah: 0.12% | |||||
Variable rate demand notes ø: 0.12% | |||||
Utah County UT IHC Health Services Series B (Health revenue, U.S. Bank NA SPA) | 0.02 | 5-15-2035 | 425,000 | 425,000 | |
Virginia: 1.38% | |||||
Variable rate demand notes ø: 1.38% | �� | ||||
Floater/Residual Trust Tender Option Bond Series 2020-MIZ9025 (Health revenue, Mizuho Capital Markets LLC LOC, Mizuho Capital Markets LLC LIQ) 144A | 0.09 | 11-1-2035 | 3,000,000 | 3,000,000 | |
Virginia MFHR Series M-031 Class A (Housing revenue, FHLMC LIQ) 144A | 0.05 | 12-15-2045 | 2,020,000 | 2,020,000 | |
5,020,000 | |||||
Washington: 1.53% | |||||
Variable rate demand notes ø: 1.53% | |||||
Eclipse Funding Trust (Water & sewer revenue, U.S. Bank NA LIQ) 144A | 0.04 | 7-1-2042 | 4,465,000 | 4,465,000 | |
Washington Finance Authority Smith Brothers Farms Incorporated Series 2001 (Industrial development revenue, Northwest Farm Credit LOC) | 0.10 | 9-1-2021 | 875,000 | 875,000 | |
Yakima County WA Solid Waste Disposal George Deruyter & Son Project Series 2006 (Resource recovery revenue, Northwest Farm Credit LOC) | 0.10 | 8-1-2026 | 210,000 | 210,000 | |
5,550,000 | |||||
Wisconsin: 0.20% | |||||
Variable rate demand notes ø: 0.20% | |||||
Tender Option Bond Trust Receipts/Various States (Education revenue, Mizuho Capital Markets LLC LOC, Mizuho Capital Markets LLC LIQ) 144A | 0.20 | 12-15-2040 | 735,000 | 735,000 | |
Wyoming: 0.83% | |||||
Variable rate demand notes ø: 0.83% | |||||
Lincoln County WY Refunding AMT Exxonmobil Project (Resource recovery revenue) | 0.05 | 10-1-2044 | 3,000,000 | 3,000,000 | |
Total Municipal obligations (Cost $334,939,628) | 334,943,252 |
Interest rate | Maturity date | Principal | Value | ||
Repurchase agreements^^: 7.02% | |||||
MUFG Securities Canada Limited, dated 7-30-2021, maturity value $25,500,106 | 0.05% | 8-2-2021 | $25,500,000 | $ 25,500,000 | |
Total Repurchase agreements (Cost $25,500,000) | 25,500,000 | ||||
Total investments in securities (Cost $369,439,628) | 101.72% | 369,443,252 | |||
Other assets and liabilities, net | (1.72) | (6,253,860) | |||
Total net assets | 100.00% | $363,189,392 |
144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933. |
ø | Variable rate demand notes are subject to a demand feature which reduces the effective maturity. The maturity date shown represents the final maturity date of the security. The interest rate is determined and reset by the issuer daily, weekly, or monthly depending upon the terms of the security. The rate shown is the rate in effect at period end. |
## | All or a portion of this security is segregated for when-issued securities. |
^^ | Collateralized by U.S. government securities, 0.25% to 4.38%, 9-15-2022 to 2-15-2051, fair value including accrued interest is $26,010,000. |
%% | The security is purchased on a when-issued basis. |
Abbreviations: | |
AGM | Assured Guaranty Municipal |
AMT | Alternative minimum tax |
BAM | Build America Mutual Assurance Company |
BAN | Bond anticipation notes |
CDA | Community Development Authority |
EDA | Economic Development Authority |
EDFA | Economic Development Finance Authority |
FHLB | Federal Home Loan Bank |
FHLMC | Federal Home Loan Mortgage Corporation |
FNMA | Federal National Mortgage Association |
GNMA | Government National Mortgage Association |
GO | General obligation |
HEFAR | Higher Education Facilities Authority Revenue |
HFA | Housing Finance Authority |
IDA | Industrial Development Authority |
LIQ | Liquidity agreement |
LOC | Letter of credit |
MFHR | Multifamily housing revenue |
PCFA | Pollution Control Financing Authority |
PCR | Pollution control revenue |
SPA | Standby purchase agreement |
Assets | |
Investments in unaffiliated securities, at value (cost $369,439,628) | $ 369,443,252 |
Cash | 356,193 |
Receivable for investments sold | 654,000 |
Receivable for interest | 164,140 |
Receivable from manager | 24,098 |
Prepaid expenses and other assets | 31,916 |
Total assets | 370,673,599 |
Liabilities | |
Payable for investments purchased | 7,000,000 |
Payable for when-issued transactions | 407,448 |
Administration fees payable | 25,077 |
Payable for Fund shares redeemed | 20,044 |
Dividends payable | 136 |
Accrued expenses and other liabilities | 31,502 |
Total liabilities | 7,484,207 |
Total net assets | $363,189,392 |
Net assets consist of | |
Paid-in capital | $ 363,139,525 |
Total distributable earnings | 49,867 |
Total net assets | $363,189,392 |
Computation of net asset value per share | |
Net assets – Administrator Class | $ 5,277,272 |
Shares outstanding – Administrator Class1 | 5,274,093 |
Net asset value per share – Administrator Class | $1.0006 |
Net assets – Institutional Class | $ 340,879,627 |
Shares outstanding – Institutional Class1 | 340,699,255 |
Net asset value per share – Institutional Class | $1.0005 |
Net assets – Service Class | $ 17,032,493 |
Shares outstanding – Service Class1 | 17,000,902 |
Net asset value per share – Service Class | $1.0019 |
1 | The Fund has an unlimited number of authorized shares |
Investment income | |
Interest | $ 180,396 |
Expenses | |
Management fee | 275,072 |
Administration fees | |
Administrator Class | 692 |
Institutional Class | 138,926 |
Service Class | 10,839 |
Shareholder servicing fees | |
Administrator Class | 691 |
Service Class | 6,013 |
Custody and accounting fees | 27,813 |
Professional fees | 27,001 |
Registration fees | 24,552 |
Shareholder report expenses | 12,587 |
Trustees’ fees and expenses | 9,610 |
Other fees and expenses | 16,943 |
Total expenses | 550,739 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (378,786) |
Administrator Class | (832) |
Service Class | (9,057) |
Net expenses | 162,064 |
Net investment income | 18,332 |
Realized and unrealized gains (losses) on investments | |
Net realized gains on investments | 83,610 |
Net change in unrealized gains (losses) on investments | (4,841) |
Net realized and unrealized gains (losses) on investments | 78,769 |
Net increase in net assets resulting from operations | $ 97,101 |
Six months ended July 31, 2021 (unaudited) | Year ended January 31, 2021 | |||
Operations | ||||
Net investment income | $ 18,332 | $ 930,787 | ||
Payment from affiliate | 0 | 23,941 | ||
Net realized gains on investments | 83,610 | 13,933 | ||
Net change in unrealized gains (losses) on investments | (4,841) | 7,474 | ||
Net increase in net assets resulting from operations | 97,101 | 976,135 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Administrator Class | (69) | (6,478) | ||
Institutional Class | (17,360) | (876,650) | ||
Service Class | (902) | (48,046) | ||
Total distributions to shareholders | (18,331) | (931,174) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Administrator Class | 3,997,602 | 4,000,000 | 72,277 | 72,278 |
Institutional Class | 2,433,898,661 | 2,434,687,962 | 5,084,691,969 | 5,085,947,624 |
Service Class | 260,410 | 260,831 | 5,008,803 | 5,011,070 |
2,438,948,793 | 5,091,030,972 | |||
Reinvestment of distributions | ||||
Administrator Class | 64 | 64 | 6,231 | 6,233 |
Institutional Class | 17,218 | 17,223 | 877,979 | 878,148 |
Service Class | 565 | 565 | 36,323 | 36,333 |
17,852 | 920,714 | |||
Payment for shares redeemed | ||||
Administrator Class | 0 | 0 | (1,039,021) | (1,039,036) |
Institutional Class | (2,456,116,455) | (2,456,905,514) | (4,946,833,721) | (4,948,088,247) |
Service Class | (1,702,845) | (1,705,814) | (1,851,875) | (1,853,409) |
(2,458,611,328) | (4,950,980,692) | |||
Net increase (decrease) in net assets resulting from capital share transactions | (19,644,683) | 140,970,994 | ||
Total increase (decrease) in net assets | (19,565,913) | 141,015,955 | ||
Net assets | ||||
Beginning of period | 382,755,305 | 241,739,350 | ||
End of period | $ 363,189,392 | $ 382,755,305 |
Year ended January 31 | ||||||
Administrator Class | Six months ended July 31, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $1.0004 | $1.0004 | $1.0003 | $1.0010 | $1.0005 | $1.0000 |
Net investment income | 0.0002 | 0.0033 | 0.0124 | 0.0125 | 0.0069 | 0.0031 |
Net realized and unrealized gains (losses) on investments | 0.0000 1 | 0.0001 | 0.0005 | (0.0001) | 0.0005 | 0.0008 |
Total from investment operations | 0.0002 | 0.0034 | 0.0129 | 0.0124 | 0.0074 | 0.0039 |
Distributions to shareholders from | ||||||
Net investment income | (0.0000) 1 | (0.0034) | (0.0125) | (0.0124) | (0.0069) | (0.0030) |
Net realized gains | 0.0000 | (0.0000) 1 | (0.0003) | (0.0007) | (0.0000) 1 | (0.0004) |
Total distributions to shareholders | (0.0000) 1 | (0.0034) | (0.0128) | (0.0131) | (0.0069) | (0.0034) |
Net asset value, end of period | $1.0006 | $1.0004 | $1.0004 | $1.0003 | $1.0010 | $1.0005 |
Total return2 | 0.02% | 0.34% | 1.29% | 1.25% | 0.74% | 0.35% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.42% | 0.45% | 0.43% | 0.44% | 0.41% | 0.39% |
Net expenses | 0.09% * | 0.23% * | 0.30% | 0.30% | 0.30% | 0.27% |
Net investment income | 0.01% | 0.46% | 1.28% | 1.25% | 0.68% | 0.29% |
Supplemental data | ||||||
Net assets, end of period (000s omitted) | $5,277 | $1,277 | $2,238 | $6,313 | $3,247 | $3,223 |
* | Ratios reflect class-level expenses which were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would be increased by the following amounts: |
Six months ended July 31, 2021 (unaudited) | 0.21% |
Year ended January 31, 2021 | 0.06% |
1 | Amount is less than $0.00005. |
2 | Returns for periods of less than one year are not annualized. |
Year ended January 31 | ||||||
Institutional Class | Six months ended July 31, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $1.0003 | $1.0004 | $1.0004 | $1.0011 | $1.0005 | $1.0000 |
Net investment income | 0.0000 1,2 | 0.0040 | 0.0137 | 0.0133 2 | 0.0080 | 0.0035 |
Net realized and unrealized gains (losses) on investments | 0.0002 | (0.0003) | 0.0001 | 0.0001 | 0.0005 | 0.0012 |
Total from investment operations | 0.0002 | 0.0037 | 0.0138 | 0.0134 | 0.0085 | 0.0047 |
Distributions to shareholders from | ||||||
Net investment income | (0.0000) 1 | (0.0038) | (0.0135) | (0.0134) | (0.0079) | (0.0038) |
Net realized gains | 0.0000 | (0.0000) 1 | (0.0003) | (0.0007) | (0.0000) 1 | (0.0004) |
Total distributions to shareholders | (0.0000) 1 | (0.0038) | (0.0138) | (0.0141) | (0.0079) | (0.0042) |
Net asset value, end of period | $1.0005 | $1.0003 | $1.0004 | $1.0004 | $1.0011 | $1.0005 |
Total return3 | 0.02% | 0.38% | 1.38% | 1.35% | 0.85% | 0.44% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.29% | 0.32% | 0.31% | 0.31% | 0.29% | 0.26% |
Net expenses | 0.09% * | 0.18% * | 0.20% | 0.20% | 0.20% | 0.18% |
Net investment income | 0.01% | 0.41% | 1.34% | 1.32% | 0.79% | 0.27% |
Supplemental data | ||||||
Net assets, end of period (000s omitted) | $340,880 | $363,006 | $224,247 | $166,024 | $336,215 | $262,511 |
* | Ratios reflect class-level expenses which were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would be increased by the following amounts: |
Six months ended July 31, 2021 (unaudited) | 0.11% |
Year ended January 31, 2021 | 0.02% |
1 | Amount is less than $0.00005. |
2 | Calculated based upon average shares outstanding |
3 | Returns for periods of less than one year are not annualized. |
Year ended January 31 | ||||||
Service Class | Six months ended July 31, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $1.0016 | $1.0003 | $1.0004 | $1.0010 | $1.0005 | $1.0000 |
Net investment income | 0.0000 1,2 | 0.0024 | 0.0110 2 | 0.0109 2 | 0.0059 | 0.0037 |
Payment from affiliate | 0.0000 | 0.0013 | 0.0000 | 0.0000 | 0.0000 | 0.0000 |
Net realized and unrealized gains (losses) on investments | 0.0003 | 0.0006 | 0.0002 | 0.0001 | 0.0000 | (0.0010) |
Total from investment operations | 0.0003 | 0.0043 | 0.0112 | 0.0110 | 0.0059 | 0.0027 |
Distributions to shareholders from | ||||||
Net investment income | (0.0000) 1 | (0.0030) | (0.0110) | (0.0109) | (0.0054) | (0.0018) |
Net realized gains | 0.0000 | (0.0000) 1 | (0.0003) | (0.0007) | (0.0000) 1 | (0.0004) |
Total distributions to shareholders | (0.0000) 1 | (0.0030) | (0.0113) | (0.0116) | (0.0054) | (0.0022) |
Net asset value, end of period | $1.0019 | $1.0016 | $1.0003 | $1.0004 | $1.0010 | $1.0005 |
Total return3 | 0.03% | 0.44% 4 | 1.12% | 1.11% | 0.59% | 0.23% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.40% | 0.62% | 0.60% | 0.61% | 0.58% | 0.49% |
Net expenses | 0.09% * | 0.26% * | 0.45% | 0.45% | 0.45% | 0.35% |
Net investment income | 0.01% | 0.27% | 1.09% | 1.09% | 0.53% | 0.09% |
Supplemental data | ||||||
Net assets, end of period (000s omitted) | $17,032 | $18,472 | $15,255 | $19,001 | $19,355 | $23,962 |
* | Ratios reflect class-level expenses which were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would be increased by the following amounts: |
Six months ended July 31, 2021 (unaudited) | 0.31% |
Year ended January 31, 2021 | 0.19% |
1 | Amount is less than $0.00005. |
2 | Calculated based upon average shares outstanding |
3 | Returns for periods of less than one year are not annualized. |
4 | During the year ended January 31, 2021, the Fund received a payment from an affiliate which had a 0.13% impact on the total return. See Note 4 in the Notes to Financial Statements for additional information. |
Gross unrealized gains | $3,624 |
Gross unrealized losses | 0 |
Net unrealized gains | $3,624 |
■ | Level 1 – quoted prices in active markets for identical securities |
■ | Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
■ | Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Closed end municipal bond fund obligations | $0 | $ 9,000,000 | $0 | $ 9,000,000 |
Municipal obligations | 0 | 334,943,252 | 0 | 334,943,252 |
Repurchase agreements | 0 | 25,500,000 | 0 | 25,500,000 |
Total assets | $0 | $369,443,252 | $0 | $369,443,252 |
Average daily net assets | Management fee |
First $5 billion | 0.150% |
Next $5 billion | 0.140 |
Next $5 billion | 0.130 |
Next $85 billion | 0.125 |
Over $100 billion | 0.120 |
Average daily net assets | Management fee |
First $5 billion | 0.150% |
Next $5 billion | 0.140 |
Over $10 billion | 0.130 |
Class-level administration fee | |
Administrator Class | 0.10% |
Institutional Class | 0.08 |
Service Class | 0.12 |
Expense ratio caps | |
Administrator Class | 0.30% |
Institutional Class | 0.20 |
Service Class | 0.45 |
Shares voted “For” | 247,456,070 |
Shares voted “Against” | 1,007,875 |
Shares voted “Abstain” | 20,268,436 |
Shares voted “For” | 247,456,070 |
Shares voted “Against” | 1,007,875 |
Shares voted “Abstain” | 20,268,436 |
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 100% Treasury Money Market Fund |
Wells Fargo Government Money Market Fund |
Wells Fargo Heritage Money Market Fund |
Wells Fargo Money Market Fund |
Wells Fargo Municipal Cash Management Money Market Fund |
Wells Fargo National Tax-Free Money Market Fund |
Wells Fargo Treasury Plus Money Market 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-CSRS/0001193125-21-287567/g212857img9f22e2361.jpg)
P.O. Box 219967
Kansas City, MO 64121-9967
SA307/SAR307 07-21
![](https://capedge.com/proxy/N-CSRS/0001193125-21-287567/g204700imgfab97a651.jpg)
■ | Wells Fargo National Tax-Free Money Market Fund |
2 | |
6 | |
8 | |
9 | |
Financial statements | |
21 | |
22 | |
23 | |
24 | |
28 | |
33 | |
Board considerations | |
37 | |
40 | |
45 |
![](https://capedge.com/proxy/N-CSRS/0001193125-21-287567/g204700imgdf620fe82.gif)
1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
2 | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the United States. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
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 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 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 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. |
![](https://capedge.com/proxy/N-CSRS/0001193125-21-287567/g204700img218807253.jpg)
President
Wells Fargo Funds
Investment objective | The Fund seeks current income exempt from federal income tax, while preserving capital and liquidity. |
Manager | Wells Fargo Funds Management, LLC |
Subadviser | Wells Capital Management, LLC |
Portfolio managers | James Randazzo, Jeffrey L. Weaver, CFA®‡ |
Average annual total returns (%) as of July 31, 2021 | ||||||
Expense ratios1 (%) | ||||||
Inception date | 1 year | 5 year | 10 year | Gross | Net 2 | |
Class A (NWMXX) | 7-28-2003 | 0.03 | 0.51 | 0.27 | 0.64 | 0.60 |
Administrator Class (WNTXX) | 4-8-2005 | 0.03 | 0.75 | 0.39 | 0.37 | 0.30 |
Premier Class (WFNXX) | 11-8-1999 | 0.04 | 0.83 | 0.43 | 0.25 | 0.20 |
Service Class (MMIXX) | 8-3-1993 | 0.03 | 0.64 | 0.33 | 0.54 | 0.45 |
1 | Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report. |
2 | The manager has contractually committed through May 31, 2022, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.60% for Class A, 0.30% for Administrator Class, 0.20% for Premier Class and 0.45% for Service Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. The manager and/or its affiliates may also voluntarily waive all or a portion of any fees to which they are entitled and/or reimburse certain expenses as they may determine from time to time. 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. |
Yield summary (%) as of July 31, 2021 | ||||
Class A | Administrator Class | Premier Class | Service Class | |
7-day current yield1 | 0.01 | 0.01 | 0.01 | 0.01 |
7-day compound yield | 0.01 | 0.01 | 0.01 | 0.01 |
30-day simple yield | 0.01 | 0.01 | 0.01 | 0.01 |
30-day compound yield | 0.01 | 0.01 | 0.01 | 0.01 |
1 | The manager has contractually committed through May 31, 2022, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses and may also voluntarily waive or reimburse additional fees and expenses which may be discontinued or modified at any time without notice. Without these reductions, the Fund’s 7-day current yield would have been -0.50%, -0.26%, -0.15% and -0.39% for Class A, Administrator Class, Premier Class and Service Class, respectively. |
‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
Portfolio composition as of July 31, 20211 |
![](https://capedge.com/proxy/N-CSRS/0001193125-21-287567/g204700img773f75b74.jpg)
1 | Figures represent the percentage of the Fund's total investments. These amounts are subject to change and may have changed since the date specified. |
Effective maturity distribution as of July 31, 20211 |
![](https://capedge.com/proxy/N-CSRS/0001193125-21-287567/g204700imgd9a231dd5.jpg)
1 | Figures represent the percentage of the Fund's total investments. These amounts are subject to change and may have changed since the date specified. |
Weighted average maturity as of July 31, 20211 |
36 days |
1 | Weighted Average Maturity (WAM): WAM is an average of the effective maturities of all securities held in the portfolio, weighted by each security’s percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. WAM calculations allow for the maturities of certain securities with demand features or periodic interest rate resets to be shortened. WAM is a way to measure a fund’s sensitivity to potential interest rate changes. WAM is subject to change and may have changed since the date specified. |
Weighted average life as of July 31, 20211 |
39 days |
1 | Weighted Average Life (WAL): WAL is an average of the final maturities of all securities held in the portfolio, weighted by their percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. In contrast to WAM, the calculation of WAL allows for the maturities of certain securities with demand features to be shortened, but not the periodic interest rate resets. WAL is a way to measure a fund’s potential sensitivity to credit spread changes. WAL is subject to change and may have changed since the date specified. |
Beginning account value 2-1-2021 | Ending account value 7-31-2021 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $1,000.05 | $0.64 | 0.13% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,024.15 | $0.65 | 0.13% |
Administrator Class | ||||
Actual | $1,000.00 | $1,000.05 | $0.64 | 0.13% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,024.15 | $0.65 | 0.13% |
Premier Class | ||||
Actual | $1,000.00 | $1,000.05 | $0.64 | 0.13% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,024.15 | $0.65 | 0.13% |
Service Class | ||||
Actual | $1,000.00 | $1,000.05 | $0.64 | 0.13% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,024.15 | $0.65 | 0.13% |
Principal | Value | ||||
Closed end municipal bond fund obligations: 1.72% | |||||
Nuveen AMT-Free Municipal Credit Income Fund MuniFund Preferred Shares Series D (50 shares) 0.27% 144Aø | $ 5,000,000 | $ 5,000,000 | |||
Nuveen AMT-Free Quality Municipal Income Fund Preferred Shares Series C (100 shares) 0.08% 144Aø | 10,000,000 | 10,000,000 | |||
Total Closed end municipal bond fund obligations (Cost $15,000,000) | 15,000,000 |
Interest rate | Maturity date | ||||
Municipal obligations: 98.76% | |||||
Alabama: 0.52% | |||||
Variable rate demand notes ø: 0.52% | |||||
Tender Option Bond Trust Receipts/Floater Certificates Series 2018-XL0098 (Utilities revenue, Royal Bank of Canada LIQ) 144A | 0.08% | 12-1-2022 | 4,500,000 | 4,500,000 | |
Alaska: 0.07% | |||||
Other municipal debt : 0.07% | |||||
Alaska Municipal Bond Bank Refunding Bond Series one (Miscellaneous revenue) | 5.00 | 12-1-2021 | 600,000 | 609,598 | |
Arizona: 5.12% | |||||
Variable rate demand notes ø: 5.12% | |||||
Arizona Health Facility Authority Floater Series 2015 XF 2050 (Health revenue, Morgan Stanley Bank LIQ) 144A | 0.05 | 1-1-2037 | 8,000,000 | 8,000,000 | |
Mesa AZ Utility System Clipper Tax-Exempt Certificate Trust Series 2009-33 (Miscellaneous revenue, State Street Bank & Trust Company LIQ) | 0.05 | 7-1-2024 | 10,055,000 | 10,055,000 | |
RBC Municipal Products Incorporated (Health revenue, Royal Bank of Canada LOC, Royal Bank of Canada LIQ) 144A | 0.05 | 2-1-2025 | 5,000,000 | 5,000,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2018-XF2537 (Utilities revenue, Barclays Bank plc LOC, Barclays Bank plc LIQ) 144A | 0.06 | 12-1-2037 | 3,215,000 | 3,215,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2020-XF2862 (Education revenue, Mizuho Capital Markets LLC LOC, Mizuho Capital Markets LLC LIQ) 144A | 0.20 | 12-15-2047 | 18,398,763 | 18,398,763 | |
44,668,763 | |||||
California: 15.15% | |||||
Other municipal debt : 7.60% | |||||
California Series A-3 (Miscellaneous revenue) | 0.06 | 10-5-2021 | 5,500,000 | 5,500,000 | |
Los Angeles CA Department of Airports Subordinate Bonds Series A-3 (Airport revenue) | 0.10 | 9-2-2021 | 12,499,000 | 12,499,000 | |
Los Angeles CA Schools Pooled Financing Program Revenue Anticipation Notes (Miscellaneous revenue) | 2.00 | 12-30-2021 | 2,000,000 | 2,015,494 | |
Los Angeles CA Schools Pooled Financing Program Revenue Anticipation Notes (Miscellaneous revenue) | 2.00 | 12-30-2021 | 3,000,000 | 3,023,369 | |
Los Angeles CA Tax & Revenue Anticipation Notes (GO revenue) | 4.00 | 6-30-2022 | 2,750,000 | 2,847,947 | |
Los Angeles CA Tax & Revenue Anticipation Notes (GO revenue) | 4.00 | 6-23-2022 | 18,000,000 | 18,620,887 | |
Riverside County CA Office of Education Pooled Cross Fiscal Year 2020-2 Tax & Revenue Anticipation Notes Series B (Miscellaneous revenue) | 2.00 | 12-31-2021 | 1,645,000 | 1,657,402 |
Interest rate | Maturity date | Principal | Value | ||
Other municipal debt (continued) | |||||
San Diego CA Unified School District Tax & Revenue Anticipation Notes Series A (GO revenue) | 4.00% | 6-30-2022 | $ 4,600,000 | $ 4,762,901 | |
San Francisco CA City & County Public Utilities Commission Series 20 (GO revenue) | 0.08 | 8-12-2021 | 5,400,000 | 5,400,000 | |
San Francisco CA City & County Public Utilities Commission Wastewater Revenue (GO revenue) | 0.07 | 8-17-2021 | 10,000,000 | 10,000,000 | |
66,327,000 | |||||
Variable rate demand notes ø: 7.55% | |||||
Bay Area Toll Authority Series E-1 (Transportation revenue, Bank of Tokyo-Mitsubishi LOC) | 0.01 | 4-1-2045 | 100,000 | 100,000 | |
California CDA Uptown Newport Apartments Series 2017 AA & BB (Housing revenue, East West Bank LOC) | 0.06 | 3-1-2057 | 5,475,000 | 5,475,000 | |
California Series A (GO revenue, State Street Bank & Trust Company LOC) | 0.01 | 5-1-2048 | 1,000,000 | 1,000,000 | |
California Statewide CDA Revenue Various Sweep Loan Program Series A (Health revenue, U.S. Bank NA LOC) | 0.02 | 8-1-2035 | 400,000 | 400,000 | |
Los Angeles CA Department Water & Power Revenue Various Power System Subordinated Bond Series A5 (Utilities revenue, Bank of America NA SPA) | 0.01 | 7-1-2035 | 100,000 | 100,000 | |
San Joaquin CA Delta Community College Tender Option Bond Trust Receipts/Floater Certificates Series 2015-ZF0180 (GO revenue, JPMorgan Chase & Company LIQ) 144A | 0.04 | 8-1-2022 | 2,415,000 | 2,415,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2015-ZF0179 (GO revenue, JPMorgan Chase & Company LIQ) 144A | 0.04 | 8-1-2022 | 2,050,000 | 2,050,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2017-XF2466 (GO revenue, BAM Insured, Citibank NA LIQ) 144A | 0.06 | 8-1-2024 | 2,200,000 | 2,200,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2018-XG0188 (GO revenue, Royal Bank of Canada LIQ) 144A | 0.05 | 2-1-2026 | 1,600,000 | 1,600,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2019-MIZ9002 (Tax revenue, Mizuho Capital Markets LLC LOC, Mizuho Capital Markets LLC LIQ) 144A | 0.27 | 7-7-2036 | 17,000,000 | 17,000,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2019-XF2830 (GO revenue, Mizuho Capital Markets LLC LIQ) 144A | 0.20 | 10-1-2034 | 3,460,000 | 3,460,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2020-MIZ9012 (Housing revenue, Mizuho Capital Markets LLC LIQ) 144A | 0.27 | 10-1-2036 | 6,057,000 | 6,057,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2020-YX1142 (Tax revenue, Barclays Bank plc LOC, Barclays Bank plc LIQ) 144A | 0.10 | 10-1-2049 | 2,555,000 | 2,555,000 | |
Tender Option Bond Trust Receipts/Various States (Transportation revenue, Bank of America NA LIQ) 144A | 0.04 | 4-1-2049 | 13,400,000 | 13,400,000 | |
Tender Option Bond Trust Receipts/Various States (GO revenue, Royal Bank of Canada LIQ) 144A | 0.05 | 2-1-2028 | 7,400,000 | 7,400,000 | |
Tender Option Bond Trust Receipts/Various States (Housing revenue, Mizuho Capital Markets LLC LIQ) 144A | 0.20 | 2-1-2036 | 738,000 | 738,000 | |
65,950,000 |
Interest rate | Maturity date | Principal | Value | ||
Colorado: 0.03% | |||||
Variable rate demand notes ø: 0.03% | |||||
Colorado Springs CO Utilities System Improvement Bonds Series 2008A (Utilities revenue, U.S. Bank NA SPA) | 0.02% | 11-1-2038 | $ 300,000 | $ 300,000 | |
Connecticut: 1.40% | |||||
Other municipal debt : 0.58% | |||||
North Branford CT BAN (GO revenue) %% | 2.00 | 8-4-2022 | 5,000,000 | 5,093,100 | |
Variable rate demand notes ø: 0.82% | |||||
Connecticut Residual Interest Bond Floater Trust Series 2017-016 (Miscellaneous revenue, Barclays Bank plc LOC, Barclays Bank plc LIQ) 144A | 0.14 | 6-1-2037 | 2,600,000 | 2,600,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2017-YX1077 (Tax revenue, Barclays Bank plc LIQ) 144A | 0.06 | 1-1-2036 | 4,550,000 | 4,550,000 | |
7,150,000 | |||||
Delaware: 1.38% | |||||
Variable rate demand notes ø: 1.38% | |||||
Clipper Tax-Exempt Certificate Trust AMT Series 2009-54 (Miscellaneous revenue, State Street Bank & Trust Company LIQ) | 0.07 | 2-15-2028 | 11,950,000 | 11,950,000 | |
University of Delaware (Education revenue, TD Bank NA SPA) | 0.02 | 11-1-2035 | 100,000 | 100,000 | |
12,050,000 | |||||
District of Columbia: 0.56% | |||||
Variable rate demand notes ø: 0.56% | |||||
Tender Option Bond Trust Receipts/Floater Certificates Series 2019-ZF2784 (Housing revenue, FHA Insured, Morgan Stanley Bank LIQ) 144A | 0.05 | 9-1-2039 | 2,800,000 | 2,800,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2019-ZF2785 (Housing revenue, FHA Insured, Morgan Stanley Bank LIQ) 144A | 0.05 | 9-1-2039 | 2,070,000 | 2,070,000 | |
4,870,000 | |||||
Florida: 5.01% | |||||
Variable rate demand notes ø: 5.01% | |||||
Highlands County FL Health Facilities Authority Adventist Health System Series A-2 (Health revenue) | 0.02 | 11-15-2037 | 3,075,000 | 3,075,000 | |
Highlands County FL Health Facilities Authority Adventist Health System Sunbelt Obligated Group Series 2012 I-2 (Health revenue) | 0.03 | 11-15-2032 | 600,000 | 600,000 | |
Miami Dade County FL Industrial Development Authority Revenue Various Refunding Florida Power & Light Company Project (Utilities revenue) | 0.04 | 5-1-2046 | 1,500,000 | 1,500,000 | |
Seminole County Tender Option Bond Trust Receipts/Floater Certificates Series 2016-ZF0444 (Tax revenue, NPFGC Insured, JPMorgan Chase & Company LIQ) 144A | 0.17 | 4-1-2027 | 5,250,000 | 5,250,000 | |
St. Lucie County FL Power & Light Company (Industrial development revenue) | 0.04 | 9-1-2028 | 1,685,000 | 1,685,000 |
Interest rate | Maturity date | Principal | Value | ||
Variable rate demand notes ø(continued) | |||||
Tender Option Bond Trust Receipts/Floater Certificates Series 2017-XF2517 (Health revenue, Morgan Stanley Bank LIQ) 144A | 0.17% | 8-15-2047 | $10,130,000 | $ 10,130,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2018-XF2523 (Health revenue, Barclays Bank plc LIQ) 144A | 0.10 | 8-15-2047 | 5,090,000 | 5,090,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2018-XG0173 (Health revenue, Credit Suisse LIQ) 144A | 0.07 | 10-1-2025 | 9,000,000 | 9,000,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2020-XX1136 (Transportation revenue, Barclays Bank plc LOC, Barclays Bank plc LIQ) 144A | 0.06 | 7-1-2049 | 2,375,000 | 2,375,000 | |
Tender Option Bond Trust Receipts/Various States (Water & sewer revenue, Royal Bank of Canada LOC, Royal Bank of Canada LIQ) 144A | 0.05 | 4-1-2029 | 5,000,000 | 5,000,000 | |
43,705,000 | |||||
Georgia: 0.91% | |||||
Variable rate demand notes ø: 0.91% | |||||
Dekalb County GA Series 2006-B ROC RR-II-R-11900 (Water & sewer revenue, AGM Insured, JPMorgan Chase & Company LIQ) 144A | 0.05 | 4-1-2023 | 2,500,000 | 2,500,000 | |
Roswell GA Housing Authority Refunding Bonds Belcourt Limited Project A (Housing revenue, Northern Trust Company LOC) | 0.05 | 9-1-2027 | 5,400,000 | 5,400,000 | |
7,900,000 | |||||
Hawaii: 0.34% | |||||
Other municipal debt : 0.34% | |||||
Honolulu HI Series B-2 (Miscellaneous revenue) | 0.08 | 8-4-2021 | 3,000,000 | 3,000,000 | |
Idaho: 0.46% | |||||
Variable rate demand notes ø: 0.46% | |||||
Idaho Health Facilities Authority Hospital Trinity Health Credit Group Series D (Health revenue) | 0.10 | 12-1-2048 | 4,000,000 | 4,000,000 | |
Illinois: 7.54% | |||||
Variable rate demand notes ø: 7.54% | |||||
Chicago IL Education Marine Project Series 1984 (Industrial development revenue, FHLB LOC) | 0.24 | 7-1-2023 | 4,200,000 | 4,200,000 | |
Illinois Educational Facilities Authority Aurora University (Education revenue, BMO Harris Bank NA LOC) | 0.03 | 3-1-2032 | 4,200,000 | 4,200,000 | |
Illinois Finance Authority Bradley University Series B (Education revenue, PNC Bank NA LOC) | 0.03 | 4-1-2038 | 1,250,000 | 1,250,000 | |
Illinois Finance Authority Elmhurst Memorial Healthcare Series D (Health revenue, Bank of America NA LOC) | 0.02 | 1-1-2048 | 100,000 | 100,000 | |
Quad Cities Illinois Regional EDA Augustana College Series 2005 (Education revenue, BMO Harris Bank NA LOC) | 0.04 | 10-1-2035 | 3,600,000 | 3,600,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2015-XF2202 (Transportation revenue, TD Bank NA LIQ) 144A | 0.07 | 1-1-2037 | 1,140,000 | 1,140,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2015-ZM0120 (Transportation revenue, Royal Bank of Canada LIQ) 144A | 0.11 | 7-1-2023 | 3,100,000 | 3,100,000 |
Interest rate | Maturity date | Principal | Value | ||
Variable rate demand notes ø(continued) | |||||
Tender Option Bond Trust Receipts/Floater Certificates Series 2017-XF2406 (Tax revenue, Barclays Bank plc LOC, Barclays Bank plc LIQ) 144A | 0.14% | 6-15-2031 | $ 7,055,000 | $ 7,055,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2017-XG0108 (Tax revenue, Barclays Bank plc LOC, Barclays Bank plc LIQ) 144A | 0.14 | 4-1-2046 | 8,735,000 | 8,735,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2018-XF0722 (Tax revenue, Royal Bank of Canada LIQ) 144A | 0.16 | 7-1-2026 | 7,900,000 | 7,900,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2018-XF2547 (Tax revenue, Barclays Bank plc LOC, Barclays Bank plc LIQ) 144A | 0.14 | 6-15-2031 | 4,355,000 | 4,355,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2018-XM0683 (Tax revenue, Bank of America NA LIQ) 144A | 0.17 | 1-1-2048 | 3,340,000 | 3,340,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2018-XM0713 (Tax revenue, Morgan Stanley Bank LIQ) 144A | 0.17 | 1-1-2043 | 8,000,000 | 8,000,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2019-XM0863 (GO revenue, BAM Insured, JPMorgan Chase & Company LIQ) 144A | 0.05 | 12-1-2026 | 6,375,000 | 6,375,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2020-XG0299 (Health revenue, Barclays Bank plc LOC, Barclays Bank plc LIQ) 144A | 0.06 | 5-15-2050 | 2,500,000 | 2,500,000 | |
65,850,000 | |||||
Indiana: 1.71% | |||||
Other municipal debt : 0.81% | |||||
Indiana Bond Bank Advanced Funding Program Notes Series A (Miscellaneous revenue) | 2.00 | 1-10-2022 | 7,000,000 | 7,056,447 | |
Variable rate demand notes ø: 0.90% | |||||
Indiana Certificate of Participation Clipper Tax-Exempt Certificate Trust Series 2009-34 (Tax revenue, State Street Bank & Trust Company LIQ) | 0.06 | 7-1-2023 | 7,835,000 | 7,835,000 | |
Iowa: 2.72% | |||||
Variable rate demand notes ø: 2.72% | |||||
Iowa Finance Authority Midwestern EDA CJ Bio-America Incorporated Project (Industrial development revenue, Korea Development Bank LOC) | 0.06 | 4-1-2022 | 23,715,000 | 23,715,000 | |
Kentucky: 0.34% | |||||
Variable rate demand notes ø: 0.34% | |||||
Boone Country KY PCR Various Refunding Bonds Duke Energy (Industrial development revenue, Sumitomo Mitsui Banking Corporation LOC) | 0.04 | 8-1-2027 | 3,000,000 | 3,000,000 | |
Louisiana: 0.34% | |||||
Variable rate demand notes ø: 0.34% | |||||
Tender Option Bond Trust Receipts/Floater Certificates Series 2019-XM0735 (Water & sewer revenue, Bank of America NA LOC, Bank of America NA LIQ) 144A | 0.07 | 12-1-2045 | 3,000,000 | 3,000,000 |
Interest rate | Maturity date | Principal | Value | ||
Maryland: 0.57% | |||||
Variable rate demand notes ø: 0.57% | |||||
Montgomery County MD Housing Opportunities Commission Single Family Mortgage Revenue Various Series C (Housing revenue, PNC Bank NA LOC) | 0.03% | 1-1-2041 | $ 5,000,000 | $ 5,000,000 | |
Massachusetts: 1.51% | |||||
Variable rate demand notes ø: 1.51% | |||||
Massachusetts Housing Finance Agency Housing Revenue Various Single Family Housing Series 200 (Housing revenue) | 0.03 | 12-1-2048 | 6,000,000 | 6,000,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2018-XF2655 (Health revenue, Bank of America NA LIQ) 144A | 0.04 | 7-1-2047 | 3,000,000 | 3,000,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2018-XF2692 (Education revenue, Citibank NA LIQ) 144A | 0.03 | 7-1-2025 | 4,190,000 | 4,190,000 | |
13,190,000 | |||||
Michigan: 2.30% | |||||
Other municipal debt : 2.30% | |||||
Michigan Finance Authority State Aid Series A-2 (Miscellaneous revenue, JPMorgan Chase & Company LOC) | 4.00 | 8-20-2021 | 20,000,000 | 20,036,888 | |
Minnesota: 1.09% | |||||
Variable rate demand notes ø: 1.09% | |||||
Burnsville MN Bridgeway Apartments Project Series 2003 (Housing revenue, FNMA LOC, FNMA LIQ) | 0.10 | 10-15-2033 | 2,375,000 | 2,375,000 | |
Forest Lake MN Kilkenny Court Apartments Project Series 2008 (Housing revenue, FNMA LOC, FNMA LIQ) | 0.11 | 8-15-2038 | 4,245,000 | 4,245,000 | |
Plymouth MN Lancaster Village Apartments Project Series 2001 (Housing revenue, FNMA LOC, FNMA LIQ) | 0.10 | 9-15-2031 | 2,865,000 | 2,865,000 | |
9,485,000 | |||||
Missouri: 0.31% | |||||
Variable rate demand notes ø: 0.31% | |||||
Tender Option Bond Trust Receipts/Floater Certificates Series 2015-XF2198 (Water & sewer revenue, Citibank NA LIQ) 144A | 0.04 | 5-1-2023 | 2,670,000 | 2,670,000 | |
Montana: 0.40% | |||||
Variable rate demand notes ø: 0.40% | |||||
Floater/Residual Trust Tender Option Bond (Housing revenue, Mizuho Capital Markets LLC LOC, Mizuho Capital Markets LLC LIQ) 144A | 0.27 | 6-1-2034 | 3,515,000 | 3,515,000 | |
Nebraska: 1.20% | |||||
Variable rate demand notes ø: 1.20% | |||||
Nebraska Investment Finance Authority MFHR Apple Creek Associates Project Series 1985-A (Housing revenue, Northern Trust Company LOC) | 0.40 | 9-1-2031 | 10,500,000 | 10,500,000 |
Interest rate | Maturity date | Principal | Value | ||
Nevada: 0.94% | |||||
Variable rate demand notes ø: 0.94% | |||||
Tender Option Bond Trust Receipts/Floater Certificates Series 2018-ZM0634 (GO revenue, Royal Bank of Canada LIQ) 144A | 0.05% | 12-1-2025 | $ 3,330,000 | $ 3,330,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2020-XM0845 (GO revenue, BAM Insured, JPMorgan Chase & Company LIQ) 144A | 0.09 | 6-15-2026 | 3,870,000 | 3,870,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2020-XM0866 (Tax revenue, Royal Bank of Canada LOC, Royal Bank of Canada LIQ) 144A | 0.06 | 7-1-2026 | 1,000,000 | 1,000,000 | |
8,200,000 | |||||
New Jersey: 1.40% | |||||
Variable rate demand notes ø: 1.40% | |||||
Tender Option Bond Trust Receipts/Floater Certificates Series 2017-XF2495 (Miscellaneous revenue, BAM Insured, Morgan Stanley Bank LIQ) 144A | 0.17 | 7-1-2031 | 8,450,000 | 8,450,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2020-ZF1206 (Transportation revenue, BAM Insured, JPMorgan Chase & Company LIQ) 144A | 0.05 | 11-1-2028 | 3,795,000 | 3,795,000 | |
12,245,000 | |||||
New York: 9.56% | |||||
Other municipal debt : 2.90% | |||||
Corinth NY Central School District BAN (GO revenue) | 1.25 | 7-22-2022 | 8,000,000 | 8,083,641 | |
Delhi NY Central School District BAN (GO revenue) | 1.13 | 7-28-2022 | 8,968,747 | 9,053,933 | |
Franklinville NY Central School District BAN (GO revenue) | 1.25 | 6-28-2022 | 5,100,000 | 5,149,157 | |
Westchester County NY Tax Anticipation Notes Series B (GO revenue) | 2.00 | 10-18-2021 | 3,000,000 | 3,011,850 | |
25,298,581 | |||||
Variable rate demand notes ø: 6.66% | |||||
New York Adjusted Fiscal 2017 Subordinate Bonds Series A-4 (GO revenue, Citibank NA LOC) | 0.01 | 8-1-2044 | 1,250,000 | 1,250,000 | |
New York Dormitory Authority Catholic Health Systems Obligated Group Revenue Bond Series 2019B (Health revenue, Manufacturers & Traders LOC) | 0.07 | 7-1-2048 | 5,925,000 | 5,925,000 | |
New York Dormitory Authority Series 12 Clipper Tax-Exempt Certificate Trust Series 2009-35 (Miscellaneous revenue, State Street Bank & Trust Company LIQ) 144A | 0.04 | 3-15-2022 | 3,770,000 | 3,770,000 | |
New York Fiscal Subordinate Bond Series 2017A-6 (GO revenue, JPMorgan Chase & Company SPA) | 0.05 | 8-1-2044 | 2,000,000 | 2,000,000 | |
New York Metropolitan Transportation Authority Revenue Bond Subordinate Series 2015E (Transportation revenue, PNC Bank NA LOC) | 0.03 | 11-15-2045 | 1,700,000 | 1,700,000 | |
New York Metropolitan Transportation Authority Subordinate Bond Series 2012A-2 (Transportation revenue, Bank of Montreal LOC) | 0.06 | 11-15-2041 | 8,300,000 | 8,300,000 | |
New York Municipal Water Finance Adjusted Second General Resolution Series DD-1 (Water & sewer revenue, TD Bank NA SPA) | 0.02 | 6-15-2043 | 7,500,000 | 7,500,000 |
Interest rate | Maturity date | Principal | Value | ||
Variable rate demand notes ø(continued) | |||||
New York Transitional Finance Authority Future Tax Secured Tax-Exempt Bond Fiscal 2015 Subordinate Bonds Series A-3 (Tax revenue, Mizuho Bank Limited SPA) | 0.03% | 8-1-2043 | $ 2,100,000 | $ 2,100,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2018-XF2556 (Tax revenue, Morgan Stanley Bank LIQ) 144A | 0.04 | 9-15-2025 | 6,720,000 | 6,720,000 | |
Triborough NY Bridge & Tunnel Authority Series B-1 (Transportation revenue, Bank of America NA LOC) | 0.02 | 1-1-2033 | 3,700,000 | 3,700,000 | |
Triborough NY Bridge & Tunnel Authority Subordinated Bonds series B-2 (Transportation revenue, State Street Bank & Trust Company LOC) | 0.05 | 1-1-2032 | 300,000 | 300,000 | |
Triborough NY Bridge & Tunnel Authority Subordinated Bonds Series B-2 (Transportation revenue, State Street Bank & Trust Company LOC) | 0.06 | 1-1-2032 | 14,850,000 | 14,850,000 | |
58,115,000 | |||||
North Carolina: 1.00% | |||||
Variable rate demand notes ø: 1.00% | |||||
Charlotte NC Water & Sewer Tender Option Bond Trust Receipts/Certificates Series 2018-XG0170 (Water & sewer revenue, Royal Bank of Canada LIQ) 144A | 0.05 | 1-1-2026 | 2,430,000 | 2,430,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2015-ZM0105 (Education revenue, Morgan Stanley Bank LIQ) 144A | 0.05 | 10-1-2055 | 2,250,500 | 2,250,500 | |
University North Carolina Hospital Chapel Hill Revenue Various Series B (Health revenue, TD Bank NA SPA) | 0.02 | 2-15-2031 | 4,000,000 | 4,000,000 | |
8,680,500 | |||||
Ohio: 9.79% | |||||
Other municipal debt : 2.41% | |||||
Indian Hill OH Exempted Village School District Hamilton County BAN (GO revenue) | 1.38 | 9-29-2021 | 20,000,000 | 20,039,843 | |
Mahoning County OH Various Purpose Notes Series 2020 (GO revenue) | 1.00 | 9-13-2021 | 1,000,000 | 1,000,802 | |
21,040,645 | |||||
Variable rate demand notes ø: 7.38% | |||||
Franklin County OH Trinity Health Group (Health revenue) | 0.10 | 12-1-2046 | 21,395,000 | 21,395,000 | |
Ohio Adult Correctional Capital Facilities Various Lease Appropriation Building (Miscellaneous revenue) | 0.01 | 10-1-2040 | 10,000,000 | 10,000,000 | |
Ohio Capital Facilities Lease Adult Correctional Building Fund Series C (Miscellaneous revenue) | 0.05 | 10-1-2036 | 10,000,000 | 10,000,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2015-XF0225 (Water & sewer revenue, TD Bank NA LIQ) 144A | 0.07 | 11-15-2043 | 8,000,000 | 8,000,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2017-XF2438 (Education revenue, JPMorgan Chase & Company LIQ) 144A | 0.05 | 12-1-2024 | 2,000,000 | 2,000,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2018-XL0074 (Health revenue, JPMorgan Chase & Company LIQ) 144A | 0.10 | 2-1-2029 | 6,635,000 | 6,635,000 |
Interest rate | Maturity date | Principal | Value | ||
Variable rate demand notes ø(continued) | |||||
Tender Option Bond Trust Receipts/Floater Certificates Series 2020-MIZ9020 (Health revenue, Mizuho Capital Markets LLC LOC, Mizuho Capital Markets LLC LIQ) 144A | 0.12% | 5-1-2022 | $ 3,985,000 | $ 3,985,000 | |
Tender Option Bond Trust Receipts/Various States (Miscellaneous revenue, Mizuho Capital Markets LLC LOC, Mizuho Capital Markets LLC LIQ) 144A | 0.20 | 12-15-2040 | 2,370,000 | 2,370,000 | |
64,385,000 | |||||
Oregon: 1.32% | |||||
Variable rate demand notes ø: 1.32% | |||||
Oregon Housing & Community Services Department Mortgage Revenue Various Single Family Mortgage Program (Housing revenue, Sumitomo Mitsui Banking Corporation LOC) | 0.03 | 7-1-2037 | 2,000,000 | 2,000,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2020-XM0813 (Health revenue, Royal Bank of Canada LIQ) 144A | 0.07 | 5-15-2027 | 4,895,000 | 4,895,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2020-XM0814 (Education revenue, Royal Bank of Canada LIQ) 144A | 0.05 | 1-1-2028 | 4,605,000 | 4,605,000 | |
11,500,000 | |||||
Pennsylvania: 1.93% | |||||
Variable rate demand notes ø: 1.93% | |||||
Floater/Residual Trust Tender Option Bond (Housing revenue, Mizuho Capital Markets LLC LOC, Mizuho Capital Markets LLC LIQ) 144A | 0.27 | 11-1-2034 | 3,000,000 | 3,000,000 | |
Pennsylvania EDFA Exempt Facilities Refunding Bond Energy Supply LLC (Utilities revenue, MUFG Bank Limited LOC) | 0.05 | 12-1-2038 | 1,000,000 | 1,000,000 | |
Pennsylvania Public School Building Authority Series A (Miscellaneous revenue, AGM Insured, Citibank NA LIQ) 144A | 0.08 | 12-1-2023 | 5,000,000 | 5,000,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2015-ZM0081 (Health revenue, Morgan Stanley Bank LIQ) 144A | 0.05 | 6-1-2044 | 3,000,000 | 3,000,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2016-ZF0504 (Water & sewer revenue, TD Bank NA LIQ) 144A | 0.16 | 8-15-2042 | 4,875,000 | 4,875,000 | |
16,875,000 | |||||
South Carolina: 2.24% | |||||
Other municipal debt : 1.97% | |||||
South Carolina Association Governmental Organizations Certificates Participation Series A (Miscellaneous revenue) | 3.00 | 3-1-2022 | 5,000,000 | 5,083,750 | |
South Carolina Public Service Authority Series A (GO revenue) | 0.11 | 8-17-2021 | 5,000,000 | 5,000,000 | |
South Carolina Public Service Authority Tax Exempt Notes Series A (GO revenue) | 0.09 | 10-19-2021 | 7,113,000 | 7,113,000 | |
17,196,750 |
Interest rate | Maturity date | Principal | Value | ||
Variable rate demand notes ø: 0.27% | |||||
South Carolina Educational Facilities Authority for Private Non-Profit Institutions Higher Learning Educational Facilities Spartanburg Methodist Series 2005 (Education revenue, Truist Bank LOC) | 0.10% | 8-1-2025 | $ 1,475,000 | $ 1,475,000 | |
South Carolina Jobs EDA Institutional Business & Home Safety Project Series 2009 (Industrial development revenue, Truist Bank LOC) | 0.10 | 11-1-2034 | 905,000 | 905,000 | |
2,380,000 | |||||
Tennessee: 0.91% | |||||
Variable rate demand notes ø: 0.91% | |||||
Sevier County TN Public Building Authority Local Government Public Improvement Series V1-K1 (Miscellaneous revenue, U.S. Bank NA SPA) | 0.03 | 6-1-2034 | 4,700,000 | 4,700,000 | |
Shelby County TN Health Educational & Housing Facilities Board Methodist Le Bonheur Series B (Health revenue, AGM Insured, U.S. Bank NA SPA) | 0.03 | 6-1-2042 | 3,255,000 | 3,255,000 | |
7,955,000 | |||||
Texas: 11.30% | |||||
Other municipal debt : 8.73% | |||||
Harris County TX Cultural Education Facilities Finance Corporation Revenue Series C-1 (Education revenue) | 0.10 | 10-7-2021 | 10,000,000 | 10,000,000 | |
Houston TX Series E-1 (Miscellaneous revenue) | 0.07 | 8-31-2021 | 5,000,000 | 5,000,000 | |
Houston TX Series G-2 (Miscellaneous revenue) | 0.08 | 8-31-2021 | 10,400,000 | 10,400,000 | |
North East TX Independent School District Series A (Education revenue) | 0.13 | 8-3-2021 | 9,000,000 | 9,000,000 | |
Texas Tax Anticipation Notes (GO revenue) | 4.00 | 8-26-2021 | 15,000,000 | 15,037,095 | |
Texas Upper Trinity Regional Water District Series A (Water & sewer revenue) | 0.07 | 8-5-2021 | 3,100,000 | 3,100,000 | |
University of Texas Permanent University Fund Series A (Education revenue) | 0.08 | 8-17-2021 | 16,000,000 | 16,000,000 | |
University of Texas Series A (Education revenue) ## | 0.09 | 8-3-2021 | 7,700,000 | 7,700,000 | |
76,237,095 | |||||
Variable rate demand notes ø: 2.57% | |||||
Bexar County TX Housing Finance Corporation Palisades Park Apartments Project Series 2009 (Housing revenue, FHLMC LIQ) | 0.10 | 9-1-2039 | 3,400,000 | 3,400,000 | |
Port Arthur TX Navigation District Industrial Development Corporation Total Petrochemicals USA Incorporated Project (Industrial development revenue) | 0.06 | 6-1-2041 | 5,000,000 | 5,000,000 | |
Port Corpus Christi TX Solid Waste Disposal Flint Hills Resources Project Series 2002-B (Resource recovery revenue) | 0.05 | 7-1-2029 | 4,200,000 | 4,200,000 | |
Tender Option Bond Trust Receipts/Various States (GO revenue, Royal Bank of Canada LIQ) 144A | 0.05 | 2-15-2029 | 3,000,000 | 3,000,000 | |
Texas Veterans Bond (GO revenue, FHLB SPA) | 0.04 | 12-1-2051 | 6,800,000 | 6,800,000 | |
22,400,000 |
Interest rate | Maturity date | Principal | Value | ||
Utah: 1.16% | |||||
Variable rate demand notes ø: 1.16% | |||||
RBC Municipal Products Incorporated Trust Series E-142 (Utilities revenue, Royal Bank of Canada LOC, Royal Bank of Canada LIQ) 144A | 0.05% | 5-1-2022 | $10,150,000 | $ 10,150,000 | |
Vermont: 0.25% | |||||
Variable rate demand notes ø: 0.25% | |||||
Vermont Educational & Health Buildings Financing Agency Landmark College Project Series 2008-A (Education revenue, TD Bank NA LOC) | 0.03 | 7-1-2033 | 2,200,000 | 2,200,000 | |
Virginia: 1.19% | |||||
Variable rate demand notes ø: 1.19% | |||||
Floater/Residual Trust Tender Option Bond Series 2020-MIZ9025 (Health revenue, Mizuho Capital Markets LLC LOC, Mizuho Capital Markets LLC LIQ) 144A | 0.09 | 11-1-2035 | 2,105,000 | 2,105,000 | |
Tender Option Bond Trust Receipts/Various States (Education revenue, Bank of America NA LIQ) 144A | 0.04 | 9-1-2051 | 7,310,000 | 7,310,000 | |
Virginia MFHR Series M-031 Class A (Housing revenue, FHLMC LIQ) 144A | 0.05 | 12-15-2045 | 980,000 | 980,000 | |
10,395,000 | |||||
Washington: 0.62% | |||||
Variable rate demand notes ø: 0.62% | |||||
Washington Housing Finance Commission Various Redmond Ridge East Apartments (Housing revenue, FHLB LOC) | 0.02 | 11-1-2047 | 5,450,000 | 5,450,000 | |
Wisconsin: 4.17% | |||||
Variable rate demand notes ø: 4.17% | |||||
Appleton WI Recovery Zone Facilities Foremost Farms Project Series 2010 (Industrial development revenue, CoBank ACB LOC) | 0.07 | 5-1-2037 | 4,700,000 | 4,700,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2015-XF0127 (Health revenue, JPMorgan Chase & Company LIQ) 144A | 0.05 | 9-29-2022 | 3,815,000 | 3,815,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2018-XF2634 (Health revenue, Credit Suisse LIQ) 144A | 0.04 | 8-15-2025 | 2,000,000 | 2,000,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2019-XF2831 (Housing revenue, Mizuho Capital Markets LLC LIQ) 144A | 0.20 | 7-1-2029 | 1,800,000 | 1,800,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2020-XL0148 (Health revenue, Barclays Bank plc LOC, AGM Insured, Barclays Bank plc LIQ) 144A | 0.06 | 6-1-2045 | 2,250,000 | 2,250,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2020-YX1129 (GO revenue, Barclays Bank plc LIQ) 144A | 0.14 | 4-1-2035 | 7,835,000 | 7,835,000 | |
Tender Option Bond Trust Receipts/Various States (Education revenue, Mizuho Capital Markets LLC LOC, Mizuho Capital Markets LLC LIQ) 144A | 0.20 | 12-15-2040 | 1,500,000 | 1,500,000 |
Interest rate | Maturity date | Principal | Value | ||
Variable rate demand notes ø(continued) | |||||
Wisconsin HEFA Aspirus Wausau Hospital Incorporated Obligated Group Series 2004B (Housing revenue, JPMorgan Chase & Company LOC) | 0.02% | 8-15-2034 | $ 2,440,000 | $ 2,440,000 | |
Wisconsin Series 2019A (GO revenue) | 0.04 | 5-1-2029 | 10,100,000 | 10,100,000 | |
36,440,000 | |||||
Total Municipal obligations (Cost $862,120,367) | 862,120,367 | ||||
Repurchase agreements^^: 1.37% | |||||
MUFG Securities Canada Limited, dated 7-30-2021, maturity value $12,000,050 | 0.05 | 8-2-2021 | 12,000,000 | 12,000,000 | |
Total Repurchase agreements (Cost $12,000,000) | 12,000,000 | ||||
Total investments in securities (Cost $889,120,367) | 101.85% | 889,120,367 | |||
Other assets and liabilities, net | (1.85) | (16,175,442) | |||
Total net assets | 100.00% | $872,944,925 |
144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933. |
ø | Variable rate demand notes are subject to a demand feature which reduces the effective maturity. The maturity date shown represents the final maturity date of the security. The interest rate is determined and reset by the issuer daily, weekly, or monthly depending upon the terms of the security. The rate shown is the rate in effect at period end. |
## | All or a portion of this security is segregated for when-issued securities. |
^^ | Collateralized by U.S. government securities, 0.25% to 4.38%, 9-15-2022 to 2-15-2051, fair value including accrued interest is $12,240,000. |
%% | The security is purchased on a when-issued basis. |
Abbreviations: | |
AGM | Assured Guaranty Municipal |
AMT | Alternative minimum tax |
BAM | Build America Mutual Assurance Company |
BAN | Bond anticipation notes |
CDA | Community Development Authority |
EDA | Economic Development Authority |
EDFA | Economic Development Finance Authority |
FHA | Federal Housing Administration |
FHLB | Federal Home Loan Bank |
FHLMC | Federal Home Loan Mortgage Corporation |
FNMA | Federal National Mortgage Association |
GO | General obligation |
HEFA | Health & Educational Facilities Authority |
LIQ | Liquidity agreement |
LOC | Letter of credit |
MFHR | Multifamily housing revenue |
NPFGC | National Public Finance Guarantee Corporation |
PCR | Pollution control revenue |
SPA | Standby purchase agreement |
Assets | |
Investments in unaffiliated securities, at amortized cost | $ 889,120,367 |
Cash | 203,621 |
Receivable for Fund shares sold | 3,171,293 |
Receivable for interest | 1,770,728 |
Receivable for investments sold | 275,000 |
Receivable from manager | 67,789 |
Prepaid expenses and other assets | 54,177 |
Total assets | 894,662,975 |
Liabilities | |
Payable for investments purchased | 16,000,000 |
Payable for when-issued transactions | 5,093,100 |
Payable for Fund shares redeemed | 430,463 |
Administration fees payable | 76,615 |
Dividends payable | 3,508 |
Trustees’ fees and expenses payable | 642 |
Accrued expenses and other liabilities | 113,722 |
Total liabilities | 21,718,050 |
Total net assets | $872,944,925 |
Net assets consist of | |
Paid-in capital | $ 872,894,184 |
Total distributable earnings | 50,741 |
Total net assets | $872,944,925 |
Computation of net asset value per share | |
Net assets – Class A | $ 94,652,773 |
Shares outstanding – Class A1 | 94,631,000 |
Net asset value per share – Class A | $1.00 |
Net assets – Administrator Class | $ 112,236,123 |
Shares outstanding – Administrator Class1 | 112,210,530 |
Net asset value per share – Administrator Class | $1.00 |
Net assets – Premier Class | $ 599,996,928 |
Shares outstanding – Premier Class1 | 599,862,175 |
Net asset value per share – Premier Class | $1.00 |
Net assets – Service Class | $ 66,059,101 |
Shares outstanding – Service Class1 | 66,044,043 |
Net asset value per share – Service Class | $1.00 |
1 | The Fund has an unlimited number of authorized shares |
Investment income | |
Interest | $ 609,355 |
Expenses | |
Management fee | 649,306 |
Administration fees | |
Class A | 107,130 |
Administrator Class | 48,979 |
Premier Class | 242,116 |
Service Class | 39,061 |
Shareholder servicing fees | |
Class A | 111,099 |
Administrator Class | 48,184 |
Service Class | 60,168 |
Custody and accounting fees | 21,894 |
Professional fees | 27,275 |
Registration fees | 78,466 |
Shareholder report expenses | 10,289 |
Trustees’ fees and expenses | 9,610 |
Other fees and expenses | 14,798 |
Total expenses | 1,468,375 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (595,770) |
Class A | (175,785) |
Administrator Class | (58,936) |
Service Class | (71,809) |
Net expenses | 566,075 |
Net investment income | 43,280 |
Net realized gains on investments | 107,838 |
Net increase in net assets resulting from operations | $ 151,118 |
Six months ended July 31, 2021 (unaudited) | Year ended January 31, 2021 | |||
Operations | ||||
Net investment income | $ 43,280 | $ 3,873,355 | ||
Net realized gains on investments | 107,838 | 212,135 | ||
Net increase in net assets resulting from operations | 151,118 | 4,085,490 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (4,869) | (290,972) | ||
Administrator Class | (4,897) | (353,108) | ||
Premier Class | (30,260) | (3,237,560) | ||
Service Class | (3,254) | (195,932) | ||
Total distributions to shareholders | (43,280) | (4,077,572) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 11,001,575 | 11,001,575 | 48,992,755 | 48,992,755 |
Administrator Class | 51,476,697 | 51,476,697 | 28,381,498 | 28,381,498 |
Premier Class | 105,221,517 | 105,221,517 | 742,724,878 | 742,724,878 |
Service Class | 3,240,197 | 3,240,197 | 3,786,718 | 3,786,718 |
170,939,986 | 823,885,849 | |||
Reinvestment of distributions | ||||
Class A | 4,525 | 4,525 | 286,044 | 286,044 |
Administrator Class | 4,737 | 4,737 | 347,010 | 347,010 |
Premier Class | 18,478 | 18,478 | 2,209,973 | 2,209,973 |
Service Class | 798 | 798 | 56,873 | 56,873 |
28,538 | 2,899,900 | |||
Payment for shares redeemed | ||||
Class A | (17,284,789) | (17,284,789) | (43,994,444) | (43,994,444) |
Administrator Class | (24,751,060) | (24,751,060) | (50,697,012) | (50,697,012) |
Premier Class | (137,352,705) | (137,352,705) | (960,769,724) | (960,769,724) |
Service Class | (1,373,625) | (1,373,625) | (4,464,228) | (4,464,228) |
(180,762,179) | (1,059,925,408) | |||
Net decrease in net assets resulting from capital share transactions | (9,793,655) | (233,139,659) | ||
Total decrease in net assets | (9,685,817) | (233,131,741) | ||
Net assets | ||||
Beginning of period | 882,630,742 | 1,115,762,483 | ||
End of period | $ 872,944,925 | $ 882,630,742 |
Year ended January 31 | ||||||
Class A | Six months ended July 31, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Net investment income | 0.00 1 | 0.00 1 | 0.00 | 0.00 | 0.00 1 | 0.00 1 |
Net realized gains (losses) on investments | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 |
Total from investment operations | 0.00 1 | 0.00 1 | 0.00 | 0.00 | 0.00 1 | 0.00 1 |
Distributions to shareholders from | ||||||
Net investment income | (0.00) 1 | (0.00) 1 | (0.01) | (0.01) | (0.00) 1 | (0.00) 1 |
Net realized gains | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.00) 1 |
Total distributions to shareholders | (0.00) 1 | (0.00) 1 | (0.01) | (0.01) | (0.00) 1 | (0.00) 1 |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total return2 | 0.00% | 0.27% | 0.93% | 0.89% | 0.35% | 0.13% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.64% | 0.64% | 0.66% | 0.66% | 0.68% | 0.65% |
Net expenses | 0.13% * | 0.33% * | 0.60% | 0.61% | 0.64% | 0.39% |
Net investment income | 0.01% | 0.25% | 0.92% | 0.88% | 0.30% | 0.02% |
Supplemental data | ||||||
Net assets, end of period (000s omitted) | $94,653 | $100,920 | $95,632 | $101,680 | $119,524 | $135,704 |
* | Ratios reflect class-level expenses which were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would be increased by the following amounts: |
Six months ended July 31, 2021 (unaudited) | 0.47% |
Year ended January 31, 2021 | 0.25% |
1 | Amount is less than $0.005. |
2 | Returns for periods of less than one year are not annualized. |
Year ended January 31 | ||||||
Administrator Class | Six months ended July 31, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Net investment income | 0.00 1 | 0.00 1 | 0.01 | 0.01 | 0.01 | 0.00 1 |
Net realized gains (losses) on investments | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 |
Total from investment operations | 0.00 1 | 0.00 1 | 0.01 | 0.01 | 0.01 | 0.00 1 |
Distributions to shareholders from | ||||||
Net investment income | (0.00) 1 | (0.00) 1 | (0.01) | (0.01) | (0.01) | (0.00) 1 |
Net realized gains | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.00) 1 |
Total distributions to shareholders | (0.00) 1 | (0.00) 1 | (0.01) | (0.01) | (0.01) | (0.00) 1 |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total return2 | 0.00% | 0.35% | 1.23% | 1.21% | 0.69% | 0.33% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.39% | 0.37% | 0.39% | 0.39% | 0.41% | 0.40% |
Net expenses | 0.13% * | 0.25% * | 0.30% | 0.30% | 0.30% | 0.27% |
Net investment income | 0.01% | 0.34% | 1.22% | 1.21% | 0.64% | 0.22% |
Supplemental data | ||||||
Net assets, end of period (000s omitted) | $112,236 | $85,489 | $107,457 | $131,395 | $132,964 | $155,448 |
* | Ratios reflect class-level expenses which were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would be increased by the following amounts: |
Six months ended July 31, 2021 (unaudited) | 0.17% |
Year ended January 31, 2021 | 0.04% |
1 | Amount is less than $0.005. |
2 | Returns for periods of less than one year are not annualized. |
Year ended January 31 | ||||||
Premier Class | Six months ended July 31, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Net investment income | 0.00 1 | 0.00 1 | 0.01 | 0.01 | 0.01 | 0.00 1 |
Net realized gains (losses) on investments | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 |
Total from investment operations | 0.00 1 | 0.00 1 | 0.01 | 0.01 | 0.01 | 0.00 1 |
Distributions to shareholders from | ||||||
Net investment income | (0.00) 1 | (0.00) 1 | (0.01) | (0.01) | (0.01) | (0.00) 1 |
Net realized gains | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.00) 1 |
Total distributions to shareholders | (0.00) 1 | (0.00) 1 | (0.01) | (0.01) | (0.01) | (0.00) 1 |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total return2 | 0.00% | 0.40% | 1.33% | 1.31% | 0.79% | 0.41% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.27% | 0.25% | 0.27% | 0.27% | 0.28% | 0.25% |
Net expenses | 0.13% 3 | 0.20% | 0.20% | 0.20% | 0.20% | 0.18% |
Net investment income | 0.01% | 0.38% | 1.28% | 1.31% | 0.79% | 0.18% |
Supplemental data | ||||||
Net assets, end of period (000s omitted) | $599,997 | $632,040 | $847,871 | $593,961 | $339,331 | $105,881 |
1 | Amount is less than $0.005. |
2 | Returns for periods of less than one year are not annualized. |
3 | Ratio reflects class-level expenses which were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would have been 0.07% higher. |
Year ended January 31 | ||||||
Service Class | Six months ended July 31, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Net investment income | 0.00 1 | 0.00 1 | 0.01 | 0.01 | 0.01 | 0.00 1 |
Net realized gains (losses) on investments | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 |
Total from investment operations | 0.00 1 | 0.00 1 | 0.01 | 0.01 | 0.01 | 0.00 1 |
Distributions to shareholders from | ||||||
Net investment income | (0.00) 1 | (0.00) 1 | (0.01) | (0.01) | (0.01) | (0.00) 1 |
Net realized gains | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.00) 1 | (0.00) 1 |
Total distributions to shareholders | (0.00) 1 | (0.00) 1 | (0.01) | (0.01) | (0.01) | (0.00) 1 |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total return2 | 0.00% | 0.30% | 1.08% | 1.06% | 0.54% | 0.20% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.49% | 0.54% | 0.56% | 0.56% | 0.58% | 0.54% |
Net expenses | 0.13% * | 0.29% * | 0.45% | 0.45% | 0.45% | 0.32% |
Net investment income | 0.01% | 0.28% | 1.06% | 1.05% | 0.49% | 0.03% |
Supplemental data | ||||||
Net assets, end of period (000s omitted) | $66,059 | $64,183 | $64,802 | $65,682 | $66,460 | $73,472 |
* | Ratios reflect class-level expenses which were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would be increased by the following amounts: |
Six months ended July 31, 2021 (unaudited) | 0.32% |
Year ended January 31, 2021 | 0.15% |
1 | Amount is less than $0.005. |
2 | Returns for periods of less than one year are not annualized. |
■ | Level 1 – quoted prices in active markets for identical securities |
■ | Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
■ | Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Closed end municipal bond fund obligations | $0 | $ 15,000,000 | $0 | $ 15,000,000 |
Municipal obligations | 0 | 862,120,367 | 0 | 862,120,367 |
Repurchase agreements | 0 | 12,000,000 | 0 | 12,000,000 |
Total assets | $0 | $889,120,367 | $0 | $889,120,367 |
Average daily net assets | Management fee |
First $5 billion | 0.150% |
Next $5 billion | 0.140 |
Next $5 billion | 0.130 |
Next $85 billion | 0.125 |
Over $100 billion | 0.120 |
Average daily net assets | Management fee |
First $5 billion | 0.150% |
Next $5 billion | 0.140 |
Over $10 billion | 0.130 |
Class-level administration fee | |
Class A | 0.22% |
Administrator Class | 0.10 |
Premier Class | 0.08 |
Service Class | 0.12 |
Expense ratio caps | |
Class A | 0.60% |
Administrator Class | 0.30 |
Premier Class | 0.20 |
Service Class | 0.45 |
Shares voted “For” | 449,914,909 |
Shares voted “Against” | 12,590,977 |
Shares voted “Abstain” | 9,841,040 |
Shares voted “For” | 447,139,380 |
Shares voted “Against” | 14,745,902 |
Shares voted “Abstain” | 10,461,644 |
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 100% Treasury Money Market Fund |
Wells Fargo Government Money Market Fund |
Wells Fargo Heritage Money Market Fund |
Wells Fargo Money Market Fund |
Wells Fargo Municipal Cash Management Money Market Fund |
Wells Fargo National Tax-Free Money Market Fund |
Wells Fargo Treasury Plus Money Market 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-CSRS/0001193125-21-287567/g204700imgfab97a651.jpg)
P.O. Box 219967
Kansas City, MO 64121-9967
SA309/SAR309 07-21
![](https://capedge.com/proxy/N-CSRS/0001193125-21-287567/g146233img4ae9600c1.jpg)
■ | Wells Fargo Treasury Plus Money Market Fund |
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6 | |
9 | |
10 | |
Financial statements | |
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15 | |
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27 | |
Board considerations | |
31 | |
34 | |
39 |
![](https://capedge.com/proxy/N-CSRS/0001193125-21-287567/g146233img5452ec5a2.gif)
1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
2 | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the United States. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
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 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 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 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. |
![](https://capedge.com/proxy/N-CSRS/0001193125-21-287567/g146233imge0bf8d843.jpg)
President
Wells Fargo Funds
Investment objective | The Fund seeks current income, while preserving capital and liquidity. |
Manager | Wells Fargo Funds Management, LLC |
Subadviser | Wells Capital Management, LLC |
Portfolio managers | Michael C. Bird, CFA®‡, Jeffrey L. Weaver, CFA®‡, Laurie White |
Average annual total returns (%) as of July 31, 2021 | ||||||
Expense ratios1 (%) | ||||||
Inception date | 1 year | 5 year | 10 year | Gross | Net 2 | |
Class A (PIVXX) | 7-28-2003 | 0.01 | 0.69 | 0.35 | 0.60 | 0.60 |
Administrator Class (WTPXX) | 3-31-2008 | 0.01 | 0.86 | 0.44 | 0.33 | 0.33 |
Institutional Class (PISXX) | 8-11-1995 | 0.01 | 0.97 | 0.50 | 0.21 | 0.20 |
Select Class (WTLXX)3 | 3-15-2019 | 0.02 | 0.99 | 0.51 | 0.17 | 0.14 |
Service Class (PRVXX) | 10-1-1985 | 0.01 | 0.79 | 0.40 | 0.50 | 0.45 |
1 | Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report. |
2 | The manager has contractually committed through May 31, 2022, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.60% for Class A, 0.34% for Administrator Class, 0.20% for Institutional Class, 0.14% for Select Class and 0.45% for Service Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. The manager and/or its affiliates may also voluntarily waive all or a portion of any fees to which they are entitled and/or reimburse certain expenses as they may determine from time to time. 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 Select Class shares prior to their inception reflects the performance of the Institutional Class shares, and includes the higher expenses applicable to Institutional Class shares. If these expenses had not been included, returns for Select Class shares would be higher. |
Yield summary (%) as of July 31, 2021 | |||||
Class A | Administrator Class | Institutional Class | Select Class | Service Class | |
7-day current yield1 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
7-day compound yield | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
30-day simple yield | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
30-day compound yield | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
1 | The manager has contractually committed through May 31, 2022, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses and may also voluntarily waive or reimburse additional fees and expenses which may be discontinued or modified at any time without notice. Without these reductions, the Fund’s 7-day current yield would have been -0.49%, -0.20%, -0.16%, -0.12% and -0.38% for Class A, Administrator Class, Institutional Class, Select Class and Service Class, respectively. |
‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
Portfolio composition as of July 31, 20211 |
![](https://capedge.com/proxy/N-CSRS/0001193125-21-287567/g146233img969053304.jpg)
1 | Figures represent the percentage of the Fund's total investments. These amounts are subject to change and may have changed since the date specified. |
Effective maturity distribution as of July 31, 20211 |
![](https://capedge.com/proxy/N-CSRS/0001193125-21-287567/g146233img1a8598f75.jpg)
1 | Figures represent the percentage of the Fund's total investments. These amounts are subject to change and may have changed since the date specified. |
Weighted average maturity as of July 31, 20211 |
33 days |
1 | Weighted Average Maturity (WAM): WAM is an average of the effective maturities of all securities held in the portfolio, weighted by each security’s percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. WAM calculations allow for the maturities of certain securities with demand features or periodic interest rate resets to be shortened. WAM is a way to measure a fund’s sensitivity to potential interest rate changes. WAM is subject to change and may have changed since the date specified. |
Weighted average life as of July 31, 20211 |
94 days |
1 | Weighted Average Life (WAL): WAL is an average of the final maturities of all securities held in the portfolio, weighted by their percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. In contrast to WAM, the calculation of WAL allows for the maturities of certain securities with demand features to be shortened, but not the periodic interest rate resets. WAL is a way to measure a fund’s potential sensitivity to credit spread changes. WAL is subject to change and may have changed since the date specified. |
Beginning account value 2-1-2021 | Ending account value 7-31-2021 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $1,000.05 | $0.30 | 0.06% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,024.50 | $0.30 | 0.06% |
Administrator Class | ||||
Actual | $1,000.00 | $1,000.05 | $0.30 | 0.06% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,024.50 | $0.30 | 0.06% |
Institutional Class | ||||
Actual | $1,000.00 | $1,000.05 | $0.30 | 0.06% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,024.50 | $0.30 | 0.06% |
Select Class | ||||
Actual | $1,000.00 | $1,000.05 | $0.30 | 0.06% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,024.50 | $0.30 | 0.06% |
Service Class | ||||
Actual | $1,000.00 | $1,000.05 | $0.30 | 0.06% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,024.50 | $0.30 | 0.06% |
Interest rate | Maturity date | Principal | Value | ||
Repurchase agreements^^: 52.82% | |||||
ANZ Bank New Zealand, dated 7-30-2021, maturity value $300,000,680 (01) | 0.05% | 8-2-2021 | $ 299,999,430 | $ 299,999,430 | |
Bank of America, dated 7-30-2021, maturity value $230,000,958 (02) | 0.05 | 8-2-2021 | 230,000,000 | 230,000,000 | |
Bank of New York Mellon Corporation, dated 7-30-2021, maturity value $750,003,438 (03) | 0.06 | 8-2-2021 | 750,000,000 | 750,000,000 | |
Barclays Bank plc, dated 7-30-2021, maturity value $790,003,292 (04) | 0.05 | 8-2-2021 | 790,000,000 | 790,000,000 | |
BNP Paribas, dated 7-30-2021, maturity value $750,003,125 (05) | 0.05 | 8-2-2021 | 750,000,000 | 750,000,000 | |
BNP Paribas, dated 7-30-2021, maturity value $1,000,004,583 (06) | 0.06 | 8-2-2021 | 1,000,000,000 | 1,000,000,000 | |
Citigroup Global Markets Incorporated, dated 7-29-2021, maturity value $250,002,431 (07) | 0.05 | 8-5-2021 | 250,000,000 | 250,000,000 | |
Federal Reserve Bank, dated 7-30-2021, maturity value $5,000,020,833 (08) | 0.05 | 8-2-2021 | 5,000,000,000 | 5,000,000,000 | |
ING Financial Markets LLC, dated 7-30-2021, maturity value $100,000,901 (09) | 0.05 | 8-2-2021 | 100,000,484 | 100,000,484 | |
JPMorgan Securities, dated 7/1/2021, maturity value $100,005,333 (10) §∂øø | 0.06 | 8-2-2021 | 100,000,000 | 100,000,000 | |
MetLife Incorporated, dated 7-30-2021, maturity value $250,004,062 (11) | 0.06 | 8-2-2021 | 250,002,812 | 250,002,812 | |
MUFG Securities Canada Limited, dated 7-30-2021, maturity value $212,500,885 (12) | 0.05 | 8-2-2021 | 212,500,000 | 212,500,000 | |
MUFG Securities Canada Limited, dated 7-30-2021, maturity value $225,000,938 (13) | 0.05 | 8-2-2021 | 225,000,000 | 225,000,000 | |
MUFG Securities Canada Limited, dated 7-29-2021, maturity value $250,002,431 (14) | 0.05 | 8-5-2021 | 250,000,000 | 250,000,000 | |
Prudential Insurance Company of America, dated 7-30-2021, maturity value $11,987,560 (15) | 0.06 | 8-2-2021 | 11,987,500 | 11,987,500 | |
Prudential Insurance Company of America, dated 7-30-2021, maturity value $51,346,507 (16) | 0.06 | 8-2-2021 | 51,346,250 | 51,346,250 | |
Societe Generale of New York, dated 7-6-2021, maturity value $150,008,500 (17) | 0.06 | 8-9-2021 | 150,000,000 | 150,000,000 | |
Standard Chartered Bank, dated 7-30-2021, maturity value $146,910,735 (18) | 0.06 | 8-2-2021 | 146,910,000 | 146,910,000 | |
Standard Chartered Bank, dated 7-30-2021, maturity value $250,001,146 (19) | 0.06 | 8-2-2021 | 250,000,000 | 250,000,000 | |
Sumitomo Mitsui Banking Corporation, dated 7-28-2021, maturity value $640,421,183 (20) | 0.07 | 8-11-2021 | 640,403,750 | 640,403,750 | |
Toronto Dominion, dated 7-30-2021, maturity value $750,003,125 (21) | 0.05 | 8-2-2021 | 750,000,000 | 750,000,000 | |
Total Repurchase agreements (Cost $12,208,150,226) | 12,208,150,226 | ||||
U.S. Treasury securities: 46.14% | |||||
U.S. Cash Management Bill ☼ | 0.01 | 8-3-2021 | 300,000,000 | 299,999,854 | |
U.S. Cash Management Bill ☼## | 0.02 | 8-10-2021 | 550,000,000 | 549,997,511 | |
U.S. Cash Management Bill ☼ | 0.02 | 8-17-2021 | 150,000,000 | 149,998,506 | |
U.S. Cash Management Bill ☼ | 0.02 | 8-24-2021 | 100,000,000 | 99,998,594 | |
U.S. Cash Management Bill ☼ | 0.02 | 8-31-2021 | 200,000,000 | 199,996,496 | |
U.S. Cash Management Bill ☼ | 0.03 | 10-5-2021 | 250,000,000 | 249,987,334 | |
U.S. Cash Management Bill ☼ | 0.03 | 10-12-2021 | 150,000,000 | 149,990,238 | |
U.S. Cash Management Bill ☼ | 0.03 | 10-19-2021 | 100,000,000 | 99,992,850 | |
U.S. Cash Management Bill ☼ | 0.05 | 11-9-2021 | 50,000,000 | 49,993,125 | |
U.S. Cash Management Bill ☼ | 0.05 | 11-16-2021 | 100,000,000 | 99,985,278 |
Interest rate | Maturity date | Principal | Value | ||
U.S. Treasury securities (continued) | |||||
U.S. Cash Management Bill ☼ | 0.05% | 11-23-2021 | $ 100,000,000 | $ 99,984,306 | |
U.S. Cash Management Bill ☼%% | 0.05 | 11-30-2021 | 300,000,000 | 299,950,417 | |
U.S. Treasury Bill ☼ | 0.01 | 8-19-2021 | 100,000,000 | 99,999,433 | |
U.S. Treasury Bill ☼ | 0.02 | 8-26-2021 | 100,000,000 | 99,999,200 | |
U.S. Treasury Bill ☼ | 0.02 | 9-7-2021 | 150,000,000 | 149,996,438 | |
U.S. Treasury Bill ☼ | 0.02 | 9-9-2021 | 200,000,000 | 199,994,907 | |
U.S. Treasury Bill ☼ | 0.02 | 9-14-2021 | 100,000,000 | 99,997,611 | |
U.S. Treasury Bill ☼ | 0.02 | 9-21-2021 | 100,000,000 | 99,997,917 | |
U.S. Treasury Bill ☼ | 0.02 | 9-28-2021 | 100,000,000 | 99,997,071 | |
U.S. Treasury Bill ☼ | 0.03 | 8-5-2021 | 300,000,000 | 299,999,176 | |
U.S. Treasury Bill ☼ | 0.03 | 8-12-2021 | 180,000,000 | 179,998,189 | |
U.S. Treasury Bill ☼ | 0.03 | 9-2-2021 | 100,000,000 | 99,998,450 | |
U.S. Treasury Bill ☼ | 0.03 | 9-16-2021 | 150,000,000 | 149,994,844 | |
U.S. Treasury Bill ☼ | 0.04 | 12-16-2021 | 50,000,000 | 49,992,444 | |
U.S. Treasury Bill ☼ | 0.05 | 10-14-2021 | 150,000,000 | 149,984,792 | |
U.S. Treasury Bill ☼ | 0.05 | 10-21-2021 | 100,000,000 | 99,988,889 | |
U.S. Treasury Bill ☼ | 0.05 | 10-28-2021 | 50,000,000 | 49,993,958 | |
U.S. Treasury Bill ☼ | 0.05 | 1-13-2022 | 50,000,000 | 49,988,383 | |
U.S. Treasury Bill ☼ | 0.07 | 1-27-2022 | 160,000,000 | 159,948,133 | |
U.S. Treasury Bill ☼ | 0.10 | 12-23-2021 | 20,000,000 | 19,992,453 | |
U.S. Treasury Bill ☼ | 0.11 | 12-30-2021 | 145,000,000 | 144,934,708 | |
U.S. Treasury Bill ☼ | 0.12 | 12-2-2021 | 75,000,000 | 74,970,517 | |
U.S. Treasury Bill ☼ | 0.14 | 10-7-2021 | 20,000,000 | 19,994,958 | |
U.S. Treasury Bill ☼ | 0.14 | 11-4-2021 | 110,000,000 | 109,959,789 | |
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield +0.03%) ± | 0.08 | 4-30-2023 | 640,000,000 | 640,031,073 | |
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield +0.05%) ± | 0.10 | 1-31-2023 | 230,000,000 | 230,023,838 | |
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield +0.06%) ± | 0.11 | 7-31-2022 | 610,000,000 | 609,993,650 | |
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield +0.06%) ± | 0.11 | 10-31-2022 | 570,000,000 | 569,986,623 | |
U.S. Treasury Note | 0.13 | 5-31-2022 | 30,000,000 | 30,009,631 | |
U.S. Treasury Note | 0.13 | 6-30-2022 | 20,000,000 | 20,006,141 | |
U.S. Treasury Note | 0.13 | 7-31-2022 | 200,000,000 | 200,056,724 | |
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield +0.11%) ± | 0.16 | 4-30-2022 | 730,000,000 | 730,060,825 | |
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield +0.15%) ± | 0.20 | 1-31-2022 | 405,000,000 | 404,942,102 | |
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield +0.30%) ± | 0.35 | 10-31-2021 | 415,000,000 | 415,044,774 | |
U.S. Treasury Note | 0.38 | 3-31-2022 | 50,000,000 | 50,090,288 | |
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield +0.03%) ±%% | 1.00 | 7-31-2023 | 150,000,000 | 150,000,000 | |
U.S. Treasury Note | 1.13 | 8-31-2021 | 60,000,000 | 60,050,414 | |
U.S. Treasury Note | 1.13 | 2-28-2022 | 60,000,000 | 60,356,735 | |
U.S. Treasury Note | 1.50 | 8-31-2021 | 50,000,000 | 50,054,613 | |
U.S. Treasury Note | 1.50 | 1-31-2022 | 110,000,000 | 110,769,880 | |
U.S. Treasury Note | 1.75 | 11-30-2021 | 110,000,000 | 110,597,682 | |
U.S. Treasury Note | 1.75 | 2-28-2022 | 30,000,000 | 30,294,515 | |
U.S. Treasury Note | 1.75 | 3-31-2022 | 80,000,000 | 80,884,950 | |
U.S. Treasury Note | 1.75 | 6-30-2022 | 40,000,000 | 40,605,075 | |
U.S. Treasury Note | 1.75 | 7-15-2022 | 100,000,000 | 101,576,535 | |
U.S. Treasury Note | 1.88 | 11-30-2021 | 50,000,000 | 50,291,441 | |
U.S. Treasury Note | 1.88 | 1-31-2022 | 61,000,000 | 61,542,930 |
Interest rate | Maturity date | Principal | Value | ||
U.S. Treasury securities (continued) | |||||
U.S. Treasury Note | 1.88% | 3-31-2022 | $ 60,000,000 | $ 60,703,043 | |
U.S. Treasury Note | 1.88 | 4-30-2022 | 70,000,000 | 70,931,618 | |
U.S. Treasury Note | 1.88 | 7-31-2022 | 140,000,000 | 142,475,790 | |
U.S. Treasury Note | 2.00 | 8-31-2021 | 30,000,000 | 30,045,306 | |
U.S. Treasury Note | 2.00 | 10-31-2021 | 147,000,000 | 147,689,735 | |
U.S. Treasury Note | 2.00 | 11-15-2021 | 80,000,000 | 80,436,848 | |
U.S. Treasury Note | 2.00 | 12-31-2021 | 30,000,000 | 30,234,742 | |
U.S. Treasury Note | 2.00 | 7-31-2022 | 30,000,000 | 30,567,841 | |
U.S. Treasury Note | 2.13 | 9-30-2021 | 115,000,000 | 115,370,816 | |
U.S. Treasury Note | 2.13 | 5-15-2022 | 30,000,000 | 30,482,928 | |
U.S. Treasury Note | 2.38 | 3-15-2022 | 50,000,000 | 50,701,953 | |
U.S. Treasury Note | 2.50 | 2-15-2022 | 20,000,000 | 20,259,410 | |
U.S. Treasury Note | 2.88 | 10-15-2021 | 50,000,000 | 50,280,938 | |
U.S. Treasury Note | 2.88 | 11-15-2021 | 100,000,000 | 100,794,546 | |
U.S. Treasury Note | 8.00 | 11-15-2021 | 34,000,000 | 34,768,197 | |
Total U.S. Treasury securities (Cost $10,662,610,919) | 10,662,610,919 | ||||
Total investments in securities (Cost $22,870,761,145) | 98.96% | 22,870,761,145 | |||
Other assets and liabilities, net | 1.04 | 240,151,520 | |||
Total net assets | 100.00% | $23,110,912,665 |
^^ | Collateralized by: |
(01) Collateralized by U.S. government securities, 0.38% to 6.00%, 8-31-2021 to 8-15-2042, fair value including accrued interest is $300,984,681. | |
(02) Collateralized by U.S. government securities, 2.63% to 2.75%, 5-31-2023 to 6-30-2023, fair value including accrued interest is $234,600,044. | |
(03) Collateralized by U.S. government securities, 0.00% to 0.38%, 9-2-2021 to 1-15-2024, fair value including accrued interest is $765,000,065. | |
(04) Collateralized by U.S. government securities, 0.13% to 3.88%, 1-15-2022 to 2-15-2046, fair value including accrued interest is $805,800,003. | |
(05) Collateralized by U.S. government securities, 1.38% to 2.25%, 8-31-2023 to 8-15-2027, fair value including accrued interest is $765,000,000. | |
(06) Collateralized by U.S. government securities, 0.75% to 1.88%, 11-30-2021 to 4-30-2027, fair value including accrued interest is $1,020,408,165. | |
(07) Collateralized by U.S. government securities, 0.25% to 2.88%, 6-30-2025 to 8-15-2025, fair value including accrued interest is $255,000,032. | |
(08) Collateralized by U.S. government securities, 0.63% to 3.75%, 9-15-2022 to 11-15-2043, fair value including accrued interest is $5,000,020,853. | |
(09) Collateralized by U.S. government securities, 2.25%, 1-31-2024, fair value including accrued interest is $102,000,493. | |
(10) Collateralized by U.S. government securities, 0.00% to 2.13%, 8-10-2021 to 2-15-2026, fair value including accrued interest is $102,000,014. | |
(11) Collateralized by U.S. government securities, 0.13% to 4.50%, 2-28-2023 to 2-15-2036, fair value including accrued interest is $255,135,234. | |
(12) Collateralized by U.S. government securities, 0.25% to 4.38%, 9-15-2022 to 2-15-2051, fair value including accrued interest is $216,750,000. | |
(13) Collateralized by U.S. government securities, 0.13% to 3.13%, 7-15-2030 to 2-15-2043, fair value including accrued interest is $229,500,000. | |
(14) Collateralized by U.S. government securities, 0.00% to 4.38%, 2-15-2022 to 2-15-2050, fair value including accrued interest is $255,000,013. | |
(15) Collateralized by U.S. government securities, 0.00%, 2-15-2031, fair value is $12,227,250. | |
(16) Collateralized by U.S. government securities, 0.00% to 3.00%, 11-15-2025 to 8-15-2047, fair value including accrued interest is $52,373,175. | |
(17) Collateralized by U.S. government securities, 0.00% to 8.00%, 7-31-2021 to 5-15-2051, fair value including accrued interest is $153,000,002. | |
(18) Collateralized by U.S. government securities, 0.13%, 3-31-2023, fair value including accrued interest is $149,908,163. | |
(19) Collateralized by U.S. government securities, 0.00% to 4.38%, 9-9-2021 to 8-15-2050, fair value including accrued interest is $255,000,001. | |
(20) Collateralized by U.S. government securities, 1.63% to 3.13%, 5-15-2028 to 5-15-2048, fair value including accrued interest is $653,473,995. | |
(21) Collateralized by U.S. government securities, 0.08% to 8.13%, 7-31-2021 to 2-15-2051, fair value including accrued interest is $765,000,082. | |
§ | The security is subject to a demand feature which reduces the effective maturity. |
∂ | The security represents a long-dated and extendible repurchase agreement which automatically renews on previously set terms. The maturity date represents the next put date. |
øø | The interest rate is determined and reset by the issuer periodically depending upon the terms of the security. The rate shown is the rate in effect at period end. |
## | All or a portion of this security is segregated for when-issued securities. |
± | Variable rate investment. The rate shown is the rate in effect at period end. |
☼ | Zero coupon security. The rate represents the current yield to maturity. |
%% | The security is purchased on a when-issued basis. |
Assets | |
Investments in unaffiliated securities, at amortized cost | $ 10,662,610,919 |
Investments in repurchase agreements, at amortized cost | 12,208,150,226 |
Cash | 247,460,005 |
Receivable for investments sold | 480,000,000 |
Receivable for interest | 13,198,039 |
Receivable from manager | 886,560 |
Receivable for Fund shares sold | 78,984 |
Prepaid expenses and other assets | 1,689,509 |
Total assets | 23,614,074,242 |
Liabilities | |
Payable for when-issued transactions | 449,951,075 |
Payable for investments purchased | 50,855,042 |
Administration fees payable | 1,786,147 |
Payable for Fund shares redeemed | 458,496 |
Dividends payable | 110,817 |
Total liabilities | 503,161,577 |
Total net assets | $23,110,912,665 |
Net assets consist of | |
Paid-in capital | $ 23,111,097,961 |
Total distributable loss | (185,296) |
Total net assets | $23,110,912,665 |
Computation of net asset value per share | |
Net assets – Class A | $ 1,753,272,747 |
Shares outstanding – Class A1 | 1,753,105,063 |
Net asset value per share – Class A | $1.00 |
Net assets – Administrator Class | $ 74,330,868 |
Shares outstanding – Administrator Class1 | 74,323,999 |
Net asset value per share – Administrator Class | $1.00 |
Net assets – Institutional Class | $ 15,371,507,822 |
Shares outstanding – Institutional Class1 | 15,370,209,491 |
Net asset value per share – Institutional Class | $1.00 |
Net assets – Select Class | $ 4,450,440,784 |
Shares outstanding – Select Class1 | 4,450,111,673 |
Net asset value per share – Select Class | $1.00 |
Net assets – Service Class | $ 1,461,360,444 |
Shares outstanding – Service Class1 | 1,461,229,137 |
Net asset value per share – Service Class | $1.00 |
1 | The Fund has an unlimited number of authorized shares |
Investment income | |
Interest | $ 7,896,234 |
Expenses | |
Management fee | 15,406,414 |
Administration fees | |
Class A | 1,870,191 |
Administrator Class | 57,264 |
Institutional Class | 6,275,374 |
Select Class | 721,609 |
Service Class | 929,086 |
Shareholder servicing fees | |
Class A | 665,479 |
Administrator Class | 16,100 |
Service Class | 818,151 |
Custody and accounting fees | 399,079 |
Professional fees | 35,570 |
Registration fees | 100,889 |
Shareholder report expenses | 21,385 |
Trustees’ fees and expenses | 9,610 |
Other fees and expenses | 172,918 |
Total expenses | 27,499,119 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (13,846,441) |
Class A | (2,216,303) |
Administrator Class | (51,679) |
Institutional Class | (3,146,307) |
Service Class | (1,475,094) |
Net expenses | 6,763,295 |
Net investment income | 1,132,939 |
Net realized gains on investments | 3,812 |
Net increase in net assets resulting from operations | $ 1,136,751 |
Six months ended July 31, 2021 (unaudited) | Year ended January 31, 2021 | |||
Operations | ||||
Net investment income | $ 1,132,939 | $ 31,525,314 | ||
Net realized gains on investments | 3,812 | 100,625 | ||
Net increase in net assets resulting from operations | 1,136,751 | 31,625,939 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (85,001) | (1,570,166) | ||
Administrator Class | (5,779) | (274,712) | ||
Institutional Class | (784,350) | (24,959,137) | ||
Select Class | (180,392) | (3,152,338) | ||
Service Class | (77,417) | (1,646,130) | ||
Total distributions to shareholders | (1,132,939) | (31,602,483) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 7,013,452,911 | 7,013,452,911 | 9,941,597,730 | 9,941,597,730 |
Administrator Class | 223,717,911 | 223,717,911 | 575,602,412 | 575,602,412 |
Institutional Class | 38,749,222,490 | 38,749,222,490 | 89,663,135,695 | 89,663,135,695 |
Select Class | 82,282,287,360 | 82,282,287,360 | 84,526,317,126 | 84,526,317,126 |
Service Class | 4,914,886,811 | 4,914,886,811 | 6,391,237,824 | 6,391,237,824 |
133,183,567,483 | 191,097,890,787 | |||
Reinvestment of distributions | ||||
Class A | 45,951 | 45,951 | 827,512 | 827,512 |
Administrator Class | 5,759 | 5,759 | 284,450 | 284,450 |
Institutional Class | 250,747 | 250,747 | 9,197,042 | 9,197,042 |
Select Class | 146,969 | 146,969 | 2,646,092 | 2,646,092 |
Service Class | 15,628 | 15,628 | 396,877 | 396,877 |
465,054 | 13,351,973 | |||
Payment for shares redeemed | ||||
Class A | (6,797,445,937) | (6,797,445,937) | (9,784,258,186) | (9,784,258,186) |
Administrator Class | (293,132,901) | (293,132,901) | (569,238,199) | (569,238,199) |
Institutional Class | (39,257,046,645) | (39,257,046,645) | (85,088,285,515) | (85,088,285,515) |
Select Class | (80,950,445,704) | (80,950,445,704) | (82,102,590,260) | (82,102,590,260) |
Service Class | (4,869,740,486) | (4,869,740,486) | (6,144,319,269) | (6,144,319,269) |
(132,167,811,673) | (183,688,691,429) | |||
Net increase in net assets resulting from capital share transactions | 1,016,220,864 | 7,422,551,331 | ||
Total increase in net assets | 1,016,224,676 | 7,422,574,787 | ||
Net assets | ||||
Beginning of period | 22,094,687,989 | 14,672,113,202 | ||
End of period | $ 23,110,912,665 | $ 22,094,687,989 |
Year ended January 31 | ||||||
Class A | Six months ended July 31, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Net investment income | 0.00 1 | 0.00 1 | 0.02 | 0.01 | 0.00 1 | 0.00 1 |
Net realized gains (losses) on investments | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 |
Total from investment operations | 0.00 1 | 0.00 1 | 0.02 | 0.01 | 0.00 1 | 0.00 1 |
Distributions to shareholders from | ||||||
Net investment income | (0.00) 1 | (0.00) 1 | (0.02) | (0.01) | (0.00) 1 | (0.00) 1 |
Net realized gains | 0.00 | 0.00 | (0.00) 1 | (0.00) 1 | (0.00) 1 | 0.00 |
Total distributions to shareholders | (0.00) 1 | (0.00) 1 | (0.02) | (0.01) | (0.00) 1 | (0.00) 1 |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total return2 | 0.00% | 0.12% | 1.56% | 1.37% | 0.38% | 0.01% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.44% | 0.61% | 0.61% | 0.61% | 0.62% | 0.62% |
Net expenses | 0.06% * | 0.25% * | 0.60% | 0.60% | 0.61% | 0.39% |
Net investment income | 0.01% | 0.11% | 1.53% | 1.36% | 0.38% | 0.01% |
Supplemental data | ||||||
Net assets, end of period (000s omitted) | $1,753,273 | $1,537,192 | $1,379,059 | $1,202,749 | $1,291,723 | $1,745,419 |
* | Ratios reflect class-level expenses which were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would be increased by the following amounts: |
Six months ended July 31, 2021 (unaudited) | 0.38% |
Year ended January 31, 2021 | 0.35% |
1 | Amount is less than $0.005. |
2 | Returns for periods of less than one year are not annualized. |
Year ended January 31 | ||||||
Administrator Class | Six months ended July 31, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Net investment income | 0.00 1 | 0.00 1 | 0.02 | 0.02 | 0.01 | 0.00 1 |
Net realized gains (losses) on investments | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 |
Total from investment operations | 0.00 1 | 0.00 1 | 0.02 | 0.02 | 0.01 | 0.00 1 |
Distributions to shareholders from | ||||||
Net investment income | (0.00) 1 | (0.00) 1 | (0.02) | (0.02) | (0.01) | (0.00) 1 |
Net realized gains | 0.00 | 0.00 | (0.00) 1 | (0.00) 1 | (0.00) 1 | 0.00 |
Total distributions to shareholders | (0.00) 1 | (0.00) 1 | (0.02) | (0.02) | (0.01) | (0.00) 1 |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total return2 | 0.01% | 0.16% | 1.83% | 1.63% | 0.65% | 0.06% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.27% | 0.34% | 0.34% | 0.35% | 0.35% | 0.34% |
Net expenses | 0.06% * | 0.24% * | 0.34% | 0.35% | 0.35% | 0.34% |
Net investment income | 0.01% | 0.16% | 1.84% | 1.48% | 0.61% | 0.05% |
Supplemental data | ||||||
Net assets, end of period (000s omitted) | $74,331 | $143,745 | $137,102 | $101,340 | $142,198 | $106,246 |
* | Ratios reflect class-level expenses which were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would be increased by the following amounts: |
Six months ended July 31, 2021 (unaudited) | 0.21% |
Year ended January 31, 2021 | 0.10% |
1 | Amount is less than $0.005. |
2 | Returns for periods of less than one year are not annualized. |
Year ended January 31 | ||||||
Institutional Class | Six months ended July 31, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Net investment income | 0.00 1 | 0.00 1 | 0.02 | 0.02 | 0.01 | 0.00 1 |
Net realized gains (losses) on investments | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 |
Total from investment operations | 0.00 1 | 0.00 1 | 0.02 | 0.02 | 0.01 | 0.00 1 |
Distributions to shareholders from | ||||||
Net investment income | (0.00) 1 | (0.00) 1 | (0.02) | (0.02) | (0.01) | (0.00) 1 |
Net realized gains | 0.00 | 0.00 | (0.00) 1 | (0.00) 1 | (0.00) 1 | 0.00 |
Total distributions to shareholders | (0.00) 1 | (0.00) 1 | (0.02) | (0.02) | (0.01) | (0.00) 1 |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total return2 | 0.00% | 0.21% | 1.97% | 1.78% | 0.79% | 0.20% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.22% | 0.22% | 0.22% | 0.22% | 0.23% | 0.23% |
Net expenses | 0.06% * | 0.18% * | 0.20% | 0.20% | 0.20% | 0.20% |
Net investment income | 0.01% | 0.16% | 1.95% | 1.77% | 0.81% | 0.20% |
Supplemental data | ||||||
Net assets, end of period (000s omitted) | $15,371,508 | $15,879,274 | $11,295,226 | $12,466,864 | $13,085,244 | $11,489,674 |
* | Ratios reflect class-level expenses which were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would be increased by the following amounts: |
Six months ended July 31, 2021 (unaudited) | 0.14% |
Year ended January 31, 2021 | 0.02% |
1 | Amount is less than $0.005. |
2 | Returns for periods of less than one year are not annualized. |
Year ended January 31 | |||
Select Class | Six months ended July 31, 2021 (unaudited) | 2021 | 2020 1 |
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 |
Net investment income | 0.00 2 | 0.00 2 | 0.02 |
Net realized gains (losses) on investments | 0.00 2 | 0.00 2 | 0.00 2 |
Total from investment operations | 0.00 2 | 0.00 2 | 0.02 |
Distributions to shareholders from | |||
Net investment income | (0.00) 2 | (0.00) 2 | (0.02) |
Net realized gains | 0.00 | 0.00 | (0.00) 2 |
Total distributions to shareholders | (0.00) 2 | (0.00) 2 | (0.02) |
Net asset value, end of period | $1.00 | $1.00 | $1.00 |
Total return3 | 0.00% | 0.24% | 1.74% |
Ratios to average net assets (annualized) | |||
Gross expenses | 0.18% | 0.18% | 0.18% |
Net expenses | 0.06% 4 | 0.14% | 0.14% |
Net investment income | 0.01% | 0.09% | 1.81% |
Supplemental data | |||
Net assets, end of period (000s omitted) | $4,450,441 | $3,118,274 | $691,825 |
1 | For the period from March 15, 2019 (commencement of class operations) to January 31, 2020 |
2 | Amount is less than $0.005. |
3 | Returns for periods of less than one year are not annualized. |
4 | During the six months ended July 31, 2021, class-level expenses were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would have been 0.08% higher. |
Year ended January 31 | ||||||
Service Class | Six months ended July 31, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Net investment income | 0.00 1 | 0.00 1 | 0.02 | 0.02 | 0.01 | 0.00 1 |
Net realized gains (losses) on investments | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 | 0.00 1 |
Total from investment operations | 0.00 1 | 0.00 1 | 0.02 | 0.02 | 0.01 | 0.00 1 |
Distributions to shareholders from | ||||||
Net investment income | (0.00) 1 | (0.00) 1 | (0.02) | (0.02) | (0.01) | (0.00) 1 |
Net realized gains | 0.00 | 0.00 | (0.00) 1 | (0.00) 1 | (0.00) 1 | 0.00 |
Total distributions to shareholders | (0.00) 1 | (0.00) 1 | (0.02) | (0.02) | (0.01) | (0.00) 1 |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total return2 | 0.00% | 0.14% | 1.72% | 1.53% | 0.54% | 0.02% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.37% | 0.51% | 0.51% | 0.51% | 0.52% | 0.52% |
Net expenses | 0.06% * | 0.23% * | 0.45% | 0.45% | 0.45% | 0.38% |
Net investment income | 0.01% | 0.12% | 1.71% | 1.51% | 0.54% | 0.03% |
Supplemental data | ||||||
Net assets, end of period (000s omitted) | $1,461,360 | $1,416,203 | $1,168,901 | $1,431,420 | $1,459,295 | $1,500,467 |
* | Ratios reflect class-level expenses which were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would be increased by the following amounts: |
Six months ended July 31, 2021 (unaudited) | 0.31% |
Year ended January 31, 2021 | 0.22% |
1 | Amount is less than $0.005. |
2 | Returns for periods of less than one year are not annualized. |
■ | Level 1 – quoted prices in active markets for identical securities |
■ | Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
■ | Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Repurchase agreements | $0 | $ 12,208,150,226 | $0 | $ 12,208,150,226 |
U.S. Treasury securities | 0 | 10,662,610,919 | 0 | 10,662,610,919 |
Total assets | $0 | $22,870,761,145 | $0 | $22,870,761,145 |
Average daily net assets | Management fee |
First $5 billion | 0.150% |
Next $5 billion | 0.140 |
Next $5 billion | 0.130 |
Next $85 billion | 0.125 |
Over $100 billion | 0.120 |
Average daily net assets | Management fee |
First $5 billion | 0.150% |
Next $5 billion | 0.140 |
Over $10 billion | 0.130 |
Class-level administration fee | |
Class A | 0.22% |
Administrator Class | 0.10 |
Institutional Class | 0.08 |
Select Class | 0.04 |
Service Class | 0.12 |
Expense ratio caps | |
Class A | 0.60% |
Administrator Class | 0.34 |
Institutional Class | 0.20 |
Select Class | 0.14 |
Service Class | 0.45 |
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 100% Treasury Money Market Fund |
Wells Fargo Government Money Market Fund |
Wells Fargo Heritage Money Market Fund |
Wells Fargo Money Market Fund |
Wells Fargo Municipal Cash Management Money Market Fund |
Wells Fargo National Tax-Free Money Market Fund |
Wells Fargo Treasury Plus Money Market 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-CSRS/0001193125-21-287567/g146233img4ae9600c1.jpg)
P.O. Box 219967
Kansas City, MO 64121-9967
SA314/SAR314 07-21
ITEM 2. | CODE OF ETHICS |
Not applicable.
ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT |
Not applicable.
ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES |
Not applicable.
ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS |
Not applicable.
ITEM 6. | INVESTMENTS |
A Portfolio of Investments for each series of Wells Fargo Funds Trust is included as part of the report to shareholders filed under Item 1 of this Form.
ITEM 7. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES |
Not applicable.
ITEM 8. | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES |
Not applicable.
ITEM 9. | PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS |
Not applicable.
ITEM 10. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS |
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees that have been implemented since the registrant’s last provided disclosure in response to the requirements of this Item.
ITEM 11. | CONTROLS AND PROCEDURES |
(a) The President and Treasurer have concluded that the Wells Fargo Funds Trust disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) provide reasonable assurances that material information relating to the registrant is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing of this report.
(b) There were no significant changes in the registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the most recent fiscal half-year of the period covered by this report that materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
ITEM 12. | DISCLOSURES OF SECURITIES LENDING ACTIVITES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES |
Not applicable.
ITEM 13. | EXHIBITS |
(a)(1) Not applicable.
(a)(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Wells Fargo Funds Trust
| ||
By:
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/s/ Andrew Owen
| ||
Andrew Owen | ||
President
| ||
Date: | September 27, 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: | September 27, 2021 | |
By:
| ||
/s/ Jeremy DePalma
| ||
Jeremy DePalma | ||
Treasurer
| ||
Date: | September 27, 2021 |